FAQs 252 views October 29, 2018

Simply put, any term insurance plan bought through the internet sans any intermediaries is referred to as an online term plan. There is an increasing trend of buying term insurance online as the premiums charged on online plans are much cheaper than their offline counterparts. It must be remembered that low premium rates do not render online term insurance plans unreliable. In addition, customers who have bought term insurance online do not experience any discrimination in client servicing. However, the premiums showed in online quotes are based on the assumption about the insured being subject to normal risk with possible medical conditions at bay. Even after submitting the details and making premium payments, the policyholder has to undergo necessary medical tests. On diagnosis of a serious medical condition, the insurer may consider raising the premium rates. If the policyholder refuses to pay the increased premium rates, the insurer is liable to refund the amount of premium paid minus the expenditure incurred on medical tests.