Internet browsing is a common pastime and finding insurance ads popping from various ends a distraction difficult to avoid or overlook. For many insurance buyers, the online option is convenient and easy, just the way it is when it comes to buying footwear to books online. You do not have to run after agents, or hear the sell you policies that you don’t want and often confuse you with experience and jargon, which may defeat the entire insurance buying process.

The other reason to go online when buying life insurance is the cost factor – even among the pure life term insurance, the online variant from the same insurer will be cheaper than the offline one. Term insurance policies are now commoditised as there is a clear outcome stated when buying the policy and the cost is the variable to check when comparing policies.

The other reason to go online when buying even term plans is the many options that you can see before settling in for a policy. When it comes to dealing with agents, the basic limitation is that they represent a single insurer, which leaves them with no option but to push only policies from the insurer they represent, even when there are better or cheaper options available.

Online opportunities

There are several insurance shopping websites; some act as online brokers and some are from insurance companies. When you go to a broker’s site you can choose from almost all the insurers offering a policy of the kind that you are looking for. You can compare the policies on features and price based on the information that you input – your age and the quantum of cover that you seek.

While buying life insurance is still catching up, paying renewal premiums has been I vogue for several years now. Policyholders, find it not only convenient, the entire online reminders and payments ensures that the policy premium is paid on time and the policy does not lapse. Then there are online conveniences like keeping track of your existing policies and also their premium payment schedule.

Although buying life insurance has caught up, general insurance policies, especially motor insurance has thrived on the internet, for the convenience it offers to buyers to opt for a policy from the comfort of their homes or offices without to deal with intermediaries. It is similar for basic health insurance, which is easy to buy online compared to going through an agent.

Remember, when you buy insurance on your own, you are expected to know beyond the basics of what the policy offers and the terms and conditions mentioned in the policy. Do not assume that the website, because it offers a more cost effective policy is the best, because chances are on some occasions, you may actually need the assistance of an agent to understand the policy’s functioning and situations when it may or may not work.

But for paying premiums; use the online option and also when it comes to comparing prices on policies, you can look up the web and then decide to buy online or offline. The research online and buy offline model is still prevalent when it comes to buying life insurance in our country.

olmdesk@outlookindia.com