Thanks to internet connectivity, you can buy life insurance from the comfort of your home. But is it as reliable a method as buying in person?
In this day and age, you can get almost everything online whether it is clothes, books, furniture, groceries, or insurance. While everyone is really happy with the ease of shopping when it comes to other products, most people hesitate when purchasing life insurance plans online. This is majorly due to the prevailing myths surrounding online life insurance products.
So, today we would like to help you break free from this fear by shedding light on some of the most common misconceptions and myths on buying life insurance online:
Myth 1: Online Life Insurance Plans aren’t genuine, they’re made only to steal your money
Truth: It is the most common belief that online life insurance plans are fake. But you can relax knowing that insurance companies sell their products either directly or via authorized intermediaries such as web aggregators, insurance brokers, and corporate agents like 5nance only. Moreover, the entire process is completely transparent. The only thing you have to keep in mind is using a genuine online platform that can provide you proper assistance regarding which product suits your needs the best.
Myth 2: Online Purchase of Insurance is not secure and puts your personal information at risk
Truth: Cyber fraud is a real issue. However, it does not mean that online purchase of life insurance is not secure. You have to be smart about it, so choose your insurance plan using a reputed website. Reputed websites are obligated to protect your private information and personal data at all times. So they use only secure platforms and payment gateways, keeping your information secure and only for the intended purposes. For instance, composite corporate agents like 5nance use bank-level security where all the information is stored in an encrypted state which means that your security is assured.
Myth 3: Online Life Insurance is only good for Tax Benefits
Truth: Life insurance does provide you an opportunity to avail tax benefits under section 80C. However, life insurance is more important than just that. You should purchase enough coverage that not only fulfills your agenda to avail tax benefits but also covers your life.
Myth 4: Buying online is costly
Truth: Purchasing online life insurance is an affordable way to secure and cover you and your family’s life. A product like Term insurance is a pure risk cover. It is available for a minimal premium that provides the required cover against your mortality rate and satisfies your protection needs. Furthermore, online Term insurance plans are usually 5.50% cheaper as compared to the offline alternatives along with a return of the premium option that’s available nowadays.
Myth 5: Online life insurance puts you at risk of buying the wrong plan
Truth: Online insurance platforms have a dedicated customer support system that is available round-the-clock to clear your queries and doubts. The customer care representatives can help you assess your requirements and choose just the right plan for your individual needs. On top of that, if you feel like you have purchased the wrong plan and would like to reconsider, there is usually a 15-day Free Lock-in period on the premium paid to make things easier.
Myth 6: Insurance companies will reject your claim if you get insurance online
Truth: Purchasing insurance online does not affect your claim. The acceptance or rejection of your claim is solely dependent upon whether or not your claim and the details provided are correct and genuine.
To conclude, purchasing life insurance online is an affordable and secure way to cover your and your family’s needs against any unfortunate event. All you have to do is be informed and make the right decision.