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5 Benefits Of Buying Medical Insurance Policy Online in India
The sedentary lifestyle that a lot of us have been following, poses a lot of risks when it comes to health hazards. If that wasn’t enough, the ongoing pandemic has made matters worse. With so many issues and risks looming around, opting for a health insurance plan is a smart choice.
And buying a health insurance policy online swings things back in your favour. Here are the top five benefits of buying health insurance policy online:
1. Better Understanding of Policies
If you buy medical insurance online, you can evaluate various features and benefits without having to interact with your insurer. Insurer’s websites have all the details related to their policies, which you can review at your convenience. As you buy medical policy online, you end up understanding the plan clearly.
2. Easy Processing
When you buy medical policy online, it brings in a host of convenience features. Minimal documentation is one of them. Unlike the process of buying a policy offline, online policies have minimal paperwork.
The application process is easier as well since you are required to enter only a limited set of information. If you have any doubts or confusion, you can make use of the several tools at your disposal. These tools include live chats, phone calls, and even video chats.
3. Convenience for Everyone
Whether you are a first-time buyer or have experience in buying policies online, there is something for everyone. When you buy medical insurance online, the insurer’s website has all the details related to the policy. You can go through the policy features, add-ons available, exclusions of the plan, etc., and make an informed decision.
You can also make your claims online and view their status with the help of a few mouse clicks. And if you wish to know the hospitals where you can opt for cashless claims, the insurer’s website will have all the details.
4. Save Time
Should you buy medical policy online, you do not have to visit an insurer’s office or have multiple calls with insurance advisors. You can visit the website of an insurance aggregator or the website of an insurer and proceed with the purchase. You can buy a new policy, renew an existing one and even apply for claims online. Thereby, saving you a considerable amount of time.
Policyholders who are yet to become senior citizens can opt for online policies since they do not have to undergo any medical tests.
5. Affordable Policies
Compare insurance plans online before you finalize or pay the premiums. One of the biggest perks is that you are more likely to get it at a lower price than offline mode. Since online plans usually do not have any intermediaries, you benefit from the same. For a policy bought offline, you can get a policy with a higher sum assured as well, when you buy medical insurance online.
As you compare insurance plans, the above are some of the immediate benefits for you. As you learn to compare insurance plans, there is a lot of freedom and savings to have had.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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Jan 08, 2025
Health Insurance
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What consequences does it bring upon the insured if the person offers wrong information on his/her life insurance proposal form? Let us find out in this post!
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There are plenty of life insurance myths that people have regarding and they need to be dispelled.
It is thanks to these wrong ideas that people fail to see insurance as what it truly is – a vital part of your financial planning. You need to understand that these policies are an important constituent of your financial contingency plan – one that would protect your near and dear ones financially in the future. It would make sure that they do not experience a shortage of funds when they need them in the future. In certain cases, it can also act as a source of income following retirement as well as ailments and accidents that render you unable to work and earn.
When Rajesh wanted to purchase a new life insurance policy for his family, many of his friends advised him to understand the claim settlement ratio of a company. Although he didn’t understand what claim settlement ratio is, he knew that it was relevant in making the decision to buy a policy from a particular company. He therefore researched about it, compared plans and at last, he bought a policy from a company that had a high claim settlement ratio.
Buying a new online term insurance plan involves researching on various things like cover, exclusions, add-ons, and one should know about them in detail. For example, Tata AIA is a leading insurance company that offers a wide range of insurance plans in market at very competitive prices. However, being competitive in pricing alone is not enough, it is necessary to understand the company’s claim settlement ratio (CSR) before purchasing a plan.
Saral Jeevan Bima Yojana is a new standardized life insurance policy that has been brought about by the IRDAI (Insurance Regulatory and Development Authority of India) so that people can have an economical life insurance policy.
This is a non-participating and non-linked individual pure risk premium life insurance policy. In this case, your nominee would receive the sum assured if you pass away while you are covered by the policy. In its annexure, the policy states some benefits and riders. Apart from that, it does not offer any other benefit, rider, variant, or option. The only exclusion in the policy is that of suicide.
The Indian government offers various life insurance plans to secure the financial future of people. The PLI or Postal Life Insurance is one such government policy that monetarily protects the lives of your family members at an economical postal interest.
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