Steps to Buy Life Insurance Online

by Abhishek K. Digital Business Executive

The internet penetration in India has seen a marked rise in a new trend, online shopping. This rise is also evident with the rise of smart phone users, which according to research is projected to reach approximately 829 Mn this year end. For the tech-savvy generation, buying products online has become a way of life. Thus, Indians are making an increasing number of purchases online. The best part of shopping online is the access to humongous information and varied choices.

But when we think of insurance and investments, the first thought that comes to mind is that of an insurance agent droning on and on about the benefits of the policy. While we may be buying our books, shoes, and clothes with a click of the mouse, how many of us have shopped for insurance online?

With outbreak of Covid-19 many were encouraged to renew policies online. This has further encouraged millions to subscribe to new polices online. Therefore, online insurance in India is growing steadily and many people have opted to buy and renew their insurance policies using this new route instead of traditional offline channels. So, getting a policy now, is just a few clicks away and one can buy it at any point of time, even in the comfort of their home. Whenever you decide to buy a plan, you always have an option to compare the plans in terms of benefits offered, coverage, features, claim process, renewal etc.

That’s one of the many reasons why, when it comes to investing in an insurance policy, Insurance companies have penetrated into this forum to help you make an Informed Purchase Decision. They offer complete access to all the information about their plans, its features and the terms and conditions on the website. They also ensure accurate information, enabling you to make a more informed choice, offering instant policy experience like buying any other product online.

Life insurance companies offer a transparent process to buy life insurance online. Firstly, they believe it is critical to look at one’s life stage, dependents, medical history, etc. The process is remarkably simple with access to the website from any gadget, be it your laptop, mobile phone or tab. The entire process just takes a couple of minutes if you have all the information ready. Secondly, choosing an appropriate plan and having an adequate sum insured, which is of utmost importance. Make sure you read all policy terms and conditions while choosing your life insurance plan.

Once you have decided the insurance plan you want to buy, fill in all your details online and submit the required documents. Most insurance companies advise all its beneficiaries to make sure all your details are accurate and authentic as it is best not to get caught in minor errors. Thirdly, the most important aspect of insurance is choosing an appropriate premium. You can choose to pay your premium monthly/quarterly/annually.

Before you close your transaction, it is very important to choose a rider to your policy. Riders are designed to provide additional benefit over the stated coverage and is an added protection against risks. It is provided at an additional cost, which is very economical. Riders are effective addons you can choose in addition to your life insurance policy. Insurance companies offer riders like- Accident Rider, Extra insurance cover rider, Critical illness cover rider, Family income benefit rider. You also have the privilege to add and delete the rider during the policy terms.

Finally, you pay your first premium and seal your relationship for a life cover. When you are in doubt reach out to their 24-hour digital support, this has been specially introduced as safety is a priority for insurers. On successful verification of your details and documents, the company will issue you the policy.

Not many companies offer seamless online services. The objective of life insurance is to reach out to the common man with its products and services and enable every individual to set out on the path to prosperity.