Online vs Offline Term Insurance - A Comparison

Confused Between An Assisted Or An Independent Purchase? Here Are Some Answers!

1:11 min read

Term Plans have become the most popular form of insurance owing to the relative value they provide with low premiums and high cover. These plans provide the core proposition of protection against risk and bring a sense of relief and peace of mind since you can be assured that your family will be taken care of, even when you are no longer around. Term Plans can be bought offline as well as Online. These vary in their price by a certain margin, and most people aren’t sure whether to go for an online or an offline Term Plan. Let's try to resolve some of the confusion and help you make a better decision based on your choice.

Is A Low Premium All That You’re Looking For?

When buying something as important as life insurance, the high premium cost should be the last thing on your mind. It might be tempting to buy the same product at nearly half the price from a different insurer, but when you look into the finer details, the expected coverage and benefits may be far from what you envisaged.

Claim Settlement Ratio

The biggest concern in the mind of the customer when buying insurance is regarding claim settlement. You wouldn't want your family to go through trouble while claiming the promised life cover for the life of the insured. 98.26% individual death claims were paid by Max Life Insurance in FY'16 (Src: Public Disclosure FY2017-18)

Customer Support

The contact point in case of the demise of the insured person is the insurance agent for an offline purchase. While in the case of online policy, the beneficiaries need to coordinate with the designated call center of the insurance company.

Thus, while choosing a plan, you must look at other factors and not just the cost incurred towards the premium. This will go a long way in fulfilling your goals of buying a policy and avoid disappointment at a later stage.

You can start by creating a quick quote for Term Plan to understand your coverage needs and the premium you to pay to secure your family's financial future and have lasting peace of mind.

Life Insurance coverage is available in these products.

ARN:- Jan/Bg/56

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