Recently I was reading an article on should one buy online term plans with high claim rejection rates? While reading this article and similar concerns of people I though to write this article about whether it is good to buy a term plan online compared to offline.
Personally I have purchased a term plan online only and I will also share the reason why I did that. The process of buying policies offline needs various interventions like agents, visiting to insurance company office, submitting documents manually etc. But in case of online term plans, I think things are much more transparent and anyone can do it yourself by spending some time only.
Why there is a question against online term plans?
Actually many people are questioning that offline term plans are mainly popular due to their cheap premium rates only which is 100% true. And many people are not analyzing the companies and sometime buying a term plan with cheap price from a company who has a low claim settlement ratio.
Many people also say that, without the help of an agent if someone buy insurance and in case of claim settlement your family may not get proper assistance due to less knowledge of claim settlement process. Sometimes claims may get rejected as well, although there are others reasons involved.
Things which are common before buying a policy
Whether you buy a policy online or offline, make sure you are doing few things properly to avoid rejection of claims. One more thing I want to say that for any kind of policy, the claim settlement process is a offline process only. Anyway these are few checklist before buying any insurance product.
1) Fill up the insurance proposal form very carefully
2) Furnish all information honestly without hiding anything
3) Share medical reports wherever applicable
4) Educate your family about the insurance policy and also how to claim guide
5) Share accurate information about your job & salary
Why buying Term Plan Online Is a Great move
- The very first thing that will attract you is the premium rates. E.g. if you compare both lic online term plan and LIC Amulya Jeevan you will clearly find the huge difference in premiums.
- Buying an online term plan is like shopping from Amazon.in. Its so easy to fill up the forms online, calculate premium using online premium calculators, paying premiums instantly and many more easy to understand features one can follow. But in case of offline policies, you mostly depend up on what your agent is sharing with you.
- The best part is the sum assured value. Now one can easily buy a 1 crore term plan by paying a very low premium which is not possible in case of offline term plans.
So, do you think it is not safe to buy term plans online? I think there is one concern always which is the accuracy of data you are providing online. In case of offline policies, there might be an agent who is scrutinizing your entries to make sure there is no mistake, here you have to do it yourself. The best part I would say, involve your family while buying term plan online and start educating them from the day one, as they are going to get benefited only in case f your unfortunate death.
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