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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.

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 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

Indian Insurance Buying Behavior

https://insuremile.in/tata-aig-two-wheeler-insurance/ urllinkcontent: 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. nextrowlinkcontent

Insurance buying behavior in India

https://insuremile.in/tata-aig-two-wheeler-insurance/ urllinkcontent: 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. nextrowlinkcontent

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

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 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 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..

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-p