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But to make things easier for you, here are a few things you need to keep in mind if when you’re selecting and buying your online term plan.
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It is much like car insurance; where at the end of the term, if the car hasn’t suffered any damages the insurer isn’t liable to pay back the premium • But we still buy it cause because it provides risk cover. It’s the same with term life insurance • There are two ways in which one goes around buying insurance. • One is the old, traditional way of buying it through an agent, who more often than not is a family member or friend and the other is the newer, quicker way of purchasing the policy online.
Term insurance is the most cost effective way of insuring your life. • It comes at a low premium and the payouts are sizeable. • It’s the most cost effective type of insurance policy. But the fact that on maturity the policyholder does not receive anything. • since there is no investment option in this type of insurance is what holds people back from buying it.
People shy away from buying insurance online because they think it’s too complicated and they’re often scared of handling finances on their computers. • But in reality buying a term plan online is no different than placing a shopping order on your favourite site. • But to make things easier for you, here are a few things you need to keep in mind when you’re selecting and buying your online term plan.
Claim settlement record of the life insurance company as per the Insurance Regulatory Development Authority of India. • This is like a background check on your insurer. • Be sure to read any comment or testimonials provided on their site as well to know what kind of service they provide
Affordability – Before buying the insurance properly calculate the premium amount you’ll be paying. • Include that in your monthly expenses and budgets. • This will help you plan your finances better.
Service – Go through the website and social media, if any, of your insurer. Read what people are saying about them. • Read what kind of service they provide for their policy holders both while purchasing and during the term of the insurance.
