Why buy life insurance online?

If you are in your twenties or thirties, you may recall insurance agents knocking on your house and attempting to persuade your parents of the benefits of purchasing a specific policy that they were selling. Your parents may have even complied, unaware that the so-called policy that was being recommended as the best for them was actually the greatest for the agent himself, as it earned him the biggest commission!

Those days, however, are long gone. With 52 million active internet users in the country today, who use the online platform to buy anything from groceries to gadgets, it's no surprise that they're interested in purchasing online life insurance policies as well. The life insurance industry is playing an important role in the expansion of e-commerce in India, and it is growing in popularity across the country. And not without reason. If you're still not convinced, here are some reasons why you should choose online insurance coverage.

When making any purchase, the first thing that springs to mind is price, and insurance is no exception. The majority of internet life insurance plans are at least 50% less expensive than their physical counterparts. This is achievable due to two key factors. For starters, because you buy directly from the insurer, there are no middleman expenses that are passed on to you. Second, insurance companies operate on the assumption that customers who purchase policies online have a lower mortality risk than those who purchase policies in person. As a result, they are willing to sell them things at a lesser price. As a result, online policies are much less expensive.

Because of the lower costs involved, the average sum assured in online plans is higher than in offline life insurance products. Aside from smart marketing efforts by insurers, the per-day costs of acquiring an insurance policy are displayed. For example, it is not uncommon to come across an advertisement claiming that insurance worth Rs 50 lakhs is available for a daily premium of Rs 8.5. It's understandable that you'd be enticed to acquire a policy that's this cheap!

Insurance firms' websites clearly display all product information, including features, tenure, and riders. As a result, clients who want to make an online purchase can readily obtain this information and make an informed selection. They are no longer required to rely on an agent or any other entity with a vested interest to provide them with the necessary information.

With the widespread use of social media and forums where people share their experiences with each and every purchase they make, it is now simple to check the reputation of the insurer and the product for which you are applying. The majority of a company's reputation is based on how well it settles lawsuits. When selecting a product, you can search the web to see what past customers have experienced with regard to the claims settlement of a specific life insurance programme. As a result of this information, you may make a more informed decision.

There is nothing an insurer can withhold from you today because everything about the product in question is online, from its features to the customer experience to the regulatory action that is relevant in case there is a problem on your end. As a result, you can rely on complete transparency.

However, one must keep in mind that, while purchasing insurance online has numerous advantages, there is no advice involved. As a result, the onus is entirely on you, the consumer, to conduct proper due diligence and select a product that is compatible with your overall financial strategy.