frequently asked questions
You can learn more from our asked questions
What is death benefit?
Life insurance death benefit is the amount of money the insurance company pays the designated beneficiaries upon the insured’s death, provided the policy was in force at the time of the incident.
What is comprehensive Motor insurance?
Comprehensive insurance is a type of automobile insurance that covers damage to your car from causes other than a collision. Comprehensive insurance will cover your vehicle if destroyed by a tornado, dented by a run-in with a deer, spray-painted by a vandal, damaged by a break-in, or crushed by a collapsing garage, among other causes.
What is the meaning of endorsement in car insurance?
It is a written document that addresses the agreed change in the policy; it is a document that incorporates the change in policy terms as per insured’s request
What is a term policy?
Term insurance plans cover you for a term of one or more years, and it pays a death benefit only if you die in that term. However, even if you don’t die within the term, you have not wasted your money any more than when you buy car insurance but never have an accident.
What is accidental death and dismemberment insurance?
An accidental death and dismemberment policy pays a death benefit to beneficiaries ONLY if you die as a result of an accident-related event. If you had cancer, heart attack, stroke, or any disease and died as a result—you guessed it—your beneficiaries will not be qualified to receive benefit.
What Is Auto Insurance?
Auto insurance is a contract between the insured and an insurance company. If the insured suffers a covered loss, the insurance company will help pay for expenses.
What does homeowners insurance cover?
The typical homeowners policy has two main sections: Section I covers the property of the insured and Section II provides personal liability coverage for the insured. Almost anyone who owns or leases property has a need for this type of insurance. Usually, homeowners insurance is required by the lender to obtain a mortgage.
What is a personal umbrella liability policy?
The personal umbrella liability policy is designed to increase your liability protection. This single policy acts as an “umbrella” over all of your other personal liability policies – home, auto, boat, RV, etc. – so you have a higher personal liability limit than what would otherwise be available. In certain circumstances, an umbrella policy may provide personal liability coverage that is otherwise excluded from your other policies.
What does homeowners insurance cover?
The typical homeowners policy has two main sections: Section I covers the property of the insured and Section II provides personal liability coverage for the insured. Almost anyone who owns or leases property has a need for this type of insurance. Usually, homeowners insurance is required by the lender to obtain a mortgage.
Whatis pension plan?
Pension or retirement plan is a type of life insurance wherein the policyholder sets aside a part of his/her income for post- retirement inflows. The insurer, then invests the sum on behalf of the policyholder, and pays benefits to the policyholder post-retirement.
The policyholder itself chooses its retirement time.
In general, there are two types of pension plans- (1) Defined-benefit plans, and (2) Defined-contribution plans.
Why should I buy travel insurance?
A travel insurance policy provides cover for medical & non-medical travel related contingencies such as medical treatment, lost of baggage, trip delay or cancellation, etc. It provides you financial cover against all sorts of travel related contingencies. It ensures that you are not left stranded in case of an emergency during the travel.
Whatis ‘No-Claim Bonus’ (NCB) benefit?
‘No-Claim Bonus’ is a discount on the premium of ‘Own Damage’ section of the policy. The insurer offers a discount on premium when you renew your policy, provided no claim is made during last policy year. The NCB benefit ranges from 20% of the maximum of 50 per cent on ‘Own Damage’ premium. But if you fail to renew your policy within 90 days of expiration, NCB will be lost.
It is important to note that only the insurance policy not the NCB benefits can be transferred to the new owner. The original owner, however, enjoys the flexibility to use the NCB on a new vehicle bought by him.