Best Offline Term Insurance Plans in India

Best Offline Term Insurance Plans in India

When buying term insurance in India, you have the option of getting your plan offline or online. While the online term plans are becoming more be more popular, their offline counterparts still rule the roost. In this article we do a comparison between the online and the offline term insurance plans and help you to choose the ideal cover for yourself. Do take a look.

Benefits of offline Term Insurance

Like mentioned above, you can get your term plan online or offline. Let us begin by looking at the offline term insurance plans and the benefits they offer:

  • Agent’s assistance: When you buy an offline term life insurance policy, you do so via an insurance agent. The agent is experienced and very well versed with term insurance. He guides you by explaining the features of the plan and also tells you exactly what type of a plan is best suited for you. The agent also takes care of the premium payments, renewals, etc on your behalf. You therefore have a point of contact for all your queries and issues.
  • Higher sum assured: You get a higher sum assured in the offline term plans as compared to the online plans. The cost is slightly higher, but if you require a large term insurance cover, the offline route may just be better suited for your specific needs.
  • More riders available: The online term plans only allow you to choose from a handful of riders. The offline plans, on the other hand, offer all the important riders such as the critical illness rider, the permanent disability rider and so on. If you need some riders and want a larger pool to choose from, explore the offline term insurance plans carefully.

These are some of the very handy advantages you get when you choose to buy your term insurance plan offline.

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Offline Vs Online Term Insurance

We have seen the benefits of the offline term insurance plans. But we all know just now advantageous the world of online term insurance is! Let us do a comparison between the two to know more:

  • Decision making: As we saw, an insurance agent assists you when you buy your plan offline. The agent at times pushes a particular term life insurance plan for his/her own benefit. When you buy the plan online, the decision is left entirely upon yourself. You therefore get to choose a plan in a completely unbiased manner. This proves to be beneficial for you.
  • Comparison: It is very important to compare your options before you buy any kind of insurance, including term life insurance. Comparisons between the different term plans can be done quickly and effortlessly in the online space. The process, though not impossible, is more time consuming and tedious for the offline plans.
  • Pricing: The online term plans are almost always cheaper than their offline counterparts. There are various reasons behind this. First and foremost, you get to save a large chunk of money on the brokerage. Then, the insurance provider also saves on the processing fees and offers you a discount for that. All these factors work together to pull down the cost of an online term insurance plan.
  • Control: Since you fill out the forms yourself, choose the plan and make the payment, you have greater control over the online term plans. The agent usually does all this on your behalf when you buy an offline term insurance plan. If there is any mistake, intentional or unintentional, you will be the one to lose out later on. So if you want a solid control over your term insurance cover, you need to get your plan online.

These are some of the main points of contention between the offline and the online term plans. We have pros and cons in both. You therefore need to think hard before you choose your term cover. Go for an online or an offline plan depending on which suits you the best. Always remember to make an unbiased choice as only you can decide what type of term insurance plan is ideal for you.

Conclusion

Term insurance is an extremely useful form of life insurance that anyone can afford. You need to buy a good term insurance plan, if you have not done so already. The decision to buy it offline or online is entire upon you but it is recommended to go online for many benefits it offers. Thankfully, you have great options in both. So go through the plans, their merits and demerits and choose a cover that is perfect for you.

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