FAQS
? What does travel insurance cover?
Travel Insurance is a type of insurance that covers different risks while travelling. It covers medical expenses, lost luggage, flight cancellations, and other losses that a traveller can incur while travelling. Travel Insurance is usually taken from the day of travel till the time the traveller reaches back to India.
? When should I purchase travel insurance?
It's advisable to purchase travel insurance when booking your trip to ensure coverage for unforeseen circumstances that may arise before or during your travels.
? Are there different types of travel insurance policies?
Yes, there are various types, including single-trip, multi-trip, domestic and international travel insurance, Schengen travel insurance, individual or family/group insurance, student travel insurance, travel insurance for senior citizens and comprehensive travel insurance, each offering different levels of coverage and benefits.
? Can I purchase travel insurance after booking my trip?
While it's advisable to buy travel insurance at the time of booking, some policies allow last-minute purchases before your departure.
? What is life insurance?
Life insurance is a contract between an individual and an insurance company, where the insurer guarantees a sum of money to be paid to designated beneficiaries upon the death of the insured.
? What types of life insurance policies are available?
There are various types, including term life, whole life, universal life, endowment policies, retirement plan, money back policy, united linked insurance plan(ULIP), child insurance, and savings and investment plans, each offering different coverage and benefits.
? How much life insurance coverage do I need?
The amount depends on factors such as your age, income, debts, and financial obligations. The minimum amount of coverage you need may be very different from what someone else requires. Financial experts often recommend purchasing at least 10 times your annual income in coverage, although your personal number may be higher or lower. Our BeWealthy financial advisor can help determine the appropriate coverage for your needs.
? How does Life Insurance benefit me?
Life insurance offers financial security, acts as an investment, your dependents will have money for living expenses, you can get coverage for chronic and terminal illnesses, and provides a tax-saving avenue. It can also cover outstanding debts and loans.
? What is property/fire insurance?
Property/fire insurance provides financial protection against damage or loss to residential or commercial properties due to fire, theft, natural disasters, and other covered perils.
? What types of properties can be insured?
Both home properties and commercial properties, including buildings, contents, and equipment, can be insured under property/fire insurance policies.
? How is the premium calculated for property insurance?
Premiums are calculated based on factors such as the property's location, value, construction, occupancy, and the level of coverage desired.
? How is Commercial Property Insurance different from Home Property Insurance?
Commercial property insurance is tailored for business properties, while home property insurance is for residential properties.
? What are mutual funds?
Mutual funds are investment vehicles that pool money from multiple investors to invest in diversified portfolios of stocks, bonds, or other securities, managed by professional fund managers.
? How do mutual funds work?
Mutual funds let you pool your money with other investors to "mutually" buy stocks, bonds, and other investments. They're run by professional money managers who decide which securities to buy (stocks, bonds, etc.) and when to sell them. You get exposure to all the investments in the fund and any income they generate.
? What are the benefits of investing in mutual funds?
Mutual funds offer diversification, professional management, liquidity, and accessibility to investors of all levels, making them a popular choice for long-term investment growth. Mutual funds come with many advantages, such as advanced portfolio management, dividend reinvestment, risk reduction, convenience, and fair pricing.
? What is health insurance?
Health insurance policy is an assurance which provides immediate financial help in case when any medical emergency arises. It is a contract between a policyholder and the insurance company which covers medical expenses that might occur due to illness, injury or accident.
? Why do I need Health Insurance?
The need and importance of health insurance cannot be emphasised enough. Medical inflation has been on the rise globally. As diseases become more common, the need for healthcare services increases. Without adequate health insurance, you may need to use your savings or rely on loans to pay for medical emergencies.
? What does health insurance typically cover?
Health insurance usually covers hospitalization, medical treatments, prescription drugs, preventive care, and sometimes dental and vision care, depending on the policy.
? Can I include my family members in my health insurance policy?
Yes, most health insurance policies offer family coverage options to include spouses, children, and sometimes parents.
? What is motor insurance?
Motor insurance provides coverage for vehicles against physical damage, theft, and liability related to accidents.
? What types of motor insurance are available?
Motor insurance includes coverage for two-wheelers, private cars, and commercial vehicles,etc. each tailored to the specific needs of the vehicle owner.
? Is motor insurance mandatory?
Yes,In India, as per the Motor Vehicles Act, it is mandatory that all vehicles that operate in any public space must have a motor vehicle insurance cover. Policyholders must have at least 'third party liability' motor insurance cover even when opting for the basic insurance plans.
? How does No Claim Bonus (NCB) work?
NCB rewards policyholders for claim-free years by offering a discount on the premium during policy renewal.
? Can I transfer my No Claim Bonus if I change my vehicle?
In most cases, NCB is transferable between vehicles if you change your vehicle or insurance provider.
? What is group health insurance?
Group health insurance is a type of health insurance coverage provided by employers to their employees, offering medical benefits to a group of people under a single policy.
? What are the benefits of group health insurance?
Group health insurance typically offers lower premiums, comprehensive coverage, and easier eligibility requirements compared to individual health insurance plans.
? Can employees include their family members in group health insurance?
Yes, most group health insurance plans allow employees to add their spouses and children to the policy for additional coverage.
? How is Group Health Insurance beneficial for employers?
It enhances employee retention, attracts talent, and contributes to a healthy and productive workforce. One of the most important benefits of group health insurance is tax incentives. The premiums paid by employers are tax-deductibles. An employer may qualify to get a credit back on their taxes as tax incentives and be compensated for the amount paid out toward insurance premiums.