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Should I Buy Unit Linked Insurance Plans In Online Mode Or Offline Mode?

Published On Aug 31, 2021 4:00 PM By InsuranceDekho

A ULIP is a financial investment that includes both an insurance policy and a financial investment. A death benefit is specified in the policy, which is the money paid to the beneficiary if the insured dies within the policy's term. Furthermore, if the policyholder survives to the end of the ULIP's term, the policyholder will receive the maturity value of the ULIP. 

The ULIP's stock and/or debt investments create this amount. The policyholder is often offered the choice of picking ULIP funds and financial securities to generate these returns. A ULIP's investment component is this. ULIPs instill the habit of saving on a regular and disciplined basis, which is essential for long-term financial planning. You can experience the benefits of wealth growth for your loved ones by making regular premium payments.

Benefits Of Purchasing ULIPs Online

Here are few benefits of purchasing ULIP online:

  • The Ability To Make Analogies

You can quickly compare the finest of all policies if you buy life insurance from an aggregator. When buying insurance from an agent, you will not be able to enjoy this benefit since they will urge that you purchase your policy from their business. Getting in Touch with a Company When you buy insurance online, you're contacting a brand, a fully working corporation that will be available to you 24 hours a day, seven days a week. Agents, on the other hand, may be unavailable or break their commitments, whereas internet businesses cannot afford to do so.

  • No Deception

When buying insurance online, you can go straight to the company's website and read the policy's terms and conditions in full. Take screenshots or save printouts if you want to. Frauds are much reduced as a result of this. When you buy insurance through an agent, on the other hand, it's very possible that the agent would modify the terms and conditions to try to sway your decision in his or her favour. Several clients have complained to insurance firms about their disappointment as a result of their brokers' altered terms and conditions creating unrealistically high expectations.

Read More: Difference Between Money Back Plans and ULIPs

Benefits Of Purchasing ULIPs Offline

Here are few benefits of purchasing ULIP offline:

  • Sum Assured

The bigger sum assured in internet insurance policies can sometimes be a ruse used by insurance companies as a marketing ploy. It's not uncommon to see a company state that you can buy a life insurance plan worth INR 1 crore for just INR 500 per month. Customers are frequently enticed to purchase such a high level of coverage even if they do not require it. This is where purchasing an insurance coverage offline might be a better option.

  • Rider Benefits

Online term plans solely provide death benefits, with accidental death coverage available for a fee. Critical illness coverage, accidental death benefit, Permanent Disability Benefit, and other riders are usually not available with online insurance.

Conclusion

If you're not sure you're ready to buy insurance online, start by looking up information on the coverage. Most insurance companies have toll-free lines you can call to get answers to your questions. You'll have a clearer picture after getting clarifications from all accessible sources, which will put you in a better position to make a more informed decision.

Also Read: Reasons Why ULIPs Are Secured Long Run Investment

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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