In recent times, costs of majority of things have increased except online life insurance policies India. Today, these insurance products are available at really affordable rates. According to industry experts, factors such as competitive pricing within this segment as well as the category included in online buying being seeming as less risky have resulted in the decline in term insurance premium cost.
In 2008-09, the first range of online life insurance policies was introduced, and then the pace gradually picked up as buyers latched on to lower annual term insurance premiums and the convenience of purchasing term coverage with a few clicks.
Nowadays, annual premiums for most of these plans work out to around Rs 20 per day. Life insurance is designed to offer coverage for a specific time period and available at lower premium as compared to whole life policies, giving substantial coverage early in life.
There’s no doubt that term plan has grabbed more popularity since the introduction of online life insurance products and new plan launches. Moreover, competitive costing within this segment has led in decline in premium level.
It clearly means that customers don’t have to pay as much as on premium as they would have had to back in the year 2008. Insurance companies in India have approved on the advantages of decreased offline marketing and distribution prices.
Life insurance segment has impressively developed online insurance sector in India. Nearly all insurers, including public or private, now provide term plans through their online portals. Industry professionals say that agent commission is not being applicable on online products and hence, the premium amount is lower.
Currently, this sector prefers the internet to purchase policies with ease is considered to be less risky. Young age people are included in this segment, so they are accessible to any life insurance company. But, you need to be honest while buying a policy online and must declare every detail including lifestyle, pre-existing diseases etc.