If you are considering buying a term insurance plan, you might know that you can also purchase one online now. Yet, many hesitate when they hear online because we find more comfort with people than with a computer or mobile screen. But what if online plans had a bit more advantage than the plain old offline method? Read the comparative account for both the modes to choose what suits you best and the method you should opt for you.
If you consider an online term plan, the premium is less expensive as there is no agent involved and hence, you don’t have to pay any commission. Also, you can take the help of an aggregator website to look at term insurance plans offered by various insurers and compare the premium quotes right then and there. This enables you to get the most affordable premium rate and choose the best plan.
Offline term plans can go a bit heavy on your pocket as you have to pay for the commission of the agent along with the policy premium. To get several premium quotes, you may have to talk to many agents because an agent from a certain insurance company will only boast about their rates and prices.
In the case of online plans, you can get in touch with the customer care of the insurance company and get your doubts resolved. The customer care executive will also be able to help you with any other issues and provide information regarding your payments or policy terms.
If you have purchased the life insurance policy through an agent, it can get difficult to reach them as it is not their only work. Sometimes you may not be able to get the call through or may have to wait for him to be free. But as the agent is well-versed with your term plan, they will not require all sorts of information to understand your doubt.
You can access the claim settlement ratio online from IRDA’s website and also file for claim easily via online modes. This gives you the flexibility to claim from the comfort of your home in the time of an unfortunate incidence.
In an offline term plan, the agent may boast about their insurer having a better claim settlement ratio in comparison to others, concealing the insurers with the highest CSR in India. The claim settlement procedure may require you to contact your agent to take care of the process. It could be an inconvenience for some but may also seem more comforting for others due to the agent handling the claim settlement.
You can directly go to the brand’s website and take a look at the terms and conditions and also exclusions mentioned in the policy.
You may have to rely on the agent to reveal all the terms and conditions. It would depend on the agent to tell you everything or conceal some exclusions.
With the above-given comparison, you may have come to a decision as to which mode you want to choose. Every policyholder has a comfort zone and hence, you should go for the method that you find the most convenient.