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/