Prices Increasing soon Prices Increasing Soon

How To Buy Insurance Policy - 8 Smart Ways

In India, people are often reluctant to shell out money for insurance. Even those who realize the importance of getting insured are keen on getting insured for lesser and lesser.To know how to buy insurance policy here are few smart ways to get your insurance policy for less.

Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

1.     Buy Insurance Online

Not many of us know that online insurance policies are offered at a lower premium than regular policies. The reason is quite obvious. By selling insurance online, the insurer saves substantial expenses that he otherwise would have to incur on infrastructure, agents, travel facilities and so forth.

Not only it is way cheaper than buying the insurance conventionally through agents but is more convenient and saves a great deal of time. Moreover, there are negligible chances of becoming a victim to fraud/mis-selling in case of online policies as compared to the policies bought through brokers/agents.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

2.     Compare Insurance Quotes

To get the best out of insurance, one should get and compare quotes at an online comparison portal such as Policy Bazaar. Comparison can be made on the basis of various parameters such as premium rates, features, benefits and exclusions under different plans. Shopping around is a great way to save big – Simple!

3.     Change Your Insurance Policies as Your Life Gets Changed

Make sure to get your policy modified at the key turning points of your life such as marriage, divorce, birth and death. 

  • Merge your policies after marriage
  • Extend your policy to include your new born
  • Separate your policies after divorce   
  • Change your nominee post divorce
  • Change your nominee if the nominee dies
  • Don’t be surprised! We still are talking about getting your insurance for less. Let’s start with marriage. You must know that you have to bear higher rates if you are single or divorced, when you get married, you get the same car insurance policy for less as a married individual and even lesser as a married couple. When you get divorced, you ought to separate your policies so as to not to end up paying for your ex-spouse’s mistakes. When you update your policies according to the change in a timely manner, you end up saving big bucks.

4.     Get Insured Collectively

If you are a family of four or more members, you should prefer buying a family floater plan instead of buying separate individual policies. Extending a single substantial cover to all family members is a great way to save on premium.

If you are employed, in all probability you are already insured under an employer sponsored group health plan. Though such plans are not as extensive as individual plans in terms of coverage, they suffice the basic need of health insurance.

5.     Opt for Deductibles

Deductible is the fraction of the claim amount that the insured needs to pay out of his pocket at the time of filing a claim. Opting for a higher deductible significantly lowers down the premium.

6.     Switch to Low Cost Insurance Plans

If you discover that you can get a wider coverage at same or lower price, you should not hesitate to switch your insurer. If you switch to a new car insurance policy, you get to retain your No Claim Bonus (NCB). If you switch to a new health insurance policy, you are entitled to enjoy the waiting period benefits. Since you have nothing to lose, there’s no reason not to switch to a new insurer if you get a better deal.  

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

7.     Go for a Plain Plan

If your intention is to get insured at the lowest possible price, then you might consider going for a plain vanilla policy without getting any riders and benefits added to it. 

8.     Play it Smart

Insurance works on the simple principle. The sounder is the thing to be insured, lower will be the cost of insuring it. Quitting smoking reduces premium of health insurance. To reduce your car insurance premium, you need to get your vehicle installed with an anti-theft device. The insurer gives saving on home insurance premium to those who have got their homes fitted with a robust security system.

Different types of Plans


Premium By Age

Life insurance articles

  • Recent Article
  • Popular Articles
09 Aug 2023

What High Net Worth Individuals (HNIs) Do To Secure Their...

High net worth individuals often opt for life insurance plans to

Read more
28 Jun 2023

A Review Of ICICI Prudential Life Insurance

“Policy Bazaar insurance clarified the term policy for me, so

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best

Read more
20 Jun 2023

Best Life Insurance Policy in India with High Returns

The best life insurance policy in India is a type of life

Read more
20 Jun 2023

Which Insurance is Best in India?

Insurance is a financial product that transfers the risk to a

Read more
27 May 2014

How to Check LIC Policy Status, Details, Statement via...

Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid's future. However

Read more
25 Feb 2022

SBI Life Insurance 50,000 per year Plan for 5 Years

Life insurance is about the financial protection of the family and working for life’s milestones through smart

Read more
23 Mar 2022

SBI Life Insurance Policy Surrender Value Calculator

SBI life insurance policy surrender value calculator is an online tool that helps users calculate the amount they

Read more
09 Mar 2022

PLI Surrender Value Calculator

PLI Surrender Value Calculators have proven to be one of the simple tools for digitally savvy customers. PLI

Read more
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL