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]

General Insurance

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/

Let’s go to shop your car insurance policy?

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

Hidden Discounts

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

Multi-policies

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

Match Services

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

When to Change

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

Policy awareness

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

After accident services

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

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

Source: https://insurancegeneralindia.wordpress.com/2015/07/30/lets-go-to-shop-your-car-insurance-policy/

Enjoy your Holidays with Cheap Travel Insurance Plan

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

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

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

What Exactly Will You Get Under Travel Insurance Plan?

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

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

-Foreign Medical expenses

-Accidental injury or death

-Theft, damage or loss of personal essential belongings

-Cancellation of trip

And many more.

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

Premium

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

·         Duration of the trip

·         Sum insured

·         Health conditions

·         Number of trips

·         Place

·         Age of the insured

·         Risk activities involved in the trip.

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

Location Of The Trip

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

Duration of the Trip

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

Age of Travelling Members

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

Reason of Journey

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

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

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

Car insurance comparison is an effective practice

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

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

Premiums

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

Online Comparison

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

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

Discounts

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

Claim Settlement

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