You can find multiple insurance policies available on the market, each with a distinct set of features. But, when it comes to the life insurance policy, the most popular one is term insurance. The policy offers a guaranteed pay-out to the nominee/beneficiary if the policyholder passes away within the policy term. On the expiration of this policy, you can either renew it or convert it to permanent coverage.
Now, if you are wondering whether to buy this plan online or offline, the article will help you decide. But, before that, let's first talk about why you need this plan.
It is critical to provide your family with financial stability if you are the only breadwinner. Think about how they will manage their needs when you are not around. In such a situation, the lump sum offered by term life insurance will ensure all their financial needs are easily met.
You may have taken out several loans throughout your life, such as a home loan or car loan. There is a chance your lender will sell the assets that were put as collateral at auction to recoup their losses after your passing. Term plans in such cases allow your nominee to settle the unpaid dues and secure the mortgaged assets.
The chances of contracting illness with growing age are very high. In light of this, various life insurance policy providers allow you to purchase a critical illness rider. This rider safeguards you financially if you contract any life-threatening disease during your life. The lump sum provided under this rider even allows you to avail treatment outside India.
Both the online and offline term insurance differs greatly from each other. Here is the table highlighting the same.
| Parameters | Online term insurance | Offline term insurance |
|---|---|---|
| Decision making | Even though term insurance offers many advantages, it still has very low penetration in India. Many insurers and insurance aggregators now offer comprehensive information centres on their websites to inform individuals about this plan. You can find out more about the term plan's features, advantages, inclusions, and limitations by visiting any of the insurer's websites. You can also use the online platform for term life insurance comparison. Apart from this, online, you also have an option to calculate your premium beforehand using a term life insurance calculator. |
Term insurance has various jargon, some of which might be challenging to comprehend if your background is not in finance. Therefore, buying the coverage in person from an insurer's branch or through an agent is advisable. The branch executives will help you learn about the exclusions, inclusions, and claim-settlement procedure. |
| Cost savings | Online insurance is known for saving money on the policy premium. You don’t have to pay a commission to the agent. Thus, it is yet another justification for buying term insurance online. | When you purchase the policy offline from any agent, a commission is added to the cost of the policy. |
| Time-saving | You can buy online term insurance plans from the convenience of your home. The insurer requires you to share a few basic details like age, medical history, etc. As soon as you input the information and make payment, the insurer will provide instant cover. | Offline insurance requires you to visit the insurer or agent's office in person. |
| Selecting the ideal sum assured | If you have a lot of financial obligations, choosing the best sum assured online might be difficult because you need advice from an expert. | The sum assured amount of term insurance should be based on your existing financial obligations. For example, if you are married, you should always take into account the expense of a child's higher education, their marriage, etc., when deciding on the sum assured. Similar to this, if you have dependent parents, consider their medical expenses, retirement savings, and a few other factors. However, with so many possibilities for sum assured, choosing the one that fits your needs and your budget sometimes becomes challenging. Here, the advice of insurance specialists is necessary. |
| Customer support | Online, the two options you have to raise your complaint are via email or through a toll-free number. However, the grievance resolution process here could take a while. | Offline insurance always has an advantage, be it for claim support or grievance redressal. |
Both offline and online term insurance has their advantages. Weigh both carefully before deciding on one.
Disclaimer:
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited
Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
IRDAI Registration number 117 | CIN U66010KA2001PLC028883
For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.
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As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.
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