The largest digital insurance distribution platform in India is called Policybazaar. Through their online portal, they provide products for life, health, motor, travel, and other insurances as well as investment, savings, and retirement plans.
However there’s a problem that we all face when buying anything and that is the reliability of the seller. In this article we will tell you: Is Policybazaar Safe For Investment?
Overview of Policybazaar
The well-known online life insurance and general insurance aggregator in India is called PolicyBazaar. They are experts in conducting comparisons of insurance packages. The comparison is based on three factors: cost, value, and main advantages.
In India, PolicyBazaar has developed close ties with all major public and private insurance providers. The life insurance, health insurance, auto insurance, travel insurance, business insurance, and loan industries are among the products of PolicyBazaar.
Advantages and Disadvantages of Policy Bazaar
Here are some advantages and disadvantages of policy bazaar-
Advantages:
1.Simple navigation
As a digital solution, Policybazaar’s website is the core of the business and the platform where customers can find, evaluate, and make actual purchases. In general, shopping on the Policybazaar website is pretty easy.
You can rapidly select the kind of insurance or financial product you want to purchase from the site, and a single click will transport you to the landing page for that product.
2.Many policies in one location
The country’s most complete insurance product marketplace is without a doubt Policybazaar.
The majority of insurance products are available for comparison and purchase on the Policybazaar website and mobile app thanks to relationships with more than 50 insurance firms.
3.Customer Assistance
Via their toll-free contact center and a chat feature on their website, Policybazaar provides 24 hours a day, seven days a week client assistance.
It was discovered that connecting to this service was rather simple and seamless. You may easily connect with one of these alternatives at any time of day to get your questions answered.
4.Devoted consultant
When you call them for the first time, a dedicated advisor is assigned to you in addition to the toll-free and chat alternatives.
All of your questions after that call are directed to this committed advisor, who has a thorough understanding of your unique situation, the history of talks, the status of the actions performed, the advice given, etc.
When you call customer support, you won’t always be speaking to a different individual thanks to their specialized adviser service.
Disadvantages:
1.Lack of products
On Policybazaar, not all insurance products are offered for comparison or purchase. In truth, the comparison omits a few significant and hugely popular insurance companies.
For instance, you won’t find any LIC products on the website, which can be disappointing if you’re wanting to purchase life insurance considering LIC’s widespread popularity.
Even among health insurance providers, the plans from HDFC Ergo and ICICI Lombard are not included on the website, despite the fact that they are two of the most well-known mainstream health insurance companies.
2.Ranking of products in order
The fact that the first view of the policies provided on the Policybazaar platform isn’t really based on any feature or criteria is one of the key problems when comparing possibilities.
Items aren’t evaluated according to any of the factors that truly affect them, such as their price, product quality, customer service, or claims experience.
They’re not even graded using the faulty Claim Settlement Ratio, which is used by most insurance providers and Policybazaar itself as a benchmark for high-quality insurance.
3.Not everything is online
One of the main claims made by Policybazaar is that you may complete your full insurance journey online, from research to comparison to purchase and even claims.
However it is challenging to keep this promise given the intricacy of insurance and the fact that a substantial chunk of the claims procedure is still carried out offline. Despite the company’s best efforts, its end-to-end support has gaps.
Not all of the insurance purchasing and claim processing with Policybazaar is done online. The insurer may, after receiving payment, ask you to have an offline medical exam based on your medical disclosures.
4.Options for payment
The Policybazaar website accepts all payment methods, including credit and debit cards, net banking, EMI options, wallets, UPI, etc. Regarding Policybazaar’s premium payment alternatives, there is a restriction. With them, there is only the option of an annual payment.
The option to pay the premiums in installments is also available, however you would be required to pay an additional 13% to 14% in interest. Only a small number of trustworthy organisations also provide the EMI option. Moreover, if you want to pay using a debit card, check with your bank to see if the EMI option is available.
Is Policybazaar Safe For Investment?
Yes, Policybazaar is safe for investment. You should also keep in mind that Policy Bazaar is regulated by the IRDA and thus they have to follow all the necessary guidelines.
Conclusion
In this article we discussed Is Policybazaar Safe For Investment? The analysis presented above leads to the conclusion that Policybazaar is a relatively secure investment choice. The company has a strong risk management system in place, a dominant market position, and a broad product offering.
