Technology has been advancing at a rapid pace with millions of active internet users. With the growing e-commerce boom in India, online insurance purchase too gained immense traction.

Apart from buying insurance via traditional channels such as agents, brokers, and consultants, you can now also buy a term plan online. Online purchase of a term insurance policy is quick, easy, and offers seamless delivery of insurance product without you ever leaving the comforts of your home.

As is with everything else in this digital era, the round-the-clock availability of insurance also provided several other benefits such as convenience, speed, and cost-effectiveness.

So, if you are wondering you must buy a term plan online, then here are some reasons that will help you make an informed choice.

  1. Low-cost premiums

Did you know when you buy term policy online, you can up to 40% without ever compromising on its regular features and benefits?

The online mode to buy a term insurance policy is a lot more economical. This is mainly because there are no intermediaries involved, and the insurance is sold directly by the insurance company, thereby eliminating the middle-men costs. Since there is no insurance advisor, the companies save much money in distribution cost and commissions. As a result, they can extend the savings and offer relatively lower premiums when you buy term policy online.

Additionally, the insurance provider also saves money on overheads costs such as documentation, logistics, and stationery. The money saved in the process is gleefully passed on to you in the form of lower premiums and discounted policies.

Not many users know this, but insurance companies regard online buyers as well-informed and educated customers. This difference in profile enables them to offer you low-cost insurance premiums.

  1. Compare and choose

Of the most significant advantages of buying your term insurance policy is the ability to compare various options before investing. Since life insurance products are life-long commitments, it is essential to spend as much time as possible to research your policy and understand everything that it entails before investing in it. It is, after all, a financial security cover for your loved ones when you are no longer around to provide for them. Therefore, leave no stone unturned in determining the veracity of the insurance policy and buying online gives you that option.

As a buyer, you have access to a wealth of information online such as articles, case studies, videos, and customer reviews that give you deep insight about the features and benefits of various policies, and importance of medical test for term insurance. Use that information to compare varied insurance plans and make informed decisions. As an insurance shopper, make sure that the policy you eventually choose offers maximum benefit at the lowest price.

  1. Secure payment options

When you buy a term plan online, you can choose from a multitude of payment options such as net banking, credit card, debit cards, and more. Since all the payments are processed right away through a secured payment gateway, it is a matter of minutes when you will be a proud owner of a life insurance cover.

Even the payment process is quick, hassle-free and safe that provides an instant receipt. This is especially helpful when you need to furnish investment documents quickly for income tax saving purposes.

  1. Transparency

Buying insurance policies online are a popular option because everything about the product is out in the open. You can understand the features, read customer reviews, explore rider options, and even compare the plan at various tenure options. Insurers provide all the information with complete transparency, so you know what you are getting into.

  1. Hassle-free Claim Settlement Process

With widespread social media presence and increased customer engagement online, learning about the insurance providers’ reputation is a piece of cake. Simple online research is enough to tell you everything you need to know about the seller. Customers are open to sharing their experiences online regarding claims settlement in particular. This helps you make a better purchase decision.

That being said, the claim settlement ratio is the most significant indicator of the insurance provider’s reputation. Only the company with a settlement ratio of more than 90% can be trusted with your life’s savings. This ratio is obtained by dividing the number of claims received and settled in a given year.

When you want to buy a term plan online, follow the basic principles of caveat emptor, that is buyer beware. Even though all the information is at your fingertips when you buy online, don’t hesitate to contact the insurance company’s helpline if you have any questions.

By TS Newswire

TS Newswire is a PR DIstribution Agency.

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