September 26, 2020 Last updated September 26th, 2020 143 Reads share

Some Common Myths About Purchasing Online Insurance

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The online space has become a marketplace for most of the products that we use today. Yet certain products are still preferred offline, such as term insurance. Online term insurance doesn’t have the necessary customer base so far because of the many myths surrounding it. An online term plan does not differ from the offline one in any essential components other than the fact that it is brought online. We have compiled a list of myths and facts that have been surfacing around the online purchase of insurance plans. Let’s see these myths, along with the facts that cancel them out.

Myth 1: Buying an Online Insurance Policy Is a Complicated Task

Fact: There is a common belief that buying online term insurance is a complicated process, unlike any other online purchase. The reality is the opposite, which means purchasing plans online is much easier than considered. The online space gives instant access to the insurance market, enabling you to buy insurance anytime you want without even moving from your place. The online policy is sent to you instantly when you purchase it, and you won’t have to wait for an agent to bring you a load of necessary documents. All these factors imply that online buying of insurance is even simpler than the offline process. 

Myth 2: Online Policies Do Not Guarantee Claim Settlement

Fact: This myth is one of the primary reasons why people don’t prefer buying insurance online. However, you need to understand that there is no difference in claim settlement in online or offline insurance products. If the information provided by you during the purchase is correct, then the claim will be passed without any hassle, and you will be given the just compensation.

Myth 3: You Won’t Get Any Personal Assistance, and You May Be Subjected To Fraud During Your Purchase

Fact: This myth is entirely wrong because the actual situation is exactly the opposite of it. Online insurance providers give buyers the necessary assistance as you can conveniently contact the insurer’s support through phone or e-mail. Plus, they solve your query in the best possible time. So there is no hassle of visiting the land-based office and waiting for your turn to seek help. Apart from this, the online space of insurance sellers is highly secured as well. Most of them use best security practices, keeping your information and transactions safe. Thus, you won’t have to worry about fraud or security breaches during transactions.

Myth 4: There Is a High Chance of Buying the Wrong Policies and Missing Lucrative Offers in the Online Insurance Market

Fact: When you select a particular online term plan, there is no manipulation chance like the offline mode. You will also be more aware of the current offers and special discounts if you surf the online market. Besides this, the final decision is entirely up to you. Therefore, there are fewer chances of making a mistake. 

Myth 5: The Chances of Losing Documents Are High If You Buy Online Policies

Fact: Each document that you provide to the insurer is kept safe in the database. These databases are highly secured, and there will be no chance of them being stolen. If you wish to retrieve the documents, then it is an easy and hassle-free process. So just like any of your digital data, this is also protected from loss. 

Myth 6: Managing Online Policies Is Very Difficult

Fact: When you have many online term insurance products purchased from online space, they can be managed with great ease. If you want to view the information about any particular policy, it can be accessed with a single click. The online renewal system is also sound and does not take much time. On top of all this, you can enable SMS and E-Mail notifications as well. These will remind you of the renewals or any other required changes. So you need not note it anywhere else. 

These were the top myths that we have cleared for our readers. The online insurance market’s advocacy is necessary as it provides a customer with great ease that cannot be matched by the offline purchase of policies. Hence, you must opt for them for the comfort of application and other benefits. 

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Pranjal Agarwal

Pranjal Agarwal

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