How Are Online Term Plans Better Than Offline Plans?

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Term insurance plans are affordable and straightforward. You can avail these plans for a certain period or a fixed term. It is a pure risk cover plan and is only useful if the reasons you purchased this plan are fulfilled. With everything going online, now financial term plans can also be bought on this platform. There is an overwhelming variety to choose the best online term plan from, offered by various trusted companies.

How Are Online Term Plans Better Than Offline Plans?

Like the offline term plan, online, too, has its various types such as term plans, savings plan, child plans, retirement plans, etc. Anything offline involves more paperwork than online on any given day.

Online or offline term plan

There are many advantages to purchasing an online term plan. If you are in a dilemma whether to buy an online term plan or not, proceed reading below to know about how an online term plan is better than an offline one.

● Convenient

Undeniably, online activity is hassle-free in comparison to an offline one. You can buy a policy right from the comfort of your home, quickly. Unlike in offline mode, where it demands visiting branches and standing in queues and involvement of agents.

● Transparent

If you are planning on buying a term plan online, you can do so directly from the insurance company’s website. It increases transparency as you will be able to read the terms and conditions thoroughly from the website.

● Customer support

The online platform offers 24 hours customer support with chatbots, email support, and toll-free call service. On the contrary, in an offline process, you can only get customer support during the company’s working hours period.

● Cost-effective

The most crucial reason why you should consider buying an online term plan is that it is cost-effective. These term insurances are at least 30% cheaper than an offline one. This cost-cutting has been possible due to the elimination of a middleman required while buying or renewing a term plan.

● Claim settlement ratio

Claim settlement ratio is essential, as it will give you a fair idea about how smooth the insurance company’s claim settlement processes are. While buying term plans online, this information is available for its potential customers to take account. So, before purchasing a term plan online, it is possible and crucial that you view this claim settlement ratio.

The Best online term plans

To help you choose from a wide variety of online term plans, we have put forth a list of the best term plans in the market.

  • LIC e-term
  • PNB MetLife-Mera Term Plan
  • BSLI [email protected]
  • Max Life Online Term plan
  • ICICI Prudential iProtect Smart Plan
  • Tata AIA iRaksha Supreme

 

Conclusion

Online term plans have a lot to offer just like the offline one only with a few added advantages. We are hopeful that this article has been successful in bringing you out of the confusion. The above mentioned were some of the best reasons that states that an online term plan is better than an offline one on any given day.

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