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Ref. No. KLI/22-23/E-BB/492
People avoid buying an insurance policy online in India due to reasons like online frauds, fear of online claim settlement etc. Click here to know the reasons and the benefits of online insurance
Life insurance is known to most but many people avoid buying an insurance policy online in India due to numerous reasons. Are you also trying to avoid getting online term insurance? Before you say no to it, again, let’s run through some superficial reasons why people avoid buying life insurance online and debunk some of the insurance-related myths.
Though it may seem that it is tough to buy an online term plan and there are numerous technicalities involved with an online purchase but it is not so. You just have to know the basics of operating a computer and using the internet. If you do, the process of buying online term insurance is very simple where you have to fill in your personal details and information regarding the policy you want to buy. Every insurance company has details regarding their policies online which can be easily accessed by you. With this, you can buy insurance online without hassle.
Unless you have some prior experience in life insurances, the products may look complex to you. You would want to have someone explain it in simpler words so that you can grasp the full extent of the product you are buying. But insurance companies know this when they are selling an insurance product online and try to keep the language plain and jargon-free. Even after this, you do not understand particular points, the chatbots on the website aid you during such instances. The chatbots provide you with relevant options for potential queries to make the process easier.
With the digital age, most things are coming up online to reach each and every person outdoor. Most insurers have all the offline plans available for online purchase. Hence, the myth about the availability of fewer online plans is incorrect. The products may vary from insurer to insurer but you can find all the plans on their official website.
Rising online frauds is a great concern and it is good to have that alertness in your conscience. But when you buy from a known and trustworthy insurance company, there is no chance of fraud. SSL (Secure Sockets Layer) certified servers used by insurers keep your personal data like card details and payment information safe. But it is crucial to buy from an insurance company which has a good reputation to avoid getting caught in a fraudulent scheme.
You may want to understand each and every aspect of an insurance policy along with bonuses like rider benefits. But this is not limited to a person. Insurance companies have all kinds of information related to the plans and benefits on the website. An agent may forget to mention certain conditions during their haste but online information gives you access to every terms and condition and the various rider benefits offered by the company. You can go through numerous documents thoroughly to gather information regarding your policies.
Online term insurance policies may sound to be costly but they are not. In fact, they are cheaper when compared to buying policies offline. This because in offline mode you have to pay for the agent as well which gets eliminated when you buy online term plan.
You may be under the impression that settling your claim online can be a hassle whereas when you buy from an agent, you can directly reach him for the settlement. Though contacting a person and getting things done seems more reliable, the online method is much simpler. For online claim settlement, you have to upload the relevant documents related to the claim and get the process done quickly.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
