Online vs. Offline Health Insurance: 9 Top Differences

When it comes to online vs. offline health insurance, what matters isn’t just the mode of purchase. While you may see multiple policies online, you may also get information through physical means. Choosing between online and offline insurance completely depends on what you are comfortable with, as you can opt for either. While the offline mode has been present for a long time, the online mode rose to prominence between 2005 and 2010 in India [1].

In fact, online health insurance gained more popularity during the spread of COVID-19. This makes sense considering it was a safer and more convenient choice to buy health insurance online. As per market research, the digital influence on sales of health insurance was at 15% in 2021 [2]. With rampant growth in the use of mobiles and the digitalization drive by the government as well as the IRDAI, more and more people are choosing online vs. offline health insurance.

If you are wondering what is difference between online and offline insurance policies is, you are not alone. It boils down to access to information, ease of following the processes, and affordability. So, any comparison of online vs. offline health insurance requires a look at different aspects. Read on for insight and to know about the benefits of online vs. offline health insurance. 

Take a look at the crucial factors related to the online vs. offline health insurance debate.

Process of applying 

When it comes to online insurance, you can get a policy right from your mobile or computer. All it takes is visiting the official website or app of an insurer or an aggregator website. Once you add your personal and health-related credentials, you will get a quote. You can tweak this and the coverage until you are satisfied. This is the time you should make sure to go through the terms and conditions carefully. Then you pay the premium online and soon get the policy document via email.

While applying offline for an insurance plan, you have to do your due diligence manually and get in touch with an agent. Then you need to fill up a form and submit the required documents to get your application processed. Once your policy gets approval, the insurer will send you the hard copy. Thus, the application process remains a key differentiator in choosing online vs. offline health insurance.

Ease of access 

Processing duration  

While buying a health insurance policy online takes no more than a few minutes, going for the same process offline may take a few weeks to get approval. In this way, the offline mode is more time-consuming than its online counterpart. This is a key difference between online and offline insurance policies in terms of the timeline.

Documents required 

Paperwork is another important aspect of the online vs. offline health insurance debate. Remember, purchasing a health insurance policy online requires minimal paperwork. On the other hand, if you apply for a health policy offline, you need to submit physical documents Aadhaar card, your birth certificate, records of your medical history, and more.

Options available  

When buying a health insurance policy online, you get to choose from many options. Usually, there are several policies available on your insurer’s website and app. Many more at available to you via aggregators who list multiple plans from different companies. This makes comparing benefits, waiting periods, and premiums easier. When purchasing a health policy offline, you have to depend on the representative or broker. This may limit your choices.

Clarity of information  

Transparency is another vital factor when discussing online vs. offline health insurance. Online, you can check the crucial information about different insurers, such as their claim settlement ratio, the process of raising claims, and more. This leads to a smarter purchase decision. In the case of an offline mode, you have to depend solely on the agent, who may be biased or even uninformed. In fact, lack of information on health insurance waiting periods is often a drawback of purchasing offline.

Reviews and testimonials  

When deciding on a health insurance policy online, you can check reviews of existing customers and make a wise decision. In the case of purchasing the same policy offline, you may not have access to all kinds of reviews. Hearing from family and friends can help, but their needs to cover existing ailments and requirements may be different from your own.

Cost and affordability  

While comparing premiums between online vs. offline insurance, you may find that the online mode is more pocket-friendly. The reason for this lies in the fact that you don’t have to pay certain broker-related expenses and other service costs. Even if the cost is the same in online and offline policies, you may benefit from seasonal or other discounts online.

Process of renewal 

The ease of renewal is also a point of difference between an online and offline insurance policy. Online, you can renew your policy through your insurer’s website or app by filling up a form and paying the revised premium digitally. In the case of offline health insurance, you need to visit the nearest branch of your insurer or meet an agent to process your renewal. This can be less convenient for those who are adept at purchasing online but not for those who prefer it.

With all these factors explained, you can now answer the question, what is the difference between an online and offline insurance policy. All in all, choosing online vs. offline insurance depends upon you and what you find more suitable. In today’s fast-paced life, going for the online mode is prudent, considering its convenience, transparency, and other advantages. 

To get the most from your medical policy, go for the Aarogya Care Complete Health Solution Plan. Besides providing a health cover of up to Rs.10 lakh for you and your family, the plan also comes with additional benefits like network discounts, COVID-19 coverage, free preventive health check-ups, and more. The Aarogya Care claim settlement process also makes life easier with a cashless process that takes less than 60 seconds! What’s more, Aarogya Care also offers a health card. Use it to split your medical bills into easy EMIs and reduce financial strain during your time of need. With all these options at your fingertips through the Bajaj Finserv Health app and website, you can enjoy greater coverage for all your health needs.