To buy health insurance you need: Identity proof (Aadhaar/PAN/Passport), Address proof, Age proof, Photographs, and Medical reports if applicable. For existing diseases, additional medical tests may be required depending on the sum insured and age.
Motor insurance premium is calculated based on: Insured Declared Value (IDV) of the vehicle, Cubic capacity of the engine, Age of the vehicle (depreciation factor), Geographical zone, Add-on covers selected, No Claim Bonus discount, Voluntary deductible amount, and Anti-theft device discount.
Claim Settlement Ratio (CSR) is the percentage of claims settled by an insurance company out of total claims received in a year. A higher CSR (above 90%) indicates the insurer is reliable in paying claims. Always check CSR before purchasing a policy. IRDAI publishes annual CSR data for all insurers.
Yes, you can port your health insurance policy to another insurer at the time of renewal. Apply at least 45 days before renewal date. Your waiting periods and no-claim bonus will be carried forward. The new insurer cannot reject your porting request based on claims history. Porting is governed by IRDAI guidelines.
In cashless claims, the insurance company directly settles the bill with the network hospital. You only pay the non-covered amount. In reimbursement claims, you pay the hospital bill first and then submit documents to the insurer for refund. Cashless is hassle-free while reimbursement gives flexibility to choose any hospital.
Motor third-party insurance is mandatory under Indian law. Health insurance is not mandatory but highly recommended. Life insurance is optional but essential for financial planning. Home insurance is mandatory for properties with mortgage. Travel insurance is mandatory for some countries. Crop insurance is compulsory for farmers with crop loans.
No Claim Bonus (NCB) is a discount on premium given for claim-free years. In motor insurance, NCB ranges from 20% to 50% over 5 years. In health insurance, NCB increases the sum insured by 5-10% per claim-free year. NCB can be transferred when changing insurer. Making a claim resets the NCB to zero.
As per IRDAI guidelines, health insurance claims must be settled within 30 days of receiving all documents. Motor insurance claims within 30 days. Life insurance claims within 30 days (90 days for early death claims). If investigation is needed, up to 90 days with valid reasons. Delay beyond timelines attracts penalty from IRDAI.
Free-look period is the time given to review your policy after purchase. If you disagree with any terms, you can cancel the policy within this period and get a refund. As per IRDAI 2025 guidelines, the free-look period is 30 days for policies bought online and 15 days for offline policies. Premium refund is after deducting proportionate risk premium.
Yes, you can buy multiple health insurance policies. In case of a claim, you can choose to claim from one or both insurers. For multiple policies, contribution clause applies if the claim amount exceeds the sum insured of one policy. You cannot make profit from claims - total reimbursement cannot exceed actual expenses. Notify all insurers about existing policies.
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