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An Overview - Online vs Offline Term Insurance

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, understanding the difference between buying term insurance online and offline will help you make the right choice.

Difference Between Online Term Insurance and Offline Term Insurance

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

 

Online Term Insurance Plans

Offline Term Insurance Plans

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 premium prices.

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 in turn 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 online at Finserv MARKETS are as follows:

  • You can choose comprehensive coverage that offers 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 plan with lucrative add-on covers 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 vs offline 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!

FAQs on Online vs Offline Term Insurance

  • ✔️Is it safe to buy online term insurance?

    Yes. Purchasing term insurance online is safe and you can always rely on Finserv MARKETS when it comes to safeguarding your payment and personal details. However, it is recommended to ensure you are always using the official website of the insurance provider.

  • ✔️Can I buy a term insurance policy without an agent or any other intermediary?

    Yes. To buy a term insurance plan without the help of an agent or other such intermediaries, you can opt for online term policies. Browse through the term insurance plans available on Finserv MARKETS. Compare and customise your insurance policy with our term insurance calculator now! 

  • ✔️How to buy term insurance at Finserv MARKETS?

    You can follow the below steps to purchase online term insurance at Finserv MARKETS:

    • Go to the ‘Term Insurance’ section on Finserv MARKETS

    • Fill out the required details on the page

    • Select a suitable term insurance plan

    • Add any rider benefits that fulfil your insurance needs

    • Review the policy documents and terms of the plan

    • Pay the premium online

    • You shall receive the term insurance policy document on your registered email ID

  • ✔️What are some rider benefits that I can combine with my term plan?

    You can opt for the below-mentioned rider benefits with your online term insurance plan:

    • Critical illness cover

    • Permanent disability cover

    • Accidental death cover

    • Waiver of premium cover

  • ✔️Does term insurance offer any maturity benefit?

    No. As term insurance is a pure risk cover, it does not offer a maturity benefit. However, you can opt for term insurance with return of premium, which reimburses all the premiums paid throughout the policy period if you outlive the tenor.

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