Question 1

Why did you start LetsBima.com?

Accepted Answer

We started LetsBima.com with one simple vision — to make insurance easier, more transparent and more customer-focused. We wanted people to understand what they are buying instead of simply choosing a policy based on price.

Question 2

What did you notice in the insurance industry that made you start this company?

Accepted Answer

We noticed that many customers understand the importance of insurance only when they actually need to make a claim. At that stage, confusion around policy terms, exclusions and documentation can become a major problem. We wanted to build a platform where customers get the right guidance from the beginning and continued support when they need it.

Question 3

What makes LetsBima.com different?

Accepted Answer

For us, the relationship doesn't end after selling a policy. Our focus is on long-term customer support, proper policy understanding and helping customers during the claim process whenever required. We believe insurance should be about protection, not just paperwork.

Question 4

What is your vision for LetsBima.com?

Accepted Answer

Our vision is to build a brand that people trust before buying insurance and remember when they actually need it. We want to make insurance simpler, more transparent and more accessible for families across India.

Question 5

How does LetsBima provide claim support when an emergency strikes?

Accepted Answer

When you need to file a claim, you don't have to navigate confusing call centers alone. Our dedicated claims desk assists you through the paperwork, coordinates directly with hospital TPA desks for cashless approvals, and steps in to resolve queries or escalations with insurers.

Question 6

Are LetsBima's advisory and consultation services free for customers?

Accepted Answer

Yes, 100% free. We never charge customers any consultation, comparison, or claim assistance fees. You pay the exact same regulated premium determined by IRDAI directly to the insurance provider.

Question 7

How do you ensure recommendations are truly unbiased?

Accepted Answer

Our advisors analyze policy fine print — including room rent capping, restoration triggers, waiting periods, and historical claim settlement ratios — to match the right product for your family's specific health and financial profile, not based on insurer sales targets.

Question 8

Why do you advise against buying insurance based purely on cheap premium rates?

Accepted Answer

Cheaper policies often come hidden with stringent room rent limits, proportionate deductions, co-pays, and long waiting periods that leave policyholders paying lakhs out of pocket during hospitalisation. We educate buyers to evaluate total coverage value rather than just upfront price.

Question 9

What does the founding team believe is the true purpose of insurance?

Accepted Answer

Insurance should be a shield of dignity and financial security for families during life's most vulnerable moments. It is not just an annual tax-saving checkbox or a piece of paper — it is a promise of real help when life gets tough.

Question 10

What is the difference between Indemnity and Benefit-based health plans?

Accepted Answer

Indemnity plans reimburse your actual hospital bills (most common — Niva Bupa, Star Health, ICICI Lombard). Benefit plans pay a fixed lump sum on diagnosis of specific illnesses (e.g. Critical Illness plans). For everyday hospitalisation, an indemnity plan with no room-rent capping is the right choice.

Question 11

How does Room Rent Capping silently slash my claim?

Accepted Answer

If your policy has a 1% room rent cap on a ₹10L sum insured, you're limited to ₹10,000/day rooms. Choose a ₹15,000 room and insurers apply a proportionate deduction — cutting doctor fees, OT charges, and nursing bills by ~33%. Always pick plans with "No Room Rent Capping" or "Single Private Room."

Question 12

Should I buy a Family Floater or Individual health policy?

Accepted Answer

Family Floaters are cost-effective for young families — one pool shared by all. If any member is over 55 or has chronic conditions, individual policies give more predictable cover. We always run a side-by-side cost-benefit comparison before recommending either.

Question 13

Can I port my existing health insurance to a better plan without losing benefits?

Accepted Answer

Yes — IRDAI mandates portability rights. You can switch insurers and retain your accumulated No-Claim Bonus, waiting period credit, and PED coverage status. Porting must be initiated 45–60 days before renewal. Our advisors handle the entire porting process at zero cost.

Question 14

What is a waiting period and how does it affect my pre-existing condition?

Accepted Answer

Any condition diagnosed before buying your policy (Diabetes, Hypertension, Thyroid) has a waiting period of 1–4 years. During this period claims for those conditions are not honoured. The best plans offer 1-year PED waiting with a Day-1 rider add-on. Buying insurance while healthy eliminates this risk entirely.

Question 15

How does the cashless hospitalisation process work?

Accepted Answer

Show your health insurance card at a network hospital's TPA desk. They notify the insurer, who pre-authorises the estimated amount within 4–6 hours. You pay only non-medical items (food, attendant charges) at discharge. For planned procedures, submit pre-authorisation 72 hours in advance. We provide direct TPA escalation support if needed.

Question 16

How much Term Life cover do I actually need?

Accepted Answer

Standard rule: 10–15× your annual income. A ₹12 LPA earner should target ₹1.2–1.8 Cr of cover. Factor in outstanding loans (home, car), dependent count, and income replacement years. Our 15-second Term Simulator calculates this instantly based on your inputs.

Question 17

What happens when a nominee files a term insurance claim?

Accepted Answer

The nominee informs the insurer, submits the death certificate, policy document, and KYC, and the insurer verifies the claim before payout. Claims within the first 3 years (the contestability period) or involving unnatural death may trigger a formal investigation, which can add time. Our claim specialists liaise directly with the insurer's claims desk to prevent avoidable delays.

Question 18

Is Return of Premium (ROP) worth choosing over a pure term plan?

Accepted Answer

ROP refunds the premiums you paid if you outlive the policy, but typically costs 2–3× more than a pure term plan for the same cover. For most buyers, a pure term plan combined with investing the premium difference elsewhere works out better — ROP mainly suits buyers who want a guaranteed return of every rupee paid.

Question 19

Is the premium paid on health and life insurance tax deductible?

Accepted Answer

Yes. Under Section 80D, health insurance premiums up to ₹25,000 for self/spouse/children and ₹50,000 for parents (senior) are deductible. Term life premiums qualify for ₹1.5L deduction under Section 80C. Maturity/death benefits from some policies are exempt under Section 10(10D).

Question 20

What is IDV and why does it decide my payout after an accident?

Accepted Answer

Insured Declared Value is the current market value of your car agreed at policy purchase — it is the maximum amount you can ever be paid on a theft or total-loss claim. Lowering IDV to cut your premium also lowers the ceiling on what you can claim, so it is rarely worth doing.

Question 21

Will making a small claim wipe out my No Claim Bonus?

Accepted Answer

Yes, by default. NCB builds up to 50% off your own-damage premium over 5 consecutive claim-free years and normally resets to 0% after even one claim. An NCB Protection add-on keeps your discount intact through a limited number of claims — for small repair bills, paying out of pocket can cost less than the NCB you would lose.

Question 22

What does "guaranteed return" actually mean on an investment plan?

Accepted Answer

It means the insurer, not you, bears the investment risk — the payout structure is fixed at purchase, unlike a ULIP where returns move with market performance. These are non-linked, non-participating plans, so "guaranteed" refers to certainty of structure, not a specific percentage return promised to you.

Question 23

Should I choose a lump sum or income payout on a guaranteed plan?

Accepted Answer

It depends on when you need the money, not just the total amount. A lump sum suits a one-time goal like a down payment; a regular or early income option suits ongoing needs like retirement or a child's tuition, and can start paying out years before your premium term even ends. Match the structure to your actual cash-flow need.

Question 24

What is Restoration / Refill Benefit and how does it work?

Accepted Answer

Restoration automatically recharges your sum insured back to 100% if it gets exhausted during a policy year. Premium plans offer unlimited restorations for both related and unrelated illnesses, ensuring you never run out of hospitalisation cover when multiple medical emergencies strike.

Question 25

Are OPD consultations and diagnostic tests covered in health insurance?

Accepted Answer

Traditional policies cover inpatient hospitalisation (24+ hours). However, comprehensive modern plans and OPD rider add-ons cover day-to-day doctor fees, prescription medicines, diagnostic lab tests, and dental/optical care without requiring hospital admission.

Question 26

What documents are required for a reimbursement claim if cashless is unavailable?

Accepted Answer

Submit the filled claim form, hospital discharge summary, original itemised bills with receipt breakups, doctor prescriptions, diagnostic reports, indoor case papers, pharmacy bills, and a cancelled cheque with KYC documents within 15–30 days of discharge.

Question 27

What should I do if an insurance company wrongfully rejects or delays my claim?

Accepted Answer

First, obtain the written repudiation reason citing policy terms. File a grievance with the insurer's Grievance Redressal Officer (GRO). If unresolved within 15 days, escalate to IRDAI's Bima Bharosa portal or the Insurance Ombudsman for free, legally binding resolution. Our claims desk assists clients through this entire process.

Question 28

What is the Married Women's Property (MWP) Act in Term Insurance?

Accepted Answer

Endorsing your term plan under Section 6 of the MWP Act creates an irrevocable trust where only your wife and children have claim rights. Payouts cannot be attached by lenders, court orders, tax authorities, or business debt settlements — guaranteeing 100% financial security for your immediate family.

Question 29

What are Critical Illness and Accidental Disability riders?

Accepted Answer

These riders enhance your pure term policy. A Critical Illness rider pays out a lump sum immediately upon diagnosis of life-threatening illnesses (e.g. cancer, stroke, kidney failure). An Accidental Disability rider provides lump-sum financial support and waivers future premiums if permanent disability occurs.

Question 30

What is Zero Depreciation (Bumper-to-Bumper) cover in Car Insurance?

Accepted Answer

Standard motor insurance deducts 5% to 50% depreciation on replacement parts (plastic, rubber, metal, glass) during accident repairs. Zero Dep add-on pays 100% of the replacement parts cost, leaving you to pay only the mandatory compulsory deductible (usually ₹1,000–₹2,000).

Question 31

What is the difference between Third-Party and Comprehensive Motor Insurance?

Accepted Answer

Third-Party insurance is legally mandated by the Motor Vehicles Act — it covers injury, death, and property damage to third parties caused by your vehicle, but pays ₹0 for your vehicle. Comprehensive insurance covers both third-party liabilities AND Own Damage (accidents, theft, fire, natural calamities).

Question 32

How are Guaranteed Return Plans taxed compared to Fixed Deposits?

Accepted Answer

Fixed Deposit interest is taxed annually at your income tax slab rate (up to 30%+ surcharge). For traditional guaranteed life insurance plans issued with annual premiums up to ₹5 Lakhs, all maturity proceeds and periodic guaranteed income payouts are 100% tax-free under Section 10(10D).

Question 33

What happens if I stop paying premiums on an investment plan before the term ends?

Accepted Answer

If premium payments cease before completing the minimum premium paying term (usually 2–3 years), the policy lapses. After completing the minimum term, the policy acquires a "Paid-Up" status with reduced proportionate benefits, or can be surrendered for surrender value as per IRDAI surrender value norms.

Question 34

How much tax can I save under Section 80D for self, family, and senior parents?

Accepted Answer

You can claim up to ₹25,000 for self, spouse, and children (₹50,000 if senior citizen), plus an additional ₹25,000 for parents (₹50,000 if parents are senior citizens 60+). Maximum total Section 80D deduction can reach ₹1,00,000 per year under the Old Tax Regime, which includes ₹5,000 preventive health check-up.

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