By Kevin Menezes
THERE ARE Many myths surrounding buying an insurance policy online. However, contrary to the belief held in many quarters, buying insurance online is simple, easy and convenient. Here, we dispel a few myths associated with buying life insurance online.
Myth: Buying insurance online is tedious
Reality: Today, the online process of buying life insurance has been simplified a lot. One can select from a range of tools including premium calculators, chatbot and WhatsApp support to seamlessly buy life insurance online. Online purchase journeys have been made user friendly and in the near future, overall quality of service will only increase.
Also read: Vacation Homes: A mix of consistent price appreciation & high rental yield
Myth: Buying insurance online is more expensive
Reality: Insurance premium is deeply influenced by the choice of product and add-ons and today, some insurers have web/mobile exclusive plans that are priced very competitively. Rather than focusing on getting the cheapest premium, evaluate features you need and ensure coverage is adequate at a price you foresee being able to afford for the long term.
Myth: No personal assistance is offered
Reality: There are minimal chances of fraud or privacy breaches as most portals and apps use a secure connection. Moreover, these portals offer voice and chat-based support to help you complete the formalities. Since most of the services offered by insurtech players are regulated by Insurance Regulatory Development Authority of India, you can be assured that your transactions are safe.
Myth: Claim settlement is difficult for online policies
Reality: Claim settlement is independent of mode of purchase – online or traditional. For a hassle-free claim experience, ensure there is no discrepancy in details and the information provided is true at time of claim reporting.
Myth: You may end up buying an unsuitable policy
Reality: Exploring life insurance options online allows you to evaluate at your convenience, compare as you see fit and then make an informed choice. In case you are unsure of the policy details, most websites today offer digital assistance in the form of a chatbot/ Frequently Asked Questions (FAQ) section or the ability to raise an enquiry. Do make use of such support avenues to avoid buying an unsuitable plan.
Also read: HCL Tech, Canara Bank among top stocks to buy; uptrend vulnerable below 18,000, pullback rally to continue
Myth: It is a challenge to manage policies
Reality: On the contrary, managing insurance policies online is a breeze. Your online account is password-protected and you can view all documents related to your policy at a single place securely. You do not need to keep your documents in hard copy form.
Myth: The choices available online are simple
Reality: With online evaluation, you have transparency in access to information, with details of features / inclusions and exclusions / coverage scope and more. Insurance plans of varying complexity are available online and you can make a selection based on your needs.
ADVANTAGE ONLINE
* There are minimal chances of fraud or privacy breaches as most portals and apps use a secure connection
* Claim settlement is independent of mode of purchase – online or traditional
The writer is executive director, PolicyBoss.com