Insurance FAQ's

Life insurance is a contract between an insurer and policyholder where the insurer guarantees payment of a death benefit to beneficiaries upon the policyholder's death, in exchange for premium payments.

The main types are Term Insurance (pure protection), Endowment Plans (protection + savings), ULIPs (investment-linked), and Whole Life Policies (lifetime coverage).

Term insurance is a pure life cover that provides financial protection to the policyholder’s family in case of their untimely death during the policy term. It does not offer maturity benefits if the policyholder survives the term.

A general rule is to have coverage of at least 10-15 times your annual income, considering liabilities like loans, future expenses, and dependents' needs.

Yes, many insurers offer term plans with optional critical illness riders for extra protection.

It depends on the sum assured and age. Higher coverage and older applicants may require medical tests

Some insurers allow increasing coverage at key life events (marriage, childbirth) through riders or a new policy.

Non-life insurance (general insurance) covers assets against risks like accidents, health issues, natural calamities, and liabilities. Common types include health, motor, home, and travel insurance.

Life insurance covers human life risk, while non-life insurance covers assets/liabilities. Life policies are long-term, whereas non-life policies are typically annual contracts.

Health insurance covers hospitalization expenses, pre & post-hospitalization, daycare procedures, and sometimes OPD and critical illnesses, depending on the policy.

Yes, but usually after a waiting period (typically 2-4 years). Some policies cover them earlier with higher premiums.

Individual covers one person, while a family floater covers all members under a single sum insured.

Yes, as per IRDAI guidelines, you can switch insurers without losing renewal benefits if the new policy offers similar or better coverage.

Some policies cover maternity after a waiting period (usually 2-4 years), while others offer it as an add-on.

Yes, as per the Motor Vehicles Act, all vehicles must have at least third-party liability insurance.

Third-party covers damage to others, while comprehensive covers own damage, theft, and third-party liabilities.

Yes, most travel insurance policies cover trip cancellations, delays, lost baggage, and medical emergencies abroad.

Yes, GST paid on general insurance premiums (like car, home, or health) can be claimed as input tax credit for businesses.

It covers damages due to fire, theft, natural disasters (floods, earthquakes), and sometimes even burglary and electrical failures.

No, but it is highly recommended, especially for homeowners and loan borrowers (banks may require it).

Yes, but usually under an add-on or separate rider with specified limits.

Yes, tenant insurance covers belongings and liability, while the landlord’s policy covers the structure.

It is based on the reconstruction cost of the property (not market value).

It provides financial compensation in case of death, disability, or injuries due to accidents.

Yes, term insurance covers death (any cause), while accidental insurance covers only accident-related deaths/disabilities.

Yes, most policies pay a lump sum for total permanent disability (TPD) caused by an accident.

Yes, most policies cover road, rail, and air accidents.

Yes, if you have both policies, the nominee can claim from both.

Pet dog insurance is a policy that covers veterinary expenses, accidental injuries, illnesses, and sometimes third-party liability for your dog. It helps manage unexpected medical costs.

Veterinary treatments can be expensive. Insurance ensures financial support during emergencies like accidents, surgeries, or chronic illnesses, reducing out-of-pocket expenses.

Most insurers cover popular breeds like Labradors, German Shepherds, and Indies. Some may exclude aggressive breeds or impose breed-specific conditions.

Yes, but premiums may be higher, and pre-existing conditions might be excluded. Some insurers have an upper age limit (e.g., 8-10 years).

Yes, if the dog is legally under your care with proper documentation (adoption papers, vaccination records).

Accidental injuries (fractures, poisoning) Illnesses (infections, allergies) Hospitalization & surgeries Diagnostic tests (X-rays, blood tests) Some policies cover third-party liability (if your dog causes harm)

Usually not under basic plans, but some insurers offer wellness riders for vaccinations, flea control, and annual check-ups at extra cost.

Some policies cover them after a waiting period, while others exclude them. Check policy terms carefully.

Only if specified (usually for accidental dental injuries, not routine cleaning).

Yes, typically 15-30 days for illnesses and 48 hours for accidents. Pre-existing conditions may have longer waiting periods.

Some insurers have a network of hospitals for cashless claims. Others reimburse bills from any registered vet.

Usually no—the new owner must purchase a fresh policy.

A common rule is 10-15 times your annual income. Consider liabilities, dependents' needs, and future expenses.

Yes, but with waiting periods (typically 2-4 years). Some insurers cover them from Day 1 with extra premium.

For life insurance: Submit death certificate and claim form. For health: Cashless requires network hospital approval, reimbursement needs bills. For motor: Inform insurer immediately after accident.

By regulation: Life claims must be settled within 30 days of document submission. Health claims: 30 days for cashless, 7 days after document submission for reimbursement.

Premiums qualify for deduction under Section 80C (up to ₹1.5 lakh). Maturity benefits are tax-free under Section 10(10D) if conditions are met.

Yes, under Section 80D: Up to ₹25,000 for self/family (₹50,000 for senior citizens) + additional ₹25,000 for parents' insurance.

The Insurance Regulatory and Development Authority of India (IRDAI) regulates all life and non-life insurers.

You can appeal to insurer's grievance cell, then approach IRDAI's Integrated Grievance Management System (IGMS) or Insurance Ombudsman.

A variant where all premiums paid are returned if the policyholder survives the term, while maintaining the death benefit.

It covers third-party liability + own damage (accidents, theft, natural calamities) + personal accident cover for owner-driver.