"Spending a whole day looking for insurance is fun," said nobody, EVER!

Benefits of Getting Term Insurance Online

Term insurance is the purest form of insurance that you can get for yourself.It provides protection to your loved ones in case something happens to you. There are various other benefits that you will get to enjoy if you purchase a term insurance plan for yourself.
 4.5 / 5.0   by 17397 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Conventionally, people have not been too keen on adopting online methods for essential services such as banking or insurance. A majority of apprehensions regarding online transactions revolve around the lack of security, which is now, but a myth. As the world has progressed with time, sophisticated technology has made it possible for us to do a lot more online. As more and more awareness spreads, an increasing number of people are breaking away from their dependence on agents, consultants, brokers, and sales reps for the purchase of insurance policies online. With the steady growth in digitization of the insurance sector, people are becoming increasingly aware of the benefits which accompany buying insurance online. As opposed to the to-and-fro involved in purchasing insurance from an agent or sales representative, the online way is not only faster, but also streamlined, and often cheaper, with no agent commissions involved.

Term insurance is no exception to the above. There are several benefits associated with purchasing term insurance online which can help the customer not only save on time, money, and also effort involved. From saving on premiums, to higher sum assured, increased transparency, real-time reviews, access to more knowledge and elimination of chances of misselling, online purchase of term insurance policies is definitely a win-win for not only customers but also insurers.

Greater convenience:

Convenience is the one single thing which will always sell. Considering this, insurers are offering loads of convenience to their customers by selling policies online as the latter can purchase the policy in the comfort of their house. There is no need for one to run to the insurer’s office, get photocopies of various supporting documents, deal with insurance agents or sales persons. Just by visiting the insurer’s website, one can find out the policies being offered, compare between various similar policies, make their choice and purchase the policy, without having to step outside their house.

Lower cost to insurer:

It is a well-known fact that purchasing insurance online is significantly more cost-effective than purchasing it offline. When it comes to term insurance, a majority of plans are almost 50% to 70% cheaper when purchased online, as opposed to their offline versions. This significant drop in prices is primarily due to the absence of middlemen and intermediaries like agents, brokers, consultants, and sales persons. The complete absence of intermediary costs and direct dealings with the insurer help in cutting costs.

Another factor contributing to the lower costs is that a majority of insurers consider online insurance applicants to have a lower mortality risk, as compared to those applicants who purchase insurance offline. Both these factors help lower the premium rates and allow customers to get more insurance cover.

Greater sum assured:

When taken on an average, online policies generally offer higher sum assured. This is mainly due to the facts that intermediary costs have been eliminated in the process, allowing the insurer to offer greater coverage. Lower costs can also be attributed to customised marketing strategies designed keeping the customer in mind and offering high insurance cover for a remarkably low daily/monthly premium. Another factor contributing to the high sum assured is that medical tests are seldom a compulsory requirement when it comes to online policies. Usually medical tests are only required if the policy offers coverage of over Rs.50 lakh.

Lower premiums:

Another important benefit resulting from the elimination of intermediary costs is low premiums. As mentioned before, online term plans are able to offer high coverage in exchange for very nominal premiums for the primary reason that intermediary costs of brokers, agents, consultants, and the like, are eliminated with the use of online distribution channels. The insurer saves on these costs and can directly pass the saving on to the customer.

Greater transparency:

Compared to the offline process, purchasing term insurance online is a far more transparent process. Since the customer is relying on the information that is made available by the insurer, the latter is bound to disclose all information about the product online. Be it the features, term, riders, benefits, limitations, exclusions, customer feedback, or anything else related to the product, the insurer has to provide it all, to make the customer feel confident about the transparency surrounding the process. After the customer has submitted the details for approval, they can track the status of their application and also get to know the remaining steps of the purchase process.

Ease of comparing:

When purchasing anything, one tends to compare between different options of the same product in order to pick out the best one. Term insurance is no different. With the growing use of online platforms for insurance shopping, online insurance comparison websites have become quite popular. With the help of these sites, customers can compare between different policies on the basis of cost, benefits provided, sum assured, premiums, and other important factors. This way they can eliminate the policies which do not fall under their criteria.

These portals have also been reliable sources of information related to insurance policies, which can help customers decide on the policy which is suitable for them. Often, customers also provide real-time feedback on the policies which they have purchased, which other prospective customers can consider when choosing a policy.

Empowers the customer & prevents policy misselling :

Misselling of insurance policies is not something unheard of. Many a time have insurance agents, brokers, and consultants recklessly sold insurance policies to customers where the benefits or terms of the contract have been misstated and the policyholder is left in a fix at the time of making a claim. However, times have changed and so have the conventional methods of purchasing insurance. When it comes to purchasing insurance online, the customer is expected to fill up the forms and submit them, which prevents any chances of wrong information being entered. The customer can also track the progress and status of their application themselves without having to rely on the agent or broker.

Expedited process:

One of the features of the online insurance purchase is that it is swift. Within a matter of a few minutes, one can have all information pertaining to a variety of plans, compare between plans, add riders to their policy, register a claim, and also make policy premium payments online.

Anytime access:

Before policies were available online, customers were issued hard copies of their insurance policy, which made it cumbersome to carry it around, for the fear of being misplaced, lost, or stolen. However, the online method has made it far easier for one to access their policy whenever needed. The soft copy of the policy is sent to the policyholder’s registered email address, from where it can be accessed anytime, given there is an active data connection. One can also access their policy via their e-insurance account.

Flexibility of making changes:

For policies which have been purchased online, changes can be made with far greater ease, as compared to policies which have been issued offline. It is relatively easy to add, delete, or edit information on an online policy, before or after its purchase. One can make corrections to details like the policyholder’s name, address, contact details, etc.

Read real-time reviews:

As more and more businesses, including insurance, migrate online, users are becoming more proactive in sharing their experiences with products and services which they have consumed. Facebook and Twitter are two of the many online social media platforms where customers share feedback about their experience with a particular brand or company. The insurance sector is no stranger to this practice. Within minutes, one can find reviews about an insurer and their services. With all information available online, it is easier than ever to check an insurer’s reputation, especially when it comes to claim settlements, which is one of the most important influencing factor during insurance shopping.

Types of Life Insurance Policies Reviews

Page 1 of 50 1 2 3 4 5
  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have chosen 2 policies, long term and money back. LIC is good but they will provide the information only If I request them. Paying monthly 2500 rupees through ECS. I did not see any benefits and have no access for online. Every 5 years once they are giving bonus on the money back plan.
    Was this review helpful? 0
    , hosur
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I have taken 4 policies with LIC from long back. Its a mixed of endowment, money back and life insurance policy for family. I am satisfied with the benefits. If there is any problem I can manage the account online. I pay the premium by cash or cheque, its hardly around 1300 or 1400 rupees every quarterly and also monthly premium has been done.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC and it was taken almost now 10 years through an agent. The tenure period is 21 years and its a JEEVAN ANAND. The benefits are quite good. I never contacted the customer service, I go through with an agent. I make the premium through online every quarter.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Jan 14, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • LIC Life Insurance
    "Good for me and for my nominees"
    0.5 4.0/5 "Great!"
    I have purchased Jeevan anand policy with LIC, my policy has the tenure period of 20 years. As per my policy I need to pay the premium for 15 years, I make Rs. 30,000 per annuam. At last I get the premium cover upto Rs. 20 lakhs and one other good benefits even after the policy expiry there is a maturity benefits of 14 lakhs will provide to the nominees for certain demise its good. But I suggest they need more improvement on the customer support,
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Trusted Insurance Company"
    0.5 4.0/5 "Great!"
    It was taken the policy with LIC in month of 2014, they have good reputation and my relative is working as an agent. To secure my family I took this policy, the policy which I am holding it for 25 years, I will be getting the maturity after the tenure period.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Good Investment"
    0.5 5.0/5 "Blown Away!"
    Agents are professional in LIC, and they have flexi in the payment options. I have Jeevan anand policy it has the term period of 15 years, I need to pay the premium for whole year after 24 years I get the return value also they provide life coverage.
    Was this review helpful? 0
    , dandeli
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy to take"
    0.5 4.0/5 "Great!"
    LIC is providing lots of tax benefits policy hence i have chosen the policy with them. I have taken the Jeevan Anand policy. I used to make the premium amount through online. I'm very much satisfied with the sum assured amount. Total tenure period of the policy is 15 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have money back policy policy with LIC, it has premium of Rs. 10,000 per annum. It gives the maturity benefits after 20 years of the tenure period, I used to get the bonus amount around Rs. 40,000 for every five years it has the tax benefits too.
    Was this review helpful? 1
    , malda
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    It has been a good policy and i had started this insurance a long time back. The premium amount has not been not too high and i have been paying it annually where the payment method has not been high. The policy is good and can be suggested to others.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy with Life Insurance Corporation of India. I have selected the LIC because of the wife's suggestion. I have chosen the Jeevan Bhima policy. I am paying the premium amount of Rs. 30000 every year. I have no idea about the coverage value. I make the premium through agent via money transfer.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Better to invest"
    0.5 5.0/5 "Blown Away!"
    I have a money back policy from LIC which was taken before 10 years through an agent. Every 4 years once they are providing good benefits like bonus points. The agent was very helpful. I got the insurance paper. I am paying the premium every quarterly 1000 rupees through online.
    Was this review helpful? 1
    , pondicherry
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Benefits part should be increased"
    0.5 2.0/5 "Expected more"
    I have term insurance with LIC, they give the life coverage to the nominees, they have option to add multiple nominees. I have taken it for 20 lakhs hence I need to pay the premium around Rs. 7000 per annum, the draw back with this policy they wont provide paritial amount to the holder.
    Was this review helpful? 0
    , thrissur
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good Bonus Policy"
    0.5 4.0/5 "Great!"
    LIC is national insurance company and it has the good reputation. I have taken the policy called money back policy, it has maturity period around 15 to 20 years, I used to get bonus amount every 3 years or 5 years, they have tax benefits and other facilities.
    Was this review helpful? 1
    , thrissur
    Reviewed on Jan 09, 2019
  • ICICI Prudential Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance was bought from ICICI prudentuial. One of my friend who is working over there has recommended me about this policy. I paid the premium amount of Rs. 25000 annually. I have paid the premium for 2 years after that i have discontinued the policy due to the personal reasons. I have to pay the premium for 7 years actually.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have taken some policy with LIC, I could not recall the name of the life insurance. But it has the term of 15 years, I need to pay only for 10 years, I get the coverage for whole year. They are providing tax benefits with the life insurance premium and it has life coverage.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I have my life insured with LIC from last 15 years and it is a long term policy. I pay my premium once on 6 months through direct payment and i am convenient with the payment options. I am not happy with the returns and tenure period for this policy is for 25 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Trusted Insurance"
    0.5 5.0/5 "Blown Away!"
    They saving our money and providing the loan based on the premium but we need to maintain proper track record for the LIC. I have taken the policy for the tenure of 25 years, I need to pay the premium for whole year I expect good value from my three policy.
    Was this review helpful? 0
    , cuddalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Life Saving Policy"
    0.5 5.0/5 "Blown Away!"
    My life was insured with Life Insurance Corporation of India. I have purchase a plan called Jeevan Bhima Yojana. Since my father is paying the premium, I'm not sure about the amount. This is a 20 years tenure period policy. I never had any trouble with this policy.
    Was this review helpful? 1
    , chandigarh
    Reviewed on Jan 08, 2019
  • LIC Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took this insurance long bank , the agent had explain me clearly about the policy coverage and plan benefit,and i pay premium on quarterly basis, i pay up to 2700-2800 rupees which was nominal for me,it use to get auto debited from my account.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
Common Loader Icon
Page 1 of 50 1 2 3 4 5

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.