Insurance
An insurance policy/plan is a contract between an individual(policyholder/insured) and an insurance company(provider/insurer). Under such a contract, you pay regular amounts of money as premiums (either monthly, quarterly or annually) to the insurer and they pay you the sum assured in case of death, accidents, hospitalisation. Instances when the insured receives the sun assured can be untimely demise of the insured, accidental damage, hospitalisation and surgery, or damage to property.0
IndoStar provides its customers with Motor, Life and Accidental insurance as an additional service to enrich its primary lending offering. IndoStar has tied up with Chola MS General Insurance Company Limited and HDFC Life to provide its customers with the optimum insurance solutions.
Types of Insurance cover available:
Motor Insurance
Motor Insurance is a type of insurance policy which provides financial cover for vehicles from potential risks. Policyholder’s vehicle is provided financial security against damages arising out of accidents and other threats as well. In India, motor insurance is mandatory. Motor Insurance covers Private Cars, Motorized Two Wheelers and Commercial Vehicles, Construction and Farm Equipment excluding vehicles running on rails.
Health Insurance
Health insurance is a type of insurance that covers medical expenses that arise due to an illness. These expenses could be related to hospitalisation costs, cost of medicines or doctor consultation fees.
Personal Accident Policy
Personal Accident insurance or PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is different from life insurance and medical & health insurance.
Life Insurance
Life Insurance can be defined as a contract between an insurance policy holder and an insurance
company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.
Benefits of Insurance:
- Coverage Against Uncertainties – Insurance provides financial protection against unforeseen risks by selecting the right policy.
- Cash Flow Management – Insurance helps manage cash flow by covering significant expenses from unexpected events.
- Provides Protection – Insurance reduces the financial impact of losses by offering monetary reimbursement during crises.
- Provides Certainty – Insurance ensures financial aid and security for policyholders and their nominees in case of accidents or vulnerabilities.
- Economic Growth – Insurance mobilizes domestic savings, promotes loss mitigation, and supports trade and commerce.
- Saving Habits – Insurance policies encourage saving by requiring regular premium payments, often tied to investment schemes.
Eligibility and Documents Required
Any Indian resident or business entity
Individual need to be at least 21 years old
Motor Insurance:
- Individuals must be above the age of 18 years
- He/She must be a citizen of India
- He/She must own a vehicle along with its RC
- He/She should have a valid driver’s licence
Life insurance applications generally require personal and family medical history and beneficiary information. Age, Gender, Smoking, Health, Lifestyle, family medical record and driving record may be considered. Life Insurance Company may ask individuals to go for medical exam based on the illness and pre-existing disease reported.
How To Apply For Loan
Interest rates, Charges and Fees
At IndoStar, we offer Commercial Vehicle loans at competitive interest rates, along with a flexible repayment tenure. Further, interest rates may vary for different borrowers depending on various eligibility factors like income, CIBIL score, loan disbursed, loan tenure, repayment capacity, financial history, and more.
To refer our interest rate, charges and fees please refer: IndoStar Interest rates, Charges and Fees (To be hyperlinked)
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Introducing Insurance services for you and your vehicle/s in partnership with
*The loan amount depends upon various factors which may differ on a case-to-case basis.
