There is no specific difference between the offline and the online term insurance. All the benefits under these two mode of selection remains the same. There is no difference in the policy structure of these two. The only difference is that the online term insurance is much cheaper than the ordinary offline insurance.
OFFLINE TERM INSURANCE
offline term insurance includes all the insurance purchased through a agent or Sales executive or through direct branch walk-in or through banks or even through your friends. These policies are often sold/bought on back up of friendship, family relationships, business connections, etc. and maximum of these being a obligatory sale. A very less percentage of people buy these plans according to their financial planning needs. Normally the term insurance plans bought in these chain of sales may be slightly costlier than the online term plans. The reason is very simple here. The agent commission is a part of the premium you pay towards your policy.
ONLINE TERM INSURANCE
Online term insurance plans are normally purchased through company websites and third party websites like bankbazaar.com and policybazaar.com. With latest information and technologies, there are so many websites in the internet that provides the comparison online between various term insurance plans offered by various companies. These online term plans are very cheaper because there is no need to pay agent commission. Online term insurance plans are normally 30% cheaper than the offline term insurance plans.
WHICH IS A WISE CHOICE
Wise choice is choosing the best option which is hassle free for your family and dependents. Keep in mind that term insurance plans are meant to secure our family financially in the our absence. Your family may be fully dependent on you and your income for their food, shelter and their standard of living. Think twice before choosing online term insurance or offline term insurance. You may be a expert in insurance field, but who will help your family in case of your absence? Your spouse may be a graduate. But how far can she travel alone for getting the claims paid?
The main difference here is that the service provided by the insurance agent personally. His service will be of great help in your absence. online insurance may be a cheaper and economical option but what is the use if our family is left to fight a lonely war to get the claim amount. So do not count on the mere premium difference, select term insurance based on long term relationship and specialty in the insurance field.
Waytoinsurance.com suggests you to go for a offline term insurance from your well known insurance agent who will support your family in your absence.