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.