Detailed guide: Buy Life Insurance Online

1. Easy comparison

Owing to digitisation, it is now easier to compare different policies and select the one that best suits your needs, as it can be done conveniently via a website/app. Moreover, in order to compare policies from different companies, you had to rely on agents from different companies. Here, the information available was limited by the agents. Now, every insurance company provides all essential details on their website making it easy to compare and select a suitable plan.

2. Lower premium

The premiums to be paid are lower when you buy a policy online due to lower operational costs of online insurers and non-reliance on agents.

3. Easy tracking

Carrying all the documents along with you on every visit to the insurer’s office to check the status of your application or claim request is a tedious task. However, you can now check the status of your application or claim settlement process online very easily and quickly. This saves a lot of time, as there is no need for multiple visits to the office.

4. Checking the Claim Settlement Ratio (CSR)

The CSR of different companies can be checked on the official website of the Insurance Regulatory and Development Authority of India (IRDAI).

5. Transparency

The whole process of buying an Insurance policy online is safe and transparent. You can easily track your transactions; you will get a confirmation email for each of your payments, you will be reminded of your due payments; and, most importantly, you can revisit any step and any detail anytime you need to. 

For instance, the sum assured under a policy and all other relevant details are presented very clearly on the official websites of the insurance companies. There is no fear regarding lack of transparency.

6. No tedious paperwork

Buying an insurance plan online saves you from the tedious job of managing physical paperwork. All proof documents are submitted online, so there is no need for tedious paperwork.

7. No trust breach

As you can read all the details about the plan and you are submitting your documents directly to the insurance company, there is no breach of trust or misuse of your confidential documents.

8. Safe payment

Through the web portal of the insurance company, you can make direct payments, and no intermediaries or agents are required thereby ensuring safe and secure transactions.

9. 24x7 customer support

Most digital-first life insurance companies now offer 24x7 online customer care. Moreover, the claim settlement process has become easier too.

10. Reviews

The best thing about buying a plan online is that you can read reviews about the company from verified customers. You can then choose a company based on the reviews about the claim settlement process, customer handling, and turnaround time as mentioned by the customers.