Why online term purchase is good option?

Posted by ankita on November 4th, 2016

Term plans are the fixed type of insurance plans that are availed for a certain period of time or under fixed term. Unlike other life insurance plans, a term insurance policy is less expensive because there are no returns in these kind of plans. But these are pure protection plans that help you secure your near and dear ones if you were to meet any unfortunate event in life. The beneficiary is offered with a lump-sum amount as per the agreement between the insurer and the insured person.

Term policies are offered by almost all major insurance providers and these come at various terms like ranging from 10 to 30 years, etc. Term plans also have a built-in feature to get converted to permanent life insurance policies irrespective of the state of health of the term insurance policy holder.

A couple of years ago, term policies were purchased by calling up customer service agents, brokers or visiting the branch itself. But a big thanks to online medium that has made our lives easy and sorted. With the help of online facilities you can buy the pin to pyramids at the comfort of your home or office. With easy online term insurance plan in India, people are awakening to the need and importance of having a term plan in their investment kitty.

Internet based users have been the forerunners in buying online term plans. It is relative that people who access internet are educated enough to take a well balanced decision for their insurance needs. Therefore, these plans could be purchased with no medical check ups as well. Also, manual purchase at times neither serve our needs, but only flattens the agent’s pockets.

Online term insurance plans in India offer a fast, efficient and transparency in policy products. In manual pattern companies have to rely more on consultants, agents and brokers, along with own in-house sales, this has proved to be both expensive and inefficient. To cut down the costs, insurance companies have made simple term plans available online, thereby giving a hassle-free experience to customers. This reduces the turnaround time in getting an individual insured.

This helps the companies to save time as well cost inefficiencies such as expense on employee  hiring, papers, etc. People who wish to buy policies can directly visit the websites and go to suitable purchase as per their income source, risk appetite and family needs. The insurance policies  is delivered seamlessly and there is no agent involved in it. This makes insurance product costs come down and the individual benefits by paying a lower premium similar to policy sold manually.

Online term insurance plans in India have become very popular in the past couple of years. Slowly and steadily the product is gaining popularity amongst the people, especially the upper middle class section of the society who is rather educated and believe in taking independent decisions.  Online plans are roughly 30 to 40% cheaper as compared to offline plans.

Customers can expect the same quality of service from the insurance company even if they have opted to purchase insurance plans through online medium. When a claim is processed, there would be any differentiation between a policy bought online and offline through agents.