• What Makes Buying Life Insurance Online Click

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Life insurance has been in existence in India for nearly three centuries. With time, the process of buying the policies has developed immensely. A few years back, individuals who wished to buy a life insurance policy would have to contact a broker or an insurance agent. The broker would then analyse the person’s financial situation and requirement and then recommend a plan for the individual and his/her family.

    The broker’s intervention would not end with the purchase process but would go on until payment of maturity and death benefits too. He/she would help the policyholder with the claim procedure and any other procedure as and when required. In return, the broker would receive a commission.

    But with the advent of technology, the insurers entered the online market and started offering plans online. Any individual, today, can purchase a life insurance policy through the insurer’s website or an insurance aggregator.

    Here are a few reasons why you should choose the online mode of purchase instead of the offline mode:

    • Ease of buying: The online procedure does away with the need to visit a branch office or take help from a broker to buy a policy. Instead, you can simply log in to the concerned insurance company’s website and buy the policy you desire.
    • Unique policies: Insurance companies usually offer a separate set of policies that can be bought online. These policies are unique in terms of the features, benefits offered, premium payment options, premium payment modes, and other services. Hence, you can enjoy the several benefits by purchasing the policy online.
    • Flexibility: Buying a policy online gives you the flexibility to choose how you want your policy to be. You will be in full control of everything with respect to the policy and need not depend on any third-person.
    • Easy research: Insurance companies put up the details of all the plans available under their official website. You can download the brochure or the policy document and go through all the features before making the final click. Additionally, many third-party websites present details and comparisons of the many different policies which makes it easy for you to take the right decision.
    • Saves time: You need not fix an appointment and spend hours together with the broker understanding life insurance and deciding which one is the best. You can, instead, access the insurance information available online any time during the day when you are free and make the purchase once you have gone through all the necessary material. Apart from this, the online mode saves the time taken to collate and submit all the necessary documents to the insurer.
    • Low cost: Online life insurance policies are priced comparatively lesser than offline plans as they eliminate the many different processes that are involved. They also cut down on broker costs as well as paper costs. The insurer, hence, shares the costs saved by offering lower premiums to the policyholder.
    • Services: Insurance companies have set up efficient customer care channels which can be utilised to purchase, pay premiums, register claims, track claims, or resolve any claim whatsoever. Also, the not-so-tech-savvy customers are offered telephonic assistance or a face-to-face meeting to help them with the process to get used to the online purchase and payment mode.

    The information provided by an executive of an insurance company is always more reliable than a broker so it is best to buy a plan online than offline. Also, the online system avoids mis-selling and any other malpractice.

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