Paisawiki is a Part of Logo
*Please note that the quotes shown will be from our partners

Myths of Buying Life Insurance Online

Busy lifestyle, lack of savings all are sorted out by only a single method and that is buying life insurance. Life insurance has become a basic thing to buy in today's generation due to increasing fatalities, different sorts of risks related to money, attaining financial stability because every other person in this world wants a peaceful life where all the necessities are made available irrespective of his lifestyle. Protecting against various crises is the duty of a life insurance plan which an individual can buy according to his needs and his current financial stability.

Life insurance can be bought by contacting an insurance agent from the nearby branch of the life insurance company, going through all the features and benefits of the plan and filling up a proposal form, submitting all the required documents, and waiting for the policy approval.

An individual can also buy a life insurance plan by just sitting at home and surfing through all the plans. Choose the one that best suits the family. S/he can fill-up the form and submit the documents on the respective insurer's website. One can also track the application at the server without even going to the firm.

Certainly, buying online is a secure method, but few myths are floating around that states that online buying is not user friendly and choose to go in person to the firm. This is due to the distrust surrounding the concept of online buying. Online buying is undoubtedly the best option for busy people, and it isn't possible to personally go to the firm and buy the plan. The online buying and transaction sector has clearly proved that it is one of the best possible ways to make life easier for all people. An exponential increase in the users of online shopping is an obvious proof of that.

Myths Busted – Buying Insurance Online

Some of the myths are to be shattered, and they are:

  • The Choice of Plans is Limited to a Certain Number while Buying Online

    It is wrong notion as a wide range of plans are offered on different portals; every feature and benefit is demonstrated thoroughly while going through the websites online. All the plans and policies are explained so that an individual realizes which plan holds in the best interest of that particular individual. Online surfing is a much better option than an insurance agent explaining because an individual can get to know the plan in his own sweet time.

  • Higher Chances of an Individual Opting for Wrong Policy

    A need-based search for the plan is available on the website or portal. An individual always finds the policy that is suiting his needs. An insurance agent is always looking for an increase in sales and tries to sell off the plan according to his requirement.

  • Putting Privacy at Stake and Higher Chances of Strangers Knowing our Details

    The intent of the insurance websites to get the personal information of the buyers is to find the apt plan for the person according to the information that he is provided. Most of the online portals are certified for these conditions. The risk at which these online portals are operating is very less and respects the privacy of all the buyers' potential.

  • A Shortage of Personal Assistance

    Many of the insurer's websites now provide a unique live chat option, which is far better than waiting for the insurance agent to answer the queries of the concerned individual. Personal assistance is offered according to the choice of the buyer. It promptly answers all the questions of the buyer without judging any of them. Assistance provided online helps the people to understand even minor doubts.

  • High Prices for the Plans Online

    This has to be one of the most believed myths because online buying surely has reduced cost than the person going to an insurance agent. When a person buys online, no insurance agent needs to be paid by the insurance company. The infrastructure charges are also eliminated, which manifests in the final price of the plan that an online buyer sees, which is certainly not more than buying from the insurance agent. Online buying gives an individual reduced rate when the prices are compared to the insurance agent given prices.

  • The Complexity of Buying Online

    That is straight-up, not true because a busy person is never up for running to an insurance agent and making the payments. On the other hand, the online process can be done anytime, anywhere. Logging on and starting the process by following the instructions given on the portal is only the work that a buyer needs to do, which is far easier than going up to the firm. Buying online is not at all a complicated process.

  • A Person having High Internet Skills will be Able to buy Online Life Insurance Plan

    This is untrue. A person knowing basic skills and a person who can follow the instructions can easily buy online insurance. The step by step process can be very easy to follow.

  • Claim Settlement Ratio is Lower for the Policies bought Online

    Claim settlement is the same as in offline ways. If the documents and information provided by the insurer are all clear, then there is no way of a claim getting rejected either offline or online. So policies bought online also offer the same claim settlement.

  • The Arrival of the Policy Document takes an Unacceptable Time

    This is quite the opposite to reality because as the documents are submitted, and the payment is made, after verification and approval of the policy, the policy documents are mailed to the respective individual. That person can take the print of it. If the papers get lost then he can log in and reprint it according to his own will without again rushing to the insurance firm.

  • Chances of Fraud

    Certainly, that is one threat a person fears while buying online, but in reality, this is more to be found while purchasing offline because an individual cannot be sure of insurance agents belonging to the insurance company that he actually is dealing with. Online websites just let you go through all the plans and policies and then direct you towards the concerned policy website. A person can make his decision without any luring from any other external factors. Online sites obtain nothing but an insurance agent always seeks for his profit.

  • Any Schemes or Discounts might go Unnoticed while Buying Online

    Online insurance portals come with a much broader range in providing discounts to the buyers. Due to the aggressive market, insurance companies lay out the best deals that a buyer can choose, and discounts and benefits are the deals that attract the buyer towards the policy which online buying show more clearly.

  • Coverage Offered by the Online Plans are Unembellished

    On the contrary, plans offered by the online portals come with better coverage, top-notch features, quality benefits and can be customized as the plan grows.

    Buying life insurance plans online is an easy and user-friendly process that needs to be chosen by the buyers more and more due to its different features and benefits. People also cease to not buy life insurance policies due to the tedious process of buying it. Still, online buying has resolved that problem pleasingly. So better to be an armchair detective and surf through all the favourable plans and buy the policy in no time.


You May Also Want to Know About
Best Term Insurance Plans in India
Best Term Insurance Plans in India 2021 With the growing uncertainties of life, it is very import...
Life Insurance Benefits
Life Insurance Benefits What is life insurance? Life insurance is a financial contract between t...
Types of Death Covered and Not Covered by Term Insurance
Types of Death Covered and Not Covered by Term Insurance With so many different kinds of term ins...
Types of Life Insurance
Types of Life Insurance Life insurance is a legal contract between the policyholder and the insur...
Term Insurance Benefits
Term Insurance Benefits A person always wants to secure the future of the family in any circumsta...