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4 Myths About Buying a Term Plan Online

  8/4/23 11:29 AM

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Buying a term insurance from an insurance agent was passable in our parents and grandparents days when there was no accessibility of the Internet. Fortunately, India has become a net-savvy country. The growth of e-commerce field, especially the insurance sector, has stepped up its game and brought its services online. But there are certain myths about it which hinder people from using the online platform.

MYTH-1 Internet makes policy buying process online very difficult if you’re not too familiar with internet

Buying a policy online now has very few steps and they have been simplified so that anyone with basic knowledge of the internet can buy a policy with ease. Furthermore, you get help on the call the moment you want it, to make sure that there are no mistakes in your application. You can also save your application and continue it at a later time if you’re uncertain of something. All these measures have helped many customers buy online with ease.

MYTH-2 If you are buying a policy online, your claim may not be settled.

When you buy a policy online form, you are buying directly from the company and hence there needn’t be any worries about a valid claim being rejected due to the reason. The claim settlement process is structured and goes through stages to verify your cause and eligibility for claims payout. The only thing that is necessary on your part is to provide all the details accurately so that there is no inconsistency at the time of claim.

MYTH-3 You won’t be able to cancel your policy when you purchase it online

Any communication present online is validated and on-record and hence the chances of any policy being wrongly portrayed are virtually nil. You have access to all the information required before making a decision so that canceling it becomes not necessary. However, term plans bought online comes with the same facility of free look period wherein you can return/surrender your policy if you are not satisfied after buying, within next 30 days. Minimal charges are adjusted with the premium paid. The same can be done promptly through any of the communication channels.

At every step of the way, assistance is guaranteed to make sure that your online buying is a smooth affair. Don’t be scared just move ahead and protect you and your family by buying your term plan online.


Aastha Mestry - Portfolio Manager          

An Author and a Full-Time Portfolio Manager, Aastha has 6 years of experience working in the Insurance Industry with businesses globally. With a profound interest in traveling, Aastha also loves to blog in her free time.

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