There was a time when there were no private insurance companies and there were also no online plans to buy an insurance policy. You had to depend on the Life insurance Corporation (LIC) Agent, if you needed an LIC policy.
Many investors continue to ask the question whether you need a LIC Agent to buy an insurance policy?
Interestingly, there are many LIC policies where you still need an insurance agent to buy them. For example, you can buy a term insurance policy online. Also for a pension policy you can visit the LIC website
For all other types of insurance you would need an LIC agent.
On the other hand if you buy a insurance from a private player like HDFC Life, ICICI Prudential or Aviva Life, you can buy almost every policy online. In fact, private insurance companies allow you to buy even ULIPs online at a much cheaper rate as it eliminates various costs associated with engaging an intermediary to buy one.
There are many advantages of buying an LIC policy through an agent. For example, the agent could enlighten you on the policy and its many benefits.
Of course, at the same time you have to be careful as you could also be misled at times by the agent. It is better to read the terms of the policy carefully before buying.
The hazard when buying an online insurance, especially a term policy is that you may end-up not knowing so many facts. For example, you may not be able to get an instant clarification, if you have any queries.
It is therefore always a better idea to go in for a policy through an agent.