I. Online Buying Procedure
- Visit insurance company websites or comparison platforms to explore different term insurance plans.
- Complete an online application form with personal and medical information.
- Some insurers may require a medical examination or ask health-related questions to determine the premium.
- Pay premiums securely online using various payment methods.
II. Offline Buying Procedure:
- Schedule a meeting with an insurance agent or broker to discuss available term insurance options.
- Fill out physical forms and provide necessary documents such as identification proof, address proof, and medical history.
- Submit premiums through traditional methods like cheque or cash at the insurer’s office or through the agent.
Term Insurance: How it Works, Examples, Types & Need