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17 Questions

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Insurance Premium Payment Options

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Questions and Answers

What are some of the options available for premium payment according to the text?

Payment via chat bots

Payment through SMS (correct)

Payment through insurance intermediary

Deposit at a bank branch

Which touch-point allows digital premium payment in a single scan?

Email desk

Mobile App

Customer portal (correct)

Branch walk-in

When should an insurance intermediary deposit collected premium according to the text?

Within 24 hours of collection (correct)

Within 48 hours of collection

Whenever convenient

Within a week of collection

Which premium payment method does not require the assumption of any risk before receiving the premium?

Payment through QR code Signup and view all the answers

Which customer touch-point is least likely to be used for premium payment?

Distribution support Signup and view all the answers

What is the term for the policyholder not needing to pay anything to the network hospital?

Cashless claims Signup and view all the answers

What is the term for the amount paid by the policyholder to the insurer at regular intervals?

Premium Signup and view all the answers

Which term refers to initially paying for medical expenses and then seeking reimbursement?

Reimbursement claims Signup and view all the answers

What is the term for the insurance company that provides coverage for specified risks?

Insurer Signup and view all the answers

Which type of premium payment occurs at regular intervals such as monthly, quarterly, or annually?

Regular payment Signup and view all the answers

What term describes the protection or benefits provided by an insurance policy?

Coverage Signup and view all the answers

What are the options available for customers to pay their premiums?

Direct Debit/NACH, Online payment, Payment at Branch/Service centers, Electronic Bill Presentment Signup and view all the answers

How do customers receive advance notices about their premium payments?

Through SMS/whatsapp, letters, emails, and calls Signup and view all the answers

What is the purpose of a Grace Period for Premium Payment?

To delay payment without late fees and avoid contract cancellation Signup and view all the answers

What happens if a health insurance policy is not renewed on time?

Loss of accumulated coverage benefits like no claim bonus Signup and view all the answers

Why is timely payment for health insurance renewal necessary?

To avoid restart of waiting periods and loss of accumulated benefits Signup and view all the answers

Which payment method allows customers to set up automatic deductions for premiums?

Direct Debit/NACH Signup and view all the answers