Questions insurance sector buyers ask

Anyone over 18 and of sound mind, with an email address of his own, who has registered in this sector and whose earnest money for the item is with us and confirmed.

Registration in the private sector does not work here. The two are separate, and a buyer who wants both registers twice. Register as an insurance sector buyer.

Nothing. Registration is free and so is looking at every listing, its pictures and its details.

Our charges carry GST. With your GST number on the bill you can take the input credit; if you are not registered under GST, tick that and leave it blank.

Your UPI id is where a refund is sent, so it saves you waiting while we ask for it. Both can be changed later, on the page where you send your earnest money.

15% of the expected price of the item, before you bid. The exact figure is shown on the listing.

Send it, we check it against our bank, and your bidding opens on that item. Allow a working day. A buyer who waits until the closing hour may find the listing shut before his money is confirmed.

By UPI, scanning the code on the listing, which fills in the amount and our account for you; or by NEFT to the account shown beside it. Then fill in the short form with the reference or a screenshot. The details are here.

No. What you send is held as a balance in your name. Bidding on a listing locks that listing's share of it; the rest stays free for your next bid. If your free balance already covers the next item, you can bid on it straight away.

The surplus stays free in your account for other listings, or you may ask for it back.

Yes, whatever is not locked against an open listing and not spent on charges. Ask us and we pay it to your UPI id. Once a listing is settled, what is left of its earnest money is released the same day.

Yes, and that is the point of it. If your offer is accepted and you then do not honour it, the money goes to the insurance company as compensation and does not come back. That is what lets a company treat the offers here as real.

Open the listing, sign in, and the bid box appears once your earnest money is confirmed. Type the amount and place it. You are told by email, and so is everyone else who has bid.

Yes. An offer has to be higher than the leading offer on that item. This is an ascending auction, so an offer below the best one is refused.

As often as you like while bidding is open, upward only. No further earnest money is needed: the first deposit covers the item however many times you raise your bid.

An offer placed in the last five minutes moves the close five minutes later, and so on until five minutes pass with no offer. Nobody can win by bidding in the final second.

The amounts other buyers have offered, and the company's phone number and email address. Before that you see the item, the pictures and the names of the other bidders, but no figures and no contact details.

The insurance company, not us. It may accept an offer or refuse them all, and it may take a little time. You are told by email either way.

Only when a listing is settled, and only then:

• The buyer whose offer is accepted pays 1% of his winning offer, and the participation charge.
• Every other bidder pays the participation charge.

Both are inclusive of GST and you get a tax invoice, so a registered buyer can take the input credit. The amounts are shown on the listing before you bid.

Out of the money we already hold for you: the earnest money on that listing first, then your free balance. Anything left over is released to you. If your money does not cover the charge, the shortfall is recorded as owed and we write to you.

Our 1% comes out of it and the rest goes to the insurance company as part payment towards the item, on your behalf. You settle the balance with them direct.

Yes. If the best offer was more than 90% of the expected price and the company still refused every offer, no buyer is charged anything and everyone is refunded in full. In that case the company owes us Rs 100 for each bid placed, not you.

A buyer who bid on the item sees every offer with the names and amounts, though not the other buyers' phone numbers or email addresses. Anyone else may buy the result of that one listing for Rs 100, which brings an emailed link that opens it in full.