Financial Product Purchases Is A Click Away

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Everything you want is a Click Away…Remember those Pop Ups asking us to purchase an insurance policy online..We Are The Best Financial Products Available Online And We Know How To Serve You Best… Protection Of Your Loved Ones Just A Click Away… Remember that Dream house you wanted to Purchase? We have heard the phrase " Knock And The Door Will Be Opened" Doesn't purchase of financial products online remind us of this phrase? We know that the use of the internet is growing at a rapid pace among the youth in our country. Due to the ease with which transactions are conducted online there is a surge in the growth of E-commerce in the country.

Indian consumers are some of the smartest in the world and they not only use the internet to purchase financial products but also use the internet to thoroughly research them in order to make an informed decision. .According to informed sources about 20% of all financial products sold in India are sold online. Here about 70% of all internet users in India go online in order to check, review, understand and if necessary purchase the financial product .Let us consider that you are going on a tour across India. Won't you prepare a checklist of what you will carry, your pre- planned schedule and your ticket printouts? Now let us consider another case where you want to purchase a new Washing Machine…Won't you compare your chosen brand against other known brands. Won't you go online and compare the electronic features and so on…Why Should Purchase Of Online Financial Products Be Any Different?

The Consumer Making An Informed Decision:

·         Recognising A Need And Serving It:

What is the basis of marketing? It is the recognition of a need and a service provided in order to satisfy the need. Here we want to purchase a life insurance policy. This is the need. Various online policies are available where we can choose what kind of life insurance we want..Is it a term policy or a Whole Life Policy? Here we can read up on the various descriptions provided for these policies and make an informed decision. Many of these online insurance portals provide a premium calculator. Here we can calculate the premium to be paid. We also get the Sum Assured, Mortality cover and Medical benefits. Here we can compare plans, multiple features , riders and so on. In addition we can also compare Health Insurance Plans, Car and Marine Insurance, and also Travel Insurance. Though currently life insurance particularly term insurance is the most selling online product the online purchases of other insurance policies is not far behind. Here we need to remember the phrase .It Is Not Enough To Do Our Best But What Is Required…

·         Search And Compare Information:

Here we can read and compare reviews, comments and complaints of a number of purchasers involving a number of policies and we make an informed decision. Here Purchasers can interact with each other, exchange information on the various products and avoid Pitfalls And Traps. Here we need to remember that many small things have become large by the right kind of advertising …

·         Free Trials and Checkup:

Here we have seen a number of websites featuring a number of retail products such as clothes,shoes, jackets and so on. Here we place the order online for these products.

 

What if they don't fit us? Here we can return these clothes as long as they are not soiled and labels are not removed. Here a through check up of insurance policies is possible as we can see the terms and conditions online and can clarify any doubts we have regarding these policies. For your queries regarding online insurance you can look up the Prajna Capital.

Why Should We Make Online Purchases For Financial Products:

·         This is a very safe, quick and easy to use method among the internet using and tech savvy youth of our country. All you require is an internet connection.

·         Online sales of financial products cut down the operational cost for the insurer by about 20%.This is because it cuts down the intermediary costs of agents. The physical cost of the branches or the infrastructure cost is reduced and there is a huge cut in paperwork. This is because online transactions are paperless transaction. These savings in cost can be transferred to the customer in the form of lesser premiums. Here customers can purchase the policies directly online thereby cutting down distribution costs.

·         Protection covers in online policies are generally larger in size than their offline variants. This is perceived as a niche or a high end category customer product . Here the same services available in an offline plan for an age say up to 60 years may be available up to 62 years in the online plans. In certain plans medicals may also be relaxed if the purchase is made online.

·         Here customers fill up the policy applications online thereby eliminating misselling and other fraudulent practices by the agents.

·         It is possible to obtain reviews of various insurance products by contacting the users of these policies for direct feedback and obtain all relevant information.

·         Here GIS systems, Artificial Intelligence and Business Decision Making Systems have vastly improved the online insurance sector. Here the smart logic systems guide us online to a selective set of questions based on demography, risk analysis and customers are able to find answers relevant to their queries. We also have system guided tools to calculate premiums which eliminates human error and reduces time taken for these calculations.GIS systems also help calculate location based risks and were highly used in flood insurance claims in flood affected Australia.

 

A Twist In The Tale:

·         Here only the basic simple insurance plans might be stated among the life insurance policies. For customized policies and special needs we might not be able to negotiate the premiums online.

·         Here certain insurance policies mainly their offline variants may offer insurance cover along with certain riders like critical illness and accidental cover policies. The online variants may be available for a lesser amount but will not have riders and other benefits.

·         Always make sure that you have done your research in a proper manner before executing the click button for the purchase of the policy. Make sure this is not your execution order as the product should match your requirements.

·         Here payments might get deducted from our bank accounts and might not reach the insurance company with no reference ID popping up. There is no reason to worry here,as the insurance company can check the bank statements and get the money transferred to their account using a secure gateway.

·         Sometimes after the premiums are payed we might not receive our insurance policy within 15 days from the date of issuance. It is necessary to get in touch with the insurance representative if this happens.

·         Always check the URL if you have doubts about the safety of the site necessary to make secure payment transactions. The URL should start with "https" instead of "http".

 

Here we need to realize that in spite of all the progress made in technology and online purchase of financial products the final decision making is in our hands the consumers of these products It would be wise to remember this saying "The Strongest Principle Of Growth Lies In Human Choice"

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

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You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

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Best Performing Mutual Funds

1. Largecap Funds Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
2. Mid and SmallCap Funds Invest Online

1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. Tax Saver MutualFunds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund