Article

Procedure: How to Buy Term Insurance Online
January 30 , 2013
  1. Term policy is the only good insurance policy around - it gives your family a good cover, at a very low premium.
  2. Other insurance products combine insurance with investments. This is very bad for you, and you end up losing money in most cases.
  1. There is no broker, so you save as much as 60% of the premium.
  2. Since there is no broker, there is little danger of mis-selling.
  3. Applying online is extremely convenient; the documents are collected and medical test is done in the convenience of your own home.
  1. Almost half of the number of life insurance companies already have online term policies. You can fill the form online at their respective websites. LIC does not have it yet.
  2. Submit the form online and keep a printout for reference.
  3. You will be told the premium you need to pay. Keep a cheque of this amount ready.
  1. The insurance company will send someone across to collect your documents - signed proposal form (the printout of the one you filled online), income proof, proof of identity, the first premium cheque and proof of address.
  2. Make sure copies of all documents are self-signed by you.
  1. Agents are known to promote no medical test, as if it is a big benefit for the customer. However if you have no medical test in your insurance policy, it means you aren't covered enough. This is something no agent will tell you. You should not only be prepared for a medical test, you should in fact welcome it!
  2. In an online insurance, the medical rep comes to your home to take the test, after taking an appointment. You just need to be prepared, in fasting, for the blood and ECG tests, a 45 min painless smooth process.
  1. Sitting at home, your work is done! In 10-15 days time, you will receive the policy document. Do go through it to make sure all your particulars are correct.
  2. Subsequent year premiums can be paid by cheque or online, depending on your conveniences.

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