If you are looking to buy a Life Insurance plan and can’t decide if you should buy life insurance online or offline then you have come to the right place. While it is somewhat true that more and more individuals are coming up to buy life insurance policies online since it offers many conveniences that buying offline doesn’t necessarily provide.
However, we would recommend you to first go through this article so that you don’t get entangled in the wide web of plans and end up buying the least effective one.
Understanding the Benefits of Online Life Insurance Purchases
The benefits of buying life insurance online outnumber its disadvantages greatly. Thus buying a life insurance online not only offers you a quick service of things but will also provide you with a detailed scheme of clauses built into your insurance contract.
Thus, in this way, you will save your time as well as your energy drawing out different plans and visiting the offices of different companies.
While these benefits are something that is provided with everything available online, however, there are some benefits too that are intrinsically linked to life insurance through online purchases.
The first and foremost benefit that everyone always has an eye on is of course the lower cost associated with online plans. This essentially means that buying online will result in your policy being almost 20-25% cheaper than offline rates.
The major reason for such a drastic decline in prices is because people buy life insurance online directly from the company’s website which essentially removes any intermediary or middlemen who also would have charged their commission in a conventional medium.
Secondly, the prices are also low for one more reason as the insurance companies have their policy that people who buy life insurance online are more cautious regarding their health and safety and thus they offer heavy discounts on online policies.
The next thing you find beneficial while purchasing life insurance policies online is the ease at which you can research your policy or various other policies in the market. As in the conventional medium customers have to believe in the information provided by the insurance agents who sometimes oversell the policy to meet their sales target.
However, in an online medium since you are researching all the things by yourself it will mean that all the data that you find on the policy will be genuine and certified by the company.
Another thing that is more often offered by insurance plans is the ability of the customer to curate and customize his/her plan according to his/her needs.
For instance, various life insurance websites to increase the sale of their particular plans offer add-ons like limited pay, decreasing premiums, etc that can be added for a small sum in your policy. This thing is not usually found in the policies provided through agents.
Ensuring Security and Reliability When Buying Life Insurance Online
When buying anything online it is not unusual for individuals may have reservations about the quality of product or service offered since there are tons of policies provided online.
However many insurance companies have come up with verification facilities like KYC which essentially ensures that your policy is safe and secure and not issued to any bogus or fraudulent individuals.
Various companies nowadays have mandated KYC for customers who buy life insurance online. This way insurance companies can verify the person's details without interfering with his/her convenience. The process usually involves providing information and documents like an Aadhar Card, Passport, Address Proof, Bank Details, etc.
Tips for Choosing the Right Online Life Insurance Provider
We have discussed in detail the various benefits when you buy life insurance online and how you can safeguard it from fraud and other malpractices. It is also essential for individuals to know the essential tips that can help him/her to choose the best insurance policy plan.
Assess your Needs: Assessing your needs carefully is something that you should always do before you buy life insurance online. This is because some individuals may have children whom they may want to be insured or some may be in their commencement of married lives so they would want some maternity benefits too. So, ensuring all the things you need in a life insurance policy is very important.
Deciding on the best Coverage: The next thing that any person going to buy life insurance online should decide on is the coverage amount that will be given to the beneficiaries. For instance, individuals who have debt or loan obligations should not ideally opt for EMI coverage as the family would want to dispose of the loan obligation altogether.
Furthermore, those individuals who may have other obligations like higher education for their children or any marital obligations will surely want a much higher coverage. Also, in addition to that individuals will want to ensure that daily expenses of the house like groceries and healthcare are aptly covered.
While there is no rule of thumb as to what should be your ideal coverage however it is recommended that your coverage should be such that it should be equal to the annual expenses of your house for at least 5 years. Furthermore, in the case of loans, etc it is the amount and interest which should be paid on loans should be included in the whole amount.
How to Buy Life Insurance Online Step-by-Step
While it is not that difficult for an individual to choose a life insurance plan, however when going to purchase it one should keep some simple steps in mind.
First and foremost individuals should enter their information relating to their health details, next individuals should enter the assured sum they may want to avail of and after that, they should choose the type of payment through which beneficiaries will receive the coverage amount.
When all this is done individuals just have to fill out the KYC form and go through the mandated medical checkup by the company to determine their health status and then make the payment through any medium like credit card or UPI online.
Conclusion
While there may still be skeptics who would want their policy to be availed offline. However, as shown in this article online policies are as safe and viable as offline ones moreover they also have many benefits that an offline may not have.
Thus you don't have to worry much, just go ahead and lock your policy and enjoy its benefits. However, it is essential to first compare different plans as comparing online Life insurance options for cost-effectiveness is always recommended so that you can get the best online life insurance providers and the best life insurance policy in India.
