Unique Advantages of Buying Term Plan Online

Insurance companies offer term plans online to customers for their convenience. Along with the convenience offered there are other advantages of buying online term plans. Let us check what other benefits does buying online term plans bring.

The merits of buying term plans online are:

Buying online term plans can be more economical than buying term plans offline. The reason for the low cost of online term plans is that the insurers can directly buy the policy from the website without the involvement of agents. The offline term plans include the cost of intermediaries and agent fees that increase the prices of term plans. The involvement of field agents or advisors are nil in case of online term plans.
The process of buying online term plans is convenient and is hassle-free
As there is no influence of insurance advisor and agents, customers can choose their own plan
The service of the customer remains the same irrespective whether he/she buys the plan online or offline
One need not be apprehensive about buying term plans online just because the premiums are low. The 2 main reasons for low premiums are:

No intermediaries are involved
The insurance companies consider online buyers to be educated hence involves low- risk.

Though purchasing the online term plan is easy but there are few points that one needs to keep in mind before zeroing in on the insurance plans.

Changes in Premium in Future: The online quotes you receive are based on the assumption that you do not have any health ailments, or you carry normal risk for your occupation. After submitting the documents, the insurance company may ask you to have medical tests to verify your health conditions. In case if the reports show some health problems the premium amount increases.

Prevent the Policy from Moving into Lapse Status: Buying policy online is always convenient but it is easy to forget paying the premiums on time. Not paying the premiums on time or missing premiums would lead to the lapse of the policy. Unlike the offline term plans where the agents keep reminding of the premiums one needs to be cautious about not missing premiums if purchased online.

Prevent Hiding Any Facts:

If you smoke or drink alcohol or consume tobacco you should not hide the information from the company. The premium for those who consume alcohol or consume tobacco or smoke is higher than those who do not. Hiding facts may lead to cancellation of policy claim or rejection of the policy altogether.

Here is How to Buy Term Insurance Online:

Purchasing Online Insurance is easy but differs from insurer to insurer. There are few general guidelines that are same for all insurance companies. Here are the guidelines:
You can log in to the website of the brand and click on the term plan/life insurance policy tab.
After you land on the insurance page you would need to fill the required details
After you have entered the details the website evaluates your premium amount and displays it
If you are comfortable with the premium amount you can go ahead and purchase it.
As soon as the company receives your payment, you will be sent an acknowledgement regarding the same.