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Should You Buy Endowment Plans Online or Offline?

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Should You Buy Endowment Plans Online or Offline?


Aug 17, 2022

By : Bajaj Allianz Life

These days, most purchases are done online, as the ease and convenience of these is evident. From buying groceries to paying utility bills and other transactions, the online mode is the way to go. In the same way, financial products like instruments for investment and insurance are also compared and bought online. One of the products of life insurance today that you can buy online is an endowment policy. However, there are some folks that still adhere to the traditional route and wish to avail such products offline. So, if you are opting for any plan, which mode should you go for?


Purchasing an Endowment Plan Online or Offline?


Once you know that you want to avail of an endowment plan, you must decide whether you wish to buy it from an agent, in the offline mode, or directly from the insurance company, in the online mode. When you view the overall process of purchase like, the fast access, the reduced premium values due to lowered operational expenses, high transparency, minimal paperwork, and online renewal ease, you are more inclined to think of doing everything online.

However, there are individuals who are apprehensive about online fraud and payments made thereof, and still prefer agents to do their work physically. However, whatever method you opt for, it is vital to calculate the amount of coverage you require from your plan before you purchase one. You must be honest with insurance companies about your health history, even if this means higher premiums now. This will ensure smooth processing of claims and other benefits under the policy in the future.

Before you buy an endowment policy online or offline, it's preferred to do a quick analysis based on certain factors that are relevant.

On The Basis Of Cost

When you consider the cost factor, purchasing an endowment plan works out costlier when you buy it via an agent. An agent’s services may include costs for helping you select a plan (consultation) , and besides that, agents get a commission from insurance companies when you buy a plan. This commission is borne by you, the policyholder.

An online endowment plan purchase is a cost-effective way to buy your policy. You are connected to the insurance company directly, and this eliminates the costs of any services charged by middlemen like agents.

On The Basis Of Convenience

Several insured people believe that the offline mode of going in for any plan is convenient as the agent is responsible for doing a lot of the work involved. However, the online mode is also easy and you can directly view what you are buying yourself. In fact, you can avoid any unnecessary visits from an agent too.

On The Basis of Integrity and Flexibility

With an endowment plan that is bought offline, you need to have third-party involvement (an agent). This includes many meetings with the agent, and perhaps, visits to the insurer. However, with the internet at your disposal, transparency is enhanced as you can compare plans yourself and make a decision. To make your decision easy, you can view reviews of customers, and this makes your purchase even simpler. You make a smart move by dealing with insurers directly and educating yourself about a given policy’s terms and conditions.

Reputation Checking Made Simple

When you are spending your funds on any financial product, you may want to check the reputation and reliability of your potential insurance providers. While buying any insurance product, such as an endowment policy, online portals offer you an easy way to compare insurers and give you a good idea about the company’s overall standing. Many insurances companies have ratings that will help you gauge them too. Additionally, an important aspect of any insurer is the claim settlement ratio, as you should know this beforehand.

Considering the Investor's Options

When you compare offline platforms to online portals, you will discover that offline modes don’t offer you as much choice as available in online mode, in the selection of any plan. Even if you do have a few insurance companies to make choices from, you have to do the work physically. This can be cumbersome. With online methods, you can compare plans very quickly and have any insurer’s details at a click.

Check Out the Extra Benefits

In the case of any endowment plan you buy online, you may want additional features like riders or add ons. Your costs will also be lower in terms of extra amounts to be paid over base premiums for riders or add ons. This may not be the case with offline methods as premiums paid when you buy insurance offline is already higher than if bought online.



Regardless of the method you opt for, buying an endowment policy is a sensible way to ensure you and your family’s financial security.


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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale.