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Top Myths On Buying Online Life Insurance

By - Research Team    |    Updated On 11 June 2018 |    Insurance

Top Myths On Buying Online Life Insurance


The rapid growth of the internet in India has placed great importance on online platforms. The online marketplace has transformed the way you shop. The online platform helps in price comparison, ease of transactions and the promise of lower rates/discounts.

Life insurance policies are also sold online as more and more insurers are offering new life insurance products. You can easily avail Over the Counter (OTC) insurance products, with just a few clicks.

Despite the popularity of online life insurance plans, many citizens hesitate or shy away from availing online life insurance plans. Understand the popular myths or misconceptions on buying life insurance online.

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Top Myths On Buying Online Life Insurance


1. Online life insurance plans are fake:


It’s commonly believed that online insurance plans are not genuine. This is wrong. Insurers sell their life insurance plans directly and also through authorized brokers and agents. If you choose to buy a life insurance plan through a reputed online platform, you will definitely get a genuine plan.


2. Would you be cheated with an online life insurance plan:


You must compare different life insurance plans, find the one which suits you best, seek proper assistance and then come up with proper reasons to buy the life insurance plan. The process is completely transparent and there is no chance, you’ll get cheated.


3. Online mode is unsecure:


It’s popularly believed the online mode of purchasing life insurance, is not secure. It has potential vulnerabilities to cyber fraud. As far as risk of cyber fraud and online theft is concerned, if you choose plans from reputed websites, security is assured.

Reputed online brokers and agents have highly secure encrypted payment gateways, which provide a secure platform for online transactions.


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4. You may end up buying a wrong plan:


Online platforms have customer service representatives, who are always available and answer all your doubts and queries. When you are buying a life insurance plan, you can find out your requirements through online calculators and human life value calculators and assess the suitability of the plan. For any queries, you can engage the services of customer service representatives, who help you buy the right plan. Even with this facility, if you feel that you have bought the wrong life insurance plan, there is a free-look period in all life insurance policies. You can cancel the plan within 15 days and avail a refund on the premium you have paid. Simple, isn’t it?


5. Your claim will be rejected if you buy online:


Insurance companies reject claims only if you make a claim for an uncovered event or if the claim is found to be false. Buying online doesn’t result in rejection of claims. If you have provided the required details correctly and truthfully and if the claim is genuine, your claim would be honored, irrespective of where the life insurance plan has been purchased.


6. Sharing personal information is unsafe:


Citizens believe their personal data and private information is not safe, on an online purchase of a life insurance plan. This is a myth. Reputed and authorized websites protect your personal information, whenever you buy an insurance plan from them directly or online.


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