Insurance is not for you but for others. It’s for the dependants you have in your family. Just keep the previous statement in mind before you buy insurance.
Term Insurance is a form of Life Insurance which provides a stipulated cover for a certain period under contractual agreement. In simple words it’s a kind of insurance which pays to the nominee/beneficiary only if the person insured dies between the tenure. No returns are given by the insurance company if nothing unfortunate happens to you during the policy term.
A term insurance is purely a death benefit and hence is a little different from life insurance.
Well these days’ term plans are available online in India. The most important benefit an online term plan offer is – low on cost. By selling insurance online the company saves money which they otherwise pass on to the agents/middlemen.
The e-commerce domain in India is fast picking up and so is the online insurance space, it saves time and money and more over it is hassle free.
The two main factors you may check while buying a term plan would be – how cost effective is it and the claim settlement ratio (generally should be more than 80%).
Recently Aviva India launched an online term insurance plan i-Life. I-Life has lowest premium rates if you compare it with other online term plans.
You can know more about Aviva i-Life here.
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