Can a person have multiple insurances?
Yes, the same person can get himself insured from different insurance agencies to get diverse benefits and for larger coverage amount.
Is it possible to withdraw a insurance and get the premium back?
Answer is yes, you can always withdraw! Every organization provides a time span of 15 days right from the date of issuing policy so that you can recheck the exact terms and conditions as specified. If you ever feel you are uncertain or not happy with the terms mentioned, you have all rights to withdraw the policy and call for a cancellation. At such a point, the insurance company provides a complete refund.
Is a health insurance really necessary?
A health insurance policy has become clearly mandatory for everyone to evade the enormous medical expenses that may arise when one gets admitted in a hospital for any reason. Along with taking the medical coverage costs, these health insurances also assure exemptions from taxes by the section 80D of Income Tax act, 1961. Keeping in mind the alarming increase in health issues and costs of the advancements in medical field, there is a clear need to insure yourself and you family.
What is called waiting period in health insurance policy?
Generally, the waiting period is the period that the person who has insured himself has to wait to overcome the already existing illnesses. The insurance company will not accept any claims for medical bills within this span apart from the case where immediate hospitalization is required. For instance if the waiting period is 3 years, the insurer can start claiming his medical expenses only post 5 years from the very date of beginning of the policy.
What is NCB?
NCB stands for No Claim Bonus, which is a discount offered by insurance companies to policyholders who do not make any claims during a policy period.
How does NCB work in auto insurance policies?
If you do not make any claims during a policy period, you are eligible for an NCB discount on your next policy premium. The discount can range from 10% to 50% of the premium, depending on the insurer and the number of claim-free years.
How do I choose the right life insurance policy?
To choose the right life insurance policy, consider your financial goals, income, expenses, and dependents. You should also consider the premium, coverage, and riders offered by the policy.
What is the difference between term life insurance and permanent life insurance?
Term life insurance provides coverage for a specified period (e.g., 10, 20, or 30 years), while permanent life insurance provides lifetime coverage and a cash value component.
Can I cancel my life insurance policy?
Yes, you can cancel your life insurance policy, but you may face penalties or surrender charges. It's essential to review your policy's cancellation terms before making a decision.
Can I purchase life insurance for my children?
Yes, you can purchase life insurance for your children, which can provide a death benefit and help pay for funeral expenses. Additionally, some policies offer a cash value component that can be used for future expenses.
