5 Simple Steps to Follow When Buying Term Insurance
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Steps on How to Buy Term Insurance Online

Check 5 essential steps to buy a term insurance plan. Here we have listed down the 5 mandatory steps that you must follow to complete the term insurance purchase.

  • Aug 26, 2021
  • 687 Views

Traditionally, most people relied on their insurance agents to purchase a policy. But, today, the insurance industry has evolved significantly. As most insurance providers offer online services, you can buy a policy of your choice with just a click of a button from the comfort of your home.

Buying a policy online is easy and convenient. However, if you are a first-time insurance buyer, the process may seem overwhelming. So, to help you, we list down a few mandatory steps that you must follow to complete the purchase. Read on.

● Assess your term insurance needs
The first is buying a term insurance policy is assessing your exact needs. You must take time to know how much coverage you need, the duration for which you need coverage, the maximum premium you can afford to pay, etc. Having this information will help you narrow down your choices and look for the right policy.
● Generate a quote for yourself
Based on your specific needs, you can start comparing the plans from different insurance companies and get a quote from them. Many online comparison sites allow you to compare different plans simultaneously. This will give you a clearer picture of what the plan offers.
Based on your initial comparison, you can shortlist a few plans and reach out to the specific insurer and get quotes from them. And, once you get the quote, it is advisable to make a detailed comparison of the plans in terms of the coverage offered, the premium applicable, payout mode, charges involved, medical test requirement, riders and additional benefits provided.
● Apply online and pay the premium
After you compare the quote, you would know the plan that best suits your needs and budget. Now you can proceed to buy term insurance online. Visit the insurer’s official website, fill the application form with necessary details, including name, age, sex, profession, income, etc., and submit the same along with the required KYC (Know Your Customer) documents.
While filling the form, you must be careful about entering the details. Make sure that you fill all the sections and provide correct information, especially regarding your health status. If you have any pre-existing condition, ensure that you mention its details. Also, don’t forget to provide nominee details. If you want to choose more than one nominee, you must enter details of the percentage of the payout each nominee receives.

Before you submit the form, it is a wise idea to re-check the form for any errors. And, once you submit the form and the documents, you may be directed to the payment page; pay the premium amount to complete the process.
● Medical test
After you submit the application form and pay the premium, the insurer will start the verification process. Based on the detail you provide; you may be directed to go through a medical examination. The insurer generally appoints the healthcare facility and guides you to the same for the test.
● Policy issue
After verifying your application form and the medical reports, the insurance company will decide whether to issue a term policy or not. If your application is approved, you will get a confirmation of the same through email, and you will get a physical and soft copy of the policy documents.

Final word

Death is one of the most stressful and traumatic events for the deceased person’s family. And, if the person is the breadwinner, the loss of income adds to the turmoil. So, now that you are aware of the steps to buy term insurance, make sure that you compare the details, buy a suitable term plan online, and protect your family from future financial hardships.

Kotak e-Term Plan

Download Brochure

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

What are the Tax Benefits of Sukanya Samriddhi Yojana (SSY)?

Which Death Type Does Your Term Plan Not Cover?

Tips to Choose the Right Term Period for Term Insurance Plan

5 Reasons to Buy Term Insurance When You are in Your 30s

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Can I Get Term Insurance on Behalf of My Spouse?

Importance of Term Insurance at Every Stage of Your Life

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

Term Life Insurance Plan for Smokers vs Non-Smokers

Do term insurance policy have a waiting period after buying?

Planning For Children's Future

Make Your Online Term Plan Your Familys Monthly Payout

Should Youngsters, Working Couples Buy Term Insurance Plans?

Why Term Plan Should Be The First Step To Securing Your Future?

Is Group Term Life Insurance Provided By Employer Sufficient?

Can Senior Citizens Avail Term Insurance?

How Does A Term Life Insurance Work in India?

Term Insurance Plans and Policies for Smokers

Understanding Term Insurance Riders

What Types of Deaths Are Covered in a Term Insurance Plan?

How To Calculate The Amount Of Term Life Insurance You Need?

How Does Term Life Insurance Work? Learn the Benefits

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Should You Buy a Term Plan After 40?

How do I Calculate My Term Insurance Premium

All you need to Know about Term Insurance Plans for housewives

Term Insurance Basics You Should Know

Is ₹1 Crore Term Insurance Good Enough Cover?

Can I Extend the Tenure of My Term Insurance Plan?

What All Documents Required For Term Insurance In India?

Term Insurance Calculator - Everything You Need To Know

6 Reasons That Make Term Insurance a Must Buy

What is a short term insurance policy?

What Are Insurance Riders and How to Choose Them in a Term Plan?

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Reasons You Need Term Insurance Plan as a Self-Employed Person

Why Premium Amount for Term Insurance is So Low?

What is Insurance Premium - A Detailed Guide

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

6 Types of Death not covered in Term Insurance Plan

Do Beneficiaries Pay Taxes on Term Insurance?

Buying A Term Insurance Plan? Take These Factors into Account

5 Things To Consider While Buying Term Insurance Plan

Advantages & Disadvantages of Term Insurance in India

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Why Should You Buy Term Insurance in 2022?

4 Things To Expect From Your Term Insurance Plan in India

3 Things to Consider When Buying Term Insurance, If You are Single

Why Spending Time with Friends is Essential for Your Mental Health?

Does Term Insurance Cover Accidental Death?

Why 1 Cr Term Plan Is Necessary For Family?

10 Ways to Mentally Refresh After a Stressful Day

What are incremental term insurance plans?

Comparing Term Plans – What Should You Look Out For

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

Cost of Term Insurance Likely to Increase Soon

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

What is Term Insurance? Term Plan Meaning and Definition

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Insuring Against Disability With Disability Insurance Rider

Is a Term Insurance Policy Portable?

Should you buy a Renewable Term Life Policy?

5 Term Insurance Benefits for Single Women

Can I Make Changes to My Term Insurance Policy Post Purchase?

Ensure Protection Against Death, Disease & Disability With Life Insurance

All About Term Insurance Inbuilt Coverage

Why Buy Term Insurance Even at Rising Rates?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

10-Year Term Life Insurance Policy - Explained in Detail

What is a term insurance plan with a return of premium, and how does it work?

Is term Insurance Needed for People With No Dependents?

Term Insurance vs Life Insurance: Understand the Difference and Benefits

Is It Good To Buy A Term Insurance Plan In 2022?

Why Buy Term Insurance Plan With a High Cover?

4 Methods to Calculate How Much Term Insurance You Need

How to Identify Term Insurance According to Your Needs?

Insurance Policy for Housewife In India

Can You Increase Your Term Insurance Cover?

9 Ways to Help Family Members in Financial Trouble

12 Types of Death not covered in Term Insurance Plans

Why should single women purchase term life insurance?

Increasing Term Insurance and Riders

Different Types of Premiums in Term Insurance?

All about Online Income Tax Calculator

Term Plan with Spouse Cover

Can Term Insurance Plans Be Purchased As A Gift?

Why Term Insurance Is Better Than ULIP?

Individual Life Insurance vs. Group Term Life Insurance

Choosing Riders for Insurance Plans

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Term Insurance: Smokers vs Non-Smokers

Why Married People Should Buy Term Insurance Under MWP Act?

What Is a Renewable Term Insurance Policy?

What is Critical Illness Policy?

Difference between Section 80C and 80CCC of the Income Tax Act, 1961

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Endowment Plans vs Term Plans: Understanding the difference

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

Why does every working women need life insurance?

Why Should New Parents Buy Term Life Insurance?

How To Change The Nominee in Term Insurance?

5 Benefits of Early Retirement Planning

Insuring yourself against Ill Health with a Critical Illness Rider

Insuring Against Accidents with an Accidental Death Insurance Rider

Can I Buy Term Insurance for a COVID-19 Patient?

Side Effects of Covid-19 Booster Doses

8 Benefits of Term Insurance You Should Know

Advantages of Buying Term Insurance in Your 50s

Everything About Claim Settlement Ratio for Term Insurance

Make Your Online Term Plan Your Family's Monthly Pay Cheque

How to Buy 1 Crore Life Insurance Policy Without Medical Test

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

Different Types of Protection Plans

भारत में जीवन बीमा कितने प्रकार के होते हैं?

How To Choose the Right Term Insurance Plan?

4 Reasons Why You Need Critical Illness Cover

Difference Between Term Insurance and Endowment Plan

भारत में गृहणियों के लिए टर्म इंश्योरेंस

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

9 Most Frequently Asked Questions on Term Insurance

Do I Need to Give a Medical Test for Term Insurance in India?

What Is the Correct Age to Buy Term Insurance?

Know How to Invest at Every Age for Larger Returns

What Should You opt for - Limited or Premium Pay?

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Zero Cost Term Insurance Plan: What is & Should you buy it?

What Should Be The Duration Of Your Term Plan in India?

Gift Your Father A Term Insurance Plan This Father's Day

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

How Much Cover Should I Take In A Term Plan?

How Much Term Life Insurance Cover Do I Need?

Planning For Son or Daughter's Wedding

Term Insurance With Riders In India

Key Differences Between Term Insurance, ULIPs, And Health Insurance

What Happens if you Hide Facts in your Term Insurance?

9 Point Guide on how to File Income Tax Return Online

Why You Must Include In Your Financial Planning?

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Busting Myths and Facts About Term Insurance Policies

How To Choose the Right Sum Assured Under a Term Plan?

Calculating Term Insurance Premium

Is There Any Tax Benefit on Term Insurance?

Is Term Life Insurance Plan an Investment or Expense?

How to Compare Term Insurance Online

Why Should You Not Take A Term Plan Without Medical Test in India?

Should you have more than one nominee in your term insurance?

Should You Have Multiple Term Life Insurance Policies?

Why is it important to buy term insurance plan?

Why Term Insurance Is Important in times of COVID-19?

How Not To Get Your Term Insurance Claim Rejected

What are the Documents Required for Term Insurance Plan?

8 Things To Do After Buying Term Insurance

How Much Term Life Insurance Cover Do I Need in India?

Term Insurance with Critical Illness

What Are the Best Term Insurance Plans for Planning Retirement?

Form 16, Form 16A, and Form 16B?

How to Surrender Term Life Insurance When You Have No Liabilities?

Insuring Protection Against Death With Death Insurance Rider

Tax Benefits of Term Insurance in India

Eligibility Criteria for Buying Term Insurance in India

Term Insurance: What Happens When You Don’t Pay Your Premiums?

While Buying Term Insurance Compare Features, Not Just Premiums

Why Should You Add a Rider to a Term Insurance Plan?

Protection for your family

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Term Plans are Definitely Cheaper than You Think!

Is Life Insurance Investment Worthy Enough

Do You Need Term Insurance Cover After Retirement?

Term Insurance Age Limit – Term Plan for All Age Groups

8 Factors to consider before choosing a Critical Illness Insurance

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

Top 3 Reasons Why You Should Buy A Term Plan Now