Should you trust online insurance policies?
‘Online’ is a word that has become synonymous with many of our endeavors in life, be it shopping, making cash transactions or even buying insurance policies. `Yes, you heard it right! Insurance companies are coming up with a number of well-tailored insurance plans that you can buy with just a few clicks! After all, it’s all about convenience these days. Come to think of it, who doesn’t like it easy, quick and affordable? That's why online insurance policies have become so popular with the modern-day insurance buyer.
However, there still seems to be a bit of confusion, and at times even a hitch in buying online insurance policies. And that is why it is important to know about the benefits that online insurance policies come with.
The Benefits of Buying Insurance Online
Comparatively lower premiums
Online policies are the same as the offline ones in every respect, but they can be bought at a much lower price. Most online insurance products are up to 50% cheaper compared to their offline counterparts.
- The major reason behind this is that there is no intermediary or agent involved in the process.
- Another logic that backs this point is that insurance companies believe that the mortality risk in the customers buying policies online is less.
Therefore, online policies can be bought at much lower premiums!
Higher sum assured
Lower premiums are generally accompanied by higher sum insured in case of online policies. Another added advantage of buying insurance online is that you will need to undergo medical tests only if the sum assured is more than a minimum applicable amount.
Make an informed choice
When buying an insurance policy online, a customer has all the online resources at his disposal to make a well-informed choice. Nowadays, insurance companies provide exhaustive product information over their website. You can read through the policy features, benefits, inclusions, exclusions and riders.
Moreover, insurance providers today employ a lot of interesting ways for advertising and communication of their products. This can include product brochures and infographics with all the product highlights put forward in a concise and engaging way, adding yet more ease to your online insurance buying experience.
Everything about an insurance product can be accessed online, from its features to the customer feedback. And if you are one of those who have a keen eye for detail, even the ‘policy wordings’ are available online. That, in turn, ensures complete transparency at every level and you can be in direct contact with the insurer without the interference of an intermediary.
Further, the internet allows you to check the reputation of the insurer. That is an important aspect to consider since a reputed insurance company can be trusted to pay the maturity claims in time.
At the end of the day, it is your hard-earned money involved, so the pragmatic thing to do would certainly be buying insurance that offers complete details online, a lower premium and a high sum insured and coverage, all without the hassles of coordinating with an insurance agent. Do you see what we are getting at?!
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**