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Insurance
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WHO IS AN INSURANCE BROKER ?
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An independent broker represents you and does business with many insurance companies
compared to an agent who represents only one insurer. An independent broker is able
to offer a wide range of services and products from many insurance companies to
make sure your insurance needs are met precisely at the most competitive price.
We provide you with the peace of mind of knowing that your broker is acting on your
behalf.
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CAN IIT INSURANCE DEAL WITH MY EXISTING INSURER?
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You may be perfectly happy with your existing insurer at present. You can appoint
IIT Insurance as your broker and still remain with the same insurer. Each year,
we will check to ensure that it is still the best cover for you, and if appropriate,
offer you alternative products.
It's still your decision, but we are giving you additional choices and expert advice,
so you can't lose.
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DO I HAVE TO PAY EXTRA PREMIUM TO AVAIL IIT INSURANCE SERVICES
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The amount of premium is determined by the insurance companies, the client will
be paying that prefixed amount only. Our brokerage is paid by the insurance companies
so our clients don’t have to pay for our services. The cheque that the client issues
will be in favor of the insurance companies, as per IRDA rule a client cannot give
the cheque of premium in the name of the broking firm.
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FAQ'S on
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Travel Insurence |
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Motor Insurence |
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Health Insurence |
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General Insurence
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What is need of Travel Insurance?
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One usually travels abroad for various reasons like pleasure trip, a business trip,
study, etc. Every traveling person is exposed to a various kinds of risk like hospitalization,
accidental events, personal liability, loss of baggage, etc. A Single trip Overseas
Travel Policy protects you from all such kind of risks. For frequent travelers an
annual travel policy can be purchased.
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What are various covers in Travel Insurance?
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A Travel Insurance plan covers for loss of passport, checked baggage loss, checked
baggage delay, medical emergency, accidental death and dismemberment, personal liability,
etc.
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What is Deductible/Excess?
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Deductible/Excess is a small amount, which the client will have to bear at the time
of claim. Thereafter the balance amount will be reimbursed by the insurance company.
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What do you mean by Service Provider/Third Party Administrator (TPA)?
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A Third Party Administrator renders specialized services such as emergency assistance
and cashless hospitalization for the insurance company. All insurance claims are
settled by TPA. Their contact details are provided in the policy document.
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How do I lodge claim when overseas?
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You will find a toll-free number on your travel policy whom you can contact in case
of any emergency. The TPA will provide necessary guidance to lodge a claim and get
cashless facility.
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Can I pay premium on behalf of my parents/spouse/ children?
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Yes.
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Can I extend my Travel Insurance policy whilst overseas?
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Yes, provided you have not preferred any claim, subject to confirmation of good
health and by paying additional premium before expiry of policy.
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What do you mean by sub-limits?
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Sub-limits means irrespective of plan which you have opted, compensation will be
payable upto the sub-limit specified in the policy only.
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What is the meaning of pre-existing diseases?
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Pre-existing diseases are those diseases that exist at the time of inception of
the policy. Pre-existing conditions are health conditions, which already exist or
are being treated.
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Does the Travel policy cover pre-existing diseases?
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Normally, pre-existing diseases are not covered in Travel policies.
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What are documents required for filing claim?
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The original bills and vouchers must be submitted along with all respective claims.
In case of sickness, bills / prescriptions / vouchers / reports / discharge summary
must be in the name of the insured person. In case of loss of baggage, a property
irregularity report or other report usually issued by the carriers to be presented
as evidence of loss. In case of personal liability, proof of judicial decision rendered
by a court of law would be required. In case of personal accident, disability certificates
to be submitted.
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In how many days will I get my claim settled?
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Once you submit all the necessary claim documents, normally the claim will be settled
within 30 days.
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What do you mean by cashless facility? Does policy bought online are having cashless
claim facility?
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In cashless facility, the client need not pay any amount to the hospital from his
own pocket while taking the treatment. All the expenses will be settled by the insurance
company to the hospital directly. This facility is available to online buyers also.
Only excess expenses will be borne by the insured.
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Can I file claim after returning to India?
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Yes, you can file a claim after returning to India, but intimation has to be given
on the toll free number mentioned in the policy while overseas.
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Is it necessary to be in India before buying policy?
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Yes, it is necessary to be in India before you buy your Travel policy.
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I am 70 years old, can I buy Travel Insurance?
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Yes, you can buy Travel Insurance. Some companies are offering policies without
a medical checkup. Some companies insist on medical checkup. For persons above 70
years, you will get restricted cover.
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Why should I buy Motor Insurance? Is it compulsory?
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Yes, it is compulsory. In India the government has made it mandatory to have motor
insurance. Package policy covers any accidental damage to vehicle, theft of vehicle,
any bodily injury to passengers and also cover owners liability towards third party
property damage and bodily injury.
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What is covered under Motor Insurance?
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In India there are two types of cover are available i.e. Package Policy and Act
only Policy. Act only policies covers insured against any liability towards third
party, bodily injury or property damage while Package policies covers against loss
or damage to private car and its accessories caused by fire, explosion, burglary,
riots, malicious acts, theft, etc, including act liability.
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What is IDV?
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IDV means Insured’s Declared Value. It is value of vehicle which is manufactures
listed selling price of a brand and model, which a person is proposes for insurance
at commencement of insurance / renewal and less depreciation.
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I have various electronic gadgets, Can I insure them?
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Yes, you can insure electronic gadgets. You have to give details of your electronic
gadgets at time of commencement of your policy. This can be covered subject to additional
premium.
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What is NCB?
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NCB means No Claim Bonus. It is given as an incentive to reward for safe driving
in terms of discount in a premium. On renewal the percentage of bonus increases
with every claim-free year and it is withdrawn if there is a claim.
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What are the requirements to buy Motor Insurance?
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For buying Motor Insurance you have to give details of your vehicle like the make
and model of vehicle, year of manufacture, registration number, engine number, chassis
number, etc. If you have added additional accessories, you have to provide bills
for the same. If the car is fitted with CNG / LPG kits then same must be intimated
with the value of such kits.
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Can I transfer my insurance if the vehicle is sold?
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Yes.
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What additional discounts are available to me in Motor Insurance?
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The discounts that can be allowed under Private car Package policies are: Voluntary
Deductible discount, No Claim Bonus, Automobile Association Discount, Anti Theft
Device Discount, etc.
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Can I transfer my NCB?
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Yes, you can transfer your NCB. If you have sold your previous car and purchased
new one then you are entitled for same percentage of NCB that you were enjoying
on the old vehicle. The new and old car should be in the same name.
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Can we add any accessory during policy period?
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Yes, during policy period you can add accessories, subject to additional premium
charged by company & production of purchase invoice subject to inspection.
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What is procedure in event of claim?
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In event of claim, you have to call on the toll free number that is printed on your
policy document. You have to inform how the accident has occurred. After registering
claim on the toll free number you will get a claim number, which you will have to
keep with you for further correspondence.
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Do you insist on police complaint in event of claim?
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It is not compulsory in every case for own damage losses, but in case of theft /
liability claims FIR is compulsory.
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What documents are required in the event of claim?
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In event of claim, the insurance company would require documents like claim form,
policy copy, FIR copy (in case of Theft or Liability Claims Only), copy of RC book
and driving license (original for verification), etc . If you have taken any photo
at the time of accident, it is also relevant for insurance company to process the
claim.
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What are standard exclusions?
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For Package Policies following are exclusions: Normal wear and tear, depreciation,
deliberate accident, mechanical break down and any contractual liability.
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Can I claim for towing charges?
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Yes, you will get back the charges incurred to tow the damage vehicle from the accident
place to the garage.
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What is TPPD?
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TPPD means Third Party Property Damage. It means all the liability of owner of the
vehicle towards third parties for property damage occurs due to accident will be
payable.
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When do you need vehicle inspection?
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When there is break in insurance while renewing policy then inspection of vehicle
will be required. If someone has bought a second-hand vehicle and name is transferred
in the RC Book after 14 days then also inspection is required.
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FAQ Disclaimer
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All information provided in these FAQs is deemed to be accurate. Considerable care
has been exercised to ensure the veracity of this information and guidelines. However
there may be errors and omissions and all information is subject to change. IIT
Insurance Broking and Risk Management Pvt Ltd does not assume any liability for
the information provided herein. This FAQ Service is provided for our customers
and website visitors.
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Do I need Health Insurance?
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Yes, no one knows when a medical emergency might strike. Nowadays lot of young people
are facing problems like heart ailments, cancer, blood pressure, etc. To protect
this one must start insuring at an early age.
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My employer provides me with Health Insurance coverage, is it advisable to take
another policy on my own?
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Yes, It is advised to have Health Insurance on your own as well because of reasons
for continuity. If you change your job, you might not necessarily get Health Insurance
from your new employer. In any case you will be exposed to health costs in the transition
period between jobs. When you retire and want to buy insurance normally at that
age pre-insurance health check up will be required and all pre-existing conditions
revealed will be excluded and sometimes if health conditions are not very good the
insurer may not grant any coverage.
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What about maternity expenses?
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Normally they are not covered under Individual Mediclaim Policies.
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Is there any tax benefit?
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Premium paid under Health policies is exempted under Section 80D of the Income Tax
Act.
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Is health checkup required?
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Normally if a person is above age of 45, most insurance companies required pre-insurance
health checkup.
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What is Floater Policy?
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Under a single Sum Insured the entire family is covered.
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Does Health Insurance cover diagnostic charges like X–ray, MRI or ultra sound?
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Health Insurance covers all diagnostic tests like X-ray, MRI, blood tests, etc,
provided they are associated with the patients stay in the hospital. Such tests,
which are not followed by medical intervention or medical treatment in the hospital,
are not admissible.
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Who is Third Party Administrator?
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A Third Party Administrator (commonly referred to as TPA) is an IRDA (Insurance
Regulatory and Development Authority) approved specialized health care service provider.
A TPA provides the insurance company with a variety of services like networking
with hospitals, arranging for cashless hospitalization as well as claims processing
& timely settlement.
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What is meant by cashless hospitalisation?
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Under cashless hospitalization the patient does not have to settle the hospitalization
expenses at the time of discharge from hospital. The settlement is done directly
by the TPA on behalf of the health insurer. However, prior approval is required
from the TPA before the patient is admitted into the hospital. In case of emergency
hospitalization, approval can be obtained post-admission. This facility is available
only at the network hospitals of the TPA.
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If cashless is not availed, how do I claim?
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After the discharge claim can be filed with the TPA by submitting all original papers
i.e. hospital discharge card, bills, cash memos, reports, claim form duly completed.
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How do I claim pre- and post-hospitalization expenses?
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30 days pre- and 60 days post-hospitalization are normally covered. After discharge
from the hospital such expenses can be claimed by filling original cash memos, bills,
reports, etc.
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What do you mean by waiting period in Health Insurance?
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Waiting period means person cannot claim for a certain period. In case of a fresh
policy, any diseases contracted within 30 days are not covered. There are certain
ailments / operations which are not covered in the first two years.
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Can I have multiple Health Insurance policies?
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Yes, you can have more than one Health Insurance policy. In case of a claim, each
company will pay ratable proportion of the admissible claim. For example, if you
have Health Insurance from Insurer ABC for a coverage of Rs. 1 lakh and Health Insurance
from Insurer XYZ for a coverage of Rs. 1 lakh. In case of a claim of Rs 1.5 lakh,
each policy will pay in the ratio of 50:50 up to the sum assured.
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What is the maximum number of claims allowed during policy period?
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Any number of claims is allowed during the policy period. However the sum insured
is the maximum limit under the policy.
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What are exclusions in a Health Insurance policy?
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Treatment for AIDS , cosmetic surgery, dental surgery, etc. are permanent exclusions.
Every insurer has different set of exclusions and restrictions.
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What are the factors which determine the premium payable for health Insurance?
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Premium is determined on the age of the person, the amount of cover and health conditions.
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What happens when I cancel the policy?
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If you cancel the policy, your premium will be refunded on short period rates. Refund
will not be given for a person who has already preferred a claim.
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FAQ Disclaimer
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All information provided in these FAQs is deemed to be accurate. Considerable care
has been exercised to ensure the veracity of this information and guidelines. However
there may be errors and omissions and all information is subject to change. IIT
Insurance Broking and Risk Management Pvt Ltd does not assume any liability for
the information provided herein. This FAQ Service is provided for our customers
and website visitors.
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Which companies have tied-up with you?
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The names of companies we have tied up appears the section Partners on the home
page of our website
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I have received my policy, but there is discrepancy in the same, what should I do?
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If you find any discrepancy in your policy then you can write a mail to us regarding
the discrepancies. You have to give exact corrections required on policies. We will
make correction in your policy and revert to you.
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What if I misplace my policy?
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If you misplace your policy which you bought from us, you have to write a mail to
us providing details of your policy. We will provide you a duplicate policy copy
as per your request.
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How do I contact you in case of query/clarification?
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In case of any query of clarification you can call to our toll free number, which
is available on our website. You can write a mail to us regarding your queries.
We will revert to you and give explanation to your queries.
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What should I do in event of a claim?
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In event of a claim, you have to make call on toll free number, which is printed
on your policy for registration of loss. In case of accident you have to file a
FIR with the police authorities. You can go to our website and write a mail to us
regarding details of claim, we will forward your request to insurance companies
and provide you a claim number.
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How will you assist in case of a claim?
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In case of a claim you can write a mail to us regarding your claim. You have to
write claim number, details of the cause of claim, etc. After receiving you mail
we will take follow up action in respect of your claim like status, quantum payable,
etc.
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FAQ Disclaimer
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All information provided in these FAQs is deemed to be accurate. Considerable care
has been exercised to ensure the veracity of this information and guidelines. However
there may be errors and omissions and all information is subject to change. IIT
Insurance Broking and Risk Management Pvt Ltd does not assume any liability for
the information provided herein. This FAQ Service is provided for our customers
and website visitors.
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