Policybazaar provides health insurance directly, but that’s not true. It’s simply a marketplace. All health insurance companies in India, like HDFC, Star Health, Care Insurance, or Niva Bupa, are listed on their portal. You can compare different companies’ plans and buy according to your needs. Policybazaar acts only as a mediator and doesn’t issue any insurance policy itself. Also, it’s a listed company in the stock market under the name PB Fintech. You can search for it. Plus, Policybazaar has opened local offices. Their headquarters is in Gurgaon, and
If talk about branches, they have offices in most metro cities and almost all Tier 2 and Tier 3 cities. You can physically visit these offices. Now, let’s talk about how to use their website to find the best health insurance. Before searching, keep a few things in mind. Many people select options for themselves, their mother, father, and spouse all at once. I recommend keeping a separate family floater plan for yourself, your spouse, and children, and a different plan for parents. If you combine them, the premium is much higher compared to the insurance amount. Also, you get double tax benefits: ₹25,000 for yourself and up to ₹50,000 for senior citizen parents. So, keep this in mind.
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What are the Benefits of the Policy Bazaar
Policybazaar is a platform that helps you buy and compare insurance policies easily. Here are its benefits in simple English:
- Compare Policies at One Place: You can compare various insurance policies (such as health, automobile, or life) offered by numerous companies in a single website. This allows you to select the most suitable one for you.
- Saves Time: You can easily compare prices, coverage, and policy features in a few seconds without browsing several sites or agents.
- Lower Expenses: Purchasing insurance online from Policybazaar tends to be cheaper since no agents are involved, hence you don’t incur extra commissions.
- Personalized Guidance: Policybazaar’s experts assist you in comprehending complex insurance language and recommend policies that suit your requirements, such as term insurance for your dependents.
- Simple Renewal: You can renew your policies with a single click, making the process quick and convenient.
- Claim Support: Your team assists you through the claim process, leading you to receive the benefits you are entitled to.
- Health Tools: They provide you with tools such as a health check-up scheduler and a health assessment tool to maintain your good health.
- Tax Savings: Purchasing specific policies, such as health insurance, will assist you in saving on taxes (up to ₹23,400).
- Numerous Choices: You get to pick from more than 250 plans of 50+ insurance providers, such as life, health, auto, and travel insurance.
- Transparency: Policybazaar displays explicit information on policies, so you understand what you’re purchasing without surprise extras.
These advantages make Policybazaar a hassle-free and reliable option to seek the best insurance for you. Though there have been complaints from some users of unwanted calls or data privacy issues, so be careful and verify policy details thoroughly.
Process To Apply for the Policy Bazaar
- Go to the official website (www.policybazaar.com) or get the Policybazaar app on your phone at the Google Play Store or Apple App Store.
- Right on the homepage, select “Life Insurance” or “Term Insurance” under the insurance product options.
- Complete the Form: You must enter basic information like:
- Your name
- The day someone was born
- Gender
- Mobile number
- Email address
- City or PIN code is required.
- Annual income
- Occupation
- Whether you smoke or not
- Whether you have any previous health problems
Answer a few questions related to your coverage, like choosing a coverage amount (like ₹1 crore) and the period (such as 10, 20 or 30 years). To find out your premiums, use the Term Insurance Calculator and enter your details.
On Policybazaar, you can check a comprehensive list of over 40 life insurance plans. Make sure to check what you will pay, the coverages available and any added benefits (such as critical illness or sudden death cover). Look at plans within your budget and check what they offer.
Decide on a Plan: Go for the plan that you feel is best for you. If you want help from an advisor, simply click “Get Free Advice.”
- Complete the Proposal Form by providing detailed responses to all questions.
- Information from an Aadhaar Card, PAN Card or Passport
- A copy of proof such as a utility bill or rental contract, should be included.
- Doctors look at your medical past and your usual habits (including smoking and drinking).
- Examples of income proof include salary slips, bank statements and ITR.
- Recent photos taken as required by the insurance company
Select your payment method (debit card, credit card, net banking or UPI) and pay the first premium on the website. Check that your internet is safe and secure.
Provide Required Documents: Put in scanned forms of your identity card, household address, documents related to income and medical reports (if relevant). There are plans where you have to do a telemedical check-up.
What are the types of the Insurances are available in the policy Bazaar
Life Insurance:
- What it does: It gives your family financial support if you’re no longer there.
- Find out about the types of insurance on Policybazaar.
- Term insurance makes affordable plans available with generous coverage of up to one crore for a chosen period (20-30 years).
- You are covered by Whole Life Insurance throughout your life and it includes a savings benefit.
- With Endowment Plans, you get insurance and saving at the same time and you receive a lump sum when the policy matures.
- ULIPs works by connecting insurance with stock and bond investment in the market.
- A Child Plan is focused on funding your child’s future such as education or marriage.
- Funds are set aside during your working years to give you income once you retire.
- Right now, term plans begin at ₹487 each month for coverage of ₹1 crore.
Health Insurance:
- How it’s defined: Provides coverage for hospital bills and medical surgeries.
- The types of insurance available from Policybazaar:
- An Individual Health Plan is meant for one individual’s needs.
- Using a Family Floater, all family members are covered by a single policy.
- Senior Citizen Plans are designed for individuals over 60 to cover conditions that senior citizens face.
- If you get cancer or have a heart attack, a Critical Illness Plan provides you with a lump sum.
- Extra health insurance plans that are available at low cost to add more protection.
- For example, you can get a family floater plan for ₹500 per month and receive cover for up to ₹5 lakh.
Car Insurance:
- Protects your car from being stolen, damaged or damaged in accidents.
- There are various types of coverage found on Policybazaar.
- With Comprehensive Car Insurance: You are protected if your car is damaged, another person’s property is damaged or your car is stolen.
- Third-Party Car Insurance: Pays for any harm you cause to someone else in an accident (it is required by law).
- This cover only compensates for any damage to your car.
- Small cars can be covered by comprehensive insurance for as little as ₹2,094 per year.
Two-Wheeler Insurance:
- What it offers: It will pay to repair or replace your bike or scooter if it is broken, lost or taken.
- You will find these types of car insurance products on Policybazaar:
- Bike Insurance covers a crash on your bike, as well as damage to an owner’s property if the crash happens when you are riding.
- Such insurance is needed by law to cover any accidental harm you bring to others.
- Take, for example, bike insurance which can be had for as little as ₹538 each year.
Travel Insurance:
- It covers problems that might arise during your voyage such as flight delays, baggage missing or medical emergencies.
- You can find different types of policies on Policybazaar.
- Domestic Travel Insurance: You need this for travel inside India.
- For any trip outside the country, having insurance covers medical problems or trip interruptions.
- For students traveling to another country to study, Student Travel Insurance is available.
- Example: It costs just ₹40 a day to start your international travel plans.
Home Insurance:
- What it does: Safeguards your house and your possessions from fire, being stolen or natural disasters.
- You can find different types of policies on Policybazaar.
- Replacing the building structure is covered by this insurance.
- Furniture or electrical appliances purchased for your home are also covered by Content Insurance.
- Full package covers the home itself and all its contents.
- For example, to get home insurance for up to ₹50 lakh, you will start paying ₹2,000 per year.
Cyber Insurance:
- It serves to keep you from being harmed by threats like hackers or data thieves while using the internet.
- Each of the following segments describes a category of insurance on Policybazaar.
- Protects you from losing money due to cyber fraud, identity theft or a phishing attack.
- For example, plans start with a ₹1,000 annual payment for covering up to ₹1 lakh.
Pet Insurance:
- What it ensures: Your pet’s health bills are paid for, much like with human health insurance.
- There are several types listed on Policybazaar.
- Includes payments for vet checks, surgery and unexpected accidents for pets.
- The starting price for pet insurance is ₹3,000/year.
Group Insurance:
It covers the needs of groups such as workers or companies.
- Different types can be found on Policybazaar.
- Group Health Insurance: Companies use it to cover their workers’ medical bills.
- Group Personal Accident Insurance gives protection against accidents to group members.
- Example: Tailored plans according to the requirements of the group involved.