Term Insurance

How to Get the Best Online Term Insurance Rates

If you're searching the Internet for life insurance your choices can be overwhelming, with literally hundreds of life insurance companies available to choose from. So how do you make sure you get the best online term life insurance rates?

Term life insurance rates have been dropping in recent years because of increased competition in the online world.

Where to Find the Best Term Life Insurance Rates

To find the best online term life insurance rates, begin by visiting an insurance comparison website. These websites match you to insurance providers so you can get the best possible rates and coverages. Such online insurance websites offer many advantages:

* You can get rate quotes any time of the day or night without leaving your home.

* You only need to fill out one simple questionnaire to get fast quotes from multiple companies.

* You have the assurance that the companies you're looking at are A-rated or higher, which means they are reliable, stable, and financially sound.

* On the best insurance websites, you can talk with an insurance professional online and ask questions about how to get the best Online Term Insurance.

Insurance Tips

As you search for the best online term life insurance rates, follow these tips:

* Complete the online questionnaire fully and accurately. If you don't understand a question, open a chat with the online insurance professional and ask him or her for help.

* Be honest . If you say you don't smoke but later die of a smoking-related illness, the insurance company may not pay on your policy.

* If you do smoke, quit. Term life insurance companies offer the best rates to non-smokers, but you can improve your rate if you quit smoking. The more years that pass without you smoking, the better your rate will be.

* Schedule any required physicals for the morning, when your blood pressure and cholesterol levels are lower.

* Ask if you can get a lower rate by paying your premium annually rather than monthly.

For more details visits : https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp

10 Factors to Keep in Mind Before Buying a Term Insurance Plan

 A term insurance plan is the purest form of a life insurance policy. Here, the sum insured is paid to the nominee if death occurs to the insured person during the term of the policy. In the happy situation that the insured survives the term of the policy, nothing is payable in most cases. In that sense, a term insurance is conceptually similar to a long term motor insurance policy. There are certain term insurance products where the premium is returned to the policyholder if he (s) survives the policy period. These policies are called Term With Premium Back policies, and would obviously cost more than a pure term for the same level of life insured.

The basic objective behind a term insurance policy is that it should substitute the financial loss that the death of a person creates for his family members. Thus by definition, a term insurance policy is crucial for a young man married with young children, whereas it might be less important for a man on the verge of retirement with a significant pool of savings and children well settled. There are ten important factors that one should look at before purchasing a term insurance policy

1. Level of sum insured: A broad rule of thumb is 15 times the annual income if one is less than 40 years of age, 10 times the annual income if one is between 40 and 45, and 5 times the annual income if one is 45 or more. If you have a significant housing loan, you should have that loan covered through an additional credit life insurance plan, where the insurance company would settle the loan outstanding with your bank if there is a death. Another approach is Sum Insured = (total loans outstanding+ amount required for children's education and wedding) + (average annual consumption related expenditure ) *10. One should also bear in mind that one's earning potential and expenses are likely to increase through the years, and that we have a high rate of inflation which will continuously erode value. Rs 50 lakhs today might look like a tidy sum, but twenty years later it might not be significant at all.

2. Duration of the policy: The younger you are, the longer should be the duration of the policy that you purchase, synchronizing it with retirement age or the age at which one's financial liabilities would most probably reduce. A rule of thumb that can be used is that the term of the policy should be equal to Desired Retirement age - Current age.

3. When should I buy: The best time to buy a term insurance plan is NOW. This is because term plans get more expensive as one gets older. The biggest risk is that one might contract certain diseases with time which makes entry into a term plan more complicated. The insurer might refuse to underwrite the risk or bump up the premiums if you have reported any medical condition. Future is uncertain while the financial liabilities are predictable, and leaving behind a set of crippling financial liabilities for one's dependants is irresponsible and avoidable.

4. Should I buy additional protection through Riders: Riders for an insurance policy are similar to the extra toppings on a pizza. A pure insurance policy pays out only on death. But there can be situations such as a critical illness or a severe accident which can completely eliminate one's earning power. Riders such as Critical Illness riders or Permanent Total Disability riders come to the rescue here. These riders ensure that the sum insured is paid out to the policyholder in case any of these unfortunate situations occur.

5. Who should I buy from: At the end of the day, an insurance contract is a contract of trust between the life insured and the insurance company? You should buy your policy from someone who you feel will honour the contract the best at the time of the claim. You can have a look at the IRDA site for the claim payment ratios of the life insurance companies. Estimates show that in 2011, about 16000 life insurance claims will be rejected. Price is also a very important variable. Term insurance rates have come down significantly over the last two years because of price competition and increased life expectancy. Thus, you have a wide choice of 20+ insurers from whom you can buy. Look around aggressively for the company offering among the lowest prices.

6. Where should I buy from: Given that term insurance rates can vary by more than 50% between different companies, it is important that you do a thorough research before buying. Your friendly neighborhood agent might not be the best person to rely on for advice due to two reasons- the plan he recommends might be way too expensive, and it is most likely that he will try and push you towards buying some other product where his commission is higher. Term products have low commissions for the agents. Over the last two years, term insurance rates have com down by 40%-50% due to increased competition and lower mortality rates. In our view, the best place to buy a  Online Term Insurance Plans In India product is online because of the following reasons:

You can easily compare the features and price of the different term insurance plans

It is fast and simple- would not take more than 10 minutes.

Medical tests and all other documentation would be arranged for by the insurance company at home itself

Online products will progressively get cheaper than offline products as the buyer profile of online policies will have a lower risk rating

You can easily pay the premium through credit card or through net banking

7.What information should I disclose: It is imperative that you disclose all the relevant information truthfully. Even a small half-truth might be enough ground for the insurance company to reject the claim later. You should keep the following factors in mind while completing the proposal form:

a. Disclose your medical history in detail: Don't hide anything. If you have a pre-existing disease, mention it clearly. In case of a death which the insurance company thinks is due to a non-disclosed preexisting disease, the claim will be rejected. This is especially true in non- medical cases

b. Disclose your family medical history too

c. If you smoke or drink, state that clearly. Also state your physical parameters accurately- height, weight etc

d. State your income and occupation accurately. If your occupation exposes you to higher risk (eg armed forces, mining etc), do state it clearly

e. Mention clearly any other insurance policies that you might have

f. Make sure that you submit genuine copies of PAN Card details, birth certificate, income proof etc

g. Try and fill up the proposal form yourself and do not leave it to the agent

8. Multiple insurance policies: It is better to have two insurance policies of say Rs 25 lakhs each than to have one policy of Rs 50 lakhs. In this way, you can have the option of continuing with a lower cover if at some point you have a reduced term insurance need

9. Who should be the policy beneficiary(s): The family members who would be the most affected in case of your demise should be the beneficiaries. In most cases, it would be the spouse, children or parents. You could also allocate different percentages of the sum insured to the beneficiaries e.g 50% to the spouse and 50% to the parents

10. Pure Term insurance or savings related insurance products: The primary objective of life insurance is to provide financial protection to the nominees. It is only after the protection angle has been completed covered through a term insurance plan that one needs to look at building up savings or investment through a life insurance policy.

Source: http://ezinearticles.com/?10-Factors-to-Keep-in-Mind-Before-Buying-a-Term-Insurance-Plan&id=6281634   

Term Insurance Online

Click here https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp  For more details  Presenting the iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a high sum assured at a low cost.

Follow These Strategies, When You Are Buying Online Insurance!

Gone are the days when you had to only depend on your trusted neighborhood insurance agent to find time for you and explain you about various insurance policies and then sell you the one most profitable for him only! With the advancement in technology and e-commerce becoming huge as a business proposition, now you can fulfil all your insurance needs while sitting at home with the click of a button. Buying insurance has never been so easy with every major insurance player offering their service online and making it easier for you to buy.

However, there are certain things to consider before you click on the BUY option. You got to act smart and think before you choose an insurance plan for you.

Let’s help you with the following strategies so you can take a smart and well-informed decision:

1) Comparing Products

The first step while choosing an insurance product for you is to compare various options. It is not difficult to do so as there are various websites that act as a platform offering detailed information on all insurance products offered by all the players in the market. This way you can check out various deals and then choose the one that best suits your needs. Go in details, find out everything about the different products on offer and then only decide.

2) Company’s Profile

Once you have chosen the product, check out the company’s background that’s offering the product. The company should be reputable, should have a long-standing in the market for credibility and shouldn’t be too new to the business. Your association with the company will be on a long time basis as insurance is a long-term investment. Hence, knowing about company’s profile is an absolute must even if you have to pay a little extra as a premium compared to paying less with a relatively new or less-known insurance provider.

3) Your information

Most of these online sites ask you to fill a questionnaire with your details so they can calculate the premium amount for you. Make sure that you don’t hide any information that is relevant like details about your health, diseases, habits, etc. so that there is no confusion at the time of processing your claims later on. At the same time, no need to give out extremely personal information at the first stage itself to save you from getting that information misused! That includes your phone number or address too early in the dealing stage.

4) Terms And Conditions

Once you have shortlisted the product and the company, the next step is to study their terms and conditions. It sounds boring, but do understand that devil is in the details and so is God! You got to know what kind of agreement you’re entering into with the Term Insurance Policy provider and are your benefits being taken care of or not rather than the agreement being lopsided in the company’s favour. While signing the papers we feel all is hunky dory, but when it comes to filing for the claims, a lot of unpleasant truths tumble out of the closet that we lazily overlooked in the first place. Read between the lines, take an expert’s help if you don’t understand anything, but do your homework thoroughly!

5) Handling Claims

Another important thing to be considered is how is the insurance provider’s claim settlement ratio? What percentage of claims filed with them are actually settled and how many are denied? Also, how much time does it take to settle a claim? You can find these figures easily on the company’s websites and various other platforms. You don’t want your near and dear ones to run from pillar to post for settling the claims in case of an unforeseen tragedy.

6) Talk With The Insurance Provider

This is the last and most important step before you click on buy. You might be buying a policy online, but in future, you will have to deal with their representatives mostly on phone for any queries or sorting out any issues with them. Talking with their back office before making your decision will give you a good idea of how they are while dealing with their customers, what is the response time, how easy or difficult it is to deal with them etc. This gives you a better understanding of what you’re getting into!

Source: (http://blog.easypolicy.com/follow-these-strategies-when-you-are-buying-online-insurance/) 

Online Term Insurance India

Click here https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp

For more details Presenting the iSecure Insurance Plan; a level cover term plans that secures your family's financial needs by giving you a high sum assured at a low cost Online Term Insurance Plans In India.

Online Term Insurance India

Click here : https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp For more details Presenting the iSecure Insurance Plan; a level cover Term Insurance Comparison that secures your family's financial needs by giving you a high sum assured at a low cost.

Online Term Plan

Click here https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp

 For more details about Presenting the iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a high sum assured at a low cost.

Know More about Single Premium Term Insurance

Single premium term insurance policy is designed for those who want to buy a policy at one go. As compared to traditional insurance products, policyholders have to pay premium at periodic intervals for these policies.

It is a onetime payment solution for those who don’t want to go through the trouble of periodic payments. When the premium payment has been done, buyer becomes the policy owner with certain death benefits.

For single premium term insurance policy, policyholders don’t have to worry about paying any further premium payments or the lapse of your insurance if insured forget to make any payments.

All leading insurance companies in India offer this insurance for the benefit of their clients and customers can access some policy aggregator portals online to know which one is suitable for your needs. If you have a lump sum fund with you, then it is advisable to opt for a single premium term insurance policy.

Under this plan, policyholders get financial security against taxes. When person invests in this insurance product, he or she is given exemption of up to Rs 1.5 lakh. In case something happens to policyholder, his or her beneficiary would get the insurance money which is absolutely tax free.

But, insured is eligible to avail the tax exemption benefit only once for this policy because policyholder is investing in this insurance for one time only. As you paid up in full upfront for this policy, so you don’t have to worry about the plan getting lapsed if you forget to pay the premium amount.

Your policy is completely valid till the entire policy term and reduces the sum assured when the policy period comes to an end. It generates cash value. Person is building a financial asset for himself or herself when he or she makes the premium payment for single premium term insurance. It comes in handy if you want to apply for loan and can be used as collateral against loan.

TERM INSURANCE

Click here https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp  For more details about Presenting the iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a high sum assured at a low cost.

Insurers want to have assistance model for buying insurance online

Insurance companies have requested the Insurance Regulatory and Development Authority (IRDA) to have an assistance model in buying insurance online. This model will not only increase web traffic but also improve quality of business.

At present, direct business done through the online channel contributes less than 5% of the total business of the insurance companies.

Now not just term insurance plans, but all types of products are available online. However, all customers are not comfortable buying it online since product structures are difficult to understand. To resolve this problem, insurers want to have an assistance structure.

This model will have assistance services to individuals who require help during purchase of an insurance policy online. Dedicated personnel will be appointed who will take care of all queries arising during an online purchase. This model would be distinct from the call-centre individuals who assist customers in grievance redressal and claims processing.

At present, Online Term Insurance Plans In India  purchased online has a much lesser premium due to the lower distribution costs and absence of any third party in the transaction. Hence, products are custom-made for this segment and are much simpler than offline products. Payments are done online and the policy documents are sent to the policyholder. With digital signature acceptance in insurance policies also being discussed, policy purchase will fully go online.

For small ticket policies with premiums in the range of Rs 5,000-15,000, customers are comfortable paying online. However, in large ticket size policies with a premium of Rs 25,000 and above, individuals are reluctant to pay online. Therefore, an assistance model would be helpful, wherein the customer could be assured of the security features and inscription or in some cases, these persons could be deployed to collect the premium.

Indians Consider Term Insurance As a Waste Of Money Survey

Term insurance, the most effective and cheapest instrument for meeting an individual’s financial goals, is considered a waste of money by most Indians.

According to a report from Espirito Santo Securities, term insurance policies have the highest lapsation rate.

The lapse rate in terms of premium was 19% for term insurance policies, 11% for Unit-Linked Insurance Plan (ULIPs), 6% for par-whole life, par-endowment, 4% for non-par endowment, and around 2% for pension plans.

Term insurance policies are low ticket policies that offer protection for a specific period of time. It pays a benefit to nominee only if the policyholder dies but in case the policyholder survives the tenure of the policy, nothing is paid to him or to the nominee.

Contrary to the conventional wisdom, people want returns from their insurance a policies and see term insurance as a waste of premium, said the report titled a Life Insurance Thematic: Lets not give up on life yet.

The study said that there is a direct correlation between lapsation of insurance policies and the age of the policyholder. Young people (18-27 years of age) uncertain of their cash flows were seen lapsing their policies more than people between 43-57 years of age. Also, lapsation decreased as the size of the policy increased.

Almost 50% of the term insurance policies bought lapses in the initial two years. This is largely because individuals see life insurance as savings tool rather than a protection tool.

Another reason is that the agents earn low commission in case of term insurance plans, compared with traditional plans and ULIPs. So the follow up from agents is low leading to high lapses.

Agents earn 15% of the premium as first year commission on term insurance plans (which are low ticket sized) compared with 35-40% first year commission in case of ULIPs and endowment plans, which have a higher ticket size.

Online Term Insurance for Senior Citizen

Old age should not be a burden rather; it should be that stage in life where you reap the benefits of all the hard work and financial planning that you did in young age. With many insurance companies coming out with specific plans for the senior citizens, including term plans, old age no more has the uncertainties associated with it that it used to have earlier. All you need to check your eligibility and apply. Today, an old person can secure his/her future easily by getting financial coverage with the help of a term insurance plan. Basically, term insurance plans do not look for medical checkups from the applicant. Numerous plans are there in the markets which have a simple application process where you can easily apply. All you need to do is to fill a simple form related to health, in which you need to provide your medical conditions and take care of some minor documentation work.

With the help of a good term insurance plan, you can secure your family financially, irrespective of the fact if you are present for them or not. Life or term insurance plan permits old age people to keep something aside for their funeral arrangement as well, apart from helping their near and dear ones at the time of any necessity.

As Term Plans are available at low prices, it becomes vital to compare quotes and choose the best plan which suits your need suitably. By comparing, you ensure that what you get is what you wanted and it just takes a few minutes to make an informed choice. The online medium offers quick access to all kinds of term insurance plans from the comfort of your home.

It may be possible that in due course of time; the term insurance plan bought by you may require certain changes. Buy an insurance plan at an early age which can provide you the required protection at a low cost. With a term insurance plan, you need not worry about putting aside your savings for taking care of essential requirements.

There are many companies who are offering affordable term insurance plans to choose from. Some companies are selling plans to the people of age group 50 and above whereas there are few who have specific term insurance plans for senior citizens in the age group of up to 85 years. Apart from term insurance, there are two other forms of plans namely, Whole life insurance and guaranteed life insurance.

Under the former, there is no fixed policy period and benefits are provided to the insured till the time of his/her death. Upon death, the payments get transferred to the designated nominee.

Guaranteed life insurance allows the senior citizens to buy a policy regardless of their age and it does not require prior health related investigations. Generally, high risk individuals are covered under this plan who have had health issues and are not covered by any other plan.

Nowadays, it’s easy to find plans as per one’s requirement as a number of private players have emerged in the segment who want to make their presence felt. Seeking online quotes is the best way to move forward and enjoy peace of mind in your old age by saving on both time and money.

Source: http://blogterminsurance.tumblr.com/post/144901307771/online-term-insurance-for-senior-citizen

Online Term Insurance

https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp

Best Term Life Insurance Plans-Online Policy in India 2015-2016 -Comparative review

I often get asked “what is the one decision which affects or improves a person’s financial life”. My reply “Term Life Insurance” .This will be the best investment or financial decision one can make in your life.

Have you have just started earning or have a family? You should spend your first salary on the best term life insurance policy you can find. Agreed you can’t enjoy the benefits of your term plan. But it secures the financial requirements of your family when you’re gone.

I don’t want my daughter’s education or my mother’s medical treatment to be unavailable because of lack of money. I also don’t want to burden/thrust my wife with these responsibilities.

Considering how important family is to me (and I assume same for you), a term plan becomes inevitable. To have peace of mind that the claim will be paid, you need to choose the best. So which is the best term life insurance plan in India ?.Let us try to brainstorm that.None of us knows what might happen even the next minute. If your child, life partner or your parent(s) depend on your income then you need to have Life Insurance plan.

In this post, let us shortlist and understand some of the best Online Term Insurance Plans in India. These best Term Life Insurance plans can be purchased through online.

What is “Term Life Insurance Plan?”

Term insurance is the simplest and most fundamental insurance product. Best Term Insurance Plan are designed to ensure that in the event of the policyholder’s death, the family gets the sum assured (the cover amount). Term plan provides risk coverage for a certain period of time (policy term/duration). If the insured dies during the time period specified in the policy and the policy is active – or in force – then a death benefit will be paid. It is the cheapest form of Life insurance in terms of premium.

Online Term insurance Plans are,

Cheaper than conventional plans like money back life insurance or endowment plans (or) offline term plans. Online term insurance plans are roughly 30-40% cheaper than the offline plans.

The entire application submission process happens online through the company’s website. So, it is hassle free.

You may not be influenced by an agent/advisor during the buying process.

Source: http://blogterminsurance.tumblr.com/post/144852594836/best-term-life-insurance-plans-online-policy-in

Does Cheapest Online Term Insurance Policy Available For All

People are becoming financially literate and now understand the need of having a term insurance plan. Online term insurance plans have become more attractive as their prices have fallen by 40-50% due to demand from consumers and rise in competition among insurance companies.

You can either buy an online term insurance policy from insurer’s website or from online comparison sites (web aggregators).

But biggest question is that on which factors your decision should be based on, whether you should go for the cheapest term insurance plan or with the insurance company having highest claim settlement ratio.

The term insurance policies are similar despite the attempts to create features such as deferment of policy proceeds (periodic payments instead of lump sum payment) or some riders that provides for additional covers on payments of additional premiums.

In recent times, almost every large insurer has a comparable claim rejection ratio. Besides, new amendment to Insurance Act, life insurance companies cannot reject any claim after three years on any grounds. And if you are making full and complete disclosures in your proposal form, insurer can’t reject even early claim. So, low claim rejection ratio as a parameter is for choosing an insurance company is no longer very relevant.

Some insurers have dropped their premiums very low but now have very tough norm for those who will be eligible for these premiums. So, the cheapest Online Term Insurance Plans In India policy is not necessarily available for you.

In most cases, customers would actually end up paying higher than the standard premiums so the lowest published premiums are just illusory. After medical test, customers are asked to pay higher premiums for issuing policy or their proposals are rejected.

If you refuse to pay additional premiums then you have to go through the whole proposal and medical examination again and have to disclose the fact that his proposal was rejected in the past.

Rejection of proposals will further increase as insurers have become extra careful in issuing life insurance policies because of recent amendments that disallow rejection of claims on any ground after three years of policy issuance.

This problem is more acute in the critical illness policies where outright rejections are wide spread and where it is even more of a challenge to motivate the consumer to persist with the process of getting this policy.

No data is available on the proposal rejection percentages or the percentage of proposals in which a particular insurance company has proposed an increase in premium over and above the normal premium. Hence, there is a need that Insurance Regulatory and Development Authority of India (IrdaI) should collect and disseminate this kind of data so that consumers can make an objective decision on their insurance provider.

Till then, consumers can look forward for online web aggregators as they make money on actual issuance of the policy and they will work harder for a company that is actually interested in issuing policies.

Mistakes to Avoid While Buying an Online Life Insurance Policy

Due to the amplified penetration of internet in India, buying an online insurance plan is faster, convenient and much cheaper than buying through the traditional sales channels. All you need a steady internet connection to fulfil your insurance needs. The technological superiority provided by the online platforms makes the application process of insurance smoother. Generally, the online insurance providers offer live chat facilities and toll free numbers to ensure that the customers don’t face any problems while purchasing an online policy. However, in order to have a smooth post purchase experience, make sure you avoid these common mistakes while buying online insurance policies:-

1.       Providing wrong information or omitting facts: –

When you fill up the physical insurance policy forms, an insurance agent will always double check the details that you write down. However, while filling an online insurance application, there might not be any agent around to oversee the information. Nevertheless, the function of this information remains the same during the claiming process. If the information that you provided is found to be misleading or faulty, you claim might be rejected entirely. Most of the insurance providers deny insurance to policyholders who provided the wrong information. Sometimes, providing wrong information or omission of facts may also lead to lawsuits if the policy holder has distorted important facts. Therefore it is very important to be upfront about every little detail and get all the facts right as even a minor lie can lead to rejection of claims.

2.       Not doing enough research before buying: –

 As there are several types of life insurance policies available in the market, it is very important to undertake adequate research before buying. There are many aggregator websites that let you make quick comparisons of the costs and features of different policies. If you buy an insurance plan without proper research, you may most likely end up with a policy that is average and does not suit you needs. With proper research, you will be able to understand the features of the policy entirely and purchase the one that is most suitable.

3.       Overlooking policy renewal: –

When you take up a life insurance policy through an insurance agent, he will remind you regularly about the premium renewal dates. However, in an online insurance policy you need to remember the dates in order to save your life insurance policy from lapsing. Another way is to have your bank renew the policy at a scheduled date and month. On the other hand, make sure you have enough money in your bank account.

4.       Overbuying Insurance: –

 Most of the people tend to overbuy Online Term Insurance Plans In India because of the low premium rates. If you are paying for coverage that is not needed, it becomes a wastage. For instance, iMaximize plan from Life offers extensive returns with life cover. Opting for an additional insurance plan along with it will only put pressure on your monthly budget. Therefore, while buying online policies, don’t let the low premiums be the conclusive factor while buying an insurance policy.

How to buy term life insurance online?

Buying insurance is seen as time-consuming even cumbersome. So while individuals appreciate the importance of taking insurance, the formalities can be a put-off, making them postpone the decision.

Online saves the day

Thankfully, we are in an age where practically nothing need be time-consuming and cumbersome. The internet has taken care of that. You can now browse insurance company websites and buy online term insurance plans, which is a popular and affordable form of insurance.

Why term plans

To revisit the attraction of term plan for individuals –online term plans offer the cheapest medium of availing life insurance where one can get a high life cover at a relatively low premium.

How the internet is spreading insurance

The internet has graduated from being a mere provider of information to a key distribution channel for service providers like insurance. It offers a fast, efficient, cost-effective and transparent mode of delivery. While traditionally, insurance companies have relied on consultants, agents and brokers, in addition to their own in-house sales support, this has proved to be both expensive and inefficient. The turnaround time in getting an individual insured is high and there is a burden to service the agent through regular commissions over the life of the policy.

The internet has helped insurance companies iron out both time and cost inefficiencies. They now engage insurance-seekers directly through company websites. Insurance is ‘delivered’ seamlessly and since there is no agent involved, there is no commission to be paid. This makes selling insurance cheaper and the individual benefits by paying a lower premium vis-à-vis a similar policy sold offline.

How to buy online term insurance plans

Buying the best term insurance plan in India online is a simple, streamlined experience that will make you wonder why it was not discovered earlier.

While the process of buying online term insurance varies across insurance companies, it broadly involves the following steps:

1.       Log on to the company website for e.g. log on to www….com  and click on the banner advertising online insurance

2.       Enter the sum assured

3.       Choose the policy term

4.       Choose the premium paying term

5.       You will see the premium amount based on your inputs

6.       Select your bank to make the premium payment

7.       You will see an acknowledgement on a successful transaction

8.       Within a period of usually three weeks the insurance company will come back to you on whether or not your insurance policy has been approved by its underwriting team

9.       Subject to approval you will receive a soft copy of the policy which will be followed by a hard copy

The mark of a good online experience is fewer clicks and website speed. The lesser number of clicks necessary to buy insurance, the simpler it becomes for users. And slow website speed with higher response time while navigating to the bank website for premium payment, can be a turn off.

Top reasons to buy insurance online

With the ongoing reforms in the insurance sector in India, there are dozens of life insurance service providers operating in the country. Every company has a bouquet of products and each one of them try to put forth their offerings. Today most companies are promoting online channels to promote their products.

In this scenario when the companies advertise their products through this widely used media, it becomes confusing for a person who wishes to buy term insurance. Here are the top reasons which you must gauge in order to arrive at a prudent decision.

Right information: Buying insurance through agents is fraught with wrong information. Agents have their own vested interests in promoting certain set of products. There may be different reasons why they promote them. It may be higher commission, target-related benefits, so on and so forth.

But when you buy insurance through online media, you get the information directly from the insurance company. This information is openly available in the public domain. If you have any queries, you can simply drop an email to the customer care cell of the company and they reply to you. You can also feed in your phone number for a call back from the company.

Comparability: The proliferation of online media has paved way for web aggregators which provide genuine information on the various insurance products without any prejudice. They also provide efficient web applications that help compare the various insurance products. Before you go for online comparison, you may rather shortlist a few insurance policies so that you compare them rationally in one go.

This is unlike working with agents where you are supplied with a very limited amount of information. They are mostly having one or two insurance companies and thus they avoid talking about other products.

Cost efficient: Needless to say that online buying is cost efficient. But you may say that it is cost efficient for the company. How does it matter to you? It does – because ultimately the benefit is passed on to you in some way or the other way.

Also, it is very effective in terms of keeping track of your investment in insurance. You get an Online Term Insurance Plans In  India through which you can check the updates related with your insurance policy.

Higher sum assured: There are chances that you may not get lower premium amount on insurance policy. You may feel that there is no benefit in buying insurance through online mode. But there may be indirect benefits associated with online transaction. You may be receiving higher amount of coverage in the same amount of premium. 

Source: http://www.policyx.com/blogs/part-i-top-reasons-to-buy-insurance-online/  

Which Company To Choose To Buy Term Insurance Plan

Term Insurance Plans are the best plans to cover risk of life. Term plans not only provide high risk cover but with less premium in return. With increase in the Insurance companies premium for term plans differ very much. Difference in the premium can be double between lowest to highest, this puts the person taking insurance in dilemma of which company is best to take Term Insurance Plans.

Key to choose the company to take Term Insurance Plan is not the premium is be paid, but the performance of the company toward claim settlement. Term plans do not provide any returns to policy holder if survives till the end of the term, it is only taken to provide the financial security to you loved ones. What if the claim is denied to you nominee?

Following things to be kept in mind before choosing right insurance company to buy term plan

Claim paid percentage must be greater than 90% for both numbers and amount.

Don’t see the number of claim settled, but also the amount of claim settled too. It shows whether higher sum assured plans are settled or not.

See if higher amount is pending at the end of the year, Means Company is taking too much time to settle the higher sum assured plans.

Above data do not show reason for rejection of claim, rejection can be due to genuine reasons, therefore data should be used wisely to arrive any final conclusion.

Do not go for low premium only.

Older a bigger companies have good claim settlement ratio and faster settlement process too.

Choose a company with a better network.

If you are planning to buy the plan online, then make sure the office of the insurer is in your town or very near to you to avoid any inconvenience later on.

Read the terms and condition as soon as you get the policy bond.

Your decision to take the Term Insurance Plan is to secure the future of your loved ones when you will be not with them, so take right decision while taking the term plan so that they don’t have to suffer or denied to take the claim amount.

Source: http://blogterminsurance.tumblr.com/post/143572757586/which-company-to-choose-to-buy-term-insurance-plan