The online platform lowers the distribution costs and allows customers to buy directly, thereby pricing the product attractively. Moreover, the customer is more informed about the plan and its features, which in turn aid in making an informed choice.
Buying online insurance is quite easy. You simply log on and key in details such as age, occupation, pre-existing diseases and other personal details. Most insurance companies allow you to choose a policy on the basis of sum assured in case of death or on maturity of the policy. You can pay by a credit or debit card or use online bank transfers.
Today, several life insurance companies are offering online term plans with highly competitive pricing. Several insurance players also offer great discounts online. You may expect savings of 20% to 30% on premium payments on online term plans.
The process is simple as well. As most online life insurance buyers are informed customers and are already aware of the product they wish to purchase, online buying process helps them enjoy the user experience.
You can buy insurance from home without spending hours at an agent's office. All communication happens via emails or SMS, which are faster and more reliable than courier or post. Payment process is also like any other ecommerce transaction. So, it is quick and convenient for a tech-savvy buyer.
Most importantly, the online platform lets you compare plans offered by diverse companies.
The price of the term plan, claim settlement history and the company brand name are the parameters that you must evaluate before deciding on the company and the product.