0

0

0

0

0

0

0

0

0

This article is more than 1 year old.

Coronavirus impact: Why it is the right time to buy an insurance

Mini

On a regular day, while one may need several documents and tests to buy a policy, but at this time it is easier to buy a policy.

Coronavirus impact: Why it is the right time to buy an insurance
Amid the ongoing coronavirus crisis, many insurance companies have launched new policies. This means policyholders have lot more options now to buy an insurance. On a regular day, while one may need several documents and tests to buy a policy, but at this time it looks easier to buy a policy.
Experts say it is the best time to buy an insurance.
“Given restrictions on movement and extension of the lockdown, a few health insurance companies have relaxed requirements around physical checkups to help sell products with minimum friction,” says Ankit Agrawal, CEO and co-founder of InsuranceDekho.
Additionally, government has extended dates for tax exemption for health insurance. This will help insured taking tax advantage.
On a regular day, buying an insurance policy would, however, mean several calls or visits by an agent in order to discuss the premiums and policies. That is time consuming as well as confusing.
However, now insurance companies are directly selling products via video and telephonic interactions. Forms are also filled online and fitness is determined through few questions asked by the sales persons.
"Digitization has helped customers to directly access companies, eliminating paperwork by auto-populating information, while removing series of physical touch points thus reducing failures,” explains Anil Kumar Singh, Chief Actuarial Officer, Aditya Birla Sun Life Insurance.
“Additionally, AI enabled chatbots have improved interactivity by offering range of services- from instantaneous counselling, updating documents to generating policy quotes,” he adds.
Online platforms have made insurance experience instant and hassle-free.
Purchasing any insurance cover may also turn out to be cheaper since one can buy it directly from the company. This cuts down commission costs, according to experts.
Experts also suggest that it’s always right to buy insurance while one is healthy.
“Considering recent coronavirus outbreak, people should start buying insurance. One can never predict future and insurance can help in taking care of various unforeseen medical emergencies. Apart from taking personal cover, one should look for insurance that cover family members too," adds Anand Roy, M.D, Star Health and Allied Insurance.
next story