FAQ'S
- What is Car Insurance?
- Car Insurance not only provides financial protection to the car but also provides cover for injuries to driver, passengers or pedestrians, and their property. It pays for damages to your car due to accidents, vandalism, theft, fire, man-made/ natural disasters, and third-party liability. Considering the exorbitant repair costs these days even a minor damage can cost a fortune. The Motor Vehicles Act also requires every vehicle on the road to at least have a valid third-party liability cover, i.e. cover that pays for bodily injury, loss of life and damage to property of a third person that was caused by an accident with your car.
- What does motor insurance cover?
- Motor insurance typically encompasses coverage for various scenarios, including damage to your vehicle from accidents, theft, fire, and third-party liabilities. This includes compensation for third-party death or bodily injury, property damage, and vehicle damage resulting from natural disasters or self-explosion. Additionally, it covers damages during transportation by rail, road, water, or air, as well as personal accident coverage for the owner/driver against accidental death or permanent disabilities.
- What is not covered under car insurance?
- Motor insurance typically excludes coverage for normal wear and tear, general aging, and mechanical or electrical breakdown of the insured vehicle. It also does not cover damage caused by war, mutiny, or nuclear attacks, as well as incidents involving drivers under the influence of drugs or alcohol or with invalid licenses. Deliberate or consequential loss or damage, intentional actions or criminal acts, claims outside the geographical territory of India, and vehicles registered for personal use but used commercially are also typically not covered.
- Is third-party insurance mandatory for vehicles?
- Yes, third-party insurance is legally required for all vehicles in most countries to cover damages caused to third parties in accidents.
- Will my motor insurance premium increase after making a claim?
- Yes, filing claims can affect your premium rates, but it depends on the extent of the claim and your insurer's policies.
- What is the No Claim Bonus (NCB) in motor insurance?
- NCB is a discount offered on the premium for not making any claims during the policy period. It can accumulate over years of claim-free driving.
- How to Compare a car insurance policy?
- Comparing car insurance plans is vital for securing the best policy, considering factors like high Insured Declared Value (IDV), comprehensive coverage, and low premiums. Glide helps you to compare plans from leading insurers, facilitating an informed choice. Key parameters to assess include coverage features, IDV alignment with the car's value, premium costs vis-a-vis coverage, available discounts, and the insurer's claim settlement ratio. Evaluating these factors enables individuals to select a tailored plan meeting their needs effectively.
- How do I make a claim if my car is vandalized or damaged due to an accident or natural calamity?
- Notify your insurance company and the police, if required, immediately after the incident.
- A surveyor will assess the damage and may arrange towing to a workshop.
- Submit necessary documents like your driving license, RC book, and PUC certificate.
- The surveyor prepares a report and submits it to the insurer.
- Upon approval, repairs begin, and the car is delivered to you.
- If your policy offers cashless service, the insurer settles directly with the workshop, and you pay any deductibles as instructed.
- What types of life insurance policies are available?
Life insurance plans fall into two primary categories:- Pure protection policies or term life plans: These plans provide a death benefit to your family if you pass away during the policy term. They offer no other returns besides the death benefit.
- Investment policies: These plans offer a sum of money to your family either as maturity returns after a specified period or as a death benefit if you die during the policy term. They come with maturity periods ranging from ten to twenty years, typically up to age 65. These policies can be traditional with-profits or unit linked (ULIP) plans, with the death benefit generally being lower than that of pure protection plans, usually around 7-10 times your annual premium.
- How much life insurance coverage do I need?
- The amount of coverage you need depends on factors like your income, debts, and future financial goals. The rule of thumb is that you should buy a life cover of at least 10 times, and ideally 20 times your annual salary, so that your family can continue to have similar quality of life even after the breadwinner dies. Our experts can help with determining your cover need based on your income and savings. We also can help you and your family, plan for the best way to use the benefit payout, in case of an unfortunate event.
- Can I change beneficiaries on my life insurance policy?
- Yes, you can usually update your beneficiaries at any time by contacting your insurance provider and filling out the necessary forms.
- What are the tax benefits of life insurance?
Life insurance offers two types of tax benefits:- Premiums paid for a life insurance policy are eligible for tax deductions up to Rs1.5 lakhs under Section 80C. This deduction is limited to 10% of the sum assured or actual premiums paid, whichever is lower.
- The death benefit, including any accumulated bonuses, received by the nominee is fully tax-free under Section 10(10D).
Additionally, maturity proceeds, other than the death benefit, are tax-free if the premiums paid in any year during the policy term do not exceed 10% of the actual sum assured.
- What happens if I miss a premium payment?
- If you miss a premium payment, your policy may lapse, and you may lose coverage. Some policies have grace periods, so it's essential to check your policy terms.
- How can your nominee claim the amount in the event of your death?
- Once you buy a Life Plan, keep your nominee aware of the latest policy copy. To make the claim, your nominee has to intimate the insurance company and provide necessary documents which will include copy of death certificate, hospital records, if any, identity and bank account proofs.
- What is Health Insurance?
- Health insurance, also called as Mediclaim, is way to pay for advance medical treatments, that typically require you to be in-hospital overnight. It also covers certain other day procedures like cataract surgery, etc that don’t require you to be hospitalized but are expensive nevertheless.
- What are the types of health insurance claims?
Health insurance claims can be categorized into two types:- Cashless claims: In this type of claim, the insurance company directly settles the medical bills with the hospital. The policyholder doesn't need to pay for medical expenses out of pocket. Cashless claims are available when the policyholder chooses a hospital that is affiliated with the insurance company.
- Reimbursement claims: Here, the policyholder initially pays for medical expenses. After discharge from the hospital, the policyholder submits a claim to the insurance company with all relevant bills and documents. The insurer then reviews the claim and reimburses the policyholder for the incurred medical expenses. Reimbursement claims are applicable when the policyholder receives treatment at a non-network hospital.
- What does health insurance typically cover?
- Health insurance usually covers medical expenses related to hospitalization, surgeries, consultations, prescription medications, and sometimes preventive care.
- Can I add my family members to my health insurance policy?
- Yes, most health insurance policies allow you to add family members like spouses, children, and sometimes parents for additional coverage.
- Are pre-existing conditions covered under health insurance?
- Pre-existing diseases declared in the proposal will be covered after a waiting period of 3 years of policy issued. Also, The moratorium on the policy has been shortened from 8 years to 5 years. This means that any disease, whether declared or not in the proposal, becomes payable after 5 years.
- What is meant by co-pay?
- Co-pay is a predetermined amount or a fixed percentage of a claim that you, as a policyholder, must pay. For instance, with a 10% co-pay on a ₹20,000 claim, you pay ₹2,000—reasonable but on a ₹2,00,000 claim, you're shelling out ₹20,000.
- Are there any wellness benefits included in health insurance plans?
- Some health insurance policies offer wellness benefits such as coverage for health check-ups, vaccinations, and discounts on gym memberships to promote preventive care.
- Do health plans provide coverage for dental treatments?
- Dental treatments are not covered in health insurance plans. However, accidental injuries which require dental treatments might be covered. Moreover, there are health insurance plans which provide OPD coverage benefit. Dental treatments might be covered under this benefit up to a specified limit.
- What does travel insurance cover?
- Travel insurance typically covers trip cancellations, medical emergencies, lost baggage, flight delays, and other unexpected events that may occur during travel.
- When should I purchase travel insurance?
- It's advisable to purchase travel insurance as soon as you book your trip to ensure coverage for trip cancellations and pre-departure emergencies.
- Does travel insurance cover adventure sports and activities?
- Some travel insurance plans offer optional coverage for adventure sports and activities like skiing, scuba diving, and bungee jumping. It's essential to check your policy for specific inclusions.
- Can I extend my travel insurance policy if my trip is extended?
- Yes, many travel insurance providers offer options to extend coverage if your trip is extended due to unforeseen circumstances. However, extensions may have limitations, so it's best to check with your insurer.
- What should I do if I need medical assistance while traveling abroad?
- In case of a medical emergency abroad, contact your travel insurance provider's emergency assistance hotline immediately for guidance on medical treatment and claims procedures.
- What does home insurance typically cover?
- Home insurance typically covers damage to your home and belongings caused by fire, theft, vandalism, natural disasters, and liability for accidents on your property.
- How is the premium for home insurance calculated?
- Home insurance premiums are calculated based on factors such as the value of your home, its location, construction materials, security features, and your claims history.
- What’s Not Covered?
Home Insurance excludes coverage for damages caused by the following reasons:- Deliberate damage to the house.
- Damage caused by war, invasion, or war-like operations.
- Losses due to contamination or ionizing radiation.
- Damage to bullion or unset precious stones, manuscripts, vehicles, and explosive substances.
- Costs, fees, or expenses related to preparing any claim.
- Expenses for additions, extensions, or alterations to the house exceeding 10% of its carpet area at the commencement or renewal date.
- Can I adjust the coverage limits on my home insurance policy?
- Yes, you can usually adjust the coverage limits on your home insurance policy to suit your needs by contacting your insurance provider.
- Are home office and business equipment covered under home insurance?
- Some home insurance policies offer coverage for home office and business equipment, but coverage limits may apply. It's essential to review your policy for specific inclusions and exclusions.
- What are group medical policies for corporate?
- Group medical policies for corporate provide health insurance coverage to employees of a company and sometimes their dependents as part of their employee benefits package.
- Can employees choose their own health insurance plans under a group policy?
- In many cases, employees may have options to choose from different health insurance plans offered under the group policy, depending on the employer's arrangements.
- Are pre-existing conditions covered under group medical policies?
- Group medical policies may cover pre-existing conditions, but coverage terms can vary depending on the insurer and employer's arrangements.
- How are premiums for group medical policies determined?
- Premiums for group medical policies are typically based on factors such as the size of the employee group, demographics, location, and selected coverage options.
- Can retirees continue their health insurance coverage under a group policy?
- Some group medical policies offer options for retirees to continue their health insurance coverage under the same group policy, often at their own expense. It's essential to check with the employer and insurer for eligibility and terms.
- What does an engineering policy cover?
- Engineering policies typically provide coverage for construction projects, machinery breakdown, and other engineering-related risks such as installation, testing, and commissioning.
- What types of projects are covered under engineering policies?
- Engineering policies can cover a wide range of projects including construction of buildings, bridges, roads, power plants, and manufacturing facilities, among others.
- Are contractor's all-risk policies the same as engineering policies?
- Contractor's all-risk policies are a type of engineering policy that covers risks associated with construction projects, including damage to the works and third-party liability.
- Can engineering policies be customized for specific projects?
- Yes, engineering policies can be tailored to meet the specific needs and requirements of different projects, with options to add extensions and endorsements as necessary.
- How are premiums for engineering policies calculated?
- Premiums for engineering policies are determined based on factors such as the nature of the project, its location, duration, construction materials, and the level of coverage required.
- What does a group accidental policy cover?
- Group accidental policies provide coverage for accidental death, dismemberment, disability, and medical expenses resulting from accidents for members of a group.
- Who can be covered under a group accidental policy?
- Members of a group, such as employees of a company, members of an organization, or participants in an event, can be covered under a group accidental policy.
- Are there any age restrictions for coverage under a group accidental policy?
- Age restrictions for coverage under a group accidental policy can vary depending on the insurer and the terms of the policy, but they often cover individuals of all ages.
- Can group accidental policies be customized for specific groups?
- Yes, group accidental policies can be customized to meet the needs and requirements of specific groups, with options to adjust coverage limits and add additional benefits.
- How are premiums for group accidental policies determined?
- Premiums for group accidental policies are typically based on factors such as the size of the group, demographics, selected coverage options, and any additional benefits included.
- What does a marine policy cover?
- Marine policies provide coverage for goods and vessels involved in marine transportation, including cargo, ships, and liability for marine-related risks.
- What types of marine risks are covered under marine policies?
- Marine policies cover risks such as damage to cargo or vessels due to accidents, storms, piracy, theft, and other perils encountered during marine transportation.
- Are marine policies required for all shipments?
- Marine policies are not always mandatory, but they are highly recommended to protect against potential losses and liabilities associated with marine transportation.
- Can marine policies be tailored for specific shipping routes or cargo types?
- Yes, marine policies can be customized to meet the unique needs and requirements of different shipping routes, cargo types, and vessels, with options to add endorsements and extensions.
- How are premiums for marine policies calculated?
- Premiums for marine policies are determined based on factors such as the value of the cargo, the type of vessel, shipping routes, past loss experience, and the level of coverage required.
- What does a fire policy cover?
- Fire policies provide coverage for damages caused by fire, lightning, explosions, and related perils to insured property, including buildings, contents, and other assets.
- Can fire policies be extended to cover other perils?
- Yes, fire policies can often be extended to cover additional perils such as floods, earthquakes, riots, vandalism, and other specified risks, depending on the insurer and policy terms.
- Are there different types of fire policies available?
- Yes, there are different types of fire policies available, including standard fire policies, all-risk fire policies, and specific peril fire policies, each offering varying levels of coverage.
- How are premiums for fire policies determined?
- Premiums for fire policies are calculated based on factors such as the value of the insured property, its location, construction materials, fire protection measures, and the selected coverage options.
- Can homeowners and businesses both purchase fire insurance?
- Yes, fire insurance is available for both homeowners and businesses to protect their properties against fire-related risks, with policies tailored to meet their specific needs and requirements.
