Are you running away from ‘insurance agents’, ‘insurance aggregators’ or ‘insurance’ itself?

For many, insurance is not a topic of day-to-day conversation. We carry a lot of misconceptions and myths about insurance. We avoid buying insurance. For most of us, insurance is just another expense. The irony is – we are ready to spend lakhs on luxury items but not even a penny on insurance!

#protectkarbefikar is a path-breaking, new campaign that’s changing the way India thinks about insurance and its importance. A must-follow for everyone!

  • # Health Insurance
kar befikar!

Health insurance covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly.

Term insurance (or life insurance) offers financial coverage to the policyholder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary.

Motor insurance (also known as auto or car insurance) is done to protect your vehicle from unforeseen risks.It helps cover against theft, financial loss caused by accidents and any subsequent liabilities. The cover level of motor insurance can be the insured party, the insured vehicle and third parties

Travel Insurance is an insurance policy, which covers risks while you are travelling within India or abroad

A child insurance plan is a combination of insurance and investment that ensures a secure future for your child. Life cover is available as a lumpsum payment at the end of the policy term. Not just this, these plans also provide flexible payouts at important milestones of your child's education.

Did you know?


Myth: One does not need a health insurance when young and healthy

Fact: In fact, the right time to buy a health insurance cover is when you are in the pink of health and leading a fit life


Myth: Policy benefits begin from Day 1

Fact:Every health insurance policy comes with a 'waiting period', before which, claims against specific ailments are not entertained. In the first 30 days from the commencement of the healthcare policy, no diseases are covered


Myth: Coverage under group health insurance is enough

Fact: This cover will continue only as long as you are in the company which has provided you group cover. The period between switching jobs may leave you unprotected. Therefore, having your own health insurance policy helps.


Myth: Pregnancy related claims are not entertained

Fact: Health insurers have started covering pregnancy and maternity expenses, subject to certain conditions. Some policies require a three-year waiting period before covering pregnancy-related claims, while some cover only the first pregnancy.


Myth: Death due to natural disaster isn’t covered

Fact: Term insurance covers all forms of death (except suicide in the first year)


Myth: Term insurance plans are a waste of money, since they don’t return any money on maturity.

Fact: These plans are for family protection and provide much needed money when the earning member isn’t there. Also there are plans in the market which return the full premium paid.


Myth: Buying term insurance too early and too late in life is not beneficial

Fact: It is never too early or too late to buy a term insurance plan. Moreover, it is very beneficial if you buy the policy early in your life as you can buy it at the cheapest rate and can avail maximum benefits over time.


Myth: The cover of a term insurance plan cannot be increased

Fact: Insurance companies provide the option of increasing the cover of a term plan. You do not need to buy a separate term plan to increase your cover.


Myth: An old car does not need insurance

Fact: It is mandatory by the law of Indian Motor Vehicle Act, 1961, to protect your vehicle through an insurance plan, whether it is old or new.


Myth: Third Party insurance is the cheapest, hence I will buy only third party policy.

Fact: A third-party auto insurance policy only covers the damages to a third party and doesn’t pay for the damages to your car. You need to buy a comprehensive motor insurance policy in order to cover yourself and your car.


Myth: NCB is lost during policy transfer to another insurer

Fact: Your NCB follows you wherever you go. That means even if you transfer your auto insurance from one insurer to another, you can transfer the NCB as well, provided it needs to be filed within 90 days from the expiry date of your old policy.


Myth: Carrying hard copy of car insurance policy is mandatory

Fact: Soft copy of your car insurance policy is a valid legal document.


Myth: Nothing will happen to me while travelling

Fact: There are several unforeseen situations that can disturb your well-planned trip. For example, flight delay, injury, illness, or unsuitable weather conditions may cause hospitalization.


Myth: Medical costs are cheaper abroad, hence I do not need travel insurance

Fact: It is very expensive to afford medical costs when you are earning in rupees. So, if you’re travelling overseas, make sure you have an overseas travel insurance policy that covers your medical expenses in case you come across some kind of a medical emergency.


Myth: Travel Insurance is important for people who participate in adventure sports.

Fact: It is true that people participating in adventure sports are at a higher risk of putting themselves into an emergency situation, but this situation can happen to travellers who do not participate in such an adventure world too.


Myth: Travel insurance only covers catastrophic scenarios

Fact: The majority of such insurance policies provide add-on coverage that comprises things like tour packages, plane tickets, medical expenses overseas, emergency evacuations, hotel rooms, delayed flights, lost luggage and much more.


Myth: Child insurance covers the child’s life

Fact: Most child plans insure the life of the income-earning parent, and not the child. The benefit associated with such a plan is that the child’s dreams are fulfilled, even if the parent is no longer around.


Myth: The policy ends if the parent dies

Fact: Death of the parent doesn’t affect the continuity of the child plan. The plan runs for the chosen tenure by virtue of the premium waiver rider creating a secured fund for the child’s future.


Myth: Plans may not be sufficient to meet inflated costs in the future

Fact: Insurance companies calculate the sum assured and other aspects of the policy after taking inflation into consideration. You can be rest assured that these plans will be able to meet the financial needs of your children in the future


Myth: Child plans lack liquidity

Fact: Child plans are flexible. In traditional child plans, pay-outs are made at fixed intervals, to coincide with the major events in the child’s life. A market-linked plan will give you the flexibility of making partial withdrawals after the completion of 5 policy years.