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Mistakes to Avoid While Buying an Online Life Insurance Policy

Mistakes to Avoid While Buying an Online Life Insurance Policy - Aegon Life

Due to the amplified penetration of internet in India, buying an online insurance plan is faster, convenient and much cheaper than buying through the traditional sales channels. All you need a steady internet connection to fulfil your insurance needs. The technological superiority provided by the online platforms makes the application process of insurance smoother. Generally, the online insurance providers offer live chat facilities and toll free numbers to ensure that the customers don’t face any problems while purchasing an online policy. However, in order to have a smooth post purchase experience, make sure you avoid these common mistakes while buying online insurance policies:-

  1. Providing wrong information or omitting facts: –

When you fill up the physical insurance policy forms, an insurance agent will always double check the details that you write down. However, while filling an online insurance application, there might not be any agent around to oversee the information. Nevertheless, the function of this information remains the same during the claiming process. If the information that you provided is found to be misleading or faulty, you claim might be rejected entirely. Most of the insurance providers deny insurance to policyholders who provided the wrong information. Sometimes, providing wrong information or omission of facts may also lead to lawsuits if the policy holder has distorted important facts. Therefore it is very important to be upfront about every little detail and get all the facts right as even a minor lie can lead to rejection of claims.

  1. Not doing enough research before buying: –

 As there are several types of life insurance policies available in the market, it is very important to undertake adequate research before buying. There are many aggregator websites that let you make quick comparisons of the costs and features of different policies. If you buy an insurance plan without proper research, you may most likely end up with a policy that is average and does not suit you needs. With proper research, you will be able to understand the features of the policy entirely and purchase the one that is most suitable.

  1. Overlooking policy renewal: –

When you take up a life insurance policy through an insurance agent, he will remind you regularly about the premium renewal dates. However, in an online insurance policy you need to remember the dates in order to save your life insurance policy from lapsing. Another way is to have your bank renew the policy at a scheduled date and month. On the other hand, make sure you have enough money in your bank account.

  1. Overbuying Insurance: –

 Most of the people tend to overbuy online insurance policies because of the low premium rates. If you are paying for coverage that is not needed, it becomes a wastage. For instance, iMaximize plan from Aegon Life offers extensive returns with life cover. Opting for an additional insurance plan along with it will only put pressure on your monthly budget. Therefore, while buying online policies, don’t let the low premiums be the conclusive factor while buying an insurance policy.

How To Pick The Best Insurance Plan?

Selecting the perfect insurance plan requires careful deliberation. This means that you are required to calculate your funds, taking into account your living costs and outstanding debts. Consequently, people need to invest into profitable schemes and policies that ensures protection in any sense of the word. So if you are looking out for a reliable insurance plan, here’s how to go about it!

Take your needs into consideration

Are you looking for a comprehensive family cover that protects all of your loved ones? Or do you prefer a personal cover that can keep you safe and sound? Your preferences and imminent needs will decide the kind of plan that is best suited to your requirements.

Use the Internet

In the digital age, it is unwise to depend purely on hearsay and word-of-mouth when it comes to insurance. With many digital portals available for every insurance house, it is the onus of anyone, rich or poor, digitally savvy or not, to take advantage of the reach and accessibility to plans and policies that the internet provides them with. With comparison websites, FAQs, consumer forums and even customer reviews it has become easier to make an informed opinion on any insurance plan. Not only will this inculcate smart buying behaviour, but also allow you the power to choose.

Find a reliable provider

All of your extensive research and efforts can backfire, if you choose a dubious liaison for handling your insurance needs. The industry is naturally competitive, which is why cold-calling and unwanted plans often clog our network and email accounts. The trick is to find an outlet and an agent that can assess all your needs, in order to provide you with the best insurance plan. This, not only helps in better communication, but also allows for an increased trust towards the preferred company.  This is the most essential step for the desired peace of mind while you select the best insurance plan that caters to all your needs and requirements.

Leafing through insurance plans may be a tedious task, but choosing the correct one is not. Make the right choice and ensure security throughout your lifetime!

Why you Need a Dedicated Insurance Plan for Cancer

Cancer is one of the most dreaded diseases that has impacted the human civilization catastrophically. With changing lifestyles and health habits, an increasing number of people are falling prey to the scourge of cancer. There are around 2.5 million cancer patients in India. Around 500,000 people die of cancer each year. Over 800,000 new cases of cancer are registered each year. Some of the most common cancers include breast cancer, prostate cancer, colon and rectum cancer, lung and bronchus cancer, melanoma of the skin, non-Hodgkin lymphoma, thyroid cancer, bladder cancer, kidney and renal pelvis cancer, endometrial cancer, leukaemia, and pancreatic cancer. It is projected that approximately 39.6% of the population will be diagnosed with this dreadful disease. This statistic, as we can see, is extremely disquieting.

Smoking, exposure to radiation, substance abuse, unhealthy diet, sun and UV exposure are some of the few baneful things that cause cancer. However, no one truly tell as to how this dreadful disease might afflict you. Such critical illnesses often disrupt the regular course of life, affecting a person and his family, physically, emotionally, and financially. Not to mention how the whole process of diagnosis and treatment put a heavy toll on your finances, compelling you to break your savings or, in exigencies, borrow funds.

Critical illness insurance plans offer the required financial support for medical treatment. Illnesses such as heart attacks, and strokes are cover under this plan. For instance, if person X is diagnosed with cancer, then he will receive reimbursement through critical illness insurance plan. The funds received will be adequate to pay of the medical bills and hospitalization charges. However, there are different types and stages of cancer, some of which do not qualify for a claim under critical illness insurance plan. Furthermore, a severely affected person may exhaust the cover received for treatment in the initial stages itself, leaving him with nothing for the latter stages. During such situation, your critical illness plan will not provide the necessary financial aid, thereby forcing you for other desperate options.

Dedicated insurance plan for cancer treatment, such as Aegon Life’s iCancer plan, can be godsend. This plan covers over 100 types of cancer, all of its stages, and offers 150% of sum assured benefit payment at critical stages.

To prevent the patient from economic burdening, the plan is crafted to provide stage-based benefit payments that are disbursed across three stages of cancer. Furthermore, once a claim is filed, all the further premiums for the policy are waived off and you receive payment benefit to avail medical treatment.

Getting afflicted by cancer is one of the few unfortunate events that can happen in life. With iCancer, you are not in this battle alone, the plan is present to provide monetary aid for medical treatment at all stages, thus helping you to get rid of this malaise without having to face economic hardships.

Why You Need Something More than a Regular Term Insurance Plan

Life is beautiful, but yes, *conditions apply*. Ifs and buts seem to be an integral part of our life. No one is ever sure of what is going to happen in their life next; dash that, we are in less sure as to what could happen in the next few moments. Untoward, unfortunate events such as accidents or mishaps can happen without you any forewarning. Now, if you are the sole bread-winner for your family, then imagine the economic hardships that will befall your spouse and child.

To prevent such financial hardships upon your family in your absence, it is recommended to purchase a term insurance plan. These are simplest forms of life insurance policies designed to offer sufficient amount of monetary reimbursement to the nominees of the insured, upon the death of the insured.

The monetary benefit received is one time, and it is adequate enough to meet the basic financial needs of your spouse, child, or dependent parents for a particular period of time.

However, with rising costs of education, inflation affecting the prices of essential items, increase in the cost of medical and hospitalization expenses, the financial reimbursement received will not be enough to replace the monthly stream of income required for sustenance.

For this purpose, you require something more than a regular term plan that offers sufficient periodic pay-outs that will help your family members meet the necessary monthly expense in your absence.

Understanding the changing lifestyle needs, life insurance companies have launched income replacement plans that offer such monthly pay outs to the successors of the insured. These plans offer the promised sum assured along with periodic pay-outs that act as a pension to the nominees of the insured.

Moreover, several types of savings plan exist that will offer regular pay-outs after the maturity date to the beneficiaries of the insured.

As the sum assured received through a term plan is fixed, financial advisors recommend insurance buyers to invest in alternate instruments such as savings plans, child plans, and other related investment instruments to keep the flow of income constant. These returns and pay-outs provide economic support, thereby helping your loved ones leave a life without financial struggle when you are not around. Be it your child’s education or emergency hospitalization, the income received through such products will be available to meet such expenses.

So why just stick with the limited financial compensation provided by term plan when several other products are now available in the market to help your loved ones maintain their current lifestyle even if, god forbid, you are not around them any more.