Know These 4 Differences Between Offline & Online Medical Insurance

The number of internet users in India is steadily growing. Thanks to smartphones, people are now searching for the best products and services with the utmost ease. As Indians are becoming more internet savvy by the day, the trend of buying medical insurance plans online is witnessing an uptick. In fact, the recent lockdown scenario following the rising cases of Covid-19 resulted in the increased sales of health insurance online for many insurance companies.

There are two ways an individual can buy a medical insurance policy. One is the traditional offline mode involving the role of agents or visiting an insurance office. The second option is to buy a medical insurance policy online,which is gaining popularity.

We discuss below the key factors that make buying medical insurance online different and more advantageous than getting a policy offline.

Comparing Policies

With the support of web aggregators, a person looking to buy a policy online finds it easy to review and compare various health insurance policies. A buyer has complete access to all the information about the policy features and the premium cost through the help of brochures available online. It proves helpful in making the right decisions.

On the contrary, when a person is using the offline mode to buy medical insurance, he or she may have limited access to information and has to depend solely on the details that the health insurance agent shares.

Flexibility

You have greater flexibility when it comes to selecting a policy online. Moreover, the premium costs may be comparatively lower. Many insurance companies draw buyers’ attention by offering a higher sum insured at attractive premium prices.So, the range of options available is more.

This flexibility may not be there if one chooses a policy offline. Also, owing to the involvement of an intermediary, the policy may not be as affordable as buying one online.

Transparency

As a policy buyer, you will have access to authentic information such as the insurer’s claim settlement ratio, which may not be so if one approaches an agent directly. Moreover, one has to rely on the agent when it comes to getting information about the policy terms and conditions. However, buying medical insurance online gives you an upper hand as you can access policy details from the company website. The likelihood of fraud also reduces.

No Paperwork

One notable advantage of opting for medical insurance plans through the online mode is the lack of paperwork. Getting a health cover is just a matter of a few mouse clicks. It eliminates the efforts of visiting the insurer’s office and filling up forms, thus saving one’s precious time. Choosing the best policy, paying the premium, and tracking the status of claims – all these can be done online, but this is not possible in the offline mode.

Conclusion

Considering the points given above, choosing medical insurance online is a more hassle-free, quick, and time-saving process.

Earlier, many insurers would rely on agents to promote their health policies. Ideally, these agents would be the single point of contact for the policyholders and would facilitate the claims process. The traditional way of selling health insurance continues to have certain advantages, one of them being the personalized support.

However, with technological advancements, leading health insurance companies now directly connect with their customers with the help of user-friendly websites that help one to review and buy health insurance online. They also have dedicated customer support teams to assist the customers through call or chat options. Moreover, a company also saves on paying commission to the agents. For an experienced buyer, purchasing a health plan online is a highly convenient option.

Irrespective of whether you select the online or offline mode of buying medical insurance plans, it is always advisable to make a precise estimate of your healthcare requirements and understand the various policy features in order to make the best decision. The right medical insurance plan will help secure your family’s future and finances even if a medical emergency strikes without warning.