Online vs. Offline-Which one is better for term insurance?

Thanks to low premiums and a high cover, term insurance is one of the most popular insurances that any family can go for. With the emerging trend of online shopping, even financial products such as insurance can be bought online with ease. Moreover, getting a term insurance online is affordable and time saving.

If you are still thinking whether getting a term plan online is feasible, here are five reasons why online is a better option than offline:

Cost-effective

Online term insurance plans are around 30 to 50 percent cheaper than offline ones. This is because there is no agent involved while buying a term insurance plan online and you are directly connected to the insurance company. This allows you to save on the commission you may otherwise pay an agent. Along with the commission you pay, the insurance company also gives the agent a certain percentage, which adds to the cost of your term insurance plan. When you buy a term plan online, the insurance company saves on this commission, thereby passing the benefit to you in the form of lower premiums.

Convenience

Online buying is quick, easy, and hassle-free. From the comfort of your home, you may search, choose, and buy a policy any time. Unlike the offline mode, there is no need to wait for an agent, visit the branch, or stand in queues.

Transparency

Online buying gives you access to multiple policies at once. It allows you to go through all the terms and conditions thoroughly before buying any policy. You may check the policy from the insurer’s website and thus interact with your provider directly. This minimises room for error and enhances transparency. In case of an offline buying process, you need to depend on a middleman for all the information.

Customer support

One of the benefits of buying a term plan online is that you have access to 24×7 customer support. Live website chat tabs, toll-free telephonic customer service, regular updates on the status of your policy—buying online allows you to have access to all these facilities. This may not be the case when you buy insurance offline.

Claim settlement ratio

Claim settlement ratio is the number of claims the insurance company has received vs. the number of claims it has actually honoured. This information is important while buying insurance, as it helps the customer get an idea of how smooth the insurance provider’s claim settlement process is. While buying a term insurance plan online, customers have access to the insurance provider’s claim settlement ratio. However, this information is not easily available to customers when they buy a policy offline.

Buying a term insurance plan online assures you of a cheaper, easier, quicker, and more convenient process. Opt for this mode of buying to enjoy multiple benefits.

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