Never buy an insurance policy from Bazaar

 

In today’s digital age, online shopping has become the norm for a variety of products, from groceries to gadgets. However, when it comes to purchasing insurance, the convenience of online marketplaces such as PolicyBazaar or other aggregator sites may not be the best option. Here’s why you should avoid buying insurance from these platforms and instead opt for experienced agents who offer invaluable after-sale services.

The Illusion of Convenience

Online marketplaces often advertise insurance policies as simple, one-click purchases. This convenience is appealing, but it can be misleading. Buying an insurance policy is a significant decision that requires careful consideration and a deep understanding of the terms and conditions. Without proper guidance, many buyers may choose policies that do not fully meet their needs or may overlook crucial details that could affect their coverage.

Lack of Personalized Advice

Insurance policies are not one-size-fits-all products. Each individual has unique needs based on their personal and financial circumstances. Experienced agents take the time to understand these nuances and recommend policies that are tailored to the buyer’s specific requirements. This personalized service is something that online marketplaces simply cannot replicate.

For example, an experienced agent can advise on the best riders or add-ons for your policy, such as critical illness cover or accidental death benefit, which might not be immediately apparent or emphasized in an online listing.

After-Sale Services: The Real Value of an Agent

Claim Assistance

One of the most critical aspects of having an insurance policy is the claim process. Unfortunately, many policyholders find themselves in a difficult situation when they need to make a claim. According to various reports, a significant number of policies purchased online are discontinued or lapse because policyholders are not adequately informed about the claim process or do not receive the necessary support.

Experienced agents provide invaluable assistance during the claims process. They help policyholders understand the documentation required, assist in filling out forms correctly, and follow up with the insurance company to ensure that claims are processed smoothly and promptly. This level of support can make a significant difference, especially during stressful times when a claim is being made due to a health emergency or the death of a loved one.

Ongoing Policy Management

Policies often need adjustments over time. Changes in life circumstances, such as marriage, the birth of a child, or a change in financial status, may necessitate policy modifications. An experienced agent will proactively manage your policy, advising on necessary changes to ensure that your coverage remains adequate and relevant.

Online marketplaces do not offer this level of ongoing service. Once a policy is purchased, the relationship often ends there, leaving policyholders to manage any changes or issues on their own.

The Risks of Online Purchases

Misunderstanding Policy Terms

Insurance policies can be complex, with detailed terms and conditions that are not always straightforward. Online marketplaces may provide information, but without the ability to ask questions and receive clarifications, buyers may misunderstand critical aspects of their coverage. This can lead to unpleasant surprises when a claim is filed and is subsequently denied due to a misunderstanding or oversight.

High Lapse Rates

Data indicates that policies bought online have higher lapse rates compared to those purchased through agents. Many online buyers discontinue their policies because they do not fully understand the commitment required, or they do not receive timely reminders and support to keep their policies active. This is a significant risk, as lapsed policies provide no coverage, leaving policyholders and their beneficiaries vulnerable.

Lack of Support for Nominees

One of the most heartbreaking outcomes of buying insurance online is the plight of nominees who are unaware of the policy details and the claims process. In many cases, nominees suffer because they do not know how to claim the benefits, or they face bureaucratic hurdles that could have been easily navigated with the help of an agent. An experienced agent ensures that all stakeholders are informed and prepared, providing peace of mind that the policy will serve its intended purpose.

Case Studies: The Benefits of Agents

Case Study 1: Successful Claim Assistance

Mr. Ramesh purchased a life insurance policy through an experienced agent in Bangalore. When he unexpectedly passed away, his wife, Mrs. Ramesh, was initially overwhelmed by the claim process. However, their agent stepped in, guiding her through the necessary steps and ensuring all documents were correctly submitted. The claim was processed smoothly, and Mrs. Ramesh received the benefits promptly, providing much-needed financial stability during a difficult time.

Case Study 2: Policy Adjustment and Savings

Ms. Priya initially bought a term insurance policy online. Over the years, her financial situation improved, and she required higher coverage and additional riders. Struggling to make these changes online, she turned to an experienced agent. The agent not only helped her adjust her policy but also identified a more cost-effective plan that offered better benefits, saving her money while enhancing her coverage.

Never buy an insurance policy from Bazaar; you can buy one time use vegetables from there. While online marketplaces offer convenience for many purchases, insurance is not a product to be bought lightly or without professional guidance. Experienced agents provide personalized advice, ongoing support, and crucial assistance during claims and policy adjustments. By choosing to buy insurance through an agent, you ensure that you and your loved ones are adequately protected and supported, not just at the time of purchase, but throughout the life of the policy.

10 reasons why you should not buy insurance policy from

For these reasons, it’s advisable to seek out experienced insurance agents who can offer comprehensive after-sale services and ensure that your investment in an insurance policy truly serves its purpose. Remember, insurance is a safeguard for your future and your family’s well-being; it deserves the careful consideration and expert guidance that only a seasoned professional can provide.