Online Vs Offline Term Insurance – Which Is the Better Option to Buy
Many policyholders, comfortable with traditional methods, must be torn between the choice of going online. The fear of online frauds and understanding the whats and hows of an unknown concept right from a website could be troublesome. So before you proceed to get an offline insurance policy, here are some aspects to help you understand which a better mode of purchasing is.
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Cost of Premiums
Online Term Insurance
When you buy a term insurance policy online, you get the plan for a lesser cost when compared to the offline mode. This is because the offline mode charges you for the agent as well. So, you not only pay for the policy but also have to pay the commission of the agent. Whereas an online term insurance policy eliminates the need for an agent, making it a less expensive option.
Offline Term Insurance
Offline term plans are a bit pricey as the premium amount also accounts for the commission of the agent. But the plus point of having an agent is that you are able to understand the terms of the policy much better if you’re not a fan of online purchasing.
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Flexibility
Online Term Insurance
For many people, shopping online right from the comforts of their home and completing the transaction with the help of online modes is convenient. The effortless way to purchase a life insurance plan online can be done while you are working or are at vacation.
Offline Term Insurance
Offline term insurance doesn’t give you much flexibility as any work regarding your policy has to be completed via an agent or by visiting the insurer’s branch. But this method could be satisfying for some as they find comfort in traditional methods of purchasing. The drawback is that you may have to set aside some time to get the work done.
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Transparency
Online Term Insurance
The online mode gives you access to the insurer’s website enabling you to view all the terms and conditions of the policy. You can also know about the exclusions of the riders, if you add any, and choose to go ahead with the term plan or not.
Offline Term Insurance
This may not be the case with every insurer but you may have to depend on the agent for the information regarding the policy in the initial stages. You can get access to the policy papers and read all the terms and conditions but it could consume some of your time to go from one insurer to another.
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Help with Insurance
Online Term Insurance
Insurers offering online term insurance usually have all the information regarding the policy on their website. In case you have further doubts regarding the insurance plan, you can reach out to the customer care executive for additional information.
Offline Term Insurance
In offline mode, you would have to reach out to the agent for doubts regarding your policy. This could be a drawback for some as you might not be able to reach them at all times. But this could be a perk as well because the agent is well-versed with your plan and will be able to do a much better job when compared to customer care.
