Friday, September 25, 2020


Online Life Insurance- The Best Way to Get Your Policy

January 22, 2020 02:55 PM

The internet has changed the world drastically and made all those tasks hassle-free, which were difficult to perform. Today, most of the things are purchased online. Be it anything- right from grocery to electronics, you have to go to the online merchant, add the desired item to the cart, make a payment, and the item is delivered to your preferred address. BFSI is one of the major sectors where people usually get trouble to perform anticipated tasks. Everyday banking is available now over the phone and the internet. However, the most awaiting- insurance was also made available through the internet, which not only helps people to buy online life insurance but also saves their hard-earned money. How? Continue reading-

Benefits of Online Life Insurance Policy

 Buying life insurance online offers you a bunch of benefits that leave you amazed, and help you save more along with your regular practices.

  • Hassle-Free Process- Today, almost all the life insurance companies have introduced their online life insurance plans which require minimal efforts to submit your details and pay premiums. It takes around 15 minutes to complete the entire process of buying, after which your work is done.
  • Choice of Plans- Nowadays, insurance companies offer a list ofdifferent types of life insurance policies. However, online term insurance is the most sold product as it is the pure form of life insurance. You can choose the best suitable plan for your specific needs.
  • Comparison- You can compare life insurance policies online, which is the most significant benefit ofan online presence. Insurers showcase information related to each plan on their website through which you can distinguish between them and choose the right plan.
  • Calculator Provision- Life insurance premium calculator is a tool offered by the insurer and also by aggregators. Using it, you can get the quote for your desired plan, as how much will be the premium for a particular sum assured and specific tenure.
  • Affordability- Online life insurance policies are affordable as compared to other plans as several costs such as administrative charges, paperwork costs, brokerage charges are minimized.
  • Flexibility- The premium payment options are flexible as you can choose single payment or multiple payment options. Multiple payments refer to annual, semi-yearly, or quarterly payments. You can pay the premium using your credit/debit card or using your net banking. Similarly,
  • 24x7 Assistance- In case of any query, you always have the option to contact the insurance service executor through chat or call. This service is available all the time.
  • Absence of Broker- While buying online life insurance policies, you don’t need any broker to run you through the plans. This not only avoids chaos but also reduces the chances of getting the wrong product.

 Though we have seen what the benefits of online life insurance plans are, there are still some people who believe in myths associated with online life insurance policies. Let’s see these misconceptions and truths about them.

Myths about Online Life Insurance Plans

 1.Online life  insurance coverage is not sufficient

Wrong! You can choose the coverage as you require, subject to insurer’s terms and conditions. If a particular plan is not providing adequate coverage, you can also have an option of going for riders.It is an additional coverage against events like critical illnesses, accidental death, and so on.

2, Online transactions are not safe

Again a myth! Today, online transactions are very secure by two-way verification. When you enter your net banking credentials or credit/debit card, a one-time password is required in addition to the account PIN. The transaction doesn’t complete without OTP explicitly generated for you. If someone tries to misuse your credentials, you immediately get OTP to your registered number or email ID. In short, online transactions are safe.

3.Online Plans are expensive

Not at all! Online plans are inexpensive than any other offline policy. As seen earlier, several costs are lessened or not available in online policies such as brokerage charges, paperwork, etc.

 4. It is challenging to get the right plan online

Sometimes, offline purchase of the life insurance may result in purchasing a wrong plan, as the broker may have his interests in a particular policy, or he may convert your needs wrongly. However,  online life insurance  is flexible where you choose your plan, pay for it, and receive the policy documents o the registered email ID/address

Now that we have seen that buying online life insurance is risk-free, here is the short process to buy the suitable one for you-     

1.Visit the insurer’s or aggregator’s website from where you want to buy your life insurance plan.

2.Compare different plans, weighing their advantages and disadvantages, along with inclusions and exclusion.

3.Choose a suitable plan and click the ‘Buy Online’ button to proceed.

4.Fill the required fields to get the right quote for your policy. A quote is nothing but how much premium you will have to pay for your chosen sum assured and the tenure.

5.Provide your details along with medical history and hobbies/habits and other information.

6.Upload necessary documents, if asked by the insurer.

7.Once you submit all the details, your task is over. The underwriters will decide whether to issue the policy or not.

To encourage people to buy life insurance, especially online, the insurance council of India has come up with a campaign- Sabse Pehle Life Insurance. This urges you to get secured and safeguard your loved ones’ financial future before buying any useless lifestyle stuff. To conclude, online life insurance is the best way to get your policy.

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