How to buy a Life Insurance online? And its Benefits

In simple words, Life insurance is a type of contract between the insurance service provider and the insured to pay a certain sum of money after a specified term of maturity or upon the death of the insured. Life insurance is paramount to protecting the financial interests of the dependents of the breadwinner. Human life is subject to various risks, accidents, disabilities either due to natural or accidental causes. Life insurance helps you in providing yourself with financial support in cases when you either die too soon or live long enough. Primarily, if you are someone who is the sole breadwinner of your family, then you need to invest and purchase a life insurance policy. 

There are a plethora of benefits that one can avail of with Life insurance. They are: 

  • Life insurance ensures the financial interests of your family in event of your demise. It also acts as a contingency in case of accidents and helps you supplement your income. 
  • Life insurance policies can also assist in your child’s endeavours for higher studies.
  • Life insurance policies also allow you to lead a considerably relaxed lifestyle during the retirement period. 
  • Investing in life insurance policies at an early stage in life also allows you to get away with paying lower premiums.

How to buy a life insurance policy online?

Here are the steps that will allow you to purchase life insurance online:

  1. You can purchase the life insurance policy directly from the insurance service providers’ website or an aggregator platform. 
  2. The first step includes the selection of a policy that is suitable as per your plans, lifestyle, standard of living, income. Once you have done that you can fill up your basic details on the website. The details include name, age, contact details, health conditions, smoking habit, expected life cover, level of income, etc. 
  3. Customers can go through the policy details on the website and choose a policy that suits them the best. This also includes understanding the terms and conditions that go along with the policy and one can even contact the customer service representatives to gain more clarity on terms that they do not understand.
  4. The customer then needs to pay the agreed-upon premium online. Once the payment is successful, the customer is notified. 
  5. On successful payment of the premium, the customer is asked to fill up a proposal form. This form is detailed as it covers various parameters about the standard of living, consumer habits and health information. 
  6. The next step is where the details provided by the customer are verified via the requisition of personal identity proofs like the Aadhaar card, PAN card, etc. If the company policy requires having a full medical check of the customer, then the customer needs to undergo it and provide the same to the insurer.
  7. Upon successful completion of all these steps, the insurance policy and other policy documents are sent to the customer. 

By following the above-mentioned steps, a prospective buyer of life insurance can purchase a policy hassle-free.