What Makes Online Term Insurance Purchase the Best Choice?


    When we plan for a reliable financial cushion for your family, the first thought that comes to mind is of buying a term plan. Opting for term insurance from a renowned insurer simply means peace of mind for you. However, the next big thing is about choosing how to buy term insurance.

    If you do not want to meet local insurance agents or visit insurer’s branch offices near you, you need a better alternative, which is – online term insurance purchase. Instead of relying on agents to help you buy a term plan, buying online term insurance places the power of decision in your hands. 

    You get the flexibility to clear your doubts about online term insurance plans, their benefits, and premium before you make any decision. There is no reason to hurry and buy a term plan without conducting thorough research. You can take your time and read about various benefits of term plans online to make a prudent choice. 

    Here are some reasons why you should prefer online term insurance purchase instead of its offline mode:

    term insurance
    1. Easy to Explore Various Term Plans

    When you seek help from insurance agents to buy a term plan, you might come across situations where they try to force sell various type of life insurance plans. They do this to earn a commission on each insurance policy sale they make. If you want to avoid over-convincing chats with such agents, go for an online term insurance plan purchase. 

    When you choose to buy online term insurance, you get the facility to explore various term plans from different insurers and compare their benefits. You can make a comparison chart of online term insurance plans in terms of features, price, insurer’s claim settlement ratio, and similar other factors. 

    Although this may require some efforts from your end, the final selection of online term insurance will be favorable to your needs. 

    1. Money Savings with Lower Premiums

    The online term insurance premium does vary with age, the sum assured, and policy period. Besides, it also depends on how you choose to buy the policy. With an offline purchase, the agent’s commission is included in the premium payable. However, when you buy online term insurance, you skip the agent’s guiding step and directly reach the insurer. It also saves money that would otherwise be spent on overheads like documentation.

    You can save money on reduced premiums for online-term insurance. Think of it as an additional benefit of utilizing the Internet’s power to opt for a life cover. 

    1. Secure Payment Processing

    In most cases, the only way to pay the term insurance premium in the offline mode is cash. But with the availability of various money wallets and ease of online payment transfer, more people now prefer to pay for things online. 

    With online term insurance plan purchase, you can pay the premium using a payment method of your choice, be it net-banking, credit card, debit card. The payment processing is done via secure gateways, which also minimizes the risk of losing money

    Since online term insurance premium payment happens within the blink of an eye, you can get an instant receipt on your phone or registered email address. Such quick payment processing of insurance premiums is very helpful at the time of claiming tax deductions. 

    1. Best Way to Stay Insured During COVID Times
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    If there is one thing that you avoid doing during the COVID-19 pandemic, it is meeting people outside your home. This pandemic has already changed the way we care for our lives and that of our loved ones. Although there has been a decline in the daily cases in India, experts say that a second wave could be expected. 

    The bright side of it is – you can buy online term insurance while being at home. There is no need to go out unnecessarily to meet insurance agents or your friends for recommendations. Simply browse for the best online term insurance plans, read about it thoroughly, and buy it online. You can also add COVID insurance rider to your term plan to get additional diagnosis and death benefits as per the chosen rider sum assured. 

    Take the case of Max Life COVID-19 One Year Term rider. You can include this rider to a term plan to minimize the risk over your finances on account of COVID-19 disease. In case you get diagnosed with Coronavirus infection during the rider tenure, you will get 20% of the rider sum assured as diagnosis benefit. You can use this amount to take good care of yourself and stay safe.

    Be Safe and Buy Online Term Insurance

    It is in your hands to decide which way you would like to buy a life cover under a term plan. Given the current situation in our nation and easy access to the Internet in every home, it is advisable to buy online term insurance and stay prepared to deal with a possible crisis. 

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