Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Buying insurance online- the smart thing to do

By Chris Luke Subscribe to RSS | February 29th 2012 | Views:
loading
 
  



Liberalization led to the arrival of private insurance players in India in the last 15 years. Their arrival turned the way business was done with insurance companies upside down. The new entrants relied on technology to steal a march over their well-entrenched PSU competitors.

One of the first things that the insurance companies did was to tie up with banks and offer their customers the service of paying their premiums online. This later grew into a service where they began letting their customers buy policies online.

Idea of being able to buy insurance online grew out the fact that people had traditionally depended on their friendly neighborhood insurance agent for all their insurance needs. People were solely dependent on the neighborhood agent for all their insurance needs and with there being no competition, LIC ruled the roost. Now there more than 20 insurance companies that offer a mind boggling variety of products have entered the market.

Buying Insurance online

As with internet banking, convenience is the biggest factor in this area showing rapid growth. A study has shown that 80 % of term plans sold online in India were to people in the 25-35 age group. Every insurer has a website that lets you pick out the kind of policy you need. Most of them have special calculators that help you calculate the amount of cover you should seek. They calculator help you calibrate the amount of premium you want to pay and seek some basic information from you. Most sites will even mail you or instantly generate a premium quote based on the information you key into the calculator.

For ULIP and other such market linked plans, the calculators will also show you the anticipated returns based on you allocation of funds. All insurers make a copy of the scheme’s prospectus available on their website. One advantage of this is that a person can their own time to read the fine print and then decide if they want to buy a scheme or not.

Buying insurance is a hassle free and fast experience and this is backed by the rise in the number of policies sold online. While most companies only sell their simpler products online, newer Companies like IndiaFirst and ICCI Lombard have placed a large selection of their products online. While the IRDA has banned the comparison of insurance policies on the internet, the insurance company’s portals show a comparison between the various types of products that the offer with a full list of pros and cons of each type of policy.

On an average policies bought online are a lot cheaper than those bought offline. The insurance companies save a lot of money on overheads when people purchase policies online and they transfer this benefit to their customers.

While term insurance dominates the online space in terms of sales, motor insurance and health insurance are also seeing an increase in their online plans. Among the products that are sold online are travel insurance, student medical insurance and home insurance. In fact most insurance companies have tied up with travel websites and offer you travel insurance when you book tickets online.

Chris Luke - About Author:
Chris has great experience in finance and investment sector in India. His articles related to insurance schemes in are very popular. He believes that with the rising inflation and recession, things are only getting difficult for everyone. And thus, selecting a proper investment plan is important to take care of all your requirements under any situation. He recommends to buy insurance online, to avail more options to compare the insurance plans and buy one easily.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/insurance-articles/buying-insurance-online-the-smart-thing-to-do.htm

Related Insurance Articles Subscribe to RSS

Help yourself by knowing more about auto insurance!
Published by Jerry on March 14th 2012 | Insurance
There are many people who find auto insurance quite confusing and tricky. It is because of this reas...
 
Reasons to acquire secured online home improvement loan charge
Published by Ian Foster on January 25th 2012 | Finance
Home improvement loan give you a sanction once the customer will be able to get right away begin wo...
 
Impact of ignorance of employers’ liability insurance
Published by Andrew Edwards on March 17th 2012 | Insurance
There can be a huge impact faced by business owners after neglecting employer’s liability insuranc...
 
Simplest method of finding commercial insurance quotes
Published by Andrew Edwards on May 16th 2012 | Insurance
Looking for commercial insurance but not getting satisfactory response from companies...
 
To get insurance for your Vauxhall vehicle
Published by Ahmadgill on January 26th 2012 | Insurance
We can give you help to get Vauxhall Corsa Insurance and spread rates on getting insurance that is b...
 
Finding online life insurance quotes is safe and secure
Published by Haris Portfield on February 20th 2012 | Insurance
With their inclusive approach to insurance, websites make it easy for the insurance consumers to fin...
 
How to do Car insurance comparison before buying a car insurance coverage
Published by Geenadavis on March 28th 2012 | Insurance
The very first thing after purchasing a new vehicle is to get it covered because it is extremely ess...
 
Georgia health insurance plan act as umbrella for your life
Published by Ricky Martin on July 26th 2012 | Insurance
With all these benefits Georgia health insurance plan is acting like umbrella for many people. So if...
 
Tips to find cheap classic car insurance
Published by Anneshirley on March 20th 2012 | Insurance
Classic car insurance coverage is different from the regular type of insurance coverage. The definit...
 
A Different type of life insurance
Published by Jack Travis on December 9th 2011 | Insurance
Disadvantage of this type of life insurance is that it will be automatically terminated once the per...
 
Tips to use Car insurance comparison website
Published by Jameshaven on March 16th 2012 | Insurance
Who does not want to save money? Car insurance is something that every owner of the car needs but so...
 
Auto insurance at its best in Michigan
Published by Autoinsurances on March 6th 2012 | Insurance
It is illegal to drive uninsured vehicles on Michigan roads. Michigan is also regarded as the no-fa...
 
How to obtain public liability insurance quotes
Published by Lauraallen on April 14th 2012 | Insurance
Public liability insurance is very important for any type of business. It covers the claims from you...
 
Health insurance benefits and coverage
Published by Chris Luke on April 24th 2012 | Insurance
It is definite that health insurance has become an essential component of one’s life and buying a ...
 
Financial barriers in front although product liability insurance is outstanding
Published by Andrew Edwards on March 21st 2012 | Insurance
It is quite a possible obsession to happen with the manufacturers to face a situation they never exp...
 
My cheap car insurance – ways to find car insurance for young drivers
Published by Harrisonford on March 29th 2012 | Insurance
If you are looking for car insurance for your son or daughter, you may be a little anxious how to fi...
 
Operational liability affairs unravel by commercial general liability insurance
Published by Andrew Edwards on March 21st 2012 | Insurance
Here we are going to make the decision on commercial level plans which are making it possible...
 
Looking for the best Colorado auto insurance quotes
Published by Auto Insurances on January 16th 2012 | Finance
There are many Colorado auto insurance companies that are offering great deals for insurance policie...
 
Cherishment for businesses, searching for commercial insurance
Published by Andrew Edwards on May 7th 2012 | Insurance
While hoping for successful running business, you have to plan everything according to market needs...
 
Classic car insurance requirements
Published by Johnjakson on January 30th 2012 | Insurance
If you have a classic car, most likely it is one of the most valuable possessions. Defending and mai...