Advantages of Buying a Life Insurance Plan Online vs. Offline from Top Insurance Companies like ICICI Prudential?

Life Insurance is one of the basic forms of insurance where the investor has the flexibility to pay premium on a yearly, half-yearly, or quarterly basis for the tenure of the insurance plan. With the increased penetration of the internet, more people prefer to buy life insurance plans online rather than buying it from the offline medium.

Here are the major advantages of buying life insurance plan online vis-à-vis the offline medium:

Customer Empowerment

When buying life insurance using offline channels, you have to rely on an insurance agent who would guide you through the entire process. The agent is the sole point of contact who ensures that you invest in a life insurance plan that reaps long-term benefits. What if the insurance agent does not have sufficient domain knowledge about life insurance? In such a scenario, the agent may suggest a plan that may (or may not) align to your nee

Lower Cost

Online insurance is cheaper since you save on the agent charges (or intermediary charges), thereby saving money in the long-term.

As per experts from the insurance industry, buying life insurance online can work out to be 30-50 percent cheaper than purchasing from the offline medium.

Better control over buying decision

The other visible advantage of buying life insurance online is that the customer has more control over his/her choice and buying decision. Popular life insurance companies like ICICI Prudential Life Insurance have 24/7 customer support that can guide you through each and every aspect of life insurance.

In scenarios like COVID-19 pandemic which are not under our control, the online medium can do wonders when buying life insds.

On the other hand, buying life insurance online avoids the manual intervention that is so prevalent in the offline medium. Before taking the buying decision, you have the flexibility to compare insurance plans from different insurance companies. You can have a look at the review of different plans & companies by going through online portals.urance online. You can get answers to popular questions about life insurance and the offerings of the life insurance company through the chatbots on their website.

Higher Sum Assured

Due to the lower costs involved in the online medium, the sum assured is more likely to be higher in online policies, compared to their offline counterparts. Take the example of a 30 year old who wants to buy a term life insurance plan for 45 years policy term. The expected cover is Rs. 1 crore.

If the individual has to buy insurance using the online medium, the annual premium might come up to (8,500 * 40) = Rs. 3,40,000 where Rs. 8,500 is the yearly premium that the insurer has to pay each year. On the other hand, the individual would end up paying (11,600 * 40) = Rs. 4,64,000 when buying the same insurance plan using the offline medium. The premiums would vary from one company to another.

As seen in the example, there are significant savings when buying life insurance online.

Better visibility into the product portfolio

When it comes to the online medium, customers have the option to buy the product from third-party insurance aggregators or directly from the insurance company’s website. There is an advantage of buying life insurance online from a reputed life insurance company like ICICI Prudential Life Insurance, as the customer has access to all the product offerings, better support, & faster query resolution.

Doubts regarding the payments, addition of nominee, policy benefits, etc. can get cleared by going to the insurance company’s website. As insurance aggregators list insurance policies from different companies, the initial support is provided by their agents (rather than representatives from the insurance company).

Let’s take a hypothetical scenario where a nominee has to be added in the insurance policy. The customer can expect better & faster response from the insurance company representatives (i.e. via email) rather than the aggregator’s representatives.

In a nutshell, there are numerous benefits in buying life insurance online. What are you waiting for? Go online and secure your financial goals by investing in the best-suited life insurance policy…

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