Three Reasons to Choose an Online Term Life Insurance Plan

The term insurance plan is the purest form of insurance which provides pure protection. Under the policy agreement, the policyholder agrees to pay a certain amount in the form of premium. In return, the insurance company ensures policyholder to pay the amount equivalent to the sum insured to the beneficiary/nominee declared in the policy, after the death of the life insured within the policy period,provided the policy is enforced.
Buying of term plans is a prudent decision taken by an individual. Term Plans help you secure your family?s future in the event of your untimely unfortunate death. The family is indemnified with the policy proceeds and the financial loss may be compensated to some extent by the term plans.
Term Plans are sold offline through agents, brokers who act as an intermediary between an insurance company and the insured. But with the growth of Internet reachability in India making consumer increasingly comfortable to transact online. As there is a massive growth in the online space, buying and selling of products and services has become a normal affair for many of us. An online buying arena for insurance also has grown manifold.
These days buying a Term Plan online is just like buying any product online. With the mushrooming of online portals which offer customer multiple benefits of buying a term plan through the internet.
Listed below are the top three reasons which will satisfy the apprehensions of any individual who is intending to buy a Term Life Insurance Plan.
1. Cost Effective: Online buying of Term Plans allows insurance companies to save their operational cost by a huge percentage as there is no intermediary commission, cost of an agency, physical cost of branches and the cost of paper proposal forms. That is the reason insurance companies offer lower premium rates to the consumers. The saved cost by the insurer is passed on to the customer buying online term plan. Term Plans purchased online are cost effective and affordable as compared to buying offline. So the customer gets higher coverage at a lower premium cost.
2. Time Saving:In our busy lives the only shortage we have is of time. Many of us don?t have ample time to invest in meeting agents and entertaining them when we are at home to spend time with our family. But when it comes to buying online insurance, it saves a lot of time of an individual. In a few clicks of a button you can buy term insurance online. The online buying process is a time-saving and easy way as compared to buying offline.
3. Easy Process:These days almost everything is available at a click. In our complex busy schedules most of us want to keep things simple and easy. Convenience of access is a major differentiator when it comes to buying term plan online; one should have an Internet connection to purchase a term policy online. Online buying insurance includes filling up of the proposal form online only, which is very easy and uploading your relevant documents simultaneously.