About Online Term Insurance Plan
Online term plans have become quite popular over the past two years. Still many customers are in a lot of misconceptions about these online plans. Some of the people said that they are unreliable, and others are worried about client servicing.
Low Premiums doesn’t mean they are unreliable:
If an online term plans possesses low premiums, people become so much apprehensive about Term Plans. A 30-year old person can buy an insurance cover of Rs 1 Crore as low as Rs 7 K to Rs 8 k per annum. The premium for these plans is low because of two factors:
There are no intermediates involved, and hence there is no commission will be involved on the customer’s part. Even the online buyers are supposed as a low risk customer by insurers.
No difference in online client servicing:
Online customer receives the same amount of quality service from the insurance company as any other client gets. The only difference lies in the medium through which these policies have been bought. When an agent is involved he portrays a different picture in front of the customer.
There is no difference lies between the claim bought online and through the agent when the claim is to be processed by an individual.
Term premiums are indicative and can change:
According to an online quote, a person can get a normal risk in terms of health, family medical history and occupation. When a person applies for a term plan online and pays the premium, the plan cover starts immediately, but that person is subjected to medical tests and actuarial screening.
If the test indicates that you suffering from some medical problem and has a family history, the premium is likely to rise.
Remember to renew the policy:
When an agent does not runs after you for the renewal premium, there is a chance that a consumer will forget to renew his insurance. If your policy lapses, you will have to buy a new one at a much higher premium. Hence it is wise to renew the policy.
Do not hide important facts:
If you consume any sort of gutka or smoke, you will have to pay an extra premium at 30 % higher than that of a non smoker.If you hide your facts and truths, you existing policies can jeopardize your insurance cover.
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