Are you investing in the best ULIP plan or other life insurance plans online? It is undoubtedly a good move, since insurance coverage financially secures your family from several unforeseen and unfortunate situations in life. At the same time, several insurance plans also give you investment benefits that help you meet your long-term goals conveniently. However, while buying insurance online, it is important to ensure that the process is completely safe. Here are some tips that will help in this regard.
Buying Insurance Securely Online- Handy Tips
Be it the best ULIP plan or other life insurance plans, you should always make it a point to securely purchase them online. Here are some tips worth following in this case.
- Be careful of fraudsters and companies offering insurance plans or deals that seem too good to be true. Do not click on any sudden links sent to you or share personal details with anyone.
- Always opt for a reputed insurance company with a sizable market presence in India. Look for a transparent and hassle-free online application process with clearly laid-out terms and conditions
- Check the reputation of the insurer by reading reviews and ratings, and also looking at the policy details, premium amounts, fees/charges, investment risks (in the case of ULIPs), and policy terms. This will give you an idea as to whether the insurance company is reliable enough to go ahead with.
- Check the IRDAI website for details of the insurer’s licensing and regulatory status. Claim settlement ratios of insurance companies can typically be found in the insurer’s disclosures or third-party insurance comparison platforms. A higher claim settlement ratio may indicate reliability, but it is also advisable to check other factors like the persistency ratio and solvency ratio.
- If considering a ULIP, be aware of associated charges such as premium allocation, fund management, and mortality charges, as these can impact returns. Also, note that ULIPs have a mandatory five-year lock-in period, meaning withdrawals before this period are restricted.
- Scan the official site thoroughly, making sure that it is the right place to apply online and make the premium payment. Beware of fraudsters who impersonate the sites of insurance companies with tweaked logos and other details. Double-check with the insurance company regarding the authenticity of the site.
- Do not make payments to any unauthorised third-party provider, agent, or sub-contractor in your personal capacity. Some third-party platforms are IRDAI-licensed and authorised to sell insurance policies, so verify their registration before making a purchase.
- While paying, make sure that the website has a secure certificate and proper SSL encryption. The insurance company should also offer secure payment gateways and multiple payment methods. To ensure added safety, stay in touch with an authorised insurance company representative throughout the process.
- While setting passwords for your online insurance account, make sure that you don’t allow browsers to save these details. Also, do not share your personal details with anyone other than the insurer.
Signing Off
These are some tips that you can follow to buy insurance safely online. A little caution is recommended, and you should not opt for the first provider you find or a sudden deal that seems lucrative. Always purchase from a reputed insurer that has a reliable online platform for applications and payments. Be wary of sharing details unless necessary,y and stay vigilant throughout the process.