Choose the Best Term Plan Online

The internet has become an important means by which with many insurance providers, banks, companies offer their products and services online in India. In fact, shopping has added a new dimension to its wing, known as ‘online-shopping’ where people can make online payments using electronic funds transfer methods (Net Banking/debit or credit cards) for the various products that they want. In short, our lives have become extremely convenient owing to the vast benefits that the internet has provided us with.

Insurance is one of the most important products that we will ever purchase in our lives. They are known to provide financial protection for one’s life and for all other non-life products (general insurance). The latter is known to cater to a vast number of ‘non-life’ items such as for one’s home, vehicle, health, travel, etc. However, there is nothing that could ever replace the significance of having a good life plan.

Also known as life assurance, term insurance plans are specially designed so as to provide the beneficiary (of the policy) a certain amount of money at the event of death of the person who has been insured. In exchange, the insured person has to pay regular, monthly premium amounts to the insurer. This plan should be of an ideal coverage amount (for one’s life), otherwise it would defeat the entire process of purchasing such a policy.

It is extremely convenient and time-saving for a person to purchase their policy online. By doing so, they have the privilege of being able to compare different term plans that are offered by various providers in the market. Accordingly, based on their budget and requirement they can then find the best term plan.

Unlike ‘whole life insurance plans’ which are designed to provide a lifetime death benefit coverage to the beneficiary of the policy, term plans are designed for a limited period of time. A person purchasing this type of coverage will be covered for a certain time frame, after which the policy is nullified until it is renewed.

It is the cheapest form of life insurance that a person can purchase and many people prefer these policies owing to the cheap premium rates that are offered. Choosing the tenure for these policies is almost as important as the amount of coverage. These policies should ideally cover a person until the time he decides to retire. The tenures may vary from 15, 20, 25 or even 30 years.