Answers to common questions
In India, there are three main types of two-wheeler insurance:
Third-Party Liability Insurance: This is mandatory under the Motor Vehicles Act. It covers damages to third parties in case of an accident involving your bike.
Standalone Own Damage (OD) Insurance: This covers damages to your own vehicle due to accidents, theft, or natural calamities. It's suitable if you already have third-party coverage.
Comprehensive Insurance: This combines both third-party and own damage coverage, offering broader protection. It's optional but recommended for complete security.
Comprehensive insurance offers broader protection, including coverage for damage to your own vehicle. However, if your bike is older or you’re comfortable with limited coverage, a third-party insurance policy may be sufficient. It’s important to evaluate your needs and your bike’s value before making a decision.
Premiums are determined by factors such as engine capacity, Insured Declared Value (IDV), location, security features, riding history, etc.
Yes, you can buy insurance at the time of purchase. While dealers often offer insurance packages, you are not required to accept them. You’re free to purchase insurance independently, either online or from another insurance provider.
Yes, you can purchase insurance using the bike’s engine and chassis number even before the registration is completed. Just make sure the dealer provides all the required documents to help complete the process smoothly.
Yes, you can adjust the IDV during policy renewal. Most insurers allow a 15% increase or decrease in IDV, depending on the bike's depreciation and market value.
While you cannot pause your coverage, you do have the option to switch to a third-party–only policy or reduce the Insured Declared Value (IDV) to lower your premium during periods when the vehicle is not in use. This helps you stay legally compliant while also saving on costs.
It’s recommended to renew your policy at least 15–30 days before the expiry date. Doing so ensures uninterrupted coverage and helps you retain benefits such as the No Claim Bonus.
There are mainly two types. Third-party insurance covers damages or injuries caused to another person or their property and is mandatory by law. Comprehensive insurance provides wider protection. It covers third-party losses as well as damage to your own car due to accidents, theft, fire, or natural calamities.
If you only want to meet the legal requirement, a third-party policy will do. But if you want real financial protection for your car, a comprehensive plan is the smarter choice. It not only covers your own vehicle but also allows you to add extra covers for specific needs.
Add-ons are optional covers that enhance your policy. Popular ones include Zero Depreciation Cover, Roadside Assistance, Engine Protection, and Return to Invoice. Choose add-ons based on your car’s age, usage, and local conditions.
IDV is the current market value of your car i.e., the maximum amount your insurer will pay if your car is stolen or damaged beyond repair. A higher IDV means better compensation but also a higher premium. Setting a realistic IDV helps balance cost and coverage.
The car insurance premium is determined by several factors, including your vehicle’s make, model, age, location, engine capacity, and the type of coverage selected. Additional elements such as add-on covers, No Claim Bonus (NCB) discounts, and the chosen Insured Declared Value (IDV) also impact the final premium. Insurers evaluate these details to assess risk and calculate the appropriate premium amount.
Yes, NCB is linked to the policyholder, not the vehicle. When you buy a new car, you can transfer your NCB to the new policy and enjoy the same discount on your premium, provided you haven’t made any claims in the previous policy year.
Yes, many insurers offer a quick and paperless way to compare, select, and purchase car insurance online. You can view quotes, customize your policy, pay securely, and get the policy instantly in your inbox.
You’ll need your car’s registration certificate, a valid driving licence, previous policy details (for renewals), and address proof. When buying online, most insurers allow digital document uploads for a smooth process.
If your policy has lapsed, you can renew it online by providing your car details and previous policy number. The insurer might inspect your vehicle before issuing a new policy. It’s best to renew before expiry to avoid losing your NCB and continuous coverage.
Yes, during renewal, you’re free to switch to another insurer if you find better benefits or pricing. Your NCB and claim history can be carried over to the new policy without any loss of continuity.
A comprehensive insurance policy protects your vehicle against unexpected events such as fire, theft, earthquakes, and other accidents. It also covers third-party liabilities, including death, bodily injury, and damage to third-party property. Additionally, for an extra premium, the policy can include personal accident and legal liability cover for paid drivers or cleaners of the insured vehicle.
Roadside assistance is an add-on cover that helps when the insured vehicle breaks down or gets stranded on the road with no immediate help available. The SBMFA Insurance Goods Carrying Vehicle Insurance policy ensures access to emergency services such as medical assistance, towing, fuel delivery, minor on-the-spot repairs, alternative transportation, and more.
There are two type of insurance policies - comprehensive and liability only policy.
Yes, as per the Motor Vehicles Act, every motor vehicle that runs on the road must be insured, at least with a Liability Only policy.
The existing vehicle must be sold first, after which the current insurer will issue an NCB retention (reserving) letter. Based on this letter, the No Claim Bonus can be transferred to the new vehicle, allowing you to continue enjoying the NCB benefits.
You need to contact the insurer to transfer the insurance policy by submitting the required supporting documents. These documents usually include the sale deed, Form 29 and 30, and the seller’s NOC.
Yes. As per the Motor Vehicles Act, every vehicle driven on Indian roads must have at least third-party liability insurance. This rule also applies to passenger carrying vehicles.
If you sell your insured vehicle, you have two options:
You will need to submit the necessary documents as proof of sale to complete either process.
Purchasing insurance online eliminates the need for physical paperwork and lengthy procedures. The process is quick, convenient, and allows you to compare policies easily before making a decision.
IDV (Insured Declared Value) is the estimated market value of your passenger carrying vehicle. It is determined by the insurance company after considering various factors and forms the basis for claim settlement in case of total loss or theft.
To transfer your policy, you must submit the required documents to the insurance company. Once verified, the insurer will process the transfer accordingly.
If you operate a commercial cab such as an OLA taxi, you should consider coverage options tailored for commercial vehicles. Public liability insurance is important, as it protects you against claims arising from passenger injuries or property damage while operating the cab.
To transfer or obtain a new policy, the legal heir(s) must submit:
Death certificate of the insured
Proof of vehicle ownership
Original policy documents
No. Compensation is not payable for injuries or death due to suicide, intoxication, or drug influence.
Policyholders can earn a discount on own-damage premiums for remaining claim-free:
1 year: 20%
2 years: 25%
3 years: 35%
4 years: 45%
5 years: 50%
Depreciation on parts varies by age of the vehicle—for example:
< 6 months: Nil
6 months to 1 year: 5%
1–2 years: 10%
2–3 years: 15%
3–4 years: 25%
4–5 years: 35%
5–10 years: 40%
10 years: 50%
Term insurance acts as a financial safety net, protecting your loved ones against life’s uncertainties in your absence. If you pass away during the policy term, the plan pays a fixed sum to your family, which they can use to achieve major goals, settle debts, cover daily expenses, and maintain a comfortable lifestyle.
You should invest in term insurance if -
Your family members depend on your income for their financial goals and expenses.
You have unpaid debts or loans, which will shift to your family if you pass away.
You have unfinished financial obligations, like your kids’ education or wedding, enough savings for your spouse, etc.
You haven’t accrued sufficient wealth for your loved ones’ current and future needs.
Many individuals believe that term insurance doesn’t cover several kinds of death. But this simply isn’t true. Term insurance covers all kinds of deaths, with the only exception being suicide in the first year of buying the policy. In this case, all the paid premiums till then (minus taxes) are returned to the nominee.
Avoid relying on simple thumb rules like “20× your annual income” to calculate your term insurance coverage, as this may not fully meet your family’s needs. Instead, consider factors such as your financial obligations, living expenses, outstanding loans, and current assets to determine the appropriate sum assured.
No. Life insurance comes in different forms, and term insurance is one of them. Term insurance is a pure risk cover, meaning it provides only life protection and has no investment component. Other types of life insurance, such as endowment plans, whole life plans, and ULIPs, combine both insurance and investment features.
6. Can I increase the duration of my term life insurance policy after it is issued?
Unfortunately, once a term insurance plan is issued, you cannot extend its duration. If you want coverage for a longer period, the only option is to purchase a new policy.
Individuals aged above 18 years who are active members of an organisation or recognised group can be covered under a group term insurance policy.
Yes. Most group term insurance plans provide worldwide coverage and will pay the death benefit irrespective of where the insured person passes away.
Group term insurance plans are typically issued for one year and can be renewed annually.
Generally, no medical tests are required for members to be enrolled in a group term insurance plan.
Yes. New members can be added to the group insurance plan during the policy term without needing a separate individual policy.
Individual health insurance is best suited for:
• Individuals who wish to benefit from the comprehensive sum insured instead of floating sum insured.
• Individuals with greater health risks.
• Individuals whose family members are already insured.
• Individuals who are looking for higher protection than a family floater health policy.
• Individuals seeking health insurance that can be renewed without concern for the maximum age limit.
Generally, you can file multiple claims under an individual health insurance policy. However, the total coverage is limited to the sum insured and the scope of the policy. In other words, you can make unlimited claims during the policy year, but the insurer will cover expenses only up to the sum insured.
The premium paid for health insurance in your name, or for your spouse, parents, or dependent children, is eligible for a tax deduction under Section 80D of the Income Tax Act, 1961, up to ₹25,000.
At the time of policy renewal, you can easily add extra covers to expand your existing coverage beyond the base policy. Simply click on the renewal link, select the add-on benefits you want, and make the payment online.
Yes OPD treatment is covered under your health insurance policy at an additional premium. It is an add-on that covers doctor consultation fees, prescribed medicines and diagnostics.
A family floater insurance, also known as family health insurance, is a policy that provides coverage for all members of your family, including your spouse, parents, and financially dependent children. With a single policy, you can ensure that all your family members are protected.
This policy provides essential healthcare benefits, including hospitalisation, daycare, domiciliary hospitalisation, pre- and post-hospitalisation expenses, emergency ambulance services, and more. It also offers value-added services such as a Wellness Program and routine full-body health checkups. You can opt for the maternity benefit add-on, which covers maternity expenses up to 10% of the annual sum insured, with a maximum limit of ₹1 lakh, while the newborn’s health expenses from birth are covered over and above the maternity limit (as per policy terms). The teleconsultation add-on gives you access to unlimited 24x7 consultations with healthcare professionals for both routine and emergency health concerns.
The minimum entry age for the insured is 6 years. The proposer (parents or legal guardians) must be at least 18 years old, and the maximum age for coverage is 65 years.
If you want to switch your existing health insurance to an SBMFA Insurance plan, submit your application along with a duly filled portability form and your previous policy documents. Please ensure these are shared at least 45 days before your current policy’s renewal date.
Base coverage is the sum insured provided by your family health insurance policy. Add-ons are additional covers that you can include by paying extra premiums. You can select from a variety of add-ons based on your family’s specific needs when choosing a health insurance plan.
Under Section 80D of the Income Tax Act, you can claim tax deductions of up to ₹25,000 when you buy a health insurance policy for yourself, your spouse, or your children. For dependent parents aged 60 and above, the maximum tax deduction is ₹50,000.
The sum insured depends on your income, occupation, and risk profile.
Yes, if you hold multiple valid policies, you may claim under each policy as per their terms.
Generally, premiums paid for Personal Accident Insurance are not eligible for tax deduction.
Life Insurance covers death due to all causes, whereas Personal Accident Insurance specifically covers accidental death and disability.
Coverage for COVID-19 treatment depends on the insurer and the specific policy terms. Always confirm before buying.
Generally, group plans start coverage immediately for most conditions.
Most group policies end when employment ends, so you may need an individual plan for continued protection.
Premium is based on employees’ ages, number of members, location, and dependents.
Employees aged 18–70 years and their dependents (spouse, children, parents) can typically be covered.
Maternity benefits vary — some plans cover normal deliveries around ₹25,000, C-sections around ₹35,000, and some plans extend up to higher limits.
Employees, members of associations, or any defined group can be covered under one policy.
Most plans provide 24×7 protection globally, meaning accidents anywhere are covered (subject to terms).
The policy provides weekly or monthly compensation, helping cover lost income during recovery.
Yes — sum insured, riders, and benefits can be tailored based on organisational need
Age proof
Address proof
Identity proof
Medical history documents
Pre-policy medical checkup reports (if required)
Most major insurers and network hospitals provide a cashless facility.
Generally, the policyholder bears the pre-insurance medical test cost.
You can submit documents to the insurer or their TPA department depending on the claim process in place.
You can cancel during the free-look period and receive a refunded premium after deducting applicable charges.
Co-payment is the portion of the claim amount the insured must pay. It can help reduce premiums but increases out-of-pocket expenses during claims.
There is no limit on the number of claims, but total claims cannot exceed the sum insured.
You can renew online or offline — online is typically faster and more convenient.
No. Cancer insurance cannot be purchased if you have already been diagnosed with cancer.
After your policy expires, insurers grant a grace period during which you can renew your policy without losing benefits. The duration of this period varies by insurer.
Yes. Even occasional smoking or alcohol use must be declared when applying, and premium amounts may change based on disclosure.
No. These policies are pure health covers and typically do not provide maturity or survival benefits.
Yes. Some plans allow family members to be added by paying an additional premium, or you can buy a standalone plan for each member, depending on the insurer’s terms
No. You usually cannot buy a critical illness policy after you’ve been diagnosed with a covered condition — it must be purchased before diagnosis.
Yes, most plans cover specified stages of cancer as part of the listed critical illnesses, though terms may vary by provider.
Yes. Most policies include a waiting period (commonly 90 days), meaning benefits are not payable if the illness is diagnosed before this period ends.
Yes. The lump sum payout can be used for any purpose you choose, including day-to-day expenses and income replacement.
Yes. Premiums paid for critical illness insurance are typically tax-deductible under Section 80D of the Income Tax Act.
Travel insurance is a type of insurance that covers medical expenses, trip cancellations, lost luggage, flight accidents, and other losses that may occur while travelling. It can be purchased for both international and domestic trips.
All the information needed to complete the application is available in the applicant’s passport. The key details required include the applicant’s full name, passport number, date of birth, mailing address, telephone number in India, details of the assignee (the beneficiary in case of death or dismemberment of the traveller), and the correct travel dates.
It is advisable to contact your insurance provider to discuss your claim. Please keep your policy details, passport number, and any other relevant information ready when submitting your claim.
Some travel insurance policies may offer renewal options, but this is not always standard. Generally, travel insurance is designed for specific trip durations. It is best to check with your insurance provider to see if renewal is possible and under what conditions.
The validity period of travel insurance depends on the duration of your trip, as policies are usually purchased for specific timeframes. These can range from a few days to several months, depending on the policy and insurer. It is always advisable to confirm the exact validity period with your insurance provider before you travel.
No, 0% GST is applied automatically when you buy a single-trip or multi-trip travel insurance policy.
No, it doesn’t affect your insurance coverage. The removal of the Goods and Services Tax (GST) only reduces tax paid on the premium. So, you only pay the base premium amount and no additional taxes.
The GST exemption is applicable to retail travel insurance policy (individual and family travel policy) – single-trip travel insurance and multi-trip travel insurance.
Yes — most family travel plans cover the main policyholder, spouse, and dependent children in one policy.
Yes — if supported by valid documentation and within the terms of the policy.
Yes — most plans include emergency evacuation and repatriation.
Yes — add-ons and optional covers may be available depending on the insurer and policy chosen.
In many countries and universities, having valid travel or medical insurance is mandatory for admission and visa approval.
Yes, most student travel insurance plans allow extensions, subject to insurer terms.
Coverage for pre-existing conditions is usually limited and available only under specific plans or add-ons.
Some plans offer optional coverage for study-related equipment. Coverage details vary by policy.
SBMFA Insurance Broking Private LTD
IRDAI License No : 1137
IRDA Direct Broker Code : IRDA/DB 1243/2025
Valid till : 22/01/2029
CIN : U66220RJ2025PTC099741
© 2026 Apno ka Bima - SBMFA Insurance Broking Private LTD . All rights reserved.| IRDAI Certified
Powered by W3Care Technologies
