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LIFE INSURANCE HEALTH INSURANCE VEHICLE INSURANCE
FACILITATE VACCINATION : IRDAI TO INSURANCE COMPANIES
Dated 21.03.2021 : Insurance Regulatory and Development Authority of India ( IRDAI ) has instructed all insurance companies in India to make special arrangements and facilitate all eligible insurance policy holders for group vaccinations or individually either at government facilities or at private hospitals as per options of the policy holders . They have also asked insurance companies to make similar arrangements to their own employees too .
Presently persons aged 60 and above or persons aged 45 and above with co-morbidities are eligible for the vaccination . Vaccinations are available free at Government hospital or at private hospitals for a fee of Rs 250 .
IRDAI has also requested all insurance companies to join the national effort and to give wide publicity about the vaccination programme of the government.
To read IRDAI instruction dated 19.03.2021 , CLICK HERE
Dated 21.03.2021 : Insurance Regulatory and Development Authority of India ( IRDAI ) has instructed all insurance companies in India to make special arrangements and facilitate all eligible insurance policy holders for group vaccinations or individually either at government facilities or at private hospitals as per options of the policy holders . They have also asked insurance companies to make similar arrangements to their own employees too .
Presently persons aged 60 and above or persons aged 45 and above with co-morbidities are eligible for the vaccination . Vaccinations are available free at Government hospital or at private hospitals for a fee of Rs 250 .
IRDAI has also requested all insurance companies to join the national effort and to give wide publicity about the vaccination programme of the government.
To read IRDAI instruction dated 19.03.2021 , CLICK HERE
IRDAI WARNS AGAINST UNLICENCED INSURANCE SELLER IN BENGALURU
Dated : 13.02.2021 : Insurance Regulatory and Development Authority of India ( IRDAI ) has warned general public , through a press release , about a Bengalure based Insurance seller “DIGITAL NATIONAL MOTOR INSURANCE” operating from #DNMI co. ltd. Portal Office, Krishna Raja Puram, Insurance Info Building, Devasandra, Bangalore – 560036 having website https://dnmins.wixsite.com/dnmins and email id [email protected] . IRDAI says the said company has been selling insurance policies, although it has not been licensed or granted registration by the Authority to sell insurance policy of any kind. The Authority has cautioned the Public not to make any transaction related to insurance business with M/s DIGITAL NATIONAL MOTOR INSURANCE.
To read the press release dated 11.02.2021 , CLICK HERE
Dated : 13.02.2021 : Insurance Regulatory and Development Authority of India ( IRDAI ) has warned general public , through a press release , about a Bengalure based Insurance seller “DIGITAL NATIONAL MOTOR INSURANCE” operating from #DNMI co. ltd. Portal Office, Krishna Raja Puram, Insurance Info Building, Devasandra, Bangalore – 560036 having website https://dnmins.wixsite.com/dnmins and email id [email protected] . IRDAI says the said company has been selling insurance policies, although it has not been licensed or granted registration by the Authority to sell insurance policy of any kind. The Authority has cautioned the Public not to make any transaction related to insurance business with M/s DIGITAL NATIONAL MOTOR INSURANCE.
To read the press release dated 11.02.2021 , CLICK HERE
THREE NEW STANDARD POLICIES INTRODUCED BY IRDAI
05.01.2021 : IRDAI has now issued guidelines whereby the Standard Fire and Special Perils (SFSP) Policy provided for in the erstwhile AIFT 2001 will be replaced by the following standard products . They are to be mandatorily offered by all general insurers carrying on Fire and allied perils insurance business with effect from 1st April, 2021.
1. Bharat Griha Raksha (meant for Home Building and Home Contents)
2. Bharat Sookshma Udyam Suraksha (meant for enterprises where the total value at risk is upto Rs. 5 Crore) .
3. Bharat Laghu Udyam Suraksha (meant for enterprises where the total value at risk is more than Rs. 5 Crore and upto Rs. 50 crore)
HIGHLIGHTS OF THE PRODUCTS
For details of the Press release of IRDAI dated , 04.01.2021 , CLICK HERE
05.01.2021 : IRDAI has now issued guidelines whereby the Standard Fire and Special Perils (SFSP) Policy provided for in the erstwhile AIFT 2001 will be replaced by the following standard products . They are to be mandatorily offered by all general insurers carrying on Fire and allied perils insurance business with effect from 1st April, 2021.
1. Bharat Griha Raksha (meant for Home Building and Home Contents)
2. Bharat Sookshma Udyam Suraksha (meant for enterprises where the total value at risk is upto Rs. 5 Crore) .
3. Bharat Laghu Udyam Suraksha (meant for enterprises where the total value at risk is more than Rs. 5 Crore and upto Rs. 50 crore)
HIGHLIGHTS OF THE PRODUCTS
For details of the Press release of IRDAI dated , 04.01.2021 , CLICK HERE
BHARAT GRIHA RAKSHA POLICY
A policy that covers insurance for houses & house contents with personal accident insurance
The Bharat Griha Raksha policy offers cover against a wide range of perils, namely Fire, Natural Catastrophes (Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood, Inundation, Earthquake, Subsidence, Landslide, Rockslide), Forest, Jungle and Bush fires, Impact Damage of any kind, Riot, Strike, Malicious Damages, Acts of terrorism, Bursting and overflowing of water tanks, apparatus and pipes, Leakage from automatic sprinkler installations and Theft within 7 days from the occurrence of any of the aforesaid events.
Besides offering coverage for the Home Building, the policy covers General Home Contents automatically (without any need for declaration of details) for 20% of the Sum Insured for the Building subject to a maximum of Rs.10 lakhs. One can also opt for a higher Sum Insured for general contents by declaring the details.
The policy offers two optional covers, namely – Insurance for Valuable Contents like jewellery and curios. & Personal Accident of the insured and spouse due to an insured peril under the policy.
The policy gives complete waiver of underinsurance. In other words, if the Sum Insured declared by a policyholder is less than what ought to have been declared for the property in question, the policyholder’s claim will not be settled proportionately but up to the Sum Insured that is declared.
The Bharat Griha Raksha policy offers cover against a wide range of perils, namely Fire, Natural Catastrophes (Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood, Inundation, Earthquake, Subsidence, Landslide, Rockslide), Forest, Jungle and Bush fires, Impact Damage of any kind, Riot, Strike, Malicious Damages, Acts of terrorism, Bursting and overflowing of water tanks, apparatus and pipes, Leakage from automatic sprinkler installations and Theft within 7 days from the occurrence of any of the aforesaid events.
Besides offering coverage for the Home Building, the policy covers General Home Contents automatically (without any need for declaration of details) for 20% of the Sum Insured for the Building subject to a maximum of Rs.10 lakhs. One can also opt for a higher Sum Insured for general contents by declaring the details.
The policy offers two optional covers, namely – Insurance for Valuable Contents like jewellery and curios. & Personal Accident of the insured and spouse due to an insured peril under the policy.
The policy gives complete waiver of underinsurance. In other words, if the Sum Insured declared by a policyholder is less than what ought to have been declared for the property in question, the policyholder’s claim will not be settled proportionately but up to the Sum Insured that is declared.
BHARAT SOOKSHMA UDYAM SURAKSHA POLICY
Bharat Sookshma Udyam Suraksha: USEFUL FOR MSME SECTOR
The policy provides cover for the Building/Structures, Plant and Machinery, Stock and other assets of enterprises where the total value at risk across all insurable asset classes at one location is upto Rs. 5 Crore. This policy too offers cover against a wide range of perils, quite similar to the policy meant for Dwellings.
The policy has several in-built covers in addition to the basic coverage—Cover for alterations, additions or extensions, Cover for stocks on a floater basis, Cover for temporary removal of stocks, Cover for Specific Contents, Cover for start-up expenses (following a loss), Cover for payment of professional fees for Architects, Surveyors and Consulting Engineers, Cost for removal of debris and Costs compelled by Municipal Regulations.
The policy can be taken by micro level enterprises such as offices, hotels, industries, storage risks and so on.
The policy waives underinsurance to the extent of 15%.
The policy provides cover for the Building/Structures, Plant and Machinery, Stock and other assets of enterprises where the total value at risk across all insurable asset classes at one location is upto Rs. 5 Crore. This policy too offers cover against a wide range of perils, quite similar to the policy meant for Dwellings.
The policy has several in-built covers in addition to the basic coverage—Cover for alterations, additions or extensions, Cover for stocks on a floater basis, Cover for temporary removal of stocks, Cover for Specific Contents, Cover for start-up expenses (following a loss), Cover for payment of professional fees for Architects, Surveyors and Consulting Engineers, Cost for removal of debris and Costs compelled by Municipal Regulations.
The policy can be taken by micro level enterprises such as offices, hotels, industries, storage risks and so on.
The policy waives underinsurance to the extent of 15%.
BHARAT LAGHU UDYAM SURAKSHA POLICY
- Bharat Laghu Udyam Suraksha: USEFUL FOR MSME SECTOR
This policy provides cover for the Building/Structures, Plant and Machinery, Stock and other assets of enterprises where the total value of risk across all insurable asset classes at one location exceeds Rs.5 Crore but does not exceed Rs. 50 Crore at the policy commencement date. The range of perils against which insurance is offered is similar to the policy meant for micro level enterprises. This policy too has all the in-built covers that the policy for micro level enterprises has.
The policy, again, can be taken for all types of risks such as offices, hotels, industries, storage risks and so on.
COVID 19 AND INSURANCE RENEWAL
Dated 21.03.2020 : As the world in the grip of panic of COVID-19 and India not an exception , social distancing and avoidance of crowd has become necessary . In such a scenario , many of the insurance companies have closed some of their branches or working on minimum staff with reduced working hours with a view to protect their staff and customers from the virus. . Such notices are being received by the general public also . Insurance companies are requesting to use their on-line facilities to complete customer transactions .
In order to help our readers to make on-line contact with their insurance companies and make on-line payment of premium , we have a complete list of insurance companies in India with links to their websites . As many would have taken insurance policies at the end of financial years earlier , due dates for renewal would also fall in the next ten days . Our readers may utilize the links below :
For list of LIFE INSURERS , CLICK HERE For the list of HEALTH INSURERS , CLICK HERE
For the list of General Insurers , CLICK HERE
Dated 21.03.2020 : As the world in the grip of panic of COVID-19 and India not an exception , social distancing and avoidance of crowd has become necessary . In such a scenario , many of the insurance companies have closed some of their branches or working on minimum staff with reduced working hours with a view to protect their staff and customers from the virus. . Such notices are being received by the general public also . Insurance companies are requesting to use their on-line facilities to complete customer transactions .
In order to help our readers to make on-line contact with their insurance companies and make on-line payment of premium , we have a complete list of insurance companies in India with links to their websites . As many would have taken insurance policies at the end of financial years earlier , due dates for renewal would also fall in the next ten days . Our readers may utilize the links below :
For list of LIFE INSURERS , CLICK HERE For the list of HEALTH INSURERS , CLICK HERE
For the list of General Insurers , CLICK HERE
WHAT IS INSURANCE ?
Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss during specific time period agreed . It is an expense required to protect future and have peace of mind today . It is a risk management device used as a part of prudent financial planning , investment vehicle and tax saver .
An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. The transaction involves the insurer paying or agreeing to pay premium at the agreed interval to the insurer in exchange for the insurer's promise to compensate the insured an amount agreed up on or to make good the loss fully or partially in the case of a financial loss. The insured receives insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The insurance policies are issued for specific time periods during which period only risks are covered . Policies will have an option to renew them on maturity on payment of fresh premium . There are various insurance companies specializing in particular types of risk coverage . In India , insurance companies are regulated by Insurance Regulatory and Development Authority of India ( Website https://www.irda.gov.in/ ) .
An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. The transaction involves the insurer paying or agreeing to pay premium at the agreed interval to the insurer in exchange for the insurer's promise to compensate the insured an amount agreed up on or to make good the loss fully or partially in the case of a financial loss. The insured receives insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The insurance policies are issued for specific time periods during which period only risks are covered . Policies will have an option to renew them on maturity on payment of fresh premium . There are various insurance companies specializing in particular types of risk coverage . In India , insurance companies are regulated by Insurance Regulatory and Development Authority of India ( Website https://www.irda.gov.in/ ) .
WHAT ARE BENEFITS OF INSURANCE ?
Insurance provides peace of mind by taking care of the contingent risks associated ownership or activity . Additionally, in some cases, people or businesses are required to have certain types of insurance in order to protect others. An insurance policy pays you or the designated recipient when a covered loss is realized.
WHAT ARE MAJOR TYPES OF INSURANCE ?
There are separate types of policies available for each type or group of risks . Some of the popular types of policies are :
1. LIFE INSURANCE 2. HEALTH INSURANCE 3. VEHICLE INSURANCE 4. FIRE INSURANCE
Other types of insurance are Travel insurance , House Holder's policy , Project insurance
1. LIFE INSURANCE 2. HEALTH INSURANCE 3. VEHICLE INSURANCE 4. FIRE INSURANCE
Other types of insurance are Travel insurance , House Holder's policy , Project insurance
INSURANCE CLAIM CAN'T BE REJECTED FOR DELAY IN CLAIMING : SUPREME COURT
Dated 11.10.2017 : In a recent judgement in a case of insurance claim on account of theft of a vehicle , Supreme Court said that claim cannot be rejected on technical ground of delay in submission of claim , if claimant explains satisfactorily reason for such delay . Supreme Court bench opined that such rejection purely on technical ground will result in loss of confidence in insurance industry . It also stated " It will not be fair and reasonable to reject genuine claims which already been verified and found correct by investigators "
The case pertained to appeal by Mr Om Prakash against Reliance General Insurance co Ltd and court ordered to pay the claim amount already approved by the investigator .
Dated 11.10.2017 : In a recent judgement in a case of insurance claim on account of theft of a vehicle , Supreme Court said that claim cannot be rejected on technical ground of delay in submission of claim , if claimant explains satisfactorily reason for such delay . Supreme Court bench opined that such rejection purely on technical ground will result in loss of confidence in insurance industry . It also stated " It will not be fair and reasonable to reject genuine claims which already been verified and found correct by investigators "
The case pertained to appeal by Mr Om Prakash against Reliance General Insurance co Ltd and court ordered to pay the claim amount already approved by the investigator .
Now you can have all your insurance policies in demat way , by having e-Insurance account and it eliminates burden of carrying and safeguarding physical policies . To know more about it , CLICK HERE
BASICS OF INSURANCE
LIFE INSURANCE
Life insurance provides a monetary benefit to a nominee or legal heirs in case of death of policy holder during the period of policy . Though it is called Life Insurance , it actually covers financial loss of the family on the death of its breadwinner who is insured . The premium for an insured amount primarily depends up on the age of policy holder at the time of taking up the insurer . There are policies which pay an assured maturity amount at the end of the policy period or in between at specific intervals to the policy holder if death does not take place during the period . To encourage people to take insurance policies , Government of India allows certain benefits to the policy holders in form income tax exemption . In India , there are both public sector and private sector life insurers . As life insurer covers the risks for a long period , one has to be diligent about the h Often policies also cover Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.
For further details , visit page LIFE INSURANCE
Life insurance provides a monetary benefit to a nominee or legal heirs in case of death of policy holder during the period of policy . Though it is called Life Insurance , it actually covers financial loss of the family on the death of its breadwinner who is insured . The premium for an insured amount primarily depends up on the age of policy holder at the time of taking up the insurer . There are policies which pay an assured maturity amount at the end of the policy period or in between at specific intervals to the policy holder if death does not take place during the period . To encourage people to take insurance policies , Government of India allows certain benefits to the policy holders in form income tax exemption . In India , there are both public sector and private sector life insurers . As life insurer covers the risks for a long period , one has to be diligent about the h Often policies also cover Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.
For further details , visit page LIFE INSURANCE
HEALTH INSURANCE
Health insurance policies cover medical expenses in general and hospitalization in particular . Insurance policies may cover certain percentage of actual expenses or a fixed amount agreed on onset of a particular disease or hospitalization . Premiums are collected annually or in regular intervals . Some insurers will pay directly to the hospitals under the policies promising “ Cashless “ cover and hence it is suffice for the insured to show the insurance card issued by the insurer for getting treatment .
Premium paid under health insurance are tax exempted under section 80D of Income Tax act of India .
For further details visit page HEALTH INSURANCE
Health insurance policies cover medical expenses in general and hospitalization in particular . Insurance policies may cover certain percentage of actual expenses or a fixed amount agreed on onset of a particular disease or hospitalization . Premiums are collected annually or in regular intervals . Some insurers will pay directly to the hospitals under the policies promising “ Cashless “ cover and hence it is suffice for the insured to show the insurance card issued by the insurer for getting treatment .
Premium paid under health insurance are tax exempted under section 80D of Income Tax act of India .
For further details visit page HEALTH INSURANCE
READ OUR ARTICLES ON TOPICS IN HEALTH INSURANCE
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CLICK HERE TO READ
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HOUSEHOLDERS’ POLICY
Householders policies generally cover both the houses you own and contents in the house as well as accidents that may take place . The risks covered generally are theft , burglary , damages caused to house and its content for many reasons like fire n accidents etc .
Householders policies generally cover both the houses you own and contents in the house as well as accidents that may take place . The risks covered generally are theft , burglary , damages caused to house and its content for many reasons like fire n accidents etc .
VEHICLE INSURANCE
Vehicle insurance or Motor insurance covers the insured against damage to the vehicle insured and pays for third party liability determined by courts against the insured as owner of the vehicle . The third party insurance is a must as per law .
For details visit page VEHICLE INSURANCE
Vehicle insurance or Motor insurance covers the insured against damage to the vehicle insured and pays for third party liability determined by courts against the insured as owner of the vehicle . The third party insurance is a must as per law .
For details visit page VEHICLE INSURANCE
TRAVEL INSURANCE
Travel insurance policies cover risks involved while travelling . Bormal policies cover the travel within the country and special policies are to be obtained for overseas travel . these policies are useful especially for those who travel often . Individual policies can also be obtained for a single specific overseas travel . Normally policies cover accidents during travel , medical emergencies while travel , baggage theft , loss of passport , purse etc or delays in air travel .
Travel insurance policies cover risks involved while travelling . Bormal policies cover the travel within the country and special policies are to be obtained for overseas travel . these policies are useful especially for those who travel often . Individual policies can also be obtained for a single specific overseas travel . Normally policies cover accidents during travel , medical emergencies while travel , baggage theft , loss of passport , purse etc or delays in air travel .
GENERAL TIPS FOR MANAGING INSURANCE
Insurance is a necessary expenditure . It gives you peace of mind. Hence insure all the risks you anticipate in your life.
Correctly assess the replacement value of the risks you fear and insure for full amount .
Do not over insure or under insure the value . If you over insure , you will get what is actual value of loss less reductions mentioned in the policy and you would have paid extra premium . . If you under insure , there will be substantial reduction on your claim .
Give factual position of your self and properties to be insured . Any wrong information may cause delay and dishonor of your claim .
Check the credentials of the insurance agent before you entertain him / her . Insurance agents may mis- sell policies and beware of the fact they work for a commission . Hence there may be a tendency to rush you to a particular policy or company . Take your time to decide.
First decide what is your requirement of insurance . Discuss with the insurance agent you trust . Go on line and find products suited for you from various companies. View the reputation of insurance company in settling the claims . Get quotes from the companies from whom you are ready to buy . Compare the premiums , terms and conditions . Finally you decide .
There are portals available for exclusively comparing insurance products . Utilise them . But remember they may compare only few products from few companies . Hence you may visit various portals of insurance companies themselves for wider choice . Even if you are dealing with your insurance agent direct , information you gather on line will help you to get reduction of premium from the agent .
Time spent on understanding insurance policies you want to buy is worth it as you are buying peace of mind for a long time .
Dairaise the Due dates and pay before the date to avoid penalties / risks . You can give instruction to your banker to make payment before due date or you can give mandate to insurance company to make ECS Claim .
Insurance is a necessary expenditure . It gives you peace of mind. Hence insure all the risks you anticipate in your life.
Correctly assess the replacement value of the risks you fear and insure for full amount .
Do not over insure or under insure the value . If you over insure , you will get what is actual value of loss less reductions mentioned in the policy and you would have paid extra premium . . If you under insure , there will be substantial reduction on your claim .
Give factual position of your self and properties to be insured . Any wrong information may cause delay and dishonor of your claim .
Check the credentials of the insurance agent before you entertain him / her . Insurance agents may mis- sell policies and beware of the fact they work for a commission . Hence there may be a tendency to rush you to a particular policy or company . Take your time to decide.
First decide what is your requirement of insurance . Discuss with the insurance agent you trust . Go on line and find products suited for you from various companies. View the reputation of insurance company in settling the claims . Get quotes from the companies from whom you are ready to buy . Compare the premiums , terms and conditions . Finally you decide .
There are portals available for exclusively comparing insurance products . Utilise them . But remember they may compare only few products from few companies . Hence you may visit various portals of insurance companies themselves for wider choice . Even if you are dealing with your insurance agent direct , information you gather on line will help you to get reduction of premium from the agent .
Time spent on understanding insurance policies you want to buy is worth it as you are buying peace of mind for a long time .
Dairaise the Due dates and pay before the date to avoid penalties / risks . You can give instruction to your banker to make payment before due date or you can give mandate to insurance company to make ECS Claim .
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ARTICLES ON
INSURANCE LIFE INSURANCE HEALTH INSURANCE VEHICLE INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
ARTICLES ON
INSURANCE LIFE INSURANCE HEALTH INSURANCE VEHICLE INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
