When you are buying a policy online, the online assistance options such as online chat facilities, chatbots etc helps the customers get their concerns/queries addressed really quickly in real-time.
New Delhi: The Covid-19 crisis has led people to buy insurance policies in order to protect themselves from any unknown, unexpected medical emergencies. As social distancing has become the new normal, the Insurance Regulatory and Development Authority of India (IRDAI) has brought in several measures to ensure seamless sell and purchase of insurance policies online. Nowadays, buying an insurance product online is considered quick and cost-effective/
Here are some benefits of buying insurance policy online:
1. Cost-Benefit: While making any purchase, the first thing that should be considered is cost and insurance is no different. A lot of online insurance plans often seem cheaper as compared to their offline counterparts since there is no involvement of an insurance agent which eliminates agent commission or any intermediary cost. Offline insurance, on the other hand, is sold by agents and their commission leads to increase in premiums for the customer.
2. Transparency: It is no brainer that all insurance companies allow customers to get all the information regarding a certain policy online. From premium to tenure to coverage, one can find all the necessary information online on the website. One can easily compile all the information regarding their policies, costs, premiums and benefits associated with the product.
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3. Buying What Is Required: A lot of times when agents are selling policies offline, they try to missell policies in order to increase their commission. Often, agents recommend buying a policy which is more than what a person requires as they know the premium is high meaning the commission will be higher. However, while buying life insurance online, customers are directly dealing with the insurance company. They can directly log on to the company’s website and go through the policy’s terms and conditions in full detail and can weigh the pros and cons and then decide on a policy.
4. Flexibility: With online purchase, one has the flexibility to sit in the comfort of home or office, compare the different policies and select the one that meets the needs. There is the flexibility of comparing the insurance plans of different insurers online without having to hop from one office to another. The comparison also helps customers to take the informed decision as per the needs and budget.
5. Less Paperwork and quick solution: When one purchases policies online, the insurer will get simple documentation and less paperwork as compared to when a policy is bought offline. Additionally, when you are buying a policy online, the online assistance options such as online chat facilities, chatbots etc helps the customers get their concerns/queries addressed really quickly in real-time.
