A Comprehensive Guide on How to Buy an Online Term Plan

What is Online Term Plan?

What are the Benefits of Buying Term Insurance Plans?

How to Buy a Term Insurance Plan?

What are the Steps to Follow while Buying Term Insurance Online?

FAQs About Online Term Plan

Can I purchase two term insurance plans at the same time?

Yes, you can buy multiple term insurance plans from the same or different insurance companies at the same time. This will help you cover your expenses at different stages of your life when your financial goals might vary.

Do I get tax benefits if I opt for an online term plan?

If you buy an online term insurance plan, you can get tax deductions of up to ₹1.5 lakh under Section 80C of IT Act. Additionally, the death benefit received under a term insurance policy is fully tax-exempt under section 10 (10D).

What is the right amount of coverage for me?

The right amount of coverage for you depends on your financial requirements and liabilities. Make sure to consider your current lifestyle expenses, the financial future of your dependents and the rate of inflation before deciding upon the coverage amount.

What is sum assured in insurance policies?

It is the amount the insurer agrees to pay to the beneficiary after the policyholder's death. In traditional life insurance policies, the sum assured is the minimum guaranteed amount paid on maturity. In case of the policyholder’s untimely demise, the sum assured is usually of a higher value.