Buying Life Insurance Policy Online: myths and facts

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Buying Life Insurance Policy Online myths and
facts
BimaKaro.in
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online term insurance plan.

• Life insurance is one of the best ways to secure
  your familys 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 familys 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 policys 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 policyholders 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.

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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. Lets
look into the various myths plus the facts of
buying a life insurance policy online.  
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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
policys 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.
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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.
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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.

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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 eachs advantages and disadvantages
  without any bias or influences. Dont wait. Try
  out Bimakaro.in now!

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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.