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Term insurance plans are definitely the easiest way to secure your loved ones against any eventuality. They are pure risk protection plans that offer financial protection to your nominee in the event of your unfortunate death. You can buy term plan online to secure your family’s future and get the following benefits of term plans.
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Here is a list of all the benefits of buying a term insurance plan online
Low Premiums: Term insurance plan are arguably the most affordable life insurance products. They offer premiums lower than most life insurance plans and buying the term plan online can help you save more through various online discounts.
High Sum Assured: You can get term insurance plans with a large life cover of up to Rs. 10-20 Crores. Many insurers offer 1 Crore term insurance at budget-friendly premiums, which will provide Rs. 1 Crore to your family in case of your unfortunate death during the policy term.
Fixed Premiums: If you purchase a 1 Crore term insurance at the age of 25 years old, the premium rates at the time of policy purchase will remain the same throughout the policy term.
Tax Benefits: Term Insurance Plans provide tax benefits under sections 80C and 10(10D) of the Income Tax Act of 1961. Section 80C is applicable to the premiums paid whereas section 10(10D) provides tax benefits against the benefit received by the customer at the end of the policy.
Add-on Riders: The important term insurance riders when included in the base plan can enhance the coverage of your base plan. These riders are available at an extra premium added to the base premium amount.
Flexibility: Term plans offer flexibility to their customers as they can choose a term plan providing coverage for 5 to 40 years. You can also choose the premium payment options and modes as per your convenience.
Paperless: One of the biggest benefits of buying term insurance online provides you with the benefit of making the whole process paperless. You can access the policy documents anywhere and anytime with the policy documents on your phone.
Easy Comparision: You can compare term plans from different insurers online on the basis of the premium rates, policy terms, sum assured, CSR Values, and the other benefits offered under the plan online all on the same platform.
Transparent: You can asses the term plans online much more efficiently since there are no agents online. You can understand and review the policy documents and the required premium amount online using the term insurance premium calculator.
Secure Premium Payments: You can pay your premiums online securely as a lot of the insurers offer SSL certificate payment portals. You make your premium payments online following the company’s online premium payment process.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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