Amid growing number of online shoppers, many are still apprehensive about purchasing an insurance policy online. Those who are in a fix, this will help them out -

Benefits of Purchasing Life Insurance Policy Online

1. Easy To Compare -

• When purchasing a life insurance online, one can compare various plans offered by different companies. One can check carefully examine which company is taking lesser premium, which plan is offering greater coverage, and then select the one that serves the purpose right. Even customizations are possible.
• When buying it offline, i.e. from an agent, one does not have the option to compare indemnity plans.

2. Transparency

• When searching online, one can log on to the company’s website and download the policy documents. It is easier to understand the policy benefits and limitations. One can even keep such documents on their system for future reference, thus reducing the chances of being misled.
• Quite the reverse, when purchasing offline, there is always a chance for an individual to get manipulated by an agent. Usually, higher expectations are set to close the deal, which only leads to disappointment.

3. Make an Informed Decision

• One can check the claim settlement ratio of the insurer from which they are planning to purchase a life insurance policy. It will help them examine if the insurance company will be able to settle the claim or not. Once assured, they can enjoy the peace of mind.
• When buying it offline, one is dependent on the particular insurance agent to furnish true statistics about the claim settlement record of their company, and their authenticity is always questionable.
• Try to select the insurer with the highest claim settlement ratio, if it meets the key requirements.

4. Easy to Access

As compared to insurance agents, Insurance companies functioning online are accessible to their customers 24*7. One can always reach out to their customer care team to get their concerns addressed.

5. The Cost Factor

Online life insurance plans are 40 to 60 % more affordable as compared to their offline counterparts because the commission charged by agents is eliminated.

6. Flexibility

There is more flexibility when one purchases life insurance online, as they can choose from a range of options. It is recommended to do a comprehensive research online, which leaves no scope of you being misled by an insurance agent you never met before.

7. Policy Reviews

Customer reviews on their website can help one understand the market presence of the insurance company and their services.

Already, sustained by demand, The companies are expanding their online product bouquet because of the above-listed reasons.