Online Or Offline Term Plan

POSTED BY Priya ON November 26, 2011 3:04 pm COMMENTS (6)

Hi I am Priya 28 year age old. I have some doubts about Term Plan.

1) If I purchase Term Plan now for Next 25 years. Then premium amount will be same for next 25 years or it will be incremented as per my age?

2) Is “Offline Term Plan” will be more comfortable for Settlement than “Online Term Plan”? (Bcoz in Offline plan policy agent will be a link between Customer and Company) Is it Correct?


6 replies on this article “Online Or Offline Term Plan”

  1. Priya says:

    Thank You Abhishek, Aniruddha Patil, Ashal Jauhari, DP for your help.

    Now I clear on my both points.
    I can easily purchase Term Plan without any hesitation.

    And as per your suggestions I will share a Soft copy and a Hard copy of my “TP” with my Family members and a Close Friend.

    Thanks again for all of you for provide me advice and knowledgement.

  2. DP says:

    Would not like family members to run around…

  3. DP says:

    Dear Priya,

    1. Insurance companies follow the level premium concept. In simple language, a type of term life insurance for which the premiums remain the same throughout the duration of the contract. Hence, you premium remains same in throughout 25 years.

    2. Online term plans are more economical than offline one. Hence online term plan will be one place you can benefit in terms of money. Though everybody suggested that agent may or might change or will not be servicing you for 20 years but i personally believe that is what agents are for and each one of us who is in advisory will agree to this point and i have personally seen agents servicing 20-30 years (with due respect to those who did not get service, may i was lucky one). Moreover, as rightly suggested by Ashal Ji, kindly keep your closed accomplice updated about your insurance policy and claim process as a back up to agent. Furthermore, i also believe that anybody would like the family members to run around with documents or to insurer at the time of eventuality.



  4. Dear Priya, Here are the answers for your queries.

    1. The prem. during the term of 25Y ‘ll remain same.

    2. Taking online ones or offline ones ‘ll be your personal choice but it’s advisable to update at least 1 family member & 1 close friend regarding the claim process. The reason is – either your job change or city change or due to agent’s own job change, the same agent may not be there servicing you down the line 5-10-20Y.



  5. yes online policies are best product in the industry. For example if you take icici prudential’s
    i-care term plan, in this till the cover of Rs 1.5 crore u dont have to undergo medical tests also.

    Well there is no need for agents to take a plan as agents keep changing their job so you may not have same agent till the maturity of your policy.

  6. Abhishek says:

    Hi Priya,

    The premiums do not increase in a simple term plan as your age increases.

    There is a way that you can take a policy online and through an agent as well so you get the help of the Agent during claim settlement as well.
    Hence go for an online policy.


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