123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Insurance >> View Article

How To Apply For A Term Insurance Policy Online

By Author: Rashmi Tyagi
Total Articles: 2

These days, young savers are recognizing the importance of separating their investment needs from protection needs. Protection is essential for the financial support of any dependents in the event of the demise of the primary earning member. You can get such security only through a term insurance policy. This is why other than investing in policies that will earn you high returns and help you save taxes, it is equally important to invest in policies that secure your family’s future in your absence.

Let’s understand what term insurance is and how you can apply for it.
A term insurance policy serves as an income replacement tool. It is a type of life cover that provides coverage for a specified time period, and in the event of the death of the insured person during the policy period, a lump sum amount is payable to the nominee. Compared to all the types of life insurance policies, you have to pay the lowest premium for term insurance policies because of the absence of savings or investment component. The entire premium money goes in covering the risk and there is no maturity/ survival benefit provided at the end or during the policy period.

How do you buy a term insurance policy?
Term insurance policies can be bought offline or online. While the offline process entails directly approaching the insurer or an agent, the online term insurance policy can be purchased by visiting the insurer’s company website or through an aggregate website for life insurance.
The steps involved in acquiring an online term insurance are:
• Entering the basic details: You can select a suitable term plan and then check your premium. For this, you will have to fill in all your personal details, such as your name, date of birth, contact details, income, life cover required, etc. Basis your inputs, a premium amount will be displayed. If you are comfortable with the premium amount, you can continue to the next step.

• Paying the premium: Once you select the plan, the next step is to pay the first premium online. You can choose from various premium payment options. Once the payment is made, a confirmation will be sent to your registered email id.

• Filling up the proposal form: Soon after you pay the premium, you’ll be directed to fill up a proposal from which will include your personal details, lifestyle details, medical history, nominee details, life cover information, etc.

• Furnishing supporting documents: Next, you will be directed to upload important documents, such as your address proof, identity proof, medical documents, etc.

• Undergoing a medical test: If mandated, you will have to undergo a medical check-up at the suggested medical center or at your home and the reports will be directly sent to the insurer.

• Issuing the policy: After a detailed scrutiny of the proposal form and the medical reports, the insurance company will decide whether it will issue the policy or not. Once the policy is issued, you will receive the confirmation and the policy documents at the specified address.

Regardless of how you choose to apply, investing in a term insurance policy is a must to ensure that your family remains financially unaffected during an unfortunate event. However, make sure that you select an insurer based on the reputation, claim settlement ratio, and market share, to know that your money is in safe hands.

Total Views: 54Word Count: 550See All articles From Author

Insurance Articles

1. Know The Steps To Protect Your Income With A Critical Illness Insurance Plan
Author: Alzbeta Berka

2. How To Complain Against An Insurance Company- Alankit Assignment Limited
Author: Shreya Dixit

3. Why Should You Opt For Online Purchase While Buying Piccolo Insurance
Author: Joseph White

4. Few Things You Can Use While Choosing An Instrument Coverage
Author: Michel Jordan

5. Top Tips To Start Your Music Store
Author: Victor Johnson

6. Medical Billing Denial Management Software
Author: Wayne Gill

7. Hospital Denial Management Software
Author: Wayne Gill

8. Everest Insurance To Make You The Great Sense Of Safety
Author: Rakesh

9. Business Process Services For Insurance Agencies
Author: Melanie Guardacasa

10. Best Possible Option To Build Your Dream Home
Author: Moksha Finance

11. Things To Consider Before Investing In Oboe Insurance
Author: Joseph White

12. Two Vital Factors To Consider During The Selection Of A Life Insurance For Foreigners
Author: Alzbeta Berka

13. What To Consider When Choosing A Music Insurance Company
Author: Victor Johnson

14. Protecting Your Home Business Via Insurance Attorneys In Miami
Author: Steven Simon

15. Everything You Should Know Before Investing In String Instrument Insurance
Author: Michel Jordan

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: