With the growing complexities, ever aspiring lifestyles, health hazards, risks, harsh weather conditions, unexpected nature’s fury, physical threats etc. the requirements of basic living conditions now stand as “Food, Shelter, Clothing and Insurance.” Yes, Insurance has become the most vital parameter in our day-to-day life in order to live a satisfied and relax lifestyle. One such way to get satisfaction into the minds and a sense of security for your future would be general insurance. General insurance is any insurance policy that secures personal misfortunes caused by accidents or other disasters. They simply protect people from future financial drawbacks due to uncertainties in life. Insurances companies greatly depend on this kind of policy in order to keep their business standing. Indian general insurance company sector which caters for individual and corporate clients has set a target of crossing Rs 1 trillion mark in annual premium income this fiscal, up from Rs 84,715 crore in 2014-15 and is eagerly looking forward to potential FDI inflows in 2015. For individuals’ customers the industry offers products like Car insurance, travel insurance, Health Insurance, accident insurance and home insurance. For SME's and Corporate Insurance clients industry offers customized insurance solutions encompassing insurance and risk consulting services such as Engineering Insurance, Liability Insurance, Marine Insurance, Property and Miscellaneous Insurance. Thus, we see how general insurances prove vital for many people and business verticals that depend on this policy for their every day protection. With the tough competition going on in the market, it is with no doubt that many companies are offering lucrative policies at rates lower than the others are. The article will guide you through common individual general insurance policies catered in everyday needs. General insurance company policies comprise of fire or property insurance, travel insurance, household insurance, automobile insurance, and health insurance. Health insurance policies are the most popular amongst them because people are afraid of getting ill and they are willing to pay great amounts to keep their health secured in case of illness. A suitable health insurance policy can guarantee you the best treatment for your disability or illness. It can even get you to the best hospitals with the best medical facilities. Having a good health insurance plan ensures an immense peace of mind and assurance that you can focus on the healing and recuperation of your loved ones, instead of financial worries. After health the next big purchase of your life is home. Just imagine one fine day your dream comes down like a pack of cards due to some natural calamity or any uncertainties occurring in your place of living. You will be shattered and totally broken. Your mind will freeze for a moment and heart will start howling. Well the best way to get prepared for such a kind of uncertainties and dangers striking at your doorstep would be getting your house insured. Getting a home insurance for your priceless dream involves long term investment and financial obligation. This kind of policy can include not only the home coverage by itself, but also for everything inside, and some outside structures of the house. An assessment is done to appraise the value of the integrity of your house. An auto insurance policy is also an important part of general insurance, and with the advent of online car insurance quotes, it's become an easier, quicker and hassle-free to buy one with loads of money to save on. Choose the policy as per your needs and requirement whether full coverage or a simple liability. The great thing about most auto insurance policies is that they can even cover third parties. However, comprehensive coverage depends on your premium or the amount specified on your existing policy. Be it for work or for pleasure, travelling can at times get risky and it is always wise to be prepared for unforeseen events. Having Travel Insurance protects you from all such threatening problems. It ensures that in the unknown place you are not left stranded in any kind of an emergency. Understanding general insurance company policies means knowing how to get one required for your specific needs. When getting any form of general insurance policy always consider major factors concerning your personal profile. These include your health, occupation, budget, credit history, and driving history etc. However, before finally deciding to get a policy, it is always best to consult an expert who can guide your way through selecting the best premiums for the best coverage. 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. Tags: General Insurance Source: http://economictimes.indiatimes.com/markets/stocks/policy/irda-proposes-to-change-option-general-insurance-companies-may-not-need-to-list-shares/articleshow/49152595.cms 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. Tags: General insurance, general insurance in India, general insurance companies in India, bajaj general insurance Source From: http://insuranceblog.asia/insurance-an-introduction/ Getting insured is the best protection that you can give yourself while travelling. Travel insurance prices vary depending on the type of insurance coverage you require. It generally depends upon factors like place of travel, number of people, baggage, and health issues while traveling etc. If you are traveling abroad, you may consider getting travel insurance and should be aware about what you will need to cover, such as medical, baggage, cancelled flights or emergency landings. While we often wish to cut-down the additional costs while travelling, the article gives you few tips to get the cheap travel insurance while buying a suitable travel policy. •Don’t just assume lump-sum amount for planning your travel policy. After all every penny matters and needs to be saved wherever possible. So, plan your insurance policy realistically, and think about the amount of coverage you will require. Many travel insurance companies will try to cover you for an unnecessary amount of money, so try to lower your amount of coverage to a realistic amount to save more money. •Consider looking into customized travel insurance policies if you are traveling as a family, are over 65 years old or you have a pre-existing medical condition. Family travel insurance is always cheaper compared to buying insurance for each individual. If you are over 65 years old, you could also be eligible for discount. A better way to buy cheap travel insurance. •Precaution is better than cure, it’s always better to read the fine prints and know exactly what your policy covers and the amount of your coverage. Make sure that you are not paying for anything that you do not need or want. •Whenever you’re in a situation to take any crucial decision while abroad it’s better to contact your travel insurance company and check if it’s not incurring unnecessary charges and affecting your policy. Before you seek medical attention in another country, cancel any part of your trip or pay medical bills, speak with your travel insurance company. •Keep all your travel insurance documents in a safe place and have them in a convenient place when you are traveling so that you can refer to them at any moment. If possible have a copy of each in your online account. •File the necessary claims as soon as possible along with all the relevant documents, so that you can be reimbursed quickly. •Online research is the best way to get cheap travel insurance. Do ample research and find out what kind of insurance you will need and the amount of coverage you need. Travel insurance will generally cover cancellations, lost baggage and medical expenses, so decide if it is in your best interest to get insurance and how much. •Try and speak to few different travel agents to get a quote on what they will charge you for travel insurance, and then do your own research using the internet to see if there are incurring any extra costs. There are many websites that offer travel insurance, and there are even websites that will compare quotes from various companies to help you find the best deal. •Decide whether you will need annual or single-trip travel insurance. Annual insurance is definitely one of the ways to cut down the additional costs. If you plan on traveling overseas often in a year, you may consider annual travel insurance because you may get cheap travel insurance deals. [Source: https://cheaptravelinsuranceindia.wordpress.com/2015/08/26/how-to-save-your-money-while-travelling-abroad/] While a lot of people think “I’m healthy, I don’t need travel insurance. I won’t get sick,” travel insurance is much than just medical protection. It covers you when your camera breaks, your flight is cancelled, a family member dies and you have to come home, or if something is stolen. It’s all purpose emergency coverage and is the single most important thing you should get but hope to never have to use. And, as it only costs a few dollars a day, you’re foolish not to get it. I never planned on falling in the sea in Italy with my camera or popping my ear drum in Thailand but I did and, if it wasn’t for my travel insurance, I would have been out a lot of money. Travel insurance is one of the most complex and confusing aspects of trip planning. With the myriad of plans and companies out there, people can easily get confused about what they should get and why. Given its importance and the amount of time it’s been since I last discussed it, I want to start the year by discussing it again. Travel insurance is something you absolutely need on the road. You never know what could happen, and most health plans don’t cover you overseas. I never thought I would pop my eardrum. My friend never thought he would break his leg hiking in New Zealand. A writer I know had to be helicopter out of the Amazon after he fell off a boat. Another friend didn’t think her father would die and she would have to fly back home. But all those things did and travel insurance was there when all those things happened. (My favourite travel insurance provider is World Nomads. They always have my back when something like the above happens.) I was recently in southern Africa for 3 weeks and my plan cost only $4 per day. Considering my domestic health plan wasn’t going to cover me while overseas, it was a small price to pay for knowing if I got attacked by a lion, bitten by a snake, or contracted malaria, I was protected. I would rather be safe than sorry and not be stuck with a giant hospital bill. But, like I said, it’s more than just medical care. Loose a bag? Insurance has you covered. Trip cancelled? Insurance is there. Get something stolen? Insurance is there too. Travel insurance has more than proved its worth many, many times. It’s the kind of thing you will be very thankful for when you need it but hope you never do. After all, you don’t want to end up like my friend who didn’t have insurance when her computer was stolen and had to pay out of pocket for a new one. Here is how to avoid getting a bad insurance plan and not be properly covered: What to look for in a great plan There are a lot of options out there. This is a billion dollar business and everyone wants their hand in the cookie jar, thus you face a mind-numbing number of choices that can be confusing and overwhelming. And, often, in the fine print, you’ll find that plans aren’t as good as you thought. When looking for a plan, first make sure they have a high coverage limit on your medical expenses. A good company will provide up to $100,000 in coverage care, though more expensive policies will cover you for higher amounts. The maximum coverage limit you can find is around $1,000,000 USD, though I’m not sure why you would ever need a limit that large. High coverage limits are important because if you get sick, injured, or need serious attention and have to seek professional care, you want to make sure your high hospital bills are covered. The worst thing you can do is go cheap and get a policy with a $20,000 coverage limit, break a leg, and reach that limit before they are done taking care of you. Don’t be cheap with your health. Get minimum coverage of $100,000. Second, you want to make sure your policy also covers emergency evacuation and care that is separate from your medical coverage. If you are hiking in the woods and you break your leg, your policy should cover your evacuation to the hospital. If a natural disaster occurs and you need to be evacuated to somewhere else, your plan should cover that as well. This protection should cover an expense of up to $300,000 USD. Additionally, evacuation also should mean from the hospital to your home country. Standard emergency evacuation usually includes this provision but it’s important you double-check a company will cover the cost of your flight back home if you need it. A great policy will always include the following provisions: Cover most countries in the world. Some coverage for your electronics (and have the option for a higher coverage limit). Cover injury and sudden illnesses. Twenty-four hour emergency services and help (you don’t want to call to be told to call back later). Cover lost, damaged or stolen possessions like jewellery, baggage, documents, cameras, etc. Cover cancellations such as hotel bookings, flight, and other transportation bookings if you have a sudden illness, death in the family, or some other emergency. Cover emergencies, strife in the country visited, etc., that cause you to head home early. Policies should include personal accident coverage. Have financial protection if any company you are using goes bankrupt and you are stuck in another country. Don’t get a policy that doesn’t cover these bullet points! A quick note on electronics: most companies only have a small limit, usually up to $500 USD, as part of their basic coverage. You can often buy supplemental insurance to get a higher amount of coverage. For instance, Clements Insurance offers special coverage for your electronics. Prices vary depending on the country you visit (between $145-195 per plan) but they don’t have worldwide coverage. You have to get coverage for your specific country. Moreover, many regular and home insurance companies such as State Farm offer plans that can help you cover your electronics. What isn’t covered is just as important as what is Know what is also not covered by your plan. Most policies do not cover accidents sustained while participating in extreme adventure activities such as hang gliding, paragliding, or bungee jumping unless you pay extra. The majority of companies won’t cover you if you injure someone on the road (called third-party liability). Policies do not normally cover alcohol- or drug-related incidents, or carelessness in handling your possessions and baggage. You won’t get reimbursed if the problem happened because you were reckless, and how “reckless” is defined is a matter up to each company. Simply put, if a reasonable person wouldn’t partake in what caused your accident, you won’t be covered. Moreover, you won’t be covered for pre-existing conditions or general check-ups. For example, if you have diabetes and need to buy more insulin, you won’t be covered. If you want to go see a doctor for a general check-up, you aren’t covered either. The medical portion of cheap travel insurance is more about emergency care than being a replacement for your normal health care. A lot of people purchase insurance thinking it is, then get disappointed when they find out they can’t go get an annual physical with it. Travel insurance is accident insurance. It is there to protect you in case of emergency and, if need be, get you home in a hurry. If you want a global health plan (because, say you now live in Beijing), you need a completely different type of plan. Making a claim If you make a claim, remember that any travel insurance company, no matter how good, is there to make money and will try to avoid paying out as much as they can. They are, after all, an insurance company and they don’t make money by paying out to every Tom, Dick and Harry. Be prepared to wait to receive your money because even the best companies drag their feet. In order to ensure that you do get paid your claim, make sure you have all your receipts, necessary forms, and proper documentation – all of it will help make your claim go through a lot quicker. Major travel agencies like STA Travel and Flight Centre also offer their own plans, though coverage is very limited. While I haven’t used them, many other travel writers I know recommend Medjet and IMG too. Another really good website is Insure My Trip. It compares policies from a number of providers and a wide range of policies at once. It’s like a global insurance search site! It lots of people have success on their site, and I especially like their high age limit as not enough companies cover seniors! My favourite insurance provider is World Nomads. I’ve been using them since I first started travelling in 2003 and use no one else. They are very reputable, and claims are quickly and fairly processed. I enjoy World Nomads for a number of reasons: I can purchase and renew my insurance policy online in a matter of minutes, they have a very friendly and responsive staff that answer questions and help solve problems via social media, have great customer feedback, and most importantly, they provide a lot of coverage at a good price. If there’s one company I would recommend, I would say go with them. Tags: Travel Insurance, Travel Insurance Online, Cheap Travel Insurance Source: https://insurancegeneralindia.wordpress.com/2015/07/27/how-to-buy-cheap-travel-insurance/ Generally, two in five of car insurance policyholders think about changing a policy or an insurance service provider when policy renewal time arrives. You can easily save some handsome amount of money only if you compare online motor insurance quotes. Below are few simple steps to get a better deal on vehicle insurance online: · Look for the Best Cover, Not for the Low Cost While comparing online quotes, people should be clear in mind that you are searching for the best plan and not just looking for the least expensive policy. Online comparison is the best way to get the best rate for the right plan that meets your needs. It shows which insurance products include extras. But, opt for the policy that gives high level of protection which you actually require. · Never Increase the Excess Growing your excess may make a car insurance policy affordable, but it can be risky. Hence, do not increase the excess to an amount insured would struggle to pay in the future. · Check Around Other Insurance Companies in India As not all insurance companies in India list their names on quotes comparison websites, so customers won’t be able to compare their products in single go. It can be worth getting a car insurance comparison quote from their website directly. · Add Someone to the Plan Including an additional driver especially a more experienced one to your vehicle insurance policy can surely bring the coverage cost down. But, do not mention him as the main driving person in a plan. · Stay Away From Assumptions, Be Sure! When a person is comparing online car insurance quotes offered by different insurance companies in India, he or she will definitely make some assumptions. But, it’s totally depending on you to make sure these assumptions are right. Carefully read the policy document so that you’re very much clear on what assumptions have been made. Tags:Car Insurance, Cheap Car Insurance, Compare Car Insurance, Car Insurance Online, Online Car Insurance, Car Insurance Comparison Source: https://insurancegeneralindia.wordpress.com/2015/07/24/5-steps-to-get-a-better-car-insurance-comparison-deal/ Now, insurance companies in India must understand women buyers and their needs related to health insurance coverage. It has been observed that females are only decision makers when it comes to the purchase of 55% of healthcare plans and are partly involved in case of the leftover 45%.
Generally, majority of women initiated the buying procedure and it shows their independent nature. It means that buying process of all med claim policies involve women. In fact, this trend is rapidly increasing since last three years. As per reliable reports, women are searching for higher sum insured. Growing stress level and changing standard of living among other factors have exposed women to developing various health problems. Health insurance claims related to maternity have seen a high percentage of claims across urban areas for women in the age group of 18-40 years. Today, people are very aware about the importance of med claim policies. There has been an increase in the overall trend of preferring a higher sum insured. In this situation, gender may not have an important role to play. People who live in metro cities opt for higher sum insured and family floater policies are being selected over individual healthcare plans. But, many women do not have a clear vision about health insurance plans because too many financial products in the market results to confusion. Usually, buyers believe that new born babies or in-laws are not insured under med claim policies. Insurers need to know that females have certain expectation about health coverage, including personalized services. Source: http://blog.policyboss.com/health-insurance/men-women-top-buying-health-insurance/ In today's times, travelling to a foreign country does not mean packing bags and flying off. Rather, the task has become complex as various arrangements need to be made such as foreign currency or changing one's telephone plan. The increasing instances of lost luggage, delayed flights and health complications have made the need for travel insurance must for a traveler. One has to get into finer details to know if their selection of travel insurance policy is right or not.
Extent of health coverage - Though all of the travel insurance policies cover for medical emergencies and other related expenditure, but a traveler should look for a policy that has a comprehensive or appropriate coverage to suit one's medical condition. Other inclusions - Most of the policies provide compensation for lost baggage and documents and flight delays, but specific inclusions such as covering disabilities or death as a result of accident while traveling are not part of all policies. A traveler should look for such inclusion if he is going on an adventure trip. On the other hand, leisure holidaying will not need such coverage. Global or specific region coverage - Cheap Travel insurance policies are of two types, that is, either they are applicable to travel across the globe or extend coverage to specific regions. In most cases, a global coverage is appropriate but if a traveler is sure of travelling to a certain region then a specific geographical coverage should suffice. Normally, insurance companies charge a higher premium for covering places that are categorized as high-risk. Hence, one should review and compare policies to save paying higher premiums. Pre-set coverage amount - A travel policy specifies a preset coverage amount that is allowed for each head. For example, a travel policy may specify maximum limit of upto $1000 on flight delay or $100,000 for health emergencies. One should try to get a coverage that will cover the maximum cost. Time of travel - If travel abroad is a frequent activity then one may consider buying an annual multi-trip policy. But, if it is just one-time affair in a year then a single trip policy will be good enough. Also, one should get a coverage that allows an extension of policy, if in case someone wants to extend the stay. Tags: Cheap Travel Insurance, Travel Insurance, Travel Insurance Online https://www.bajajallianz.com/Corp/general-insurance/general-insurance.jsp Source: https://insurancegeneralindia.wordpress.com/2015/07/13/things-to-look-before-you-buy-cheap-travel-insurance/ In today’s world, when treatment cost are rising every year and there have been advancements in new medical technologies in diagnostics and operatives, the cost of treatment has increased manifold over the years. In many cases, people admitted in hospital for a chronic disease such as cancer, liver cirrhosis (liver failure) or chronic kidney disease, end up losing not only their own saving but also the savings of the entire family.
For example, when Delhi was under the grip of swine flu, one of our insured, unfortunately, contracted the disease. Her bill went up to approximately 20 lakh. Without the backup of insurance policies, she would have need to sell his house to pay the hospital bills. In this article, we list some of the key reasons for buying health insurance early. Avail the Best Treatment Numerous corporate hospitals have sprung up, even in the smaller cities in India. These hospitals offer the best in class treatment, even in tier 3 cities. They offer facilities such as deluxe, VIP or president suite rooms, helicopter ambulance facility, latest operative techniques like robotic arms, stitch-less surgery, Pin Hole surgeries, etc. These facilities, in turn, have increased the cost of treatment exorbitantly. To avail the world-class treatment with the best of facilities and all the luxuries, people belonging to the middle and upper class should take health insurance. So when the person, who is getting admitted in hospital, has health insurance with higher sum insured, possibly more than 10 lakh, he can enjoy the best of the room facilities. There are many health insurance that offer OPD facilities, such as Health Care Supreme from Bajaj Allianz. With these high OPD plans, you can avail up to Rs.25000 of OPD treatment in a year without any issues. Avail Benefit of Alternate Therapies With health insurance, you can enjoy the benefits of alternate treatment such as Ayurveda and Homeopathy. Many people prefer Ayurveda and Homeopathy treatment at OPD level. However, to avail alternate treatments, they need spend money out of their pocket. With newer insurance plans, such as Bajaj Allianz Health Care Supreme, these expenses are also taken care off. You can enjoy alternate treatment anywhere in the country. Get Tax Saving Benefits Tax saving today has become necessary to avoid paying heavy taxes if you are in higher income slabs. Since the premium paid in health insurance is 100% rebatable under section 80D of the Income Tax Act, you can save taxes also while buying health insurance. Get Loyalty Benefits When you buy a policy with an insurance company early on, you become a loyal customer with that insurance company as time passes. Companies start considering you as their priority customer, especially if you haven’t claimed for a long period of time. This allows you to enjoy a number of benefits. For example, when you file for claims, they are settled on priority. Get Wellness Benefits Wellness benefits are a game changer these days for many insurance companies. The focus is on wellness activities for the clients such as holding health checkup camps by teaming up with big brands, offering free Yoga classes and a bouquet of facilities at highly discounted price such as gym membership, Panchakarma treatments, dental treatments, doctor on call, etc. There are different types of health insurance policies to suit individual needs. To find the best cover for yourself, check out our health insurance plans. Tags: health insurance comparison, health insurance in india, health insurance india, health insurance policies in india, health insurance for parents, health insurance policies for senior citizens, what is health insurance. Source: https://insurancegeneralindia.wordpress.com/2015/07/09/5-reasons-to-buy-health-insurance-before-you-turn-30/ |
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