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Buying Life Insurance Policy Online: myths and facts

Life insurance is one of the best ways to secure your family's financial position and make sure their dreams are satisfied even in your absence. Life is filled with uncertain activities such as accidents, mishaps, loss of income due to any critical illness, unforeseen situations, or even death of the primary breadwinner.

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Buying Life Insurance Policy Online: myths and facts

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  1. Buying Life Insurance Policy Online: myths and facts BimaKaro.in

  2. online term insurance plan. Life insurance is one of the best ways to secure your family’s financial position and make sure their dreams are satisfied even in your absence. Life is filled with uncertain activities such as accidents, mishaps, loss of income due to any critical illness, unforeseen situations, or even death of the primary breadwinner. If you buy life insurance online, it acts as a financial instrument to safeguard your family’s day to day expenses and also allow them to take care of your liabilities that you may have incurred to buy a house, a car or even taken a personal loan for resolving the financial debts during unpredictable situations. It is very important to stay informed and educated with the various life insurance policies available, especially if you choose to buy life insurance online. Knowing the policy’s details and its offerings will help you choose the right life policy that fits your requirement. The best way to get the right source of information is to go to the policyholder’s website. The online platform also gives you room to visually see all the reviews, feedback, and the terms & conditions of the plans. It provides you with a detailed understanding of buying a term insurance policy.

  3. Life insurance policy online The insurance companies typically assume that online visitors are mostly from the educated sector of the society, and hence it is not required to explain the details of a policy. Despite all the perks that the online option of buying a life insurance offers, there are few misconceptions and myths pertaining to the life insurance policy. The purpose of this article is to make you understand the benefits of buying the life insurance policy online while burying the common myths that most of you might have. Let’s look into the various myths plus the facts of buying a life insurance policy online.

  4. Myth 1: Online term plan is expensive The primary myth that most people have is buying a life insurance policy online is costlier than offline mode. But the fact is, purchasing life insurance online is the cheapest method of availing an insurance policy at a very affordable cost. For example, an online term plan for a sum assured of Rs 1 crore can be availed for a premium of Rs 7000 per year. A similar plan if purchased offline would cost at least 20 to 30 per cent more. Myth 2: Online transactions are unsafe Many feel that to buy life insurance online will lead to your bank account getting drained due to online frauds, hacking etc., or the transactions conducted online through payment gateway might have hidden costs. While there are risks involved, it is not true that all online transactions are dangerous. Transacting online is the most transparent. You know precisely the policy’s pricing, transaction details including fund transfer details are sent to your registered email address, followed by the hard copy delivered to your registered home address. In offline mode, you may be forced to visit the insurance office multiple times to get a physical copy of premiums paid.

  5. Term insurance- Myth and Facts Myth 3: Difficulty in claim settlements When you decide to buy life insurance online, it is generally suggested to check if the insurance company is prompt in settling claims as any delay will only affect your family. But buying a life insurance plan online provides you with an easy process to apply for settlements for your family after your death or even for you when you are subjected to a critical illness disaster. This is because there is no disparity shown by the insurance company between online or offline purchasing decisions settling the claims. Therefore, the myth that a life insurance policy bought online will not allow you to get the settlement entirely is not true. If you opt to purchase life insurance from a company with a bad claim settlement ratio, it takes a lot of time to get the sum assured. Myth 4: Lack of personal assistance People generally think that when they buy life insurance online, there is no customer support available in case of any issues with the policy. But tools are being introduced by insurance companies that act as a personal assistant in providing suggestions throughout your purchase journey. The general complaint on offline purchases is long queues, never-ending paper works and agents fighting to get hold of their commissions by forcing you to buy a policy which may not match your requirement. So the notion of having to handle everything by yourself in case of an online policy is not true and is just a myth.

  6. Continue… Myth 5: Confusing to choose One of the silly myths of going ahead to buy life insurance online is, there are multiple choices put up insurance companies that may confuse the buyer to come to a decision. But the online medium gives an overview of various offerings that is necessary while choosing the policy. It will only educate you to make the right decision rather than leave you to decide what your agents show for meeting their incentives. Myth 6: Lack of information security: The personal details entered in the online form while you buy life insurance online are stored in secure servers. It is no longer an issue as all the insurance policyholders follow strict information privacy and security norms to ensure the data is stored and managed accurately. Insurance companies invest millions of dollars in safeguarding their servers, and the thought of your information being misused or hacked is unnecessary.

  7. Bimakaro.in With advancements in technology, you can now buy life insurance online without any worries and quickly the various mentioned benefits, wiping away the myths. To make your choices clearer and aligned with your life goals, you may visit the website, Bimakaro.in helps to shortlist insurance policies based on critical parameters. The plans can also be compared with each other, enabling you to know each’s advantages and disadvantages without any bias or influences. Don’t wait. Try out Bimakaro.in now!

  8. Conclusion Online term insurance plans come with a host of benefits. As explained above, it is time to give equal importance to term insurance, as we give to health, motor, travel, or any other insurance form. Concerns related to trust and transparency are now addressed with the help of online insurance aggregators like BimaKaro.in If you are considering buying online term insurance plan, do not procrastinate. Just log on to www.BimaKaro.in now.

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