What is personal accident insurance?

Personal accident insurance provides essential coverage against accidental injuries. With it, you can get reimbursed for medical expenses resulting from accidents, hospitalization benefits that help pay for alternative treatments, and (should accidental death occur) a lump sum payout.

Is OD insurance compulsory?

✓ Is OD insurance mandatory by law? No, an OD insurance for your car or bike isn’t mandatory but is recommended for protection for your own vehicle. As per the Motor Vehicle Act, the basic Third-Party Insurance is mandatory for all vehicles.

Can I cancel my SBI General personal accident insurance policy?

Well, the answer is yes. You can easily cancel your SBI General Personal Accident Insurance policy. But before you take this step it is important for you to know the exact reason behind this. A personal accident insurance policy is a plan that provides the needful cover in hard times.

Can I cancel my car insurance policy at any time?

Yes. Any running policy can be cancelled at the choice of the insured any time. But do not expect the entire money you have paid as premium to come back to you. The insurance company will retain a portion of the premium and will return only a minor portion of the amount back to you.

How long does it take to cancel a life insurance policy?

But there is a provision for you to cancel the policy within the FIRST 15 DAYS (30 days in certain cases) of the INITIAL (FIRST YEAR) policy term, when you will get back almost the entire amount. This is as per IRDA directive.

Can I Cancel my Personal Accident Insurance and get a refund?

This is as per IRDA directive. Most personal accident insurances can be cancelled but the money refunded will be as per the short premium scales – essentially you will not get a proportional refund but loose about 3 to 5 months of premium. Harness digital marketing analytics tools. How do you capitalize on consumer engagement?