Buying insurance is always a good option, as well as a good decision. It sounds beneficial and important to explore the options available, the best suited policy for you as per your need and your family’s need. As you may already know, Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries when the insured dies. The insurance company insures to provide a death benefit in exchange for premiums paid by the policyholder.
You might be aware that there are two modes of buying insurance policies i.e. online and offline life insurance plan. In this article, you would find detailed information about online vs offline insurance plans and which one you should opt for. You can get yourself insured through the help of an agent, which is considered offline mode, or by yourself on your computer, which is considered online. A lot of people are unconvinced of online routes due to security and reliability concerns, however it is gaining popularity among youth at a very rapid pace.
Comparing online and offline life insurance plans there are some advantages for opting online plans because it is generally cheaper as compared to offline insurance plans. Since there are no agent costs or intermediary costs because an individual directly visits a life insurance company website or mobile application and buys an insurance policy convenient for them. Buying insurance policy online also comes with lower premiums as compared to offline plans.
On the other hand, offline life insurance policy plans are sold by agents. There are commissions which have to be paid to agents; which leads to higher premium cost.
In online plans, an individual needs to fill in all relevant details so the customer is aware of the facts. Hence online plans come with complete disclosure of facts.7
On the other hand, in an offline plan, individuals could be negligent and depend on agents to fill in the form. Any non-disclosure of facts could lead to rejection of a claim or might face problems at a later point in time.
You might also consider an online plan due to its flexibility in applying, you just have to visit the website, pay a premium and get your policy documents delivered at home. The medical procedure is also very convenient. You can pay premiums online every year depending on your policy feature. On the other hand, in offline insurance, you need to visit an insurance company and have to depend on your agent for all your procedures. Therefore, an online plan gives you more flexibility than an offline plan.
Purchasing insurance from online gives you complete transparency offering you many types of insurance policies. It can be challenging for an individual to make the decision, as a result most people then have to rely on limited options offered by the insurance agent. But with an online platform, you can easily compare all the policies form all the top insurers. You can visit the website of insurers and understand the different policies offered in detail before buying life insurance. You will have complete transparency along with the means to easily compare multiple policies and select the best policy as per your requirements.