Car Insurance
Is it compulsory to have car insurance?
Yes, having car insurance is mandatory by law in many countries to ensure coverage for damages and liabilities in case of accidents. It provides financial protection to vehicle owners and third parties involved in accidents.
What types of damages does a car insurance policy protect your vehicle from?
A car insurance policy covers damages from accidents, theft, natural disasters, vandalism, and fire. It also includes liability coverage for injuries or damages caused to third parties.
What does Insured Declared Value (IDV) mean?
Insured Declared Value (IDV) is the highest amount an insurer will pay if your car is stolen or totaled, reflecting its market value after depreciation.
Can you explain what a No Claim Bonus (NCB) is?
A No Claim Bonus (NCB) is a discount on your premium for each year you don’t make a claim, rewarding safe driving.
What does engine protection cover in a car insurance policy?
Engine protection covers the cost of repairing or replacing your car’s engine due to damage from water ingress or oil leakage.
Life Insurance
Why is a Life Insurance policy useful?
Life insurance provides financial security for your family if you can’t work or pass away unexpectedly.
Is it necessary to have a Life Insurance policy?
It’s not mandatory, but it’s wise if you have a spouse and children who depend on your income.
If one stops to pay the premiums for their Life Insurance policy, can tax benefits still be claimed?
No, you can’t claim tax benefits if you stop paying premiums.
How much does a life insurance policy cost?
Costs vary based on the type of policy, coverage amount, age, health, and benefits.
What are the options to pay Life Insurance premiums?
You can pay premiums monthly, quarterly, half-yearly, or yearly.
Travel Insurance
Can the period of a Travel insurance policy be extended?
Some policies allow extensions, typically once or twice. Check your policy details for specifics.
Who is a Third Party Administrator or TPA?
A TPA manages claims on behalf of insurance companies for policy holders
Can you buy Travel Insurance after leaving the country?
No, travel insurance must be purchased before departure.
Can OCI card holders buy Travel Insurance?
Yes, as long as they have an active passport and intend to return to India.
Two-Wheeler insurance
What exactly is a No Claim Bonus (NCB)?
A No Claim Bonus (NCB) is a discount offered by insurers for not filing any claims during your policy period, reducing your renewal premium.
Can you transfer Two-wheeler Insurance when you sell the vehicle?
Yes, Two-wheeler Insurance can be transferred to the new owner upon selling the vehicle, requiring the new owner to initiate the process with the insurer.
Is it possible to get a No Claim Bonus (NCB) even if your insurance policy has expired?
No, a No Claim Bonus (NCB) cannot be availed if your insurance policy has expired; it applies only when renewing without any claims in the previous term.
What happens if your Two-wheeler Insurance policy expires?
If your Two-wheeler Insurance policy expires, your vehicle loses coverage, necessitating prompt renewal to avoid legal and financial risks while driving.
Health Insurance
You can pay premiums monthly, quarterly, half-yearly, or yearly.
A family floater plan in health insurance covers the entire family under a single sum insured, allowing flexibility in utilizing the coverage among family members.
Could you explain the different riders available in a health insurance policy?
Riders in health insurance policies are additional benefits or coverage options that can be added to a base health insurance plan, such as critical illness cover or maternity benefits.
What constitutes pre-existing diseases?
Pre-existing diseases refer to medical conditions or illnesses that a person already has before purchasing a health insurance policy.
What is the purpose of a Health (TPA) Card?
A Health (TPA) Card is a card issued by Third Party Administrators (TPAs) to policyholders, enabling cashless hospitalization and facilitating claims processing under health insurance policies.
