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Buy Life Insurance – Online vs Offline

Buying life insurance plan is the best way to secure your family members and also is an important decision of your life. This includes the wise selection of premium payment terms, sum assured, and policy term. In order to buy term plans using different modes, it is important that one should always explore the options of purchasing offline vs online term insurance plan. 
Let’s start with the basics before we move forward to learn about online vs offline life insurance plans: 

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What Is Online Life Insurance?

An Online life insurance plan is a life insurance plan that is 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 through online mode doesn't need the interference of agents during the buying process of insurance. Though, there are various differences between purchasing life insurance offline vs online. So, by taking the benefits of online vs offline into consideration, you can move forward to choose the best life insurance plan that is right for you.

What are the Benefits of Online Life Insurance Plans?

With advancements in technology and the rise of the internet, buying life insurance has become more easy and convenient through the 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 from amongst 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 the comfort of their homes.

  • Cost Savings: Since there are no intermediaries involved, online life insurance policies often come at lower premiums compared to their offline counterparts. You can also get 5% extra discounts if you buy 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 insurance calculator to easily estimate your life insurance premium.

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What Is Offline Mode Of Buying Life Insurance?

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 offline mode, you can opt to deal with the insurance agents who can help you in choosing the best plan for you as per your requirements. 

In case of non-availability of online term plans, purchasing insurance plans via offline mode was the ideal option. 

What are the Benefits of Offline Life Insurance Plans? 

 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: The buying process of a life insurance plan in the offline mode can take longer compared to online purchases, 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 cost of the insurance for the customer.

*Note: It is recommended that you firstly know what is term insurance and what its features are before you plan on buying them online or offline.

Why Should You Buy Term Plan Online? 

There are number of reasons of buying term plan online: 

  • Compare in 2 mins

  • Easy process to buy term plan 

  • Affordable premiums 

  • Multiple premium payment modes 

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What Points to Consider When Buying a Term Plan? 

Apart from considering Term insurance premium amount, it is also important to consider following points: 

  • Reputation of the Insurance company 

  • Claim Settlement Ratio & Solvency Ratio of Insurer 

  • Customer support availability 

How To Buy Life Insurance From Policybazaar?

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.

Conclusion

Although both online and offline modes of buying term 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.

FAQs

  • Q: What are the available options for life insurance on Policybazaar?

    Ans: You can choose between Term Insurance and Investment Plan options from Policybazaar if you want to buy a life insurance plan.
  • Q: What are the benefits of buying life insurance online?

    Ans: Online mode of buying life insurance offers convenience, cost-effectiveness, transparency, easy comparison, and faster processing compared to the offline mode.
  • Q: Is personalized assistance available in the online mode of buying life insurance?

    Ans: In the online mode of buying life insurance, personalized guidance from insurance agents may not be available, but customers can access comprehensive information about policies and select the options and features that are best suited for them.
  • Q: Which mode is more time-saving for purchasing life insurance?

    Ans: Buying life insurance online is more time-saving as it eliminates the need for in-person meetings and extensive paperwork.
  • Q: Can I pay the premium in person/physically in the offline mode?

    Ans: Yes, you can pay the premium in person/physically to the insurance agent or the company in the offline mode.
  • Q: How do I decide which mode of buying life insurance is best for me?

    Ans: The choice between online and offline mode of buying life insurance depends on personal preferences, comfort with technology, and the level of personalized assistance desired during the term insurance buying process.
  • Q: How can I compare different term insurance policies online?

    Ans: You can use Policybazaar’s website to compare amongst 15+ insurance companies in the country to eventually buy the plan that best suits your preferences.
  • Q: Are online term insurance policies cheaper than offline ones?

    Ans: Yes, online term insurance policies often have lower premiums because they eliminate the need for intermediaries or agents. Moreover, buying a term plan online from Policybazaar allows you to get up to a 10% discount.
  • Q: Can I make changes to my policy after purchasing it online?

    Ans: Yes, you can usually make changes or updates to your policy online, such as nominee changes or contact information updates.
  • Q: Is there an age limit for buying life insurance online?

    Ans: The age limit for purchasing term insurance varies by insurer, but it is typically between 18 and 65 years. It's best to check with the specific provider for their age limits.
  • Q: Write a note about online insurance.

    Ans: Online insurance is a way to purchase life or term insurance policies, manage them, and even file claims using internet-based platforms like websites and mobile apps. It offers a convenient and efficient alternative to traditional in-person insurance processes.
  • Q: What is online insurance?

    Ans: Online insurance is buying and managing insurance policies through websites and mobile apps.

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