There are tons of insurance products to choose from in the current market. Though, on the surface, it is good news, as you have more options to choose from. But when you dig deeper, you will realize the sheer number of products is quite overwhelming. Should you reach out to insurance agents, the chances of them selling you the wrong product are even higher. What should you do in such cases? Well, simply look for insurance policies online. If you are looking for a policy that provides you with life cover and nothing else, a term plan is something that you should consider. It gives you incredibly high life covers at prices that will raise eyebrows. But if you buy a term insurance plan online, the deal gets even sweeter. Here is why.
– More Savings
Most of the online insurance products are much cheaper than their offline counterparts. A term plan also enjoys the same benefits. When you go online, the intermediaries are non-existent and insurers gladly pass on the benefits to you. Also, the insurance sector strongly believes that the risk of committing an error in the application is relatively lower when it comes to people opting for online purchases. When you opt for a term insurance plan online, you save a substantial amount of money than what you would have if you went for an offline purchase.
– Better Settlement
As of this point, insurers do not disclose information when it comes to claims made by online customers versus claims made by offline customers. If you have passed on all the relevant information to the insurer accurately, there is nothing to be worried about. Stringent rules by the IRDAI make it difficult for insurers to reject claims. In the worst-case scenario, if you have disclosed all the information and the insurer does not honour the agreement, you can reach out to the insurance ombudsman.
– Options
When you go online to buy term plans, you get higher flexibility and options to choose from. This does come at a cost though, you need to be aware of the policies and their features. This is not a bad thing at all, as being aware of your policy makes things easier. Since you do not engage with an insurance agent, you are solely responsible for filling up of the forms. This can be quite beneficial as it removes any chances of spelling mistakes which are common in offline policies.
– Better Coverage
Lower input costs allow insurers to provide you with better life coverage as well. If you spend some time searching for insurance products online, you will come across a common theme. Almost all the insurers provide a quote for a cover of Rs.1 Crore, which is not small by any margins. A large majority of the insurers do not call for a medical test if you are seeking a life cover of Rs.50 lacs or lower.
– Less Paperwork
Almost all insurers have simplified application forms when it comes to online term plans. It ensures that you complete the form within some minutes and submit the same. Most of the insurers also give you the option to upload all the supporting documents directly into their portals; further increasing the ease of conducting business and reducing paperwork for you.
Most important of all, you have the option of purchasing a term plan from anywhere at any time and that needs a special mention. Getting a term plan online has a lot of perks as mentioned above. But before signing in the deal, make sure you choose the right sum assured and term for the plan; even if that means paying a slightly higher premium up front, as the benefits down the line are huge.
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