Can I Borrow From My Life Insurance Policy?

Can I Borrow From My Life Insurance Policy?

Yes, you can borrow from your life insurance policy. The payments you make to your life insurance provider can be used to take out a loan in case of an emergency. Life insurance not only protects against death but also for maturity benefits and loans in emergencies.

How does PolicyBachat help me in my Two Wheeler Insurance Purchase?

PolicyBachat is the leading insurance web aggregator in the Indian insurance market space. We strive to help our customers reduce the amount of money they spend on insurance purchases with maximum coverage. We have a dedicated team of agents working round the day to ensure that our clients get the best two wheeler deals from insurance companies and also that the after sales service is maintained to satisfy the customers. PolicyBachat had tied up with all the major general insurance company to offer bike insurance to its customers at affordable premiums.

What is NCB in Two Wheeler Insurance Policy?

NCB is the no claim bonus given to the owner/driver at the time of renewal of bike insurance policy. The no claim bonus is given to those with nil claims reported in the previous years. The no claim bonus increases each claim free year and reaches a maximum of 50% from 0%. The no claim bonus is an extra discount given to the customer on the own damage section of the policy if there are no reported claims in the previous year. The NCB cannot be transferred from one person to another person if the bike is sold.

Which is the best bike insurance policy?

The best bike insurance policy depends on your specific needs, bike age, and budget. A Comprehensive Policy is often recommended as it covers both third-party liabilities and own damages. Look for insurers with a high Claim Settlement Ratio (CSR) and a wide network of cashless garages. Consider add-ons like Zero Depreciation for maximum protection. Always compare different plans to find the best balance between premium and coverage.

How to transfer bike insurance policy?

To transfer a bike insurance policy, the buyer must apply to the insurer within 14 days of the ownership transfer. You need to submit the revised Registration Certificate (RC), a sale deed, and the existing policy document. The insurer may charge a nominal fee for the transfer. Note that the No Claim Bonus (NCB) cannot be transferred to the buyer; it remains with the original owner.

How to get my bike insurance policy number?

You can retrieve your bike insurance policy number by logging into your insurer’s self-service portal. Most insurers allow you to download a copy of the policy by verifying your OTP on their website. If you purchased the policy through an aggregator like PolicyBachat, log into your account to view all active and expired policies. Always keep a digital copy saved on your phone for quick reference during road inspections.

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