How to buy life insurance policy online: All you want to know

As more people look to buy insurance online, let’s take a look why it is more attractive than ever before. Term insurance is the most basic form of a life insurance product. The product provides a lumpsum to the family on the death of the life insured. One can decide the amount of life insurance cover and period of cover on the basis of which the life insurer in question determines premium taking into account insured amount, the term of cover, age, gender and habits like tobacco consumption. One of the primary reasons to opt for a term insurance policy is to protect your family financially in your absence. The lump-sum that your family will get a death benefit can bring financial stability and also aid in paying off liabilities.

If one has a chance of saving even a minimum bracket of income, why shouldn’t they? By virtue of online term insurance plans being approximately 40% cheaper than the offline plans.

In buying insurance online, one is only being financially prudent by skipping frivolous charges like paper-cost, agent’s commission, processing fees etc. The insurance company in turn, therefore, passes on those benefits to its customers in the form of additional perks.

The idea of making a purchase online does not necessarily require one to be tech-savvy. The reason why insurance buying in the online world is becoming more robust with each passing day is that insurance companies make it a point of offering a user-friendly interface to facilitate smooth transactions.

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With simplified processes that do away with the complicated labyrinth of insurance buying, purchase for customers is being rendered more convenient. Moreover, online term insurers also offer greater product customisation and flexibility catering to the unique needs of individual customers. For people on the lookout for tailor-made term insurance plans, online is a great medium to explore options that best suit one’s requirements.

Lastly, whether buying policies online or offline, one ought to always maintain a qualitative approach by comparing policies offered by different insurers.

By Rakesh Wadhwa

(The writer is chief marketing officer & EVP, strategy & retail assurance, Future Generali India Life Insurance)

Source: DNA Money