Easy ways to buy term life insurance | Tomorrowmakers

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Easy ways to buy a term life insurance policy

Short, unpredictable, challenging – these are some of the words used to describe life. It may seem a cliché but life does pass in the blink of an eye. It is uncertain (to say the least); the sudden death of a sole earning member can be difficult for the family to cope with. 

This is where term insurance steps in. Inexpensive, flexible, and diverse, term insurance policies offer the financial security anyone would want in the aftermath of something unfortunate. 

There are broadly two ways of buying a term insurance plan: online and offline. Let’s explore them in more detail.

Related: Plus and minus points of term life insurance & when should you buy it


1. Insurer’s website - Visit the websites of various insurance companies to find out and select the most beneficial term insurance policy offered by the company. Once this has been decided, click on 'Buy' option on the specific insurance company’s website and buy the policy after filling out the necessary forms and paying the required amount.

2. Online brokers – There are online insurance brokers who provide end-to-end service when it comes to buying an insurance plan or paying premium against it. 

3. Aggregators - Alternatively, visit the website of one of the insurance aggregators. These aggregators pull data from various insurance companies and provide all the necessary information in one place, in a systematic, convenient manner. Thus they source relevant quotes from various insurance companies, whereas online brokers not only offer the quotes but also help you with service, claims and renewals.

Both online brokers and aggregators let you compare policies among multiple insurance companies.

4. Corporate agents – often insurance companies have a presence in banking or allied financial services segment. You can visit the websites of these banks and NBFCs and know about the insurance products they offer through tie-ups with Insurance partners.

Related: Here is how buying term insurance online helps in achieving goals


1. Offline branch of insurer - There are different ways to buy a term insurance plan in person. You can visit the nearby branch of the insurance company and buy a term insurance policy of your choice.

2. Agents and brokers - There are also insurance agents and brokers who are more than happy to assist. You can visit or meet an agent or broker to understand the available term insurance policies and buy one from them.

3. NBFCs and broking agencies – Besides, there are various agencies that sell insurance policies on behalf of the insurance companies and often telephone prospective customers. You can understand the details of the policy by talking to an employee of the agency on the phone and then finalise the purchase.

There are some things one should consider before buying a term insurance plan, such as:

  • Find out if the premium is fixed or subject to change after a point of time.
  • Cross-check the tenability of the insurance claim in case of accidental death and overseas death. 
  • Familiarise yourself with the claim settlement process in case the insured person has multiple contracts.
  • Any exclusions should be clarified beforehand; e.g. some companies exclude deaths caused by terrorist attacks from the claim benefits.
  • Look beyond marketing and advertising gimmicks. It is important to understand the offer that is being highlighted in advertisements.
  • Smoking and drinking habits should be conveyed to the insurance company. Not disclosing the same can harm claim prospects.
  • It is necessary to disclose all personal health details as well as family medical history while filling in the details for the policy.
  • The nominee should be selected after giving due consideration to the longevity of the relationship.

Related: 5 Mistakes you must avoid when buying a term plan

Buying an insurance policy shouldn’t be a year-end activity done to save on taxes. Instead, one should do the necessary research and consider various aspects such as premium affordability, the sum assured, various riders etc.

Related: Term plans with return of premium (TROP)

The policy should have as big an insurance cover as possible. The primary aim of taking an insurance plan is not met if the insurance cover itself is not sufficient.

Although the actual term insurance application process may vary from company to company, the overall flow is generally observed to be as follows:

First off, a person has to fill in the form provided by the insurance company. It will ask for basic information such as name, date of birth, mobile number, home address, email ID, product chosen, annual income, number of dependants, etc. 

The customer must pay the premium against the policy chosen.

Related: Term Insurance for Dummies

The company’s proposal form will ask for personal information such as health details, medical history, lifestyle- and habit-related information, income details, nominee details etc. The buyer may also have to medical tests and have his or her information processed through the risk assessment process of underwriting. The insured may also be required to provide supporting documents against the information provided – identity proof, residence proof, medical records etc.

The company issues a confirmation and the policy document is handed to the customer if the verification of the submitted proposal form and supporting documents are found satisfactory. Find out how much life insurance cover you need to secure your family's financial future.


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