Mumbai: If you are in you 20s or 30s you probably remember insurance agents knocking at your door and trying to convince your parents about the merits of buying a particular policy that they were selling. Your parents perhaps even complied knowing nothing about the fact that the so called policy that was being advocated as the best for them, was perhaps the best for the agent himself as it fetched him the highest commission!
Time has changed. Now, no need to depend on insurance agent for purchasing a insurance policy. As more than 5 crore active internet users in the nation today, they can purchase directly online insurance policy.
First of all one should consider the cost while purchasing insurance policy like any other items. It is noticed most of the online life insurance products are at least 50% cheaper than their offline counterparts. Firstly, if one purchase from the insurer directly, then there are no intermediary costs that can be passed onto buyer. Secondly, insurance companies noticed mortality risk in the customers who buy policies online is compartively lesser.
Again, insurance companies provide all the information regarding the product, it features, tenure and riders clearly on their website. Naturaly, customers who are willing to make an online purchase can access this information easily. So they no longer have to depend upon an agent or any other party with a vested interest to give them the relevant information.
Besides, each and everything about the product in question is online beginning from its features to the customer experience as well as the regulatory action that is applicable in case there is a problem at your end, there is nothing that an insurer can keep from buyer anymore. Therefore total transparency that you can count upon.
However, one must bear in mind that there is no advisory involved. So buyer has to take decision based on his knowledge and information.