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What Makes Online Term Insurance a COVID-Centric Solution?

With the Covid-19 pandemic wreaking havoc on our state of physical, mental, and financial well-being, it is necessary to rely on life insurance plans. Although a health insurance policy is quite a handful during these challenging times, nothing works better than safeguarding the future of your loved ones under a life insurance policy, especially with the pandemic spreading incessantly.

A pure term insurance plan is a pure protective cover, best characterized by numerous financial perks for the beneficiary in the policyholder's absence. Furthermore, the number of COVID-19 deaths is a cause for concern. With the pandemic expected to persist for quite some time now, getting a term plan, especially online term insurance , makes sense.

Importance of a Term Plan during Covid-19

A term plan helps you secure the financial future of the family amid the challenges. With covid-19 claiming several lives across the globe, ensuring the financial stability of your next of kin, in case of your sudden demise, needs to be taken into consideration. This is why buying a term insurance plan, at this stage, makes a lot of sense.

Why online term insurance is the best approach during the pandemic?

The pandemic has pushed us towards a new normal, with individuals refraining from leaving the house unless it's an emergency. An online term insurance plan fits perfectly well in such a scenario, allowing you to make purchases with significant ease. Going online with the term plan facilitates better comparisons, which in turn ensures better financial management.

Here are some of the more targeted benefits of persisting with an online term insurance policy, instead of making an over-the-counter purchase:

Better Selections

Online term insurance comparisons allow you to choose the best policy, as per preferences, while keeping a close eye on the premium. Unlike a traditional offline purchase, especially from an agent, online platforms help you compare several term plans at once, based on various metrics. This approach allows you to get hold of lower premiums. Moreover, making selections online also offer better clarity regarding the tax saving options and other financial perks, according to the ITA Section 80C.

Payment Security

Besides the 'Compare & Choose' flexibility, an online term insurance planis highly secured when it comes to making payments. Furthermore, policy documentation is initiated rapidly, and you can easily get the relevant papers delivered at your doorstep, without any downtime issue.

Better Understanding of Insurance Riders

Every term insurance plan allows you to pair certain riders or add-ons to the existing policy. Going online with the term insurance selection helps you understand riders' concept in a much better way. Be it a disability rider or a COVID add-on, understanding the premium hikes and the underlying processes are easier with the online platforms to rely on.

Lesser Premium

The insurance landscape is a keenly contested arena. Moreover, with the competition getting fiercer in the post-pandemic era, several insurers prefer offering a sizable discount on direct online purchases. A majority of offline term plans are sold via the agents or branch offices, which in turn minimizes the profit quotient for the insurers. Therefore, online term insurance sales place them at a more advantageous position, and they return the favor with a significant discount on the offline rates.

Minimal Exposure

Social distancing has been accepted as the new norm. As a policyholder, you would want to avoid going out to purchase an insurance plan. Online term insurance offers the flexibility to stay indoors, scroll through options, and buy the policies accordingly.

Special Case for additional Covers

While we did talk about the online term insurance riders in the previous segments, you can also add COVID insurance cover to your term plan through a rider. In most cases, the Covid plan comes with redeemable benefits if you are diagnosed as Covid-positive. However, you need to check with your insurer and make necessary checks before zeroing in on such an online term insurance plan.

Wide-Range of Options

Besides a conventional term insurance plan, you can also opt for premium-returning plans, renewable policies, and other insurance plans, albeit at higher premiums. However, online platforms make the selection easier by offering additional resources and insight to fall back upon.

Minimal Hassles related to Claims

A term insurance claim is hardly pleasant for the family as it often comes in the wake of a mishap. Purchasing the insurer's policies directly minimizes the hassles of claims as there are no middlemen to account for.

Online Term Insurance Policies are the Future!

Unlike different types of life insurance policies, a term plan is all about protecting the family of the policyholder. Although every type of term insurance is a highly effective financial resource, especially in the post-covid19 era, nothing beats the efficacy of an online term insurance policy, which offers exceptional ease of purchase and a wide range of options to choose from. Make sure you dig deeper into various aspects of these life insurance plans before buying one.

 

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Guest 
on 21 November 2020
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