Nowadays, we live in an age driven by the power of the Internet. Whether it is about connecting with clients across the globe or our loved ones, you can do it online with ease. Like several other aspects of our lives, the Internet has also affected the way we address our insurance needs. With the Internet available at our disposal, we can quickly review, compare, and purchase online insurance plans. That is not all – most renowned insurance companies now offer hassle-free online insurance purchase and renewal facility, much to our delight!
The availability of two modes ? offline and online, however, is also something that makes some people raise doubts and have concerns. It is crucial here that we understand that buying an online insurance plan is better than purchasing one offline from an agent. Here is why ?
- Lower Premium
For many people, the cost of buying an insurance policy matters a lot. Many of them do not know much about the factors on which the premium of an insurance policy depends. Still, they do not mind struggling to ask for quotes from different local insurance agents to compare plan features and benefits, and their associated premiums.
Comparatively, online insurance plans are available at lower premiums. It is because there is no intermediary involved in between you and the insurance company. The agent?s commission is passed onto you, which lowers the premium. Also, the insurers save money on various overhead costs involved in physical documentation and record-keeping.
- Convenience
Ask your father or grandfather about the insurance buying process, and you will get a detailed description of how offline insurance buying works. Whether it is about visiting the local branch of an insurer for quotes or having multiple meetings with agents, it takes much time to purchase an insurance policy offline.
Think of a situation wherein you called an agent to buy an insurance plan. Because of the busy schedule, you couldn?t meet the agent in the next few days. And even when you did, the agent told you about the necessary documents that were still not furbished, and you schedule a different day for meeting
Buying online insurance plans, on the other hand, is quick and easy. Firstly, you need not depend on an agent to buy a suitable insurance policy. You can search and compare different types of insurance policies online, before choosing the right one ? from the comfort of your home and receive a quote almost immediately.
- Higher Transparency Involved
When you choose to buy an online insurance plan, you access a range of policies offered by various insurance companies on their websites. There is no haste in purchasing a policy as you can go through its benefits, terms, and conditions, taking your sweet time.
Since you interact directly with the insurer on the official website, it minimizes room for error that often occurs while buying insurance offline through an intermediary. Alongside, it enhances transparency and builds trust with the insurer.
- Easy to Check the Insurer?s Reputation
In the insurance sector, the reputation of an insurance company matters a lot to the growing customer base. With the use of various online channels and forums, people can easily share their experience of interacting with insurers.
For a policy buyer, it means easy availability of authentic reviews online. By going through these online reviews, you can get a better idea about making a well-informed insurance buying decision.
Alongside, you can also check the claim settlement ratio of an insurance company online. It is the ratio of the number of claims the company has settled over total claims received, as defined by IRDAI rules. For a customer?s standpoint, the higher the claim settlement ratio is, the better is the market reputation of the insurer.
- Safe and Secure Online Payment
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Online insurance purchase gives peace of mind to the policy buyers as it eliminates the risk of handling cash. Imagine the confusion if your hard-earned money got lost or misplaced somehow ? you wouldn?t what that for sure!
The money gets processed through secure online payment gateways. You can directly pay insurance premium from your bank account or using various other payment modes. Not just that, you can also set an automatic premium payment option to avoid failing to renew the policy on time.
Stay Insured by Selecting a Suitable Insurance Plan
Online insurance purchase can be a boon to make your life hassle-free. While you look for the benefits of switching to the online mode for various insurance needs, it is also crucial to choose an insurance plan that matches your needs. Although peer recommendations for insurance plans can help in making a decision, you know your needs better than others.
Hence, it is advisable to first decide on choosing an insurance company based on its market reputation and then zero in on the plans it offers. You should always keep in mind that buying the right insurance policies will help you save money in the long run. So, be thoughtful when opting for online insurance purchase or renewal.
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