Abhishek had long known about the benefits of investing in term insurance policies. As a child, he had watched his father make regular premium payments and heard how it would ensure the family’s protection. When he started his first job, he decided that his first investment would also be a term insurance policy . However, the thought of going to an office somewhere to make regular premium payments made him hesitate. He just couldn’t find the time to even go down to the insurer’s office just to find out about the different options available for him!

One day, in office, at lunchtime, he overheard some senior colleagues raving about the enormous benefits he was getting from his insurer through an online term plan. As more colleagues joined in, Abhishek learnt that several insurers were offering online term plans which ensured seamless and transparent processes completely online.

Online term plans have emerged as the new-age alternative to traditional term insurance policies. Policyholders can now select the most appropriate plan online, and can even calculate the premium they will be required to pay depending on the coverage they require. Online term plans offer increased convenience, and allow policyholders to leverage the greatest benefits, all from the comfort of their home.

Read on to learn the benefits of opting for an online term plan.

1. Affordability:

An online term plan is cheaper than the regular term insurance policies. This is because insurers can eradicate a lot of costs while offering online term plans. Setting up physical stores and interacting with customers costs more for insurers, and these costs can be bypassed by offering online term plans. As a result, these online term plans can be offered at much cheaper premiums to customers.

2. Transparent:

With online term plans, policyholders can easily fill in their details without going through an agent. This ensures that the policyholder is aware of what they are signing up for, their details are entered correctly, and they know exactly how much they are expected to pay. Since term policies also have a lot of riders and fine print that must be read through, the increased transparency within online term plans is a real advantage.

3. Convenient:

An online term plan offers much more convenience in terms of staying updated on the policy. Anybody can browse the different term plans available online, and sign up for the plan they require at any point from anywhere they are. This saves a lot of time for policyholders, and offers them the freedom to choose the plan that is most appropriate for them. Going through insurance agents usually involves a more long-winded process which can be wrapped up by the policyholder themselves, in case of online term plans.

4. Security while paying premiums:

Online payment processing has come a long way over the last few years. The insurance industry has also evolved to keep up with these changes. As a result, premiums for online term plans can now be paid online without any risks at all. Insurers make sure to keep their security processes upgraded, to ensure a secure process which benefits their policyholders to finish paying their premiums in the shortest possible time. This further aids policyholders achieve convenience while enrolling for an online term plan.

5. Ease of browsing and selecting the best:

Ecommerce portals have flourished owing to the convenience they offer shoppers in terms of browsing for the best choices for the goods they require. Online shopping has increased in popularity owing to that very reason. Similarly, browsing for a term plan becomes easier when it is done online. Potential policyholders can browse through the options available to them much more easily, and it is easier to better retain information than when it is conveyed by an insurance agent. Browsing by themselves ensures that policyholders pick the term plan that is most suited to their requirements which involves the coverage their dependents will require after their demise.

Online term plans have evolved significantly to offer customers increased convenience, more seamless processes; all at much cheaper premiums. The Flexi Online Term Plan provides a life cover of Rs. 1 crore with premiums for as little as Rs. 16 per day. The plan ensures benefits for the policyholder’s beneficiaries, such as a lump sum payout as well as a monthly income.