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Term plan is an insurance Policy with limited Coverage period in contrast to a life insurance plan that provides insurance cover till death. The premiums for these plans tend to be lower and hence more attractive to the buyer. With the advent and proliferation of the internet, the Term plan options are available online for purchase, so one does not have to go through an Insurance Agent or broker to choose a plan suited to them. One could also save money buying an online insurance as it is cheaper than buying from an insurance agent.
However, ease of purchase does not substitute the need for knowledge. One who wants to choose a term plan should know how to decide on term insurance, since there is not going to be any advisor around to explain the pros and cons of an insurance plan.
1. It is important to know accurately all health related details before filling in an online form, since many companies offer an insurance cover assuming that the applicant is healthy. So, it is necessary to provide accurate health information so that your insurance cover application does not get rejected.
2. It is wise to buy a higher insurance cover for a lower price than to buy a lower insurance cover based on the assumption that Premium will be low. The very purpose of bypassing an agent and purchasing an online policy gets defeated.
3. Checking the availability of the plan in the place where you reside is important as some plans are available only for selected cities. There is no use of buying an insurance that does not cover your geographical location.
4. When buying Term Insurance online, the payment is usually done with a debit or credit card, or through internet banking. Hence it is necessary to have these toosls ready before opting to buy an insurance policy online.
5. A good research involving various companies, the insurance policy benefits that they offer, the cost and its suitability to the purchaser’s needs is essential. There are many online portals which help the person to compare different insurance policies offered by different companies before purchasing it. The insurance companies also have their own websites from where online purchase can be done.
6. Reviewing the policy by reading the user comments online, scrutinizing the details of the policy before choosing one and working out an economical solution based on financial requirements, age of insurance applicant and Inflation rate are also some factors that help in smooth and safe policy purchase decisions.
Purchasing a plan can be easy if we know how to get the right information about the policy and the company before purchasing according to our needs.