The Hindu Business Line has a report on “Why you should buy insurance online“.
Excerpts:
An array of insurance products in the life and general insurance spaces are issued online. Agent commission, which is a significant proportion of the cost associated with an insurance product, is not charged while buying policies online but is passed on as a discount to the buyers.
Buying life insurance and ULIPs online is typically much cheaper than the offline versions.
For instance, HDFC Standard’s Endowment Super Suvidha (Spl), a unit-linked insurance product, promises 40 per cent lower cost on online purchase.
For a Rs 50 lakh policy for a 30-year male over a 25-year term, Aegon Religare’s online iTerm policy charges a yearly premium of Rs 5,600. The same product when bought offline with Aegon Religare would have a yearly premium of Rs 11,360.
In ICICI Pru’s ULIP (ICICI Pru ACE), the premium allocation charges are nil; in HDFC Standard Life’s ULIP, premium allocation charges are 10 per cent and 5 per cent of the premium paid in the first and second year as against the 15 per cent and 10 per cent for the offline versions.
Buying online has it’s benefits, of course. Like the cost advantage. But how many of us have taken advantage of this online buying option?
Do you have an online buying experience? And do you think buying it cheap is more important than having a professional advisor helping you with the decision? And do you think, buying the cheapest policy makes sense?
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I have bought a term insurance, or shall i say applied for, around 1 year back from policybazaar.com.
I never got my insurance done. I have called them up so many times and they tell me something is missing and i request that please send me the docs back so that I can get that doc again.
I have even travelled to gurgaon from Noida(thats 45 KM) on two weekdays but all in vain.
Now I am thinking that I should rather buy my term insurance thru some agent in person and hope to get my 8k back, amount that i have given for term insurance to policy bazaar.
these days insurance have become important for every individual and the system of buying insurance online have made the task easier for the people living in a very hectic life , where they have no time to go to some insurance sectors to take the details due to shortage of time…
kudos to such technology….
i wish such technologies keeps inventing time to time..
i want to take kotak assured income plan with a premium 25000/-pa. kindly tell me ,from where i will take-through agent or thru online. confirm if agent commission is there and no benefit available in online