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Smart Tips: How to Buy Life Insurance Online?

India is the second highest country in terms of internet users worldwide. It has over 560 million internet users who efficiently handle their work over the Internet itself. With a rapid boom in the digital era, the insurance sector is also adapting to the modern generation. 

A few years back, if you had to purchase life insurance, you had to stand in long queues, wait for your turn, submit the documents, and again wait for the policy to be documented. But now, thanks to the digital world, you can buy life insurance online with just a few clicks.

I’ve spoken about the importance of life and/or health insurance many a time earlier as well. In this blog post, I’ll discuss some smart tips on how to buy life insurance online.

What Is Life Insurance?

Life insurance is an official contract between a particular person and the insuring company where the insurer guarantees to pay a predetermined premium amount to the insured’s nominee in the event of the insured’s demise. The accomplishment of the insurance is conditional. Simply put, it depends on the timely payments made by the insured, also known as premiums. 

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All life insurance policies come with death benefits, but many life insurance policies also offer maturity benefits. If the policyholder survives the given period, the insurance company pays a lump sum amount to the insured as a maturity benefit. The insured can use this amount for many things, like buying property, paying for their children’s education, and many more. 

What Are The Steps To Buy Life Insurance Online?

There are many options available when buying a life insurance policy. However, buying life insurance online is much more straightforward, convenient, and time-saving. There are two basic ways to purchase a life insurance policy. The first is through an aggregator or the insurance company’s official website. Here we will learn about how to buy life insurance online. 

  1. The first step is to determine which type of life insurance you want. You can go for endowment plans, saving plans, or even unit-linked insurance plans, which help you get a lump sum of money at maturity. 
  1. After this, fill in the basic details like name, date of birth, contact number, address, smoking habits, and the amount of coverage. The premium amount will be decided based on your age, smoking habits, and the amount of coverage. 
  1. The premium is the most critical aspect of the life insurance policy. Under any circumstance, if you fail to pay a certain number of premiums, your life insurance policy might even lapse. The premium amount will appear on the screen once you provide basic information. You have to pay the amount and then purchase the policy. 
  1. Once you pay the premium amount, you must fill out a proposal form that asks for your basic details. Post this, and you will have to upload certain documents like residential proof, identity proof, etc. 
  1. Sometimes, the insurance company asks the insured to undergo a medical examination. After verifying medical reports and documents, the company determines the issuance of the policy. 
Health and Wellness. Image Courtesy: wildwillow.org
Health and Wellness. Image Courtesy: wildwillow.org

The Bottom Line 

It is a seamless process to buy life insurance online. With just a few clicks and a few documents, you will have your life insurance policy in your hand. Moreover, they are best for your maturity plans as well. One thing you must always remember is that you should always have insurance to safeguard your and your family’s future.

I hope that you already have insured your life. How easy or difficult was it for you to buy life insurance? Let me know in the comments. You can also tweet me at @Atulmaharaj, DM me on Instagram, or Get In Touch.

About Atulmaharaj

A seasoned blogger and a content marketer for close to a decade now. I write about Food, Technology, Lifestyle, Travel, and Finance related posts. Blogging brings me joy and the best part is I get to read and e-meet so many amazing bloggers! PS: I'm also the founder for Socialmaharaj.com :) Favorite Quote: "Traveling is like reading a book, one who hasn't traveled, hasn't turned a page.

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