9 Benefits To Buy Online Medical Insurance Policy

With the advent of the internet, all companies across various industries learnt how to use and benefit from it. They started what we now call the process of digital transformation. This digital transformation process is even reflected in the insurance industry. Insurance companies no longer have to send their insurance agents door to door to sell their products. Even a medical insurance policy is readily available online. All you must do is go to the insurance company’s website and buy them. It gets even better nowadays because all you need is your smartphone, through which you can download the insurance company’s app and buy an insurance policy instantly.

Benefits of Buying Online Medical Insurance policy:

Even though you still have the option to purchase an insurance policy offline, more and more people are moving towards the online method of buying it. This transition is because the benefits of buying it online are far more than the offline method. These are some of the benefits of buying medical insurance plans through online way so that you can take advantage of this method of purchase:

1) Comparing Different Policies is Easier:

The first step before buying an insurance policy is to study the various options that are available in the market. The insurance industry has always been very competitive; different insurance companies provide varied policies with their own features. This process of comparing various policies is tiresome and time-consuming if done manually. However, thanks to technology, there are online tools that can help you with this in just a few minutes. Moreover, everyone’s medical needs are not the same and comparing the best medical insurance policies to identify which suits your needs is essential.

2) Well Regulated Genuine Products:

With the industry going online, monitoring insurance policies and companies have become stricter and easier. The insurance industry gets monitored by the Insurance Regulatory and Development Authority of India (IRDAI), which ensures that all products are genuine. This regulatory body has to clear all the insurance products and ensure transparency of all the terms and conditions. So, all the policies you find online are well-regulated and genuine.

3) Elimination of Intermediary Parties:

Earlier, for buying an insurance product, you will have to obtain it through an insurance agent, and the agent gets a commission for selling the policy to you. With the online availability of insurance plans, this intermediary concept has stopped. It has helped the best health insurance companies to provide the policies at a reduced cost. The premiums will cost you much less from an online purchase rather than buying it from an offline agent.

4) Complete Paperless Process:

Applying to receiving the policy document is done online, so you don’t have to take out photocopies of documents making the complete process paperless. However, you must upload photographs of the required documents, which can quickly happen through your mobile phone. Due to this benefit, you will save time, money and effort, which is a significant convenience factor.

5) More Competitive Premium Offers:

With so much competition and online offers in the insurance market, you will most likely get a plan within your budget. However, please remember that getting the best mediclaim policy does not always mean lesser premiums. You will have to buy a policy which covers your medical expenses entirely and choose the best competitive offer that applies to you. But, yes, you do have the advantage of finding some excellent premium offers if you spend some time researching online.

6) Flexibility of Customization:

When you buy a health insurance policy through the offline method, you must take the advice of advisors to purchase a plan. But, when you buy the policy online, it is in your hands to select what features you require per your needs. Then, you can customize the policy by adding or removing additional riders as applicable, determining the premium you end up paying for the plan. Then, based on your budget or medical needs, you can make the changes from the comfort of your home and buy the best medical insurance.

7) Reduces Policy Document Errors:

One of the major concerns of an insurance policy is that all the information on the policy document should be without any errors. Any mistake in the policy document can cause difficulty during the claims process when your details do not match the policy information. This error usually happens when you purchase the policy offline, and the insurance advisor fills up all your details during the application process. However, with the online application process, you have to fill up all your personal information, which reduces the chance of errors. Therefore, ensure you double-check the information you enter before clicking the submit button.

8) Availability of Premium Calculators:

The best health insurance companies provide an online premium calculator in their web portal or apps. You can use this online insurance tool to compute your premiums in advance and even try different variations of benefits by adding or removing them. It also helps you save time and money by planning ahead with your medical budget.

9) Automation of the Claims Process:

Another significant benefit of the online health insurance industry is that it has made the claims process automated and convenient. It is no longer required for you to go through a tedious and cumbersome claims procedure that was happening earlier. This complex claims processing method was why many people didn’t opt for medical insurance. However, with the automation of the claims process, it has become much more straightforward.

Conclusion:

Buying a medical insurance policy online has made every step and procedure for you more straightforward. Everything is faster and more convenient, from the application process to policy document receiving to claiming your medical bills. The benefits of medical insurance purchases going online is more than the earlier method by which you would have to buy it from an insurance advisor from that particular insurance company you shortlist. Moreover, you don’t have to worry about false promises as IRDAI regulates the industry.