Whenever the idea of taking an online policy comes to our mind, then the name of Policy Bazaar comes first in our mind, because Policy Bazaar has become a multinational financial technology company in today’s time. But there are some such important questions related to Policy Bazaar, about which people or their customers are interested to know and in this article we are going to discuss those questions.
Therefore, if you are an existing customer of Policy Bazaar or are thinking of becoming a customer, then you are requested to read this article first because after reading this article you will know that what is PolicyBazaar and how does it work?
What is PolicyBazaar and how does it work?
PolicyBazaar is one of India’s largest aggregator and marketplace of all insurance products. Policy Bazaar was established in July 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. PB Fintech LTD is the parent company of Policy Bazaar. Policy Bazaar through its Digital App and website helps people to compare all types of Policies and Insurances and to choose the best policy for them.
One of the most important objectives behind starting Policy Bazaar was – to bring transparency in insurances. Yashish Dahiya, co-founder of Policy Bazaar, says that before the advent of Policy Bazaar, the agents did not tell the complete scheme to the customer and they used to sell Polices to them only by talking about their benefits and generate their commission from Insurances Companies.
In such a situation, when those customers used to claim their policy, they were not able to get the benefits according to their expectation because they were not told all the terms and conditions of the company by the agent. This was the reason that people were afraid to take any kind of policy at that time because they started feeling that they do not get the full benefit from the company when they need it.
Policy Bazaar has brought complete transparency in insurances because you can see all the policies on their platform by comparing with each other and you can also study their Pros and Cons in Detailed, so that it becomes much easier for you to choose the Best Policy according to your need.
You can select the best policy for yourself by giving some basic information related to you on Policy Bazaar. In the beginning Policy Bazaar was a Price Comparison platform but gradually it has become a complete insurance market.
What is the main work of PolicyBazaar?
PolicyBazaar is a popular Insurances Aggregation Platform of India where you are told the difference between all types of Insurances and Policies based on their price, quality and other main factors. PolicyBazaar Collars with all the big Insurances Companies and after that they mention them on their website and App with their full details, so that their customers can purchase all the policies by comparing them with each other.
Whenever a customer buys any policy from PolicyBazaar’s platform, PolicyBazaar gets Commission Generated from the Insurance Company, which is its Actual Earning. PolicyBazaar wants to make all the people aware about Insurances and wants to eradicate the myth spread towards them. They want to tell people about the true benefits of insurance.
Is it 100% safe when I buy a policy through PolicyBazaar?
PolicyBazaar is a reputed platform and you can feel free to buy the policy from here according to your Requirements. More than 50 Insurers and more than 9 Million Customers are associated with Policy Bazaar and Policy Bazaar also claims that they have sold more than 19 Million policies till now. Now looking at these figures, we can say that PolicyBazaar is a trusted platform as the number of policies sold by them is increasing continuously.
But if you look at the reviews of customers of PolicyBazaar, then they also tell some of its negative points. PolicyBazaar’s customers say that you should buy the policy from here only when you are 100% sure that you will continue it. Because many times when we buy a policy, after a few days we feel like closing our policy, whatever the reason behind it may be.
In such a situation, when you cancel your policy in the middle, then it may take time for you to get your money refund from PolicyBazaar because according to customer reviews, they ask you to be patient only for Refund and instead of money from PolicyBazaar, you get only Mails.
But if you continue with your policy, then you may not face any such problem. If you want to take Vehicle Insurance, Health Insurance, Travel Insurance or any type of insurance through an agent, then it would be better if you get your insurance done through ‘PolicyBazaar’ because in this you get full transparency and you can also compare all the products with other Insurers products.
And if you have already selected your policy and you are completely ready to buy your policy, then you can buy your policy directly from Insurers. With this you can avoid intermediary like PolicyBazaar.
What is the advantage of taking a policy from PolicyBazaar?
The biggest advantage of PolicyBazaar is that you can see all types of Insurances and Policies on this platform by comparing them with each other and based on your Requirements and Financial Conditions, you can choose a better policy for yourself so that your hard-earned money is not wasted.
On PolicyBazaar, you also get insurances with low premium as per your need and insurances with high premium with more features and more benefits are also available. You can take full advantage of a policy or insurance only when you know that according to your condition and needs, which policy is the best for you and by buying which policy, you will not go into loss.
How is PolicyBazaar customer service?
If we talk on the basis of their customers’ reviews, then their customer service is not very good. It has been learned from the feedback that they keep calling you from your personal number until you buy a policy from them and once you have bought the policy from them, they take a long time to respond to you.
Although these people try to solve the technical issue related to your policy quickly, but mostly they create this problem when you close your policy midway and take your money refund.
Is PolicyBazaar IRDA approved?
In June 2021, Policy Bazar got the insurance broking license from IRDA.
Does PolicyBazaar sell its own insurance?
No, PolicyBazaar does not sell its own insurances of any kind, but all the big insurance companies that sell health insurance, vehicle insurances, travel insurances, home insurances, Mentions their policies with all their features on their platform, so that the customer can buy the right policy according to his requirements.
Final Words
Friends, I hope you have got a brief introduction related to PolicyBazaar and you must have also come to know that whether you should buy policies from PolicyBazaar or not. Always select that policy which suits both you and your pocket. Apart from this, before buying any policy or insurance, please see Customer Reviews or Customer Feedback.