Frequently Asked Questions (FAQs)

Who is PolicyBachat?

PolicyBachat is based in Hyderabad, India. Our mission is to be the nation's leading insurance web aggregator, helping busy consumers make better Insurance decisions, while maintaining a high level of customer service.

PolicyBachat is committed to being the leading insurance web aggregator for today's consumers who want to feel empowered and confident with their decision-making in insurance matters. We have innovative technology solutions, insurance subject matter expertise and knowledgeable representatives who assist customers in their decision making process, while maintaining a high level of customer service.

We constantly endeavour to make the insurance experience better by working closely with our partner Insurers and paying close attention to our customer's concerns.

Do you provide rate comparisons for all Insurers?

Yes, PolicyBachat provides rate comparisons for all major national Insurers. Simply answer a few questions and Policybachat will generate comparative rates from all major Insurers. With comparative rates, you can be sure of the best deal right at your fingertips.

How do I get comparative rates?

Policy Bachat is a web aggregator and provides unbiased rate comparisons. We are not brokers or agents and are not biased in our dealings with one insurer over the other. We help consumers make suitable choices when comparing a risk against several insurance Insurers. Insurance products and price information is purely on the basis of the information furnished to us by Insurers.

Do you provide insurance consultation?

Yes, we provide free insurance consultation. Our subject matter experts are here to help you with every area of your concern. If you have specific questions that need to be answered at a time more convenient to you, simply click on the appointment link, enter you details and the best time to reach you.

How do I know what coverage is required? What Insurance program suits my needs? What are my best Insurance options?

Our priority at PolicyBachat.com is to ensure you are well served and cost-effectively insured. A method we encourage to determine that we are accomplishing this goal at all times, is our free Insurance Consulting Services.

Will the rates provided on PolicyBachat be accurate?

Accurate rates are a result of accurate information provided. Rates are provided to you purely based on the information provided to us.

Why do you need this information to avail comparative rates?

We ask as little information as possible to generate comparative quotes. The information collected is necessary to provide accurate comparative quotes.

Why do you need my email address?

Your email address is your login to access comparative rates or edit existing quote information. Your email is also used to summarize comparative rates.

We do not sell your email addresses to non-insurance companies for marketing purposes without your consent.

Why should I use Policybachat?

Fast & Easy to use.

You can quote, compare and buy online as well as save on a policy instantly in 3 easy steps.
You get access to comparative rates online from multiple insurers in less than a minute.
We provide free insurance consultation to help today's consumers who want to feel empowered and confident in their decision-making process.
We constantly endeavour to make the insurance experience better by working closely with our partner Insurers and paying close attention to customer concerns.

Honest
We are honest in our dealings and provide fair and unbiased rate comparisons. We provide Insurance products and price information purely on the basis of the information furnished to us by Insurers.

Value
We believe that we can add value to the policyholder with our cutting edge innovative tools, information and comparative rates that will assist consumers during the process of purchasing insurance through us.

Privacy:
We are deeply committed to safeguarding our customers' information.

Responsibility:
We provide 24/7 services to our customers and believe strongly in corporate responsibilities.

Commitment:
PolicyBachat is committed to work with insurance partners in developing innovative products and services, to meet the needs of diverse policyholders.

What is insurance?: Insurance is a financial agreement where you pay a premium and the insurer covers losses such as accident, illness, damage, theft, or death.
What are premiums?: Premiums are the amount you pay to keep your policy active. They can be monthly, annual, or single-pay.
What is a sum assured or sum insured?: This is the maximum amount the insurer will pay for a covered loss.
Sum Assured - typically used for Life/Term plans.
Sum Insured - typically used for Motor/Health/Travel plans.
Is insurance mandatory?: Only third-party motor insurance is legally mandatory in India. Other policies are optional but recommended.
What is a policy period?: The duration for which your insurance coverage is valid, typically 1–3 years depending on the product.
What documents are required to buy insurance?: Most policies require basic KYC, ID proof, and product-specific details depending on motor/health/life.

Car Insurance

Is car insurance mandatory in India?: Yes. At minimum, third-party insurance is required by law.
What is the difference between third-party and comprehensive insurance?: Third-party covers damage to others. Comprehensive covers damage to others + damage to your own vehicle.
What is IDV?: IDV (Insured Declared Value) is the market value of your car. It determines the maximum claim for theft or total loss.
What is Zero Depreciation cover?: An add-on that ensures you get full claim payout without depreciation cuts on parts.
How is car insurance premium calculated?: Premium depends on IDV, make/model, age of vehicle, city, add-ons, and claim history (NCB).
What is NCB?: NCB (No Claim Bonus) is a discount on your renewal premium if you made no claims in the previous year.
How many times can I claim NCB?: NCB is lost if you make a claim. If you have no claim in a renewal year, NCB is restored or increased as per insurer rules.
Do I need to file an FIR for a claim?: FIR is required for theft and major third-party cases. It is not usually required for minor own-damage claims.
What is cashless repair?: Repairs done at a network garage where the insurer pays the garage directly for approved repairs.

Bike Insurance

Is bike insurance mandatory?: Yes. Third-party coverage is compulsory.
Can I renew my bike policy after expiry?: Yes, but after 90 days you may lose your NCB - check your insurer's specific rules.
What is long-term bike insurance?: Several insurers offer 2–5 year comprehensive bike insurance for convenience and potential savings.
Can I transfer my bike insurance to the new owner?: Yes, insurance can be transferred during vehicle ownership transfer. NCB usually stays with the original owner.

Health Insurance

What is a waiting period?: The time during which certain benefits (pre-existing conditions, maternity) are not covered.
What is PED?: Pre-Existing Disease - any illness you already had before taking the policy.
What is cashless hospitalization?: Treatment at a network hospital where the insurer settles bills directly with the hospital.
What is co-pay?: A share of the medical bill that you must pay. Higher co-pay usually reduces the premium.
What is room rent limit?: Maximum room charge covered per day. Choosing a higher room type may reduce claim payout if it exceeds the limit.
Are day-care procedures covered?: Yes. Modern treatments that don’t require full hospitalization are generally covered as per policy terms.
Are COVID-19 treatments covered?: Most health insurance plans now include COVID-19 as a covered illness - check your specific policy.

Term Insurance

What is term insurance?: Pure life cover that provides financial protection for your family if something happens to you.
Does term insurance have maturity benefit?: Only Return of Premium (ROP) term plans offer maturity benefit. Pure term plans do not.
Can I increase my sum assured later?: Some insurers allow increases at life events such as marriage, childbirth, or income milestones.
What is a rider?: An additional benefit like accidental death, critical illness, or waiver of premium.
Can NRIs buy term insurance in India?: Yes, most insurers allow NRIs to buy term insurance with required documentation.

Life Insurance

What is the difference between term and life insurance?: Term is pure protection. Life insurance may include savings or maturity benefits (ULIP, endowment, money-back).
What is surrender value?: Amount paid if you close the policy before maturity.
Who receives the payout after death?: The nominee named in the policy receives the sum assured on a valid claim.
What is paid-up value?: Reduced coverage if you stop paying premiums but do not fully surrender the policy (depends on policy terms).

Travel Insurance

Is travel insurance mandatory?: Mandatory for some countries and visa categories; recommended for all international travel.
Does travel insurance cover medical emergencies abroad?: Yes. Coverage varies by sum insured and policy terms.
What if I lose my passport overseas?: Many policies include limited reimbursement for passport loss or replacement expenses.
What is trip cancellation cover?: Reimburses prepaid non-refundable expenses if you cancel for a covered reason under the policy.

Claims (All Insurance Types)

How do I file a claim?: Inform insurer → Submit documents → Assessment → Approval → Settlement.
How long does claim processing take?: Varies by insurer and claim type. Typical ranges: Motor 3–7 days; Health cashless immediate or 7–14 days for reimbursement; Life 7–30 days.
What documents are required for claims?: Typically: policy document, KYC, bills/receipts, FIR (if required), photographs, and a completed claim form.
Can my claim be rejected?: Yes-if the event is excluded, documents are missing, or information was misrepresented. Ask the insurer for written reasons if a claim is denied.

Premiums & Renewals

Can premiums increase on renewal?: Yes. Factors include your age, inflation, IDV changes, claims, and insurer pricing.
What happens if I miss renewal?: Motor: policy lapses and NCB may be lost after 90 days. Health: waiting periods may reset. Life: reinstatement is needed.
Can I switch insurers at renewal?: Yes. Health portability and motor migration are allowed under IRDAI rules.

Cancellation & Refunds

Can I cancel my insurance anytime?: Yes, subject to insurer conditions and terms in the policy document.
Will I get a refund?: Refunds depend on unused policy period and insurer-specific refund rules.
What is free-look cancellation?: A 15-day window (from policy receipt) where you can cancel life/health policies after buying and get a refund subject to terms.

Documents & KYC

What documents are needed for car/bike insurance?: Registration Certificate (RC), previous policy (if renewal), and ID proof.
What documents are needed for health insurance?: ID proof, age proof, medical history, and KYC documents as required by the insurer.
What documents are needed for term/life insurance?: KYC, income proof, medical reports (if required), and photographs.

Buying Insurance Online

Is it safe to buy insurance online?: Yes. Buying online is safe when done through authorised insurers or IRDAI-registered intermediaries. Comparison helps find better premiums.
Why should I compare insurance quotes?: Different insurers offer different premiums, add-ons, and claim experiences; comparing helps you pick the best fit.
Do I get the same policy benefits online?: Yes. IRDAI ensures identical coverage whether you buy online or offline.
Can I see multiple insurer quotes instantly?: Yes-many aggregator sites provide instant premium comparison across leading insurers.

IRDAI & Regulation

What is IRDAI?: Insurance Regulatory and Development Authority of India - the regulator that governs insurers and protects policyholders' interests.
What is Claim Settlement Ratio?: The percentage of claims settled by an insurer. A higher ratio can indicate stronger claim performance, but check details and timelines too.
Are insurers allowed to reject claims without reason?: No. IRDAI guidelines require insurers to provide written justification for claim rejections and follow grievance processes.

Add-ons

What are add-ons in insurance?: Optional extras that enhance the base coverage for specific needs.
Popular motor add-ons:: Zero Depreciation, Engine Protect, Return to Invoice (RTI), Roadside Assistance (RSA), Key Replacement.
Popular health add-ons:: Room Rent Waiver, Critical Illness Rider, Restore Benefit.
Popular term add-ons:: Accidental Death Benefit, Waiver of Premium, Income Benefit Rider.

General Insurance FAQs