Online research now influences about 40% of insurance purchases in India. That's according to reporting by ET BrandEquity on a Google-McKinsey report. In plain words, many buyers read, search and compare online before they pick a policy.
For you, this means your own research matters. A little time spent checking cover, exclusions and claim rules can save money and stress later. Here's how to do it well.
Key takeaways
- Online research influences 40% of insurance purchases in India, as reported by ET BrandEquity.
- Influence isn't the same as buying online. Many people research online and still buy through an agent.
- The cheapest premium isn't always the best deal. Cover size and claim record matter more.
- A short checklist can protect you from buying the wrong policy.
- We've only seen the headline figure, not the full report.
How online research shapes insurance buying
Think of it like buying a phone. You read reviews, compare prices and ask friends. Insurance now works the same way for many families.
The difference is that a wrong choice can hurt for years. A phone is easy to replace. A policy that rejects your claim isn't.
We only know the headline number from the report. We haven't seen the full findings. So we can't say which steps buyers research most, or which age groups lead the trend. Treat any extra detail you read elsewhere with care until you see the source.
In India, insurers are regulated by the insurance regulator, IRDAI. You can check that an insurer is genuine on its website before you pay anything.
What changes for you as a buyer
More online research can mean better choices. You can compare many plans in one evening. You can read policy wording at your own pace, without pressure from a salesperson.
Here's an example. Say Priya is 30, doesn't smoke, and wants a term plan of ₹1 crore until age 60. A term plan pays your family money if you die during the policy. These numbers are only for illustration, not real quotes.
| Option | Yearly premium | Total over 30 years | What to note |
|---|---|---|---|
| Plan A, basic cover | ₹11,000 | ₹3,30,000 | Lowest cost, no extras |
| Plan B, higher-priced insurer | ₹14,000 | ₹4,20,000 | Costs ₹90,000 more in total |
| Plan A with one add-on | ₹12,500 | ₹3,75,000 | Extra ₹1,500 a year for the add-on |
Plan B costs ₹3,000 more each year. Over 30 years, that's ₹90,000. Is it worth it? Only if the insurer has a better claim record or better terms. Research is how you find out.
If you pay premiums from a monthly budget, our EMI calculator can help you see what fits. Just treat a yearly premium like a fixed cost you must keep paying.
Who is affected
First-time buyers gain the most. They often don't know what to ask, and online guides fill that gap.
Young earners who skip insurance may also be nudged to start. Reading about cover tends to make people see the risk.
Families with loans should pay close attention. A home loan or personal loan can become a burden on your family if you're gone. Cover that matches your loan is a safety net. You can read more in our home loan guides.
People who rely only on agents are affected too. Online research gives you a second opinion. Use it to check what you're told.
What to do now
Before you buy any policy, follow these steps:
- Decide what you need. Is it life cover, health cover or both?
- Work out how much cover your family needs. Count loans, yearly costs and children's studies.
- Compare at least three insurers on price, cover and exclusions.
- Check the claim settlement record of each insurer.
- Read the exclusions and waiting periods before you pay.
- Confirm the insurer is registered with IRDAI.
- Fill in the form honestly, including health habits. Hidden facts can lead to a rejected claim.
If a plan promises big returns with no risk, be careful. Insurance is for protection first. If you want savings, compare options on our interest rates page. For more stories like this, visit the news hub.
Frequently asked questions
Does the report mean 40% of people buy insurance online?
No. According to ET BrandEquity, online research influences 40% of purchases. That means people read online, but they may still buy through an agent or a bank.
Should I pick the cheapest insurance plan I find online?
Not always. A low premium can come with less cover or tougher rules. Compare cover size, exclusions and the insurer's claim record too.
How can I check if an insurer is genuine?
Look for its registration on the IRDAI website. Don't pay anyone who can't show a valid licence. Never share OTPs or bank passwords with a caller.
BankCreds analysis
What the 40% does not tell you
The number says online research influences a buying choice. It doesn't say the policy was bought online. Agents, bank staff and family still shape many decisions.
Also remember that 60% of buyers are not swayed by online research. Many of them may simply trust the first person who sells to them. That's where mistakes happen.
Here's a simple test. Say your family earns ₹8 lakh a year. A common rule of thumb is term cover of 10 times yearly income. That means about ₹80 lakh. If a cheap plan gives only ₹25 lakh, the saving of a few thousand rupees isn't worth the gap.
So research cover size first, then price. This week, write down your family's yearly costs and loans. Match the cover to that number before you compare any premium.
This section is BankCreds' own assessment of what the development means for Indian borrowers and savers. It is independent commentary, not part of the source reporting above.
Sources & references
- ET BrandEquity — originating report https://brandequity.economictimes.indiatimes.com/news/digital/online-research-influences-40-of-insurance-purchases-in-india-google-mckinsey-report/135114803
- IRDAI — Insurance in India is regulated by IRDAI, and insurers must be registered with it https://irdai.gov.in/
Source links are shown as plain text, not clickable links. Copy a URL into your browser to read the original report.
Editorial note & disclaimer
How this was reported. The development above is attributed to the source or sources listed. BankCreds does not independently verify a third party's reporting; where a figure or a regulatory position is stated as fact, it is either attributed or drawn from the regulator's own published material. Everything under "BankCreds analysis" is our own assessment.
Rates and figures. Interest rates, per-gram values and premium bands quoted here are indicative, move daily, and differ by borrower profile, city and lender policy. Confirm the final number with the institution before you act on it — the sanction letter or policy schedule governs, not a news report.
Not financial advice. This article is general information for an Indian audience. It is not investment, tax, credit or insurance advice, takes no account of your circumstances, and BankCreds is not a lender, broker, distributor or advisor. Consider speaking to a SEBI-registered investment adviser or a qualified professional before acting.
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