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Difference Between Online and Offline Term Insurance Plan

By Finserv MARKETS - Aug 25,2020
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Buying Term Insurance Online vs Offline

Online vs Offline Term Insurance Plans

Term insurance is the most affordable life insurance product available in the market. The primary objective of the policy is to secure the family members in case of your untimely death. Since the product is widely popular in India, you can buy term insurance online as well as offline.

Both the purchase processes are known to the audience in elaborate details. The question is – which one is better for you? So, to understand the difference between buying term insurance online and offline will help you make the right purchase choice.

Difference Between Online Term Insurance and Offline Term Insurance

The following table helps understand the difference between online and offline term insurance plans based on different factors.

  Online Term Insurance Plans Offline Term Insurance Plan
Cost-Effectiveness Buying term insurance plans online is 30-50 percent cheaper as no agent is involved in the process.

Basically, the insurer saves on the commission and passes on the benefit to you in the form of low premiums.

Most of the time, buying term insurance offline involves an agent who takes care of the application process.

The premiums charged include the commission of the agent, making it heavier on the pocket.

Convenience Online term insurance purchase is quite convenient. All you have to do is choose your term insurance coverage and pay the premium online. When buying term insurance offline, you have to visit the insurer in-person.

It involves waiting in queues and for your agent to help you with the application process.

Transparency The policy-related information is easily accessible on the insurer’s website.

Hence, there are minimum to no errors, which inturn enhances the transparency of the process.

Buying term insurance offline involves dependency on the intermediary (that is the agent) for all the policy-related information.
Comparison of Different Policies You can compare different policies online based on factors such as premiums charged, coverage, exclusions, add-on benefits, etc.

The results of this comparison are generated within seconds.

Comparing different term insurance policies offline is a tedious process.

You have to visit each insurer’s office to collect the information personally.

Hence, it can be time-consuming.

Hence, it is evident that buying term insurance online is an easy and hassle-free process. In fact, you can buy a policy online at Finserv MARKETS and enjoy term insurance benefits at your convenience. All you have to do is choose the type of term plan you need, proceed to buy the plan along with the rider benefits, pay the premiums online, and the policy will be issued to you.

Benefits of Buying Term Insurance at Finserv MARKETS

The reasons you should buy term insurance at Finserv MARKETS online are as follows –

  • You can choose comprehensive coverage that ensues complete financial security to your loved ones, even in your absence
  • The policy is affordable, with a high sum assured amount that is sufficient for your loved ones
  • You can customise your term insurance plans to fulfil your needs
  • The claim settlement process is convenient and hassle-free

To Conclude

As per your convenience, you can choose to buy term insurance online or offline. However, note that buying a term insurance plan online is simple, quick, and secure. You can get extensive financial protection for your loved ones in no time.

So, don’t wait. Get a term insurance plan at 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 work 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