Indian Money dot com Review on Pros and Cons of Buying Insurance Online
With the advent of technology, things are not the same.Today, people use internet for everything, be it to find information or to makeessential purchases. There are a number of things which can be done online,like buying groceries to insurance plans. IndianMoney reviews say that people prefer doing most things online, rather thanoffline. Gone are the days where insurance policies were sold only by insuranceagents. Many insurance companies sell insurance online and a lot of peopleprefer making the purchase, as it is cheaper when compared to purchasinginsurance offline
IndianMoneydot com review says that, while buyinginsurance online has many advantages, it also has drawbacks. In thisarticle, we will discuss the various pros and cons of buying insurance online.
What is an InsurancePlan?
Insurance basically means protection. It provides protectionagainst the loss of an asset or human life. While home insurance providesprotection against the structure of your home, term life insurance protectsyour family in case of an unexpected demise. According to the Indian Money review Bangalore,insurance planning is an important part of financial planning.
IndianMoneyReview on Pros and Cons of Buying Insurance Online
Pros of BuyingInsurance Online
Ease and convenience
You can buy insurance policies online at the convenience ofhome, office or even while traveling. Many insurance companies have chat botswhich suggest insurance policies on the basis of needs.
All the details of the policy are documented and you willhave enough time to go through and choose the best. In the case of onlineinsurance, you will be filling in all personal information yourself. So, therewill be fewer chances of errors.
To buy an insurance policy online, all you have to do isvisit the official website of the insurance company, provide the requireddetails and make payment, online.
Lower premium
Buying an insurance policy online can help save a lot ofmoney as the premium of online insurance policies is low, when compared topolicies bought offline. Usually, many insurance companies offer onlinepolicies at around 30-40% discount. This is mainly because in the case ofonline insurance, there are no intermediaries or agents between the insurancecompany and customers.
Cons of BuyingInsurance Online
Difficulty inunderstanding the product
While buying an insurance policy online, most people may notcompletely understand the product as there will be certain terms which are notvery clear. Due to this lack of transparency, many people end up buying thepolicy based only on the premiums and the insurance cover against the premium,ignoring various other clauses which are also very important.
Non-availability ofpersonal services
While buying an insurance policy online, you will bedirectly interacting with the insurance company and there will be no agent toassist on claim settlement, filling up proposal form and so on.
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