Your parents perhaps even complied knowing nothing about the fact that the so called policy that was being advocated as the best for them, was perhaps the best for the agent himself as it fetched him the highest commission!
But those days are long gone. With 52 million active internet users in the nation today, who use the online platform to buy everything from groceries to gadgets online, it is little wonder that they are open to buying online life insurance polices too. The life insurance sector is very much a part of the rise of e-commerce in India and is gaining popularity across the nation. And with good reason too. If you are not quite convinced yet, here are some reasons why you should opt for online insurance plans.
Higher sum assured
While making any purchase, the first thing that comes to your mind is cost, and insurance is no different. Most online life insurance products are at least 50% cheaper than their offline counterparts. There are two major reasons why this is possible. Firstly, you purchase from the insurer directly, therefore there are no intermediary costs that are passed onto you.
Empowering the customer
Insurance companies provide all the information regarding the product, it features, tenure and riders clearly on their website. Therefore those customers who are willing to make an online purchase can access this information easily and make an informed decision. They no longer have to depend upon an agent or any other party with a vested interest to give them the relevant information.
Easy reputation check
With rampant use of social media and the forums of customers sharing their experiences about each and every purchase they make, it has become easy to check the reputation of the insurer and the product that you are applying for. Reputation is mostly with regards to claims settlement. While opting for a product you can scour the web to see the previous experience that customers have had with regards to the claims settlement of a particular life insurance product. You can thus make a better decision based on this information.
As each and everything about the product in question is online beginning from its features to the customer experience as well as the regulatory action that is applicable in case there is a problem at your end, there is nothing that an insurer can keep from you anymore. There is therefore total transparency that you can count upon.
However, one must bear in mind that as much as buying insurance online comes with many benefits, there is no advisory involved. The onus is therefore solely on you as the customer to carry out the right kind of due diligence and picking out a product that is a perfect with your overall financial plan.