Term Insurance policy is an excellent way of covering life for high values at an affordable rate. In India, these policies are not popular. Some private life insurance companies are charging only 50% of what LIC charges. Competition has helped in reducing the premium rates.
You have to log in to the website of the company to buy an online term plan. You can calculate the premium according to your age, sum assured and term of the policy. You can make the payment of the first premium online using credit card/debit card/internet banking. After this, you have to fill in your personal details. This includes questions on your health conditions, habits, treatment record, family history of any diseases, your existing policies etc. You have to answer all these questions correctly. You have to take a print out of the details filled in.
Step by Step Process, Download the PDF Here :-How to Buy Term Insurance Plan Online
Once, this is done the insurance company representative will contact you and arrange for the medical examination depending on your age and sum insured. You can submit the personal details, age proof, income proof etc. through courier to the company or upload it online.
On receipt of first premium, proposal form, medical reports and other supporting documents, the company will issue the policy as per the underwriting rules of the company. If the health conditions are not normal, the company will load the premium and you have to pay an extra premium.