Buy Life Insurance Through Agents or Online – Which Way to Go?

Term insurance is one of the simplest tools to plan for financial security in your life. You can think of it as one of the most budget-friendly ways to get a life cover and enjoy peace of mind. In insurance terminology, a term plan is basically a high-cover, low premium protection plan in which the entire premium you pay is used to offer mortality risk cover. You can check its premium using online insurance premium calculators.

There are two ways to buy a term plan for your family’s well-being – offline and online, the latter one being highly advantageous. If you have decided to choose from different types of life insurance but struggling to choose between offline and online term insurance purchase, it is crucial to understand the difference between the two.

Let us discuss what makes online term insurance a better alternative to dealing the offline insurance agents.

Perks of Buying Online Term Insurance

  1. Money Savings in the form of Lower Premium

If you have previous experience of buying insurance offline, you might know that the process is cumbersome and time-consuming. Firstly, you need to wait for the local agent to come to you and share the plan details. You may also need to visit the insurance company’s branch office for the same. There is also a risk that you might end up buying a term plan as recommended by the agent, not knowing what it actually offers.

Online term insurance purchase saves from all such hassles. Alongside, you get to save money in the form of a lower premium for an online term insurance plan. Since there is no intermediary involved to add a layer of his commission, the policy premium reduces when you buy the plan online. You can use an online insurance premium calculator to get an estimate.

  1. Ease of Plan Comparison

Most of the life insurers in India now offer online term insurance. Unlike buying a term plan from an agent, you get easy access to diverse information about term insurance. You can easily search for answers about several doubts and questions you might have in mind from different sources, along with estimate the premium using an insurance premium calculator.

For instance, if you want to compare online term insurance plans, you can research all available plans, look at their feature sets and the corresponding premium. You can read articles from reliable sources, watch relevant videos, or even check genuine customer reviews.

This ease of comparing plans helps you in making a well-informed decision to buy online term insurance.

  1. Payment Safety

Consider paying the premium of a term plan offline, and the only payment mode that comes to mind is – cash. Not everyone is good at handling cash and you cannot believe every local agent to submit the premium on your behalf.

Things become much easier when you pay a premium for online term insurance plans. Firstly, you can start by using a life insurance calculator to get a premium estimate. You need not depend on cash transactions for such payment but can choose from a plethora of payment options. These include net banking, debit cards, credit cards, and various payment wallets.

Furthermore, the payment transaction is processed through secure payment gateways, which ensure peace of mind. You will also get an instant payment receipt on the registered phone number and email address.

  1. Simplified Rider Selection 

To many people, sitting next to a local insurance agent and listening about the perks of adding riders sounds nothing more than upselling. It can be because of the lack of awareness about the varied benefits of additional riders added to a term insurance plan.

However, adding riders to an online term insurance plan seems more valuable. You can easily research the benefits of adding different riders to online term insurance beforehand using insurance premium calculators. Also, the process of buying online term insurance include rider selection steps, where you can choose various riders as per your preference.

  1. COVID Insurance Cover Availability

The current COVID19 pandemic has led to unprecedented changes in our lives. We all want to stay safe and protected against contracting this deadly virus. Alongside, we want to ensure that our loved ones remain financially protected in these tough times, which is possible with a suitable life insurance plan.

Although there are many ways to get COVID insurance coverage, it is much easier with an online term insurance plan. You can include COVID cover through an add-on to your online term insurance policy. For instance, Max Life COVID19 One Year Term Rider is available with online term insurance offered by Max Life Insurance. In addition to the base term plan’s benefits, you can get diagnosis and death benefits through this rider.

Get Life Cover from a Renowned Insurer

Online term insurance purchase can make it easier for you to get an adequate life cover. While you dig deeper to know about various steps to buy a plan online, checking the insurer’s reputation is also important. Do check on the claim settlement ratio of the insurer you choose to ensure your family will get the benefits at times they need it the most.