What is Insurance?

Insurance is a contract between an Individual or a group of individuals and an insurance company. The person who takes insurance is called ‘Insured’ and the person who insures is called ‘Insurer’. The insured agrees to pay a premium to the insurer in exchange for compensation in case of loss of property, illness, death or damage. The premium that is paid assures the insured that he or she is financially protected. There are different types of insurance – Car, Life, Health, travel Insurance.

What is a policy?

An insurance policy is a type of contract, whereby an individual gets financial protection or gets insured against any losses of property or other assets from an insurance company.

What is a quote?

A quote is basically an estimate of what you are willing to pay as a premium to get that insurance policy. This quote can change or be negotiated by both the insurer and the insured person. The value they agree to become the ultimate premium of the policy.

What are the types of Insurance?

Life Insurance – Life Insurance plans pays a certain amount of money (lumpsum or part) to the insured person as per the plan term or to his or her beneficiary in the event of the death of the insured. Term Plans, Income Replacement, Child Plans, Retirement Plans, Tax Saving Plans, Money-Back Plans, Monthly Income Plans, Unit Link Policy; Short Term Guarantee Plans, Systematic Investment Plans etc..–
Health Insurance – Health insurance gives coverage for the insured’s medical or hospital expenses.
This assures you that you and your family will have enough money to pay for expenses if ever you get ill and are hospitalized.Types of Plans: Individual Health Plans; Family Health Plans; Senior Citizen Health Plans; Critical Illness Plans; Preventive Health Plans, Mediclaim Plans etc.
Motor Insurance – Motor Insurance provides financial security to you and your vehicle. In case of an accident involving your vehicle. The Insurance company pays for the repairs; damages to a third party etc It also covers theft or loss of vehicle, depending upon the policy.
Types of Plans: Car Insurance, Two Wheeler Insurance, and Third party Insurance.
General Insurance – General Insurance will protect your movable and immovable assets and investments. It could be your house, your office, your godown, your jewellery etc.
Types of General Insurance: Travel Insurance, Home Insurance, Personal Liability, Property Insurance etc.

How to choose the best Insurance Plan?

Why compare insurance quotes on InsureMile platform?

1. First, you can compare Insurance Premium quotes on our platform without giving your contact details.
2. All our competitors ask for contact details and only then you can find out about Plans.
3. With your contact details, you are flooded with irritating telemarketing.
4. InsureMile not only gives you the Best Premiums, but also the Best Benefits, all simplified.
5. All transactions on InsureMile platform are digital and transparent.
6. InsureMile has the best experts in the business to guide you on Plans.
6. InsureMile respects your time and your investment

What is Motor Insurance policy?

Motor insurance is mandatory for the vehicles that are driving on the road. Its mission is to provide comprehensive protection against damage or loss from natural and man-made calamities. There are 4 types of motor insurance policies, Car Insurance, Bike Insurance, Third-party Insurance, Commercial vehicle Insurance.

What is car insurance policy and how does it work? ?

Car insurance policy is an agreement between car owner and insurance company that can cover car and car owner, damages cause if you hit someone else, and other accident events. When you get car insurance policy, you are buying “car coverages,” which are essentially things your insurer agrees to pay for compensation to rectify damage car and you.

What is Car Insurance Premium and how car insurance premium is calculated

.car insurance premium is the amount you pay to insurance company on a fixed term example 12 months, in exchange for policy coverage. as your car become older, the Insured Declared Value decreases. The premium for Own Damage cover is calculated as a percentage of Insured declared value.

What is add on in car insurance??

Car Insurance Add-ons are those covers that you buy for an extra protection for your car during loss or damages. – These add-ons increase your car insurance premium, as you get extra coverages example zero depreciation to protect your insured value you are paying extra premium for extra cover it is better to you buy if your car is less 5 years.

What is car Claims Services and why car claims get rejected?

A car insurance claim is a process wherein as car owner asks the car insurance company to pay compensate for the damages that are happened by his/her car after an accident. it is one’s right to make a claim when he/she is involved in an accident as per insurance law. Car insurance companies to reject large number of car insurance claims or to reduce there pay out. … Another reason why a claim may get rejected is that the customer may have taken an insurance policy for a private car use while it was used for commercial other purposes..

What is bike insurance policy and how does it work?

Bike insurance policy is an agreement between car owner and insurance company that can cover bike and bike owner, damages cause if you hit someone else, and other accident events. When you get bike insurance policy, you are buying “bike coverages,” which are essentially things your insurer agrees to pay for compensation to rectify damage bike and you.

8 steps in 3 minutes to compare best bike insurance quotes and buy best Bike Insurance Policy

1. Insured Declared Value -Each bike has got total fixed value (current market value) which is called as Insured’s Declared Value (IDV). This IDV is calculated based on previous year IDV.IDV is very much important in case of Total damage of the vehicle. Fire, Theft, Natural calamities. This is why IDV has to be kept more while buying a policy. Your IDV defines your premium. The more IDV you chose the more compensation you get. IDV is depreciated every year as per the IRDA regulation.
2. Compensation types -Personal Accident Cover – Coverage for individual driver of the vehicle while travelling in bike, also there is option to cover co-passenger who is travelling in bike.
Third-Party liability cover – Protection against legal liability due to accidental damages resulting from the permanent injury or death of person and damage caused to the property
Own damage or comprehensive cover – Protection against the loss or damage of the insured bike.3. What type of policy is required before you start driving your bike? Before raiding your bike, it is mandatory for bike owners to have bike insurance policies and adhere to the motor vehicle act, at least a raider must have a third-party liability coverage policy. Otherwise, you will have to pay fine to cops. And also, you need to pay third-party damage costs from yourself for third-party damages in case of any unexpected events. 4. From whom you can buy a bike insurance policy?
You can buy a bike insurance policy from the insurance company or insurance aggregators, agent or broker who is licensed by IRDA to provide policy advice and services. you can check IRDA for the website to validate who your buying from. 5. How to buy my bike insurance online? If you buy your bike insurance online you will get discounts and cashback offers. One most important thing you can save your time while doing your bike insurance renewal online. It’s better to compare and get a minimum of 3 different insurance companies quotes before buying the policy. Bike insurance online gives you quick and faster service from anywhere and any time.24*7.
Buy a policy from insurance aggregator, also explore online aggregator you can get 3 quotes in 3 minutes. You can save your money and time. The bike insurance online process is very simple and fast. 6. What are the things I need to check after buying a bike insurance policy? Always check the start date of the policy, the end date of the policy, IDV value, exclusion of policy terms and conditions and insurer details. Take a digital copy of the policy. It will help you always while raiding you can show this proof if any authority asks for the proof of insurance.7 How to file a bike insurance claim and get my compensation? Base on accident type you must have the following documents to file a claim, 1. Copy of insurance policy, 2. First Information Report filed with the policy if any personal damages to you or third-party 3. Signed claim form 4. Copy of bike registration certificate 5. Copy of driving license 6. Medical receipts in case hospital expenses. With all these details call the insurance company or send an email with all these details and get a claim number for further process to your compensation.8. How to renew my bike insurance policy or bike insurance renewal. Before doing bike insurance renewal please check your current policy end date, if policy expired don’t have to do the inspection for some companies. It will be processed T+ 2. Means policy start date will be after 3 days from the date of payment. This applies only to the expired cases. Bike insurance renewal has to be done every year so that you will be getting no claim bonus every year. In this technological world, most insurance companies will help to do the bike insurance renewal via app and website to save their customers time.

What is add on in bike insurance?

Bike Insurance Add-ons are those covers that you buy for an extra protection for your bike loss or damages. – These add-ons increase your bike insurance premium, as you get extra coverages example zero depreciation to protect your insured value you are paying extra premium for extra cover.

What is Bike Claims Services and why bike claims get rejected?

A bike insurance claim is a process wherein as bike owner asks the bike insurance company to pay compensate for the damages that are happened by his/her bike after an accident. it is one’s right to make a claim when he/she is involved in an accident as per insurance law. bike insurance companies to reject large number of bike insurance claims or to reduce there pay out. Another reason why a claim may get rejected is that the customer may have taken an insurance policy for a private car use while it was used for other commercial other purposes like bike racing etc.

What is Third-party Insurance policy and how does it work?

Third-party insurance policy is a form of liability insurance purchased by an insured person (first party) who is driving on road from an insurance company (second party) for protect against the claims of another person (third party). As per motor act the first party is responsible for their damages or losses, regardless of the cause of those damages..

How Third-party insurance premium is calculated ?

Third Party Liability Insurance policy covers your legal liability for the injury or damage caused by you to the third party. Demise or any bodily injury to the third party. Property damage caused to the third party up to Rs. 7.5 lakh per car and 1 lakh per bike for commercial vehicle premium is calculated based vehicle make and model and purpose of use of vehicle.

How to make Third-party Claims ?

There are 2 steps involved in a third party insurance claim,you need to File an FIR and obtain a charge sheet from the police.File a Motor Accident Claims to Insurance company with Driving license documents proof

What is Health Insurance policy? how does it work?

Health insurance policy is “a contract between you and health insurer to pay some or all of your healthcare costs in exchange for a premium.” Payable either monthly or annually. Medi claim Insurance policy. Individual Coverage. Family Floater Coverage. Senior Citizen Coverage. Unit Linked Health Plans. Critical illness plan

1What is health Insurance Premium and how health insurance premium is calculated

Health insurance premium will calculate based on the policy type i.e. individual or family, floater, sum insured of policy, age of the insured person and other factors. On an average, the health insurance premium for a sum insured of Rs. 5 lakhs that an individual might have to pay around Rs. 5,000 to Rs. 10000, depending upon the policy type and insurance company.

What is add on in health insurance?

Add-on features give extra coverage benefits over and above a base health insurance policy. Although premiums for these add-ons are low premium, the benefits that you can accrue are also limited. Hence, you should aware that every add-on comes with a extra premium, you should only buy for add-ons when it is required.

What is Health Policy Claims Services and why health policy claims get rejected?

The Health policy claims settlement process is one of the important part of an health insurance policy, if it is a health cover. A policyholder health insurance claim can get settled by an insurer in two ways: third-party administrators (TPA) or through the insurer’s in-house claims processing office. The policy holder should understand health insurance form to know the exclusions, understand the coverage limits, and other terms and conditions. Another key reason for rejection of claim by the health insurance company is the provision of incorrect information by the policy holder.

What is personal accident policy and how it works

A personal accident policy coverage you against death, permanent total disability, permanent partial disability and temporary total disability in case of an accident. Usually, on death and permanent total disability, the Insurer pays the onetime payment of sum assured and policy will get terminated.

What is Hospital Cash Policy and how it works

The Hospital Policy provides you with fixed cash benefit for each day of hospitalization irrespective of the actual medical cost you are spending. This, provides you with extra protection & also takes care of expenses which are not covered under your Health Insurance Policy such as like traveling, food etc.

What is Life Insurance Policy and how it works ?

Life insurance policy is a contract between you and an insurance company. You agreed to pay premium for the policy on a regular basis, and the insurer company agrees to pay a sum of money to your beneficiaries if you die. Term Plan – pure risk cover,Unit linked insurance plan (ULIP) – Insurance + Investment opportunity,Endowment Plan – Insurance + Savings,Money Back – Periodic returns with insurance cover, Whole Life Insurance – Life coverage to the life assured for whole life

What is Term Insurance Policy and how it works?

Term insurance policy is a type of Life Risk cover, provides financial protection coverage to the insured person for a defined period of time. In the absence of the policy holder or insured person during the during the policy term, insurer pay death benefit sum insured money to policy holder nominee.

What is renew the policy?

Renewal, in the context of insurance, refers the continuation of coverage. The policyholder extends their contract with the insurance company to continue their current coverage for a specified period. The insurance company typically invites the policy
Older to renew the policy near the end its term.

Can you renew the expired policy?

Yes you can. if your car insurance has been expired for more than 90 days, then you may lose out on your no-claim bonus benefit too. Can I renew my expired car insurance policy online? Currently, you can only initiate the renewal process by contacting insuremile online services. Or through insuremile mobile app.

What is a File claim?

An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.

What did your claim status mean?

Your claim will be placed in “deferred,” “accepted,” “denied,” or “closed” status, depending on where it is in the process. If you’re unsure about what your claim status. Please contact your insurance company customer care.

What is Claim complaint?

If you’re not happy with the service offered by your insurance company, you have the right to complain.
Why complain about an insurance company?
Step 1 – Try to resolve the complaint informally
Step 2 – Send a written complaint
Step 3 – Ask the Financial Ombudsman Service for help

From an individual perspective, it provides financial security, besides other benefits including tax.
From a national perspective, it furthers economic development. So if we as a nation have to accelerate the pace of economic development, then it is necessary for all of us to take one or the other insurance, be it Life, be it Health, be it Vehicle etc.
Presently, India is a highly under-insured and un-insured nation, thus affecting national development. As per a report, over 63 million Indians are paying from their pocket for healthcare services and due to this they are pushed to go below the poverty line (BPL). With rising health care costs, they have had to raise the funds either by selling off their movable and immovable assets; borrow; or take to some other recourse for medical treatment.
A National Survey has indicated that people spend the least portion of their out-of-pocket (OOP) expenses on inpatient treatment. while they spend the most on purchasing drugs. Nearly 72 % of OOP expenditures (74 % in rural areas, 67 % in urban) are drug related.
India accounts for less than 1.5 per cent of the world’s total insurance premiums despite being the second most populous nation.
India needs to increase the spread of Insurance as it:
• Provides safety and security (to individuals, organisations and other entities).
• Generates financial resources (which can be deployed into investments and other development activities).
• Generates large-scale employment.
• Adds fillip to economic growth (mobilizes domestic savings)

Indian Insurance Buying Behavior

In India, insurance is a risk management factor. This is used to manage the uncertainties of a family after a demise, injury or destruction. Insurance provides financial security to an individual after facing major risks in property, health, life and legal liability. The requirement for an insurance is a dynamic factor for every citizen of the country. The government has taken a lot of steps to ensure its highly growing population. Increase in insurance is directly proportional to the growth of the country. This is because people tend to take more risks towards growth and development when they are adequately insured. Eventually, they make way for economic development.

Insurance buying behavior in India

Risk Analysis: In India, there are three major types of insurances:
⦁ Life Insurance
⦁ Health insurance
⦁ General insurance
Insurance generally is considered as a mode of savings or investment. People also buy insurance to escape from the paying of taxes. There are several insurance policies that are given for the benefit of people. They can choose the most suitable policy to protect their families. However, insurance is more like a compulsion by insurance agents. People don’t analyse if the policy would be suitable for them. It is more seen as a means of saving than a risk management tool. The savings made in insurance alone is 19.5% in India. In recent years, the savings via insurance policies has decreased due to increase in share of currency, mutual, provident and pension funds. There should be more savings done along with insurance as our country is exposed to a lot of uncertainties than in developed countries.
Protection Analysis: Although it is important to take insurance policies for a life coverage, it is evident that the end benefit is not very sufficient for an average family. Still, an insurance plays a vital role in stabilizing families to a certain extent. The awareness towards having insurance is reaching the less privileged people nowadays. They get insurances with lower premium rates.
The major factor for people to skip having an insurance is the level of income. Other factors leading to this are:
⦁ Increased costs of living
⦁ Higher rates of interest
⦁ Growing rate of population
In India, insurance is, thus, a tax saving tool that faces a great deal of competition with saving options available. This is also a great tool for hiking the GDP of our country. This summarizes the insurance buying behavior in our country.

Check out more information?

Motor Insurance
Car Insurance
Bike Insurance
health insurance
health plan
personal accident
Critical illiness
Life insurance
Term insurance
Investment insurance
Child insurance
General insurance
Home insurance
Travel insurance
Agriculture insurance

Why compare insurance policy?/strong>

Compare insurance policy is way to get best policy to suit your needs, you must explore online to get at least 3 insurance companies quotes before you make up mind to buy insurance policy, so that you know benefits and premium of insurance policy, you may end up save hug amount of money and insurance company may offer you better coverage based your needs and budget. online insurance aggregator websites get better additional free riders and instant quotes so you need waist time your time going around to different insurance companies websites

Why compare car insurance policy?

Compare car insurance policy is way to get best policy to suit your needs, you must explore online to get 3 insurance companies quotes before you make up mind to buy car insurance, so that you know benefits and premium of car insurance policy, you may end up save hug amount of money and insurance company may offer you better coverage based your car and driving experience. online insurance aggregator websites can get better additional free riders such as road side assistance, zero depreciation etc to save your money not only while buying and next 12 months no need to pay any extra money when you lose car or down on road.

Why compare bike insurance?

Compare bike insurance policy is way to get best policy to suit your needs, you must explore online to get 3 insurance companies quotes before you make up mind to buy bike insurance policy, so that you know benefits and premium of bike insurance policy, you may end up save hug amount of money and insurance company may offer you better coverage based your bike and driving experience. Also help of online websties you can get better additional free riders such as road side assistance, zero depreciation etc to save your money not only while buying and next 12 months no need to pay any extra money when you lose bike or down on road.

Why compare health insurance?

Compare health insurance policy is way to get best policy to suit your needs, you must explore online to get 3 insurance companies quotes before you make up mind to buy health insurance policy, so that you know benefits and premium of health insurance policy, you may end up save hug amount of money and insurance company may offer you better coverage based your age and city of living. Online websties may offer better additional free riders such as cashless hospital claims, top up sum insurance when you need extra coverage etc.

Why compare life insurance?

Compare life insurance policy is way to get best policy to suit your needs, you must explore online to get 3 insurance companies quotes before you make up mind to buy life insurance policy, so that you know benefits and premium of life insurance policy, you may end up save hug amount of money and insurance company may offer you better coverage based your age and profession etc. Online websties may offer better additional free riders such as cashless claims, top up sum insurance when you need extra coverage etc.

Why compare travel insurance policy ?

What is claims settlement ration and why compare the claims ration?

Compare travel insurance policy is way to get best policy to suit your needs, you must explore online to get 3 insurance companies quotes before you make up mind to buy travel insurance policy, so that you know benefits and premium of travel insurance policy, you may end up save huge amount of money and insurance company may offer you better coverage based your destination and number of days your travelling. Online websties may offer better additional free riders such as cashless claims, top-up sum insurance when you need extra coverage etc.

Why compare home insurance?

Compare home insurance policy is way to get best policy to suit your needs, you must explore online to get 3 insurance companies quotes before you make up mind to buy home insurance policy, so that you know benefits and premium of home insurance policy, you may end up save hug amount of money and insurance company may offer you better coverage based your house structure and design of house. Online websties may offer better additional free riders such as cashless claims, top up sum insurance when you need extra coverage etc.

Why buy insurance online?

Online insurance policies quote better premiums as compared to offline agent, brokers etc. This is because the insurance companies save lot of distribution channel expenses, infrastructure and overheads cost. So they pass this saving to policy holders who is buying policy online.

Can a friend be a nominee in the insurance account?

Nomination is the process of appointing a person to take care of your assets in the event of your death. You can appoint a nominee for your insurance account,. A nominee can be a family member or a friend or any other person whom you trust.

What happens when nominee dies?

Who receive Insurance benefit when insured and nominee both die? … When you die, then the nominee (will receive the benefits) and policy closes there itself (in many cases). However, if both policyholder and nominee both die during a policy period, then the legal heirs of policyholder will get the benefits.

Is FIR mandatory for insurance claim?

“An FIR is mandatory while filing for a claim in case of a road accident including third-party or major accidents,” in case of any death.

Is it a legal requirement to have car insurance?

Is car insurance a legal requirement? Yes, it’s a legal requirement to have an insurance policy in place if you own any road worthy vehicle. It provides financial protection if you have an accident, and it can also cover injuries to other drivers, pedestrians and passengers in your car.

Why previous insurer details need be filed?

No claims bonuses can usually be transferred to another car, but if you switch insurers before the year is up, you won’t get the NCB for that year. Some insurers may provide your proof of no claims in the car insurance renewal letter they send you. If it’s not there, you can call your insurer and ask them to send it.

What is No Claim Bonus?

No Claim Bonus (NCB) Definition. No claim bonus (NCB) is a discount, given by an insurer to a policyholder for making no claims during the policy term. NCB can be accumulated over years and the discount ranges from 20% to 50% on the own damage premium.

Why is IDV important?

As explained, IDV is the amount that you will get in case your vehicle is stolen or suffers total loss. It is highly recommended to get IDV which is near the cost of market value of car. Insurers provide with range of 5% to 10% to decrease IDV which could be chosen by customer.

What is own damage premium?

These include own damage (OD) premium and third party (TP) premium. Own damage premium: The own damage premium is the part of premium fixed as per the Insured Declared Value (IDV) of your vehicle. The IDV is calculated after taking into account the value of the vehicle after depreciation.

What is TP premium?

The damage caused to others because of one’s vehicle falls under liability only policy covers (LOPC) or third party insurance, which is compulsory.

What is invoice value cover?

What is Return to invoice car insurance add-On? RTI is an add-on option which covers the gap between the insured declared value and the invoice value of the car. It’s an option that will fetch you the entire amount of loss (the on-road price you paid for your car) that you incurred from losing it.

What is Key Replacement Cover?

To put it simply, it covers the cost you incur to replace the key if it is lost or stolen. You will also get compensation for replacing the lock if required. Buying a Key Replacement Cover: … However, this extra cost is worth all the trouble and expenditure you will have to incur if the keys are lost or stolen.

What is NCB protection?

A no-claims bonus (NCB), or no-claims discount, is a count of the number of years in which you haven’t made a claim on your car insurance policy. The amount that its worth varies from insurer to insurer, but a NCB of five years or more, for example, is likely to give you a significant discount on your premium.

What is insurance and how it works?

What is consumables cover?

The list of consumables cover in car insurance is an exhaustive one. The most common consumable items include nuts, bolts, screws, washers, brake oil, engine oil, gearbox oil, power steering oil, radiator and AC gas, -, oil filters, wheel balancing weights, and items of similar nature.

What is PA to owner driver?

Your policy will list this as “PA cover for owner driver”. An “owner-driver” is the owner of the insured vehicle having a valid driving licence, according to the India Motor Tariff.

What is Tyre Protection?

It covers damage to tyres and rims as a result of blowouts, punctures and various road hazards (like driving through a pothole).

What is Towing?

Towing and labour coverage and limits are different for each carrier that offers towing and labour coverage, but typically, it pays the cost of towing your car to a repair shop when it is unable to be driven and covers a specified amount of necessary labour charges at the place of the breakdown.

What is External Accessories – Electrical?

Electrical Accessories Wholesaler of a wide range of products which include Electrical Wiring Accessories, Electrical Accessories, Electrical Holder, Electrical Sockets and Electrical Plugs.

What are Policy services in insuremile?

It’s a process of renewing, cancelling, endorsing and renewing the expired policies, reactivating lapsed/out-of-coverage policies by remitting full or partial repayment of outstanding premiums. Termination or cancellation of an insurance policy for its cash value before maturity date or death of the insured

What is cancel policy?

The insurance company cannot cancel the policy, provided that the policyholder continues to pay the premiums. If you cancel this policy, you may be entitled to a full or partial refund of premium under the applicable rules and regulations. If you cancel a policy, you terminate a contract of insurance

What is change policy or endorsement?

An insurance endorsement is an amendment or addition to an existing insurance contract which changes the terms or scope of the
original policy.Endorsements may also be referred to as riders. An insurance endorsement may be used to add, delete, exclude or otherwise alter coverage.

Where are my claim centers?

Claims management system that supports all lines of personal, commercial, and workers’ compensation insurance. Claim Center enables end-to-end claims lifecycle management, including: Intuitive loss-report intake. And also you can find the services centers in insuremile mobile app.

What are emergency services?

The public organizations that respond to and deal with emergencies when they occur, especially the ambulance service, the police, and the fire brigade .And also by using insuremile app you can see the nearby towing services, nearby ambulance services, nearby repair centers and nearby hospitals.

What are nearby services?

Nearby services always helpful for service users for knowing the locations like nearby police stations, nearby traffic, nearby petrol stations and nearby parking lots. By using insuremile mobile app.

What is insurance and how it works?

Insurance is a contract that transfers the risk of financial loss from an individual or business to an insurance company. The company collects small amounts of money from its clients and pools that money together to pay for losses..

Why InsureMile

Insuremile is India’s first financial protection marketplace, founded with the intent to change the dynamics of the insurance sector in India. As an insurance web aggregator, Insuremile enables financial protection to 96% of Indians who are under risk, providing simple, fast and reliable services. The primary aim of the platform is to enhance the user experience by letting customers compare multiple policies at a time before making a choice based on their individual needs..