In the past, the only way to purchase an insurance product like a Unit Linked Insurance Plan (ULIP) was through an agent or distributor. Customers invited the insurance agent to their home or office or visited the nearest distributor to invest in the insurance plan. But the digital revolution is quickly replacing this traditional approach.
You can now purchase a feature packed ULIP online from the comforts of your home without ever meeting any agent or distributor. If you’ve never purchased an insurance product online, here are 4 reasons that make the digital medium an excellent choice for buying ULIP.
- More Affordable
When you purchase ULIP online from the insurance provider, no intermediaries are involved in the transaction. With an offline purchase generally done through agents and distributors, the policy premium is higher as commission and distribution costs are also included in the premium amount.
In the long run, the commission could consume a significant chunk of the premiums you pay. By eliminating the commissions and other additional costs, online ULIPs prove more affordable and rewarding.
- Unbiased Purchase Decision
While the IRDA has taken several measures, insurance miss-selling continues to be rampant in India. Insurance agents often recommend plans that offer them the highest commission rather than ones that match the customers’ insurance needs.
As a result, customers often end up with inadequate coverage or a plan that does not match their requirements. But when you are purchasing ULIP online, you are free to make your decision. Customers can browse through the official websites of the insurance providers and compare the top policies before choosing a ULIP that perfectly matches their budget and insurance needs.
- Convenient and Saves Time
Another top reason to prefer online ULIP over offline ULIP is the convenience it offers. It eliminates the need for the customers to fix a meeting with the insurance agent or visit any distributor office for purchasing ULIP. No matter if you are at home or office, you can conveniently buy the best ULIP online through your computer or laptop.
Moreover, some of the top insurers also allow you to purchase ULIP through their mobile platform or app. From filling the application form, document submission to premium payments, all the aspects of purchasing and renewing ULIP can be conveniently managed online.
- Access Online Fund Statement
With offline purchases, customers had to rely on their agents or distributors to know the current value of their ULIP investment. But when you purchase your ULIP online, you can instantly access the fund statement by visiting the official website of the insurance provider. Customers are provided login credentials which they can use to check all the information related to their plan online.
ULIPs also allow policyholders to switch between equity, debt, and balanced funds. With online ULIP, customers can easily switch between funds according to their market view and risk appetite within minutes.
Investment and Security with Online ULIP
ULIP is one of the few products that offer a combination of life insurance and investment. If you’re looking for a feature-packed life insurance plan that also allows you to generate handsome returns in the long run, a ULIP could be an excellent solution.
Now that you know some of the top reasons that make online ULIP a smarter alternative to offline ULIP, visit the official website of leading insurance providers to compare their offerings and purchase a plan at the earliest.