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Home Articles IndianMoney Review On Pros and Cons Of Buying Insurance Online

IndianMoney Review On Pros and Cons Of Buying Insurance Online

IndianMoney.com Research Team | Updated On Monday, December 03,2018, 05:18 PM

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IndianMoney Review On Pros and Cons Of Buying Insurance Online

 

 

With the advent of technology, things are not the same. Today, people use internet for everything, be it to find information or to make essential purchases. There are a number of things which can be done online, like buying groceries to insurance plans. IndianMoney reviews say that people prefer doing most things online, rather than offline. Gone are the days where insurance policies were sold only by insurance agents. Many insurance companies sell insurance online and a lot of people prefer making the purchase, as it is cheaper when compared to purchasing insurance offline.

IndianMoney review says that, while buying insurance online has many advantages, it also has drawbacks. In this article, we will discuss the various pros and cons of buying insurance online.

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What is an Insurance Plan?

Insurance basically means protection. It provides protection against the loss of an asset or human life. While home insurance provides protection against the structure of your home, term life insurance protects your family in case of an unexpected demise. According to the IndianMoney review, insurance planning is an important part of financial planning.

Want to know more on Term Insurance Plans? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

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IndianMoney Review On Pros and Cons Of Buying Insurance Online

Pros Of Buying Insurance Online

1. Ease and convenience:

You can buy insurance policies online at the convenience of home, office or even while traveling. Many insurance companies have chatbots which suggest insurance policies on the basis of needs.

All the details of the policy are documented and you will have enough time to go through and choose the best. In the case of online insurance, you will be filling in all personal information yourself. So, there will be fewer chances of errors. 

To buy an insurance policy online, all you have to do is visit the official website of the insurance company, provide the required details and make payment, online.

Note: As per IndianMoney review, proposal form should be filled by policyholder himself.

2. Lower premium

Buying an insurance policy online can help save a lot of money as the premium of online insurance policies are low, when compared to policies bought offline. Usually, many insurance companies offer online policies at around 30-40% discount. This is mainly because in the case of online insurance, there are no intermediaries or agents between the insurance company and customers. As insurance companies don't have to spend on agent commission and paperwork, they save a lot of money and this benefit is directly passed on to customers.

3. Easy comparison

There are a lot of insurance companies who offer multiple policies. It is quite difficult to choose the best policy.  But, with an online insurance purchase, you can compare policies offered by various insurers and choose the best. There are also many websites which help avail policies offered by various insurers.

4. There is no headache of mis-selling

You might be aware of various cases where insurance policies are mis-sold by the agents, to earn high commission. But, in the case of online policies, mis-selling is not possible as you will be dealing directly with the insurance companies and there are no agents involved.

5. Higher Sum Assured

Most of the insurance policies which are being sold online, offer high sum assured vis-a-vis offline policies. IndianMoney reviews say that the insurance policy which you avail must have sufficient sum assured.

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Cons of Buying Insurance Online

1. Difficulty in understanding the product

While buying an insurance policy online, most people may not completely understand the product as there will be certain terms which are not very clear. Due to this lack of transparency, many people end up buying the policy based only on the premiums and the insurance cover against the premium, ignoring various other clauses which are also very important.

2. Non-availability of personal services

While buying an insurance policy online, you will be directly interacting with the insurance company and there will be no agent to assist on claim settlement, filling up proposal form and so on.

3. Online frauds

There are many fraudulent websites which sell fake insurance policies, so you must be very careful while buying an insurance policy online. Before availing the policy, you must make sure that the product which you are availing is genuine and the website, official. While availing the insurance policy, you are required to submit personal and financial information, so it is very important to be careful.

Have a complaint against any company? IndianMoney complaints portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on IndianMoney review and complaint portal IamCheated.com.

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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