Things to Look For in a General Insurance in India

While one of the best things to do to ensure your finances is to get a General Insurance, it can be one of the trickiest things to do. The catch here is that you have to make sure that you choose nothing but the best. The age-old saying that "make hay while the sun shines" comes good here. Yet, you need to be doubly sure how to go about it.

A General Insurance is something that covers all types of insurance except the life insurance. There are plenty of options available in Best general insurance company. So the best thing to start with is to check out all of them and shortlist the best ones. Do a thorough research on the following:

Check out the General Insurance Company's financial status. Ensure that the Co has enough resources to help you out when you need it.

Check out the Company's insurance history. Do not select a company which has a track record of bad reviews from real customers. Some complaints are there with almost all the companies, yet, if the list is unusually big, overlook that company totally.

Make sure that the Best general insurance company you are contemplating is duly licensed and has authorized policies. Take policies only from known and trusted agents. Also ensure that the Co providing insurance has the license to do that.

Ask the Company for the ways in which your insurance claims would be serviced. This is to ensure that you are aware of all the modes and can avoid last minute hassles. Since online is the best mode, do ask the details for an online claims if possible.

There are companies that allow you to have a free period where you can evaluate the policy and then go for it. Try and get the insight before actually investing in this period if available.

After you have all your options in hand you need to know how much coverage you need and what kind of a premium you can afford. There are plenty of calculators available even online that help you determine the same. They can usually calculate the premium you need to pay to get specific amount covered or the vice-versa, i.e. how much you will be covered if you pay a specific premium. Make sure that you go for a premium that is affordable to you and the Covered amount is enough to cover most possible big unforeseen expenses.

Another very important point to note is the process of filing a claim. Get all details from the Company or the agent and understand it thoroughly. The process should be as simple as possible. If you think the paper work is excessive and unnecessarily lengthy, do not go for the Company's policy. It is never good to be stuck in a heavy red tape when you are in need.

http://www.sooperarticles.com/finance-articles/insurance-articles/things-look-general-insurance-india-646180.html

10 Things To Look For While Getting A General Insurance

General insurance or any kind of insurance is of utmost importance today. Getting a general insurance is the wisest thing that one can invest in to get benefits in the future especially in case of loss or damage of things that are insured. It is a kind of insurance that is different from life insurance. This type of insurance generally includes property insurance against burglary, fire, etc. It also includes personal insurance such as Health and Accident Insurance and for legal liabilities, liability insurance. Moreover, it also provides professionals with professional indemnity. If you take this type of insurance policy and pay premiums then it will ensure that you get reimbursement for any kind of loss that may take place in the future.

But, before applying for a general insurance there are certain things that you should consider.

- Be extremely careful that you do not sacrifice the coverage in order to save money. Thus, it is ideal for you to raise your yearly premiums because they are too high, but ensure that you know what kind of option you are signing up for.

- It is important too look for the general insurance company's financial ratings because it will ensure that the company will help you out when you need them the most. Research on the Internet about the company can help you to solve this matter.

- Check whether earlier policy holders have faced any kind of problems or not. Check for the complaint records that will help you in your decision making process.

- Different general insurance companies have different underwriting guidelines, so if one company rejects your application others will take it. Agents are the best persons who are aware of the requirements of each company. However, even for them predicting underwriter actions are not always possible.

- Always take policies from duly licensed and authorized policy agents because there are lots of agents in the market who are selling fake insurance policies.

- Also ensure that the company from where you are applying for the insurance policy is genuine and has the license to do business in the state where you live in.

- Before you take up a policy make sure that you clear up concerns beforehand. Certain things like whether your health insurance plan covers overseas medical expenses or not, also whether it provides rental car facility for everyday travelling.

- Find out the ways through which your insurer will service your claims. Check whether the insurer will provide online support or not, in case of any emergency outside the place where you reside.

- Also check for general insurance companies which allow its customers to have a free look for 30 days or so. This will help the customers to get an insight about the pros and cons of the policy and then decide whether to take it or leave it.

Source: [ http://blogs.rediff.com/generalinsurance/2016/07/06/general-insurance-6/ ]

Why We Need To Buy General Insurance

In a nutshell, buying General insurance is about managing risk.

Most frequently used as a means of managing financial uncertainty, insurance exists to provide peace of mind should anything happen to you, your loved ones, your investments or your business.

Why everyone needs general insurance

Glass breakage is common around the home – especially with a summer of backyard cricket underway.

While it is tempting to think “it would never happen to me”, ask yourself what would be the cost financially – not to mention emotionally – should the worst happen and you lost everything through no fault of your own?

He says the first thing people should do when considering seeking cover is to talk to their chosen provider about their lifestyle and how it can be protected – no matter what stage of life they’re at – whether young or young at heart, home-owner or renter, employed or looking for work.

While most insurance providers attempt to provide the most comprehensive cover they can, it is always worth reading the small print to ensure you are getting the best bang for your buck.

To help mitigate some of the issues faced by its policyholders in the event of obvious disasters such as fire, flood or theft or smaller everyday disasters such as accidental breakage, AMI policies offer a number of unique features not offered by some of its competitors.

“We recognise that glass breakage is pretty common, especially with summer here and backyard cricket starting up – that’s why our policies give you the option to remove the excess for glass breakage,” says Tippet.

Policies can also include something as simple as cover for Christmas presents stolen while kept in the home, while legal liability under standard contents cover with AMI means you may even be covered for accidental damage to someone else’s property, he says.

We also offer more flexibility when it comes to car insurance.

“Most insurers only cover rental cars if you’re left without your own car while our policies include substitute transport costs including any combination of rental car, taxis and public transport – there’s even the option of additional cover for medical expenses.”

To help make the process even easier also boasts its own smartphone and tablet app –We Assist – that as well as simplifying the claims process and detailing the fine print, also has special offers on everything from carwashes to WOFs.

Source:  [ 

http://blogs.rediff.com/generalinsurance/2016/06/28/buy-general-insurance/ ]

Why To Buy Medical Insurance Plans For Parents

Good health is a blessing for each person. It is a tool that guides you towards a happy and healthy life. We all know that a healthy body nourishes a healthy mind and that helps you work better through the day. With a healthy body, you will be free to focus on different aspects of your life. We all know that in the old age, people are more prone to disease. It is thus essential to take extra care of the health in the old age and get quality treatment in time of need. But for many people getting quality treatment in older age is a tricky prospect due to lack of funds. As a responsible child, it is thus our duty to ensure our parents under an effective health plan to secure their health in old age that will take care of all health issues and help them lead a trouble free life.

Medical insurance plans for parents

Health insurance for parents or senior citizens is important, considering the rate at which health care expenses are rising. If we talk about an average percentage then the health care cost is rising by 15 percent every year. Moreover, it is found that almost 75 percent of Indians are paying these expenses from their own pockets.

With the help of medical insurance coverage for your parents, they will be able to get quality treatment in old age as well. So to provide complete support to your parents you must buy a general insurance for them. It will provide a stress-free post-retirement life to them.

There are several reasons to buy medical insurance plans for parents. It can be growing health care cost, rising frequency of disease and much more. It is not like a health insurance plan will protect you from all diseases, but for sure it will help you in treating most of them. It will act like a savior in need.

If you or your family members face any health related issues, then a health insurance plan will provide a helping hand to deal with it. It will provide the required financial coverage to you that will remove the burden of heavy medical expenses. It will surely provide a great level of relief and allow you to take wise decision in all stages of life.

Why purchase health insurance for Parents?

The cost of health care is rising more than the normal inflation rate. Your parents may own a limited income or unstable income during post-retirement life. Your parents are financially dependent on you. Old age is easily prone to accidents and diseases. They might need sudden financial assistance for quality treatment on time.

Things You Must Check In Medical Insurance Plans For Parents:

Co-payment rules: Under this, the policyholder has to pay a particular percentage from the claim amount like 20 percent of the claim or more. It depends upon the insurers and plans.
Sub-limit: it is common for the insurers to fix sum limits for definite illnesses or treatments.
Pre-existing diseases: There are many insurers that do not provide coverage for pre –existing disease. You must check and compare them thoroughly to get the desired coverage on existing disease as well.

Waiting Period: The insured has to wait for a definite period of time before claiming any expenses.

[Source: https://generalinsurancesite.wordpress.com/2016/06/15/why-to-buy-medical-insurance-plans-for-parents/]

Medical Travel Insurance

India’s Insurance reform will benefit Insurers and Society

Since Narendra Modi’s government has been in power, significant changes have been made to boost India’s economy and society. One major change was implementing the Indian Insurance Act, first proposed by the previous government.

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

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

There are a number of factors driving this growth.

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

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

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

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

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

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

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

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

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

[Source: http://blogs.ft.com/beyond-brics/2015/03/30/indias-insurance-reform-will-benefit-insurers-and-society/]

Car insurance renewal – You cannot escape but you can certainly save

Third party motor insurance is compulsory in India. The practice of renewing car insurance policy is pretty commonplace among thousands of car-owners in India. Although, many people in India are under the misconception that car insurance renewal is a money making tactic of insurance companies, there are many avenues available to save money if one chooses to go online. Online renewals further provide car-owners with a number of benefits. This post aims at assisting those who are looking to renew their existing car insurance policy and to ensure that they get the best deal at a much-reduced price.

Ways to reduce car insurance renewal cost

There are many windows available when it comes to save on the expense of renewing a motor insurance plan. Let us start our discussion with 5 major ways.

Comparison

This is one of the key ways of saving money while renewing car insurance policy in India. People those who never compare various quotes and are content with the renewal quote that their exiting car insurers offer may lose out on a great chance to reduce the expense. One of the major reasons why these people turn their faces away from comparison is the task of visiting a myriad of insurance portals and comparing costs manually.

However, to ease out the entire process many a quality General Insurance comparison portals has come into existence. The best among these portals like GIBL also help people compare, buy and renew policies from a single interface as well. Car-owners should make the most of this unique facility and check out advantageous car renewal plans so that they can compare, find the best and make a renewal and save money in the process.

Zero in on vital features

While comparing a myriad of car renewal schemes, car owners invariably come across a plethora of features on offer by insurers. Since the requirement varies from one car-owner to another, it is prudent for motor insurance renewal seekers to narrow down on features they they need and opt out those costly plans with extensive features that are not relevant for them. This ploy can save them a good amount of money.

No-claim bonus

Car-owners with valid insurance policies are eligible for concession at the time of renewing their policies if they don’t make any claim during the policy year. The concession is known as no claim bonus or NCB and it keeps increasing as the policyholder’s claim-free year also increases.

Higher deductible

At the time of car policy renewal, current policyholders are entitled to opt for a voluntary deduction.As per the norm, policyholders are supposed to pay this voluntary deduction amount at the time of claim settlement. If one chooses to pay higher amount one will have to pay less on premium , hence one can save on car policy renewal.

Advance Renewal

Most car insurers tend to raise the price of renewal on or some days before the stipulated renewal date. A lot of car-owners faced a sudden hike on the day of renewal , simply because insurers are well-aware of the fact that car-owners have no option but to grab them by paying more. Hence, it is prudent to start looking for a car renewal policy at least two months in advance. A week or two can be spent on searching, finding, 

comparing and selecting the best motor insurance renewal plan so that the renewal policy can be acquired at least 45 days before the lapse of current policy. Even if insurers raised the renewal rates at the time of renewing car policy it won’t be a matter as the policy has already been renewed at a reasonable price.

[Source: http://blog.gibl.in/car-insurance-renewal-you-cannot-escape-but-you-can-certainly-save/]

Car Insurance Renewal: Why Should It Be Done On Time?

Car insurance, as you know has to be renewed on time. Failing to do so will attract a lot of trouble for your car or vehicle, third party, and even to yourself. To keep things simple, let's say in an unfortunate incident that you have met with a small accident, which has involved another vehicle. Both vehicles have been damaged and the other vehicle owner demands you to pay since it was your fault, but, you think it was his fault. This is a classic case of an ‘Accident', in which both are wrong and right at the same time.

In a case like this, is when insurance comes in handy, and also, renewal on time saves you as well as the other motorist, bearing the cost of damage for both the vehicles. Another important factor is that in case either one sustains an injury, the insurance will take care of that as well as property damage, if you have run over a small fence or into somebody's gate. Is that all? No.

Here are some more reasons why vehicle insurance has to be renewed on time: 1. You might have to buy a new policy itself. Yes, if the insurance is lapsed and has not been renewed after a period of time, you will have to shell out more to buy a new policy, even if it is from the same insurance company.

Insurance providers have a set time frame before which the policy has to be renewed, and failing to do so will lapse your policy itself. 2. You might end up paying a fine. Some insurance companies might ask you to pay a fine for the number of days your vehicle runs without a renewed policy.

That will only be a waste of cash. To avoid that, a simple way is to renew it on time. 3. Keep the police away. You will be fined for not having a valid insurance for your vehicle. Using a car or a motorcycle on public roads needs a valid insurance certificate. In other words, you are committing a crime, a traffic violation that is punishable under the law. Insurance should be renewed on time. 4. You could lose benefits.

This is another important reason to renew the general insurance. Companies give benefits and one major benefit is the No-Claim Bonus (NCB), which is awarded if you have not made claims in the past. This can be added up over several years and while renewing the policy, you could get up to 70 percent off on your premium.

If the policy is not renewed on time, however, you could lose benefits and end up paying a lot for your insurance policy. So, keeping the above reasons in mind, rush to your nearest insurance provider or grab that laptop and renew your insurance policy now!

[Source: http://www-drivespark-com.spiral.media/scatter/www.drivespark.com/?url=http%3A%2F%2Fwww.drivespark.com%2Foff-beat%2Fcar-insurance-renewal-reasons-012154.html%3Foi_source%3Dspiralmedia&adgroupid=93&rand=99498&time=20151029101430483930]

E-Insurance account: All you need to know

Rajesh was confused. Having multiple insurance policies and safekeeping them was a pain. One day, over a cup of morning coffee, he read in the newspaper that policyholders can now get their policies dematted as they’ve been doing for shares and mutual funds. While this sounded great as a concept, Rajesh wanted to know more about the finer aspects of how this works.

So, what is an e-insurance account?

E-Insurance Account is a short form of “Electronic Insurance Account”. The underlying objective of such an account is to safeguard the insurance policy documents of the policyholder by converting them into an electronic format. This e-Insurance account thus helps the policyholder access his/her entire insurance portfolio at a click of a button.

To ensure best practices, the IRDA created guidelines for Insurance Repositories to follow and granted a Certificate of Registration to the following five entities, allowing them to act as ‘Insurance repositories’ who have been authorized to open e-Insurance Accounts:

Following are a list of reasons why you should open an e-insurance account:

Convenience: All categories of insurance policies (life, pension, health or general) can be electronically held under a single account and policy details can be accessed at a click of a button by logging into the account. Thus, it allows policyholder as well as the authorized representative get a single view of all policies which can reduce a lot of hassle especially at the claims stage.

Related: Insurance policies to protect what’s important to you [Info graphic]

Safety: Unlike paper policies where there is a loss of damage or policy getting lost, electronic policies do not suffer from these risks & can be easily accessed whenever and wherever needed.

Time saving: In addition to insurers, service requests can now be submitted at any of Insurance Repository’s service points. A single request, such as the one for a change of address, can be made to the Insurance Repository, who can update it across all policies.

Seamless pay-outs: Policy benefits will be paid through electronic facility to the registered bank account, thus ensuring speedier and more convenient claim settlement, thereby negating any chances of fraud.

Related: 5 signs your agent is lying to you (and what to do if they are)

How to open an e-insurance account

A policyholder has to fill the e-Insurance account form and attach the following documents:

Photo ID proof (as per acceptable documents list)

Recent passport size photograph,

Cancelled Cheque (In case of ECS/NEFT services for insurance premium payment transaction)

Address proof (as per acceptable documents list)

Thereafter, one has to submit the account opening docket to the Insurance Repository or General Insurance Company. It generally takes upto 7 working days for the account to be opened. Policyholders receive a welcome kit with the details of how to operate the account. Each account has a unique Account number and the account holder will be granted a unique Login ID and Password to access his/her electronic policies online.

Policyholder can convert existing paper polices into electronic policies after opening of the account by providing a service request to the Insurance Repository/ Insurer.

In case one purchases a new policy and wants to have it auto-added to the e-insurance account, he/she has to just state the e-insurance account number on the proposal/application form & make a request to add it to your e-insurance account.

Conclusion:

An e-insurance account is a great way to save families from the hassle of running around trying to locate the policy copy in the event of a claim etc., or even approaching each insurer separately for minor things like change of address or phone number. Policyholders would do well to embrace this initiative wholeheartedly & organize their insurance portfolio to get the convenience that comes with this account.

[Source: https://www.tomorrowmakers.com/articles/insurance-basics/e-insurance-account-all-you-need-to-know]

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

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

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

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

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

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

General Insurance – An Introduction

The Insurance business is broadly divided into two major categories first is Life Insurance and other one is General Insurance. The Life Insurance covers the loss to Human Life whereas the General Insurance is primarily a Non-Life Insurance, which covers risk associated with various things/affairs one found precious enough to be covered under an Insurance.

It is true that the Human Life is most precious asset one can protect but at the same time it is also an undisputed fact that with the passing time several other assets took place in human life which are inevitably part of our day to day life. Human beings have now become materialistic and hence the value of a Human Being also derived from the material assets he possess. This may include your house, vehicles, shops and daily used utensils and equipment etc.

All the assets you possess are open to various risks and it is always a possibility that these assets can be destroyed or may be harmed in a manner whereby its value get decreased by damage caused by any uncertain/unforeseen event. As the Human Life can be shortened by deceases or accidents, similarly or assets/property can be destroyed by natural calamities or any man-made act. Many a times these kind of activities do not occur for longer period of time, may be for decades, but the fact always remains the same that we are exposed to the risk of happening of any uncertain/unforeseen event. This are all risk cover under the General Insurance.

Although, its true, no one can see his/her future but at the same time it is also true that we can predict the future events in a reasonable manner and therefore we always try to avoid certain activities which may lead us to losses and wherever we are unable to avoid some kind of acts we try to protect ourselves from those events. Like for earthquakes we build houses strong enough to be unaffected from earthquake up to a certain limit. But what if the earthquake occurs with huge intensity that a whole city get destroyed in minutes. Fortunately these events do not occur frequently but the fact again remains the same that we are unable to avoid certain kind of losses that may occur any time in future.

Simplified Concept of Insurance

To cover up the damage occurred due to any foreseen or unforeseen event and mitigate the losses the mankind evolved a wonderful concept of Insurance. Since the occurrence of loss causing events are few in numbers the mechanism of Insurance ensures that the losses to be shared by all members of a certain group which is exposed to similar risk of occurrence of such loss causing event. This mechanism runs over a simple concept of society where we come together to form a group and this grouping make us feel protected and similarly while having the insurance all the risk bearers ensure that any loss occurring in future shall be borne by whole group despite of the fact that actual loss occurred to a very few members in that group.

So in this manner, Insurance is a mechanism which ensures that the unfortunate some, who suffered loss due to a certain event, get compensated and their loss be mitigated by large number of contributors who are exposed to similar kind of loss causing event ect.

Source From: http://insuranceblog.asia/insurance-an-introduction/