Offline or Online Term Plans: Which is the Best Option?
24th May 2019
Term insurance is an important part of financial planning. It provides high coverage at low premium and is the best way to ensure your dependents have a secure future after your demise.
There are two ways of buying a term insurance plan: online and offline. Here are a few features of both the ways to help you decide which one is better for you:
Cost:Online insurance plans are around 40% cheaper than offline insurance plan. The saving of the cost is owing to the fact that there is no agent involved and you can directly book it from the website. This saves on the agent’s commission cost and hence the reduction in fee.
Facts disclosure:Online plans come with complete disclosure of facts since the person fills the forms all by himself. There is nothing hidden and he is aware of all the terms of the policies. In case of offline plans, the person is dependent on the agent and may skip a few important facts about the policy.
Sum assured:Online plans come with low costs and zero mortality and hence assure high sums. Not many offline plans offer a high sum assured and in case where the sum assured is high, the premium is also high.
Flexibility:Online plans are more flexible than offline plans. You can visit the website, choose a plan, pay the premium and the documents get delivered at your doorstep. The medical procedure and premium payment process is also very smooth. You will have to depend on the agent and his schedule for offline plans and visit the insurance company for payments and starting the process.
Rider benefits:Both the options have rider benefits available. In case of an online plan, you may miss out on the options or skip reading them. In case of offline plans, you can ask the agent to explain you all the rider benefits.
HDFC Life has term insurance plans best suited for your needs.
- How to Buy Term Life Insurance Online?
- Why Purchasing term insurance online is good idea?
- How an Online and Offline Term Plan Differ from Each Other
- Why You Should Consider Buying Insurance Online
Products offered by HDFC Life :
Subscribe to get the latest articles directly in your inbox
You will receive the newly posted articles on your email id.
HOW CAN WE HELP YOU
Stay updated with HDFC Life
Get HDFC Life updates in your mailbox
- Do Not Call Registration
- Terms & Conditions
- Terminated Agent List
- IRDAI Public Notice on Spurious Calls
- Unclaimed Policy Details
- Insurance Ombudsman
- IRDAI Customer Education Website
- Life Insurance Council
- Memories for Life
- NRI Insurance Plans
- Premium Payment
- NAV Summary
- Online Buying
- Tools & Calculators
- Public Disclosures
- Policy Loans General T&C
- FC Appointment T&C
- POSP Appointment T&C
- UW philosophy PWD/PMI/PLHA