Technology has become an integral part of our lives. Be it ordering food, ordering medicines, paying bills, etc. All the services are now available at the click of a button. The online medium has witnessed significant adoption as far as the insurance and other financial services are concerned.
Technological tools have come extremely handy in the wake of the on-going Covid-19 pandemic. People are also realizing the importance of investing their hard-earned money in schemes that matter the most.
Term Insurance is one such investment option that is preferred by people, as the pandemic has made them realize about the fragility of life and the need to have financial cover for their loved ones.
Term Insurance is the most basic form of life insurance that provides coverage for a specified number of years. The nominee gets a lump-sum amount in case the policyholder passes away during the policy term.
The major benefit of term insurance is that a term policy from an insurance provider like ICICI Prudential Life Insurance provides cover up to ₹ 1 Crore with a premium as low as ₹ 1523 per month.
This is for a person who is aged 40 years and has no vices. The Smart Term Health Insurance Calculator can help in calculating the premium based on your financial and health profile.
Investing in a good Term Insurance plan ensures that your family does not struggle to make their ends meet, especially when you are not around. Your family members will not be overburdened with loan repayments, as the lump sum amount received by the nominee will help in protecting the assets.
Term Insurance can be purchased through online as well as offline mediums. However, it has become essential to leverage the technological route for buying online Term Insurance.
- Opting for Term Insurance using the online medium helps in avoiding unnecessary visits to the insurance agents. Online term insurance can be purchased from the comfort of your home (or office).
- The entire experience is hassle-free and contactless. Hence there is minimal risk of catching the Coronavirus infection as you need not step out of your home to purchase the term insurance.
- Online policies are usually cheaper than their offline counterparts. The primary reason behind this difference is that insurance companies save money that would be spent on agent’s commissions.
- Purchasing term insurance and paying premium using the technological route is very easy. All you have to do is login using your credentials and pay the premium.
- You receive a premium receipt as soon as the payment is done. You can also file claims, download brochures, and track your investments using the online medium. This helps you stay updated with your investments all the time.
- There are many consumers who are not technically well-versed with the online medium and believe that someone might cheat them in the process.
Though it is good to be worried, the fact is that chats with the agents on the insurance company’s website are encrypted and there is no risk of using that medium.
The same principle also applies when you are seeking assistance using the insurance company’s toll-free number. You can chat and talk using the preferred language of your choice, hence there is security and convenience in leveraging technology for buying term insurance and paying the premiums.
Many people are worried about security when it comes to purchasing term insurance using the online medium.
Insurance providers like ICICI Prudential Life Insurance have built-in security mechanisms in place to ensure that existing, as well as prospective customers, face ‘minimum hassles’ when buying term insurance policies online.