Advantages Of Purchasing Endowment Plan Online

Buying life insurance plans is very convenient, cost-effective and fast. While purchasing an endowment plan online the customers directly deal with the life insurance company to purchase a plan. The distributor’s commission is eliminated, less paperwork is required and the purchasing endowment plan online is quite cost-effective. Most importantly, while purchasing an endowment policy online, the customer gets to make an informed decision by comparing different endowment policies offered by different life insurance companies on the basis of coverage, features, sum assured, claim settlement etc.  

With an increasing number of people opting to purchase endowment policies, the insurance providers have started offering attractive offers to these customers.

Advantages Of Purchasing Endowment Plan Online

Here are few advantages of purchasing endowment plans online:

• Comparison

  There are some websites that help the potential buyer to compare the plans online on the basis of coverage amount, personal details, coverage requirements, features, claim settlement etc. This way the potential buyer can make an informed decision and select a plan that best suits their requirements and budget. While comparing policies online the potential buyer gets to know about the benefits, features, what is covered, what is not covered, premiums etc. 

• Time Saving

  Purchasing an endowment policy online requires minimum paperwork and is hassle-free, the process is quite cost and time efficient. Anyone who wishes to purchase an endowment policy, can purchase it from the comfort of their home at any time that is convenient for them. By purchasing an endowment policy online, the hassle of visiting different insurance company’s branch offices and meeting different agents is eliminated. 

• Security of Policy Document

  There are cases where people lose their original policy documents and run to the insurance company’s branch office or agents for the duplicate policy documents. Online purchase of an endowment policy eliminates the risk of losing original policy documents, as when you purchase the policy online you get a soft copy of the original policy documents and you can choose to keep it in electronic mode or have a print of the documents. 

• Safe Payment

  Payments made online for purchase of an endowment policy are safeguarded, you can make the payment for your premiums instantly through netbanking, UPI, E-wallets, credit/debit card etc. the payments are extremely safe and are not processed without OTP authentication. 

To conclude

We can’t deny that purchasing an endowment policy online is much easier and hassle-free than purchasing it traditionally. However, considering this, one should be careful while purchasing an endowment policy online. 

Also read 

Why Is The 20s The Best Time to Buy An Endowment Plan?

How To Buy Endowment Policy Online?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.