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How Simple is it to Buy a Life Insurance Policy?

20-06-2022 |

Purchasing a life insurance plan such as the term insurance has become a simple task considering the improved digital services. However, many of us are not aware of the services available that might make your term plan purchase convenient and comfortable. As a result, insurance providers have modified the features to ensure a long-lasting relationship with their customers. Here is a detail about how the insurers have made the purchasing experience of a term plan simple and yet effective.


How Easy is it to Buy Life Insurance?

Insurance providers have established digital platforms to conveniently allow customers to browse the different life insurance plan options online. For example, at Tata AIA Life Insurance, we have a well-structured official website that details the different types of life insurance plans and their product features. We also offer features that allow you to purchase and manage your account online. So, when you purchase a life insurance plan such as the online term insurance, we make it simple by providing the following benefits:



  • Structured description - When you step into buying life insurance online, you look for a structured description of the available products online to understand the policy features. The detailed structured description will ensure you capture the key features and benefits of the different plan options to compare before you buy life insurance products. You can compare the plan options and features based on their cost to make a smart decision.

  • Purchasing add-on riders# - When you choose the online platform to buy term insurance, you can also browse through the different add-on rider# options and include them as part of your life insurance plan at ease. After choosing the life insurance plan, you can read through the different riders# and add it as per your requirements and financial affordability.

  • Online premium calculator - You can also utilise the online premium calculator to estimate the premium you have to pay for the term insurance plan based on your financial requirements. The quotes on term life insurance will depend on the sum assured, optional riders# and the policy term.

    With the online premium calculator, you can try different combinations based on your income and affordability to derive the most convenient premium. Based on the value provided in the premium calculator, you can reorganise your expenses to utilise the income for your financial benefit maximally.

  • Paperless procedures - Years before, when there was no online support for purchasing life insurance, people had to carry many documents to the insurer's nearest branch and fill out the form and the documents for successful verification and acceptance.

    When you purchase  Tata AIA term insurance, you can create an account, log in and choose the term plan with the rider# options, fill out the necessary details, upload the important documents and submit it for final verification and acceptance completely online. It is simple, easy and hassle-free.

  • Different payment channels - With improved technology, you can buy life insurance online through different payment channels. You need not withdraw the cash every time to make your premium payment. You can pay the premium online using net banking and mobile banking applications. It is simple, secure and fast while processing the transactions. You can note the payments you make to plan your finances effectively.

  • Management of account - When you buy term insurance online, you can conveniently manage your account and policy. You will get timely notifications to renew the term plan and ensure that your policy is always active at any time.

  • After-sales services - When you have purchased the term plan online, you can ensure that the after-sales services are also prompt and available for tracking. For example, if your nominee has claimed the death benefit due to your unexpected death, they can track the claim process and time that the insurer might require by tracking the claim process online. Based on the status, one can call the customer service team to understand if there is any issue while processing and take the necessary initiatives to complete the claim process and receive the funds on time. 

  • Cost-effective - The simple life insurance purchase options are also cost-effective. You need not consider the expenses required to travel to a branch office multiple times and the related document proceedings and payments. It is extremely cost-effective, less time consuming and effortless to buy term insurance online.

Purchasing online term plans can be as simple and profitable as discussed above. However, purchasing it from an insurer offering good and timely services is equally important.


Conclusion

Insurers have introduced the online platform to help you maximise the benefits of purchasing the life insurance plans at your advantage. However, you must understand the available features and policy conditions to utilise them effectively. When you purchase term insurance online, you can benefit from understanding the policy features in a structured pattern online, utilising the premium calculator, avoiding difficult documents processing and ensuring cost-effective transactions.

In addition, it is relatively simple, quick and secure to buy a term plan online rather than utilising the other means of purchase options. Therefore, when purchasing online, make sure you opt for the right insurer to ensure maximum timely benefits. And once you have purchased it, ensure to stay invested in the long term.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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