Sunday, February 17, 2019

Why It’s Better to Buy Your Insurance Policy Online

July 10, 2018 by  
Filed under Business, Health, Opinion, Weekly Columns

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(ThyBlackMan.comWhen you are in your 20s and stepping into the corporate world, ‘insurance’ is the world that you every year. Why? It is considered to be best to invest at the earliest stage for averting the future financial risks. And if you are still unsure why you should buy life insurance, you need to go through the points mentioned below to take the right decision at the right time.

Millions of people are telling you to buy life insurance online but you still have not been enlightened with one concrete reason that can give you the final push. Moreover, why opt for online insurance? Well, the digital world is playing a huge part in your life and with the online provision; you can initiate the life protection and pay out the premiums within the grace period. Not only can you save your precious time but also there is ample scope for enjoying the maturity benefits without spending the travel expense for going to the insurance branch.

Customer Empowerment

The customers are given entire information about the life insurance on the official website. Only with one click, the customer can get knowledge of the exclusions, benefits, features, riders’ benefits, renewal policy, premium calculator and tenure. You can even shoot queries as the online support is open for 24×7.

When people intended to buy life insurance from the insurance branch, they were never provided with the full information and it would take days to buy life insurance policies. Now with the online section, one does not need to wait for the life insurance agents or visit the insurance branch every now and then. Thereafter, it has become super easy for customers to rely on themselves for acquiring information to buy life insurance policies.

Online Comparison

The digitisation has given rise to many facilities in your life; especially, you wish to buy life insurance as you can compare life insurance plans now. Hence, you can only choose the best life insurance you can buy online measuring all the maturity benefits and comparing the premiums. When you visit the branch to buy life insurance policies, you can never get the rates of the competitors’ plans.

However, before you buy life insurance rates, one should not always choose the popular one. There might be popular policies that fail to fulfil your financial goals. However, the online presence of brokers and care service can address your queries in an efficient way. If you go through the plethora of reviews before you buy life insurance, you can get a hint on what basis the policies may be effective for your situation.

Cheap Rates

When you are purchasing a product, the price is one of the factors triggering your buying behaviour. And when you buy life insurance, the cheap premium amount with huge benefits is likely to be your first priority. As the online portals offer online sale while you buy life insurance, you can notice that the online policies are a lot cheaper than the ones available in the insurance branch.

Even if the customers buy life insurance at a low cost, you can notice that the sum assured amount is high in the online portal. The mortality risk among the consumers who go for the online plan is not higher than those who visit the branch for the plan.

Less Paperwork Involved

Most of the policy websites are designed to be engaging and intuitive. When the customers opt for a plan, they are required to duly fill up an online form. The supporting documents are needed to be uploaded only if you notice an easy and a safe interface which cannot disclose your sensitive information.

For the offline document submission, there is often the need of applying with the photocopies of supporting documents. In addition to the context, the courier documents and certificates need to be submitted as well in the branch. Comparing to such a long process the offline process requires the online mode seems easier involving no paperwork.

Watch Out for the Disadvantages

When you buy life insurance policy online, there are certain disadvantages that you should remember and prepare yourself accordingly. If the customer does not understand whether the person eligible for the insurance or whether the plan meets his/her demands, the customer can interact with the online agent. Moreover, the plan can be made flexible before you buy life insurance. It is also important to check whether the product is available in your city and then buy life insurance policy online India.

  • No Intermediary Agent – After the customers get life insurance quotes online, they need to deal with the procedure alone with the help of policy company. There is no middle-man involved in the process and the customer needs to grasp the process of claim settlement or setting nominations.
  • Variation between ULIPs – The ULIPs or term plan varies on a large scale in the online platform and this is why, it is recommended to check various websites before you buy life insurance today. Price, the asset value of insurer, history of the insurer, reviews and complaints and service quality.

Apart from these two, there might be many online policies that do not always provide the option for including riders’ benefits. The claim settlement process can be difficult for everyone as there is an ample space for improving the online platform.

Miscommunication or denial from the insurer can be difficult for the customers to go on with the online policy and there is often lack of concrete proof of transaction. The online portals need to eradicate the possibilities of lack of transparency along with embracing a safe transaction framework so that the sensitive information does not fall into illegal hands.

Now you can guess that when you decide to buy life insurance, there are specific aspects that need to be reviewed. However, it cannot be denied that if you buy life insurance policy personal through an online portal, it will take less time taking care of convenience. The hitches may not possess threat if you know how to utilise the plan in the end.

Staff Writer; Larry Shaw

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