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