Still Buying Term Insurance Policy Through Agents? – Try Online

By | August 2, 2016

An increasing number of young adults choose to purchase term plan online because of its convenience and ease. Online shopping does not have to be limited to make regular purchases. The financial services industry has also witnessed significant technical development.

Traditionally, when someone considered purchasing an insurance plan, he thought about an agent. However, the Internet has not only made regular shopping easier but also offers excellent options for buying online insurance policies.

Here are four reasons why buying insurance online is advantageous.

Access to detailed information about the plan

Several insurance companies offer different types of plans. Individually availing of information about all these policies is a cumbersome task. With online term insurance, users are able to avail all the useful information related to these different policies without any difficulty. They are able to access detailed information about the insurance policies, comprehend the salient features, and terms and conditions. All this information is useful in making a right decision.

Easy comparison of different parameters

Another advantage of opting for online terms plans is the easy comparison of different products. Users are able to compare various parameters, such as sum assured, policy term, and the premium amount for policies offered by different insurance companies. In addition, individuals are able to gain an understanding of the claim settlement ratio and the credibility of the insurer through the online resources. Individuals must opt for an insurance policy offered by a reliable and reputed insurer to ensure the benefits under the plan are available as and when the need arises.

Comparatively lower premium

The traditional method of buying term insurance through an agent resulted in the users paying higher premiums. This is because the insurers had to pay the brokerage to agents and other intermediaries, which increased their overheads. However, when an individual opts to buy an online term plan, the costs of intermediaries are eliminated. These savings on the commissions and other operational costs are directly passed on to the buyers as a lower premium for the term plan. Additionally, users are able to receive instant quotes making it easier and faster for them to make their decisions.

Hassle-free process

A major benefit of buying insurance online is the quick and hassle-free process. The entire procedure is paperless, which makes it convenient. Users no longer have to wait for the agents to provide the information, fill long application forms, and complete many more formalities before availing of the insurance policy.

Individuals must fill an online application form providing basic information and submit it to the insurer. Supporting documentation, such as PAN card, address proof, and other documents may be submitted through scanned copies. On successfully completing the payment, the users receive digital documents, which eliminates the long waiting period in case of physical insurance policies received through the mail. The policy document is available to the holders at all times, which overcomes the inconvenience of carrying physical copies with them. Digital copies are easier to store and do not face risks like loss or theft.

Automated assistance

Purchasing insurance online not only convenient at the time of purchasing the policy but also useful for receiving automated assistance and timely services. Policyholders receive automatic reminders to ensure they never miss the premium payment date. In case, an individual faces any difficulty, he is able to seek assistance through the online chat services offered by the insurers. Moreover, the insurance service providers have toll free numbers that may be used by individuals who wish to seek offline assistance.

Individuals should take advantage of the several benefits of buying online insurance policies. It is not only a convenient option but also an affordable and cost-efficient method of availing of an insurance coverage. Moreover, it is the fastest way to gain coverage for the financial security of the individuals and their loved ones.

Who can be benefited with this article?

Although the article will best suited for buying term plans online, but now a days almost every kind of insurance can be purchased online without the help of an agent. If you are looking for buy life insurance online, buy two wheeler insurance online, buy health insurance online, buy term insurance online, buy insurance online for car, buy insurance online for bike or buy insurance online for mobile phone kind of queries you will find this article very helpful. Switching to online mode will save money also as the agent’s commission can be waived off by the company and the premiums will get more cheaper.

Have you purchased any term plan online? I have purchased HDFC Click 2 Protect Plus Plan online and I have to say the experience was quite good compared to typical way of buying an insurance from an agent. I would love to hear from your experience here by writing a simple comment below.

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