Almost everybody in India has rough idea about the insurance, yet most of us are uninsured. The reason for sure is the lack of interest and education among us. Even though we know what term insurance means, it’s benefits and need, we never push ourselves to purchase one.
Here is how you can be a smart insurance buyer:
Free look period – 30 days
As per IRDA, every insurance company gives 30 days of free look period, which means if you are not satisfied with the terms and conditions of the insurance plan or you are not satisfied with the benefits of the term plan you purchased, you can easily cancel the policy. A person is expected to thoroughly go through the entire document in these 30 days.
If a person is a non-smoker or non-drinker, he is definitely going to save a lot on their premium cost. In the process of buying insurance, the insurer takes underwriting, in which the health of policyholder is checked and assessed. Things such as present health condition are checked under it. If you have adopted a safe and healthy lifestyle, the insurance company charges you a lower premium.
A plain vanilla term insurance plan may not necessarily cover disabilities or critical illness. At this time ‘riders’ play a significant role. Riders can be understood as the add-on benefits that come along with the basic insurance policy at a minuscule amount to the basic premium you pay. Riders create more value for the policy and help you secure in the time of mishaps to a greater degree.
Online Term Plan
To purchase a life insurance plan online is a hassle-free and less time-consuming. There are various plans for you online and you can easily select the one that suits you best. In addition to this, by purchasing insurance online a smart insurer can save a lot as the premium amount is comparatively lower. This is because there is no intermediary agent involved who wishes to earn commission. Hence, this benefit of no commission and other costs is passed on to the end customer thus offering him/her with lower premium benefit for an online purchase.
Online term insurance is cost effective, fast and new way of purchasing insurance for yourself or your loved ones.