Rural insurance will see a fresh fillip with the introduction of a new policy which does away with the manadatory health checks for Life Insurance.

The initiative by Department of Posts will launch a Micro Life Insurance policy - no more require the insurees to disclose their present health condition or diseases at the time of buying the policy. This is clearly aimed at expanding the Life Insurance coverage in rural India.

The proposed insurance scheme, which can be availed by economically weaker sections (EWS) of the society and particularly women, will provide a risk cover up to Rs 25,000.

If an accident takes place, you must report to the insurance company and submit the relevant claim forms. An estimate for repairs /replacements would also be required to submitted.

The documents to be submitted are
- Claims form
-Copy of registration certificate of vehicle and driving license of the driver
- Original / Copy of the insurance policy
-Copy of the estimated cost of repair given by the garage.
- FIR or a police report if the accident is major, or a criminal offence, or if it caused third-party damage or resulted in injuries
- Fire brigade report, if the loss is due to a fire.

No Claim Bonus refers to the discount given by an Insurance Company, in the renewal premium amount, because of no-claims by the car-owner in the previous year. Simply put, if you do not seek any insurance claims on your car, the insurance provider assumes you to be a safer profile and is willing to give you a discount in the following year.

The No-claim-bonus keeps on increasing with each consecutive year of no-claims. It is this aspect of NCB that has been effectively leveraged by Insurance Companies in discouraging small & frequent claims. Many consumers do not put in a claim for expenses related to minor damage(s), because the discount one enjoys is probably much more than the claim amount.

Please note that: