4 Benefits of Purchasing Your Life Insurance Policy Online
A life insurance plan is a sound investment for your future as well as your family’s future. An insurance policy is a contract between you and the insurance company, where the latter agrees to pay a sum assured in exchange for the premiums you pay. The sum assured is paid at the time of death of the life insured (during the policy tenure) to help the family navigate the financially and emotionally stressful times. However, some specific insurance policies, such as savings insurance, also come with a regular income plan that can help you achieve your financial goals, such as buying a car, paying your home loan EMIs and more.
Buying life insurance plans online.
You can easily buy life insurance online with a great ease. Moreover, online life insurance is more competitive than offline plans because there are no mediators or agents involved in the process. Further, even though both offline and online mediums offer the same insurance policies, there are several benefits of purchasing your life insurance policy online.
Here are the top five benefits of buying a life insurance plan online:
- Informed decision-making:
Buying an insurance plan online is easy as you can search for information online and compare and find the best insurance plan for your requirement . You can conduct extensive research to assess these plans and shortlist the ones that best aligns with your requirements. You can also read about different insurance companies and evaluate them on different parameters like plan features, premiums, discounts, benefits, customer service, and more.
Life insurance companies also clearly specify their claim settlement ratio (CSR) on their website, which is indicative of the number of claims settled by the insurer against the total claims made. You can read online reviews of customers to collect more information before you make the final investment.
Several online aggregators source insurance options from different companies and give you the details collectively on a single platform. This option is not available in the case of an offline mode.
- Lower premiums:
Online life insurance plans are also cost-effective as compared to their offline counterparts because these require less paperwork and the processing is done online. Moreover, if you buy an insurance plan at a young age, you are likely to pay even lower premiums, owing to your health and lower mortality risk. Also, buying a regular income plan early in life helps you to accumulate a large corpus for the future, owing to compounded returns over a longer tenure.
24*7 customer support: insurance companies online offer fast and competent customer services because the online mode is their solo medium of sales and service. Moreover, the websites of these insurance companies are so well designed that you might not need any external assistance.
You can check the various plans offered by these companies, read its terms and conditions, know your premiums, download the brochure or policy documents, get prompt insurance quotes, avail easy renewal services, pay premiums comfortably and securely, track your returns, and even make a claim if needed.
Insurance companies offer 24x7 assistance through chatbots and can solve all your servicing queries, . TATA AIA Life Insurance provides you with all services online. You can easily buy a savings plan or term policy of your choice online, compare the different plan features, pay online, download the policy documents, register your claim, track your claim status or get online assistance for queries. You can also request to meet or talk to an advisor in person if needed.
- Lower risk and higher flexibility: Online insurance policies offer more options and are flexible towards your financial needs. These plans specify all information on their company website for your easy understanding.
Online life insurance policies such as regular income insurance plans offer you higher flexibility. These plans give you the combined benefit of an insurance cover and savings plan. The life insurance element can help to financially safeguard your family in case of your demise during the policy tenure. These plans also offer insurance riders¹ to enhance your insurance coverage.
The savings plan helps to ensure that you achieve your long-term financial goals. You can use the regular income plan to pay for your car EMIs, home loan, or create a stable income stream, monthly or annually, for retirement. You have an option to choose the income period too. That said, online plans are more secure than offline ones because you are directly connecting with the company, which lowers the chances of any misrepresentation in terms and conditions.
Apart from the reasons above, purchasing life insurance online has garnered more popularity because of the increasing dissemination of digital technology and the internet in the country. Be wise and conduct an extensive online search to choose an insurance policy that best meets your requirements.