What is online term insurance?

Thanks to technology, these days, many of the best Insurance companies in India are online exhibiting the best online term insurance plans that can be customized as per ones/needs and demands. Buying term insurance online is the most appropriate step to take as it saves him the time, effort, and money to speak to so many agents, understand different plans, comprehend the best policy by strategic comparisons, and above all tackle the incessant follow-up done by these agents.

It is highly recommended to buy an Online Term Plan to avail maximum benefits.

Benefits of online term insurance

Technology has made it very convenient for individuals to research various insurance options available online and choose the best policy that is best suitable as per their needs. Some of the common benefits derived from purchasing an online term plan are:

1. Lower Cost

Buying an online term plan gives a huge advantage in lower cost as the agent commission, communication, and commuting costs are cut down and there is a direct deal between eh insurance company and the individual. Approximately the cost difference is from 40-50% as it does not cover the middleman’s commission and fees. Also, insurance companies believe if the individual is buying an online term plan insurance policy the mortality rate is also less in such cases.

2. Flexibility

The customer has the advantage of customizing the term plan as per his demands, needs, desires, and expectations. He can choose between add, top-ups, and extended riders he would want to buy along with his plan.

3. Claims settlements become easier

As easy as it is to buy an online term plan, similarly, to claim settlements I equally easy and user-friendly. Instead of going through the hassles of contacting the agent again and again for the status of the claim, one can also check online. Also, in case of ineffective delays in claim settlement, IRDA has issued the right to the insured to file a complaint to the Insurance Ombudsman to look into the matter ad to expedite the claims settlement procedure.

4. Higher Sum assured

As compared to an offline policy, the insured gets the benefit of a higher sum insured and assure while purchasing an online term plan.

5. Better disclosures and complete transparency

There is no hidden information. Agents tend to hide negative information that may impact the customer at some point in time, but while purchasing an online policy there is no such contingency and complete transparency is maintained in the policy document.

6. 24*7 customer care service

Online customers have several ways to interact with the customer care department of any respective insurance company if the policy is through an online portal. Instead of getting bothered by making umpteen calls to a specific agent, it is easier to have access to a 24*7 customer care helpline number, email access, and message service to the insurance company to resolve issues.

7. Effective Comparisons

The best part about buying an online term plan insurance is a comparison of a multitude of insurance companies and their myriad of online term insurance plans available. Each plan could be different in terms of benefits, premiums, costs, claims, the sum assured, and extra benefits. The individual has the choice to research all given options, compare each one and select the best policy as per his need and comfort.

8. Lower Premium

Just like a higher sum assured, a lower rate of premium is available for the insured to be paid towards the insurance company, considering no extra cost of the agent.

9. DIY or the Do it yourself policy – self-service and customer empowerment

It is a self-service application and the customer needs to be smart enough to plan, scrutinise and critically analyse each option. The complete responsibility of the term plan purchase lies on the customer only thus empowering him to be his boss and select the best deal for himself

10. Easy accessibility and Rep check

It is more comfortable for the insured to do a quick reputation and goodwill check of each insurance company and get easy accessibility to all the vital information regarding the company and its policies. The terms and conditions of each policy are clearly stated ad the customer should be smart enough to read them diligently and accept them with the car.