In India, you can buy a Term Insurance policy both through online and offline methods. With the prevalent social distancing norms and emphasis on ‘no-contact’ transactions in the post-COVID world, it is advisable to buy Term Insurance online. Following is a step-by-step Term Insurance buying guide:
- Ascertain your life insurance need/ Sum Assured required using Human Life Value calculators readily available on most life insurers’ webpages.
- Find a term insurance plan that suits your requirements best – budget as well as coverage. Visit websites like TATA AIA Life insurance
- Don’t forget to check out their claim settlement ratio.
- Read the product brochure / sample policy document carefully before buying. Understand the inclusions and exclusions of the policy, the extent of coverage and other details. By purchasing a term plan online, you can avail the benefit of choosing from multiple premium options.
- In the buying journey, you would be able to select the type of coverage, the riders, premium payment method, benefit payout method etc. to tailor the plan as per your specific needs.
- The application process would typically ask a set of questions regarding your health, past medical history, occupation and income range. This could be followed up by a telephonic conversation with underwriters who could ask additional questions on the above. In some cases, you may be required to undergo medical tests. The same can be scheduled during the buying journey.
- Upload all the necessary documentation, typically, age, address and income proof.
The insurance company will go through the information provided and the documents submitted. On approval, the Term Insurance policy will come into force and the policy document shared with you.
