Anyone who has dependants would know the meaning as well as importance of buying Life Insurance. Now that everything happens online, you are just a click away from buying life insurance. Of course, you might have been bombarded with tons of information already on the various life insurance policies in India and their suitability to your needs. This piece of information will NOT talk about what policies you should buy. Instead, we are focusing on what online insurance portals to buy insurance from?
Hope the information in this article will help you choose the best insurance portal for buying online insurance.Popular portals like Policybazaar.com and InsuringIndia provide free quotes on various insurance policies. There are other similar portals available for your convenience. InvestmentYogi has performed a detailed analysis in this area for your convenience. The analysis consists of comparison between aggregate insurance portals and insurance company portals. The comparison has been done based on 20 different parameters. These parameters include various features of these websites such as comparison of services, online chat, grievance redressal, section with tips for buying insurance, registration of complaints, etc.
Aggregate insurance portals which we have considered are Policybazaar, Insurancemall, Policyboss and InsuringIndia. The insurance company portals considered are Icici Prulife, HDFC Life and Birla Sunlife. The primary set of comparison clearly states that aggregate insurance websites fare better than individual company websites in features such as comparison of prices, registering your complaints, grievance redressal, etc.
Let us now compare the above mentioned 4 insurance aggregator portals.
|PolicyBazaar||Insurancemall||Policyboss||InsuringIndia||ICICI Prulife||HDFC Life||Birla Sunlife|
|Compare Price, Services,etc for various policies||✔||✔||✔||✔||ˣ||ˣ||ˣ|
|Request for callback||✔||ˣ||✔||ˣ||✔||✔||✔|
|Options to purchase plans from various companies across different cities in India||✔||ˣ||ˣ||✔||ˣ||ˣ||ˣ|
|Access the website in different languages||ˣ||ˣ||ˣ||✔||ˣ||ˣ||ˣ|
|Register your complaints online against the purchase||✔||ˣ||ˣ||ˣ||ˣ||ˣ||ˣ|
|IRDA published claim settlement ratios||ˣ||ˣ||ˣ||✔||ˣ||ˣ||ˣ|
|Description of all types of policies including features, tax benefits, eligibility, etc||✔||ˣ||✔||✔||✔||✔||✔|
|Life Insurance, Health Insurance, Car Insurance, Home Insurance, Travel Insurance from various companies under one roof||✔||✔||✔||✔||ˣ||ˣ||ˣ|
|Delay in grievance redressal such as policy documents not received, refunds not processed and other registered complaints unaddressed||✔||NA||NA||NA||NA||NA||NA|
|Claim assistance contacts of various companies||✔||ˣ||✔||✔||ˣ||ˣ||ˣ|
|Loyalty Card with exclusive offers||ˣ||✔||ˣ||ˣ||ˣ||ˣ||ˣ|
|Is comparison of products free?||✔||✔||✔||✔||ˣ||ˣ||ˣ|
|Bombarded with multiple calls from customer care cell after providing contact details||✔||ˣ||ˣ||ˣ||ˣ||ˣ||ˣ|
|Track your booking||✔||✔||ˣ||ˣ||ˣ||ˣ||ˣ|
|Glossary of all Insurance Related terms||ˣ||ˣ||ˣ||✔||ˣ||ˣ||ˣ|
|A separate section with useful tips before buying insurance||ˣ||✔||✔||✔||ˣ||ˣ||ˣ|
|Quick access feature for paying premiums and uploading documents instantly||ˣ||ˣ||✔||ˣ||ˣ||ˣ||ˣ|
|Latest Insurance News||ˣ||ˣ||✔||✔||ˣ||ˣ||ˣ|
It is a wonderful insurance aggregator portal which allows users to buy various insurance policies and compare these to get the best quotes for free, provides claim assistance contacts of insurers and also provides good service. There is also a unique section in this portal called ‘register your complaints online’ through which users can register complaints against the website or insurer and also provides an option to ‘track your booking’.
However, it lacks in various other areas such as not having IRDA published claim settlement ratios, no online chat feature, no section with useful tips before buying insurance and no latest insurance news, to name a few. Though it has a feature for registering complaints online, there are multiple insurance complaints regarding grievance redressal such as policy documents do not reach customers on time, non-processing of refunds and other registered complaints remain unaddressed. Also, in order to get free quotes, you need to provide your genuine contact number. Once you do this, there have been complaints from users on being bombarded with calls from customer care dept.
This has got a unique feature which it provides to select customers. It is known as ‘Loyalty Card’. Once you receive this card, you would be entitled to various benefits on travel, priority service, dedicated account manager, etc. It also has other useful features along with comparison of products such as track your booking, online chat, section with tips before buying insurance, etc.
It lacks in basic areas such as not being able to serve all cities, does not describe the features, tax benefits, eligibility, etc of various policies, no claim assistance contacts of insurers, etc. The accessibility of features inside the portal doesn’t seem to be great either.
This aggregator portal gives options to purchase different insurance policies under one roof and also allows you to compare prices and services for free. Unlike Policybazaar, your contact number will not be validated and hence can escape being bombarded by calls by providing dummy details. It has pretty good features such as request for callback from portal, claim assistance contacts of various companies, latest insurance news, etc. It also has a unique feature called ‘Quick Access’ for paying premiums and uploading documents instantly.
It lacks in areas such as not having online chat, no IRDA published claim settlement ratios, no online registration of complaints, etc.
This aggregator portal has some amazing features which no other portal seems to have. It is India’s first multi lingual e-commerce portal. Its features include showing IRDA provided claim settlement ratios, separate NRI section, a glossary of all insurance related terms, etc. The website is very user friendly and provides easy access to various sub sections. Apart from life insurance and general insurance, you can also purchase miscellaneous insurance such as business insurance, rural insurance, pet insurance and fine art insurance.
The portal, however, does not have features such as request for callback, registering of complaints and tracking the booking. It could do well to improve on the said features to provide more options to the users who visit their website for multiple reasons.
You can use the above analysis as a reference while searching for portals which provide online insurance purchase facility. You can choose the appropriate portal depending on your needs and accessibility. There are several other insurance aggregator portals other than the ones considered for the analysis, such as myinsuranceclub, bimadeals, policywala, etc. We do not intend to promote any portal through this comparison. This unbiased analysis is only for your convenience.
Do share your valuable opinion on this analysis.