According to a 2017 study by LexisNexis Risk Solutions, a company that provides data and analytics solutions to insurers, only about 30% of youths in the age group of 25-34 years buy health insurance online. It shows that Indian consumers still prefer to buy it from an agent or the insurer’s office rather than buying online. It could also be due to the fact that most people in the working age rely solely on the employer’s group mediclaim policy for coverage or don’t know how to buy health insurance online.


However, there are several advantages you get when you buy health insurance online and one of the biggest is transparency.

Advantages of buying health insurance online

1. Form Filling Is Easier:

In the above mentioned LexisNexis study, 64% of the people who bought health insurance offline had trouble filling up the form and had to take the help of the agent or other people. With intuitive tools, tutorials and suggestions, it’s easy to fill the form when you buy an insurance plan online compared to all the paperwork and time consumed while buying it offline.


Health Insurance available on Bajaj Markets offers a seamless policy buying experience in just a few clicks. Once the policy is issued online, policy documents are sent to your email id within minutes.

2. You can compare different plans:

Imagine an insurance agent, perhaps he is your family insurance agent, friend, neighbour, relative, etc. and he sells insurance for ABC company. He will try to push you the health insurance plan from ABC and only those that give him the best commission. For the sake of politeness, obligation or because of his salesmanship, you will go ahead and buy it without comparing with others. Of course, he won’t allow you to login and start researching online.


On the other hand, when you buy mediclaim policy online , you get a chance to compare the insurer’s various plans that are customized according to your profile. You also get the opportunity to compare various health plans and select the one that gives you maximum benefits. Comparing different plans helps you get the best deals in terms of price, benefits, and features.

3. Ample time to research, decide and pay:

Unlike an insurance agent who is always in a hurry to persuade you, make you sign the documents, and take the cheque and leave, you get ample time to research, decide and then pay, when you buy health insurance online. Most of us are not aware of the nitty-gritty of how medical insurance works and what is best for a certain age group, income level, geography, etc. When you buy offline, you also don’t get time to research about benchmarks such as incurred claims ratio (ICR) and claims settlement ratio (CSR) of the insurance company, which are important parameters to judge its health.


The health Insurance plan available on Bajaj Bajaj Markets has one of the best CSR in the industry at 94% and a healthy incurred claim ratio and a customer base of 100 million plus customers in the country.

4. Transparent terms and conditions:

Do you know that IRDA mandates every health insurance company selling insurance online to make available their terms and conditions online? Do you think an insurance agent has the time to sit down & explain to you all the terms and conditions? Of course, not. We understand that you may not have time to read everything, but you must know what the important things are that you should read in a health insurance policy document. At Bajaj Bajaj Markets, we have discussed these points in detail and you can refer to them to learn about the important things to check in a health insurance policy.


The LexisNexis study also unraveled one important concern that plagues this industry. It showed the other side of the picture. According to the study, 70% of consumers were ready to omit or mention incorrect information in their insurance applications. Another alarming report was that 70% of consumers were ready to omit and misreport while submitting their claims.


The types of information that were intentionally concealed or incorrectly mentioned were age, family medical history, income, health claims history, marital status, gender, and employment status. The primary reason they did so was to avoid undergoing medical tests and fear about an increase in health insurance premium.


Though it is understandable that you may want to save money, misreporting information on the health insurance application form can lead to delays, lower approvals or worse, outright claim rejection. Don’t omit or misinform; it’ll only cause you trouble in the future.


Need more reasons to buy health insurance? Head to Bajaj Markets to read about top 10 health insurance benefits.


Read our top blogs to know more about health insurance in India:


Health Insurance Plans Available at Bajaj Markets

No Room Rent Capping | No Medical Check-up up to 55yrs | Tax Benefit up to 75,000 | Buy Health Insurance starting @ ₹160 pm Check Plans
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