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Term insurance has become increasingly popular in the insurance sector so much so that some plans are available exclusively online. Buying Term plan online is convenient, easy and costs less than buying from an agent or broker.
Insurance companies have their own websites where the insurance plans are available for purchase. Apart from that there are online companies that bring together insurance policies of different companies under one roof so that a person can purchase an insurance Policy after comparing it with other policies under the same category.
1. Every insurance policy has its own limitations. Hence, buying the right policy would provide a win-win situation for the company and the customer.
2. The customer must be clear about his requirements so that it is easy to compare the different insurance policies according to their needs. Only then the process of comparison becomes effective.
3. It is necessary to cross check the insurance policy of a company with what is put on an aggregator site for comparison. This can reduce any problems occurring because of wrong information given to the customer.
4. When comparing term plans, it obviously is wise to choose the one with the lowest premium, as long as other features of the policy do not vary so much from one company to another. For this, one has to thoroughly research all options available before making a decision.
5. One must keep in mind that online plans are not customized to the individual needs, and one cannot bargain over the Premium charges with the insurer. Hence, it is important to read and understand the term policy in detail before choosing to buy one.
6. Aggregator sites need not necessarily have all the available insurance products for comparison .So, it is necessary to have prior knowledge of the insurance companies before comparing them.
7. When comparing Term Insurance plans, one has to keep in mind that Riders like accidental benefit and others may not be available online as a bundle. So, when purchasing a policy, it is necessary to opt for an insurance cover that best suits the needs and not base decisions only the cost of the policy.
8. It is necessary to ensure that all details are available for comparison. If some essential details of the policy are missing, then it is better to avoid purchase and go for a policy where all clauses are clear to the buyer, or, engage in further research for better decision making.
Although comparing insurance plans before purchase is advisable, it takes an informed eye to review the policy before purchasing it online.