Over the last few years, there has been a major transformation in the insurance industry in India. Insurance companies have started offering its policies online that help customers gain access to a large number of protection and savings solutions. However, there are some people who still like to buy insurance through agents.
The policies sold online are available at a lesser cost than those sold offline. By buying the policy online, the company eliminates the role of agents or middlemen and you can get the insurance at a low cost.
Table Content
Online or Offline Purchase
When an insurance buyer contacts an agent to buy the policy, the chances are high that the agent will ask the buyer to buy a product that earns him a higher commission. The insurance basically aims to secure the interests of the buyer, but an agent sells what he wants to sell and by relying on agent, customer buys a wrong product. An agent wants to earn commission, so he hides key information for the insurance product.
Unlike offline mode, by buying the policy online, the interest of agents or other middlemen gets eliminated. By logging into an insurance web aggregator website, such as comparepolicy.com, you have the flexibility to digging up the information and compare the policy benefits that helps you to buy an insurance policy that fulfills your needs. Agents don’t sell a plan which involves less commission, not only this, they also try to discourage customers buying such insurance plan. It is thus a better decision to get an online insurance.
If you have a fear to buy insurance online, just no need to worry. Actually, the chances of getting cheated are more when you are buying a policy with help of an agent. Agents only sell products that give them highest commission. Due to the low cost, convenience and hassle-free buying procedure, online purchase is the best way to buy insurance online.
HDFC Life Super Savings Plan, Bajaj Allianz Save Assure, Aegon Life iTerm Plan are available online and does not involve any agent commission. These online plans also provide same benefits with the lower premium, when compared to offline buying.
Benefits of Buying Insurance Online
Following are the benefits you can avail when buying insurance online.
Easy, Quick & Convenient: Buying insurance online saves a lot of time and it is convenient as well. Whether you want to buy life, health or motor insurance, you only need an internet connection to get a quick access to quotes for buying a policy. The smooth procedure for filling proposal form online and secure payment gateway makes the entire buying procedure simple and fast. Online buying provides you the option to customize the policy benefits plus enjoy the instant issuances of policies.
Cost Effective: The online mode is the most cost effective way of buying insurance. When buying online, there is no involvement of agents, middlemen or other intermediaries, so the company saves 20-25% of their operational cost by eliminating intermediary commission, which lead to decrease in the cost of insurance. This decrease in cost of insurance is then passed on to the customers in the form of lower premium.
Informed Purchase Decision: Online platform provides you the power to make an informed purchase decision. Insurance web aggregators enable you to make comparisons between features and cost of various policies available. Not only this, you also have the flexibility to go through the product features and then, decide one that caters to your insurance needs. These websites also offer live chat facility with which, you can get more clarity on your doubts.
Paper Free
The online buying procedure is completely digital and the insurance company sends you the digitally signed policy documents as soon as the payment gets processed. You can send required documents such as Pan Card and other ID proofs as scanned copies. With the online issuance of the policy, you can obtain easy access to the policy documents any time you need it.
Automated Servicing: The online platform is not only restricted to selling insurance, it can also be used to download brochures and policy wordings, get quick premium quotes, renew policies online, track your insurance investments and make online claims. With online mode, you do not have to depend on anyone and the buying procedure is completely hassle-free.
Conclusion
There are hosts of benefits that you can avail while buying the policy online. With online buying, you can get insurance at a lower premium. It is always an easy and convenient option for buying a policy. When heading for online insurance, it is extremely vital to compare policies online and don’t ever forget to read the policy features and benefits, prior opting for it.