Life Insurance Article: Get life insurance with just a click

There was a time when, for many, going online meant using the internet for only research purposes. Gradually, more people logged on to the Web and soon there was the concept of buying all sorts of products online. However, it did not stop at that. Instead, it progressively evolved into the service industry from various domains like travel and banking offering an online version of their services. Insurance too, quickly caught up to this trend.

These days, insurers are offering an array of plans to their customers. These plans are not only cost-effective, but are simple to understand and buying one is much more hassle-free. Take a look at how online products are gaining popularity in the domain of life insurance.

OFFERINGS

The life insurance industry has come a long way, as today, exclusive plans are also offered online. Right from ULIPs to endowment plans, investment plans, or even retirement plans, they are all available online. Today, all leading life insurers offer online term plans along with a host of other life insurance plans through the web channel.

Purchasing online

While some people may be skeptical about buying a financial product online, purchasing life insurance online does in fact come with various benefits. Some of them are:

Less time consuming: Since buying an insurance plan online comes with the option of going through certain formalities with the click of a button, it allows you to go through the procedure a lot quicker, as information is available at the click of a button, or even through call assistance.

Products are simple: Online life insurance plans are usually comprehensive and simpler to understand. For further ease of use, the product/plan is explained with additional tools like audio-visual aids, FAQs, etc.

Ease of purchase: Another advantage that online insurance comes with is the ease of purchase. This usually means that there is less paper work in this form of purchase, as compared to when doing the same in person. Also, one has the option of paying through various modes of payment such as net-banking, credit-cards, debit-cards, etc. In addition to ease of purchase, some life insurers may also offer lower premiums or charges.

POINTS TO remember

All said and done, there are certain factors that must be kept in mind by everyone when opting to buy an insurance plan online. Some of these things to remember are:

Understand the product/ plan: This is the first, most important thing to keep in mind at the time of buying any insurance plan. If you do feel doubtful about features, cover offered, the premium to be paid by you, etc., make sure that you first clarify the same by approaching them through the life insurer’s call centre. You should go ahead with the purchase only once you are sure that the plan offers you exactly what you are looking for.

Make sure the source of purchase is authentic: Since you are opting for a virtual medium of purchase, it is also extremely essential that you ensure that the website from which you are purchasing the plan is a reliable site. This is why it is recommended that all such online purchases be done from the official website of the insurer.

Make a safe payment: Once you have clarified all doubts, you should also make sure that the site from which you are purchasing the product offers the requisite online security for financial transactions. Ensure that the connection offered is a secure connection, i.e. an https connection rather than an http connection.

Beware of ‘special offers’ on life insurance: You should cross-verify from your insurer in cases where you may have received emails regarding schemes stating special offers with the life insurance plan, in the name of certain insurers. This step ensures safety from falling prey to commonly occurring phishing scams.

— Author is Head-Market Management, Bajaj Allianz Life Insurance

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