Bharti AXA General Insurance is now part of ICICI Lombard General Insurance.

Bharti AXA General Insurance is now part of ICICI Lombard General Insurance.

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  • What are Deductibles in Health Insurance Plans

    by Almog Ramrajkar | Nov 02, 2022

    Deductibles in Health Insurance Plans

    Having an insurance policy may not cover you entirely during a medical emergency. This is because of a mostly overlooked aspect of health insurance called deductibles. A health insurance deductible is the amount payable by the policyholder while raising a claim. This amount is predefined in the policy plan. For example, if you raise a claim of Rs 1 lakh and the deductible mentioned in the policy is Rs 40,000, the insurer will approve payment of Rs 60,000 only after adjusting the deductible amount. It is the amount that you need to pay before the insurer starts to pay against the claim. In other words, you must pay medical insurance deductibles out of your pocket.

    Why are deductibles included in health plans?

    Deductibles are included in health insurance policies to discourage policyholders from making trivial claims. This also ensures that people don’t misuse their health covers to avail of hospitalization for minor medical concerns.

    Relation with health insurance premium

    The risk burden of the insurer reduces when there is a deductible amount in the health insurance policy. Therefore, health policies with high deductibles amount generally have a low insurance premium amount. If the amount of the deductible is low or non-existent, the premium amount will be higher.

    Types of health insurance deductibles

    • Policyholders can select voluntary deductibles amounts as per their budget and affordability. and decide their premium amount accordingly.
    • A compulsory deductible is pre-decided by the insurer at the time of policy purchase. While buying a health policy with a compulsory deductible, the deductible becomes just another point in the list of policy terms and conditions. The compulsory deductible doesn’t have any impact on the premium amount.
    • A cumulative deductible is applicable in family floater plans. In these policies, the insurance cover is a cumulative amount applicable to all the members of the family floater policy. Accordingly, the deductible amount is also applicable to all members cumulatively.
    • A comprehensive deductible keeps on adding till you pay the amount applicable in your health policy. It is a single deductible that applies to all health covers, but it is not available in India at present.
    • Non-comprehensive deductibles apply to specific parts of the policy and not the entire policy. Thus, it is deducted only when you raise a claim against such medical treatments to which the deductible is applicable. For any other claims, the deductibles clause is not triggered.
  • Why are more Indians purchasing health insurance post the COVID-19 pandemic?

    by Amit Moolya | Oct 25, 2022

    A recent wellness survey conducted by ICICI Lombard shows that more people are buying health insurance than ever before. The survey also points out a few interesting findings concerning the general wellness and happiness quotient of Indians post-pandemic.

    One point that stands out is the change in the attitude of Indians towards health insurance.

    This change in mindset is due to increased health risks and a renewed realisation of the importance of good health and well-being.

    So, while having health insurance has always been important since pre-COVID-19 days, post COVID having good health insurance coverage has become even more significant.

    Here are top survey highlights:

    Wellness Index Infographic
  • How ESG is shaping the Insurers’ Strategy & Business Model

    by Amit Moolya | Oct 18, 2022

    Podcast description

    Welcome to IL cafe, we are talking on this podcast about how technology drives innovation in the insurance industry.


    Good to have you join us on episode two of IL cafe. I'm your host Sheetal and the topic of conversation today is ESG and its impact on the insurance industry. Our guest on the podcast is Gopal Balachandran, Chief Financial Officer and Chief Risk Officer at ICICI Lombard. He's also a pioneer of excellence in financial reporting and corporate governance for India Inc. Let me tell you a little bit more about Gopal. He has been associated with ICICI LOMBARD for nearly two decades and wears several hats. He heads finance and accounts, investor relations, risk management, mid and back office investments as well as internal control and loss minimization functions. He was also instrumental in ICICI Lombard becoming the first Indian non life insurance company to be listed. And he's received wide acclaim and recognition for his work, including awards like the Financial Express Best CFO of the year, and the CFO 100 award in different categories like risk management, cost management and financial reporting. So on this episode of IL Cafe, it gives me great joy to have Gopal, tell us about what is top of mind for insurance organizations across the world today - ESG. Thanks so much Gopal for joining us on IL cafe. Welcome to the show, and how are you?

    Speaker 2


    Pretty good, Seetal, thank you. Thanks for that kind introduction. I don't kind of deserve so much of it. But thank you so much for that.



    Well, Gopal, I'm certain every bit of that is deserved. And thank you for joining us, one more time. Now, to get started, ESG efforts have certainly become a significant differentiator for Responsible enterprises. ICICI Lombard, clearly a marquee brand in India, the second largest general insurance company in India for FY 2022, and also pioneer of SOS, has also demonstrated leadership in the adoption of ESG as part of its growth strategy. So I'd love to hear from you on that Gopal - the company's sustainability goals, some of the focus areas and some of the efforts that have been undertaken in this regard.



    Oh, that's a great start Sheetal. So, I think when you look at it, you started off by saying that we are the first non life insurance company to be listed on the stock exchanges in India, even the fact that we are a responsible institution. And therefore, clearly ESG is something that we kind of largely imbibe, as an organization, as a part of running the institutions not just for one or two years, but over several decades, is how we are looking at ESG. To kind of embrace it, as a part of the way we work. To your point on how do we kind of look at this space? I think, honestly, I will kind of divide it into a couple of aspects. One is if you look at in terms of what we have been doing as a company, I think we started off disclosures well ahead of mandatory timelines of reporting in this particular space. Just to kind of give an example, the ESG report that we put out publicly on our website, this has been the third year running. So that's something that we have been doing on an ongoing basis, as you would recollect.

    I think there was this new mandate, which actually is coming into force from FY 2023, which is the business responsibility and sustainability reporting requirements for the top 1000 listed companies. Now, while this is mandatory for FY 23, we thought, given an institution that's responsible and sustainable, that's kind of voluntary or updated from one year before. So, it is a part of our FY 2022 annual report. We also had a separate section on the BRSR as it is kind of largely known (as an acronym). We wanted to kind of start ahead of time. So that's something that we are really pioneering in kind of taking initiatives well ahead of deadlines that are stipulated for companies to comply with, if I were to kind of just move forward, while I said that we've been doing this way or a voluntary basis. But honestly, I think the last quarter fit is primarily because we have been able to engage significantly with multiple stakeholders. When we say stakeholders, it spans across customers, regulators, our shareholders, reinsurers, our own employees, government…I think all of them have been a part of our journey in getting appropriate feedback mechanisms so that we can improve our disclosures better.

    So, there has been extensive engagement with stakeholders that we've been doing as a company. Now, while we've been doing that, I think obviously the tone is always set from the top. The board is very, very actively involved. We always had a corporate social responsibility committee, but in order to kind of embrace it with a flavour of sustainability, we also kind of renamed it as CSR and Sustainability Committee. So, that kind of gives flavour too, from the top. The boards are actively involved in the design and the framework of the ESG that we want to kind of run as an institution, to create this board oversight. That's the third thing that we have been kind of focusing on. The fourth, I would say, is CSA…this year, in fact, was the first year where we also started disclosing sustainability disclosures across the various scope one, two and three emissions that we do as a company. We kind of again did sustainability disclosures for the first time as a part of the effort we need to read. More importantly, we also were able to get an assurance done by an independent external firm to validate the disclosures that we put out as a part of the report. (Those), in essence, are the four or five key pillars in the way we look at ESG.



    Important takeaway for all of our listeners, I would imagine, is that having buy-in from the leadership levels is something that can certainly drive your ESG agenda a lot better. The other thing that comes to mind Gopal, is that there has been a growing emphasis in the larger financial sphere globally on sustainability. For example, we've seen a lot of talk around sustainability-linked loans, and other such, you know, nuanced approaches. Similarly, the insurance industry has pursued sustainability goals in its own way. So, what significant, tangible changes do you think they're likely to see in the insurance sector over the next decade or so?



    Okay, that's a great question, because we are looking at maybe the future, right? So, I'm sure amongst the audience, who are kind of possibly listening to me, a lot of…a lot of them in their minds are already thinking the next vehicle that he or she is likely to buy will be an electric one. Now, it doesn't matter whether two wheeler or four wheeler, but effectively, I think there is a clear need for transitioning to, move to, electric vehicles. But that's the reality. And clearly, we know that electric vehicles are relatively far better insofar as promoting the sustainability theme is concerned. In that regard, I think from an ICICI Lombard standpoint, we have been pioneers in providing insurance solutions for this transition to electric vehicle mobility, kind of put some data points in the table on the electric vehicle space. I mean, for just the quarter that had kind of gone by, on the private car side, we are roughly at a market share of over almost 14%, and in the two wheeler space, which we think will kind of largely transition faster into adoption of EVs - there we have a substantial market share of almost 65%. The number is quite high at this point of time, though over a period of time, we believe it could get moderated. That's one area where we want to kind of see ourselves taking the lead in possibly offering insurance solutions for the electric vehicle segment. The other area that I'm sure all of us will be kind of looking forward to seeing our entire power consumptions getting moved into solar powered or renewable forms of energy consumptions. There again, I think we have been pioneers in that space of being able to offer insurance solutions to some of these capabilities. That's again a segment that has done very well for us.

    So, as a company, as a responsible institution, we would want to see how we can partner some of these corporates or institutions to be able to transition into some of the sustainability themes that they will be kind of working towards. So that's one area, which I would say, one can look forward to. Second, what we have seen in the last couple of years, particularly during the COVID environment, is all of us clearly learned how to work digitally. That obviously means across the spectrum of your operations, you could see increased adoption of digital/technology. And that by itself is going to kind of lend a significant amount, insofar as promoting sustainability is concerned, because you're all going to see maybe reduced consumption of paper, reduction of footprint, and so on and so forth. So clearly, that's going to be an area which we'd like to see for the future. The third area, I would say from an insurance company standpoint - an area which we will be significantly focusing on - is responsible investments. There again, from a licensing standpoint, we already have a responsible investing framework, which is largely based on the UN principles for Responsible Investing, where we look at maybe getting insights from investing companies in the way they are promoting sustainability. We do have an exclusion list in terms of assets where we want to kind of make our investments in. So clearly, I think, both on offering insurance solutions which kind of takes care of responsible underwriting, and at the same time responsible investments, is equally a theme that we're working on.



    Now you spoke of technology, but it would be remiss of me to not dwell a little bit more Gopal, because we know that technology - “oh, what can we do without it now?” - but I'm quite certain that ICICI Lombard has taken it to another level. From that point of view - how you've leveraged these innovations, and also digitalization- what have you done in your organization?



    So from our standpoint, I think when we talk of digital, it kind of cuts across the entire spectrum of the way we source policies, the way we service our claim proposition. More importantly, the way we kind of digitize our internal processes. That's the way we look at digital/use of technology, innovation across the various areas that we operate on. Last couple of years, we have seen tough times in COVID environment. But over the last so many years of our operations, I think we have been a firm believer in technology. Let me give you examples of how we are leveraging technology in the way we operate.

    Let me take a relatively simpler one - motor insurance. All of us know as and when a claim happens, we are all in a hurry to get our claim serviced. That's what we want, we want our vehicles back at the shortest possible time. Now there again, we take a lot of initiatives in making sure that you can speed up the process of survey of the vehicle. And in the process, the customer is able to possibly get the vehicle back on time.

    Over the last seven years, I would say that we developed an app - InstaSpect. Now what this app essentially does is, when a vehicle goes for survey at a garage, the garage is able to use the app, and through a live video streaming process, our experience claims service managers, who are sitting at a remote location, are able to look at the video live. And there is a voiceover that is happening between the claim service manager and the garage person. In the process, you're able to significantly kind of be more efficient in the entire survey process. This has been a great enabler for us in processing the claims much faster. And today, more than 85% of our claims that we settled on the motor insurance side of this Instaspect app. And in the process, we have been able to create customer delight in the way we settle claims on motor insurance. That's one sample of motor, even on the policy buying process.

    Many times customers may tend to possibly miss the renewal date. So, in the process, effectively, you may be without insurance at the point of expiry of your last policy. But given the fact that you want to have a continuing insurance cover, there is a process which is called as braking inspection because you would want to see whether the vehicle was already having damage at the time of the renewal process. In case you have missed the renewal date, there again, I think through the help of technology, we created an app by which the entire braking process is quite seamless, the customer can actually undertake a self-inspection of the braking process. And in the process, if everything is clean, it's a kind of green channel for the renewal process to happen. So there again, I think a very large proportion of our breaking process is significantly done through use of digital/technology. And in the process, getting customer experience which is positive.

    We move to health quickly. If you look at health, I think one of the things…again, we have been a firm believer of using technology in the health insurance piece as well… the IL Take Care app, which is something we created to largely advocate the health insurance proposition though, increasingly, we are expanding the products that we can offer through the app. But that's again a capability which significantly helps in the health insurance segment. One other example if you were to talk about the use of technology in the health side - a typical pain point for a customer is at the time of seeking a cashless authorization at the hospitals - it's always something that we generally get to hear about. Most of us would have faced that for unfortunate reasons in case any of us have to get admitted to hospitals. (With) The use of technology, we significantly streamline the entire cashless authorization process, which used to run into maybe a few hours, which obviously is a painful process for the customer today, with the help of AI/ML mechanisms. What used to take us easily more than three, four hours, now most authorization for a select set of procedures is down to less than 90 seconds. Again, I think a clear innovation that we were able to do on the technology side.



    The last time you know Girish Nayak was here, and he was talking about the cool ways in which technology is leveraged to offer value or deliver impact to all stakeholders, and primarily, of course, customers in his particular case. He spoke about IL Scan and I was like, Whoa, give me you know, that samosa that I'm about to eat, you're gonna tell me exactly how many calories it has. And now you're telling me about things like Instaspect. And it's all fascinating how, you know, technology is helping us achieve this very, very important objective for ICICI Lombard. But a lot of our listeners, I'm quite certain you too Gopal, must have been wondering, why is Seetal asking me so much about technology? Where is the connection to ESG? So I'm coming to that now, Gopal. We need to dwell a little bit more, because here is a country where you are certainly seeing people getting more and more comfortable in using tech in financial transactions and also in your investment options. Is this an accurate assessment, according to you? Or would you say that this adoption that we talked about by consumers is still too nascent to actually contribute to the industry’s sustainability efforts? In essence, I'm asking you to connect the dots between your ESG efforts and technology adoption.



    When COVID happened, I think we all had to suddenly change the way we had to operate. We have been so used to operating in a physical world, we had to significantly transform ourselves into a digital world. And believe me, some of these capabilities were already available with us, it's just that we did not want to kind of possibly explore and make the best use of it. Today, the way most of the organizations would like to operate on in an hybrid environment, which is a combination of both physical plus digital customers. Again, (they) have kind of learned it because they are used to availing different forms of services. Insurance is definitely one of them. And they have also kind of migrated themselves from doing it completely in the physical world into I would say more hybrid environment of operating.

    Yes, your point is absolutely right. I think the customer preferences are clearly moving towards use of technology, use of digital as a way to operate in our process of sustainability, where we are saying a large part of our offering will be made available to the digital. Means we see a significant positive adoption from a customer standpoint as well. That's where, when I look at it on the policy side…for example, we issue roughly 29 million policies on an annual basis, of that 97-98% of those policies do not even enter our office…there is a capability created at the hands of the customer who is able to do the requirements on their own, or my intermediary or distributor is able to get it done to the customer again, in a digital form. So clearly, I think customers are embracing digital/technology far, far better. And in the process, as you rightly mentioned, it has been a key enabler or contributor to the sustainability initiatives that any which ways we are focusing as an organization.



    You know, I was just thinking about it a few years ago - when there was talk of driving digital transformation across sectors and organizations, a lot of leaders spoke of how this is a function of culture, you need to have the right organizational culture to drive detail. And I think the same is probably true of ESG as well, one of the major hurdles that organizations will have to overcome is a lack of knowledge and skills in their best practices. So how does ICICI Lombard plan to train and equip its workforce to understand these important issues like sustainable finance, social and environmental risk management, and also the pivot towards sustainability as a differential element in customer value? How are we approaching this?



    Now, as an organization on the social responsibility side, that's an area where our employees actually volunteer for some of these initiatives. The one is you obviously as an institution need to build a culture to embrace either social responsibility, or ESG. As a part of the way we operate. A lot of our employees have been kind of volunteering for some of the social initiatives that we've been running. And they say that we will take the lead in shaping up some of the agenda for the organization, so clearly there is already a cultural mindset in the employees to make sure that they embrace social responsibility.

    On the ESG front, again, we have employees taking the lead on the part of the framework. I think a lot of our employees have clearly demonstrated areas where we as an organization can kind of look forward to some of those elements to be kind of implemented. They've done it at their homes. They've done it through some of the social work that some of them may be carrying out. And clearly they are giving ideas to ICICI Lombard by which we can embrace some of these elements as a way we want to kind of promote sustainability. That's clearly…volunteering is one thing that's kind of already working as a culture for the institution.

    The second is capability building sessions that we undertake across the spectrum of the organization. And more importantly, I think we always keep kind of pushing our people to say why don't we look at something each one of us can take the lead in (as far as) sustainability is concerned. So that's how we kind of largely promote - through voluntary initiatives and to a lot of capability building/cultural sessions, is what we kind of embrace.



    So, perfect coming together of employee aspirations and organizational objectives. I want us to dwell a little bit more on that ‘S’ aspect of our ESG goals - diversity, equity and inclusion. Gopal, at the start of the year, I recall a lot of consulting organizations talking about how D&I will remain in sharp focus for organizations, and the D&I ethos in most organizations is something that contributes to innovation, productivity, and also profitability. So, the business imperative has been long established. It would be great for us to know what ICICI Lombard’s policy is regarding these important aspects of ESG, inclusivity, equity and diversity.


    20:52 Those are great questions. And that's something that's, again, the need of the hour, as a largely spoken topic. And from an ICICI Lombard standpoint, we're equally committed on the D&I initiative. In that regard, there is already a cross functional committee that we have created in the organization, which was primarily responsible for designing, planning, driving and monitoring the implementation of the D&I interventions. The tone is set from the top, internally. On gender equity, we already have goals to achieve over the next, let's say, three years across the various verticals, across the various divisions, the organization. Each one of them is championing this agenda of bringing about gender equity in the organization. That's one form of diversity, equity and inclusion.

    The second element is to also make sure that when you look at the entire working environment, we need to embrace people of different work streams, or people who have got different requirements to be able to contribute to the organizational sustainability initiatives; need to create more a flexible way of operating for people so that you get people from different requirements, a part of the organizational initiatives. And there again, I think from an ICICI Lombard standpoint, we launched ‘flexi working’, part time working, which are all great enablers for us. To be able to get the right set of talent to contribute, as I said, insofar as the organizational growth is concerned, even insofar as employee initiatives are concerned, we do carry out a lot of annual checkups, counseling programs, yoga sessions. All in all, the whole objective is to make sure that D&I is pretty much a part and parcel of the organization.



    Right. I'm glad you also touched upon employee well-being as an important, you know, pillar of all that you are building for the ESG strategy at ICICI Lombard. Gopal, now, I want to go back to something that you had mentioned…this has got to do with the volunteer work and CSR that you spoke of. Would we want to our listeners to get a sense of some of these flagship programs that you might have done, which made a big difference in several locations and communities. Tell us a little bit about the ICICI Lombard’s sustainability agenda and CSR activities, and how those two come together.



    I think for ICICI Lombard, social responsibility is something that we are quite cognizant of. And some of our initiatives in this space date back almost close to 10 years. And the reason why I'm saying this is we embrace social responsibility not just to meet the minimum regulatory stipulations that came in some time back. But, for us, social responsibility is a way of operating. Right to safety for us in India today is…we unfortunately have a lot of people succumbing to accidental deaths. And the primary reason for some of this is that helmets are not being worn. So that's an area where we want to kind of step in, and there have been specifically designed helmets that have been crafted for us. Again, these helmets are being offered not only to the parent, or the person who is kind of driving the vehicle, sometimes you will also have the child sitting at the back. So we realized that, or maybe there was also a demand from some of the parents to say, why don't you also offer a helmet for the child as well? So these are specifically designed and crafted helmets that have been created to make sure that the country becomes a much better place to ride vehicles. And the extent of damage or the extent of unfortunate deaths could kind of be significantly minimised.

    So that's one of the flagship programs that we have been running as an organization. Since the time we have been doing this, close to to 4,25,000 lives have been impacted as a result of the right to safety initiative. To move away from, let's say, vehicle to Caring Hands, a lot of employees of the organization, almost more than 50% of them, actually volunteer to work on this initiative. The objective is to kind of make sure that children are given a better place to read. We do a lot of free eye checkups, so that the problem gets detected ahead of time. And in case, for some reason, if any of the children need spectacles, we also make those available as well. We have impacted more than 3,75,000 lives as a part of this pioneering effort that we've been doing over the last several years. The third area, which also contributes significantly to sustainability, is safe drinking water. We call it Niranjali. Again, we work with schools. The whole objective is to make sure that children get safe drinking water. And we kind of install water purifiers at the schools, including taking care of the maintenance of those unifiers. So that's again an initiative which is very close to us from a social responsibility standpoint.



    Absolutely! As they say, miles to go. But then kudos most certainly, Gopal, to you and the teams involved in all of these projects for actually making such a difference, and get, you know, relevant areas to ICICI Lombard in the area of CSR. Superb to hear of this! And on a final note Gopal, one of ICICI Lombard’s mottos, if I may add, is Fulfil Promises Responsibly and Sustainably. How do you see ICICI Lombard playing a leadership role in the insurance sector’s push towards achieving their ESG goals?



    That's a difficult one, right? Because it's always tough to kind of figure out how we stay ahead of the curve in shaping the elements of the future. We have generally taken the lead in some of these areas. For us, the first and the foremost thing that we will obviously stand committed to is the country's objective. And then we know clearly, I think, as a country, they have already committed to become net zero by 2070. So obviously, we will play a very, very vital role in being able to contribute to that particular element, which will help the country to kind of commit itself.

    The second, embracing digital, embracing technology contributes a lot in the way we kind of promote a sustainable way of operating. And therefore, even when I said 97% of my policies are sold digitally, there is still that 3% that's left out. Can I keep looking at it area by area, in figuring out how some of these elements can be kind of brought down?

    Third, can we step back and start contributing to the corporates in figuring out how we can minimize risk itself in the first place? For example, fire incidents. Fire incidents happening for a particular corporate also results in challenges from a sustainability standpoint, or let's say from air pollution risk standpoint. If you're able to meaningfully contribute or minimize some of the risk incidences, then, in effect, you're kind of promoting or contributing to the stability objectives. That's when we kind of worked on what we call this value added services initiative. Over the last eight years, and area by area, we have been looking at what typically causes a loss, or what typically is a risk that an institution or a corporate could be facing. And in case you're able to mitigate some of those losses, that possibility will be minimized, which actually kind of is environment positive. That's the way we look at it. So VAS will definitely be an area that we will focus on. We will continue to look at how we can, even in our management of funds, be more responsible in the various investment decisions that we take. That's one of the areas that we will be kind of committing towards. At the end of the day, employees, our people, are our asset. Therefore, creating a flexible, friendly workspace, and focusing on employee well-being will definitely be a very, very important agenda in our sustainability initiatives.



    Superb! And, you know, when I started out this conversation Gopal, I realized that we are going to get some best practices but I didn't realize that this is going to be a comprehensive look or insight into how ESG is being realized by a marquee brand likeICICI Lombard, and for that we must thank you. Thank you so much for walking us through all of these various aspects of ESG,breaking them down into actions and behaviors, not just the level of individuals, but also teams and the organization, and helping us connect those dots. Brilliant chatting with you, and hope to catch up with you again on IL Cafe. Thank you for being here.


    Thank you so much. Thanks everyone.

  • How to Transfer Car Ownership Online?

    by Almog Ramrajkar | Oct 04, 2022

    Factually, transferring car ownership is a lengthy process. It involves the new owner of the car, the previous owner, and a pile load of necessary documents that need attestation and verification. However, some digital platforms have introduced ways to do it with ease. Before we look into the transfer process in detail, let us understand what it means and when it shouldn’t be done.

    • Normal sale and purchase of a used car, wherein the old owner’s name and details on the vehicle’s registration certificate (RC) must be replaced by the new owner’s details.
    • Transfer in the case of the existing owner’s demise, whereby the legal heir to the car must inform the RTO about the demise within the next 30 days. However, the utilization of such a car by the heir is allowed for the next 3 months following the owner's demise.
    • Vehicle purchase during a public auction; herein, the original owner’s name is replaced by that of the new owner to whom the vehicle has been auctioned.

    The process involved in the transfer of car ownership online and/or offline can subtly vary. You may also initiate the process by submitting the necessary application forms on the central government’s dedicated website—‘Parivahan.’

    Car Ownership Transfer in the Case of Normal Sale/Purchase

    To change ownership of a car under normal sale/purchase, just follow these steps:

    • Fill up Form 29 with the necessary details online and take a print.
    • Once the details are verified, hand out the form to the local RTO at the seller’s and purchaser’s location of residence. Herein, the purchaser needs to submit Form 30 within 14 days of transfer along with documents related to Form 1 and 2.
    • In the case of inter-state transfer, the purchaser needs to fill up Form 30 within 45 days of such transfer and submit necessary documents.
    • The buyer must also pay the necessary charges levied on such transfer under Rule 81 of the General Motor Vehicles (GMV) Rules 1989 to complete inter-state transfers.

    The necessary documents involved include the vehicle’s RC, insurance certificate to car insurance certificate, PUC certificate, engine and chassis pencil print, the registering authority’s NOC, tax clearance certificate and the purchaser’s undertaking, along with identity and address proofs of both parties involved in transferring car ownership.

  • Buckle Up for a Smooth and Safe Drive

    by Amit Moolya | Sep 16, 2022

    Often commuting by cab or your car makes the journey smooth. You may enjoy the thrill of being behind the wheel or prefer relaxing in the rear seat humming your favourite tune. Either way, do you wear a seatbelt whenever you are on the go?

    Why wearing a seatbelt is important?

    In a report, this year, WHO said wearing belts in the rear seat can reduce the risk of being killed and injured by 25% and 75% respectively. Closer home, surveys done by Maruti Suzuki India in 2017 revealed poor compliance with seatbelt laws as hardly 4% of respondents used seatbelts.Compared to 2020, deaths by road accidents increased by almost 17% in 2021. Do you know what was one of the major causes of death? Yes, not wearing a seatbelt.


    How do seatbelts help in enhancing safety?

    Seatbelts hold the occupants of the car in place and prevent them from being catapulted forward during an accident. While the seatbelt ensures that the individual stays in his/her place, the airbag’s job is to protect the head and chest from impact. During a collision, seatbelts provide the primary restraint, whereas slamming into an airbag in case of an accident reduces the impact. While all cars in India have seatbelts at the front and rear, they may not have rear airbags. For safe driving, you must get them as part of the accessories. 

    Let’s look at what the Indian law says about seatbelts

    We all know that wearing a seatbelt is mandatory while sitting in a front seat. But did you know it's compulsory for rear seats too? In India, most cars have rear seats that face the front. As per Indian law, car manufacturers must provide seatbelts for all such seats too and passengers must buckle them up. Breaking this rule can attract a fine of Rs 1,000 for the passengers. However, the execution of the rule remains a concern.

    A 2019 report by SaveLIFE Foundation stated that not even 1% of Indians use rear seatbelts. What’s worse is that 23.9% of those surveyed did not even know about rear seatbelts. The study also revealed that 77% of the kids who travelled in the rear seat did not wear seatbelts.

    In February, the Ministry of Road Transport and Highways proposed that all front-facing seats must have a Y-shaped seat belt. The proposal included the rear-middle seat as well. 

    Debunking a few myths around seatbelt safety 

    Myth: In case of fire or drowning situations, seatbelts trap you inside the car  
    Fact: Two things to know here are—one, the chances of collision are way higher than a car catching fire or getting submerged in water. Two, there are very less chances of malfunctioning of the seatbelt release mechanism. The benefits outweigh the risks.  
    Myth: If your car has airbags, you may skip wearing seatbelts 
    Fact: As explained earlier, the two have very distinct roles and save you when used together. One without the other may prove useless.  
    Myth: Seatbelts are needed only on highways 
    Fact: Accidents can happen anywhere regardless of how short the distance or how slow you are driving. Always wear seatbelts.  
    Importance of Seatbelts

    General seatbelt guidelines to follow 

    • Children should be buckled in age and size-appropriate car seats.
    • Pregnant women should ensure that the lap belt is below the belly and not above or across their belly.
    • Others including senior citizens should ensure that they are comfortable with the belt on. Skipping wearing the seatbelt is not an option.

    In Conclusion 

    Irrespective of where you are sitting in the car, protecting yourself and others becomes easy when you follow the rules of safe driving.  

    ICICI Lombard urges you to make the #NeverSkipSeatbelt promise and choose to use seatbelt for all. 

  • Post Covid Travel Insurance Trends: A Survey by ICICI Lombard

    by Amit Moolya | Sep 15, 2022

    The pandemic has altered many of our behaviours, especially how we travel. With the COVID-19 lockdown extending for nearly a year, most travellers found their options limited, which has changed their outlook on travel. People are more careful with travel, but they want to travel.

    Now more than ever, travellers are researching their destinations before leaving and looking to the travel industry for directions. Where can they go? Is the current situation safe? Are the COVID protocols followed? In response, travel companies worldwide have found themselves emphasising cleaning protocols, allowing more flexibility in itineraries, waiving off cancelling/rescheduling fees, and keeping travellers updated on changing regulations. 

    To find out more, ICICI Lombard, a leading travel insurance provider in India, recently conducted a survey to understand the mindset changes regarding travel post the pandemic. The reports show notable differences in travelling behaviour across age groups, demographics, the reasons for travel and travel destinations.


    The survey also revealed that over half of respondents plan to travel post the pandemic, and over 94% will purchase travel insurance for their trip -giving rise to a new breed of 'safety-first' travellers.


    As travel continues to evolve, here are the broad travel trends that we'd possibly witness in the post-corona era:

    Most popular travel destinations post pandemic

    USA, Canada and Europe most sought-after international travel destinations by Indians post Omicron

    travel destination

    Older age groups are travelling closer to home as compared to youngsters

    Older age group prefer destinations closer to home

    Most common reason for travel post pandemic

    Travelling for business (1.2x) and medical (2x) reasons increased while dropped for education/ holiday trips

    Most common reasons for travel post pandemic

    Younger age group mostly travelling for education while older age group for holiday and business

    Younger age group mostly travelling for education

    Emergence of 'safety-first' travellers

    Indians become more self-conscious towards buying travel insurance

    Before the pandemic, even though the awareness of travel insurance policies was 76%, only 50% purchased a travel insurance policy unless not mandatory. 

    But this attitude has changed significantly since the outbreak of the virus. Today 90% of people are concerned about their health while travelling. This has increased the number of people purchasing travel insurance from 50% to 76%.

    Awareness on availing travel insurance policy on international trip:

    Pre-pandemic - 76%  
    Post pandemic - 90%

    More Indians buying travel insurance post pandemic

    Travel insurance purchase behaviour 

    Post pandemic, 64% - travellers consciously searched for a travel insurance before their international trip vs 54% - travellers in the pre pandemic years. Only 22% bought as it was “mandatory with flight ticket”.

    Travel insurance purchase behaviour

    Since travellers are now aware of the risk of not being covered, travel insurance becomes as essential and, in some cases, as necessary as having a valid passport. The demand for pandemic coverage has also led the insurance industry to create new products to meet those needs.

    Today an international travel insurance plan typically covers medical expenses for COVID-19, trip protection & baggage coverage, emergency medical care & evacuation. These policies also include coverage of trip interruption and delay coverage if the policyholder contracts COVID-19 while travelling.
    As people resume travelling again, armed with vaccinations and travel insurance policies, Covid coverage is the key reason for buying travel insurance for most respondents.

    Travel insurance as necessary as a valid passport

    Post covid, medical expenses including Covid coverage no.1 reason to buy travel insurance 

    Reasons to buy travel insurance

    In conclusion

    People's outlook while travelling abroad have changed significantly post the Covid-19 virus outbreak. The pandemic has driven travel insurance from a commodity to a necessity. Customers have intentionally started seeking out travel insurance to remain covered in case of any unfortunate events during their trip. Both awareness and adoption to opt for travel insurance has increased significantly post-pandemic.

    Covid coverage is the critical benefit travellers seek while looking for travel insurance – not just medical coverage but even for non-medical coverage such as hotel & trip extension. Post pandemic, the future of travel will include reassuring these ‘cautious’ travellers in many ways. Just as 9/11 changed air travel measures worldwide, the pandemic is making travellers more mindful of health & hygiene protocols during their trips abroad.

  • Pay Car Insurance Premiums Based on How You Drive and How Much You Drive

    by Almog Ramrajkar | Aug 30, 2022

    Gone are those days when you had to pay a fixed yearly premium for your motor insurance policy. You can now buy a policy that charges you a premium based on your vehicle usage or driving behavior.

    The Insurance Regulatory & Development Authority of India (IRDAI) has permitted general insurance companies in India to launch telematics-based motor insurance covers such as Pay as you drive and Pay how you drive, allowing vehicle owners to decide how much to pay on their insurance.

    By utilizing technology's ability to transmit accurate data on vehicle location and driving behavior, IRDAI's new rule is a welcomed move as it creates a win-win situation for both insured and insurers in India.

    What is Pay as you drive & Pay how you drive add-on covers?

    Unlike any other car insurance policy in the market, these new policies are built to give you more control of your motor insurance costs. It allows you to prove you are a safe driver, and as a result, you can be rewarded with lower insurance prices on renewal. The lesser/ better one drives, the lower premium they will have to pay.

    These insurance add-ons also enable insurance companies to offer reduced average pricing, appeal to low-risk individuals, reduce claims management costs, and improve the overall customer experience.

    How do these add-ons work?

    This type of add-on works differently if you opt for a pay-as-you-drive or the driving behavior-based cover.

    Pay as you drive

    Pay As You Drive_2Pay-as-you-drive cover operates on the simple rule that you should pay less insurance price if you drive less. Since you are not out on the road often, you have a low accident risk, and your insurance bill should reflect the same.

    This type of insurance allows you to insure your car based on the kilometers you drive in a year. Depending on your driving needs, you can opt for a mileage plan between 3000 to 10,000 km/year. If you exceed the kilometers of your plan, you also have the option to top up your insurance coverage with more km for that particular policy year.

    According to a survey conducted by Feedback Consulting, 75% of Indian commuters travel less than 1,000 km a month (or roughly less than 35 km a day), and most people simply travel from home to office. The Pay-as-you-drive add-on guarantees policyholders do not have to pay a huge premium as per the make and model of the car but rather how much they use their vehicle

    Pay How You Drive_2

    Pay how you drive

    The premium for Pay how you drive cover is calculated based on how you drive your car while on the road. The better and safer you drive, the lesser you pay.

    The telematics device uses GPS technology to calculate your driving scores, vehicle health and other metrics to collect facts about your driving. This information collected is then used to calculate a driver score that is unique to you.

    If it's good, you could reduce your insurance premium at the time of renewal and get a thumbs up for safe driving. While there are no penalties yet for low driving scores, the premium discounts these drivers can avail of are also very low. Drivers can also use these scores to improve their driving and build better habits.

    Who should consider buying Pay how you drive cover?

    Many drivers may benefit from a behaviour-based telematics car insurance cover if they drive safely and avoid accidents. This cover especially makes sense for demographic groups that are charged above-average premiums, such as:


    Who should consider buying Pay as you drive cover?

    The pay-as-you-drive cover is a good fit for:

    Pay As You Drive_2

    How much can I save with Pay as you drive insurance?

    Since standard car insurance premiums depend on geography, make-model, and age of the vehicle and are not based on their usage, most car owners who opted for Pay as you drive policy saved on their premiums.

    Our experience with the Pay as you drive policy under the Sandbox regulation in 2020 also helped us learn that 56% of customers chose to Pay as you drive over conventional insurance due to its cost-effectiveness and usage-based premiums. In comparison, 22% bought this policy due to its telematics benefits.

    In Conclusion

    While PAYD & PHYD can help many save on their premiums, sometimes, you may not see a discount even if you are a good driver. If you commute to distant locations for work every day and drive above the average speed often, you're more suited for a standard insurance plan. 

    These add-ons are suitable for customers with multiple or expensive cars looking for a motor policy that gives them more control over how much they spend on insurance every year. 

  • All You Need to Know About the New Strain of Coronavirus

    by nikesh lakhani | Aug 24, 2022

    Experts say the mutant variant of coronavirus, which is believed to have originated from the UK, is even more infectious and dangerous.

    2020 was a tough year. The rapid spread of the novel coronavirus disrupted the lives of millions of people across the globe. While some lost loved ones to the disease, many had to face financial turmoil as they lost their jobs due to the global lockdown.

    However, just when the lockdown restrictions began to ease around the world, and everyone started believing the calamity is over, the Government of the United Kingdom (UK) announced that it had found a new strain or variant of the coronavirus. According to doctors and scientists, the mutant coronavirus variant is more contagious and even more dangerous than the original strain.

    Citing this new coronavirus's danger, the UK Government imposed the most stringent lockdown in the country from January 5. Now, the questions that arise are, "What are the symptoms of this new COVID variant?", "Does India need to worry?", "Are the current vaccines going to be effective?", etc.

    In this article, you will find information related to the new strain of coronavirus, including its symptoms, threats, associated dangers, and precautions you need to take. Read on.

    The new coronavirus strain: What is it?

    The new strain of the coronavirus was first identified in a man living in the south-east of England. The variant was named "VUI 202012/01" by the UK scientists. It includes a genetic mutation in the 'spike' protein, which is the reason for its highly contagious nature. According to researchers, this strain of the coronavirus has a minimum of 17 changes of mutation.

    How harmful is the new Covid strain?

    As per early reports, the coronavirus's new variant is highly contagious and can spread up to 70% faster than the original strain. In fact, in the UK, more than 60% of COVID patients are found to be infected with this new strain of coronavirus. What's more worrying is the fact that this variant is mostly infecting the people between 30 to 60 years of age.

    Keeping in mind the threat this Covid strain poses to the population, several countries have temporarily suspended UK citizens' arrival on their shores. Few cases of infections have also been reported from Denmark, South Africa, Netherlands, Australia, France, and Italy.

    What's the situation in India?

    The new variant of coronavirus has entered India as well. However, the spike in the number of cases isn't too alarming, and the situation is mostly under control. As per government data, the total number of people who have tested positive for the UK strain of coronavirus stood at 165 on January 28.

    Keeping in mind the safety of its citizens, the Indian Government has extended the temporary restrictions on the arrival of flights originating from the UK till February 14. Several states such as Maharashtra, West Bengal and Kerela have also taken various steps to control the spread of the mutant COVID-19 variant.

    What are the common infection symptoms?

    The Office of National Statistics (ONS) conducted a survey to identify the most common symptoms in new covid positive cases. According to the ONS reports, some of the new COVID variant's symptoms include cough, sore throat, muscle pain, joint pain and fatigue.

    The reports also suggested the differences between the new coronavirus strain symptoms compared to the old one. It pointed out that the people infected with the latest COVID-19 variant are less likely to experience the loss of smell and taste, which was a common symptom of the original strain.

    What are the precautions that you need to take?

    The precautions you need to take to avoid getting infected from the new coronavirus's new strain are no different. You should frequently wash your hands with soap or use hand sanitisers to keep your hands clean and germ-free. Also, you should always wear a mask and follow social distancing norms in public places.

    In case you experience any of the symptoms, consult a doctor immediately and get yourself tested for the infection. In case you're found to be positive, obey the existing isolation rules and abide by the restrictions till you recover completely.

    Will the current vaccines work against the new variant?

    As per the scientists, there is no evidence that the current vaccines, including the ones developed by Pfizer and BioNtech in the UK and Covaxin or Covishield in India, will be ineffective against the new coronavirus strain. In fact, a study by the Indian Council of Medical Research (ICMR) and the National Institute of Virology (NIV) has found that Bharat Biotech's Covaxin is entirely effective against the mutant variant.

  • Employer’s Group Health Insurance: Should You Include Your Parents?

    by nikesh lakhani | Aug 24, 2022

    Group health insurance plan along with individual health insurance provides adequate health coverage to your parents

    The depth of love your parents have for you can never be measured. They have always been your backbone but at a ripe age, health is probably the first companion that starts deserting them and may take away their hard-earned savings along with it. The exponential rise in treatment and medicine costs compounded with limited scope of income can ruin their ‘golden days’.

    The best gift you can provide to your aging parents is securing their healthcare expenses through a health insurance plan. You can buy a separate health insurance policy for your parents or you can include them in the Group Health Insurance (GHI) plan provided by your employer.

    What is a Group Health Insurance?

    Companies often provide group health insurance coverage to its employees and their family. The premium for this scheme is borne by the employer to create a loyal and motivated workforce. The employee may add his/her spouse, children and parents to this group health insurance plan.

    Since the risk is spread across the group, the premium for group health insurance plan are less than individual plans. The organization may design a self-insured plan or may select a pre-planned group insurance policy provided by general insurance companies.

    How is it Beneficial for My Parents?

    Separate health insurance plans for your parents at a ripe age may cost you much more since they are highly prone to illnesses. The best way is to include them in the group health insurance (GHI) plan provided by your employer. Here’s how it can benefit your parents:

    • They cannot be denied the health coverage on the basis of their medical history. No medical examination is required under GHI plan and the claim settlement is also smoother.
    • There is no waiting period for any disease and you can claim the health cover for your parents right from the first day.
    • Pre-existing diseases are not excluded from the health cover. So, if your parents are already diagnosed with certain ailments, they are also covered under the GHI plan.
    • You can even customize the GHI plan provided by the employer by adding a top-up to increase the coverage amount for your parents.
  • Need for Patients with Hypertension for Health Insurance

    by nikesh lakhani | Aug 24, 2022

    When Arun went to the doctor for his routine check-up, he was quite amused to know that his blood pressure was found higher than normal and he was diagnosed with hypertension. He recognized its high risk factors could lead to cardiovascular diseases and kidney failures, and therefore immediately decided to buy an individual health insurance plan for himself because he knew it can ruin his finances.

    High blood pressure or Hypertension is ranked as third most risk factor for attributable diseases in India. Research also shows that overall prevalence of hypertension in the country to be around 30%, with more than 320 lakh people being affected. Although you cannot control contracting the disease amid sedentary lifestyle and work pressure, you can always look to stay protected against hefty medical emergencies that could empty all your savings.

    Hypertension Can Prove Fatal

    Hypertension can arise due to several reasons and stress tops the list. Modern lifestyle and events from your personal or professional life can give rise to stress which leads to high blood pressure. It can cause many severe health conditions like heart attack, brain haemorrhage, kidney problems, etc. Even a slightly high blood pressure can lead to a stroke.

    The rising inflation in medical sector makes it really hard to take care of hefty medical bills for treatment of such diseases. People are also willing to switch to private hospitals in order to get quality treatment but incur very high expenses for doctor’s fees, medicines, diagnostic tests, and hospitalization charges etc.

  • What is Travel Insurance Policy?

    by Almog Ramrajkar | Aug 05, 2022

    Traveling to new or unexplored places is both thrilling and expensive. Trips, especially those taken overseas, can be full of surprises—some pleasant while some could be nerve-wracking. This is why it is very important to secure your trip with travel insurance before you board that flight.

    Today, many insurance companies offer customized travel insurance plans to suit your specific needs. Here's what you need to know about them.

    About Travel Insurance

    Travel insurance helps you cover unpleasant situations that may arise on an international trip by compensating you financially for your losses. These include passport loss, flight cancellation/delay, hotel extensions due to lockdown, medical emergencies, Covid emergencies, and more.

    Different types of travel insurance

    Based on your travel frequency, the insurer provides you with an option to choose between single-trip and multi-trip insurance.

    · Single trip travel insurance

    A single trip policy is an international travel insurance policy that only covers one trip. The policy's coverage begins the day your flight takes off and ends when you return home from your trip.

    · Multi-trip travel insurance

    This type of international travel plan is suited for frequent travelers. The policy covers multiple journeys to the same or different destinations up to a certain number of days.

    Benefits of travel insurance

    A travel insurance policy offers numerous advantages. A few of them are detailed below:

    1. Coronavirus cover

    It is practically impossible to find a country that has been spared from the COVID-19 pandemic. In light of the pandemic, whether you are traveling domestically or internationally, the risk of contracting the virus is high. Travel insurance that covers medical emergencies including Covid will help you take the financial burden that may arise due to coronavirus infection.

    2. Baggage cover

    Another great benefit of travel insurance is baggage cover. Imagine paying for items that you had already packed in your bags, lost due to someone else's error. In such situations, travel insurance comes into the picture. Here's how:

    • If your luggage is misplaced or stolen, the policy will cover the cost of essentials such as toiletries, medicines, and clothing.

    · In the event of delayed baggage, travel policies usually cover the costs of necessities until your luggage is returned.

    3. Medical cover

    Medical coverage in a travel insurance policy has a broad definition. Let's start with the most crucial thing first. If you are travelling outside of India, then your active medical insurance policy will be useless in case you fall sick. Why? Because most health insurance policies cover the cost of medical treatment only if it is taken within the country.

    Now let's talk about the situations covered by your travel insurance.

    If you meet with an accident or become ill due to a change in weather conditions on your trip abroad, the travel policy will cover the cost of the immediate treatment.

    • Travel insurance also pays for emergency medical evacuation if your medical condition requires long-term therapy and local doctors recommend treatment in your home country.

    · If you become unwell and are admitted to the hospital, the insurer will cover the cost of the compassionate visit. Make sure you check the clauses related to this point with the insurer before purchasing the policy.

  • Is Travel Insurance Compulsory For Travelling Abroad?

    by Almog Ramrajkar | Aug 05, 2022

    If you're traveling abroad after the pandemic, it is best not to overlook the need for travel insurance. Some travelers believe that travel insurance is optional, but in fact, almost 34 countries need travelers to purchase travel insurance before entering their territories.

    Owning travel insurance on your international trip, avoid difficult situations due to passport loss, flight cancellations, lockdowns, medical emergencies, baggage loss, etc.

    Few countries where travel insurance is mandatory:

    • Cuba
    • The United States of America (USA)
    • The United Arab of Emirates (UAE)
    • Turkey
    • Russia
    • Qatar
    • Antarctica
    • Ecuador (including Galapagos Islands)
    • Schengen countries (a group of 26 central European countries)

    Top benefits of purchasing travel insurance when traveling abroad:

    • Medical Assistance

    The health benefit aspect of travel insurance is one of the key reasons it is essential for foreign trips. Medical emergencies are unforeseeable. If you don't plan for it beforehand, you can face financial turmoil. Travel insurance covers hospitalization and pharmacy bills. The policy further helps you if you are diagnosed with COVID-19 while on a trip. Travel insurance also covers prolonged international stays due to unavoidable circumstances.

  • How to Find Travel Insurance For Parents?

    by Almog Ramrajkar | Aug 05, 2022

    Given the threat COVID-19 poses for the older age groups, you must take all precautions to safeguard your parents from any unpleasant conditions that could arise on their trip abroad. Here are the things to keep in mind while purchasing international travel insurance for your parent’s trip:

    1. Check the list of coverage

    There are various travel insurance products available in the market. Before you purchase travel insurance for your parents, thoroughly check the list of policy inclusions. Most importantly, check the maximum entry age with the insurer. Typically, travel insurance covers the following:

    • Flight and/or hotel reservation cancellation:

    If your parents wish to cancel or postpone their planned trip due to a medical condition, travel insurance will compensate for the losses incurred on the flight & hotel reservation.

    • Trip cancellation:

    Travel insurance also covers trip cancellation due to the sudden demise of a close family member.

    • Trip extension:

    As the world is still battling the COVID-19 pandemic, the possibility of a sudden lockdown at your destination is high. With travel insurance, the insurer assists you with policy extension in case you are stranded at your travel location.

    • Medical coverage including COVID 19:

    A travel insurance policy covers the expense of treatment if your father, mother, or both are diagnosed with COVID-19 during their trip abroad.

    2. Check for medical coverage

    Most health insurance policies are worthless if your parents fall ill and seek medical care outside India. Therefore, it's crucial to check with the insurer the scope of medical coverage included in the travel insurance. You must also read the policy's fine print to understand if there are any hidden clauses.

  • Does Travel Insurance Cover Illness Due to Covid-19?

    by Almog Ramrajkar | Aug 05, 2022

    Yes, travel insurance these days does cover health emergencies due to coronavirus. Since the outbreak of the COVID-19 pandemic, many insurers have started including COVID-19 coverage in their travel insurance policies. If you are wondering what is exactly covered as part of the coronavirus cover, this article is for you. Keep reading.

    1 . Medical treatment

     Because of how the virus has spread, one can't avoid the fact that they're always at risk of contracting the disease. The situation gets significantly worse if you develop COVID-19 while travelling abroad. The high cost of healthcare facilities and services worldwide can often be a source of anxiety for many travellers. However, with travel insurance, you need not worry about the COVID-19 treatment costs.

    2. Unexpected lockdowns

    Given the current situation, it is too early to say whether or not a lockdown will be implemented in the future. However, consider a case where you'd be left stranded on vacation abroad because the country declared a nationwide lockdown due to COVID-19. Under such circumstances, flight delays or cancellations are significantly risky. A travel insurance policy covers your trip extension and any losses incurred due to flight cancellation. 

  • Technology drives innovation in the Insurance industry

    by Adnan Ansari | Jul 19, 2022

    Podcast description

    • The Indian insurance business is undergoing massive digital revolution. Newer digital technologies, such as Artificial Intelligence and Machine Learning, are and will continue to play an important role in developing creative customer experience solutions.
    • Insurance sector has seen a major shift in consumer expectations & behaviours. The industry has not just adapted but also embraced newer technology, whether it's through an AI chatbot that acts as a Virtual Insurance Advisor, an AI detection model that acts as a Digital Claims Adjuster, or a machine learning model that acts as a smart underwriter. Specifically, on the claims side, IoT, drones, telematics & wearables play a higher role in prevention of incidents as compared to traditional claims management.
    • Despite several efforts by Government, only 34% of population covered by health insurance, life insurance – 28%, two-wheeler 40% despite it being legally required.
    • Insurance industry continues to thrive on physical interactions – broker, agent, dealer (sourcing), hospital, TPA, garage and surveyor (claims).
    • There is huge opportunity to move away from the traditional ways of working – leveraging digital across distribution, claims and servicing, improving customer engagement and towards proactive risk management.
    • New generation products such as cyber, telehealth and cashless homecare, IoT based risk management solutions, byte-sized insurance products such as vector borne disease, PA for train journeys have become the order of the day.
    • New types of risks are emerging - pandemic, climate change, privacy and data protection or even hybrid working. For existing products such as motor – usage of telematics to analyze driving behavior to price risk. For health – integration of wearable data in health underwriting and risk management.

    On growth strategy / collaborations & partnerships

    • The Indian insurance business is undergoing massive digital revolution. Newer digital technologies, such as Artificial Intelligence and Machine Learning, are and will continue to play an important role in developing creative customer experience solutions.
    • Insurance sector has seen a major shift in consumer expectations & behaviours. The industry has not just adapted but also embraced newer technology, whether it's through an AI chatbot that acts as a Virtual Insurance Advisor, an AI detection model that acts as a Digital Claims Adjuster, or a machine learning model that acts as a smart underwriter. Specifically, on the claims side, IoT, drones, telematics & wearables play a higher role in prevention of incidents as compared to traditional claims management.
    • Despite several efforts by Government, only 34% of population covered by health insurance, life insurance – 28%, two-wheeler 40% despite it being legally required.
    • Insurance industry continues to thrive on physical interactions – broker, agent, dealer (sourcing), hospital, TPA, garage and surveyor (claims).
    • There is huge opportunity to move away from the traditional ways of working – leveraging digital across distribution, claims and servicing, improving customer engagement and towards proactive risk management.
    • New generation products such as cyber, telehealth and cashless homecare, IoT based risk management solutions, byte-sized insurance products such as vector borne disease, PA for train journeys have become the order of the day.
    • New types of risks are emerging - pandemic, climate change, privacy and data protection or even hybrid working. For existing products such as motor – usage of telematics to analyze driving behavior to price risk. For health – integration of wearable data in health underwriting and risk management.
  • Learning License Age for Bike, Light & Heavy Motor Vehicles

    by Vineet Yeligeti | Jul 14, 2022

    The learning license is the stepping stone to a young man or woman’s 4-wheeler or 2-wheeler dream. Once a person gets a learning license, he or she can use it across the country until it expires.

    There is a lot of advice out in the internet on how to get a 2-wheeler or 4-wheeler learning license. However, very little has been said about the learning license age conditions to be met.

    In this blog, we will cover the important topic yet neglected topic of learning license age.

    Learning license age

    For various vehicle types:

    Learning License Age Limit for Two wheelers

    The minimum age for a learning license for a two-wheeler whose capacity is below 50cc is 16 years of age. However, in today’s times 50cc scooters are few and far between. Hence, it is better to wait to get the two-wheeler above 50cc license.

    Learning License Age Limit for Two wheelers above 50cc capacity :

    The minimum age for getting a two-wheeler above 50cc is 18 years of age. This includes all recent launches of Scooty and Activa.

    Car learning license:Car learning license is given to anyone who is above 18 years of age. He or she should also pass the mental and physical fitness requirements for the same.

    Learning License Age Limit for Light Motor Vehicle :

    Light motor vehicle covers vehicles like autorickshaws, delivery vans, etc. The minimum age for driving a transport vehicle is 18 years of age. He or she should have also finished education till 8th standard.

    Learning License Age Limit for Motor vehicle-Non-Transport (LMV-NT) :

    LMV-NT is a license category in India. Cars, jeeps, small vans for personal purposes but not used for commercial purposes.

    Light motor vehicle license for transport use:Light motor vehicles such as mini buses, tempos, delivery trucks. Transport vehicle license is issued to a person who has completed 20 years of age.

    Learning License Age Limit for Heavy Motor Vehicle :

    The heavy motor vehicle license covers license necessary to drive trucks, lorries and other such vehicles It is issued to anyone who is 20 years of age and has finished schooling till 8th standard.

    Learning License Age Limit for HPMV (Heavy Passenger Motor Vehicle) :

    The heavy passenger motor vehicle learners license covers buses, mini buses etc. It is issued to anyone who is 20 years of age and has finished schooling till 8th standard.

    Learning License Age Limit for Trailer — A person holding a heavy vehicle driving licence can only apply for heavy trailer licence. A person applying for such a license needs to be above 18 years of age. In some states, the age requirement is 20 years. The candidates should have also passed 8th standard schooling.

  • Benefits of Turmeric Milk: How to Consume it & How it Works

    by Vineet Yeligeti | Jul 12, 2022

    Turmeric Milk or Haldi Doodh, now popularly known as 'Golden Milk' is a quick fix for many health issues. As little as a pinch of turmeric powder in a hot cup of milk is all that your body needs to heal itself.

    The brilliant yellow spice has been around for centuries and since then, its relevance has only exceeded. India is the largest producer and consumer of turmeric and its relevance as a condiment can be found in every Indian household. Turmeric not only adds colour and flavour to our cuisine but is also important in many religious traditions in our lives. The traditional 'Haldi ceremony' in Indian weddings and haldi in our Puja Thalis makes this simple spice a cultural symbol.

    The reason for worshipping turmeric is not superstitious. Indians recognized the various benefits of turmeric, centuries ago. Sushruta, the Father of Surgery, penned down the antiseptic and antibacterial properties of turmeric in the first known medical text in the world! Vedic tradition has been using turmeric to heal a range of ailments, from dressing cuts and wounds to preventing critical illnesses.

    Alternative traditional medicine like Ayurveda, Unani, and Siddha use turmeric for treating various disorders.Modern medicine too has recognized the use of turmeric in preventive and critical care. Turmeric really is the Spice of Life!

    Imagine! A 4000-year-old treasure trove of medicinal properties is in your kitchen right now!

    How to consume turmeric milk?

    Just add a pinch of turmeric to a cup of hot milk and drink this before bedtime to boost your health. You can also add ginger, honey, black pepper (kali mirch), clove, and cinnamon to make a 'health potion' and ideally, drink it before bedtime for optimum effect.

    Turmeric in milk acts as a blood purifier and rids your body of hormonal, digestive, kidney-liver, and even respiratory problems.

    How does Turmeric milk (haldi doodh) works?

    Turmeric contains an active component, Curcumin-a natural polyphenol which is known for its antioxidant, anti-inflammatory, antimutagenic, antimicrobial, and anticancer properties. Curcumin supplements are essential for people who either suffer from or have a tendency towards metabolic disorders or have weak bones (arthritis, osteoarthritis, etc).

    Curcumin in turmeric milk boosts our cell, blood and organ health. Our immune responses become faster and more effective and the remedial properties of turmeric help our body become self-reliant against infection, injury or  disease helping us heal faster.

    Benefits of Turmeric Milk:

    Let's talk about the benefits of turmeric milk from the skin to the bone!

    Benefits of turmeric milk for skin

    Acne and skin problems are common to adolescents and adults alike. It is terrible to have pimples and spots on the face and our confidence takes a hit. Many of our grandmother's and mothers' favourite 'nuskha' (home remedy) was to rub raw turmeric on skin eruptions.

    That's because Turmeric has antibacterial and anti-inflammatory properties which work on acne, scars, and spots for healthy and glowing skin. Turmeric milk helps maintain healthy skin for a long time. Turmeric can help delay the effects of age on the skin, ridding you of sunspots and rashes for a younger-looking complexion. If you have oily skin, substitute dairy with plant-based alternatives like almond milk or soy milk for great results.

    Natural Blood Purifier

    Sometimes, recurring internal health issues like skin breakouts, digestive and bowel problems, and hormone imbalance require a natural, organic remedy.Turmeric is an excellent antiseptic and blood purifier. Turmeric milk with honey before bed can help relieve the body of toxins and help regulate blood flow, boosting blood and organ health. Other natural blood purifiers include tulsi, neem, and honey.

    Turmeric milk can help regulate hormone cycles, especially in women. Hormone imbalances can cause many internal health issues like Polycystic Ovarian Syndrome (PCOS) or Polycystic Ovarian Disorder (PCOD). Turmeric milk is a natural, non-toxic supplement to help manage symptoms like irregular periods, painful cramps and nausea caused due to hormonal issues in women.

    Many thyroid issues (goitre, hypo, and hyperthyroidism), urinary and prostate infections can be prevented and fought with regular use of turmeric in life.

  • Difference Between Premium Petrol And Normal Petrol

    by Almog Ramrajkar | Jul 05, 2022

    Premium Petrol vs Normal Petrol

    Mostly the people who drive for the very first time generally get into the dilemma of choosing a particular petrol type when they arrive at a gas station. They get in a confusion, whether to choose normal or premium petrol. Comparing the prices of both types, anyone could figure out that premium petrol is a higher grade of petrol, but no one realises what extra factors give each petrol type its own character and associated results. Premium petrol has its own properties and varies in cost according to brands and specifications. Certain vehicle engines require high graded petrol. The vehicle owners should be careful in such cases, because nowadays there are lot of scams happening at gas stations where they cheat the customers by filling up normal petrol while saying that it is premium type. For engines designed to run on premium petrol, this could eventually cause severe malfunction. To cover the repairing expenses arising out of such instances, vehicle owners are recommended to keep their vehicle insurance handy. Buy the best two wheeler or car insurance to protect your vehicle from such liabilities.

    Premium petrol

    Petrol contains a chemical component called octane. Premium type petrol has a higher rate of octane component in it. The measure of octane contained inside the fuel decides how well it will function in higher-pressure motors – high octane fuel works more successfully than lower-rated fuels. The standard rating for oil in the UK is 95 octanes, and each vehicle sold in the UK has its hardware tuned so it can run appropriately on this fuel. Premium fuel is more expensive than standard due to its higher rate of octane. The benefits of this increased octane rating include lower fuel consumption as well as better engine protection and performance.

  • Companies may cut health cover benefits to employees due to rising premium payments

    by User Not Found | Jul 05, 2022
    Companies may be forced to curtail benefits extended to employees because of rising premium payments on corporate health insurance plans. Staff may also face restrictions on the choice of hospitals and on room rent besides having to share part of the claim burden under new co-pay clauses.

    About 60% of companies in a recent survey by ICICI Lombard expected insurance premium payments to rise 5-8% annually in the next five years. Last year, premiums for health insurance increased by about 9%, without any expansion in health care benefits, the survey said. Other insurers have"Premiums for employers' health insurance policies have gone up by around 15% this year," said Renuka Kanvinde, assistant vice-president, health insurance, Bajaj Allianz. In the ICICI Lombard survey, 49% of respondents said the increase in treatment costs was their main concern. While 31% of employers said the increase was due to factors such as lifestyle changes, 20% attributed it to the complexity of diseases and treatments. Nearly 48% of employers said that costs would need to rise for any widening of benefits.

    This explains why employers have been curtailing benefits and introducing restrictions in corporate health insurance over the past few years to contain claims.

    "Nearly 60-70% of our corporate clients have introduced restrictions for their employees," said Kanvinde. Coverage for dependant parents, in particular, has taken a hit. "An increasing number of corporates are asking employees to pay the premiums for parental coverage," said Segar Sampathkumar, general manager, New India Assurance.

    However, cutting benefits is not the only way to reduce costs, according to Sanjay Datta, chief, underwriting and claims, at ICICI Lombard. Some companies expect their employees to voluntarily take cost-containment measures.

    For example, employees could be asked to visit a primary health centre - where the charges are lower - instead of visiting a hospital for minor injuries or ailments. Another way to lower costs could be to intimate the insurance company well in advance for planned surgeries.

    "Early intimation gives the insurance company time to recommend hospitals and also negotiate with them," said Datta.

    As premium costs rise, companies are mulling the possibility of curtailing the benefits extended to their employees under corporate health insurance plans. Some of the options under consideration are reducing the choice of hospitals, room rent and making employees share a part of their health cam costs under co-payment clauses. A recent survey done by ICICI Lombard showed that 60% of companies expect their insurance premium payments to rise by 5-8% annually over the next five years. Last year, premiums rose by 9% without any additional healthcare benefits being offered to employees. Almost 49% of corporate respondents in the ICICI Lombard survey said that rising costs of treatment were the main concern.

  • Few steps to cut down on your Car Insurance Premium

    by User Not Found | Jul 05, 2022
    Motor insurance premiums are set to rise as third party motor insurance covers have undergone an increase as per regulatory guidelines release recently. Amid a scenario where inflation remains persistently high, an increase in car insurance premium further adds to the expenses. However, by adopting some simple measures, you can reduce the impact of the increase in motor insurance premiums.
    • Purchase motor insurance cover online: The online medium has brought a sea change in the way we go about our purchase pattern. Today, one can save a lot by searching, comparing and purchasing online. Purchasing car insurance online can not only save money but also save your time as it reduces the time required to visit insurance company's office or relying on an agent. Insurance companies offer instant quotes as well as beneficial packages to encourage customers to buy motor insurance policy directly from their websites. You can thus compare and select a policy that meets your requirements.
    • Opt for DeductiblesDeductible is an amount that you pay out-of-pocket for the occurred expenses. There are two types of Deductibles; Compulsory Deductible and Voluntary Deductible. Compulsory Deductible in motor insurance refers to the part, where you are required to pay a pre-decided amount while the insurer will pay the rest of the expense. In the case ofVoluntary Deductible, which is an additional deductible, you agree to pay a certain portion at the time of claim and in return you get an additional discount on your insurance premium. You can decide on the expense of claim that you can pay for and in the process benefit from lower premium
    • Avail No Claim Bonus: No Claim Bonus (NCB) is offered to customers who have not registered claims during the preceding year of the insurance cover. NCB starts from 10% for a year of no claim and increases with each subsequent year of no claim going up to 50%. Apart from reducing your car insurance premium, the NCB discount can also be transferred to your new car when you opt to buy one. Since the premium of a new car is much higher than an old car, NCB will allow you to make considerable savings on the insurance premium of your new car.
    • Installation of Anti-theft devices in your vehicle: With vehicles being vulnerable to theft, installing anti-theft devices in your vehicle can be a proven worthy. Insurance companies also encourage their customers to install anti-theft devices as a precautionary measure. Taking one step ahead, insurers now offer special discount on the insurance premium for installing such devices in cars. Therefore, if you are planning to buy a new car, opt for car with prefixed anti-theft device. You can otherwise buy these devices separately in the local market and set it in your vehicle. Moreover, if you are a member of bodies such as Automobile Association of India or Western India Automobile Association (WIAA) which are empowered under the Motor Vehicles Act, you can get special discount on insurance premium.
    • Declare the correct IDV for your vehicle Insured Declared Value (IDV) refers to the depreciation applied on your vehicle over the manufacturer's selling price. It is the maximum amount that an insurance company will pay in case the vehicle needs to be replaced. However, seeking higher than reasonable IDV would result in increasing the insurance premium on the car instead of giving any benefit. Therefore, it is advisable to declare an appropriate IDV to avail some discoun

      Taking these simple steps is an effective way to reduce your recurring expenses on the vehicle. However, fuel consumption also causes major expense. Following speed limits, avoiding sudden braking or rapid acceleration, switching off the engine at long duration signals etc. will help you reduce fuel related expenses.

      So go ahead, follow these basic steps and enjoy the drive in your favorite vehicle.
    • Deductibles: Most health insurance policies have a deductible clause as well. As in the case of Co-Pay, Deductible is the amount of expense that you need to pay before the insurance company will pay for the balance amount. In most cases, it is provided as a voluntary option for the insured to choose, including the amount of Deductible that you as a policy holder would be willing to pay from your own pocket. The insurance company on its part charges a lower premium to the policy holder availing a deductible.

    Equipped with information on these intricacies of health insurance, you can choose a policy that will work at the time of claim settlement. Today, most insurance companies provide detailed information on health insurance policies including their features, exclusions, terms and conditions etc. You can also specifically ask for this information in case you are purchasing the policy offline through the company or agent.

    So don't choose your health insurance policy merely on benefits, but look at the exclusions and policy terms as well. These may turn out to be more important during claim settlement than the policy features.