Today, the internet has taken control of our life. Be it anything, we just have to think of, and that can be purchased online. From clothing to grocery and from electronics to perishable things, ecommerce companies offer it all. Since every business is trying to make its presence over the net, why should BFSI be an exception for the same?
Buying insurance, especially term policies online comes with lots of benefits. There are several life insurance companies as well as aggregators’ websites where you can buy online term insurance. Here is a list of advantages- Lower Premiums When you buy online term insurance, the premium rates are comparatively lower than that of other cash value policies. It is mainly due to cutting down several handling costs. You can get coverage up to Rs.1 Cr at the lowest reasonable premiums of approximately Rs.600 per month. Greater Coverage The coverage you get is significant when compared to other life policies. Since term insurance is applicable for limited tenure, the claim rate is comparatively low. Thus, the companies get full advantage of offering a significant amount of coverage to the policyholder and their nominees. Online Buying Flexibility You can buy term insurance online anytime and anywhere; the only thing you need to have is the internet. This makes the buying process easy and you can do it using either your computers or mobile phones. No Physical Paperwork You need to submit an application form along with the necessary information when you buy online term insurance. All the information is collected through the internet in the form of scanned copies and is stored in the respective repositories. This also helps in cutting down the document handling and paper costs. No Brokerage Nowadays, many industry experts ask you to buy online term insurance as there’s no any mediator or broker within the entire process. All you need to do is read all term and conditions, understand the policy and buy the suitable one. Term policies are the purest life policies which are very simple to understand. Tax Benefits Last but not least, tax benefits are also accessible when you buy online term insurance. You are entitled to avail them under Section 80C and Section 10(10D) of the Income Tax Act. Tax Benefits are applicable on both premiums paid towards the policy as well as the death benefits offered to nominees in case of any unfortunate event. In short, it is always the right decision to buy online term insurance as you get several advantages along with a substantial amount as life coverage.
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February 2022
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