How to buy a term insurance policy online?

Term insurance plans are high-cover, low-premium protection plans where the premium is entirely used except for a small portion that is used to meet risk coverage, administrative costs, etc. Moreover, there are basically two types of term insurance policies— online and offline. The offline process involves approaching an agent, the insurer or broker. Hence, here’s the process of buying a term plan online, take a look –
 
Step 1: You can buy a term policy either by visiting the insurance company’s website or by visiting a life insurance aggregator website. An aggregator website will allow customers to compare riders, terms, and premium of different insurers.
 
Step 2: Secondly, customers have to fill in all the basic details like date of birth, name, life cover expected, contact details, and income. Once these details are filled, a suitable term plan with premium, features, and benefits will be displayed in front of you. And after going through the features of each policy, a customer can choose the most suitable policy by clicking on suggested options.
 
Step 3: Thereafter, the customer needs to pay the premium online. And once the payment is done, a confirmation will be sent to the registered e-mail id of the customer.
 
Step 4: Once the premium is paid by the customer, he/she will have to fill up a detailed life insurance proposal form. This form includes several parameters that need to be filled in – health details, personal details, lifestyle details, existing life cover information, and nominee details.
 
Step 5: Thereafter, the customer is required to upload address proof, identity proof, health related documents, and reports. The list of documents to be uploaded need to be conveyed to the customer at the form filing process.
 
Step 6: If mandated, the customer will have to go through a medical examination at the suggested medical center. The center will then send the report directly to the insurer.
 
Step 7: Upon the verification of medical report and proposal form, the insurance company will decide whether they need to issue life insurance policy or not. Confirmation and policy documents will be sent to the customer, if policy is issued.
 
On the whole, buying online term plan is a simple and streamlined experience. Besides, for those who are looking to buy online term insurance, opt for Max Life Insurance.