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Difference Between Offline And Online Term Plans

Online term plan vs offline term insurance

Difference Between Offline And Online Term Plans


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March 02, 2021

By : Bajaj Allianz Life

Life’s uncertainties can often derail carefully laid plans. However, if you are looking for a solution to ensure that even in the face of uncertain circumstances, your loved ones can continue to live comfortably and achieve their life goals, you can always buy term insurance and secure your family’s financial future. If you are wondering about "What is term plan?" or "How to buy term insurance?" here is everything you need to know about offline and online term plans.

Let us begin at the basics -

 

What is term plan?

 

A term plan is an insurance policy that gives you a life cover. Term insurance is the purest and the simplest form of life insurance. Additionally, it is also the most affordable type of life insurance. Since the life cover offered by a term plan is valid and remains in force for a particular period or "term", it is named this way.

In a term plan, the insurer provides the policyholder with a life cover for a specific tenure in return for periodic payments. These payments, made to the insurer, are known as premiums. In the event of the unfortunate demise of the policyholder during the tenure of the plan, the insurer disburses a certain sum of money, also known as a death benefit, to the nominees or beneficiaries of the policyholder.

Now that you know the answer to "What is term plan?" and have understood how it works, it is time to look at how you can purchase one. Primarily, you can buy term insurance through online or offline channels. Let us take a closer look at online term plans and offline term plans.

 

What is an online term plan?

 

As the name makes it evident, an online term plan is a term insurance policy that can be purchased online. You can make your purchase directly from the website of the insurance service provider offering the plan of your choice.

The process of buying an online term plan is simple and hassle-free. Here is a systematic walkthrough of the general process involved –

1. Log into the website of the insurer from whom you wish to purchase the term plan online.

2. Select the plan you wish to purchase and submit the details needed. Ensure that you enter the correct and complete details regarding everything on the proposal form.

3. In case there are any variants of the plan you intend to purchase, make your choice of the variant.

4. Submit the duly filled in documents.

5. Make the premium payment online. Most online purchase channels support payment options like credit/debit cards, net banking, and more.

That is how simple it is to buy an online term plan.

 

What is an offline term plan?

 

An offline term plan, as the name suggests, is a term insurance policy that you can buy offline. This is generally made possible through insurance distributors known as agents or life insurance consultants. You can purchase a term plan offline from an insurance agent. Your agent will typically explain the features and the benefits of the various term plans that you can choose from. You can then make your decision, fill out the physical forms, and submit it to your agent along with the necessary documents.

Another way to buy an offline term plan is to visit the branch office of your preferred insurer in person, submit the required documents, and fill out the necessary application form to make your purchase.

 

Difference between offline and online term plans

 

Here is a table that can help you understand the difference between offline and online term plans.


Particulars

Online term plans

Offline term plans

Convenience of purchase

Purchasing an online term plan is extremely convenient, since you can complete the entire process online, from the comfort of your home.

Offline term plan purchases involve meeting up with your agent in person or making a trip to the insurer’s branch office.

Possibility of comparison

You can compare different policies online and see how various factors like the premium, the premium payment term, and the benefits and features stack up.

Making comparisons offline could be more challenging.

Transparency

When you buy a term plan online, you have access to all policy-related information at the click of a button.

With offline term plans, you might have to depend on your agent to provide you the required information.

Policy Servicing

Policy Servicing for term plan can be done online on the customer portal or Mobile Application as made available by the respective company

With offline term plans, you would have to go to the branch or contact your assigned insurance agent or consultant. However, now you can log in to the customer portal or mobile app of the life insurance provider with your credentials and service your policy.

 

Which one should you buy and why?

 

Well, ultimately, to each their own. If you are tech-savvy and prefer to get everything done with just a few clicks, you should buy term insurance online. On the other hand, if you would prefer to get things done in person, offline plans are a good option.

 

Conclusion

 

The key is to choose the option that is most convenient. Now, with the insurance industry going increasingly digital, online term plans are no doubt growing more popular among interested buyers. So, if you’re looking to buy term insurance, Policy servicing of offline plans can also be done through online mode.

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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.