7 things to keep in mind before you purchase an online term plan

The buzz in town today, admittedly, has been the way the term plan has gone online. It is not the days when you had to go through the physical hurdles and constraints before you could lay your hand on insurance. However, you may want to consider a few things before you go about purchasing your online term plan in India.

1. How much cover? That is a question that you should answer yourself. While it really depends on your circumstances, your stage in the lifecycle, and your family, you would possibly not be able to take your plans of an online term plan forward unless you are clear on the kind of cover that it would take to protect your interests.
2. How long a plan? While there may be no such thing as the best online term plan by default, you would end up making your own plan as good as it could get, by being wise about its duration. Decide on its length to maximise its benefits in line with life’s scenarios and milestones.
3. What do you get? Very often, people tend to be carried away by the brand or some other superficial factors; however, what matters the most is what you get out of your online term insurance. Go through the features and identify how they relate to you and translate into value that you are looking for.
4. What are your goals? Of course, unless you knew what your own financial goals are, you would not be able to judge what you would get from even the best online term plan. Think ahead and put your personal financial goals into practice to see how they work in terms of the insurance that you plan to pick up.
5. How good do they get? Nothing could be as important as the moment of truth itself. Does the insurance company walk the talk when it comes to honouring claims? Any large organisation could spend a few millions on advertisement to prep up its brand image, but what really matters is the ability of the insurance firm to settle claims. Get a sneak-peak into their claim settlement ratio and see if their online term insurance would be worth its salt.
6. How do they compare? There is nothing lost when you take your time to compare term insurance. After all, one of the advantages of an online term plan is that you could venture into the cyberspace and do your comparisons. Shopping around is one of the best ways to filter them out.
7. How deep a pocket? Last, but by no means the least, is the quintessential question – how deep is your pocket? Affordability is a key factors, though not the only one, when it comes to deciding on the best term plan.

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