What does it mean to pay a life insurance premium?

A premium is the amount you pay to the insurer in exchange for the insurance policy's benefits. These payments can be made on a regular basis, for a specific number of years, or only once, depending on the options available under the policy you choose.

When does your term life insurance coverage expire?

A term life insurance policy protects the policyholder until he or she reaches the age given in the policy. A beneficiary will get a death benefit if the policyholder dies before the term expires. If the policy holder's life should outlive the term, the policy can be renewed for a premium at the conclusion of the term.

What are the tax advantages of life insurance?

Several life insurance products in India provide various tax benefits. Section 80C of the Income Tax Act of 1961 allows you to deduct up to Rs.1.5 lakh in life insurance premiums paid. In addition, the nominee can claim a tax deduction on the insurance payouts received under Section 10 (10D).

What is the cost of life insurance

? Different types of life insurance policies have different premium rates since several criteria are taken into account, including age, annual income, current medical issues, liabilities, and more. However, of the different life insurance policies available in India, term insurance is one of the most cost-effective options if purchased early in life.

What is the best way for me to pay for my insurance policy?

Your insurance can be paid using a credit or debit card. Cheques, cash cards, and mobile payment solutions are some of the other options for payment.

Is it possible for me to have many life insurance policies?

Yes, you can own numerous life insurance plans as long as you meet specific requirements.

What is the best way to assign life insurance benefits to another person?

By assigning a life insurance policy, one might transfer his or her title, rights, and interest in it to another entity. This is usually done to provide security for a loan or to protect the other person's financial interests. The assignee will receive the benefits of the life insurance policy once it has been allocated. The policyholder must complete the assignment form and return it to the insurer, along with the policy details that must be allocated. In addition, the individual must send the original insurance as well as the assignee's KYC documentation. The assignment can be endorsed on a copy of the life insurance policy or a notarized assignment, indicating that it can be carried out.

Why should I invest in a health insurance plan?

With each passing day, the cost of medical treatment continues to rise. A major sickness or injury might quickly deplete your finances. As a result, having a cash cushion to pay your medical bills is critical. You can do so by acquiring a health insurance plan, which will cover the costs of medical treatment.

What is the procedure for purchasing a Group Health Insurance Plan?

Employees are offered a Group Health Plan by their company. This form of insurance can be purchased by corporations or start-ups. Without an employer, you cannot purchase a Group Medical Insurance Plan.

Which health insurance plan is the most suitable for a family of four?

For a family of four, a Family Floater Health Insurance Plan is an affordable and appropriate health insurance coverage. A floater plan includes a sum assured that can be shared among the individuals who are covered. As a result, the premium is on the low end.

What medical bills is the travel insurance coverage will cover?

If the said family member is covered by the policy, the medical expenditures will be paid by the travel insurance policy up to the sum insured.

Is it possible for the insured to claim hospitalisation expenditures if he or she has been hospitalised as a result of COVID-19?

In the event that the insured is hospitalised in the destination country as a result of COVID-19, hospitalisation expenses (both in-patient and out-patient) will be reimbursed.

Will insurance pay the costs if the insured's planned trip is cancelled due to hospitalisation?

Claims will be paid for the insured's financial loss if the booked vacation is cancelled or interrupted owing to the insured's/immediate family member's hospitalisation due to COVID-19.

Will the insured be reimbursed for expenses spent as a result of the trip delay?

Food and lodging expenditures will be reimbursed if the trip is delayed abroad owing to the common carrier's cancellation or rescheduling of flights as a result of COVID-19.

The insured is covered by both our health and travel insurance policies. Will the claim apply in both circumstances, and if so, how?

If medical in-patient and out-patient charges occur in India, a health insurance policy claim will be filed. If it happens while you're on vacation, you can file a claim with your travel insurance company as follows:

• Trip Delay – excluding any delay at the insured trip's Indian port of origin.
• Trip Cancellation/Interruption/Rescheduling.
• Medical in-patient and out-patient claims – if in India (health policies); if outside of India (health policies) (Travel Policy).

Which COVID-19-related international travel insurance benefits can I claim?

Due to COVID-19, you can file a claim under the following coverage. The acceptability of claims shall be determined strictly according to the policy terms and conditions, assuming that those terms and conditions are met.

• Hospitalization coverage for COVID-19 in the destination country - We cover in-patient and out-patient hospitalisation expenditures for COVID-19 in the destination country.
• Emergency hotel extension - If you or a partner must extend your vacation due to COVID-19, we will cover your additional housing and boarding costs.
• Trip delay, cancellation, and interruption coverage – If you or a member of your immediate family is hospitalised for COVID-19, we will reimburse you for any financial losses incurred as a result of cancellation or interruption in trip.
• Daily hospitalisation allowance - In the event that you are hospitalised owing to COVID-19, we will offer you with daily cash as an emergency allowance.
• Missed Flight connection.
• Political danger and disaster evacuation.
• Bounced hotel/airline reservation

Why do I need auto insurance?

Third-party car insurance is required in India for all vehicle owners. Furthermore, own-damage car insurance protects you in the event of an accident, theft, or fire. If you have a valid insurance policy, you won't have to pay for repairs or replacement out of cash if something goes wrong.

What are the different kinds of vehicles that I may insure through the internet?

A private car and a two-wheeler can both be insured online.

What are the advantages of purchasing car insurance online?

Because there is no paperwork or documentation necessary when purchasing vehicle insurance online, you will receive an instant policy. You also have the option of using a variety of payment methods, such as credit card (Visa, MasterCard), net banking, debit card, and so on.

How quickly can I purchase/renew vehicle insurance through the internet?

Car insurance can be purchased or renewed online in a matter of minutes. You simply need to enter the vehicle's information, contact information, and insurance information, as well as select the coverages you require. You will receive an instant policy after making the payment.

Is there a difference between offline and online vehicle insurance policies?

They are, indeed. Once you've paid for your online auto insurance, we'll email you the policy documents and send them to your registered address.

Where can I find information about my auto insurance policy?

All of your auto insurance information can be found in your policy documentation.

• Policy number
• Policy start and end date
• Policy type (Comprehensive/OD only/TP only)
• Engine & chassis number

What is the definition of endorsement?

An endorsement is written confirmation of a policy change that has been agreed upon. It's a document that reflects changes to the parameters of the policy.

Is it necessary for me to have a valid insurance policy in order to register my new vehicle?

Yes, while registering your new vehicle, you must have an active and valid insurance policy. Even a valid third-party (TP) insurance policy will suffice for RTO registration.

What is two-wheeler long-term insurance?

The Insurance Regulatory and Development Authority of India (IRDAI) has launched a two-wheeler long-term insurance plan. As a result, you won't have to renew your two-wheeler insurance online every year. Alternatively, you can purchase a three-year long-term two-wheeler insurance policy. Furthermore, by choosing long-term insurance, you will be protected from annual increases in third-party rates, resulting in significant savings.

Is it required by law that I insure my two-wheeler?

Third-party two-wheeler insurance is required under the Motor Vehicles Act for all vehicles on the road. Third-party liability insurance covers:

• Legal liability for harm or death to a third party as a result of an accident.
• Legal liability for damage to nearby property.

What is the punishment if I don't have insurance on my two-wheeler?

If you are caught driving without insurance, you will be fined ₹2000 the first time and ₹4000 the second time, according to Section 197 of the Motor Vehicles Act, 1988.

Is it possible to renew my two-wheeler insurance policy online?

Yes, you can renew your two-wheeler insurance coverage online starting 60 days before your current policy expires and up to 90 days after your prior policy expires.

How do I apply for a home loan?

If you're not sure how to receive a home loan, you can apply online through either our website or the lender's website. You can also go to the loan provider's nearest branch or call their home loan customer service department. When you decide to receive a house loan, fill out the application online to expedite the process.

How to calculate home loan EMI?

The Home Loan EMI Calculator on our website can be used to calculate home loan EMI.

What is the maximum amount of a house loan that I am eligible for?

You can acquire a home loan for up to 90% of the cost of the property, depending on your eligibility, creditworthiness, the value of the property, and other variables.

What is the house loan interest rate?

Home loan interest rates are currently starting from as low as 6.70% per year.

Is it possible to acquire a home loan with a 100% loan amount?

No bank, housing finance company, non-banking financial firm, or other lender can give you a 100% house loan. Lenders often finance 75% to 90% of the property's cost as a home loan, with you bearing the remaining 10% to 25% of the cost.

What is the procedure for applying for a home loan subsidy?

You can apply for a house loan under the PMAY (Pradhan Mantri Awas Yojana) and get a home loan subsidy of up to Rs. 2.67 lakhs.

What is the minimum CIBIL score required for a home loan?

To be qualified for a house loan, you must have a CIBIL score of 650 or above.

For a home loan, how many years of ITR are required?

Most banks demand you to have an ITR from the previous two years when applying for a home loan.

Is there anything I need to put up as security or collateral in order to get a home loan?

The property you buy, build, or refurbish serves as collateral for the loan. As a result, no further security or collateral is required.

What should you do if your house loan application is rejected?

Poor credit score, credit report error, late loan repayment, frequent job changes, employer not falling into the lender's lending category, incomplete documentation, property issues, high level of debt, borrower's age, not obtaining No Dues Certificate from previous lenders, and so on can all cause your home loan application to be rejected.
To prevent rejection of home loan application, be sure that:

• Your work or business is stable (at least from the last 2 years).
• Documentations are complete and correct.
• Your credit score is excellent (650 or above).
• Your prior lenders provide you with a 'No Dues Certificate.
• The property you want to buy is on the lender's list of approved properties.

Can my credit score affect my approval chances?

A personal loan is typically based on your monthly net income and previous credit history, including your credit score. As a result, credit score is important in assuring the application's success as well as setting the loan's interest rate.

Is there a penalty for not paying back a personal loan?

Yes. A prepayment penalty of 1% to 3% of the outstanding principal amount of a personal loan is charged by most banks and NBFCs.

What are some of the benefits and disadvantages of a personal loan?

Personal loans can assist you in dealing with a variety of financial difficulties; however, they do have certain advantages and disadvantages that you should be aware of. Here are some of the drawbacks and benefits of taking out a personal loan.
Benefits:

• No collateral required: A personal loan does not require any type of collateral or security, and you can easily apply for one as long as your credit score is decent.
• Less documentation required: Personal loans demand far less documentation than conventional secured loans.
• Rapid Approval: Several banks have implemented an e-application process that is both speedier and more convenient. Some banks even provide e-approvals and pre-approved personal loans.
• Flexibility: Unlike other secured loans, there are no restrictions on the usage of money borrowed with a personal loan.

• Qualification standards: While personal loan guidelines differ from bank to bank, qualification conditions are extremely stringent. To get a personal loan, you must have a strong credit history.
• Higher Interest Rates: Personal loan interest rates are lower than credit card interest rates, but they are still higher than secured loan interest rates.
• Prepayment penalty: On prepayment of Personal Loans, several banks apply a prepayment penalty.

Will there be any additional fees?

A processing charge must be paid in advance. This charge will be deducted from the amount you owe in disbursements.

What is the PL procedure?

Your eligibility is determined by the information you supply. You must fill out the application form with your basic personal and professional details. To check your financials, you must enter into the internet banking interface of the bank that manages your salary account. Your loan will be approved and disbursed electronically if your profile fits our requirements.

Who should I contact if I have any questions about my loan?

You can reach out to our representative at 8810878185 or email us at mail@consolegal.com with any loan-related questions.

What are the requirements for a Personal Loan to be disbursed?

All loans are approved based on Company’s internal policies and at the company's sole discretion.

How long would it take to receive my Personal Loan?

If your personal loan has been accepted, it will be issued following the submission of documentation, subject to all of the Personal Loan's terms and conditions being met.

What is the maximum loan amount that I am eligible for?

A salaried resident Indian can take out a maximum loan of Rs 25 lakh.

How can I apply for a personal loan?

We offer personal loans through our website.

What kind of information is needed for a personal loan?

Please keep the following information accessible for your Personal Loan: • Current Address proof: Aadhaar Card, Electricity Bill, Voter’s ID card etc. • PAN Card. • Net banking Credentials of the Bank Account from which you receive your Salary. If you don't have access to the same, you can upload a bank statement from the previous six months. • Pay Slips for the last 3 months.

>How can I find out how my loan application is progressing?

For how much tenure can I take a Personal Loan?

The Loan Tenure options are 12, 24, 36, 48, or 60 months. The maximum loan term will vary depending on the customer's profile.

What exactly is the BPI?

BPI is an acronym for Broken Period Interest. The additional number of days beyond the 30-day period is known as the Broken Period if the first due dates for EMI payment is after a period of 30 days from the loan amount disbursement date. At the time of disbursement, an advance interest charge for this Broken Period is deducted from the loan amount.

What is the date of my next EMI? What is the best way to check my EMI status?

Your EMI due date will be shown in your Welcome letter as well as on the website's confirmation screen.

What are the EMI payment options?

You can pay by eMandate or NACH, which allows us to debit the EMI directly through an auto debit mandate.

What is the cost of Stamp Duty?

Stamp duty fees cover the costs of the loan's legal documentation.

Is it possible for me to foreclose on my loan?

Yes, you have the option to foreclose on your debt. There would be a foreclosure charge of 4.5% of the principal owed at the time of foreclosure plus GST.

Can I pay off my loan early?

Yes, you can pay off your debt early. Mail us at mail@consolegal.comto make a prepayment on your personal finance account. We ask that you bring the following documentation with you when you visit the branch: a. A statement stating that the last instalment has been cleared. b. Loan applicant's signature on a request letter. c. Foreclosure statement d. PAN card Payments for personal loans can be made in cash, cheque or online payment through our website.

How do I submit any document proof that I have?

While applying for a personal loan, you will be able to upload papers directly to our website.

If I can't access my Net Banking, how can I give my Bank Statements?

We'd have to scrape your bank statements using the Net Banking credentials you submitted on our secure server to make quick loan disbursements. If you are unable to access your Net Banking, one of our employees will contact you to proceed with your personal loan application.

Is it possible for me to receive the Disbursement amount to a bank account other than my salary account?

No, the disbursement must be made in your Salary Account solely and in conformity with the Company’s standards.

What is the maximum file size for each document that can be uploaded?

Is it secure for me to share my online banking credentials with the website?

Yes because without your consent, we cannot and do not change any of your accounts with your Financial Institutions. Your credentials are encrypted and saved on your system rather than on our servers.

When is it appropriate to take out a business loan?

The greatest time to take out a business loan is when you need money to expand your company, weather seasonal slumps, or cover unexpected expenses. This could be for a variety of reasons, including but not limited to business growth, expansion, or a short-term cash flow mismatch, depending on the company.

What are the advantages of obtaining a business loan?

Depending on the lender, you may be eligible for a variety of benefits. Our Company Loan combines all of the advantages of small business loans with the convenience of flexible repayment schedules. This is an unsecured loan that you may apply for online in a matter of minutes.

What is a loan with a variable repayment period?

This feature lets you select a repayment period of up to 36 months. You can select acceptable EMIs and modify loan payments to meet the cash flow capabilities of your organisation because of the flexible nature.