Benefits of Buying Online ULIP Over Offline ULIP

What are ULIP Plans?

ULIP stands for Unit Linked Insurance Plan. It's a financial product that combines life insurance coverage with investment opportunities. When you pay a premium for a ULIP, a portion goes towards life insurance, protecting your family financially in case of your death. The remaining part of the premium is invested in the funds you choose. ULIPs offer you various equity and debt fund options, allowing you to customize the investment risk. This way, ULIPs provide a chance to grow your money over the long term while also offering life insurance protection.

Benefits of Buying Online ULIPs over Offline ULIPs

1. Cost-Effectiveness:

   Online ULIPs are generally cheaper than offline ULIPs. The primary reason for this cost difference is the absence of intermediaries in the online purchase process. When you buy an offline ULIP, a portion of your premium goes towards distribution costs, which include agent commissions and other related expenses. In contrast, online ULIPs eliminate these costs, ensuring the entire premium amount is invested in the fund. The only applicable charges are policy administration costs, fund management fees, and mortality charges, making online ULIPs more economical.

2. Time-Saving:

   Purchasing an online ULIP is a time-efficient process. You can buy a policy at any time, from anywhere, without the need to visit a company office or meet with an agent. The online application process is straightforward: you simply visit the company's website, fill in your details, and either email scanned documents or send them via courier. This convenience is not present in the offline method, which requires you to take time out of your busy schedule to meet with an agent, complete documentation, and follow through on various formalities.

   

3. Informed Decision-Making:

   Buying an online ULIP involves thorough research and personal analysis. You have the opportunity to read every detail about the policy, compare it with other options, and determine whether it meets your specific needs. This independent research ensures that your decision is well-informed and customized to your requirements. On the other hand, when purchasing an offline ULIP, the agent’s recommendations and preferences might overshadow your own, potentially leading to a less optimal choice.

4. Comparison Tools and Reviews:

   The online environment provides various tools and resources that help you compare different ULIP products. These tools allow you to evaluate key features, benefits, and costs of multiple plans, aiding in selecting the best policy for you. Additionally, online reviews and ratings offer insights from other policyholders, giving you a clearer picture of the product’s performance and customer satisfaction. Such comparative analysis and feedback mechanisms are usually not available with offline ULIPs.

How to Buy ULIP Plans Online?

To buy the ULIP Plans online, follow these steps:

Step 1: Fill in your name and contact number in the form on this page to get started.

Note: Your details are kept confidential and will only be used to customize your benefits.

Step 2: You can also visit the plans just by clicking view plans below 

Step 3: Once logged in, you'll be prompted to fill in your city, age, and annual income in the provided form. This information will be used to check the personalised benefits of the plans.

Step 4: After providing your personal information, you can compare ULIP plans from various insurance companies.

Step 5: Click the "Get Details" tab for more information after comparing.

You can also get FREE expert consultation; just click on the talk to an expert button. 

Step 6: Review the details of the plan carefully. Once satisfied, click on the "Proceed" button and follow the prompts on the screen to move forward with the purchase.

Step 7: You will be prompted to enter essential details and specify the amount you want to invest. Select the preferred mode of payment for your investment.

Step 8: Provide your required KYC (Know Your Customer) details. This step is essential for regulatory compliance.

Step 9: Complete the payment process. Upon successful payment, you will receive confirmation of your purchase.

Conclusion

Buying ULIPs online presents a great alternative to the traditional offline method. From cost savings to convenience, online ULIPs offer a streamlined and potentially more beneficial approach to securing your financial future. So, if you're considering a ULIP, don't hesitate to explore the online options available. You might be surprised at the ease and advantages it offers.