Step-by-Step Guide to Buying Insurance Online

Buying Insurance Online has its own advantages if done online. Besides convenience, a comparison of varied policies under different insurers and their benefits is also possible, which is practically unrealistic if done physically.  

The entire process of purchasing health insurance online can be overwhelming as the options are innumerable, and it is difficult to decide which policy can take care of all your requirements. In this article, we have tried to simplify the entire process, from assessing your requirements until the actual purchase is made online.

5-Step Process to Purchase Insurance Online: 

1. Evaluate Your Requirements 

Before buying insurance online, you must check if you need complete coverage for your family, including your wife and children, ageing parents or siblings who are still dependent on you. You might even need to think about your family health history for any chronic or hereditary diseases.  

For family, you will need a family floater plan that will be economical and for senior citizens, a separate policy covering domiciliary hospitalisation and low waiting periods for existing diseases. Their premium charges also tend to be higher due to their age.  

Then, look for a sum insured that seems to cover most of the pre-, post-, and hospitalisation costs in your city. In metro cities, 5-10 lakh might be just the minimum requirement. 

After this, you can further research various insurance providers and obtain quotations for their costs and benefits from aggregator websites.  

2. Get the Best Quotes:  

With Paybima's unique check-online, buy-offline service, you get the best of both worlds. Browse and compare insurance plans online, then connect with a dedicated expert who will provide personalised quotes from multiple insurers. They’ll help you choose the right plan based on your needs. They will help you with numerous quotations from various insurance companies from which you can choose. 

However, if you prefer an in-person consultation, you can schedule a visit at your nearest Paybima store, where an expert will seamlessly guide you through the entire process. 

3. Compare Essentials of a Policy 

If you want to benefit maximum from the policy you purchase, these crucial decision-making pointers will guide you :  

• Compare premiums to understand the range, but do not jump to choose a cheaper premium without comparing the benefits. The inclusions and exclusions like OPD expenses, daycare facilities, and expenses for medical checkups may vary with plans.  
• The coverage limit should be as per your requirement so that you don't need to payout during the actual need. Go through the sub-limits for room rents and some specific diseases or surgeries and co-payments, if any, to be sure how much you need to pay when required.  
• Check the waiting periods for pre-existing diseases like hypertension, diabetes, high blood pressure, etc. They are usually from 2 years to 4 years. 
• Sometimes, insurers have separate plans for chronic and terminal illnesses like cancer, stroke, etc., and these are not covered in basic plans.   
• The best part of buying insurance online is you get access to a wide variety of hospitals and their specialised doctors available for treatment. What's more? You can even find out whether they are closer to home or are accessible during an emergency through their websites.  
• Sometimes, staying healthy can have monetary benefits. And insurers always encourage the same by offering no claim bonuses, additional bonuses and premium discounts if you have a claim-free year.  
• In a country like India, traditional methods of treatments are believed to have a strong presence alongside other forms like homoeopathy and allopathy. Hence, insurance companies also cover alternative treatments like Unani and Ayurvedic. 
• The most important factors that will help you decide on the company are its claim settlement ratios and the ultimate service it provides. The client testaments on the website and feedback and reviews will help you make an informed decision.  

4. Calculating Premiums and Discounts Available:  

Now that you have compared all the essentials and have decided on the policy and the provider use the online premium calculator to check for additional discounts and family floaters to find out exactly at your age what premium you need to pay for the best coverage.  

5. Submission of Medical Declaration to Complete Online Purchase 

Once you are ready to buy insurance online, keep your documents ready, fill up all your personal details and answer all medical questions. Declare any pre-existing disease to avoid claim rejection later.  
 
Our advisors will assist you with the documents as required by the provider and you can then make payment through a secure online gateway or via debit or credit card, preferably in the name of the policyholder. You will receive the document via registered mail. In case you need help, you can also choose to talk to an agent or ask for a callback from advisors to clear any doubts.  

Documents Required To Purchase A Plan:  

The list of documents is as follows: 

1. Age Proof is the most crucial of all documents as your amount of premium depends on it. A valid age proof consists of a Birth Certificate, Voter ID, PAN card, Aadhar Card, Driving License and definitely a passport. These will also act as your Identity proof.  
2. For address proof, you need to provide a driver's license, passport, aadhaar card, rent agreement etc. 
3. Medical reports and prescriptions of any pre-existing diseases should also be uploaded,  if prompted, and also for any medical examinations undergone for issuance of the policy.  
4. Last but not least, the proposal form needs to be filled in detail and uploaded with the rest. Your policy will be issued within a few hours or a few days, depending on the provider's processing time. An electronic copy will be received at your registered email ID, and a physical copy (if opted for) will be sent to your registered address.  

Options for Premium Payment  

For your ease and convenience, payment of the premium can be done via all types of payment gateways provided on the website. It can also be made via debit and credit cards and bank transfers. The premium paying mode can also vary from annually to monthly as per your choice.    

Process of Verification 

This is a crucial step to avoid insurance scams and frauds and insurers may get into compliance trouble if not followed. The validity of identity proofs is first checked along with address proof. Certain policies require medical examination prior to issuance, especially for covering pre-existing diseases, and critical illnesses and even when the coverage is considerably high.  

Once this is completed, your online purchase is verified and complete. You will receive the document within a few days, either via courier or via email.