The rise in the number of people wanting protection products has been attributed to the pandemic. It has increased the awareness about the importance of insurance. The insurance industry has shown significant growth at a rate of around 40%. The websites associated with these insurance companies have witnessed a traffic growth of up to 80%. This simply means that there has been an overall growth of the industry.
Before 2009, most people sold insurance policies that were mainly focused on savings and not protection. Due to this, the offline sales of term insurance plans were also low. It was that year that the first online plan was sold. Many insurance companies started offering online term insurance. As a result, the online market of term insurance became the largest portion of the insurance industry. Some people are still unaware of what are online term insurance plans and how it works. So, here is a brief overview of how this change in the industry has affected the product:
Changes in online term insurance
Initially, online term insurance was mainly focused on basic products. These policies did not offer any added benefits, except for death benefit and critical illness. Newer online policies include these benefits as well.
Back then, term life insurance policies were only available for individuals who were older than 65 years old. Since life expectancy has increased in India since then, term life insurance policies have been introduced with coverage for a long time. This product provides coverage for 100 years. However, the exact term depends on the insurance provider you choose. Hence, you should find out the term insurance age limit of the insurer you choose.
With more and more companies entering the term insurance market, the prices are constantly reduced by different companies in order to attract newer customers. Term insurance policies are a great way to protect yourself and your family from unforeseen expenses. However, the more you delay with buying it, the more expensive it can be for you. Hence, it is better to buy an online term policy as soon as you can.
Advantages of online term insurance
- Transparency
In an offline purchase, the consumers do not have a chance to get a fair comparison of the various products available in the market. Adding to that, insurance agents involved in the buying process might be biased to a certain insurance provider. Hence, they can only represent the policies of one insurance company, and you will be left unaware of all the other options.
The ease of buying insurance policies online is one of the main advantages of using this method. It saves the customer time and helps them save money. It has a simple documentation process to make the process smoother for you. Another advantage of using this method is that it allows them to compare the various plans and policies offered by different insurers. You can compare details like coverage options, duration of the policy, and the term insurance age limit.
- Smoother claim settlement
Getting a claim settlement with online term insurance is very simple and quick. The customers can simply fill the form online and submit it along with the necessary documents. Once, you are done with this, your insurance company will process the claim and approve it as soon as possible depending on the details of the claim. This process is not as time consuming as traditional term insurance claims. Some insurance companies provide a 24-hour claim settlement facility.
- Digitised process of purchase
Due to the increasing number of digital platforms, insurance companies have started offering a wide range of products and services to enable their customers to shop for their policies online. This includes the ability to purchase term insurance policies online. Through telemedical services, the insurance companies can get doctors to act as their consultants and do various health-related queries for the underwriting. This procedure saves the customers a lot of time and helps them get the right policy at the right time.
The evolution of online term insurance plans has allowed customers to shop for their insurance policies online and get it at the lowest possible prices. It has also provided them with a more secure and reliable platform by eliminating the need for intermediaries. Hence, you should definitely take the first opportunity to buy term insurance online.
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