Buying Term Insurance Online

Hello Anish,

Very valid question!

1. Most insurance companies have made the process of collecting premium upfront - this helps them lock in the customer's "order" early.
2. Don't worry, there is an extensive health & lifestyle declaration that is part of every term insurance proposal form. As per the standard application process with most insurance companies, you will be redirected to and required to fill this form after you have made the payment. You will also be required to provide KYC, Income proof documents, etc.
3. Payout Options are clearly available as an option before buying the policy. You need to check carefully. Log on to Beshak ⭐ Ratings to find out whether payout customization is available in the plan you have chosen. Do not move forward and make payment till you are able to customize the payout option.
4. MWP Act - You need to inform the insurance company about your preference before you submit all your documents. They will most probably send you a form that you would be required to print, sign, scan, and send back to them. This needs to be done before the policy is issued. It cannot be done later.

Hope this helps.

Regards,

Team Beshak

1. Yes, the premiums can be revised based on the declarations you make. However, as per IRDAI rules, you will have to approve the change in premium or terms before the proposal is processed further.
2. You can pull back and ask for a refund any time before the issuance of the policy and get a refund. If medical tests are carried out, then the cost of the medical checkup may be deducted.
3. What's more even 30 days after the policy is received, you will have the right to cancel the policy and request a refund.

Regards,

Team Beshak