Question 1

What is the difference between term insurance and endowment plans?

Accepted Answer

Term insurance provides pure life cover — a large sum assured at a low premium, with no maturity benefit. Endowment plans combine insurance with savings, paying out on maturity or death. For most salaried individuals and business owners, a high-cover term plan is the most cost-effective way to protect dependents.

Question 2

How do I choose the right health insurance plan for my family?

Accepted Answer

Key factors: sum insured (minimum ₹5–10 lakh for a family of 4), network hospitals in your city, waiting period for pre-existing diseases, and room rent limits. KOSHVI compares plans from Star Health, HDFC Ergo, ICICI Lombard, and others to find the best fit for your family's health profile and budget.

Question 3

Is business insurance mandatory in India?

Accepted Answer

Third-party motor insurance is mandatory by law. For businesses, fire insurance on mortgaged property is often required by lenders. Other covers like professional indemnity and workmen compensation are not legally mandatory but are strongly recommended.

Question 4

Can I port my existing health insurance to a better plan?

Accepted Answer

Yes. IRDAI allows portability — you can switch insurers at renewal without losing your waiting period credits. KOSHVI helps you evaluate whether porting makes sense and handles the paperwork.

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Health Insurance

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