When you buy insurance in India, who you buy it from affects what options you see and whose interests are being served. The three main routes — agents, brokers, and direct insurer platforms — have different rules, different incentives, and different implications for you as a buyer.
An Insurance Agent Works for One Company
An insurance agent in India is licensed to sell products for a specific insurance company. They can only show you that company’s plans — even if a competitor’s policy is better suited to your needs. There’s nothing necessarily wrong with this, but it’s worth knowing. An LIC agent, for example, will only present LIC products. Compensation is commission-based, paid by the insurer, which creates a natural pull toward selling rather than advising
Banks and NBFCs Are Corporate Agents
When your bank offers you a health or life insurance policy, it’s operating as a corporate agent — authorized to distribute products from a limited panel of partner insurers. The selection is wider than a single company’s agent, but still restricted. The tie-up between the bank and the insurer — which often involves significant revenue sharing — influences which products get promoted. This doesn’t mean the products are bad, but the recommendation process isn’t independent.
A Broker Is Required to Work for You
An IRDAI-registered insurance broker is legally obligated to act in the client’s interest, not any insurer’s. Brokers have access to products across the market — not just one company’s range — and are required to recommend coverage that suits your specific needs. This is the key structural difference. Draco Insurance is an IRDAI-registered advisor, which means we work across the full market and are regulated to put your interest first.
Buying Direct from an Insurer
Many insurers offer direct purchase through their websites and apps. This removes the intermediary commission and can mean a slightly lower premium on straightforward products. The trade-off: you take on all the comparison work yourself, and if you need help with a complex or disputed claim, you’re navigating that alone. For simple products where you’re confident in what you’re buying, direct can work well. For larger covers or more complex situations, having a trusted advisor who can advocate for you tends to pay off.
Three Things to Check Before You Buy From Anyone
First, verify the person or firm’s registration on the IRDAI website — confirm whether they’re an agent, corporate agent, or broker, and that their registration is current. Second, check the insurer’s claim settlement ratio for the specific product type you’re buying — IRDAI publishes this annually. Third, make sure you understand the actual exclusions and waiting periods that apply to your situation, not just the general plan description. A straightforward answer to each of these questions is the minimum you should expect from whoever you’re buying from.
Draco Insurance is an IRDAI-registered advisor — which means we work for you, not any single insurer. We compare options across 15+ companies, give unbiased recommendations, and support you through claims at no extra cost. Visit dracoinsurance.in or call +91 7064106417 to get started.
“Even if we do not talk about 5G (specifically), the security talent in general in the country is very sparse at the moment. We need to get more (security) professionals in the system”
Bharti Airtel, for example, has been preparing for 5G roll out by upskilling its professionals and offering them certification courses such as CCNA (Cisco Certified Network Associate) and CCNP (Cisco Certified Network Professional). The courses are offered based on skill and eligibility level free of cost.
