Policybazaar - Insurance Company
Policybazaar – Insurance Company
Here is a deep dive into PolicyBazaar — what it is, how it works, the good & the bad and what to look for:
What is PolicyBazaar?
. PolicyBazaar, (Officially PolicyBazaar Insurance Brokers Private Limited). Ltd.) is an Indian insurance aggregator / broking company.
. It was set up in 2008 with the mission to add more transparency into insurance (comparing policies, making terms easier to understand, reducing mis‑selling).
. Users can compare insurance offers (life, health, motor or travel among others) from various insurers, taking into account features as well as premiums and buy directly online (Policybazaar)
. Over the years this became not only an “aggregator/comparison platform” but also a broker. Full approval from IRDAI to be a composite insurance broker, permitting it to undertake more activities in relation to insurance and reinsurance (February 2024)
How PolicyBazaar Works
Here’s what the flow looks like when a customer goes through PolicyBazaar:
1 Comparison: The user provides information (age, health conditions, required level of coverage) and receives quotes from a number of insurers side by side.
2 Selection & Purchase: The user selects a policy and purchases it by the platform (online).
3 Issuance: The insurer provides the policy according to its underwriting rules.
4 After‑sales / Support: PolicyBazaar provides assistance in servicing, claims support, renewals etc. (in some task insurer may directly respond).
As a broker/intermediary (and not the insurer), so, PolicyBazaar has no control over the underwriting risk and claim settlement and therefore knowledge base of why, when, what and how much information was used in processing their loan.
Strengths / Benefits
. Convenience & Speed Compare across thousands of top insurance plans in one place, deals offered List Of Services: 1.
. Transparency & Comparison – It’s easier to see the differences in premiums, coverage amounts, exclusions, riders etc.
. Scale & Reach: It has partnerships with many insurers in India, offering more choice to the user.
. Regulatory Support: IRDAI regulates and licenses the service.
. Innovation/Techs They have integrated some AI/techs to make certain operations smoother and user-friendly. (EquityPandit)
. Expansion: They have verticals focusing on corporate insurance (“PolicyBazaar for Business”), and now reinsurance, after their license was upgraded. (Business Standard)
Criticisms, Risks & Customer Complaints
PolicyBazaar has its own pros and cons but there are some criticisms, red flags:
. Mis-selling / biased product promotion: IRDAI fined PolicyBazaar ₹5 cr in Aug’25 citing breaches like floating “best / top” labels without proper disclosures, governance lapses. (India Today)
. Delays and servicing problems: Some customers say their policies were delayed in being issued, renewed or canceled. (Reddit)
. Over‑aggressive sales / calls: Many complaints of calling too much, being pressured to purchase policies, selling them with incomplete understanding, etc. (Reddit)
. Unfulfilled Promises: There are claims that the promises made at point of sale (coverage, benefits) don’t reflect what policyholders read in their contract. (Reddit)
. Premium difference / renewal loading: Some users mention that the premium on renewals or quotes on PolicyBazaar is higher than if purchased directly from insurer. (Reddit)
The process of signing up with PolicyBazaar (screenshot attached ) Because policybazaar is an intermediary, sometimes there could be a miscommunication or some lag in the transfer of premiums/ documents which are both points of operational risk.
What to Avoid / What You Should Do
. Always read below the fold, a PASA spokesman soothed — what’s promised in the policy gadget on the phone is irrelevant, it’s the insurer’s terms that count.
. After you buy, double-check your policy is registered with the insurer (in addition to PolicyBazaar).
. Be ready with all emails, receipts, screenshots if it comes to disputes or service problems.
. And don’t rely on the platform for anything beyond comparison; once you’ve picked your policy, you might even want to deal directly with the insurer when it’s time to renew in order to avoid middle‑man price mark-ups.
. Ensure the broker / intermediary is adequately licensed by IRDAI.
. Beware of pushy salespeople and “limited time offers” — shop around in depth.
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