Indian Insurance FAQ

 What do you mean by insurance?
Travel insurance usually provides broader coverage than just trip insurance alone. In addition to providing trip insurance for trip delays, trip interruptions, trip cancellations and related problems, it may also cover additional travel-related expenses such as those incurred for medical and health emergencies that may arise during your trip. Some plans also provide services such as travel-related advice, evacuation to your home or hospital in case of a medical emergency, emergency cash or help in the event of the loss or theft of your money, valuables or travel documents.

 What if a Hand Bag is lost while travelling by airline, will it be covered?
The loss of handbag is not covered. The Policy pays or reimburses only for a delay in transportation of checked-in baggage accepted by a common carrier by which you/ insured would be traveling. It is also mandatory that the common carrier has issued a baggage receipt for the trip.

 What is travel insurance?
Insurance is defined as a co-operative device to spread the loss, caused by a particular risk, over a number of persons who are exposed to it and, who agree to insure themselves against that risk. Risk is the uncertainty of a financial loss. It is not to be confused with the chance of loss, which is the probable number of losses out of a given number of exposures. It must not be confused with peril, which is defined as the cause of loss. Neither should it be confused with hazard as this is a condition that may increase the chance of loss. Finally, risk must not be confused with loss itself. Loss is, in fact, the unintentional decline in or disappearance of value that arises from a contingency. Wherever there is uncertainty with respect to a probable loss, there is risk.

  Why would I need trip or travel insurance?
The outlay of money for travelling can be quite substantial. You may find yourself facing the loss of more money than you want to lose should unforeseen circumstances arise that make it necessary to cancel or interrupt your trip. Trip insurance can provide protection against such losses in many cases. Other unforeseen losses such as trip delays or baggage delays can also be covered. Depending upon the features of the plan that you purchase, travel insurance can provide the additional assurance that expenses will be covered for medical care including hospital admission, emergency dental care, and emergency medical evacuation. Emergency cash advances, and help with retrieval of luggage or other services may also be available.

  Who do you file your claim with?
You file a claim with the insurance company that issued your policy. In case of policies received on account of your employment you may have to file claims through the HR administrator.

How to file a claim?

  • Most companies offer a call centre facility.
  • Alternatively, you can:
    1. contact your agent
    2. write to your insurance company intimating the claim.
  • There is usually a claim form that needs to be filled. This can be:
    1. downloaded from the insurance company's website.
    2. be obtained by visiting the insurance company's office.
    3. provided to you by your agent.

  What are the things to be taken care of while filing a claim?
Be thorough and exact when reporting damage and always tell the truth. Withholding vital information or exaggerating the facts can, not only lessen your chances of the claim being settled to your satisfaction, but also may be considered a crime. (Insurance fraud costs consumers crores of rupees a year.

 Is motor car insurance compulsory in India?
Under the provisions of Motor Vehicles Act all the vehicles which are plying in public places shall have at insurance policy at least to cover third party liability as specified under the Act.

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