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Overview

Life may not always bring us surprises! So, its always better to be prepared. It is important to get the right financial protection at the right time. Here’s where we come into the picture! Bajaj Markets, a trusted financial marketplace, is your go-to companion when it comes to getting insured. When you buy insurance through us, you don’t just get covered, but also get a promise of complete peace of mind. From a number of products to pick from, to a choice of some of the most trusted insurers and a lot more on Bajaj Markets, you need not look elsewhere! After all we make understanding and buying insurance simpler!

What is Insurance?

Life is unpredictable. Just when you least expect it, sudden incidents like floods could damage your car, or a close family member may be diagnosed with an illness that requires extensive treatment. During such unforeseen circumstances, apart from the emotional stress involved, there may also be huge financial repercussions that could deplete your savings.

Here is where insurance can help. To understand this better, let us first define insurance. It is an agreement between an insured and an insurer. The insurer agrees to pay out financial benefits to the insured person in case the insured event comes to pass. These payouts can help the insured person take care of the costs involved in unexpected financial emergencies.

Insurance is broadly classified into two types, as follows:

 

  • Life insurance

  • General insurance

Life insurance, as the name indicates, is a cover offered on the life of an individual. General insurance, on the other hand, includes different types of plans that cover various insurable events and expenses. So, you now know the answer to ‘What is an insurance policy?’ In return for the benefit that the insurance company offers through the plans, the insured person needs to pay premiums to the insurance provider. Let’s find out more about this.

What is Premium in Insurance?

The premium is the amount the insured person pays the insurance provider in exchange for the coverage offered. Depending on the type of insurance, premiums can be paid at various intervals, through different modes. Typically, you can choose to pay your premium as a one-time, lump sum amount, or you can choose to pay it periodically in any of the following ways.

 

  • Monthly payments

  • Quarterly payments

  • Semi-annual payments

  • Annual payments

The calculation of insurance premium depends on a number of factors like the type of policy you choose and the risk involved for the insurance provider. You can always make use of an online premium calculator or request a quote before you make your purchase decision.

How Does Insurance Work?

Insurance works on the principle of sharing of losses and risk pooling. Remember how you need to pay premiums regularly when you buy your insurance plan? Similarly, all the other policyholders who have bought insurance policies from your insurance provider will also have to pay premiums for their coverage.

All these premiums are collected by the insurance and pooled together to create a common source of funds. These funds come in handy when any of the insured people raise a claim on their policy. For example, say you have a health insurance plan, and during the policy term, you are diagnosed with one of the illnesses covered. So, you raise a claim on your policy, seeking financial payouts to cover the cost of the treatment involved. In this case, your insurance provider will compensate you financially using the funds in the pool of premiums paid by policyholders.

What is a Deductible? Why should you pay the deductible if you have already paid your premium?

A deductible is a common concept in general insurance. It is a portion of the expenses that you have to pay out of pocket before the insurer steps in to settle the rest of the claim. For example, say your health insurance policy offers a coverage of Rs. 2,00,000, and has a deductible amount of Rs. 50,000. Now, if you want to raise a claim of Rs. 1,20,000, you need to pay Rs. 50,000 out of pocket, and your insurer will pay the remaining amount of Rs. 70,000.

If your insurance policy comes with a deductible clause, you need to pay that amount even if you have paid your premiums regularly. However, in case the deductible for your insurance policy is high, it will typically be less expensive. This is because the premiums are generally lower due to the fact that the out-of-pocket expenses will be higher in case of a claim.

Features of Insurance Coverage

There are certain important characteristics of insurance that make it an essential financial product for your portfolio. Here’s a closer look at the key features of insurance coverage.

 

  • Risk Pooling

One of the main features of insurance coverage is risk sharing or risk pooling. As you have seen above, insurance works on this concept. The premiums collected from different policyholders are used by the insurer to help the insured persons in case of a claim.

 

  • Protection Against Financial Loss

Insurance coverage protects you against the financial losses associated with an unexpected emergency. In fact, one of the key objectives of insurance is to offer financial protection to the policyholder in case the insured event happens.

 

  • Policy Coverage

Every insurance policy comes with its own kind of coverage. The amount of coverage offered as well as the incidents covered vary from one plan to another. Some plans offer lower coverage, while others may give you more comprehensive coverage in exchange for higher premiums.

 

  • Policy Term

The insurance coverage that you get from your policy is also generally valid over a specific period only. This is known as the policy term, and it is one of the most common characteristics of insurance that you need to keep in mind.

Types of General Insurance Plans

Whether you are looking for an extensive coverage to take care of your family’s medical costs in case of emergencies, want to safeguard your next trip, or you want to ensure coverage against unwanted risks on and off road for your bike and car, General Insurance plans are there for you. Understand some of the most sought-after General Insurance plans and get insured through a quick & stress-free process, only on Bajaj Markets.

Health Insurance

A medical emergency can strike anytime! Moreover, the constantly increasing medical costs and the subsequently rising medical bills could be a threat to your financial stability. This is why you need a health cover! Explore the key benefits of health insurance that let you stay ahead of medical emergencies.

Car Insurance

Did you know? Every year an average of five lakh road accidents take place in our country. This makes it very essential for every car owner to have a good car insurance policy in place. Moreover, the Motor Vehicle’s Act makes it compulsory for every car owner to have a Third-party Car Insurance. That is why Bajaj Markets bring to you a range of comprehensive and third-party Car Insurance plans from various insurance partners. Now getting your car insured is a matter of minutes!

Bike Insurance

The group term life insurance plan available on Bajaj Markets offers a life insurance coverage to a group of people or anyone who is a part of the community. With this plan, if you are a part of the community, your family’s financial independence is secured. A cost-effective plan compared to the typical individual term insurance plans, a group term life insurance plan also comes with a whole lot of other term insurance benefits, making the plan a perfect fit for your needs.

Home Insurance

For us, our home is not just a structure built of bricks & concrete. It’s a place that offers each of us security, peace of mind, and one that you love to call your own. It only makes sense to protect your safe place from unforeseen risks. And with a comprehensive Home Insurance plan on Bajaj Markets, we make it easy for you to not just understand the coverage, buy get your secured within minutes!

Travel Insurance

No matter what reasons you travel for – leisure, business, adventure or even higher education, Bajaj Markets makes Travel Insurance policies available for you that suit your needs. Our platform is a home to Travel Insurance plans for individual, family and student, so you can meet your travel aspirations without any hassle, in case anything was to go wrong. The policies offer extensive travel insurance coverage with unique benefits such as cover for home burglary so that your home is insured while you are away.

Term Insurance

Life is unpredictable. You never know what lies ahead for you. In such uncertainties, are you sure that your family is financially capable of coping up with life’s upcoming liabilities? Smart Protect Goal Term Insurance available on Bajaj Markets helps you do just this! All you have to do is identify your financial liabilities, pick your suitable life cover, spend a few minutes online, and you are done! Bajaj Markets get the job done!

ULIP

When it comes to wealth creation, financial planning is very essential. And, financial planning starts by picking the right investment tool! ULIPs are a great tool for those looking to reap the most out of their investments, while also saving on taxes. Moreover, the life cover benefit that comes along with a ULIP is a rewarding aspect for any investor. Whether your goal is saving for your child, or to build a retirement corpus, or to earn big returns, Bajaj Markets has ideal financial products for you in the form of ULIP plans by Bajaj Allianz Life Insurance.

Group Term Life Insurance

The group term life insurance plan available on Bajaj Markets offers a life insurance coverage to a group of people or anyone who is a part of the community. With this plan, if you are a part of the community, your family’s financial independence is secured. A cost-effective plan compared to the typical individual term insurance plans, a group term life insurance plan also comes with a whole lot of other term insurance benefits, making the plan a perfect fit for your needs.

Types of Life Insurance Plans

It is needless to say that securing your life, your greatest asset is crucial too. Securing your family’s financial future for times when you may not be around is your responsibility. For this, setting financial goals enables you to create a systematic savings plan. As life is uncertain, it is wiser to invest in an ideal life insurance plan.

On Bajaj Markets, we don’t just help you understand Life Insurance the simpler way, but also make it is easy for you to take your pick from the Life Insurance plans available.

Term Insurance

Life is unpredictable. You never know what lies ahead for you. In such uncertainties, are you sure that your family is financially capable of coping up with life’s upcoming liabilities? Smart Protect Goal Term Insurance available on Bajaj Markets helps you do just this! All you have to do is identify your financial liabilities, pick your suitable life cover, spend a few minutes online, and you are done! Bajaj Markets get the job done!

ULIP

When it comes to wealth creation, financial planning is very essential. And, financial planning starts by picking the right investment tool! ULIPs are a great tool for those looking to reap the most out of their investments, while also saving on taxes. Moreover, the life cover benefit that comes along with a ULIP is a rewarding aspect for any investor. Whether your goal is saving for your child, or to build a retirement corpus, or to earn big returns, Bajaj Markets has ideal financial products for you in the form of ULIP plans by Bajaj Allianz Life Insurance.

Group Term Life Insurance

The group term life insurance plan available on Bajaj Markets offers a life insurance coverage to a group of people or anyone who is a part of the community. With this plan, if you are a part of the community, your family’s financial independence is secured. A cost-effective plan compared to the typical individual term insurance plans, a group term life insurance plan also comes with a whole lot of other term insurance benefits, making the plan a perfect fit for your needs.

Why Choose Bajaj Markets for Insurance

Trusted Companion

Numerous customers have chosen Bajaj Markets as their trusted financial partner. It’s your time now!

Multiple Offerings

With multiple products for your insurance needs offered by multiple partners, Bajaj Markets helps make the right choice when it comes to Insurance.

Quick Online Process

Now getting your Car Insurance is only a matter of minutes! With Bajaj Markets’ digital approach, the process is completed within no time!

Our Partners

Bajaj Allianz General Insurance Co.

With a great expertise in the insurance sector, Bajaj Allianz General Insurance Co. brings to you, extensive insurance plans that are designed to fit your diverse needs. Their insurance expertise marrying Bajaj Markets’ digital approach further offers you convenience, & great value for money!

Bajaj Allianz Life Insurance Co.

Securing your and your family’s future and safeguarding financial independence of your loved ones has been one of the key focus areas of Bajaj Allianz Life Insurance Co. This is why, Bajaj Markets brings to you, their life insurance products that act as financial backing at every step of life!

Acko General Insurance

Acko General Insurance Ltd. with its unique approach that marries technology with insurance, brings to you new-aged Acko Car Insurance plans that are well-designed to fit into your needs and budget too! From customization to affordability, you always have more.

Aditya Birla Health Insurance

We understand your needs and priorities. When it comes to protecting your valued assets, health is always on the top of the list. That’s why we bring you, health insurance by Aditya Birla Health Insurance, only on Bajaj Markets. With an extensive product portfolio of unique offerings like incentivized wellness and critical care, you need not look any further.

Care Health Insurance Ltd.

Staying healthy is not a choice! But health risks can knock at your door, anytime! Worried that such scenarios could put a burden on your pocket? Not anymore! With Care Health Insurance now available on Bajaj Markets, you can take care of your family's health, especially in times of need, without worrying about healthcare costs.

Reasons to Buy an Insurance Policy

  • An Unexpected Illness

    Even if you’re in good health, you can’t predict when an illness might strike. And, with the exponentially rising healthcare costs, paying out of your own pocket for medical expenses could leave you broke. Here’s why you should get a good health insurance plan.

  • Natural/Man-made Disasters

    Nature can turn its wrath upon us anytime and the same can be said for human beings, as they are unpredictable too. In case any disaster occurs the cost of rebuilding a home, or buying a new car, or the cost of replacing other lost belongings could really be back-breaking. An insurance coverage can help deal with the financial burden of a lot of these things.

  • Accidents

    Just like illness, one can’t predict when and to what degree an accident might strike. It can often have a crippling effect on your finances and therefore, it makes sense to buy an insurance to mitigate the financial risks involved.

  • Loss of a Loved One

    No matter how much we avoid thinking about death, it is a harsh reality that everyone must face. Hence, it is a wise decision to have a life insurance plan like the term plans available on Bajaj Markets, so that your loved ones don’t get buried under financial burden in case life takes a bad turn.

Benefits & Importance of Insurance

Now, let us understand the benefits of insurance. Here is a closer look at some of the advantages of insurance coverage, so you can better understand why insurance is important.

 

  • It helps you be better prepared for any emergency financial requirements

  • It helps you reduce the financial risk associated with life’s uncertainties

  • It gives you peace of mind since you do not have to worry about depleting your savings

  • It helps you take care of life goals and your family’s future

These benefits can help you understand and appreciate the importance of insurance. In addition to these advantages, insurance also offers tax benefits, as you’ll see below.

Tax Benefits of Insurance

Apart from the benefits of insurance explained above, insurance can also help you save tax. The type of income tax benefits offered depends on the type of insurance policy you purchase. Broadly speaking, here are the tax benefits of insurance as per the Income Tax Act, 1961.

 

  • Benefits under Section 80C

According to this section, the premiums paid for your life insurance plan can be deducted from your taxable income, up to Rs. 1.5 Lakhs. This brings down your total taxable income and as a result, reduces your tax liability.

 

  • Benefits under Section 80D

The premiums that you pay for your health insurance plan are also deductible from your taxable income, up to Rs. 25,000 each financial year. An additional deduction is available up to Rs. 25,000 for health insurance premiums paid for your parents. And in case your parents are senior citizens, the limit is Rs. 50,000.

 

  • Benefits under Section 10(10D)

As per this section of the Income Tax Act, 1961, the payouts that you get from your life insurance plan on maturity or the death benefits that your nominees receive are exempt from tax.

Things to Check When Buying an Insurance Policy Online

If you are unsure of how to find the right policy for you, it can help to be aware of the key things you need to check before you make a purchase decision. So, here are the important things to consider when you are buying an insurance policy online.

 

  • Your Financial Needs

The first thing you need to do is identify your financial needs. This will help you decide on the right kind of insurance policy to buy. Once you have done this, you need to decide on the amount of coverage needed. This depends on your requirements and on the reasons you are buying your insurance plan. For instance, the coverage of your travel insurance plan depends on the place you are travelling to.

 

  • Features and Benefits of the Policy

While the basic function of insurance may be the same, the features and benefits offered vary across different kinds of insurance. So, take a closer look at these features before you zero in on the policy you want to buy online. For instance, in the case of term insurance, some plans may give you the Return of Premium(ROP) option, while others may give you coverage till 99 years of age.

 

  • Cost of the Cover

The insurance premium is another important aspect you need to look into before you make a purchase. This is essential because if you are unable to pay the premiums involved, your policy may lapse and you will lose out on the benefits it offers.

 

  • Insurance Provider’s Claim Settlement Ratio

It is also vital to choose the right insurance provider. And when you are on the lookout for a good insurance company, the claim settlement ratio can help. It is simply the percentage of the claims that an insurer settles. The higher the ratio, the better the chances of getting your claim settled on time. The solvency ratio is another aspect to check out. The higher the solvency ratio of an insurer, the better their ability to pay out your claims.

Why Should You Compare Insurance Plans Online

Buying insurance is no longer a time-consuming process. And, what makes this process even more effective is comparing plans online! With just a few simple steps and some minutes spent online, you can make the right choice, when it comes to picking the right financial protection for you.

Here’s why you should consider comparing plans online:

  • Extremely Convenient

Comparing insurance plans online makes buying insurance so hassle-free. What’s better that selecting the right plan for you right from the comfort of your home!

  • Simple

All you have to do is visit the insurer or aggregator website online, follow some quick steps and you’re done!

  • Get your Free Quote

Yes! You can compare various plans online and get your insurance quote for free!

  • Time-savings

In today’s fast-paced life, each of us wants solutions that are quick and those that get done at the snap of a button. And, comparing insurance plans is no different. After all, time is money!

  • Choice is Yours

With all the comparison done at your fingertips, your free quote and your customized pick, you can take an informed decision! 

How to Buy Insurance on Bajaj Markets

Buying insurance on Bajaj Markets is very quick and hassle-free. Just browse through the different products on our platform, take your pick, follow our 100% online buying journey, and you are done!

  • Visit Us Online

    Visit Bajaj Markets and go through the product offerings

  • Fill Details

    Fill in the necessary information as per the insurance plan you choose

  • Pick Your Plan

    Select your plan and choose the coverage

  • Make an Online Payment

    And, that's it! You will receive your policy within no time!

Why Should You Renew Your Insurance Plan on Bajaj Markets

Renewing your insurance policy on Bajaj Markets comes with a host of benefits.

  • 100% Online Process

Process of renewing your insurance is completely online on Bajaj Markets, saving you from the hassle of tedious renewal procedures.

  • Minimal Paperwork

With minimal or zero paperwork, the insurance renewal process on Bajaj Markets is completely beneficial!

  • Flexibility to Switch

Insurance plans available on Bajaj Markets allow you to switch from your existing policy to another plan as per your needs, thereby offering you the flexibility to pick the plan of your choice!

  • Transparency

As all the necessary details are available upfront, Bajaj Markets offers complete transparency to you, so you can make an informed decision.

  • Easy Customization

Lastly, comprehensive insurance plans available on Bajaj Markets offer easy customization of plans during policy renewal, so you can select the add-on covers of your choice and further enhance your coverage.

Claim Process for Insurance

Filing claims was never so simple. While the claim process for each insurer and insurance product varies, here’s how you can go about getting it done smoothly! Just follow these steps and you’re done!

  • Register your claim online

  • Upload documents online

  • Claim Assessment

  • Claim Decision

Get Your Insurance Plan through Our Bajaj Markets App

You can also choose to buy your preferred insurance plan on our Bajaj Markets App, which makes it an easy and convenient process.

  • Experience the DIY Journey

Access your insurance application, track your purchase history, or simply make payments through the Bajaj Markets App, all by your own!

  • Trusted Partners

The wide range of products available on Bajaj Markets App come from our trusted partners whom you can trust for your financial needs.

  • Exclusive Rewards

By transacting through the Bajaj Markets App, you can earn the app-exclusive B-Coins & unlock exclusive rewards like Digital Goldback, CIBIL Report, and more.

  • One Account

Login to your one key account and do so much more - raise service requests, avail customized offers, access your shopping cart & order history and explore more.

  • Chatbot Assistance

Our chatbot YARA is always at your service through prompt & non-stop assistance for all your account and payment related queries.

How to get an insurance using Bajaj Markets app

Applying for insurance with the Bajaj MARKETS app is a simple process. The following steps will help you get started:

  • Step 1: Go through the various insurance offerings available

  • Step 2:Enter your personal and employment details

  • Step 3: Choose an insurance policy that best suits your needs

  • Step 4: Upload the necessary documents and pay the insurance premium online

You will receive the policy details on your email, a while after you make the payment.

Frequently Asked Questions

✔️What is insurance?

We face uncertainties in every aspect of our life, some of which even lead to financial losses. Insurance is a financial protection one gets to be able to deal with eventualities of various kinds. It is a contract wherein an insurance company provides monetary compensation to an insured, in case of eventualities, for a premium he pays. With insurance policies available on Bajaj Markets, you can always be better prepared for life's ugly surprises.

✔️What is General Insurance?

A general insurance policy is also known as a non-life insurance policy and offers financial coverage against risks to property (like fire, burglary, etc.), vehicles, gadgets, human health and liability cover for legal liabilities too.

✔️What is Life Insurance?

Life insurance is an agreement between the insured and the insurer, wherein the insurer agrees to pay a certain sum of money in case the insured person passes away during the policy term. These benefits are paid to the insured person’s nominee. In some life insurance plans, if the insured person survives the policy term, maturity benefits are paid out by the insurer.  

✔️What kind of Insurance policies are available with Bajaj Markets?

General Insurance policies and Life Insurance policies are available on Bajaj Markets. The process of buying these policies is super easy and extremely convenient.

✔️On what basis are insurance claims paid?

The claims being paid depends on the nature of the policy, whether it is indemnity or cashless. In indemnity policies, the degree of financial loss is validated by the insurer by means of inspection and verification of documents and bills submitted. Upon being convinced that the claims are not unfairly sought, the insurer processes the payment of the claim amount. Whereas in a cashless policy the insurance company has tie-ups with the network hospitals, or garages. The company liaises with the hospitals/garages and directly makes the payment for the insured’s treatment/vehicle repair costs as per the terms of the policy.

✔️Who regulates General Insurance/Life Insurance in India?

The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory agency that regulates and promotes the insurance & re-insurance industries in India. All insurance & re-insurance companies in India are regulated by this autonomous body.

✔️Why should a person get Insured?

A person should get insured to be able to deal with the financial implications of unforeseen events that often disrupt a person’s life. In most cases, the expenses incurred after an accident, the death of a loved one, or a disability are beyond the savings or wealth that a person may have accumulated and hence a person must buy Insurance. General Insurance and Life Insurance policies available on Bajaj Markets are tailor-made to suit your insurance needs.

✔️What is non-life insurance?

Non-life insurance, also known as general insurance, is a kind of insurance that offers protection from specific financial events. There are different kinds of general insurance available today. For example, motor insurance covers any accidents or damages to your car or two-wheeler. Health insurance offers financial benefits for health-related expenses. And home insurance covers damages to your home and your belongings.

✔️What is the meaning of cashless claims?

Cashless claims are an important concept in health insurance and other kinds of general insurance. When you raise a cashless claim on your insurance policy, your insurance provider directly pays the expenses covered to the service provider. You need not pay any of the covered expenses out of pocket.

✔️How to choose a good insurance insurance company?

There are many good insurance companies in India. And to choose a good insurer, you need to pick a reputed insurance company that has a high claim settlement ratio and a high solvency ratio.

✔️What does motor insurance cover?

Motor insurance can be insurance for your car or your two-wheeler. A comprehensive motor insurance plan covers both third party liabilities as well as the expenses involved in taking care of any damages to or loss of your own vehicle.

✔️Is health insurance a kind of life insurance?

No. Health insurance is a type of general insurance. A comprehensive health insurance plan offers coverage for hospitalization expenses, pre and post hospitalization costs, consultation charges, ambulance charges and more.

✔️What is an insurance claim?

An insurance claim is a formal request that a policyholder makes to the insurance provider, for coverage of the insured incident or for compensation of the costs incurred or the losses suffered.