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Purchase Of Life Insurance Policy Via Online And Offline Mode

Fri, Feb 16, 2018

img By Heena Bathla Editor at Quickbima


You can purchase a life insurance policy online or via the help of an offline agent. Though the latter form to buy insurance policy online has become popular, many people are still not comfortable with the idea behind it. Insurance compare quotes would be a definite idea, but still you need to be aware whether online or offline purchase is a good idea or not.

Benefits possessed by online purchase of insurance

Once you are planning to buy insurance policy from an aggregator you can compare all the policies online. This benefit cannot be availed when you purchase policy from an insurance agent as they would force you to buy a policy from their company.

When you are about to purchase an insurance policy online you are purchasing from a brand that is accessible to you around the clock. In case of an insurance agent could back track on their promises which a company may find it difficult to do.

No fraud

When you are about to purchase insurance policy from a company you go through the website of the company and after reading the terms and conditions purchase a policy. This is going to reduce the chances of frauds. On the other hand when you are buying from an agent, the chances are likely that they could fine tune the terms and conditions to influence decision in their favour. There have been several complaints that have poured in that agents have toyed with the terms and conditions in their favour.

Cost effective coupled with sum assured

It is observed that when you buy an insurance policy online it is around 40 % cheaper in comparison to purchasing it from an insurance agent. As there are no agents involved the insurance company does not have to pay any commission. Same is the case that when you buy an insurance policy online the sum assured tends to be on the higher side.


When you purchase an insurance policy online, the much needed flexibility is provided reducing scope of errors to a considerable extent. As there is no form of agent involved you would have to undertake research at your own end before you purchase a life insurance policy. This is indeed a value benefit as in case of offline insurance you hand over the responsibility to an agent even in filling the application form. Numerous instances have come forth, where mistakes in spelling occur with regards to the name of your policy that could land you in trouble later. In fact such errors could turn out to be very costly during the settlement phase.

Claim settlement

When you purchase a life insurance policy the first thing that you would see is the claim settlement ratio. When you purchase online you can do a comparison and find out the best one that suits your needs. If it is an offline purchase you will have to solely the agent who is going to do the formalities for you.


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