Buying Term Insurance Online
31 Mar, 2021
by Anish Jain
I want to buy a Term Insurance policy online. However, I do not see the online portals asking for as many details about existing health issues, MWPA and payout options. I'm quite sure an offline insurance form would have a lot more details to fill out. I have checked out Bharti AXA, Max Life and Aditya Birla and all three don't ask about these things (except smoking). They ask for personal details, selection of plan and riders and then ask you to make the premium payment.
Can someone please answer why it is so and if these details will need to be mentioned at some point after paying the premium.
Thank you
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31 Mar, 2021
Anish Jain
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31 Mar, 2021
We breathe insurance :)
- 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.
- 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.
- 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
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Hello Anish,
Very valid question!
Hope this helps.
Regards,
Team Beshak