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How to Buy a Term Life Insurance Online

Buying term insurance online is a safe and cost-effective way to ensure your family's financial security. Learn more about why and how you should buy term insurance online.

  • May 03, 2019
  • 4,356 Views

Getting term insurance for yourself is the safest and most cost-effective way to make sure of your family’s financial wellbeing in case of any untoward event. The insurance plan provides life cover and it is one of the most popular insurance plans among the salaried people because of its affordability. One of the things that used to be an issue among the policyholders even until a few years ago is how time-consuming the process of buying insurance was. However, this has changed rapidly over the last few years because people can now buy insurance online.

Why you should buy insurance online

There was a time when you could buy an insurance cover only through an insurance agent. In addition, a lot of paperwork was required to apply for an insurance policy. This has all rapidly changed since the introduction of online financial services. Today, you can take a few minutes off your day and sign up for an insurance plan online.

When you buy life insurance online, you can not only save a lot of time but also find the best options easily. The Internet will help you to find and compare insurance policies easily, which is quite helpful when it comes to selecting a plan that suits your needs the best. This has also increased competition among the insurance providers as the number of policyholders has dramatically increased in the last few years. To attract more customers, they offer great deals and discounts on their policies. This surely benefits you.

Another great thing about online insurance plans is that they have eliminated the need for insurance agents. You can still find one if you are not confident enough about the whole process, but buying insurance on your own is more convenient today. Firstly, you do not have to feel pressurized to buy any term insurance the agent is trying to push. Moreover, you need not worry about fake insurance agents either if you are managing the purchasing process on your own.

How to Buy Term Life Insurance Online:

The process to buy life insurance online can vary for different insurance providers. However, the basic steps are the same and it only requires only a few clicks. Listed below are the general steps that you need to take:

  • Visit the website of your preferred insurance company, find the ‘Register’ button, and provide the insurer with your personal details
  • Once registered, you can log in to the website
  • The website will ask for your sum assured. Enter the amount according to your needs
  • Select the term of the policy
  • You can then select the amount of premium you will have to pay and the number of premiums payable during the term of the policy
  • You will have to add a payment method. You can select between online banking, credit or debit card, or any other payment option the policy provider has listed
  • Once done, you will get an acknowledgment slip online
  • If your insurance policy is approved then you will receive a soft copy of the document via email. A representative of the insurance company will visit you with the hard copy of the document too

These are the steps to buy insurance online for most of the insurance policy providers. Make sure to read the policy documents carefully and understand the terms and conditions before you buy a policy.

Kotak e-Term

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Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

T&C

- A Consumer Education Initiative series by Kotak Life

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