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Why Buy Health Insurance Online? Research Team | Posted On Wednesday, October 09,2019, 03:33 PM

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Why Buy Health Insurance Online?



If you simply go back to 5 to 10 years, you’d notice that policy buyers had to visit the insurance branches or contact the agents to purchase a health insurance plan. People had limited choice and knowledge of health insurance and bought whatever was suggested by the insurance agents.

Today purchasing health plans is much easier than before. The digital health insurance has changed the way people purchase health insurance. It has brought a wide range of products on the tips of our finger.

Online health plans come with a wide range of benefits. Now you can choose a suitable plan from the number of choices available to you. Companies offer lower premium rates along with a variety of discounts. You can compare plans and make a swift purchase by submitting the application form and uploading your documents online. You can also narrow down your choices by adjusting the filters and make your search quicker.

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Why Buy Health Insurance Online?

Let’s Try to Understand How an Online Insurance Plan Works with the Help of an Example:

Sujith, 34 year old employee wants to buy a personalised health insurance plan for his family. But due to his busy office schedule, he is unable to manage time and meet an insurance agent. One day, at the office he asked his colleague about how he can manage time and purchase health insurance plan conveniently. His colleague suggested him to try online health insurance policy.

After his work, he sat and started researching online health insurance plans. He checked for various online health plans and scrolled through several insurance websites. He found it quite convenient. On the same day, he narrowed his options after thorough research. He finally selected a plan and called the online customer care to clarify his doubts.

Finally, he filled the online application form and submitted the form along with his KYC details. Within a few hours, sujith was able to purchase a health insurance plan for his family. Online health insurance helped sujith save time and effort and purchase a health insurance policy with any hassle. This proved both cost-effective and convenient for him.

See Also: 7 Reasons to Buy Health Insurance Before you Turn 30

Benefits of Buying Health Insurance Online:

Lower Insurance Premiums: Insurers can save the operation cost due to the direct purchase of policies online. They do not have to pay any money to insurance agents, or make expenses towards operating branches and maintaining paperwork. Therefore, this benefit is passed on to the customers in the form of lower insurance premium. Online health insurers are able to provide policies at 20% to 25% cheaper rates than its offline counterpart.

Online Management and Automated Servicing: With an online health insurance plan you do not have to go through the hassle of maintaining documents or physically visit the insurer or agent for any insurance-related work. The online insurers have a 24*7 dedicated customer service to take care of all your grievances and queries. An added advantage provided by online insurance is it has made access to information simpler. You can now track your policy, renew it, pay your premiums online as well as add riders online. You will also receive important notifications and messages regarding your policy that keeps you up to date about your insurance policy.

Ease of Documentation: While buying a health insurance plan you can complete the documentation online as well. Here you don’t have to present copies of your documents. Now you can scan and upload your KYC documents and submit your proposal form. You can also make consequent changes online while your policy is in force.

The Convenience of Purchase: There are no parallels to online health plans when it comes to ease of buying. You can make an easy comparison between various insurance products online. You can choose your plan online by comparing the features, riders and interest rate of various plans. While buying you can always take the help of customer care service and discuss the options or solve any queries. You can also submit the proposal form and complete the documentation from the convenience of your home.

No Mis-Selling of Products: Customers are most often tricked into purchasing wrong financial products while buying insurance plans online. This practice is widely prevalent in the insurance industry. Agents most often sell unsuitable insurance policies to buyers to pocket a commission. The chances of such mishaps can be avoided by purchasing health insurance online. You can buy exactly what you want without any intermediaries involved.

See Also: Health Insurance Plans

Advantages That Have Made Insurance Opt for Online Health Plans:

  • Online websites come with an abundance of health insurance choices
  • You can compare policies online and choose the perfect health insurance plan
  • It saves time and effort and make the process of buying health plans easier
  • You can avail 24*7 customer care service to resolve your queries
  • You can save money by buying health insurance plans online
  • High claim settlement ratio
  • Clear and transparent terms and conditions
  • No mis-selling of products through insurance brokers or agents
  • Additional riders available at minimal cost
  • Online management of policy and easy access to policy information
  • User-friendly process that saves a lot of transaction time

See Also: 10 Mistakes to Avoid While Buying Health Insurance

Online health insurance plans give you the freedom to choose a comprehensive plan suitable for you. Additionally, you can make your premium payments using the net banking facility. Online health plans help you to save time and effort. It is a one-stop solution for all your health insurance needs.

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