Warning: Insurance Agent vs. Online Insurance Aggregator

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Easypolicy Insurance Web Aggregator
Easypolicy Insurance Web Aggregator

We will start this blog with a simple question to you – What method do you think is better for buying insurance? Via an insurance agent or with the help of Easy Policy’s Online Insurance Aggregator?

For people who know the advantages of e-commerce and speedy transactions online, the answer is simple and obvious. But, for the other people who are yet to explore the power of online insurance calculation, comparison and purchase, this blog will help them understand the sheer power of online insurance.

To start with, let us introduce you to the two types of insurance purchase- Agent Purchase Method and Online Purchase Method.

Agent Purchase Method

This method has been going on since time immemorial, since it began during the time the internet was not available to the world. This method is good, but not great. It is slow and cumbersome and normally involves a lot of running around. This method was good until some years ago, but now it seems boring and highly tedious.

Advantages:

  1. Direct personal contact with the insurance agent of your choice.
  2. Regular visits to the insurance office make your presence more robust as an investor.
  3. Payment via cash ensures quick receipt generation.

Disadvantages:

  1. Cumbersome process. Not recommended for old people at all since it involves running from department to department and getting the right kind of agent is not easy every time.
  2. Payment in cash or via cheque blocks cash in hand and can be used instead in case of an emergency.
  3. Sometimes agents try to push certain policies and it is tough for you to compare policies on your own. Premium calculations also become tough if being done on the calculator.

Online Purchase Method

Thanks to India becoming a net-savvy country slowly and steadily, the e-commerce businesses have taken the country by storm. You can buy anything and everything online at the touch of a button and make swift payments on-the-go!

Not only is the process faster. It is less cumbersome since everything happens at your beck-and-call and is controlled by you, not any agent or insurance company.

Advantages:

  • Swift payment process via multiple online gateways. Multiple options to choose from so that you do not block cash-in-hand and the process of writing a cheque is now outdone!
  • Policy aggregator and comparison tools help you to quickly compare and overview the features, benefits and cover of the respective insurance policies and buy the one you prefer with a qualified online insurance agent with 24 X 7 support access.
  • The online purchase method is genuine and authentic and since it is verified by your bank, this transaction also becomes a document of proof for your policy purchase.
  • Buying a policy right from anywhere is the USP of this method. Whether you are at office, home or at a remote location, all you need to provide is a few details about yourself or the asset you wish to insure and that is all – you will soon have a new policy in your hands!

Disadvantages:

  • For some people, the older method works better since they feel that online buying of an insurance is unsafe. This is totally wrong since the entire process is transparent and clearly laid-down.
  • Some people who do not have online payment systems like net banking, debit card or a credit card can avail this service once they apply for these payment systems.

So, it is clear that online purchasing of insurance is much faster, safer and more reliable than an agent purchase method. Not only is the agent purchase method risky since you are unsure of what policy you are being suggested, most agents do not clearly tell you the difference between a term plan, endowment plan and a tax-savings plan, but websites do!

They clearly tell you how to go about the process of securing an online insurance plan with step-by-step directions and also help you compare so many insurance policies with a simple tool called the aggregator which acts as a virtual calculator for you. You simply have to select the policies and your desired premium\term and it will handle the rest of the calculations.

Here is some detailed info about how to buy insurance via both aforementioned methods:

Agent Purchase Method

  • Select a good agent in consultation with your friends as well as family members who know about insurance. They will suggest a good agent who will not try to cheat you by trying to make a personal profit.
  • Once you have an agent, shoot all possible questions that you have in your mind about insurance at him/her. After all, that is what they are there for… to help you decide what type of policy you want.
  • Tell them to show you all kinds of policies you wish to know about and clearly highlight the premium payment method step-wise since some policies have steady premiums while some have premiums that increase substantially over the years.
  • Once you select your policy, go through the offer document and read all imbursement clauses carefully to find any loopholes like invalid documents, insufficient documents and such issues that may arise when you or your beneficiaries try to make a claim in case of an emergency.
  • Finally, provide all copies of your documents duly attested via a Gazetted officer and submit them to the insurance company. Your policy will be handed over to you once the documents have been verified and cross-checked.

Online Purchase Method

The online purchase method is more simple and faster.

  • Visit the website of the policy sale company you wish to purchase your policy from.
  • Select the kind of policy you want like – Life insurance, Car or Two-wheeler Insurance, Accidental Insurance, Group Insurance and the like
  • Select a few policies within this category to compare their overall cover, premium slabs and payment methods supported to overview their features.
  • Punch in your details like your name, address, age, car details (in case of car insurance) and smoking habits (in case of health insurance) and press the ‘Get quote’ button to get a quote for your policy within 30 seconds.
  • Once you get your quote all you have to do it to make up your mind and pay the initial premium via any online payment gateway of your choice like Net banking, Debit Card or Credit Card.
  • Once the transaction is processed in a matter of minutes, your offer documents will be sent to you online as well as by post. That is all! You are now a policyholder!

So finally, we ask you again, which method do you prefer? Agent or Online?

We are sure after reading this blog, most of you might be saying Online, since it is faster, simple and does not make you visit an insurance office every now and then.

  • Everything happens online and within a matter of minutes! With an agent, it normally takes up to 7 days in order to successfully get your transaction cleared and updated on the server.
  • Our advice to you is to go with the second method since it not only saves your precious time and your energy, it helps you compare as many policies as many times as you want!
  • No agent has the patience to answer each and every question you ask them and sometimes they might not even have the answer if they are not properly trained or qualified but, with online insurance purchases the agents are qualified and know the questions that are expected to be asked.
  • Not only is that, the running around that you have to do in the heat and cold cut down to zero since you can buy an insurance with the online method right from your bed or your coffee table! How cool is that?
  • The verification process is also much faster in the online method since the staff handles customers on a priority basis and does not make you wait for a long period of time. After all, it is a service and services are meant to be efficient and speedy.

This blog is aimed at helping you decide which method to go for especially when your money’s worth is required. Do not fall prey to an unworthy insurance agent who will sell you the wrong policy that makes you cry in the long run. Take matters into your hands and be smart. Your money needs to be invested in the right place, it will only help you and your beneficiaries in the long run.

An improperly applied for policy can have blatant premiums as well as dubious means of outwitting you out of your promised cover. With an online policy, everything is explained to you initially and be sure that no loopholes will arise from online purchase. How can something go wrong when you had everything happening right in front of your eyes?

All the best!

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