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Benefits of Buying Online ULIP over Offline ULIP - Explained
With the emergence of ecommerce, we can now buy financial products via internet. Traditionally ULIPs were sold via agents and such plans were known as offline ULIPs. However, these plans are now available through internet and have come to be known as online ULIPs.
Advantages of Online ULIPs over Offline ULIPs-
- It is said that online ULIPs are cheaper than offline ULIPs; the reason is simple that there is no intermediary involved and the whole money given on premium is invested in the fund. Online ULIPs charge expenses like policy administration cost, fund management fee and mortality charge while offline ULIPs include all of the above plus distribution cost as they are sold through agents in company offices.
- Buying an online plan saves time as you can buy the same anytime sitting in your comfort zone while in case of offline ULIP you have to take out time from your busy schedule and go to company office, talk to your agent, present the documentation etc. which is a time taking procedure. In case of Online ULIP you can go to the company website, fill your details and then either email all your scanned documents or courier them to the address provided.
- When you buy an online ULIP you do it after intense research on your part. You carefully read each and every thing and analyze if this is the right policy for you according to your need. This means that your decision is best suited as per your needs. However, in the case of offline ULIP you buy them from an agent, which therefore implies that your own preferences take a back seat.
- In case of online ULIPs various online tools are available which help you to compare various ULIP and help you find the right one. You can also check rating and reviews of the product you are buying online which is not available in case of offline ULIPs.
Online ULIPs are a great product as the customers are turning to internet for everything this might be the next medium for you.
HDFC Life offers - a market-linked plan for your comprehensive benefits. For details, click on the following link: https://www.hdfclife.com/savings-plans/sanchay-plus .
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
HDFC Life
Reviewed by Life Insurance Experts
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