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Frequently Asked Questions

What is PolicyBachat?
PolicyBachat is an online insurance web aggregator where you can compare the insurance quotes from all insurance companies in one place. PolicyBachat is ONE of the top three insurance web aggregators in India serving customers with a high level of commitment and dedication.
Is PolicyBachat safe?
PolicyBachat is a registered online insurance web aggregator licensed by Insurance Regulatory and Development Authority of India (Reg No. IRDAI/WBA30/2016). We are registered as Deztination Insurance Web Aggregators Private Limited. All insurance transactions conducted through our website are legal and safe.
Are PB insurance quotes competitive?
Any insurance quote on PolicyBachat is quite competitive when compared to those from other insurance companies. The advantage of having PolicyBachat is that the quotes from several different insurance companies are made available in one place thereby empowering the customer to “Start Saving Money” immediately by using our portal.
What should I do if my insurance premium payment is not processed?
The premium is not paid directly to PolicyBachat. Instead, we are here to facilitate a smooth transaction between the insurance company and the customer. When you select an insurance company, their payment page will list the details for online payment. In case of any dispute regarding payment status, we can get the payment credit status from the insurance company for you. If the payment is not successful, the amount would be credited back to your account within 7 working days depending on the mode of payment.
How accurate are PB insurance quotes?
PolicyBachat provides the quotes as received directly from the insurance companies. The premium shown on the quote comparison page will be the same as that listed on the payment page. We can guarantee that there will not be a change in the quoted premium amount at the time of payment.
How can I pay my insurance premium?
PolicyBachat provides you with different options to pay your insurance premium. You can pay using your Internet Banking, Credit or Debit cards, UPI or any other wallet such as Google Pay, Paytm, or PhonePe. Payments made through PolicyBachat are 100% safe, secure and reliable.
How to buy car insurance online from PolicyBachat?
Car insurance can be purchased online from PolicyBachat portal https://www.policybachat.com/car-insurance in two easy steps. In first step you need to enter the details of your car such as Make, Model, Date of registration, RTO location and click on submit to proceed to the next page. In the second step you can adjust the IDV or add riders to increase the coverage. The third and final step would be the payment where you will be directed to payment page of the insurance company to complete the payment process.
What are the factors that help in deciding policy for your car?
Best car insurance should be decided on the basis of the Insured declared value (IDV) offered by the insurance companies, Add-ons offered, Number of Cashless garages in your location, Premium quoted before deciding on the purchase of your car insurance policy. These factors should be compared at the time of car insurance policy purchase.
What if the car insurance policy expires?
Car insurance can be renewed even after its expiry. The process to renew involves a pre inspection of the vehicle by the insurance company to ascertain the risk involved. Post positive inspection report the insurance company would issue the policy subject to the receipt of payment. The pre inspection of .your car would be carried out by the insurance company or you can do self inspection with the link provided by the insurance company.
What is depreciation in car insurance?
Depreciation is the reduction in the value of an asset over a period of time due to wear and tear as a result of usage. The depreciation in car insurance is calculated each year and is taken as 10% reduction each on an average. The depreciation is also accounted at the time of claim settlement in car insurance.
Can I Take Fresh Policy For Brand New Vehicle?
Yes, a fresh insurance policy should be taken for a brand new vehicle. You can purchase a new insurance policy for your brand new car from our portal https://www.policybachat.com/car-insurance instantly.
What happens if I don’t renew my policy on time?
Your car insurance policy will be lapsed if it is not renewed on or before the expiry date. Once the policy is expired the coverage would be lapsed and your car would be uninsured. To renew the policy, you need to approach your insurance company where they’ll conduct an inspection before issuing the policy.
How to compare car insurance quotes online?
Car insurance quotes can be compared online on our portal https://www.policybachat.com/car-insurance where you can get the quotes from different insurance providers. The comparison can be done in 2 easy steps by entering the basic details of your car and clicking on submit button. You can read more about Compare Car insurance quotes online here https://www.policybachat.com/articles/compare-car-insurance-online.
How to use car insurance calculator?
Car insurance calculator can be used to calculate the premium of your car. The process of using car insurance calculator is simple. You can find the car insurance premium calculator on https://www.policybachat.com/articles/car-insurance-premium-calculator. To calculate the premium of your car, you need to enter the details such as Make, Model of your car, RTO location, Date of registration of your car etc.
Is it necessary to take bumper to bumper car insurance?
Bumper to bumper cover or nil depreciation or zero depreciation is an add-on in the car insurance policy. This add-on can be availed on payment of extra premium at the time of policy purchase. The bumper to bumper covers the cost of depreciation at the time of claim, in other words the insurance company would not factor for depreciation at the time of claim if bumper to bumper cover is opted.
What are the necessary documents required for a Car Insurance claim?
The necessary documents required for making a claim under your car insurance policy are:
  • Registration Certificate (RC Copy) of your car, which should be valid at the time of accident.
  • Surveyor report stating the ascertaining the reason of loss, quantum of loss etc.
  • Duly filled and signed claim form.
  • Copy of the your car insurance policy
  • An Estimate of the vehicle repair cost
  • Valid licence copy of the driver at the time of accident
  • Copy of the FIR/ Panchanama registered
  • In case of theft, official intimation to RTO and Letter of subrogation along with the Car keys should be submitted to your insurance company to process the claim.
What is life insurance?
Life insurance is a contract between the life insurance company and the insured customer wherein the insurance company agrees to pay the maturity benefit to the insured or the death benefit to the nominee of the insured in return for a nominal amount known as “Premium” which is to be paid by the insured customer to the insurance company on regular intervals. Life insurance is a long term contract unlike the health and motor insurance. The minimum period of a life insurance contract would be 5 years and can extend up to 99 years depending on the type of policy.
What is a term insurance?
Term insurance is a type of life insurance in which the insurance company pays the death claim of the insured to the nominee of the insured in return for a premium. Term insurance provides the claim in case of untimely death of an insured. The term insurance is a long term contract between the insurance company and the insured customer. As the name suggests term insurance is a life insurance plan taken for a particular period of term (years).
What are the types of term insurance available in India?

Term insurance is available in many types in India, they are:-

  • Increasing term insurance- The coverage increases each year in a specified percentage i.e. 5% or 10% and the total increased sum insured doesn’t cross the basic sum insured chosen by the insured customer.
  • Decreasing term insurance – As the name suggests the coverage is decreased each year over a period of time. The sum insured decreases at certain percentage each year.
  • Money back term insurance – The premiums paid are returned to the customer at the time of maturity and in case of death of the customer the claim is paid.
  • Pure term insurance – In pure term insurance, claim is paid only on the death of the policy holder. No survival benefits are paid to the customer in case of survival till the end of the policy period.
How is a term insurance plan different from other life insurance plans?
Term insurance is a type of life insurance plan which only focuses on the coverage of life and the claim is payable only in case of death of the policyholder while the other life insurance plans are seen as a tool for savings. Other life insurance plans provide both the maturity benefit as well as death benefit to the policyholder. Term insurance is typically an insurance tool to provide claim in case of death while the other life insurance plans are saving tools.
Why should I buy a term policy?
Life is unstable and we need a backup plan to provide financial security to our family. In case of sudden demise, family might face financial hardships due to the death of the earning member of the family. A term policy covers the children education costs, clears the outstanding loans and provides income to the family of the policyholder in case of untimely demise of the insured.
When should I buy a term policy?
There is no better time to by a term life insurance policy. It is better now than never to purchase life insurance policy. Ideally one should purchase a term insurance policy immediately after starting a job. Early term insurance purchase results in lower premiums to be paid to the insurance companies. The term insurance premium depends on the age of the proposer and thereby increases with increase in age.
Do I need to buy term insurance even if I’m covered under my company’s group policy?
Employer sponsored life insurance policy would be valid only till the time you are on the payroll of the organization. If is advisable to have a separate term insurance plan after analysing your liabilities and outstanding loans to maintain a healthy financial condition of your family in case of your sudden demise. It can also be noted that the company sponsored life insurance coverage would not be sufficient to meet your financial goals as the company offers minimum life insurance coverage without considering your liabilities.
Are there any age limits for buying a term policy?
Most of the insurance companies restrict the maximum entry age to buy a term insurance policy to 65 years. This is due the general practice that most of the people retire at the age band 60-65 and also would be free from all the financial obligations and liabilities, hence there would be no need to have a term insurance policy. The minimum entry age for a term insurance policy is 18 years while the maximum entry age is 65 years. Once the term policy is taken the term can be chosen by the proposer, the younger the proposer higher the term period.
How to select the best term policy for myself?
The best term insurance policy can be selected online on our portal https://www.policybachat.com/life-insurance by comparing the premiums from different insurance companies. It is advisable to talk to our expert regarding your requirements which helps them in guiding you to pick the best term insurance plan in India. The best term insurance plan is the one which offers best coverage at reasonable premium.
What are the benefits of buying a term insurance policy online?

There are many benefits in buying a term insurance policy online. Few of them are listed below:-

  • Lesser premium - The premium to be paid is less in case of online term insurance plans when compared with the offline modes. This is due to the less administrative costs involved with online purchase.
  • Comparison – When purchasing online you can have many options to select from. The term insurance plans and premium from different companies would be displayed on the portal when you make a purchase online.
  • Save Time & Energy - Both time and energy can be saved by purchasing term insurance plan online. You can purchase the policy by sitting at your home and paying the premium online without requiring moving out of your comfort zone in most of the cases. These days most of the insurance companies are not stressing on physical medical tests as they are conducting telephonic tests which forms the health declaration of your proposal form.
What is health insurance?
Health insurance is an agreement between the insurance company and the insured customer where the insurance company agrees to settle the claim in case of hospitalization due to an accident or illness in return for a considerable amount to be paid which is known as Premium. The agreement is valid only for a period of the mentioned policy term after which the policy has to be renewed.
Is health insurance important?
Health insurance is one of the most important financial planning tools available in the market. Without a health insurance you might be forced to dig out your savings and liquidate your assets in case of hospitalization. There are few people who take out personal loans to settle their hospital bills as there was no health insurance policy for them.
Is hospitalization always necessary to get a claim?
Health insurance is mainly taken in case of hospitalization due to an illness or accident. There is a provision in health insurance policy to get the claim without hospitalization; this provision is known as the domiciliary treatment where the insured customer can get treated for his/her illness or disease from one’s home. In health insurance there is provision for OPD also known as Out Patient expense which doesn’t require hospitalization. Hence, hospitalization is not necessary to get a claim in health insurance.
What is depreciation in car insurance?
Depreciation is the reduction in the value of an asset over a period of time due to wear and tear as a result of usage. The depreciation in car insurance is calculated each year and is taken as 10% reduction each on an average. The depreciation is also accounted at the time of claim settlement in car insurance.
Can the sum insured be increased at the time of renewal?
Yes. The sum insured can be increased at the time of renewal. A formal request is to be made to your insurance company to increase your sum insured at the time of renewal. It is to be noted that the extra premium for the increased sum insured should be paid to the insurance company and other conditions such as Pre existing waiting period, specific disease waiting period etc. should be satisfied for the increased sum insured.
Is there an age limit up to which the policy would be renewed?
Yes. In general there would be the minimum and maximum age limit for every type of health insurance policy. The maximum limit in general would be 60 or 65 years in most of the health insurance policies available in the market. There are several health insurance policies in the market which are known as “Senior citizen health insurance” which provide health insurance coverage to senior citizens. It is advisable to check with our agent before taking the health insurance policy.
Can the insurance company refuse to renew the policy?
No. Health Insurance Company cannot refuse to renew your health insurance policy unless there is a valid reason such as declaration of incorrect facts or activities of fraud. But health insurance companies may not send you your renewal notice in case of high claim ratio on your health insurance policy in the previous year. In case your health insurance policy is refused for renewal by the insurance company without a valid reason, you can file a complaint with the Insurance regulatory and Development authority.
Can I make a claim immediately after taking the policy?
Yes, you can make only an accident related claim immediately after taking the health insurance policy. Other claims for illness and diseases can be made only after satisfying the waiting period mentioned in the health insurance policy. There is a initial waiting period of 30 days for every health insurance policy which has to be satisfied by the insured before making a claim (except for accident related claims). In addition to the initial waiting period there is Specific disease waiting period and Pre existing disease waiting period which needs to be satisfied by the insured before making any claim.
What is Cashless hospitalization?
Cashless hospitalization is the process in which in the insured would get admitted in the hospital for treatment and the costs would be borne by the insurance company. The hospitalization cost would be paid to the hospital by the insurance company directly without the intervention of the customer. For this the insurance companies discuss packages with the hospitals and fix a price for a particular type of treatment. Cashless hospitalization is the best mode of claim settlement in a health insurance policy as the rising hospitalization costs are posing a serious threat to the people and causing a huge dent in their savings during hospitalization.

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Health insurance is an agreement between the insurance company and the insured customer where the insurance company agrees to settle the claim in case of hospitalization due to an accident or illness in return for a considerable amount to be paid which is known as Premium. The agreement is valid only for a period of the mentioned policy term after which the policy has to be renewed.

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