Buying an insurance policy, of any kind, is very convenient and quick if you choose the online way. Busy lives and easy access to the internet has made a growing number of Indians choose e-insurance. However, there is still some level of hesitation among buyers, especially due to fear of online scams and hacking, to choose the online way.
Advancement in securing payment modes and protection of personal information has made online purchases of insurance policies safer.
Here are 4 such concrete reasons on why you should also opt for it over the traditional agent route.
1. Compare and buy
There are multiple insurance aggregating websites that allow you to compare two policies. Be it health, life, vehicle or home insurance, you need to buy a cover that meets your requirements. For example, generic and popular mediclaim policies may not fit your health condition requirements. Further, the premium charges or premium payment options provided may not accommodate your finances.
In comparison to buying a plan from an agent, before an online policy purchase, you can read all the terms, conditions and features with regard to the policy rather than make a biased purchase for their commission. The online insurance services also have exclusive customer care service number to contact and seek assistance on the purchase and policy features.
Apart from purchasing plans from these insurance aggregating websites, you can also visit the company's website and directly purchase the one you like.
Most insurance plans are cheaper in terms of premiums charged when bought online. This is because the online mode reduces the distribution costs incurred by the insurance companies to sell policies offline. Hence, the companies choose to pass on the benefits of lower costs to their customers.
3. Exclusive plans
Many private players have exclusive insurance plans (especially in the general insurance category) that are only available via the online mode. This provides buyers with more varied options in choosing the right insurance plan to match their needs.
4. Simpler paperwork
You can upload scanned identification and other documents needed to complete the KYC procedure in buying an insurance policy. Additionally, many companies have chatbots and other kinds of round-the-clock assistance required to make changes to your insurance policy documents or sending reminders to make payments towards your premium, which you would ideally go to your agent for.
E-insurance provides buyers value for their money in terms of charges, premium, service and choices. However, one should make an informed decision before the purchase. Buying popular schemes, especially those that an investment-linked (ULIPs and endowment) could be a bad decision if they do not suit your needs.
Therefore, if you are not financially well-informed and require assistance from a financial advisor or an agent, you can opt for the traditional route over online insurance policy purchase.
If you decide to purchase online, maintain all the proof of transaction payments (via screenshots and PDF invoices) and other related confirmations that you may receive for future verification.
Further, before you purchase the insurance policy, check if the company has a smooth online claim process.
Also, in case of a life or health insurance policy, e-mail the necessary documents to your nominees.