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:
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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