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The Futuristic Way To Buy Insurance
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Frequently Asked Questions
1What is Life Insurance?
Life insurance is a contract in which the insurer guarantees a payment to a beneficiary upon the death of the insured person.
2 What is a term life insurance policy?
Term life insurance provides coverage for a specific period. If the insured dies during this period, the nominee receives the death benefit.
3What is whole life insurance?
Whole life insurance provides coverage for the insured’s entire life and includes a savings component known as cash value, which grows over time.
4 What is a beneficiary in life insurance?
A beneficiary is the person or entity who receives the death benefit when the insured person passes away.
5 Can I take multiple life insurance policies?
Yes, there is no limit to how many life insurance policies you can hold, but each policy should meet the insurer’s underwriting criteria.
Health Insurance FAQs
1What is Health Insurance?
Health insurance is a type of insurance that covers medical expenses incurred due to illnesses or injuries.
2 What is a cashless hospital network?
A cashless hospital network allows policyholders to receive treatment without paying upfront, as the insurer directly settles the bill with the hospital.
3What is a pre-existing condition in health insurance?
A pre-existing condition is a medical condition that existed before the policy was purchased. Some policies may have waiting periods before covering these conditions.
4 Does health insurance cover COVID-19 treatment?
Most health insurance policies cover COVID-19 treatment, but it’s important to check with your insurer for specific details.
5 Can I add family members to my health insurance policy?
Yes, you can opt for a family floater plan, which covers multiple family members under a single health insurance policy.
6 Can I add family members to my health insurance policy?
Yes, you can opt for a family floater plan, which covers multiple family members under a single health insurance policy.
7 What is a waiting period in health insurance?
A waiting period is the time span after which certain treatments or conditions will be covered under the policy. Pre-existing conditions often have a waiting period.
8What is critical illness insurance?
Critical illness insurance provides a lump sum benefit if the insured is diagnosed with a serious illness, such as cancer, heart attack, or stroke.
Motor Insurance FAQs
1 What is Car Insurance?
Car insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an accident or damage to the vehicle.
2What does car insurance cover?
Car insurance typically covers damage to your car, damage to others’ property, injuries caused to others, and theft of the vehicle.
3 What is a No Claim Bonus (NCB) in car insurance?
NCB is a discount provided by the insurer if the policyholder hasn’t made any claims during the policy term.
4 Is car insurance mandatory?
Yes, third-party car insurance is mandatory by law in most countries, while comprehensive car insurance is optional but recommended.
5 What is third-party liability insurance?
Third-party liability insurance covers damage or injury caused by your car to another person or their property.
6 How can I lower my car insurance premium?
You can lower your premium by maintaining a good driving record, opting for voluntary deductibles, and installing anti-theft devices.
7 Does car insurance cover natural disasters?
Comprehensive car insurance covers natural disasters like floods, earthquakes, and storms, but basic third-party insurance does not.
8 What is Bike Insurance?
Bike insurance provides coverage against damages or loss incurred by or to a two-wheeler due to accidents, theft, natural disasters, or third-party liabilities.
9 What is the difference between third-party and comprehensive bike insurance?
Third-party insurance covers damages caused to others, while comprehensive insurance covers both third-party liabilities and damages to your own bike.
10 How is the bike insurance premium calculated?
The premium is calculated based on the bike’s age, make, model, cubic capacity, location, and the insured declared value (IDV).
11 What is the insured declared value (IDV) in bike insurance?
IDV is the maximum claim amount that the insurer will pay if the bike is stolen or completely damaged beyond repair.
12 Can I transfer my bike insurance if I sell my bike?
Yes, you can transfer your existing bike insurance policy to the new owner by informing the insurer.
13 Is it mandatory to have bike insurance?
Yes, as per legal regulations, it is mandatory to have at least third-party liability insurance for your bike.
