Why Insurance Isn’t as Simple as Buying Groceries: A Cautionary Tale and Smart Advice
Hello friends, I am Abad Khan, a seasoned insurance professional with over 20 years of experience and a post graduate diploma in insurance (F.I.I.I.). Over these years, I’ve dealt with all kinds of insurance claims—fire, motor, burglary, marine and more. Today, I want to share insights on why buying insurance, especially online, is not as simple as purchasing groceries or clothes.
The Challenge with Online Insurance Purchasing
In today’s pandemic-era world, online shopping has become the norm for convenience and safety. From daily essentials to clothing, everything is just a click away—and that’s great. But when it comes to insurance, the story is very different.
Insurance products are complex, with detailed clauses, warranties, terms and conditions. Your premium depends on multiple nuanced factors such as:
- Deductible (excess) chosen
- Your previous claim history
- Frequency and severity of past claims
- Specific policy variables in products like motor, marine, or health insurance
- Age and health factors in health insurance
If you don’t have deep knowledge of these factors, choosing insurance solely based on price or online convenience can lead to purchasing inadequate or counterfeit policies.
A Real-Life Case Study
Consider the tragic case of Mr. Pankaj Gupta, who held a personal accident policy of Rs. 15 Lacs purchased online. During a business trip to Thailand in 2019, he unfortunately passed away after a boating accident. His family wasn’t even aware of the insurance policy until later. Claiming was complicated because necessary documents like an autopsy report—a must-have for such claims—were absent.
Thanks to our team’s intervention and a humanitarian recommendation, the claim was settled. But without expert help, the family could have lost everything.
This highlights how buying insurance isn’t like buying a T-shirt—you’re buying a promise that might pay out after serious need, and that process requires expertise.
Smart Tips When Buying Insurance
- Buy from a trusted insurance agent or intermediary with strong product knowledge and claim experience.
- Always inform your family about insurance policies you own, sharing contacts of your insurance advisor.
- Avoid buying insurance purely online unless you understand the policy thoroughly.
- Choose policies suited to your specific needs, not just the cheapest option.
How We Can Help
If you need help:
- Choosing the right insurance plans to meet your personal and family needs
- Navigating and accelerating insurance claim settlements
- Understanding policy clauses, rider benefits, and fine print
Feel free to contact me. With two decades of experience, I’m here to help protect your hard-earned money and your family’s future.
Contact Information:
Abad Khan (F.I.I.I.)
AK Insurance Marketing Pvt. Ltd.
A-918, ATS Bouquet, Sector-132, Noida-201303
Email: abad@bimasathi.in
Phone: +91 99996 82324, 0120-4360776
