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7 things to keep in mind while buying insurance policies online

Business Today logo Business Today 10-10-2016

With the Insurance Regulatory and Development Authority of India (IRDA) taking proactive steps to digitise the insurance sector, comparing policies and zeroing in on the right cover is increasingly becoming easier.

"People are becoming comfortable buying insurance products online, something which has been spurred through the growth of smartphones. People who do net banking, recharge their mobile phones using credit or debit cards, or transact through e-wallets are not hesitant to shop online for insurance," Yashish Dahiya, co-founder and CEO, PolicyBazaar.com says.

But what are the things to keep in mind while buying a policy online? Here are some points that you must bear in mind before buying the policy online:

THINGS TO TAKE NOTE OF WHILE BUYING ONLINE:

Retain a copy of the policy document bearing policy terms and conditions.

Do not compare too many products that are not of the same nature as this may confuse you further.

Thoroughly understand a product before hitting the purchase button. When in doubt, seek a help.

It is better to be under-ensured instead of buying a wrong product.

If you buy through an insurance aggregator, insure that the policy details match with those on the company website.

Take a screenshot of the transaction page, especially the one that shows payment details. 

Verify the legitimacy of the company website by looking for website security certificate.

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