Why should an individual buy a term plan online?

Posted by Aravi on June 22nd, 2017

Buying an online term plan is becoming popular in India in the recent Past. Reason the online term insurance plans are getting so popular in India?

Freedom to take decisions freely: With the online term plans the individual is the sole actor, there is no intermediary from the company who is trying to sell the company’s product. You can go through the fine print just to understand all the included terms and conditions so that there is no confusion or misunderstanding related to any aspect of the policy he or she has bought. If the individual requires any clarity he or she can connect with the customer care executive who can answer all the queries. It is recommended if he or she does this earlier to avoid any last minute disappointments and surprises.

Cost effective: The absence of the agent in the buying process brings down the cost of getting the insurance plan. Hence, online term plans are comparatively cheaper as compared when you buy it from an agent. According to experts the difference in pricing of the claims could be 30% to 40%. This is because of the lack of agent participation and the other overhead costs.

Lesser possibility of fraud being done: A you are the sole person who is undertaking the entire process of filing for the insurance there is no chance of any fooling or getting duped as there is no agent who is involved in the online process. Moreover since all the formalities are filled and submitted online, the policy holder has the entire transaction history with him as a record. The same can be used in case of any issues if it arises at a later point.

Clarity on the rejection: Knowing the insurance company’s online claim settlement ratio is really difficult as the online and the offline data is generally clubbed together. The insurance regulatory and development authorities have made theguidelines which make the entire online term plan process easy and less tedious.

They are more convenient: An entire process is online the individual can make choices on whether the plan is suitable for him or not, also he can take time to think on it. The potential policy holder can also compare amongst the different plans that are available online. If the individualvisits the website he can know about the application status, use insurance premium calculator to understand the costs involved. The form filling is free and is really less time consuming. With so many advantages mentioned above buying an online term plan is the easiest thing an individual can do.