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Buying Retirement Insurance Plans Online or Offline? | Bajaj Allianz Life

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Should I Buy Retirement Insurance Plans in Online or Offline?


Aug 22, 2022

By : Bajaj Allianz Life

To make the most of your retired life, having worked hard and earned to support your family for the better part of your life perhaps, you may need a retirement plan to achieve new goals and make brand new dreams come true. Furthermore, as you probably know, the world has become an uncertain place to live in, and you must consider how you will bear costs of living and additional expenses once you retire. When you retire, you do not have access to a regular income source. Hence, your spending has to be allocated in such a way to meet your lifestyle needs as well as emergencies.

You cannot plan for your retirement when you ultimately reach retirement. It is necessary to plan beforehand as a lot goes into considering expenses after retirement and choosing the suitable plan. Once you opt for the suitable plan, you may not have to worry as you are able to fulfil wishes and maintain your independence.


Suitable Plan for Retirement


Every retirement plan is distinctive and has to match your individual needs. A plan that is designed especially for you, and the costs that you consider to be met during retirement, lets you be free of any encumbrances and invest properly. Several factors may be considered in the cost you estimate for your retirement, such as your expenses for daily living with inflation thrown in, any emergency expenses, and expenses for enjoyment, among others.


Should I Buy Retirement Insurance Plans in Online Mode or Offline Mode?


If you go on for a retirement insurance plan, you not only get a financially steady source of funds when you retire, but also certain benefits like medical cover and tax saving as per the terms & conditions of the plan. While a pension plan that is due to you from your employer can help, you may also consider investing in one on an individual basis. However, you should thoroughly check plans before you sign up for any, as there have been genuine stories of fraud in the past.

Pension plans in India are available from several insurers, but you have to carefully consider your present requirements and retirement needs. After a detailed comparison, you can choose a plan that is relevant for you. Once you know what plan is suited to you, the next step is to purchase it, either physically from the insurer, or through an online mode.


A Detailed Comparison between Online and Offline Modes


Today, buying any pension plan is convenient as you can compare plans online and buy them through this mode as well. However, several investors still believe that buying a plan in the traditional way, offline is a better idea. Here is a comparison in some detail, to permit you to select the way to buy your plan according to specific considerations:

● Convenience

In case you choose the offline mode of purchase of a retirement plan, you will discover that it takes time and effort. There is a considerable amount of paperwork involved, as well as commission payment to the middlemen. An online policy purchase is, however, far more convenient. Moreover, some insurers gives back the amounts which are saved as administrative costs and agent fees to clients as discounts when you buy a retirement plan online.

● Flexibility –

Using the internet, it is immensely easy to compare the terms and conditions of policies online. Insurance portals are easy to access, and just a click away. If you consider a retirement plan offline, you have to physically visit the insurance company and study the features of the policy and make comparison yourself.

● Assured Sum –

As agent commissions are charged in offline policies, these sums are deducted from your amounts, and you may well earn less in the long run. In online policies, there is no agent commission, so your assured sums may be more or you may earn a discount on your premiums.

● Ratio of Claim Settlement –

In the online mode, you are able to simply calculate and compare claim settlement ratios of various insurance companies. Here, you will get transparency in information. However, in the offline mode, there may be a possibility that salespeople might trick prospective customers into buying policies from insurers of disrepute.




A pension plan is a preferred way to secure your retirement, and it can be done within minutes online. Buying the said plan online may be one of the sensible way to get a retirement policy as you save time and effort.


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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 are 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 the sales brochure & policy document (available on carefully before concluding a sale.