When considering the purchase of life insurance, people often find themselves in confusion – should they buy life insurance online or offline? This crucial decision can significantly impact the convenience, cost-effectiveness, and overall experience of acquiring the right life insurance policy. While offline mode of buying life insurance means buying from agents, online mode is typically done from the website and using an electronic gadget.
Let’s understand the differences between offline and online modes of purchasing life insurance in this article.
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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 and 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 a 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 the online mode. Here's a detailed explanation of what the online mode of buying life insurance entails:
Internet-based Platforms: The online mode allows individuals to purchase life insurance policies through internet-based platforms, such as insurance company websites or online insurance aggregators like Policybazaar.
No Intermediaries/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.
Comparison and Research: One of the significant advantages of the online mode is the ability to compare different term insurance policies offered by various insurers. You can compare from amongst 15+ insurance companies on Policybazaar and buy term plan that best suits you.
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.
Reduced Costs: 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.
Ease of Policy Management: Customers can conveniently manage their policies online, such as premium payments, policy renewal, and accessing policy-related documents.
Secure Transactions: Reputed insurance websites ensure secure online transactions, protecting customer information and payments.
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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 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.
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.
Paper-based Documentation: The offline mode typically involves extensive paperwork, including filling out application forms and submitting required documents physically.
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 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.
In-Person Premium Payment: Customers are required to pay the premium in person to the insurance agent, either in cash or through other traditional payment methods.
Renewal and Servicing: Customers need to visit the insurance agent for policy renewal, servicing, or any other policy-related queries.
Lack of Transparency and Accessibility: In the offline mode, customers may have limited access to detailed policy information and benefits, leading to potential lack of transparency. Moreover, customers need to rely on the availability and accessibility of insurance agents to initiate the purchase or manage their policies.
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 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.
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