Life insurance policies are essential nowadays, but the process of buying the policies is still a bit of hassle for the customers. People often think that the insurance products are tricky, and they need a lot of free time to understand them which leads to disinterest in the product. To overcome this problem, an insurance agent is appointed to understand the policies and complete all the formalities of buying. The agent is an intermediate between the company and the customer who sells the policy to you. This traditional way of purchasing is offline and time-consuming.
On the other hand, insurance companies are trying to sell the uncomplex policies online, such as term insurance. These are the simple-to-understand and pure life insurance policies that offer only death benefits. The provision of buying the policy online has benefited the customers in several ways. Following are three key benefits of purchasing term insurance online.
Abundance of Policies
Insurance companies have their portals where they sell term insurance online. Furthermore, third-party insurance offering websites called as aggregators also sell term insurance online but of different insurers. Here, you can have a list of different plans from where you can choose the best suitable one for you. The aggregator websites also provide term premium calculators that let you compare and get quotes of multiple plans.
Lower Premiums than Offline Plans
Purchasing term insurance online can be done at considerably cheaper rates, majorly because of cost-cutting in several factors. Majorly, there is no brokerage charge; besides, paperwork costs, processing fees, fund handling charges etc. are either minimised or straight-away cut down. Ultimately, the premium rates are lowered by 25% to 40% than that of the traditional way.
Hassle-Free Buying Process
Purchasing term insurance online comes with a hassle-free process. You need to visit either insurer’s or aggregator’s website and select the appropriate plan for you. You can shortlist one by analysing different plans using the term insurance calculator. The analysis can be done based on premiums, ideal sum assured, benefits, suitable riders, and other benefits if any. Once the plan is shortlisted, you need to fill out the application form and submit the required documents. After paying the premium, you will be asked to undergo a medical test, conducted at the given centres. Once the medical test is done, you will receive the policy documents on the registered contact details. The application form filling gets done in maximum 15 minutes, and the issuance of policy with the medical test takes a couple of weeks. Thus, the overall process of purchasing term insurance online is very convenient.
Above are the three major benefits you can avail by purchasing term insurance online. The documents list is provided on the website, which needs to be submitted in scanned format. Also, the premium amount can be paid online, using your credit/debit card or net banking. To conclude, you need not find an agent and pay more than required. So, start your computer and get your term insurance online, today!