We can never predict what will happen in the future. Uncertainties may disturb your family’s life if you are the only breadwinner in the family. It may come at the cost of compromising the lifestyle. Hence, a backup plan is always needed that will provide a corpus or act as a steady source of income if you are not there. Term Insurance Policy is designed to be a pure life insurance, putting more dominance on death benefits. This article talks about how to buy a term insurance plan online.
Term Insurance Plan is a type of life insurance plan that offers great cover at possibly lesser life insurance premium. If you are in the early stage of your life and looking for an affordable life insurance plan, Term Insurance Policy would be a better choice for you. Here are a few steps you can follow to purchase Term Plan online.
You have two options to buy Term Insurance Online, either through insurance company’s website or through a third-party website. Both the options possess almost a similar process as follows.
1. Calculate the Quote
When you visit the website and click the ‘Buy Now’ button, you will be redirected to the calculator. You’ll have to provide all the information such as name, date of birth, smoking habits, medical history of any, contact details, expected life cover and your current income. Once you fill all the fields, a Term Plan will be recommended, along with a few options. By analysing your needs and goals, you can choose the best suited plan among them and proceed further to buy that plan.
2. Medical Test
Sometimes, insurance company may ask you to appear for the medical test. You need to visit the nearest or suggested medical centre and undergo a medical examination. The report of your test will directly be sent to the insurance company, whereas you don’t have to pay any cost for the test.
3. Providing Documents
You need to provide the important documents to the insurance company as per the requirement.
4. Payment of Premium
Once all the necessary processes are done and as the company receives your information, you’ll be asked to pay the Term Life Insurance Premium. You can pay the life insurance premium through net banking or with the help of credit/debit card, as per your convenience. Once the payment is done, a confirmation receipt will be sent to the registered email id.
5. Issuance of Policy
At last, the insurance company will verify your profile and based on the results, you will be entitled to get the Term Insurance Policy. After confirmation, the policy will be issued and will be sent to you through the mode of communication you prefer.
To conclude, purchasing a Term Insurance Online has become hassle-free nowadays, and you can opt for a best suitable Term Plan at your ease. Get it now and ensure that your family’s financial future is secured.