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Frequently Asked Questions
A formal request submitted by an individual or entity to an insurance company for compensation or coverage of damages or losses as outlined in the insurance policy.
Claims can only be filed for damages or losses that occurred during the period for which the insurance policy was active. If your policy has lapsed, it may not be possible to file a claim for damages or losses that occurred after the policy lapsed.
Yes. Almost every health insurance product includes COVID-19 treatment in its base coverage.
Mediclaim is a type of medical insurance plan in India which reimburses all the medical expenses made by the policyholder during the policy term. It is the simplest form of health insurance without any additional benefits.
The base coverage of Mediclaim does not cover Ayurveda or any AYUSH treatment. However, if you buy an AYUSH treatment add-on, the insurance company will add it to your coverage in exchange for a small premium amount.
Cashless claim allows the insured to avail medical treatment at a network hospital without paying any extra charges*, and the insurance company settles the bill with the network hospital
In most cases, once a claim is filed, it cannot be withdrawn or cancelled unilaterally. However, in such situation, you can inform the insurance company in writing, and they may consider your request.
There is no ‘best’ term insurance for spouses, you need to do proper research and purchase a policy which meets your requirements and budget appropriately.
The premium is a sum that the policyholder pays to the insurance company monthly or annually.
Suicide is generally not covered under any whole life insurance policy. However, some companies offer suicide coverage after a small waiting period. This period can vary somewhere between 1 to 3 years, depending on the policy terms.
An insurance company’s claim ratio or claim settlement ratio is a measure used to assess its reliability. It is calculated by dividing the overall number of resolved claims by the overall amount of claims filed to the motor insurance company.
When it comes to choosing the ‘best’ car insurance company in India, there is no one company which stands out. It all depends on who you are and your insurance requirements. The easiest way to go about it would be to compare various policies and pick one according to your needs.
According to the 1988 Motor Vehicles Act in India, all vehicles operating in any public area must have automobile vehicle insurance coverage. Even if they choose the basic insurance plans, policyholders should have a minimum of third party liability coverage.
The specific documentation needed for a claim may vary depending on the type of claim being filed. In general, you may be required to provide the following:
1 . Original policy document .
2 . Completed claim form.
3 . Copy of the police report (for motor insurance claims).
4 . Medical bills and reports (for health insurance claims)
5 . Proof of loss or damage, such as photographs or repair estimates.
Most claims are settled within 30 days from the date of receipt although claim settlement can vary depending on the complexity of the claim.
It’s crucial to submit a claim as soon as you can follow an event since your insurance policy can have time restrictions, delay in filing a claim may result in the claim being rejected.
A guarantee Return Policy is an endowment plan wherein the maturity benefit is guaranteed. Only participating endowment plans have a component of bonus, which is not guaranteed at the policy inception. Non-participating Endowment plans do not have that element of uncertainty.
Yes. Life insurance offers tax breaks under Section 80(C), and Section 10 (10D) on paid life insurance premiums and payouts received.
Premiums paid towards life insurance plans upto Rs 1.5 lakhs every year would get a tax exemption under section 80C. Also, most life insurance plans provide tax-free maturity benefits under section 10(10D). However, unit-linked insurance plans with an annual premium of more than Rs 2.5 lakhs per year do not fall under that category. They would be subject to regular equity taxation of 10%.
Yes. Almost all investment insurance plans, including Unit-Linked Investment Plans, offer premium payment via SIP, i.e. on a monthly basis, in a systematic and disciplined manner.
