A retirement insurance plan offers financial stability once you have retired. You also get several post-retirement benefits like tax savings and medical coverage. Buying a retirement insurance plan meets several needs of an individual after retirement. However, before buying one, it is always important to conduct thorough research and select the one that fits your needs.
It is important that you contemplate your current and future financial requirements and compare several plans before narrowing down your choice of retirement plan. This is because a retirement insurance plan is a crucial instrument that directly affects you and your loved ones. You do not want to make a hasty decision and regret it later. When you are doing research, you may often wonder where you should buy the plan? Should you simply buy it online or go offline?
Read further to get clarity on the mode of purchase you should opt for while buying a retirement insurance plan.
Which is better: Online or Offline?
Online retirement insurance plans have gained popularity among individuals because of the easy of its purchase. However, there are several individuals who still prefer to go through the conventional route of buying the plan offline. Here is a detailed comparison of each aspect of both, that will help you decide how should you go ahead with your purchase.
Time and monetary efficiency
You can simply buy an online retirement plan from the comfort of your home. You can easily compare the tenure, the premiums, and the sum assured those various insurers offer by simply browsing through their company’s portal. There are also websites where you can conduct a comprehensive comparison of the plans that you are thinking of buying. However, if you take the same process offline, you will have to visit each company’s branch or go through an insurance agent which would probably charge you commission for the service that they are offering. This entire process is much more expensive offline, and also ends up taking more of your time.
The Policy’s Sum assured
When you buy a policy offline, usually, you do so through an insurance agent. The premiums also include the commission that the insurance agent earns by selling you the plan. But, when you buy online, you usually get a better offer which includes a higher sum assured too. This is because, with the online portal, several costs that are incurred by the insurance company are eliminated. When you are choosing the amount of coverage you need, use tools like a retirement calculator online to get a better estimate of the funds you require.
Easy to buy
When you are planning for retirement, you want to do it easily and conveniently. Buying offline retirement life insurance is quite strenuous and time-consuming compared to doing the same thing online. Also, there are administrative, and commission costs you save in the online process. When you retire, you want to track your policy with ease. For checking any details regarding the policy or managing it, you can simply do it online from the comfort of your couch. However, the same process offline can be tedious and difficult.
Claim settlement ratio
When you are buying retirement life insurance online, you can easily access several tools like a retirement calculator, and access information about the provider you are planning to purchase from. One of the most important aspects to consider is the claim settlement ratio of your provider. Checking it online is quite easy, and hence, allows you to make a more informed decision. However, checking the same offline is difficult, as there is always a chance that the salesperson might provide misinformation to lure you to buy the plan. Therefore, make sure to check the reputation of the insurer and the claim settlement ratio online before purchasing a plan.
When you consider the above factors, buying an online retirement insurance plan becomes the preferred choice. Buying directly from the insurance provider’s website after comparing several policies online is much easier than doing the same offline. Also, whether it is the payment of your recurring premium or submission of any documents, doing it online takes a few minutes as compared to doing the same thing offline.