General Insurance

Why is it important to buy an Insurance Policy?
Insurance is a cover against any unplanned event (death, diseases, accidents, medical expenses to name a few) which might throw you and your family's life into deep financial trouble. By paying a small premium every year, you can cover yourself for a substantial amount. Our recommendation - A term plan (life insurance) and a health plan are absolute must dos. Auto Insurance is a must by law. Other products can be taken depending upon your investment philosophy and other assets which you own. If nothing, it gives you peace of mind.

I find the words used in policies confusing. Can it be explained in a simple manner?
We understand that a lot of jargon is used in the insurance industry. Please refer to  the  Glossary - we have an  exhaustive  list  of terms which have been explained in a simple manner and indexed in convenient manner for you to browse through.

What are the different types of Insurances that are available?
The insurance sector is categorised as follows:

1. Life Insurance
   1. Term Policy
   2. Whole Life Policy
   3. Endowment Policy
   4. Money Back Policy
   5. Children Policy
   6. Pension/ Retirement Policy
   7. Unit Linked Insurance Policy (ULIP)
2. Non-Life Insurance or General Insurance
   1. Health Insurance
   2. Auto Insurance
   3. Travel Insurance
   4. Home Insurance
   5. Shop Insurance
   6. Plant & Machinery Insurance
   And many more...

Is my money safe with an Insurance company?
All the insurance companies, both life and general insurance, are established players or have tied up with a foreign partner who have a proven track record and considerable experience in the insurance sector. Also, our insurance regulator (IRDA) has stringent financial norms for companies entering the sector with a stipulated liquidity buffer to be maintained to cover all unforeseen eventualities.

Should I buy an Insurance policy from a Public Sector Company or Private Sector Company?
It is a matter of choice for each individual customer. Private sector companies are perceived to much quicker in delivery, but Public Sector companies are fast catching up on this front. Factors like trust, speed of delivery and claims efficiency should be kept in mind while making your choice.

What is IRDA?
It stands for “Insurance Regulatory and Development Authority”. As the name suggests, their duty is to regulate, promote and ensure orderly growth of the insurance business in India.

Whom should I approach in case of a claim?
The insurance company is the first point of contact for processing any claim. The policy document will have contact points for getting claims processed. All company websites too will display phone numbers and email ids to get in touch with them for any help with regards to claims.

What are the IRDA guidelines with regards to claims processing?
As per IRDA guidelines, insurance companies should process the claim without any delay. Any requirement for additional documents or information, to the extent possible, should be raised all at once and not in a piece-meal manner, within a period of 15 days from receipt of claim.

Whom can I approach in case of a conflict with insurance company with regards to my claims?
The Grievance Redressal Cell of the Insurance Regulatory and Development Authority (IRDA) looks into complaints from policyholders. Complaints against Life and Non-life insurers are handled separately. This Cell plays a facilitative role by taking up complaints with the respective insurers. Policyholders who have complaints against insurers are required to first approach the Grievance/ Customer Complaints Cell of the concerned insurer. If they do not receive a response from insurer(s) within a reasonable period of time or are dissatisfied with the response of the company, they may approach the Grievance Cell of the IRDA.

Can I get a re-fund in case I want to cancel my policy?
Most companies have a free-look period defined in their policy. It is usually 15 days, during which you can cancel your policy and get a refund in case you do not want to continue with the policy.

List of all Life Insurance Companies in India
Most companies have a free-look period defined in their policy. It is usually 15 days, during which you can cancel your policy and get a refund in case you do not want to continue with the policy.

1. AEGON Religare Life Insurance Co. Ltd.
2. Aviva Life Insurance Company India Ltd.
3. Bajaj Allianz Life Insurance Co. Ltd.
4. Bharti AXA Life Insurance Co. Ltd.
5. Birla Sun Life Insurance Co. Ltd.
6. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.
7. DLF Pramerica Life Insurance Co. Ltd.
8. Future Generali India Life Insurance Co. Ltd.
9. HDFC Standard Life Insurance Co. Ltd.
10. ICICI Prudential Life Insurance Co. Ltd.
11. IDBI Fortis Life Insurance Co. Ltd.
12. ING Vysya Life Insurance Co. Ltd.
13. Kotak Mahindra Old Mutual Life Insurance Ltd.
14. Life Insurance Corporation of India.
15. Max New York Life Insurance Co. Ltd.
16. Met Life India Insurance Co. Ltd.
17. Reliance Life Insurance Co. Ltd.
18. Sahara India Life Insurance Co. Ltd.
19. SBI Life Insurance Co. Ltd.
20. Shriram Life Insurance Co. Ltd.
21. Star Union Dai-ichi Life.
22. Tata AIG Life Insurance Co. Ltd.