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What is Direct Term Life Insurance? - Advantages And Features

11-10-2022 |

Development in the field of information technology has intruded into every sector. And life insurance is in no way different. With the advanced technology, knowing the different term insurance plans, observing their features and purchasing the right product has become easy and comfortable online. Therefore, this direct-to-consumer life insurance concept has been advantageous considering its features in the long term. Here is a detail about what it means, its features and advantages.
 

Before we get started, let us understand what the term insurance policy means.
 

What is a Term Insurance Plan?


A term insurance plan is a life insurance plan that provides a financial benefit to your family in the event of your unexpected death during the policy term. It has varied customisable features that help you modify the term insurance based on your financial requirements.
 

What is Direct Term Life Insurance?


Direct-term life insurance is a life insurance plan that you can purchase from an insurance provider directly without the involvement of an insurance agent or an intermediary. Therefore, you need not spend time waiting for hours or even days for an agent to come and help you understand the different policies. Instead, you can use simple processes to purchase the term insurance plan online.
 

Features of Direct Term Insurance


Having understood the direct term life insurance meaning, here is a detail about its features.

 

  • Direct to customer - While purchasing direct insurance, you engage directly with the insurance provider. Therefore, you can trust the source of information to understand the product solutions and choose the ideal product based on your financial condition, requirements and affordability in the long term.

  • Product features conveyed in simple language - The most important requirement of any customer approaching the direct term insurance plan is understanding the features effortlessly. Through the direct insurance plan concept, the insurer will deliver the product features in simple language online that is easy to understand.

  • Different navigable options - The official website of a term insurance policy is a huge ocean of information. To enhance the convenience of purchasing direct term life insurance, insurers have detailed options online that are easily navigable. You can read the features and advantages and purchase the term insurance policy almost instantly.

  • Online premium calculator - You might seek the help of an insurance agent to help you calculate the premium based on the sum assured and the policy tenure of your term insurance plan. While opting to purchase the direct to consumer life insurance, you can also utilise the online term insurance premium calculator.

    For example, when you purchase our Tata AIA policy, you can use our simple and easy-to-understand online premium calculator. It helps you determine the most affordable premium based on the sum assured and policy term. You can input different combinations to derive the apt and most affordable premium.

  • Discounts - Direct-term life insurance plans are easy to process for insurance providers. Therefore, some insurers offer the term insurance plan at a discounted rate to encourage and attract new customers.

  • Online premium payment options - When you purchase direct term life insurance, you can also make premium payments online. Insurers offer different online modes to make premium payments, such as net banking, allowing you to make payments anywhere.
     
Advantages of a Direct Term Life Insurance Plan


People seek direct insurance considering its advantages in the long term.
 

  • Fast processing - When you approach an insurance agent to purchase a term insurance plan, you will have to wait a long time to get the application process to the next stage. It will depend on the agent's approach, efficiency and workload.

    However, when you opt for direct insurance, you interact directly with the insurance provider, and the process is much faster. You will have to view the application form online, fill in the required details, upload the necessary documents and submit it for verification. The verification will take a few hours to days, and you will get your term insurance plan active in no time.

  • Cost efficient - While analyzing the efforts to visit an insurance agent, reaching out to the office at different stages of approval, etc., purchasing direct term life insurance is extremely cost-effective.

  • Customisation - When you purchase direct term life insurance, you can view the different flexible features and customise them based on your requirements. For example, you can choose the premium paying frequency and mode, payout options, etc. You can also change them as and when required. It will help you make use of the benefits maximally.

  • Avoids paying commission - When you approach an agent to purchase a term insurance plan, you will also have to pay a commission. With the direct insurance option, you can avoid paying such commissions.

  • Convenience - With the direct term insurance plan, you can browse through the features,analyze the different options and make the purchase at your house or work environment conveniently. You don't have to travel to the nearest branch office of your insurance provider every time a clarification is required.
     
Conclusion


Purchasing a term insurance plan is important to ascertain the financial benefit to your family in the event of your unexpected death. A direct-term insurance plan allows you to purchase the product online without the involvement of an insurance agent. It is an effortless procedure online. You can read the features, navigate to different flexible features, observe the cost, determine the premium and purchase the term insurance plan online. So, make smart decisions and purchase your term insurance plan online to make your journey convenient and cost-effective!


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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!

View all posts by Tata AIA Life Insurance

Frequently Asked Questions

Why should you purchase direct-term life insurance?

A direct term life insurance provides a simple method to purchase the product online without the help of an insurance provider. It is relatively simple and easy to understand. The method avoids paying commissions to an intermediary and is extremely fast and cost-effective. 

What are the benefits of purchasing a direct-term life insurance policy?

When you purchase a direct term insurance plan, you can benefit from:
 

  • Understand the product features and observe the options online
  • Make use of the simple language and the easily navigable options
  • Faster processing of the application and other requests
  • Cost-efficient procedures
  • Customisable options

Disclaimers

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.