Frequently Asked Questions

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• What is a health insurance policy? Is it different from a mediclaim policy?  911 Views

  A health insurance policy is an insurance coverage that covers medical expenses such as - in-patient hospitalisation costs, surgery costs, emergency ambulance cost, hospital per day allowance, medicines bill etc. of life insured; if he/she becomes sick or gets injured in any accident.

  A mediclaim policy, in general, very much similar to a health insurance policy; but it’s ambit of coverage is not as comprehensive as a health insurance policy has. A mediclaim policy pays-out medical expenses towards accident and pre-specified illness, and for specific sum insured; whereas, a health insurance policy covers maximum diseases including critical illness, and accidents as well. A health insurance policy gives you flexibility to review your sum insured and policy term after a specific period; but in mediclaim policy, you can’t.

• What does a health insurance cover?  619 Views

  A health insurance policy covers expenses that incurred due to the medical treatment/surgery. In order to get the benefits of the health plan, the policyholder has to go for at least 24 hours of continuous hospitalization. There are some day-care procedures that are also covered under a health plan, but you also need to get hospitalized to avail benefits.

   

  Read your policy document to ascertain what is included and excluded under your policy.

• Do I need to buy a health insurance policy even if I’m young and healthy?  407 Views

  Yes, it’s always advisable to buy a health insurance policy of adequate sum insured when you are young and in good health. Here are the two points why to buy a Health Plan.
   

  First and most important reason is- ‘peace of mind’. Having a health insurance policy, you won’t have to worry about the doctor’s fee and other medical expenses. Also, the possibility of any mishap or accident cannot be ruled out; it can happen to anybody, anywhere.

   

  By buying a health plan in the young age, you can save on premiums. The possibility of becoming sick in younger age is lesser; you, therefore, can get a health insurance policy of adequate sum insured at best premium rate in your early age.

• Is there any eligibility criterion for having health insurance policy?  337 Views

  Anyone between the age group of 3-month (for the health floater plan) to 65-years can take a health insurance policy. However, the insurer may ask you to go through a medical check-up to ascertain your health condition before issuing the policy.Basis the underwriting guidelines which include age, health condition, family history, etc. the insurer will determine to give you a health plan or not.

• What is cashless health insurance policy?  363 Views

  A cashless health policy provides facility to get treatment at network hospitals (may vary from insurer to insurer) without making any payment. To avail this facility, the policyholder only needs to take approval from the insurance company/assigned TPA in advance in case of planned surgeries, and within the stipulated time in case of emergencies. Policyholders, in order to avail cashless treatment at network hospitals, need to produce health cards provided by insurers, with valid identity proofs to hospitals/TPAs.

• What are TPAs?  470 Views

  TPAs or third-party administrators are intermediaries between insurance companies, policyholders and hospitals. A TPA helps policyholder settle his/her claim hassle-free by establishing communication between the policyholder, the treating hospital and the insurer.   

• What are network hospitals?  298 Views

  Network hospitals are hospitals/health units that have tied-up with TPAs or directly with the health insurance companies. With hospitalization in one of the network hospitals of the insurer, the policyholder can avail cashless hospitalization depending on the terms of the policy.

• What if there is no network hospital in my vicinity?  260 Views

  If there is no network hospital in your vicinity, don’t worry, get treatments at the hospital of your choice and pay all the medical bills at the time of discharge. And your insurer, later on will reimburse the medical expenses incurred after making claim under the policy.

• I already have a health insurance policy provided by my employer; do I still need to buy a separate one?  269 Views

  It’s good that you are covered under a group health insurance policy provided by your employer. But generally, insurance covers provided by employers are of a lesser sum insured, which seems to be insufficient in case of any medical emergency. Most group insurance policies have co-payment and high deductibles in-build, due to which you may require to pay from your own pocket.
   

  Another reason, why you should have a separate policy is, you cannot be working with the same company for whole life, and as soon as you leave the job, your previous employer may take back health benefits, and you might not get such benefits from your current employer. As a result of this, you’ll have to buy a fresh policy in which you’ll lose pre-existing benefits that you have accrued over the period.
   

  By buying a separate health policy, you can choose cover amount and other benefits as per your medical requirement.

• What are points-to-ponder while buying a health insurance policy?  235 Views

  Cost has always been a critical element in the entire decision making process for most of the Indians for any purchase. However, while buying insurance products, you must assure if the sum insured is sufficient.
   

  There are some other salient elements that should be taken into account while buying a health insurance policy.
   

  (a) Adequate cover
   

  (b) List of Network hospitals

   

  (c) Cashless facility 

   

  (d) Deductibles 

   

  (e) Waiting period for specific illnesses/condition

   

  (f) Room-rent capping

   

  (g) Exclusions

   

  (h) Insurer’s claim settlement ratio.

• Is premium paid for health insurance policy tax exempted?  247 Views

  Yes, premiums paid under any health insurance policies are entitled for income tax exemption under section 80D of the Income Tax Act

• What are the major factors on which health insurance premium is determined?  212 Views

   Premium for a health insurance policy is calculated taking several factors on account, such as – sum insured, age, coverage provided, risk pool of your profession, estimated overall health expenditure and on your living style. It’s also determined on whether you are a tobacco user or not. Previous medical history is another factor that determines your premium. If you are in good health, your health insurance premium will automatically be lower.

• Is there any waiting period to make claims under a health insurance policy?  230 Views

  Yes, normally there is a waiting period of 30 days from the date of inception of the policy; during which, the insurer will not be bound to pay you any hospitalization bill. However, in case of an emergency occurring due to an accident, there is no such restriction, and the insurance company will pay your medical expenses.

• What are pre-existing conditions? Is here any waiting period for these conditions to make claims?   186 Views

  A pre-existing condition is a disease/illness that existed before you buy a health insurance policy. Insurance companies do not cover pre-existing conditions that had symptoms or treated within 48 months of buying the first health policy. The pre-existing conditions are liable to be covered after a regular health cover of 48 months.

• Is online purchase of policy cheaper than that of the traditional mode?   213 Views

  Yes, purchasing a policy online is cheaper than buying it offline or through an agent. By buying it online, there is no agent or broker commission to be paid by the insurance company. Also cost related to policy issuance is also low in case of online buying. So,the insurer lower down the premium amount to be charged and you can get the higher cover at lower premiums.

• What is NCB (No Claim Bonus)?   285 Views

  ‘No Claim Bonus’ is a discount offered by the insurer on the policy renewal to encourage policyholders stay healthy, and avoid claims. If the policyholder does not make any claim in the preceding policy year, the insurer offers the NCB benefit.

   

  The policyholder also has the option to accumulate the NCB for a couple of years and this simply leads to lowering of premium amount of the health policy. Some insurers also offer this bonus in the form of increment of the basic sum insured. For every claim free years, insurers increase the basic sum insured at pre-defined percentage.

• Can a health insurance policy from one insurer be transferred to other insurer?  230 Views

  Yes, as per recent guidelines of the insurance regulator IRDAI, you can port your existing health policy to the insurer of your choice. Now you can switch your health insurer without losing the benefits of your existing policy. The premium and policy benefits may differ depending on the plan you choose from the new insurer.

• What is the maximum number of claims I can make in a policy year?  279 Views

  You can make any number of claims in a policy year. However, the sum insured is the maximum limit you can claim for in a policy year. If the sum insured is exhausted, you can’t make more claim in the same policy year. But some health insurance companies have come up with top-up and super top-up health cover that covers your additional medical expenses incurred over and above the limit of the sum assured.

• Should I include my parents in my health insurance policy?  176 Views

  It’s not a wise decision to include parents in your health insurance policy. Since premium is calculated on the basis of the age of the senior most members included in the policy, the premium will automatically go up compared to the premiums charged for two separate policies. Today, there are numerous health insurance policies for senior citizen; it’s advisable to buy one separate policy out of them for your parents.

• Can I return my health insurance policy once bought?  215 Views

  Yes, you can return your health insurance policies within 15 days of receiving policy documents (called free-look period), mentioning the reason for your objection, if you disagree to any of the terms & conditions. As per IRDA’s guidelines, this feature is in policies for term of at least 3 years. However, insures can provide this facility even to the policies for lesser term.

   

  The refund premium will be adjusted for – expenses incurred in medical examination and stamp duty. In cases free-look period claims, claim amount will be deducted from the premium paid.

• How can I make claims under health insurance policy?  185 Views

  In case of cashless hospitalization, you need to show the health card to the network hospital and also need to get approval from your insurer/its assigned TPA. If you are admitted in a non-network hospital of the insurer, you firstly need to pay all the medical bills on your own and then claim the reimbursement for the expenses incurred.

• Why do I need to buy life insurance policy?  245 Views

  You should buy life insurance cover because it ensures that life style of your family/economic dependents will remain intact even if you’re not around. In case of your untimely demise, your family may face critical financial blow, your children’s education can be badly affected. But a good life insurance policy can fulfill their all financial needs be it education of your children or marriage. Life insurance policy with money back or pension plan can provide you financial support once you stop working or at different milestones of your life. Also, an investment or saving plan can be a constant source of your income

• What are different typesof life insurance policies?  230 Views

  Life insurance policies in India come in a variety of offerings catering to the needs of protection, savings and protection-cum-savings. Some of them are:

  (a) Term Insurance plan

   

  (b) Whole- life insurance plan

   

  (c) Endowment plan

   

  (d) Money-back plan

   

  (e) Pension plan

   

  (f) Child plan

   

  (g) ULIPs (unit-linked plans)

• What is term insurance policy?  246 Views

  The Term Insurance Policy is a pure protection plan that ensures the financial freedom to your family/ dependents. It’s an agreement between the insurer and the policyholder, in which the policyholder needs to pay a pre-fixed premium amount on a specified frequency. The insurer, on the other hand, assures the policyholder to pay the sum insured to the nominee/ beneficiary in case of the untimely death of the insured during the policy term, provided the policy is in force.

• Who should buy term insurance policy?  190 Views

  Term Insurance provides financial protection for your family, when you are not there to back them. If you are the sole earning member of the family, it is quite essential for you to secure the future of your family with a term plan. As, it is the pure protection plan, it comes with low premium rates and high sum assured.

• What is life insurance policy?  198 Views

  A Life Insurance policy is a contract between the policyholder and the insurance company wherein the later promises to pay a pre-defined amount called sum insured to the beneficiary /nominee after the death of the life insured, within the policy period.  While the policyholder, in order to avail the benefits, agrees to pay premiums for a certain period either monthly, half-yearly or yearly.

   

  Some life insurance policies come with pure protection, some with protection-cum-investment while some come with investment only.

• Whose life should be insured?  194 Views

  A person whose death will cause a financial loss to the family can be insured. Insurance indemnifies only the financial loss. Like One can take a policy on himself/herself if human life value. If you are earning and  have financial obligations and you are the only bread-winner of the family, you must secure your life with an adequate sum insured.

• How do I calculate my life insurance need?  216 Views

  In order to assess your life insurance need, you may consider these following factors, such as
   

  • Number of financial dependents such as your spouse, children, and dependent parents. 
     
  • How much debt/liabilities, including home loan, auto loan do you have.
     
  • How much money your children will require to pursue their education.
     
  • How much money your family will require to maintain the same lifestyle.
     

  Considering the above mentioned factors, you can easily compute the amount you may need to fulfill the financial need of your family, when you are not there. You may also take assistance from an insurance adviser assessing your insurance need.

• When should I buy life insurance cover?  157 Views

  You should buy life insurance cover as early as possible. Policy taken in younger age costs you less as the age is the major factor considered for premium calculation. Also, policy bought in your early age may not require medical check-up. Once you suffer from any critical illness, insurer may not accept your proposal.

• What should be the policy term?  166 Views

  The thumb-rule of insurance is to ‘protect your life till you contribute financially to your family’. It should be treated as the replacement of your income. The policy term up to 60 or 65 years of your age is considered an ideal one.

• What is endowment plan?  188 Views

  An endowment plan is a life insurance policy tailored to pay a guaranteed sum assured with bonuses after a pre-specified time (maturity) normally for 10 years, 15 years or 20 years. The policyholder is also entitled to get accumulated bonuses accrued over the time. In case of the death of the life insured, total sum assured with accumulated bonuses is paid to the beneficiary/nominee, and policy terminates. 

• What is money-back policy?  166 Views

  Money-back policy is a saving plan with added benefit of life protection. Under the plan, policyholder gets amount equivalent to a pre-defined percentage of sum assured at regular intervals as survival benefit throughout the policy period. In case the policyholder dies during the policy term, the nominee gets the entire sum assured without deducting any amount paid earlier as survival benefits, and policy terminates

• Whatis pension plan?  150 Views

  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.

• What is child insurance policy?  139 Views

  A child insurance policy is an efficient financial tool to secure child’s different milestones of his life be it education, marriage, business or home even after the early demise of the parents. Unlike other life insurance policies, a child plan does not terminate after the demise of the parents. The best part of a child insurance policy lies in its waiver-of-premium feature; under which even after the unfortunate death of the policyholder, policy does continue paying all benefits, and all future premiums is borne by the insurer on behalf of the policyholder. 

• What is unit-linked investment policy (ULIP)?  127 Views

  Unit-linked plan is an insurance product offered by life insurance companies that fulfill both the investment appetite and protection need of the policyholder under a single policy. A part of the premium paid is utilised providing life insurance cover to the policyholder while the rest of the portion is invested in various equity and debt schemes.

  Investments made under the policy are subject to risks associated with capital markets, and the risk involved is borne by the policyholder.

• What is group life insurance policy?  136 Views

  A group life insurance policy is an insurance that covers a group of people, normally who are member of any society, organisation, labour union or common employees of any company. Premium per person charged under such a policy is much less than if they had to buy individually.  

• From where should I buy insurance?  160 Views

  Don’t buy insurance just because the agent is your kin / friend or your neighbor has bought. The better way is to first assess your insurance needs, for the purpose you may seek help of an insurance expert. You can even talk to different agents of various insurers in order to make an informed decision. Remember, an inappropriate insurance policy of inadequate sum assured may not help you much when you need it, and thus the purpose of your insurance is not met.
   

  The best way to pick the right insurance policy is comparing policies online with an Insurance Web Aggregator.

• Can I get my policy cancelled once bought?  167 Views

  Yes, protecting policyholders’ right, the Insurance Regulatory and development authority has made regulation that if the policyholder doesn’t like any of the terms or conditions under the policy, can get it cancelled within the free-look period stating the reason. In life insurance policy, free-look period is 15 days from the date of receiving policy documents.

• Can I get full refund of premium if cancel within the free-look period?  150 Views

  Yes, you have the right to get your life insurance policy cancelled within the free-look period, if you disagree with any of the terms or conditions in the policy. However, the onus to prove receipt date is on the policyholder. After deducting a proportionate risk premium for the period plus expenses incurred in medical check-up if conducted plus stamp duty charges, you’ll be entitled to get premium refunded.

• Should I make payments through the agent?  144 Views

  You have both the options to pay premiums either the insurer or through the agent. In case you make payments via an agent, make sure the cheque is written in the name of the insurer. Also, don’t forget to receive the receipt from the insurer.

• What will happen if I fail to pay premium on time?  178 Views

  If you fail to pay the premium on or before the scheduled date, you will be provided with the grace period, during which you need to pay all the pending premiums, else the policy lapses. All life insurers in India allow its policyholders to reinstate/revive their policies within a certain period after the policy has lapsed /expired subject to acceptance as per underwriting guidelines.

  But you must know that insurers do not cover risks for the reinstatement period. Also, insurer may charge you the late fine.

• Is the amount received on maturity eligible for tax exemption?  126 Views

  All insurance policies do not have the eligibility for tax exemption. You should go through the tax provisions under section 10 (10D) prior to buying a policy.

• Is the amount received as death benefit eligible for tax exemption?  128 Views

  Yes, amount received as death benefit is eligible for tax exemption under section 10(10D) of Income Tax Act.

• How can I file a claim under the policy?  174 Views

  In case of the death of the life insured, you should send claim intimation to the concerned insurance company as early as possible. Thereafter, a fully filled and signed claim form obtained from company’s office or downloaded from its website, with documents such as - death certificate, legal heir certificate if the applicant is not an assignee/nominee, policy document, post-mortem report, etc. should be sent to the claim settlement department of the company.
   

  In case of maturity, the insurer will normally send you the intimation along with a discharge voucher at least 2-3 months prior to the date of maturity. You need to send the signed discharge voucher along with the policy bond in original.According to a circular of IRDAI released in September 2015, the insurance companies shall not have to stress on discharge vouchers regarding the release of admitted claim amounts.

• What is Motor Insurance?  206 Views

  Motor Insurance policy is a contract between a vehicle owner and an insurance company wherein the insurer assures to provide protection against financial losses to the owner in exchange of premiums paid, if the insured vehicle gets damaged or stolen. Also, it covers liabilities for injuries, damages to others caused by your car.

• Is the Liability Only (Third Party) Motor Insurance Policy Mandatory?  156 Views

  Liability Only or Third-party Motor Insurance Policy is mandatory for all vehicles either private or commercial that ply on public roads in India under the Motor vehicle Act. It protects your liability against losses to third-party for bodily injury and/or death or damage to property caused by your vehicle.

• What are different types of Motor Insurance Policy?  181 Views

  In India there are two types of insurance-

  (a)    Third-party or Liability Only and

  (b)   Comprehensive Cover 

• Motor Insurance Policy?  151 Views

  Liability Only or Third-party Motor Insurance Policy is mandatory for all vehicles either private of commercial that ply on public roads in India. It protects your liability against losses to third-party for bodily injury and/or death or damage to property caused by your vehicle.

• What is Comprehensive Motor Insurance Policy?  143 Views

  Comprehensive Motor Insurance or Package Policy covers both damage/loss to your vehicle and damage/loss to third-party caused by your vehicle. Besides, it covers against damage due to fire, riots, lightening, natural disaster or malicious act.

• Which type of Motor Insurance Policy should I buy?  158 Views

  Although as per the India Motor Vehicles Act 1988, only ‘motor third-party’ is mandatory, it’s advisable to take ‘Comprehensive Cover’ insurance policy for complete peace of mind. 

• What is Liability Only (Third-Party) Motor Insurance Policy?  120 Views

  Third-party Motor Insurance or Liability only indemnifies the insured person, if he is legally liable for the third party damage or bodily injury.

• What is the period of Motor Insurance Policy?  140 Views

  A motor insurance policy usually remains valid for one year and needs to be renewed before it expires. In case of motor insurance, you can’t avail any grace period and any delay in paying the premiums requires the vehicle to be inspected. In case of a comprehensive policy, if you don’t pay for more than 90 days, the NCB benefit is also lost.

• What are the factors that determine premium of my car?  133 Views

  Third-party Liability premium of your car is determined the IRDA. For ‘Own Damage’, premium may vary from insurer to insurer for same cover. Important factors that determine premium for ‘Own Damage’ are- IDV (insured declared value), make and model of your car, year of registration, place of registration and benefits offered etc. 

• Whatis ‘No-Claim Bonus’ (NCB) benefit?  144 Views

  ‘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.

• Can my NCB accrued over the period lapse?  104 Views

  Yes, your NCB can lapse if- (a) you fail to renew your policy within 90 days of expiration, and (b) you make claim. 

• Can I get my NCB transferred to new policy if I switch the insurance company?  106 Views

  Yes, you can get your NCB transferred to new policy no matter you switch the insurer. You only need to provide a proof of your earned NCB via a letter confirming the NCB entitlement or renewal notice.

• Can I get policy of my old car transferred to the purchase of new?  109 Views

  Yes, you can get your existing policy transferred to the new purchase.

• Can I avail discounts in premium?  164 Views

  Yes, you can avail discounts towards the premium amount (Own Damage cover) for a motor policy.
   

  • With NCB, you can get lowering the premium amount.
     
  • Membership of Automobile Association of India.
     
  • Membership of Vintage Cars (As certified by the Vintage and Classic Car Club of India).
     
  • Installation of anti-theft devices (approved by Automobile Research Association of India).
     
  • Concessions for specially designed vehicles for the handicapped, blind and mentally challenged persons.

• What is an IDV (Insured Declared Value ?  147 Views

  The Insured Declared Value is the sum insured of your car calculated based on the depreciation percentage formula.  The insurer will compensate you equivalent to the IDV in case of theft or total loss of car. 

   

  IDV is calculated as:

  Within 6 months of purchase- 5%

  After 6 months to 1 year of purchase - 15%

  After 1 year to 2 years of purchase - 20%

  After 2 year to 3 years of purchase - 30%

  After 3 year to 4 years of purchase - 40%

  After 4 year to 5 years of purchase- 50%

   

  After 5 years of purchase or if the car is obsolete, the IDV of your car will be agreed sum between you and your insurer.

• Can I bring accessories under the ambit of insurance cover?   113 Views

  Yes, you can also insure additional accessories installed in your car under comprehensive cover for an additional premium. Factory fitted accessories are already covered under the policy. 

• Whatis ‘deductible’ or ‘excess’ in Motor Insurance?  118 Views

  Deductible or excess in motor insurance is an amount you need to pay before your insurer pay any expenses. The compulsory excess of two-wheelers are Rs.50 and for Private Cars and Commercial Vehicles, it is Rs.500 that further increases on the basis of the cubic capacity of your vehicle.

  In some cases, the insurer may charge an additional amount depending upon the age of the vehicle or if claims are made frequently.

• What is Automobile Association membership discount on car premium?  112 Views

  If you are a member of any of recognized Automobile Associations, such as - Automobile Association of Eastern India, the Western India Automobile Association, etc., you will be entitled to avail discount of 5% on the Own Damage premium component (maximum of Rs. 200 for a private car).

• How can I avail the Automobile Association of India membership?  103 Views

  Filling up an online application form along with cheque of requisite membership fee in favor of the respective Automobile Association, you can become a member of that Automobile Association. The fee and charges to become a member of an automobile association may vary. You may check on the respective automobile association membership terms and conditions.

• How much discount can I avail if my car is fitted with an anti-theft device?  110 Views

  If your car is fitted with anti-theft devices approved by Automobile Research Association of India (ARAI), and whose installation is approved by any of the Automobile Association of India, you will be entitled to avail discount of 2.5 per cent on Own Damage premium, subject to the maximum of Rs. 500.

• Whatare the documents required to be submitted for making claim?  134 Views

  These are the documents that require to be submitted while making claim for motor insurance policy-

  (a)    Duly filled up and signed claim form (form can be downloaded from company’s website)

  (b)   RC (Registration Certificate) copy of your car

  (c)    Original estimate of loss

  (d)   Original invoice and payment receipts

   

  For policy with cashless facility, only repair invoice with FIR (if required) need to be submitted.

   

  For theft claim, keys with non-traceable certificate need to be submitted.

• Why should I buy travel insurance?  121 Views

  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.

  Travel insurance is also mandatory in several countries when going to travel such as UK, Austria, Spain, France, Germany, and Belgium. However, for a safe trip, it is recommended to have a travel insurance policy, when travelling whether it is domestic or international travel.

• Whether the period of travel insurance can be extended?  91 Views

  Most of the travel insurance policies have a provision for extension. It depends on the policy that you have opted and thus, it is advisable to check with your insurer about the extensions available.

• Is there a minimum period of a trip to be insured?  98 Views

  Typically, it varies on the basis of policy you have opted for. Every insurer has different terms regarding the number of days that can be covered under a travel insurance policy.

• Is there any medical check -up required to buy a travel insurance policy?  91 Views

  Typically, no medical test or checkup required to purchase a travel insurance policy. However, most of the insurance companies may ask to go through a medical test for insuring senior citizens. The insurer may also ask the insured with adverse medical history to submit medical reports. It is also recommended to check specific policy terms regarding the requirement of medical check-up.

• Does a travel insurance policy cover pre-existing ailments?  89 Views

  A typical travel insurance policy does not cover any pre-existing illnesses. Some insurance companies, however cover the pre-existing diseases for senior citizens. You also need to ensure whether your pre-existing disease/s are covered, under the plan you are going to buy.

• Do I need prior approval of the insurance company before going for medical treatment?  77 Views

  Prior approval is required in all cases requiring medical treatment, exceptions depending on the emergency involved. You need to clarify this aspect with the insurer, before buying the policy.

• If pre-approval is required, then what is the procedure?  76 Views

  Every insurer provides the contact number, where you can get pre-approval regarding cashless hospitalization. For any medical treatment except hospitalization, the insurance company provides reimbursement on the bills.

• Who is a Third Party Administrator?  100 Views

  A Third Party Administrator (TPA) works as a representative of the insurance company offering claims service. In order to get a speedy and smooth claim settlement, you need to confirm the TPA details from your insurer before you travel.

• Can I get a refund, if I cut short my travel?  94 Views

  In case you did not go for travel and you show proof of the same, travel policies usual refund your premium, subject to deductions as applicable. If you cut short your travel, policies may or may not allow premium refund, depending on the conditions specified under the policy terms. It is advisable to read the policy document regarding the refund policy, in case of trip cancellation or curtailment.

• Is the visa status significant to obtain overseas travel insurance?  81 Views

  In most cases it matters. Usually, travel insurance policies are issued to travelers who visit other countries on business or holiday or education and not for those residing permanently.

• What If I lose my passport?  109 Views

  Loss of passport is covered in an international travel insurance policy. Expenses incurred towards getting a duplicate passport are also payable under the policy.

• What is bounced booking?  101 Views

  The actual additional expenses incurred by you, in case of availing the alternate accommodation/ confirmed flight booking in case of bounced booking.

• What is Loss of Baggage cover?  110 Views

  A policy compensates you for the loss of important travel documents, travel funds and personal possessions. The cover may differ from one plan to another.

• Where can I get more details about the policy covers?  172 Views

  In order to get the complete details about the policy benefits, its coverage, exclusions and other terms, it’s recommended to read the policy wordings carefully.

  (The FAQs mentioned above are the generic ones. Read policy terms carefully, before buying a travel insurance policy for you and/or your family.)