IRDA proposes to change option, General Insurance companies may not need to list shares

The Insurance Regulatory and Development Authority (Irda) proposes to give an option to general insurance companies to stay back from listing their shares, but the regulator retained the right to order any in the industry to take the company public.

“The draft regulations plan to make no provisions for mandatory divestment,” Irda said in a draft circular.”It empowers the Authority to issue direction to an Indian insurance company to go for an initial public offering (IPO) if the circumstance warrants so. Such a company , within a period of one year from the date of such direction shall comply with these regulations.” This is an escape route for general insurers who do not plan to list their companies. Earlier, the Insurance Act 1938 has made it mandatory for insurance companies to divest shares after 10 years into operation, be it life or general insurance companies.

There are 24 general insurance companies, of which six are specialised insurance companies dealing with health, agriculture and credit insurance. No general insurance companies have expressed any in tention to raise capital through diluting shares to the public. In the life insurance sector, HDFC Life is expected to be the first to list its shares on the stock exchanges.

“Irda has started consulting and engaging with the industry on all key issues which is very positive,” said a CEO of a general insurance company. Irda  has asked companies to respond by October 9. The Amendment to the Insurance Act brought in by the government has given power to the regulator to frame rules including capital raising and listing. State-run insurers such as Oriental Insurance can also go for an IPO as the new Insurance Act permits them over the General Insurance Business (Nationalisation) Act, 1972.

Source: http://generalinsuranceindia.weebly.com/blog/irda-proposes-to-change-option-general-insurance-companies-may-not-need-to-list-shares

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Let’s go to shop your car insurance policy?

With more and more car insurance providers offering online quotes and sign-ups, switching policies is now easier than ever before. With the advent of internet people can now buy car insurance in a quick and a hassle free way from the place of their choice and at the convenience of their time. However, with multiple options available for car insurance in India, buying the right insurance policy is no less than a challenge now. Therefore, before purchasing a motor insurance, it is very important to do a significant amount of research. Nevertheless, even to carry out such a research you should know what things you need to look for. The article will guide you through some things to be considered while shopping for your car policy:

Hidden Discounts

Often pooling your car, paying your insurance bill annually, automatic bill pay etc. can provide you with significant savings. Many companies offer substantial discounts for drivers who complete a defensive driving course, or who can show proof that they’ve taken a course through another provider or the workplace recently. The best ways to learn about potential discounts are to check the company’s website or ask an insurance agent.

Multi-policies

Most insurance providers offer discounts to customers who buy more than one policy from them. Keeping one payment billing, a combined deductible and one person to answer all insurance questions will just seem to make your car insurance procedure simpler and sorted out.

Car Insurance

Match Services

Before switching insurance providers, contact your current insurer for a policy review, and explain that you’re considering moving elsewhere for a policy with lower premiums. Sometimes an agent offers a better rate almost immediately to retain its valued customer, especially if they know you’re about to walk. But a policy is more than just its premiums. They offer discounted rates for recurring customers or may be loyalty perks. If an agent can’t match premiums, they might be able to add features to the existing policy.

When to Change

Some insurers charge a fee for breaking a policy mid-term. So, unless the savings from the new policy are significant to move on, it’s best to wait until several weeks before your policy is up for review and renewal. If you decide to switch, allow enough time for the new policy to take effect, and then cancel the existing policy before its automatic renewal.

Policy awareness

To avoid having to switch again in six months or a year, customers should ask their new provider, either in person, via an online chat, or over the phone, to go through the policy structure step by step. Learn now the terms and conditions carefully else we are sure you don’t want to learn after an accident that something you thought was covered isn’t.

After accident services

It’s easy to view Car Insurance as simply a line item on a budget until you need to collect. How quickly and how well the car is repaired, the deductibles after an accident are important factors to consider before buying any insurance policy.

Well, technically speak it’s impossible to truly gauge the value of any insurance product until making a claim on it. Only then will those discounted premiums will prove to have been either an excellent investment or just avoidable mistakes.

Enjoy your Holidays with Cheap Travel Insurance Plan

Luggage, tickets, bags, iPod, hotel bookings, handy-cam are the top things that arise in your mind while going out for a holiday trip. To be frank having a cheap travel insurance plan before going out on a vacation is a rare thing in India. People in our country rarely opt for the travel insurance, but it’s really vital to understand that a small mishap can destroy any perfectly planned holiday.

People never prioritize insurance till something actually goes wrong and later on it gets too late to avail an insurance plan. These days travelling, especially to overseas countries are an important part of our lives. But most people don’t want to think about the calamity that can take place during a trip.

It is a known fact that several times, we are faced with problems like cancellation of flights, medical emergencies and loss of luggage among others. Hence, it is essential to be covered when you are going away from home.

What Exactly Will You Get Under Travel Insurance Plan?

Travel Insurance India refers to insuring the risks of having a medical emergency or any kind of financial loss that can leave a bad impact on your journey. You can purchase cheap travel insurance online plan temporarily for a single trip. Whereas, for regular travellers, it is advisable to go for the whole year plan which would be enough for numerous tours throughout the year. You can purchase an insurance plan for an adventure trip, leisure trip, cruise trip, foreign student trip, overseas travel and business trips as well.

The most common risks that foreign overseas travel insurance covers are:

-Foreign Medical expenses

-Accidental injury or death

-Theft, damage or loss of personal essential belongings

-Cancellation of trip

And many more.

The coverage depends upon the norms of insurance plans and companies as there are several policies available in the market. A basic insurance plan usually provides the coverage for medical emergencies, emergency repatriation, cancellation, theft, loss of luggage, passport loss and many more.

Illustration depicting a sign with a travel insurance concept.

Premium

Majorly the premiums of travel insurance plan depend upon several factors such as

  • Duration of the trip
  • Sum insured
  • Health conditions
  • Number of trips
  • Place
  • Age of the insured
  • Risk activities involved in the trip.

Enclosed are some tips that will assist you in choosing the cheap travel insurance. Travel insurance is a standard product over different insurance companies since its usage is more global in nature. There are a few tips that would help you in selecting the best travel insurance plan at a lower premium.

Location Of The Trip

You might not be aware, but the fact is that the cost of travel insurance is much higher where the cost of treatment and other essential services is expensive. Nowadays, the customer can taper down his international plan to select from several options. Hence, be sure to taper down your location of travel for getting more benefits out of  the insurance plan and premium as well.

Duration of the Trip

Generally the insurance companies offer travel insurance plan for a trip duration starting from 30 days to 180 days. It is advisable for you to select the insurance policies slightly more than your requirement and travel period. If you are a regular traveller then you must buy an annual multi-trip plan to save more. This will save you from the hassle of getting insured every now and then. These plans are valid for a year and it covers numerous foreign trips as well. The maximum duration of each trip should be about 30-45 days.  This is a cost effective product for frequent travellers.

Age of Travelling Members

If you are travelling along with your family, then will be helpful to check if the premium which covers all is cheaper or not.  If not, then you can consider two different plans in which the elders of the family can be covered by another plan. For example, if you are more than 65 years of age, you can avail of senior citizens plans in which you will get pre-existing illness coverage, the higher sum insured for regular hospitalization, etc.

Reason of Journey

It is advisable that you must provide an accurate reason of your journey in the proposal form, whether; it’s a business trip, holiday trip, adventure trip or any other. Usually, a basic travel insurance policy does not cover risks involved in adventurous trips. Hence, an additional premium amount is required to get coverage for adventure trips.

Nowadays, there are many types of travel insurance available in the market, so it is better for you to do travel insurance of different insurance companies to get the cheap travel insurance out of the many.

Source: http://nishantmehta333.livejournal.com/3299.html

Car insurance comparison is an effective practice

Car Insurance is a mandatory product and since it is to be renewed every year, it becomes all the more important for you to get the best insurance rates suitable for your car. When it comes to comparing car insurance quotes, shopping around is important as car insurance premiums and policies may vary significantly from one car insurance policy to another. Therefore, it is advisable that you should have fair amount of comparison on policy structure, charges incurred, discount offers, benefits etc. before coming to a consensus on buying particular car insurance. With so many companies to choose from, doing a check for all the car insurance policies can be quite a task. Nowadays with online car insurance comparison process it has become simple to get some of the good deals. All you need to do is input your car details and based on them comes an array of insurance comparison being displayed for you.

The articles will give you some tips for car insurance comparison while choosing the best deals for your car.

Premiums

Differences in premiums between various insurers offering car insurance can often vary depending on your circumstances, so taking the time to do a car insurance comparison can potentially save you money. There are a number of ways to compare quotes. Prior to the advent of the internet, it was a pain of digging out the phone directory and ringing around car insurance companies, collecting the information manually and sit down to do your own algorithms. Else you would also meet salespeople or insurance agent making it time-consuming process. You might also go and meet the insurance salespeople or brokers.

Online Comparison

Online comparison has made the process of getting insurance quotes much easier and quicker now than it used to be. These days, using online medium getting a no obligation and pressure free car insurance comparison is much simple and it’s also a very viable way of going about it.

These online tools enable motorists to compare car insurance quotes from leading insurance brands. All you have to do is fill out a simple online form including standard details such as the make and model of the car, your license details and some more as requisite like whether it is garaged and the minimum age of those likely to drive it and hit the ‘submit’ button to get whole lot of information on best insurance quotes within couple of minutes.

Car Insurance Comparison

Discounts

When you compare insurance quotes, you will notice that certain risk factors may increase your rates, but other factors such as a safe car, a clean driving record, customer loyalty, lifestyle choices and payment preferences may entitle you to discounts.

Claim Settlement

This is another crucial step you need to monitor while having car insurance comparison. While checking the quotes carefully, understand the claim settlement process for various companies, in case of accidents. Go for the policies that offer online claim settlement in case of damage to the vehicle. Also check for the availability of the repairing and servicing centers made available by the insurer.

Source:http://indiainsurancegeneral.blogspot.com/2015/07/car-insurance-comparison-is-effective.html

How To Buy Cheap Travel Insurance

While a lot of people think “I’m healthy, I don’t need travel insurance. I won’t get sick,” travel insurance is much than just medical protection. It covers you when your camera breaks, your flight is cancelled, a family member dies and you have to come home, or if something is stolen. It’s all purpose emergency coverage and is the single most important thing you should get but hope to never have to use. And, as it only costs a few dollars a day, you’re foolish not to get it. I never planned on falling in the sea in Italy with my camera or popping my ear drum in Thailand but I did and, if it wasn’t for my travel insurance, I would have been out a lot of money.

Travel insurance is one of the most complex and confusing aspects of trip planning. With the myriad of plans and companies out there, people can easily get confused about what they should get and why. Given its importance and the amount of time it’s been since I last discussed it, I want to start the year by discussing it again.

Travel insurance is something you absolutely need on the road. You never know what could happen, and most health plans don’t cover you overseas. I never thought I would pop my eardrum. My friend never thought he would break his leg hiking in New Zealand. A writer I know had to be helicopter out of the Amazon after he fell off a boat. Another friend didn’t think her father would die and she would have to fly back home. But all those things did and travel insurance was there when all those things happened. (My favourite travel insurance provider is World Nomads. They always have my back when something like the above happens.)

I was recently in southern Africa for 3 weeks and my plan cost only $4 per day. Considering my domestic health plan wasn’t going to cover me while overseas, it was a small price to pay for knowing if I got attacked by a lion, bitten by a snake, or contracted malaria, I was protected.I would rather be safe than sorry and not be stuck with a giant hospital bill.

But, like I said, it’s more than just medical care. Loose a bag? Insurance has you covered. Trip cancelled? Insurance is there. Get something stolen? Insurance is there too.

Travel insurance has more than proved its worth many, many times. It’s the kind of thing you will be very thankful for when you need it but hope you never do. After all, you don’t want to end up like my friend who didn’t have insurance when her computer was stolen and had to pay out of pocket for a new one.

Here is how to avoid getting a bad insurance plan and not be properly covered:

What to look for in a great plan

There are a lot of options out there. This is a billion dollar business and everyone wants their hand in the cookie jar, thus you face a mind-numbing number of choices that can be confusing and overwhelming. And, often, in the fine print, you’ll find that plans aren’t as good as you thought.

When looking for a plan, first make sure they have a high coverage limit on your medical expenses. A good company will provide up to $100,000 in coverage care, though more expensive policies will cover you for higher amounts. The maximum coverage limit you can find is around $1,000,000 USD, though I’m not sure why you would ever need a limit that large. High coverage limits are important because if you get sick, injured, or need serious attention and have to seek professional care, you want to make sure your high hospital bills are covered. The worst thing you can do is go cheap and get a policy with a $20,000 coverage limit, break a leg, and reach that limit before they are done taking care of you. Don’t be cheap with your health. Get minimum coverage of $100,000.

Second, you want to make sure your policy also covers emergency evacuation and care that is separate from your medical coverage. If you are hiking in the woods and you break your leg, your policy should cover your evacuation to the hospital. If a natural disaster occurs and you need to be evacuated to somewhere else, your plan should cover that as well. This protection should cover an expense of up to $300,000 USD.

Additionally, evacuation also should mean from the hospital to your home country. Standard emergency evacuation usually includes this provision but it’s important you double-check a company will cover the cost of your flight back home if you need it.

Cheap Travel Insurance

A great policy will always include the following provisions:

Cover most countries in the world.

Some coverage for your electronics (and have the option for a higher coverage limit).

Cover injury and sudden illnesses.

Twenty-four hour emergency services and help (you don’t want to call to be told to call back later).

Cover lost, damaged or stolen possessions like jewellery, baggage, documents, cameras, etc.

Cover cancellations such as hotel bookings, flight, and other transportation bookings if you have a sudden illness, death in the family, or some other emergency.

Cover emergencies, strife in the country visited, etc., that cause you to head home early.

Policies should include personal accident coverage.

Have financial protection if any company you are using goes bankrupt and you are stuck in another country.

Don’t get a policy that doesn’t cover these bullet points!

A quick note on electronics: most companies only have a small limit, usually up to $500 USD, as part of their basic coverage. You can often buy supplemental insurance to get a higher amount of coverage. For instance, Clements Insurance offers special coverage for your electronics. Prices vary depending on the country you visit (between $145-195 per plan) but they don’t have worldwide coverage. You have to get coverage for your specific country. Moreover, many regular and home insurance companies such as State Farm offer plans that can help you cover your electronics.

What isn’t covered is just as important as what is

Know what is also not covered by your plan. Most policies do not cover accidents sustained while participating in extreme adventure activities such as hang gliding, paragliding, or bungee jumping unless you pay extra. The majority of companies won’t cover you if you injure someone on the road (called third-party liability). Policies do not normally cover alcohol- or drug-related incidents, or carelessness in handling your possessions and baggage. You won’t get reimbursed if the problem happened because you were reckless, and how “reckless” is defined is a matter up to each company. Simply put, if a reasonable person wouldn’t partake in what caused your accident, you won’t be covered.

Moreover, you won’t be covered for pre-existing conditions or general check-ups. For example, if you have diabetes and need to buy more insulin, you won’t be covered. If you want to go see a doctor for a general check-up, you aren’t covered either.

The medical portion of cheap travel insurance is more about emergency care than being a replacement for your normal health care. A lot of people purchase insurance thinking it is, then get disappointed when they find out they can’t go get an annual physical with it. Travel insurance is accident insurance. It is there to protect you in case of emergency and, if need be, get you home in a hurry. If you want a global health plan (because, say you now live in Beijing), you need a completely different type of plan.

Making a claim

If you make a claim, remember that any travel insurance company, no matter how good, is there to make money and will try to avoid paying out as much as they can. They are, after all, an insurance company and they don’t make money by paying out to every Tom, Dick and Harry. Be prepared to wait to receive your money because even the best companies drag their feet. In order to ensure that you do get paid your claim, make sure you have all your receipts, necessary forms, and proper documentation – all of it will help make your claim go through a lot quicker.

Major travel agencies like STA Travel and Flight Centre also offer their own plans, though coverage is very limited. While I haven’t used them, many other travel writers I know recommend Medjet and IMG too. Another really good website is Insure My Trip. It compares policies from a number of providers and a wide range of policies at once. It’s like a global insurance search site! It lots of people have success on their site, and I especially like their high age limit as not enough companies cover seniors!

My favorite insurance provider is World Nomads. I’ve been using them since I first started travelling in 2003 and use no one else. They are very reputable, and claims are quickly and fairly processed. I enjoy World Nomads for a number of reasons: I can purchase and renew my insurance policy online in a matter of minutes, they have a very friendly and responsive staff that answer questions and help solve problems via social media, have great customer feedback, and most importantly, they provide a lot of coverage at a good price. If there’s one company I would recommend, I would say go with them.

Source: http://www.nomadicmatt.com/travel-blogs/travel-insurance/

5 Steps to get a Better Car Insurance Comparison Deal

Generally, two in five of car insurance policyholders think about changing a policy or an insurance service provider when policy renewal time arrives. You can easily save some handsome amount of money only if you compare online motor insurance quotes. Below are few simple steps to get a better deal on vehicle insurance online:

  • Look for the Best Cover, Not for the Low Cost

While comparing online quotes, people should be clear in mind that you are searching for the best plan and not just looking for the least expensive policy. Online comparison is the best way to get the best rate for the right plan that meets your needs. It shows which insurance products include extras. But, opt for the policy that gives high level of protection which you actually require.

  • Never Increase the Excess

Growing your excess may make a car insurance policy affordable, but it can be risky. Hence, do not increase the excess to an amount insured would struggle to pay in the future.

Health Insurance Comparison

  • Check Around Other Insurance Companies in India

As not all insurance companies in India list their names on quotes comparison websites, so customers won’t be able to compare their products in single go. It can be worth getting a Car Insurance Comparison quote from their website directly.

  • Add Someone to the Plan

Including an additional driver especially a more experienced one to your vehicle insurance policy can surely bring the coverage cost down. But, do not mention him as the main driving person in a plan.

  • Stay Away From Assumptions, Be Sure!

When a person is comparing online car insurance quotes offered by different insurance companies in India, he or she will definitely make some assumptions. But, it’s totally depending on you to make sure these assumptions are right. Carefully read the policy document so that you’re very much clear on what assumptions have been made.

Source: http://blog.policyboss.com/car-insurance/5-steps-get-better-car-insurance-deal/

How to find an affordable Health Insurance plan?

India is country with mass population belonging to the middle class section of the society, who try to curtail their costs in order to sustain in today’s world, where cost of living index is too high. The ever increasing medical costs, complex treatment procedures, inflating economy and rising health hazards has made it necessary for all individuals to protect themselves and their families with a wide and affordable health insurance plan.

Every individual wants to be covered against every possible eventuality known, at the minimum premium amount and in this situation choosing a good health insurance product becomes their need. Although, many employers provide a medical insurance to their employees but it’s not sufficient to rely upon as it covers specific types of health concerns and secondly it’s a limited group plan. Therefore, it is better to have an individual or a family insurance plan for the long- term benefits, as group plan offers coverage only till he/she is on rolls of the company. At affordable cost, health policies provide comprehensive coverage with easy understanding. Once insured in a suitable health cover, the person or the covered members can enjoy wide ranging insurance benefits.

Various insurance companies are nowadays giving the facility of buying an affordable health insurance policy online. ‘Buy online’ feature has been designed for the customer’s ease, where he or she can make purchase a policy just with a few clicks of a mouse. It keeps an individual away from long and complex proceedings and keeps him or she acquainted with authentic information about the products and the Company updates. It also helps in saving time and energy.

Health Insurance Plan

There are various health websites that will inform an individual about the health insurance for pre-existing and existing diseases, short term insurances and best medicare products. It helps understand all policy related details to yield better results. The kind of benefits offered will differ from company to company, policy to policy and also in case of pre- existing illness etc. To ensure right decision, policy terms and conditions must be studied carefully. A close reading of the associated terms will help know the plan better and thus avail all the benefits offered.

It is advisable to quote the insurance amount that you need the health cover for through a suitable insurance premium calculator. These calculators give a clear idea about the amount to be invested in the form of policy premium. When you provide the required information like policy tenure, number of members insured and sum insured, accordingly, these calculators will provide you with the premium amount to be paid. Thereby, you can choose an affordable health insurance plan while keeping a check at one’s own pocket size as well.

Look for insurance companies that keep the policies transparent and live up to their promise of serving people with best- in class services. Claim procedure is yet another aspect which needs to be taken into consideration while taking a comprehensive health plan. Today, with various benefits and lucrative offers at affordable costs, people of all income levels can find an answer to their healthcare worries through Health insurance plan. Find a suitable health cover for self and enjoy quality health treatment that will ensure good health in future.