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

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

|Know more
  • Safety Above All Health Insurance

    by User Not Found | Feb 12, 2016

    Several years of financial planning and meticulous savings helped Rakesh Mishra to plan the purchase of his new car. However, destiny had something else in store for him. Rakesh was rushed to the hospital the night before complaining severe chest pain. Couple of days later, less than 10 minutes at the billing counter of the hospital and his savings had depleted by an enormous amount owing to the steep hospitalization expenses. While he had planned for his dream home, car and vacations, buying a health insurance plans never crossed his mind.

    Just as with this case, rapidly increasing incidents of lifestyle diseases along with high medical costs has made people vulnerable to unexpected emergency expenditures. To reduce the risks associated with emergency hospitalization, health insurance is the answer.

    Insurers today offer a wide range of health insurance covers. Given the criticality and diversity of ailments and hence covers, it becomes all the more important to understand what you are buying, especially on the first occasion.


    The five tips below are thumb rules of health insurance purchase geared especially towards the first-time buyers:

    1) How much Sum Insured? : You should take cognizance of what you are looking for, pinning it down will be better. It is prudent to take into account your family size, their current health conditions and future health needs before deciding on the Sum Insured amount for your health cover. You should also keep in mind the increasing incidences of chronic ailments, medical inflation pertaining to your city as well as the nature of hospitals you go to. The Sum Insured has to be adequate enough to take care of the unexpected medical expenditures of future. Knowing your needs thoroughly will help in selecting the right health cover amidst the plethora of products available in the market today.

    2) How much can you afford to pay? : Before purchasing health insurance, ask the question, 'how much can you afford to pay out-of-pocket in a year?'. Insurance plans vary widely in terms of premiums, deductibles and coverage. While there are Mediclaim plans which take care of the complete medical expenditure except the exclusions, there are policies with cost sharing mechanisms as well. Such policies are available at a much lower premium and allow you to pay part of the expenses from your pocket. You can opt either for a co-payment policy where you pay a part of the expenditure or a deductible policy which takes care of your medical expense over and above the chosen deductible amount which you need to pay from your pocket.

    3) Look at the coverage and not just the premium: You should decide on a health insurance policy post evaluating the coverage options offered by the same. Are you looking for OPD, Maternity, Value Added Services cover along with your regular Mediclaim policy? Today health insurance is there even for healthy customers and takes care of your regular check-up and wellness expenses along with providing various value Added Services. You should always avoid selecting a policy just by comparing the premiums. Instead, study the policy carefully. For the same premium and a given sum insured and age, policies differ in features offered. You must check for all the features offered and limitations cited in an insurance cover and choose the one that provides maximum benefit and is affordable. You should always read the policy document carefully while taking note of the terms and conditions, checking exclusions etc. It is advised that you always fill the details of pre-existing diseases and personal health information correctly to avoid any rejection or hassle at the time of claim settlement.

    4) Service level Parameters: Insurance is about promise and it is important that the insurance company stays with you at the time of need. Therefore, it is important that you analyse and verify the services offered by the insurance provider. The percentage of claims settled, the time taken to settle claims, claim processing structure, cashless service, network of hospitals etc. should all be compared before selecting the health insurance provider. Such information can be either availed from the regulator's website or individual companies' website as public disclosures.

    5) Stay alert and buy young: Similar to everything else in life, the younger one is, larger the spectrum of choice. The older one gets, choices tend to narrow. Once an ailment kicks into one's health, the choice can become minimal. Hence, it is advisable that you remain vigilant while young and buy the best possible health insurance cover at a young age and at a much affordable pricing.

    These top five thumb rules of purchasing health insurance will make the choice of this essential cover an easy one. Hence, buy smart and early to have a hassle free medical care for you and your family for lifetime.

     
  • Online Motor Insurance - An Industry Snapshot

    by User Not Found | Feb 12, 2016

    When it comes to investing in a motor insurance policy, one looks for a plan that adequately covers and offers adept financial assistance during vehicle damage, theft, and road accidents. Car insurance industry in India serves vehicle owners three basic purposes:

    • 1. Protection for vehicle and its owner from various man-made and natural calamities
    • 2. Protection from third party liability
    • 3. Protection from legal repercussions (the plan is mandatory by law in India)

    One of the best things introduced by the Indian motor insurance industry is the facility to purchase online. This simple feature has revolutionized the way people buy insurance plans. In earlier days, one required travelling distances and shuttle from one company to the other just to know what is being offered. The present scenario is different, simple, and highly efficient.

    Why Motor Insurance Online?

    There are many practical reasons to buy car insurance plan online.

    Saves Time

    You don't need to save a specific time period to choose the Insurance plan. It is also not necessary to sit for hours at one place and wait to get convinced to buy the plan. With World Wide Web as the best platform in today's time, you just need to choose time as per your convenience and search for plans in minutes.

    Saves Efforts

    Since you are using the World Wide Web for buying an insurance plan, there's no need to travel to the insurance office and back home. You just need to buy one from the comfort of your home in few mouse clicks.

    No Hassles

    Buying online car insurance plan means you don't need to face hassles of collecting documentation. Most insurance companies in India accept online forms and only a few requisite documentations to process the plan.

    Quotes

    Many insurance companies in India offer quotes to their prospective clients. This is a dedicated attempt to help them understand a plan in detail and decide on one that best suits their requirements and budget.

    Easy Renewal

    Renewing your plan online is easy. It saves you a lot of time, efforts, and money.

    Making Claims

    This is one of the most complicated issues associated with insurance policies. Visiting the official website of the insurance company will help you get detailed information on how to make claims, the requisite documents, procedure, and clauses. You can get information online 24X7.

    With so many benefits of buying motor insurance online, it is definitely worth considering once. So next time you buy a new car insurance plan or buy an existing one, go online!

  • Insured Declared Value and Total Loss - An Insight

    by User Not Found | Feb 12, 2016

    More often than not, the insured find themselves in a fix and anxiety takes over when their insured vehicle is seriously damaged and/or destroyed. Judgements about actual losses exceeding the sum insured make them even wearier. Let us thus make the understanding of Insured Declared Value easier.

    The Concept of Insured Declared Value (IDV)

    The Insured Declared Value is the amount that is fixed at the beginning of each policy period of the insured vehicle. This IDV is deemed to be the 'Sum Insured', i.e. it is the maximum amount your insurance company will indemnify in the event of damage/loss.

    Computation of IDV

    IDV is fixed based on the following two factors:
    (1) Manufacturer's Listed Selling Price (of the Vehicle and Accessories if any fitted to the Vehicle)
    (2) Depreciation based on Age of the vehicle

    Insured Declared Value (IDV) = Manufacturer's Listed Selling Price + Value of Car Accessories - Depreciation

    Based on the factual age, the following schedule* chalks down the basis of depreciation percentages that are needed to be applied to (1) above. The price to be considered by the insurer is the current listed price at the beginning of policy period/renewal.


    Age of the Vehicle (X)

    % of Depreciation on the Listed Selling Price

    Less than 6 Months

    5%

    6 Months<X < 1 Year

    15%

    1 Year<X < 2 Years

    20%

    2 Years<X < 3 Years

    30%

    3 Years<X < 4 Years

    40%

    4 Years<X < 5 Years 50%

    More than 5 years

    Note 1


    Note 1:
     For age exceeding 5 years and/or if the concerned vehicle is now obsolete in nature, it is at the discretion of the discussions and negotiations between the insurer and the insured to make a deal.

    Simplifying the above concept, let us take an example:

    Mr. A bought a car on 01/04/2013 whose Listed Selling Price is Rs.5 Lakh on that day. He opts for an insurance policy on 30/06/2013 (in this case, age of the car is less than 6 months). The current market value of that model is Rs.5 Lakhs; the depreciation applied to such a vehicle would thus be 5% of Rs. 5 Lakhs.

    In the same case, if he renews his policy on 01/04/2015, the price considered would be the current listed price of the manufacturer, say Rs.4.5 Lakhs (as on 01/04/2015) and depreciation at the rate of 30% would be applied accordingly (as age is 2 years).

    Remember, the IDV is the maximum amount that the insurer is liable to compensate on occurrence of damage or loss.

    The IDV so fixed shall be treated as the net Market Value throughout the period of the policy for the purpose of Total Loss/Constructive Total Loss (TL/CTL) claims.

    In case where the aggregate cost of retrieval and/or repair of the vehicle ** exceeds 75% of the fixed IDV, the insured vehicle shall be treated as a Constructive Total Loss (CTL)

    * Please note that the above depreciation schedule applies only to TL/CTL claims.

    ** Subject to terms and conditions of the policy.

     
  • Home Insurance - Much more than a cover for your house structure

    by User Not Found | Feb 12, 2016
    First the Uttarakhand catastrophe and then Cyclone Phailin - one after the other natural catastrophes have been hitting the Indian sub-continent with full velocity destroying thousands of homes, leaving behind people in distressed conditions. Such natural calamities are a reminder for us to take proactive steps towards protecting our most priced asset our Home.

    It is a dilemma that we spent lacs of rupees towards buying our dream home but shy away from spending a few thousands more to protect it with a home insurance policy. Most of the time though this behaviour is influenced by lack of awareness and understanding of the product benefits.

    A comprehensive home insurance policy offers a host of covers for your home including its contents, thus saving you from the burden of reinstating or repairing your home from your own pocket.

    • Structure/ Buildings insurance covers the structure and its inbuilt fittings against loss or damage caused by fire, flood and other perils. It also covers damages caused by other calamities such as landslides and subsidence. One condition that companies apply in home insurance is good state of repair which means that the property will not be insured unless it is well maintained and can be repaired if damaged. For this condition Kutcha houses are not covered even if in good condition.
    • Additional Expenses of rent for alternative accommodation cover is offered by several insurance companies. If your house is damaged by flood, fire, riot or other extraneous perils and requires repair, the home insurance cover will pay the rent of an alternative accommodation where you and your family can stay temporarily until the restoration is completed.
    • Content insurance cover for fire and special perils is designed to protect your belongings against damages caused due to specified natural calamities as well as burglary. Even if you have rented the house, this component of home insurance will continue to cover your contents during the period of rent. In case of burglary, the cover also provides compensation against damaged furniture and stolen belongings. However, for insuring antiques and valuables like basic jewelry above one lac, you need to take an additional cover.

      Apart from the above covers, there are other covers that form part of your home insurance policy.
    • All risk specified articles cover is another variant under home insurance which covers damage against accidents. This type of cover protects property and belongings against damage caused by an accident irrespective of the severity. Although standard home insurance policies usually provide some cover for accidental damage from the already specified perils, they may not cover everyday mishaps. This cover may not be significant in natural calamities but it is definitely important for minor damages. For example, this cover will protect your possession like Television or any other content if hit by say, a cricket ball
    • Public liability insurance cover caters to expenses which you are legally liable to pay in the event of damage or injury to a third party caused by you or your family. As is evident, a Home insurance policy covers more than the structure of your house. When we have incurred so much expense to purchase a house, it makes sense to spend a little more to cover it against perils.
    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.
  • Health Insurance: Going beyond features & benefits!

    by User Not Found | Feb 12, 2016
    Buying a health insurance is an extremely important activity to ensure security and well being for our family. However, while choosing the best features and benefits, you need to also pay equal attention to the exclusions, policy terms/ clauses. This is because the true value of your health insurance policy will be realized at the time of settling a claim. There are instances when the insurance company rejects a claim due to policy terms not being met by the insured. Given below are some of the important policy terms and clauses - understanding them and adhering to them will ensure that you have a hassle free claim experience should the need arise.

    • Waiting Period: Check the Waiting period of the policy you are evaluating. It refers to the window of time post taking the policy, when the insurer is not liable to settle claims. Generally there are different types of waiting periods that apply in a policy e.g. cooling period, waiting period pertaining to Exclusions and Pre-existing disease.

      After the purchase of the policy, usually no claim is payable for the initial 30 days except in case of an emergency or an accident. This waiting period is also referred to as 'cooling period'. The duration of the same may vary from company to company. Similarly there are certain specific illnesses which are covered after a waiting period of one/ two years. These are referred to as 'Exclusions'. Waiting period also applies to Pre-existing diseases (PED) declared by the customers, provided the declared PED is an acceptable risk. The PED waiting period may again vary from company to company.
    • Pre-Existing Disease: A pre-existing disease is an ailment that exists before the customer applies for or enrolls in a new health policy. The same needs to be declared by the customer while applying for a Mediclaim Insurance. If the PED is accepted by the company then it is covered after a specific waiting period. Pre-existing diseases are generally not covered in the first four years of the policy depending on the policy terms. Thus any claim arising from the pre-existing condition will not be covered during the PED waiting period. The customer must clarify the pre-existing disease clause to avoid any disappointment related to rejection of claim later.
    • Exclusions: Apart from pre-existing diseases, you need to know about diseases which are excluded. Injuries resulting from war, cosmetic surgery, abortion, treatment for pregnancy, diagnostic charges are generally not covered in health insurance policies. Do check this to avoid rejection of claim at a later stage.
    • Sub-Limits: Sub-limits refer to an upper limit placed on specific expenses heads that can be incurred. Sub-limits are generally applied on room rent, specific procedures/surgeries etc. For example a policy may have a sub-limit of say Rs. 20,000 per eye on cataract surgery. It means that even if the total expense on the cataract surgery is more than Rs. 20,000, the maximum liability of the insurance company towards cataract surgery would remain limited to Rs. 20,000.

      Similarly , if the sum insured (SI) of your policy is Rs. 10 lacs and room rent sub-limit is 2% of SI per day, the insurer will reimburse only 2% or Rs. 20,000 of room rent per day. In case you have availed of a hospital room that charges higher than this, the difference would have to be paid by you.
    • Co-Pay: It is also necessary to be aware of the term 'Co-pay'. As the name suggests, it refers to the payment component that needs to be divided between two parties i.e. the insurance company and you (insured), though not necessarily in equal proportions. Under this clause, you as the insured is required to bear a certain percentage of expenses incurred on the treatment of the illness when hospitalized. This ratio generally ranges from 10-25%. For example is the Co-pay in the policy is 25% and your claim amount is Rs. 10,000, then you would need to pay Rs. 2500, while the insurance company would pay Rs. 7500.
    • 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.
  • How to maximise your motor insurance cover

    by User Not Found | Feb 12, 2016

    Motor insurance has evolved significantly over the years. Consumers today can look forward to a host of additional covers as well as assistance services thus deriving maximum value from their motor insurance policy.

    Even as a comprehensive policy covers the cost of repair to a damaged vehicle, it does not provide reimbursement for other expenses that one may incur during vehicle repair. It also does not provide essential services in an emergency. Some of the expenses include depreciation, vehicle towing expenses beyond permissible limits, consequential losses, hydrostatic losses etc. Having an insurance cover which covers maximum liability is extremely essential given the increasing propensity of accidents.

    There are several new add-on covers offered by insurance companies today. Given below are some of the important add-ons that every motor insurance customer should avail of.

    Engine Protect:

    During monsoon, water logging is the primary reason for cars getting stalled in the middle of the road. Water entering or ingressing the engine can lead to engine ceasure. Normally, drivers tend to run the engine faster in such a situation, further aggravating the problem. A normal comprehensive motor insurance policy does not cover engine ceasure due to water ingress. One needs to avail of a Hydrostatic Cover or Engine Protect, to ensure that the motor insurance policy not only covers external damages to the vehicle but also reimburses for engine breakdown losses to water ingression or leakage of lubricants.

    Road side Assistance:

    It is not uncommon to experience a vehicle breakdown in the middle of the road these days. This leaves the driver and other passengers stranded due to non availability of help at a garage or from road side mechanics. A motor insurance policy can come handy here if one were to opt for Roadside Assistance cover. In this case, the insurance company provides on the spot assistance to fix the vehicle problem or arranges for towing the vehicle to the nearest workshop or garage. Apart from towing and minor repair on spot, this cover also helps avail other essential services such as fuel arrangement, flat tyre replacement, battery arrangement. Today, insurance companies even provide hotel accommodation and alternate vehicle to customers as enhanced benefits.

    Return to invoice:

    In general in case of a total loss or theft of vehicle, the insured is paid the insured declared value (IDV) of the vehicle by the insurance company. However, one still ends up losing road tax and difference between the IDV and ex-show room price of the vehicle. By opting for this add-on, one can get reimbursed with the road tax and differential amount between the IDV and ex-show room price, thus taking away the extra burden if one were to purchase a new vehicle.

    Quality Assurance:

    Today an insurance company can also help in terms of ensuring the quality of repair at an authorised workshop in the event of claim. This is extremely beneficial since the customer is assured of quality repair work on the vehicle. In addition, one can benefit from services such as free pick and drop, free car wash and faster repairs. It is advisable to call the insurance company so that one can obtain details of benefits and services before proceeding for repairs.

    Repair in case of an accident. It can infact ensure peace of mind for the customer by taking over the responsibility of ensuring quality repair as well as offering timely help to the insured at the time and place of emergency.

  • Few steps to reduce your Car Insurance Premium

    by User Not Found | Feb 12, 2016
    High inflation is causing a dent in our savings with each passing day. To add to that, there are other expenses that cannot be avoided. Paying for your home loan EMI, car EMI as well expenses on car maintenance, motor insurance add to the financial burden. While some expenses cannot be avoided or reduced, you can definitely reduce your car insurance premium by following some prudent practices.

    Motor insurance premium is determined by several factors. By making use of the following tools, you can easily reduce your car insurance premium without comprising by buying a lower cover or a policy devoid of important benefits.

    • Purchase car insurance Online:Purchasing your insurance online would not only reduce the time required to visit your insurance company or agent, but it will also enable you to save money. To encourage customers to buy policy directly from their websites, insurance companies offer attractive deals and premium rates. Insurers also provide instant quote service on their website. Before deciding on policy purchase, you can request for instant quote for your desired policy thereby comparing and selecting a policy that meets your requirements and is suitable for your budget.
    • Opt for Deductibles: Deductible is the monetary loss borne by a vehicle owner. Deductible can be either Compulsory Deductible or Voluntary Deductible. In case of Compulsory Deductible, you are required to bear a pre-decided amount while the rest of the expense will be paid by the insurer in case of damage to your vehicle. For reducing your motor insurance premium, you can also opt for Voluntary Deductible which is an additional deductible. In this case, you voluntarily agree to pay a certain portion of the claim amount from your own pocket. In return, the insurer would offer you an additional discount on your insurance premium.
    • Avail No Claim Bonus: No Claim Bonus (NCB) is a discount applied to the insurance premium for those who have not registered claims in the previous years. NCB increases for every year of no claim starting from 10% and goes up to 50%. In addition to helping you reduce the premium on your car insurance, the NCB benefit can also be transferred to your new car, when you buy one. Given that the premium on a new car (and presumably bigger car) is much higher compared to an old car, you will be able to make substantial savings on the insurance premium of your new car.
    • Install Anti-theft devices in your vehicle: Installing anti-theft devices in your vehicle can be a proven crucial at times when your vehicle is vulnerable to theft. Vouching the importance of such device, insurance companies now encourage their customers to install anti-theft devices as a measure of precaution. Moreover, insurers offer special discount on the insurance premium for installing such devices in cars. Cars with prefixed anti-theft devices are available with your vehicle dealers or one can buy these devices separately in the local market. You can avail special discount on insurance premium 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.
    • Declare the correct IDV for your vehicle: Insured Declared Value (IDV) is the depreciation applied on your vehicle over the manufacturer's selling price, based on the ageing of the car. It is the maximum amount that the insurer will pay in case the vehicle is completely damaged and needs to be replaced. At times, car owners seek a higher IDV, however, it does not make sense to seek a higher than reasonable IDV since it will end up increasing the insurance premium on the car without any associated benefit.
    While reducing your car insurance premium is one way to reduce your expenses on the vehicle, do remember that fuel consumption is the other major and recurrent 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 simple steps and enjoy the drive in your favorite vehicle.
  • Few steps to cut down on your Car Insurance Premium

    by User Not Found | Feb 12, 2016
    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.
  • Don't let your car insurance lapse

    by User Not Found | Feb 12, 2016
    The consequences
    While there are instances when one can genuinely forget renewing the motor insurance premium, some vehicle owners intentionally do not renew the motor insurance policy of their vehicle to save a few hundred rupees on the premium. In the process, you expose yourself to financial liability in terms of any repairs that may be required. More importantly, any compensation to the family of the deceased involved in an accident becomes the responsibility of the vehicle owner. Thirdly, you also lose out on accumulated benefits (No-Claim Bonus).

    Lose out on accumulated benefits (No-Claim Bonus). NCB is the discount that you get on the vehicle's premiums for each year that you don't make a claim and can go as high as 50 per cent for a continuous track record of no claim. In case your vehicle remains uninsured for more than 90 days, you shall lose the accrued benefits of NCB. In the process, you also cannot transfer the NCB to the new vehicle if you were to purchase one. Premium for a new and higher end vehicle will be far more than an old vehicle. As such, losing on NCB benefits can lead to a lost opportunity in terms of paying lower insurance premium on your new car.


    Time-consuming
    Reinstating a lapsed policy also takes time and effort as it would mean following the procedure applicable while buying a new motor insurance policy. Having said this, if you are applying for a third party motor insurance cover, the process is not too difficult and an insurance company will offer the policy even after a break.

    However, if you are opting for a comprehensive policy, which is the more preferred cover, you will have to go through a slightly longer process.

    If a lapsed comprehensive motor insurance policy requires renewal, one needs to fill up a fresh proposal form akin to insuring a new vehicle. Also, it becomes imperative for the insurance company to inspect your vehicle. The inspection is done to document any pre-existing damages to the car. These damages will not be covered by the insurance company in the future even though it may decide to insure the vehicle. One must note that the insurance company may charge a higher premium for a vehicle insurance whose policy has lapsed or may even decide to reject the insurance proposal.

    Given the multiple losses from letting your car insurance lapse and complications in renewing a lapsed policy, it is prudent to renew on time. Nowadays, insurance companies notify customers regarding policy renewal through emails and SMS alerts. With technology at your finger tips, online/mobile renewal of policy is a simple task. Car insurance online renewal also provides the benefit of receiving a digitally signed policy immediately.

  • Demystifying Overseas Student Travel Insurance

    by User Not Found | Feb 12, 2016
    So you have cleared your TOEFL, SAT, GRE, GMATs and are all set to join your dream university abroad. At the same time, you are anxious about moving to an entirely new country, learn an alien culture and make new set of friends all over again. While you may have planned your education, funding, air tickets etc. there is one thing several students feel puzzled about - student travel insurance policy.

    Nearly all foreign universities mandate international students to possess a legal and compliant medical insurance for the entire course duration. In fact, majority of universities do not allow admission to students without a policy. Generally universities suggest some basic insurance requirements to be covered, which can be purchased from either them or a recognized insurance provider either within that country or one's home country. However, it is prudent for students to purchase a comprehensive cover which provides insurance for specific conditions as well as legal and personal safety.

    With so many criteria to keep in mind, it is easy to get perplexed before purchasing a cover. Adding to the confusion are several myths doing the rounds when it comes to buying a student travel insurance. This article aims at busting some of them to help students select the insurance effectively.

    Indian Insurance is not accepted abroad:
    Since the mandate to purchase insurance comes from foreign universities and the same can be purchased there, this is the most common myth. Indian insurance is accepted by almost all foreign universities and is available at almost one third of the cost of a similar insurance cover bought abroad. The premium for the policy is paid in Indian currency, but the compensation paid by the insurance company is in foreign currency. However, one should check with the university's requirement for any special clause and compliance condition while opting for the cover.

    Cashless claims not available:
    Students can easily avail cashless claims by providing their health cards in a hospital abroad. Insurance companies in India have associations with reputed claim settlement service providers in almost all countries. These service providers have tie-ups with majority of hospitals in their respective countries. A student with a cover from an Indian insurance provider can hence avail quality medical treatment whenever and wherever required.

    Difficult claim settlement process:
    The claim settlement process abroad is as easy as if you are at home. The cashless hospitalization facility covers all your medical emergencies abroad by just producing the health card. In case of reimbursement, you can call the toll-free number for assistance and informing them. Settlement is done as soon as your documents are sent to the respective TPA.

    Only travel gets covered:
    The biggest myth associated with overseas student travel insurance is that it just covers the travel part. On the contrary, a comprehensive student travel insurance provides host of coverage to ensure hassle-free stay abroad. Coverage begins the moment you enter the airport to embark on your journey. While the coverage offered by the university only covers medical expenses, the overseas student travel insurance provides maximum medical coverage, including medical evacuation if the need arises and repatriation costs in case of accidental death abroad. It also offers add-on coverage for dental treatment, medical expenses due to sports emergencies, treatment for psychological and nervous disorders.

    Non-medical coverage for emergencies like loss of checked-in baggage, passport loss and sponsor protection is also included. Another important cover provided is study interruption where the insurance provides you coverage against study interruption in case you miss a semester on medical grounds, and takes care of the medical bills and the tuition fee for that semester. Most of such policies purchased in India also provide your parents with a two-way compassionate visit cover to visit you, if you are hospitalised.

    Extension is a problem abroad:
    Extension is just a click away. You can renew your policy online. This not only saves you on any paperwork but also gives you an instant policy.

    So if you were holding any of the above misperceptions, rest assured, go ahead and purchase a comprehensive student travel insurance right here before you leave for your dream destination.
  • Companies may cut health cover benefits to employees due to rising premium payments

    by User Not Found | Feb 12, 2016
    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.

  • Click the button and kick the ignition for Safe Riding

    by User Not Found | Feb 12, 2016
    Two wheelers have always been the most preferred mode of vehicle to fulfill the adventurous needs of a person. Rahul from New Delhi was one such individual who endorsed the same thinking when he recently purchased a brand new cruiser bike for which he had taken a loan from his home bank.

    Apart from his adventurous trip, Rahul purchased the bike to avoid getting stuck in the traffic jams while commuting to work. He also invested money in purchasing accessories for his adventurous trip to the country side though he never really made use of those safety gears while riding in and around the city.

    As the date of renewing his two wheeler motor policy approached, he started getting reminder calls from his dealer which he conveniently ignored being in the mindset that he didn't really need insurance. Rahul continued with his routine of using his bike for daily commuting in the city and once a month for adventurous trip to the country side. The dealer gave up on his follow up leaving Rahul without an insurance cover on his vehicle a year after having purchased it.

    One day by his misfortune, Rahul met with a road accident which damaged the body parts of his vehicle. To add to his problems, the next day before he could even get his bike repaired, it was stolen from outside a movie theatre. With no insurance cover, Rahul faced the daunting reality of having lost out on his prized possession and his hard earned savings behind it.

    Rahul's story is not an isolated incident in India since according to industry estimates, nearly 50% of two-wheelers in the country are uninsured. An average insurance cover for shielding your two-wheeler from uncertainties for a year is a mere Rs 700-800/-. With such a small ticket investment (yearly) comes a host of insurance benefits and peace of mind that your prized possession is well covered. It's time we make the effort of getting our 2 wheeler insured. On the part of insurers, they have made the renewal process really simple and convenient through the offline and online route.

    Insurance companies have understood the fast paced life of today's generation such as of Rahul. The reach and the use of Internet have found a place amongst this young generation. Providing a platform like the Internet for renewing or buying a motor policy has made the cumbersome and time consuming process much quicker and seamless.

    • Ease of purchase - One can purchase/ renew a policy 24 x 7, 365 days a year. This could be from your office or the comfort of your home.
    • Lower cost - Purchasing an insurance policy online could also be more cost-effective since companies pass on the savings from distribution, administration and courier expenses etc. to the customer.
    • Compare multiple options - One can compare various policies, evaluate add-ons to be included in the policy and choose one that best suits one's needs
    • Instant insurance - Buying insurance online is an activity that requires only a few clicks. In most cases, the insurance policy document is generated instantaneously.
    • Transparency - Buying an insurance policy online enables one to access all the terms and conditions related to the policy. As such, it ensures that the customer is able to take an informed decision. In addition, one can seek help through online chat/ 24x7 toll free calling facility to resolve any doubts that one may have
    • Ease of payment - One can choose from a wide range of options to pay online. These include credit/ debit card payment, net banking, funds transfer etc.

    Riding can be fun but not without compromising on the risk you invite to yourself and to others. Get online and enjoy a hassle free ride.

    Happy & Safe Riding!!
  • Add on Covers - Get the Best out of Your Motor Insurance policy!

    by User Not Found | Feb 12, 2016
     Motor Insurance as a product has undergone tremendous innovation and customization in the last few years. However, the same cannot be said about customer behavior. While we do come across highly evolved customers who avail comprehensive motor insurance schemes with varied add-on covers, majority of the customers tend to remain satisfied with a basic third party motor insurance policy cover or at best a comprehensive policy.

    While most of us have moved to new age cars, not everyone has shown the same behavior when it comes to buying a motor insurance, thus losing out on some extremely convenient benefits. Let's take a hypothetical situation to understand the advantages of availing motor insurance add-on covers. Punit is traveling late night with his spouse and 3 year old daughter from Mumbai to Shirdi by car.

    In order to avoid the afternoon heat and late evening vehicular traffic on the highway, Punit decides to depart from his residence at 10 PM. Enroute to Nasik, Punit is traveling on a deserted part of the highway when he is confronted with a car breakdown. The problem being a mechanical failure, the vehicle is rendered immobile and cannot be driven even for a short distance to reach a nearby garage. His family is in panic realizing that they are stuck in a dark stretch of highway with no help available.

    With no motor garage nearby and a poor mobile network, Punit has no option but to seek a ride from a Goods carrying truck driver who agrees to drop the family to the nearest hotel. The question to be asked here is-Could Punit have done something in advance to ensure help from the insurance company or any other entity and thereby prevent his family from going through so much trouble?

    Motor Insurance Companies in India had long envisaged such crisis situation taking place with motorists. To ease the mental stress and extend assistance during such breakdowns, companies offer Motor Add-on covers which provide technical aid to the policyholder at the site itself as well as offer assistance service and in some cases, financial help to avail accommodation or alternate transport.

    Let's now look at the various Motor Add-on Covers that could have provided a much needed assistance to Punit and his family:
    • Technical Assistance over the phone: Very few motorists know how a car engine operates and hence are handicapped when it comes to retrieving the engine during a breakdown. With the facility of technical assistance over the phone, the Insurance company provides assistance through telephone thus enabling the vehicle owner/ driver to rectify any minor mechanical errors/faults/non-functioning on the spot
    • Trained technician for quick repairs onsite: Let's assume your vehicle has a dead battery. While a car with a dead battery can be started using an external power source, it is imperative for a trained technician to be present on-site for the same. With such facilities available through motor add-on covers, you need not worry about arranging an external power resource - the insurance firm will take care of the same
    • Tyre change/Replacement: While replacing a flat tyre is not very tedious, it may not be possible for everyone e.g. senior citizens or women to replace a flat tyre alone. Today, insurance companies provide customers the facility to arrange for a tyre replacement by making technicians available at the point where the vehicle is stuck due to flat tyre. In addition, the company also arranges to take the flat tyre to the nearest garage/ tyre repair shop and get the same repaired
    • Arrangement of rental vehicle: In the event of your vehicle being immobilized due to a breakdown/accident, the insurance company can assist in arrangement of alternative mode of conveyance
    • Towing on breakdown/accident: If your vehicle is immobilized or rendered unfit for the purpose of driving on the road, the insurance company can provide you with appropriate towing services to the nearest garag
    • Arrangement of Accommodation: Assuming your vehicle is immobilized due to a breakdown/accident, the insurance company would facilitate arrangement for your hotel accommodation near the breakdown /accident spot
    • Hydrostatic Cover: Hydrostatic cover protects against damage to the engine due to water ingress which is not covered under a standard Car Insurane Policy. Hydrostatic Cover is most useful during driving your vehicle in monsoons.
    • Arrangement of keys: In the event of you losing the keys of your vehicle, the insurance company can arrange for pickup and delivery of spare keys to the place where your vehicle is located. Alternatively, the insurance company can provide the service of unlocking your vehicle with the help of expert technicians
  • Break in period in motor insurance renewal

    by User Not Found | Feb 12, 2016
    Have you ever forgotten to pay your utility bills on time or experienced a situation where you missed paying the minimum dues on your Credit Card outstanding? If so, you would be aware of the difficulties that one faces when paying the dues apart from the penalties that apply in terms of monetary as well as disruption of services.

    In addition to imposing penalties, financial institutions these days keep a stringent eye on your credit worthiness as well as the repayment pattern of your dues before extending additional credit or providing you mortgage. Institutions consider your credit score which gives a clear track record of one's credit repayment history across all instruments including personal loans, home loans, credit cards etc.

    Non-payment or late payment of dues is not limited to loan products but applies to motor insurance as well. In this case, one can face huge amount of inconvenience if the motor insurance policy is not renewed on time. A motor insurance policy is an annual contract which requires renewal every year. Usually the policy is effective from midnight from the day one purchases the policy. In case you miss out on renewing the policy, your policy will break. This means, you will need to purchase a fresh policy from an insurance company who is willing to cover your vehicle again.

    While there are instances when one can genuinely forget car insurance renewal premium, it is a known fact that several vehicle owners intentionally do not renew the motor insurance policy of their vehicle - a mandatory requirement - to save a few hundred rupees on the premium. In the process, they expose themselves to financial liability in terms of vehicle repair apart from losing accumulated benefits. More importantly, any compensation to the family of the deceased involved in the accident becomes the responsibility of the vehicle owner.

    Whatever be the reasons, if you forget renewing your vehicle's motor policy even by a day, the same will lapse and reinstating the policy would mean following the procedure applicable while buying a new motor insurance policy. Having said this, if you are applying for a third party motor insurance cover, the process is not too difficult and an insurance company will offer the policy even after a break in. It must be noted that the insurer will not cover any claim on the vehicle during the period when the vehicle was uninsured. However, if you are opting for a comprehensive policy, which is the more preferred and opted for cover, you will have to go through a slightly longer process.

    If a lapsed comprehensive motor insurance policy requires renewal, one needs to fill up a fresh proposal form akin to insuring a new vehicle. Also, it becomes imperative for the insurance company to inspect your vehicle. The inspection is done to document any pre-existing damages to the car. These damages will not be covered by the insurance company in the future even though it may decide to insure the vehicle. One must note that the insurance company may charge a higher premium for a vehicle whose policy has lapsed or may even decide to reject the insurance proposal.

    Lapsed policies also lose the benefits that you may have accumulated in terms of NCB (No Claim Bonus). NCB is the discount that you get on the vehicle's premiums for each year that you don't make a claim and can go as high as 50% for a continuous track record of no claim. In case your vehicle remains uninsured for more than 90 days, you shall lose the accrued benefits of NCB. In the process, you lose out on the benefit of transferring NCB to the new vehicle if you were to purchase one. Premium for a new and higher end vehicle will be far more than an old vehicle. As such losing on NCB benefits can lead to lost opportunity in terms of paying lower insurance premium on your new car.

    Given the multiple losses and complications towards renewing a lapsed motor insurance policy, it is prudent to renew on time. Nowadays, insurance companies notify customers regarding policy renewal through emails and SMS alerts. With technology at your finger tips, online/ mobile renewal of policy is a simple task. Online renewal also provides the benefit of receiving a digitally signed policy immediately.

Hi there!

Let us help you explore and buy a new policy.

Chat now
Available 24 x 7