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Online vs Offline Term Insurance - A Comparison

Term insurance is that one policy that every family needs to have for their future. Thanks to the higher sum assured with minimum premiums, term insurance gives you an edge with the uncertainties of life and helps your family to be financially secure even in your absence. Term insurance plays a crucial part when it comes to providing financial security to your family and hence should be bought carefully. When we talk about buying term insurance, there are two ways that it can be done, online or offline.

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Comparison of Term Insurance: Online vs Offline

Let us see the online vs offline term insurance comparison and how the two modes of policy purchase can impact you:

Parameters Online Term Insurance Offline Term Insurance
Cost-Effectiveness Online term insurance is much more affordable. As there is no intermediary or agents involved, the overall cost comes out much less as the insurer saves on the commission. Offline term insurance plans are sold by agents working for the company. As the agents take care of your application, they, in return, charge a commission making the overall premium of the term insurance higher.
Sum Assured Online term insurance offers a higher sum assured as it comes with low premium costs and low morality risks depending upon the policyholder’s age, habits and income. Offline term insurance also offers great sum assured, but due to the high cost of premiums and agent's commission, people generally go for low sum assured.
Flexibility Online term insurance plans are much more flexible. You can easily select the most suitable policy term, premium payment term, sum assured, and other variable factors and customise the plan to fit your needs. Offline term plans may not offer the same flexibility as online term plans do. This is because most insurers do not offer the same boundary conditions for the term insurance plans.
Comparability Comparing term plans is much easier online vs offline. You just have to visit the PolicyBazaar website, compare all the companies offering term insurance, choose the best for you and pay the premium with just one click. When you buy term plans offline, the agent of the company visits you in person. It consumes a lot of time and effort, and the main drawback is that you cannot compare other companies’ policy plans.
Frauds There are fewer chances of fraud while buying term insurance online. You can read all the terms and conditions related to the plan without any scope of manipulation by any third party. Offline, the agent may try to persuade you and influence your decision in his company's favour. He can also manipulate the terms and conditions just to make you buy the term plan.
Transparency As you read and fill all the documents related to term insurance yourself, there is complete transparency and hence no scope for fraud. Offline term insurance forms are mostly filled by agents who can sometimes mislead or manipulate you as per their own needs. Most of the time, you get only the part of the information they want you to have, which leads to a lack of transparency.
Claim Settlement Ratio While buying term insurance online, you can easily research the claim settlement ratio of different companies and choose the one which has the highest ratio. When you opt for offline term insurance, the truth about the claim settlement ratio of the company completely depends on the agent, and there is no other way to validate the claims.
Hassle-free Buying online term insurance is hassle-free, as the entire process can be completed in minutes. You have to fill in all the details and read all the documents carefully before investing.  In offline, the agent takes care of all the forms and documents. You just have to sit and relax.

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What is Online Term Insurance Plan?

An online term plan is a term insurance plan that is available for purchase online. With online term insurance, the entire insurance purchase process is done online without the help of agents. This plan offers the same financial protection, however, there can be a few differences between buying term insurance online vs offline. 

What are the Benefits of Online Term Plan?

Here is a list of benefits of buying term insurance plans online in India:

  • Make an Informed Decision: Buying term plans online can help the policyholder understand the policy details and benefits directly from the company’s website. This promotes a more transparent buying process as the customer can learn everything about term insurance and its benefits at their own pace.

  • Discounted Premiums: Term insurance plans are available at special discounted prices because the agent’s commission is removed from the premiums. With Policybazaar, you can get discounts on the premiums for the entire premium payment term and on the first-year premiums, as per the specific policy’s terms and conditions.

  • Ease of Convenience: Buying term insurance online is not only time effective but also allows the policyholder to purchase the policy at their convenience from anywhere at any time. They can also access their policy details online after purchase 24x7 as per their needs.

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.

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What is Offline Term Insurance Plan?

Offline term insurance plans are purchased by visiting the insurance company’s office or through local agents. With these plans, the policyholder is in contact with the agent to help them through the buying process and resolve any policy-related query they may have. Since the facility of buying term plans online was launched recently, many individuals still prefer buying plans the traditional way through agents.

What are the Benefits of Offline Term Plans?

Here are the benefits of buying term insurance plans offline in India:

  • In-person Support: The in-person support from agents can help customers understand the features, details, and benefits of the plan individually on a one-on-one basis.

  • Easy Customer Support: By buying term plans offline via agents, individuals can easily contact their agents to resolve any issues they may have. This way, they won’t have to worry about raising tickets online to get their queries resolved.

  • Hassle-free Purchase: Individuals who are not tech-savvy can buy term plan the traditional way without worrying about learning the works of online term plans for easy access. 

Why Should You Buy Term Plans Online From Policybazaar?

You should buy term plans online from Policybazaar because of the following reasons:

  • Get dedicated claim support for your family free of charge

  • Advisors available in your city can help you resolve any policy related issues

  • Get refund at the click of a button

  • 100% of the calls are recorded to avoid mis-selling

  • Get lifetime discounts of upto 5% on the premiums

Note: Know what is term insurance first and then buy a term plan for your loved ones.

Wrapping it Up!

Whether you choose to buy term plans online or offline depends on your personal preference. Therefore to help you make the right choice, you can learn about the benefits and differences of buying term plans through both the different modes. However, irrespective of the mode of the plan, it is highly advisable that you declare all the information about your personal and family health history, even if it costs you a little less premium.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

FAQ's

  • Q: Is it good to buy term insurance online or offline?

    Ans: Whether you should buy term plans online or offline depends on your individual needs and convenience. You can go through the above-mentioned differences to make an informed decision.
  • Q: What is the difference between online policy and offline policy?

    Ans: The main difference between online and offline policies is that online policies are purchased completely online without the help of agents, whereas offline policies are bought with the help of agents and by visiting the company's office.
  • Q: Is it safe to buy term plan online?

    Ans: Yes, it is safe to buy term plans online as long as you buy from a trusted platform. Online purchases can be quick and easy, and it might only take a few minutes to buy a term plan.
  • Q: Why should I compare term plans online?

    Ans: You should compare term plans online to find the plan that fits your needs and budget the best. As there are several plans from different insurers available, an easy comparison can help you buy the term plan best suited for your needs.
  • Q: Is there any difference between online vs offline term insurance tax benefits?

    Ans: No. there is no difference between online vs offline term insurance tax benefits. You can avail of tax benefits as per the prevailing tax laws u/s 80C and 10(10D) of the Income Tax Act of 1961.

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