When it comes to securing the future of your loved ones, term insurance is one of the simplest and most effective ways to provide financial protection. It offers a large sum of coverage at a relatively affordable premium. The best part about term insurance is that it ensures your family’s financial stability in case of an unfortunate event. However, choosing the right term insurance policy can be a complex and time-consuming process. This is where PolicyBazaar, one of India’s leading online insurance aggregators, comes to your rescue.
PolicyBazaar allows you to easily compare different term insurance plans from multiple insurers, helping you make an informed choice. In this step-by-step guide, we’ll walk you through the process of purchasing term insurance on PolicyBazaar, ensuring you can make a smart decision for you and your family.
Step 1: Understand Your Term Insurance Needs
Before you start searching for term insurance policies, it’s important to understand your requirements. Ask yourself the following questions:
- How much coverage do I need?
- What is my budget for premiums?
- How long do I need the coverage for?
- Do I want to include additional benefits or riders?
These factors will determine the type of term insurance policy that suits you best. A simple rule of thumb is to calculate the coverage amount based on your current liabilities and future expenses (like children’s education, mortgage, and family living expenses). Also, decide whether you need a fixed-term policy or a long-term plan that lasts until retirement.
Step 2: Visit the PolicyBazaar Website or App
Once you’ve decided on the coverage amount and policy type, visit the PolicyBazaar website or download the app. The platform is user-friendly and designed to make the process simple. You’ll be greeted by various options, including health insurance, life insurance, car insurance, and more. Since you’re interested in term insurance, click on the “Term Insurance” tab.
Step 3: Fill in Your Details for Comparison
To begin comparing term insurance plans, you’ll need to fill in some basic details, such as:
- Age
- Gender
- Health status (smoking, existing medical conditions, etc.)
- Coverage amount (the sum assured)
- Policy term (the number of years for which you want coverage)
By entering this information, the website filters policies that match your requirements, and you’ll see the best options available from various insurance companies.
Step 4: Compare Different Term Insurance Plans
Once you’ve entered the required information, PolicyBazaar’s comparison tool will generate a list of policies from various insurance companies. This list will include:
- Premium Amount: The amount you’ll need to pay periodically.
- Policy Features: Coverage benefits like life cover, critical illness cover, accidental death benefits, etc.
- Claim Settlement Ratio: A percentage of claims successfully settled by the insurer.
- Customer Reviews: Insights into customer experiences with each insurance provider.
You can compare policies based on these criteria to choose the one that fits your needs and budget. This side-by-side comparison helps you make an informed decision.
Step 5: Choose the Right Term Insurance Policy
Once you’ve compared the available policies, select the one that offers the best combination of coverage and affordability. Here are some tips for choosing the right policy:
- Go for a high claim settlement ratio: This ensures that the insurer has a good history of settling claims.
- Check if the insurer offers additional benefits like accidental death cover, critical illness rider, or waiver of premium rider.
- Review the exclusions: Understand the circumstances under which the insurer will not provide coverage, such as death due to self-harm, war, or certain lifestyle diseases.
After choosing the best plan, click on the “Buy Now” button to proceed with the purchase.
Step 6: Enter Your Personal and Payment Details
After selecting a policy, you’ll be asked to provide your personal details (name, address, contact information) and nominee details (the person who will receive the sum assured in case of your demise). This is essential for the policy documentation.
Next, you’ll be prompted to make the payment for your premium. You can pay via:
- Credit/Debit Card
- Net Banking
- UPI
PolicyBazaar ensures that all transactions are secure and confidential, so you can make payments with peace of mind.
Step 7: Review and Confirm Your Policy
Once you’ve filled in all the details and made the payment, you’ll receive a policy document. Review all the details thoroughly, including the premium, coverage, policy term, and exclusions, to ensure everything is in order.
If everything looks good, confirm your purchase. PolicyBazaar will send the policy documents to your email, and you’ll also be able to download them from your PolicyBazaar account.
Step 8: Enjoy Peace of Mind
Once your policy is in place, you can relax knowing that your loved ones will be financially protected in case of an emergency. You can also manage your policy, renew it, and even make claims through your PolicyBazaar account.
Conclusion
Buying term insurance through PolicyBazaar is a quick and hassle-free process. With its user-friendly platform, you can compare various plans, select the right one, and manage your policy—all in one place. By following this simple step-by-step guide, you can secure the financial future of your family with the right term insurance policy.
FAQs: A Step-by-Step Guide to Buying Term Insurance on PolicyBazaar
1. What is term insurance?
Term insurance is a life insurance policy that provides coverage for a specific period (term). It pays a sum assured to the nominee if the policyholder passes away during the policy term. It is one of the most affordable life insurance options.
2. How can I compare term insurance policies on PolicyBazaar?
Visit the PolicyBazaar website, enter your basic details (age, health status, coverage required), and the platform will display a list of policies from various insurers for you to compare based on premiums, benefits, and claim settlement ratios.
3. Can I buy term insurance online on PolicyBazaar?
Yes, PolicyBazaar allows you to buy term insurance online. After comparing policies, you can directly purchase the one that suits your needs by entering your details and making the payment.
4. How do I choose the best term insurance plan?
Choose a plan with a high claim settlement ratio, reasonable premium, and good coverage. Also, consider additional benefits like critical illness riders and accidental death cover.
5. What is the claim settlement ratio, and why is it important?
The claim settlement ratio is the percentage of claims successfully settled by an insurer. A higher claim settlement ratio indicates that the insurer has a better track record of honoring claims.
6. Can I change the nominee after purchasing term insurance?
Yes, you can update your nominee details during the policy tenure by contacting the insurance provider or via the PolicyBazaar platform.
7. What is the process for renewing my term insurance on PolicyBazaar?
PolicyBazaar will send you a reminder when your policy is due for renewal. You can easily renew your policy online by visiting the website, logging into your account, and following the renewal process.
8. Are the payments for term insurance premiums flexible?
Yes, term insurance premiums are typically available in various payment options, including annual, semi-annual, or monthly premiums, depending on the insurer.
9. Can I customize my term insurance policy?
Yes, many insurers offer add-ons or riders such as critical illness coverage, accidental death cover, and waiver of premium that can be added to your base term insurance policy for more comprehensive protection.
10. How do I know if I am getting the best deal on term insurance?
By using PolicyBazaar’s comparison tool, you can evaluate multiple term insurance plans based on premiums, coverage, and customer feedback, helping you make an informed decision. Additionally, you can seek expert guidance from PolicyBazaar’s advisors.
By following this easy-to-understand guide, buying term insurance on PolicyBazaar becomes a seamless process that ensures you secure the financial future of your loved ones at an affordable price.