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Frequently Asked Questions
What is an insurance plan?
An insurance plan is a specific type of insurance coverage that is designed to protect against risks and financial losses. With the help of an insurance plan, a person can benefit from different types of insurance plans, including health, life, car, property, business, personal, and education. An insurance plan provides financial security so that the insurer receives compensation or a refund for losses that are covered under the policy terms. It also helps the family overcome hardships in the event of the policyholder’s demise.
What factors affect life insurance premiums?
Life insurance premiums are influenced by several factors that help insurers evaluate the level of risk associated with providing coverage. Factors include health issues, age, lifestyle, gender, coverage amount, family medical history, and occupation. Therefore, it is recommended that you take an insurance premium at a young age to get affordable insurance. All these factors can affect the cost of life insurance coverage.
Why is a car insurance policy renewal necessary?
Renewing your car insurance policy is significant for maintaining ongoing insurance coverage. This helps with protection against cases of accidents, theft, or damage. If you don’t renew your car insurance policy, it may expire, and you can lose the benefit of the coverage.
Is insurance mandatory in India?
Yes, certain types of insurance are mandatory in India. For example:
Motor Insurance: Third-party liability insurance on all vehicles is mandated under the Motor Vehicles Act.
Health Insurance: Not for all, but schemes such as Ayushman Bharat provide access to health insurance.
Life Insurance: Not necessary, but it’s strongly advisable for financial safety.
