Benefits of buying Online Life Insurance
As Internet dispersion grows manifold in India and people becoming increasingly comfortable with transacting online, we are witnessing a huge online buying and selling of products and services in the country. Online Buying of insurance has propelled the customer to make informed buying decisions. Listed are the various benefits associated with buying online Insurance.
1. Cost Effective
Online buying allows insurance companies to save their operational cost by 20-25% by cutting on intermediary commission, cost of an agency, physical cost of branches and the cost of paper proposal forms. That is why insurance
companies offer cheaper premium rates, because this saved cost is passed on to the customer buying online. Insurance policies purchased online are generally less expensive as compared with the basic traditional sales model .So the customer gets higher coverage at a lower premium cost.
2. Time Saving
In today’s time the only shortage we have is about time. We don’t have ample time to do things. When it comes to buying online insurance, it saves a lot of time of an individual. At a click of a button you are eligible to buy insurance online. The online buying process is a time saving process as compared to buying offline.
Convenience of access is a major differentiator; all you need is an Internet connection to purchase a policy online. We all are ready to pay for things, but the prime factor is of convenience in today’s hectic life scenarios. The advantages of online buying insurance include instant issuances of policies and customization, toll-free numbers for assistance or live chat facility to the customer for resolving doubts and making the buying decision easy.
4. Option to Compare
One of the huge advantages of buying online insurance is that it allows you to make an informed buying decision in a simple and appropriate manner. You can choose, compare and buy the right insurance product for the right purpose. Comparing allows you to differentiate between the cost and features of various plans offered by top insurance companies. Online buying also facilitates the correct understanding of the product features and thus allows you to make a decision as per your objective and need.
5. Option to check the track record of the Insurance Company
With an advancement of social media, various customer platforms and websites, you can extract enormous information and feedback about the insurance company and their plans by the views of industry experts, regulator, existing customers and extract a fair idea about the track record of a company financially by knowing their solvency ratio, claim settlement ratio, customer service performance and various other parameters .All these information helps the customer to make an informed buying decision.