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Frequently Asked Questions (FAQ)
Yes, you can buy a motor insurance policy online using your credit card/ debit card through RenewBuy.com.
Yes, as per the Motor Vehicle Act, every motor vehicle on the road needs to be insured with a cover of Liability Only policy.
A comprehensive motor insurance policy protects your vehicle against any impact damage, fire, theft, earthquake, etc. Additionally, it offers protection from any third-party liability regarding fatalities, injuries, and third-party property damage.
The online process is quick, simple and hassle-free. Moreover, buying motor insurance online requires no paperwork or physical documents.
Yes, you can transfer my no claim bonus to a new vehicle via NCB reserving letter.
The premium for new motor insurance is determined by various parameters such as IDV, deductible, seating capacity, cubic capacity, and so on. The insurance premium is established after a thorough analysis of all factors.
Most insurance policies are valid for one year, after which they must be renewed. The vehicle insurance renewal must be done before the due date so that there is no lapse in policy. In case of third-party liability, insurance for new vehicles is valid for three years.
Yes. To receive a copy of the motor insurance policy, you must make a formal request to the car insurance supplier. They will charge you a small fee and provide you with a copy of the insurance policy.
Yes, you can renew your insurance policy online through the RenewBuy website.
IDV is the market value of your vehicle, and it is an important feature that affects the premium of your insurance policy.
Health insurance is a type of insurance that provides coverage for medical costs incurred due to an injury or illness. These expenses can be related to doctor's consultation fees, hospitalization costs and medicine costs etc.
Yes, you can pay your health insurance premium in EMIs. Nowadays, health insurance is available on EMI so that you can pay the hefty premium in affordable installments.
Premium is what you pay to buy health insurance, and it is the amount you agree to pay to the health insurance company in return for the health insurance plan.
Your health policy will be cancelled if you cannot pay your health insurance premium. Health insurance companies offer you a grace period of 15 to 30 days if you don't pay the premium on time. You can renew your health insurance plan within this grace period, but if you miss this chance as well, you risk losing your health plan.
According to the 2017 Mental Healthcare Act, psychological problems are covered by health insurance in India under the category of mental illness.
Yes, Many health insurers offer medical coverage for AYUSH treatments in India. However, a health plan that covers alternative therapies like Ayurveda, homoeopathy, and others might have an upper limit on the coverage limit.
As per the Insurance Regulatory and Development Authority of India (IRDAI) in 2019, Every health insurance company is required to insure robotic and modern treatments. Therefore, all insurance companies provide coverage for it with some sub-limits and conditions.
Health insurance policies usually cover X-rays, MRIs, blood tests and other diagnostic procedures if the policyholder stays in the hospital for at least 24 hours.
Smokers should be prepared to pay a higher premium for their health insurance policy as smoking increases the health risks and health insurance companies increase the premium to compensate for the medical emergency.
A cumulative bonus in health insurance is a financial benefit you receive as a reward for not making any claim in a single policy year.
Health Insurance comes in various variants. Below mentioned is the list of different types of health insurance plans available in the market:
• Individual Health Insurance
• Family Floater Health Insurance
• Senior Citizen Health Insurance
• Critical Illness Health Insurance
• Top-up Health Insurance
Yes, you can claim tax benefits under Section 80D of the Income Tax Act of 1961 if you have a health insurance plan.
It would be best if you bought health insurance so that you don't have to use up your entire life savings to pay for medical expenses in case of an emergency.
The policyholder can make any number of claims yearly, but the claim amount must be within the sum insured.
Typically, a health insurance policy offers coverage all across India. But, only some health insurance companies offer coverage outside India.
There are many types of health insurance policies available in India; these include individual plans, family floater plans, group health insurance plans, etc.
There are many different policies that you can buy, and there are many conditions that affect a health insurance policy; these include age, gender, medical history, lifestyle, etc.
There is no right age to buy a policy. But the earlier you buy the policy, the lesser the premium. The reason is that when you are young, there is a lesser risk of illness as compared to someone who is in their 50s or 60s.
Copayment is a certain percentage of the claim that the insured agrees to pay along with the insurance company. The insurer then pays the remaining claim amount.
Yes, you can have more than one medical insurance policy. For example, you can buy an individual plan and a family floater plan if you are covered under a group health insurance plan.
Life insurance is a type of insurance that guarantees a certain sum amount to the assured family in case of the sudden death of the policyholder. In addition, life insurance plans also provide survival benefits to the policyholder if he or she survives the policy term.
Below mentioned are the factors affecting the life insurance premium amount:
• Age
• Sum assured
• Gender
• Lifestyle
• Employment
• Previous Medical History
• Type of Policy
• Policy Tenure
• Add-on riders
The financial stability you get with the help of life insurance ensures that your family's aspirations remain unaffected. Life insurance also offers tax benefits on the premium paid by the policyholder. Moreover, life insurance policies are affordable, and policyholders can enhance their life cover by adding riders that provide additional benefits.
Before buying a life insurance plan, you must consider your insurance goals, income, existing life insurance policies (if any), assets, liabilities, and expenses.
Buying a life insurance policy online is quick, easy, and hassle-free, and payments are processed through a secure gateway.
You can then add another nominee in this situation. If you don't, the life insurance company will automatically consider your heir to be the new nominee.
Yes. A grace period of 30 days is provided under life insurance plans if the policyholder fails to pay the premium by the due date.
Yes, under section 80C of the Income Tax Act, the policy premium paid is tax-exempt up to a maximum of INR 1.5 lakh in each financial year.
Yes, accidental deaths are covered by life insurance policies. Moreover, you should check your life insurance policy document for more clarity.
The assured sum depends on your income, family needs, and liabilities. However, financial professionals say your coverage should be at least 10 to 15 times your annual salary.
IRDA has mandated all life insurance companies to allow policyholders to reactivate their lapsed life policy within two years of deactivation of the policy. The individual will have to pay the renewal fee and any late fees or other penalties that may apply from one insurer to the next.
Term life insurance is the most affordable option and the most cost-effective life insurance plan as it does not offer survival benefits.
Return of the premium is an inbuilt feature that you will get in your term life insurance plan. If the policyholder survives the policy term, the life insurance company will pay you the premium you have paid for your term insurance policy.
Short-term life insurance is another name for term insurance. Yes, it is a great choice because it offers flexibility to extended coverage options at an affordable premium.
As per IRDAI regulations, you can return the life insurance policy during the free-look period by giving details of your reasons for not agreeing to the terms and conditions of the policy. The free-look period for life insurance plans is usually 15 days (30 days for online policies) from the date of receipt of the policy document.
The cost of a life insurance policy depends upon several factors like your age, gender, and occupation. Every policy has a different premium, so you need to check with the insurer to see the amount of premium that you need to pay.
In case of death of the life insured, the nominee can claim the death benefit.
The choice of the coverage amount depends on your financial goals, income level, expected expenses, dependents, assets and liabilities and other factors. There are ways to calculate the ideal level of sum assured, and you should use such calculators to find out the coverage amount which is sufficient for a life insurance policy.
Yes, certain life insurance plans offer maturity benefits that you can receive after completing the tenure of the policy. You will receive these benefits even if you outlive the policy tenure.
As such, there are no limitations of age when it comes to buying life insurance. Some insurers have determined a maximum age by which you can buy a policy, so you need to check with the insurer.
For claim you need to call toll free number of tpa - paramount and they will process the claim.
Yes, renewal is available
Single private a/c room means you can take single private a/c room oflst category available in hospital. lets say if hospital has 3 room category in single private room, oneis deluxe,super deluxe and suit then deluxe room is allowed.and there is no limit for it.
No,this plan do not cover consumables.
Covered for rs.50000/- for normal delivery and rs50000/- for c-section. maternlly covered for only first 2 children. maternlly covered for self & spouse.
