Online Life Insurers Vs. Offline Life Insurers with Country Wide Presence?

By SiliconIndia   |   Wednesday, November 28, 2018
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Online Life Insurers Vs. Offline Life Insurers with Country Wide  Presence?

Thanks to the digital improvisation of every sector in the country, things have changed for the better. If we talk about the finance sector, it has now become one of the most progressive industriesto adoptthe digitalisation process, something relatively unheard of, say a decade back. Nowadays, there are hardly any financial transactions that you cannot do online.

Life Insurance sectortoo isn’t far behind. You can now purchasea variety of life insurance products online hassle-free and witha few clicks, as per your requirements. On the other hand, life insurers with a country-wide offline presence continue tooccupy a significantmarket portion because of their reach to their clientele on a more ‘personal level’ and proven track record.

While most insurers that used to have a catalogue of offline insurance products earlier have moved on to include online products only recently, there are certain types of benefits, which only comewith online life insurance plansand are quite different from those boughtoffline from a life insurance agent. Let us take a closer look at the benefits offered by both the schools of life insurers.

Offline Life Insurance
1. Minimal Chances of Fraud

When you buy insurance online, you are protected from fraudulententities,whichmight provokeyou into purchasing an insurance plan you don’t need. On the other hand, agents in the traditional insurance market sell offline insurance plan for the commission. Hence, there’s a chance that they would sell insurance without judging the insured person’s financial ability and requirements, for the sake of making their desired commission. By buying insurance yourself on the onlineplatform; therefore, would help you choose a plan that keeps your financials as a priority and is safe from online fraud.

2. You Can Compare and Choose

Nowadays, there are several insurance companies, that offer a variety of plans. When you go online, you can check the top performing plans from reputable insurers yourself and then compare their features with each other, to shortlist a policy as per your requirement.

3. Premiums Are Low

Often it is seen that insurers offer online policies at a cost, which is way lesser than theiroffline counterpart.The difference in price is due to the commission charged by the agents and other intermediary values, which are absent from online life insurance plans.

4. Connecting with The Brand

When you buy an insurance policy from an insurance company online from their website, you get all the information of the company as well as the insurance policy at one place. There is no hidden information or contingency, which might cost you later. You are directly buying insurance from the insurer; therefore, you would get quotes, policy informationand other features provided by the insurer itself.

5. Claim Settlement Ratio

In the insurance sector, claim settlement ratio is a crucial factor that decides an insurer’s credibility. Whenever you are buying insurance in any form; therefore, you must check the claim settlement ratio first. With onlinelife insurance plans, you can accessall the information about the insurer including the claim settlement ratio on their site as they must publish it according to the IRDAI regulations. This helpsyou understand the standing of the company and whether you can trust it with the policy or not.

Offline Life Insurance

The number of benefits provided by this platform may be a few,but they are significant.

1. Reasonable Policies

In some cases, insurance companies advertise policies of enormous amountonline, which might not be the requirement of many individuals. Due to the enticing way in which they advertise their policies; however, prospective buyers are tempted to buy them. This is not the case with offline purchases from reputable insurance companies as they offer policies that are reasonable and priced logically.

Whilebuying life insurance, if you are in a dilemma aboutwhich is the best term insurance planavailable and whether you should buy one an onlinelife insurance plan or trust the country-famous insurers with their offline insurance products, you can base your decision on the points mentioned above.

You can also come up with a decision, once you compare term insurance plans available in the market. A thorough comparison will help you buy the best term insurance plan for yourself and in turn, help you secure your loved ones. Reputable insurers like Max Life Insurance offer ample benefits to customers, therefore, make sure to focus on benefits such as rider facility, income benefit, milestone benefit (sum assured can be increased at important milestones of your life) and so on with their online plans.

Also, don’t forget to check out the salient features such as premium payment term, sum assured and claim settlement ratio before shortlisting a policy. Overall, both online and offline plans help secure your life from any financial contingencies in the future. You need to understand your financial goals and purchase life insurance as soon as possible.

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