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Advantages of Online ULIPs over Offline ULIPs

By Finserv MARKETS - May 16,2019
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Advantages of Online ULIPs over Offline ULIPs

Online transactions are fast becoming the most preferred mode for purchases, and unit linked insurance plans are no exception to this trend. All of the leading insurance providers in India sell their ULIP plans online. Gone are the days when you had to rely on an agent or visit insurance company offices to invest. Thanks to online availability, investing in a policy has become as simple as buying clothes or shoes online. Listed below are the major advantages of buying ULIP plans online:-

  • Relatively Cheaper 

Online ULIP plans are much cheaper than its offline counterparts as the cost of agent’s commission is eliminated.

  • Saves time

When you set out to buy offline plans, you will need to visit the insurance company branch or meet the agent. On the other hand, you can invest in online ULIPs from the comfort of your home or even on the go.

  • Less Paperwork

Buying ULIPs online involves less paperwork. All you need to do is visit the official website of the chosen insurance company and invest by filling up the application form and uploading a few documents.

  • Safer

Buying ULIP plans online is relatively safer than buying offline. This is because agents are not involved while buying a plan online. Agents may suggest plans that pay them a higher commission rather than suggesting the one that’s best for you. Hence, it is not wise to rely on an agent’s advice completely. However, with online plans, you are free to make your own decisions based on the benefits of the policy listed on the website.

As you can see, buying a unit linked insurance plan online is not only convenient but also economical and safer than offline policies. However, you still need to choose carefully, as there are numerous plans available in the market today. Here are some tips that will help you choose the right ULIP policy online:-

  • Look for benefits such as flexibility to switch, transparent charges, adequate life coverage etc. before finalizing a plan.
  • ULIP returns are dependent on the performance of the market and the type of fund you choose. If you want to generate higher returns, consider investing in equity schemes. However, bear in mind that equity schemes also come with higher risks.
  • Ensure that the life cover is adequate, to help your family live the life you planned for them.
  • Choose debt, equity or balanced funds as per your risk appetite.

At Finserv MARKETS, we offer unit linked insurance plans such as Bajaj Allianz Future Gain and Bajaj Allianz Life Goal Assure that are flexible and let you manage your investments according to your needs, goals and choices. To know more or invest in these ULIP plans, visit Finserv MARKETS today!

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs . What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522