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How an Online and Offline Term Plan Differ from Each Other

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November 05, 2018

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Buying an insurance is always a good decision. It’s important to explore the options available, the best suited policy for you as per your need and your family’s need. It’s also important to know the right method of buying an insurance policy. Below is am analysis to help you pick up the policy method best suited for you.

Please note, these are just methods of buying the insurance. The policy in essence remains almost similar, barring a few differences mentioned below. 

Premium:

The premium offered in offline plan is higher.

The premium offered in online plans is lower.

Claim settlement ratio:

There is no clarity in case of offline plans.

Insurance companies do not need to disclose the claim settlement ratio of online plans. The ratio, which they give to the Insurance and Regulatory Development Authority (IRDA), is a combination of both online and offline claims.

Conditions:

Most of the insurance plans cover accidental deaths and PDB. (offline)

The premium in different online plans can vary considerably, especially in the case of term life insurance plan offered by different insurers. Most of these term plans do not cover accidental death, critical illness, or Permanent Disability Benefit. (online)

Claim settlement: 

This is done by the agent or the broker. He becomes the first underwriter. (offline)

A nominee claims for the settlement amount if the policyholder dies. The nominee will have to get in touch with the company directly, through calls or other means for claims.(online)

It is advisable to weigh the advantages and disadvantages of both the methods when looking at buying. Only after careful consideration, take a decision as per your convenience.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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