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Should I Buy Retirement Insurance Plans in Online Mode or Offline Mode?

Published On Jul 23, 2021

A Retirement Insurance Plan not only provides financial stability once you retire, but also post retirement benefits, such as tax savings and medical coverage, for disease and health while alive. A Pension Plan is a must have before you plan to retire but a thorough check of the policy should be done since there have been a lot of frauds in the name of retirement benefits in the recent past. 

Therefore, after careful consideration of your current and future requirements and after comparison of various plans by specific insurers, it is important to grasp the relevance of the retirement insurance plan scheme and select the most relevant one. The next step is to buy the policy that the user can make online or in person through a website of the insurance business.

Should I Buy Retirement Insurance Plans in Online Mode or Offline Mode?

Nowadays online pension plans are becoming very popular amongst investors due to their ease of purchasing but there still exist a great mass of investors who believe in the traditional offline purchase. Here is a detailed comparison between the two modes of purchase so you can choose the best mode of policy for you. 

  • Convenience of Buying The Policy

The offline life insurance policy is laborious and time consuming because of considerable paperwork and commission payments compared with an online life policy, which is far more convenient. Furthermore, the money saved in administrative and agent services are returned to the customer as discounts in an online term insurance policy, in contrast to the offline term insurance plans.

  • Flexibility of The Policy

You can very easily compare terms, premiums, and the amount guaranteed on various policies offered by the various insurance providers using internet websites and portals from the comfort of your own home. However, the policyholder must go to the insurance agency in person for an offline insurance policy in selecting a suitable term insurance plan. 

  • Sum Assured on the Policy

As an agent commission in the offline term insurance policy, an online term insurance policy offers a guaranteed amount of a greater and better sum than an offline term insurance policy because of the higher premium price.

  • Claim Settlement Ratio of the Company

In online mode, the claim settlement ratio of different insurers may simply be calculated and compared, thereby supporting the choice of the most reputable insurer. If the insurance policy is offline, however, the facts may be altered by the salesperson to trick you into getting a term insurance policy even if the company has a horrible reputation.


While these facts suggest that an online retirement insurance plan is a preferred option, an offline retirement insurance policy will very likely prove to be more beneficial to the individual. Therefore, you should not select a plan based entirely on the advice of relatives, friends and acquaintances of your agent. In contrast to your individual requirements, you should assess the benefits and limitations of each alternative.

A reliable insurance agency or a credible financial advisor could be engaged to help decide between an online retirement insurance policy and an offline term insurance plan. In addition, concerns, including fair premium prices, enough coverage and correct policy length, should be assessed before the acquisition of one of the plans. Moreover, to receive the correct retirement insurance covers adapted to your individual needs, you must submit all required personal, professional and medical information beforehand. 

Also read 

Benefits of Riders in Retirement Insurance

Retirement Insurance Claim Settlement Process Explained

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.        

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