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Several Life Insurance Companies are now selling online policies. Independent buying of financial as well as other products and services online is expected to increase over the next few years.
So what’s in it for you? Not only is buying a policy online convenient to the net savvy, it also means cheaper premiums. The regulator allows insurance companies to charge a differential premium for online and offline policies. It is completely online unless you have to go for a medical test. There would be a self-declaration that you would have to furnish on your health status. If the declaration and sum assured applied for make you eligible for non-medical processing you can get the policy instantly. But in case you are ineligible for non-medical processing, in case the sum assured is high or you have a medical history then you are required to go for a medical test. Once the test is assessed the policy is issued.
So what are the glitches?
- When you buy online be sure that you are insuring yourself for the adequate amount, for the right goal and not over or under-insuring yourself. Your financial consultant would be able to correctly assess this for you.
- You would need to manage your policy entirely – manage your portfolio, premium payments, etc – as there would be no operational support during or after the term of the policy.
- In case of an eventuality, your family members would have the burden of settling the claim with the Insurance Company during their most trying time.
- Most online policies do not offer the option to add riders to the policy, thus are not comprehensive.
It would be prudent to examine and consider all these points before deciding to click away and take a policy online.
Start your personal wealth journey with us today!
Plan to Maximize Your Retirement Years
October 4, 2018
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Several Life Insurance Companies are now selling online policies. Independent buying of financial as well as other products and services online is expected to increase over the next few years.
So what’s in it for you? Not only is buying a policy online convenient to the net savvy, it also means cheaper premiums. The regulator allows insurance companies to charge a differential premium for online and offline policies. It is completely online unless you have to go for a medical test. There would be a self-declaration that you would have to furnish on your health status. If the declaration and sum assured applied for make you eligible for non-medical processing you can get the policy instantly. But in case you are ineligible for non-medical processing, in case the sum assured is high or you have a medical history then you are required to go for a medical test. Once the test is assessed the policy is issued.
So what are the glitches?
- When you buy online be sure that you are insuring yourself for the adequate amount, for the right goal and not over or under-insuring yourself. Your financial consultant would be able to correctly assess this for you.
- You would need to manage your policy entirely – manage your portfolio, premium payments, etc – as there would be no operational support during or after the term of the policy.
- In case of an eventuality, your family members would have the burden of settling the claim with the Insurance Company during their most trying time.
- Most online policies do not offer the option to add riders to the policy, thus are not comprehensive.
It would be prudent to examine and consider all these points before deciding to click away and take a policy online.
Start your personal wealth journey with us today!
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