The internet has made the world a better place. From buying groceries to buying an insurance plan, everything can be done online. However, since there are many options to choose from, you have to be alert and careful when completing your online transactions, especially the ones related to the purchase of term life insurance. So, you need to compare online term plan well before opting for one.
Take a look at this article to know more.
1. Correct cover –
When you compare online term plan, ensure that it has sufficient cover. You need to calculate the needs of your family members and get a plan that protects all their financial needs and can support them in your absence
2. Price –
The plan should have a good and affordable premium rate. If the policy is too expensive, you may not be able to pay the future premiums on time and the plan may even lapse.
3. Policy period –
Choose the correct policy tenure. Make sure the plan offers coverage till the time your kids grow up, your loans are cleared, etc. Do not choose a term plan online that has an unsuitable policy tenure.
4. Premium options –
You should be able to choose the premium payment options when you compare the online term plans. Term plans have single, limited or regular premium options. Choose the plan that has the option that you need. You should also be allowed to pay your premium annually, bi-annually, quarterly or monthly, depending on what your financial capabilities are.
5. Payout options –
Term plans offer different payout options for the death benefit. Never buy an online term plan that doesn’t offer flexibility in this aspect. Look for a plan that offers choices between the lump sum payout, the staggered payout, etc. at the time of online term plans comparison. Choose the type of payout that would benefit your family after your death.
6. Tax benefits –
Term insurance offers very good income tax benefits. You should look at this feature carefully and plan your tax management accordingly such that if you want to buy a plan online compare and then opt for the same.
7. Riders –
All the term insurance plans have the option of getting riders attached. Riders are add-on covers that increase the scope of the cover. When buying a term plan online, look for the riders available and choose a policy with which you can buy the best possible riders.
8. Pre-policy screening –
Another feature that needs close analysis is the need for a pre-policy screening. Some term plans ask for this and some don’t. If you want an online term plan compare and then buy an instant plan, go for a policy that doesn’t require a pre-policy screening. If however you have time and want fewer complications, later on, opt for a plan with a pre-policy health screening to remain on the safer side.
9. Claim process –
And finally, you need to assess the claim process of the term plan online you buy. The plan ideally should have an easy claim process that your family can smoothly complete after your demise.
If you are mindful of these features of the online term plan you buy at Mahindra insurance brokers, you will surely end up with an excellent term life insurance cover that will keep you properly secured.