What Is The Easiest Way To Purchase A Life Insurance Policy Online?
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A life insurance policy can also help you to save for the future so that you have a continuous source of income after you retire. It can help save your business, pay off debts and ensure that you are ready to meet any unforeseen contingencies in life.
Why Is Life Insurance Useful?
Life insurance is useful to ensure you have a savings plan for the future. It allows you to have a continuous source of income after you retire, or if your earnings dip due to any accident or illness. It not only helps insure a policyholder’s life but also helps your family maintain the same lifestyle after you are no more, it also provides for other financial contingencies you may have.
It can allow you a steady income after you retire, help you pay your debts, save your business in case of death, and offers tax benefits too.
Steps to Buy Life Insurance Plans Online
- Visit the insurance company’s website.
- Fill in details like name, date of birth, contact details, income and life cover expected.
- You will be presented with a choice of plans with features, benefits and premium.
- Choose the most suitable one by clicking on suggested options.
- Pay the premium online. The payment mode shall be as per frequency chosen.
- A confirmation will be sent to your registered email id on successful payment.
- Fill up a detailed life insurance proposal form, which includes parameters like personal details, health details, existing life cover information, and lifestyle details and nominee details.
- Upload identity, address proof and health-related documents and reports.
- You may need to go through a medical examination at the suggested medical centre. The reports will be sent directly to the insurer.
- Once policy is issued, confirmation and policy documents will be sent to you.
Conclusion
Life insurance is a mutual contract or agreement between a policyholder and the insurance company. In exchange of insurance premium paid, the company pledges to pay a sum of money to the beneficiaries of the policy after a certain term or upon the policyholder's death.
Also read - Will vs. Life Insurance
