A-Z of How to buy term insurance online

Nov 20, 2017 | 12 months ago | Read Time: 2 minutes | By iKnowledge Team

Sometimes the thought of going through all the formalities of buying an insurance policy can put you off, and in turn you end up procrastinating. Fortunately, today with readily available Internet, you can buy term insurance plans online in a few easy steps.

All you have to do is compare various policies offered by different service providers, and then choose the one that meets your requirements.

Why go for a term plan?

A term plan is the most affordable method of securing your family’s future in your absence. Also, when it comes to term plans, the premiums you have to pay are low and the coverage you get is high.

How to buy online insurance plans

Below are the steps to securing an online term insurance:

  1. Go to the insurance provider’s website and click the “buy online” tab
  2. Input the sum assured amount you want to avail of
  3. Choose the policy term and premium paying tenure
  4. Share your proof of income, address proof, identity proof and other necessary documents
  5. Depending on the sum assured you may have to do a medical
  6. Based on the aforementioned inputs, you will see the premium amount
  7. Select the payment option and choose your bank
  8. Once you successfully pay the premium, you will receive an acknowledgement
  9. The insurance company reverts within a few days/weeks to let you know if your application has been approved by the underwriters
  10. Once the application is approved, you will receive a soft copy of the policy document

Benefits of buying online

Transparency

When you buy a term insurance online, you can directly interact with the insurance company. Right from easy access to accurate information to comparing quotes and plans is available at your fingertips. Plus, you are able to read reviews and feedback offered by other customers before you make your decision.

Cost efficient

Several costs like agent’s commission, administrative expenses, and other overheads are eliminated, when you choose to buy an insurance plan online. As a result, insurance companies are able to reduce their costs. These benefits are passed on to the buyers, which reduces the premium amount. Therefore, purchasing online insurance is more cost efficient.

Finally, buying insurance online saves your time and all the hassle of going through tons of paperwork. Plus, you also get to save on your money without compromising on the protection you plan for your loved ones. A win-win situation!


Calculate premium for your Term Plan

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Your Annual Premium for Aegon Life iTerm Insurance Plan

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