Which One is Better - Online or Offline Term Insurance?

Which One is Better - Online or Offline Term Insurance?

Term insurance plan is a product that falls under life insurance. As the name suggests, the risk of life is covered for a specific time period which generally depends on policy. It is a very simple plan which covers the life risk and there is no bonus, returns from the amount invested. In case of any contingency, sum assured is provided to the nominee of the insured. Term plans are considered as pure form of insurance. Sum assured is the benefit which is paid in case of death of insured and if insured does not die within policy time frame, then nothing is paid to the nominee or insured.

In older days, people used to go to agents and then buy insurance. These days' term plans can be bought online as well and it is regarded as the most convenient mode of buying insurance. Online buying of term insurance has gained popularity since their advent. Below are some of the features which makes online buying more attractive than offline buying of term insurance.

The most important benefit of online term insurance is it is very time efficient. Once you diligently complete the online form, your insurance starts immediately, you don't have to wait or check with the authorities as in the case of offline insurance.. Necessary documents are collected after your enrollment in an insurance policy whereas in offline buying, you have to visit an agent and filling of forms takes time which sometimes can be frustrating.

Online term insurance comparison is only possible when you buy it online. This can help you in selecting term plan which fulfill your needs. Offline term insurance proves hard to be compared and time consuming as well.

Other advantage of online buying over the offline buying is the savings in cost. Online premiums are way too less as compared to offline insurance premiums. The reason behind it is the reduction in paperwork due to online submission of documents and no agent involvement which means no commission involved. These savings are passed on the buyer in the form of low  case of medical tests, doctor visits you at your home in case of online buying whereas you have to visit doctor yourself in case of offline buying. So, again savings in cost and time.

Online buying is transparent as you can check policy clauses online whereas offline buying might be squeezed by an agent.

Thus, online buying of term assurance is better than offline buying in many ways. The best term insurance plan can be compared online and then bought as various plans come with different features.

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