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Is It Safe To Buy Online Term Plan

    Mr. C.S. Sudheer | Thursday, October 20,2016, 07:03 PM
 

“You don’t buy life insurance because you’re going to die, but because those you love are going to live.”

Yes, the greatest gift you can give your family, is a term life insurance plan. Your family is well cared for, even in your absence. If you are the sole breadwinner of your family, you have to make sure your family is taken care of, even in your absence. Your family must have the same lifestyle, they currently enjoy. Your children must have a good education and a great career, irrespective of what happens to you. This is a duty and responsibility, you cannot escape.

A term life insurance plan is pure risk protection, at a very cheap price. You pay a premium for a fixed time period, called tenure of the term life plan. If you/policyholder die within the term of the plan, your family gets money called the death benefit. If you survive the term of the plan, you get nothing.You can also buy the term life insurance plan, online. Online term life insurance, is fast becoming popular in India.

Even as several youth in our country….rush to avail online term life insurance…a small fear remains. Online term life insurance, is relatively new in India. Will your family’s claims be settled by the life insurer, or would  your family have to run from pillar to post, begging for the claim? Want to learn more about online term life insurance? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. 

 Why online term life insurance?

  • Online term life insurance plans are cheaper, compared to offline term life insurance plans. You pay a lesser premium for your online term life insurance plan. You deal directly with the life insurer, when you buy an online term life insurance plan. You don’t need the services of a life insurance agent, when availing online term life insurance. The life insurer, saves on the commissions paid to the life insurance agent. The life insurer passes this benefit to you. Online term life insurance plans, are 30-50% cheaper than their offline counterparts.
  • It is very easy to purchase an online term life insurance plan. All you need is an internet connection. Your life insurance needs are soon taken care of, in a simple and convenient manner.

Is it safe to buy online term plan?

You’re afraid to buy an online term life insurance plan. There is no life insurance agent to help you….What if you make a mistake and your family’s claim is not settled?

Fill the online term life plan proposal form honestly

If you do your research before availing the online term life insurance plan, there is no reason to be afraid. Filling the proposal form of your online term life insurance plan yourself, can actually be a blessing in disguise. Let’s say you avail an offline term plan. If you are a smoker, your life insurance agent will say….Don’t mention smoker, while filling the proposal form, or you will have to pay a higher premium on the term life plan. On your unexpected demise, if the life insurer finds you were a smoker, your family’s claim could get rejected. The life insurance agent, pockets his commission and runs away.

You would be very honest while filing up the proposal form of your online term life plan, as there is no life insurance agent to misguide you.

Online term life plans check your health records

Online term life insurance plans, are availed by the young working youth in India. These term life insurance plans, are purchased by tech-savvy youth in India, who earn a lot of money. You would avail term life insurance with a sum assured of INR 50-70 Lakhs or even a crore, if you purchase term life insurance, online. When you avail an online term life plan with such a high sum assured, expect a thorough medical test, to check your health record. With online term life insurance plans, forcing you to make honest disclosures and a thorough medical test to check your health record, claim settlement ratio is very good for online term life insurance plans.

Make sure you have a thorough health checkup and medical test, while availing an online term life insurance plan.

Check claim settlement ratio of online term life plans

Claim settlement ratio, gives you the total number of death claims, settled by the life insurer.

 Claim settlement ratio =   Total number of death claims received by the life insurer  /   Total number of death claims settled by the life insurer

 Make sure that the life insurer, where you avail the online term life insurance plan, has a high claim settlement ratio. You can get this data from the IRDA website. The claim settlement ratio needs to be above 90.

Yes….Online term life insurance plans are safe. They settle the claims of your loved ones. Many life insurers are very positive, on the future prospects of online term life insurance plans.

Mr. C.S. Sudheer

Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.

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