The Hidden Costs of Buying A Home

The Hidden Costs of Buying A Home

Everyone knows that buying your first home is an expensive ordeal—just the cost of a down payment alone can be significant for many buyers. But those aren’t the only costs that you have to consider prior to home shopping.

First-time buyers often don’t realize that they will need to pay for more than just the selling price that they negotiate with a seller. Things like interiors, hookup fees for utilities, and appliances are all extra expenses which add to the hidden costs of buying a home.

So what else do you need to budget for as a first-time buyer? Follow along as we take you through the basics.

Step One: Before You Buy

Before you start booking viewings, figuring out a budget, or even broHidden costs of buying a homewsing through furniture stores, you need to figure out what your real costs are going to be. Your down payment is not the only upfront cost that you are going to have to pay, so you need to make sure that you hold enough back to cover all of the extras, such as:

Legal fees

Though mentioned in the cost sheet by the seller. Take care that you are in the safe side wuith the legal charges.

Agent fees

If you are buying a house using a real estate agent, make sure that you have your terms discussed in detail before proceeding further. Usually it is 1% – 2% of the property cost. 

However, the agent is paid a percentage of the sale price upon the completion of the transaction.

Inspection and appraisal

The trend now in India with the sellers is, they mention the cost for the government approval in the price sheet. So be clever and conscious when you calculate the cost of the property. Please do research on the present trend and compare in your price sheet.

Mortgage with interest

So maybe you have a general idea of what you can afford for a mortgage, but did you factor in an interest rate? Will your interest rate change based on your down payment? Will your rate fluctuate, or will it be fixed?

You will need to talk to your bank about this, to see how much you qualify for and what they can offer to you. Your monthly payments can change significantly based on your interest rate, so if you get an offer that seems high, feel free to shop around for one that better suits your bank account.

Note : Feel free to visit our website (www.loanyantra.com) for constant alerts on interest rate changes and also for zero fee balance transfer.

Step Two: After You Pick a House

Don’t put away your calculator yet!  Sure, you made your budget work for the “before” costs, but don’t forget about the “during” hidden costs of buying a home, which include:

Moving expenses

Do you have enough stuff to warrant a moving truck or movers? Is your new place far away from your current one? If you need, or want, to hire movers, you’ll need to figure out the cost. Depending on your preferences, movers can get pricey.

For example, if you just rent a moving truck or trailer, your costs will be moderately low. But if you need people to help pack your things and move your items out of one house and into another, you’re going to have to cough up some extra cash.

Home Insurance

Homes come with all kinds of monthly expenses, and insurance is one of the necessary ones. Depending on the age and condition of your home, your location, your insurance history, and so on, your insurance rates will fluctuate. They’ll also vary drastically by provider.

Be sure to shop around for the best coverage and price for your personal needs.

Interiors and Utilities

We all know that interior designing and buying utilities are going to cost money; that is inevitable. Interior designers will surely cost your pocket. So depending on your financial situation, take a call. There are plenty of options around. Probably, it is time for you now to look up for offers and sale. Now-a-days, shopping online and cash on delivery options make things easier and economical as well. So think wise before you shop either online or outdoor. The idea is to save money and time too.

Property tax

Property taxes are something that every homeowner has to pay, and they vary by location. And this is one of the taxes the government is strictly probing. So to avoid paying lump-sum, plan well in advance. 

Step Three: Once You Move

So, you figured out a budget and selected a house. Since you’ve probably put a lot of your cash into the process so far, it might be difficult for you to consider parting with any more of your money, but chances are you still need a few things to turn your new house into a home.

Take a deep breath and remember:

  • There will be unexpected costs. Maybe something gets damaged in the move, or maybe you need to change the locks to your new house. Don’t beat yourself up for not thinking about every single cost involved.
  • Your first grocery trip is going to be expensive. Why? Because, chances are you need to stock up on groceries, spices, canned goods, and other staples. Don’t worry, you’ll only need to do a move-in shop once. The rest of the time you’ll just buy what you need, when you need it.
  • All of the money that you were saving isn’t gone. It’s finally gone towards what you were saving for in the first place.

Setting up House and Settling in

You won’t often hear that buying a house is easy, but you won’t hear too many regrets about doing it either. It’s a big purchase, and it’s bound to be a bit complicated, but don’t let that keep you from building equity and making a home of your own.

Spend wisely, save for a rainy day, and cover your most important costs before anything else and you’ll have a happy and financially healthy home to call your very own.

Home Loan – Apply online; know the present interest rates! – Loanyantra

Now-a-days, competition for home loans has outgrown competition for homes. This rose a requirement of applying online for a home loan.

When you can search for your home online, then why not search for a home loan online. So after searching and applying online, we take our services a step forward. This idea is in action only to take the home loan and the related services to our customers customized. 

Loanyantra

What makes us different from others.

As we are, our service starts where many others’ end.

Once you apply online, we take you through the process, which is simple and transparent. Check your eligibility and we guide you to the customized interest rates. If you find us your true beneficiary, associate with us. You will get a call within no time. Get home loan approval from the required bank.

So now, you experience our efforts. Retire from your home loan thoughts. You are into our loan rate shield process. We send you alerts on changing interest rates and suggest you for a balance transfer when needed. 

Infact, we are managing your loan. Each step, from the time you enter your details, apply online, getting customized rates, getting required bank approvals, and timely alerts, we try to save your valuable time, make it economical and most important keep you away from stress.

For details, visit, Loanyantra .

Thinking of financing your first home? Know these things!

Financing your first home

For most people, buying a home is the biggest purchase they will ever make, and the majority of first-time buyers need to obtain financing in order to do so. With such a large number on the table, it’s important to choose financing that works for you in both the short- and long-term.

financing your first home

From down payments, to mortgage brokers and traditional lenders such as banks, we’ll explore what options are best for financing your first home.

Should I Use a Mortgage Broker?

A mortgage broker is someone who provides you, the borrower, with financing options from various lenders. Think of them as a sort of mortgage middleman.

You provide them with financial details about yourself, such as your job history, credit report, down payment amount, etc., and they take your information to various private lenders to see what they can offer you for an interest rate and mortgage term.

There are many potential pros to using mortgage brokers, such as:

  • Communicating between you and a lender.
  • Lower interest rates.
  • Flexibility for a typical borrowers.

As well as cons, that can include:

  • Inability to service your loan.

Mortgage brokers are able to present your information to multiple lenders, allowing for flexibility if you don’t meet the strict standards usually required by banks. Often, mortgage brokers are able to find options for those who are self-employed, who have poor credit history, or a short job history. But remember that those options may come with penalties, such as a higher interest rate or a larger down payment.

If you do choose to go with a broker, make sure that you choose someone who has a good reputation and a lot of experience.

Should I Use a Traditional Lender?

Traditional lenders, namely banks, provide mortgages to clients, allowing both parties to communicate directly. Often, first-time homebuyers with good credit, a down payment, and at least a year’s worth of job history will contact their bank first when seeking a mortgage.

Banks tend to have pre-designed mortgage options, which includes interest rates, terms, and so on.

The benefits of choosing a bank can include:

  • Reliability, trust, and security.
  • Potential savings for clients with multiple accounts.
  • Faster approval.

While some negatives are:

  • Less flexibility for buyers who are self-employed, or who have poor or little credit history.
  • More rigorous requirements.
  • Limited choices in terms of rates, length, and more.

When exploring the option of using a bank as your lender, remember that you don’t have to stick to the bank that you have other accounts with. Feel free to explore what other banks are offering. Some may offer bonuses for having checking or savings accounts with them, or based on the down payment that you will make.

If you do choose to go with a bank, be sure that it is a bank that you feel comfortable with and that you have them walk you through the terms of your mortgage so that you understand the ins and outs.

Should I Save for a Cash Sale?

Cash sales are probably the most desirable types of home purchases, since the buyer forgoes interest rates, mortgage terms, and the stress of finding a lender, but not many buyers are able to purchase a home using cash alone.

In smaller towns or less desirable areas, homes can go for reasonably low prices, which may allow you to save enough to buy one, but in areas with higher demand or in cities, home prices aren’t quite as affordable.

In order to save for a cheaper home it can take years to put away enough to make the purchase, but for even a moderately priced home it can take even longer, depending on your income and expenses.

Often, buyers who are able to purchase using cash benefited from an inheritance or something similar, but just because you have the cash to cover your house entirely doesn’t mean that you should use it all.

Before choosing to use all of your cash to secure a home, consider the following:

  • If I use all of my savings to purchase a home, will I be left cash poor?
  • What will the cost of renovations, repairs, or other fees outside of the mortgage be?
  • Am I borrowing money from someone I will need to pay back?
  • How long will it take me to save for a home, based on both my expenses and inflation?

How Should I Finance My Mortgage?

How you finance your mortgage, whether through a broker or a bank, using just enough cash to cover the down payment, or paying for your home entirely, depends on your financial situation, the property, and your goals not just for now, but down the road.

Not every lender is suitable for every buyer, and only you can decide which avenue makes you feel the most confident and comfortable. Take your time, shop around, and explore what is available to you. In educating yourself about your options, you can make the best choice for you and your finances.

Note : Our (loanyantra.com) customers can always find us as a reliable source in managing the home loan as we suggest you the best home loan option that suits your financial situation, and always alert you with the changes in interest rates. 

Visit www.loanyantra.com for details.

Happy to Announce – Loanyantra.com is selected for t-hub

What is t-hub?

T-Hub is designed for technology-related start-ups. Its mission is to catalyse the creation of one of the tightest and most vibrant entrepreneur communities in the world in order to encourage and fuel more start-up success stories in India.

A technology incubator, with collaborative efforts from the Indian School of Business (ISB), the International Institute of Information Technology (IIIT-Hyderabad) and NALSAR University of Law, besides various other organisations. 

The Telangana state government has put in Rs.40 Crore on the 70,000 sq ft facility constructed on the IIT-H campus. 

By giving access to top mentors, investors and academia, the T-Hub building will help every entrepreneur realize their dream. 

Loanyantra.com is one among other start-ups to be placed in t-hub

We are proud to announce that loanyantra.com has been selected among 500 start-ups. This gives us more confidence and more focus to achieve our goal. 

Thanks to the existing customers, happy to quote you, we achieved it because of you.

Looking forward to serve our customers better.

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You can find us now on :

1st Floor,

t-hub Hyderabad,

IIT Campus,

Gachibowli,

Hyderabad.

Investing in Luxury Homes – 7 Reasons

With the reviving economy having infused a renewed sense of confidence among High Net worth Individuals (HNI) home buyers, there has been a significant surge in demand for luxury homes asset class in the metropolitan cities of India.

They want more than just four walls and a parking slot. 

investing in luxury homesIndian luxury home buyers have sound reasons for why they want to live in premium rather than ‘normal’ homes.

Perfect View –

The 270 degree or 360 degree window view  from an apartment is one of the important aspects.  The view of  swimming pool, various sports courts, play area and excellent landscaping soothes the eyes and sensibilities of the occupants. This takes the luxurious living experience to another world.

Aspiration For Status – 

Buying a luxury home is a matter of prestige – and why not? After all, most luxury home owners have bought their pride and joy with hard-earned money. They want to live in homes that announce their arrival, and offer a higher lifestyle rather than just a postal address.   

Comfort – 

The very latest of today’s luxury homes provide all the modern comforts – and an ideal environment for living and raising a happy family. These homes are built to take care of the needs of a comfortable lifestyle. Features like swimming pools, themed, landscaped gardens, gyms, meditation centers, manicured lawns, electronic security, touch-button responsive fixtures, and entertainment and shopping available at close hand all contribute towards making the living experience more comfortable and enjoyable.   

Security – 

One important feature of luxury homes is that they have very high security. They have top-of-the-line security, both in terms of trained security personnel and security installation that guarantee safety. Further, accidents and medical emergencies can be quickly taken care of with immediate response triggered by technology, and the availability of hospitals and emergency rooms close at hand.  

Technological Enablement –

Technology and IT innovation have gone a long way to make the living experience in high-end luxury homes extraordinary. From solar generators to remote controlled window shutters, everything is directed towards meeting the demands of homebuyers looking for an ultra-modern lifestyle.   

Better Neighbours –

The benefits of housing one’s family in a luxury apartment do not only extend to conveniences. Luxury housing projects are also seen as the perfect environment for one’s children to grow up in and the adults to socialize in. After all, such projects basically form a society with a certain degree of culture, education and beliefs – in short, better neighbours. 

Investment Value –

The increasing demand for properties in India rivals that of gold. Real estate and gold are the most traditional forms of investment in India. However, properties present the advantage of being an asset that rises in value at every instance – and it is also a ‘performing asset’, meaning that it serves a practical purpose even as it gains in value. 

Given the fact that luxury homes are always in demand even on the secondary market, HNIs correctly see them as the perfect investment opportunity that guarantees multiplied returns in the future. 

What do you prefer, single family home or multi family home?

Are you looking for a good investment? Do you want to invest in a house? Are you in a dilemma whether you should go for single family home or multi family home? Here we are to help you.

single family homeWhen you consider single family home (1 or 2 bhk) and small multi family home (3 or more bhk), for investment purpose, though you can afford for a bigger house, it is always better to go with a single family home.

Here are some facts why a new investor should go for 1 bhk or 2 bhk. 

1. Expenses :

A house to maintain it neat, it needs some extra attention. This ofcourse charges your wallet. When you buy only for investing, it is better to go for a small house as the expenses on repairs and replacements are minimum. Advantage is that for a smaller house, tenants usually take interest and initiative on these small works.

2. Vacancy :

Tenants usually stay for longer in small homes than in bigger homes. Also, single family homes rent more quickly than multifamily ones. This means, fewer days actually your house is sitting vacant.

3. Tenant Interaction :
This may not seem like a big deal, but it can be. In a single family home, you don’t have to worry about the tenants getting along. In a small multi family, it is tough to have understanding and cooperation. This might affect your home and might result in more repair works or association problems and discipline problems aswell.


4. Pride of ownership :
We know that our tenants love the fact that they have a home. It may not be theirs, but they treat it as their own. They keep it clean. They love to stay in it as they hold on many memories. Ofcourse, we have some who don’t. But the ratio is on lower side. But taking the ownership and maintaining the house well, leaves us happy and tension-free


5. Sale of the property :
The best thing about single family home buyers is that, it appeals to the largest amount of buyers. Apart from retail buyers, investors would be interested in the property as well. 

It is always, the demand for 1 bhk and 2 bhk is relatively more when compared to a 3 bhk and a 4 bhk, irrespective of the area and the luxury. 


Hence, as a new investor, you will have fewer headaches with a smaller home and more profit in future.

Part payment of home loan Vs Interest reduction penalty

It is very common for a home loan payer to do the part payment of home loan to reduce the principal amount or a penalty for reducing the present interest rate. Both the options are the best if you want to close your home loan fast. But the question arises which option to take when. Here is a brief description about part payment of home loan and interest reduction penalty.

Part payment of home loan Vs Interest reduction penalty


1. What is part payment of home loan? What is Interest reduction penalty?


Part payment of home loan-  Payment made to reduce the principal of your loan. For suppose, every now and then in an year, if you save, say, minimum of Rs. 50,000 or say Rs. 1 Lakh. You can pay that amount to the bank against your home loan. This amount will be added to the principal. Inturn, this will reduce your loan tenure.


Interest Reduction Penalty – A minimal fees to be paid, to the bank, if you want to change your home loan interest rate to the present home loan interest rate.


2. When do you opt for either of the options?


Part Payment of home loan – Don’t wait to pool up your savings for part payment of home loan. Paying a minimal amount also can reduce your principal which will reduce the loan tenure. No extra fees to be paid. But be careful with your bank’s terms. Though there is no extra fees, there is a limit on the no. of times you go for part payment in an year.


Interest Reduction Penalty – If your interest rate is higher than the present interest rate and makes a much difference on your EMI, mark it in your to-do list to change your interest rate.  For example, if you are on 12 % interest and the present rate is 9%. You are paying 3% extra on your home loan which is merely a waste. Instead, pay the penalty and change to the present rate, and plan for a holiday on your monthly savings.


3. Which one to choose?


This question is valid when you are almost at the end of the home loan tenure. Or, if you plan for a balance transfer. If you are in any of these situations, then paying penalty for interest reduction is a no no. This would charge your pocket an extra than reducing the burden. If you have savings, it is better to opt for part payment of home loan which will help reduce your tenure and if you want, can also reduce the EMI.


Hence, remember that both the options are the best. But what is important is how well you choose.

Steps for NRIs on how to sell a property in India!

Are you an NRI and inherit a property? Did you buy a home in India and got settled in other country. Are you planning to sell off that home. Here are the details. 

Steps for NRIs to Sell a Property in India

For expats, selling a property in India from abroad is a challenging process, especially if they left the country years back. There are rules for an NRI in selling his/her inherited property in India and it requires legal help. Here is the step wise procedure on how NRIs can sell a property (their inherited land or property) legally without any litigation:

tips for  NRIs on how to sell a property in India

The process is quite similar for residential Indians and non residential Indians except for the latter have tax implications and repatriation policies.

1. Title Transfer for Inherited Property

If the property is inherited, then the title should be changed to the seller’s name by the process of mutation of revenue records. This transfer requires a will or a succession certificate. If one cannot procure a copy of the will, then the local court can issue a succession certificate. With this certificate, one can apply for a title change in the mutation of revenue records office.

This procedure is time consuming and it is advisable to have them changed earlier.

2. Checklist of Documents Required for Selling

It is necessary to procure all the documents required for selling the property in India. Some of the documents include:

  • The title deed or mother deed of the property
  • No objection certificate to show the clearance of litigation and debts.
  • Occupation certificate issued by the municipal corporation
  • Plan approval/sanction certificate
  • Cooperative share certificate if the property is a part of a society building
  • Lawyer certificate, if any of the original documents were lost

Apart from these documents, the seller should have a PAN card number to sell properties that involve big amount transfers. The NRI can apply PAN to sell the properties or he/she can submit form 60 at the registrar office for the same.

3. Finding a Right Brokerage Firm

If there are no close friends or relatives to trust with the transaction, it is wise to consult a brokerage firm to assist in the selling process. However, if the seller has realty market sense and people to support then he/she can go ahead with the selling process on their own.

The brokerage firm can help you in suggesting the market situation, finding suitable buyers, price trends and risks involved. They can assist in fixing the selling price, applying for PAN and attorney service to obtain legal documents and tax implications. Although they provide end-to-end solutions, brokerage in India has no legal license and it could be troublesome if the brokerage fee is not fixed properly. It is advisable to find the right brokerage firm and fix the fee before initiating the selling process.

4. Sales Registration

It is essential to grant the power of attorney for the transaction to a PoA holder. There is no need to grant a complete power of attorney; instead the seller can give ‘Admit PoA’ rights to the PoA holder who will merely represent the owner in the registrar office. According to this, the seller should duly sign all the documents and the PoA holder will represent him in the sale registration.

However, issuing the PoA process differs from time to time and each firm will have a different process. Once the registration is complete, the seller should also concentrate on the tax implications.

5. Focus on Tax and Repatriation Issues

The NRIs have long term capital gains if the property was sold after 3+ years of purchase, the tax for which comes to 20.6%. Further, the basic exemption of Rs. 2 lakh is not applicable for NRIs. There are other tax exemptions available for the NRIs while selling the property.

The sale money can be repatriated through official dealers but it should not be more than US $1 million per year. If the property is inherited from one NRI to another NRI, then you need to get a special permission from the Reserve Bank of India. However, the brokerage firms will guide you through this process.


Do opt for a legal help. They act as best resort and pull you out from the property issues.

5 Tips to sell your home fast! Learn how to keep house sale on track!

Pankaj, a 30 year old smart guy, have been staying happily with his family in his home for over 5 years. He has a son whom he is thinking to join for schooling. His son got an admission in a school to where he has to travel for an hour from his house.  Pankaj doesn’t want his son to travel so far everyday. So he decided to take a new house near his son’s school and sell off his present house. Emotional Pankaj, tags a ‘for sale’ board to his house. It’s been three months, the tag is still hanging. He doesn’t know what went wrong for the situation. So, he starts browsing about his need. He finds an article that answers his queries.


Here it goes


Your house is a home filled with love and affection for you. But for the buyers, it is a house, just a house. Once your home is on sale you need to keep a track and insure you get to closing with minimal to no hiccups. Mess something up and you may find yourself without a buyer or with the buyer walking away after the deal implodes.


This article provides  needed tips to sell your home and also explains how to keep your home sale on track.

Tips to sell your home

1. Inspect it


Without question, the number 1 thing a seller can do to prevent delays on selling their home is to ensure that the owner has the list of verified documents prior to placing the home on market. This is to ensure the potential buyers that they are acting in good faith and have all required documents.


List of documents needed before you hit the ground.

1. Original sale agreement ( to make sure there is no outstanding loan on this property)
2. NOC from the society for sale of the flat ( to make sure the society is formed and is in existence)
3. Share certificates issued by the society.

4. Occupation certificate issued by the municipal corporation

5. Plan approval/sanction certificate

6. Proof of payment of all municipal taxes, society charges and electricity bills upto date to make sure there are no outstanding dues.

7. Income tax receipts from the seller to make sure he has paid all the income taxes and has no restriction to sell his property.

8. Lawyer certificate, if any of the original documents were lost


2. Price it 


In real estate, slow and steady wins the game. If you rush the sale and don’t get your property in decent enough shape, you will miss an opportunity of getting more money from it. If you let your feelings get a hold of you and dictate the price, you’ll not only miss the chance to sell, but also have that mistake follow you, for the future, possible transaction. 

So, it is absolutely positively essential that your home is priced correctly from day one. Remember that over priced homes take longer to sell and often sell for a much smaller percentage of the original list price.


3. Prepare it


To make the house ready for the sale, the must do things are cleaning, painting, and decluttering. Your home must truly be ready to show before it hits the market. You cannot do anything with the location, but keeping the home clean and tidy with all the modifications done, would attract the buyer. You only get one chance to make a first impression and this is especially true when selling a house!


4. List it


For those who want to keep their home sale on track,  it is good to have an experienced real estate professional in your corner. Since there are so many pieces to a real estate transaction, it is critical that you hire a professional who has experienced nearly every possible scenario that is possible.


5. Communication 


If you have an agreement with the agent, make sure you are in constant communication with all those who are involved in your home sale process.

Hence, when going for a home sale, ensure that you are not in a hurry while pricing . Ensure that you are on the correct path by taking experts decision. If you cannot take the burden or if you are running out of time, its better to go with a professional real estate agent.

Learn About The Online Term Insurance Plan

What is a Term Insurance Plan?


As compared to traditional insurance plans, Term insurance plan is a basic insurance plan wherein you pay a much lower premium to get a high sum assured. The other main difference is the death benefit which is provided only in case of death of the policy holder. It means that in case the policyholder survives the entire term of policy, nothing will be paid to the nominee hence there is no return on maturity of the term plan. A person of 35 years of age can buy a cover of Rs. 1 crore at around Rs.10,000/- per annum only.


Here is the table showing the best online term insurance plans in India (as on Oct-2015)

                                   Company                                Scheme Name Policy Term (Years)              Min        Max Min Age at Entry  Covers upto   (Max Age)   Sum Assured  (in Rs.)                                                             Min          Max         Premium (in Rs.)                           Claim Setting % (2014-2015)
ICICI Prudential iProtect 10     30 20 75 3 Lakh        NA 12,247 94.1
HDFC Life Click 2 Protect 10     30   18 65 10 Lakh 10Crore 11,910 94.0
LIC e-Term Plan 10     35 18 75 50 Lakh      NA 16,405 98.1
Max Life Max Life Online Term Plan 10     35 18 70 25Lakh100Crore 8,314 93.9
Kotak Life Preferred e-term 10    40 18 75 25           NA 8,287 90.7
SBI Life eShield 10    30 18 70 20           NA 13,135 91.1
Bajaj Allianz iSecure 10   30 18 70 20          NA 13,438 91.3
Aegon Religare iTerm Plan 5    40 18 75  10          NA 8,202 81.0

Why is it available so cheap?


Because there are no agents involved; it is similar to your online shopping wherein no shopkeeper/distributor is involved . All the amount which company have to pay towards commission/other payouts and even the other administrative costs are much lower. The same amount is passed back to the end user. The other statistically proved reason is the longevity of those buying online as the population is mostly between in between 30s and 40s and also more alert and conscious about their security & well being.

Advantages:


Term plan has many advantages than your traditional policies as follows:


  1. Lowest Premium (50-60% cheaper than offline) 
  2. Highest Coverage
  3. Faster process & Issuance 
  4. Less paperwork involved 
  5. Utmost Transparency 
  6. Flexible in selecting a required plan
  7. No medical checkup for certain age groups or up to Rs. 50 lakhs sum assured


Disadvantages:

Though there are lot of advantages as seen above for the policy buyer but ultimately it’s your nominee who is going to apply for the claim if arises. You have to make sure that the technology/lodging claim online and other filing process should not become a bottleneck for them because nominee in most cases would be either wife or parents. They should not be made run from pillar to post to get their due claim. This happens mainly because there is no agent or mediator who can help in all the paperwork (online) to get it done especially in times when they are under emotional trauma due to the death of their loved one. Even local office of insurance companies won’t be able to help because it is online and could be done online only.


Conclusion:

Online term insurance plans are the best if you can educate your dependents for the procedures and formalities involved in the claim and also keep them updated about your policy contract and jurisdiction. Enjoy your cup of coffee without comparing its cost to the term plan and don’t fall prey to marketing gimmicks, be smart and buy smart.