FAQ

Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection and losses are paid out of the premiums collected from the insuring public.

Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.

Life Insurance is a contract between the insurance company (insurer) and the policyholder (insured). In return for a consideration (the premium), the insurance company promises to pay a specified amount to the insured on the happening of a specific event such as death, disability, critical illness. Life insurance ensures financial protection on accident or death. It enables maintenance of the same lifestyle even after the unfortunate demise of a loved one. The beneficiaries can utilize the monetary benefits to replace the income one would have earned or help pay off debts or other expenses. Life insurance boosts the confidence of the insured, and offers satisfaction of being covered for illness, life or financial loss.

It absolutely depends on the priorities of different stages of life: that can be • Protection of future income • Protection for self and family from medical / health problems • Planning for education • Planning for marriage • Protection against home and car loan • Planning for retirement

Accidents... illness... fire... financial securities are the things you'd like to worry about any time. General Insurance provides you the much-needed protection against such unforeseen events. Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies. Under certain Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory.

Premium is the fixed amount of sum paid over the period by the insured to the insurance company to take insurance policy and to complete the contract of insurance.

The amount, which the insured has to bear in all cases and this amount is first, deducted from the total assessed payable claims amount before determining insurance company's liability.

Underwriting of a risk involves consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so at what rate of premium.

It is an arrangement by which insurance companies spread their risk with other underwriters or reinsurance companies called Reinsurance.

Approach the insurance company well in advance before your expiry date of your policy. • Seek an approval from the company on the intention of renewing your policy if you have not received a renewal letter / intimation • Seek premium & other relevant details • Pay the premium and take premium receipt and cover note/risk held note • Wait for documents • Check for its correctness on receipt and store it carefully

A third party risk policy is a mandatory insurance policy that covers the vehicle owners against risks as per Section 146 of Motor Vehicles Act 1988. The scope of the cover of the third party insurance is to pay compensation for the damage caused to the property of the third party and death due to bodily injuries to the third parties. This does not include damage of your own vehicle.

Car insurance is a mutual agreement wherein the insured pays the insurance company a fixed annual premium and the insurer in return agrees to give a financial cover to the insured in case he/she suffers a car accident. Simply put, car insurance protects the insured against any financial contingency arising due to accidents.

Two wheeler insurance is a mutual agreement between the insured and the insurer. The insured pays a fixed annual premium to the insurance company and in lieu of that the insurer promises to give a financial cover to the insured in case he/she suffers an accident. Thus, two wheeler insurance provides a financial cushion to the insured against any contingency arising due to accidents.

A cover note is a temporary insurance proof which is issued to a policyholder before the issuance of actual insurance document. A cover note is valid for 60 days from the date of its issuance and is replaced by an original insurance document.

Health insurance, or private medical insurance as it's also known, will cover the cost of private medical treatment for illnesses or injuries that are curable and short term (also known as 'acute conditions'). Note that health insurance in the UK isn't designed to replace the NHS but to work alongside it. Some essential medical services, such as GPs and A&E, are outside the scope of private hospitals.

Cover will depend on the policy you choose and the amount that you pay, but it may include: • Outpatient treatments • Day-patient treatments • In-patient treatments

Travel insurance provides protection to you and your loved ones in case you get sick or suffer an injury while traveling. It covers hospital expenses, emergency evacuation bills, lost baggage, flight cancellations and a long list of other costs which can add up to the tens of thousands. Travel insurance provides coverage to deal with unforeseen situations while in transit.

The broad options to consider are whether you require single trip or annual/multi-trip insurance, and also whether you need European or worldwide cover.

Yes, you can get policies for couples, families and other groups. Note, however, that there might be certain rules about family members having to live at the same address and at least one member of the group needing to be over 18. The insurer might also ask if anyone has an existing medical condition, so make sure you know what's covered and what could potentially invalidate your policy. Read more in our guide to family and group travel insurance.

Home insurance can protect not only your property but also what's inside it, depending on whether you have buildings insurance, contents insurance or both.

Buildings insurance protects the structure of your home and its permanent fixtures and fittings, such as fitted kitchens and sanitary ware. You need this type of insurance to be able to get a mortgage, and even if you own the property outright you're likely to want to ensure you have adequate financial protection for your valuable real estate.

Contents insurance covers your personal possessions and valuables against accidents, theft and loss.

Marine cargo insurance covers goods, freight, cargo and other interests against loss or damage during transit by rail, road, sea and/or air.

Transit insurance covers goods and/or merchandise while in ordinary transit from one location to another.

Inland transit covers domestic transits via land conveyances and/or air shipments (domestic vessel transits are usually insured under an Ocean Cargo Policy). Ocean Cargo Insurance often provides coverage for international ocean and/or air shipments on a warehouse to warehouse basis (including the land connecting conveyance transits).

An "Open" marine cargo policy is designed for clients who have a regular turnover of Goods in Transit. The contract will cover all transits that come within the scope of the insurance. Premiums are debited monthly, quarterly or annually. The Insured must present the Insurer with all the specific details of their business, including the type of goods involved, limits, and destinations.