Term insurance is a type of life insurance, which offers financial coverage to the policyholder for a defined period. In case of the sudden demise of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary. The primary purpose of term insurance is to provide financial security and stability to your loved ones against the loss of income that could arise due to unfortunate events.

The minimum eligibility age is 18 years and the maximum ranges between 65-69 years.

Your term cover primarily depends upon your annual income, including the number of dependents, investment requirement, affordability and the lifestyle you wish to provide to your family. However, the general thumb rule says that your risk cover should be 10-15 times of your annual income and can go up to 25 times for younger age policyholders.

All term insurance plans cover COVID-19 death claims.

Yes! Today, The Foreign Exchange Management Act (FEMA) allows Non-Resident Indian to purchase term insurance plans that would fulfil their requirement, secure the future of their loved ones and provide financial security in their absence, irrespective of them currently residing in India or not.

If your term insurance policy claim gets rejected even after submitting all the required documents and adhering to the rules, you should immediately get in touch with a specific insurance company and seek help.

Yes, if you wish to cancel the term insurance policy, you may do so but only within the free-look period offered within the plan.

Yes, you can add an optional rider in your existing term insurance policy by paying a minimal applicable charge.

As per the current rules and regulations, insurance companies charge a high premium of term plan from smokers or tobacco users compared to non-smokers as there is more risk involved in insuring a smoker. Since the odds of a smoker becoming more susceptible to diseases and dying from smoking-related grounds are so much more, life insurance companies charge higher premiums to combat high risk.

The biggest advantage of buying term life insurance early is the low premium amount, including enjoying tax benefits from the early stage of your career, cover for your family earlier etc. As you grow older, the premium amount for term life insurance policies increases significantly.

Life insurance companies require the following documents from you when you purchase a term insurance plan:

a. Bank statement or passbook with latest entries for 6 months.

b. Aadhar Card.

c. Passport

d. Voter's ID.

e. Driving license.

f. Electricity / Telephone bill.

g. Ration Card.

• Health Insurance coverage can be given from Infant to any Age as per Product entry Age
• Health Insurance covers Accident as well as Ill Health, hence everyone has to avail as early as possible
• Health Insurance comes with timely waiting periods, hence it is better to avail early and cross the waiting periods when Healthy

• Most of the health Insurance Products, do not warrant Pre Policy Medical Check ups where Customer does not have any Pre Existing Diseases or Conditions, in certain Insurance Company’s Products, if Customers are above 45 years, irrespective of Health conditions, may have to undergo Medical tests and reports to be submitted.
• The medical tests required can differ depending on the applicant’s Age, Health Condition and the Insurer’s necessity.

• A free-look period in health insurance refers to the first 15 days after receipt of the Policy by the Insured, applicable to Fresh Policy only.
• During this period, Insured can review the coverage, features etc., of health insurance policy and decide to proceed with it or not.
• You can also choose to add on covers during this period.
• Pro-rata Premium will be charged on cancellation and remaining premium will be refunded.

• Yes all health insurance plans cover pre-existing diseases.
• They are covered after a waiting period of 1, 2, 3 & 4 consecutive years depending on the Product selected.
• To know about the waiting period, please check Policy documents carefully.

• Yes Indeed, health insurance plans cover COVID-19 hospitalization costs.
• Specialised Products related to COVID-19 health plans like Corona Kavach and Corona Rakshak are available
• It also includes the expense of consumable things like PPE packs, ventilators, etc.

Except for a few companies, no standard health insurance policy covers HIV/AIDS. The below-mentioned cases are excluded from health insurance coverage:

• Venereal diseases
• General debility
• Congenital disorders
• Sexually transmitted disease
• Dental treatment/surgery (in case of Accidents and if required as a part of treatment) Make sure to check policy wordings to understand more about the detailed list of exclusions in a health insurance plan.

• A few health insurance plans in India do cover the expense of robotic surgery and modern treatments.
• It’s advised to read the policy wordings to check if it covers robotic surgery and modern treatments.

• It is a reward of monetary benefits from the insurer for not filing a claim during the previous policy year.
• This may include a discount on premium or sum insured enhancement.
• Also known as No claim bonus similar to car insurance
• However, % of NCB varies from Product to Product & from one health insurance Company to other.

• The expense of getting a health insurance plan can be essentially higher for regular smokers or tobacco users.
• Smoking inclines a person to many diseases like heart complications, hypertension, respiratory issues, cancer, etc.
• Even though more men smoke, women smokers are likewise prone to osteoporosis.
• Therefore, the premium for health insurance is higher for smokers and tobacco users than for people who don’t smoke.

• There is specified time line grace period available to pay Insurance Premium after the Policy is expired, if Policy is renewed in grace period continuity benefits will be secured but Insured to note that No risk will be covered after the expiry of the Policy, grace period only secures the continuity benefits
• Your policy will cease to exist if you forget to pay or do not renew the policy by the due date.
• Therefore, your insurance company won’t be responsible for covering your medical expenses
• You should pay for the treatment cost for any injury/illness from your own pockets.

• To monitor the grievances of policyholders, IRDAI has carried out the Integrated Grievance Management System (IGMS).
• It is a platform where policyholders can register their complaints with insurance companies first and whenever required; it tends to be escalated to IRDA Grievance Cells.
• Insured can reach IRDA Grievance Call Center (IGCC) by calling toll-free number 155255 or by emailing complaints@irda.gov.in.

• When you transfer your health insurance policy from one insurance company to another under Portability Norms, you won’t lose your accumulated benefits during the policy term.
• According to IRDAI’s new Portability guidelines, the benefits remain intact.
• Insured needs to apply for Potability to new Insurer at the time of renewal, preferably one Month in Advance before the Renewal Due Date

Zero Dep denotes Zero depreciation car insurance. An add-on cover that permits the policyholder to get compensation up to the insured declared value (IDV) or current market value of the vehicle without considering depreciation. You need to pay an extra premium amount to avail yourself advantages of zero DEP in your four wheeler insurance policy.

The limit to filing a claim for 4-wheeler insurance each year shifts from one insurance provider to the next. Most insurance companies permit multiple claims in a year until the IDV aren't exhausted. You should check your policy document to know the specific number of times you can claim your four wheeler insurance policy in a year.

Bumper to bumper car insurance refers to the insurance policy that gives total protection to the insured car, disregarding its parts' depreciation. All in all, this sort of four-wheeler insurance permits the policyholder to obtain compensation up to the vehicle's market value in the event of damage or loss to the car. However, it draws in around 20% higher premiums than your standard 4-wheeler insurance policies.

Insured declared value (IDV) is the maximum amount to be paid by an insurer when a claim assumes that the vehicle is a complete loss or stolen. It is the sum insured and is fixed at the beginning of the policy period for each insured vehicle.

If you get LPG or CNG fitted in your vehicle, you need to get it endorsed in your Car Registration Certificate or RC. Then, inform your insurer about the change to get it approved in your four wheeler insurance policy, as the amount of premium amount will differ basis on the fuel type of your vehicle.

If you sell your car, you must transfer your four-wheeler insurance policy to the new owner's name. Follow the steps presented below to understand how to transfer your motor insurance to the new owner:

• You should get a sale affidavit made with details of the transfer, details of the new owner and details of payment. It ought to be notarized and signed.
• Fill out the RTO transfer forms and get a clearance certificate from your Regional Transport Office (RTO).
• Fill up the new proposal form.
• Attach the documents mentioned above.
• Please submit it to your insurer.
• The policy will be transferred in 14 days or less.

If there is a mistake in your car policy document, you should promptly notify your insurer. Provide proof of the correct information and request your insurer to amend the error. When the insurer receives the evidence, they will pass an endorsement or issue a new policy document with the correct information.

Under specific sorts of claims, your engine insurer might require you to document a First Information Document or FIR with the Police as a feature of the claim cycle. For example, claims emerging from car theft or third-party liabilities will require a Police FIR. Then again, claims arising from car damages because of natural calamities may not need a Police FIR.

There is no standard time period for all insurance companies to settle a car insurance claim. The claim settlement period differs, starting with one insurer to another. For instance, one insurer might settle your claim somewhere around seven days, while another may settle it in about 14 days of raising a claim. Also, complex claims usually take more time to resolve than straightforward claims.

Mostly, motor insurance companies don't cover passengers going in the insured vehicle under four-wheeler insurance in the event of an accident. Just the owner-driver of the car is covered for a personal accident. However, motor insurers in India present passenger cover as an add-on to provide personal accident cover to anonymous passengers travelling in the car.