With the rising popularity and usage of the internet, life insurance policies have also gone digital. Now, you can buy the plan online through various means that include –
- The insurance company’s website
- Insurance aggregator platforms
- Online brokers
- Online insurance agents
This has simplified the buying process and even made it more convenient. Here are some of the benefits of buying life insurance online.
Some Benefits of buying life insurance online
1. Easy purchase process:
The online purchase process is easy and convenient. You don’t have to step out and visit the insurance company or look for an agent. You can simply go online, fill up an online proposal form, submit the required documents, make online premium payment and buy the policy from the comfort of your home or office.
Many insurance companies also facilitate video KYC through which your identity is authenticated. Furthermore, there are facilities of eKYC and CKYC etc. through which insurance policies can be sold online without the need for the policyholder to be physically present.
2. Complete transparency:
When you buy an insurance policy, the complete details of the policy and the insurance company are easily available. You can read through the policy terms and conditions and benefits structure, make comparison with similar products and understand what you are buying.You can assess the coverage, see if it meets your needs, and then make an informed decision about buying the policy.
3. Lower premiums:
When you buy a life insurance policy directly from the insurance company, the middleman or intermediary is eliminated. As the intermediary is eliminated, so is the commission cost payable to him. As the commission is eliminated, the premium reduces. Thus, in many cases, buying online can give you affordable premiums.
4. Secured transactions:
If you purchase a life insurance policy through the website of the insurer or its registered intermediary, your transaction will be secured through encrypted data.
5. Quick policy issuance:
When you submit the online proposal for insurance, the insurance company gets the proposal in real time. This helps the insurance company in expediting the processing of the proposals and ensure faster issuance of the policies.
6. Ease of calculating your coverage with online calculators:
Online life insurance calculators are available that help you calculate the estimated insurance coverage required after considering various factors. You can use these life insurance calculators and find out how much sum assured you should buy and what the premium would be for the same.
7. Ease of comparison:
When you buy online, you can compare similar policies offered by different insurers. Online insurance aggregators and brokers help you compare and pick the suitable life insurance plan that matches your needs. You can get a comprehensive scope of coverage at competitive premium rates when you compare.
The online medium is convenient. However, ensure that you understand the detailed terms of the policy when you buy it online. If you have queries or confusion, you can connect with the insurance company for assistance to help you buy the life insurance plan online, without hassles.
Check out the life insurance plans available online and consider buying them if they match your investment needs and requirements.
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