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Online Term Life Insurance Plans In India

IndianMoney.com Research Team | Updated On Thursday, November 03,2016, 11:08 AM
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Online Term Life Insurance Plans In India

It’s the festival season. E-Commerce Companies are raining deals on you. Mobiles…electronic gadgets….clothes….the list is endless.  You just can’t concentrate on your work. Feel you’ll miss a GREAT DEAL, if you leave your desktop for even a second? You’re not alone.

Welcome to the digital age, where most things are purchased online.

Today’s youth, love to buy most things online. With almost everything being bought online these days, can term life insurance be far behind? Online term life insurance plans, are sold like hot cakes these days. The reason….Online term life insurance plans are cheaper, compared to their offline counterparts. Now to the Big Question….Are these cheap online term life insurance plans, good for you?

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Why online term life insurance plans are cheap?

You can avail online term life insurance plans, directly with the life insurer. You do not require the help of an intermediary….read life insurance agent. No commissions need to be paid to the life insurance agents, as you are availing the term life insurance plan, directly with the life insurer.

The life insurer passes on, what is saved. This makes the online term life insurance plans in India, quite cheap. Your online term life insurance plan, is about 30-50% cheaper, than its offline counterpart.

Do online term life insurance plans settle claims?

Why do you avail term life insurance? It has to be for claim settlement. Your biggest fear….On your unexpected demise, your family would be forced to run from pillar to post, seeking the death benefit (claim amount), on your online term life insurance plan. Worse….there’s nothing you can do about it. Do not worry about this. You would avail online term life plans in India, if you are young and tech savvy. Generally the highly paid working youth in India, avail online term life insurance, with a high sum assured. A high sum assured means a compulsory medical test. With everything done properly, including a medical test to confirm your health situation, why should your family’s claim be denied?

In many cases you are better off availing an online term life plan, than its offline counterpart. The absence of an intermediary like a life insurance agent, forces you to make an honest disclosure. If you are a smoker, you would disclose this while filling the proposal form. If you are a smoker, you would have to pay a higher premium on your online/offline term life insurance plan, than a non smoker. Life insurance agents advice you not to mention SMOKER, even if you are a smoker. Life insurance agents, pocket their commissions and leave. If on your unexpected demise, the life insurer finds you are a smoker, your family’s claims would be rejected. This would be a desperate situation.

"Fun is like life insurance, the older you get, the more it costs.” Avail an online term life insurance plan, when you are young and healthy. Then sit back….relax….and enjoy a tension free life.



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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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