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The world is evolving at a fast pace, and so is everything that it encompasses. The way we buy things in the present is no exception. You can easily buy things online that were hard to find in the pre-Internet world in the local stores. Most businesses now have their online presence. They are targeting consumers who spend more time online shopping than in the local markets.
The reason why the insurance industry has taken the same route is not far-fetched. More policy buyers prefer looking for information about the types of insurance, how-to guides online, and then buy online insurance plans. As the saying goes, the business is where the consumer is.
Having insurance as a part of life but have only been buying or renewing it offline? Here is why it is time to switch to the online insurance buying mode:
1. More Options to Select From
Online, you can easily find several insurance policies from different insurers to select from, different from buying the same offline. For instance, on the insurers' online portals, you can find clear and concise information about an online insurance policy with different variants and specifications. This helps in selecting the plan that is congruent to your needs.
On the other hand, you have limited options when you call an insurance agent or visit an insurer's branch office. You might also end up being over-insured or under-insured under a policy that does not fit your needs.
Easy availability of online insurance policies and premium calculators also help a lot in making a well-informed decision.
2. Saves Time
In the fast-paced world, if there is anything that people lack in, it is time. Everyone seems to look for ways to get things done in the least possible time. Buying online insurance is no different. It is much better than spending time with local agents to understand various policies first and rely entirely on him for the policy buying process.
In general, it takes a lot of time to buy an insurance policy offline, trying to find the best option from all the policies shared by an agent with convincing words. Sometimes, it can also be very difficult to say 'no' to an agent. A better way to do the same is to buy online insurance. You can open policy pages from different insurers in different tabs simultaneously and make a favorable decision.
3. Higher Discount
This is another advantage of buying online insurance plans. In a bid to allow the prospects to have a direct interaction, various insurance companies promote online insurance purchases. They attract buyers with lower premiums of online insurance plans. Doing so is easier for them as the process eliminates a local agent's role and the related commissions.
In other words, the overhead savings are passed to you, being a policy buyer in the form of a lower premium. If budget is a constraint in buying insurance plans, online insurance purchase can help overcome the same easily. To further reduce the online insurance premium, you can play over the choice of coverage, riders, and policy duration.
4. Ease of Terminating a Policy
Buying an insurance policy, whether for health or life, is a critical decision. Individuals purchase a policy and later realize that it does not serve the purpose well. For such situations, there is a free look-up period associated with most of the insurance policies. In this period, the policyholder can terminate the policy without worrying about any penalty.
Terminating an online insurance plan during the free look-up period is much easier. All you need to do is apply for the same online or contact the insurer directly. The process is quite streamlined, and you can get the money paid back in less time.
5. Multiple Payment Modes
With technological advancements, various payment modes have come into the picture. You are not limited to making all payments in cash. With online insurance purchases, you can benefit from multiple payment modes. These include debit cards, credit cards, net banking, and various wallets. Multiple instances get covered with the availability of several payment modes.
For instance, if buying insurance is urgent but you do not have cash available, you can use a credit card to pay the premium now. As per the card's billing cycle, you can later repay this amount. Similarly, if you have money in digital wallets and not in cash form, you can use it to pay for the online insurance premium.
Online insurance plans are readily available, and this mode is fast expanding. People prefer to opt for it because of various advantages and features that make it stand out. For your plans to buy life insurance, read more about the need first, and then decide.