Buying Life Insurance Policy Online myths and facts
                     Buying Life Insurance Policy 
Online: myths and facts
BimaKaro.in
online term insurance plan.
Life insurance is one of the best ways to secure your family’s financial position and 
make sure their dreams are satisfied even in your absence. Life is filled with uncertain 
activities such as accidents, mishaps, loss of income due to any critical illness, 
unforeseen situations, or even death of the primary breadwinner. If you 
buy life insurance online, it acts as a financial instrument to safeguard your family’s 
day to day expenses and also allow them to take care of your liabilities that you may 
have incurred to buy a house, a car or even taken a personal loan for resolving the 
financial debts during unpredictable situations.
It is very important to stay informed and educated with the various life insurance 
policies available, especially if you choose to buy life insurance online. Knowing the 
policy’s details and its offerings will help you choose the right life policy that fits your 
requirement. The best way to get the right source of information is to go to the 
policyholder’s website. The online platform also gives you room to visually see all the 
reviews, feedback, and the terms & conditions of the plans. It provides you with a 
detailed understanding of buying a term insurance policy.
Life insurance policy online
The insurance companies typically assume that online visitors are mostly from the educated sector of the society, and hence 
it is not required to explain the details of a policy. Despite all the perks that the online option of buying a life insurance offers, 
there are few misconceptions and myths pertaining to the life insurance policy.
The purpose of this article is to make you understand the benefits of buying the life insurance policy online while burying the 
common myths that most of you might have. Let’s look into the various myths plus the facts of buying a life insurance policy 
online.
 
Myth 1: Online term plan is 
expensive
The primary myth that most people have is buying a life insurance policy online is costlier than offline mode. But the fact 
is, purchasing life insurance online is the cheapest method of availing an insurance policy at a very affordable cost. For 
example, an online term plan for a sum assured of Rs 1 crore can be availed for a premium of Rs 7000 per year. A similar 
plan if purchased offline would cost at least 20 to 30 per cent more.
Myth 2: Online transactions are unsafe
Many feel that to buy life insurance online will lead to your bank account getting drained due to online frauds, hacking 
etc., or the transactions conducted online through payment gateway might have hidden costs. While there are risks 
involved, it is not true that all online transactions are dangerous. Transacting online is the most transparent. You know 
precisely the policy’s pricing, transaction details including fund transfer details are sent to your registered email address, 
followed by the hard copy delivered to your registered home address. In offline mode, you may be forced to visit the 
insurance office multiple times to get a physical copy of premiums paid.
Term insurance- Myth and Facts
Myth 3: Difficulty in claim settlements
When you decide to buy life insurance online, it is generally suggested to check if the insurance company is prompt in settling 
claims as any delay will only affect your family. But buying a life insurance plan online provides you with an easy process to 
apply for settlements for your family after your death or even for you when you are subjected to a critical illness disaster. This 
is because there is no disparity shown by the insurance company between online or offline purchasing decisions settling the 
claims. Therefore, the myth that a life insurance policy bought online will not allow you to get the settlement entirely is not 
true. If you opt to purchase life insurance from a company with a bad claim settlement ratio, it takes a lot of time to get the 
sum assured.
Myth 4: Lack of personal assistance
People generally think that when they buy life insurance online, there is no customer support available in case of any issues 
with the policy. But tools are being introduced by insurance companies that act as a personal assistant in providing 
suggestions throughout your purchase journey. The general complaint on offline purchases is long queues, never-ending 
paper works and agents fighting to get hold of their commissions by forcing you to buy a policy which may not match your 
requirement. So the notion of having to handle everything by yourself in case of an online policy is not true and is just a myth.
Continue…
  Myth 5: Confusing to choose
One of the silly myths of going ahead to buy life insurance online is, there 
are multiple choices put up insurance companies that may confuse the buyer 
to come to a decision. But the online medium gives an overview of various 
offerings that is necessary while choosing the policy. It will only educate you 
to make the right decision rather than leave you to decide what your agents 
show for meeting their incentives.
Myth 6: Lack of information security:
The personal details entered in the online form while you buy life insurance 
online are stored in secure servers. It is no longer an issue as all the 
insurance policyholders follow strict information privacy and security norms 
to ensure the data is stored and managed accurately. Insurance companies 
invest millions of dollars in safeguarding their servers, and the thought of 
your information being misused or hacked is unnecessary.
      
Bimakaro.in
With advancements in technology, you can now buy life insurance online without any worries and quickly the various mentioned 
benefits, wiping away the myths. To make your choices clearer and aligned with your life goals, you may visit the website, 
Bimakaro.in helps to shortlist insurance policies based on critical parameters. The plans can also be compared with each other, 
enabling you to know each’s advantages and disadvantages without any bias or influences. Don’t wait. Try out Bimakaro.in now!
Conclusion
Online term insurance plans come with a host of benefits. As explained above, it is time to give equal importance to term 
insurance, as we give to health, motor, travel, or any other insurance form. Concerns related to trust and transparency are 
now addressed with the help of online insurance aggregators like BimaKaro.in If you are considering buying online term 
insurance plan, do not procrastinate. Just log on to www.BimaKaro.in now.