Time to buy an online policy

We can see that people are opting for online shopping in different areas particularly where they do not have to bargain and are sure that the price they are paying for the particular item is competitive mostly in branded products. Same is true for insurance sector where companies are promoting their different policies online by offering attractive packages to customers keeping every details for customers to see and select most suitable themselves. The trend of insurance agent being replaced fast by companies doing direct sales. In fact, this is beginning of a new era in Indian insurance sector where almost ten long-term plans sold online every hour. Cover worth almost Rupees eight hundred millions going to customers per day online. The reason for increased craze in Indian customers toward online policy purchase obviously is due to benefit they get by knowledge of clear terms and condition of the company that is available online and reduced premium payment since an agent is not present in this deal. Now companies and customers connected through direct channels with each other.

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You have to pay lesser premium

This is the catch-line, which attracts the customer while they look for a policy for their car, two-wheeler, health, life, shifting of luggage and travel insurance. In some cases, the premium is lesser up to 40-60%. The best part of such policy purchase for a customer is that he can see a detailed description of terms and condition on the portal of the company and select for himself the best option and not only that but he can compare the segment online at a click and go for the best. Every company worth its name is offering their customers some fabulous choices to remain in the competition and that is making all the difference.

Now companies are not selling- Don't get panicked

Now the trend is different this is not the companies selling their products to the customer but the customers buying their products according to their own choices preferences. This is buyers market and not that of sellers market, the customer is the king now who looks at his own preferences. There is no existence of an agent in between company and the customer, who used to sell according to his own choice in an online deal. The agents used to sell a policy to the customer now the customer purchases a policy please note that there is difference in these two terms. Agents used to sell according to their own companies’ policies because they were selling for their own companies and for their own benefits but while online, the portal provides you different options of different companies to give you all the options.

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You can see the features and choose the best

The agents used to describe the terms and conditions according to their own personal interests and financial gains. It is not that they were not fair all the time but they did it based on their memory and cold miss some of the points to discuss with a future customer but that was crucial. They could have missed an important point that would make a big difference with customer’s point of view and while it surfaced at a later stage that was too late to rectify. Customer was the one who suffered in most such cases. Now there are no such chances, you have to see for yourself what is best for you.

Online policy purchase saves your time

The purchase of an insurance policy the traditional way used to be a complicated issue with so many formalities to go through beginning from meeting with an agent, detailing, long terms and conditions especially going through them orally, reaching to a decision and finally filling long forms and making payments through cheques those took time in clearance. The online process has made all this shorter and easy to complete by the customer according to convenience and availability of time with option of instant payment.

There is no chance of false promises

Insurance policy is a product that has no features, which we can test drive or taste before purchasing it, neither this is a product that we see physically in a showroom. Insurance policy is an invisible product and its merits and demerits decided carefully by us only. We can study them with utmost care online and decide for the best product suitable for us.

The popularity of insurance policies is going up

There are different plans coming from different financial institutes, which are gaining popularity. You can check some of these on portals like Policy bazaar etc. However, one thing is sure while the number of insurance agents is going down by the day the customer is gaining in multiple ways. Fist he can according to his own choice and requirement and the other benefit is he is paying lesser than ever before toward the premium of the same. The number of agents has gone down considerably since the online sales have gone up.


Credit goes to Insurance regulatory authority and development

The main credit for the uplift of online policy market goes to Insurance regulatory and development authority, which has changed the ways of insurance companies by regulatory act that pressurized insurance companies to reduce distribution cost. The companies increased their online sales to counter that pressure, which affectively cut the burden on customers. However, there is one thing for sure and there is no doubt that the customer in the end is the one who would get all the benefit by this step taken by IRDA.

There are number of term pans, which you can look at, some of them com from, HDFC, ICICICI, Life Aviva, Kotak, Metlife, India First, Bajaj Allieanz, Prudential life, Future Generali, ULIP-2 etc. There is a big range available in the market according to your need and convenience, you only have to go through them carefully to take full advantage of the plan you are looking for. I hope I could help you a little by the small effort of mine.

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