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Is Policybazaar Genuine, Safe & Trustworthy?
Every Question, Answered Honestly
You've searched for it. You've wondered about it. Here are direct, transparent answers to the most common questions and doubts people have about Policybazaar — all in one place.
IRDAI Licensed Broker Registration No. 742
NSE & BSE Listed (PB Fintech)
Serving customers since 2008
Join crores who trust Policybazaar
What Is Policybazaar and How Does It Work?
Policybazaar is India's largest online insurance marketplace, founded in 2008. It lets you compare insurance plans from 50+ licensed insurance companies — across term life, health, motor, travel, and investment-linked plans — and buy the one that fits you best, online or with an advisor's help.
Policybazaar is not an insurance company. It is an insurance broker, licensed and regulated by the Insurance Regulatory and Development Authority of India (IRDAI). The policy you buy is issued directly by the insurance company you choose — Policybazaar is the platform that helps you compare, decide, and purchase.
01
You compare
Enter your details once and instantly see quotes from multiple insurers side by side.
02
You choose & pay
Select a plan and pay the premium through secure payment gateways.
03
The insurer issues your policy
The insurance company issues the policy in your name and sends documents directly.
04
Lifetime support
Policybazaar assists with renewals, policy servicing, and dedicated claims support.
Who is the owner of Policybazaar?
Policybazaar is owned and operated by PB Fintech Limited, which was co-founded in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. Yashish Dahiya serves as the Chairman and Group CEO, while Alok Bansal is the Executive Vice Chairman and Co-founder.
Key Leadership & Ownership Structure:
02
Alok Bansal
Co-founder and Executive Vice Chairman of PBFintech
03
Parent Company
PB Fintech Ltd is the publicly traded parent company that owns Policybazaar along with other subsidiaries like Paisabazaar
04
Institutional Ownership
Major institutional investors and public shareholders hold the majority equity in PB Fintech, as it is listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)
Who is the CEO of Policybazaar?
Current CEO
Sarbvir Singh
inCEO of Policybazaar
Sarbvir Singh, CEO of Policybazaar.com, has spoken about how the platform is helping make insurance more accessible to Indians, even as affordability remains a concern amid rising premiums. He has noted a clear shift toward customers choosing monthly premium payments over annual ones, making policies easier to afford upfront. He has also pointed out that Policybazaar's business has grown faster than the broader industry, at one point outpacing overall market growth by around 40%, reflecting growing trust in the platform as more people turn to it to compare and buy insurance.
Is Policybazaar Fake?
No — Policybazaar is a legitimate, regulated company
This question often comes from first-time online insurance buyers, and the caution is understandable — insurance involves significant money and trust. Here are the verifiable facts:
IRDAI regulated
Policybazaar Insurance Brokers Private Limited holds a valid broker licence (No. 742) from IRDAI, the government regulator for all insurance business in India. You can verify this directly on the IRDAI website.
Publicly listed parent
Policybazaar's parent company, PB Fintech Ltd., is listed on the NSE and BSE since November 2021. Its financials are audited and publicly disclosed every quarter.
Real policies from real insurers
Every policy bought via Policybazaar is issued by a licensed insurance company (LIC, HDFC Life, ICICI Lombard, Star Health, etc.). You receive policy documents directly from that insurer and can verify your policy on the insurer's own website or helpline.
Physical presence
Policybazaar has registered offices, thousands of employees, and physical store presence across Indian cities. Our main corporate headquarters is located in Gurugram, Haryana. Address: Plot No. 119, Sector 44, Gurugram, Haryana 122001
Is Policybazaar a Scam?
No — and here's how to tell the difference
A scam takes your money and gives nothing in return. Policybazaar does the opposite of what scams do:
What Policybazaar is
- IRDAI licence No. 742
- Publicly listed on NSE/BSE
- Payments to insurers via secure gateways
- 17+ years of operations
- Policy issued by the insurer in your name
- Dedicated support & claims teams operations
What a scam looks like
- No regulatory licence
- Untraceable company
- Payment to personal accounts
- No policy document issued
- Disappears after payment
- No customer support
Where does the "scam" perception come from? Mostly from three sources:
01 Individual bad experiences with sales calls02 Confusion between Policybazaar and the insurance company when a claim is rejected by the insurer.03 Fraudsters impersonating Policybazaar through fake calls and websites — which Policybazaar itself actively warns customers about.04 Non-disclosure of information during application: If important details such as medical history, lifestyle habits, or existing policies are not disclosed while filling the proposal form, the insurer may reject the claim later. This can sometimes create the perception that Policybazaar did not help during the claims process.
Beware of impersonators
Policybazaar never asks you to transfer money to a personal bank account, never asks for your OTP, and never promises "bonus refunds" on old policies. If you receive such a call, it is a fraudster misusing the brand name — report it to:
Policybazaar's official helpline
1800-258-5970
Request a call back by visiting on this
https://www.policybazaar.com/contact-us/
You can Whatsapp us
+91 8506013131
Chat with PB agent
https://www.policybazaar.com/contact-us/
Does Policybazaar Have Hidden Charges?
No — you pay the same premium as the insurer's official rate
Policybazaar does not charge customers any fee — no convenience fee, no platform fee, no commission deducted from you. The premium displayed on Policybazaar is the same premium set by the insurance company under IRDAI-approved pricing.
| Charge Type | Does Policybazaar charge it? |
| Platform / convenience fee |
No |
| Extra premium over insurer's rate |
No |
| Charges for comparing quotes |
No |
| Charges for claims assistance |
No |
| Renewal reminder / servicing charges |
No |
Why Does Policybazaar Call So Much?
A fair criticism — here's why it happens and how to stop it
This is the most common complaint about Policybazaar, and it deserves an honest answer.
We understand that frequent follow-up calls can sometimes feel overwhelming and may not always align with customer expectations. At Policybazaar, we continuously work to improve the customer experience by refining our communication processes, reducing unnecessary outreach, and giving customers greater control over how and when they wish to be contacted.
Customer feedback plays an important role in these improvements, and we remain committed to making our interactions more relevant, timely, and respectful of individual preferences.
How to stop the calls — it's your right
01 Tell the advisor "please add me to Do-Not-Call": Agents are required to honor DNC requests.02 Use the Policybazaar app/website: Manage communication preferences under your account settings.03 Email or call customer support: Request removal from calling lists with your registered mobile number.
Is Term Dedicated Claim Assistance Free?
Yes — dedicated claims assistance at zero cost
A common myth is "Policybazaar only sells, it disappears at claim time." The reality: Policybazaar runs a dedicated claims assistance team that supports customers through the entire claim journey:
01
Documentation guidance
What forms, certificates, and reports the insurer needs — prepared right the first time to avoid back-and-forth.
02
Proceed for payment
The team follows up with the insurance company on your behalf so you don't chase call centres
03
Escalation support
If a genuine claim is delayed or wrongly rejected, Policybazaar escalates to senior levels at the insurer, and guides you on Ombudsman recourse if needed.
04
Dedicated claim helpline
Reachable directly through the app and website for health, motor, life, and term claims. You can directly contact Policybazaar at 1800-258-5881.
Are All Policybazaar Reviews Negative?
A balanced look at what reviews actually show
No — but it's worth understanding why negative reviews are more visible. Review platforms across industries share a known bias: unhappy customers are far more motivated to write reviews than satisfied ones. A person whose policy was issued smoothly rarely posts about it; a person who got three sales calls often does.Similarly, when a claim is rejected by the insurer, customers may sometimes leave a negative review about Policybazaar, even though the final claim decision is made by the insurance company based on policy terms and disclosures.
When you look at the full picture of PB Reviews:
What Google/ App store Reviews Reveal About Policybazaar?
When you look at the full picture of PB Reviews:
Google Play Store
Based on 5+ Lakhs reviews
The Policybazaar app holds a strong rating across lakhs of reviews — among the highest-rated insurance apps in India. Recurring praise: easy plan comparison, fast and paperless policy issuance, timely renewal reminders, and policy documents accessible in one place.
Recurring praise
- Easy plan comparison
- Fast and paperless policy issuance
- Timely renewal reminders
- policy documents accessible in one place
Apple App Store
Based on 1+ Lakhs reviews
The iOS app is similarly well-rated by Indian users, with reviewers highlighting the clean interface, quick quote generation, and the ability to track claims and renewals without calling support.
Recurring praise
- Clean & easy-to-use interface
- Quick quote generation
- The ability to track claims
- Renewals without calling support
Why app ratings matter
Unlike open complaint forums, app stores verify that the reviewer is an actual user, ratings are collected continuously at massive scale, and developers must publicly respond to issues — making sustained high ratings difficult to manufacture.
What critical app reviews say
The negative reviews that do appear mostly concern notification frequency and post-enquiry calls — consistent with the platform's known service irritant (see Question 5) rather than any trust or fraud concern.
How Policybazaar Ensures a Safe Insurance Buying Experience?
IRDAI-regulated operations
Every process — from advertising to advisor conduct to grievance handling — is governed by IRDAI broker regulations and subject to audit.
Secure, encrypted payments
Premiums are processed via PCI-DSS-compliant payment gateways and flow toward your policy with the insurer.
Policy issued in your name by the insurer
Your legal contract is directly with the insurance company — verifiable on the insurer's own portal.
Recorded, auditable sales calls
Advisor calls are recorded; mis-selling complaints are investigated against the actual recording.
Data privacy controls
Customer data handling is governed by its published privacy policy and Indian data-protection law (DPDP Act).
Formal grievance redressal
A published escalation matrix, grievance officer, and integration with IRDAI's Bima Bharosa complaint portal.
Should You Buy Insurance Through Policybazaar?
Here's an honest framework rather than a sales pitch:
| Policybazaar is a great fit if you | Consider alternatives if you |
| Want to compare multiple insurers' prices and features in one place before deciding | Already know exactly which insurer and plan you want — you can also buy directly from that insurer |
| Prefer digital-first buying with optional human help on call | - |
| Value free claims assistance and escalation support after purchase | Have a strong existing relationship with a bank/agent you trust for servicing |
| Want transparent, IRDAI-filed pricing with no extra platform fee | - |
| Want a single dedicated local agent who visits you in person for everything | - |
| Online discounts are offered | - |
| Dedicated Relationship manager that helps you in your claims process | - |
The most important advice — regardless of where you buy
Disclose your health and lifestyle honestly in the proposal form, read the exclusions, and verify the policy document when it arrives. These three habits determine your claim experience far more than the platform you bought from.
FINAL VERDICT
Is Policybazaar Genuine, Safe, and Trustworthy?
Yes — with the standard caveats of any large marketplace
Genuine
An IRDAI-licensed broker (No. 742) with a publicly listed, audited parent company, operating since 2008, partnered with 50+ licensed insurers. Verifiably real.
Safe
Payments are secure, policies are issued directly by insurers in your name, calls are recorded, grievances have formal redressal paths, and the free-look period protects every purchase.
Trustworthy
Pricing is transparent with zero customer fees, and claims assistance is real and free. Its main criticism — sales-call frequency — is a service irritant, not a trust issue, and you can opt out.
Frequently Asked Questions About Policybazaar
Is Policybazaar approved by the government?
Policybazaar is licensed and regulated by IRDAI (Insurance Regulatory and Development Authority of India) — the government's insurance regulator — under broker licence No. 742. Its operations, advertising, and advisor conduct are all subject to IRDAI regulations and audits.
Is the premium on Policybazaar higher than buying directly from the insurer?
No. Insurance premiums in India are filed with IRDAI, and the same plan for the same profile costs the same whether bought on Policybazaar or the insurer's own website. Policybazaar adds no platform fee. In some cases, online-exclusive plans on the platform are cheaper than offline channels.
Who issues my policy when I buy on Policybazaar?
The insurance company you select issues your policy directly in your name — Policybazaar is the distributor/broker, not the insurer. You receive policy documents from the insurer and can verify the policy on the insurer's website or helpline using your policy number.
What if my claim is rejected — will Policybazaar help?
Yes. Policybazaar's claims team reviews the rejection reason, helps you respond with correct documentation, escalates genuine cases to senior insurer teams, and guides you on the Insurance Ombudsman process if needed — all free. Note that the final claim decision legally rests with the insurance company.
How do I stop Policybazaar calls?
Tell any calling advisor to put you on the Do-Not-Call list, update communication preferences in the Policybazaar app, or contact customer support with your registered number. You can also activate national DND by sending "START 0" to 1909. Sales calls stop after a DNC request or after you complete your purchase.
Is it safe to share my personal and health details on Policybazaar?
Yes. Data is handled under Policybazaar's published privacy policy and India's DPDP Act. Health details you provide are used for generating accurate quotes and for the insurer's underwriting — the same information any insurer or agent would require for a valid policy.
Does Policybazaar sell its own insurance plans?
No. Policybazaar does not underwrite or issue insurance. It is a marketplace/broker that distributes plans from 50+ IRDAI-licensed insurance companies. Every product on the platform belongs to a regulated insurer.
What is the free-look period if I change my mind?
All policies bought in India — including via Policybazaar — come with a free-look period (15 days, or up to 30 days for electronic/distance-sold policies) during which you can cancel and receive a refund of premium, minus proportionate charges as per IRDAI rules.
How do I verify that a call claiming to be from Policybazaar is real?
Genuine Policybazaar advisors never ask for OTPs, never ask you to transfer money to personal accounts, and never promise "bonus refunds" on old policies. When in doubt, hang up and call back via the official number listed on policybazaar.com. Report impersonation fraud to cybercrime.gov.in.
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