Buying a term insurance policy is an important step towards securing your family’s financial future in case of an unfortunate event. With the advent of technology, buying term insurance online has become quick, easy, and hassle-free.
Buy Term Insurance Policy – Buy Term Insurance Policy From Policybazaar
Term insurance is one of the most popular types of life insurance policies that people opt for to secure their family’s financial future in case of an unfortunate event. With the rise of technology, buying a term insurance policy online has become easier and more convenient than ever. In this blog, we will discuss how to buy a term insurance policy online from Policybazaar, one of the leading insurance marketplaces in India.
Step 1: Visit Policybazaar’s website
The first step to buying a term insurance policy online from Policybazaar is to visit their website. Once you are on the homepage, click on the ‘Life Insurance’ tab, and then click on ‘Term Insurance’. You will be directed to a page that displays the different term insurance plans offered by various insurance companies.
Step 2: Choose a plan
After browsing through the different plans, choose the one that best suits your needs. You can use the filters provided on the page to narrow down your search based on your age, coverage amount, and policy term. It is important to choose a plan that offers adequate coverage to ensure that your family’s financial needs are met in case of an unfortunate event.
Step 3: Provide Personal Details
Once you have chosen a plan, you will be required to provide some personal details such as your name, age, gender, and contact details. You will also have to provide some information about your occupation and your lifestyle habits. This information helps the insurance company assess your risk profile and determine the premium for your policy.
Step 4: Choose Riders
Most term insurance plans come with add-on covers or riders that offer additional benefits. Policybazaar allows you to choose from a range of riders such as critical illness cover, accidental death benefit, and waiver of premium. You can select the riders that best suit your needs and add them to your policy.
Step 5: Compare Premiums
Once you have chosen the plan and riders, you will be shown the premium amount. Policybazaar allows you to compare the premium amounts offered by different insurance companies and choose the one that offers the best value for your money. You can also choose to pay the premium in a lump sum or in monthly or annual installments.
Step 6: Medical History
You will be asked to provide your medical history, including any pre-existing conditions, smoking habits, and other relevant medical information. This information is used by the insurer to assess the risk associated with insuring you and to determine your premium.
Step 7: Make Payment
The final step in buying a term insurance policy online from Policybazaar is to make the payment. Policybazaar offers a range of payment options such as credit card, debit card, net banking, and UPI. Once the payment is processed, you will receive a confirmation email with the policy document attached.
Step 8: Upload Documents
After making the payment, you will be required to upload your documents, including your ID proof, address proof, and medical reports, if any. These documents are required to verify your identity and to assess your eligibility for the policy.
Step 9: Policy Issuance
After submitting your documents, the insurer will verify your information and medical history. Once the verification process is complete, the policy document will be issued and sent to your email address. You can download and print the policy document for future reference.
Why do you need a Term Insurance Policy Online?
Life is unpredictable, and nobody knows what the future holds. While we cannot control the future, we can certainly prepare for it. One way of preparing for the future is by purchasing a term insurance policy online. In this blog, we will discuss why you need a term insurance policy online.
Financial Security for Your Family
One of the primary reasons to purchase a term insurance policy online is to provide financial security to your family. In case of your untimely demise, the sum assured from the policy can provide a financial cushion to your family to cover their living expenses, children’s education, and other financial obligations.
Affordable Premiums
Term insurance policies offer a high sum assured at an affordable premium. Since these policies do not have any investment component, the premiums are lower than other types of life insurance policies. By purchasing a term insurance policy online, you can further reduce the premiums as there are no intermediary costs involved.
Flexibility in Policy Term
Term insurance policies offer flexibility in policy term, ranging from 5 years to 30 years or more, depending on the policy you choose. You can choose a policy term that aligns with your financial goals and obligations. For instance, if you have a home loan, you can choose a policy term that aligns with the loan repayment term.
Tax Benefits
Term insurance policies offer tax benefits under Section 80C of the Income Tax Act. You can claim a deduction of up to Rs. 1.5 lakhs from your taxable income for the premium paid towards the policy. Additionally, the sum assured from the policy is tax-free under Section 10(10D) of the Income Tax Act.
Peace of Mind
By purchasing a term insurance policy online, you can have peace of mind knowing that your family is financially secure in case of your untimely demise. It provides a sense of security and comfort, knowing that your loved ones are taken care of even when you are not around.
Easy Online Purchase
Buying a term insurance policy online is a simple and convenient process. You can compare policies from different insurers, estimate the premium, and make the payment online. The policy document is issued online and sent to your email address, making it easy to access and store.
In conclusion, buying a term insurance policy online from Policybazaar is a quick, easy, and hassle-free process. By following the above-mentioned steps, you can choose a plan that best suits your needs and secure your family’s financial future in case of an unfortunate event. It is important to carefully read the terms and conditions of the policy and understand the coverage and benefits offered before making a decision. With Policybazaar, you can compare the different plans and premiums offered by different insurance companies and make an informed decision. Purchasing a term insurance policy online is a must-have for anyone who wants to secure their family’s financial future. It provides financial security, affordable premiums, flexibility in the policy terms, tax benefits, and peace of mind. With the ease of online purchases, there’s no reason why you shouldn’t buy a term insurance policy today.
