Insurance

Life Insurance

It is the legal contract mutually decided between the two parties i.e. the policyholder and the insurance company to pay the sum of money or sum assured in unprecedented times. In return for this, the company is paid a regular or onetime premium by the insured. The sum assured is paid upon death or terminal illness of the insured or even when the policy matures, depending on the contract type. It is crucial to buy life insurance to protect the dependent family from any unwanted emergencies. Apart from this benefit, the insured also enjoys tax benefit under Sector 80C & Section 10(10D) of the Income Tax Act 1961.

Features

Life Cover

Insured can get cover for their complete life by paying small premiums to the company.

Premium

Usually life insurance premiums are small and affordable depending on the plans opted for. Also, the premiums and sum assured are fixed for a lifetime and so the insured is aware in advance.

Payout Options

On the death of the insured or completion of policy, the sum assured can be claimed by various methods which include in a single lump sum or regular payments or a combination of both.

Health Insurance

The legal contract between the insured and insurance company to cover the medical costs that arise due to an accident, illness, or on the diagnosis of any serious disease. They ensure the policyholder and their family in return for a premium paid at regular intervals. With the advancement in health facilities and their expenditures, it has become important to cover your hospital expenses. Apart from this, the insured can also enjoy the tax benefits under Section 80D. There are a variety of health plans available in the market to deal with different needs.

Health Plans

Critical Illness Plan

A type of health insurance policy that covers specific life-threatening diseases in return for a higher sum assured. This helps you to focus only on recovery.

Senior Citizen Health Plan

This covers specifically the senior section of the society. As age increases, the health covers become less affordable, and there comes the role of such health plans.

Maternity Health Insurance

To cover the most essential and responsible phase of a women’s life, such health insurances are of utmost importance. They can be bought separately or as a part of the plan.

Individual Health Insurance

This is the most basic of all health insurance, which covers only the policyholder.

Family Floater Health Insurance

This is a comprehensive coverage plan for an individual and its family generally up to 5 members. The single premium has to be paid annually to cover the entire family.

Unit Linked Health Plan

This is the combination of health coverage and investment product. This is suited for such an individual whose probability to use health insurance is low.

General Insurance

The non-life insurance product which offers a sum assured to the policyholder on the loss incurred by any specific financial event. Any insurance which does not cover the life of the insured is termed as general insurance. There are many liabilities covered under this section which include motor insurance, health insurance, home insurance, marine insurance, rural insurance, commercial insurance, and many more. Unlike life insurance, they cover only for a specific period and not for a lifetime.

Motor Insurance: This is a mandatory policy cover as per the Motor Vehicles Act 1988, which covers the policyholder against any damage to the vehicle or any third-party liability. This insurance needs to be renewed every year, failing, which is a punishable offense. Apart from regulatory requirements, it provides roadside assistance, cashless services at the workshops, personal accident cover, and towing help.

Features

The complete process of buying or renewal of motor insurance via online mode is hassle-free and time-efficient for the customers

There is extensive coverage of theft, loss, fire, damage due to accident along with necessary insurance.

The policyholder can enjoy cashless benefits in case of an accident with the choice of your network garage anytime, anywhere.

Frequently Asked Questions

What are the important things I should keep in mind while insuring my vehicle?

The insurance process begins with filling your details correctly in the proposal form. It is mandatory to ensure that all the information is correctly recorded. If any further changes occur, it can be easily affected by an endorsement issued by the insurer.

What should I do in case of an accident/theft or vehicle?

In case of accident or theft, register a claim immediately. You should also report to the police in case of theft or third party injury or death or property damage.

When should I renew the insurance for my vehicle?

The insurance policy is due to be renewed every year and is recommended to do the same before the expiry date to avoid penalty.

What is NCB or No Claim Bonus?

It is the facility provided to the insured in the form of a discount for every claim-free year. However, such a bonus can be earned in the Own Damage section of Policies covering all classes of vehicles and not on Motor Trade Policies.

What kind of policies are available?

There are two types of policies available, one is liability only policy, and the other is a package policy. The liability-only policy is mandatory by law and covers the third party liability. While the package policy also covers the loss or damage to the insured vehicle by the mentioned causes.

Does every network hospital provide a cashless facility?

Yes, every network hospital provides a cashless facility to the insured.

My age is 25 years, should I buy health insurance now?

Health insurance is the first step you can take towards a financially sound life. This can cover your expenses from an early age with less premium to be paid.

Does my policy cover coronavirus disease?

Yes, your policy covers any hospitalization charges incurred because of viral infection, which includes coronavirus.

Do the companies cover pre-existing diseases?

This coverage depends on the insurer, and the premium they charge is also affected by this.

What are the documents required to buy health insurance?

To purchase health insurance for a person carrying no pre-existing diseases, the documents required are identity proof, age proof, and address proof. Otherwise, the additional documentation that can be asked by an insurance company is your medical reports.

What is the average cost of health insurance in India?

The cost of health insurance depends on several parameters like age, health condition, coverage, and several individuals to be covered. As age increases, the premium also usually increases.

Is Life insurance necessary to buy?

No, it is not mandatory by law to purchase any life insurance policy. However, it is highly recommended if you have a dependent spouse or parents or children.

How much does life insurance cost?

The cost of a life insurance policy depends on several factors like sum insured, age, health condition, type of policy you take, and the benefits you wish to avail at the time of maturity.

What are the options to pay a premium?

There are many options available to pay the premium via monthly, quarterly, half-yearly, yearly, or even in one lump sum installment.

What if I don’t pay my premium on time?

The insurance company provides the policy holder with a grace period of up to 30 days or 15 days for a monthly mode to pay any outstanding premium. If you still cannot pay the premium on defined time, the policy will stand defunct and you will not receive any benefits out of it.

What is ULIP?

Unit Linked Insurance Plan is the combination policy that covers your life and provides you with the investment benefits. These are market-linked products that can help you achieve your life goals by creating wealth.

Blogs

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Everything you need to know about general insurance

We are surrounded by valuable things which need to be safeguarded like our car, house,health, etc. Any kind of loss or threat can prove to take a major toll on our financial andemotional well-being. We might not have any control over the uncertainties that life bringsbut we can surely look for options to protect and....

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Tips for first-time health insurance policy buyers

The Covid-19 era has taught all of us the importance of planning uncertainties. With therapidly changing lifestyle of people, ever-increasing deadly diseases and the skyrocketingcost of medicine is an alarming situation. Below mentioned are the top 7 tips to considerwhen buying health insurance for the first time in Indi....

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Disclaimer The information contained in this file is provided for informational purposes only, and should not be construed as legal advice on any matter. The content and interpretation of the law addressed herein is subject to revision. We disclaim all liability in respect to actions taken or not taken based on any or all the contents of this file to the fullest extent permitted by law. Every effort is made to avoid errors. In spite of that, errors and discrepancies may creep in. It is expressly stated that neither Findoc Investmart Private Limited nor any of the contributors of updates will be responsible for any damage to anybody on the basis of this document. Readers are, therefore, requested to cross check with the original sources e.g. Government publications, Orders, Judgments etc., before taking any action or making any decision. These services are being provided through our group companies Findoc Capital Mart Pvt Ltd and Findoc Finvest Private Limited

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Important Message The information contained in this file is provided for informational purposes only, and should not be construed as legal advice on any matter. The content and interpretation of the law addressed herein is subject to revision. We disclaim all liability in respect to actions taken or not taken based on any or all the contents of this file to the fullest extent permitted by law. Every effort is made to avoid errors. In spite of that, errors and discrepancies may creep in. It is expressly stated that neither Findoc Investmart Private Limited nor any of the contributors of updates will be responsible for any damage to anybody on the basis of this document. Readers are, therefore, requested to cross check with the original sources e.g. Government publications, Orders, Judgments etc., before taking any action or making any decision. These services are being provided through our group companies Findoc Capital Mart Pvt Ltd and Findoc Finvest Private Limited

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