Life insurance plans and term insurance products are traditional insurance products and people have been used to buying these through agents. But nowadays even the insurance sector is benefiting from the online revolution. Internet today is not just a medium of getting information it has become a channel of sales and distribution as well and nowadays buying products online even insurance is a very simple process. Let’s check the detailed guide, on how you can buy life insurance plans online.
1. Seek Information
If you are seeking life insurance plans, first of all, you need to know about all the available offers in the market as well as the RBI guidelines governing insurance products. Once you have made yourself well versed with the basic product, you can get information on the other diversified insurance plans as well because insurance firms are coming up with really novel offers.
From websites like Finance gab, you can get all such information from a single source. You can then compare the various offers and weigh them against your preferences, requirements, capacities, and risk appetite and choose the plan that best suits your need.
Finance Gab also regularly publishes information regarding the performance of various insurance schemes being offered by authorized insurance firms as well as information on new announcements and benefits by the insurance firms.
You can also calculate your return on investments in various types of funds offering life insurance plans and shortlist the ones that yield high returns albeit also check the risk factors.
2. Purchasing Insurance Online
Once you have selected the firm from which you want to buy the insurance, you need to go to the website of that particular firm and register yourself with the firm’s website if you are not already an existing member. Once you have registered yourself you can log on at the firm’s website using your user id and password.
3. Assessing Online Capabilities
Firms vary in their online capabilities; often people can note the difference while navigating online. Some websites offer good speed and are simple to navigate whereas some others are too tardy and may irk.
Research shows that navigation experience determines to a large extent the sales achieved on that website. People want to buy from those websites which they find easy to navigate and offer complete information, value additions, and quick responses. Hence when choosing an insurance product online, the online quality being offered by a firm is also a determining criterion as online customers will have to perform all their future transactions through their chosen website.
So, if you are choosing an online life insurance product you must ensure that the firm offering the online plan meets the standards of online performance required for servicing a large number of customers smoothly, swiftly, and continuously.
4. Making the Purchase
After logging on to the chosen firm’s website and ensuring their online capabilities, click on the tabs that offer to sell insurance products online. The web page that opens will ask you to fill up specifications pertaining to the minimum sum assured, and premium payment terms and you will also be required to click on the premium amount option once you have furnished the earlier details, after selecting the premium amount you will be navigated to payment options from which you can choose your preferred mode of payment.
After successful payment, you will receive confirmation either on your registered mobile or e-mail address and also an acknowledgment on the screen will appear.
In about a period of 20-25 days, the insurance firm will confirm the acceptance of your insurance policy and will send you a soft copy of the insurance policy. A hard copy will also be sent to your registered communication address.
To sum up, for purchasing an insurance policy online you need to
- Get thorough information regarding the insurance product in general.
- Ascertain your own preferences, requirements, and capacities so as to be able to select appropriate product categories.
- Seek information about the various authorized firms that are offering insurance products, their differentiated offers, and their performance over a period of time.
- Seek information regarding the credit settlement ratio and other performance ratios of insurance firms.
- Ensure that the firms being considered by you are authorized and registered under IRDA.
- Assess their capabilities for providing an online platform for transactions related to insurance products.
- Read the features, benefits, and other information of information policies as well as rules, inclusions, and exclusions. Sometimes websites provide softcopies of policy guidelines and rules which can be downloaded and studied in detail.
- Some websites also offer chat and e-agent facilities which you can avail to clarify your queries and doubts.