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Frequently Ask Question
Life Insurance :
What is Life Insurance?
Life Insurance is a contract between a person and a life insurance company to reimburse his/her beneficiary (usually a spouse or child) at the time of his/her demise. The reimbursement amount is pre-decided based on the terms of the policy.
Is Life Insurance necessary?
Life Insurance is not necessary but is a smart investment to make, especially if you have a dependent spouse and children. It offers your family the benefit of financial support even after your death. In addition to this, it offers a number of advantages and provides a lot of flexibility on your investment. For example, you can add a critical illness rider to cover the cost of expensive for surgeries and operations; you can withdraw a part of your maturity benefit in case of an emergency or for your child's education or marriage, etc. Life Insurance policies come with a lot of flexibility.
Why is term plan the best?
Term plans give financial protection to your family at the most affordable rates. You can get a large amount of life cover (i.e. sum assured) at a relatively low premium rate. The benefit amount is paid out to the nominee in case of death of the person insured. Earlier you buy Term Insurance is better (and cheaper) and Ideal life cover should be 10 to 15 times your annual income.
Will I have to pay tax on my maturity benefit?
No, you will have to pay no tax on the maturity proceeds of a life insurance policy. In fact, under a pension plan you can even withdraw up to one-third of the total maturity amount in cash and that too will be tax free. All this is provided that you have paid all your premiums and you have not let your policy lapse.
Health Insurance :
Is my policy valid PAN India ?
Yes ! usually, health plans cover treatments anywhere in India but you should make sure of this clause. Find out whether the claim settlement in your policy has any geographical limitations or not.
Whom do I call at the time of an emergency hospitalization ?
If your policy facilitates cashless settlement of claims, find out the policy of emergency hospitalization. Ask about the documentation and most importantly you can call Passcom Insurance Marketing for emergency help.
What to do if I am admitted in a non-network hospital ?
Always remember that treatment in a non-network hospital would be on a reimbursement basis only where you would have to shoulder the medical bills and then get them reimbursed from your insurer.
Is a medical checkup necessary before buying a policy?
A medical checkup may be necessary when you sign up for a new health insurance policy. However, medical checkups are not usually needed for renewal of policies. It is in your best interests to undergo a medical check-up at the time of enrollment so that when you need us, we‘re there to provide speedy and efficient support and faster settlement of claims.
Vehicle Insurance :
What are the events covered in vehicle Insurance policy?
• Any Loss or damage to your vehicle
• Third Party Liability
• Any permanent injury / death to a person caused by your insured vehicle
• Any damage caused to the property other than property belonging to the insured or held in trust or in custody or control of insured by your vehicle
• A Personal Accident Cover for the owner-driver of the vehicle while he is driving
What is Personal Accident Insurance cover?
Personal Accident Insurance covers death or disability caused due an unfortunate accident. The motor insurance policy essentially has a Personal Accident cover for the owner-driver, as per tariff, for which no extra premium is to be paid. For a person other than the owner and driver, the Personal Accident cover has to be purchased separately by paying an additional premium. The amount paid as compensation depends upon the extent of cover opted for.
What are the types of events or losses not covered under this policy?
The following events or losses are not covered in vehicle policy:
• Mechanical/ Electrical breakdown
• Wear and tear, ageing of vehicle
• Consequential loss*
• Depreciation
• Deliberate accidental loss
• Intoxicated driving
• Any contractual liability
• Damage to/ by a person driving any vehicles or cars without a valid license
What is Third Party Liability cover? Is it covered?
Third Party Liability insurance covers losses to a third person who is not a party to the insurance contract. The Motor Third Party insurance covers the following losses:
• Any permanent injury / death to a person caused by your vehicle
• Any damage caused to the property (including third party vehicle) of some other individual by your insured vehicle Liability is covered for an unlimited amount in respect of death or injury. Any damage to third party property is covered up to `7.5 Lakhs in case of Private Car and `1 Lakh in case of Two-wheeler.
When should I report to the police?
Incidents such as ‘Third Party Property Damage’, ‘Bodily Injury to Self or Third Party’ or ‘Theft’ should be reported to the nearest police station as early as possible, under whose jurisdiction the incident has occurred.
What is Life Insurance?
Life Insurance is a contract between a person and a life insurance company to reimburse his/her beneficiary (usually a spouse or child) at the time of his/her demise. The reimbursement amount is pre-decided based on the terms of the policy.
Is Life Insurance necessary?
Life Insurance is not necessary but is a smart investment to make, especially if you have a dependent spouse and children. It offers your family the benefit of financial support even after your death. In addition to this, it offers a number of advantages and provides a lot of flexibility on your investment. For example, you can add a critical illness rider to cover the cost of expensive for surgeries and operations; you can withdraw a part of your maturity benefit in case of an emergency or for your child's education or marriage, etc. Life Insurance policies come with a lot of flexibility.
Why is term plan the best?
Term plans give financial protection to your family at the most affordable rates. You can get a large amount of life cover (i.e. sum assured) at a relatively low premium rate. The benefit amount is paid out to the nominee in case of death of the person insured. Earlier you buy Term Insurance is better (and cheaper) and Ideal life cover should be 10 to 15 times your annual income.
Will I have to pay tax on my maturity benefit?
No, you will have to pay no tax on the maturity proceeds of a life insurance policy. In fact, under a pension plan you can even withdraw up to one-third of the total maturity amount in cash and that too will be tax free. All this is provided that you have paid all your premiums and you have not let your policy lapse.
Is my policy valid PAN India ?
Yes ! usually, health plans cover treatments anywhere in India but you should make sure of this clause. Find out whether the claim settlement in your policy has any geographical limitations or not.
Whom do I call at the time of an emergency hospitalization ?
If your policy facilitates cashless settlement of claims, find out the policy of emergency hospitalization. Ask about the documentation and most importantly you can call Passcom Insurance Marketing for emergency help.
What to do if I am admitted in a non-network hospital ?
Always remember that treatment in a non-network hospital would be on a reimbursement basis only where you would have to shoulder the medical bills and then get them reimbursed from your insurer.
Is a medical checkup necessary before buying a policy?
A medical checkup may be necessary when you sign up for a new health insurance policy. However, medical checkups are not usually needed for renewal of policies. It is in your best interests to undergo a medical check-up at the time of enrollment so that when you need us, we‘re there to provide speedy and efficient support and faster settlement of claims.
Vehicle Insurance :
What are the events covered in vehicle Insurance policy?
• Any Loss or damage to your vehicle
• Third Party Liability
• Any permanent injury / death to a person caused by your insured vehicle
• Any damage caused to the property other than property belonging to the insured or held in trust or in custody or control of insured by your vehicle
• A Personal Accident Cover for the owner-driver of the vehicle while he is driving
What is Personal Accident Insurance cover?
Personal Accident Insurance covers death or disability caused due an unfortunate accident. The motor insurance policy essentially has a Personal Accident cover for the owner-driver, as per tariff, for which no extra premium is to be paid. For a person other than the owner and driver, the Personal Accident cover has to be purchased separately by paying an additional premium. The amount paid as compensation depends upon the extent of cover opted for.
What are the types of events or losses not covered under this policy?
The following events or losses are not covered in vehicle policy:
• Mechanical/ Electrical breakdown
• Wear and tear, ageing of vehicle
• Consequential loss*
• Depreciation
• Deliberate accidental loss
• Intoxicated driving
• Any contractual liability
• Damage to/ by a person driving any vehicles or cars without a valid license
What is Third Party Liability cover? Is it covered?
Third Party Liability insurance covers losses to a third person who is not a party to the insurance contract. The Motor Third Party insurance covers the following losses:
• Any permanent injury / death to a person caused by your vehicle
• Any damage caused to the property (including third party vehicle) of some other individual by your insured vehicle Liability is covered for an unlimited amount in respect of death or injury. Any damage to third party property is covered up to `7.5 Lakhs in case of Private Car and `1 Lakh in case of Two-wheeler.
When should I report to the police?
Incidents such as ‘Third Party Property Damage’, ‘Bodily Injury to Self or Third Party’ or ‘Theft’ should be reported to the nearest police station as early as possible, under whose jurisdiction the incident has occurred.
What are the events covered in vehicle Insurance policy?
• Any Loss or damage to your vehicle
• Third Party Liability
• Any permanent injury / death to a person caused by your insured vehicle
• Any damage caused to the property other than property belonging to the insured or held in trust or in custody or control of insured by your vehicle
• A Personal Accident Cover for the owner-driver of the vehicle while he is driving
What is Personal Accident Insurance cover?
Personal Accident Insurance covers death or disability caused due an unfortunate accident. The motor insurance policy essentially has a Personal Accident cover for the owner-driver, as per tariff, for which no extra premium is to be paid. For a person other than the owner and driver, the Personal Accident cover has to be purchased separately by paying an additional premium. The amount paid as compensation depends upon the extent of cover opted for.
What are the types of events or losses not covered under this policy?
The following events or losses are not covered in vehicle policy:
• Mechanical/ Electrical breakdown
• Wear and tear, ageing of vehicle
• Consequential loss*
• Depreciation
• Deliberate accidental loss
• Intoxicated driving
• Any contractual liability
• Damage to/ by a person driving any vehicles or cars without a valid license
What is Third Party Liability cover? Is it covered?
Third Party Liability insurance covers losses to a third person who is not a party to the insurance contract. The Motor Third Party insurance covers the following losses:
• Any permanent injury / death to a person caused by your vehicle
• Any damage caused to the property (including third party vehicle) of some other individual by your insured vehicle Liability is covered for an unlimited amount in respect of death or injury. Any damage to third party property is covered up to `7.5 Lakhs in case of Private Car and `1 Lakh in case of Two-wheeler.
When should I report to the police?
Incidents such as ‘Third Party Property Damage’, ‘Bodily Injury to Self or Third Party’ or ‘Theft’ should be reported to the nearest police station as early as possible, under whose jurisdiction the incident has occurred.