Term insurance has become one of the best life insurance plans available in the market today. The most significant reason for its popularity is that the premium is considerably low. Moreover, it offers the highest sum assured as compared to any other life insurance product.

You can purchase a term policy through your insurance agent, by visiting the insurance company in person, or via the online mode. Out of the three options, it is advisable to procure your term plan through the online route.

Buying an online term plan will make it easier for you to compare various features, benefits, and premiums offered by different insurers. So, you will be able to avail of a suitable term plan based on your financial objectives. Additionally, you can make use of the term insurance premium calculator and do thorough research to avail of an appropriate term plan that can meet your family’s monetary requirements in case of your unfortunate absence in the future.

There are various benefits of buying an online term plan. Some of these include:

• Low premiums
• Convenient procedure
• High sum assured
• Negligible chances of fraud
• Opportunity to deal directly with the insurance company

Things to remember while buying a term plan online 

Here are a few ideas that you can implement while investing in an online term plan.

• Look for innovative products 

As the demand for buying term plans through the Internet is increasing day-by-day, many insurers have come with up new-age, customer-friendly term plans to cater to varied needs. Various online term insurance plans provide numerous benefits and extra coverage over and above the core offering of life coverage. For instance, certain term plans give you the option of increasing the coverage after milestones, like getting married or the birth of a child. So, choose an online term policy wisely.

• Speak to your insurer 

Before you buy term plan online, it is recommended to talk to your insurer and understand the various processes you will need to do offline. You will have to seek proper clarification from the insurer about the medical tests and, most importantly, how to send the necessary documents to them. Also, understand the claim procedure. Today, reputed insurers offer a live chat facility on their website. So, you can utilize that to get your queries resolved before buying a term plan. You can pay for your term policy online. However, do note that you will still have to send your documents, like your income proof, photo identity, and proof of date of birth, among others to the insurer via e-mail, post, or by handing the documents by visiting the nearest branch of the insurance company. So, understand this from the insurer.

• Buy what you need

The first thing that many people do is conduct intensive online research.  Similarly, if you plan to buy an online term plan, ascertain and compare the features, premiums, payment frequency, and riders, among other aspects involved in different policies. Here, it is essential to purchase a term plan that can help your family meet all the household expenses and financial aspirations; otherwise, the purpose of investing in such a policy will be defeated.

• Declare your details correctly

It is essential to disclose all your related details correctly while applying for a term plan to avoid any misconceptions later in the future. Besides this, ensure that you share correct contact information, such as e-mail ID, mobile number, landline number, and address while procuring a term plan through the Web.

• Choose the payment frequency and mode wisely

While buying an online term plan, you will come across the payment section, which allows you to choose the frequency and mode of premium payment. Based on your financial capability, you can opt to pay the premiums monthly, quarterly, semi-annually, or annually. Besides this, while filling the online application, you will also have to determine your payment mode, such as debit card, credit card, or net banking among others. It is suggested that you select the auto-debit facility for paying premiums so that you need not stress about paying the renewal premiums on time.

When it comes to buying term insurance online, do not just purchase it based on the premium. Ensure that the sum assured is adequate to safeguard your family’s financial interest even if you are no longer around.