eCommerce, in the past few years, has made its reach to a wide range of segments apart from retail. Where on one hand, it has given a platform for budding entrepreneurs to showcase their ideas, it has also enabled various service providers to give their customers a hassle free experience. One such segment recently evolving is the insurance.
Term insurance plan is a form of life cover, which provides coverage for a defined period of time, and if the insured expires during the term of the policy then death benefit is payable to the nominee.
The plan will allow customers to choose from three different death benefit options viz. the basic life cover along with the options of fixed monthly income and increasing monthly income. Also, there are options to upgrade to other plans and add accidental benefits to the chosen plan, for some extra premium.
To buy a plan, a customer can log on to the website and can identify the available premium options by entering details such as type of plan, amount and the duration. An E Quote number will then be emailed to the consumer’s id to further complete the application.
The payment can be done online via credit/debit card (Maestro, MasterCard, Visa and Amex) or Netbanking. Also, its necessary to pay the first premium online, while the next installments can be paid online or to the nearest branch.
Once the payment is done, the buyer would need to schedule a medical examination date and upload his documents such as birth, address and income proofs.
In case the buyer discovers some issues during the medical examination, and wishes to cancel the taken policy, then the company claims to return the previously made payment within 30 days of filing the cancellation of policy.
We tried buying an insurance and found that the service is quite fast and effective. Once we entered the details, we received an auto generated call from the company. Also, there is a ‘click to call’ option on the website, wherein the customer will receive calls within minutes.
Overall, the attempt is nice and it can really impact the life insurance service sector, which is currently being valued at INR 200 Cr. Recently Aviva India has also launched its new online ‘i-Life Secure’ plan (as the site link was not functioning properly at the time of writing this article, hence more details could not be fetched). However, in the presence of companies like LIC, which are far more trusted than the private players, can these attempts lure more customers?
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