Clear guidance on policy terms, medical tests, claim procedures, grace periods, and tax deductions.
How much Term Life Insurance coverage should I purchase?
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As a standard financial guideline, your Term Life Insurance Sum Assured should be at least 10 to 15 times your gross annual income, plus any outstanding liabilities (home loans, vehicle loans, personal debt) and future financial milestones like children's higher education.
What are common exclusions and waiting periods in health insurance?
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Standard health insurance exclusions include cosmetic surgery, dental treatments (unless arising from accidents), intentional self-injury, and experimental procedures. Typical waiting periods are: initial 30 days for any non-accidental illness, 24 months for specified ailments (such as cataracts, hernia, or joint replacements), and 24 to 36 months for pre-existing medical conditions (PED) declared at proposal.
What is the difference between Comprehensive and Third-Party Motor Insurance?
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Third-Party insurance is legally mandated under the Motor Vehicles Act; it covers legal liability, bodily injury, or property damage caused to another person by your vehicle. Comprehensive insurance includes mandatory third-party liability PLUS Own Damage (OD) coverage protecting your vehicle against accidents, theft, fire, floods, and vandalism, with optional add-on riders like Zero Depreciation.
What regulatory licenses does nidhiIQ hold for insurance solicitation?
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nidhiIQ is an authorized insurance distributor holding IRDAI Life Insurance License No.: 135612 and IRDAI General Insurance License No.: ILGD00062787, operating under regulatory guidelines established by the Insurance Regulatory and Development Authority of India (IRDAI).
What is a Free-Look Period in insurance?
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Per IRDAI regulations, every life and health insurance policyholder receives a mandatory 15-day (or 30-day for policies purchased electronically) Free-Look Period from the date of policy document receipt. If you are dissatisfied with the policy terms, you can cancel it during this window for a full refund of premium (less proportional risk premium, medical test charges, and stamp duty).
What income tax deductions apply to health and life insurance premiums?
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Under the Old Tax Regime: Health insurance premiums paid for self, spouse, and children are deductible up to ₹25,000 under Section 80D (₹50,000 if senior citizen). An additional deduction up to ₹25,000 (₹50,000 if parents are senior citizens) is available for parents' health insurance. Term life insurance premiums are deductible under Section 80C up to ₹1,50,000 per financial year.
Can I port my health insurance policy to another insurer without losing waiting credit?
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Yes. IRDAI guidelines allow policyholders to port their existing indemnity health insurance to any other insurer without forfeiting accumulated waiting period credits for pre-existing diseases and time-bound exclusions, provided the portability application is submitted at least 45 days before the policy renewal date.
What is Zero Depreciation (Bumper to Bumper) in car insurance?
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In standard motor claims, insurers deduct depreciation on replaced parts (50% on rubber, nylon, and plastic; 30% on fiberglass; up to 50% on metal parts based on age). A Zero Depreciation add-on covers the full replacement cost of parts without deducting age depreciation, drastically reducing your out-of-pocket expenses during claim repairs.
