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June 09, 2016

There are a lot of myths & mixed associations with buying an insurance policy online. Since many people are accustomed to buy their insurances offline through insurance agents for years now, they believe these myths to be real and hesitate to buy insurances online. Here, we debunk the top insurance myths with their corresponding truths:

Myth 1: Buying an insurance policy online is a complicated and time-consuming procedure.

Truth: Contrary to the popular belief, buying an insurance policy online is quite easy and straightforward. You can buy it anywhere, anytime. In fact, buying an insurance policy online takes lesser time than its offline counterpart. The online insurance buying process is quite easy and quick. After you successfully buy an online insurance policy, the policy documentis sent to you instantly.

Myth 2: Online insurances are costlier than their offline counterparts, and only rich people can afford it.

Truth: Online insurances are much cheaper than traditional offline policies. With reduction in infrastructure and sales force, online insurances offer low premium rates to its online customers. This way,buying insurances online are cheaper than the offline processes.One must use online portals, such as Policy99.com, to compare and buy insurances and with varied schemes, anyone can buy an insurance policy online.

Myth 3: One needs to be tech-savvy to buy insurances online.

Truth: While basic computer knowledge is important for a person to apply for insurance online, he/she need not be tech savvy or net savvy. The procedure of buying insurance and claiming is made so simple.

Myth 4: Claim settlement is tougher when you have bought your insurance online.

Truth: The claim settlement process of any insurance is the same regardless of whether the plan is bought online or offline. If you disclose all important information truthfully, your claim settlement is done in a quicker and more hassle-free manner.

Myth 5: Buying insurance online has no personal assistance and is not trustworthy as a customers’ privacy is at stake.

Truth: There are no chances for any fraud or any privacy issues as all the transactions, policy details, Contact details and other crucial information you share are absolutely safe. In fact, online insurance offers more personal assistance and is more trustworthy. One need notworry about sharing personal information on insurance comparison portals like Policy99.com as sites like this work in accordance with SSL certified protocol and as per the IRDAI’s guidelines.The privacy of your personal information will be kept secure and intact.

Myth 6: Chances of buying a wrong insurance policy are high, and one might miss out on special schemes and discounts when buying insurance online.

Truth: Although the online insurance comparison portals pull out and select a policy or set of policies for your needs, it is up to you to choose what you want finally. However, if you buy a policy offline there are a high chance of manipulation. One more advantage of online insurances is that they have wider scope and many special discounts for its customers, in comparison to the offline insurances.

Myth 7: Onlineinsurances have very limited choices; they are too plain and simple.

Truth: With so many insurers and so many plans, all you need to do is share your exact needs and pick insurance based on your needs and wants. In comparison to offline mode, online insurance portals have a plenty of options when it comes to insurance policies.Online plans always come with a broader coverage, better features, and greater upper limit on exit age. Online insurances are always better pitched than the offline ones because the information is filled directly by the customer and not by agents.

Myth 8: Management of insurance policies that were bought online is tough, especially during renewal process.

Truth: On the other hand, managing online insurance policies are very easy and straightforward. Most of the required information is available online, and it can be viewed and downloaded as and when the customer wishes. Also, all the information is well encrypted, so that no one else has access to it apart from you. Additionally, by activating an SMS & E-Mail Alerts, you will be informed automatically and well in advance about your premium due date. Renewing any kind of insurance online is easy. It takes hardly any time, and it is a very straightforward procedure too

Myth 9: When bought online, there are high chances for documents to get lost.

Truth: All the policy documents and its corresponding details are stored in your insurers’ database, and you can retrieve them as and when you wish any time throughout the policy period.

Remember: IRDA Licensed Insurance Broker’s website like Policy99.com represent the client’s interest and not the Insurance Company. In other words Insurance Brokers are the only intermediaries who represent the client and not the Insurance Company as per the regulation.