Top Reasons to Buy Life Insurance Policy Online

The world is moving towards digitization and with the availability of the internet, everything is becoming quick and easy. From purchasing a car to filing an FIR, now everything can be done online. Talking about India, the penetration of the internet is more than 34.8% and there are more than 462,124,989 internet users, which are expected to grow by 50 million per year till 2020.
The fast growing digitization has been accepted by most of the sectors to widen their business and make things more easy and quick for the customer, and the same goes for life insurance plans. Those days are long gone when you have to be totally dependent on an agent or broker for buying an insurance policy. All the hassle of fixing meetings with agents, running to insurance offices, maintaining several policy documents has been wiped out by the internet. Now you can buy the best life insurance policy from the comfort of your home at just a click.
So through this blog, we will look at the top reason to buy life insurance online, so that you can purchase the best life insurance policy without any hassle.
Low Price
Online life insurance plans are much cheaper than the traditional method of purchase. This is because when you buy a life insurance policy through an offline medium, then there is a certain amount of commission charged by the agent or broker from the insurance company which is added to your premium amount. But when you buy an online life insurance policy, then there is no involvement of any middleman and you buy directly from the company. Thus the cost spent in the form of commission in case of offline medium is not included when you buy online life insurance policy. That?s why online life insurance policies are much cheaper than offline medium.
Well informed decision
Understanding the terms and condition of your policy is very much necessary before making the purchase and online medium allows you to make a well informed decision. Each and every detail of the policy like exclusions, inclusions, key benefits, etc. is available online and that?s why you get detailed information while purchasing online life insurance policies. But while purchasing through an agent, you get to know only what your agents tell you or what you ask and this can keep you away from various benefits of your policy or can come out as a bad surprise in the future. Therefore online insurance policies allow you to make a well-informed decision.
Easy Comparison
There are more than 20 life insurance companies in India, which offer you various options of life insurance policies and choosing the best life insurance policy is your responsibility. Different policies come with different benefits and limitations, and that?s why every policy is not suitable for you. But with the help of comparison, you can make a pool of some of the best life insurance policies and choose the most suitable one for you. Life insurance policy comparison also allows you to make a cost effective decision because different policies have different prices.
There are various web insurance aggregators through which you can easily compare different life insurance policies or you can do it through the online web portal of insurance companies also. But while buying through an agent, you get to know only what your agents know or what he wants to tell you.
Less Paperwork
Managing several policy documents can become a hassle for you because the danger of loss, damage or theft is always there and loosing policy documents can cause problem in continuity or in claim of the life insurance policy which you have bought. But the paperwork involved in online life insurance policy is always less because all the policy documents are submitted and received in digital format. This benefit of online life insurance policies reduces your hassle of running for photocopies of your id and other documents also because you just have to submit the KYC documents in digital format while buying through online medium.