Insurance Frequently Asked Questions

Health insurance offers protection against unforeseen situations such as medical emergencies. Many people are buying a health insurance policy to secure themselves against such expenses. A person can purchase health insurance by visiting our website.

All you have to do is tell us about your healthcare needs and we will offer you the right plan. You can throw in the add-ons you prefer, fine-tune the coverage and proceed to the payment once you are satisfied with the coverage. Once you pay the premium, the policy will be mailed to you, and coverage of your medical insurance policy will commence instantly!

Your health insurance policy offers cover against medical expenses. If a person meets with a medical emergency, then they can file for a claim with health insurance. However, a policyholder will not get such benefits when the health insurance policy has expired. The person must pay the medical expenses out of their pocket. Therefore, it is extremely important that you remember the expiry date of your medical insurance policy and renew your health insurance plan on time to enjoy interrupted protection.

Under health insurance, the age and the amount of cover are two main factors that decide the premium. Usually, younger people are considered healthier and thus pay lower annual premiums. Older, people pay a higher health insurance premium as their risk of health problems or illness is higher. Similarly, smokers and those who consume alcohol have higher premiums. Even the nature of your job and where you stay can influence the premium of your medical insurance policy.

Yes, you can have more than one medical insurance policy. In case of a claim, you can choose which policy to use to cover your costs. The benefit of having 2 health insurance plans is that, once the Sum Insured of one policy is exhausted, the remaining medical expenses, if any, can be claimed through the second health insurance policy.

The term ‘best’ is subjective. What one considers as the best might not be the most ideal option for another. Therefore, when comparing medical insurance policies, one should look for options that suit their individual needs in a cost-efficient manner .Of course, there are some basic factors that highlight a good plan that you must also bear in mind. These include high claim settlement ration, good number of network hospitals, wide choice of add-ons, and so on. The best plans will cover all these bases and, more importantly, ensure your individual needs are met as well!

What happens to the health insurance policy coverage after a claim is filed?

After a claim is filed and settled, the coverage of your medical insurance policy is reduced by the amount that has been paid out on settlement. For Example: In January you start a policy with coverage of Rs 5 Lakh for the year. In April, you make a claim of Rs 2 lakh. The coverage available to you for the May to December will be the balance of Rs.3 lakh.

However, if you have opted for the reinstatement option, the sum insured of your health insurance policy will be reinstated to the same value. Of course, reinstatement features needs to be added to your policy by charging prorata premium.

After you make a claim, the sum insured of your health insurance policy is reduced by the amount that has been paid out to you as compensation. Confused? Let’s take an example for better understanding.

Say you buy a medical insurance plan with a sum insured of Rs. 10 lakhs on the 1st of January, 2019. In the month of March, you meet with an accident (hypothetically speaking) and make a claim worth Rs. 2 lakh against your mediclaim policy. Now, for the rest of the policy tenure (April-19 to Jan-20) you have a sum insured of Rs. 8 lakhs remaining in your health insurance policy. As such, you can keep making claim against your health insurance policy until the sum insured is exhausted.

However, if you have opted for the reinstatement option, the sum insured of your policy will be restored to its original value (Rs. 10 lakhs) after you make a claim. Of course, the reinstatement feature needs to be added to your policy by paying a pro-rata premium.

Health insurance is a type of coverage that pay for medical expenses in case of hospitalization occurred due to accidents, illness or injury. Health insurance aims to provide financial protection and access to necessary medical care, helping individuals and families manage healthcare costs and maintain their well-being.

Health insurance is like a safety net that protects you from the financial cost of a medical contingency. Health insurance provide coverage for a wide range of healthcare services including –

• Hospital Bills

• Doctor’s consultation fees

• Cost of medicines

• Surgeries

• Preventive Medical Checkup

With a medical insurance plan, you will either be reimbursed for the medical expenses you have incurred or the insurance provider will directly pay your hospital/care provider on your behalf.

It's important to note that health insurance plans may have limitations, such as exclusions for pre-existing conditions or certain treatments.

Disclaimer - **To understand exactly about the policy coverage, exclusions, etc read the Policy Wordings carefully.**

Healthcare emergencies can come knocking when you least expect them. No matter how young or fit you are, you are never 100% safe from an illness or medical condition. Just take the COVID-19 pandemic for instance – it can affect anyone!

Here, we are highlighting several reasons why health insurance is necessary – 
 

• Emergency Coverage: Protects against unexpected medical emergencies and illnesses.

• Rising Healthcare Costs: Shields from the high and increasing costs of medical treatments.

• Financial Security: Prevents financial strain and depletion of savings due to medical bills.

• Access to Quality Care: Provides access to reputable healthcare facilities and specialists.

• Preventive Care: Covers screenings and check-ups for early disease detection.

• Critical Illness Support: Offers coverage for expensive treatments and critical illnesses.

• Peace of Mind: Eases worries about medical expenses, focusing on recovery.

• No-Claim Rewards: Encourages wellness with benefits for no-claim periods.

• Tailored Coverage: Customizable to individual healthcare needs.

• Pandemic Preparedness: Offers coverage during widespread health crises.

• Long-Term Financial Stability: Safeguards overall financial health.

In summary,health insurance policy is necessary due to its role in managing unexpected medical costs, maintaining access to quality healthcare, and offering peace of mind amidst health uncertainties.

Do You Know- You can increase your sum insured up to 1 Crore via a Top-Up plan from us. All you have to do is show your interest towards the best healthcare and our team will guide you with all the coverages, benefits etc.

There are several benefits of having a health insurance policy. The first is the peace of mind that it provides you. No one can predict when a medical contingency can happen, but at least with a health insurance policy, you can rest assured knowing you are financially prepared for such an unfortunate event.

Next, a health insurance policy provides you financial security against medical contingencies. It ensures that an injury, illness, or medical condition does not eat into your hard-earned savings. And lastly, one of the biggest benefits of medical insurance is that it offers tax benefits. Having a plan gives you access to deductions up to Rs. 1,00,000 on your taxable income. Amazing isn’t it?

Registration for renewing a Health Insurance Policy online is typically a simple process. Here's a general step-by-step guide to help you through the process:

1. Log onto our website i.e. IFFCO-TOKIO
2. Select the renew button under Health Insurance Product.
3. Enter your name and health insurance policy number.
4. Our system will show your policy details on-screen.
5. Confirm and proceed, or adjust policy coverage to match current healthcare needs.
6. Make payment using online payment options, including credit/debit cards, net banking, wallet or UPI.
7. Your policy will be renewed immediately and you will receive a renewed policy document on your email id.

If you encounter any issues during the online renewal process of your health insurance policy, don't hesitate to connect with our customer support team for assistance or look for alternative methods to renew health insurance policy.

Ms. Pallavi Roy - Standard Health Insurance

Yes, it is just a just different name for health insurance.

No, life insurance and health insurance are two very different products. Health insurance covers the policyholder against medical expenses that arise due to illness, injury, or medical procedures. Health insurance offers coverage only for a certain period of time, after which it needs to be renewed or else it will expire.

Life insurance on the other hand offers protection against unfortunate events such as total permanent disability & death. In case of such an event, a life insurance policy will provide the insured and/or the dependent with a lump sum payout. In case no such event occurs during the policy period, the plan may offer a payout on the maturity date. 

Most health insurance policies generally provide coverage for 1 year only. However, some medical insurance companies also offer multi-year policies that can offer cover for up to two years. Regardless of the policy tenure, all plans need to be renewed before their expiry to ensure continuous coverage against healthcare expenses.

Health insurance coverage amount is the maximum amount you can claim as compensation in case of a medical contingency. It is also known as the sum insured or sum assured of the policy. You can select the coverage amount of your mediclaim policy when you purchase it. Just beware; a higher coverage amount translates into a higher premium amount.

When you cancel your health insurance policy, the coverage of the policy will stop. This means that, after the date of cancellation, you will no longer receive protection against medical expenses. You may also be refunded a certain amount of your premium based on the number of months left in the policy tenure. You can refer to your policy document to understand how this refund amount is calculated.

Yes, besides covering your medical expenses, a health insurance policy also offers lucrative tax benefits under section 80D of the Indian Income Tax Act of 1961. The amount of deductions you can avail of depends on your age. 

You can avail of additional deductions on your taxable income if you pay for your parent’s health insurance as well. As such, you can avail maximum deductions of up to Rs. 1,00,000 on your taxable income with health insurance.

No, maternity and pregnancy-related expenses are usually not covered under a health insurance policy. But worry not! Your employer-provided group insurance plans often cover these expenses.

Yes, health insurance covers the cost of all diagnostic tests including X-rays, MRIs, blood tests, and so on as long they are associated with the patient’s stay in the hospital for at least one night. However, any diagnostic tests which have been prescribed in the OPD are generally not covered by a medical insurance policy.

A waiting period is a time frame wherein you cannot make a claim against your health insurance policy. There are different kinds of waiting periods in health insurance. There is an initial waiting period which usually lasts for 30 days. During this period, no claim will be entertained except for those pertaining to accidental hospitalization.

The second kind of waiting period is applicable to pre-existing illnesses. Under this waiting period, if you are suffering from critical illness, or if you have undergone any surgery recently, and if you need hospitalization, you won't be covered for the same. This waiting period can last for 2 to 4 years. And lastly, there is an illness-specific waiting period which only applies to certain medical conditions and diseases.

Yes, every health insurance policy will have an initial waiting period that usually lasts for up to 30 days starting from the day you buy the plan. During this period, your plan will not cover any hospitalization charges. However, this waiting period is not applicable to emergency hospitalization occurring due to an accident, nor is it applicable when the policy is renewed.

Simple, when renewing your policy just click on the edit option next to the sum insured of your health insurance policy and increase the cover amount. Do note that your premium will also increase if you opt for a higher sum insured. 

No, medical check-ups are not required for individuals up to age 60. 

Most people assume that health insurance requires a lot of documents. However, on the contrary, you actually do not need any documents while purchasing health insurance from IFFCO-Tokio. We will not even ask for your Aadhaar or PAN card. However, you might need to furnish a valid ID proof when making a claim.

There are two ways to make a claim against your health insurance policy. The first is to way to have the insurance company reimburse the expenses you have incurred. For this, you have to submit all your medical bills along with a duly filled claim form & a medical certificate to the insurance company within the stipulated time period.

The other way to make a claim is to undergo treatment at one of the network hospitals covered by your mediclaim policy. In this case, your insurance provider will settle your bills directly with the hospital. This is known as a cashless claim as the insurer covers your expenses on your behalf and you can focus fully on your recovery. 

You can keep making claims against your health insurance policy until the sum insured of your plan is exhausted. 

In a cashless Mediclaim settlement, it is settled directly with the network hospital. In cases where this is no cashless settlement, the claim amount is paid to the nominee of the policyholder.

In case there is no nominee made under the policy, then the health insurance company will insist upon a succession certificate from a court of law for disbursing the claim amount. Alternatively, the insurers can deposit the claim amount in the court for disbursement to the next legal heirs of the deceased.

The cashless facility refers to a claim process where you do not have to worry about paying your hospital bills. This is because your insurance company will settle the bills directly with the hospital. With the cashless facility, you can focus on getting better while your insurance will cover the expenses on your behalf.

However, this facility is only available at the network hospitals covered under your health insurance policy. At IFFCO-Tokio, we have over 7000 network hospitals, giving you easier access to cashless claims, no matter which part of the country you live in!

Getting cashless claims is extremely simple. All you have to do is seek treatment in one of the network hospitals covered under your mediclaim policy. Upon completion of the treatment, the hospital files a claim with the insurer, and the insurance company settles the bill directly with the hospital. Policyholders need not pay a single penny for cashless claims.

It is a facility wherein the insurance provider will settle your bills directly with the hospital. You do not have to pay a single penny as the insurance company will cover the expenses on your behalf. However, this facility can only be availed if the policyholder seeks treatment in one of the network hospitals that is covered by their insurance provider.

As such, we at IFFCO-Tokio have more than 5000 network hospitals spread all across the country. This ensures that no matter where you are in India, you are not far from one of our cashless hospitals. 

Health insurance is an indemnity-based policy. It will either reimburse your medical expenses or offer cashless hospitalization in case of any medical contingency. On the other hand, critical illness insurance is a fixed benefit policy. This means that it will offer fixed a lump sum payout in case the policyholder is diagnosed with any condition that is covered under the critical illness policy.

Critical illness cover is a fixed benefit policy. It can either be offered as an add-on to your existing policy or it can be purchased as a standalone plan. In case the policyholder is diagnosed with an illness covered under the critical illness policy, the insurance company will provide a lump sum payout as per the terms & conditions of the plan. The policyholder is free to use this amount as per his/her needs, both medical and non-medical.

A health insurance policy, on the other hand, does not provide any lump sum payments, and cannot be used to cover non-medical expenses.

Ms. Pallavi Roy | Critical Illness Benefit Policy

Third-Party Administrators, better known as TPAs, are IRDAI-authorized service providers that act as intermediaries between the insured and insurer. They offer expert assistance & customer support in areas such as cashless claims processing, redressal of disapproved claims, etc. Most health insurance providers in India outsource their claims operations & a number of other administrative functions to TPAs.    

When you buy a health insurance policy, you need to provide details of any illnesses you have suffered/treatments you have undergone during your lifetime. The insurance company will then refer all your health issues to their medical panel to differentiate between pre-existing and newly contracted illnesses.

Note: It is important to disclose any disease you might be suffering from before buying the health insurance policy. Insurance is a contract based on good faith and any wilful non-disclosure of facts might lead to problems in the future.

Ms. Neha Ahuja | Mos-Bite Protector Policy

Yes, you can avail of a health insurance policy if you plan on studying/working in India. However, if you are planning to visit India as a tourist for less than 3 weeks, then getting a mediclaim policy doesn’t make sense as the thirty-day cooling-off period will offset the benefits of having a plan. And lastly, medical tourism cases are definitely not covered in the policy issued in India.

Yes! AYUSH treatments (Ayurveda, Yoga, Unani, Siddha, and Homeopathy) can be covered by your health insurance policy. Some plans offer cover for these treatments by default while others might provide AYUSH cover as an add-on. 

Yes, you need to have a health insurance plan even if you are young and healthy. This is because medical emergencies can strike anyone at any time. COVID-19 is the perfect example of this – it is an illness that can affect all individuals, irrespective of their age, and fitness levels. Some healthcare emergencies, such as accidents, are unpredictable and have nothing to do with age or wellbeing. They can occur when you least expect them and run-up a huge medical bill.

Keeping all this in mind, it is prudent to have a group health insurance policy, even if you are young and healthy. Not to mention, plans are generally very affordable when you are fit and in the prime of your life. However, they start to get more expensive & difficult to avail as you grow older.

Yes, you need to have a health insurance plan even if you are young and healthy. This is because medical emergencies can strike anyone at any time. COVID-19 is the perfect example of this – it is an illness that can affect all individuals, irrespective of their age, and fitness levels. Some healthcare emergencies, such as accidents, are unpredictable and have nothing to do with age or wellbeing. They can occur when you least expect them and run-up a huge medical bill.

Keeping all this in mind, it is prudent to have a health insurance policy, even if you are young and healthy. Not to mention, plans are generally very affordable when you are fit and in the prime of your life. However, they start to get more expensive & difficult to avail as you grow older.

Yes, you can cover the entire family under one policy. Your health insurance policy is in force across India. You must check whether there is any network hospital near to you as well as your family's place of residence. You must check if your insurer has a network hospital close to you or where the rest of your family resides. Network Hospitals are the hospitals that have tied up with the TPA(Third Party Administrator) for cashless settlement for expenses incurred there.

If there are no network hospitals at the place of your residence, you could opt for reimbursement mode of settlement.

There are many who do not think about buying insurance because they think it is not needed when they are young. However, it is most advisable for an individual to start thinking about buying a health insurance policy when they turn 18 years of age.

Since you are young, it is quite likely that you are in great shape and would not face any health complications any time soon. This is how you can get insurance policies at very affordable premiums. You also get a lot of coverage options by your insurer, which might not be the case when you grow older.

Here are 8 factors that one should consider before choosing a health insurance plan:

1. Their age

2. Premium and coverage amount

3. Waiting period for availing benefits

4. Cashless treatment in selected hospitals

5. Maternity expenses coverage

6. Health check-up services and facilities

7. Claiming process

8. Coverage of pre- and post-hospitalization services

During the period of insurance coverage, the expenses of certain diseases are not payable for a certain period. These diseases may or may not include cataract, hernia, piles, and others. Contact your insurer for more information on the first-year/second-year exclusions of your health insurance plan.

Several health insurance policies allow the policyholder to increase the sum insured. If you wish to increase your sum insured, please contact your lender for the same. You can also go to the official website of the firm, and submit your name and number. You will receive a call from our executives who will guide you with our policy terms and conditions.

Usually, the premium increases with the renewal, depending on a few factors that include the age of the policyholder and his medical condition. There are no direct benefits on the renewal of the policy. However, one can compare various policies and choose one that fits their needs.

A pre-existing condition means that the insured had a medical condition, or a disease, before taking the health insurance policy. For instance, a policyholder having a health problem such as diabetes, asthma, or cancer before their new health insurance plan becomes active is known as a pre-existing condition.

For those of you thinking about whether insurance companies can refuse you in case of a pre-existing condition, you have nothing to worry about. As per the current law, health insurance companies cannot refuse to provide insurance plans to someone with pre-existing conditions or even charge more for their policies.

The policyholder does need to be admitted to a hospital, nursing home, or medical institution for at least a minimum of 24 hours to receive any kind of treatment for any kind of ailment that they are suffering from. This is when they can make a claim using their health insurance policy. We also offer daycare services and a cashless Mediclaim policy which allows you to get treated without having to pay any cash.

Our company has tie-ups with over 7000 hospital networks. Cashless services are available with these selected hospitals. This is great for the policyholder since they do not have to worry about the hospital bills. We directly settle your medical bill with the hospital since we have a tie-up with them. With this facility, you can enjoy a cashless settlement, leaving out the need for any tedious paperwork.

A policy usually lapses when the insured is not able to pay the premium on time. However, most of the plans offer a grace period of 30 days. If the policy still lapses, then one can talk to the insurance company and explain their situation to the firm. But there are high chances that you may have to incur hospitalization expenses on your own.

Under section 80D of the Income Tax Act, you can avail tax benefits upto ₹1,00,000 on premium paid for Super Top-Up Health Insurance.

Yes, tenants are permitted to buy home insurance plans. This would be very helpful min covering their furniture, electronic gadgets, appliances, etc. This plan would also cover any damages faced by the structure of the house.  

A home insurance plan provides coverage for the following losses:

• Damages caused by terrorist attacks and riots.
• Damage caused by an aircraft, explosion, earthquakes, or fire.
• Leaks caused by automatic sprinklers installations.
• Missile testing operations.
• Damages caused by vehicles, animals, bush fires, or landslides.
• Damages caused by floods, storms, pipes, water tanks.

Yes, our home insurance plans provide coverage for the loss of jewellery due to robbery, burglary, or dacoit. This applies not just to jewellery kept at home, but even in bank lockers. 

Yes, our house insurance policies provide coverage for your damaged domestic appliances that are not older than 7 years as a result of a mechanical or electrical breakdown. We either provide coverage for its repairs or replacement, with certain exclusions in place. 

Yes, they are. Accidents resulting in death or temporary, permanent, partial as well as total disablement are all covered in a house insurance policy. 

Yes, the insurance for home loan repayment is applicable when the individual faces:

• At least 3 days of hospitalization.
• EMI payments to the financier (12 months maximum).
• Total disablement due to an accident or sickness.
• Inability to perform in an employment or occupation for more than 30 days. 

According to the Fatal Accident Act of 1855 and the Women’s Compensation Act of 1923, any domestic employee working at your home will be covered under house insurance in India. The policy includes coverage for accidental death, injury, disease, or illness to domestic employees. 

There are two sections under which the legal liability of a tenant is covered under a house insurance policy. The 1^st section involves fires and allied perils, and the 2^nd section involves house break-ins, burglary, and such cases. Apart from this, any electrical installation of the building, glass fittings, or any work with overground/underground cables are all included under the policy. This liability will be judged on the market value basis. 

A home insurance policy provides you financial support to cover the damages to your home whereas a home loan insurance provides coverage to your family in case you face a disability where you are no longer able to repay the home loan. 

Yes, domestic employees are provided coverage for their bodily injuries or accidental deaths under a personal accident cover or an employee compensation cover of the homeowner’s insurance policy.

Yes, our All-in-One-Home protector policy provides home cover for any unforeseen damage caused to your contents. 

A No Claims Bonus is a discount given by an insurer to policyholders who do not claim on their policy in the policy period of car insurance. Typically this starts at 20% in the first claims free policy period of Car Insurance and goes up to maximum of 50%.

Loading is an additional premium, which is paid at the time of renewal of insurance policy if the claims experience during the policy term has been adverse.

There is a discount available if you install anti-theft devices in your vehicle provided the device is approved by the Automobile Research Institute of India and installation approved by automobile associations.

There is no extra premium that is payable in case of a claim but if the claim experience is bad then some loading may be charged as per company policy. You only lose your No Claim Bonus that you could have enjoyed had there been no claim on the policy.

Salvage is the value of wreck after a vehicle meets with an accident resulting in total loss, whereby retrieval of the vehicle into its initial condition is not possible.

Specific Exclusions:

• Any accident outside the geographical area of operation.
• Consequential loss, normal wear and tear.
• Driving without a valid license for that class of vehicle.
• Driving under the influence of liquor / drugs.
• Vehicle not being used as per Limitations to use and.
• Mechanical or electrical breakdown, failure etc which fall under the specific exclusions.
• Willful Damage, Hire or Reward.
• Damage to tires and tubes unless the vehicle is damaged at the same time or the vehicle is stolen.

General exclusion:

• Radioactive contamination, nuclear fission, war invasion.

You can make a claim in following conditions:

• Insurance Policy for that vehicle should exist,
• If you have paid premium for paid driver or, it would be payable, if the car is being driven with your permission.
• The person driving the car is duly licensed as the premium is taken based on the seating capacity, which also includes the person on the driver’s seat.

It is not always necessary to lodge a claim especially if the damage is small. Actually, It is not advisable to make a claim for small damages because, not only will you have to pay for depreciation and excess, reducing the claim amount to an even smaller figure, but you will also lose your 'NO CLAIM BONUS' (if any) at the time of renewal. However, once you have decided not to claim, you cannot claim these damages at a later stage.

You do get full reimbursement for the windscreen glass. However, there is a depreciation of 50% on the rubber lining and sealant. Additionally, you will also need to bear the policy excesses

Any claim can be rejected by an insurance company in certain conditions. Some common reasons for which a claim may be rejected are:

• The policy has expired, or policy has been cancelled or the premium cheque has been dishonored making the policy invalid.
• It could also be that the date of accident or loss falls outside the policy period or
• The person driving the vehicle at the time of the accident did not possess a valid driving license or was under the influence of drugs or alcohol.
• There are also situations where the ownership of the vehicle has changed but the Insurance Company has not been informed within 14 days of such change or the claim was for damages that existed before the policy started.
• Some other reasons could be that the nature of damages does not co-relate with the cause of accident or that the vehicle was being used for other than personal or social purposes.

Insurer refers to the insurance company

Insured refers to the policyholder or the person protected in case of a loss or claim

IFFCO-TOKIO is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and TOKIO Marine and Nichido Fire Group, the largest listed insurance group in Japan. IFFCO-TOKIO General Insurance has Pan India presence with 63 'Strategic Business Units' i.e., and a wide network of over 120 Lateral Spread Centres and 255 Bima Kendras

IRDA (Insurance Regulatory and Development Authority) is the apex body overseeing the insurance sector in India. Its main aims are to protect the interests of policyholders and regulate the insurance industry

Premium refers to amount paid to purchase an insurance policy. The frequency of premium payment can vary from monthly to quarterly to yearly or it could even be a one time payment of premium

Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.

Accidents... illness... fire... financial securities are the things you'd like to worry about any time. General Insurance provides you the much-needed protection against such unforeseen events. Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies. Under certain Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory.

Yes, Auto Insurance is mandatory in India. Having compulsory liability insurance is a statutory requirement of the Motor Vehicles Act, 1988. However, we recommend a comprehensive policy to limit your financial liability.

Insurance is the subject matter of solicitation. IRDA allows insurance to be sold primarily through following:

Channels

• Company websites
• Buying on phone. It depends upon individual company
• Agents representing an insurance company
• Insurance brokers are allowed to sell products of more than one insurance company Banks, retail houses or any other commercial ventures which are channel partner of these insurance companies

Process

• Approach the insurance company with a duly filled up proposal form, through any of the above mentioned channels
• Seek an approval from the company on the intention of underwriting your policy. (I.e. evaluating your risk and exposures. Risk involves consideration of material facts on the basis of which company will take a decision whether to accept the risk and if so at what rate of premium.)
• Seek premium & other relevant details
• Pay the premium and take premium receipt and cover note/risk held note
• Wait for documents
• Check for its correctness on receipt and store it carefully till the policy expiry date
• Ensure that you renew the policy well in time, before the expiry of the policy

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.

Typically General Insurance contracts are for one year period only

Agents represent an insurance company and sell products of that insurance company only. Whereas, insurance brokers are allowed to sell products of more than one insurance company.