Going about Online Term Insurance
Though these products are called" online", in entirety they are not completely online. A bit of the process is to be done offline too. Here is how you go about applying for one.
Decide the sum assured and term of the policy that you desire. Before you start the application process, keep ready all details about your medical condition, pre- existing and family medical history.
The website of the insurer will seek your personal details, contact and occupation details, and nominee information. The websites generally guide you through the process gradually, so you need not worry about accidentally skipping any section.
Ensure you accurately fill in the health declaration section. Details pertaining to your life style, height, weight, and details of previous ailment, medications, pre existing conditions etc... need to be given. A word of caution, your policy is liable to get rejected, if there is any wrong or inconsistent information provided. So be careful and don't hide any medical problem or issues. All information provided are scrutinised very closely by the insurance company. Also read cheapest term insurance plans in India
Make the requisite payment. Payment modes generally accepted is credit card or through internet banking.
The offline bit involves a medical test and submission of documents. Generally medical tests are not required for individuals less than 45 years of age. However, depending on the general medical condition of the individual and the value of the sum insured, a medical test may be called upon. For the collection of documents, a representative from the company would assist you to complete KYC norms and collect proofs for identity, address and income.