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Reasons Why It's Better to Buy Insurance Policies Online

By Finserv MARKETS - Oct 25,2021
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Reasons Why It's Better to Buy Insurance Policies Online

You buy insurance as a hedge and protection against all forms of risk, whether; medical, property and casualty or life insurance. Earlier, buying insurance was a cumbersome process through an insurance agent, involving filling up numerous forms and standing in queues.

Today’s generation is tech-savvy and anyone who has a phone has internet access. The COVID-19 pandemic and social distancing norms have forced both millennials and baby boomers to buy everything online. And buying insurance policies online is no exception.

Why should you buy insurance online?

1. It is timesaving, hassle-free, and less expensive.

From the comfort of your home, you can:

  • Compare various insurance plans offered by different companies. The features, tenure, riders and benefits are all detailed online in a much more transparent manner.
  • Make an informed decision when choosing an insurance plan on an online platform.

2. Insurance plans on online tech platforms cut out the intermediary cost of an insurance agent.

Online insurance is 50% cheaper than purchasing insurance from an agent. The elimination of the distribution channel expenses create savings which the insurance company will share with you. As long as you can access an internet connection, you may buy insurance online from anywhere, at any time.

3. You can access large sums assured and lower insurance premiums through online plans.

4. Make an informed decision through insurance reviews.

You can read insurance policy reviews online, which describe the product features, benefits, service quality and claims experience analysed by other customers who had previously bought the product. You can check the reputation of the insurance provider, especially, in claims settlement. The regulations, rules, judgements, and laws are also available on various online platforms.

5. The whole process is transparent and convenient.

The insurance product is analysed threadbare. There are no hidden features that can adversely affect your interests on platforms like Finserv MARKETS.

6. Most online portals have 24/7 customer service.

You can call and clarify all your doubts and make service requests. You can make online payments of premiums from the comfort of your home.

7. It is a DIY process by which you can control every aspect of the operation.

From analysis, selection, purchase, payment, and follow-up, you are aware of and in charge of all aspects of your policy before you decide to invest in a plan.

8. When you buy a policy online, there is no possibility of fraud or concealment.

Fraud is not an unusual problem in policies purchased from an agent. Sometimes, unscrupulous insurance agents mislead customers to encourage them to buy policies. Online insurance is a clearer process. All policy conditions, riders, claim settlement ratios are there online, in black and white. So, there is no ambiguity on online platforms like the Finserv MARKETS platform.

9. Online insurance presupposes a certain level of business acumen and financial expertise when you make a policy selection. You must know that there are no advisory services or personal contact as in agent sold policies.

10. Your policy details are displayed online. You can upload your original documents easily. A policy sold through an agent has duplicate copies of original documents and/or courier expenses.

Key Takeaways

Buying insurance plans should be a cornerstone of financial planning. Online insurance plans are cheaper, more efficient, and transparent. In this era of social distancing and work from home, tech platforms like Finserv MARKETS provide easy access to online insurance. A financially savvy investor can largely benefit from this.

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522