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Frequently Asked Questions
An insurance policy protects you against financial losses. As such, the policy becomes necessary. If you have a car or a bike, buying a motor insurance policy is mandatory as per law. Even in case of life insurance, the security given by a life insurance policy is unparalleled which makes the policy a must buy. When it comes to health insurance, one cannot ignore the high medical costs which are associated with a health ailment. Having a health insurance policy, therefore, makes sense to protect against the financial implication of any medical emergency.
Accidents , Illness , Fire , Home and Financial securities are the things you'd like to worry about any time. General Insurance provides you protection against such unforeseen events. General Insurance is not meant to offer returns but is a protection against contingencies.
  1. General Insurance is essentially Non-Life Insurance. It offers protective coverage for assets other than life. Depending on the kind of asset insured, there are different kinds of General Insurance, such as:
  2. Home Insurance, which covers residential properties.
  3. Travel Insurance, which insures the policyholder against several mishaps/accidents that could occur during travel.
  4. Fire & Burglary Insurance.
Health Insurance is a type of Insurance that covers medical expenses that arise due to an illness.
Health Insurance protects you from the burden of sudden and unexpected medical expenses which could make a major dent in your savings.
The insurer provides either direct payment to hospital (cashless facility) or reimburses the expenses associated with illnesses and injuries or disburses a fixed benefit on occurrence of an illness.
The general eligibility age ranges between 18 years up to 65 years. Parents can add their children from the age of 90 days to 18 years.
Yes! You can opt coverage for self, spouse, children, dependent parents, and multiple other relationships such as parents-in-law, siblings, and others if your plan allows it.
Yes, you are free to buy more than one plan based on your specific medical needs.
You can buy Individual Health Insurance Plan, Family Floater Health Insurance Plan, Senior Citizen Health Insurance Plan, Critical Illness Insurance Plan, Maternity Health Insurance Plan, Group Health Insurance Plan, Personal Accident Insurance Plan.
Yes, you can pay your premium in instalments (monthly, quarterly, or half-yearly basis) as well.
Health Insurance benefits differ from policy to policy. However, basic Health Insurance benefits include cover for inpatient hospitalization, pre & post hospitalization, day care procedures, emergency ambulance expenses, organ donor expenses, domiciliary hospitalization, OPD expenses and more.
Critical Illness Policies provide coverage for life-threatening illnesses such as Cancer, Stroke, Heart Attack, Kidney Failure, and others. In CI rider, you can expect wide cover for critical illnesses (number of illnesses covered depends on the plan), lump-sum amount payment on diagnosis, tax benefits, and more.
To buy Health Insurance, you need to submit your documents like Aadhaar Card, voter ID, Driving License, and Pre-Medical Check-Up Report (in some cases). The documents are required for age proof, identity proof, address proof, and medical check-up.
In case of missed Health Insurance renewal due date, your insurance company will give you a grace period of 15-30 days. If you again miss making the premium payment during the grace period, you may be denied coverage, denied policy renewal, lose out on no claim bonus, or asked to serve with waiting periods from the start.
A pre-existing disease is an ailment, injury, or disease that the insured individual is already affected by when purchasing a Health Insurance policy. Conditions like depression, anxiety, sleep apnea, diabetes, etc. are considered as pre-existing diseases in Health Insurance.
There is no limit to the number of claims that can be made during a policy term. But the claim amount should not exceed the sum insured amount for which the insured had purchased the policy.
Cumulative bonus is an increase in the sum insured by a specific percentage for every year a claim is not made, up to a certain limit. It is offered by insurers on indemnity-based Health Insurance plans and only when the policy is renewed without a break.
Life Insurance is a contract between an insurance policy holder and a Life Insurance company. Here the insurer promises to pay the designated beneficiary a sum of money (sum assured) in exchange for a premium, upon the death of an insured person or maturity of the policy (depending on the policy contract).
Life Insurance is necessary, especially if you have a dependent spouse and children. It offers your family financial support even after your death. In addition to this, it offers several advantages and provides a lot of flexibility on your investment.
The cost of Life Insurance depends on the type of policy you take, the sum insured, your age, health condition and the benefits you expect to receive when your policy matures.
When your policy matures you will receive an accumulated amount (in lumpsum or regular payments, basis the option chosen). This amount will include the total of all your premiums paid, plus bonuses (if any). The amount you receive shall be substantial because the premiums that you pay accumulate and grow every year until the maturity of your policy.
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 if you have paid all your premiums and you have not let your policy lapse.
You can claim tax benefits for a Pension Plan under Section 80CCC if you have paid premiums. You will receive a pension from a fund referred to in Section 10(23AAB). You will be able to get a deduction of up to INR 100,000 on your total annual income.
Yes, there are multiple options available for you to pay your premiums. You can pay your premiums monthly, quarterly, half-yearly or yearly. You can also pay it in one lump sum. However, a monthly premium is the most convenient because the amount is relatively small, and it is easier to monitor and be prepared for a more frequent premium payment.
A Motor Insurance Policy is a contract between insured and the insurer to protect them from unforeseen mishaps while driving on the road.
Comprehensive and Third-Party Insurance are the two types of Motor Insurance. The Third-Party plan covers the policyholder only against liabilities arising out of vehicular damages or bodily damages caused by a third party. Whereas a Comprehensive Car Insurance is a more premium option that provides enhanced protection by covering the policyholder against third-party liabilities as well as the damage suffered by the owner’s driver’s car.
No Claim Bonus is a discount offered to a policyholder when no claim is filed during the tenure of the policy. Moreover, the discount accumulates over the years (up to 5 years) for every claim-free year.
Yes, you can transfer your car insurance policy to a new owner after filing a written request to the company following a process called ‘policy endorsement’. There is a nominal fee that is applicable in case of transfer of the vehicle.
The cost of car insurance premiums is affected by a lot of factors such as: 1. Car Registration Location 2. Manufacturer and Variant Type 3. Safety/Anti-Theft Security 4. Add-On Riders/Covers 5. Policy Types i.e., Comprehensive and Third Party
You will need to pay compulsory excess, liabilities on your part, also known as deductibles. The surveyor will report to the rest of the evaluated expenses to the company for further processing of the claim settlement process.
It is highly recommended to renew your Car Insurance policy on time so that you can continue to enjoy its features and benefits. Also, having at least an active third-party liability cover for your car is mandatory as per the Indian Motor Tariff. Therefore, it is advised to renew your car insurance policy before expiry as it is mandatory by law and provides coverage for your car. If you do not renew your car insurance plan, apart from legal troubles, you can also face a financial crisis in case of a mishap and you will also lose benefits like No Claim Bonus, etc.
Pocket Insurance is a bite-sized insurance which covers specific needs for a comparatively shorter duration at a lower price.
Pocket Insurance is directed towards the younger generation and are ideal for those who want to start building their insurance portfolio.
These policies are standard with almost no scope of customization, therefore the premium for such plans is same for all.
Personal Accident: A fixed pay out in cases of death or disability caused due to an ident up to the amount specified. Doctors on Call (Unlimited GP): Have unlimited Online Consultations & chats with General Physicians from the CHIL App. HospiCash: A daily fixed benefit pay out for each day of hospitalization up to the amount specified in the COI.
SME Insurance are of two different types catered by AU Small Finance Bank and Care HI viz: Group Medical Coverage and Group Personal Accident.
Group Medical Coverage is a Health Insurance policy that insures a group of people in case of Hospitalisation due to medical issues. Group Personal Accident is a Health Insurance policy that insures a group of people in case of disability due to an accident.
Loan Suraksha is a product specific to Loan Customers of AU Small Finance Bank which basically is divided into Critical Illness + Personal Accident and Personal Accident + Hospital Daily Cash.
AU Small Finance Bank has partnered with 3 major Health Insurance companies viz: Care Health, Chola MS, Aditya Birla Health, HDFC Life, ICICI Lombard
Loan Suraksha policy can be bought by any individual from age 18-55 and 18-65 for Critical Illness + Personal Accident and Personal Accident + Hospital Daily Cash respectively.
 
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"Get all your insurance solutions under one roof."

“Difficult roads often lead to beautiful destinations, so before its too late get insured for a beautiful future.”

"There is no right time to buy an insurance. The time to buy it is Now."

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