Frequently Asked Questions
Insurance FAQs & Consumer Guidance
Clear, transparent answers to help you navigate policy terms, tax savings, claim procedures, and regulatory rights under Indian insurance law.
Consumer Answers Supervised by Pushkal
Principal Officer | RakshaPoint Insurance Marketing LLP
An Insurance Marketing Firm (IMF), such as RakshaPoint Insurance Marketing LLP, is registered with IRDAI under the IMF Regulations, 2015. Unlike a single tied insurance agent, an IMF maintains an approved panel across Life, Health, and General Insurance companies. We employ qualified Insurance Sales Persons (ISPs) who provide objective, parameter-based guidance tailored to your needs rather than promoting a single brand.
IRDAI mandates a 15 to 30-day Free-Look Period from the date you receive your physical or electronic policy document. If you review the policy terms and find them unsatisfactory or different from what was promised, you can return the policy to the insurer for cancellation. You will receive a refund of premiums paid minus proportional risk cover charges, stamp duty, and medical exam expenses.
- Section 80C: Premiums paid for Term Life Insurance policies (for self, spouse, and children) are deductible up to ₹1,50,000 per financial year under the old tax regime.
- Section 80D: Health insurance premiums qualify for tax deduction up to ₹25,000 for self/family (below 60 yrs) + an additional ₹50,000 for senior citizen parents. Preventive health check-up costs up to ₹5,000 are also covered within these limits.
A Pre-Existing Disease (PED) is any medical condition, injury, or illness diagnosed or treated within 36 to 48 months before buying a health policy. Declaring PED during proposal filing ensures your policy remains legally valid. Concealing pre-existing conditions (such as diabetes, hypertension, or asthma) leads to claim repudiation under the principle of Uberrimae Fidei (Utmost Good Faith).
No. Policy premiums are standardized. All premiums are determined directly by the registered insurance company in accordance with IRDAI regulatory guidelines. RakshaPoint Insurance Marketing LLP does not add any extra markups or hidden charges to official policy premiums.
As your registered IMF, our team of qualified ISPs assists you with claim documentation guidance - from organizing required documents, liaising with the TPA / insurer, to resolving queries. If any dispute arises, we guide you through the official escalation hierarchy including the IRDAI Bima Bharosa portal and Insurance Ombudsman.
Have a Specific Policy Question Not Listed Here?
Speak directly with a Qualified Insurance Sales Person (ISP) for clarification without obligation.