Is Buying an Online Term Plan the Right Decision for You?

You can buy anything online today, be it your shoes, your kitchen appliances and much more. So, why should insurance policies stay behind? With the comfort and low prices of premium online term plan does seem like a lucrative option. But is it for everyone? Here are top things you must consider before buying a life insurance policy online!

Are You Ready for an Online Insurance?

·         Lone Ranger: The most obvious difference between buying an insurance plan online and offline is the absence or presence of the agent. In case of the former, there is no agent and you are in direct contact with the company through their online interface. While this will eliminate the commission you had to pay otherwise, it will also give you greater control on decision making on every aspect of the policy.

·         Sound Financial Knowledge: The biggest advantage of online term insurance is that all the information is on your fingertips. You are no longer dependent on the whims of an agent or their personal interest to learn the financial nitty-gritties. You can check out even the minutest details of any plan on the company’s website before choosing a plan. You can read about the features, terms and conditions and make an informed decision without being swayed by an agent who is more interested in his commission than your long term security.

·         In Time of Need: In the event of the death of the policy holder, the claim and settlement must be carried out to secure the sum assured. This task, in offline policies, is undertaken by the agent who is the underwriter. But in case of online policies, the onus comes upon the policy holder's nominee, who will then have to coordinate with the customer support of the insurer. The good news is that the process has become immensely simplified and convenient so that even a novice at the internet can navigate through the claim settlement process.

·         Be Safe from Scams: With online transactions, you are dealing directly with the insurance provider. They usually ensure that their website is secure and all monetary transactions are absolutely safe. You no longer have to worry whether the agent who rang your doorbell is a fraud, who will scam you of a large amount of money.

·         Cheaper Policies: The online mode also offers lower premiums. This is because what the insurer saves in terms of overheads is passed on as discounts to the customer.

If you were convinced by the above points, then you consider an insurer like Bharti AXA, which offers varied online term plans. Not only will it save your money but also be a convenient option.