Frequently Asked Questions

Term Insurance

What Are The Features Of The Products?

  • Provide financial protection to you and your family at an affordable cost
  • Flexibility to choose your policy and premium payment terms
  • Flexibility to increase your cover every year through top-up option
  • Special premium rates for female lives
  • 3D Life Long Protection Option( Death, Disability, Disease.

    • What Are Accidental Death Benefits?

  • In this case, an Extra Life Sum Assured is paid along with the death benefit upon death of Life Assured due to accident

    • What Are The Benefit on Accidental & Total Permanent Disability?

  • In this case, all future premiums payable under the plan will be waived And The Policy Continues

    • Is Their Top Up Option?

  • This option you may opt for a systematic increase of your cover from 1st policy anniversary onwards

    • What Is The Eligibility Age?

  • Max Age Entry : 18 Years
  • Min Age Entry : 65 Years

    • What Is The Policy Term?

  • Min Policy Term : 5 Years
  • Max Policy Term : 40Years

    • Will I have to undergo a Medical test?

    What Is The Minimum Age At Maturity?

  • 23 Years

    • What Is The Maximum Age Maturity?

  • 75 Years

    • What Is The Minimum Basic Sum Assured?

  • Rs. 10,00,000

    • Will my premium amount change during the tenure of the policy?

  • Once the policy is issued to you, the premium amount stays the same throughout the entire tenure of the policy.

    • Do you cover terrorist attack under Term Plan?

  • Yes, death due to terrorist attack is also covered under the plan. This may depend upon your insurer. If you are the policy holder, death benefit can be claimed by your nominees/legal heir.

    • What will happen if death occurs within one year of purchasing the policy? Will the claim be settled still?

  • Usually, once the policy is issued, even if death occurs within one year of purchasing the policy, the claim will still be settled.

    • What Are The Documents Required For Term Plan?

  • Proof of income/ employment
  • Proof of age
  • Proof of education
  • Proof of address - residence and correspondence
  • Proof of identity
  • Photograph
  • PAN Card copy

    • Health Insurance

    Does this policy cover Pre-existing diseases?

  • Pre Existing Diseases Covered After 2 Years

    • What Is The Entry Age?

  • Entry Age 0 To 65 Years – Life Long Renewal Facility

    • Policy Period?

  • 1 or 2 years, as per plans offered

    • Is There Any Health Check Up?

  • No health check-up is needed up to the age of 55 Years

    • What Is Sum Insured In Health Insurance?

  • The customer can choose sum insured between Rs.3 lakh and Rs.50 lakh, based on his/her specific insurance needs. Additional sum insured: 10% increase in sum assured for every claim-free year; max. 50%; awarded at renewal If the customer raises a claim, the accumulated additional sum insured will go down by 10% the next year.

    • What Is The Premium For Health Insurance?

  • Depends on the amount of coverage opted for

    • What Are All The Coverage In Health Insurance?

  • Hospitalization  Cover
  • Post And Pre Hospitalization Costs
  • Day Care Treatments Cover
  • AYUSH treatments at approved hospitals
  • Reset benefit
  • Additional sum insured
  • Emergency ambulance cover
  • Free health check-up
  • Wellness programme

    • What Are Add On Covers In Health Insurance?

  • Hospital daily cash
  • Maternity benefit
  • Convalescence benefit
  • Nursing at home
  • Newborn baby coverage
  • Air travel allowance for family member as part of compassionate visit
  • Wellness and preventive health checkups
  • Donor expenses
  • Critical illness cover
  • Medical evacuation coverage
  • Personal Accident Cover

    • What is optional coverage?

  • Optional coverage means the add-on benefits in the insurance plan.

    • Whom should I contact to make a claim?

  • In order to make a claim, you can either approach claim management team or the customer service department.

    • What are the expenses included under the sub limit amount?

  • The expenses spent in pre-hospitalization, room rent, and other expenses related to the treatment process are covered in amount stated in the sub limit bracket.

    • What is No-Claim Bonus?

  • At the time of policy renewal, the insurer will provide an additional 10-50% sum insured for every claim-free year; this is called the No-Claim Bonus.

    • How Many Plans Are Their In Health Insurance?

  • Complete Health Insurance
  • Health Booster
  • Personal Protect Insurance Policy
  • Health Care Plus Policy
  • Group Personal Accident Policy
  • Group Health Insurance

    • Tax Benefits?

  • Save Income Tax Section 80-D

    • Home Loan

    Which Is The Best Bank To Borrow?

  • In broad terms, the best bank to borrow a home loan is the one that offers you the cheapest interest rate. However, it is after doing rounds of calculations that you would be able to find out which bank is best-suited for your individual requirements. Some banks charge a substantial amount as processing fees and other such charges. Now, even if they offer you slightly cheaper loans, other factors may jack up the loan cost for you.

    • Can I Repay My Home Loan In Cash?

  • It is only through online channels that scheduled banks allow you to repay your loan. However, there have been instances where banks have recovered outstanding dues in cash.

    • How Long Can Be The Loan Tenure?

  • Home loans are long term borrowing instruments with a minimum tenure of 5years and a maximum tenure of 30 years. The tenure offered to you for your personal loan depends on the loan amount that is sanctioned to you by the lender along with other factors.

    • Do My Age And Occupation Matter?

  • Your age and your income are the primary criteria for the bank to decide your credit eligibility. For instance, a bank would be more willing to a younger person, earning a stable monthly salary. Such profiles have lower risk exposure.

    • Can I Transfer The Loan Multiple Times?

  • You can change your lender multiple times, in case it helps you reduce your loan burden. However, too much shifting is not advisable as it sends across a wrong impression. Also, kept in mind must be the fact that banks charge a fee on loan transfers.

    • Do I Have To Pay A Penalty On Pre Payment Of Loan?

  • A borrower does not have to pay a penalty on pre payment after the Reserve Bank of India in 2013 directed financial institution to waive charges for loans taken on floating rate of interest. However, banks still charge a penalty on transfer if you have taken a home loan on a fixed rate of interest.

    • Do Banks Offer Me What I Ask For?

  • The answer is no. Banks generally offer only 80% of the total worth of the property as loan. Further, the amount you could borrow from the bank is decided only after banks carry out a technical valuation of the property. For Example, If you are asking for a loan of Rs 30lakhs while it is worth only Rs 25lakhs according to the banks estimated, it would offer you only Rs 20lakhs as loan.

    • Does Taking A Home Loan Mean I Cannot Take Another Loan?

  • You can simultaneously apply for other loans, including car loan and personal loans, while you are repaying a home loan. However, banks will thoroughly examine you repayment capability before issuing you a loan.

    • What If I Default?

  • Banks charge a late payment fee upon each such occurrence. In case of an unfortunate event owing to which you are not able to repay your loan, the bank will have the right to possess the property and auction it to recover the losses.

    • Loan Against Property

    What Can Loan Against Property Be Used For?

  • Any loan against a residential or commercial property can be used for both personal and business purposes. In fact, you can use it for anything other than speculative or non-prohibitive activities.

    • How Does The Lending Bank Decide On The Amount I Can Get As Loan Against Property?

  • Basically, the bank looks at your repayment capacity. For calculating the loan amount, your income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history are taken into consideration. However the eligibility of loan does not, generally, exceed 60% of the market value of the property.

    • Can There Be A Co-Applicant For Loan Against Property? If Yes, Who Can B E Co-Applicant?

  • You can include your spouse as a co-applicant and that results in a higher amount being lent. However, if the property is co-owned, all co-owners mandatorily need to be co-applicants.

    • What Are The Processing Fees For Such A Loan?

  • Processing fees for loan against property varies from bank to bank and is generally around 1%.

    • How Is Rate Of Interest On Loan Against Property Calculated?

  • Interest is calculated on daily reducing balance. Your monthly out-go (equated monthly installment-EMI) is much lower as compared to the interest on annual reducing balance.

    • What Is The Tenure Of The Loan?

  • Loans against property has a maximum tenure of 15 years, subject to the condition it does not exceed your retirement age. This condition however can be flexible in certain cases.

    • How To Repay My Loan?

  • You repay the loan in EWMI’s comprising principal and interest. Repayment by way of EMI;s commences from the month following the month in which you take full disbursement.

    • What Security Will I Have To Provide?

  • As the name implies, you need to mortgage your property for availing this loan. This mortgage is Equitable mortgage by Memorandum of Entry by way of deposit of title deeds and/or such other collateral security, as may be necessary. Collateral security for by way of assignment of insurance policy or any such other assignable financial instruments are also required, as security to loan if deem necessary by the bank. Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation which is likely to affect the title to the property adversely.