Do you know what is going to happen in your line next day? Or even in next minute or second? No one can say that. In that case, if you have a family and have a very good financial life, what is the the guarantee that you are going to be there with your family till the end? There is no such guarantee.
So, in that case a term life insurance come into picture which will not only assure your family future financial care but also make your fee relax & good that you have taken some measures to take care of your family in case some unfortunate incident happen.
No one would like to think about the uncertain death, but no one can avoid the harsh reality. So, rather that just making self emotionally, one should think practically and try to make things make more manageable during life time only. I have created this website www.onlineterminsurance.in to aware people about the importance of term insurance in life and how one can choose the best online term insurance plan in India to secure their family’s financial life.
List of Online Term Plans in India 2017
Here are the popular insurance companies and their available online term insurance policies with buy online link and premium calculator details.
What is Term Life Insurance
If I have to say in simple terms, a term plan is nothing but an insurance policy under which a family will get the lump-sum benefit in case of death of policy holder. You can say that, every insurance policy is promising the same thing then how term life insurance is different?
A term plan is the actual meaning of a true insurance policy. Besides that all insurance policies are promising to give a less life cover with a return on investment. But in case of term plan, one will only get death benefit. Means whatever money you will put behind a term insurance plan, your family will get a very high sum assured value in case you die within t he policy term.
E.g. let me take an example of HDFC Click 2 Protect term plan. I have personally purchased that policy. Now if you want to buy a term life cover of 1 crore from HDFC life, then you have to pay yearly around 15,000 premium. This is just an example, for more accurate calculation please refer to HDFC click 2 protect plus calculator. So, here you are paying only Rs 15,000 every year and make sure that Rs 1 crore cover is there for your family during the policy cover.
Now many people argue that what is the point as you are not going to get back Rs 15,000 premium paid every year? If you pay Rs 15,000 every year ad the policy term is 20 years, that means you have to pay Rs 3,00,000 in 20 years in case you survived. It seems like a loss.
But, have you ever think in a different way? You might have lost 3,00,000 in 20 years, but you have assured that Rs 1 crore will be the life cover. In case you die in 18th year of the policy, your family will get 1 crore. Do you think you can make savings of Rs 1 crore with current income till 18th year?
Just think as much as you can. The fear of losing a little amount is allowing you plan your personal finance badly. Even if you are making 1 lakh salary now, there is no guarantee that you can earn the same salary in next 20 years or no guarantee that you will be alive in next 3 years. In case do you think you can save 1 crore for your family’s future from your 1 lakh/ month salary? I am sure you will get the answer if you dig into this question honestly.
What are the advantages of online Term Insurance Plans?
This is a very basic and in fact the first question asked by almost everyone who came to know about online term plan. So, here are the few reasons to explain why an online term plan is better compared to a offline term plan. Or you can say the advantages of an online term insurance policy.
- The best part is one can buy with just few clicks online without the involvement of any insurance agent.
- One can easily fill up the online application form step by step and save for future also. This will make sure the accuracy of form filling and also there are several form filling guide available.
- As there is no middleman or insurance agent involved, the premium of online term plan is very cheap compared to a offline term plan.
- The payment for policy premium and conformation of policy purchase is very simple and one can do it in just few minutes of time.
How To Choose a Online Term Insurance Policy?
Now the next question is how to know which online term insurance policy is the best one? As there are many insurance companies who are promoting their products as the best term plan online. It may not take enough time to find out the answer of this question if you try to understand and follow the below 5 point checklist.
Age of The company: This is one of the very common criteria for any kind of product. We generally prefer to consider a brand who are there is business from long time and delivered quality and earned trust. So, try to find out how trust-able the insurance company is from their historical business data or reputation.
Claim Settlement Ratio: Now this is something you have to know first. The meaning of this term is, how many claims the company is able to settle against the number of claims received. E.g. if a company received 10 claims in a year and only settle 2 claims then the ratio is 20% for that year. But if that company settle 9 out of 10, it means 90%. So, in simple terms, the higher the claim settlement ration the more trust-able the company is. But here one should also know for what reasons a insurance claim get rejected. Means whether its the fault of the company or the individual.
Premium Cost: The cost of premium is another factor. The online term plans very popular due to their unbelievable lowest premium rates only. When you can buy 1 crore term plan from company A, company B might offer you even lesser price. Now you have to compare all the features and other factors and then opt for the lowest premium policy.
Plan Features: Although it is said that one should not think twice when buying a term plan as it’s always better to go with a pure term plan without any feature. But to attract customers there are various types of online term insurance plans has been evolved. E.g. return of premium term plan, term plan with increasing life cover benefit, accidental death benefit rider, critical illness benefit, term plan with monthly income option etc. If you don’t want to go with pure term plan, then spend some time and find out your suitable one by comparing various features.
Hassle free Process: Although a company is good in market, but sometimes the process of communicating with them, with their customer care or how to handle things online, user experience also matter for many people to manage things smoothly. So, find out how much user experience, flexibility and online platform, claim settlement process assistance your insurance company is providing in the name of online term plan.