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A Term plan which is a vanilla life insurance plan is the easiest way to insure your life. It does not have the complexities of an Endowment Plan or ULIP or money back plan and also the Premium amount that is payable for the same Coverage amount towards a plan is also miniscule. An endowment or money back plan invests a significant part of your premium in equity/debt instruments, which comes back to you at some point in time. While in case of term insurance, the entire premium that you pay is an expense and you would not be getting anything back.
It is a plan for those who do not want to mix up investments and insurance. Besides people with limited income to spare would also prefer a term plan, as they would need to prioritize insurance coverage over investments.
You can buy term insurance plan from the comfort of your home. An online purchase is generally cheaper and also offer the convenience of comparing different plans at the click of a button. If you have decided for insurance coverage or sum Assured you want to buy, you can quickly find out which company is offering a Term Insurance for the coverage amount and at what cost.
Once you have decided which company you would like to buy from, you can continue to make an online application. In an online application, you would need to enter personal details, nominee details, medical history, and any information on Pre-existing medical conditions that you would have. You would also need to enter a few statistics on your health like height and weight, which you should be aware, while you are filling the application form. The software will guide you through the application process and it would make sure that you do not miss any information which is required. However, you need to make certain that whatever you enter is factually correct and there are no typos.
Once the application form is filled, the software would then direct you to a payment gateway, where you may make the payments either by credit card/debit card or using net banking.
But this is not all over, once the payment is done, there is a medical test as well that you may need to undergo. The medical test is not mandatory for all, and depends on your age and the Sum Assured that you are seeking. People who belong to a higher age group or are seeking a significantly higher sum assured may need to undergo a medical test. Once everything including the medical tests is done, a representative from the insurance company would collect the medical test documents and other desired proofs like identity, address and income.
Hard pressed for time, these days many people are logging on to insurance comparison websites such as easypolicy.com to compare and buy online term insurance from the convenience of their home.