What is the Difference between Insurance and Assurance?
Insurance and Assurance are the most common terms used in the insurance terminology. Insurance guarantees financial coverage in case of loss due to an insured peril or an uncertain event such as accident, hospitalization, fire damage, etc. The uncertain event may or may not happen during the policy period. This uncertainty is covered under the term Insurance. Assurance guarantees financial coverage in case of loss due to a certain event; such as death. The event is certain to happen at any time during the policy period where the coverage is applicable. The certainty of happening is covered under the term Assurance.
What is Own Damage Insurance?
Own Damage (OD) insurance helps you covered damage caused to your vehicle due to accidents like fire, theft, an accident. An own damage cover reduced your repair or replace parts of your car damaged in the accident.
What is Fire Insurance?
fire insurance provides cover for the loss or damage caused to the insured property due to Fire and allied perils acting at the time of the accident. The fire insurance policy provides financial compensation to the insured customer in case of loss to the insured property due to fire and allied perils.
What is OD in Insurance?
OD (Own damage) Insurance in car insurance policy is considered to safeguard your car against unexpected own damages.
What are Premiums in Insurance?
Premiums in insurance refer to the amount of money an individual or entity pays to an insurance company for an insurance policy. Insurance premiums are typically paid monthly, quarterly, semi-annually, or annually, depending on the policy and the preference of the policyholder.
The amount of the premium is determined by several factors, including the type and amount of coverage, the perceived risk of the insured event, and the individual characteristics of the policyholder, such as age, health, and lifestyle habits. In general, the higher the risk of an insured event occurring, the higher the premium will be.
What is Agriculture Insurance Company of India?
Agriculture Insurance Company in India is National Agriculture Insurance Scheme (NAIS) gives coverage of all food crops, oilseeds, horticultural and commercial crops. It covers all farmers, both loanees and non-loanees, under the scheme. The premium rates vary from 1.5 percent to 3.5 percent of the sum assured for food crops.
How can I Pay my Insurance Premium?
PolicyBachat provides you with different options to pay your insurance premium. You can pay using your Internet Banking, Credit or Debit cards, UPI or any other wallet such as Google Pay, Paytm, or PhonePe. Payments made through PolicyBachat are 100% safe, secure and reliable.
What should I do if my Insurance Premium Payment is not Processed?
The premium is not paid directly to PolicyBachat. Instead, we are here to facilitate a smooth transaction between the insurance company and the customer. When you select an insurance company, their payment page will list the details for online payment. In case of any dispute regarding payment status, we can get the payment credit status from the insurance company for you. If the payment is not successful, the amount would be credited back to your account within 7 working days depending on the mode of payment.
What is the 12Rs Insurance Scheme?
PMSBY(Pradhan Mantri Suraksha Bima Yojana) is an insurance scheme that provides accidental death and disability coverage for one year. With a minimum premium rate of Rs. 12/- per annum, this policy is most beneficial to the BPL or Less Fortune People of the society. PMSBY provides life coverage of Rs. 2 lakh for the accidental demise and permanent total disability and Rs. 1 lakh for permanent partial disability.