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Online V/S Offline Insurance Plans

Online V/S Offline Insurance Plans

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In the past decade the usage of internet has grown exponentially. The expanse and Coverage of internet has spread far wider. As a result the e-commerce sector has seen a major boom. Every kind of goods and services are being sold and purchased online now. The insurance sector is not untouched with this trend either. Almost all insurance companies have launched their online products in the market; resultantly a debate often rises as which option to go for online mode or offline mode.

Each mode has its own pros and cons. Some major distinctions between the two are discussed below.

  • Man VS Brand
    The offline plans are generally bought through an agent whereas; in case of online purchase you are dealing with a brand i.e. an IRDA licensed fully functional company. While the agent can go missing or misguide or pressurize to purchase the plan of his company on the other hand in case of online plans the buyer can directly make the purchase from the insurance company’s website after reading and filling all the details by himself. Also, the buyer can first compare plans of various companies on an IRDA licensed web aggregator company’s website and then proceed for the purchase on the website of the desired company. Branded companies have more credibility than individual agents.
  • Price Difference
    The offline plans are purchased through middlemen i.e. agents. Involvement of middlemen increases the operational costs of the company. These increased costs result in costlier Premium for the insurance buyers. Since the online buyers buy directly from the company, the online plans are cheaper.
  • Comfort
    Online plans can be compared and bought on your screen from the comfort of your home or office but some people are not comfortable making payment online. They fear that their important banking information might get leaked no matter how safe online transactions in reality are. Such people prefer to make payments by cash or cheque as in case of offline policies. Also, some people have a comfort level with their insurance advisor and prefer purchasing plans through them. They feel secure purchasing a plan through a known person and rely on his expertise rather than making the purchase on their own.
  • Scope
    Insurance agents are mostly employees of a particular insurance company and thus, they would put all their effort in trying to convince you that their company’s product or plan is the best. Whereas, while making online purchase you can yourself research and compare plans of various companies and then make a purchase without being influenced by someone’s persuasion or close personal relations.

Conclusion: Online plans provide you an option to buy plans without being influenced. They are more transparent in nature and since their advent the rate of miss-selling has dropped considerably. Online plans are an initiative to check fraudulent practices in the insurance sector. With increasing internet users their scope is very bright.