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Should I buy a health insurance policy through Policy Bazaar or the company website directly?

  • I was looking for a comprehensive health insurance policy and obviously went to http://www.policybazaar.com to compare different plans. I did get all the information I wanted but now a representative from Policy Bazaar has been calling me to help me buy the insurance through policy bazaar website. Although she has mentioned that it is a free service I am not too convinced. Are there any hidden charges that policy bazaar will charge for this service? Are there any additional benefits in utilizing this service or should I stay away from it?

  • Answer:

    There are benefits of using an aggregation website, you can compare plans benefits et al and get the best deal at no direct cost to you. (They earn a commission from the insurer directly) However, caveat emptor applies, make sure you don't buy a product that is very cheap but has too many exclusions, high deductibles/copays, low annual limits or restricted networks. While I hope you don't ever have to use your health insurance, when you do nothing should come as a surprise to you. Also, if your employer is already offering health coverage up to x rupees, consider buying a policy with a deductible x up to a higher limit, so you aren't double covered. The disadvantage of a website over a financial advisor is it'll never tell you such things (or maybe it does, read their help pages) tl;dr: Choose a good product that fits your needs and then buy it from whoever sells it cheapest to you. Don't buy whatever is pushed onto you, check suitability first, then buy.

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Specifically incase of health insurance policies- If you have a good knowledge about the health policies only then you might go for online policy purchase. If not, its better you go directly to the company. Before doing that you need to understand the options available for you in the market and what suits your needs the best. There are terminologies which you might not understand and conditions/ exclusions which the company people or the website may not tell you clearly. So in this case you can go to a good health insurance specialist/agent, understand options and conditions of the policies and then buy it. These links can help you!http://www.liveassured.in/?utm_source=quora&utm_medium=cpc&utm_campaign=quora - Health Insurance Specialist http://www.liveassured.in/10-things-you-should-remember-before-buying-health-insurance/?utm_source=quora+&utm_medium=cpc&utm_campaign=quora

Prasad Shivalkar

There is no harm in buying a policy from an aggregator like policy bazaar, but I'd suggest that you do it directly from the insurance company either offline or thorough their website. There are no hidden charges either way, but the level of service you expect directly from the company will be more than that of an aggregator. Also they will probably not keep calling you to close the deal more than you'd like them to. Web aggregators are good for comparison but they don't provide any additional incentive to buy directly from them.

Amit Tripathi

Since rates are mandated here in the US (That means rates are the same regardless where you go), working with an experienced broker is typically your best option. No fees, lowest rates and unbiased advice.

Ed Harris

First of all find out (may be visit IRDAI site), if the aggregator( or any distributor) is authorised by IRDAI to sell Health Insurance policies. It's always advisable to buy from an authorised source.Secondly, Pl read policy conditions from the official site of Insurers. Compare them with the T&C given in your policy bond. Be fast. In case you find any difference, use cooling off option.Servicing to be provided by the insurer will not in anyway be different whether you buy from an Advisor or an aggregator. The person sitting on servicing does not see who is the distributor. Normal servicing is provided just like that. May be in a case where discretion is to be used by C-suit persons of Insurers, their decision may be influenced by the distributor. But this would be in very rare cases. So distributor has little role in deciding service standard of an insurer.Before taking a call, also see the rating of the TPA which will be providing you servicing. TPA’s servicing philosophy and practices are of primary importance.Please check if premium charged by distributor is same as given on Insurer’s site. It should be mostly the same. So you may take a call.If you ask my advice, I prefer to go with a brick and mortar office in such cases. God forbid, if something goes wrong, you must have a door to knock at. You may buy a TV online, but you must have a service centre nearby, just in case.Health Insurance is much more complex than buying a term insurance. Never think what distributor will get. Think what you get. Commission is factored in the premium. So unless you find difference in premium, go offline.

Sadan Sinha

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