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From grocery shopping to paying your mobile bills online, people have started moving the digital way. Though life insurance policy was initially bought physically through the personal interaction of the buyer and seller via an intermediary, today, many people are opting to get a policy online. Several life insurance policy companies provide for the purchase of their policies online through their own website, making it easier and convenient for you to compare and research insurance plans.

Though purchasing the ideal life insurance online may not be the most suited method for many people, it is perfect for those who are well-versed on the terms and different features available in a life insurance policy. Such insurance holders are able to comprehend and evaluate the various online policy plans and make the right decision in selecting the ideal life insurance for them. By doing a little research, not only can you choose the sum assured and term cover but also save substantial time and cost.

The process of availing an online policy is highly user-friendly and easy to follow, which involves the below-mentioned steps typically:

1. Decide the Platform
   Opt for the online platform that best suits your needs. You may either choose to buy your life insurance policy on the insurance company’s own website or through the aggregator’s website. The aggregators’ websites will allow you to compare plans, terms, riders, and any other benefits attached. On the other hand, you can get detailed policy information, including policy document and other company-specific discounts on the insurer’s website.
    
2. Fill in Your Personal Details
   Once you are relatively confident on which plan you wish to opt for, you can fill in your basic personal details such as name, date of birth, sex, contact information, smoking habits, life cover, and income-related details. Once you input these requirements, a suitable plan with its exclusive features, benefits and the premium amount shall be displayed. You can go through the features in detail and decide if it is the ideal life insurance for you. 
    
3. Premium Payment
   Post the online policy is finalized by you; you need to pay the required premium amount through the available payment modes. On successful payment, a confirmation mail shall be sent across to you on your registered email id. 
    
4. Complete the Proposal Form
   After the premium is paid, you have to complete a detailed proposal form to get a policy online. This will include information requirements such as medical history, family medical history, nominee information, existing life cover details if any, and personal details. 
    
5. Submission of Documents
   The life insurance premium is usually low when you are young and free of any medical problems. To ensure confirmation of the details submitted by you, you need to upload a list of documents online. This will be pertaining to your KYC proof, address proof, medical and health-related reports.
    
6. Medical Test
   Some online policy providers may mandate you to get a medical examination done at a medical centre suggested by them. This is based on the insurance provider’s decision and may not always be required. These selected centres will directly courier the reports to the provider.
    
7. Policy Issuance
   Upon due verification of the proposal form and reports, the insurance company decides whether they wish to issue the policy or not. If the same is agreed upon, the life insurance policy confirmation, along with the relevant documents, are couriered to the customer. 
    

The main advantage of getting a policy online is the ability to compare numerous plans and avail multiple offers offered by the insurers on their websites. Though, it even offers convenience and saves a lot of time and cost; the purchase of an online policy is an informed decision. You need to read, analyze, compare and clearly understand the right way of getting protection prior to buying the life insurance policy online. 

It is advisable that you avail for an ideal life insurance having coverage equivalent to at least seven times your annual income which would be adequately sufficient to meet the financial requirements of your loved ones in the event of any unforeseen eventuality. This will ensure you are neither under-insured nor over-insured, and your nominees’ unexpected financial requirements are comfortably met.

Know more about Term Insurance & Term Plan by visiting PNB MetLife website.

Disclaimer: 
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
 

PNB MetLife India Insurance Company Limited 
Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka 
IRDAI Registration number 117 | CIN U66010KA2001PLC028883 
PNB MetLife Mera Term Plan is an Individual Non-Linked, Non-Participating, Pure risk premium Life Insurance Plan | Product UIN Number – 117N092V03 
#Maximum maturity age: 99 years for all options (except Joint Life cover option), Joint Life Cover option: 75 years (applicable for both Primary & Secondary life). 
For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale. 
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time. 
The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks. 
Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203. 
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