MintWise is an IRDAI-licensed Insurance Web Aggregator and a Registered Company under the Companies Act, 2013, located in Mumbai. It is not an insurance company and does not make its own insurance policies. In order to provide a comprehensive choice of insurance plans and payment options to customers, it has tied up with India's insurance companies. MintWise's advice to customers is to choose an insurance company whose products are suited to their individual long-term needs, and whose services they are comfortable with. MintWise will never insist upon the customer to buy any particular company’s insurance product and the customer must make his own choice on the preferred product.
MintWise aims to be India’s best online insurance purchase websites, as certified by you, the customer. And everything we do every day is keeping you in mind. At MintWise, you will find the largest range and great deals for insurance policies and only those that you can buy online. Some of the advantages when you buy from us are:
You can see the products that suit your needs and profile.
You can see what most others in India are buying.
You can customize the comparison based on your requirements.
You can choose your own plan.
You get to know the all the fine print before you choose the policy.
You can either buy your insurance policy online, or with help over phone.
You can get your insurance policy emailed as well as delivered to you physically.
You can manage your policy easily and any time, through your own secure MintWise dashboard.
Once you buy, you do not need to keep filling up the same information again next time.
MintWise will remind you when your next policy premium is due, so that your insurance cover is always active.
If you think we can add value in any other way, you can send us your feedback and we will be thrilled to deliver it for you.
MintWise is compensated by the respective insurance company when a customer buys through its Website. For the value received, MintWise will ensure that
Customers get the biggest ranges of plans in each insurance category
All the fine print (especially exclusions) are read, understood and their implications interpreted thoroughly,
Customers are able to comprehensively compare brands and policies,
Customers get to see how all their policies add up to protect themselves and their families,
Customers are able to buy the policy easily in just a few minutes, and
Customers are fully guided and assisted at the time of claims, if any.
This could be a question that bothers many customers and it is our duty to get this clear for everyone’s benefit.
Fully Online interactions : Unlike a physical agent or banker representing a particular company and her/his own interests, an online interaction is completely unbiased by design. When the customer makes a choice completely online, there is no question of compensation affecting the choice because it is the customer’s own decision and it is not influenced by anyone. MintWise prefers that customers use a fully online method to buy all their insurance, but also understands that there could be limitations which is the reason why human interactions are offered as an assisting service.
Human interactions : In the case of customers being assisted by a MintWise tele-caller, we have put a comprehensive interaction framework for the team with clear dos and don’ts when guiding a customer for a purchase. These guidelines when put to practice ensure that there are no biases in the tele-caller’s interaction with you. Most importantly, all our internal employee programs are also completely devoid of brand weights or preferences and employees are not assessed based on brand-wise sales. Where then would be the motivation for any bias to be there at all?
Content : By design, all content is based on empirical evidence or hard numbers. We keep combing the website content to look for any direct or indirect loaded statements or suggestions that we might have inadvertently posted. Do let us know if you still find any such case.
If there is anything further you feel we should do, we will be happy doing that, because keeping our recommendations unbiased is a core philosophy for us.
Another thing. If you, during your interaction with MintWise, experience a bias of any sort, please email the CEO directly at email@example.com. If our investigation validates your claim, rest assured we will take corrective measures. It is both in your interest and ours.
To give customers a clear and honest picture, unless specifically mentioned, yes, all premiums shown are inclusive of taxes, duties, cesses, etc. as may be the case applicable on the day that you are checking. The Basic Premium for a particular product or variant always remains the same and cannot change. It is possible, however, that you see different premiums at times compared to what you saw some days earlier. This is only possible because of changes in service tax, duty, cess, etc. and not because of change in basic premium.
Insurance product premiums are fixed and all products are sold at all points at the same premium. However online products are much cheaper compared to products bought from an agent/bank, etc. because of lower distribution costs. MintWise offers only online insurance products, so you can be sure that you get the advantange of lower premiums when buying online insurance from MintWise.com.
Of course. Our responsibility does not end after a sale. In fact, we strongly believe that the event of a claim is the real proof of our reliable after-sales service and we will put in our best efforts on that front. In case you have a claim for any insurance product that you buy from MintWise.com, we will guide you on how to make a claim from the insurance company. So, be it getting you the claim form, listing out the documents you will need, showing you how to go about filing the claim, etc., MintWise will handhold you till your claim money comes into your/your nominee's bank account.
MintWise issues you an application no. separately for each policy from each company. This is for tracking purposes and so that you can quote the same when interacting with us even if you have not completed your application form fully.
However once you make the payment, the relevant insurance company issues you their own application number as well. You can you this number or the policy number just in case you want to interact with the insurance company directly for any purpose. You can even quote this number when interacting with MintWise.
When you buy an insurance policy online, and once the policy is issued, it is emailed to you as an e-policy to the email address that you mentioned in the application form. In parallel, the physical policy document i.e. a paper document, is also sent to you by snail mail to your correspondence address.
An insurance policy is a contract of risk between the proposer (the main applicant/owner of the policy and the person who pays the premium) and the insurance company. The risk cannot be transferred be transferred to another person/entity. A new policy will have to be purchased by filling up a new proposal form.
A policy document is a very important document and it contains proof of stamp duty paid. It is required in original at the time of any claim during the policy period or at the time of availing of the maturity benefit of the policy (if any).
To the extent of knowing about the policy benefits and as a proof of being the owner of the policy, it is good enough. However, the original stamp duty-paid physical policy document is required at the time of claim or availing of the maturity benefits of the policy (if any).
Optimized premium option is a unique feature of MintWise. We will use an example to explain this.
Suppose you are wanting to buy a term insurance plan for say Rs. 50 lakhs. You have identified the cheapest plan for the same, say Plan X for a premium of Rs. 5,000 per annum. This means Rs. 5,000 / 50 (lakhs), i.e. Rs. 100 per Rs. lakh of insurance cover. However, it is possible that for your profile you could get a higher sum insured of Rs. 60 lakhs for just Rs. 5,400 per annum. This means Rs. 5,400 / 60 (lakhs), i.e. Rs. 80 per Rs. lakh of insurance cover. For just Rs. 400 more of premium, you get Rs. 10 lakhs more cover. You could have missed this if you had not searched and compared premiums for Rs. 60 lakhs.
The optimized premium option is the one for the sum insured which has the lowest premium rate per lakh of insurance cover. So in the case above, it could be an even lower rate of Rs. 75 per lakh of insurance cover for a sum assured of Rs. 1 crore, i.e. a premium of Rs. 7,500 for Rs. 1 crore term insurance cover. After that the rate could remain same (or even go up again in some cases). So Rs. 7,500 per annum becomes the most optimum premium rate for you.
In this way, MintWise makes sure that you get the maximum value for your money. Worth it, isn’t it?
Wherever you buy from, insurance companies do not differentiate on service parameters. So when you buy online, rest assured that you will continue to get the same service that you would expect from any other insurance intermediary.
When you buy from MintWise, you get the advantage of MintWise Claims Support in addition to the insurance company's service support. MintWise offers you seamless support for any service-related matter for your insurance policies bought through them. Do not hesitate to call MintWise or send an email with your request.
Transactions through MintWise are very safe. We employ the best-in-class security and the transactions done are secure. All payment gateways used by MintWise and/or its Insurance Company partners are certified by the Reserve Bank of India (RBI). So your money is 100% safe.
Also, MintWise is certified by Comodo Positive SSL Security Certificate and uses 128 SSL (Secure Socket Layers) data encryption. Using SSL ensures that the information exchanged with us is never transmitted unencrypted, thus protecting the information from being viewed by unauthorized individuals when in transit.
Similar technology is also used by most insurance companies that MintWise is partnered with.
No, the insurance cover starts only once the policy is issued by the insurance company, unless it is for a specifically requested period or event in which case, if allowed, that condition would apply.
When you make a successful online payment, the company scrutinizes your proposal form for taking the risk after which it takes a decision. In certain cases, you may need to submit additional documents/information and/or go through some medical tests. If the insurance company, after scrutiny, agrees to accept your proposal, they will issue the policy and that is when your insurance cover starts. The cover goes on till the period you have chosen (one year by default for most general insurance products, unless specifically opted for specific periods, dates or events).
The time taken to issue the policy ranges from a few minutes to a few days, depending on all requirements being fulfilled by you, the company’s process time and its service quality.
When you buy an insurance policy through MintWise, the application form you fill in the website is passed on to the respective insurance company’s computer systems, wherein it generates an application for you. When you make the online payment, it is done directly to the insurance company through the MintWise website. The acknowledgment of payment is also sent to you.
Payment gateways are at times unreliable (like many other things in life) and the payment can fail. Generally, in such cases, you will get a payment failure message. The first thing to do is not worry. The reason for the failure could be from your side, e.g. your account/credit balance is low, your online transaction limit is exceeded, your One-Time Password (OTP) is incorrectly entered, your internet is slow, your account is not enabled for internet-banking, etc. The reason could also be from the bank or the payment gateway’s side, e.g. transaction could not be completed because there was a momentary technical problem, OTP is taking time because of SMS queue, etc. Whatever the reason for failure, it is generally mentioned at the time of payment failure.
At certain times, payment gateways behave naughty, e.g. it may show you a payment failure or a ‘status unknown/awaited’ message and you may still get a debit advice from you bank or credit card company. Don’t be hassled. In spite of such situations, you will never lose your money in an online transaction You would never have an ecommerce marketplace clocking more than 1 lakh crores annually, if that were indeed the case.
What can happen is that it could take up to 72 hours to really know the final status of the transaction. If it is a success, no problem. If it is a failure, just try to repay it. In case there has been a deduction from your bank/credit card account in spite of it being finally shown as a failure, the bank/credit card company will eventually reverse the debit and you get your money back. You may not even be required to ask them for it, it generally happens automatically.
MintWise will help you to know the status of your payment as per the timelines mentioned, in case you want to. Do give us a call, or send us an email.
No, Cash on Delivery is not a premium payment option for both first premium and renewal premiums.
If you buy a policy from MintWise, you can pay the renewal premium also through MintWise after locating the policy after login in the My Policies section. You can also pay the premium through any other convenient premium collection facility provided by your insurance company including cash/cheque at their branches.
Online payment is collected directly by the insurance company through their payment gateway. Most gateways offer any/all of the following online payment options. Credit cards Debit cards / ATM Cards Internet banking (Internet-enabled online bank account) Cash cards (ITZ cash, Paytm, Done card, Oxicash, Tick business and Zip cash) Specific payment options will depend on the insurance company’s payment gateway.
Yes you can. Just login to your Dashboard (My Policies), look for the policy that you want to pay premium for and pay premium to renew it. The premium will take a few days to reflect in My Policies because it is done only after we receive confirmation of successful payment, from the insurance company.
CANCELLATIONS AND REFUNDS
Yes, you can certainly cancel the insurance policy even after you buy it, as long as the cancellation request is initiated with the insurance company within 15 days of receiving the policy document. This is called the Free-look period.
The regulations allow all policyholders to get a “no-questions asked” refund on the entire premium paid minus stamp duty charges and cost of medical tests done / any other charges incurred.
To cancel your insurance policy, preferably get in touch with MintWise or contact the insurance company directly. These kind of cancellations are not allowed after the free-look period expires, so MintWise advises you to carefully go through the policy document once you receive it and understand the terms and conditions of the product you have bought.
Yes, you can certainly cancel the insurance policy even after the free-look period of 15 days is past. However, in such cases, it is treated as ‘surrender’ of your policy and the surrender charges will apply. Please note that some policies have no or zero ‘surrender value’, i.e. the customer will not get back anything if the policy is surrendered after the free-look period.
When you request for a cancellation (within the free-look period), ensure that you get a cancellation acknowledgment from the insurance company. This could be through email, a phone call, a ticket no., a letter, anything, so that you are sure that you sure that the company has accepted your claim. You could do well by checking with the insurance company what is the amount of premium that will be refunded (after deductions, if any). In case you have not received the cancellation, do let us know. MintWise will help you get your money back. Generally, in the case of online payment policies, the refund comes back into the same account that you paid from, e.g. if you paid the premium using your credit card account, the refund is made into the credit card account itself. Do check that once before you get in touch with us.
TRAVEL INSURANCE BENEFITS
In a typical international travel insurance policy, following are covered for the insured under medical coverage.
Inpatient or out-patient treatment, provided the same is critical and cannot be postponed till the patient’s return to India
Costs of medical aid, radiotherapy, heat therapy, photo therapy, X-ray, diagnostic tests and other such treatments as prescribed by a certified physician/surgeon
Cost of transportation, including necessary medical care en-route, by recognized emergency service providers for medical attention at the nearest hospital or at the nearest physician/surgeon’s medical facility.
Yes, if your policy has that benefit. The structure of your home is insured as per the re-instatement value (check what this is under FAQs > Basics > Insurance Basics). Generally losses to the structure of your home due to any natural and man made calamities, up to the extent mentioned in the policy.
TRAVEL INSURANCE CLAIMS
Pre-existing disease (PED) is exactly what it sounds like - diseases that are already existing at the time of applying for the International Travel Insurance policy. Some examples are Diabetes, Cancer, Heart or Kidney ailment, etc.
In most travel policies, PED is not covered, i.e. if you contract the same illness and need hospitalization, such a claim will not be covered by the insurance. Not just that, claim arising for an illness/ disease/ sickness caused because of the PED is also not accepted, unless specifically mentioned.
Assistance Service Provider is called ASP in short. ASPs provide is assistance for cashless medical services and also the necessary information regarding claims. They can be called by some other names as well depending on the insurance company.
Yes, registration and pre-approval of claim is required to avail of the benefits under the international travel insurance policy. Get in touch with your international contact point who can help you to do this easily.
If cashless facility is available in the policy and the hospital that you have been admitted to, it is settled directly by the insurance company to the hospital. Make sure that you get in touch with the ASP /TPA /Insurance Company and get a pre-approval before hospitalization. If not, inform the ASP/ TPA /Insurance Company and get an approval immediately after hospitalization. This is the best form of bill settlement and most of the claims are generally settled this way.
In case cashless is not available either because the hospital is not included, or because of any other reason, you may have to pay the amount and then claim for it. Even then, you still need to inform the insurance company about the hospitalization within 48 hours of being admitted, else the claim can get rejected.
In the case of non-cashless claim, the risk is that you may not be sure if your ailment and your treatment are covered in the policy. When you get in touch with the Insurance Company within the 48-hour limit, do ensure you confirm the inclusion. Once you pay the bill, you will need to fill up a claim form in India and wait till the bill is settled. While this doesn’t sound like a bad deal, remember that medical costs abroad are about 5-10 times of that in India. So you might have to shell out a large amount of money without a guarantee that it will be paid. Then there is the waiting time, of course, before your insurance company hands you over the money. Best avoided - go for cashless.
In case there is no cashless facility, you can make a claim after you pay. But remember that you still need to inform the insurance company within 48 hours of hospitalisation. You can also raise the claim after coming back to India, but it is best that you do not delay the claim process if you are settling the bills yourselve.
MintWise will assist you at the time of making the claim including providing you with information on the ASP/ TPA/ Insurance Company, informing the Insurance Company, sharing contact nos and names of contact persons who can help you in that country, confirm inclusion for your ailment and treatment costs, and getting approvals done on time to ensure that your experience is smooth and does not add to the trauma of your illness.
Indeed it is, and you must make sure that you opt for it if it is specifically required to do so. The hassle of non-cashless is very high and it is best avoided. The cost of treatments can be really very high and it can block a lot of money for you. So please make sure that you use the cashless facility if it is available.
In case you are not sure or have doubts about the travel insurance policy that you have bought or perhaps planning to buy, do call us or email us. We will do the rest.
Remember that no one wants to deny your claim if it is genuine. Not even the insurance companies. So as a customer, you have certain responsibilities to ensure that your claim is never denied.
Ensure that all the facts you fill up in the application form at mintwise.com are fully accurate and detailed. If in doubt about whether to disclose a fact or not, just go ahead and mention it. Errors or omissions can lead to claim denial.
Facts like PED (pre-existing diseases) and medicines being taken must clearly be mentioned. This plays a big role in medical claim approvals/ denials.
If you are hospitalized, whether it is a claim of cashless or otherwise, ensure that you inform the insurance company within 48 hours. If not, you claim can get rejected even if you plan to raise the claim only after you go back to India.
Ensure you submit all documents at the time of claim. Check for typographical errors before you make submit any document to the company.
Diseases/ ailments not covered in the policy will be denied.
STUDENT TRAVEL INSURANCE RELATED
TERM INSURANCE BASICS
Yes, indeed. You pay the premium for each term insurance policy so if there is a valid claim, you will be paid the sum insured (insurance cover) for each of the term insurance policies as long as they are all in force at the time of the claim. These policies may be from the same or from different insurance companies, it does not really matter.
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