QUESTIONS TO ASK IN INSURANCE COMPANIES

Any human being would obviously want to be sure about his hard earned money as in he would want to know all the nitty grities of the policy and the company. He would obviously want to have the best bargain and want to hand his cash into save hands therefore only after some research would someone go for a specific company and policy that yield the best returns.
FAQs on Life Insurance :
How do I take a loan against my policy?

A policy holder can take a loan on the cash value of his policy depending on the policy that he owns. While still maintaining the insurance coverage the insured can have access to his cash value for loan. As soon as the loan is taken by a policy holder his death benefit and interest owed to him gets reduced by the amount of loan taken. There are also loan interest rates which vary from company to company. The policy holder can call up the company service center and request for the loan but in most cases a written document signed by the policy holder requesting for the payment of loan is demanded by the company.

How do I report a death?

Upon the unfortunate death of an insured a Service Centre general officer or Sales officer should immediately be contacted and given certain details like the insured's name, date of death and the cause of death along with that details like name, address and telephone number of person needed to be contacted who in most cases would be the beneficiary. A claimant's statement along with other additional information on how to file a death claim is sent to the concerned person.

What is Check-O-Matic?

This is the method of directly deducting the policy premium from the policy holder's bank account on a monthly basis; note this is only applicable in case of monthly premium paying policies. This method is time saving and can be done by filling up a Check-O-Matic (C-O-M) Request Form with the necessary information required and should be submitted to the Service Centre.

How does whole life insurance differ from term life insurance?

Whole Life Insurance provides coverage to the insured for his entire life as long as premiums are paid and the policy is not surrendered and Term life insurance refers to the provision of coverage only for a fixed period stated in the policy.

FAQs on Health Insurance

Is a medical checkup necessary before buying a policy?

A medical check up is essential for buying a new health insurance policy for people above the age of 40 - 45 depending on the conditions laid down by the company. However medical check ups and not required if you are renewing an existing policy.

Does health insurance cover diagnostic charges like X- ray, MRI or ultrasound?

Health insurance generally covers all diagnosed tests like MRI, CT scan, X-ray and any other blood tests as long as the patient undergoes these tests in the hospital where he has to spend atleast one night.

What do you mean by Cashless Hospitalization?

Under cashless hospitalization one does not require to settle the hospital bills at the time of discharge. Your insurance company would take care of the settlement but for this prior approval is required from the Third Party Administrator before hospitalizing the patient. In the event of an emergency hospitalization approval can be got post hospitalization.

FAQs on Car Insurance

What payment options are available for my car insurance policy?

It depends on the company in general it is usually paid by credit card, debit card, cash cheque or in the form of installments and absolutely no extra costs.

What are the exclusions under car insurance policy?

The car insurance policy does not include depreciation, wear and tear, deliberate accidental loss, intoxicated driving, consequential loss and mechanical breakdown.

What are the different types of car insurance policies?

There are basically two types of car insurance policies car Policy A, also known as Third party insurance and car Policy B, commonly known as Comprehensive insurance policy.