Buying insurance online is convenient, fast, and increasingly popular in India. But convenience comes with responsibility. Not all policies are created equal, and buying without asking the right questions can lead to surprises later.
Whether you’re looking for term insurance, health insurance, or a combo, knowing the right questions to ask ensures you get coverage that truly protects you. Platforms like MintWise make it easier to find answers and compare policies before you buy.
1. Is the Insurer Licensed and IRDAI-Approved?
The first question is simple but crucial. Make sure the insurance company is licensed by IRDAI (Insurance Regulatory and Development Authority of India).
- Licensed insurers follow regulations and standards, ensuring your policy is valid.
- Avoid unregulated companies; they may offer “cheap” plans but provide no real protection.
- Platforms like MintWise only list IRDAI-approved insurers, giving you peace of mind.
2. What Are the Exclusions and Waiting Periods?
Every policy has fine print. Exclusions are conditions or events that the insurance will not cover, and waiting periods define how long you must wait before claiming benefits.
- Health insurance may exclude pre-existing conditions for 2–4 years.
- Term insurance may not cover death due to suicide in the first year.
- Ask these questions upfront to avoid surprises during claims.
MintWise makes these details easy to access, so you can compare policies side by side.
3. How Is the Claim Settlement Process?
The ultimate purpose of insurance is to provide support during emergencies. If the claim process is slow or complicated, the policy loses its value.
- Ask how claims are filed: online, offline, or both.
- What documents are needed?
- What’s the average claim settlement time?
Digital platforms like MintWise provide guidance on claim procedures, helping you choose insurers known for hassle-free settlements.
4. How Does the Premium Compare to Coverage?
Premiums vary widely across insurers and plans. A cheap premium may mean lower coverage or strict exclusions, while high premiums may not always offer better value.
- Look at sum insured, coverage benefits, and additional riders.
- Evaluate if the cost fits your budget without sacrificing protection.
- Use comparison tools to quickly see the trade-offs.
MintWise’s premium calculators and comparison dashboards make it simple to pick a policy that balances cost and coverage.
5. Does the Platform Offer Transparency and Support?
Finally, ask about the reliability of the platform itself. Even the best insurance plan is useless if the platform providing it isn’t trustworthy.
- Can you view all policy details clearly?
- Is customer support available for questions or claims?
- Are there reviews or ratings to verify insurer credibility?
MintWise scores high here by offering transparent policy comparisons, instant quotes, and dedicated customer support.
Bonus Tip: Check for Add-Ons and Riders
Many insurance plans offer add-ons like critical illness coverage, accidental death benefits, or maternity coverage. While optional, these can enhance protection. Always ask:
- What add-ons are available?
- Are they worth the extra premium?
- How do they affect claims?
Platforms like MintWise allow you to filter policies based on these add-ons, saving time and effort.
Why These Questions Matter
Skipping these questions may lead to:
- Claims getting rejected due to exclusions.
- Paying more for coverage than necessary.
- Choosing a policy that doesn’t fit your lifestyle or financial goals.
By asking the right questions upfront, you can avoid these common pitfalls.
How MintWise Simplifies Online Insurance Buying
MintWise provides tools that make the insurance-buying process transparent and easy:
- Compare policies from top insurers in one place.
- Instant premium calculators for quick budgeting.
- Detailed policy info, including exclusions, waiting periods, and riders.
- Secure purchase with digital KYC and minimal paperwork.
With these tools, buying insurance online becomes safer, faster, and more informed.
Final Thoughts
Buying insurance online is convenient, but it requires careful evaluation. Asking the right questions — about the insurer, exclusions, claim process, premium, and platform transparency — ensures you get coverage that truly protects you.
With platforms like MintWise, you can compare policies, understand the fine print, and buy confidently from the comfort of your home.
Insurance is about peace of mind — and asking the right questions guarantees you get it.
