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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?

1. First, understand your requirements (future financial needs, your child?s education, marriage, or some other requirement). 2. Second, calculate how much premium you can pay every month or quarterly or half-yearly or annually. 3. See what benefits the Plan gives (each insurance company gives different benefits, so compare). 4. Decide on the tenure of the Plan. 5. See whether it is value for your hard earned money. 6. Decide the Sum Assured, the more the sum assured, the more the benefits. 7. Read the Terms and Conditions of the Plan. 8. Find out how prompt the insurance company is in settlement of claims for the 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.

Check out more information?

https://insuremile.in/motor-insurance/ urllinkcontent: Motor Insurance nextrowlinkcontent https://insuremile.in/car-insurance/ urllinkcontent: Car Insurance nextrowlinkcontent https://insuremile.in/bike-insurance/ urllinkcontent: Bike Insurance nextrowlinkcontent https://insuremile.in/health-insurance/ urllinkcontent: health insurance nextrowlinkcontent https://insuremile.in/health-insurance/ urllinkcontent: health plan nextrowlinkcontent https://insuremile.in/Personal-Accident-Insurance/ urllinkcontent: personal accident nextrowlinkcontent https://insuremile.in/critical-illness-health-plan/ urllinkcontent: Critical illiness nextrowlinkcontent https://insuremile.in/life-insurance/ urllinkcontent: Life insurance nextrowlinkcontent https://insuremile.in/term-insurance-plan/ urllinkcontent: Term insurance nextrowlinkcontent https://insuremile.in/investment-plans/ urllinkcontent: Investment insurance nextrowlinkcontent https://insuremile.in/child-insurance-plans/ urllinkcontent: Child insurance nextrowlinkcontent https://insuremile.in/general-insurance/ urllinkcontent: General insurance nextrowlinkcontent https://insuremile.in/home-insurance/ urllinkcontent: Home insurance nextrowlinkcontent https://insuremile.in/travel-insurance/ urllinkcontent: Travel insurance nextrowlinkcontent https://insuremile.in/agriculture-insurance-company/ urllinkcontent: Agriculture insurance nextrowlinkcontent

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 y