There are a huge number of insurance policies available in the market. Also, there are numerous platforms to bring them to the consumers. However, the combination of term insurance plan and online platform is the most successful one. We bring to you some of the advantages of buying a term insurance plan online.
Cost, in terms of premium and amount assured, plays a major deciding factor to buy a term insurance. The online platform is considered to be cheaper than the offline counterpart by 50-70%. The reasons are quite obvious, one as there is no mediator therefore, the customer directly deals with the company. The only drawback is the competitive rates various insurance companies offer online. For instance, there are cases where customers have purchased a term insurance plan at a certain price but, now the same plan is available at much less price with same amount of tenure and amount assured.
The online mode of buying insurance definitely comes with a lot of flexibility in terms of the kind of term insurance plan you would want to buy. One has to also conduct some research before buying a policy online as there is no agent to guide you with the right processes. However, it is much of a blessing in disguise as we often tend to buy policy under a laid back attitude in presence of an agent.
The only reason people are still apprehensive to buy an insurance policy through the online platform is the claim settlement process. The concern is justified also as there is no data to back-up the number of claims settled for the policies purchased online. The companies usually put up a compiled report of both online and offline claims settled data therefore, not giving a clear picture on this agenda.
The sum assured in a term insurance plan through the online mode is higher than its offline counterpart. One reason as mentioned is the low cost involved in the entire process. Also, the marketing tactic can be given credit for it. The constant pop-ups online with lucrative lines such as “One crore term for just Rs 500 a month or Rs 17 a day” definitely lures you as opposed to an agent trying to convince you for a certain policy.