Benefits of buying an insurance policy online

Benefits of buying an insurance policy online

by Nutan Gupta Last Updated: Dec 12, 2022 - 10:21 pm 250.5k Views

There is a growing trend among the younger people of shopping online. It is gaining popularity because of the ease and convenience it offers. But it is not that only items of everyday use can be purchased online. The financial industry has also embraced technology like anything.

These days, it is possible to buy insurance at the click of a button. Even though most people still prefer to purchase their policies through agents, a lot of people are comfortable transacting online and using internet to purchase insurance.agents, a lot of people are comfortable transacting online and using internet to purchase insurance.

The online mode allows one to access detailed information about the plan, its salient features and possible alternatives from other insurers. There are many policy comparison platforms that help a buyer compare all the key factors across a wide range of policies. The benefit of this is that one can make a decision on basis of accurate information. But that is not all. One can even verify the claim settlement records and credibility of the insurers through regulator’s website. Since buying insurance is more for protection of the family, it’s always better to cross-check the credibility of the insurers, so that the family doesn’t have to face any problem in case of exigencies.

Another advantage of buying insurance online is that the premiums are comparatively lower. This is because when the policy is bought online, it is a direct transaction between the buyer and insurer without any agents or intermediaries. So this saves on the commissions and other operational costs, which are then passed on as benefits (lower cost) to the buyer.

There is also no doubt about the convenience that these online policies offer. The entire process of purchasing the policy has been made paper-free. This is one very important factor, as many people these days don’t have the time to meet agents and evaluate all possible options before making the final purchase.

So it’s quite clear that buying insurance online is not only convenient but also one of the cheapest and fastest modes of buying insurance. So going forward, this mode will only find more takers as people realize its benefits.

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