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According to the Motor Vehicles Act of 1988, vehicles operating on Indian highways must be insured. Automobile, two-wheeler, and commercial vehicle insurance are all available. Motor insurance covers physical damage, natural disasters, and any losses incurred by the insured in the event of an unforeseeable catastrophe.
Life insurance is a policy that provides financial protection to an insured person's dependents in the event of his untimely death. In this case, the policyholder pays a monthly, half-yearly, or annual premium in exchange for insurance firms providing financial stability to the beneficiary if the covered person dies.
Travel insurance is a type of insurance that protects you against the unknown costs of a trip. This primarily comprises risk fees and other unanticipated expenses incurred on single or numerous trips. The finest travel insurance plan protects you from having to carry it all on your own, which might be a financial strain on your trip. Travel insurance is not as crucial to many people as other types of insurance because it is only required for adventurous excursions. Other hazards, such as lost bags, lost passports, medical expenses, missed flights, personal accidents, and so on, are not taken into account.
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We assist clients in making wiser judgments when choosing budget-friendly insurance plans in India.
Policyxplore has been in the market for over 12 years. Here, we focus on providing a clear and fair comparison of the policies, prices, and extra benefits that insurance companies offer to their customers. We aim to provide more than just the best insurance plan or financial security; we also provide end-to-end assistance, simplified terms and conditions, quick claim settlement, instant quotes from the best insurance companies, and unconditional support in the most difficult of circumstances.
Frequently Asked Questions (FAQs)
What do you mean by insurance?
A contract between an insurer and an insured in which the insurer guarantees financial protection against costs incurred as a result of a disease or an accident.
Which insurance is mandatory in India?
“Third-party liability“ is a must-have motor insurance coverage one should have if they own a vehicle. According to the Motor Insurance Act of 1988, you should ideally have motor insurance as soon as you purchase a vehicle, or at least have third-party liability coverage under your basic motor insurance plan.
How does health insurance work?
The premium for health insurance is paid to the insurance company by the policyholder. This premium is calculated based on their medical history, lifestyle, pre-existing condition, and a variety of other criteria. In exchange, the insurer covers the treatment’s medical costs.
How is the insurance premium calculated?
The formula for calculating insurance premiums is as follows:
Monthly insurance premium = Monthly insured amount x Rate of Insurance Premiums
Monthly self-paid premium = Monthly insured amount x Insurance Premium Rate x Insured Person’s Self-Paid Ratio
What is cashless hospitalization, and how does it work?
You can avoid paying for hospitalization if you have a health insurance plan in India. As the term implies, cashless hospitalization allows you to receive care without having to spend cash. Insurance companies have several network hospitals, and if a policyholder is admitted to one of them, the expense is reimbursed by the insurer.
What is the meaning of motor insurance ?
Motor insurance protects you financially if your personal, two-wheeler or commercial vehicle is damaged or stolen, however third-party liability only covers third-party damage and loss costs.
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