Ultimate Guide to Insurance in India – Parts 1–9
By Sanjeev Kumar • Updated: 15 Aug 2025
Choosing the Right Policy
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Premium Optimization Strategies
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IRDAI Rules & Your Rights
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Claims Workflow Explained
Understanding how claims work helps avoid delays and rejections. The basic steps include:
- Notify your insurer immediately after an incident
- Submit the claim form with all required documents
- Surveyor assessment (for motor/property)
- Approval or query from insurer
- Payout or service authorization
Tip: Always keep copies of every document and communication for your records.
Tax Benefits on Insurance
Insurance premiums can offer tax deductions under the Indian Income Tax Act:
- Section 80C: Life insurance premiums up to ₹1.5 lakh/year
- Section 80D: Health insurance premiums up to ₹25,000 (₹50,000 for senior citizens)
- Section 10(10D): Maturity proceeds of life insurance (conditions apply)
| Policy Type | Section | Limit |
|---|---|---|
| Life Insurance | 80C | ₹1.5 lakh |
| Health Insurance | 80D | ₹25k / ₹50k |
Common Myths About Insurance
Many people skip insurance due to misconceptions:
- "I’m young, I don’t need insurance yet" – Buying early is cheaper
- "My company health cover is enough" – It may not cover all situations
- "Claims are never paid" – Most legitimate claims are honored
Reality: IRDAI regulations protect policyholders and ensure fair claim handling.
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