Why you should buy a term Insurance Policy online??

If you are looking to buy term insurance, you would have two modes to do that: online and offline. The online form is increasingly becoming popular because of several reasons. The most obvious one being the convenience with which you can purchase it. All you need is an internet connection and you can buy a policy when you are at home, working in office or even while travelling.

Apart from convenience, there are several other factors also which one should consider before buying term plan. Lets look at some of the factors-

·         Cost

Cost is a major factor while going for term insurance. A lot of online term plans are cheaper than offline term plans. The lower costs entailed in direct distribution of term insurance and the fewer hassles in providing the policy to the customer are the main reasons behind lower premium rates online. There is no intermediary involved in the process. You deal directly with the company and hence, the company's costs are less as compared to the offline mode.

·         Efficient process

An important responsibility of the consumer is to provide accurate details while availing the policy. As buying a policy involves filling forms, there is a slight possibility that errors may happen with the offline mode. However, with online the chances of such errors are eliminated with a highly efficient user interface & process implemented by the companies today. If you make a mistake or fill details in a wrong format, the website immediately highlights the field (for e.g.: Mobile No, email ID, etc), signaling for changes to be made. This ensures you avoid errors while filling up the form.

·         Flexibility

The online mode gives you more flexibility and more options in choosing the required term plan. However, you need to do a bit of homework while buying a policy online since here you do not have the privilege of an agent helping you. There have been cases where agents have misplaced customers' information while filling the form - either intentionally or by mistake. This could prove costly during claim settlement.

·         Easy to research & compare

Researching and comparing is the thumb rule for any kind of shopping. Same is the case with term insurance. Since this is a long term product with a fairly complex process, one needs to look into all the details before making the decision. Buying term insurance online makes this much simpler. You have the convenience of easily browsing through the different insurer websites and learning everything you need to know about the product. Next, you can compare the features and benefits of the plan and decide which plan is the best suited for your needs.

·         Customer support

    Many consumers assume that online term insurance does not offer any assistance while availing the plan. While reality really is that online term insurance offers constant customer support through a customer helpline, which can be called or you can request a call back. They can be approached in case of any queries you have with the plan or if you face any glitches while buying the policy online.

    This Article has been Shared by Student of ICAI Palak Aggarwal.She can be reached at aggarwal.palak2809@gmail.com

Get Sudycafe's Updates by SMS in your mobile by Following below two Steps: 

1. Download our SmartPhone Application & 

2. Send a SMS, Type: JOIN CASTUDYCAFE & send to 9219592195

Subscribe to Studycafe by Email