What documents are required to buy group insurance?

Typically, documents such as company registration details, employee data, KYC documents, and previous policy information (if any) are required to purchase group insurance.

How does claim settlement work in group insurance?

In group insurance, claims are usually processed through the insurer with support from the broker or administrator. Employees can avail cashless treatment (for health insurance) or reimbursement, depending on policy terms and network coverage.

Insurance is a tool to manage your risk. By buying an insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone your nominee(s) in an event of something bad happening to you. If you do not have an insurance and an accident happens, you may be responsible for all related costs. There are two broad forms of insurance; Life Insurance and General Insurance. The main difference between life insurance and general insurance is that while former covers the life-risk of the insured, the latter offers financial protection against damage or loss other than life. Some of the most popular types of general insurance available in India are; Health Insurance, Motor Insurance, Home Insurance, Fire Insurance. Travel Insurance & Marine Insurance.

An “insurer” or the insurance company is a financial organization that provides a range of insurance policies to protect individuals, families and businesses against the difficulties of financial losses in return for regular payments of premiums. The key responsibility of Insurance Company is to provide financial cover to their customer in the form of sum assured in case of occurrence of an adverse event, as stated in the policy.

What is third party insurance?

Third-party motor insurance or third-party liability cover is a statutory requirement under the Motor Vehicles Act, 1988. It is referred to as a 'third-party' cover as the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company). The policy does not provide any coverage to the policyholder. However, it covers the insured person's legal liability for death/disability of third-party loss or damage to the third-party property. Third-party liability is sometimes also referred to as the 'act only' cover. As Third-party insurance is statutory requirement, all non-life insurance companies are mandated to provide this cover to vehicle owners. In the Indian context, automobile dealers have an obligation arrange for a comprehensive insurance cover along with vehicle registration. Auto dealers provide this comprehensive cover as an add-on to the mandatory third party.

What is IDV(Insured Declared Value) in insurance?

IDV is the maximum sum assured fixed by the insurer that is offered to you in case of theft or total loss of your vehicle. In short, IDV is the current market value of your vehicle fixed by the insurer. Formula for calculating IDV for a new car that is equipped with extra accessories: Insured Declared Value = [Company’s listed price – the depreciation value] + [Cost of vehicle accessories - the depreciation value of these parts] Formula for calculating IDV of relatively older car that is not equipped with extra accessories: IDV = Manufacturer’s registered price – the value of depreciation Your car insurance premium is directly proportional to the IDV of your car. This means the higher the IDV, the more will be the amount of premium charged to you. You reduce the amount of premium by keep the IDV of your car lower than current market value. However, it is not advisable to opt for a lower IDV just to reduce the premium amount, as this may result in losses.

How does insurance work?

Insurance works based on the principle of pooling of risks. Insurance companies aggregate small risks spread across a large number of policyholders. In lieu of taking the risk, companies charge an insurance premium. In case the covered mishap occurs, insurers are liable to cover the damages.

What is the difference between an insurance company and a broker?

An insurance company bears the risk of loss. The premium is paid directly to the insurer. An insurance broker is an advisor and service provider to the policy holder. Brokers help to identify the best insurance policy, compare insurance quotes, and then help to make a claim.

Is it safe to buy an insurance policy online?

Yes, it is safe to buy an insurance plan online . You must get insurance quotes online from a recognized intermediary licensed by IRDAI. Always ensure that the payment is made to the account of the insurer.

Is online insurance cheap?

Yes, generally premiums offered by online insurance providers such as SecureNow, is about 20% lower than alternate sources. Additionally, SecureNow offers much higher ease of buying, tracking and renewing insurance policies online .

What are different types of Insurance policy?

Broadly, there are two categories of policies : life and general insurance policy, also known as non-life insurance. Examples of general or non-life policy include health, motor, fire, marine, travel, and home insurance . Examples of life policy include term, pension , and endowment plans.

Will insurance quotes be cheaper if I approach the insurance companies directly?

No. SecureNow does not charge separate service fees to its clients. The brokerage earned by SecureNow is already embedded in the insurance quotation displayed online. Infact, because of the large pool of clients, SecureNow is able to negotiate lower insurance policy quotes for its clients.

Why are insurance quotes lower from SecureNow as compared to my local agent?

SecureNow leverages deep insurance domain knowledge, relationships with insurance companies, and its size, to get insurance quotes that are much cheaper as compared to those offered by alternate sources.

Why should I buy an insurance policy online rather than buying locally?

SecureNow would offer you curated insurance plans . These plans are shortlisted after comparing multiple insurance policies. We offer multiple options, best rates, transparent features, claims support, and cutting-edge technology tools to track, manage and renew insurance plans online .

How to claim insurance?

To make a claim, first you need to register the claim with the insurer. Second, you need to submit all documents required for the specific claim. SecureNow provides end to end assistance to its clients. You can file a health claim through securenow.app , and track its status via app or our chat.

How can I renew online insurance?

SecureNow will share quotes to renew your policy. Once you approve these quotes, we will share a payment link. You could make the payment to renew your policy .

I have bought from an agent, can I renew the policy online at SecureNow?

Yes, you can. You need to authorize SecureNow to manage your renewal, and share the details of your previous year policy and claim details, if any. SecureNow will source best renewal quotes for you, and assist you with further processes for renewal.

After I renew my insurance policy, how soon will I get the policy copy?

This varies by insurance provider and product. For a few products, the policy copy will be issued instantly. In other cases, it can take upto 2 weeks for insurers to issue a policy.

How many times can an insurance claim be made in a year?

There is no restriction to the number of times an insurance claim can be made in a year. The aggregate claim value should not be more than the overall sum insured.

Will SecureNow help me in making endorsements in my insurance policy?

Yes. SecureNow will assist you with the calculation of premium required for additions or deletions in the policy. We will get the changes endorsed in the policy. Post endorsement, you can track your premium float with the insurer and endorsement acknowledgement in our client dashboard.

How can I track my Insurance policy online?

SecureNow provides all its clients access to the client dashboard. Through which you can track the renewal date, premium paid, policy copy, claim history, and changes made in the policy. You can log on to the client dashboard with your registered mobile number through the View Policy and Card button on the home page.

How do I get access to insurance policy wordings?

You can access the policy wordings of major products and insurers from our download section on the home page.

BUSINESS INSURANCE SIMPLIFIED

Q: What is group insurance?

Group insurance is a type of insurance policy designed to provide coverage to a group of people under a single contract. It is commonly offered by employers to employees, associations to members, or institutions to students. Group insurance usually includes benefits such as health insurance, life insurance, or accident cover at lower premiums compared to individual policies due to risk being shared across the group.

Q: How does an insurance broker operate?

An insurance broker acts as an intermediary between customers and insurance companies. The broker assesses the client’s requirements, compares policies from multiple insurers, explains coverage options, negotiates terms, and assists with policy placement. Brokers also provide ongoing support for renewals, endorsements, and claims, ensuring the client’s interests are represented throughout the policy lifecycle.

Q: How can I compare insurance quotes?

You can compare insurance quotes by evaluating multiple policies based on premium, coverage benefits, exclusions, policy limits, claim process, and insurer reputation. Online comparison platforms and insurance brokers simplify this process by presenting multiple quotes side by side, helping you choose a policy that offers the best balance of cost and coverage.

Q: Can I buy corporate insurance online?

Yes, corporate insurance can be purchased online. Many insurers and brokers offer digital platforms where businesses can compare plans, customize coverage, submit documents, and complete policy issuance online. Buying corporate insurance online saves time, improves transparency, and allows easier policy management and renewals.

Q: Can group insurance be customized?

Yes, group insurance plans can be customized based on group size, industry type, employee demographics, and budget. Coverage options, sum insured, add-ons, and benefits can be tailored to meet specific organizational needs.