Indians are to known for spreading various kinds of information, like a live fire. If it is for the benefit of others, then it is like a Cherry on Top of the ice-cream! When it comes to planning their future, they all trust on saving as much as possible for their future. One such way of saving money is buying an Insurance Policy. It is something that makes you poor while you are alive, but makes your family members rich, after your death. But, we cannot be selfish. We all know the importance of money, if one of the earning members of the family dies. The case becomes worse, if the sole earner of the family dies. So, to escape all such problems, more and more people are taking Life Insurance Policies these days. They guarantee a secure future for us and our family, and also save us from the Mental Torture of planning our future. This is the reason why according to various studies conducted, this is the second most searched topic online. Though, these results vary for different parts of the world, but it holds true for most of the nations.
We do not believe on anything, until we have reliable facts and evidences to support the cause.
Here is a list of some of the most important benefits of taking an Online Insurance Policy. These benefits are:-
- Comparison:It allows us to compare various other policies online and decide on the one best policy, that suits are requirements and budget. When we go for shopping, we cannot decide on what dress, without checking for its prices on at least 10 shops. Similar is the case with these policies. Anything that requires you to invest money should be done after ample thinking and discussions.
- Cheap:Taking a policy online reduces the various intermediate costs of the agents and saves the time and cost of going to the bank or the Insurance Company. If something profitable is available at pocket-friendly prices, then what else does a customer want. The premium amount for online policies is also lesser than offline Insurance Policies.
- Ease of Procedure: Since all the documents are filled and submitted online, so the task of maintaining the hard copy of all documents gets reduced. We do not have to stand in long queues to submit our documents. Everything happens with just a Click of the Mouse! All the details are easily accessible, for us to refer and take the decisions accordingly. This makes this policy much more reliable.
- Competitiveness: It increases the competitiveness among the various insurance firms, to provide the best policies to the customers at the least prices. If the market for a product has a large number of buyers and sellers, then there is bound to be competition. In all such situations, it is the customer who benefits the most as ‘Customer is the King.’ Online sales increase the bargaining power of the customers.
- Eco-friendly: Online Insurance Policies reduce paperwork, as all the documents are submitted online. We even receive the Policy Document through our mail, and all the queries are also handled online. All these things save the usage of paper up to a great extent. This helps us to save Paper as well as the trees. Saving the environment is one of the foremost responsibilities of all the firms working in India. So, such policies help us, as well as the Insurance Company to fulfill their Environmental Responsibility.
- But, as we know the fact, that even the Rose Flower has a large number of thorns attached to it, that give more pain as compared to the fragrance that the flower offers. So, this is an Insurance Policy, which comes with its own set of Cons, which make us re-think about our decision.
The negative points of having an Online Life Insurance Policy are:-
- Does not have a Wider Reach: It is important to have an Internet Connection for getting access to this policy. It is not available to people who do not have an internet connection, or for those people who are not much ‘Internet Savvy’. You need to be well-versed in all the features and functioning of the internet, in order to access all these policies, without any issues.
- Chances of Fraud: Since all the transactions are carried out online, you cannot see them tangibly. This increases the chances of cyber crimes. There are various companies who harass customers by taking the policy premium from them and then running away with their money. There are also various cases where the customers are promised some benefits that are actually not written in their Policy Document, neither provided to them.
- Limited Information: The customers only have access to the information that the company provides on their website. They cannot go to the company and check for themselves, as in many cases, the companies allow the customers to sort out their grievances through phone calls only. The transparency of information is not there.
- Chances of Technical Errors: While carrying out the transactions through the online portal, there are chances of the occurrence of various technical problems, which can stop the transactions in between and even block our money. It is usually not an easy task to get this money back, as it goes through the online route. There are cases when the transaction takes place from our side, but not6 from the Company’s side. This makes it even more difficult to get back the money. The whole process is very tiresome and time-consuming.
- Processing Time: The online policies take a longer processing time. All the details that are available on the internet are good enough to attract customers, but they offer a slow claiming process. Some companies may not offer insurance coverage for particular situations. So, all these things just end up making the process much more time-consuming and sometimes even lead to a large number of dropouts, due to this reason. In many cases, you are not assigned a person to help you out.
The only option you have is to research on the website.
I hope all these reasons will help you take the Best decision about actually taking the policy or not through the online medium. According to me, the benefits and advantages are sure to be received, whereas the disadvantages may or may be experienced. So, it is better to go for these policies as risk is involved in everything. Taking risk is a part and parcel of our life. So, don’t shy away from it. Go ahead and take the policy! The benefits to be received are much more effective and efficient.
Warning: Read the Policy Document carefully before accepting the Terms and Conditions.
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