Why Opt for the Online Route of Purchasing Insurance Policy?

The traditional route of buying insurance policies has undergone a change. These days more and more people are willing to buy insurance online. Sensing this mood of the customer insurance companies too are selling many insurance policies online. So you can get life insurance, health insurance, motor insurance, property insurance and many other types of insurance online.

Advantages of buying insurance online

You can reap certain advantages if you buy insurance online.

Fast, easy and convenient

With a click of the mouse you can buy an insurance policy online. Just fill up your details like date of birth or age, number of family members etc and you will get the premium rate. If you agree to pay the premium then fill in some other details like name, address, insurance tenure etc. Pay the premium through internet banking or credit or debit cards and a policy will be executed in your name.

Cheaper premium

If you compare insurance plans online you are very likely to get a cheaper quote for premium. Unlike traditional sales channels, the online mode has no cost involved in agent commission. So the entire agent commission is a savings for the company. Moreover, paper work as well as back-office work is minimized because submission of proposer details is entirely done online. This gives way to some more savings in terms of traditional office work. A big part of this entire savings is passed on to the customer in term of lower premium.

Competition gives rise to improved service

All the insurance companies have their own online avatar. Thus the online distribution channel of a company not only needs to compete with traditional channels, but also with online avatars of other competing companies. Competition drives prices down and enhances quality of service. So if you buy insurance you can rest assured that your expectations in terms of policy servicing will not be harsh.

Claim settlement

Many people think that claim settlement becomes one gray area if you buy insurance . It is pertinent to mention here that the subject of insurance itself is fraught with so many omissions, exceptions, exclusions and commissions. You should always read between the lines while buying an insurance policy. Such gray areas are in built in most insurance policies irrespective of their mode of distribution. What the customer needs to do is to clarify the gray points with the Customer Service Desk and decide on a policy after considering all options. There may be a need for claim settlement for meeting expenses for illness or accident or theft or something else. You can lodge your claim online too after giving all the details in the online format.

Policy terms

You can go through the entire set of terms and conditions of a policy from the website of the particular company. These are generally given in PDF form. Most often the wordings are in long and complex sentences bordering on legal dimension. It is a boring job to go through several such pages of complex English full of insurance and legal jargon. However, you can take your time to go through these and make queries to the customer service representatives based on the gray areas.

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