How to get the best affordable online term insurance plan
                     How to get the best affordable 
online term insurance plan
BimaKaro.in
online term insurance plan.
The easiest and the most affordable way to protect your family from financial 
difficulties, after your demise, is by getting a term insurance policy. Insurance 
providers are now providing many options to choose if you opt for an online term 
insurance plan. Hence, it is advisable to buy a term policy that gives you peace of 
mind while you are alive and helps you create a safe future for your dependents, even 
after your lifetime.
The days of buying insurance policies through insurance agents have long gone as 
people are getting used to the idea of online term insurance plans. The high 
acceptance among people to purchase insurance policies online is one of the main 
reasons why insurers are launching a large number of online-only plans. As per recent 
reports, the sales of such policies have also grown by over 40 per cent in the last 
three months. Since the premiums are also on the lower side for online term plans, the 
burden of paying a considerable amount for high sum assured does not exist.
Finding the right term insurance policy 
Advantages of online term insurance plans: There are a whole lot of benefits available if you choose to 
buy an insurance policy online, which are explained below:
Pocket friendly: The first and foremost benefit of online term insurance plans are their low premiums, which you cannot 
compare with any other traditional plans. The transaction happens directly on the insurance provider's website, and hence no 
commissions are payable to agents. Therefore, one can afford to buy an online term plan even with a few thousand rupees 
every year.
Comfort: It is possible to browse and research hundreds of online term insurance plans, based on your needs and 
requirements – just with a laptop or smartphone sitting in your living room. There is absolutely no need to visit the insurance 
office or wait to meet officials, thereby speeding up the entire process of buying a policy.
 
Best Term Plan
Customise your policy: You can customise an online term insurance plan as per your wish by adding riders, the increasing 
sum assured, benefit pay-outs etc., all done online if you pay attention to the customisation facilities offered by each 
policy and check it with other term life insurance plans.
Transparency: Insurance providers are starting to push online term plans as they need not deal with agents, which 
converts to cost savings for the company. Also, by transacting online, one gets multiple benefits compared to offline 
payments. An online transaction helps keep track of the exact status of the payment, policy issue status, transaction 
details, which are made available for public viewing anytime without any clutter.
How to choose the best online term plan? A term insurance policy bought online or offline offers the same features 
except for purchase mode.
 
Features as a part of the policy:
Once you decide to buy online term insurance plan, make sure it possesses the following features as a part of the policy:
Coverage customisation: The best term plan must provide you with a large number of options to customise the sum assured 
– a chance to increase or decrease the coverage amount, during significant events of your life, as per your necessity, after the 
purchase of the policy. It helps you avoid taking a new policy for every significant event in your life and ensures proper 
planning for your family's financial future.
Benefits pay-out options: The online term insurance plan must sufficiently address your needs for protection, taking into 
account the family's financial situation.
choose from four different pay-
outs:
1. Full Lump Sum Pay-out: The sum assured is payable in lump-sum
2. Lump-Sum Regular Monthly Income: Here, half of the sum assured is paid as a lump-sum initially, while the balance is 
paid regularly every month for the next ten years
3. Lump-Sum Increasing Monthly Income: In this option, 50% of the sum assured is payable as lump-sum, while the 
remaining is paid as increasing monthly instalments at the rate of 12% per annum.
4. Lump-Sum Regular Monthly Income till child turns 21: This option guarantees half of the sum assured is paid as lump-
sum while the other half is paid in equal monthly instalments till the nominated child attains the age of 21.
Riders: The standard riders are an accidental death benefit, accidental disability benefit, serious illness cover, critical illness 
benefit etc. Check if the online term insurance plan offers a wide variety of riders to add to your existing insurance plan as 
these add-ons give extra coverage making it a wholesome insurance policy at a nominal additional premium.
Claim settlement ratio: The claim settlement ratio is an important parameter that shows how 
reliable an insurance company is in settling the claims. A company with low CSR ratio should not be favoured as it means 
the provider has not maintained a good record of settling policyholder claims. A high settlement ratio means the claims are 
settled on time, and people can trust this company.
Choosing the right Term plan?
High Claim Settlement Ratio (CSR): The Claim Settlement Ratio is the total percentage of claims settled by the insurer against 
the policyholder's claim requests during the financial year. While a low CSR states that your insurance provider has not 
maintained a good record of settling the claims, a high settlement ratio means the record is quite good.
Solvency Ratio: The solvency ratio is another important factor for term plan comparison. It clearly shows the ability whether the 
insurance provider can pay your sum assured as per promised. The Solvency ratio indicates the cash flow to meet long-term 
liabilities.
Term Insurance comparision:
Bimakaro.in
The term insurance comparison can be more effectively calculated with the term insurance calculator tool available online. This 
tool helps you calculate your premium that you will be paying for the desired sum assured in just a few seconds, at the click of a 
button. You need to enter a few details in the online calculation tool such as your name, age, gender, occupational history, the 
desired sum assured, no nominees, etc. The online calculating tool also allows you to compare and analyse the wide range of 
plans offered by various insurance providers.
 
Having read through all the above pointers, we believe you might have got a clear answer for the question - Is  term insurance 
comparison necessary? Comparing term insurance plans is crucial to gain valuable insights on the term plan benefits and 
features. BimaKaro.in has the most comprehensive insurance comparison tool to help you ascertain the best policy for your 
needs. Not only this, but it is also helpful to educate your dependents or nominees or family members to understand the value of 
an insurance plan better and make them aware. So, they can follow up on it during your absence, avail the sum assured on time 
and utilise the same for better reasons.
 
Bimakaro 
Bimakaro.in is the easiest way to buy insurance online. There are multiple options to choose from, and our advisors are 
always there to assist you.