General Query

What is the meaning of insurance?

 Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection and losses are paid out of the premiums collected from the insuring public.

What is underwriting?

Underwriting of a risk involves consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so at what rate of premium.

Why should I fill up proposal form for buying Insurance?

Insurance is a contract between the insured and the insurer and the proposal form acts like offer from insured side. Moreover, it contains all the required information for the preparation of the policy which is a contract document.

Can I hand over my insurance premium cheque or cash to my agent and is he authorized to issue a receipt?

As per the present provision, the contract of insurance is between insured and the insurer. The role of intermediaries like agent is only for facilitating this process. Thus an Agent can accept premium and cannot issue receipt.

Motor Insurance

Is Motor Insurance compulsory?

Yes. Under the Motor Vehicles Act, all motor vehicle owners must have third party insurance cover.

What are the different types of Insurance Cover available?

On the basis of the risks covered, Motor Insurance is divided into two basic types:

Third Party Insurance:  This covers Third Party Liability for bodily injury and death and Property Damage. Personal Accident cover for Owner-Driver is also included.

Comprehensive Insurance: This covers Loss or Damage to the vehicle insured (Own Damage) in addition to the Third party cover.

What is "NO CLAIM BONUS"?

No claim bonus is a special discount given for every claim-free year.  As per the schedule of tariff, NCB can be earned in the Own Damage section of Policies covering all classes of vehicles but not on Motor Trade Policies (Road Transit Risks / Road Risks / Internal Risks) and policies that cover only Fire and / or Theft Risks.

Is my No Claim Bonus transferable?

Yes, in case you are changing from any other insurance company to ITGI and have accrued some NCB from them, we will make sure that you get the benefits for your NCB with our company too.

What is the rate at which NCB is transferred from my previous insurance company to ITGI?

The discount rate remains the same; provided you show evidence that you are entitled to No Claim Bonus from your previous motor insurance company. Evidence can be in form of a renewal notice or a letter confirming the NCB entitlement from the previous insurer

What is a Cover Note?

A cover note is a temporary certificate of insurance issued by the Insurer before the issuance of a policy, after the Insured has given a duly filled in proposal form and has paid the premium in full.
A cover note is valid for a period of 60 days from the date of issue of the cover note and the Insurer shall issue the Certificate of Insurance before the cover note expires.

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, under whose jurisdiction the incident has occurred.

I hold comprehensive car insurance. In case of transport of the car by train or truck, should I take a marine policy to cover the transportation risks?

A comprehensive car policy covers transportation risk by rail, road and inland waterways.

Health Insurance – Medishield (Individual Policies)

What is a TPA?

TPA stands for Third Party Administrator. They are Health Care organizations and have tie ups with many hospitals and hence could provide the benefit of Cashless Facility to customers.

Who is our TPA?

Our Third Party Administrator is "Paramount Healthcare Pvt. Ltd.".

What do you mean by Cashless facility?

With the Health Card you and your family members get access to the cash less facility from the Paramount network of hospitals. This means you can walk into any of the networked hospitals across the country and get treated (for diseases which fall under purview of cover) without having to pay for your bills first and then claim from us.
If you do not get admitted to a networked hospital, your expenses will be reimbursed within 7 days of receipt of complete documents from you.

What is pre-existing conditions waiver?

Normally, all pre-existing illness at the time of taking the policy is excluded from the cover. However, if you continue to be with  Medishield  (individual) for 4 years, consecutively, pre-existing diseases will not be excluded from the 5th year onward.

Will this policy cover hospital expenses overseas?

The cover granted under this insurance is valid for treatments taken in India only.

What is the procedure for availing cashless facility?

In case of planned hospitalization, Paramount (our TPA) requires the first prescription with the details of the case history and indicating following details:
1. The provisional diagnosis or the reason for getting admitted.
2. The proposed date of admission
3. The approximate expenses
4. Name of the hospital and consultants
5. Approximate duration of stay at the hospital
6. Attach a doctor's prescription to the admission note.

The above documents will have to be delivered to Paramount at least 72 hrs before admission.

What happens if I don't avail the cashless facility?

In case of an eligible reimbursement, the claim will be settled 7 days from the date of receipt of complete set of documents.

I already have medical insurance with another company for the past 3 years. If I enroll today will I get continuous cover or will the cover start afresh?

If you have already insured with another Insurance Company, it is better to continue. Our Policy does not offer continuity. Policy would be considered as fresh

Is there an Income Tax exemption and if 'Yes' under which section and what is the exemption limit?

Premium upto Rs. 35,000 is eligible for deductions under Section 80D of Income Tax Act, 1961. However there are sub-limits within this over-all limit. Premium upto Rs 15,000 is eligible for tax deduction for self, spouse and dependant children . Additionally , premium upto Rs 20,000 is eligible for tax relief for parents health cover if they are senior citizens ( otherwise Rs 15,000 is eligible).

What are the benefits of Medishield (individual)?

Hospitalisation Cover for all inpatient hospitalization expenses due to accident / illness covered under the policy up to the Sum Insured. The stay in hospital should be more than 24 hours.  However, this is not applicable to specific treatment like Dialysis, Chemotherapy, Radiotherapy, eye surgery, dental surgery, Lithotripsy, Tonsillectomy or D & C which requires lesser time. Pre and Post hospitalization expenses, that is, relevant medical expenses up to 60 days prior to hospitalization and 60 days after discharge from hospitalization are covered. The policy has certain exclusions like pre-existing conditions, firs year exclusions etc. Please refer the policy for details. If the admission is due to any of these exclusions, the expenses would not be covered.

What do you mean by Pre and Post hospitalization?

Pre and Post hospitalization expenses - covered for all relevant medical expenses incurred 60 days prior to hospitalization and expenses incurred during 60 days after hospitalization. By relevant expenses we mean all expenses pertaining to the disease for which he is hospitalized prior to hospitalization. For example, a person maybe required to undergo certain tests to confirm the disease for which he is eventually hospitalized. The Doctor's consultation fees for this, the expenses on tests and medicines 60 days prior to hospitalization for that particular disease are covered.
Relevant expenses for post hospitalization 60 days after getting out of hospital. For example, the subsequent follow up consultations with specialists, medicines and test expenses are covered.

Is there a cumulative bonus available in this offer?

A cumulative bonus of a slab of 5% is applied on Sum Insured for every claim free year subject to a maximum of 50%

What are the medical check-ups that we need to undergo to enroll myself? And who will bear the cost?

For those above the age of 45 years a medical check-up with the following tests is required- an ECG (print out with report), Fasting Blood Sugar, Post Blood Sugar and Urine Sugar report.  The cost will be borne by the insured.

Is maternity covered?

Maternity is not covered.

Will the medical costs be reimbursed from day one of the cover?

There is a general waiting period of 30 days. Please refer policy documents for further details. But this shall not apply to an accident which happens from the time of cover.

Travel Insurance

Why do I need Travel Insurance?

One usually travels abroad for two reasons- a pleasure trip or a business trip. You do not want anything to spoil your hard earned holiday or your crucial business meeting. But there is a possibility of some unexpected occurrence no matter how perfect the planning is. Unfortunate events such as baggage loss, passport loss, a medical emergency or an accident can affect you. Having Travel Protector (Overseas Travel Insurance) protects you from all such perils. It ensures that in a foreign land you are not left stranded in any kind of an emergency.

When does the cover begin?

The Insurance Cover commences on the day specified in the Policy Schedule or the time you board the conveyance to leave for onward overseas journey or the Contracted Departure Date as per the policy, whichever is later.

Till when is the policy valid?

Insurance Cover shall terminate (i) with the end of Insurance Period i.e. the period for which the premium has been paid or (ii) when the insured person first disembarks on return to India.

What happens if the stay abroad is extended?.

Where your stay abroad is extended for reasons beyond your control, the extension may be granted by us after collecting appropriate additional premium. You may write to us with details in such cases.

Who would I have to get in touch with if I meet with an accident abroad?

In case of any emergency, wherein you might need immediate medical care or assistance, you may call upon the Alarm Centre of Paramount and its assistance cooperation partners, stating the necessary details. The phone numbers of the Alarm Centres are as follows:
Paramount Alarm Centre: + 91 (0) 22 66620863 / 40004219                                  
From USA: 001 866 9785205

What is the documentation required under various sections?

The original bills and vouchers must be submitted along with all claims.

Bills/ Prescriptions/ vouchers/ reports/ discharge summary must contain the name of the person treated, the type of illness, details of the individual items of medical treatment provided and the dates of treatment.

Prescriptions must clearly show the medicines prescribed, the price and the receipt stamp of the pharmacy. In the case of dental treatment, the bills/ vouchers/ reports must give the details of the tooth treated and the treatment performed.

For reimbursement of the extra costs of transporting the mortal remains to the Republic of India or of the costs of burial abroad, an official death certificate and a physician's statement giving the cause of death.

For reimbursement of extra expenses of transportation of Insured Person to the Republic of India, a medical statement indicating the cause of illness and the necessity of the transportation. Medical statements from relations or spouses will not be accepted.

In case of loss of baggage, a Property Irregularity Report or other report usually issued by the carriers in the event of loss of baggage.  Proof of value for article above USD 100.

For personal liability, proof of judicial decision rendered by a court of law.

For Personal Accident, bills/ vouchers/ reports/ discharge summary, Death Certificate, First Information Report, Post Mortem Report Legal Heir Certificate and such other documents as applicable.

Any other document(s) that the Company requires from the Insured Person to process the claim.

In case I don't want the policy anymore, can I get it cancelled?

You can get your policy cancelled only if you have not undertaken the journey and you produce your passport as a proof that the journey has not been undertaken. Any such request of cancellation will be entertained up to 14 days after the first date of insurance as indicated in the schedule of the policy. In case of cancellation of your policy, a specified amount will be deducted as administration charges, from the refundable amount.

Would I be reimbursed for the medical expenses incurred abroad, if I go specifically for the purpose of seeking medical treatment?

The insurance covers you only for accidents or sickness which happen unexpectedly and unintentionally while you are travelling abroad.