Know Limits and Restrictions Levied in the Health Insurance

While buying a plan from a particular insurance company, most of the buyers look only into minimum premium plan with less focussing on the coverage features. Sometimes buyer is too pushy to get lesser premium from the insurer or the insurer did it to reduce their loss. This may result in no benefit of coverage or wastage of the policy. And it would experience the policyholder during medical emergency.

Here are limits and restrictions levied in the health insurance:

1)   Daily-wise Cash Limit

Insurers talk about lots of cash benefits at the time of purchasing policy, but there is limit set on daily basis. Policyholder should also make sure this limit.

2)   Sub-limit Set for Disease and Procedure

Health insurance policy also has some limit set for the disease and other procedure. So policyholder must aware of the coverage set for this benefit. At the time of buying insurance policy, if customer wants to get more coverage, they may select plan with more add-on options.

3)   Hospital Room Rent Limit

If the customers are not aware of the coverage include in the health insurance policy, they have to pay some or full percentage of bill amount. Make sure the coverage plan and select with this coverage option.

4)   Co-pay

The policy plan, discussed at the time, may talk about coverage of all health factors. This may sound attractive but later customers have to pay some or maximum percentage of total bill. So one should take care while purchasing the policy and should read all the benefits and coverage mentioned in the document.

5)   Geographic Restrictions

Some insurers cover only some particular geographic area and deny offering coverage in other area or territory to reduce premium. This can cause severe issues in case if any family member or loved one is in another geographical region. Customers are not aware of such kind of restriction. They have to make sure about such term.

6)   Renewable Age Limit

Insurers also offer renewal for lifetime, which may be a doubtful term for the customers. They should clear the term at the time of renewable.

IRDA - Guidelines on Standardization in Health Insurance

Are Private Sector Insurers as Trustworthy as Public Sector Insurers?

We Indians think at least twice before purchasing insurance from a private company. We fear insuring our risks with a private insurer and select public insurer with blind trust.

But what will you do if Private Insurers provide better policy plan than trusted public sector insurers?

Today, private insurers are emerging in the Indian market rapidly and provide best suit services to the customers with trusted services. The reasons behind being trusted of private insurers are:

1)   All private and public sector insurance companies are regulated by the IRDA

All the insurance companies operating in India are organized by Insurance Regulatory and Development Authority of India (IRDA). So all the insurance companies (Private and Public Sector) are followed IRDA guidelines.

2)   All the insurers have the IRDA guideline to start a company, without which company can’t run

IRDA has set a fixed amount to set up a company. To start company, an insurer has to deposit Rs. 100 crore with IRDA. Such big amount makes well-reputed companies to enter in this field. This insures that all the companies are trustworthy. The amount of Rs. 100 crore can vary now.

List of IRDA Approved Life Insurance Companies in India

3)   All private and public insurers must sustain a creditworthiness side (Solvency Margin)

Each insurance company has to maintain Solvency Margin (the excess expanse of resources that an insurer must retain over its liabilities). This is because if an insurer’s liability rises suddenly; the insurer will have sufficient assets to pay off this sudden rise. In case, even if the insurer can get bankrupted, claims can be paid off by this insurer. Also, if the insurer is not able to retain this solvency margin, the company will enable to pay Reserve Bank of India (RBI) to reimburse the affected customers.

For example: For each Rs. 10 insured, insurer has to maintain Rs. 15

4)   Companies can’t close because of the Merger Clause

IRDA has a strict guideline for the insurance company. According to the Merger Clause, a company cannot shut down sustainably. The company has to merge with another company. The insurance company can’t faith to run away leaving its customers in the trouble.

These above mentioned factors indicate that insurer whether private or public with the finest policy will not make off with your money. The IRDA will insure this.

However, if you have faced any kind of issues (with public or private insurer), you can complaint to consumer forums, courts or insurance regulatory.

How to Opt for a Safe Insurance Company?

Insurance company is the one which pays out insurance claims for the major loss or damage. The insurer gives the complete support when a person needs the financial help the most. If this does not exist, you won’t have the financial backup to pay your medical bills, coverage of baggage lost, to replace accessories or replacement of car in case of automobile accident, or to make the home again in case of natural/manmade disasters.

To opt for a safe insurance company that helps in our emergency, we have to do some research below:

How to Select an Insurance Company?

However it is difficult to analyse that which insurance company is best for you or not, but you can collect some factors to make sure that opting this company is safe for you. First, decide the insurance provider for one year at a time. Inspect economic grade, read recent updates and news about the insurance industry and analyse trends in share stock of the company you are looking for:

•    Inspecting Financial Ratings:

Inspect financial ratings from the department of state for the particular insurance company. Financial rating ranges from A++ to F, which are similar to report card. Upper ratings A++, A+, A and B are good. Others ratings show the low status of the insurance company. There is also “S” rating for the company, which shows that the company is no longer financially strong. 

•    Up-to-Date News about the Insurance Industry:

Read current and up-to-date news related to current insurance trend. Also explore the various news and reviews related to financial problems, complaints and failure to pay claims record.

•    Observing Stock and Share Market Trends:

Observe current stock and share market trend of the particular company with other competitive companies. Browse online websites such as moneycontrol.com or many other NSE and BSE sites to investigate the situation. Check the trend from 6 months to 5 years. If the graph is increasing, you can opt for the company.

Check Out the Complaint Status

Even if the company is financially stable or the stock status is high, it doesn’t mean that the company pays money for your claim. Check the number of complaints done for that company and claim settlement ratio. This will help to select best one for you.

Insurance Policies Every Human-being Must Have

Tips to Analyse the Insurance Company

Use your own inspection at your level is the best way to identify the status of the company. Some enquiry below helps you about the satisfaction with the insurer:

• Are you satisfied with the customer support provided by the insurance company?
• If you ever asked for a claim settlement, how quick the process for claim settlement is given by the insurer?
• Is your premium plan best? Have you ever compared competitive plan from other insurer? Is this plan best-suited for you?
• Do you know other people, who have best experience with the insurer? Talk to them to know complete information.

Get Online Help

Internet is the best and fast choice to find out the status of the company. Now-a-days, many insurance service providers are available online, provides competitive premium plan free and choice of buying policy online in a few clicks.

Top Car Insurance Policy Plan for Retired Person in US

Driving a car at the age of 50 or above is viewed as more risky than teenage. So they also preferred automotive insurance. However, getting insured at the retired or senior age is a cumbersome process. Here is a checklist of top insurers in US, provides Car Insurance for Retired or Senior Persons:

American Association of Retired Persons (AARP)

Established in 1958, AARP is one of the leading membership and interest group in United States with the program running in 35 states. The company runs its own program of Automotive Insurance for senior citizens and retirees (the people who are having fixed income). Factors calculating the insurance consideration include married status, live in a low crime area and a good driving record. AARP plans come with minimum premium plans, negligible deductible and accident compassion.

The company will give insurance policy with the eligibility to renew throughout lifetime until a person is retaining a valid driver’s license.

Get more information at AARP

American Automobile Association (AAA)

Originated in 1902, AAA is one of the oldest companies of motor clubs throughout North America. The company provides car insurance as well as wealth of resources, which are available to seniors and retirees.

Discounts are available for those having age of 50 or above with a good driving record. Other beneficiary features include training course to improve driving, providing information of licensing law.

Get more information at AAA

Government Employees Insurance Company (GEICO)

CEICO is the second biggest insurance company after State Farm, headquartered in Chevy Chase, Maryland. The company delivers the car insurance at very low rates for the people of age 50 or older.

The company delivers surplus benefits in insurance for the military and federal government employees. It also offers the benefits for those who had a good driving record of more than five years and has completed defensive driving course.

Get more information at GEICO

Allstate

The company is one of the biggest personal lines insurers in US, headquartered in Northbrook, Illinois, US. Allstate offers discounted benefits for the people of age 55 or above having good driving record. As per the company, if a person has no full-time employment or in future no plan, a 10% of discount is automatically offered to that one.

Get more information at Allstate

United Services Automobile Association (USAA)

The company offers top insurance services for the retired or seniors. USAA serves military members and their families since 1922, is a Texas-based fortune. Other benefits such as swift roadside assistance packages and safe & good driving record etc. are also offered at the company.

Get more information at USAA

Insurance Policies Every Human-being Must Have

What is Insurance?

Insurance is a convention between the insurer (the insurance service provider) and insured (the insurance policyholder). In this, the insurer commences to pay the insured a fixed amount (called premium) for handling of certain happenings such as vehicle damage/loss, health issues, problems in travelling to other location etc. Through insurance, every policyholder gets compensation of the actual loss when it takes place due to the risk insured.

Here is a list of Insurance policies; every human-being should consider in his/her life:

1)  Long-Term Disability Insurance

Keeping an attitude that “nothing will happen to me or my family” is simply not a good idea. Instead, choosing Long-Term Disability Insurance to continue your smooth lifestyle is a smart decision.

This insurance takes care of a person from loss of income in order to continue same living lifestyle, if policyholder is unable to work due to illness, injury, or accident for a long period of time.

2)  Life Insurance

The insurance gives financial protection coverage for those who are dependent on the person. This must-have policy secures parents, spouse, children or other loved ones financially, if a person has met with any disaster term (for example Death).

Life Insurance is the policy that will replace the income and give complete support in case of unfortunate demise.

Get a detailed list of IRDA approved Life insurers, contact person and number.

3)  Motor Insurance

Motor insurance is also required in most cases. This is what a person should not skip. If a person has met with an accident, and is injured or their property is damaged, person could be a subject to a lawsuit that could possibly cost everything you own.

4)  Health Insurance

Now-a-days, high cost of hospitality care is the reason enough to buy health insurance as essential.  A simple visit of the doctor at home results in a hefty bill. More serious health issues charging hospital stay will cost a major financial loss. Even operations require five-figure bucks.
Health Insurance takes care of such cases mentioned above.

5)  Travel Insurance

Traveling is the normal thing for everyone. For official purpose or some other reason, person has to move repeatedly. While travelling, unwanted tragedy such as checked-in baggage loss, medical emergencies, trip cancellation or some interruption may cause major issues. Travel insurance secures us from such problems.

Buy Policy carefully

In market, various types of insurance policy are available having different advantages, features and prices.  Add-ons are also available with each policy plan. One should buy carefully.

It is advisable to read the policy plan and contact insurance agent to be certain that you understand the coverage and the cost. Make sure that the policy you are purchasing fulfils your requirement and don’t sign on the papers until you are satisfied with your plan.

List of World’s Top 5 Insurance Companies

The term “Insurance” helps in securing us and our circumstances in the exact way as the quote suggests. We human beings face many types of risk such as falling sick, facing problems in travelling, suffering due to man-made or natural disasters, met with an accident, loss or damage own assets etc.

People who face all these forfeiture are not only suffered physically or mentally but also hurt financially. The Insurance is the way of being prepared for the worst condition, which gives surety of coverage of economic part.

Here is the list of top 5 world’s largest companies prepared on the basis of various factors include market capitalization, premium collections etc.

1)  AXA

Being one of the world’s largest insurance groups, AXA is spread over 103 million customers across 64 countries. The company deals in Life & Saving, Asset Management, Investments, Life Insurance, Property and Casualty Insurance businesses. With employees’ strength of approximate 166 K, the insurance firm is serving with customer-centric solutions.

Headquartered in Paris, AXA is present across Asia Pacific, Africa, Europe, Africa, North America, Middle East etc. As per the fiscal year 2015, AXA Group has stated total revenue of €99 billion.

Click AXA Group to know more information.

2)  Zurich Insurance Group

Headquartered in Switzerland, Zurich Insurance Group was established in 1872. The company is serving as both globally and locally in more than 170 countries. Products include Car Insurance, Home Insurance, General Liability, Life Insurance and Critical Illness, Saving and Investments, Pension and Retirement Plans etc. With employees’ strength of approximate 55,000, the insurance group is delivering its clients of all standards like individual and businesses (small, mid-sized and large-sized).
As per the fiscal year 2015, the Group has stated total revenue of $60.568 billion.

Click Zurich Insurance Group to know more information.

3)  China Life Insurance

China Life Insurance, formerly known as PICC (Life) Co. Ltd., is one of the China’s state-owned insurance and financial companies. This leading group is also working as a key player in the Chinese capital market as an institutional investor. The company is the largest public life insurance company in market capitalization in the world.
Products offered at the company are Life Insurance, Overseas Operations, Asset Management, Pension Plans, Investment Holdings, Property and Casualty.

Click China Life Insurance to know more information.

4)  Berkshire Hathaway

Established in 1889, Berkshire Hathaway Inc. is renowned investment manager conglomerate. The company is engaged in providing customer-centric solution among other sectors such as manufacturing, utility and energy, rail transportation, services and retailing etc. through its subsidiaries. The insurance firm also deals in Reinsurance of Property and Casualty Risks.

Click Berkshire Hathaway to know more information.

5)  Prudential Plc

The insurance firm serves its customers as Insurance and Financial services. Prudential Plc has been successfully delivered its services to approx. 24 million customers across Asia, U.S., U.K. and Africa. With employees’ strength of approximate 22,308, the insurance company is listed on the stock exchanges of London, Hong Kong, Singapore and New York.

As per the fiscal year 2015, the Group has stated total revenue of £509 billion.

Click Prudential plc to know more information.

List of IRDA Approved Life Insurance Companies in India

Here is a complete list of IRDA approved Life Insurers in India. Life Insurance Corporation of India (LIC) is only the Public Sector Company and other companies are private sector companies.

1.    Bajaj Allianz Life Insurance Company Limited

The insurance company is a joint venture between the European Financial Services Company Allianz SE and Bajaj Finserv Limited. The company is considered as one of the top life insurer in India, provides huge array of products including ULIP and Child Plan to Group and Health Insurance.

Launched in 2001, Bajaj Allianz Life Insurance provides end-to-end solution to the customers. Company fulfils every single need of the customers and gives transparent benefits.

Know more at Bajaj Allianz Life Insurance Company Limited

2.    Birla Sun Life Insurance Co. Ltd.

Established in 2000, the company is the joint venture between Aditya Birla Group and Sun Life Financial Inc. It has built relationship with more than 2.5 million customers, offering products such as ULIP plan, Customized Group Product, Protection Plan, Health and Retirement plan, Child Plan and Life Stage Product etc.

Know more at Birla Sun Life Insurance Co. Ltd.

3.    HDFC Standard Life Insurance Co. Ltd.

This one of the top life insurer is the joint venture between Housing Development Financial Corporation Ltd. and Standard Life Plus. Launched in 2000, it offers 27 retail and 8 group products in portfolio. Array of products and plans such as Pension, Saving, Security, Child and Health Plans are offered at the company.

The company has best customized solution in order to fulfil the requirement of the customer.

Know more at HDFC Standard Life Insurance Co. Ltd.

4.    ICICI Prudential Life Insurance Co. Ltd.

This insurance company is a joint venture of one of the India’s largest private banks “ICICI Bank Ltd.” and one of the leading international financial service groups “Prudential Plus”. Established in 2000, the company started as the first private Life Insurance firm in India. This insurer provides a wide array of plans including Pension, ULIP, Term, Child and Investment plans.

The company has retained its reputation as top most amongst the private life insurers in India.

Know more at ICICI Prudential Life Insurance Co. Ltd.

5.    Exide Life Insurance Company Limited

The company is graded among top reliable Life Insurers in India. Formerly known as ING Vysya Life Insurance Company Ltd., it is owned by Exide Industries Ltd. Company provides customer centric plans including Pension, Saving, Protection and Investment plans.

Exide Life Insurance Company offers customized solution to its customer at very affordable price.

Know more at Exide Life Insurance Company Limited

6.    Life Insurance Corporation of India (LIC)

The company is one of the oldest and largest insurance sectors of country. Founded in 1956, LIC is a public-sector insurance group and investment firm. A wide array of products including Pension Plans, Child Insurance Plans, Life Insurance Plans, Group Plan etc. are provided at the company.

With a wide network of 2,048 branches, the company has a vast number of employees working in diverse cities all over the India.

Know more at Life Insurance Corporation of India (LIC)

7.    Max Life Insurance Co. Ltd.

The company is the joint venture between Max Financial services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. The company is one of the leading insurers in India with multi-channel distribution partner. Wide range of products such as Protection, Saving and Retirement plans are offered by the company.

Max Life Insurance is named in offering one-stop solution to its customers for all type of insurance and investment requirements.

Know more at Max Life Insurance Co. Ltd.

8.    PNB Metlife India Insurance Co. Ltd.

PNB Metlife Insurance Co. Ltd., an association of Punjab National Bank (PNB), is the one of leading life insurance Company in India. The company is ranged over 150 different sites and has more than 1800 clients all over the country. In 2013-2014, this insurer has recognized as best private sector insurance company.

Plans offered by the company are Child Plan, Monthly Income Plan, Saving Plan, ULIP Plan, Protection Plan, Retirement Plan and Money Back Plan.

Know more at PNB Metlife India Insurance Co. Ltd.

9.    Kotak Mahindra Old Mutual Life Insurance Limited

The company is the joint venture between Kotak Mahindra Group and Old Mutual Fund. One of the fastest growing company in India, it has more than 4 million reliable policyholders countrywide. Kotak insurance delivers Customized products and excellent services. An eligibility criterion with minimum 18 to maximum 65 years is needed for insurance plans.

Plans offered by the company are ULIP, Investment, Protection, Child, Saving and Retirement.

Know more at Kotak Mahindra Old Mutual Life Insurance Limited

10.    SBI Life Insurance Co. Ltd.

Introduced in 2001, this insurance company is the joint venture between State Bank of India and BNP Paribas Cardif. SBI Life Insurance Company is the biggest private sector insurer in India. A wide range of products includes Saving plan, Life insurance, Pension, Child Plan, Unit Link Plan and Protection Plan.

Know more at SBI Life Insurance Co. Ltd.

11.    Tata AIA Life Insurance Company Limited

The company is the joint venture between TATA Sons and AIA Group. The insurance firm has made a significant reputation in India. Founded in 2001, the insurance company provides a range of top quality products including Saving Plan, Group Plan, Protection Plan, Wealth Plan, Child plan and Micro Insurance Plan.

Know more at Tata AIA Life Insurance Company Limited

12.    Reliance Nippon Life Insurance Company Limited

Reliance Nippon Life Insurance Company Limited (formerly known as Reliance Life Insurance), is a part of Reliance capital of the Reliance Group. The company is one of the biggest non-bank private life insurance companies in the country. As on March 31, 2016, the insurance company has over 10 million policyholders. Reliance is also spanned with a robust network of over 800 offices and 1,00,000 advisors all over India.

Five distinct segments namely Protection, Child, Pension, Health, and Saving & Investment are offered at the company.

Know more at Reliance Nippon Life Insurance Company Limited

13.    Aviva Life Insurance Company India Limited

The company is the joint between the group companies Dabur Group and Aviva Group. Aviva has large number of customers with 121 central offices across the country. The insurance firm is the first company, which introduces 1) Unit Link & 2) Unitized with Profit Plans in the market.

Some of the Plans offered at the company are Ruler Plan, Saving Plan, Protection Plan, Child Plan, Term Plan etc.

Know more at Aviva Life Insurance Company India Limited

14.    Sahara India Life Insurance Co. Ltd.

Established in 2004, the company is one of the trusted and oldest insurance companies in India. Sahara Life Insurance Company is Country’s first entirely possessed private life insurance company.

Sahara provides customer-centric solution to its clients at very affordable range. Products include Unit Link Plan, Term Assurance Plan, Money Back Plan, Endowment Plan etc.

Know more at Sahara India Life Insurance Co. Ltd.

15.    Shriram Life Insurance Co. Ltd.

Major focus on ruler market, the company offers the services to the more economically weaker section of the country. Founded in 2005, Shriram Life Insurance is spanned over 630 offices across the country.

The company has been renowned for efficient usage of capital and low operation cost.

Know more at Shriram Life Insurance Co. Ltd.

16.    Bharti AXA Life Insurance Company Ltd.

The insurance company is the joint venture between Bharti Enterprises and AXA Group. Bharti AXA offers both Life as well as General insurance at competitive price. 123 offices are networked across India with swift customer support services.

Plans offered are Investment Plan, Life Insurance Plan, Child Plan and Traditional Plans.

Know more at Bharti AXA Life Insurance Company Ltd.

17.    Future Generali India Life Insurance Company Limited

A joint venture among General Group, Future Group and IITL (Industrial Investment Trust Limited), the company is developed in 2007. The insurance company is spread over 98 branches and has processed more than 11 Lakhs policies. Future Generali India offers complete solution for all type of financial protection and services.

Products: Saving Plan, Protection Plan, Unit Link Plan.

Know more at Future Generali India Life Insurance Company Limited

18.    IDBI Federal Life Insurance Company Ltd.

Established in 2008, the company is a joint venture among IDBI Bank, Federal Bank and Ageas –a European Insurance Company. The insurance company has a fastest developing network of more than 2000 branches across the India.

Products offered are Child Plan, Income Plan, Retirement Plan, Term Plan, Wealth Plan etc.

Know more at IDBI Federal Life Insurance Company Ltd.

19.    Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Company Ltd.

A joint venture among HSBC Insurance Holding Ltd., Canara Bank and Oriental Bank, the company is wide networked brand with approx 7000 branches across India. Established in 2008, Canara HSBC OBC provides customized products to its valuable customers.

Plans: ULIP, Traditional, Protection and Group Plan.

Know more at Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Company Ltd.

20.    AEGON Life Insurance Company Limited

Founded in 2008, the company is formerly known as Aegon Religare Life Insurance Company Limited. The company is the joint venture between “Aegon”, a global provider of life insurance, pensions & asset management and “Bennett, Coleman and Company”, India’s reputed media conglomerate.

The company delivers complete product suite, personalized guidance and enhancement of the overall customer experience.

Know more at AEGON Life Insurance Company Limited

21.    DHFL Pramerica Life Insurance Co. Ltd.

Headquartered at Gurgaon, DHFL Pramerica Life Insurance Company Limited is one of rapidly growing company in the country. The company has 87 branches and has served more than 8 million customers.

Products: Child Plan, Retirement Plan, Saving Plan and Wealth Plan.

Know more at DHFL Pramerica Life Insurance Co. Ltd.

22.    Star Union Dai-ichi Life Insurance Co. Ltd.

This life insurance company is launched with a joint venture of Bank of India, Union Bank of India and Dai-Ichi Life (the biggest life insurance company of Japan). The company is serving its clients across the nation via wide number of customer-centric products.

Products: Saving Plan, Protection Plan, Child Plan, Wealth Plan, Pension Plan, Term Plan and Credit Life plan.

Know more at Star Union Dai-ichi Life Insurance Co. Ltd.

23.    IndiaFirst Life Insurance Company Limited

Headquartered in Mumbai, the company is the joint venture of Bank of Baroda, Andhra Bank (Indian Public Sector Bank) and Legal & General Firm (U.K. based investment firm). This insurance company has spanned over 4600 branches in more than 1000 cities.

Products: Child Plan, Protection Plan, Saving Plan, Pension Plan and Term Plan.

Know more at IndiaFirst Life Insurance Company Limited

24.    Edelweiss Tokio Life Insurance Co. Ltd.

The company is the joint venture between Edelweiss Group of India and Tokyo Marine Holding of Japan. The insurance firm provides services with high returns and guaranteed interest payment.

Products: Child Plan, Saving Plan, Retirement Plan, Endowment Plan, Protection Plan. Company also provides other add-ons coverage at competitive price.

Know more at Edelweiss Tokio Life Insurance Co. Ltd.

List of Top Two Wheeler Insurers in India

We all know that Third Party insurance for Two Wheeler is mandatory for all vehicle holders under the Motor Vehicle Act. Also, insurance policy protects from damage or loss. It also offers benefits like repairing and other services.

Selecting the right insurer for the policy is a challenging task. This topic includes the list of top two wheeler insurance providers. Let’s have a look:

1)    ICICI Lombard

ICICI Lombard is one of the largest insurance brands in India. The company has awarded with rewards such as “Celent Asia Insurance Technology Award” for seamless mobile app feature.

Key Fundamentals

• Assured assistance at 21,000 network garages
• Pay one time and get hassle-free coverage for three years
• Free servicing in more than 3300+ cashless setup garages
• All-in-one operational site
• Repayment for losses/harms incurred during manmade and natural disasters including PA and terrorism
• Coverage (for Accidental damages, permanent injury etc.) benefits to third party
• Online/Offline options for buying insurance policy
• Swift 24-hour customer-assistance team

Get more information -> ICICI Lombard Two Wheeler Insurance 

2)    HDFC ERGO

HDFC ERGO is one of the top insurance brands, offering comprehensive coverage plan for two wheeler insurance at reasonable rate. Policy application and renewal procedures of the company are convenient.

ICRA rating agencies has rated “iAAA (pronounced as I triple A) rating” to HDFC ERGO’s highest claim settlement ratio. The company is awarded for Outstanding Customer Service Quality and is ISO certified.

HDFC ERGO provides easy, hassle-free, secure services for insurance policy.

Key Fundamentals

• Voice box facility for customers
• Quick online insurance and renewal
• Swift 24X7 customer support service
• Customized insurance policy as per customer requirement
• Repair services for Accessories is included
• Repayment of all accidental damages for two wheeler and its owner
• Online facility for claim settlement

Calculate Premium Plan at -> HDFC ERGO Two Wheeler Insurance 

3)    Bajaj Allianz

Bajaj Allianz is also top insurance provider in India. Impressive awards “Golden Peacock Award 2014” and “Claims Innovation of the Year” are honoured to the company. It has been honoured as “Best General Insurance Company in private sector” by ABP news 2014.

The rating “iAAA rating for outstanding claims paying ability” is announced by rating agencies ICRA. Company provides innovative customer-oriented services and products.

Key Fundamentals

• Instant service via online mode
• Add-ons coverage for Two Wheeler Insurance
• Secure services
• Swift 24X7 customer support service
• Free services in selected garages
• SMS updates for claim status

Check premium plan -> Bajaj Allianz Two Wheeler Insurance 

4)    TATA AIG Insurance

Due to its numerous benefits, TATA AIG ranks in top insurance service Provider Company.

Swift services, customer-centric products and benefits make the company most-sought after name in two wheeler insurance service providers.

Key Fundamentals

• Free towing of vehicle in case of accident
• Warranty coverage of six-month for accident repairs for TATA AIG auto secure policyholders
• Online facility for claim settlement
• Assurance of claim settlement within seven days
• Third party coverage of property damage, physical injury includes
• Add-ons coverage for Two Wheeler Insurance such as NCB (No Claim Bonus) protection, Depreciation Reimbursement, Everyday Allowance etc.
• Swift 24-hour customer-assistance team

Know more at-> TATA AIG Two Wheeler Insurance

5)    Reliance General Insurance

As a preferred reputed brand, Reliance General Insurance comes in top companies of insurance services. The company offers wide range of services and offers.

Key Fundamentals

• Swift 24X7 customer support service via phone and email
• Quick and easy claim settlement, also via NEFT
• Benefits such as membership of recognized automobiles association, installation of anti-theft device etc. offered
• Cashless facility across 159 network garages
• No paper work, Instant policy

Read more at -> Reliance General Two Wheeler Insurance 

Which Type of Insurance Do You Really Need?

Now-a-days, Insurance is a must-have factor for everyone. It protects against the risk of indeterminate terms. Insurance is to help everyone if a person can’t afford to pay out of the pocket to set right the things, which are gone wrong.

Happenings such as medical expenses of a operation or of a serious illness, vehicle damage, a tree in one’s yard falling on a neighbour’s house, unwanted circumstances in travelling etc.

Whether it is related to life, health, travel or vehicle, insurance is needed in almost everything perspective. Assess the life of a person and needs, he/she can decide the type of insurance is needed to protect from risks. Here is a list of type of insurance that may need to consider:

Insurance is generally categorized into Life Insurance and General Insurance.

1)  Life Insurance

Life Insurance provides the coverage of lives of human beings. In a family, lives of all the family members depend on person’s earning. Earning and his/her life are an income generating assets. These assets can be lost through unexpected happenings, illnesses, disabilities caused by accidents, early death, or living too long without any income source and many.

For example:

A person based on the life expectancy (for example, approximately 80 years), made financial arrangements and savings to live comfortably till lifetime. But if the person lives to long (in this case beyond 80 years), then he/she will run out of financial resources and will face life’s difficult phase.

Life insurance will safeguard the person in such risks of longevity in the form of pension plan.

Read IRDA Guideline for Life Insurance

2)  General Insurance

General Insurance (or non-life insurance) covers non-living objects such as vehicle, goods, agricultural crops, medical, travel etc. This insurance also covers losses/damages incurred through unwanted circumstances such as fraud, earthquakes, accidents etc.

Mostly, non-life insurance is for one year and is renewable with additional benefits (such as (NCB) No Claim Bonus).

General Insurance is divided into three categories:

•    Fire Insurance

•    Marine Insurance

•   Miscellaneous (Health Insurance, Travel Insurance, Liability Insurance, Motor Insurance, Personal     Accident, Burglary, Fidelity etc.)

a)  Fire Insurance

This insurance deals with all fire related risks and covers damages or losses incurred due to earthquakes, malicious acts, cyclones, riots typhoons and consequential expenditure related to these disasters.

b)  Marine Insurance

This insurance covers the risks of transporting goods via rail, road, sea, air and marine.

c)  Miscellaneous Insurance

Apart from these insurance, person can opt for Health Insurance, Travel Insurance etc. mentioned above.

One should make sure that accidents and illness to human beings are covered under Health insurance in India, while it is covered under Life Insurance in many countries.

Why, Where and How to buy Travel Insurance?

While buying Travel Insurance, some of the key questions come in mind such as “Why should I buy Health Insurance?” “How and Where to buy Travel Insurance?”. This topic covers the answers of these above-mentioned questions. Just have a look below:
 
Where and how to buy Travel Insurance?

Process of buying Travel Insurance is hassle-free now-a-days. It can be purchased same as other insurance policies. A person can visit trusted insurance broker directly to its office or can browse online.

Today everything depends on internet, so getting online insurance is also very easy. Customer can get policy easily at competitive rates from top insurers and get best-suit premium plan in just few clicks.

Why to buy Travel Insurance Online?

1)  Instant Booking

If customers go to a broker’s office, it can be clumsy, time consuming and complex process. Buying travel insurance online is stress-free and fast procedure. Online process is also error-free as software develops for online insurance has been processed under all types of testing. 

2)  Comparison of premiums :

While visiting online, customer can easily compare the policy plan from various insurers and can get best-suit insurance online with quickest process.

3)  Hassle Free Online Registration:

Online process is quick; searching for any information can be available in few seconds. While, going to an insurer office and doing all process manually is again very time-consuming. Register yourself online on an insurance website and filling a simple form is fast and easy process. With swift services, end-to-end assistance, 24X7 customer support and more facilities, customer can find a best-suit policy.

4)  Flexible Payment Options

Online payment option is completely secured. Buyer can make payment procedure easily. The person can use own credit or debit card or make payment through online/net banking. Buyers can also use EMI option for their convenience.

Trip journey with your family or friends covered by Travel Insurance will definitely be enjoyable and risk-free. Click to know the list of IRDA approved trusted brokers.

How to Get Best-Suit Travel Insurance Plan?

When a person plans for a trip to another city or country, he/she hopes that everything will be fine. But sometimes, unwanted circumstances such as theft, loss of baggage or some health emergencies may cause major problems. Customers can safeguard themselves from these problems by opting best-suit travel insurance plan.

1)  Research for insurance plan before buying

Before buying travel insurance, it is advisable to research in advance. Now, types of travel insurance, premium plan, best-suit insurer and other information are easily available on internet. One should know all the factors, so that he/she can easily judge for their best plan. Travel insurance plan includes annual multi-trip insurance, senior citizen travel, international travel etc.

While selecting plan, customer can compare benefits offered by various insurers. They can even get a competitive quote from various insurance companies as most of the portals provide this service. Customers can also call to the customer support for any enquiry or for any special offers by company.

2)  Customer should consider more on Travel Insurance coverage benefits than the policy price 

If the customers look on the money factor, the policy in that price may not cover the benefits they are looking for. Customer should first view the plan, the coverage and should decide accordingly.

It is advisable to select a policy, which covers:

a)  Loss of baggage

Baggage includes electronics gadgets, jewellery or valuable carry, sometimes causes the major loss in case of misplaced. Travel insurance covers these all. Some insurers also cover loss of passport and provide duplicate one and related expenses that are incurred.

b) Medical Emergencies Coverage

If any emergency causes while travelling, Travel Insurer give coverage for that.

c) Trip Cancellation Coverage

In case, if the customer wants to cancel travel ticket, airline can often charge some cancellation fee or non-refunds. Travel insurance plays great role in providing booking fee.

d) Interruption Coverage

Interruption such as whether related setbacks and delay in flight is also covered under the policy.

3) Check, what is not covered in Travel Insurance Policy

Policy plan from various insurers is different. They have different type of coverage. So it is advisable that customer should read the document carefully and make sure all terms and conditions are set in it.

4) Make clear the terms with the claim settlement process

If a customer knows each point of coverage, he/she can make use in emergency smartly. One should also follow the deadline of renew the policy in order to get benefits.

Check all the factors while buying travel insurance policy and enjoy safe and tension-free journey.

Get IRDA Booklet for Travel Insurance

List of General Insurance Companies in India

General Insurance Company

List of Non-Life Insurance Companies in India

1. Agriculture Insurance Co. of India Ltd.
2. Apollo Munich Health Insurance Co. Ltd.
3. Bajaj Allianz General Insurance Co. Ltd.
4. Bharti Axa General Insurance Co. Ltd.
5. Cholamandalam MS General Insurance Co. Ltd.
6. Cigna TTK Health Insurance Co. Ltd.
7. Export Credit Guarantee Corporation of India Ltd.
8. Future Generali India Insurance Co. Ltd.
9. HDFC ERGO General Insurance Co. Ltd.
10. ICICI Lombard General Insurance Co. Ltd.
11. IFFCO Tokio General Insurance Co. Ltd.
12. L&T General Insurance Co. Ltd.
13. Liberty Videocon General Insurance Co. Ltd.
14. Magma HDI General Insurance Co. Ltd.
15. Max Bupa Health Insurance Co. Ltd.
16. National Insurance Co. Ltd.
17. The New India Assurance Co. Ltd.
18. The Oriental Insurance Co. Ltd.
19. Raheja QBE General Insurance Co. Ltd.
20. Reliance General Insurance Co. Ltd.
21. Religare Health Insurance Co. Ltd.
22. Royal Sundaram Alliance Insurance Co. Ltd.
23. SBI General Insurance Co. Ltd.
24. Shriram General Insurance Co. Ltd.
25. Star Health and Allied Insurance Co. Ltd.
26. Tata AIG General Insurance Co. Ltd.
27. United India Insurance Co. Ltd.
28. Universal Sompo General Insurance Co. Ltd.
29. Kotak Mahindra General Insurance Co. Ltd.

Factors Determine the Cost of Health Insurance

Insuring yourself to secure health through Health Insurance is the best way for everyone. Each person should know how health insurance cost is calculated. 

Mainly two categories are considered under Health Insurance 1) Individual Health Insurance 2) Group Health Insurance.

Individual Health Insurance is based on individual‘s health and lifestyle. This is assured between the buyer and the insurer. Some insurers give this type of insurance for buyer and its family.

Group Health Insurance is insured by the employer and employees group selected by human resource department of the employer. Health factors of the whole group are calculated under this policy.

The major factors, which determine the cost of the health insurance:

1) Person’s Insurability

Under Group Health Insurance, health factor of the whole group is taken into consideration in order to determine the cost.  While under Individual Health Insurance, the cost of insurance is evaluated on the basis of the person and his/her family. For this, an application form is filled out to cover the plan including some questions regarding health concern.

Under individual health insurance policy, some insurer may deny insuring the person who has pre-existing health problems.

2) Person’s Health Condition

If a person is getting covered under Health Insurance, company inquire and dig ups health history of the person. Laboratory test, urine, blood sampling etc. has been done under this process. In case, if the diseases such as Blood Pressure, Cancer, Heart Disease or any other major cause found, it will affect the premium plan of the insurance policy.

If a person is inspected using tobacco, smoke, drink, he/she will pay an additional cost based on their habit of using these products.

Generally maternity is not covered under individual health insurance. If a person wants this plan, it will also cover complication of pregnancy and many other issues.

3) Choice of Insurance Plan

Coverage also depends on the choice of plan. This will affect the premium cost. The plan is summed up by the term “Out of the Pocket Maximum”. This depends on the maximum money; a person would pay for co-payments and deductions.

4) Location of the Person

Location where the person lives such as country, city, zip code etc. will be used to determine the premium cost. In general, urban places are more expensive than rural places.

5) Age and Gender

Premium cost also varies from age-to-age. The older the age, the more premium will cost for the health of the person. The reason behind is as a person gets older, more health problems occur, in results of more visit to the doctor.

Also, premium cost also varies from gender-to-gender. Men of the same age of Women have lower premium cost. It is considerable from the facts that women are more likely to go to the doctor than men at the younger age.

When a person understands these factors in determining premium cost of health insurance, it will easier to find the best-suit plan as per person’s choice.

Get more information on Health Insurance here

How Health Insurance is Different from Other Insurances?

Health Insurance provides coverage for medical and surgical expenses incurred from sickness, disease, injury or pays to the care provider. The insurance covers total coverage related to health such as Pre-hospitalization, Post-hospitalization, In Patient hospitalization, Day Care Treatments, Room charge, ICU charges, Health Check-up, Ambulance Cover, Domiciliary hospitalization, Organ Donor cover and more. This insurance is different from all other insurances such as home insurance, fire insurance, theft insurance, travel insurance.

“How health insurance is different from other insurances?” This topic covers the information for this question. Mainly two parties are involved in other insurances such as:

1)  Insurer

Insurer is the one who provides insurance. Generally, insurance company comes in this category.

2)   Insured

Insured, who is covered under certain risk policy example: life, health, travel insurance etc.

Third Party in Health Insurance

While in Health Insurance, there is one more party “The Healthcare Provider”. The provider decides and provides the clearances for medical benefits and expenses claimed by insured to the insurer. In the absence of provider insured losses all benefits. The Healthcare Provider evidences:

• Which type of the health services is used by policy holder or insured?
• How long the medical services are used?
• How much the cost is covered in using medical services?

Let’s discuss Third Party role in Health Insurance by an example:

A person named Sunil met with an accident while going to another place via car and had serious injuries. Sunil was hospitalized for eight days in a XYZ hospital.

He was not worried for paying heavy medical expenses to the hospital at the time of discharge. The reason behind is health insurance. Sunil has covered with health insurance policy earlier.

When he claimed his expenses to the insurer, they (insurer) said Sunil that it will take some time to get processed Sunil’s claim. The reason is that they will inquire the details from Sunil’s healthcare provider (XYZ hospital).

The XYZ in this case is the third party other than Sunil (insured) and insurance company (insurer). Third party i.e. XYZ will provide all the details to the insurer about the services used by Sunil, Duration and Cost of the services. This evidences become the basis for the insurer to clear the claim filed by Sunil.

Want to know more information, click Health Insurance Policy

How Does Car Insurance Keep Safe During Heavy Rain or Flood?

If a person, living in a city where heavy rain or flood causes major loss, or there is always a chance of flood. People and their vehicle majorly suffer from this. Flood can damage a car, its engine or electrical system. These losses make car-insurance a must-have factor for everyone.

Get Coverage from Car Insurance

Comprehensive insurance policy covers harms or damages caused due to natural disasters such as cyclones, frost, floods, earthquake, tempest, storm, whirlwind etc.

Majorly engine and accessories damages happened by flood. A car’s engine may have damaged partially or completely. Replacing damaged engine costs a big expense. Covering this loss through Car Insurance is one of the best solutions. One should make sure the damage coverage due to flood is included in the plan as most of the insurers do not provide this coverage.

Add-ons to the car insurance policy

 Investing a small amount with more coverage option is more fruitful. Let’s have a look below the benefits of add-ons in car insurance:

 1)  Quick Roadside Assistance

Sometimes, driving a car in a flood affected area and getting stuck due to engine damage or other problems create aching experience. Roadside assistance services give comfort zone of repairing on-road damages, lugging the car to the nearest garage etc.

2)  Zero Depreciation

Opting for this ad-on, gives complete coverage of any type of damage occurred without considering depreciation as a factor.

3)  Engine Guard and Electronic Circuit Coverage

While parking car in water-affected area, may cause engine or circuit damage. This add-on can protect from such situation.

Safety Tips to Follow

Some safety tips, which every car owner keeps in mind while driving:

1)  If trapped in water, do not start car’s engine even after the water removes. In such case, disconnect the battery and tow the car to a nearest workshop.

2) If water comes into inner part, do not switch on the start. It may cause short circuit in the electronic circuit and may cause major loss to the person and vehicle.

3)  Check car brakes after exiting the water-logged area.

4)  Keep tools such as hammer in order to break window glasses of the car, if door locks gets blocked due to water.

Also read

IRDA - You and Your Motor Insurance Policy: FAQs

Know Benefits of Motor Insurance – Car/Two Wheeler

Motor Insurance is a must-have factor for all. It can protect hard earned money spent on vehicle in case of theft/damage or loss due to any unwanted circumstances. Though it is considered taking motor insurance as an additional cost on your wallet, but it protects financially from major damages or losses incurred in case of vehicle.



One should take truthful facts of the chosen plan to get more out of it. So that he/she can easily get the best-suit motor insurance policy by comparing premium plans offered by various insurer companies online.

Basically, Motor Insurance is available in two types 1) Comprehensive and 2) Third Party Liability plan.

Third Party Liability plan offers the coverage to the third party only against any accident caused by owner’s vehicle. This insurance policy does not cover for any damage or loss of the vehicle. However, it also offers coverage on PA (Personal Accident) to the owner or driver. As per the Motor Insurance Act, it is mandatory to have this insurance policy.

Comprehensive Plan also covers the damage/loss incurred on the vehicle. So in India, it is advisable to buy the comprehensive cover in order to get complete protection.

Here are some benefits every policy buyer must know while purchasing Motor Insurance:

Covered risk

Motor insurance covers your vehicle against damage or loss from unwanted natural disasters such as earthquake, flood, frost, cyclone, storm, land/rock slide etc. This insurance plan also covers risk from man-made disasters such as theft, burglary, malicious act, accident, fire and more.

Insured value

In Motor Insurance, Car/Two Wheeler is insured for a value called IDV or Insured Declared Value in policy terms. The IDV is based on the brand manufacturer’s price of the vehicle minus depreciation as per the vehicle age. This IDV gives an estimate to the Insurance owner to cover from vehicle damage in terms of financial protection.

Premium of the vehicle will include the factors such as type of the vehicle, where owner stays, age, claim experience etc.

Premium saving options

One largest benefit to save premium on Motor Insurance is NCB (No Claim Bonus). Under this benefit, insurance owner get a discount on premium for a claim-less year.

This NCB benefit will increase by the year and it can go high up to 50%. This advantage is given after a year, so it is better for insurance owner to avoid small claims, which have negligible financial effects. Owner can use this bonus for paying the premium or can adjust the same at the time of new purchases.

Note: One should be careful for this bonus as if the policy lapses and policy holder don’t renew it within 90 days, it will not be considered as beneficiary.

Portability 

If policy holder wants to change the insurance company, he/she can do without losing the benefit of NCB claim for which the policy holder is entitled.

Add-ons

Policy holder can get surplus benefits by adding add-ons against risks which are not covered under normal policy plan such as Zero Depreciation, No Claim Bonus protection, Accidental Hospitalisation and more.

Points to note

In digital marketing era, lots of IRDA approved insurance service brokers offer facility to compare premium plan among insurers online. Customers can browse direct to get best-suit premium plan from these insurance and get covered in a few clicks without any hassle.

If you want to know more about Motor Insurance, click IRDA FAQ Motor Insurance.