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Online Term Policy - What Is It And How To Buy One

Online term insurance plans

Online Term Policy - What Is It And How To Buy One


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January 15, 2020

By : Bajaj Allianz Life

We dread the painstaking process of purchasing term policies. The lengthy process is cumbersome as well as time-consuming. However, the development in E-commerce has made the procedure simpler. The insurance companies have made available online term policies. Opting for an online term plan solves many of the complexities due to its easy access.

Due to its lack of awareness, customers are unfamiliar with the benefits of an online term policy. Before opting for term insurance plans, take a look at everything, one must know about online term insurance:

Online Term Plans

Online term plans make the lives of customers more comfortable by offering policies at a cheaper rate as compared to offline term plans. The sole motive of a term plan is family protection. Hence, it provides the nominees with death benefits and policyholders with additional cover. Riders can also be taken along with term plans which depends on the variants chosen by the investor.

The process of buying an online term policy is the simplest. It is hassle-free and accessible from any corner of the world. Hence, follow these basics steps mentioned below to buy a term plan from the online portal:

Process of purchasing online term insurance:

1. Log in to the insurance company website

The first step towards buying an online term policy is logging in to the online portal of the insurance company. In case you don’t have an account, create one by signing up on the website.

2. Submit the required details

The buyer must submit all the relevant information. He must enter the sum assured amount, the term of the policy, and the duration of premium payment. Additionally, he must provide his personal information like DOB, gender, and annual income.

3. Choose the variants

Certain insurance companies offer their policyholders with varied options under a single product. These variants are exclusively crafted based on the needs of the customers. Once you choose the variants, one cannot change it later.

4. Submit the documents

There are certain essential documents required by insurance companies to complete the process. The necessary documents are ID proof, age proof, address proof, and your recent passport size photographs. The soft copy of these documents can be submitted online.

5. Pay the premium.

Once all the above procedures are complete, the policyholder can proceed to the final step of premium payment. Before paying the premium online, the policyholder must select the bank to make the premium payment. Once he has chosen the bank, he can make either a credit or a debit card payment.

To sum up, term insurance plans are one of the most preferred instruments to help meet your life goals with ease. However, opting for an online term insurance policy cuts the chase behind the insurance companies and lets you invest in a term policy at one click. The ease of this process is what appeals to the investors to purchase the product online.

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