Aditya Birla Sun Life Insurance Company Limited
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Life insurance is a critical component of your financial planning, providing financial protection to your loved ones in case of your untimely demise. As a result, it is essential to choose the right type of insurance policy and the right method of purchasing it. In today's digital age, buying life insurance online has become increasingly popular. In this blog, we will discuss the difference between online and offline insurance policies, the advantages and disadvantages of buying life insurance online, and whether online insurance is a better option for you.
Online life insurance refers to insurance policies that you can conveniently purchase from the websites of online insurance platforms. The whole process, from perusing different policies to filling out the application, can be done online. By opting for online insurance, you may enjoy various benefits such as discounted premiums, speedy policy issuance, etc.
When you choose to purchase a life insurance policy offline, you'll be interacting with a local insurance agent or visiting a company's branch office. During this process, you'll have the opportunity to meet the insurance agent face-to-face, have a conversation about your insurance requirements, and complete a paper application. The agent will then forward the application to the insurance company for review. If everything goes smoothly and your application is approved, your policy will be issued.
Online Purchase | Offline Purchase |
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Online insurance policies are purchased directly from the insurance platform’s websites | Offline insurance policies are generally purchased through agents. |
When you purchase online, you can compare policies, premiums, and coverage options, and complete the application process online. | Offline insurance policies require you to meet with an agent, discuss your insurance needs, and fill out a paper application. The agent then submits the application to the insurance company for underwriting. |
The underwriting process may take a few days, and you may need to provide some additional information or undergo a telemedical examination. | The underwriting process may take a bit longer, and you may need to provide additional information or undergo a medical exam. |
Advantages of buying life insurance online:
Disadvantages of buying life insurance online:
Deciding whether to buy life insurance online or through an agent ultimately depends on your individual preferences and circumstances.
If you prefer the convenience of shopping online and don't mind limited customization options, then online insurance may be a better option for you. Online insurance policies are generally cheaper and offer greater transparency, making it easier for you to compare policies and make an informed decision.
On the other hand, if you prefer a more personalised approach and want to tailor your policy to your specific needs, then working with an agent may be a better option. An agent can help you navigate the complex world of insurance policies, provide you with customised policy options, and answer any questions you may have.
In India, the insurance regulatory and development authority of india (irdai) has implemented guidelines to ensure that online insurance policies are sold ethically and transparently. insurance companies are required to provide clear and comprehensive information about their policies, and customers have the right to cancel their policy within 15 days of purchase if they are not satisfied.
When it comes to choosing between buying life insurance online or offline, it ultimately comes down to what you prefer and what suits your specific needs. Online insurance offers unbeatable convenience, allowing you to effortlessly explore and buy insurance policies from the comfort of your own home. The digital platform makes it easy to compare policies, find premium discounts, and more. On the contrary, offline insurance, when purchased with the help of agents, provides a more personalised experience. In the end, it all comes down to what you value most: the convenience of digital options, easy accessibility or the simplicity of dealing with agents. No matter which route you choose, don't forget to do your homework and pick a trustworthy insurance provider. After all, you want to make sure your loved ones are financially protected.
In conclusion, both online and offline insurance policies have their advantages and disadvantages. Ultimately, the choice between the two depends on your individual preferences and circumstances. If you prefer convenience and cost savings, then online insurance may be a better option. If you prefer a more personalised approach and want to tailor your policy to your specific needs, then working with an agent may be a better option. Regardless of which option you choose, it is important to do your research, compare policies, and choose a reputable insurance company to ensure that your loved ones are financially protected in case of your untimely demise.
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Buy ₹1 Crore Term Insurance at Just ₹576/month*
Exclusively For Salaried Individuals
4 Plan Options
Life Cover upto 70 years
Optional Accelerated Critical Illness benefit
Inbuilt Terminal Illness Benefit
Life Cover
₹1 crore
Premium:
₹576/month*
Buy ₹1 Crore Term Insurance at just @ ₹576/month*
ABSLI Salaried Term Plan (UIN:109N141V04) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
*LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Annual Premium: ₹ 6400/- ( which is ₹ 576/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
ADV/7/24-25/813
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