Insurance Policy Buying Online Process 2023: The Internet has changed our lives by influencing it. It has also changed the way we shop, bank, and buy insurance. Youngsters prefer to buy insurance products over the Internet than any other financial product. Afterlife insurance share, it is the most searched among financial product on the internet. Life insurance online is the most popular financial product. Let us know why it is better to buy insurance online.
It would be better to call the modern era the age of online. The reason for this is that these days every item of need is available online i.e. at one click. Whether you want a house to rent, to buy or sell an item, to do shopping, you can do all this comfortably online. All you need is a smartphone and internet connection for this. Similarly, insurance policies can also be easily bought online these days to keep the bike or car safe. In this post, we will give you information on this topic that how to take an online insurance policy-
Online plans are cheaper and the premium to be paid in this is 30 to 40 percent cheaper than offline plans. For example, in HDFC Life Click to Protect plan, insurance cover up to Rs 1 crore is available for just Rs 23 per day. (which depends on many things). The reason behind the cheap premium of the online plan is that no middleman is involved in it, which saves commission. Some agents may tell you that online policyholders are not treated like other policyholders. This is a complete lie.
Benefits of taking an online insurance policy
On the website, apart from comparing plans, you can read the policy document, review the service provided by the insured, and check claims and other important information. This helps you to take decisions. Nothing is going to change if the agent is not present. There is no need for the customer to collect the information about the insurance plan himself. A phone call to a web insurance aggregator is sufficient. So there is less chance of buying by mistake. The user has complete information about the product. Before we go any further, let us first discuss the benefits of taking an online insurance policy. The major benefits of taking an online insurance policy are as follows-
- Compare insurance from different companies.
- It helps in choosing the best insurance policy for yourself as per your requirements.
- Saving time for the person taking the insurance plan. Insurance can be bought online within minutes.
- No need to visit various insurance company offices or meet agents.
- Option to choose a better insurance plan for yourself sitting at home.
Time is money, if you also believe in this proverb, you can save time in buying insurance online. It is very easy to buy and takes less time as compared to buying from the office. In the digital age, you can buy insurance even while on the road. In the case of online insurance, you can check the plan yourself at any time. It is difficult to access if you buy an offline term plan, whereas an online term plan can be accessed anytime.
How to take an insurance policy online?
Buying insurance has become convenient due to the increase in online help in the last few years. Firstly, you can compare it across multiple platforms. After this the notifications come for paying the premium online. If you are confused about the plan, then you can get help 24 hours. Along with live chat, the option of video call also helps you. Online insurance is really like a boon for people. It is reliable and easy too. These days most people prefer to take insurance policy online, as it saves them from visiting the agent or the insurance company’s office. There are two ways to get an online insurance policy-
1- From the website of the insurance company (from the website of insurance company)
First, we tell you how to get an online insurance policy from the website of the insurance company. For this, you have to follow the following steps-
- First you have to go to the website of the insurance company. like here we policybazaar.com On go.
- There, click on the option of Two-Wheeler/Car Insurance.
- Now you have to first fill a form giving information about your vehicle and make. On the basis of this your premium has to be decided.
- Now you have to share your personal details like your name, address, e-mail, mobile number etc.
- After this, you can pay your premium through NetBanking / Debit / Credit card or UPI as per your convenience.
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Calculation of insurance premiums is also possible online
In online insurance policies, the premium is usually quoted less. The reason for this is that you are buying the product directly from the company. Due to this, the company’s expenditure on the distribution channel is saved. The company saves a lot of expenses in buying insurance online, due to which all the discounts get directly to the customer. This is the biggest advantage of buying insurance online. Apart from this, you can choose the insurance plan according to the premium.
You can also do the calculation of insurance premiums online. For this, you have to take the following steps-
- First of all go to the website of the insurance company.
- Here click on the option of premium calculator.
- Now you have to enter the registration number of your bike/car.
- After this, enter the make, manufacturer, model, variant and year of registration of your vehicle.
- Enter the status of your previous policy and no claim bonus.
- Get your Bike/Car Insurance Quotation now. In this, you will have the details of the facility and premium, etc. provided under the insurance cover.
2- From the website of web aggregator companies (from the website of web aggregator companies)-
On the website of insurance web aggregator companies, you will be given information about the facilities and premium percentage, etc. under the insurance cover being provided by various companies. You can compare all these and choose a better plan for yourself. Here also you will get the quotation of insurance coverage of various companies by entering your personal details and details related to the vehicle.
Necessary documents to purchase online insurance policy
If you have decided that you want to buy your insurance policy online, then you will also need some documents for this. These documents are as follows-
- Documents related to the registration of the applicant’s vehicle, copy of RC.
- Copy of applicant’s driving license.
- Address proof of the applicant.
- A canceled check if you opt for the EFT option to pay the premium.
- Documents of your current policy if you are changing insurance company or renewing policy.
How to buy an insurance policy online
How to buy a policy online, understand with an example-
Suppose you are an SBI customer. In such a situation, you want to get two-wheeler/car insurance from this bank. For this, you have to take the following steps-
- You go to SBI General Insurance.
- Now you have to click on the submit option after the vehicle number name, last name, mobile number, email ID
- Now the details of the vehicles will come in front of you.
- You have to choose your company and model here
- Now you will be asked the details of your vehicle, like-
- Year and month of purchase of the vehicle. City of vehicle registration. Earlier policy details like date, number, and company
- Now you will be asked if you have made any claims in the past
- Do you have an accident cover or not?
- If there is PUC, then undertaking to get it renewed during the new policy.
- Now click on Continue.
- After this another form will appear. Fill all your information in it and click on the submit option. Upload the requested documents.
- In this way, you will buy an online insurance policy.
Which companies are providing online car insurance facilities in India-
There is no dearth of companies in India that are providing online insurance facilities to customers. The names of some of the major companies doing this are as follows-
- SBI Car Insurance
- Bajaj Allianz
- New India Insurance Company Limited
- ICICI Lombard
- United India Insurance Company Limited
- The Oriental Insurance Company Limited
- HDFC ERGO
- Reliance General
- Tata AIG
IRDA approves 25 insurance aggregator companies in India
Now it comes to insurance aggregator companies. IRDA is the only one that allows insurance aggregator companies to do business in India. This approval is for three years. IRDA has given business approval to 25 insurance aggregator companies in India as per the list released on January 13. The names of these companies include-
- destination insurance
- Compare Policy Insurance
- Skydrada Insurance
- Addicts Insurance
- MyBima Cafe Insurance
- instant protection insurance
- MIC Insurance
- Great India Insurance
- KU Policy Insurance
- insuremile insurance
- Wishfin Insurance
- insured insurance
- dcube insurance
- Easy Policy Insurance
- recovery insurance
- KDGO Insurance
- policyx.com insurance
- insta insurance insurance
- MSF Insurance
- covernest insurance
- ridesafe insurance
- eInsure Insurance
- Check Your Premium Insurance
- Vivaan Insurance
- instant cover insurance
Insurance web aggregators have to renew RC every three years
The registration certificate of insurance web aggregator companies is issued for three years. They have to renew their certificate every three years. Only IRDA does the work of renewing it. For this, a concerned insurance web aggregator company has to follow the procedure prescribed by IRDA.
The list of insurance web aggregator companies to which IRDA gives RCs for conducting business is published on the website of IRDA. In this, their name, address as well as the address of the website are also given.
Any kind of complaint related to these can also be made to IRDA. Recently IRDA has launched its new website along with the old one. At present, the data related to insurance is widely available on this.
What are the precautions to be taken while taking a car insurance policy?
There are many precautions you should take while taking a car insurance policy. Some of these are as follows-
- Do not let anyone else fill the proposal form.
- Do not leave any column blank.
- Do not forget to renew your insurance policy without any gap.
- If you have bought a used car with any insurance, then follow the correct procedure.
- Do not give any wrong information about the use of your vehicle while taking insurance.
If you are buying a used car, then transfer the insurance
If you are buying a used car, get the insurance transferred in your name. Let us inform you that you can transfer insurance like the RC book. If there is a situation that the old owner has not renewed the insurance of the car, then to avoid any kind of problem with you in the future, you will first have to get new second-hand insurance. It is a little cheaper too.
One more thing to share with you. Although third-party insurance has been made mandatory while driving in India, but if your pocket allows you, then try to take a comprehensive policy instead.
God forbid, but in case an accident happens to you in the future, a comprehensive policy will be more helpful in keeping you safe than third party insurance.
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Where can I buy car or bike insurance online?
Online insurance of car or bike can be bought from the website of the concerned insurance company or from the website of the insurance aggregator.
What are the benefits of buying insurance from an aggregator website?
This will give you an opportunity to do a comparative study of insurance plans of different companies at a glance. You will be able to choose a better insurance policy for your vehicle.
What are the benefits of buying insurance online?
It has many benefits, such as you do not have to go to any insurance company or agent. You can buy insurance sitting at home. Apart from this, you get the facility of comparing different insurance plans through online mediums.
What are the precautions to be taken while buying a used car?
While buying a used car, do not forget to transfer the insurance in your name.
Is it safe to take an insurance policy online?
Yes, buying an insurance policy online is completely safe.
How many insurance aggregator companies are allowed to do business in India?
The Insurance Regulatory and Development Authority of India, IRDA, has allowed a total of 25 insurance aggregator companies to do business in India.
In this post, we gave you information regarding taking an online insurance policy. If you also want to take an insurance policy online, then you can easily take it by following the steps mentioned in the post. Do not forget to share this post as much as possible for the purpose of making people aware of this facility as well. Thank you.
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