Scared of Insurance Policies Online? Read it, It’s Safe, Cost Effective

With the increasing access of internet via different electronic mediums such as-smartphones, tablets, laptop etc., the whole world is going digital. Sensing the trends and needs of customers, even insurers are rapidly opting online channel for distributing entire range of insurance products. Be it term insurance policy, health insurance, motor insurance, travel insurance or child plans, you can buy anything with a click of the mouse. It’s as simple as you buy any other products over internet.

Despite, there are still some people around us who are sceptical of buying policies online. They become a little bit scared of losing their hard earned money or mis-selling. But it’s nothing like that. I’ll tell you how the online channel of insurance distribution is safe, easy, and cost effective.

Here are some points that can change your perception of online insurance:

1. Low Premium:

Since there is no middle-man/agent involved while you buy an insurance policy online, the insurer saves commission money and further it shares with the customer in form of low premium. Also, online policy requires less paper documentation and management expenses. The insurer shares all these savings with customers.

Despite being charged low premium; the benefits provided under the online policy remain the same as it’s in the offline policy.

2. Easy to buy:

Insurance policy can even be bought on the go using your smartphone. You can buy it sitting in your drawing room or when you’re on a tour, with a click of the mouse. You don’t need to contact an agent or

Insurance Policy can even be bought on the go using your smartphone. You can buy it sitting in your drawing room or when you’re on a tour, with a click of the mouse. You don’t need to contact an agent or middle-man. But the onus is on you to pick a suitable product as per your need and budget. To help you out, there are numerous insurance aggregators available in the market using which you can educate yourself along with comparing quotes and benefits provided by almost all insurance players present in the market rather than a compulsion of picking a policy from limited options with an agent. In most of the cases, agents are not as knowledgeable as they should be.

It’s always advisable to do thorough research in order to be well informed before buying not only an insurance policy but anything.

3. Easy to manage policy:

Managing policies online is another most important edge of electronic or paperless policies over offline policies. Insurer’s website facilitates you to add and view status of your old policies even bought offline. By activating an SMS alert, you’ll be intimated/informed automatically about the premium due date. Thus, your policy doesn’t expire. Insurers have their online chat forums to help customers instantly. You can even call to their toll-free customer care centre for any assistance.

4. Easy to renew:

Online policy is not limited to buying only, you can even renew your existing policies online using your credit card, debit card or net banking.

5. No fear of mis-selling:

With IRDA, the insurance regulator in India, there are lacs of cases of insurance mis-selling. Through online channel, you can yourself choose best suitable plan as per your need after going through benefits and rates of various plans.

6. No fear of losing/ destroying policy documents: 

Since every details of your online policy is electronically stored in the insurer’s database, you don’t need to worry about losing of physical documents. You can anytime, anywhere view or download policy related information on the website of concerned insurance company.