Steps to Buy an Online Term Plan

The market is hugely accepting online term plans, and this trend is steadily growing. And rightly so, given the associated benefits of such insurance policies. For instance, insurance companies believe that most individuals with internet access are financially comfortable. Due to this, companies are in a position to offer higher life insurances covers. So, if their offline plan has an age cover of 70 years, the corresponding online cover up the maximum age to 75 years.

Where to Start?
Although we are privy to information regarding its benefits, much has not been said about procedures. Many company websites take you through a process wizard, making things easy. They also have a customer helpline to assist you through the process and answer all your questions. Here are is a skeleton outline of how you need to go about applying for online term plans. The best place to start is choosing the appropriate plan, based on your need.

1.	Choose an affordable and convenient online term plan, which offers a bouquet of features to suit your financial and personal requirements.
2.	You can take the help of the customer care agent to see how you can customize the policy. Most plans are available under any of the three options – life, extra life and income. For instance, when you choose a Life Option, the death benefits will be paid on the death of the insured. And, in the case of accidental death, an additional lump sum amount will be paid. However, through customization and riders, you could also provide your family with a monthly stipend. So, check what all can be done.
3.	Make sure you familiarize yourself with the terms and conditions. Ensure that you are aware of legal terminologies as well.

Steps after Choosing an Online Term Plan

Term insurance policy offers coverage only for a set period of time. On the occurrence of death or permanent disability during the tenure of the plan, the beneficiaries will be paid benefits to cover income loss or unpaid debt. Disability can be both partial and total, depending on the type of plan. However, if the insured survives the term of the plan, no such benefits are paid.

Calculate your Premium: Calculate the term insurance premium due on the basis of the product that you choose. Your premium can be calculated online, by entering key inputs like policy term, sum assured, premium payment mode and the type of online term plan.

•	Check the sum assured: There is a minimum sum assured with every plan. You might be able to negotiate it with your provider.
•	Choose the mode of payment: You can either make a one-time payment; paying for a chosen term; or you can pay for a period less than the term of the policy.

Fill the e-form: After you find your premium amount, fill in all your personal details in your online form. These details include age, personal and professional contact information, profession, etc.

Documents: You need to submit your identity proof, address proof, age proof, photograph, and income proof, along with your e-form. This is required for policy approval.

Make the payment: You can make your first premium payment using your credit or debit card or via net banking. This kick-starts your online term plan cover.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

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*For a healthy non-smoker male 25 years old with a policy term of 20 years, level cover option, paying Rs. 6,360 as annual premium without service tax for a sum assured of Rs. 1 cr. (Premium for one day = Annual Premium / No of days in a year = Rs. 6,360 / 365 = Rs.17.43 - Rs. 18.00 approximately). Premium mentioned above is indicative and might change subject to underwriting. Premiums can be paid only in Annual Mode of Premium Payment. #For the Premium paid on Life Insurance of Rs. 1.5 lakhs, save tax upto Rs. 51, 912/- (Assuming highest tax bracket applicable for an individual and subject to provision of Income Tax Act, 1961.) No medicals required for a cover up to Rs. 75 lakhs for the age upto 40 years. No medical underwriting if no adverse declaration is made in the proposal form by the policyholder.

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details. Trade logo displayed above belongs to State Bank of India and is used by SBI Life under license. SBI Life - eShield, UIN: 111N089V01, a non-participating pure term insurance plan. Registered & Corporate Office: SBI Life Insurance Co. Ltd, Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069. IRDAI Registration no. 111. CIN: U99999MH2000PLC129113. www.sbilife.co.in

1G.ver.02-01/16 MS WEB ENG