Online life insurance has been a much hyped mode of securing your life in the recent years. And why not, this style of policy purchase offers you convenience, discounts on premium, speedy processing and much more. Still we see many tend to refrain from buying their policies online. This could be for reasons like not comfortable dealing online, not aware of the benefits they are missing out on or simply no clue of how to do it. Here are 5 simple steps that will guide you to buy your life insurance online –
Step 1 – Research the market Being a popular product there are many life insurance plans in the market. Each provider tends to offer better and unique benefits than the other. Hence before you choose any product, research the offerings of the market very well. There’s no use regretting a wrong pick later. You can do this by visiting the websites of the leading providers and check out the products they have in store. Also you can read the reviews offered by industry experts and existing clients.
Step 2 – Compare the plans you like the most
Obviously you’ll have a few favourites when you go through the various plans in the market. After you have shortlisted the online life insurance plans you think suit you the most, compare them to boil down to one perfect plan. While comparing them check for aspects like the sum assured offered, the premium amount payable, features, benefits etc. select one plan that meets you needs accurately.
Step 3 - Check for claim settlements
An important aspect you need to check your plan for is the claim settlement process of the online life insurance plan. A delay in claim settlement can leave you regretting when you can’t do much. Hence, check if the process is speedy or not, the formalities involved in the process, what the claim settlement ratio of the company is, etc. Checking all this will ensure you are making sensible decision.
Step 4 - Check for premium discounts
The premium amount pays an important role in you deciding the policy you take. Taking a policy that involves high premium cost will end up harming your cash flows and interrupting with other investment plans and responsibilities. Also, remember to measure the online life insurance plan premium cost against the features it provides. Mostly, online life insurance plans offer discounts on the premium amount. So do check for that.
Step 5 - Complete formalities
After you are completely sure of the plan you want to buy, hit the buy now button on the website and complete the few formalities as mentioned. The company representative will call you to confirm your purchase. Online life insurance has in place a completely hassle free and safe process for convenient insurance purchase.
Buy online life insurance in 5 easy steps