As soon as we earn money, we try to invest a part of our wealth in fixed deposits, mutual funds, or equity markets so that our money multiplies. But most of us forget that the most significant investment we can make for ourselves and our family members is investing in an insurance policy.
Investing in mediclaim will ultimately safeguard our savings. In case of a health emergency, we need not spend any money out of our pocket. If we take a cashless mediclaim policy, consequently, the money saved can be invested in other areas.
Below are some main reasons to buy a mediclaim policy online instead of offline.
Saves time
Buying an insurance policy online saves you time, effort, and energy. There is no need to spend time, money and effort in travelling to the physical insurance offices to check various policies and make a purchase. This can be conveniently done from the comfort of your homes.
No middleman cost
If the policy is bought online, the premiums are much cheaper than if bought offline, as no mediator is involved. Also, with middlemen involvement, chance of coming in contact with fraudsters increase. While buying online, there is no scope for getting deceived as you make the purchase directly from the company’s website or from renowned aggregators.
Quick issuance and delivery
If the policy is bought offline, there may be a delay in issuance and receipt of the documents. But when the mediclaim policy is purchased online, you get the insurance policy document in your email as a soft copy. That is how you can get your coverage started as soon as possible.
Clarity of terms and conditions
When you purchase the policy online, you have plenty of time to research, read and understand all the terms and conditions properly as per your convenience. This step is usually skipped or hurried while buying policies offline from the agents.
Transparent agreement
If you buy the policy offline, your insurance agent may skip or fail to inform you of vital inclusions and exclusions. For instance, he might say yes to everything you ask for to sell you the product. You may later find that your policy doesn’t adequately cover you as you were informed at the time of buying.
All riders are open
When you purchase the policy from an insurance agent, he may forget or choose not to tell some of the essential riders benefiting you. By paying some extra premium, one can get the benefits of additional riders provided by insurance companies.
Some of the riders that one should know are:
- Waving the sub-limits of the room
- Daily allowance in case of hospitalization
- No claim bonus protection cover
- Critical illness rider
- Consumable cover
24/7 assistance
One can easily buy mediclaim anytime, whether on the weekend or late at night; purchasing online is no issue. If you buy it offline, you can buy it at certain times and days.
Find the best insurance company
When you buy the policy offline, the dealer may not inform you of the best company, he may advise you of the company from which he receives a commission. And thus, the information provided can be biased and not accurate.
While online, you can compare from A to Z options and pick the company that is best for you.
One should choose the insurance policy according to their needs, and every person’s need differs from others. One may require pregnancy coverage from day one, whereas the other may need diabetes coverage from day 1. For instance, Aditya Birla health insurance covers you from chronic diseases such as diabetes and high BP from day 1.
Similarly, other policies might provide some other coverages from day 1.
Hence one may easily compare and decide from the options available according to their prerequisites.
- Additional discount
Some companies offer a discount on premiums if you buy the policy online instead of offline. Discounts may vary from company to company.
- Easy comparison
Comparing and making a choice is easier while buying an insurance policy online rather than offline. With the help of insurance policy aggregators such as Policybazaar, Coverfox, or Bankbazaar, one can easily compare all the policies available in India.
In conclusion
life insurance can be the most important investment of our lives. At mediclain, we believe that there is a way to protect your family against events that may cause financial losses to you. Our promise is simple: if something happens to our clients during their lifetime, we will guarantee their back-end funds
Buying online is invariably a better idea, but you should remember to check inclusions and exclusions. To minimise the premium, one must not forget to check whether the necessary riders are included in the policy. Otherwise, despite having good mediclaim, the insured might have had to bear some expenses out of pocket during the crisis.
Benefits such as no-claim bonus, non-medical expenses, pre, and post-hospitalisation charges should be included in the insurance policy so that there is no hustle of co-paying at the time of hospitalisation.
