Buying Term Insurance Online? Here's Why It Is A Good Idea
From buying smartphones to booking international holidays, the online medium has emerged as the first option for many of us. Similarly, you can easily ensure a financially sorted life by investing in term insurance online.
Why online? Well, there are more than one benefit. The major benefit of buying an online term insurance plan in India is that there is no intermediary involved in this mode. You are directly in contact with the insurance company that ensures accurate information and zero misguidance. So, let us know more about buying term insurance online and its benefits.
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What is the term insurance meaning? A good term insurance plan in India will provide your family with sound financial protection in your absence. As in today's uncertain times, you never know what may happen next, investing in term insurance at the earliest is of utmost importance. Buying it online makes even more sense because of the following significant benefits:
- Simple Buying Process
Gone are the days when you had to get in line for every little thing. Buying term insurance was never this easy. You just have to visit your chosen insurer's website and fill out the application process from the comfort of your home. Even the documents submission can be made online when required. No lengthy form fillings, just a few clicks followed by safe online premium payment. You can also use an online premium calculator to know which plan will suit you best.
- Affordability
The greatest benefit of online purchasing of term insurance policies is the affordability. For the same factors as age, policy and term, the premium you have to pay when you buy online from the insurer's website is less than or equal to about 25% relative to the premium when paid offline. The premium you pay towards term insurance is also exempt from taxes under Section 80C of the Income Tax Act. As online transactions do not require any broker, the insurer saves the bill to the online customer. This way, you can get high coverage at an affordable premium rate.
- Easy Comparison
While looking for term insurance online, you can also discover different types of policies. You can also incorporate extra additional riders, such as critical illness benefit, waiver of premium, and disability benefit. to expand coverage in your term insurance. Through the online mode, you can make easy comparisons according to your availability without physically visiting various insurers. So, carefully analyze your family's needs and purchase the most suitable term insurance online.
- Time-Saving
Buying a term insurance plan in India digitally saves a lot of time since paying for insurance online does not require any documentation and paperwork. All entries are made online, helping to save a lot of time and effort. You need not visit the insurer or show vital paperwork to the insurance provider. The process is short and quick, thus saving your precious time!
- Customer Service and Prompt Assistance
While buying term insurance online, there is always a point of contact with the insurer. When you buy it directly from the insurer's website, support is only a phone call away. Reputable insurers like Max Life Insurance have dedicated customer service teams that provide prompt assistance 24x7. So, you need not worry about small doubts that may arise before investing in term insurance. You can always contact the insurance provider easily and make a wise decision.
- Transparency to Make a Better Decision
Unlike the offline mode of insurance purchase, when you buy term insurance online, everything about the product is out in the open. You can easily go through previous customer's reviews, experience, features, regulatory action, and all the related information on the insurer's website.
No mediator is there to manipulate you into buying insurance. Remember that thorough information about the insurance policy is always available on the insurer's website. You must compare different insurers' reputation, claim settlement ratio, and the features they provide to make sure you buy the best term insurance.
Now that you are equipped with the knowledge about various benefits of buying term insurance online, you must ensure that you make the best use of technology. Trusted and reputable insures like Max Life Insurance offers comprehensive and affordable term insurance plans with a smooth buying and post-buying experience. You can also use their online insurance premium calculator to manage your budget better and see which policy suits your family's needs best. Also, make sure to enquire about the essential riders for wider coverage including critical illness cover, waiver of premium, accidental death benefit and more. Choose your saum assured wisely to avoid being underinsured and ensure peace of mind.
Sources: https://www.incometaxindia.gov.in/Pages/tools/deduction-under-section-80c.aspx
