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Motor Insurance

Top 2 ways to check your bike insurance expiry date online

motorbike

Top 2 ways to check your bike insurance expiry date online

You like to zoom across the streets and feel the wind in your hair? That’s awesome! But always remember to wear a helmet and ride your bike safely. It’s important to follow the rules of the road while you’re riding.
It is also equally important to have always ride with a valid bike insurance policy with you. Let’s check out the top 2 ways you can check your bike insurance expiry date online, and be on top when it comes to renewing your bike insurance policy.

Check your expiry date via VAHAN

The VAHAN NR e-Services website is provided by The Ministry of Road Transport & Highways. VAHAN provides a host of beneficial services like transfer of ownership, change of address, issuance of vehicle fitness certificate, penalty payment, issuance of national permits, and more.

VAHAN also furnishes important vehicle centric information like:

  • Bike insurance expiry date
  • Bike registration date
  • Bike insurance status
  • Road fines levied on vehicle

Simply click on “Know your details” on top bar of the VAHAN website, and enter your registered mobile number in the next page, you will be redirected to a page where all vehicle centric details, including your bike’s insurance expiry date will be furnished.

VAHAN homepage
VAHAN homepage
VAHAN login page
VAHAN login page

There is another way you can check your bike insurance expiry date. It is through the IIB website. Let us see how you can do that below.

Check your expiry date via IIB

Step 1: Visit the IIB website

IIB homepage
IIB homepage

Step 2: Click on V SEVA

Click on V seva
Click on V seva

Step 3: Fill-in your details

V SEVA form
V SEVA form

You will need to fill in your details like:

  • Name
  • Email ID
  • Mobile number
  • Address
  • Registration No

Step 4: Check your bike details

Post filling the form, you will be redirected to a portal where all your bike details (including insurance expiry date) will be furnished.

Apart from these two methods, certain insurance companies also provide an online feature on their respective websites where you can login and your policy details will be visible via the portal.

You can also check your insurance expiry date via your insurers website if they provide this feature.

All said and done, always be certain about the expiry date of your policy, and never ride with an expired insurance policy.

Crore
Vehicles registered with Parivahan (As of 2022)
Crore
Licenses issued by Parivahan
Lacs
Licenses issued in 2022 by Parivahan

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Frequently asked questions

  • What is the full form of IIB?

    IIB stands for Insurance Information Beureu.

  • What is the official website of IIB?
  • What are some of the main objectives of IIB?

    The top 3 main objectives of IIB include:

    1. Keeping a repository of insurance data
    2. Report publishing
    3. Research and development
  • Who is the CEO of IIB?

    Shri Kunnel Prem (as of 2022)

  • What is the official website of Parivahan?
  • What are some of the services offered by Parivahan?

    Top 10 services offered by Parivahan website are:

    1. Maintenance of vehicle database
    2. Vehicle registration
    3. Fancy number allocation
    4. Issuance of permits
    5. Homologation
    6. VLTD making
    7. e-Challan 
    8. Citizen guide
    9. License, registration, and insurance details
    10. Issuing learners license
  • Categories
    Insurance

    What is the difference between claim repudiation & claim rejection?

    policy

    What is the difference between claim repudiation & claim rejection?

    Have you ever come across the term “claim repudiation” and wondered what it meant? Is claim repudiation the same as claim rejection?

    Let us briefly discuss the meaning of claim repudiation, and the difference between repudiation and rejection.

    Meaning of claim repudiation

    An insurance claim is said to be repudiated by the insurance company if the insurance policy does not provide any provision for disbursement of the claim for a particular condition or cause.

    In simple terms, the cause that the claimant mentioned within his claim application is not a valid cause, and the insurance company does not consider it, thereby repudiating the claim.

    Example of claim repudiation

    Let us assume that Mr. Joseph has bought a motor insurance policy. A few years later, he meets with an accident while being under the influence of alcohol. 

    The motor insurance company will immediately repudiate his claim as it was clearly mentioned that no claims will be entertained if the policyholder meets with an accident under the influence of alcohol.

    Thus the claim will not even be considered, and will be repudiated at once due to violation of policy terms.

    Meaning of claim rejection

    A claim rejection is when the cause of loss is valid, but the claim is rejected based on other factors. Common factors that lead to rejection are:

    • Falsifications by claimant
    • Improper documentation
    • Violation of company policy
    • Intentional mischief
    • Incomplete documentation
    • Delay in claim application

    As mentioned in the article, there is a fine difference between claim rejection and claim repudiation. The general public should be aware of these finer differences, and always ensure that they go through the policy bond thoroughly with a fine-tooth comb at least once. 

    Also, please ask your insurance agent in case there are any doubts that are raised due to insurance lingo. It is their responsibility to clear all policy related doubts.

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    Frequently asked questions about claim repudiation

  • Can a policyholder appeal a rejected claim?

    Yes, a policyholder can approach The Insurance Ombudsman Office and lodge an appeal. 

  • What are some of the major reasons why an insurance claim is rejected?
    • Intentional mischief
    • Falsification by claimant
    • Violation of company policy
    • Incomplete documentation
    • Delay in claim application
    • Improper documentation
  • Can an insurance company reject or repudiate a claim after 3 years?

    No, an insurance company cannot reject or repudiate a claim once the insurance policy is 3 years old.

  • Categories
    Life Insurance Corporation

    How to pay your LIC premium through debit or credit card? (Easy Guide)

    payment

    How to pay your LIC premium through debit or credit card? (Easy Guide)

    Gone are they days where you would need to physically visit an LIC office and hand them over a check to make your premium payment.

    LIC of India has successfully digitized itself, and now offer policyholders a host of high-tech services, which also include the ability for policyholders to make premium payments online through their debit/credit card.

    Let’s find out how you can easily make your premium payment via debit or credit card.

    There are 2 ways to make the premium payment; with login, and without login. We will elucidate both the methods below.

    Make payment with login

    Step 1: Visit the LIC online premium payment page

    LIC online payment page
    LIC online payment page

    Visit the LIC online payment page by clicking here, and click on the “Pay Premium Through e-Services” button. Once you have clicked on that button, you will be redirected to the next page.

    Step 2: Click on the “Registered User” button

    Pay premium through e-services lic
    Click on “Registered User”

    You must now click on the “Registered User” button if you have your login credentials and password ready. Click on “New User” if you do not have an LIC e-Services account and want to create a new account.

    Step 3: Enter your credentials and click on “Sign In”

    LIC e-services login page
    LIC e-services login page

    Once you are at this page, you need to enter your User ID/Email ID/Mobile along with your password and date of birth. Click on “Sign In” and login to your LIC e-Services account.

    Step 4: Make the premium payment through Debit/Credit card

    Once logged in, navigate to “Basic Services” and then click on “Pay Online”, then proceed to make the payment through your preferred debit or credit card.

    Make payment without login

    Step 1: Visit the LIC online premium payment page

    If you do not have an LIC e-services account, you can also make your premium payment directly without logging-in. Click on “Pay Direct”

    Step 2: Select the “Renewal Premium” option from the drop down

    LIC pay direct

    Once on this page, click on the “Renewal Premium” drop down menu and click on “Proceed”. You can also make an advance premium payment using this tool.

    Step 3: Enter your policy details

    lic customer validation page

    This is where you enter your policy details, such as:

    • Policy number
    • Date of birth
    • Phone number
    • Premium amount
    • Email ID

    Once entered, select “I Agree,” and click on “Submit”

    Step 4: Make payment

    Next, you will be redirected to the payment gateway page, where you can make your premium payment through your debit or credit card.

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    Frequently asked questions

  • How can I pay my LIC premium online?

    You can pay your LIC premium online via 2 ways:

    • By logging-in to your LIC e-Services account
    • Premium payment without login

     

  • Can you pay your LIC premium by debit/credit card?

    Yes, LIC of India now offers the facility to make premium payments through debit/credit cards.

    Visit the LIC online payment page to initiate a payment.

  • Can I pay advance premium for my LIC policy?

    Yes, LIC offers the option of making advance policy premiums.

  • Do I need to register with LIC to make an online premium payment?

    No, it is not necessary

  • Categories
    Life Insurance Corporation

    Who is the current Chairman of LIC of India?

    chairman

    Who is the current Chairman of LIC of India?

    The current Chairman of LIC of India is Mr. Mangalam Ramasubramanian Kumar. Mr. M.R Kumar was appointed as The Chairman of LIC in 2019. He also previously held positions such a regional manager, and even Executive Director of LIC.

    Mr. M.R Kumar was instrumental in The LIC IPO which hit the Indian Stock Market in 2022.

    Mr. M.R Kumar currently holds positions in LIC, LIC Housing Finance, ACC, LIC Pension Fund, and LIC Cards Services Ltd.

    Some of the key milestones of LIC of India

    Let us now look at some of the most important key milestones that The LIC realized in recent memory.

    • In 2022, LIC of India entered the Indian Stock Market with the biggest IPO in India’s history, at Rs 21,000 crore.
    • As of 2022, LIC operates from within over 2000 branches Pan-India.
    • Over 2 crore new policies were sold by LIC in 2020 alone.
    • LIC of Indian is the largest asset management company in India, with assets under control worth over Rs 40 lac crores.

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    Crore INR
    The size of LIC IPO
    Crore
    Policies issued in 2020 alone.
    Lac Crores
    Assets under management

    Frequently asked questions

  • Who is the current Chairman of LIC?

    Mr. M.R Kumar

  • When did Mr. M.R Kumar become The Chairman of LIC?

    2019

  • Which is the largest life insurance company in India

    LIC of India

  • LIC Headquarters

    Categories
    Life Insurance Corporation

    How to get a duplicate LIC policy copy? (In 4 simple steps)

    duplicate copy

    How to get a duplicate LIC policy copy? (In 4 simple steps)

    There are times when we might misplace or lose important insurance documents. It is important to stay calm and search for these documents with a clear head. However, if the document is still not found there are ways to attain a duplicate copy.

    An original policy bond will be needed at many junctures, including when you want to claim the sum assured.

    Let us talk about what you can do in case you misplace your original LIC policy bond, and how you can get a duplicate policy bond.

    Steps to get a duplicate LIC policy copy

    Step 1: Newspaper publication of advertisement

    First, you will need to publish an advertisement in a well-circulated newspaper of your choice. Once you have published this advert, you will have to wait for a month and submit a cutting of the advert to your nearest LIC office.

    example of LIC policy lost newspaper ad
    Example of an LIC policy lost newspaper Ad.

    Step 2: Make and submit an indemnity bond

    Next, you will have to submit an indemnity bond to LIC. Ensure that you have a word with the designated LIC officer about the contents within the indemnity bond, the kind of stamp paper required, the number of witnesses required, etc. If possible, show a rough draft to the officer first, once he clears this draft, then you can proceed with making the actual indemnity bond.

    example of a 100 rs stamp paper
    An example of a 100 Rs stamp paper.

    Step 3: Elucidate why and how the policy bond was lost

    Once the indemnity bond is filled, you will be given a form (form 3756) that is required to be filled by the policyholder. The form will ask you for the following important details:

    • Name of original policyholder.
    • Why/how the original policy bond was lost?
    • Where was the policy bond lost?

    Step 4: Fill-in the paperwork

    Fill in all the details within form 3756 clearly and concisely, and ensure that there is no falsification within the form. Once the form is filled, you will be required to attach the following documents:

    • Insurance premium receipts
    • ID along with residential proof
    • Payment receipt (for issuance of duplicate bond)

    Once all of these details and documents are furnished to LIC, they will verify the documents, do a background check, and then proceed with the issuance of a duplicate policy bond to the policyholder.

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    Frequently asked questions about duplicate LIC policy

  • what can I do if my LIC policy bond is lost?
    • Submit a newspaper ad in a regional newspaper stating your policy is lost.
    • Submit indemnity bond to LIC
    • Fill-up Form 3756
    • Attach important documents like newspaper clipping, copy of premium receipts, ID and address proof.
    • Submit the above to LIC office.
  • Is it necessary to have original policy bond to claim sum assured?

    Yes, the original policy bond is required in order to make claims.

  • Where can I contact LIC?

    022 6827 6827 / 022-27725968 / 022-27723592

  • Categories
    Health Insurance

    Does health insurance premium increase every year?

    premium bill

    Does health insurance premium increase every year?

    Having a health insurance policy is critical in today’s day and age, where illnesses and diseases are rampant. Having a health cover will not reduce the chance of being diagnosed with a medical condition but it will at least provide a financial cushion in the event of hospitalization.

    You may also have the question “Do health insurance premiums insurance every year?” The answer is no. Health insurance premiums do not increase every year, they increase periodically based on age slabs. Let us understand this with a simple example.

    Let us assume that Mr. Rakesh (aged 24) bought a health cover from Reliance Health Insurance, paying a premium of Rs.10,000. Mr. Rakesh will continue paying Rs.10,000 till the age of 30. Then post the age of 30, his premium will increase to Rs.15,000. He will continue paying Rs.15,000 from the age of 31 to the age of 45. Then post 45 his premium will again increase. This is how a health insurance premium generally increases.

    an example of a premium slab
    This is an example of a premium slab

    Why does health insurance premium increase?

    Now, let us find out why health insurance premiums increase.

    • Medical inflation has been increasing at 15% a year compared to general inflation which is increasing at 6-7% a year. The insurance companies need to account for this by charging higher insurance premium.
    • As talked about before, health insurance companies also increase the premium based on age slabs. As and when a person enters a particular age slab, his health insurance premium will increase accordingly (Kindly refer to Mr. Rakesh’s example above).
    • The premium will also increase if the policyholder purchases additional riders that increase coverage.

    How can I counter the increase in premiums?

    Let us now talk about some of the ways a policyholder can reduce his premium load in the face of constantly increasing premiums.

    • A policyholder can find a different policy with a different insurance company, and port his existing policy to a different policy. This is called as porting of a health insurance policy. One should ensure that the benefits and coverage of both policies are the same, only the price factor should be different. That way, you get the same benefits at a lower price.
    • A policyholder can also opt for a family floater plan. This is where the entire family is covered under a single health insurance policy.
    • Ask your insurance agent to give you the best possible deals. If you do not ask, you may miss out on any new deals, offers and benefits.
    $ Billion
    Gross premium collected by General Insurance Companies in India (As of 2022)
    $ Billion
    Gross premium collected by Life Insurance Companies in India (As of 2022)
    % Insurance Penetration
    Total life insurance penetration stands at a slender 3.2% (As of 2021)

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    Frequently asked questions about health insurance premiums

  • Does health insurance premium increase every year?

    No, it increases based on the age slab that the policyholder falls within.

  • Is health insurance premium calculated on a person's age?

    Yes, the primary metric in calculating the premium rate is the age of the person.

  • Can I port my health insurance policy to another insurance company?

    Yes, porting your insurance policy is now possible.

  • Categories
    Insurance

    What is IIISLA? (Meaning, Role, Surveyor list and more)

    government office

    What is IIISLA? (Meaning, Role, Surveyor list, and more)

    So, are you looking to get an in-depth understanding of what IIISLA is? You’ve come to the right place. This article will provide you with an easy-to-understand and holistic understanding of the role and meaning of IIISLA.

    Topics discussed:

    • What is IIISLA?
    • What is the role of IIISLA?
    • IIISLA surveyor list
    • IIISLA contact details

    What is IIISLA?

    IIISLA stands for The Indian Institute of Insurance Surveyors and Loss Assessors. Every insurance company needs to appoint official surveyors. Once there is a claim made by the policyholder, it is the surveyors’ task to examine and validate that claim.

    Once the claim is validated, the surveyor makes a detailed claim report and submits it to the insurance company. After this, the insurance company will decide on claim disbursement of the claimant.

    What is the role of IIISLA?

    Let us list some of the most pertinent roles and objectives of the IIISLA below:

    • To regulate insurance surveyors.
    • To provide quality education to registered insurance surveyors.
    • To provide timely and intensive training to insurance surveyors.
    • To engage in research that aids in the betterment of the quality of surveying.
    • To validate and examine the claims of the claimants and provide a detailed claim report to the insurance company.
    • To enforce a code of ethics within the surveyor community.
    • To engage in regular examinations to ensure that the skills of surveyors are up to date.
    • To ensure that trust is maintained within the insurance sector.

    IIISLA surveyor list

    Now, since you have understood the role and meaning of IIISLA, it is likely that you would want to find out if your company’s surveyor is actually an authorized and registered surveyor affiliated with The IIISLA.
    How can you know if a surveyor is registered under IIISLA? The IIISLA maintains an up-to-date list of all registered surveyors on its website.

    IIISLA surveyor list tool

    You can visit the official IIISLA Find a Surveyor tool and enter the relevant details and see if your surveyor is registered or not.

    IIISLA surveyors in Mumbai

    Here, you can see a complete list of all IIISLA surveyors in the city of Mumbai. Similarly, you can see all registered surveyors Pan-India.

    IIISLA contact details

    Particulars

    Details

    Phone number

    040 – 23261072 / 23261073

    Email ID

    admin@iiisla.co.in

    Address

    # 6-1-73, Off No.104 & 106 First Floor, Saeed Plaza, Lakdikapool,

    Hyderabad – 500 004.

    Telangana, India.

    Source

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    IIISLA Headquarters

    Frequently asked questions about IIISLA

  • When was the IIISLA formed?

    The IIISLA was formed on 4th October 2005.

  • Who is the president of the IIISLA?

    Mr. Lalit Gupta (As of 2022)

     

  • What is the phone number of IIISLA?

    040 - 23261072 / 23261073

  • Categories
    Motor Insurance

    What does IMT 23 in insurance mean?


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    a moving car

    What does IMT 23 in insurance mean?

    There are two major classifications in motor insurance; private motor insurance, and commercial motor insurance. Both of these types of motor insurance policies operate in similar fashions, the only difference being in the coverage extended. 

    A commercial motor insurance policy usually provides lesser coverage compared to private motor insurance. The reason for this being is that there is more wear and tear in a commercial car due to its very high usage. The higher the usage, the riskier it is for the insurance company to provide coverage.

    That is why commercial motor insurance usually excludes coverage of items like fender, bonnet, bumper, front headlights, tires, and paint. How can someone circumvent this? Let us find out.

    If you are a commercial motor insurance policyholder, you can buy motor insurance with Indian Motor Tariff 23 (IMT 23) coverage. Buying a commercial motor insurance policy with IMT 23 will ensure that your motor insurance company will at least provide up to 50% coverage of items like paint, tires, bonnet, fender, bumper, and front headlights.

    Total coverage will not be provided by the company on these parts, but something is better than nothing, and 50% coverage is better than 0% coverage. IMT 23 coverage can be purchased along with a host of other motor insurance riders like engine-protection, key-protection, zero-depreciation rider, among other riders.

    Layering one rider on top of another rider will increase the coverage of your commercial vehicle, and ensure a better night’s sleep. IMT 23 coverage is available with most major general insurance companies.

    Be sure to ask your insurance company or insurance agent for complete details on the IMT 23 rider the next time you intend to purchase a commercial motor insurance policy for your vehicle.

    AUTHOR BIO

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.



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    Frequently asked questions about IMT 23

  • Is it mandatory to take an IMT 23 rider?

    No, it is not mandatory. That being said, it is recommended.

  • Can I take IMT 23 coverage along with other riders?

    Yes, you can combine one or more riders together.

  • What is the maximum coverage provided under IMT 23 for typically non-covered items?

    Up to 50% coverage will be provided on typically non covered items like bumper, tires, bonnet, etc.

  • Categories
    Insurance

    What does DOGH mean in insurance?

    declaration

    What does DOGH mean in insurance?

    DOGH stands for “Declaration of good health.” When an insurance company issues a health or life insurance policy it asks the policyholder to sign an undertaking that states that he or she is of sound mental and physical health.

    This undertaking is generally present within the policy application form and the policyholder must read the DOGH undertaking carefully while signing.

    Why is a DOGH undertaking necessary?

     

    A DOGH undertaking is necessary for ensuring the following:

    • That the policyholder is not suffering from any major disorder that he has not disclosed to the insurance company.
    • That the policyholder is not and does not intent to engage in any hazardous activities that might endanger himself.
    • Certain declarations may also ask the policyholder to declare that they have not been incarcerated.
    • It creates a legally standing document that can be used by the insurance company to dismiss claims if they are falsified.
    • It protects the insurance company against falsified claims. This ensures that the insurance money is disbursed within truthful claimants, and not claimants that make falsities with the intention to mislead the insurance company.
    DOGH
    An example of a DOGH undertaking

    It is extremely important to be completely transparent with your insurance company about your medical history, current health, or any other important detail. One must never falsify in any capacity with the insurance company. Not only is it unethical but it may also result in rejection of your claim and termination of policy.

    The Insurance Act 1938 provides various protections to insurance companies in case policyholders make false statements with the intention to mislead the company.

    Further, it should also be noted that the insurance company will most likely still provide you coverage even if you are suffering from a pre-existing condition or have a medical history. The coverage will be provided subject to a marginal increase in insurance premium along with a rider that states that the company will start servicing pre-existing diseases after a period of 2-4 years.

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    Frequently asked questions about DOGH.

  • Is it mandatory to undertake a DOGH?

    Yes, and DOGH is usually a part of the application form.

  • What happens if you dishonor a DOGH?

    If you dishonor the DOGH, the insurance company may decline your claim, and even terminate your policy.

  • Does the insurance company provide coverage if a person has a pre-existing disease?

    Yes, the insurance company will most likely provide coverage, but at extra charge and a 2-4 year waiting period for pre-existing conditions.

  • Categories
    Insurance

    What is the meaning of an appointee in insurance?

    trust

    What is the meaning of an appointee in insurance?

    The term “Appointee” is synonymous with the term “Nominee.” Both terms can be used interchangeably. The appointee is basically the nominee, and the nominee can also be referred to as an appointee.

    Let us now talk about the role, meaning, and importance of an appointee in insurance.

    Meaning of an appointee

    Let us understand the concept of an appointee with the help of a simple example. Let us assume that Mr. Dastoor has a life insurance policy with SBI Life Insurance. A life insurance policy needs a benefactor.

    The appointee acts as the benefactor of a policy. So, Mr. Dastoor decided that the benefactor of his life insurance policy will be his wife, thereby making his wife the appointee of his life insurance policy.

    It is a lesser known fact that having an appointee/nominee is not mandatory. That being said, it is absolutely imperative that the policyholder mention an appointee within his policy for streamlining the entire claims disbursement process.

    Role of an appointee

    • The appointee/nominee can lay claim to the benefits extended by the insurance policy.
    • The appointee can enter into correspondence with the insurance company on account of death or disability of the policyholder.
    • The appointee can disburse the funds under the policy as he chooses fit. For instance, if the brother is a nominee of a policy, he can choose to distribute the sum assured with his sister.

    Importance of an appointee

    • Having an appointee saves time and makes the entire process of disbursing the sum assured seamless and streamlined. If there is no appointee, the sum assured will get disbursed equally within all the legal heirs of the policyholder.
    • Having an appointee ensures that the money goes to the right hands. The policyholder can specifically choose his desired appointee, ensuring that there is no ambiguity during the claim settlement process. The money goes where the policyholder intended it to go!
    • The policyholder can have more than one appointee for any given policy. This provides a great deal of flexibility to the policyholder when it comes to distributing the policy benefits.
    • The policyholder can also add successive appointees within a policy. Having successive appointees means that the insurance company will first approach the 1st appointee, if he does not correspond, the insurance company will approach the 2nd appointee to settle the sum assured.

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    Frequently asked questions about appointees in insurance

  • Is it mandatory to have an appointee in an insurance policy?

    No, but it is highly recommended.

  • Can I add successive appointees in a policy?

    Yes. you may add successive appointees in an insurance policy.

  • Is appointee and nominee the same?

    Yes, both are the same.

  • What happens to the sum assured if the policy does not have an appointee?

    The sum assured will be divided across the legal heirs of the policyholder in the event of no nomination of an appointee.