Everyone plans to buy term insurance for their family, but when it comes to buying, they’re often confused – should they buy it online or go to an agent offline? Today, I’ll explain the full details of both options in simple terms, so you can decide in just 2 minutes which one is right for you!
How much difference does the premium make?
Same 1 crore rupees cover, for the same 30 years, same age (30 years):
| How to Buy | Monthly Premium | Total for the Year |
|---|---|---|
| Online | ₹500-700 | ₹6,000-8,500 |
| Offline | ₹900-1500 | ₹11,000-18,000 |
The same policy, same company, just buying online is 40-50% cheaper! Because online doesn’t charge agent commission, which is 30-40% offline.
Buying Online – Pros & Cons
Pros:
- Deal directly with the company, no middleman.
- Premium is absolutely cheap.
- You can get a policy from the comfort of your home in 5 minutes.
- All terms and conditions are clearly visible on the screen, there are no hidden clauses.
- Plans with return of premium are also available, which agents don’t explain offline.
Cons:
- You have to read everything yourself.
- The medical check-up process has to be booked online.
- If in doubt, you have to use live chat or call; you don’t meet the agent face-to-face.
Buying Offline (From an Agent) – Pros & Cons
Pros:
- The agent explains everything, and doubts are cleared immediately.
- They also arrange for the medical check-up.
- The agent can help at claim time (sometimes).
Cons:
- Premiums are costly.
- Agents may suggest small coverage or the wrong plan to save their commission.
- Hidden charges or riders are discovered later.
- There is a lot of paperwork.
Let’s look at a real example.
30-year-old boy, non-smoker, 1 crore cover, up to 30 years:
| Company | Online Premium | Offline Premium | Savings in Years |
|---|---|---|---|
| HDFC Life | ₹650/month | ₹1,200/month | ₹6,600 |
| ICICI Pru | ₹580/month | ₹1,100/month | ₹6,240 |
| Max Life | ₹620/month | ₹1,150/month | ₹6,360 |
Savings in 30 years? Up to ₹2-3 lakh! You can invest this money elsewhere.
| Feature | Online | Offline |
|---|---|---|
| Premium | 40-50% cheaper | More |
| Process | 5-10 minutes | 3-4 days |
| Transparency | Full | Slightly less |
| Agent Commission | Zero | 30-40% |
| Claim Help | Company direct | Agent (sometimes) |
| Medical Arrangement | Booking yourself | Agent does it |
Summary
Online Buying:
- Cheapest
- Full control in your hands
- No mis-selling
- It’s done from the comfort of your home
Offline Buying:
- Agent explains everything
- No tension of medical and paperwork
- Per premium, costly + risk of mis-selling
Conclusion
If you are even slightly smart enough to spare 10 minutes to compare online, then 100% buy online! You’re getting 1 crore rupees worth of coverage for ₹500-700, and there’s complete transparency.
Go offline only if you’re completely at a loss, or if you’re too busy and can afford to spend money. Tell me in the comments – will you buy online or offline? And if you have any doubts, just ask, I’ll clarify!
