Online saves the day
Thankfully, we are in an age where practically nothing need
be time-consuming and cumbersome. The internet has taken care of that. You can
now browse insurance company websites and buy online term insurance plans,
which is a popular and affordable form of insurance.
Why term plans
To revisit the attraction of term
plan for individuals –online term plans offer the cheapest medium of
availing life insurance where one can get a high life cover at a relatively low
premium.
How the internet is
spreading insurance
The internet has graduated from being a mere provider of
information to a key distribution channel for service providers like insurance.
It offers a fast, efficient, cost-effective and transparent mode of delivery.
While traditionally, insurance companies have relied on consultants, agents and
brokers, in addition to their own in-house sales support, this has proved to be
both expensive and inefficient. The turnaround time in getting an individual
insured is high and there is a burden to service the agent through regular
commissions over the life of the policy.
The internet has helped insurance companies iron out both
time and cost inefficiencies. They now engage insurance-seekers directly
through company websites. Insurance is ‘delivered’ seamlessly and since there
is no agent involved, there is no commission to be paid. This makes selling
insurance cheaper and the individual benefits by paying a lower premium vis-à-vis
a similar policy sold offline.
How to buy online
term insurance plans
Buying insurance online is a simple, streamlined experience
that will make you wonder why it was not discovered earlier.
While the process of buying online
term insurance varies across insurance companies, it broadly involves the
following steps:
Enter the sum assured
Choose the policy term
Choose the premium paying term
You will see the premium amount based on your inputs
Select your bank to make the premium payment
You will see an acknowledgement on a successful transaction
Within a period of usually three weeks the insurance company
will come back to you on whether or not your insurance policy has been approved
by its underwriting team
Subject to approval you will receive a soft copy of the
policy which will be followed by a hard copy
The mark of a good online experience is fewer clicks and
website speed. The lesser number of clicks necessary to buy insurance, the
simpler it becomes for users. And slow website speed with higher response time
while navigating to the bank website for premium payment, can be a turn off.
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