FAQ

FAQS

Our FAQs

Insurance is a legal contract between two parties-the insurance company(insurer) & the individual or entity(insured) which is represented by a policy. By this, the insured receives financial protection or reimbursement against any losses from the insurance company. The insurer is liable to compensate the losses in return to the premium paid by the insured.

Bima Buy provides is an emerging insurance broker company licensed by IRDAI. We are partnered with 56 insurance companies and provides all kinds of insurance such as health, travel, motor, accident etc. under one roof.

Our dedicated & trained POSPs helps you in policy issuance, documentation, risk analysis & claim settlement.

Life is full of uncertainties and getting advice at right time can make a difference. We offer a wide range of insurance policies which cater to all your daily needs & requirements. Our process is simple & secure and we possess a highly qualified team of experts who have in-depth knowledge of the insurance market.

The amount of money you pay periodically against your purchased policy.

Yes you can but you won’t get the Bima Buy benefits which includes lowest prices, tailor-made solutions for your needs, best coverage & simplified claim process.

Moreover, you can compare the prices of various insurance companies and get the right advice under one roof.

YES! we are regulated as per broker code of conduct laid down by Insurance Regulatory Development Authority (IRDA) of India.

Bima Buy deals provides you with all kinds of insurance policies to protect almost every aspect of business or personal life. Automobile insurance, health insurance, life insurance, accident insurance, travel insurance, term insurance etc.

Yes. As per Motor Vehicle Act, no person(except the public passenger) shall use motor vehicle in public space in India without a Third Part Insurance(Liability Insurance). Therefore if you own a car, bike, commercial vehicle or any type of locomotive you need to insure it.

No, this is non-compliance of section 64VB of the Insurance Act of 1938. Cheque date has to be the same / prior to the date of policy issuance.

The following documents are required:

  • Claim Form duly signed by the Insured
  • Policy Copy
  • Registration Card Copy
  • Driving License Copy
  • Permit & Fitness Certificate (in case of Taxi / commercial registered vehicles)
  • FIR (in case Third Party damage / injury is involved)
  • Claims Discharge cum Satisfaction voucher signed across a revenue stamp.
  • PAN Card Copy
  • Aadhar Card Copy

No Claim Bonus is a reward for filing no claim in the previous year. It can be accumulated over the periods of insurance. NCB starts with 20% and goes up to 50%.

Bima Buy provides you with the web based & mobile platform to sell the insurance & keep a track of your leads. What’s better that selling from the comfort of your home with zero investment. Bima Buy gives you the freedom to sell multi-category integrated products and exponentially increase your earnings with the eligibility to the rewards & recognition.

Anyone who is aged 18 years or above & has completed the 15 hours mandatory training and has cleared the examination can become a POSP. You can be a student, homemaker, business owner, retired etc.

If you want to be a POSP you need to qualify the criteria set by IRDAI regulations.

  • You should be atleast 18 years of age or above.
  • Must have completed your basic high school(10th Standard)
  • You need to have documents like PAN card, proof of identification and address, recent photographs and essential exam certificate.
  • 15 hours verified training organized by the company and pass the test conducted by IRDAI guidelines.
  • Own an approved certification by IRDAI post-training.

As per IRDAI mandate the minimum training hours to become a POSP is 15. With Bima Buy training platform you can access various training modules and complete your necessary training.

After clearing the exam, you will receive a passing certificate and its validity will be of lifetime.

Yes. There is a very nominal fee to be paid while giving the exam, which can be ruled out in your commission of 1st sale.

Once your registration process is complete and you have completed the 15 hours mandatory training & cleared the exam, you can start selling insurance as a POSP agent.

Registration -> Documents Submission->Validation->Training->Assesment->Appointment..

Being a POSP, your customer base can be of any location

The POSP possess the deep insights of all the policies available within the company and they suggest the best policy considering the needs & risk exposure of the customer. Buying the policy from a POSP gives customer an assurance of immediate services & guidance.