Getting an Online Term Insurance Plan in India

Written by vik

Topics: Consumer Affairs

About a year ago, I got myself an online term insurance from Aviva. I researched it online and bought it online. Term insurance is cheaper when bought online. Aviva had one of the best deals and claim settlement ratio.

Here is my step wise check list of how I did it last year (and how one should more or less go about it).

Researching and buying an online term insurance Plan

  1. Read and do a good online search and research for all term insurance plans. Read about terms insurance plans; they are different from the conventionally popular insurance plans in India. 
  2. Be careful when you read and research about term insurance plans. Do not fall for advertisements camouflaging as recommendations or genuine reviews.
  3. Read all terms and conditions carefully.
  4. Use all online tools on various insurance websites to calculate premium.
  5. Do check health and medical checkup details; some of these may require you to give samples and take tests. Do not hesitate to do that.
  6. Declare all details honestly. There is no reason why there should be a problem later if you declare things honestly. Do not try to hide anything while getting your insurance.
  7. Read IRDA reports and other reviews on claim settlement ratio. For example, Aegon Religare has attractive premium rates for online term insurance but it’s claim settlement ratio(overall) is poor (despite that ticker on its attractive website). So be careful with that. And LIC is very reliable but it has very high premium rates.
  8. Keep soft copies of documents; you may need to upload them online.
  9. I repeat: be honest in declaring all details. Insurance companies do record all telephonic conversation and that would be used as evidence if needed. So be frank and do not lie about anything.
  10. Online term insurance is peace of mind. It may not give you returns unless you pass away. But it is a big guarantee that people you leave behind are monetarily safe if you are gone.
  11. My experience with Aviva is good except that they mismanaged my medical test dates etc. and there was some delay.

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