What is health Insurance?
Health Insurance is a type of insurance in which the insuring company pays the medical costs of the insured person if the insured becomes sick or due to an accident. It offers a protection cover for you and your family for any injury or disease related emergency like hospitalization, medical expenses, surgical expenses, etc.
What does health insurance cover?
Health Insurance covers all hospitalization expenses such as treatment expenses, nursing expenses, doctor fees, room rent and expenses on diagnostic material, incurred at any hospital/nursing home by the insured person due to any disease or any bodily injury through accident.
Why does a person need health insurance?
With the rising cost of treatment in case of any illness or accident, it can mean substantial financial expenditure for you and your family. Health insurance permits you to plan for such emergencies without feeling the financial burden of treatment.
What is the eligibility criterion for taking Health insurance policy?
Generally, anyone between the age of 3 months and 65 years can take a health insurance policy.
What are the minimum and maximum policy durations?
Health insurance policies are generally issued for a period of 1 year only. However, some insurance companies also issue a two year policy. At the end of your insurance period you must renew your policy.
What is a Third Party Administrator?
A Third Party Administrator (TPA) is an intermediary company that facilitates transactions between insurance companies, policyholders and health care providers. The main aim of a TPA is to guarantee better services to policyholders. A TPA provides a variety of services like networking with hospitals, arranging for cash less hospitalization as well as claims processing & timely settlement.
What are Network Hospitals?
Network Hospitals are the hospitals that have tied up with the TPA (Third Party Administrator) of the particular insurer OR directly with the insurer, in case they don’t have a TPA in between for cash less settlement for expenses incurred.
If there are no network hospitals at my place of residence, what are my options?
If there are no network hospitals at the place of your residence, you could opt for reimbursement mode of settlement.
What do you mean by Cash less Hospitalization?
In the event of hospitalization, the patient will have to pay the hospital bills himself. Under Cash less Hospitalization, the patient does not settle the hospitalization expenses at the time of discharge from the hospital. The settlement is done directly by the Third-Party Administrator (TPA) on behalf of the health insurer.
My wife and children are residing in a different city (Agra) while I am here in a different city (Gurgaon). Can I cover my family in my policy?
Yes, you can cover your family in one health policy and can be used by you and your family all across India.
Do I get tax exemption on my health insurance premium?
All medical insurance policies are eligible for the Income Tax Exemption under section 80D. The general exemption available to each taxpayer is Rs.15,000 for self, spouse and children. An additional exemption for parents is Rs. 15,000. In case of a senior citizen, one can claim an additional exemption of Rs.5,000 on top of it.
Do I have to undergo any medical examination for taking health insurance policy?
In some cases, medical examination may be required; it depends on the sum assured and the age of the person. Most of the insurance companies demands medical examination for persons above the age of 45 yrs.
What is a Family Floater plan? How it works?
A Family Floater policy is a single policy that takes care of the hospitalization expenses of your entire family. This plan gives you combined cover at a low cost. For example, a family of husband-wife and two children take a policy of Rs. 5 Lacs, now each member of the family is covered up to Rs. 5 Lacs . Any member of the family can claim up to Rs. 5 Lacs in medical expenses or in case if more than one member of the family if hospitalized during the year than their combined billing of up to Rs. 5 Lacs is covered.
Does health insurance policy provide cover outside India?
The health insurance policy covers hospitalization only in India. To cover hospitalization abroad, you need to take a travel insurance policy.
What is Travel Insurance?
When you are travelling abroad, there may be a chance of some unforeseen occurrence no matter how perfect the planning is. Unfortunate events such as passport loss, baggage loss, medical emergency or an accident can affect you. Having Travel Insurance protects you from all such risks. It makes sure that you are not left in any kind of an emergency, when travelling abroad.
Why do I need travel insurance?
Travel insurance provides additional assurance that all unexpected expenses will be covered in case of any medical care including hospital admission, emergency dental care, and emergency medical evacuation. Emergency cash advances, and help with retrieval of luggage or other services may also be available.
What are the Benefits of Travel Insurance?
Personal Liability
Personal Accident
Personal Belongings/Baggage
Missed Departure
Cancellation, Curtailment & Trip Interruption
Hospital Benefit
Emergency Medical Treatment & Assistance
Medical Evacuation
Lost or stolen luggage and travel documents
Is it necessary to buy travel insurance policy when travelling abroad?
Yes, absolutely must.
When does the cover begin?
The Insurance Cover begins on the day specified in the Policy Schedule or at the time you board the conveyance to leave for overseas journey or the Contracted Departure Date as per the policy, whichever is later.
Till when is the policy valid?
Insurance Cover shall end at the end of Insurance Period (the period for which the premium has been paid) or when the insured person first disembarks on return to India.
Should I always carry the policy along with me?
Yes, you are strictly advised to carry the policy along with you when traveling abroad. You should know the policy details such as policy number, policy provider and emergency contact numbers.
Do I have to get medical exam done before buying travel insurance policy?
No, there is no such requirement to getting medical test for travel insurance for traveller up to the age of 45 years. Some companies might ask for medical tests for travellers after 45 years for higher coverage.
If I decide to stay abroad for longer than I planned, can I extend my policy?
No. In order to purchase a life insurance policy on anyone, there must be an insurable interest. A relative who might suffer financial loss if you die, a debtor who may be at risk of repayment, a business partner, a spouse, son, daughter, or parents are examples of those who may have an insurable interest.
Which policy would best suit me?
There are two main types of travel policies;
a. Single Trip
Single Trip insurance policy gives cover for one sole journey for specified number of days.
b. Multi-Trip
If you are travelling abroad more than twice a year, you may find Annual Multi Trip policy more cost-effective. It offers you unlimited trips per year with options for 30, 45, 60, or 90 days per trip for one annual premium. You travel as and when you please and you don't need to let insurer know each time you travel.
What should I do if I fall sick or have an accident when I am abroad?
You should contact the emergency service provider immediately - details can be found on your Policy Certificate and Policy Schedule booklet.
Does Travel Insurance cover sports and other similar activities?
No, currently Travel Insurance does not cover sports and similar activities as detailed in the Policy Wording (Terms and Conditions apply).
Can I get my policy cancelled If I don't want it anymore?
Before departure, you can get the policy cancelled only by giving a sound reason for the cancellation of trip. Cancellation charges would be deducted from the refundable premium.

After departure, you can get the policy cancelled only in case you have not undertaken the journey. You have to produce your original passport as a proof that the journey has not been undertaken. Cancellation charges would be deducted from the refundable premium.
If l loose my baggage, how do I claim?
You have to contact your TPA within 48 hours to register the claim. You will have to submit the loss baggage claim form along with the supporting documents from the airline.
What is TPA?
A Third Party Administrator (TPA) is an intermediary company that facilitates transactions between insurance companies, policyholders and health care providers. The main aim of a TPA is to guarantee better services to policyholders. A TPA provides a variety of services like networking with hospitals, arranging for cash less hospitalization as well as claims processing & timely settlement.
What is Life Insurance?
Life Insurance is a contract between an insured person and a life insurance company, which provides him a pre-determined amount at the end of a specified term or to his beneficiary (nominated person) with a pre-determined amount in case of his death during the contract term.
Life insurance is must if you are the main earning member of your family. In case of your unfortunate premature demise, your family can remain financially secure because of the life insurance policy that you have purchased.
Today, life insurance also helps you to plan effectively for your future years, your retirement, and your family’s future needs.
What are the various types of Life insurances?
There are numerous companies offering life insurance policies. Though the bottom line of the policies is to ensure a safe future to policy holder's survivors yet different companies have different classifications. The most basic classification is:
a. Endowment Policy
An endowment policy covers risk for a specified period, at the end of which the sum assured is paid back to the policyholder, along with the bonus accumulated during the term of the policy.
b. Whole Life Policy
A whole life policy runs as long as the policyholder is alive. The risk is covered for the entire life of the policyholder.
c. Term Life Policy
Term life policy covers risk only during the selected term period. If the policyholder survives the term, the risk cover comes to an end.
d. Money back Policy
In money back policies, the policy holder gets periodic "survivance payments" during the term of the policy and a lump-sum amount on surviving the term. In the event of death during the term of the policy, the   beneficiary gets the full sum assured.
e. Joint Life Policy
Joint life insurance policies are similar to endowment policies as they too offer maturity benefits to the policy holders, apart from covering risks like all life insurance policies.
f. Group Insurance Policy
Group insurance policy offers life insurance protection under group policies to various groups such as employers-employees, professionals, co-operatives, etc.
g. Loan Cover Term Assurance Policy
Loan cover term assurance policy is an insurance policy which covers a home loan. Such a policy covers the individual's home loan amount in case of an eventuality.
h. Pension Plan or Annuities
A pension plan or an annuity is an investment that is made either in a single lump sum payment or through installments paid over a certain number of years.
i. Unit Linked Insurance Plan
Unit linked insurance plan (ULIP) is a life insurance solution that provides for the benefits of risk protection and flexibility in investment.
How do I choose length of coverage?
Your coverage length will depend on case-by-case circumstances. Factors you should consider include your age, your spouse's age, your children's ages, the duration of your financial obligations (e.g. mortgage and student loans) and the number of years until retirement. You will want to choose a term period that covers all the above factors.
What happens if I fail to make the required premium payments?
If you miss a premium payment, you typically have a 30 day grace period during which you can pay the premium with no interest charged.
If you own a term policy and fail to pay your premium within the grace period, your insurance company will typically terminate the policy.
If you own a permanent policy and fail to pay your premium within the grace period, your insurance company, with your authorization, can draw from your policy's cash value to keep the policy in force.
In some flexible-premium policies, premiums may be reduced or skipped as long as sufficient cash values remain in the policy. However, this will result in lower cash values and a shortened coverage period.
Is the sum assured of a policy the same as the maturity value?
No, the sum assured of the policy is not necessarily the same as the maturity value.
The sum assured refers to the minimum benefit payable under an insurance policy under circumstances defined within the policy (usually it represents the amount payable on death) whereas the maturity value of a policy (paid at the time of maturation of your policy) depends totally on the type of policy purchased.
In the case of money back and endowment polices, the maturity value will include the sum assured plus bonuses/profits/guaranteed additions.
In case of Unit linked plans, the maturity value will be the fund value at the time of maturity (plus any additional benefit as per the terms of the policy) and in case of pure term plans, there are no maturity benefits attached.
What are riders? How do they work?
Riders are the low cost add-ons available to enhance your life insurance policies. These riders provide additional protection against risk and can be added on to a policy just by paying a minimal amount along with your regular premium. These riders work along with the main policy; they cannot be taken alone. The sum assured for these riders can be the same or less than the main protection component.
Will my policy's premiums ever be increased?
It depends upon the type of policy you have. Many policies have fixed premiums that can never be increased, while other policies have fixed premium increases.
What are the different premium paying options?
You can pay yearly, half yearly or quarterly.
What happens if I get a loan from my life insurance policy and never pay back the interest?
Unpaid interest is added to the loan balance. If the loan balance ever grows to exceed the amount of policy cash value, the contract will terminate without value. Furthermore, if you die before paying back any loans made against the cash value of your policy, the outstanding loan balance will be subtracted from the death proceeds.
Is it true that anyone can insure your life?
No. In order to purchase a life insurance policy on anyone, there must be an insurable interest. A relative who might suffer financial loss if you die, a debtor who may be at risk of repayment, a business partner, a spouse, son, daughter, or parents are examples of those who may have an insurable interest.
Can an insured increase his life insurance coverage?
Generally, an insured person can increase his coverage with a new policy or by adding a rider to the existing policy. However, a universal life policy can be increased without a rider or new policy. All coverage increases demand evidence of insurability to your insurer.
By using medical tests, are insurers trying to eliminate any applicant likely to develop a serious health condition?
Medical tests provide accurate and current information about an applicant's health, thus enabling insurers to charge premiums that reflect the level of risk an applicant represents. Because some health conditions are easily managed through proper medication, therapy or lifestyle changes, medical information makes it possible for insurers to cover applicants with certain health conditions. More serious or incurable conditions present a very significant risk that some insurers simply may not want to assume.
How safe is it to purchase insurance from a foreign insurance company?
It is safe to purchase insurance from foreign insurance companies. Since 1999-2000, many foreign insurance companies have established their offices in India. All these companies are required to strictly follow the guidelines released by the Insurance Regulatory and Development Authority of India (IRDA). Moreover, all these companies have a minimum paid up capital of Rs 100 crore. This paid up capital ensures that all your investments through these companies are safe.
Will my final premium rates be the same as the rates you quoted on the Web site?
It is certainly possible, but not guaranteed. Your final rates will be determined by the insurance company through a process called underwriting. Underwriting includes a review of your current health status, medical history, family history and driving record among other things. Underwriting will determine your final rating class, which will establish your final premium rates. Your rating class may or may not be the same as that quoted on our Web site. With your assistance, we provide the most accurate quote possible up front.
What is Car Insurance?
Car Insurance is basically a contract between you and the insurance company wherein you pay a premium for a policy that will provide protection against financial losses if the insured car is damaged or stolen. Car insurance covers theft of and damage to your car or damage that your car causes, plus liability protection in case you are sued pursuant to an accident.
Is Car Insurance mandatory in India?
Under provisions of the India Motor Vehicles Act 1988, it is mandatory that every vehicle has a valid Insurance to drive on the road. Any vehicle used for any purpose, including personal, commercial or business purpose should be insured.
What are the types of Car Insurance policy?
Generally there are two types of car insurance; Liability Only Insurance Policy (Third Party Insurance) and Comprehensive Insurance Policy.
What is Liability only Policy?
Liability only Policy protects a policy holder against losses, which arise due to bodily injury/death to a third party or any damage to its property.
What is Comprehensive policy?
Comprehensive policy also called package policy covers both loss/ damage to insured vehicle and Third Party Liability. It entitles you to claim compensation in case your vehicle is stolen or damaged. In addition, it also covers additional liabilities as provided by the India Motor Tariff.
Can I cover my vehicle only for Liability;
Fire and / or Theft Risks? Yes, you can. In this case, you can cover your vehicle for the risks listed below. Liability Only Policy with Fire only cover. Liability Only Policy and Theft. Liability Only Policy and Fire & Theft.
What factors determine the premium amount?
Make and Model of the Vehicle Year of Manufacture Place of Registration Showroom price of the vehicle Whether Client is Individual or Corporate What is not included in car insurance? Car Insurance does not cover drunken driving, depreciation, consequential loss, wears and tears, mechanical/ electrical breakdown, war perils, or vehicle driven by someone else other than the driver stated in driver's clause. The insurance also does not cover failure or breakage when the vehicle is used outside the geographical area.
What are the different risks covered under the Own Damage Cover?
It covers loss or damage to the vehicle and accessories/fittings (if insured) arising out of the following risks: Fire, explosion, self-ignition or lightning Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm Burglary, housebreaking or theft Riot and strike Earthquake (fire and shock damage) Accidental external means Malicious Act Terrorist Activity Whilst in transit by road, rail, inland waterway, lift, elevator or air Landslide, Rockslide.
What is No Claim Bonus?
No Claim Bonus (NCB) is a discount on the premium of the “Own Damage Cover” part of your vehicle when you renew your policy, provided you have not made any claim during the last policy period of one year. The NCB can be accumulated up to a maximum limit of 50% on OD premium. No Claim Bonus will only be allowed provided the Policy is renewed within 90 days of the expiry date of the previous policy. You can transfer the full benefits of NCB, even if you switch your insurance company.
Can the accessories be insured?
Additional accessories can be insured under the comprehensive policy for an additional amount. Factory fitted accessories are automatically insured under the policy.
What is Anti-theft Discount?
Vehicles fitted with ARAI approved anti-theft devices and whose installation is duly certified by any of the Automobile Associations of India, are eligible for a discount of 2.5% on the OD (own damage) component of premium subject to a maximum of Rs. 500/-.
What is Automobile Association Membership Discount?
If you have a valid membership of recognized Automobile Associations such as Automobile Association of Eastern India, the Western India Automobile Association, etc., a discount @ 5% of the Own Damage premium, subject to a maximum of Rs. 200/- for a Private Car is allowed.
What is the IDV?
The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘SUM INSURED’ for insurance, and it will be fixed at the commencement of each policy period for each insured vehicle. The IDV of the vehicle is to be fixed based on manufacturer’s listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance. The IDV of the side car(s) and / or accessories, if any, fitted to the vehicle but not included in the manufacturer’s listed selling price of the vehicle is also, likewise, to be fixed.