Term protection plans serve as a boon for your family in case of any unfortunate event. They become the financial backbone of your family and support your family to withstand a hard time.
With the insurance industry hitting the online space, term plans are also available at just a click of a mouse. This has, in turn, resulted in the comparatively low premium for a higher sum insured.
Here is a transcription of the video in which, Anuj Mathur, MD and CEO, Canara HSBC Oriental Bank of Commerce Life Insurance, explains why term insurance should be purchased online.
Vivek Law – What about term insurance Anuj? Is that pure protection or is that something that you find people warming up to because again traditionally not too many people bought term covers as they were not sold due to the law commission and numerous other reasons. However, now that you’re going the online way, are you seeing products customized on a term basis which young people can actually pick up because they are more online savvy?
Anuj Mathur – That’s a very good question Vivek. Typically with insurance, people have this mindset that I should get something back but if you ask me what is insurance then I would say that it is actually a protection against some events.
There is nothing better than term protections and also the online term plans are very cheap. You are actually able to buy a large sum assured at a very nominal premium particularly when you are young, so it’s an excellent insurance plan.
Vivek Law – So, for a twenty-year-old or a twenty-five year old how much would it be?
Anuj Mathur – Let’s say if you are going for the 1cr sum assured at the age of about thirty years then the premium would be somewhere in the range of about 6500 to 7000 rupees. Thus, it’s very affordable and then again you have the option of paying monthly and you have the option of paying as per your gains.
Vivek Law – Is this in the online domain or even offline?
Anuj Mathur – Both offline, as well as online all these options, are available and customers can easily opt for it. Particularly, if the customer is buying it at a very young age then in terms of medical tests, there are fairly simple non-medical limits. Customers can actually buy online without even going for a medical cover; it all depends upon the age, the health condition and sum assured. The customer can actually buy this sitting at home in the click of the mouse.
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