How an Online and Offline Term Plan Differ from Each Other
Please note, these are just methods of buying the insurance. The policy in essence remains almost similar, barring a few differences mentioned below.
The premium offered in offline plan is higher.
The premium offered in online plans is lower.
Claim settlement ratio.
There is no clarity in case of offline plans.
Insurance companies do not need to disclose the claim settlement ratios of online plans. The ratio, which they give to the Insurance and Regulatory Development Authority (IRDA), is a combination of both online and offline claims.
Most of the insurance plans cover accidental deaths and PDB. (offline)
The premium in different online plans can vary considerably, especially in the case of term plans offered by different insurers. Most of these term plans do not cover accidental death, critical illness, or Permanent Disability Benefit. (online)
This is done by the agent or the broker. He becomes the first underwriter. (offline)
A nominee claims for the settlement amount if the policyholder dies. The nominee will have to get in touch with the company directly, through calls or other means for claims.(online)
It is advisable to weigh the advantages and disadvantages of both the methods when looking at buying. Only after careful consideration, take a decision as per your convenience.
- Offline or Online Term Plans: Which is the Best Option?
- How to buy term life insurance online?
- Why Purchasing term insurance online is good idea?
- Benefits of Buying Insurance Online
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HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.
For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.
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