Follow These Strategies, When You Are Buying Online Insurance!

Gone are the days when you had to only depend on your trusted neighborhood insurance agent to find time for you and explain you about various insurance policies and then sell you the one most profitable for him only! With the advancement in technology and e-commerce becoming huge as a business proposition, now you can fulfil all your insurance needs while sitting at home with the click of a button. Buying insurance has never been so easy with every major insurance player offering their service online and making it easier for you to buy.

However, there are certain things to consider before you click on the BUY option. You got to act smart and think before you choose an insurance plan for you.

Let’s help you with the following strategies so you can take a smart and well-informed decision:

1) Comparing Products

The first step while choosing an insurance product for you is to compare various options. It is not difficult to do so as there are various websites that act as a platform offering detailed information on all insurance products offered by all the players in the market. This way you can check out various deals and then choose the one that best suits your needs. Go in details, find out everything about the different products on offer and then only decide.

2) Company’s Profile

Once you have chosen the product, check out the company’s background that’s offering the product. The company should be reputable, should have a long-standing in the market for credibility and shouldn’t be too new to the business. Your association with the company will be on a long time basis as insurance is a long-term investment. Hence, knowing about company’s profile is an absolute must even if you have to pay a little extra as a premium compared to paying less with a relatively new or less-known insurance provider.

3) Your information

Most of these online sites ask you to fill a questionnaire with your details so they can calculate the premium amount for you. Make sure that you don’t hide any information that is relevant like details about your health, diseases, habits, etc. so that there is no confusion at the time of processing your claims later on. At the same time, no need to give out extremely personal information at the first stage itself to save you from getting that information misused! That includes your phone number or address too early in the dealing stage.

4) Terms And Conditions

Once you have shortlisted the product and the company, the next step is to study their terms and conditions. It sounds boring, but do understand that devil is in the details and so is God! You got to know what kind of agreement you’re entering into with the Term Insurance Policy provider and are your benefits being taken care of or not rather than the agreement being lopsided in the company’s favour. While signing the papers we feel all is hunky dory, but when it comes to filing for the claims, a lot of unpleasant truths tumble out of the closet that we lazily overlooked in the first place. Read between the lines, take an expert’s help if you don’t understand anything, but do your homework thoroughly!

5) Handling Claims

Another important thing to be considered is how is the insurance provider’s claim settlement ratio? What percentage of claims filed with them are actually settled and how many are denied? Also, how much time does it take to settle a claim? You can find these figures easily on the company’s websites and various other platforms. You don’t want your near and dear ones to run from pillar to post for settling the claims in case of an unforeseen tragedy.

6) Talk With The Insurance Provider

This is the last and most important step before you click on buy. You might be buying a policy online, but in future, you will have to deal with their representatives mostly on phone for any queries or sorting out any issues with them. Talking with their back office before making your decision will give you a good idea of how they are while dealing with their customers, what is the response time, how easy or difficult it is to deal with them etc. This gives you a better understanding of what you’re getting into!

Source: (http://blog.easypolicy.com/follow-these-strategies-when-you-are-buying-online-insurance/) 

Online Term Insurance India

Click here https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp

For more details Presenting the iSecure Insurance Plan; a level cover term plans that secures your family's financial needs by giving you a high sum assured at a low cost Online Term Insurance Plans In India.

Online Term Insurance India

Click here : https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp For more details Presenting the iSecure Insurance Plan; a level cover Term Insurance Comparison that secures your family's financial needs by giving you a high sum assured at a low cost.

Online Term Plan

Click here https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp

 For more details about Presenting the iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a high sum assured at a low cost.

Best Online Term Plans In India

Are you planning to buy an online term life insurance policy? Do you want to know the best term insurance plan in India after the -term plan? Do you want to know the cheapest online term plans? Are you searching for the updated premium of online term insurance plans at one place? Do you want to objectively compare the entire available online term plan in the market?

This article will help you to select the best term life insurance plans in India. A premium comparison chart is also there to tell you about the best and the cheapest term insurance plan. After reading this article you get to know about the insurer with best claim settlement ratio. You will have the idea about the financial strength of the insurance companies.

In the next few minutes you will be able to judge the best online term insurance plan. But do you know the features of term plan? Do you know, the importance of the term plan? Do want to know why I recommend a term life insurance plan vigorously. Do you also want to avoid the greedy insurance agent ? If your answer is yes, then please go ahead to choose the best term life insurance. Else, You should first read the Term Insurance Plan Guide.

Parameters For Selection Of Best Online Term Insurance Plan

To compare the online term plan of insurance companies, I would go through these criteria.

·         Premium

·         Company Reputation

·         Claim Settlement Ratio

·         Solvency Ratio

·         Riders

1- Online Term Plans- Compare The Premiums

I know you care most for bargains. Hence, I will first talk about the premium of term plans. Indeed, the biggest benefit of online term insurance plan is the low-cost. The premium of online term insurance is 30-50% less than offline term insurance. This discount in premium is possible because of the many benefits of an online sale. Insurance companies save on agents commission and administration charge.

Also, The target group of the online term plan, the white-collar people, is considered more healthy hence less risky. Surprised? They are healthy not because, they do more exercise or physical labor. But they can afford better medical care of themselves. Like you, I am also not very much convinced, But insurance companies consider this. So, online term plans are most cost-effective. But like you and me everyone wants to save more. By taking some precaution you can keep insurance premium in control. You can also do this by comparing the online term insurance premium of different companies. A chart is given below.

2- Choose Reputed Insurance Company

You take Life Insurance for a long duration. Particularly, term insurance is taken for 20-35 years. The financial security of your family lies with the insurance company. In this scenario, the insurance company should be reliable and reputed. Definitely LIC scores on this front. LIC has backup of the government of India. It has been in the country for more than 50 years. Online Term Insurance Plans In India of these companies are professional. In my opinion, these two insurers are also in ‘A’ grade. Bajaj,SBI and also have better corporate governance record.  Rest life insurer falls in C grade. Please keep in mind, this grading is subjective.

3- Choose An Insurance Company Which Has Better Claim Settlement Ratio

The claim settlement ratio shows the professionalism of the company. This ratio is the number of claims honored by the company out of the hundred claims. Suppose in a year a company receives 100 insurance claims. But out of these 100 only 90 people get the claim amount. Remaining 10 claim is rejected for some reason. These reasons may be genuine, but it shows the probability of a claim being dishonored. I will never take insurance cover from a company which rejects the claims of the most people. Neither, you would select a company which can give a harrowing experience to your family. IRDA publishes claim ratio of every life and general insurance company in its annual report.

4- Know the Financial Strength of Insurer Through Solvency Ratio

The criteria of solvency ratio is a bit technical. Let us learn about the solvency ratio.

Insurance companies take premium from us and give the insurance cover.

Through actuarial calculation the companies know the number of claims can arise in a particular year.

The total assumed claim amount is considered a liability.

Besides this, companies has provision of the guaranteed maturity amount. It has to always maintain the maturity amount to be given.

5- Add value to online term insurance with The Riders

Term insurance gives you the basic cover. But you need more than basic cover. There may be some other risks linked to your life. You may also like to take insurance cover other than the death cover. Insurance riders are there to give you such cover.  Riders give value addition to the term cover. However, many insurance companies don’t give riders with an online term plan. Few of them give useful riders and you should consider them.

Online Insurance- Setting New Trends In The Insurance Sector

The fast growing Indian online insurance market is characterized by numerous opportunities for the aggregator websites as well as Insurance companies to capitalize and grow their business. Almost every other day, there’s an introduction of new insurance products for online buyers by the insurance companies aiming to explore the possibility of innovative technologies which are simple to use and cost-effective. With growing awareness towards insurance, the number of people demanding better insurance products with excellent features of premium, cover and claim returns, technological advancements and cost effectiveness is rapidly increasing. The new IRDA compliances which provide comparison between the insurance products with unbiased information and are cost effective due to rising competition have become a key concern for Web Aggregators in India. The high internet penetration in India has helped in improving the online insurance penetration with plans for Health, Travel, Motor and Term insurance being in a constant high demand.

However, things were not as smooth as they are currently for the insurance sector. A few years ago, there were hardly any players in the segment and online insurance was almost unheard of. It was bewildering that for a country boasting of over 300 million internet users and an e-commerce business volume of over US$ 16 billion, there were no companies in the online insurance segment till a few years back. Whatever was there was present across the other popular B2C segments like, gadgets, travel and tourism, music, books and fashion goods and accessories.

The growth story for online insurance has been on an upward trend. The online insurance market is already in excess of Rs. 700 crores with life insurance sales leading the way followed by motor, health and travel. The reason for this growth can be attributed to the fast growth of online players, complemented by increasing trust within the customer community buying insurance policies online. Savings, in terms of reduction of premiums and easy availability and access to policy related details have also acted as major growth boosters for the sector.

The online Insurance market witnesses a healthy mix of customers from lower income to higher income segments. Majority of customers are from the low-mid income segment which include mainly those earning under Rs 5 lakh per annum. People who earn between 5 to 10 lakh make up for 21% of online customers. Customers whose earnings are above 25 lakh account for 5 % of online customers.

Apart from this, the age profile of online insurance customers, not unexpectedly, is made up of persons between 26 to 35 years of age. They form 55% of the overall online buyers, followed by 36-45-years groups, which accounts for 19%. Moreover, it has been found that youngsters in the age group of 25 years and above prefer online services more as compared to senior citizens.

Of all the metro cities, Bangalore is at the top in the list of online insurance customers followed by Delhi, Mumbai, and Hyderabad. In the non-metros, Pune, Thane, Ahmedabad, Gurgaon, Ghaziabad, Lucknow and Jaipur collectively contribute to 27% of the online customers.

An online term plan is much more cost-effective as it works on the principle that the person making a decision to buy a plan is literate, have researched and made an informed choice and the personal information provided is completely accurate. Also, the final purchase cost is negligible as the product is available directly from the company website.

It has been observed that a term plan, when bought from an online insurance aggregator costs around 50-60% less than offline plans from the same companies having similar features.

However, a very important thing that should be kept in mind while purchasing a plan is that the cover and claim settlement depends on the authenticity and accuracy of the information given. Withholding information about any medical condition or other critical condition in an effort to lower the annual premium may result in complications or rejection of claims in future.

Hence, it is best to reveal things like pre-existing disease, habits, like consumption of alcohol and tobacco, etc, to ensure quick processing. An important point should be kept in mind that since the insurance plan has been developed keeping the online platform in mind, it may not be accessible for customers in all places except those residing in urban cities with good internet connections.

With the rapid proliferation of the online market, social media and various customer forums and sites, a buyer can get a lot of information and collective experience of other people and can check the company’s records including its financial information, customer satisfaction levels, etc.before taking a decision of going ahead and buying a policy.

To sum up, the online market is an enormous platform for you to get the best insurance deals even when buying a simple insurance cover. So start surfing, not just to plan your vacation but also for various insurance deals available through web aggregators.

Know More about Single Premium Term Insurance

Single premium term insurance policy is designed for those who want to buy a policy at one go. As compared to traditional insurance products, policyholders have to pay premium at periodic intervals for these policies.

It is a onetime payment solution for those who don’t want to go through the trouble of periodic payments. When the premium payment has been done, buyer becomes the policy owner with certain death benefits.

For single premium term insurance policy, policyholders don’t have to worry about paying any further premium payments or the lapse of your insurance if insured forget to make any payments.

All leading insurance companies in India offer this insurance for the benefit of their clients and customers can access some policy aggregator portals online to know which one is suitable for your needs. If you have a lump sum fund with you, then it is advisable to opt for a single premium term insurance policy.

Under this plan, policyholders get financial security against taxes. When person invests in this insurance product, he or she is given exemption of up to Rs 1.5 lakh. In case something happens to policyholder, his or her beneficiary would get the insurance money which is absolutely tax free.

But, insured is eligible to avail the tax exemption benefit only once for this policy because policyholder is investing in this insurance for one time only. As you paid up in full upfront for this policy, so you don’t have to worry about the plan getting lapsed if you forget to pay the premium amount.

Your policy is completely valid till the entire policy term and reduces the sum assured when the policy period comes to an end. It generates cash value. Person is building a financial asset for himself or herself when he or she makes the premium payment for single premium term insurance. It comes in handy if you want to apply for loan and can be used as collateral against loan.