Life Insurance

Buying Life Insurance: Online Vs Offline

Nov 23, 2021

Buying Life Insurance: Online Vs Offline

It is essential for each one of us to own an insurance policy as it helps you with the purpose of securing you during and after your life too. The big question that follows then is, should you buy your insurance online or offline? Could you ever zero down on the apt course of action for yourself? This exact question is what we are about to answer.

Whether online or offline, you already know that you need a life insurance policy but you just need to decide what would suit you best. Since the whole world these days are facing a pandemic, more or less all occupations and tasks are being accomplished online. So we shall now review either options to set ourselves on the right path.

Ability to examine the compare between policies

Purchasing an online policy with the help of a website would give you a plethora of alternatives to opt from which may seldom be possible when you go to buy insurance at an agency through an agent. When you want to purchase a policy online you can compare different types of policies at the same time and then determine the best policy and when you try to purchase a policy from an agent or offline, the agent could compel you to buy their insurance claiming that is the best you could get in the market.

Also, when you purchase the plan online, you get all the features and benefits of the life insurance plan along with the premium on your screen which can then be compared. In this way, you can choose the best life insurance plan for yourself. 

On the other hand, when you buy a plan offline, you do not have all the pros and cons of the plan as compared to similar plans in the industry. This is surely an advantage when you choose to buy a plan online.

Unbiased approach

When you plan to purchase your policy you could do it in two ways: Online or offline. If you wish to buy your policy online directly, you tend to contact the insurance establishment personally whereas buying an insurance offline means going through a channel that is known as an agent who is a middle-man and this causes you to reevaluate your opinion and choice by smooth conversation.

Whether you buy it directly from the insurance company or through a broker, online plans are not biased and dependent on any personal view. 

  1. Less fraudulent transactions

While choosing to buy an insurance policy online comes with its scepticisms, it is usually safe to buy through a registered website and you can be at ease and not strain over chances of being scammed by the insurance company as the brochures of all kinds of insurances are readily available to download and you could read it according to your convenience. On the other hand, agents may or may not be specific about the provisions of the insurance policy you are aiming to buy and later you may feel deceived.

There have been multiple cases in the past where the agent (or so-called agent) fraudulently robs the policyholder of his premium. This possibility is low in online cases if the transaction is done through secured and legitimate channels.

Cost-Effective

We fail to realise that buying an insurance policy may save us a good amount of money. Although buying insurance offline has its own perks, for example, face-to-face interaction, it also involves a middle-man who is doing a job and needless to say the agent would want his hard work to be paid-off which means that offline purchase of insurance can be expensive. Online insurance policies eliminate the middle-man and thus is more cost-effective in nature and saves you a lot of cash.

Better Command and adaptability

Being able to buy insurance offline is one thing and it has its own advantages, buying insurance online has a better chance of putting you into control. If you feel that your policy needs some alterations, you can easily choose to do so at the comfort of your home and will. It puts you in charge of the choices you make for your policy which may be a little difficult when the agent is involved as he would try to make you reassess your choices provided he feels he has a benefit.

  1. Communication

When you buy insurance online and if you find a discrepancy, you would require some guidance and that would be slightly tough online but eventually, you will get in touch with an employee who would solve your doubts and offline purchase would let you have direct contact with an agent who could help you out without you taking the pressure of making possible changes in your insurance policy and would not become a tedious task for you to accomplish.

  1. Research

While the offline purchase of insurance allows you to have better communication with agents, it does not allow you to do better research as explained earlier, agents generally are quite persuasive while online insurance purchase can be easily researched and bought according to your convenience.

According to the BCG report of Insurance @Digital 20X, India 2020, said that the digital influence on the insurance industry in India is inclusive of the pre-sales and the post-sales, i.e. research and customer service would increase significantly by 2020, and by all means, we have reached that stage. 

 

Conclusion

Buying insurance online or offline, having one is what matters more to keep you and your loved ones safe and buying insurance is not even a luxury anymore. It should be possessed by at least one member in the family. You have two choices and you are the best judge for your decisions. Where online insurance purchase is more flexible and convenient, the offline purchase helps you have direct contact with agents who could help you out with certain aspects related to your insurance and you could avoid exhausting modifications that you will be required to make.

 

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