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Online buying today has become so easy that even children can buy their favorite things instantly. Products available online are much cheaper than their offline counterparts. Items that we used to buy from the retail stores after much bargaining are now available online and at a much lower price.
Even our financial products are now available for investment on online platforms. Now we can check out various investment options simultaneously, compare them, and invest in a product that fulfills all our requirements.
Complex life insurance products can now be easily purchased from Coverfox, an online broker website, or the insurance company's official website. If you want to fulfill your primary responsibility of protecting your family's financial needs when you are not in this world. For this, you can must buy the cheapest and purest form of life insurance plan, i.e., a Term Insurance Plan.
Term insurance plans are well known for their low premiums, high life cover, a host of customization options, and a lifetime of coverage. The primary reason for this product being so cheap is that the term insurance premium comprises just a few elements.
A term insurance plan premium consists of mortality charges, administration charges. Hence, if you survive the term insurance plan's policy term, nothing is paid back to you as there is no savings or investment component in a term insurance plan.
As term plans are cheaper than other forms of life insurance products, let's have a look at a few reasons why you should go for an online term insurance plan.
Online term plans, as the name suggests, can be bought online. You do not have to arrange for a meeting with an insurance agent to understand the product. All you have to do is go online on Coverfox, an online insurance broker website, and you can buy an online term plan instantly within minutes. You can also visit the website of the insurance company and buy a term plan online directly.
Once you have customized the plan as per your requirements, you can fill the proposal form online, make payment through a secure payment gateway. If a medical examination is needed, you can pick a convenient slot from the options available.
DID YOU KNOW Online Term Plans are up to 25% cheaper than their offline counterparts. Yes, you read it right, term insurance plans are cheaper than other forms of life insurance plans like an endowment, money back, whole life. But, online term insurance plan is also less expensive than their offline counterparts. That's right, a term insurance plan's online variant is much cheaper than the same company's offline term insurance plan. Let's say ABC Insurance Company has a term insurance plan. This plan has two versions online and offline.
If you are a 30-year-old non-smoker male, then Rs. 1 Crore term insurance plan's offline version will cost you Rs. 18,000/- per annum. Now, the same plan's online term plan will cost you Rs. 11,000/- per annum. Thus, you will save around Rs. 7000/- per annum.
Now, if you were to invest Rs. 7,000/- saved from the above example every year for 30 years, then you would be saving around Rs. 2,10,000/-. Now, if this amount was invested in an equity mutual fund, and this mutual fund gave an average return of 10%, then also at the end of the 30th policy years, you receive around Rs. 9-10 lakhs from your yearly investment.
Apart from the savings part, the online buying process opens up a host of features for you. You can compare various online term plans from different insurance companies on a single screen. Online broker Coverfox offers you the facility to compare the benefits, features, policy term, premium of different term plans on a single page.
Congratulations on your decision to buy a term insurance plan for providing a happy life to your family in your absence. But wait, Do you know what is the right amount of coverage that you should buy? Well, arriving at the right cover amount is now no longer difficult, thanks to the online FREE Human Life Value Calculator (HLV).
Once you have provided all the information, the tool shows you your current net worth. Now you can buy an online term insurance plan with a cover amount that is equivalent to or higher than your net worth. Suppose, after providing all the information, the HLV calculator shows that your Networth is Rs. 1 Crore, then to be on the safe side; you must buy an online term plan with a sum assured of Rs. 1.25 Crores, this way, you are ensuring that there is a provision in case some emergency crops up in your absence.
Here are the top 5 online term plans of 2020; you can instantly buy these plans online at Coverfox.
|Plan||Entry Age||Policy Term||Sum Assured||Claim Settlement Ratio 2018-19|
|LIC's Tech Term||18 - 65||10 - 40||Rs. 50 Lakh - No Limit||97.79%|
|ICICI iProtect Smart Plan||18 - 65||5 - Whole Life||Rs. 50 Lakh - No Limit||98.58%|
|SBI Life eShield||18 - 65||5 - Age 80||Rs. 35 lakh - No Limit||95.03%|
|HDFC Life Click 2 Protect 3D Plus||18 - 65||5 - Whole Life||Rs. 10,000 - No Limit||99.04%|
|Max Life Online Term Plan Plus||18 - 60||10 - 50||Rs. 25 Lakh - Rs. 100 Crores||98.74%|
Disclaimer: The above information has been sourced from the official website, brochure, and IRDAI Annual Report. (Last updated - 23-10-2020)
Online term insurance plans are much cheaper than their offline counterparts, and thanks to the online broker like Coverfox, you can instantly compare and buy term insurance plans. Coverfox also offers your free access to value-added services like Nominee Assistance Program, Emotional, and Legal Counselling services, if required. In case you are stuck, you can contact the insurance experts of Coverfox on 1800 209 9930.