80% Research Insurance Online: Are You Buying Right?

4 out of 5 Indians now research insurance policies online before talking to an agent. But clicking through comparison sites and actually picking the right cover are very different things. Here's how to use online research without getting misled.

Here's what happened: A Google-McKinsey study found 80% of Indian insurance buyers research policies online before consulting an agent or buying directly.. Digitally influenced buyers now account for 40% of all health and life insurance sales in India, a share that is rising year on year.. Despite heavy online research, many buyers still finalise purchases through agents — meaning online habits shape demand but offline advisors often close the sale..

What you should do: Check the insurer's Claim Settlement Ratio on the IRDAI annual report (irdai.gov.in) before shortlisting any plan — target above 95% for life, above 90% for health.. Compare policies on sub-limits and co-pay clauses, not just premium — look for 'room rent cap', 'co-payment', and 'disease-wise sub-limit' in the policy wordings on the insurer's own site.. Use aggregator sites to shortlist 3-4 plans, then buy directly from the insurer's website or IRDAI-registered broker to avoid commission-driven upsells..

Pro tip: IRDAI's Bima Bharosa grievance portal publishes insurer-wise complaint volumes — a high complaint-to-policy ratio is a better predictor of claim trouble than any online review.

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