If you are planning to buy a term plan online but are nervous about how safe it is, this article is for you. In answer to the question, yes — it is safe to purchase an online term plan. When you are opting for a term insurance policy online, you have the option to log onto the insurance company’s website directly, browse through the variety of plans they offer, and choose the one that suits your requirements. Such websites also ensure that the transactions are protected and your personal details are secure.
Buying policy online has the following set of advantages –
1. Compare policies clearly without bias
This also brings us to one of the biggest benefits of purchasing a policy through the online mode - the ability to compare different term policies based on a variety of terms and conditions. With an agent, you could be opting for a salesperson who is attempting to sell a policy to you from the company that they are an employee of or endorse. When you buy a policy online, you can take the time you need to collect all the necessary information before making your final decision on the policy you want to buy. The parameters based on which you compare different term plans could include policy-specific details such as the available riders, tenure offered, or insurance company-specific features such as the claim settlement ratio.
2. No intermediary/commission fees
Another key advantage of purchasing a policy online is that online term plans turn out to be cheaper overall, as there is no intermediary cost involved. Hence, buying a term plan online eliminates the intermediary costs or agent fees, thereby giving you the same policy at a cost that is lower than offline rates.
3. Securely track your premiums, policy tenure, and more
One of the key reason why buying an online term plan is quite safe is that the online mode allows you to keep track of your policy payments, renewals, premium dates, and more in a convenient way.
This encryption is usually OTP (one-time-password) protected meaning that the number or email associated with your insurance account will receive a passcode that you will be required to enter each time you want to log in. This makes purchasing a policy through the online as well as offline mode, as well as keeping track of it highly safe.
4. All details available at your fingertips
Today, insurers also explain how the plan operates so you can have complete transparency about what you are buying. In fact, most insurers allow you to access everything online — from eligibility requirements to the application process on their website. You will find sections detailing any added riders that you can acquaint yourself with before you buy your policy. On the Bajaj Allianz Life website, you also have the option to talk to an expert online if you have any detailed questions you cannot instantly find the answer to.
Hence, in comparison to waiting in a long queue in person at a bank waiting to ask all necessary questions about a term policy, this process is much easier and you can learn a lot more about your policy. You can also go through all the terms and conditions of the policy you are buying online itself. Before you buy into a term plan online, it is recommended that you learn as much as you can about it. Through an online portal, you have the benefit of prepping in your own time at any location with a stable internet connection from your mobile device.