Buying term policy online and it’s benefits

Buying a term policy online is easy and convenient. The following are the steps involved in buying a term policy online:

1. Get a quote
Generate a quote on the website by filling in your necessary details like age, gender, smoker/non-smoker etc.

2. Fill in your details like name and email id after generating the quote.

3. Make the payment as per the generated quote

4. Submit the scanned copy of the documents required like income proof, age proof, address proof etc.

5. You will be contacted and a medical test will be conducted either at your residence or at a nearby centre.

5. After underwriting gives a go ahead, usually in a weeks time, you’ll receive the policy bond at your residential address.

6. Throughout the entire process as enlisted above, you can be assisted by an agent over the phone if you so desire.

As you can see from the above, buying a term policy online is not only easy, but also convenient.

The benefits of buying a term policy online are as follows:

1. Easy and convenient

The best part about buying a term policy online is that it’s easy and convenient, in the sense that you can just logon to an insurance portal and buy it using your credit/debit cared or net banking. No waiting for the agent to come over and explain you the nitty-gritties of the plan. It’s a simple plan bereft of heavily jargonised terms.

2. Saves time

Buying online generally saves time as you do not have to take time out to visit a branch or have an agent come over to understand the plan.

3. Generate and compare a quote as many times as you want

You can compare the quotes that you receive multiple times and that too with different companies before zeroing on the one that gives you the best offer. You can select various policy terms as well as Sum Assured to get at the right mix.

4. It is cheaper

Since the agent is not involved in the sales process, the commission paid to the agent is factored out of the price, making it cheaper than an offline policy.

So, reap the benefits of buying a term policy online. Get on to an insurance company portal and generate free quotes to get the policy that fits your needs the best.

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