Buying a life insurance plan is always a smart idea. One of the most effective ways to do so is through purchasing a term insurance plan. It is a pure form of life insurance policy that offers a high sum assured at low premium costs. When you are the only bread-winner of the family, it becomes essential to look after their needs even during your absence. You also have to consider contingencies while planning their future. To stay assured during such times, you can buy term insurance to protect your loved ones against any form of financial instability in your absence.
Through online methods of purchasing, you can directly engage with various portals offered by multiple insurance companies to get seamless delivery of the product. Apart from this, companies offer many benefits when you buy term insurance online. Usually, the process is quick and hassle-free, which provides an effective solution catering to your needs.
Following benefits can be expected when you buy term insurance online:
1. High Cover at Low Premiums
Due to low overall costs, the sum assured tends to be high while purchasing an online policy. When you buy term insurance online, many insurance companies also offer various discounts to make plans more affordable. One of the critical factors of low premiums and high coverage amounts is the absence of a middleman, which saves a significant amount on commissions and related costs.
Besides, you also save on overhead charges like logistics due to the entire process being completed online. Further, it represents the buyer is a well-informed and responsible individual when you buy term insurance online. Hence, the difference in sum assured.
2. Tax Benefits
The premium payable towards the term insurance plan is eligible for tax deductions under Section 80C. With the term plan in your kitty, you can maximise the 80C deduction (up to Rs 1.5 lakh) on the premiums paid and lower your tax liability. Apart from this, the sum assured your beneficiary receives as death cover benefit is also tax-exempt under section 10 (10D).
3. Protection Against Critical Illness
Critical illness cover comes as a rider option when you buy term insurance online, which helps enhance the basic plan. Various critical illnesses are covered under this benefit like stroke, heart attack, cancer, kidney failure, and similar others. The premium you pay towards adding critical illness benefit to your basic cover is also eligible for a tax deduction.
Since such life-threatening ailments also come unannounced, it becomes essential to get financial protection against their high-cost treatments. You can quickly know premium costs towards critical illness cover when you buy term insurance policy online.
4. Ease of Payment and Renewal
It is also one of the key benefits of purchasing the policy online. You can quickly and securely pay for premiums online, including while renewing the policy. Since the entire process is available on an online portal, you can choose between multiple payment options from net banking to wallet payments. Besides, you can stay assured of secured payments and hassle-free processes.
5. Choice of Payout
Selecting an appropriate payout option is essential to suit the needs of your family in your absence. When you buy term insurance online, you can choose between one-time lumpsum payout, lumpsum + fixed monthly income payout, and lumpsum + increasing monthly income payout.
Though it entirely depends upon your choice, if you have many dependents, it is appropriate to choose between lumpsum + fixed or increasing monthly income to maintain your family's lifestyle. These payout options are only available for individuals who buy term insurance online as it guarantees hassle-free processes and payments.
Buy Right Term Insurance Online and Avail Benefits
Leading insurance companies now offer a variety of benefits of term insurance through online processes. As a buyer, you can easily access various features like buying guides, premium calculators, case studies, customer reviews, and similar others, which help you make a better insurance plan purchase. You can also learn about various company policies that can help make informed decisions when you buy term insurance online.
The term insurance policy provided by reputable insurers like Max Life Insurance offers multiple benefits apart from the points mentioned above. They offer 24*7 support services to individuals who buy term insurance online. Top insurance companies also boast of high claim settlement ratios, thus guaranteeing quick and hassle-free claim settlement. Since the entire process is transparent, it helps empower customers.