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Term Insurance Online Vs Offline

There are two modes through which you can buy a term insurance plan. One is the online mode wherein you can visit the insurance company’s website or an online marketplace, find the policy, fill in your details in an online application form, pay the premium digitally and buy the plan. The second is the offline method wherein you either visit the insurance company’s branch office or meet with an intermediary and buy the policy physically. Under the offline method, you fill out a proposal form manually, submit your documents, pay the premium and submit the proposal.

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Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 7th July 2024
Modified on: 7th July 2024
Reading Time: 15 Mins
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Both online and offline modes of buying term plans allow you to buy the policy depending on your needs. The only major difference between online vs offline is the mode and how it affects the purchase process. Let’s understand in detail.

 

What Is the Difference Between buying Term Plan Online and Offline?

 

Some of the major differences between buying term plans online and offline are as follows –

Online

Offline

You buy the policy online through a computer or a Smartphone

You buy the policy offline either by visiting the branch office or through an insurance agent or broker   

You can compare plans instantly at your fingertips and find the right premium for the plan. This helps in saving the premium outgo.

You have to talk to insurance agents or brokers or visit the branch office of different insurance companies. If you are unsure of the benefits, or need more details, you can choose the offline mode.  

 

Benefits of buying Term Plan online

 

Some of the benefits of online mode are as follows –

1. Easy to buy

Online mode is quick and easy to buy. You just need an internet connection and a mobile/computer connected to the internet to buy the policy. You can apply for the coverage at any time and from any place. The purchase process is simple and does not take a lot of time allowing you to get covered at the earliest.

2. Facility of comparison

With the online mode, you can compare across-term insurance plans offered by different insurance companies. This helps you find a plan which offers the most comprehensive and suitable coverage at the most competitive premium rates.

You can compare, find the right plan and then buy it easily.

3. Availability of Details at your Fingertips

Insurers list the complete terms and conditions of the policy online for you to check. You can check the brochure and policy wordings to understand what the policy is offering and the conditions to enjoy complete coverage.

4. Feasible for remote areas

Buying term plans online could be a good choice in remote areas where the insurance company might not have a branch office or where there are not many intermediaries. In such places, individuals can buy the policy online without having to search for the nearest office or intermediary.

 

Benefits of buying Term Plan offline

 

Some of the benefits of buying term plan offline are as follows –

1. Personal attention

While buying term plan offline, you get the personal attention of an insurance intermediary or an executive of the insurance company. This can help you make the right choice in terms of the plan needed, the right sum assured, the riders that are suitable, etc.

2. Helps if you are not tech-savvy

If you are not savvy or comfortable with using the online medium to buy a term plan, the offline mode is a safer and more reliable way to buy. Many individuals depend on their trusted agents or brokers to buy the policy rather than choosing the online mode.

3. Help at the time of claim

When you buy the term plan from a trusted insurance intermediary, you can get his assistance at the time of claim. The intermediary can explain the claim procedure, help you with the documentation and ensure that the claim is settled on time.

4. Helps in making an informed decision

Life insurance has some technical details that average individuals might not understand. The intermediaries (in case of offline mode) or company executives (applicable both online and offline mode) can help individuals understand the terms and conditions of the policy. With this, you can compare policies offered by different insurers and take an informed decision.

 

Is It Safe to Buy Term Insurance Online?

 

When you choose the insurance company’s official website or a trusted and reputed online marketplace, buying term insurance online becomes safe. Such websites have the highest measures of safety and encryption in place which protects your personal and financial data and helps you purchase the policy safely.

So, when buying term insurance online, make sure to buy from trusted and reputed websites which are secured.

 

Conclusion

 

Both the modes online and offline for buying term plans offers financial security against the risk of premature demise. There are pros and cons of buying online vs buying offline and it depends on your choice and suitability which mode you choose to buy the coverage. Assess these pros and cons and then choose the right mode to buy the policy. Choose a suitable coverage so that you and your family can enjoy complete financial security.

 

FAQ

 

● Is buying life insurance online reliable?

Yes, buying life insurance policy online is as reliable as buying it offline. However, you should choose to buy the policy online from a reputed and trusted platform which is secured against possible cybercrimes like the insurer’s official website or a trusted online marketplace. This would ensure a safe purchase and you would also get reliable coverage.

Information gathered from

● https://www.livemint.com/insurance/news/confused-about-buying-term-insurance-via-online-or-offline-channel-here-s-help-11609853522333.html

● https://www.businesstoday.in/personal-finance/insurance/story/online-v-s-offline-term-plans-which-is-a-better-option-51273-2015-09-21

● https://www.tomorrowmakers.com/life-insurance/it-better-buy-term-insurance-online-or-offline-article

● https://www.hindustantimes.com/brand-stories/comparing-the-online-term-plan-with-the-one-that-is-available-offline-101656509407902.html

BJAZ-WEB-EC-05973/24

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Disclaimers:
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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

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. 

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Disclaimer

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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