Buying insurance is seen as
time-consuming even cumbersome. So while individuals appreciate the importance
of taking insurance, the formalities can be a put-off, making them postpone the
decision.
Online saves the day
Thankfully, we are in an age
where practically nothing need be time-consuming and cumbersome. The internet
has taken care of that. You can now browse insurance company websites and buy
online term insurance plans, which is a popular and affordable form of
insurance.
Why term plans
To revisit the attraction of
term plan for individuals –online term plans offer the cheapest medium of
availing life insurance where one can get a high life cover at a relatively low
premium.
How the internet is spreading insurance
The internet has graduated
from being a mere provider of information to a key distribution channel for
service providers like insurance. It offers a fast, efficient, cost-effective
and transparent mode of delivery. While traditionally, insurance companies have
relied on consultants, agents and brokers, in addition to their own in-house
sales support, this has proved to be both expensive and inefficient. The
turnaround time in getting an individual insured is high and there is a burden
to service the agent through regular commissions over the life of the policy.
The internet has helped
insurance companies iron out both time and cost inefficiencies. They now engage
insurance-seekers directly through company websites. Insurance is ‘delivered’
seamlessly and since there is no agent involved, there is no commission to be
paid. This makes selling insurance cheaper and the individual benefits by
paying a lower premium vis-à-vis a similar policy sold offline.
How to buy online term insurance plans
Buying the best term
insurance plan in India online is a simple, streamlined experience that will
make you wonder why it was not discovered earlier.
While the process of buying
online term insurance varies across insurance companies, it
broadly involves the following steps:
1.
Log on to the
company website for e.g. log on to www….com and click on the banner advertising online
insurance
2.
Enter the sum
assured
3.
Choose the policy
term
4.
Choose the
premium paying term
5.
You will see the
premium amount based on your inputs
6.
Select your bank
to make the premium payment
7.
You will see an
acknowledgement on a successful transaction
8.
Within a period
of usually three weeks the insurance company will come back to you on whether
or not your insurance policy has been approved by its underwriting team
9.
Subject to
approval you will receive a soft copy of the policy which will be followed by a
hard copy
The mark of a good online
experience is fewer clicks and website speed. The lesser number of clicks
necessary to buy insurance, the simpler it becomes for users. And slow website
speed with higher response time while navigating to the bank website for
premium payment, can be a turn off.
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