A term plan is the type of life insurance plan which offers you financial safety in case of sudden death of the policy owner during the policy tenure. And it is too simple to buy a term plan online. And also an online term plan allows you to compare between other different plans, to check their policy features, and select the right plan for yourself. Which can be the right cost effective plan according to your requirements. And you can do all this just at home using your laptop or mobile.
Pros of buying term insurance online
- Clear view of what the plan offers
Getting a term insurance plan online helps you to go through the insurers website and read all the offerings of the insurance plan. This helps you to take right decisions for a better future of your family.
- Comparison of cost
When you get a term insurance plan online, you are free to check among several other term plans and choose the one that provides the best features at an affordable cost.
- Save easy money in premiums
Insurance company gives the best deals and offers when someone buys their term plan online. So buying a term plan online also gives you a good chance to save your hard earned money while buying a plan.
- Reduces your time
Buying a term insurance plan online takes very less time when compared to buying a term insurance plan online. You can easily search plans, choose one and pay for it within minutes.
- High level transparency
After buying a term insurance plan online, we do all the tasks like submitting our documents, filling forms and doing the payment. Which gives us complete knowledge and satisfaction about our plan and it’s terms and conditions. Also it let’s us know what we are signing for and what conditions we all fulfilling and in return what do we get from the company.
- Comparison of what the plan offers
When buying a term insurance plan online, we go through the pros and cons of various plans by various insurance companies. Which helps us in choosing the right plan for us for our better future.
- Provides complete safety
An online term insurance plan is always safe to buy. It assures you your money and also it gets to you without any delay very smoothly.
What to look in a term insurance plan
Here are some things to look before getting a term insurance plan online
Claim settlement ratio
The claim settlement ratio is the ratio of the claims settled by an insurance company versus the claims raised by customers in a given year.
It is important parameter which guides you in knowing the reliability of the insurer. A high claim settlement ratio means accountability and trustworthiness. And it means, it’s best to get a plan by an insurer with a high claim settlement ratio.
Ratio of solvency
The solvency ratio refers to a company’s financial standing and the ability to settle it’s claims. The Insurance Regulatory and Development Authority of India (IRDAI) mandate a minimum solvency ratio of 1.5 for all the insurance companies. When buying online term life insurance, it becomes an important thing to check.
Riders are the extra covers which are added as extra to your base coverage. Different term insurance plans offer different riders. You can compare these and select the right riders for you.
Specification of products
When buying an online term plan, you can choose a plan that gives features suited to your personal needs. You can check the premium payment methods, riders, top-up options, and more and see how they match with your needs.