Comparison Between Online and Offline-The Best Way Of Buying Term Insurance
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Term insurance is the least expensive way to purchase a substantial life cover for a considerable policy period. This is because term life insurance is a pure death benefit plan which is primarily designed to provide monetary support to the family of the life assured in case of an unfortunate event.
A term insurance plan can be purchased either online or offline, both the alternatives feature their merits which we have discussed in detail in this article.
Benefits of Purchasing A Term Plan Online Vs Offline
Following are some of the key benefits which you can enjoy while purchasing a term insurance plan online vs offline -
Variety of Plans
When you opt to purchase a term insurance plan online, you get a wide array of options available to you at just one click. This helps you compare different plans on the basis of their sum assured, Premium Payment Terms (PPTs), Policy Period, Premium, and various other features conveniently and quickly. However, in case of an offline purchase, limited plans may be made available to you as the information is shared basis the understanding of your term insurance requirement by the agent.
Zero Ambiguity or Chances of Fraud
When you buy a term insurance plan online you get to see all the terms and conditions yourself that are already listed in the brochure of the policy. This helps you make an informed and transparent decision without any third party influence. In case of an offline purchase, there could be ambiguities due to difference in the level of understanding of the buyer and the agent.
Affordability
When you buy a term insurance plan online, you get to compare all plans and choose the plan which offers optimal coverage at the best affordable premium. This helps you get value for your money. This might not be true in case of an offline purchase as the scope of comparison of plans is limited.
Flexibility
In case of an online purchase of a term plan, you do all the research yourself as per your convenient time and understanding. However, in case of an offline purchase, you need to deal via an agent and this can lead to a flexibility crunch.
How To Choose Which One Is Better?
Both online and offline purchasing has their own benefits and disadvantages but in most cases it is seen that online has been more beneficial because the purchaser has more knowledge about his or her life insurance plan than the purchaser who has purchased it offline. Also online purchasing has shown to be cheaper than offline buying. Hence, online has been proven better than offline.
Conclusion
This article shows the comparison between purchasing a term life insurance plan online and offline. Arguments supporting both have been provided in the article. Now it depends on the purchaser what they find more convenient, they are free to do.
Also read: 4 Popular Type of Life Insurance Policies Available in India
