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.
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 maybe far from what you envisaged.
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. 96.95% individual death claims were paid by Max Life Insurance in FY'16 (Src: IRDAI Annual Report, 2015-16)
The contact point in case of demise of the insured person is the insurance agent for an offline purchase. While in case of an 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.
Life Insurance coverage is available in these products.