Gone are the days when you had to wait for 3-4 days for a premium quote. Insurance started being available online in 2010, and the trend of purchasing it via the Internet has only picked up since. Not only is it real-time and more convenient, online policies tend to be cheaper than their offline counterparts due to the absence of agent commissions. Therefore, their growing popularity!
Advantages of Buying A Policy Online
Too busy to meet insurance agents? No worries, since you can now get all the information online and even pay the premiums using your computer and Internet. Given below are some of the advantages of buying a life insurance policy online.
- Know the Policy – There are five types of policies, namely term plan, ULIPs, money-back, whole-life and endowment. You can read about the benefits offered under each one of them on the bank’s website and make a suitable choice keeping in mind your financial goals. You can also download the policy wordings from the bank’s website and go through the terms and conditions at your convenience.
- Saves Time – You can now buy insurance at midnight in your pajamas sitting in the comfort of your home. This convenience of buying insurance anytime, anywhere makes this medium so popular. If you have been postponing getting yourself insured only because you really do not have the time to visit the company/bank branch, you can now make the purchase from office or home within a few clicks.
- Saves Money – Online policies tend to 50-60 percent cheaper than their offline counterparts because of the absence of agent involvement. In other words, you can buy a higher cover online for the same premium.
- Read Review – You can also go through reviews by existing customers of the policy. This will help you make the right choice.
Steps to Buying Insurance Online
Follow these three simple steps to purchase a life insurance policy online:
- Step 1: Choose a Policy – Go through the benefits and the terms and conditions of various policies to make the right choice. Choose a cover amount. You must keep in mind your current financial condition, future financial goals, family’s financial needs, lifestyle and your risk appetite. Likewise, if you are risk averse and want to purchase a plan solely for the purpose of your family’s financial protection, you can opt for a term plan.
- Step 2: Calculate the Premium – A premium calculator can help you calculate the optimum level of premium taking into account various factors such as age, income, dependents and other parameters. You can change the cover amount to calculate an affordable premium.
- Step 3: Buy the Policy – Upload the required documents and fill in the life insurance application form. Ensure that you have filled in complete and correct information to avoid hassles during claims settlement. Now, you can proceed to pay. You will receive an official email notification instantly informing you that the transaction was successful.