Contact Us
For NRI Customers
(To Buy a Policy)
(If you're our existing customer)
For Online Policy Purchase
(New and Ongoing Applications)
Branch Locator
For Existing Customers
(Issued Policy)
Fund Performance Check
Login
Customers
Employees
Partner
How to Buy Term Life Insurance Online?
November 04, 2016
Table of Content
Looking to buy a term insurance plan?
With so many considerations, let us help you to make easy decisions for your life insurance needs
Online saves the day
Thankfully, we are in an age where practically nothing need be time-consuming and cumbersome. The internet has taken care of that. You can now browse insurance company websites and buy online term insurance plans, which is a popular form of insurance.
Why term plans?
To revisit the attraction of term plan for individuals -online term plans offer the cheapest medium of availing life insurance where one can get a high life cover at a relatively low premium.
How the internet is spreading insurance?
The internet has graduated from being a mere provider of information to a key distribution channel for service providers like insurance. It offers a fast, efficient, cost-effective and transparent mode of delivery. While traditionally, insurance companies have relied on consultants, agents and brokers, in addition to their own in-house sales support, this has proved to be both expensive and inefficient. The turnaround time in getting an individual insured is high and there is a burden to service the agent through regular commissions over the life of the policy.
The internet has helped insurance companies iron out both time and cost inefficiencies. They now engage insurance-seekers directly through company websites. Insurance is 'delivered' seamlessly and since there is no agent involved, there is no commission to be paid. This makes selling insurance cheaper and the individual benefits by paying a lower premium vis-à-vis a similar policy sold offline.
How to buy online term insurance plans?
Buying the term insurance plan in India online is a simple, streamlined experience that will make you wonder why it was not discovered earlier.
While the process of buying online term insurance varies across insurance companies, it broadly involves the following steps:
- Log on to the company website for e.g. log on to www.hdfclife.com and click on the banner advertising online insurance
- Enter the sum assured
- Choose the policy term
- Choose the premium paying term
- You will see the premium amount based on your inputs
- Select your bank to make the premium payment
- You will see an acknowledgement on a successful transaction
- Within a period of usually three weeks the insurance company will come back to you on whether or not your insurance policy has been approved by its underwriting team
- Subject to approval you will receive a soft copy of the policy which will be followed by a hard copy
The mark of a good online experience is fewer clicks and website speed. The lesser number of clicks necessary to buy insurance, the simpler it becomes for users. And slow website speed with higher response time while navigating to the bank website for premium payment, can be a turn off.
Popular Insurance Definitions:
Related Articles
- When is the Best Age to Buy a Term Insurance Plan?
- Why do I need a Term Insurance Plan?
- Why you should buy life insurance when you get married
ARN: EC/06/2017/9792
Term Plan Articles
Investment Articles
Savings Articles
Life Insurance Articles
Tax Articles
Retirement Articles
ULIP Articles
Subscribe to get the latest articles directly in your inbox
Health Plans Articles
Child Plans Articles
Popular Calculators
Insurance Advisor Articles
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
Popular Searches
- Term Insurance Calculator
- Investment Plans
- Investment Calculator
- Investment for Beginners
- Best Short Term Investments
- Best Long Term Investments
- 5 year Investment Plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- income tax calculator
- bmi calculator
- compound interest calculator
- income tax slab
- Income Tax Return
- what is term insurance
- Ulip vs SIP
- tax planning for salaried employees
- HRA Calculator
- Annuity From NPS
- Retirement Calculator
- Pension Calculator
- nps vs ppf
- short term investment plans
- safest investment options
- one time investment plans
- types of investments
- best investment options
- best investment options in India
- Term Insurance for Housewife
- Money Back Policy
- 1 Crore Term Insurance
- life Insurance policy
- NPS Calculator
- Savings Calculator
- life Insurance
- Gratuity Calculator
- Zero Cost Term Insurance
- critical illness insurance
- itc claim
- deductions under 80C
- section 80d
- Whole Life Insurance
- benefits of term insurance
- types of life insurance
- types of term insurance
- Benefits of Life Insurance
- Endowment Policy
- Term Insurance for NRI
- Term Insurance for Women
- Term Insurance for Self Employed
- Benefits of Health Insurance
- Health Insurance for Senior Citizens
- Health Insurance for NRI
- Best Term Insurance Plan for 1 Crore
- personal accident insurance
- Annuity Calculator
- Life Insurance Calculator
- Term Insurance Comparison
- Digital Life Insurance
- Child Education Planner
- GST on Term Insurance
- Term insurance for Diabetics
- Term Insurance for Doctors
- Term Insurance for Overweight
- Term Insurance for Below Poverty Line