Summary

Medical insurance is a necessity for all to get financial protection against unexpected medical emergencies. But how to purchase a medical policy? Read on to know more.

A medical emergency can occur at any time and to anyone irrespective of their gender, age, or lifestyle. Although it is unpredictable, you can be prepared to tackle the situation by purchasing a medical insurance policy. Medical insurance helps you and your family get financial protection against various health risks. If you get hospitalised for treatment of an illness, the insurance company will pay for the expenses as per the policy terms.

What is Health Insurance?

Medical insurance is an agreement between the policyholder and the insurance company, wherein the former agrees to pay a premium, and the latter pays for the hospitalisation and other medical expenses as and when needed by the policyholder.

When it comes to buying a medical insurance policy, a lot of people debate whether they should buy it online or offline. The decision entirely depends on your personal choice.

Buying a policy offline.

Traditionally, in India, people preferred buying an Insurance policy offline, either by approaching the insurer’s office or through an agent. When you purchase from the insurer, you can directly speak to the representative and get full details of the various plans offered by them.

Important things to know about buying a policy offline

· When you buy insurance through an agent or directly from the insurance company, the experts will help you get full details and even guide you through the purchase process.

· A significant benefit of buying an insurance policy offline is that the representative or the agent can help you purchase a customised policy based on your exact needs, and the premium affordability. It may be hard to find such customisation options online.

· One of the drawbacks is that you may have to go through the complicated paperwork. But, the insurance representative will provide the necessary assistance for a hassle-free purchase experience.

Buying a policy online

Buying an insurance policy online is easy and quick. Today, a lot of people prefer this method as it allows them to make an informed buying decision. Also, purchasing online gives you plenty of choices to choose from. You can either directly visit the insurance company’s website, fill the form, comply with the KYC norms and get the policy, or you can purchase through various aggregator websites. The convenience of buying a policy online is unparalleled.

Important things to know about buying a policy offline

• If you are buying from an aggregator website, you can make a side-by-side comparison of the different plans from different insurance companies. This will help you understand the differences in terms of the benefits offered, the premium amount, inclusions and exclusions, and make an informed choice
   
• Most aggregator websites list policies from several insurance companies. Thus, you have a wide selection to choose from. Additionally, such sites also have unbiased reviews of real policyholders, which will help you understand the credibility of different insurance companies.
   
• When you buy a policy directly from the insurance company through their website, you need not pay any additional fee like brokerage that you may pay to the insurance agent. Thus, you can reduce a significant amount on your overall insurance cost.
   
• When you buy medical insurance online, you need not have to go through the hassles of complicated paperwork. Most online companies have minimal documentation requirements; you must fill the form, comply with the KYC norms, and the insurer will send the policy documents on your email.

So, buying medical insurance online or offline both has its advantages and disadvantages. But experts recommend buying it online as you can make a better comparison and get the best plan to suit your specific needs.