If we can buy any product or service from home, then why not secure our family from our home. At the same time, an offline agent may provide personalised experience. Hence, we all face the question of online or offline after deciding to buy a term insurance plan. Buying a term insurance plan online or offline offers two very distinct experiences. There is no right or wrong choice, and the best option depends on your needs and preferences. However, it is essential to understand what each process involves before making a decision.
The difference between the two goes beyond simply clicking on your device versus visiting an insurance agent or office. Let’s explore what each option offers and how to determine which one suits you the best.
Buying term insurance online
Buying term insurance online involves purchasing a plan directly from an insurance company’s website or mobile app using your smartphone or laptop. The entire process, from browsing different plans to making the payment, can be completed from the comfort of your home.
1. Convenience and flexibility: Buying term insurance online offers convenience. You do not need to visit an agent or an insurance office, and everything can be done at your own pace. You can explore and purchase a policy anytime, such as in between meetings, while commuting or when you are relaxing at home.
2. Unbiased decision-making: When purchasing a term insurance policy online, there is no third-party agent trying to influence your decision. This ensures that you make an objective choice based on your personal needs and financial goals.
3. Easy comparison of plans: Insurance companies publish detailed information about their products on their websites, which makes it easy to compare different policies and understand their pros and cons. You can evaluate various features, riders and costs before making a purchase.
4. Online calculators for better planning: Most insurance websites offer online term insurance calculator to help you estimate your premium based on factors such as your age, gender, coverage and policy duration. This helps you plan your finances.
5. Discounts and cost savings: Many insurance companies offer exclusive discounts on online policies. This can help you save money. Moreover, since there are no intermediaries involved, you do not have to pay anybody else other than the insurer, which reduces the purchase cost.
6. Hassle-free documentation: Online purchases allow you to upload all required documents digitally. You can scan and upload documents through your phone or laptop in a quick and seamless process.
7. Secure payment options: Payments for online term insurance plans are processed through secure gateways, ensuring complete protection of your financial data. Insurers also provide multiple options, such as credit cards, debit cards, net banking and UPI.
Buying term insurance offline
Purchasing term insurance offline involves visiting the insurance company’s office or consulting a third-party agent. In this method, you meet with a representative who helps you complete the purchase.
1. Personalised assistance: An offline purchase offers the advantage of personalised service. You also get to meet the insurance representative, discuss your needs, take their recommendations and select a suitable term insurance plan based on your requirements.
2. Clarification of doubts: Buying term insurance, especially for the first time, can seem a bit confusing. With so many different features and coverage options, you may have questions. An in-person meeting can help clear your doubts.
3. Ideal for non-tech-savvy individuals: If you are not comfortable with online transactions or browsing through insurance websites, the offline option can provide you with familiarity and ease.
What should you choose – online or offline?
The right choice depends on your comfort level and priorities.
If you are tech-savvy and know your way around using the internet, buying term insurance online can be the better option. It offers convenience and allows you to compare multiple plans before making a purchase. Additionally, you may get discounts, as online plans often come at a lower cost due to the absence of intermediaries. The process is secure, with multiple payment options and encrypted transactions. Some insurers provide an option to send an advisor to your location to clear your queries and assist your online purchase process.
On the other hand, if you prefer meeting someone face-to-face and discussing your financial needs, the offline route might suit you better. An insurance agent can guide you through the process, answer your questions, and recommend suitable plans based on your needs. However, this method can come with extra costs. Offline policies may have fewer discounts. Additionally, third-party agents often take a commission, which can increase the overall price of the policy. You may also be influenced by third-party agents, who might provide subjective recommendations based on their own interests rather than your needs.
The process can be time-consuming, and you may not be able to compare plans from different insurers easily. You might also end up settling for a lower sum assured with offline plans. While insurers allow you to choose your sum assured regardless of whether you buy online or offline, the higher premium costs in offline purchases may encourage you to opt for a lower amount to save money.
To sum it up
There is no absolute right or wrong choice when it comes to how you are purchasing a term insurance plan. It all depends on your preferences. However, the online method comes with more advantages, including convenience, objectivity, cost savings and easy comparisons. Make sure to take your time to evaluate both options and choose the one that best suits your needs.
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