Top 5 Features Of Online Term Insurance Plans


3 min read

Updated on Sep 26, 2022

The online term insurance plans available in India are loaded with features and benefits. As a result, many people prefer to buy their term insurance plan online. If you are in the process of buying a term plan, do consider getting the cover online. Here are some reasons to help you understand why:

Key Features of Online Term Insurance Plan

1. Cheaper than Offline Insurance 

When you buy term insurance offline, you always end up paying more. This is because the offline plans have a higher processing fee as well as a higher administrative fee. Also, you pay a brokerage amount to the insurance agent who sells the plan to you. These factors push the premium rate up. However, when you buy the term insurance plan online, these expenses are lower and the brokerage is non-existent. Subsequently, the plan is available at a much lower price.

2. More Online Options

All the leading life insurance companies in India have online term plans. As a customer, therefore, you get many options to choose from and also to compare insurance policy. This makes it all the more profitable and beneficial for you to buy term insurance online.

3. Allows you to Compare Online

Next, you get to compare insurance policy when you buy term life insurance online. It is essential for you to compare insurance policy as only after you compare do you find the best plan at the best rate. Additionally, it is very easy to compare and that is another advantage. And finally, you can use an online tool to compare the term plans free of cost. Keeping these benefits in mind, you should never skip the process of comparing term insurance before you make a purchase.

4. Easy to Buy & Excellent Service

Many people fear that they won’t get the assistance they need because the term plan is bought without the involvement of an insurance agent. This is completely untrue as modern life insurance companies offer excellent services when they sell term life insurance plans in India. Everything from the platform used to buy and sell insurance to the customer support team are very well-developed. As a customer, you never face any issues and the assistance you need is always available.

5. Helps to make a fair choice

And last but not the least, you get to choose a term insurance policy that you like. When an insurance agent sells you a plan, they sell you the plan that would help them to earn a higher commission. That play may not be good for you. But when you compare insurance policy online and buy a term cover, you make an informed and unbiased choice and this serves you very well in the long run. This is a big benefit that you must not ignore.

Also Read: How to Get Benefits From a Term Life Insurance Policy?

To wrap it up

As you can clearly see from the points mentioned above, there is not one, but many benefits to choose from when you decide to shop for your term insurance plans in India online. The process to buy the plan is simple and the options are manifold, so go ahead and get the best plan to keep your loved ones financially protected.

Jul 14, 2021
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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