How to Get Insurer Coverage Without Getting Paid
Health insurance is a lucrative business, but it is not easy to get the insurance you need without making money first.
In India, you need to get coverage without paying a penny.
That is why Indian insurance companies are looking to get a bit more information from their customers, as the industry is in a slump right now.
In this article, we take a look at how to get insurance without having to pay a dime and what it takes to get that coverage.1.
Find out how much your insurance company paysThe insurance company is looking to attract more customers through discounts and offers, so they are also looking to make sure that the premium is affordable.
As per the latest estimates, the average premium in India is Rs 4,500.
To get insurance from an insurance company, you have to be a resident of India and have a valid driving licence, which is mandatory for every Indian citizen.
So the best option is to visit a government-run bank branch and deposit money in their account.
You can also get the premium from a government department store or a private lender.2.
Make a deposit to get your insurance insurance coverageYour insurance company will give you a cheque for Rs 2,000, which will be credited to your account within 14 days.
This cheque will allow you to withdraw the amount in 10 days.
It is important to note that the cheque is not valid for insurance claims for the duration of the term of the policy.
It has to be credited for the term in which you have the policy, not the term for which you signed up for it.
The cheque can be deposited at a bank branch, which you can do through a credit card or an ATM card.
You should make sure to have enough cash on hand to cover the cost of the insurance claims.
If you have a credit or debit card, you can withdraw money from it, as this is a form of payment.3.
Apply for an insurance coverYour insurance agent will contact you through the government-administered insurance website and ask you to apply for an Indian insurance cover.
You have to pay Rs 50,000 upfront to get an insurance policy.
Once you apply for the insurance cover, you will receive an email confirming your insurance claim.
The cover will cost Rs 2 lakh for a standard policy, and Rs 10,000 for an extended coverage.
The insurance agent can also offer you a discount on the cover.
This can be done through an online portal.
You will need to make the cover available to everyone.4.
Pay the premiumsIn the insurance agent’s office, you’ll get to see a chequing slip, which includes the premium amount.
You’ll also get a confirmation number, which means that you can proceed with the claim process.
The premium will be charged by the insurance company at the rate of Rs 2 per Rs 1,000.
The rate of this premium is based on the rate set by the Ministry of Insurance and Ministry of Road Transport and Highways (MoRTH).5.
Get your coverYour coverage can be extended for another 10 years.
If the premium for an insured person does not cover the deductible, the premium will remain the same.
For example, if the coverage costs Rs 1.5 lakh, the coverage will cover Rs 5,000 of the deductible.
This covers Rs 1 lakh of the premium, and the deductible will remain at Rs 1 per Rs 500.
If an insured individual pays Rs 5 lakh in premiums, the insurer will be reimbursed Rs 5.5 crore for the coverage.6.
Pay off the policyAfter you get your cover, the insurance will send you a monthly statement with your premiums, with the date on which you will be entitled to claim the premium.
After paying off the premiums, you should send the statement to the insurance department.
The insurer will send a cheques to the account.
If there are no payments, you must return the cheques by post.7.
Claim your premiumYou will have to submit a chequer slip to the insurer to claim your premium.
The cost of claims for coverage will be calculated based on your current age, the age of the insured person, and any previous medical conditions that you have.
You also have to include the following information in the claim form: date, time of your appointment with the insurer, and your age.
For this, the insurers is looking at your medical history.
If you are over the age and have any medical conditions, the claim will be considered invalid.
If the insurance does not pay the claim within the specified time, you are eligible for cancellation of your policy.
The company has to send you the chequers cheque within 15 days of the date of the claim.
If your claim is rejected within this period, you could face a fine of Rs 25,000 or imprisonment for up to three months.
If your claim has been rejected, the company will send the chequer slips