FAQs

  • Car Insurance
  • Two Wheeler Insurance
  • Health Insurance
  • Term Insurance

Car Insurane

Car Insurane

  • Why do I need to complete the proposal form while purchasing insurance?

    A proposal form is a contract between the insured and the insurer that comprises pertinent and required information about the insured, his previous policy, and his vehicle information. As a result, proper details must be filled in on the proposal form for future reference/proof.

  • What is a 'compulsory deduction/deductible/compulsory excess' in the context of car insurance?

    Every insurance provider deducts some amount from the ultimate claim value when processing the claim. The deductible amount varies depending on the type of car in issue. The amount deducted is known as a mandatory deductible.

  • What types of car insurance are available in India?

    The latter of the two forms of automobile insurance, Third-Party and Comprehensive Insurance, covers damages to you, your property, and third parties (body and property). In contrast, third-party insurance covers the other person's bodily harm or death as well as property damage.

  • Can I make the payment for my car insurance premium online?

    Yes, using your Debit/Credit Card/UPI, you can make the payment for your car insurance premium online.

  • What should you keep in mind when purchasing a vehicle insurance policy?

    Choose a reputable insurance company, then consider their claim settlement time and ratio. Look for extras like as a garage network, cashless claims, and accessibility perks (online payments and claims). Before deciding on your perfect insurance provider, conduct a comparison investigation.

  • Is it safe to buy car insurance online?

    A. Purchasing insurance online is similar to buying at any online retailer. Aside from the product changes, the complete procedure is comparable to what you are used to in any other domain. Data privacy and security are ensured by top-tier SSL security certifications. For competitive premiums for your car, go to websites like https://www.sibinsure.com.

  • How can I check the status of my car insurance?

    The documentation for your automobile insurance policy provides information about the policy's commencement and expiration dates. You should verify the date of creation on a regular basis to keep up to date on its progress. It is also necessary to renew it before it expires.

  • Is it possible to switch to a different type of car insurance policy?

    You can change your car insurance policy, however changing your car insurance coverage in the middle is not suggested. However, switching after 2 to 3 years might result in cost savings of 5 to 15%, depending on the insurance carrier.

  • What is car insurance depreciation?

    Any object loses value over time due to reasons such as age, damage, wear and tear, and so forth. Similarly, depreciation refers to a decrease in the monetary worth of a car as a result of such circumstances.

  • What does the phrase "legal liability of the paid driver" mean?

    If your driver is injured or killed while driving your car, you must compensate him/her or his/her family for their losses. Most insurance providers will provide you with this coverage for an extra fee.

  • Can I get a discount if I belong to the Car Association of India?

    You are entitled for a discount, usually of approximately 5%, if you mention your membership status while purchasing the insurance policy.

  • For how long will the car insurance policy be valid?

    A minimum of 3 years Third Party insurance policy is required for a new car, in addition to a 1-year or 3-year Own Damage cover. However, for older vehicles, a one-year policy is required.

  • How many times may we make a car insurance claim in a year?

    The number of claims that can be registered throughout the insurance period is unlimited. However, the policyholder may make claims until the total claim amount meets the car's Insured Declared Value (IDV). Furthermore, claims have an effect on your renewal premium.

  • Does the model of the car impact the cost of car insurance?

    Yes. The manufacturer and model of your car have an impact on the cost of your insurance premium. A luxury sports car will cost more than a hatchback, for example. This is due to the fact that any damage to a premium vehicle will necessitate a more expensive repair.

  • Is my car insurance policy valid PAN India?

    Car insurance is governed by the Motor Vehicles Act of 1988, which is a federal law. As a result, any car insurance policy you purchase will be valid PAN India as long as you renew it before the lapse period.

Two Wheeler Insurane

Two Wheeler Insurane

  • Is it required for me to purchase insurance for my two-wheeler in India?

    Yes, it is required by the Motor Vehicle Act 1988 to have at least a valid third-party insurance coverage when riding a two-wheeler on Indian highways.

  • Third-party Insurance provides what kind of coverage?

    A third-party insurance policy will cover:

    • Legal responsibility resulting from an accident involving your covered vehicle that causes permanent harm and/or death to a third party.
    • Legal liability stemming from an accident involving your covered vehicle that causes property damage to a third party.
  • What is the punishment if my two-wheeler is not insured or my insurance has expired?

    Driving without valid insurance (at least third-party insurance) is prohibited and can result in a fine of up to Rs. 2000 or potentially 3 months in jail, or both.

  • Is hospitalisation covered by a two-wheeler insurance policy in the event of a personal accident?

    It seems prudent to protect yourself against any financial liabilities that may occur as a result of an unexpected accident. In Comprehensive Two-Wheeler Insurance Policies, Personal Accident (PA) coverage provides compensation in the event of death or permanent complete disability. You can also choose to cover the pillion passenger.

  • What are the two-wheeler insurance policy's exclusions?

    A. The following are the exclusions from the two-wheeler insurance policy:

    • Normal deterioration
    • Any accidents or damages to third parties caused by the driver's carelessness
    • Mechanical or electrical failure
    • Accidents or damages occur when the owner/driver of the two-wheeler is under the influence of alcohol/liquor/drugs.
    • Depreciation in the insured vehicle's value
    • Losses or losses resulting from war or nuclear dangers.
  • What are the requirements for bike insurance?

    To claim Bike Insurance, the following documents are required:

    • Form for insurance claims.
    • The bike in RC form.
    • Copy of the bike's tax payment receipt
    • Driver's licence
    • Documents pertaining to insurance policies.
    • Copy of the FIR in the case of third-party bike damage, injury, or death.
    • Repair invoices and receipts
  • What are the advantages of bike insurance?

    In other words, the comprehensive policy covers both third-party responsibility and your injuries, as well as vehicle damage or theft. Some insurance firms additionally provide many different add-ons and extra covers, such as zero depreciation coverages, which cover even the cost of consumables.

  • Which type of bike insurance is best?

    Because of its coverage, a comprehensive policy is regarded as the best two-wheeler insurance policy. It includes Third-Party Liability Insurance as well as Own Damage. You may also add relevant Add-ons to your insurance to reinforce it.

Health Insurane

Health Insurance

  • What is health insurance?

    Health insurance is a type of insurance that covers a person's medical and surgical expenditures in the event of a medical emergency. However, in order to obtain a health insurance policy, you must pay a premium.

  • Why should I buy health insurance?

    You should buy health insurance so that you don't lose your life savings while paying for medical expenditures in an emergency.

  • How will my health insurance cover my emergency medical expenses?

    If you choose the cashless option, your health insurance will either pay your hospital bills immediately or refund any payments you make for medical expenditures incurred as a result of a sickness or injury.

  • What is the eligible age to buy health insurance?

    While the eligibility age for various health insurance plans varies, the basic eligibility age for people is from 18 to 65 years. Children must be between the ages of 90 days and 18 years to be eligible.

  • Will my health insurance allow me to cover my family?

    Yes! If your plan allows it, you can obtain coverage for yourself, your spouse, your children, your dependent parents, and a variety of additional connections like as parents-in-law, siblings, and others.

  • Can I buy more than one health insurance policy?

    Yes, you have the option of purchasing a different plan based on your individual medical needs.

  • What types of health insurance policies are available to me?

    Personal Health Insurance Plan, Family Floater Health Insurance Plan, Senior Citizen Health Insurance Plan, Critical Illness Insurance Plan, Maternity Health Insurance Plan, Group Health Insurance Plan, and Personal Accident Insurance Plan are all available to buy.

  • Is it possible to pay my health insurance payment in instalments?

    In most cases, the health insurance premium is paid once a year. However, you can pay your subscription in monthly, quarterly, or semi-annual payments.

  • What are the most common health insurance coverage benefits?

    The benefits of health insurance vary depending on the coverage. Basic health insurance coverage, on the other hand, include inpatient hospitalisation, pre and post hospitalisation, childcare treatments, emergency ambulance expenditures, organ donor expenses, domiciliary hospitalisation, OPD expenses, and other services.

  • What are the advantages of purchasing critical illness insurance?

    Cancer, stroke, heart attack, kidney failure, and other life-threatening conditions are covered by critical illness insurance. When you purchase a critical illness plan, you may anticipate comprehensive coverage for critical diseases (the number of illnesses covered varies by plan), a lump-sum pay-out upon diagnosis, tax benefits, and more.

  • Will I be able to claim tax breaks if I buy health insurance?

    Yes! Buying health insurance allows you to tax breaks under Section 80D of the Income Tax Act of 1961.

  • What if I already have a health insurance coverage and wish to raise the amount insured?

    If you already have an insurance policy but wish to increase your coverage, you can do so when your policy is renewed.

  • I've lately been diagnosed with a medical ailment. Will I be able to obtain health insurance?

    If you already have a medical issue, it will be regarded a pre-existing sickness. In this instance, you may be required to wait for a set duration (waiting period) before being granted coverage. You may be compelled to pay a higher premium or face policy refusal depending on your insurer.

  • What papers do I need to buy health insurance?

    If you wish to buy health insurance, you must provide papers like as your Aadhaar card, voter ID, driving licence, and pre-medical check-up report (in some cases). The documents are necessary for age verification, identification verification, residence verification, and a medical examination.

  • If I want to cancel my health insurance policy after it has been purchased?

    If you want to cancel your health insurance policy after buying it, you have 15 days after obtaining the policy documentation to do so. Only if you did not make any claims under the insurance during that year would you be eligible for a reimbursement.

Term Insurance

Term Insurance

  • Can I buy term insurance from various companies?

    You certainly can. However, every time you apply for a new term policy, you must fully disclose your current life insurance plans.

  • If I purchase many term policies from an insurance company, would the business pay out on all of my claims in the case of my death, or will some of my claims be denied?

    All claims will be honoured as long as you have revealed your earlier term policies to the insurer when signing up for new ones and have made accurate disclosures in your proposal forms.

  • All of the insurers I spoke with were only ready to provide me 20 times my yearly salary as qualified term protection. Would you recommend getting short-term insurance now and then getting another when this one's term expires?

    It may not be necessary to wait until your existing insurance expires to upgrade your protection. When your income and responsibilities climb in the coming years as you advance in your profession, you can apply for extra term insurance, and insurers will most likely accept the application because your eligibility limitations will have increased by then.

  • Is it a smart idea to get term insurance outside of the group coverage provided by my employer?

    Yes. It is beneficial to obtain term insurance in addition to what your company provides since if you change jobs or quit your present employment, your family may lose the protection that they require.

  • I am a 46-year-old government employee eligible for a pension after the age of 59. How long should I keep my term insurance policy?

    This will be determined by the amount of the investment corpus, including retirement benefits, which you will be able to build by the time you reach the age of 59. If your passive income (returns from your assets alone, without your working) is sufficient to meet your spouse's living needs, you can get term insurance until the age of 59.

  • How can a personal behaviour like smoking influence the selection of a term insurance policy?

    The term insurance policy is a life insurance policy, and insurance firms rely on risk assessments. If you are at a higher risk of contracting a critical disease, insurers will charge you a higher premium. If you smoke, your premium will be greater than that of a non-smoker policyholder.

  • Can premiums alter after a certain amount of time?

    The premium you pay is determined by a number of variables. If you start smoking or drinking, your insurance premium will rise. The regulation applies to any policyholder who accepts a dangerous employment. The inclusion of new riders alters the premium as well.

  • Why should I get an individual insurance policy when my work provides life insurance?

    If your firm provides life insurance to its employees, this might be advantageous. However, these coverages are frequently insufficient, and you want a bigger sum insured for the protection of your family. Furthermore, if you leave your company, your insurance coverage is terminated.

  • What is the difference between term and accidental insurance?

    Accidental insurance only pays out a death benefit if the insured is killed in an accident. The term insurance policy provides coverage for all types of deaths.

  • What is the distinction between term and life insurance?

    If you get term insurance online, the nominees will be paid an amount assured if an unfavourable occurrence occurs. Life insurance pays out rewards when the policy matures.

  • Is there a maturity benefit with term insurance?

    Some insurers will refund the money when the plan matures. This, however, comes at a larger expense in terms of premiums.

  • Will the insurer pay the money insured if the policyholder dies outside of India?

    Even if the insured dies outside India, the policyholder's nominees receive the cash promised.

  • What would happen if the policyholder had two different term policies?

    If the policyholder has two distinct term plans, the second insurer must be made aware of the first policy, and the first insurer must offer acknowledgement.

  • Can Non-Resident Indians (NRIs) purchase term insurance in India?

    If the NRI is officially an Indian citizen, he or she can get term insurance.

  • Is there any tax advantage to buying term insurance?

    Yes, according to Section 80C of the Income Tax Act of 1961, the policyholder is eligible for a tax deduction of up to INR 1.5 lakh.