FAQ's

Section 6 of theMarried Women''s property(MWP) Act 1874 provides that a life insurance policy that has been taken out by a married man on his own life, for the benefit of his wife & children, shall be deemed to be a trust and will be outside the control of the life insured , his creditors , court attachments etc.

Tax Deductions under Section 80C: Another advantage of ULIPs is that the premiums paid on these policies are eligible for tax deductions under Section 80C of the Income Tax Act. This means that NRIs can claim a tax deduction on the premiums they pay for their ULIPs, up to a maximum of Rs. 1.5 lakhs per financial year.

Buying health insurance or life insurance in India is an attractive proposition for NRIs, especially when they make the premium payment through their NRE account. The regulator allows NRIs to purchase these policies without GST, resulting in a substantial cost reduction.

Yes, people living outside India (NRIs) can buy life insurance in India. There are certain conditions they need to meet, according to the Foreign Exchange Management Act (FEMA). So, NRIs are allowed to purchase life insurance here.

NRI term insurance is like regular term plans in India. You pay a premium to the insurance company, and if something happens to you while the policy is active, the person you choose (the nominee) gets a lump sum amount.

If you purchase insurance policies from trusted websites that operate under IRDA regulations, the policies will be authentic and issued directly by the insurance company.

Insurance plans don't cover everything. They have a list of things they won't pay for, and what's on that list depends on the type of insurance you have.

Nrinsured offer several types of insurance based on need. ULIPs offer market linked benifits without restriction.

In basic terms, if something bad happens and you have insurance, they'll help you recover financially, but you're not supposed to make money from it. The goal is to put you back in the same money situation you were in before the bad thing occurred.

When you buy insurance, you have to be totally honest. You need to share all the important info about yourself. The insurance company trusts you to tell the truth. If you hide or lie about something important, the trust is broken. In such cases, the insurance doesn't work, and the company can say no to your claims.

Group insurance is when a bunch of people are covered by one plan. Everyone in the group gets the same insurance policy, and it's called a master policy. These group plans usually last for a year, and you need to renew them to keep the coverage going.

If you cancel the insurance policy during the free-look period, you'll get your premium back. But, the refund will have deductions. The insurance company takes out administrative expenses for setting up the policy, and they also subtract the cost for the time the policy was active before you cancelled it.

Absolutely, many insurance policies come with a free-look period. This is a window of time after purchasing the policy when you can cancel it if you change your mind. The length of this period varies depending on the type of policy and the insurance company.

Yes, insurance plans provide tax benefits. These benefits are explained below -

- Life insurance plans

• Premiums paid for life insurance policies qualify for tax deduction under Section 80C upto a limit of INR 1.5 lakhs
• Surrender benefit, maturity benefit or death benefit received under life insurance plans are tax-free under Section 10 (10D)
• 1/3rd of the pension corpus which is withdrawn in cash is tax-free under Section 10 (10A)

- Health insurance plans

• Premiums paid for a insurance plan for self, spouse and dependent children is allowed as a tax deduction under Section 80D. The limit is INR 25, 000. If you are a senior citizen, the limit increases to INR 50, 000
• Premiums paid for insurance plan for dependent parents earns an additional tax deduction under Section 80D. This limit is also INR 25, 000 which increases to INR 50, 000 if the parents are senior citizens.

Life insurance plans come in the following variants -

• Term life plans
• Endowment
• Money back plans
• Whole life plans
• Child plans
• Unit linked insurance plans
• Pension plans

Insurance premiums offer various payment options, including cash, cheques, debit cards, credit cards, net banking facilities, and mobile wallets.

When an insurance policy isn't renewed by the due date, the coverage ends immediately. This is called a lapse. Once a policy lapses, if you make a claim, it will be rejected because the coverage stopped when you didn't renew on time.

Don't forget to renew your insurance before it expires. If you do it on time, your coverage won't stop, and there won't be any gaps.

When your insurance period is done, the coverage stops. To keep it going, you have to renew the policy by paying the renewal fee to the insurance company.

Your insurance claim can be turned down for a few reasons:

• Not Covered: If what you're claiming for isn't included in your policy.
• Doing it Wrong: If you don't follow the right steps when making a claim.
• Policy Expired: If you didn't renew your insurance, your claim might be denied.
• Missing Paperwork: If you don't give the insurance company all the documents they need for your claim.

When the event you're insured for actually happens, and the insurance company has to pay for the financial loss you suffered, that's called a claim.

You can buy insurance online by comparing different policies and picking the one that suits you. Once you decide, fill out an online form, submit the necessary documents, pay the premium online, and then your policy is issued.

The premium is the price you pay for insurance. It's the money you agree to give to the insurance company in exchange for the coverage they offer.

Insurance is like a financial safety net. If you have a car, you need motor insurance by law. Life insurance is vital for security, and health insurance is important to tackle high medical costs during emergencies. These policies protect you from big money troubles.

IRDA, which stands for the Insurance Regulatory and Development Authority, is the main rule-maker for insurance in India. Every insurance company has to follow the IRDA's rules when they sell their insurance plans.

We serve as intermediaries bridging the gap between the insurance company and the customer. Our primary responsibility involves streamlining and facilitating the documentation and formalities, ensuring a seamless process without any complications.

India, marked by a $70 billion FDI influx, stands as a rapidly growing economy and an attractive investment hub. With the world's largest youth population, it offers a demographic advantage for innovation. Improved ease of doing business, a surge in company formations, and tax incentives further enhance India's appeal for investors and businesses.