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General FAQs

Why do I need Insurance?

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.

What does General Insurance do for me?

Accidents… illness… fire… financial securities, are the things you’d not 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.

How much Insurance do I need?

It is very important to have an adequate amount of coverage for each insurance policy. For any asset or property insurance, the value of the asset based on market value or reinstatement value should be taken into consideration before deciding the Sum Insured. If the Sum Insured is not adequate, the percentage representing the uncovered portion of the asset is to be borne by the insured.

What all can I get covered under insurance?

Almost everything that has a financial value in your life and has a probability of getting lost, stolen or damaged, can be covered through insurance. Property (both movable and immovable), vehicles, cash, household goods, health, dishonesty and also your liability towards others can be covered

Why should one cover oneself immediately?

Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest time possible.

What is Premium?

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

Why should I fill up the proposal form for buying Insurance?

Insurance is a contract between the insured and the insurer. The proposal form is the basis of contract and it contains all the required information for the preparation of the policy which is a contract document.

What is Underwriting?

It is the consideration of material fact to assess the risk and to take the decision whether to accept the risk for the insurance contract and if so at what rate of premium.

What is deductible?

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.

What is Reinsurance?

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

Motor Insurance FAQs

What are the policies available for covering the vehicles?

There are two policies: Motor Liability Only Policy and Motor Package Policy.

Is it mandatory to have insurance for plying vehicles on the public place?

As per the Motor Vehicle Act, it is mandatory to have a Motor Liability only Policy for covering Third Parties.

What is covered under a Liability Only Policy?

Owners” liability towards Third Party Personal Injury and Property Damage.

What does a Motor Package Policy Cover?

This type of policy covers all the risks covered under a Motor Liability policy plus loss or damage caused to the vehicle due to: Accident, Fire, Explosion, Self Ignition, Lighting, Burglary, House Breaking, Theft, Riots & Strikes, Earthquakes, Flood, Typhoon, Hurricane, Storm, Cyclones, Malicious Acts, Terrorism, Transit by rail/road, air and waterways and also includes towing charges.

What are the exclusions under the Package Policy?

Damage caused due to: Driver being under intoxication, Vehicle being driven by a person not holding an effective valid license, Damage to tyres (unless the vehicle is damaged at the same time), wear and tear and mechanical breakdown damages.

What are documents required at the time of claim?

Copy of claim intimation given to insurer with xerox copy of policy and premium receipt, duly filled Claim Form, Driving License, Registration Certificate of Vehicle, Estimate of repairs from repairer and stamped receipt, Bills and Cash Memo of repairs, verification of road tax, Police Panchanama/FIR, Permit and Fitness Certificate and any other documents deem fit for the situation.

Can the amount be paid directly to the repairer?

Yes – In case of Approved Garage, No – In case of any other Garage

What is the amount I have to bear?

Compulsory excess, Reasonable value of salvage if not surrendered to insurer and depreciation.

What is “No Claim Bonus”?

It is a special discount given on premium for every claim-free year.

What is Solatium Fund Scheme?

It is the Scheme formed by the Central Govt. to provide compensation to the victims of “Hit and Run” motor accidents. The amount of compensation is Rs. 25,000/- in the event of death and Rs. 12,500/- for grievous hurt.