As if persistent insurance agents were not enough, now banks too have joined the insurance selling force. And if that trip to your bank branch has become a nightmare, we tell you the pros and cons of buying from your bank. So you know what to tell your banker next time.

The downside:

Ø Service: Your banker will not pamper you with doorstep services like your agent though a if you are a priority customer for your bank then you can expect the works.

Ø Trust: If you have a baby, an agent is more likely than your banker which means that a closer relationship of trust may exist between you and your agent.

Ø Variety: Sometimes your bank may not offer you all policies that an insurance company has in its portfolio. Says insurance expert Rajesh Relan “Certain banks choose to select a few products from the product basket, depending upon the needs and suitability of their customer segments,” says Relan. So first, decide whether the policy that the bank offers fits your requirements perfectly. If it doesn’t, you’re better off with your agent.

The upside:

Ø Simplicity: A transactional relationship already exists between you and the bank so paperwork and payment processing will be simple.

Ø One stop shop: Your bank can offer you the entire range of financial products instead of buying from multiple places. This gives you a single window view to your investments.

Ø Specialized Products: Some life insurance companies design a special product to be sold through a bank, which doesn’t involve too many formalities or medical tests. This kind of policy can be opted only through a bank and not through other channels. (Beware however, the documentation will ask for a lot of medical declarations)

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