7 Point Check List while Buying Car Insurance

When you decide to buy a vehicle, the decision will always be special. So, do this task with proper planning because it also needs your hard-earned money. Prepare a excel sheet, comparing mileage, features, color details available in the list of models person is planning to buy and the works. The obsession level may be high, but care a lot while finalizing a deal. Majority of people have a tendency that they pay maximum attention in zeroing in on the vehicle, but they never pay much focus towards the car insurance policy India.

In fact, when it comes to policy renewal, probably the case is same. Insurance professionals suggest vehicle owners to pay enough attention while selecting the best car insurance plan online.

Do not forget that choosing the right policy is very much important because it will help policyholders to secure their expensive purchase, a car without burning a big hole in your pocket. Below are 7 tips which will help buyers to make the correct decision about their online car insurance:

• Every insurer differently rates each brand of vehicles based on customers’ statistical analyses, claim          history etc. Insurance companies in India update these ratings frequently; hence online comparison of        similar products from various insurers is essential to get a better rate. But, ‘price’ is not the only factor        customers should be looking for while selecting auto insurance coverage.
• Today, comparing and purchasing vehicle insurance policies become easier, faster and affordable.            Buyers can get the policy issued immediately and can access it at one place.
• It is advisable to select an insurer which has a wide network of garages and offers cashless claims. It is      the most convenient way for policyholders.
• Choose an insurer that has best claim settlement ratio as well as easy claim procedures. Just go online      and then do a quick search about preferred insurance companies in India.
• Do not forget to select the correct add-ons for your vehicle as it helps to offer sufficient coverage for          insured vehicle based on your individual requirements. Zero depreciation cover and no claim bonus            protection are some of the most popular add-ons available on online car insurance policies India.
• Understand all the inclusions and exclusions related to the plan, so insured will not be surprise at the          time claims.
• The best insurance service provider is the one that helps customers to find the best policy, give timely         renewal reminders and guide through claim settlement processes.

Source: http://blog.policyboss.com/car-insurance/7-point-check-list-buying-car-insurance/

Things to look before you buy Cheap Travel Insurance

In today’s times, travelling to a foreign country does not mean packing bags and flying off. Rather, the task has become complex as various arrangements need to be made such as foreign currency or changing one’s telephone plan. The increasing instances of lost luggage, delayed flights and health complications have made the need for travel insurance must for a traveler. One has to get into finer details to know if their selection of travel insurance policy is right or not.

Extent of health coverage – Though all of the travel insurance policies cover for medical emergencies and other related expenditure, but a traveler should look for a policy that has a comprehensive or appropriate coverage to suit one’s medical condition.

Other inclusions – Most of the policies provide compensation for lost baggage and documents and flight delays, but specific inclusions such as covering disabilities or death as a result of accident while traveling are not part of all policies. A traveler should look for such inclusion if he is going on an adventure trip. On the other hand, leisure holidaying will not need such coverage.

Global or specific region coverage – Cheap Travel insurance policies are of two types, that is, either they are applicable to travel across the globe or extend coverage to specific regions. In most cases, a global coverage is appropriate but if a traveler is sure of travelling to a certain region then a specific geographical coverage should suffice. Normally, insurance companies charge a higher premium for covering places that are categorized as high-risk. Hence, one should review and compare policies to save paying higher premiums.

Pre-set coverage amount – A travel policy specifies a preset coverage amount that is allowed for each head. For example, a travel policy may specify maximum limit of upto $1000 on flight delay or $100,000 for health emergencies. One should try to get a coverage that will cover the maximum cost.

Time of travel – If travel abroad is a frequent activity then one may consider buying an annual multi-trip policy. But, if it is just one-time affair in a year then a single trip policy will be good enough. Also, one should get a coverage that allows an extension of policy, if in case someone wants to extend the stay.

Source: http://www.indiainfoline.com/article/news-top-story/things-to-look-before-you-buy-travel-insurance-115041800263_1.html

5 Reasons to Buy Health Insurance Before you Turn 30

In today’s world, when treatment cost are rising every year and there have been advancements in new medical technologies in diagnostics and operatives, the cost of treatment has increased manifold over the years. In many cases, people admitted in hospital for a chronic disease such as cancer, liver cirrhosis (liver failure) or chronic kidney disease, end up losing not only their own saving but also the savings of the entire family.

For example, when Delhi was under the grip of swine flu, one of our insured, unfortunately, contracted the disease. Her bill went up to approximately 20 lakh. Without the backup of insurance policies, she would have need to sell his house to pay the hospital bills. In this article, we list some of the key reasons for buying health insurance early.

Avail the Best Treatment

Numerous corporate hospitals have sprung up, even in the smaller cities in India. These hospitals offer the best in class treatment, even in tier 3 cities. They offer facilities such as deluxe, VIP or president suite rooms, helicopter ambulance facility, latest operative techniques like robotic arms, stitch-less surgery, Pin Hole surgeries, etc. These facilities, in turn, have increased the cost of treatment exorbitantly.

To avail the world-class treatment with the best of facilities and all the luxuries, people belonging to the middle and upper class should take health insurance.

So when the person, who is getting admitted in hospital, has health insurance with higher sum insured, possibly more than 10 lakh, he can enjoy the best of the room facilities.

There are many health insurance that offer OPD facilities, such as Health Care Supreme from Bajaj Allianz. With these high OPD plans, you can avail up to Rs.25000 of OPD treatment in a year without any issues.

Avail Benefit of Alternate Therapies

With health insurance, you can enjoy the benefits of alternate treatment such as Ayurveda and Homeopathy. Many people prefer Ayurveda and Homeopathy treatment at OPD level. However, to avail alternate treatments, they need spend money out of their pocket. With newer insurance plans, such as Bajaj Allianz Health Care Supreme, these expenses are also taken care off. You can enjoy alternate treatment anywhere in the country.

Get Tax Saving Benefits

Tax saving today has become necessary to avoid paying heavy taxes if you are in higher income slabs. Since the premium paid in health insurance is 100% rebatable under section 80D of the Income Tax Act, you can save taxes also while buying health insurance.

Get Loyalty Benefits

When you buy a policy with an insurance company early on, you become a loyal customer with that insurance company as time passes. Companies start considering you as their priority customer, especially if you haven’t claimed for a long period of time. This allows you to enjoy a number of benefits. For example, when you file for claims, they are settled on priority.

Get Wellness Benefits

Wellness benefits are a game changer these days for many insurance companies. The focus is on wellness activities for the clients such as holding health checkup camps by teaming up with big brands, offering free Yoga classes and a bouquet of facilities at highly discounted price such as gym membership, Panchakarma treatments, dental treatments, doctor on call, etc.

There are different types of health insurance policies to suit individual needs. To find the best cover for yourself, check out our health insurance plans.

Health insurance segment yet to be tapped upon

We live in the world filled with uncertainties. Sometimes a seemingly small ailment can turn into a major dent in our life. Within fraction of seconds your life can come to a standstill if you’re involved in a major road traffic accident. Situation can turn bad to worse if the earning member of your family is hospitalized! Well the problems are many but the path is one to overcome them. Buying a suitable health policy for you and your family will help you overcome these problems and offer some security!

India with a population of around 1.2 billion offers a huge potential in health insurance market. To get rid of health worries health or medical insurance is the answer. Many old citizens of which one of them must be your parents have worked hard all their lives and contributed to the development of the nation and the community. Mostly ignored and sometimes shunned by the younger community but there is much to learn from them. Some continue to be productive and work in various capacities. Most organizations and universities entertain this skilled manpower up to the age of 65 to 70 years.

There are over 35 insurance companies comprising both life and non-life insurers (general insurance) sectors. Health care costs have risen considerably during the past few years. It has gone beyond the reach of common man thus making more sense to buy health insurance policies. Poor quality of service is rendered to the citizen by government hospitals while private medicare has become highly expensive. Therefore, it is mandatory for a middle class person to seriously consider the option of health insurance. Today, a major surgical operation of the heart may cost anywhere between two to three lakhs. Not many individuals can afford to spend out this amount in a short and sudden situation. Even if they have insurance that is reimbursable under their Mediclaim plans the strain on the family can be immense. The option of cashless hospitalization becomes attractive under these circumstances.

Health insurance is an agreement between two parties i.e. insured and insurer under which insurer agrees to pay for medical treatment in case of any health issue for a fixed sum which is paid by insured to the insurer. Health insurance policies are provided by almost every insurance company and it can be bought through various methods. It can be bought through traditional channels through agents else it can be bought online via internet.

The entry of private players has stirred fierce competition amongst the companies, ultimately benefiting the consumers who are offered with better coverage and facilities. The arrival of foreign and private players into the life and general insurance sector has directly resulted in the huge development of insurance market including significant increase in medi-claim insurances. With massive Indian middle-class section, India looks promising and attractive for business opportunities to international players in this field.

The insurance business professionals strongly say that the limitless Indian medical insurance market has not been fully tapped so far due to lack of awareness among the public about the importance of health policy. Also there is lack of rightly targeted policies from the companies. An appropriate policy and cohesive approach will rope in more than few million customers into the health Insurance segment.

Two-wheeler insurance policies to get cheaper, easier to buy

Comprehensive two-wheeler insurance policies would soon get cheaper once policies with three-year validity come into effect. Large insurance companies such as ICICI Lombard and Tata AIG General Insurance, apart from government-owned companies, are planning to launch policies with riders for customers.

To enable long-term motor insurance for two-wheelers, the Insurance Regulatory and Development Authority (Irda) has introduced a long-term motor third-party insurance policy for two-wheelers with a three-year term.

Irda said the total premium charged for the third-party coverage would be three times the annual third-party premium for two-wheelers as decided by the regulator. Motor third-party premium is regulated by Irda and the regulator brings out revised rates for these policies every year based on the claims experience. Third-party motor insurance is mandatory in India.

The insurance regulator also said that the premium would not be revised upwards or downwards during the period of the policy. According to insurance industry executives, two-wheeler owners would opt for these, since there would not be any premium fluctuations for the three-year term unlike one-year policies where the premium would be revised every year.

Sector officials said the firms would save costs by not having to renew policies every year. This, they said, would be passed on to customers in the form of discounts on the ‘own damage’ front. Customers would also get an option to stay with their one-year policy or opt for a three-year policy.

Third-party two wheeler insurance includes two parts, own damage that protects the driver/owner from accidents and third-party cover that covers liability from third-party accidents. Third-party cover is mandatory, while own damage is optional.

General insurance companies have already planned to launch products. Madhukar Sinha, national head (personal lines) at Tata AIG General Insurance, said his company would file a product in tandem with the Irda guidelines.

He added add-ons could be offered with the policies, subject to Irda approvals.

“With respect to the pricing of the product, we are analysing the past trends for a suitable pricing mechanism.”

From April 1, 2014, third-party premiums in the two-wheeler category were raised by 9-10 per cent, compared with the proposed 1-45 per cent across segments – sub-75cc, 75-150cc, 150-350cc, and more than 350cc.

Sanjay Datta, head of underwriting and claims at ICICI Lombard, had earlier said the insurer would launch a motor third-party policy for two-wheelers after filing the product with Irda. Thereafter, the company would file a comprehensive two-wheeler plan, he added.

Irda also said that the entire premium would have to be paid in one installment and insurers would not be able to cancel the standalone third-party cover in any circumstances except for ‘total loss’. In case of cancellation of policy under total loss, premiums for the full unexpired years would be refunded. Non-life companies wanting to introduce these policies will have to submit a letter of intent to Irda.

According to the regulator, since there is also a need to have long-term comprehensive cover including own damage and third-party covers, insurers can also file three-year term comprehensive policy for two-wheelers. While the ‘own-damage’ motor segment covers losses to self during accidents, motor third-party covers liability to a third-party caused by a vehicle owner during an accident.

Source: http://www.business-standard.com/article/pf/two-wheeler-insurance-policies-may-get-cheaper-easier-to-buy-114082300506_1.html

Why do young drivers need more insurance cover?

A Car culture is youth culture. It’s exciting to see how teens cruise in their dream machines showing off their lavish lifestyle often being gifted by the higher income parents of the society. It’s natural that youth driving is associated to fun, pleasure, race and meeting the technology pace. So where there is haste there are undeliberate mistakes or unexpected problems putting them into bad times of their lives. Therefore it becomes imperative that the youth stays protect with a suitable car insurance which will take care of these uncertain problems being struck due to any mishap or crisis.

Finding affordable insurance for a young person is often a daunting task, because insurers usually charge higher car insurance premiums for younger, less experienced drivers. Again the carefree attitude and inexperience comes into pictures for these higher premiums. However, there are some initiatives that you can take to buy lower cost car insurance without giving up great coverage, including breakdown cover. Besides, with the emergence of internet, it is now easy to find out the most suitable insurance quotes. The authentic websites help you get insurance quotes from reputable insurance companies and ensure that you get the best deal possible. Online sites are a great place to start as they help you easily to compare the cost of insurance and also provide you variety of options to choose as per your requirements.

The articles take through some tips for young drivers to bank upon a good and low cost car insurance coverage.

The simplest way to get low cost insurance for a young person is to maintain a clean driving record. Always drive safely and responsibly and staying with the posted speed limits. Avoiding accidents helps build trust in the insurer that you are a good risk; they will reward you by issuing you a lesser car insurance premium. Never drive under the influence of alcohol or drugs. You’re at risk of making horrible accidents and secondly it shows your carelessness towards your car thereby raising the premiums.

The type of vehicle you drive affects the cost of your insurance premium. Expensive cars usually cost more to insure because they have costly parts and expensive repair bills. A young person can get good insurance simply by driving a modest vehicle with many safety features incorporated pre hand in the car.

Learn to earn a good credit rating. Many young people can get credit cards on their name, pay their timely bill and maintain good reputation and credit ratings. This helps you to get a better Car Insurance based on your credit history and relation with the banks. Establishing credit will help you in other aspects of your life, too, such as renting an apartment, buying a house or being approved for other major purchases.

The best way to master the skills of driving is by enrolling yourself to driving school. You can usually register for these classes at your local area driving schools or get trained under an expert person. Taking a driving class proves the insurer that you are serious about safe driving. This builds a trust in your insurer and they offer you comprehensive car insurance. One of the ways you get lower rates insurance is by being a secondary driver on your parents’ insurance policy. Most insurers offer lower rates for young drivers who remain on their parents’ insurance policy.

75% of 2-wheelers have no insurance

If you get hit by a two-wheeler, there is little chance of getting compensation. That’s because nearly 75% of two-wheelers in India run without insurance, putting vulnerable road-users like pedestrians and cyclists at risk.

The revelation, made by Insurance Regulatory Development Authority (IRDA), has prompted a Supreme Court-appointed committee on road safety to ask the agency and the transport ministry to work out a protocol for identifying such vehicles within three months and submit a report.

“IRDA representatives told us early this month that most two wheelers either have no insurance or their insurance has lapsed. Most of the owners don’t renew them since there is little enforcement,” said committee chairman Justice (retd) K S Radhakrishnan.

According to rough estimates, two-wheelers have a formidable presence on roads, constituting 70% of all vehicles in the country.

Around 82% of vehicles in India are privately owned and a majority of these are two-wheelers. In recent years, the number of two-wheelers has grown exponentially in rural areas where Two Wheeler Insurance papers are seldom checked by the enforcement agencies.

“Running an uninsured vehicle should be treated as a criminal act and there should be harshest of punishment since such people cannot play with the lives of others. The vehicle owner has the liability to pay the compensation for any accident. But in case he doesn’t have the capacity to pay compensation, the victim becomes helpless,” said S P Singh of IFTRT, a Delhi-based transport think tank.

A road transport ministry official said they had flagged this issue to IRDA about two years back and had asked it to integrate data of vehicles without third party insurance. “A couple of months back, we asked National Informatics Centre (NIC) to populate the state-wise data of such vehicles. Once it’s prepared, we will send them to states so that their law enforcement agencies can take action against such offenders,” he said.

Moreover, to put check on such offenders, the Road Safety and Transport Bill proposes very high penalty- impounding of uninsured vehicle and imprisonment of its owner.

Giving details of directions that the SC-appointed panel has issued to state governments, Justice Radhakrishnan said they have been asked to ban sale of alcohol along the national and state highways. “There should not even be a signage on the highway indicating location of such shops. We have asked them to take concrete action on dozens of issues by June-end. If they fail to comply, we will submit the details to SC.

Source: http://timesofindia.indiatimes.com/india/75-of-2-wheelers-have-no-insurance/articleshow/47392161.cms

India’s insurance reform will benefit insurers and society

One major change was implementing the Indian Insurance Act, first proposed by the previous government.

The Act enables global reinsurers to enter as 100 per cent owned branches and increases overall foreign direct investment (FDI) in the insurance industry from the current limit of 26 per cent to 49 per cent. While there are many aspects of insurance, the most significant opportunity not only for insurers but also for Indian society, is the health insurance sector.

India is one of the fastest growing health insurance markets in the world. It has grown rapidly since the industry opened to private and foreign players in 1999 with the establishment of the Insurance Regulatory Developments Authority. In 2014, the health insurance market grew to $2.7bn from just $150m in 2004. It is on track to hit $8bn by 2020.

There are a number of factors driving this growth.

From a workforce perspective, just 10 per cent of India’s 300m working population work within formal sectors such as government, the public sector or in large private companies, which often offer health insurance perks. The rest work in the informal sectors, meaning they are self-employed or working in family businesses and, therefore, without corporate health insurance cover.

It is this end of the market that is most dependent on financial security during ill health. Yet, in the absence of health insurance plans, many are liable for medical bills and loss of potential income during treatment.

Demographically, the population boom, rising life expectancy and increased incidences of lifestyle-related diseases means that total healthcare expenditure is growing rapidly. It is expected to rise from $70bn to $280bn by 2020.

Despite this, there is a low spend per capita compared with countries where healthcare is largely funded by the government, meaning that some 62 per cent of total expenditure on health is paid for out of pocket.

India has one of the lowest penetration rates of pre-paid health coverage and medical insurance in the world. This is due to its geographical size, the capital required to invest in developing the distribution network and the current lack of focus from insurers in the individual health insurance sector.

The limitation on foreign investment rules in insurance did not give much incentive for a lot of foreign experienced players to participate in this market. There are just five standalone health insurance companies and 17 private sector insurance companies offering health insurance. So there is low consumer choice, coverage and competition. Compare this with the UK, which has 911 general insurers. India itself had over 100 players in general insurance before the market was nationalised in 1972.

Active foreign participation is critical for the sector, bringing better standards and driving competition, with better quality products, customer coverage and choice. The increase in the FDI limit will create significant opportunities for foreign players to enter the market through joint ventures, mergers or acquisitions.

Yet there are some significant challenges that remain, such as finding the right acquisition target or a partner with the right balance of local knowledge and cultural compatibility in the boardroom between the two organisations. Successful firms will be those that are comfortable with local regulatory requirements and have working knowledge of India’s business environment.

Modi’s government has promised to revamp India’s healthcare sector and make services more affordable and accessible for all walks of society. With the doors opening to India’s insurance industry, the health insurance sector will play an increasingly important role in delivering this commitment to its citizens from all walks of life.

Source:  http://insurancegeneralindia.tumblr.com/post/122318481099/indias-insurance-reform-will-benefit-insurers-and

Are you true towards your health policy?

Due to increasing medical costs, complex treatment procedures and growing risk for healthy life due to rising pollution, extreme weather conditions etc. it has become imperative to buy a suitable health insurance plan to secure your present and future health issues. Although it has become a necessity most of the time adequate care is not taken while purchasing a health policy in India. At times, insurance claims get disapproved because the insured person fails to offer all necessary details, many a times due to ignorance or at times purposely because of the fear that it might be rejected by the company for them.

Let’s understand that insurance business is based on the principles of utmost faith between the purchasing party and the insurance company. It means if person is applying for a health insurance policy, then he or she is required to mention all his or her occupation and lifestyle related information as well as any health issues you and your family members may have suffered. Many times people hide various addictions or hereditary disease due to embarrassment but it’s totally wrong. The more transparent you stay in this sector the better coverage you’ll be given on your health.

While purchasing an insurance coverage just understanding the clauses mentioned in a plan are not enough, you also have to know its span of coverage. Always fill the application form by yourself instead of telling your insurance agent, this will help you understand the minute details, clauses, coverages, policy structure, fees and charges associated to it.

Insurance is after all a commitment between the purchasing party and the company, so just signing and sitting back won’t be sufficient. Understand that once you sign the form means you declaring that you’ll abide the rules and agreed with all the clauses. So, it becomes very important that you read the documents calmly and carefully.

Your information and declaration are basis on which the health insurance companies will customize your health plan, evaluate risks and estimate the premium to insure that risk. At the time of claims, insurance companies in India checks the authenticity of these declarations.

The article takes you through some important information that must be mentioned in the application to avoid claim rejection:

Personal Health

Addictive substances like alcohol and tobacco affect health adversely. If you ever have such kinds of addiction share it immediately with the company. The premium amount, plan and extension call will be based on frequency, consumption type, the duration for which person has been addicted and the quantity consumed.

Medical History

If you have gone through any kind of operation or treatment give proper information in your application form.

Family History

Customers should know that medical history of you and your family is taken into consideration by the insurer while giving coverage to them. Some serious illness of any immediate family member could make insurer wary the policy plan which might be a hereditary disorder. And if come to known later then there are chances that they might not be taken care off.

Occupation

One of the most important factors to determine the Health Insurance policy is occupational risk. Where you work, what kind of shift pattern, what kind of work everything helps insurers to evaluate risk of accident and wellness. People who are doing sedentary jobs very much open to cardiovascular diseases. Work nature therefore becomes important for assessment of risk in health insurance sector.

Cheap Car Insurance

A house is the most precious possession any individual has which is built over the years of hard work, dedication, focused dream and sentiments. In today’s uncertain times, it has become imperative to buy a suitable home insurance policy that will safeguard your living and will offer sufficient cover to build a new one in case of any disasters calamities or mishaps. It is designed to anchor your pockets from shedding out that extra money in case of any emergency like fire or burglary etc. Getting a home insurance for your priceless dream often involves long term investment and financial obligation. Besides what really worries most customers is the claiming process during any kind of disaster or manmade mishaps like stealing, or fire or damages. It sounds a bit stressful especially while your turn to file a claim.

The articles will give your some easy tips to make your claim process much relax and hassle-free especially when you’re in the state of depression due to the damages caused to your house.

Just buying a policy and storing the papers in your locker, sipping around a coffee with friends and family won’t work. Once you buy the policy read carefully the fine print on your policy that details the inclusions and exclusions and clearly defines what can be claimed for and what cannot. You should be aware what damages your policy covers and till what extent. There is no point in claiming for things your policy doesn’t cover.

Store your bills and documents safely and most important at the place of your convenience which you remember the most. It is advisable you can keep duplicate copies at your offices or place of work just in case the house comes down to ashes and you’re unable to find anything from it. Technology is always at your doorstep. If unable to stock any evidence, you can click pictures of your valuables and their purchase documents with serial numbers and save them online in a cloud based service like Dropbox etc. Don’t forget to mention the date of purchase and value at the time of purchase. When you purchase a home insurance policy, create a list of all your key possessions.

Make a habit of creating a written note of all your household goods from jewelry to electronic equipment on an annual basis. Once the list is ready contact your insurance provider and updated the company records with your valuable belongings and possessions so that when you present your policy they are in sync with your property value, belongings and possessions.

You can fill the claim form online and request the customer service department for the same. Do enter the appropriate details for easy evaluation of claim with correct contact details. Take your time, sit calmly and fill out the claim form carefully. Ensure that you don’t make any silly errors that will lead to delay in your claim process.

Stay in touch with the insurance company one you make your claim. Evaluate the amount that you receive as per the agreements excluding the service deductions. Whether your house is affected by fire, flood, terrorism or burglary, home insurance is a ray of new hope which revitalizes your dreams to rebuild it brick by brick.

Source: http://homeinsuranceindia.tumblr.com/post/122145291107/how-to-easily-claim-your-home-insurance-policy