# Informed consumers can shape insurance market, data shows 2026-08-24T02:48:13+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet Nearly 75% of customers on the Policybazaar platform now compare at least three insurance plans before choosing one, according to data shared by the company's Chief Business Officer for General Insurance. Customers who compare policies pay on average at least 20% lower premiums for similar coverage than those who buy without comparison. The data highlights wide price variation in health insurance. A Rs 10 lakh family floater health plan for a young family of three in Delhi ranges from Rs 773 to Rs 2,426 per month, a difference of about 68%. For a 62-year-old couple in Delhi with pre-existing conditions, monthly premiums range from Rs 2,423 to Rs 5,562, a variation of close to 60%. In term insurance, a 30-year-old salaried non-smoker seeking Rs 1 crore cover until age 60 sees monthly premiums ranging from approximately Rs 635 to Rs 958. First-time health insurance buyers tend to be more price-sensitive and use comparison to reduce premiums, while repeat buyers focus more on features, claims experience, and long-term value. Comparison engagement is highest among customers aged 28-45, particularly families. In term insurance, claim settlement ratios emerge as the most influential factor for buyers. ## Indian Opinion Analysis The insurance market in India has traditionally suffered from low penetration and limited product awareness. The data from Policybazaar reflects a broader digital shift, where online platforms enable side-by-side comparison that was previously difficult. What matters for consumers is that the 20% premium saving for comparing policies can translate into thousands of rupees annually. The variation in premiums for identical-looking plans arises from hidden features like room-rent caps and co-payment clauses, which are often not obvious at first glance. The next signal to watch is whether the Insurance Regulatory and Development Authority of India (IRDAI) mandates standardised benefit disclosure across all insurers to further empower comparison. ## Coverage - thehindu.com Presents data-driven analysis from an industry executive without editorialising or taking sides. This story was synthesised by AI from the source linked above. Tags: General Insurance, IRDAI, Policybazaar Canonical: https://indianopinion.org/informed-consumers-can-shape-insurance-market-data-shows/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/informed-consumers-can-shape-insurance-market-data-shows/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes. How this brief was made: an AI model read the report linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/