In this digital era when everything is moving online, life insurance is no different. Along with the usual benefits like 24×7 availability, convenience and speed, online insurance is completely transparent. All benefits, terms and conditions are upfront to the policyholder. Apart from that online insurance makes a lot of sense. Here is why:
Online term insurance plans cost up to 40% lesser than offline plans with the same features and benefits. This is because there’s absence of a cost of an insurance agent and hence savings on the distribution costs and commissions. Savings from documentation, logistics, and stationery are also passed on (Check your premium here). Also, an online buyer represents an educated, well-informed and responsible individual who will maintain transparency and hence, lesser chances of fraudulent cases. This difference in profile also contributes to lower premiums.
Facility to Compare and Choose
All major life insurance companies in India now offer online term insurance plans. This makes it easier for an online consumer to compare policies and take informed decisions after evaluating the features and benefits of different term insurance plans.
During earlier days insurance agents used to guide you for each and every step. But today online term policies have made it possible for you to do everything on your own. This way you are aware about most of the things like benefits of the policy, its terms and conditions.
While filling up the online forms, you need to be honest and provide all accurate information that is required by the insurance company. This might increase your premium amount, but can save you from lots of trouble at the later stages. One of the important questions asked is whether you are a smoker or not. If you are a smoker your premium may increase but you are avoiding hassles at the later stage. Providing accurate information will ensure that your claim is settled smoothly. An online insurance plan ensures you fill the form yourself without depending on any agent to misguide you and fill in wrong details. Online plans simply eliminate an intermediary
Right from purchase to paying regular premiums everything is convenient when it comes to online term policies. Most companies provide login credentials so that you have access to anything and everything you need from a policy point of view. They also send you e- communication to remind you for premiums that are due.
The insurance companies also take steps to ensure they are not selling insurance just for the sake of selling them. There are medical tests conducted for most term insurance applicants to make sure they know whom they are selling their plans to. This works in the favor of both the parties.
The insurance company is confident about the applicant and if you are being honest while filling up the forms, you can expect claims to be settled without any hassles.
Buying term insurance online is intuitive and easy going. It is absolutely safe to buy insurance online as it comes with multiple benefits such as lower costs, transparency, speed and convenience of buying them anywhere at any time.
Learn more about the advantages of term insurance plans here.