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Life Insurance

What is a term life insurance plan?

A term life insurance plan is an insurance plan which pays out money in the event of death of the policy holder. You can choose a preferred coverage type and payout options as applicable for a plan.

What are the causes of death that are covered in a term plan?

Term plan covers every type of death. However, there might be some exclusions such as death by suicide, war or solvent abuse. Please refer to the policy document provided by your insurance partner to know about such exclusions.

When is the payout released by the insurer?

The insurer releases payout in the event of death of the life insured. Other than this, payout can also be received on diagnose of terminal or critical illness depending on your plan. Please refer to the policy document provided by the insurer for further details.

What does waiver of premium mean ?

If you catch any of the critical illnesses listed in the policy document, after your policy tenure begins, you will not be required to pay any further premiums to continue the policy. The policy will still continue if you choose the cover. The insurance company will not require the insured to pay a fee to maintain the policy under certain conditions such as disability of the person paying the insurance premiums. Please refer to the policy document provided by your insurance partner to know more about the feature.

When should I buy a term insurance plan?

Ideally, one must buy a term plan for a period till his liabilities (such as loan) get over or a period till his earning age (retirement). This plan will ensure financial independence to his family in maintaining their living and life style in case he is not there to provide for them anymore.

Will my premium increase every year?

No, once the premium is fixed it will remain the same throughout the policy. The only case where premium can increase is if the government changes service tax.

What are tax benefits offered by term insurance?

Buying a term insurance policy gives you tax benefits under section 80(C) and 10(10d).

Can I insure my spouse/ children/ friends?

No. You can only insure yourself in this plan. However, anyone who is 18 years or above will be eligible if he/she is an earning individual.

Why is the medical checkup required?

The medical and other requirements are determined based on your age, sum assured, term and other details provided by you in the electronic proposal form. This is based on the underwriting guidelines and internal requirements. If the policy is approved, the insurance company bears the medical cost.

Is the medical checkup compulsory?

If the insurer raises the medical requirements, it becomes necessary to undergo the medical test.

What happens if I dont clear the medical test? Will my premium be refunded?

The policy will not be issued. However, the premium paid by the customer will be refunded to the source account. Some Insurance companies may deduct a small medical charge depending on their terms and conditions.

What does "Total Payout" mean?

Total Payout under term plans is the total amount that the nominee will receive incase of death of the life insured.

Can I make any changes to the policy bought?

Yes, you can change certain policy details after payment. This depends on the terms and conditions of your insurer. You can contact your insurer for further details on the contact details in the policy document.

Can I discontinure my policy at any time?

Yes, but the risk cover will terminate.You might be charged a cancellation charge depending on insurers policies.

What if I forget to pay my premium, will my policy lapse?

Grace period of 15/ 30 days will be given to pay the due premium without any extra cost.

I have completed my application at Paytm Insurance. Why is "Fill Now" showing in My Order page?

After completing your application at paytm Insurance, you will be required to answer few medical and KYC related questions as per the insurers requirements. Please click on "Fill Now" link on the my order page to fill the required details. Your application will move to the next step once the answers are filled.

Health Insurance

What does Health Insurance plan mean?

Health Insurance is a type of insurance that essentially covers your medical expenses. It is a contract between an insurer and an individual / group in which the insurer agrees to provide specified health insurance cover at a particular “premium” subject to terms and conditions specified in the policy.

Why should I buy a health insurance plan?

Health insurance covers your medical costs and offers many other important benefits. Health insurance protects you from unexpected, high medical costs. You pay less for covered in-network health care. Apart from this, you can get tax exemption by paying the premium under Section 80 D of the Insurance Act.

What is the difference between family floater health insurance plan and insurance plan?

Family floater plan: All the family members under one single plan. The sum insured is fixed and gets exhausted as and when any member avails medical services and makes a claim. Individual plan: All the members added are insured under one single plan. However, each of the members insured can avail the Sum Insured value to the full extent.

What are the documents required for claiming?

The insurance company mostly require identity proof of the members covered, the health card, the hospital bills, etc. at the time of the claim. A pre-authorization form is required in case of cashless claims which are to be submitted to the TPA (third party administrator). Other documents might also be required, depending on your insurers requirements.

What is the method of claim processing followed by the company?

You must take note whether the company settles the claims through cashless facility or by reimbursement. A cashless facility is your best bet to avoid any financial burden of medical bills.

Will I get covered for my pre-existing illness ?

Every insurer excludes coverage on the pre-exisiting diseases (PED) for certain tenure at the starting of the policy. The waiting period for your pre existing illness might vary from insurer to insurer. You can check the waiting period through the policy wording document. You need to know this to know how soon you can be covered for your pre-existing illnesses.

Which are the network hospitals in my vicinity?

To avail a cashless settlement of your claim, you should be admitted in a network hospital. The insurer has a list of such hospitals and you need to find out which hospital in the insurers network are located in your area.

What to do if I am admitted in a non-network hospital?

In an emergency situation, you might be admitted in a non-network hospital. You should note that treatment in a non-network hospital would be on a reimbursement basis only where you would have to pay the medical bills and then get them reimbursed from your insurer.

What will happen to my premium payment if my policy is rejected?

In case your policy is rejected, your premium amount will be refunded to your source of payment within few days from the date of rejection. Depending on your insurer policies, the medical checkup cost might be deducted from the premium.

What is the eligibility criteria to buy a health insurance

Anyone can apply to buy a health insurance for themselves and their family members. However, the policy approval will depend on the insurer policies, the health condition of the members to be insured, their age and medical test results (if medical examination is conducted).

Can I make any changes to the policy bought already ?

You can make required changes to the policy bought only at the time of renewal. You can contact your insurer for further details.

Why do I have to go through a medical test for policy issuance?

Based on your age, sum insured and pre exisiting diseases, your insurer might require you to take a medical test to assess your health condition better. These tests are required for underwriting processes to accept or reject your application.

What is Sum insured ?

Sum Assured in Health Insurance means a sum of Money which an Insurance company assures to pay a person in case of any claim made. This the maximum amount to which an insurance company pays in case of claim

I have an existing healh insurance policy. Can I port the existing policy to a different insurer?

Yes, you can port your existing policy to a different insurer or even to a different plan from the same insurer. Your new insurer “shall allow for credit gained by the insured for pre-existing condition(s) in terms of waiting period”. Portability of health insurance policy is currently not supported by Paytm Insurance. Please contact your respective branch for the same.

How to file a claim?

The insurance claim process starts when a healthcare provider treats a patient and sends a bill of services provided to a designated payer (your insurer). You need to contact your insurer to submit the required documents to file a claim. These requirements and claim benefits might differ from insurer to insurer.

Will I be charged for the medical test?

On the basis of the insurers terms and conditions, you will be charged nominally in case of policy rejection. In case the policy is succesfully created, there would be no medical charges.

Two Wheeler Insurance

What does Motor Insurance cover?

Paytm Insurance sells Comprehensive plans only, it is a complete motor insurance policy. It includes Third Party cover, loss and theft of vehicle, and any damage to vehicle. You can choose to add various add-ons to your policy based on your need.

What are the documents / details I need to purchase policy online?

You only need the details mentioned in Registration Certificate (RC) and previous insurance policy, to purchase policy online.

Can I buy policy for my new vehicle?

No, currently you can buy policy only for vehicle more than 1 year old and already have / had a policy

My previous policy expired, can I still buy policy?

In case your policy is expired, it requires inspection. Inspection flows are not yet supported on Paytm Insurance. The feature will be enabled soon.

How is the premium calculated for an expired motor insurance?

Insurance policy is valid for a period of time. After expiry, policy issuance requires vehicle inpection, the benefits of NCB do not apply. This results in higher premium. However for some insurers, if the policy expired less than 90 days ago, NCB is still applicable.

What is No Claim Bonus (NCB)?

NCB is a discount offered on premium by Insurance companies. This is available only if there was no claim in the previous policy year.

What is IDV (Insured Declared Value)?

IDV is maximum value of the vehicle that an insurance company will pay in case of Total Loss / Theft. This is the sum insured and is fixed at the commenecment of the term, for a term. You can change the IDV of your vehicle, though this will impact premium. Increasing IDV will increase the premium.

What is voluntary deductible?

Voluntary Deductible is the amount you agree to pay at the time of claim.

Does the policy purchase require vehicle inspection?

Vehicle inspection is required if previous policy expired, or if you buy a comprehensove policy and the previous policy was a Third Party Liability policy only. Choosing certain add-ons may also require inspection if they are not part of previous policy.

How will I get the policy document?

Policy certificate will be sent on the email id provided at the time of purchase. Physical copy may also be sent by the insurer on the communication address provided at the time of purchase.

Four Wheeler Insurance

What does Private Car Insurance cover?

Paytm Insurance sells Comprehensive plans only, it is a complete car insurance policy. It includes Third Party cover, loss and theft of vehicle, and any damage to vehicle. You can choose to add various add-ons to your policy based on your need.

What are the documents / details I need to purchase policy online?

You only need the details mentioned in Registration Certificate (RC) and previous insurance policy, to purchase policy online.

Can I buy policy for my new car?

No, currently you can buy policy only for vehicle more than 1 year old and already have / had a policy

My previous policy expired, can I still buy policy?

In case your policy is expired, it requires inspection. Inspection flows are not yet supported on Paytm Insurance. The feature will be enabled soon.

How is the premium calculated for an expired car insurance?

Insurance policy is valid for a period of time. After expiry, policy issuance requires car inpection, the benefits of NCB do not apply. This results in higher premium. However for some insurers, if the policy expired less than 90 days ago, NCB is still applicable.

What is No Claim Bonus (NCB)?

NCB is a discount offered on premium by Insurance companies. This is available only if there was no claim in the previous policy year.

What is IDV (Insured Declared Value)?

IDV is maximum value of the vehicle that an insurance company will pay in case of Total Loss / Theft. This is the sum insured and is fixed at the commenecment of the term, for a term. You can change the IDV of your vehicle, though this will impact premium. Increasing IDV will increase the premium.

What is voluntary deductible?

Voluntary Deductible is the amount you agree to pay at the time of claim.

Does the policy purchase require vehicle inspection?

Vehicle inspection is required if previous policy expired, or if you buy a comprehensove policy and the previous policy was a Third Party Liability policy only. Choosing certain add-ons may also require inspection if they are not part of previous policy.

How will I get the policy document?

Policy certificate will be sent on the email id provided at the time of purchase. Physical copy may also be sent by the insurer on the communication address provided at the time of purchase.

  • Paytm Insurance Broking Private Limited. Address: 136, 1st Floor, Devika Tower, Nehru Place, NEW DELHI, South Delhi, Delhi, India, 110019
  • Registration No. 700. IRDAI Direct Broker Code - IRDA/DB 795/19. Valid till 16/02/2023
  • CIN - U66000DL2019PTC355671