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4 Benefits Of Online Term Plans

Online term plan benefits

4 Benefits Of Online Term Plans


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October 25, 2019

By : Bajaj Allianz Life

The emergence of E-commerce has gradually decreased the painstaking process of buying an insurance policy. The availability of online term plans has lessened the formalities. The prime aim of an online term policy is the convenience and affordability of the consumers. With online term plans, an individual can access his policy from any corner of the world at a single click.

Before opting for online term plans, knowing the online process is necessary. The working of an online term policy is simple. All a policyholder must do is follow the right steps at the time of purchase. Hence, take a look at the steps mentioned below:

The process of buying an online term policy:

Step 1: Log in to the online portal

Create an online account or sign up on the website of the insurance company to start the process. In case you already have an account, log-in to the online portal of the respective insurance company you are planning to purchase the policy from.

Step 2: Submit the details & documents

After the log-in, enter all the personal information asked by the insurance company. You must fill in the necessary data like your date of birth, smoking habits, contact information, and so on.

Step 3: Choose the right variant

Ideally, this step depends from company to company. If your insurance provider offers different variants of the same product, choose the variant as per your needs. Understand the benefits of each of the option and opt for it, accordingly.

Step 4: Pay the premium

Once you’ve submitted all the relevant details, proceed to premium payment. You can select from the various mode of payments like net banking, credit card, debit card, etc. After the transaction has taken place successfully, you’ll receive a confirmation on your given email address.

Online term policy is usually cheaper than an offline term plan. Online plans are versatile as well as time-saving. Opting for an online term plan helps you in making the most out of your hard-earned savings. Therefore, go through the benefits of online term plans mentioned below for a hassle-free experience:

Benefits of online term plans:

1. Affordability

The key benefit of an online term policy is its affordability. When you buy a term plan online, the premium rate is lower. Additionally, due to the savings on distribution cost, documentation, logistics, and stationery, the price of the online term policy is typically lower than that of offline term plans.

2. Security

Gone are the days when investors feared online payments. Due to the tight security of the payment mechanism, online payments are safer. Since it is processed through payment gateway, you don’t have to worry about fraudulent transactions.

3. Flexibility

Since all the reputable companies offer term policies online, a customer has direct access to the online portal of that company. Moreover, online websites allow the buyer to compare different features, benefits, and premiums of a policy. When a policyholder opts for an online purchase, he has the liberty to compare plans and make the final selection depending on his requirements.

4. Immediacy

Unlike offline term plans, an investor doesn’t have to chase the insurance agents to get his policy started. Under an online term policy, a policyholder must only follow the above steps and make the online payments accurately. Online term plans guarantee a quick and hassle-free purchase of a term plan.

To sum up, an online purchase of a term policy is quick, easy, and convenient. Due to its benefits, online term plans have instantly become a hit amongst all its tech-savvy customers. With online services, our lives have gotten better and more comfortable for accomplishing life goals.

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