Whenever you want to buy an insurance plan, the first thing that comes to your mind is whether you should contact an insurance agent or buy it online, huh? We’ve done the homework so that you can make an informed decision.
With a plethora of insurance companies in the market offering a variety of policies, people often get confused. So, buying an insurance policy is not as easy as it was before. But to facilitate customers, insurance companies are now posting all the details regarding their insurance products on their official websites in the same way that they do for other financial products like Credit Cards, Personal Loans, Home Loans or Car Loans. This online facility not only helps customers compare and choose the best insurance product that suits their needs but also lets them buy the same at a lower premium. How cool is that?
Additional Reading: How A Smoker Can Buy Health Insurance
Benefits Of Getting Insurance Policies Online
- Instant & Secure: This is one of the fastest and most secure ways to get your insurance policy. You can visit the website 24×7, from anywhere in the world to get the insurance policy. When everything’s fast and instant these days, why should insurance be left behind?
- No Misunderstandings: Consumers can directly visit the official website of the insurance company to check the plans that are available and buy it from the portal. This not only reduces the cost but also reduces the chances of being misled which sometimes happens in case of buying insurance products from insurance agents. No agent, no cry.
- Policy Reviews: Reviews help you make the right decision. Apart than that, you can also discuss the policies on online forums to get suggestions from existing policyholders and insurance experts. The internet is where you find your tribe.
- Comparison: Portals of insurance companies allow you to get all the information you need about all the insurance plans available in the market. Some websites even offer you tools to compare deals of multiple insurance companies that can help you shortlist the one with acceptable terms and conditions and a low premium.
- Online Insurance Claims: With an online presence, most of the insurance companies also allow their customers to make their insurance claims online. This is one of the most useful and convenient processes which allows customers to get their claim money easily.
- Convenience: The online offers by insurance companies allow customers to get insurance from the comfort of their homes. You can visit the official website of the insurance company and provide your complete details and make an online payment either via Debit/Credit Card or net banking to buy the policy. It’s that simple.
Best Selling Insurance Products Available Online
Life Insurance – Term Plan, Whole Life Plan, Moneyback Policy, Endowment Plans & ULIPs
Additional Reading: How to Choose The Right Life Insurance Policy
The ‘Not-So-Good’ News:
Sketchy Understanding Of The Insurance Product: Buying an insurance plan online may not give you a complete understanding of the insurance product you are buying.
No Personal Touch: Buying an insurance policy online will help you interact directly with the insurance company and eliminate the role of an insurance agent. The ‘personal touch’ that some people prefer is absent in this case.
Fraud: Apart from the other cons of buying insurance online, you need to be sure that the insurance product you are buying is genuine and the platform that you are using is official. Buying an insurance product online involves submitting your financial information on the company website. So, it’s best to be very sure about the genuineness of the website before disclosing your personal and financial information.
Additional Reading: Top 5 Reasons Why Millennials Need Insurance
Online Vs Offline: Which Is Better?
When you want a service where a person i.e. an agent comes to your doorstep, understands all your insurance needs and offers an insurance product which suits your needs, then you should go for an offline insurance policy over an online one. An agent will not only give you the complete details about the insurance product but also collect the papers and cheque from your place and deliver the policy documents at your doorstep. Even when you make claims, the agent will help you. But for all this, there is going to be some commission which you, as a policyholder, have to pay. But that’s okay, right?
On the other hand, if you and your family understand the basic terms of insurance policies and you have time to search the best policy on insurance portals then you can save some money by purchasing your insurance policy online. Besides the savings, it lets you compare various insurance policies available in the market. Here, it is very important for at least one member of your family to understand the claim process. In the case of a claim, a member of your family will have to contact the insurance company for getting the claim processed.
To each their own. Cool?
Online is in and we can help you sort out your finances. Give us a shot!