With 52 million active internet users in the nation today who use the online platform to buy everything from groceries to gadgets, are also becoming open to buying life insurance policies online as well. Nowadays, insurance companies not only allow you to buy their policies online but also provide detailed information on all coverages, relevant quotes, and you can even file a complaint online. Let’s take a look at the 5 reasons for opting for online insurance plans.Read more
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
1. Lower Premium Costs:
While making any purchase, the first thing that comes to your mind is cost, and insurance is no different. Most online life insurance products are 50% cheaper than their offline counterparts. Unlike the traditional methods of insurance purchase, there are no intermediaries involved in the online sales model and customers buy life insurance directly from companies. The lack of intermediaries results in omission of commission charges and reduction of operational costs and other overheads. Therefore, by opting for an online life insurance policy, you can curb the additional costs.*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
2. Higher Sum Assured:
The average sum assured tends to be higher if you choose an online insurance product, because of the lower costs involved as stated in the first point. Therefore, if you are looking for a policy with a higher sum assured, buying online would be the best option.
3. Easy Reputation Check:
With the advent of social media and various customer forums and websites, a buyer can tap into a lot of information and collective experience of other people and get an idea about the track record of a company, financial or otherwise, and the satisfaction level of its customers. This is of immense help as it helps a buyer make an informed choice. Reviews provided by customers and claim settlement records of a particular life insurance product helps you make an informed decision.
4. Overall Transparency:
The online mode definitely allows you more flexibility and more options in choosing the required term plan. However, you need to do the groundwork on your own while buying a policy online since here you do not have an agent helping you out. It can be a blessing in disguise for you as in the offline mode, you are more dependent on the agent to the fill the form. There have been cases where agents have misplaced customers' information while filling the form, either intentionally or by mistake. This could prove costly during claim settlement.*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
5. Customer Empowerment:
Customers can access policy related information easily to make an informed decision. This is more convenient for the customer as it offers the possibility of storing the email provided in the company of an electronic copy of the insurance policy that includes the certificate of payment premiums. This document is as valid as the hard copy.
Based on the above factors, buying insurance products online seems to be a good option. However, one must bear in mind that as much as it comes with many benefits, there is no advisory involved. Therefore, it is imperative for the customer to carry out due diligence while choosing a product that meets their financial plans.
You may also like to read : Buying Life Insurance Online? Avoid These 4 Mistakes
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