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Frequently Asked Questions
About Insurance
Insurance is a contract between an individual or entity (the policyholder) and an insurance company, wherein the policyholder pays a premium in exchange for financial protection or reimbursement in the event of specified losses or events.
Insurance provides financial protection and peace of mind in case of unexpected events, such as accidents, illnesses, natural disasters, or property damage. It helps mitigate the financial impact of such events.
There are various types of insurance, including:
Life Insurance: Provides a payout to beneficiaries in the event of the insured person's death.
Health Insurance: Covers medical expenses, treatments, and medications.
Auto Insurance: Protects against financial loss due to accidents or theft involving a vehicle.
Homeowners/Renters Insurance: Covers damage to property and personal belongings.
Travel Insurance: Offers coverage for trip cancellations, medical emergencies, and other travel-related incidents.
Property and Casualty Insurance: Covers liability and property damage for individuals and businesses.
Disability Insurance: Provides income replacement if the insured person becomes unable to work due to disability.
Consider factors like your individual needs, budget, and the level of coverage required. It's recommended to compare policies, understand exclusions, and consult with an insurance advisor for personalized advice.
A premium is the amount of money paid to an insurance company in exchange for coverage. It is typically paid on a regular basis (monthly, quarterly, or annually).
A deductible is the amount you must pay out of pocket before your insurance coverage kicks in. For example, in health insurance, if you have a RS 500 deductible and incur Rs 1,000 in medical expenses, you pay Rs 500, and the insurance company covers the remaining Rs 500.
To file a claim, contact your insurance company and provide details about the incident or loss. The company will review the claim and determine if it's covered by your policy. If approved, they will provide compensation according to the policy terms.
Yes, you can have multiple insurance policies from different companies to cover various aspects of your life. However, be sure to avoid over-insuring or duplicating coverage.
Yes, you can make changes to your insurance policy, such as adjusting coverage limits, adding or removing beneficiaries, or changing policy options. Contact your insurance company for guidance on how to make changes.
The cost of premiums is influenced by factors like your age, health status, location, type of coverage, deductible amount, and any additional riders or add-ons you choose.
The policyholder is the person who owns the insurance policy and pays the premiums. The beneficiary is the person or entity designated to receive the benefits or payout in case of a covered event, such as the death of the insured (in life insurance).
In the event of a covered incident, contact your insurance company promptly to initiate the claims process. Provide necessary documentation and information, cooperate with any investigations, and follow any instructions provided by the insurer.
No, in a vanilla term insurance policy, the insurance company pays the money to the nominee after the unfortunate death of the insured. However, there are policies in which the insured gets some money back after the expiry of the term period. A premium for such policies is usually higher than the standard term plan.
Yes, one of the major factors deciding the premium is the age of the insured. At a young age, the premium is lower. In term plans, the premium is fixed when buying the policy and usually remains unchanged.
- Level Term Plans
- TROP
- Increasing Term Plan
- Decreasing Term Plan
- Convertible Term Plans
This is the most basic type of term plan, in which the premium and the sum assured remain fixed during the policy term, and the amount is payable to nominees after the death of the insured.
TROP stands for Term Plan with Return of Premium. Under this plan, a certain sum is repaid to the insured if he/she survives the policy term. In this plan, the premium is higher than Level Term Plans.
In this plan, the insured can get an increased sum insured every year for the same premium as fixed in the initial year. The premium of these plans is usually higher than the Level term Plans.
This plan is the opposite of the Increasing Term Plan. In this plan, some assured amount gets reduced every year. This plan is suitable for a person taking term insurance mainly to meet his unpaid liabilities like loans.
These plans can be converted into any other plan.
Yes, you can.
Any person between the age of 18 yrs to 65 years can buy term insurance.
Generally, a loan facility is not available against term insurance.
Yes, a person consuming tobacco regularly can also take term insurance. However, the premium will be higher as compared to non-tobacco consuming people.
There are majorly three kinds of payout structure:
- Lum sum single payment.
- Some portion as a lump sum and balance in monthly/quarterly/ half-yearly/ yearly instalments.
- Entire some in monthly/quarterly/ half-yearly/ yearly instalments.
No.
Yes. Besides the yearly payment option, premium can be paid in monthly/quarterly/half-yearly instalments.
Yes.
Proposer/Application form is an essential document. It forms a basis for underwriting your policy and premium offering. Any false information in the proposer form may lead to denial of a claim.
The basic documents that are generally required are:
- Death certificate
- Claim form
- Policy bond
Other optional documents such as medical attendant's certificate, hospital certificate, employer's certificate, police inquest report, post mortem report etc., may also be required. The claim requirements are usually disclosed in the policy bond.
