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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.