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29 March, 2024 13:59 IST
Financial Planning
   
Benefits of purchasing life insurance online
Source: IRIS (21-OCT-14)

The Internet is a wonderful thing allowing us to compare products and buy them right from the comfort of our home. The number of products available online is increasing everyday and includes life insurance.

While face to face sales continue to be a majority of the market, online insurance sales are growing rapidly. Here are a few things to keep in mind before buying a life insurance policy online.

1. Do it yourself...anytime, anywhere!

The Internet allows us to buy from anywhere and anytime. No more waiting for stores to open and no more standing in line. The same holds true for insurance as well. You can go to an insurer's website and buy a policy at any time and from anywhere including your mobile device. You could choose to buy directly from an insurer's website or use one of the aggregator sites to compare policy benefits and features as well as prices. Once you have chosen a policy you can buy one in the time it takes you to book a ticket online - 8-10 minutes.

2. Policies bought online cost you less

Online policies are cheaper. This is because of lower distribution costs and operating efficiencies which life insurers pass on to customers.

3. Review and compare plans before you choose the right one!

Remember to compare. The Internet is one medium that allows you to compare a plethora of products without tiring yourself out. So please compare before you buy. This ensures you will get the best deal.

4. Hear it from the customers themselves

As a customer listen to what others are saying. Use customer reviews to judge softer issues like service. Choose a plan that comes well recommended. If others are happy, chances are, you will be happy too.

5. Saves you from purchasing a wrong insurance plan

Remember online you are taking a decision based on available information regarding price, features and benefits and user reviews. This gives you the power to make the right choice. Exercise that power correctly.

6. Ensure a smooth claim settlement

The moment of truth in life insurance is the time a claim is made. To ensure that there is no hitch in your claim; ensure that you disclose all details pertaining to your medical history and lifestyle absolutely honestly and correctly. If you do that you can rest assured that your claim will be honoured. In most cases non-disclosure leads to rejection of claims. So disclose and be secure!

Just as you buy your policy online you can register a claim online as well. This is to ensure that the process is smooth and seamless.

(Contributed by AEGON Religare Life Insurance)


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