Why Purchase Term Insurance Policy Online?

With more and more people shifting their preference to online shopping for almost everything now, buying insurance products on the net is no exception. Widely known as E-insurance, online insurance plans are proving to be value for money products, with regard to both charges and premium. Of all the life insurance plans, buying a pure term insurance plan is the most cost-effective way.

If you are yet to purchase a term insurance plan, we give you top reasons to buy one ONLINE ASAP:

• Cost-Efficient - When purchasing a term plan online, premiums are comparatively lower than that when you buy a plan offline due to the absence of insurance agents or any other intermediaries. Buying a plan online means a direct transaction between the buyer and the insurer. As a result, this saves on the commission and other operation costs.

• Quick - Many insurance companies and financial services firms have launched advanced platforms to make online insurance shopping more convenient. 5paisainsurance has recently launched India’s first 100% automated insurance advisor. It takes every aspect of an individual from family details, income & expenses, current assets & liabilities, lifestyle, family health history, risk profile, existing insurance and future goals into consideration and provides a fully automated advice for insurance requirement in totality. With 5paisainsurance, all you need to do is spend just 5 minutes of your time and fill in your details in 3 easy steps.

• Ease Of Choosing - Insurance portals allow online comparison of various plans. Also, such websites allow you to read online reviews of several insurance products. Therefore, making it easier for people to buy the term plan best aligned to their needs, with maximum benefits at affordable premiums.

• Transparency - When you purchase a term plan online, you are informed almost about everything. Also when the details are filled and the form is submitted online, insurance shoppers get the necessary email or text message to track the current application status and receives guidance about the next course of action.

• No Mis-Selling - The traditional way of buying life insurance policies involved lengthy paperwork and blind trust on insurance agents. The online process is a do-it-yourself (DIY) concept with no agents involved. Online buying lets insurance seekers fill up simple and only relevant online forms , thus minimising mis-selling.

• Less Formalities - For online policies, medical tests are not always mandatory. People are asked to go for medical tests only if the sum assured exceeds a specified amount, usually over 50 lakhs and above.

Conclusion - These factors possibly have made you think why buying a term plan online scores over the traditional way of purchasing a plan through an insurance agent. However, it is upto the customer what product he/she thinks fits his/her financial plan perfectly after a careful research.