The rise of digital payments and ease of buying online

 

Introduction: 

In a report published in 2022¹, an astonishing 93% of users in India used at least one digital payment method. Additionally, digital payment transactions surged to an impressive 11,660 crore² in the current fiscal year as of 11th December 2023. 

Today, digital payments can be made almost everywhere. You can pay your favourite restaurant or taxi driver online and even buy important financial products like insurance. 

When it comes to insurance, is buying online a wise choice? It can be, as it allows you to choose, compare, and pay for your premiums. How can you do this, and does it offer any benefits? 

Goal Based approach 

Before you buy your insurance online, you will first have to understand your end goal. For instance, if you need a life insurance plan that can safeguard your family’s future, you should ideally consider a term plan. 

The investment should cater to your short—and long-term needs. Blindly choosing a product because it can be found online would land you in a bind and hamper your financial freedom. 

Multiple Options

Since all the details are available online, you should check the one that best suits your end goal. Once you define a goal, you should go through the details of the investment. This will give you a fair idea about what the investment tool is about. 

Many times, there is also an option to compare plans. Based on this you may be able to make a decision faster, 

Can you get a discount? 

Many people avoid buying insurance in person because of the physical payment of premiums. The rise of digitisation has ensured this does not happen when you finally choose the right product for you. 

Insurance providers now provide online discounts when you buy a product from their website. 

If you decide to invest and buy a term plan online, you may want to consider HDFC Life Click 2 Protect Super.  

It is a term plan that can protect your needs as they evolve. For example, if you purchased this type of term insurance while you were single, you have the option of choosing additional cover for your spouse³, once you get married. You also have the option to choose to increase Death Benefit⁴ up to 200% under the Life option and get all premiums back on maturity with the return of the premium³ option. 

Also, you can also get a discount when you choose to buy it from the insurance website directly. So, before you pay, you should check all the terms and conditions that can help in availing a discount on the chosen plan. 

No need for hardcopy

Companies used to hesitate to accept electronic policy documents in case of maturity or death benefits claims. However, this will no longer be the case. An online account can be created that would store all the insurance policy documents of an individual.  

The entire idea of this account is to remove paperwork and allow customers to have access to all their insurance policies under one account. This makes the process of renewing or buying insurance policies easier and can also help fast-track the claim process, as no paperwork is involved. It can also reduce the likelihood of risks, etc

The rise of digital payments is changing the game in how you handle money. It is seamlessly woven into your daily routines, transforming how you shop and trade goods and services. And it is not just about buying stuff; it is about giving everyone, everywhere, access to financial services. As you jump on board the digital revolution, one thing is for sure - the future of commerce is digital, and it is here to stay.

Source:

1. https://brandequity.economictimes.indiatimes.com/news/research/93-indian-consumers-used-at-least-one-digital-payment-method-last-year-report/94533446

2. https://pib.gov.in/PressReleasePage.aspx?PRID=1988370

Related Articles

• Why You Need to Invest in Life Insurance
• Types Of Life Insurance Policies in India
• How to compare life insurance quotes online?

ARN: ED/03/24/10019