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Online vs Offline policy purchase.

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08 Jul, 2021 by  Saurav Mittal

So, my health insurance is due for renewal, and with all the products out there, especially with all the new diseases, I happened to visit the policy bazaar to check for all the new insurance policies covering them. Needless to say, the next hour I was flooded with their sales team's call. I then spoke to them, based on my requirement they offered a couple of products(mentioned below). My concern starts when they offer services like a dedicated person, policy bazaar certificate, hassle-free claim process, and whatnot.


1) So, do they really offer these services and can one trust them? or should one buy the policy directly from the company rather policy aggregator or we should stick to traditional agents ( considering they may not sell every kind of policy)?


2) Also I have finalized 2 policies HDFC ergo optima and Max Bupa reassure. Please suggest which would be better.


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10 Jul, 2021

Hey Saurav,


Answers in order-

  1. There's not much of the difference. Advantage with agent is that you can catch hold of them and they can visit your home too. And it ends there. Knowledge-wise, very few agents and online sellers have understanding how claims work.
  2. I understand you're trying to port out. Before we suggest which one's better, could you let me know - (a) what is the current plan you are on - plan name+sum insured, and (b) what is the age of all members covered in the policy.


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11 Jul, 2021
Saurav Mittal
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10 Jul, 2021

It all depends on customer . If you have basic product knowledge and can compare features through online portal then you can buy online . But do not buy through telecalers sales pitch because they would pitch as per their sales incentive scheme .

If you a common person with no basic knowledge then choose a good advisor who does your need analysis and choose a suitable solution . An advisor is in touch with you at the time of claim . There can not be any alternative to a good reliable advisor . Rather spending time on choosing a product ,choose time in selecting advisor . Check credentials , speak to vlients .

All Insurance companies have a suitable solution for you . It is a competitive market and all products have common features .

HDFC Optima and Bupa Reassure are good product , you can choose any one .

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11 Jul, 2021
Saurav Mittal
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11 Jul, 2021

Hi Saurav,


Thanks for your reply to my message. I understand your problem statement now.


There are 2 parts to my suggestion.


  1. I guess you have an existing policy. You want to now move to Max or HDFC Ergo. Your agent doesn't sell policies from these companies. That's why you are thinking of going online to buy. But you are vary of their service promise, which is a valid concern. I have a solution. If you can drop me a line on anuj@sureclaim.in, I can suggest a practical approach. Suggesting email because I'll need some specific data points.
  2. You are thinking of switching to new plan and ditch the old policy. I suggest that you port the policy while you make this switch. Why I'm saying that? Because in your existing policy, you must have kept it for 1+ years. In a health policy, there is waiting period for certain treatments. If you have already had a policy, then when you port, this time period of previous policy gets deducted from the waiting period of new policy. This can make a difference of a few thousands to a few lakhs if done systematically. Whoever you buy from can facilitate this porting.


Anuj Jindal

Co-founder

SureClaim

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11 Jul, 2021
Saurav Mittal
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25 Jul, 2021
Saurav Mittal
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