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Online or Offline Term Insurance is Good!

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06 Jul, 2021 by  Samuel S

Hello Sir, I am planning to take term insurance, I have the following query

1)Will there a problem with the claim procedure If I take the policy online?

2) Maxlife person is saying there won't be a dedicated officer if you buy online

3) I am very confused to choose between Maxlife and Bajaj Allianz for increasing sum assured, Please help me to choose

4) Will there be an issue in the Bajaj settlement as they are saying 30 to 90 days

5) Is there a scope of improvement for Bajaj in the future, as I am interested in it for a low premium and a 10% increase yearly

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2 Answer

07 Jul, 2021
Associate Professor, BIMTECH

1. Not really. The only issue is that you do not hv a family friend agent in an online policy to act pro-actively. Your family members must be fimiliar about policy & also competent enough to deal. Though I pray they should not get this job to handle.

2. Yes he is right. You need to deal with the customer care executives - but not an issue.

3. If the terms / condition / features are same then go with the cost effective policy

4. Question not clear.

5. Check whether the policy has got the provision of increasing cover or not

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07 Jul, 2021
CEO, Insurance Samadhan

Dear Samuel

Answers as desired

1. Insuramce is sold by many channels ,online is z channel of distribution . All policies have common claim process and there can not be a problem if you buy online .

2. Claim is a process and there is no system of dedicated officer . All claims are handled by same people irrespective of channel . These claim support team do not see the channel .

3. Buying insurance is more important than chhosing Max or Bajaj . Both are equally good and you can choose as per your choice .

4. Both companies have over 98 % claim settlememt and equal rating so choose as per the competency of your advisor .

5. Bajaj is highly respected .

Hope this suffice

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