Source: Gerd Altmann from Pixabay

As of today, there is a growing awareness of term and health insurance. In the aftermath of the Corona outbreak, financial advisers have made it clear that a family of four should have health insurance worth at least Rs.10 lakhs, for salaried persons the term insurance should be 10 – 15% of their annual income. The majority of individuals have begun to take these two types of insurance in large numbers. However, many people are confused as to whether to take out these insurance policies online or offline. Come on in, take a look and enjoy yourself!

When people approach financial advisors for financial advice in the past, it was tough to make them understand about insurance and let them take it. But today they think they need to take out insurance before starting to invest for future needs. This is a healthy trend. Whatever you do should be done knowing the pros and cons in it. It is a good idea to know which of these insurance companies can take out online / offline and act accordingly.

Getting Insurance can be done quickly and easily

Getting Insurance online is very simple. If you go to the online website of a company that distributes insurance policies and start searching, in the next ten minutes an agent will contact you on the phone and perform the policy and deliver the policies you need by the same day. That's how fast and easy it is to get insurance online.

While there are many conveniences like this when taking out insurance online, there are still many things to look out for. Let’s first look at the negative things in it.

Why you should not opt for online insurance?

People think that the premium will be lower if you take out a policy online. As of today, it is the same premium whether taken online or offline. Some companies offer premiums if you take out policies on the website of the insurance policy provider. So, those who want to take advantage of premium offers can take out an online policy.

The major problem with taking out a policy online is not knowing the full details of the policy. Those who read the full details of the policy I am taking out and take it knowingly can generously take out the policy online. For those who do not, it is better not to take out a policy online.

When taking out a policy online, they do not go directly to the policyholders and tell them the details of the policies and buy the relevant documents. Everything happens digitally. If there is a problem with the claim settlement for tomorrow, it is a good idea to note that the policyholder must fight directly with the insurance company. Also, it is your duty to renew the insurance every year. If you forget, chances are you will not get the benefits that are in that policy.

Why you should opt for offline?

It is important to approach a company directly and find out what type of insurance policy you need, the difference between different insurance policies, and how much compensation is required by asking an insurance agent to take out an insurance policy that suits us. Taking out insurance is for the safety of our family after us. If there is any problem in claiming the policy for tomorrow, it should be rectified immediately. Since the agent or broker is in direct contact with us, we can contact them and get a solution to the problem immediately. Policyholders may feel a little relieved as they will be reminded to continue with the insurance by tying up the money, starting with reminding the policyholders.

But policyholders need to pay close attention to whether agents are giving us the right policies. There is a chance that some agents will tie the wrong policies in our head in order to get more commission. No matter what the agent says, it's okay to explore and buy right away.

Private or public sector?

People are also skeptical about which of the public/private companies can take out an insurance policy. Apart from the nature of the insurance policies, the next step is whether it is a private company or a public sector company. A good insurance policy can be taken anywhere.

Today, private companies offer specialized policies for various diseases such as cancer, maternity, and thyroid. The claim settlement ratio is also higher in private insurance companies. Public sector insurance companies only offer basic policies. If the claim settlement on a policy is high, PSUs will terminate those policies within a few years. No longer have to think clearly and make a decision when taking out an insurance policy.

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