IF you are surfing the net to buy insurance online line then let us inform you of the huge number of advantages that are in store for you. We buy Insurance to cover future unforeseen events or to save, right? This means that you are creating a nest egg to make your money grow and because of online insurance or eInsurance you can save handsomely on the initial cost.
Companies are using the Internet to sell insurance BECAUSE
- It reduces cost (as no high-pressure sales personnel/ insurance agents)
- Offers great deals
Similarly if you are on the look out for a personal finance, then you would go for a pure risk based insurance policy (life and non-life), we (www.bimadeals.com) provide all the great deals suiting your personal needs from all 23 Insurance Companies registered with Insurance Regulatory & Development Authority or Irda of India.
Buying policies online allows you to view all the best rates offered by the companies. Internet is a transparent system and so Insurers need to offer their best rates to ensure the consumer is not put off. We shortlist all the policies available and present the ones suitable as per you requirements. You can then compare features and prices across policies and choose.
Also, eInsurance has no time line, that is, insurers have round the clock (24/7) chat facility!
Although like everything else, online insurance does have scope for improvement.
- Sometimes online buy pages fail to work (could be due to network connection or Explorer window)
- Some benefits available offline may not be available online due to fraud control measures.
But these disadvantages are very few and in comparison to the benefits can be easily overlooked. The advantages are considerable, like in case purchase of health insurance policies (before 31st March) to avail tax benefits. Online Insurance instantly gets you the digital copy in your email account.
Some companies issue few products like Aegon Religare’s iTerm policy through online sales only and not through company’s agent and they work out cheaper in comparison to other products in its class. (Due to fewer marketing expenses, products work out cheaper).
Another example is Bajaj Allianz’s iGain, which is a ULIP and is available exclusively for online customers and is available at a lower charge as compared to other plans in its category.
However, some companies issue same products through company agents as well as by company website. Also due to convenience and popularity of online insurance, companies are taking keen interest in designing products to meet the growing demand of their online customers.
Few more players in the industry that offer online purchase of policies are HDFC Standard Life, ICICI Prudential Life Insurance, Reliance Life Insurance and many more.
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