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Buying a life insurance plan is the best way to secure your family members and is also an important decision in your life. This includes the wise selection of premium payment terms, sum assured, and policy terms. In order to buy term plans using different modes, it is important that one always explore the options of purchasing offline vs.
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online term insurance plans.
Let’s start with the basics before we move forward to learn about online vs offline life insurance plans:
Term Plans
An Online life insurance plan is a life insurance plan purchased online rather than choosing a local branch of an insurance company or insurance agents for this buying process. The essence of policy remains the same as it helps secure your family’s financial future in your absence.
Buying life insurance online doesn't need agents' interference during the insurance buying process. However, there are various differences between purchasing life insurance offline vs online. So, by considering the benefits of online vs offline, you can move forward to choose the best life insurance plan that is right for you.
With advancements in technology and the rise of the internet, buying life insurance has become more easy and convenient through online mode. Here's a detailed explanation of what the online mode of buying life insurance entails:
No Agents or Commission: In the online mode, there are no intermediaries involved, which means there are no insurance agents or brokers, and therefore, you needn’t pay the extra commission that they charge upon service.
Easy Plan Comparison: You can easily compare between 15+ insurance companies on Policybazaar and buy the most ideal term life insurance plan.
Convenience and Speed: Buying life insurance online is highly convenient and time-saving. Customers can access insurance websites 24/7 and complete the entire buying process from their homes.
Cost Savings: Since no intermediaries are involved, online life insurance policies often come at lower premiums than offline ones. You can also get a 10% extra discount if you buy a term plan from Policybazaar.
Transparent Information: Online platforms provide detailed information about each policy, including coverage, benefits, exclusions, and premium rates. This transparency empowers customers to make well-informed decisions. You can check and compare the different types of life insurance in Policybazaar and buy whichever is best for you.
Easy Documentation: The online mode eliminates the need for extensive paperwork. Customers can submit their documents electronically, making the application process smoother and more efficient.
Calculators and Tools: Many online platforms provide premium calculators and other tools to help customers estimate the coverage amount they need and choose the right policy. You can use the term life insurance calculator to estimate your life insurance premium easily.
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The offline mode of buying life insurance refers to the traditional method of purchasing insurance policies through intermediaries or agents without using online platforms. By choosing the offline mode, you can deal with insurance agents who can help you choose the best plan for you, according to your requirements.
In case of non-availability of online term plans, purchasing insurance plans via offline mode was the ideal option.
Here's a detailed explanation of what the offline mode of buying life insurance entails:
Insurance Agents or Brokers: In the offline mode, customers rely on insurance agents or brokers to purchase life insurance policies. These agents act as intermediaries between the customer and the insurance company.
Face-to-Face Interaction: Customers meet with the insurance agents in person to discuss their insurance needs and explore various life insurance options available.
Personalized Guidance: Insurance agents provide personalized guidance and recommendations based on the customer's financial situation, family needs, and risk profile.
Limited Comparisons: Customers may have limited access to compare different life insurance policies, as the options presented to them depend on the insurance agent's affiliations.
Longer Processing Time: Buying a life insurance plan offline can take longer than making an online purchase, as it involves manual paperwork and processing.
Agent Commission: Insurance agents receive a commission from the insurance company for selling policies, which may affect the customer's insurance cost.
*Note: It is recommended that you first understand and what is term insurance and its features before you plan on buying it online or offline.
There are a number of reasons to buy term plan online:
Quick side-by-side comparison
Easy purchase process
Affordable premiums
Online discounts of up to 10%
Multiple premium payment modes
Apart from considering Term insurance premium amount, it is also important to consider the following points:
Reputation of the Insurance company
Claim Settlement Ratio & Solvency Ratio of Insurer
Customer support availability
Here are the steps to buy Life Insurance from Policybazaar:
Step 1: Go to the Life Insurance Page of Policybazaar.
Step 2: Choose either Term Insurance or Investment Plan from the two available options.
Step 3: Enter your Name, Contact Number, and Date of Birth (DOB).
Step 4: Provide additional details like Smoking Habits, Educational Qualifications, Annual Income, and Occupation type. Then click on 'View Plans.'
Step 5: Select the plan from the list of options shown to you.
Step 6: Submit your full name, occupation, email, qualifications, and annual income.
Step 7: Fill in your city, pincode, and nationality.
Step 8: Choose a preferred payment option and pay the premium to complete the purchase.
Although both online and offline modes of buying life insurance have their respective advantages and considerations, the online mode offers convenience, cost-effectiveness, transparency, and the ability to compare policies, while the offline mode provides personalized guidance and face-to-face interactions with insurance agents. Therefore, it is advised to go for the mode that offers extra discounts and saves time and energy.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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