This is the reason why an online term plan draws more attention from customers

A term insurance policy is a type of life insurance policy which offers death coverage to the beneficiary/nominee of the policyholder if the insured dies. A term insurance plan only offers life coverage for the insured for a period of time which is called the term period. If you buy a term insurance policy then you will not get any maturity benefits if you survive till the end of the term period. As you will not get any maturity benefits, the premiums for this type of policy are cheaper than other life insurance plans.

It will be better if you buy a term plan online because no fraud agents will be able to cheat you. There are many other reasons for which buying a term insurance plan is better. Buying a term insurance policy online is very easy; it's like buying something from an online store.

If you buy term insurance plans online then you will be able to explore various websites of insurance companies and it will help you to compare the features, premiums and other things. The most important thing is that the prices of the online term insurance plans are much lower than the offline versions.

The insurer calculates the premiums for a term plan not only considering the term, gender, age or sum assured but they also look for whether the plan is bought online or through an agent. If you buy a term plan online from the website of the insurer then no agent will be involved and neither you nor the company will have to pay any other commission to anyone.

Most of the companies provide online tools for customers. The customers can calculate their premiums, coverage and other things using the online tool. If you choose to buy an online term insurance policy then you will be able to get different features and riders which are not available for many offline versions of policies. The different features and riders include accidental death, terminal illness and premium waivers.

You will have to be careful about some things before buying a term plan online.

When you are going to buy a term insurance policy online, then check if the company is offering policies online in your city. Before filling the application form, make an effort to contact the insurer through their helpline services. They will let you know about the procedures and other important information.

There can be some disadvantages to online policies because there will be terms and conditions. Read all the terms and conditions carefully before buying the term plan online. This is because if you buy a term insurance policy which is not going to provide the benefits and coverage you need, then it will be a very big disadvantage.

Buying a term plan online is a very good option but before buying it, check the claim settlement ratio of the company, additional riders, service quality and add-on covers.