Health Insurance safeguards you and your family against medical expenses that may arise due to an accident, illness or critical disease.
If you're planning to buy Health Insurance, there are multiple ways through which you can purchase a suitable plan. There are both online & offline methods available for buying Health Insurance. However, some companies might offer Digital approach & some companies might not offer certain plans online. Therefore, you must thoroughly research if the plan that you're willing to buy is available online or offline.
If the desired plan is available both online & offline, choosing either of the mediums depends upon your convenience.
While earlier Insurers used to rely on traditional mode or offline mode i.e. agents to distribute their health policies, many Health Insurance companies are now directly connecting with their customers with the help of user-friendly websites. This helps policyholders and potential buyers to review, compare and buy Best Health Insurance Plans online.
This section sheds light on the popular ways of buying Health Insurance in India.
Offline purchase has been the traditional way of buying insurance for a significant portion of the population in India.
Insurance can be bought offline in two different ways:
You can also purchase your plans online by yourself on your computer, mobile phone, or laptop. This is the fastest way to purchase any form of Insurance, given that there are no intermediaries or third-parties involved. Anyone with an internet connection can purchase it from the comfort of their homes.
It can involve multiple ways such as:
Bancassurance is the selling of Insurance by Banking Institutions in the country. Most Insurance Providers have Bancassurance partnerships with leading banks to distribute their products and widen their customer base. In India, employers mostly purchase Group Health Policies through the Bancassurance network established by various Health Insurers in India, by paying a collective premium amount.
For instance, Star Health Insurance entered into a Bancassurance partnership with the Bank of India in a corporate agency agreement to market Star Health Insurance products across the bank's branches PAN India. The objective was to reach out to a greater number of masses.
Both the modes have their own pros and cons. However, choosing either of the modes depends upon your convenience.
For clarity, we have enlisted the points of comparison on some basic parameters.
Offline Mode | Online Mode |
Branch Visit | |
Requires branch visit for purchase and Claim Settlement | Saves time by eliminating the need to visit network branches of Insurance Providers |
Transparency | |
More chances of miscommunication with unrecorded calls / discussions with agents and brokers | Calls are recorded to eliminate scope of false commitments by customer support agents |
Premium Amount | |
Higher premium quotes | Discounted quotes with Insurance Aggregators |
Premium Payment | |
Payment is paid via third-party intermediaries | Secure gateways for transactions |
Flexibility | |
Lesser number of options to choose from | Flexibility in plan selection |
Considering the above mentioned points, buying a Medical Insurance policy online is more hassle-free, quick, and time-saving for a policyholder.
While both ways of purchasing Health Insurance are valid and come with their own set of benefits, Online Purchase is considered the best for many reasons
The prime focus is buying Insurance & the method you wish to opt for, depends on your convenience & preferences.
Buying Insurance online is faster, more convenient and offers a range of options to the policyholders. While offline modes come with their own benefits, the tech-savvy generation today is more likely to make purchases online through Insurance Aggregators, apps etc.
However, irrespective of whether you select the online or offline mode of buying Medical Insurance plans, it is always advisable to make a fairly accurate estimation of your healthcare needs and understand the various policy features in order to come to the right decision. The right Medical Insurance plan will help secure your family's future and finances even if a medical emergency strikes without warning.
1. Is buying Health Insurance online safe?
Buying Health Insurance online is the safest way to buy Insurance. You're directly dealing with a brand which displays accurate & correct information. Also, while buying Insurance online, personal information is kept confidential; which makes the process of buying Insurance online safe.
2. If I buy Health Insurance online, will I still get assistance at the company's branch office?
Health Insurers have established a network PAN India. Even if you buy Health Insurance online, you can still visit the company's nearest branch office for getting your queries solved.
3. Is the online mode safe while paying premiums?
The Payment Gateway is secure. Majorly, online transactions from any reputable vendor are protected by SSL certificates (to protect data in transit), firewalls, and regular systems scans. You must use a secure connection, stable Wi-Fi & a trusted website. Therefore, paying premiums online comes with a lot of safety blankets.
Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.