Top Myths about Buying Online Life Insurance

There have always been myths and mixed reviews on buying an online insurance policy. Insurance policies have been traditionally bought over offline channels and still a large percentage of people hesitate to buy insurance online. Here we clear myths that are associated with buying insurance online.

Myth 1: Buying insurance policy online is tedious and complicated

Truth: Contrary to this belief, buying insurance policies online has been easy and straightforward. You can buy the insurance policies anytime, anywhere. It takes much lesser time than its offline mode of buying insurance. After you buy an insurance policy online then the policy is sent to you instantly.

Myth 2: Buying Insurance Online is costlier than Buying Insurance Offline

Truth: Online Insurance policies work out to be much cheaper than the Offline mode of buying insurance policies. Less Infrastructure and reduced Salesforce makes buying an insurance policy online much cheaper. Online Portals like PolicyBoss allows you to compare and buy insurance policy from varied options.

Myth 3: You need to be Computer Savvy to buy insurance policy online

Truth: Only Basic working knowledge of internet is required and one need not be an expert. The process and procedure is pretty simple.

Myth 4: Claim Settlement is not guaranteed if you buy insurance online

Truth: Claim Settlement is same and not varies whether you buy insurance offline or online. If you have declared information truthfully, then the claim settlement is quicker and hassle-free.

Myth 5: Buying Insurance online offers no personal assistance and your privacy is at stake

Truth: There is no chance for any kind of fraud or privacy breaches as transactions are done over a secure connection and are ready to offer any kind of personal assistance whenever it is needed by you. PolicyBoss works within the guidelines of Insurance Regulatory and Development Authority of India (IRDAI) and you can trust your transactions are safe.

Myth 6: Chance of buying wrong policies are more and you can miss on offers and discounts

Truth: You have to select the insurance policy and you are responsible for the one you have selected, chances of manipulation are higher in offline mode. Special discounts are seen more on online mode of buying than the offline mode.

Myth 7: There are limited choices which are plain and simple

Truth: There are plethora of options available on the online mode and all the plans from the companies are listed. They come with broader coverage, better features. Online Insurance mode is better pitched than the offline mode which is directly filled by customer and not by the agents.

Myth 8: It is difficult to manage policies that have been purchased online

Truth: On the contrary managing insurance policies that have been bought online is very convenient and straightforward. Most of the information is available online and the details of the policy can be viewed at click of button. The information is secure and only you can view it. Renewal of policies is very straightforward and hardly takes any time.

Myth 9: High Chance of losing documents if you buy insurance policy online

Truth: All your documents are stored in insurer’s database and there is virtually no chance of it getting stolen. You can retrieve them as and when you like.

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