Can I buy health insurance online from another individual?

When it comes to financial planning today, health insurance is an integral part of the checklist. It offers coverage against medical expenses, ensuring that individuals and families can access quality healthcare in case of medical requirements without worrying about the financial burden. In India, the traditional way to purchase health insurance is through insurance companies or their agents. However, with the advent of the internet and digital platforms, the option to buy health insurance online has gained some attention.

Before delving into online transactions with individuals, it’s crucial to understand the conventional health insurance buying process in India. Typically, individuals interested in purchasing health insurance can approach insurance companies directly or through licensed agents. These agents are authorized to explain various insurance policies, assist with the application process, and provide after-sales services. The buyer can select from a range of policies with different coverage, premiums, and terms, ensuring that they find the best fit for their specific healthcare needs.

The insurance industry has embraced digitalization. Today, individuals who wish to purchase health insurance online directly from insurance companies can do so in secure and seamless manner. The insurance company websites have become more user-friendly and some even have mobile apps that allow customers to compare policies, calculate premiums, and make online payments. This streamlined approach provides convenience and transparency, making it a popular choice for those seeking health insurance coverage. It is common to buy health insurance online from established companies in India, the concept of peer-to-peer (P2P) platforms has been gaining traction. P2P insurance platforms are designed to connect individuals who want to share risks and pool resources to provide mutual coverage. These platforms often use blockchain technology and smart contracts to facilitate transactions. However, it’s important to note that these platforms are different from purchasing health insurance from individuals directly.

Buying health insurance online directly from individuals in India is a concept that hasn’t gained widespread acceptance, primarily due to regulatory and trust-related concerns. Health insurance is a complex financial product, and individuals selling policies may not have the expertise or credibility to provide comprehensive coverage. In India, health insurance policies are highly regulated by the Insurance Regulatory and Development Authority of India (IRDAI). This regulatory body ensures that insurance policies adhere to specific standards, protecting the interests of policyholders. IRDAI mandates that insurance products meet certain criteria that individuals may find challenging to fulfill.

Furthermore, when you purchase insurance from established companies, you benefit from their extensive networks, experience, and customer support. These companies have a proven track record and are equipped to handle claims efficiently and transparently. Purchasing health insurance online from another individual in India is not a widely accepted or recommended practice due to regulatory concerns, lack of expertise, and trust-related issues. It is always advisable to buy health insurance from established and reputable insurance companies or their authorized agents.

encourages individuals and families seeking comprehensive healthcare coverage to research based on their needs before selecting a plan. As a trusted and reliable name in the Indian insurance industry, we at  urge policy holders to be prudent in all their online transactions and buy insurance online only from trusted organisational sources. 

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