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How Easy Is It to Buy Life Insurance?

Published On Apr 26, 2021, Updated On Apr 26, 2021

Life insurance has become mandatory to render critical financial cover for the dependents if some eventuality has to happen for the insured breadwinner of the family. Buying life insurance policies has become very easy these days as everything has been made online.

Previously people used to buy insurance policies from independent agents who will be eager to sell the policy, at times by hiding critical information. But now, it is possible to shop around different plans and different carriers online, read their online reviews, access their settlement ratio, compare the premiums through online calculators and buy the best fit plan that accommodates one’s budget. 

Ways in Which Buying Life Insurance Has Become Easier Than Before

Buying life insurance policies has been made hassle-free and quick. It is now possible to compare different plans and choose the best fit one that fits one’s financial needs. The following attributes have made buying life insurance very simple.

1. Online Premium Calculators

It is possible to accurately estimate the life insurance premium to be paid for a specific policy with the help of the online premium calculator. This tool is very precise and will calculate the premium within minutes for comparison. Thus it is possible to choose the best and the pocket-friendly life insurance plans within minutes with such tools.

2. Easy and Paper-free Process

Most of the insurance providers offer online insurance schemes that are very easy compared with the cumbersome paperwork while buying policies in the yesteryears. Within a few taps, the policy will be registered in the name of the insured and the premiums can also be paid online. Even during the claims settlement process, these processes come in handy. The nominees need not carry a bunch of papers and wait in the long queues to get the settlement. They can submit the required documents online and get the sum insured in their bank account.

You May Also Like To Read:- Whole Life Insurance: Everything You Need To Know

3. Diverse Payment Channels

Again, the policyholders need not wait in long queues to pay the premium in the insurance office. They need not pay through their agent as well. They can choose to pay the premiums according to their convenience. They can choose different payment channels such as digital wallets, net banking, credit cards, and debit cards and easily pay the premium.

4. No Brokerage and Overhead Costs

With the introduction of online life insurance policies, people can buy their preferred life insurance based on their instincts. They need not buy them through a broker and need not pay brokerage. Thus the overhead costs of brokerage and documentation costs are not applicable, making it easier to buy life insurance plans.

5. Customer Support Service

All major insurance providers have a comprehensive sales support team who will render all sorts of help during claims settlement, making it easy for the ailing family to get the settlements easily and smoothly.

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Also Read:- What Are Different Life Insurance Plans in India?

Bottom Line

Life insurance premiums have flexible premium payment options as well, and one can choose to pay them annually, twice a year, monthly or quarterly, as per their convenience and to suit their financial situation. There are also ample plans available to meet individual needs, making it all the easier to buy life insurance. 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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