INSURANCE INFORMATION

Please see insurance information below.

        

Insurance is an essential part of life, especially when you consider the many unexpected things that can happen. Which types of insurance do you already have, and which are you still searching for? Find out some basic FAQs below...

What is Insurance?

While insurance has a deep-rooted and historical meaning in India, there have been many changes to the way in which this sector works.

Private insurance companies have only been available in the country since 1999, when the Government introduced the Insurance Regulatory and Development Authority Act. The insurance industry now flourishes and many people in India have various different policies.

Insurance in its different forms provides a method of managing risk, by protecting financial value of various different things. With an insurance policy you can transfer risk to the insurance company.

Under the terms of the insurance policy, you can then claim a financial payout if certain events take place. For instance, if you have an insurance policy that protects the contents of your home, you can make a claim if they are stolen or damaged within the terms of the policy.

What are the Types of Insurance?

On Which Way To Pay India you can compare and apply for many different types of insurance. These are:

  • Health Insurance
  • Home Insurance
  • Travel Insurance
  • Vehicle Insurance
  • Life Insurance

These are the most common types of insurance for regular residents in India. Businesses and large societies may require specialist types of insurance.

How Much does it Cost?

You can make a claim on an insurance policy if you are permitted to do so within its terms, but you will also need to pay for insurance. This is called the premium the amount that you pay for your insurance cover.

Premiums are calculated annually and can be described as the insurance company's cost of providing insurance cover. Most insurance premiums are paid for on a monthly or annual basis. The costs vary greatly according to the type and level of cover that you have.

You may also be charged other costs attached to your insurance policy. These can include administration fees and other essential costs so make sure you find out what these are in advance.

What is a Quote?

An insurance quote is the quoted amount that the insurance company will offer you for a certain type of cover. For example, you may apply for car insurance. The insurance company will request certain information and documentation about you and your vehicle, and will then offer you a quote, in other words, how much you can expect to pay for your insurance policy.

The premium of your insurance is calculated based on risk. If the risk that you will make a claim is higher, the premium will be higher too. If the risks are low, then the premiums will also be lower.

For example, if you are a young driver you are often classed in a 'higher risk' category. This is because according to official statistics, young drivers are more likely to be involved in road accidents. An older driver is likely to be offered a cheaper premium.

What is Excess?

When you make a claim, the insurance company will provide a financial payout. However, they can only pay a certain level of the claim so you are required to pay towards the costs too this is the excess. Excess is agreed upon in advance the higher the excess, the lower the premium you pay.

What is a Policy?

A policy in insurance is the unique contract that is made between you and the insurance company. It contains all the details of your agreement with one another, exactly what is covered, what you can claim for and what the costs are.

This is a legally binding contract and both you and the insurance company must honour the terms of the contract so it is essential that you are fully aware of all of its contents before agreeing and paying for it.

        


Please Note: www.whichwaytopay.in is not authorised to give advice under Indian financial regulations.

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