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Health Insurance

Healthcare expenditures have risen rapidly in recent years, and with the prospect of a coronavirus pandemic, medical care has become critical. A health insurance plan is essential for managing healthcare costs since it provides financial protection in the event of a medical emergency. There are a number of insurance policies to choose from depending on your needs. Treatment expenditures have risen dramatically in tandem with the rise in health-related difficulties. In addition, the demand for health insurance plans is growing.. As a result, there are numerous types of health insurance policies in the market that might help you save money. These insurance plans will not only help you get the best therapy for your health concerns, but they will also keep you stress-free financially. Health insurance protects you from the financial consequences of an unplanned hospitalisation or illness. There are various types of health insurance policies in India, choosing the correct one might be difficult. In order to assure proper coverage, you need be aware with the many types of health insurance policies.

As a result, in order to receive the best medical treatment without having a burden in your purse, a health insurance policy becomes must. As a result, here is a quick review of the various types of medical insurance plans in India, along with their perks, that you can evaluate based on your insurance needs:

Types of Health Insurance Plans in India

Health insurance policies are of two types-

  1. Indemnity Plans

    Indemnity plans are traditional health insurance policies that allow the policyholder to claim hospital expenditures up to the sum insured. Multiple claims can be made by policyholder until the maximum limit is reached. Your insurance company will pay for your medical bills in one of the two ways:

    • Reimbursement Facility- You pays the costs first, and then the insurance company reimburses you.
    • Cashless Facility-You won't have to pay any bills because your insurance company will pay them directly to the hospitals.

    The following are the sorts of medical insurance policies that fall into the category of indemnity plans are:

    1. Mediclaim Insurance

      Illnesses and mishaps do not require advance notice. The same may be said regarding the costs incurred when a person is admitted to a hospital for any of the reasons. In the event of an illness or an accident, the Mediclaim Policy ensures that you are compensated for your hospitalisation expenditures. It covers in-patient costs such as doctor's fees, nursing, surgery and oxygen among other things. Mediclaim Policy is a type of insurance that is offered in the market as group medical insurance, individual medical insurance, overseas medical insurance, and so on

    2. Individual Coverage

      This insurance policy is for a single person, as the name implies. Other family members, such as spouses, children, parents, and so on, can be added for an additional fee. Each insured person will be assigned a certain sum assured amount. For example, if you have Rs.1 lakh individual health insurance policy and your wife is also insured, you can each claim up to Rs.1 lakh. This sort of insurance covers your medical expenses such as hospitalisation, surgery, room rent, and day-care operations, among other things.

      Furthermore, premiums are calculated based on an individual's age, medical history, and sum insured. A claim lodged by one member of an individual plan has no bearing on the sum insured of the other insured member. If you are single or do not have children, you can purchase an individual health plan for yourself and your spouse and benefit from the sum covered on an individual basis. Because of the complete coverage and the sum assured that is provided, the premium is slightly greater than a family floater plan. If you are insured for an existing disease, however, there is a 2-year waiting time before you can receive payments.

      Features of an Individual Health insurance Plan

      • This plan is available to people between the ages of 18 and 65.
      • Covers hospitalisation due to illness/injury, surgeries, room rent, day-care treatment, etc.
      • Basically it covers an individual but there is an option to buy separate policies to cover each family member.
      • Amount of the individual sum assured for each covered member.
    3. Family Floater Coverage

      The Family Floater Health Plan is a low-cost insurance plan that covers your entire family, including your spouse, children, and elderly relatives, under one policy. Only one family member is responsible for paying the premium, and the complete family is covered for a single fee. This plan has a lower rate than individual health insurance policies that cover the entire family. The insured amount is distributed evenly among the members. If two family members require treatment at the same time, you can file a claim for both of them until the maximum is met. The premium is calculated based on the eldest person who will be covered under the plan. As a result, try to avoid including family members over the age of 60 in your family health insurance plan because they are more likely to become ill, and thus the premium will be affected.

      Features of Family Floater Health insurance Plan

      • Amount guaranteed by a floating sum.
      • It covers hospitalisation, treatment costs, surgeries, and childcare treatment, among other things.
      • A single policy is sufficient to cover the entire family.
    4. Senior Citizen Coverage

      This sort of health insurance in India covers persons aged 60 and above .If you want to acquire an insurance coverage for your parents or grandparents, this is the finest option. The Senior Citizen Health Insurance will cover the costs of pre- and post-hospitalization as well as medicines, whether due to a medical condition or an accident. Coverage under the plan depends upon the policy's terms and conditions. The premium for this plan is greater since elderly persons require more medical attention and are more likely to file a claim. The maximum age limit has been set at 70 years old. Before selling Senior Citizen Health Insurance, the insurer might also request a comprehensive physical examination.

      Features of Senior Citizen Health Insurance Plan

      • Pre and post-hospitalization as a result of an accident or sickness, medical treatment, hospitalisation, and psychiatric treatment are covered.
      • A physical examination may not be required in order to acquire the coverage (depends on the terms & conditions of the insurer).
      • It provides coverage for residents over the age of 60.
    5. Unit Linked Health Plans

      ULIPs (Unit Linked Insurance Plans) are a type of unit-linked insurance plan. In these plans, a portion of your payment is invested, while the remainder is utilised to purchase health insurance. As a result, in addition to providing a safety net, this plan assists you in earning a profit. With the escalating expense of health care, your funds may be depleted. As a result, having more money at your disposal is always preferable. Because ULIPs are susceptible to market risks, they do not guarantee a fixed amount. ULIP returns are paid to the buyer at the end of the policy term. The returns are determined by the market's performance.

    6. Group Health Insurance

      Employer-sponsored group health insurance policies are becoming common among medium and large businesses. This strategy is intended for a group of people that work for a company. The company's employer purchases group health insurance for its employees in order to cover their health insurance needs. This can be called an important advantages provided by organisation to its employees. Employers safeguard their employees for a financial catastrophe and prudence with the help of health insurance plan. This policy aids in the retention of talent inside a company. This policy's premium is cheaper than that of an Individual Health Insurance Policy.

      Features of a Group Health insurance Plan

      • The policy covers the employee and his or her dependents for medical expenses.
      • An employee's basic coverage is free.
      • Covers hospitalisation due to illness or injury, as well as urgent illnesses.
      • Maternity, OB/GYN, and day-care treatment are all covered by some group insurance policies.
      • There is no waiting period for benefits under the policy.
      • Floater sum is guaranteed.
      • Has the ability to increase the amount insured.

  2. Defined-Benefit Plans

    A defined-benefit plan, on the other hand, compensates the insured with a lump sum payment upon the identification of illness. Fixed Benefits provides you with a set amount of money in the event of a certain health issue caused by an accident or disease. It covers the health issues that are stated when the coverage is purchased. The following are some of the most popular health insurance policies that are covered by fixed benefits:

    The following are the sorts of medical insurance policies that fall into the category of Defined-benefit plans are:

    • Critical Illness Plan

      The Critical Illness Insurance plan protects a person by providing a lump sum payment in the event of a life-threatening illness. This strategy is tailored to address a specific ailment. With the prevalence of lifestyle diseases on the rise, it's more important than ever to protect yourself from these ailments. Because treating chronic conditions can be costly, especially for a middle-class household, purchasing crucial insurance might help to minimise those costs to some extent. It pays a pre-determined sum toward treatment when an illness is detected, regardless of pre- or post-hospitalization expenses. The chosen health problems are included when you acquire the insurance, and if you are diagnosed with any of the pre-selected ailments, you can collect your insurance benefits. Since the expenses of treating these ailments are so costly, the Critical Illness Policy provides a monetary wellbeing net in the event that you are determined to have one of the sicknesses as listed below:

      • Major organ transplant
      • Cancer
      • Stroke
      • Aorta graft surgery
      • Multiple sclerosis
      • Kidney failure
      • Paralysis
      • Coronary artery bypass surgery
      • First heart attack
      • Primary pulmonary arterial hypertension

      Features of Critical Illness insurance Plan
      • Provides a one-time lump sum benefit (up to the total insured) when a serious illness is diagnosed.
      • It covers critical illnesses like heart attacks, strokes, kidney failure, paralysis, and organ transplantation, among others.
      • To be eligible for insurance benefits, the insured must live for at least 30 days
      • Some plans also provide free health screenings.

    • Hospital Daily Cash

      Some health insurance policies include this coverage as an in-built benefit as part of their overall coverage. This plan might help you protect yourself from unexpected costs while you're in the hospital. Apart from the hospitalisation charges, the insured is granted a daily cash allowance up to a set level under this policy. The usual hospital charges are not fixed after a person is admitted to the hospital, and they tend to fluctuate depending on the patient's condition. The Hospital Daily Cash is the finest option for an individual in this situation. This plan provides a daily cash benefit ranging from Rs. 500 to Rs. 10,000, depending on the coverage level chosen at the time of insurance. If a person is admitted to the hospital for more than seven days, several plans provide benefits during recovery period.

    • Personal Accident Plan

      Accidents can happen at any time, and the number of road accident cases has risen over time, which is why there are now certain types of health insurance in India to safeguard citizens. A Personal Accident Insurance Policy covers medical expenditures incurred because of a mishap. As a result, purchasing a personal accident insurance coverage is a good idea because such catastrophes can deplete your finances owing to the medical costs associated with treating the injuries. In the event of death or loss of income owing to permanent partial or whole disability, a lump sum payment is made to the insured or their family. The policy also covers the insured's partial disability, permanent disability, and death as a result of an accident. Some of the plans also provide education and orphan benefits, which help to pay the costs of raising children. Apart from that, if the insured is involved in an accident and has any loan obligations, the insurance company will take care of them.

      Features of Personal Accident Insurance Plan
      • The policy covers you in the event of an accident, a temporary or permanent disability, or death.
      • Death benefit to the nominee (up to the sum covered) in the event of the insured's death.
      • It pays for hospitalisation in the event of an accident.
      • It pays for the school expenditures of the insured's dependent kid in the event of the insured's death.
      • It pays out if the insured loses his or her job due to a permanent disability.
      • It pays for ambulance services.
      • In the event of hospitalisation due to an accident, the coverage pays a daily- cash allowance.

Benefits of Health Insurance:

  • Financial Support - Health Insurance Policies provide financial assistance to covered individuals in the event of a medical emergency.
  • Annual health exams – Some of the insurance providers covers annual health check-ups as part of your policy. As a result, the firm covers the costs of the covered person's annual health check-ups.
  • Investment cum savings - Once you get a Health Insurance Policy, you will no longer have to be concerned about treatment costs. This is because the insurance company will cover the costs.
  • Tax Benefits - Purchasing a health insurance policy qualifies you for tax deductions under Section 80D of the Income Tax Act, 1961.
  • Covers complex operations - A health insurance policy that covers sophisticated procedures such as bariatric surgery is available.
  • Organ donation benefits - Purchasing a health insurance policy will give coverage in the event you donate an organ. It provides coverage up to the insured amount.
  • Coverage for alternative treatments - Some of the insurance providers offers coverage for alternative treatments such as Ayurveda, Homeopathy, and Yoga when you acquire a health insurance policy.
  • Deal with Medical Inflation - Investing in Health Insurance Policies will allow you to deal with medical inflation much more easily and effectively without placing a strain on your finances.
Factors for consideration before buying health insurance plans

With so many health insurance plans to choose from, it's easy to become confused about which one is right for you. Here are some things to think about while choosing the medical insurance that best suits your needs.

  • Claim settlement process:

    Before purchasing a health insurance policy, review the insurer's claim process; the simpler the claim process, the sooner the claim will be settled. Look for after-sales service as well. When obtaining health insurance, excellent customer service is critical. The person should choose an insurance company that offers a quick claim settlement.

  • Policyholder's Age:

    When purchasing health insurance for oneself or family members, the buyer must grasp the significance of the age element. There are a variety of plans available according on the buyer's age, as well as premiums, waiting periods, and renewability.

  • Medical History of Family Members:

    When purchasing a health insurance policy, it is important to evaluate and discuss the medical history of family members because it can affect the policy's price. If one of the family members already has a health problem, the chances of filing a claim for insurance increase.

  • Deductibles:

    Before purchasing any form of health insurance policy, it is critical to research the policy's deductibles. A deductible is a sum of money that the insured must pay as part of a claim when arises, with the insurance provider covering the rest.

  • Waiting Period:

    In the context of a health insurance policy, the waiting period refers to the amount of time you must wait before receiving the benefits of your coverage. The length of the waiting period varies by plan.

  • Hospitals in the Network:

    When purchasing an insurance policy, the consumer must select the insurance provider that covers the most hospitals on their list.

  • Sum assured:

    The sum assured is the amount of money that the insured person will receive at the conclusion of the insurance period. The sum insured is the amount paid to the insured in the event of an unforeseeable occurrence like as a medical emergency, theft, or car damage. When purchasing a health plan, consider the sum assured amount, which covers medical bills. Age, income, the number of family members, pre-existing ailments, and other factors all play a role in determining the appropriate medical insurance sum insured.

  • Renewability for the rest of one's life:

    Different Health Insurance Plans have different possibilities for renewability. As a result, you must exercise caution when purchasing one for yourself or a family member.

  • Cashless treatment:

    Choose an insurer that allows you to receive cashless treatment at one of its network hospitals. It's best to choose with a company that has a large network of cashless hospitals. Cashless treatment eliminates the bother of paying hospital bills because the insurer pays the medical fees directly to the hospital. Note that deductibles (if any) must be paid by the policyholder during claim settlement.

  • Maternity cover:

    Medical costs associated with pregnancy can be rather significant. As a result, choose a medical plan that includes maternity coverage. Check the waiting period for maternity claims, as well as the policy's sub-limit.

  • Medical check-up and value-added services:

    Look for a health plan that includes free medical exams. Some insurance also offer value-added services like lab testing and medication discounts.

  • Exclusions:

    A insurance exclusion is a provision that prevents coverage for a specific risk. Pre-existing conditions, pregnancy, cosmetic treatment, medical expenses to treat injuries, alternative treatments, lifestyle-related disorders, hospital cost constraints, and diagnostic testing are all frequent exclusions in most health insurance policies. As a result, while purchasing health insurance, the customer must address these exclusions with the insurance provider.

Reasons to Buy Health Insurance:

Apart from the ever-increasing medical costs, health insurance is purchased for the following reasons:

  1. Comes with Lower Premium

    The cost of health insurance is significantly lower now than it will be later in life. Because you're less likely to get sick at this time, insurance companies will charge you a lesser price for a health insurance plan because you're a low-risk eater. When you compare premiums in your 30s and 50s, you'll notice that the latter costs twice as much.

  2. Easy to Get Insurance

    It's difficult to get health insurance if you have a pre-existing condition. Even if you receive it, you'll have to pay a higher price. If you fail to disclose a condition at the time of purchase and then file a claim for a complication resulting from that disease, your claim will be rejected by default. Because you are less susceptible to such illnesses when you are young, getting health insurance is simple.

  3. Increase Your Tax Savings

    The insured receives tax benefits for paying the health insurance premium under Section 80D of the Income Tax Act of 1961. When you get health insurance when you're young, you get a tax break for a longer length of time than if you buy it later in life.

  4. Reap the Benefits of Savings

    In other words, health insurance is a type of investment that allows you to protect yourself financially from unforeseen events. If you start investing when you're young, you'll acquire the habit of saving later on. Because inflation has a significant impact on every aspect of our lives, developing a savings habit can help you cope with it to some level.

  5. No Waiting Period

    Health insurance has waiting periods, such as a 30-day initial waiting period, a 2- to 4-year waiting period for pre-existing illnesses, and so on. It may, however, differ from one insurer to the next. You do not need to file an insurance claim if you are in good health. This manner, you can easily complete the waiting period and file your insurance without difficulty.

  6. Avail Bonus

    Health insurance comes with a bonus. One such prize is the No Claim Bonus, which ranges from 20% to 50% and is offered for not claiming your insurance. The NCB is granted as a discount on consecutive years' premiums or as an increase in the sum insured. When you're young, you have fewer odds of filing a claim, so you may maximise your NCB bonus and get the most out of your health insurance policy.

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Frequently Asked Questions


  • Income Tax
  • GST
  • TDS
  • Payroll Managment
  • MSME
  • ISO
  • Life Insurance
  • Health Insurance
  • Travel Insurance
  • Motor Insurance
  • Home Loan
  • Personal Loan
  • Car Loan
  • Business Loan
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What are the various forms available under the Income Tax Act?

ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 & ITR7 are the Forms available for Filing in FY 2022-23 (AY 2023-24)


What are the benefits of submitting tax returns?

  • It qualifies a taxpayer for loan processing.
  • It aids in obtaining a TDS refund or any other overpayment of tax.
  • Loses can be easily carried ahead.
  • It transforms a person into a responsible citizen.


Will I be prosecuted if I fail to file tax returns for my taxable income?

Yes, if you do not pay the tax, you may be subject to additional interest, penalties, or prosecution. The severity of the prosecution will vary depending on the amount of tax that must be paid.


Is it necessary to submit a return if an apparent decrease in business income has occurred?

Yes, completing ITR in the event of a loss is in your business. You can transfer forward the damages/losses to a specified predicted financial year using online ITR filing to set off losses against future profits.


What does GST Return imply?

In the new indirect-tax administration, a GST Return is a declaration of details relevant to the taxable person's business operations within a certain tax period. A taxable individual is required by law to declare his or her tax liability, provide information concerning taxes paid, and file a correct and full return by the due date. The Goods and Services Tax is a destination-based tax structure that is self-assessed. The submission and processing of tax returns establishes a vital link between taxpayers and the IRS.


Is there a GST Return that must be filed every six months?

No! In the GST system, there is no such requirement to file a half-yearly return.


What is an annual return, and which section of the GST Act explains what it entails?

Every registered person is required to file an annual return for each Financial Year under Section 44 of the GST Act, 2017.


What returns must a taxable assesses who is a "non-resident" file?

A non-resident taxable assesses must file GST Return – GSTR-5 to report monthly details of "inward" and "outward" supply, debit/credit notes, tax paid details, closing stock details, and any refund requested.


ISD stands for Input Service Distributors. What are the types of returns do they have to file?

It is the corporate office of a products and service supplier that collects tax bills for inward supplies produced by vendors on behalf of branch offices to distribute tax credits.


Is it possible to claim TDS from past years?

In general, a credit for TDS on any income can be claimed only in the fiscal year in which the income was earned, not in the fiscal year in which it was received. Any advance payment given to you during the year on which TDS was deducted is not eligible for TDS credit for that year.


What software is available to help prepare the e-TDS/TCS return?

A free downloadable return preparation utility for the preparation of e-TDS/TCS is accessible on the NSDL website. Third-party suppliers, on the other hand, have created software for filing e-TDS/TCS returns.


Is Form 26Q filed separately from the rest of the tax return?

No, filing Form 26Q separately is not required. For all payments made to residents, Form No. 26Q and a separate annexure must be filed.


What is the distinction between a tin and a tan number?

The Taxpayer Identification Number (TIN) is for entities that are subject to Value Added Tax (VAT), such as traders and manufacturers. All entities responsible for deducting or collecting taxes at the source are given a Tax Deduction and Collection Account Number (TAN).


What is the major issue with the payroll system?

The most common payroll issues, according to the same research, were "organizational anomalies" in the payroll process, improper tax withholding, and over-and-under payments to employees. Along with these, there are frequently concerns with employment misclassification and overtime miscalculations.


What is the cause of the payroll delay?

There have been instances where firms have postponed payroll due to cash flow issues. It's possible that the employer won't be paid right away by a client, or that getting payments from a government agency or bank would be delayed. The corporation may have encountered an unanticipated expense that has put the company's finances in jeopardy.


What is the cause of the payroll delay?

There have been instances where firms have postponed payroll due to cash flow issues. It's possible that the employer won't be paid right away by a client, or that getting payments from a government agency or bank would be delayed. The corporation may have encountered an unanticipated expense that has put the company's finances in jeopardy.


What are the different types of payroll controls?

Payroll internal controls are the procedures that your organization employs to safeguard its payroll data. . Employees are unable to access confidential information due to payroll rules and procedures. More people will be watching the payroll process if tasks are divided, making it less probable for someone to commit fraud.


What is full cycle payroll, and how does it work?

What is the definition of full-cycle payroll processing? A payroll cycle is the period of time that passes between pay days. It can last as little as a week or as long as a month. Wages are withheld for taxes and other deductions. Employees get net compensation in the form of a paycheck, direct transfer, or pay card.


How do I verify the status of my MSME registration?

You will obtain a registration number after completing the registration process, which you will need for future reference. It usually takes 2-3 days for the total approval and registration procedure to be completed once you submit your form.


What are the different kinds of MSME?

MSMEs are divided into Manufacturing Enterprises and Service Enterprises under the Micro, Small and Medium Enterprises Development (MSMED) Act of 2006.


What are the chances of an online MSME application being rejected?

Low credit score, unpaid debts, loan defaults, low cash flow, absence of a business strategy, incomplete documentation, misleading information, and so on are all causes for MSME application rejection.


Are banks willing to lend to MSME borrowers without requiring collateral?

Yes, they can acquire collateral-free loans if they take out unsecured business loans and have a strong CIBIL score, as well as a good financial and loan payback history. The rest is determined by the bank's qualifying conditions that must be met by the applicant.


How long would it take for the MSME Certificate to be issued?

The MSME Certificate is issued within 1-2 working days of the application being submitted.


What exactly is the FSSAI?

The Food Safety and Standards Authority of India (FSSAI) is a self-governing organization within the Ministry of Health and Family Welfare of the Government of India that regulates and oversees food safety.


Which law governs the FSSAI License?

FSSAI is governed by the Food Safety and Standards Act of 2006.


Is the FSSAI code or number alphabetical or alphanumeric?

The 14-digit FSSAI code is numeric in nature, not alphanumeric or alphabetical.


What is the procedure for obtaining an FSSAI food license?

You can obtain an FSSAI food license by visiting your local health department and filling out a food license application. Alternatively, go to to see the FSSAI's official website.


What is the purpose of the FSSAI?

An FSSAI license is necessary for food enterprises to follow food safety and security rules and to ensure that customers receive high-quality food that meets their expectations.


Is there a certificate available at the pre-audit stage?

No, there is no certificate during the pre-audit stage. The auditor will focus entirely on your company's business system and procedures in order to make recommendations on how to improve ISO compliance.


Is it possible for me to select any ISO accreditation?

ISO accreditation is only for standards and has no bearing on permits or licenses. Even if you have an ISO certification, you will still require government and authority authorization, licenses, and licenses to conduct your business.


What are some of the advantages of ISO certification?

The International standard supports its own benefits within each industry; however, the certifications' common benefits include increased market potential, compliance with procurement tenders, improved efficiency and cost savings, a higher level of customer service and thus satisfaction, and increased staff morale and motivation. Customers will know you are serious about their needs if you have a Recognised management standard.


When it comes to ISO certification and accreditation, what's the difference?

In simple terms, accreditation is a type of certification; however, accreditation should not be confused with certification or registration.


What exactly is an ISO audit?

ISO auditing is a basic technique for ensuring that an organization's quality process system is in compliance with the requirements. Once you've obtained ISO certification, you'll need to conduct an annual ISO audit.


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.

  • 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 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.


What types and models of cars are eligible for car loan in India?

Car loans are available in India for nearly all small to medium sized vehicles, commercial vehicles, sport utility vehicles (SUV), and multi utility vehicles (MUV).


What credit rating is necessary to purchase a car?

A high credit score above 750 is preferred. But, if it is more than 600, you are still eligible to apply for a loan. Keep in mind that your application can be declined if your score is too low.


Is the interest rate impacted by my credit score?

Yes. For candidates with excellent credit ratings, certain banks will offer cheaper interest rates


What will be the tenure for repaying a car loan?

Normally, repayment schedules will be between 12 to 84 months (1-7 years)


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.

Registered Office:

ConsoLegal Private Limited
C 32/22, B 1/3, Annapurna Nagar Colony
Vidyapeeth Road, Varanasi, Uttar Pradesh-221002
Tel: 0542-2982253 Email-


+91 8810878185


+91 8874700008