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8 Reasons Why You Should Access your Online Insurance Account

Given the increasing penetration of internet in our lives, one would imagine numerous people adopting the digital route to buy life insurance policy online. Surprisingly, however, insurers have found that only a small percentage of the policyholders access their online insurance service options. Most of their existing customers still prefer to visit the insurer’s office or call up an agent. While these may seem like good practices, the problems attached are manifold. Take for instance, an agent may not be fully aware of all the plans and their benefits. And, regarding approaching an insurer’s office, you don’t know how much time you may end up spending there!

To allay your hesitation regarding using online insurance services of insurers, we have listed here the benefits associated with them: 

1. Download e-statements:- While furnishing investment proof for tax purposes, most of us run from pillar to post to get hard copies of investments. During those trying times, online insurance services can come to your rescue. With the help of your online account, you can get a certificate of premium paid for income tax purposes. Instead of collecting separate premium receipt dates, just one click can give you a consolidated statement of all policies.

2. Check fund value:- For most of us, the monthly statement sent by the insurer is the only way to know about the fund value. But with online insurance services, you can keep a tab on the fund value on a daily basis. All you have to do is log in to your online account.

3. Trace unclaimed amount:- Both policyholders and nominees can access details of their unclaimed amount on the insurer’s website. Upon entering basic details such as name, date of birth, policy number and permanent account number (PAN), an insured can find out details of any unclaimed amount.  

4. Switch funds:- In order to see your money grow or stay secure, you need to take immediate steps during changing market conditions. Some investors switch from debt funds to equity or vice versa, in accordance with the market conditions. To fasten the switching process, various companies allow online switching also. The premium redirection, fund switching and change in premium frequency is easy when you have access to your online account.

5. Track policy status:- If you have bought more than one policy from the same insurer, an online account helps you to list down all of them at one place so that you can easily track your investments in one go.

6. Pay premium online:- You can pay premiums online to save both your time and energy. Better still, you can automate your payments so that you never miss out on a payment.

7. Update contact details:- The online account with an insurer allows you to update your contact details, such as phone number and address, in a matter of minutes. Thus, you can avoid filling up the numerous forms that you may have to otherwise during your visit to a branch office.

8. Register complaints:- The online insurance service allows you to register complaints and give suggestions. Moreover, you can track the status of your application as well.

As a policyholder, you should exercise all these online insurance services that not only prove to be cost-efficient but also save your precious time.