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Tips To Buy Term Insurance Online


January 15, 2020

By : Bajaj Allianz Life

It is obvious for an investor to get confused due to numerous insurance options available in the market. To purchase the right term insurance plans in India, one must understand the basics of the policy. However, a majority of the policyholders are lured by its cheaper price at the time of purchase. Although the price is an important factor, an investor must avoid basing his purchase decision on it. When you select the right policy, you can easily fulfill all the life goals of your family. A good policy ensures the security of your loved ones in the long run. Therefore, take a look at why every investor must purchase term insurance for the betterment of their family:

Significance of term insurance plans in India:

Financial planning is mandatory to protect the needs of your family members. An investment in a term plan acts as a safety net for your loved ones. When you buy term insurance for your entire family, you can assure their protection in times of emergencies. A good term policy secures your family in times of death, disease or disability. Term policies offer death benefits to the beneficiaries/nominee of the policyholder. On the death of the policyholder, the insurance companies provide the Sum Assured amount to the nominees/beneficiaries who can obtain it either in a lump-sum amount or on a monthly basis based on their preference. The idea behind the introduction of term plans is the security of your family/dependents at an affordable rate. To choose the right policy at a minimal rate, take a look at these tips mentioned below:

Tips to choose the ideal term insurance in India:
1. Consider the needs of your family

Before selecting the policy, consider the needs of all the members of the family. Since the number of dependents varies at every stage of your life, choose the coverage amount accordingly. The financial responsibilities of a single person are comparatively different than that of a person who is married and has kids. Hence one has to assess their life stage and decide a coverage amount accordingly.

2. Opt for an online purchase

Purchasing a term plan online or offline makes a significant difference in the formalities and price. Online purchase definitely saves time and money. The prices are lower for online term plan as it has no intermediary costs involved.

3. Assess the coverage

The amount of coverage plays a significant role at the time of purchase. The coverage amount must be selected based on the number of dependents and their current life goals. Select the final policy by assessing the amount of funds your family will require in your absence to maintain their standard of living. Moreover, opt for a coverage by evaluating the effects of inflation.

4. Check the claim settlement ratio of the Company

The claim settlement ratio is an important factor of consideration while purchasing term insurance plans. It indicates the percentage of claims paid out of the total filed claims in a year. Greater the claim settlement ratio, the better are the chances of availing the entire amount of sum assured from the respective company.

5. Avail the additional riders

Certain companies provide extra riders on top of the coverage. Availing the riders allows the investor to enhance the value of the coverage. Insurance companies might provide riders like disability cover, waiver of premium cover, and so forth. There is an extra cost added to avail these riders for additional protection.

To sum up, a term plan offers high sum assured coverage at a nominal price and covers the risks and uncertainties in the lives of the policyholder and helps one take care of their family goals.

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2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.