You might have read enough why life insurance is important or why a term plan is must to secure your future financial plans. In this article I will share why one should buy a term insurance plan online, rather than buying from your insurance agent offline. Although almost all newly launched term plans are available online only, but they are also available for sale offline. If you have not yet purchased you first online term insurance plan, then you should read the best term plan in India 2016 and then make up your mind to buy a term insurance plan in India.
Why Buying a Term Insurance Plan Online Is The Best Option
Technology has changed rapidly in last couple of years and this is obvious that in the age of smartphone, people love to do everything online only. In such a scenario, why not buying an insurance policy online by dumping your insurance agent? Find out my 7 reasons to buy insurance policy online.
1) Pay Low Premiums
You might have noticed that one can pay just few thousands of rupee and buy a term plan of huge life cover. E.g. if you buy HDFC Click 2 Protect plan online for a life cover of Rs 1 crore, then you will hardly pay a premium amount of Rs 15,000/ year (approx) only considering terms & conditions. Now this low premium concept is available only for online buyers as company can skip the insurance agents commission and directly transfer the benefit to buyer.
2) Compare Term Plans Before Buying
Everyone love to compare products online these days and also want to read some reviews before making any decision. In can you will find insurance aggregate portals like policybazaar.com, policyx.com, policyboss.com are offering options to compare term insurance plans in India online. This will clearly tell you which term plan is best and where you can pay low premium and get maximum benefit.
3) Less Paperwork & DIY concept
I can remember those days when my father used to buy LIC policies from LIC agents. There were plenty of paper work which my father never followed properly and trusted on the agent. But now you have to fill up the online forms by yourself only and also comparatively very less information you have to provide. Adopt the DIY or do it yourself methodology to keep yourself in the awareness zone all the time when it comes to investing any financial product. This will also help you from become a victim of policy miss-selling.
4) 100% Accuracy & Transparent
When you are buying a policy online, you can be 100% sure that the information you have provided correct information all the time. In case any problem you can also edit the form before submit. And company is also sharing every details in terms to make things transparent. As soon as your submit the form, you will get all necessary emails or SMS to track what is your current application status and what is next action.
5) Access Policy Details Easily
This is the best feature I like for everything online. After purchasing the policy, most find it difficult to get the policy details time to time. But in case of online, yo can easily log in to your account and then check out every details of your policy and also do necessary corrections like insurance policy address change, registered mobile number change etc with some clicks only.
So, do you think buying an term plan online is safe in India? Or you are happy to pay a healthy premium amount to your insurance agent? Whatever is your way to buy an insurance plan, one thing I would like to tell you that please fill up the policy documents & forms yourself only with 100% correct information, so that you can avoid the risk of policy claim rejection due to wrong data (Although you can file a complain against your insurance company if you have any issue with insurer). Share your thoughts by writing a comment below.