1. What is an online term insurance plan?
A term insurance plan that is purchased online from the website of the insurer is called an online term plan. Online term plans are usually cheaper as the cost to the insurer is lower. You fill the proposal form online and upload scanned documents of identity, address, income proofs.
2. What mandatory documents are required to buy Online Term Plan?
To buy term life insurance online, you need to furnish the following documents:
- Age proof
- Proof of residence
- Salary slips/income proof
- Recent passport-sized photographs
- Medical reports
Please note that the document required by an insurance company may vary on case to case basis.
3. What are the steps to buy online term plan?
Steps to buy term insurance online:
- Visit the insurer’s website
- Select an online term plan, use How Much Life Cover You Need Calculator to find your appropriate life cover.
- Enter the appropriate life insurance cover for yourself and policy period.
- Mention your birth date and whether you smoke or not
- Provide basic details like name, contact number and email ID
- Compare the premium for various sum assured and policy period. After finalizing, proceed to complete the purchase by paying the premium amount.
- You will have to fill online proposal form where you will need to provide your personal details, occupation details, medical records and your lifestyle details.
Once you complete these steps, you’ll be insured with the best online term plan.
4. Is it safe to buy online term plan?
It is absolutely safe to buy term life insurance online since all your details are kept confidential and your premiums are paid through secured payment gateways. Online term plans are affordable and easy to buy. So, go ahead and buy an online term plan, worry-free.