#Online Insurance Policy and Career Opportunities 30 January 2019


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Online Insurance Policy and Career Opportunities: In one sentence, buying insurance online is convenient, fast and usually cost lesser. The insurance companies know the potential of this distribution channel and therefore have the entire product range from life to health, motor and travel-available on the internet for you. This allows you can buy any policy from any corner of the world at any point in time at the click of a mouse. Many of the insurance companies have been recruiting new peoples in order to up their game in the online insurance market. So in this article, we are going to see about Online Insurance Policy and its Advantages, Disadvantages, Policy Aggregator Sites, Procedure and Top Online Insurance Policies.

Online Insurance Policy – Overview

Online Insurance Policy and Career Opportunities

An online insurance policy is nothing but a policy which is offered on the internet by the insurers. These policies have become pretty popular these days with the increasing requirement for insurance in order to safeguard the future of the individual and his/her dear ones.

Online Insurance Policy Advantages and Disadvantages

An online insurance policy is designed in order to save the time of the insurer and the insured which also its biggest benefit as well. It is also convenient to avail these policies since they allow the insured to figure out, by themselves, the crucial details like choosing the amount of coverage and determining the premium that needs to be paid in a specific period to secure that sum assured. This makes easy to understand them that how things work in the insurance industry.

These plans allow the insurer to negate the necessity of agents and the commissions to be paid to them, which makes beneficial for them as well. It is also easier to maintain proper documentation of online policies as compared to the offline policies. Similarly, since the data of the insured is with the company itself it can use customer’s recommendations and suggestions in order to utilize it to gain more customers.

The main disadvantage of an online insurance policy is that since the agents are not there the insured can often make the hasty judgment in determining the sum assured without taking care of requirements. This can work both ways – they can take more than they need or settle for a lesser and purportedly safer amount. Similarly, when it comes to deciding the premiums they might choose the policy without even considering their ability to pay for it.

Policy Aggregator Sites

Policy aggregator sites such as,, and are important cogs within the wheel of the online insurance policies. These websites provide a comprehensive detail of various plans available within a particular category for insurance purchasers. These websites provide information on all the important factors that matter in an insurance plan like the premium to be paid, the amount of coverage in order to give a proper idea to the insurance buyers.

The policy aggregator websites cover different types of insurance plans like health insurance, car insurance, child plans,  term life plans, surgery and critical illness plans, investment or pension plans, and travel insurance. Information is also available on other forms of insurance like home insurance, business insurance, two wheeler insurance, commercial insurance, Life ULIP Insurance, Life Non-ULIP Insurance, personal accident insurance, liability insurance, and third party insurance.

Online Insurance Policy Procedure

The process to make these plans available is very much simple. The interested insurance buyers need to go online and select the product first. They then need to fill in the required details after generating a quote. Once the details are provided, they are allowed to buy the policy. However, the procedure to buy the online insurance policies may differ in case of certain insurers as they might need additional details than what is normally required.

Top Online Insurance Policies in India

HDFC Life Online Insurance Policy

The Click 2 Protect Online Insurance Plan of HDFC Life provides coverage of INR 1 crore in exchange for a yearly premium of INR 8600. It is also one of the leading online insurance policies in India.

Aegon Religare Online Insurance Policies

The Aegon Religare made its iTerm plan available online, which provides a cover of INR 1 crore for a premium of INR 6200. This is not only one of the few term plans that provide terminal illness benefits but also covers people up to 75 years and takes care of all types of death including ones resulting from terrorist attacks as well. The plan enables the owners to choose from 3 different riders which are Accidental Death Benefit Rider, Women Critical Illness Rider, and Waiver of Premium Rider on Critical Illness. The policy not only provides tax benefits as per Section 80C of the Indian Income Tax Act but also can be bought in 8 minutes.

The iMaximize Plan of Aegon Religare is a unit-linked insurance policy which also can be bought online as well. This plan provides life cover, maturity benefit, and nominees are provided income until they are mature. This plan not only provides tax benefits but also no fees are applicable for allocating the premium as well.

The iHealth Plan not only provides an assured payment even if the claim amount is lesser than that but also provides dual claim benefits as well. This plan also guarantees a consistent rate of premium for a 3 year period and renewal is assured until the policyholder is 100 years old.

ICICI Lombard Online Insurance Policy

The two-wheeler insurance plan of ICICI Lombard can be bought online and the policy owner is provided with a digitally signed document upon purchasing the same. The policy allows the holders to get their two-wheelers checked at more than 2700 garages that are part of the program network. This program not only provides cashless claims servicing facilities across India but also has optional personal accident cover for the co-passengers as well.

Kotak Life Insurance Online Policies

The Kotak e-Term/e-Preferred Term plan provides financial security to the individuals’ dear ones in case of unfortunate incidents like death. The plan provides a Step-up option, which is provided only with term plans that are available online. With the help of this facility, the policyholder will be able to add to the life cover at various points in his or her life. This means that even when the lifestyle of the policyholder gets better they will be able to arrange the required cover to ensure it is maintained after their death. Ladies and non-users of tobacco are charged with lower premiums.

The Single Invest Advantage is a combination of an investment and an insurance plan where the policyholder not only can make a one-time investment but also do not pay any premium as long as the policy lasts. It provides loyalty additions along with a lump sum after the policy ends. This plan also provides life coverage as well hence ensuring the family members after something bad happens to the policyholder. This policy helps the owner to customize their fund portfolio through top-ups and also make partial withdrawals.

The Assured Income Plan provides yearly income to the policyholder for 20 years along with a lump sum payment after the policy matures. The policy also provides total life insurance benefits throughout its tenure to the policyholder.

We hope that this article will not only help you to get information about the Online Insurance Policy but also to see this as career options and help the leading insurance companies to improve their plans as well. For more Jobs related articles, keep visiting


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