Policy Assure Pvt Ltd
507, Corporate Annexe, Sonawala Road,
Next to Udyog Bhavan, , Near Railway Station,
Goregaon East, Mumbai 400063
Policy Assure Pvt Ltd
Branch Office: 428/2261 Sant Tukaram nagar,PCMC, Pimpri, Pune 411018
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Frequently Asked Questions
Why Is insurance necessary?
An insurance policy protects you against financial losses. As such, the policy becomes necessary. If you have a car or a bike, buying a motor insurance policy is mandatory as per law. Even in case of life insurance, the security given by a life insurance policy is unparalleled which makes the policy a must buy. When it comes to health insurance, one cannot ignore the high medical costs which are associated with a health ailment. Having a health insurance policy, therefore, makes sense to protect against the financial implication of any medical emergency.
How are life insurance and health insurance plans different?
Life insurance plans cover the risk of dying too early. Health insurance plans, on the other hand, cover the risk of medical contingencies. While life insurance plans pay a benefit in case of death or maturity, health insurance plans pay a benefit if the insured suffers a medical contingency which is covered by the plan.
What is premium?
Premium is the cost of insurance. It is the money which you undertake to pay to the insurance company in return for the coverage which the company provides.
What is the term of coverage under insurance plans?
Different insurance plans have a different coverage tenure. The tenures of various plans include the following –
- Life insurance – 5 years to 35 years
- Health insurance – 1 year to 3 years
- Bike insurance – third party plans – 1 year to 5 years; comprehensive plans – 1 year to 3 years or 5 years
- Car insurance – third party plans – 1 year to 3 years, comprehensive plans – 1 year or 3 years
How to buy insurance?
You can buy insurance online or offline. The offline medium includes contacting the agent or distributor of insurance companies or visiting insurance companies physically to buy the policy. The online medium, on the other hand, is simpler. You can buy any type of insurance plan from the comfort of your home or office if you use the online mode. The policy can be bought from the website of the insurance company directly or from the website of an insurance broker or aggregator like us.
How to buy insurance online?
Insurance policies can be purchased online after comparing the different policies and then choosing the best one. After the policy is chosen you need to fill an online proposal form, submit the required documents and pay the premium online and the policy is issued.
Why is comparing necessary before buying insurance policies?
There are a lot of insurance policies available in the market each of which satisfy similar needs and yet have different coverage benefits and premium rates. The best insurance policy which provides the best coverage features at the lowest premium rates can be found only when the different plans are compared with each other. That is why comparing is necessary before buying insurance policies.
What is claim in an insurance policy?
A claim is said to occur when the insured event happens and the insurance company becomes liable to pay the compensation for the financial loss suffered by the insured.
Can an insurance claim be rejected?
Yes, insurance claims can be rejected due to various reasons. Some common ones include the following –
- If the claim is for an instance which is excluded under the plan’s coverage
- If the claim process is not properly followed
- If the claim is made in a policy which is lapsed
- If the claim related documents are not submitted to the insurance company
What is renewal of an insurance policy?
Insurance policies come with a specified tenure. When the tenure is over, the cover provided by the policy stops. To continue the coverage, the policy is required to be renewed. Thus, renewal of an insurance policy means continuing the coverage of the policy for an additional tenure by paying the required renewal premium to the insurance company.
When should the policy be renewed?
Renewal of an insurance policy should be done within the policy expiry date (also called the policy due date). If it is done within the due date, the policy continues without a break in coverage.
What happens if the policy is not renewed on time?
If the insurance policy is not renewed within the due date, the policy cover would lapse as soon as the due date is over. When the policy lapses, the cover stops. If any claim is made in a lapsed policy, it is rejected as the coverage under the policy has stopped due to non-renewal.
How can premiums be paid for insurance policies?
Premiums can be paid through cash, cheque, debit cards, credit cards, net banking facilities and also mobile wallets.
What are the different types of life insurance plans which are available in the market?
Life insurance plans come in the following variants –
- Term life plans
- Endowment plans
- Money-back plans
- Whole life plans
- Child plans
- Unit linked insurance plans
- Pension plans
What are the different types of health insurance plans available in the market?
Health insurance plans come in the following variants –
- Indemnity health plans – individual health plans and family floater health plans
- Senior citizen health plans
- Critical illness health plans
- Disease-specific health plans
- Hospital cash health plans
- Top up and super top-up health plans
Are there any tax benefits in insurance policies?
Yes, life and health insurance plans provide tax benefits. These benefits are explained below –
Life insurance plans –
- Premiums paid for life insurance policies qualify for tax deduction under Section 80C up to a limit of INR 1.5 lakhs
- Surrender benefit, maturity benefit or death benefit received under life insurance plans are tax-free under Section 10 (10D)
- 1/3rd of the pension corpus which is withdrawn in cash is tax-free under Section 10 (10A)
Health insurance plans
- Premiums paid for a health insurance plan for self, spouse and dependent children are allowed as a tax deduction under Section 80D. The limit is INR 25, 000. If you are a senior citizen, the limit increases to INR 50, 000
- Premiums paid for a health insurance plan for dependent parents earn an additional tax deduction under Section 80D. This limit is also INR 25, 000 which increases to INR 50, 000 if the parents are senior citizens.
Can the insurance policy be cancelled once it is bought?
Yes, insurance policies allow a free-look period for cancellation of the policy after it has been bought. The period depends on the type of policy bought and the insurance company.
What would I get if I cancel the insurance policy during the free-look period?
If the insurance policy is cancelled during the free-look period, the premium paid is refunded back. However, the premium refund would be deducted for the administrative expenses incurred by the insurance company in issuing the insurance policy. Moreover, the insurance cost would also be deducted for the period the policy was in force before it was cancelled.
What is group insurance?
A group insurance policy is one in which a group of individuals are covered under the same plan. A single insurance policy is issued covering all the members of the group and the policy is called a master policy. Group insurance plans usually come with a term of one year after which they have to be renewed for continued coverage.
What is utmost good faith in insurance?
An insurance contract is a contract of utmost good faith. As per this principle, the policyholder is required to furnish all the important details about himself which are asked in the proposal form. The insurance company issues the policy on the good faith that the insured has provided every information in the proposal form correctly. If any important information, which affects the risk covered under the policy, is hidden or lied about, the principle of utmost good faith is breached. In such cases, the insurance contract becomes void and the insurance company has the right to reject the claim under the policy.
What is the meaning of indemnity under general insurance plans?
General insurance policies pay a claim on the principle of indemnity. Indemnity means that in case of a loss the policyholder would be compensated by the insurance company for the actual financial loss suffered. The policyholder would not be allowed to make a profit from the insurance policy.
How much coverage should be chosen under insurance plans?
The coverage level of your insurance policies should be optimum to cover the financial loss which is insured by the policy. In life and health insurance plans, the coverage level should be chosen based on the lifestyle expenses of the insured, the family size, age, income, etc. In case of car and bike insurance policies, the coverage depends on the value of the car and bike.
Are insurance policies all inclusive?
No, insurance policies have a list of excluded coverage benefits which are not covered under the plan. These exclusions depend on the type of insurance policy.
Are online insurance policies fake?
No, if the insurance policies are bought from reputed websites that are under the regulations of the IRDA, the policies would be genuine and would be issued by the insurance company directly.
What is IRDA?
IRDA stands for the Insurance Regulatory and Development Authority. It is the apex regulatory body of insurance in India. All insurance companies have to comply with the rules prescribed by the IRDA for selling their insurance policies.