Underwriting of a risk involves consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so at what rate of premium.

It is an arrangement by which insurance companies spread their risk with other underwriters or reinsurance companies called Reinsurance

The look in /free-look provision to a policy means a customer has 15 days/or as given by the company from the date of the policy's receipt to revisit his purchase decision. This would essentially mean that the policyholder has the time to go through the policy fine-print, understand how the policy is going to work and convince himself that he needs such a policy before deciding to commit funds every year over the plan tenure.

The objective Make the process of buying insurance transparent, easy and fulfilling for the customer, rather than leaving him with the feeling that he has picked up what he would have otherwise not needed.

Exercising the option If a customer does decide within the 15-day free-look period that the policy he purchased is not suited to his requirements, the policy can be returned to the company. However, generally the entire premium paid by him is not refunded. Costs incurred by the insurance company in the form of stamp duty charges and the cost of a medical check-up, if any, is deducted before the payout is made. Additionally there might also be a deduction of risk cover charges on a proportionate basis — that is, as the life of the policyholder has been covered till such time he decides to return the policy, risk cover charges for this period may also be applicable.

Typically General Insurance contracts are for one year period only

Yes

Approach the insurance company well in advance before your expiry date of your policy.

• Seek an approval from the company on the intention of renewing your policy if you have not received a renewal letter / intimation
• Seek premium & other relevant details
• Pay the premium and take premium receipt and cover note/risk held note
• Wait for documents
• Check for its correctness on receipt and store it carefully

In case of denial for renewal

• Seek an explanation from the company
• Clarify doubts if any
• Find any other company if the existing insurer doesn't renew

IRDA

Yes you can contact following:

• Customer Services cell of Insurance company
• Insurance ombudsman
• Judiciary/Courts

Yes same as above

IRDA the chief regulatory body allows various Insurance companies to operate in the country and offer general insurance products. Currently there are 21 General Insurance companies offering GI products in India.

Insurance is the subject matter of solicitation. IRDA allows insurance to be sold primarily through following:

• Agents representing an insurance company
• Insurance brokers are allowed to sell products of more than one insurance company
• Company websites
• Buying on phone. It depends upon individual company
• Banks , retail houses or any other commercial ventures which are channel partner of these insurance companies

It depends upon the product to product.

• For eg in case of a death cover, although it is impossible to ascertain the value of human being but generally the insurance coverage is allowed upto 120 months of gross monthly salary
• In case of motor , the Insured declared value in line with the YOY depreciation table approved by TAC is taken
• In case of travel insurance it depends upon the medical price index of the country traveled to

It is very important to have adequate amount of coverage for each insurance policy. For any asset or property insurance, the value of the asset based on market value or reinstatement value should be taken into consideration before deciding Sum Insured. If the Sum Insured is not adequate, the percentage representing the uncovered portion of the asset is to be borne by the insured.

A customer can look for the prices from company brochures , websites , rate cards etc. Customer should compare the prices vis a vis benefits from 3 – 4 different companies. In case of adoubt ,one can ask insurance companies for a conclusive proof of the charges on letter head. Further a customer can contact Insurance ombudsman in case of a dispute.

Discounts are generally available on renewal, but please check with companies for individual offerings.

It is illegal under the eyes of law. An agent can’t share his earned commission with the customer.

Insurance is a contract between the insured and the insurer and the proposal form acts like offer from insured side. Moreover, it contains all the required information for the preparation of the policy which is a contract document.

As per the present provision, the contract of insurance is between insured and the insurer. The role of intermediaries like agent is only for facilitating this process. Thus an Agent can accept premium cheque for deposition with insurance company but cannot issue receipt..

NCB means No Claim Bonus. NCB is provided by Insurance Company if there is no claim taken by the Insured for 1 complete year. Below mentioned is the NCB % 1st Year - 20% 2nd Year - 25 % 3rd Year - 35 % 4th Year - 45 % 5th Year - 50%

Maximum No Claim Bonus which is provided to the Insured is 50%

If the customer is enjoying NCB he will be eligible for discount on the own damage premium amount.

No Claim Bonus is non transferable; However in event of the Insured’s death NCB can be transferred to his/ her spouse. If the policy is in the name of company and the User wants to transfer the policy in his name he can avail the NCB provided he submits the NOC from the company.

Substitution of Insurance means transfer of Insurance from one vehicle to another. We require the below mentioned documents for substitution of Insurance at the branch.

Substitution of Insurance (Sale).

• Sale Deed
• New RC copy
• Form 29/30
• New application form
• Proof of insurance of the old vehicle

(NCB can only be claimed with in 90 days from the date of sale.) For retaining you NCB you need to cancel your current Auto policy. You need to submit the below mentioned documents to our nearest branch. Original policy documents with the certificate of insurance (form – 51) Proof of insurance Covering letter mentioning the reason of cancellation. Form 29/ 30, Sale Deed for procurement of NCB reserving letter.

Note – NCB reserving letter is valid for three years.

To apply for a new Auto policy please call our tollfree 1800-266-7780.

For extension of Travel Insurance you need to send us an email at customersupport@tataaig.com 7 working days prior the policy expiry date. (Note – Extension of policy can be done after Underwriters approval.)

For cancellation of travel insurance the customer needs to submit the below mentioned documents.

Policy document Passport complete copies Covering letter Note - Domestic Travel insurance cannot be cancelled or refunded

Free look period is the 14 days grace period provided to the customer for cancellation of his Accident policy.

For Cancellation of your Accident policy please call our tollfree 1800-266-7780 and place a request for cancellation.

In Tata AIG General Insurance Company Limited we don’t have any cashless benefits for Accident policies.

Tata AIG General Insurance Company Limited doesn’t have tie up with any hospitals.