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In insurance policies, a free look period is a time or duration when the insurance policyholders can cancel their newly bought policy without any penalties or surrender charges. Generally, it is a period of 10 to 15 days, but it depends on the insurance company and can vary. During the free look period, the policyholder […]
In India, there are mainly two types of insurance policies: general insurance and life insurance. The general insurance policy generally covers legal liabilities, travel, accident, health, personal property (house or car), machinery breakdown, theft, etc. The general insurance policies are also called non-life insurance policies. These insurance policies generally offer payments according to the loss […]
Yes, paying the premium through an insurance agent is safe. Generally, in India, people choose to pay the premium through their agent, but they must keep something in their mind.
The concept of adding a beneficiary and an insurance policy was introduced to deal with these types of cases when the insurance policyholder died suddenly or has been missing for multiple years. So, yes, a beneficiary can claim the insurance policy if the insurance policyholder has been missing for multiple years, but a few conditions […]
Following is the key difference between a participating policy and a non-participating policy: In a participating policy, the insurance company has to share its generating profit with the policyholders and gives them dividends. On the other hand, in a non-participating policy, the company doesn’t share any profits with the policyholders.
Generally, every insurance company provides a grace period of 10-15 days to the insurance policyholders if they fail to pay the premium before the due date. However, if the policyholders don’t pay the premium even in the grace period, their policy will lapse. After that duration, if the policyholders want to revive their policy, they […]
If you are an insurance policyholder, then you can follow the steps given below to claim an insurance policy:
It depends on the situation. If you are an insurance policyholder and it is not long after you have bought the policy, you can replace the policy with another policy if you see better returns. But if you have purchased that policy long ago and already paid many premiums, then it is not advisable as […]
The term “Loss Payee” specifies a party, an institution, or a person that receives the insurance payment in the case of the loss of a vehicle or property they own. In the event of a loss, the payment is made under the policy concerning the insured, and it would go to the third party rather […]
The paid value is an amount when the insurance policyholder stops paying the premiums after a specific duration but does not withdraw the amount. The policyholder gets the amount at the end of the term. In this case, the insurance company provides an assured amount but is reduced proportionally according to the time when the […]