As per statistics, every 5 minutes someone buys an online term plan in India (Economic Times, 22nd Oct 2012). With the expansion of broadband services and their penetration across small towns in the country, the sale of online term insurance seems to be on an upward stride. There are several reasons behind the popularity of online shopping for term plans. The most obvious one being the convenience with which you can purchase it. All you need is an internet connection and you can buy a policy when at home, working in office or even while travelling. Apart from convenience, there are several factors that pose as potent reasons to buy your term plan online. Let's take a look at some
Competitive premium rates:
The lower costs entailed in direct distribution of term insurance and the fewer hassles in providing the policy to the customer are the main reasons behind lower premium rates online. Better premium rates online is a benefit you'll see with almost every insurance provider. This can also be perceived as a means of the industry to encourage buyers to purchase the plan through internet.
Efficient process and user interface:
An important responsibility of the consumer is to provide accurate details while availing the policy. As buying a policy involves filling forms, there is a slight possibility that errors may happen with the offline mode. However, with online the chances of such errors are eliminated with a highly efficient user interface & process implemented by the companies today. If you make a mistake or fill details in a wrong format, the website immediately highlights the field (for e.g.: Mobile No, email ID, etc), signaling for changes to be made. This ensures you avoid errors while filling up the form.
Easy to research & compare:
Researching and comparing is the thumb rule for any kind of shopping. Same is the case with term insurance. Since this is a long term product with a fairly complex process, one needs to look into all the details before making the decision. Buying term insurance online makes this much simpler. You have the convenience of easily browsing through the different insurer websites and learning everything you need to know about the product. Next, you can compare the features and benefits of the plan and decide which plan is the best suited for your needs.
Many consumers assume that online term insurance does not offer any assistance while availing the plan. While reality really is that term insurance online offers constant customer support through a customer helpline, which can be called or you can request a call back. They can be approached in case of any queries you have with the plan or if you face any glitches while buying the policy online.
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc carefully before concluding a sale.