The outbreak of the COVID-19 pandemic reminded us of the fickle nature of life and pushed to the forefront the need for term insurance to protect the financial future of our loved ones. Should the unfortunate happen, a term plan is a reliable investment to ensure our loved ones can continue comfortably even in our absence. Additionally, acknowledging the need of the hour, it is possible to check term insurance quotes online and subsequently buy term insurance online, at a suitable price after analysing individual financial needs.
What is term insurance?
Term insurance is the purest form of a life insurance policy. It provides coverage for a specified time or term of years. The duration of the term plan could be 10, 20, or 30 years. In the unfortunate event that the policyholder passes away while the term insurance is still active, the beneficiary receives a death benefit in the form of a sum assured by the insurer.
The policyholder makes regular payments to the insurance company that is termed as ‘premiums.’ These premiums are calculated by the insurance company basis the policyholder’s age, gender, health, and life expectancy. If you are opting to buy term insurance online, you can calculate the premium amount using the free premium calculator. The sooner you purchase term life insurance, the better because the premium amount is much cheaper when you are younger.
Contrarily, the premium amount is much higher when you buy term insurance at an older age. The premiums are fixed and are paid for the length of the term. It is important to note that if the policyholder dies after the term expires, there would be no pay-out. It is recommended to be aware of the inclusions and exclusions before you buy term insurance to avoid any unpleasant surprises in the future.
A term plan is an indispensable consideration when planning your finances, especially if you have dependents who would require monetary assistance in your absence. You must compare term life insurance policies to ensure that you buy the best term insurance that addresses your financial requirements.
Advantages of Buying an Online Insurance Policy
With the advancements in technology, you can not only get term insurance quotes online but also easily compare term life insurance policies and renew insurance online.
Additionally, with emphasis on contactless modes of transactions, purchasing term life insurance online is the safest option. The online method of buying term insurance directly engages insurance-seekers through portals and ensures a seamless and contact-less delivery of the insurance product. Here are some additional reasons why buying an online term insurance policy is a smart decision:
- It can get you a higher sum assured
Generally, the total sum assured tends to be higher if you buy an online term insurance. This is because the overall costs involved reduce considerably. Insurance companies have designed captivating some attractive offers for those interested, to purchase term life insurance online. They promote Online term insurance plans purchases are by providing in surprisingly low per day or per month costs. Several term insurance policies come with a lucrative attractive sum assured at a nominal premium cost if purchased online.
- Easier to Compare Term Life Insurance Policies
You can simply surf the web to get different term insurance quotes online and buy the best term insurance for you after identifying your financial needs. Numerous insurance aggregate portals allow online comparison of various term insurance plans. Through these portals, insurance-seekers can also check the reviews of the different insurance policies and products. This makes the buying journey easier by helping individuals understand which term plans offer maximum benefits at affordable premiums.
- Offers Benefit of Lower Premiums
Research has revealed that for certain cases, if you buy term insurance online, the premium amount can be significantly lower. Amongst the key factors to influence this cost is the absence of an insurance advisor and hence savings on the distribution costs and the commissions. Secondly, the savings from overheads such as documentation, logistics, and stationery are also passed on to you in an offline purchase and is eliminated if you buy term insurance online. Lastly, for an insurance company, an online buyer represents an educated, well-informed, and responsible individual, and this profile can lead to a lower premium amount.
- Promotes Speed and Security
When a term life insurance policy is purchased online, policyholders have the option to select from a host of fast and secure payment methods. These include net banking, credit cards, debit cards, and other digital payment portals. As all the payments are instantly processed through a secure gateway, insurance buyers can ensure their peace of mind. The payment process is quick, hassle-free, and provides an instant online receipt. This is especially ideal on occasions where there is a need to quickly furnish documents for claiming tax exemptions.
Zindagi Plus by Edelweiss Tokio Life Insurance
The Edelweiss Tokio term plan is designed to secure the financial future of your loved ones against any unfortunate eventuality. Acknowledging the need for a comprehensive term life cover, the Edelweiss Tokio Life Zindagi Plus term plan protects your family’s financial future with a customisable life cover that includes protection against pandemic-illnesses such as COVID-19. To buy online term insurance plan by Edelweiss Tokio:
- Visit the Edelweiss Tokio Life website for buying term insurance.
- Enter your personal details, such as age, gender, and smoking habits, to calculate the premium amount.
- You can strengthen and customise your term insurance with the choice of additional riders.
- Finally, you can make hassle-free digital payments to buy the policy.
Online term insurance has emerged as a new-age alternative to traditional term insurance policies. In the post-pandemic world, with more focus on social distancing and no-contact purchases, online purchase of term insurance offers a seamless solution. Policyholders can select the most appropriate plan online, without stepping out of the house, for a safe and convenient buying experience.
Swati Tumar Travel & Finance Writer
Swati is a Writer in the day and an illustrator at night. Among her interests, she is quite fond of art and all things creative. She often indulges herself in creating doodles, illustrations, and other forms of content. She identifies herself as an avid traveler and shameless foodie.