X
Ans :- You can renew your policy by visiting the nearest branch. Alternatively, you can also visit insuranceliakya.com and renew your home insurance policy instantly.
Ans :- The value of your home structure is assessed as per the area of your home multiplied by the rate of construction per. sq. feet, as on the date of taking the policy. For example, if your home is 1000 sq. feet and the construction rate per sq. feet is ` 800/-, then the sum insured for your home’s building structure is ` 8,00,000. On the other hand, the contents are assessed on the market value of the items. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less depreciation for the usage.
Ans :- No. Homes used for business purposes are not covered.
Ans :- Yes, for their part of the asset.
Ans :- You can cancel the policy and take the premium back.
Ans :- Individual or group health plans are provided by many employers. These, however, can have some limits and aren't tailored to your specific needs. Furthermore, the coverage depends on the job being done. You cannot use the health plan benefits once you quit. It is crucial that you protect yourself with a comprehensive policy that you can tailor to your own requirements. For instance, your employer's ₹2-₹3 lakh sum insured might not be sufficient for a family of four.
Ans :- You can include your children aged between 90 days to 20 years in your policy. Newborns can be included after 90 days of birth. However, your daughter or son cannot be shown as a ‘dependent’ if they file a joint tax return.
Ans :- Health insurance plans provide cover for unexpected medical expenses. It covers an array of costs incurred on daycare procedures, hospitalisation, ambulance and domiciliary hospitalisation. Apart from this, you can also get tax benefits on your health insurance policy.
Ans :- It is recommended that you obtain a health insurance policy as soon as possible. Purchasing insurance at a young age allows you to earn an additional sum insured for every claim-free year under your policy. And as you get older, you will be able to accumulate higher and better coverage.
Ans :- Yes, you can buy multiple health insurance policies to cover your medical costs. If one insurer rejects your claim, there is still a chance that others may accept as per its terms and conditions.
Ans :- Life insurance is a contract between you and an insurance company, where you pay premiums in exchange for a lump sum payment to your beneficiaries upon your death.
Ans :- Life insurance provides financial protection for your loved ones in the event of your death, helping cover expenses like funeral costs, debts, and ongoing living expenses.
Ans :- The main types are term life insurance, which provides coverage for a specific period, and permanent life insurance, such as whole life or universal life, which provides coverage for your entire life.
Ans :- The amount of coverage you need depends on factors like your income, debts, lifestyle, and financial goals. A general rule of thumb is to have coverage that is 5-10 times your annual income.
Ans :- Premiums are based on factors like your age, health, occupation, hobbies, and the amount of coverage you choose. Generally, younger and healthier individuals pay lower premiums.
Ans :- Yes, you can usually adjust your coverage amount or switch between different types of policies, but it may be subject to underwriting and approval by the insurance company.
Ans :- If you miss a payment, your policy may lapse or be subject to a grace period, depending on the terms of your policy. It's important to pay premiums on time to keep your coverage active.
Ans :- In most cases, life insurance benefits are not taxable for the beneficiaries. However, there are exceptions for certain situations, such as if the policyholder has outstanding loans against the policy.
Ans :- With permanent life insurance policies like whole life or universal life, you may be able to borrow against the cash value of the policy. However, borrowing against the policy can affect its death benefit and cash value.
Ans :- It depends on the type and amount of coverage you're applying for. Some policies require a medical exam to assess your health and determine your premiums, while others offer simplified underwriting without an exam.
Ans :- Car insurance is a contract between you and an insurance company, providing financial protection against damages or liabilities resulting from car accidents or theft.
Ans :- Car insurance is required by law in most places to protect you financially in case of accidents, injuries, or damage to your vehicle or others' property.
Ans :- The main types include liability insurance (covers damage you cause to others), collision insurance (covers damage to your vehicle), comprehensive insurance (covers non-collision-related damage), and uninsured/underinsured motorist coverage.
Ans :- Premiums are based on factors like your age, driving record, location, type of vehicle, annual mileage, and coverage limits. Safe drivers with a clean record typically pay lower premiums.
Ans :- A deductible is the amount you're responsible for paying out of pocket before your insurance coverage kicks in. Choosing a higher deductible often results in lower premiums.
Ans :- If you're in an accident, you should exchange insurance information with the other driver(s) involved and contact your insurance company to file a claim. They'll guide you through the claims process.
Ans :- It depends on your policy. Some car insurance policies offer rental car coverage as an optional add-on, while others may provide limited coverage for rental cars under certain circumstances.
Ans :- Yes, you can usually add other licensed drivers to your policy, but it may affect your premiums depending on their driving history and other factors.
Ans :- If your car is stolen or vandalized, comprehensive insurance typically covers the damages, minus your deductible. You'll need to file a police report and notify your insurance company to start the claims process.
Ans :- Yes, in most places, car insurance is mandatory by law. Driving without insurance can result in fines, license suspension, or legal consequences.
Ans :- Travel insurance is a policy that provides financial protection against unexpected events while traveling, including trip cancellations, medical emergencies, lost luggage, and more.
Ans :- Travel insurance helps mitigate financial risks associated with traveling, such as trip interruptions, medical emergencies abroad, lost baggage, or flight cancellations.
Ans :- Travel insurance typically covers trip cancellations or interruptions, emergency medical expenses, medical evacuation, lost or delayed baggage, and travel delays.
Ans :- Premiums are based on factors like your age, trip duration, destination, coverage limits, and any additional options such as pre-existing medical conditions coverage or adventure sports coverage.
Ans :- It's best to purchase travel insurance shortly after booking your trip to ensure coverage for trip cancellations or interruptions that may arise before or during your travels.
Ans :- Many travel insurance policies now offer coverage for COVID-19-related issues, including trip cancellations due to illness, emergency medical expenses, and trip interruptions caused by quarantine or travel restrictions.
Ans :- Yes, you can typically purchase travel insurance for one-way trips, although coverage options may vary depending on the insurance provider and policy type.
Ans :- If you need to file a claim, contact your insurance provider as soon as possible and provide them with the necessary documentation, such as medical records, receipts, or proof of trip cancellation.
Ans :- Some travel insurance policies offer coverage for adventure activities like skiing, scuba diving, or hiking. However, coverage may be limited or require an additional premium, so check your policy details carefully.
Ans :- Travel insurance is not usually mandatory for international travel, but it's highly recommended to protect yourself against unforeseen circumstances that could disrupt your trip or result in significant financial losses
Ans :- Bike insurance is a policy that provides financial protection against damages or liabilities resulting from accidents, theft, or other unforeseen events involving your bicycle.
Ans :- Bike insurance helps cover repair or replacement costs in case your bike is damaged, stolen, or involved in an accident. It also provides liability coverage if you injure someone or damage their property while riding.
Ans :- Bike insurance typically covers theft, accidental damage, vandalism, personal injury protection (for medical expenses), liability coverage (for third-party damages or injuries), and sometimes accessories or upgrades.
Ans :- Premiums are based on factors like the value of your bike, its make and model, your riding history, where you live, and the coverage options you choose. Safer riders and lower-risk areas often result in lower premiums.
Ans :- Yes, having insurance is advisable even if you ride occasionally. Accidents or theft can happen at any time, and insurance provides financial protection when they do.
Ans :- In some places, bike insurance is mandatory, especially if you ride in designated bike lanes or on certain trails. Check your local regulations to determine if insurance is required in your area.
Ans :- Yes, many insurance providers offer multi-bike policies that allow you to insure multiple bikes under one policy, often with discounts for each additional bike.
Ans :- If your bike is stolen, you should report the theft to the police immediately and then contact your insurance company to file a claim. Provide them with the necessary information and documentation to start the claims process.
Ans :- Some bike insurance policies offer coverage for accessories such as lights, racks, and locks. Check your policy to see if accessory coverage is included or available as an optional add-on.
Ans :- Yes, you can usually transfer your bike insurance to a new bike or the new owner if you sell your bike. Contact your insurance provider to update the policy details accordingly.
Ans :- Rural insurance provides coverage tailored to the specific needs of rural areas, including farms, ranches, and other agricultural properties.
Ans :- Rural insurance protects against risks unique to rural settings, such as crop damage, livestock loss, farm equipment damage, and liability for accidents on the property.
Ans :- Rural insurance typically covers farm structures, equipment, crops, livestock, liability for injuries or property damage, and specialized coverage for agricultural risks.
Ans :- Premiums are based on factors like the size of the property, type of farming activities, value of equipment and livestock, past claims history, and coverage options selected.
Ans :- Rural insurance can cover a wide range of properties, including farms, ranches, vineyards, orchards, rural homes, and agricultural businesses.
Ans :- Yes, many rural insurance policies offer coverage for crop losses caused by weather-related events such as hail, frost, drought, or excessive rainfall.
Ans :- Yes, farm equipment and machinery can be insured under rural insurance policies to protect against damage, theft, or mechanical breakdown.
Ans :- Yes, rural insurance typically includes liability coverage to protect against lawsuits resulting from accidents or injuries that occur on the farm property.
Ans :- Yes, many insurance providers offer customizable rural insurance policies, allowing you to tailor coverage to meet your specific needs and risks.
Ans :- No, rural insurance can be beneficial for anyone who owns rural property, regardless of whether farming is their primary occupation. It provides essential protection for property and liability risks common in rural areas.
Ans :- Fire insurance is a type of property insurance that provides coverage against damage or loss caused by fire, including destruction of buildings, belongings, and other property.
Ans :- Fire insurance helps protect your property from the financial devastation caused by fires, covering repair or replacement costs for damaged or destroyed assets.
Ans :- Fire insurance typically covers damage to buildings, structures, personal belongings, and other property caused by fire, smoke, and related perils.
Ans :- Premiums are based on factors such as the value of the property, its location, construction materials, fire protection measures, and previous claims history.
Ans :- Fire insurance is often required by mortgage lenders for properties with outstanding loans, but it may not be legally mandatory in all locations. However, it's highly recommended for property owners to protect their investments.
Ans :- Yes, fire insurance typically covers damage caused by wildfires, unless specifically excluded in the policy. However, coverage may vary depending on the location and type of policy.
Ans :- Yes, fire insurance can often be bundled with other property insurance coverages, such as homeowners insurance or business property insurance, for comprehensive protection.
Ans :- If your property is damaged by fire, contact your insurance company immediately to report the incident and start the claims process. Provide them with documentation and cooperate fully with their investigation.
Ans :- Fire insurance typically covers damage caused by arson, unless it's proven that the property owner was involved in the deliberate setting of the fire.
Ans :- Yes, you can often enhance your fire insurance coverage by adding endorsements or riders to your policy for additional protection against specific risks, such as water damage or loss of rental income.
