The current coronavirus (COVID-19) scenario has made people realize the necessity of investing in life insurance. The unpredictable expectancy of life, high treatment cost, loss of income due to low business, or job loss because of the pandemic has accelerated the need for insurance.
Out of the various insurance plans available in the market, investing in term insurance is highly advisable. Term insurance is one of the most popular investment instruments that must be in your financial portfolio today. Let us understand what is term insurance and why it is so popular among people. Term insurance secures the policyholder’s life for a specific term by providing high insurance coverage at an affordable premium.
Due to the subsequent lockdowns and maintaining the social distancing norms, the Insurance Regulatory and Development Authority of India (IRDAI) has been making all the necessary amendments to facilitate easy buying and selling of insurance plans. It is now possible to buy a term insurance policy via OTP, but buying it is online is one of the people’s most preferred choices.
Buying online term insurance is easy, cost-effective, and convenient compared to the traditional method of buying it via insurance agents.
Here are some of the benefits of buying term insurance online:
1. Cost-Effective
One of the best term insurance benefits, when bought online, is that they are reasonably priced. It is because you are directly dealing with the insurer. Therefore, the commission or other costs associated with the agents are eliminated.
2. Transparency
When compared to the offline method, buying term plans online has better transparency. It is because the insurance companies provide all the necessary information about their term policy online. Therefore, it is straightforward to compare the policy’s features and terms, thus making it easier for you to select the plan that meets your needs and requirements. In the case of the traditional methods, you can only access information that is provided by the agent.
3. Convenient
Buying online term insurance is convenient when compared to offline mode. The convenience of comparing the features, benefits, costs, and buying and making payments for the term plan online has made it a preferred choice. Gone are the days when you had to wait at the insurer’s office or take the insurance agent’s appointment to purchase the term plan.
4. Opportunity to buy the most suitable plan
While buying term insurance online, you can get access to numerous plans offered by various insurers. Therefore, you have a better chance of selecting the best policy to meet your needs. On the other hand, in case of an offline purchase, you will have to go with the policy that your insurer will sell to you. Here, you cannot compare the various advantages and disadvantages of multiple policies. You cannot go wrong here as it is a matter of your family’s financial security.
5. Less paperwork
One of the most convenient parts of purchasing term insurance online is that the paperwork is minimal. It is also effortless to fill and submit the necessary documents online.
6. Better customer care
The reputation of the company depends on the customer care service as well. Today many reputed insurers are providing 24/7 customer support service. There are also online chatbots that can help you to ease your confusion or seek clarification for any doubts about the policy.
Numerous term insurance benefits make it essential for you to have a term plan in your financial portfolio. Thus, invest in a suitable plan to safeguard the economic future of your family. It is advisable to purchase riders based on your requirements, as they can increase the scope of your term policy.
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