Over the past few years, the online mode of buying insurance policies has gained a lot of traction. The online mode has made buying policies an easier and hassle-free event. One of the biggest advantages that it brings to the table is sheer convenience. You can now buy a policy from the comfort of your house at any point in time. It even makes it easier to compare insurance plans

Yet, this does not mean that the offline mode of buying insurance plans is obsolete. There are still a lot of individuals who prefer to buy their policy offline, rather than online. While there are quite a few visible differences between buying a policy online and offline, are there are similarities?

Similarities Between Online and Offline Insurance

If you are someone who likes to compare insurance plans before buying them, the offline mode might pose a few challenges. However, there are a few similarities in both modes. Here are a few of them.

  • Policy Details

Irrespective of whether you buy the policy online or offline, the policy and its details majorly remain the same. Someone looking for a term insurance plan will easily find a policy with coverage anywhere between INR 5 lakhs to INR 5 crores. The same applies to both online and offline policies.

However, offline policies usually must pay the intermediaries, which increases the overall cost of the premiums. Thus, opting for an offline policy with high sum assured becomes difficult.

  • Accurate Information

While there are differences in the way you provide information to your insurance provider, the accuracy of it still matters. In the online mode, you merely need to fill a couple of mandatory fields, and you are done. 

It might be a little bit trickier in the offline mode, where you will the forms with the help of an insurance agent. In several instances, there have been errors in the final policy due to agents. However, the insurance companies will look at the accuracy of the information provided when it comes to claims. 

In the event of a mismatch or wrong information, the chances of claim rejection increase several folds.

  • The reputation of Insurance Company

Though there are a few operational differences between online vs offline Insurance policies, the company which provides the services remain the same. And irrespective of the model that you choose, the reputation of the insurance company is an important parameter to consider. And that remains the same.

A company with a proven track record of handling claims and providing good customer support would remain the same irrespective of the mode.

Opting for the offline mode brings a few perks as well. For starters, the insurance advisor will take care of everything. Secondly, in some cases, the offline mode might pack in a feature or two additionally. However, if you wish to compare insurance plans, it is a bit difficult in the offline mode. And to compare insurance policy is always a good idea before zeroing down on a specific policy.

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