Why is it beneficial to buy Term Insurance online?

Last Updated: Fri, Jun 22, 2018 15:03 hrs

There is no doubt in saying that the concept of digital India is growing rapidly and we can see the changes in the growing penetration of online presence of every sector and every industry.

It is obvious that the traditional way of purchasing things is now evolving through the digitally driven world. Anyone can easily notice the new trend of buying things online, whether it is about products of daily use or the investment related needs that includes financial products with comprehensive protection and great returns. Nowadays, more and more insurance companies and investment related firms start diversifying their online platforms to reach potential customers. They are using every possible technology to promote their online presence. With the use of latest technology and tools, they are able to cater different needs of customers easily and getting the satisfactory response in exchange.

When it comes to insurance or protection, nobody can ignore the importance of investing in a term insurance plan. Buying a term insurance plan is an important thing but why purchasing the same online is looking more attractive than the traditional method?

Understanding the term insurance?

Term insurance is popular as the most basic form of life insurance that provides comprehensive protection to the family of insured in case of his/her demise. Under this policy, the nominee or the beneficiary as stated in the document will be liable to receive a lump sum amount on the death of the insured in the form of death benefits that will help him/her in maintaining the standard of living in the absence of the insured.

The term insurance policy allows the insured to decide the amount of the policy and the time period of the cover as well. To provide the appropriate cover, the insurance company can ask a few questions related to the insured, the term of cover, gender, age, habits such as smoking or tobacco consumption. Under this plan, in case of unfortunate demise of the insured during the policy term, the life insurance company would be liable to pay the sum assured to his/her family.

The main aim of buying a term insurance policy is to provide protection to your family in case of your absence. It is true that the lump sum amount that your family will get during such hard scenario of your demise will help them in living a financially stable life that will also help them in clearing all debts. It will not be there to support emotionally but the financial assistance will surely be a great help.

Why buy term insurance online?

If you ever get a chance to save an amount on a purchase that is important for you then would you deny? Of course not, it is a human nature that we all want to save money wherever possible and the concept of buying term plan online is something similar. If you compare then you would realize that online term policies are actually 40 percent cheaper as compared to offline plans which makes them completely pocket-friendly.

On choosing the online method to purchase the effective term insurance plan, then you would be saving more as there will be no unwanted charges such as paper-cost, agent’s commission, processing fees etc. This helps the insurance companies also and that’s why they provide a huge discount on buying term insurance online.

Many people have the misconception related to the online purchase. People think that they have to be tech-savvy to buy insurance online. However, to clear such misconception insurance companies have come out with robust changes which make the whole process of buying term insurance online a user-friendly process. It facilitates smooth transactions also.

Apart from this, online term insurance companies are offering great product customization and flexibility that allows them to cater different needs of buyers. Those who want to invest in tailor-made term insurance plans should look for the online medium as they can get many options to explore.

Last but not the least, whether you are buying online or offline, you should make sure that you are comparing policies provided by different insurance companies before making any final decision for long-term benefits. But it is also a fact, that the online medium is the first choice to compare term plans as there are many online insurance web aggregators who deal in free insurance quotes which can help you get the best out of all.

To buy or not to?

One of the main reasons to invest in term insurance policy is to provide the needful safety to the family of the insured in his/her absence. On buying term insurance online you can get customized products that can take care of your unique needs. Naval Goel is the CEO and Founder of PolicyX.com.