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Term plan buying from online direct or through agent

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27 May, 2021 by  Samir Bhunia

I recently a purchase a term plan online directly from HDFC life. One if my friend( Insurance Agent ) explained it will be difficult while nominee will go for claim settlement. Is it true? Even if someone will purchase it through agent either online or Off line, is there any advantage during claim document submission. Please let me know.


Regards,

Samir

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27 May, 2021

Dear Samir,


Good to know that you have purchased a term plan for yourself.


Each channel of distribution in the insurance industry has its own advantage and disadvantage. The most challenging part of the term insurance is the claim submission and processing.


An Insurance Agent with decent amount of experience in providing post sale service to manage his own reputation would do his best in helping the clientele with the claim submission. This is the one main advantage one has when buying through an Insurance Agent who is known to the family.


What one needs to do after buying term insurance is tell family and friends about the purchase of Term insurance, forward a copy of the policy document to them and make them understand the claims settlement process


Hope the above addresses your concerns


Stay safe


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28 May, 2021
Samir Bhunia
Sir, it is difficult for claim settlement by nominee through directly to company. What do you suggest on my case, I purchased it self directly from company. Plz help
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28 May, 2021
Dear Samir, During this pandemic time you have got a term plan. I would recommend not to cancel the plan, but to get to know the process of claim and make the nominee understand the process and also let the nominee whom to approach in case they need help. We have few experts in beshak community who can guide the nominee, in case any help needed. Don't worry too much Stay Safe
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28 May, 2021

Hey Samir,


Sathish has already answered your question well. I just want to add one point.


Open an e-Insurance account if you don't have one already. This will help you keep your term insurance policy copy (as well as other insurance certificates) in electronic format in an easy to retrieve form. Share the credentials of your e-Insurance account with your family & apprise them of key details (especially the claim instances) of your term plan. If possible, make your wife read the policy copy & discuss all important points between yourselves. It may take some time but this time is well worth.


Best Wishes to you & family. We pray that you are with them through out & that your family doesn't ever need to depend on Term Insurance proceeds.


Asad Akbar



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28 May, 2021
Samir Bhunia
Sir, Already I've e-insurance a/c. And policy document is also shared with my wife. Till I would like to know what she will face difficulty if there is unfortunate happened with me. What advice is given to her during claim submission.
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