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Insurance coverage is the protection of assets or life of the insured against any specified perils mentioned in the insurance policy document. The insurance coverage is the sum insured provided by the insurance company under the insurance policy.
Loan Insurance is also called Loan Protection Insurance is designed to cover your monthly loan payouts in case of temporary or permanent disability, loss of job. etc.
Insurance is a contract between the insured customer and the insurance company that promises to pay a certain amount of money to an individual or family in which the insurance company promises to settle the losses of the insured due to insured peril acting at the time of loss or damage in return for a nominal amount known as “Premium”. The insurance contract is valid for a period as mentioned in the policy document and is legally enforceable in case of deviation by either of the parties of the contract.
Mediclaim insurance is a health insurance coverage policy, which covers the charges incurred during hospitalization. Here in this coverage, one can claim in two different ways which involve a cashless facility, where the insurer directly pays the hospitalization charges to the network hospital instead of the insured. The second way of claiming involves a process called reimbursement, where the insured will be repaid all the hospitalization coverage charges from the insurer after completing the treatment from any hospital.
Yes. Insurance claim is taxable as per the existing tax laws. The percentage of tax to be paid is different for different parts and is calculated at the time of claim.
Rider or add-ons are the extra coverage offered by the insurance companies on payment of additional premium. Riders such as Bumper to bumper, consumables, Engine protection cover, and Roadside assistance cover are provided by the insurance company at the time of car insurance renewal on payment of extra premium. The extra premium to be paid is under the own damage section of your car insurance policy.
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