Reasons To Buy Life Insurance Policy Online

To be useful and convenient for their consumers, the majority of life insurance firms have embraced digitalisation. Purchasing a life insurance product online is quick, simple, and hassle-free. Online life insurance purchases not only save time and money but also make it easier to evaluate different policies and select the most comprehensive one that suits one’s needs. Here are 6 strong arguments in favour of purchasing a life insurance policy online.

Reasons to buy online life insurance purchase 

The top compelling reasons to purchase a life insurance policy online are as follows: 

  • Lower price 

The premium rate of the policy is the first consideration for customers when buying a life insurance policy. When compared to offline life insurance policies, the majority of online life insurance products are 30–40% less expensive. This is due to a few factors. First, the policy can be purchased straight from the insurer’s website, negating the need for an intermediate fee. Second, insurance companies operate under the assumption that online buyers have a lower mortality risk than clients who opt for the traditional manner of buying a life insurance policy. As a result, compared to offline life insurance plans, online life insurance products have cost-effective premium rates. They also have life insurance tax benefits. Additionally, savings are provided to internet insurance purchasers.

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  • Easy research 

Online research is far simpler than offline research in terms of locating information and the appropriate plan. Additionally, policy purchasers can compare various plans and read policy reviews through the internet form of policy buying. Policy buyers can research the claim settlement rates of several insurers online using a life insurance calculator and select a reputable company before purchasing a life insurance policy. 

  • More power to the customer  

On their websites, the insurance companies give comprehensive details about the policies, including their advantages, features, riders, duration, etc. Customers who want to pay for life insurance policies online can readily obtain this information and make an informed choice as a result. The necessary information can be sent to insurance buyers directly without the need for additional brokers or middlemen. Life insurance policies also come with life insurance tax benefits.

The tax benefits mentioned in the article may not apply if you opt for the new tax regime since many tax exemptions and deductions have been scrapped within the new regime. They are also subject to any changes in the law.

  • Customisation of plans 

Online plan buyers have the option to modify their plans to meet their needs and suitability. They might opt for a bigger sum assured or add riders to the policy to expand its coverage. A variety of premium payment alternatives are also available throughout the online insurance purchasing procedure. The policyholder has the option of paying the premium in a single payment, a limited payment, or a continuous payment. 

  • Higher sum assured

Online life insurance policies give a bigger sum assured amount than offline life insurance products because there are fewer costs associated with them. Additionally, the majority of insurance providers use sophisticated marketing strategies to display the daily cost of an insurance policy in their advertising. One can, for instance, pay just Rs. 411 each month to get a term cover worth Rs. 1 crore. Therefore, by purchasing a policy online, policy buyers can select a policy with a bigger sum assured amount without breaking the bank. *All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.

  • Transparency 

The likelihood of being duped or choosing the incorrect goods is quite slim because insurance consumers can find comprehensive information about life insurance products online. However, in the offline process, buyers are frequently duped by the salespeople and wind up purchasing the incorrect item at a larger price. Since one can find comprehensive information about the insurance’s features, benefits, inclusions, and exclusions on the insurer’s website, the online process of purchasing a policy demonstrates complete openness. However, in order to make an informed choice, the customer should first compare internet quotations for several plans using a life insurance calculator and select the one that suits them.

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  • Online life insurance payment 

The majority of life insurance providers give their clients the option of paying for life insurance online for convenience. Simple and convenient online purchasing of the policy is possible using a variety of online payment methods, including debit/credit cards, net banking, mobile banking, etc. By instructing the bank to withdraw a predetermined premium amount from the bank account on a specified date in accordance with the conditions of the policy—yearly, half-yearly, quarterly, or monthly—the policyholder can also choose the auto-debit option. 

Online life insurance purchases have several advantages. However, it’s crucial to consider all the many aspects of purchasing insurance, including the desired level of life insurance, dependents, premium cost, policy length, etc. Therefore, before settling on the idea, be sure to conduct an adequate study.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.