TERM INSURANCE – WHAT, HOW AND WHEN

Still wondering why you should buy a term insurance plan? This type of life insurance policy helps you get financial protection for your loved ones, only in the event of your death during the tenure of the policy, for a comparatively lower premium rate in the insurance market space. 

These days, it is very easy to buy term insurance plans online. Here, we help you understand the purchase process as you research upon different term insurance companies in India.

How to Get Term Insurance Online?

Insurance aggregator websites like Coverfox.com go a long way in helping you buy the best term insurance online. You may compare terms, available benefits, add-ons and riders, the premium amount for different insurers, etc. to figure out the best quote for yourself. The steps involved are:

1. Fill in the basic details

To get the perfect term plan for your needs, you need to fill in certain basic details accurately. These include your name, smoking habits, life cover expected, date of birth, contact details, and income. 

Once the needful is done, you will get access to the features, benefits, and coverage amounts of different term insurance policies online. Click on the most appropriate option to choose what you wish to buy.

2. Payment of the premium amount

Next, you have to complete the process of paying the premium online. You will find different payment modes to aid this step; choose the one that you are most comfortable with. Once the amount is paid successfully, a confirmation mail will be dispatched to your registered email id.

3. Proposal form filing

After making the premium payment, you need to fill in and file a detailed proposal form. The term insurance proposal form will require your personal details, existing life coverage information, health details, lifestyle details, nominee details, and so forth.

4. Upload documents

Documents related to your identity, health-related information, address proof, and reports have to be uploaded as and when asked for. The documents that have to be uploaded is often conveyed during the form filling process itself, so be prepared.

5. Issue of term insurance policy

Once your proposal form, medical reports, and all other documents are processed, the insurance company decides to issue the term plan or not. In case the plan is approved, you will receive the confirmation as well as policy documents as an e-mail.

The Best Term Insurance Companies in India

1. LIC Term Insurance

Boasting of a claim settlement ratio of 98%, the Life insurance Corporation of India offers different term insurance plans online. 

Some of these are LIC’s, LIC’s Amulya Jeevan II, Anmol Jeevan II and LIC’s e-Term plan.

2. SBI Term Insurance

SBI Life Insurance Co. Ltd. has several term plans to its credit. The Company was formed in 2016 and has a CSR of 93% as per IRDAI figures in 2015-2016. 

The popular plans from SBI Life include eIncome Shield, SBI Life – Smart Shield, SBI eShield, and SBI Life – Saral Shield.

3. Tata AIA Term Insurance

TATA AIA life insurance had started its operations on April 1st, 2001 and has a CSR rating of 97%. 

This life insurance company provides term plans named Sampoorna Raksha, Sampoorna Raksha+, iRaksha Supreme, and Maha Raksha Supreme to aid your cause.

4. Aviva Term Insurance

Aviva Life Insurance Co. India Ltd has a CSR of 82%. The company was the very first to introduce unit-linked as well as unitized with-profit plans in the marketplace. Aviva provides various term plans that can be customized to align with your needs. 

The plans on offer include Aviva iLife Term Insurance, Aviva i-Shield Term Insurance, Aviva Life Shield Advantage Plan, Aviva Life Shield Platinum Term Insurance, Aviva Life Shield Plus Term Insurance, Aviva i-Life Total, etc.

5. Bajaj Allianz Term insurance

Bajaj Allianz Life Insurance Company’s CSR of 91% makes it a coveted player in the Indian insurance space. 

You may want to choose from its long list of term insurance plans comprising of Bajaj Allianz i-Secure Term Plan, Bajaj Allianz i-Secure More Term Insurance Plan, Bajaj Allianz i-Secure Loan, Bajaj Allianz Life Secure Term Insurance, etc.

Buy Term Insurance Online

Log on to Coverfox.com at the earliest to get the policy of your choice after adequate comparison. Get the best quote online, today!

Categories: