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Showing posts from October, 2021

Four little-known motor insurance add-ons that are critical for vehicle owners

The increasing cases of road accidents , thefts, normal wear and tear, have pushed people to invest in motor insurance covers to safeguard their vehicles. A motor insurance policy provides protection against any loss or damage caused to the vehicle and its insured accessories as a result of natural or man-made calamities. In India, the Motor Vehicles Act of 1988 makes it mandatory to have a motor cover. Nonetheless, there are certain damage expenses that your regular motor insurance might not cover. For instance, suppose a specific part of your car needs to be changed, the final bill includes not only the cost of the spare part but also the additional labour charges for installing the item. Considering such situations, insurance companies came with a range of add-ons to give enhanced coverage for your vehicle, in addition to your base motor policy. While popular add-ons such as engine protection cover, zero depreciation, return to invoice are quite known to the people, there are other

11 reasons your motor insurance claim can be rejected

Recently, after a motorcycle accident in which the rider lost his life, the insurance company rejected the claim because it was a 346 cc bike. Apparently, as per the policy terms and conditions, the company was not liable to pay if the bike capacity was more than 150 cc. While this could be a case of misselling where the owner was not fully informed about the policy by the agent, there are various others reasons that claims can be denied. Typically car and two-wheeler owners do not read the poli .. Ignorance about policy & add-on covers: A common reason for claim rejection and people’s grouse is that some specific damages are not covered under the policy and one needs to buy separate add-on covers for these. “For instance, engine damage or depreciation losses are not covered in the basic policy and you need separate engine protector and zero depreciation add-on covers for these,” says Tarun Mathur, CBO, Commercial use of vehicle: If you have bought a car for pers

Tips for Healthy Heart

With a pledge to improve our health this World Heart Day , let’s look at some of the crucial tips which can healthify your heart really soon: Eating Healthy:  You must consume a wholesome and balanced diet. It is advised to eat whole foods, green leafy vegetables, and fruits. Consuming 2-3 types of fruits and vegetables every day can significantly reduce cholesterol levels and have proven to lower the risk of cancer, stroke, and other heart diseases. At the same time, you must cut down unwanted fats, junk or fried food, salt, and sugars from your diet. Exercise:  If you are just starting, you can begin with slow-paced cardio or brisk walking 20-30 minutes a day and gradually increase as you get the hang of it. Regular exercise reduces cholesterol levels, improves blood sugar regulation and cardiovascular strength. Exercise also helps in better regulation of your parasympathetic nervous system. Stop Smoking:  If you smoke, quit today. In addition to permanently harming your heart and bl

Documents required for filing claim at a non-network hospital

  In case of a planned hospitalisation in a network hospital, you are required to intimate the insurance company in advance, or within the suggested time in case of an emergency hospitalisation, to avail cashless facility.  Many insurers accept electronic submission of documents that help faster processing of claims . You are advised to check with your insurers on this I am currently undergoing medical treatment and may require hospitalisation. The doctor I am consulting has suggested a hospital where cashless facility is not available. What are the documents required for processing claims if I undergo treatment at a non-network hospital? (Answer by Atul Deshpande is Head - Claims, Digital & Projects at SBI General Insurance) In case of a planned hospitalisation in a network hospital, you are required to intimate the insurance company in advance, or within the suggested time in case of an emergency hospitalisation, to avail cashless facility. This makes for a hassle-free experienc

Why term insurance with return of premium option isn't the best risk cover for you

Term Insurance is the best way to secure your family’s financial well-being over the long term. They’re cost-effective and simple. Every person with financial dependents must consider buying a term plan before thinking about any other investments. Pure term plans have one drawback. They don’t offer any payback if you outlive the policy term. You pay premiums for several years and don’t get anything back at the end of the term. There’s one option that’ll seem very enticing to you: TROP or Term Insurance with a Return of Premium . TROP is a type of term insurance plan that offers a benefit to your family in case your death happens during the term, plus a survival benefit to you, should you outlive the term. The survival benefit is a return of all the premiums you pay through the policy duration. TROP may sound like a win-win situation where you get your money back in any case. But is that too good to be true? Let’s find out. How is a TROP plan different from a pure term insurance policy

Worried About Term Insurance Claim Rejection? Here's How To Avoid It

  Term insurance is considered the most specific life insurance policy and offers comprehensive financial protection to life uncertainties. Taking an insurance policy is best when you want to secure your loved ones against any financial setback. Term insurance is considered the most specific life insurance policy and offers comprehensive financial protection to life uncertainties. The cover or assured sum depends on the best term insurance plan you buy.  But what can happen if your claim gets rejected? The rejection can make a family's world upside down. There would be the grief of losing a dear member paired with the fear of the upcoming financial liabilities. You certainly do not want to go through such adversities in an already adverse time. Here Are Some Reasons That Could Lead To A Claim Rejection As a term insurance policy buyer, you need to understand the reasons that may be the reason for claim rejection. Some of the most common reasons include:  Giving wrong age  Develop

5 Things To Keep In Mind Before Renewing Health Insurance

When renewing a policy, any change in health conditions must be reported to the insurer to avoid trouble later when you need to make a claim. Health is the biggest asset we own. However, there’s always risk involved with matters related to health. Increasing hospitalisation and medical costs mean that families have to sometimes dip into their life’s savings to meet those expenses. Hence, it is important to have adequate health insurance to cover such costs. However, health insurance needs to be renewed every year. Here are the things you need to keep in mind before renewing your health insurance policy. In health insurance, on-time renewal is critically important because every policy has some exclusions for one-three years. In some cases, for any pre-existing illnesses, there are exclusions for four years. Simply put, certain conditions are not covered for the number of years they are excluded from the cover. “In order for these exclusions to go away, the policy needs to be continuousl

Tips to save on motor insurance premium

You can explore pay as you go model and work on deductibles, too Do you own a four-wheeler but find commuting via public transport on a daily basis more feasible than driving? Or are you someone who owns more than one vehicle but usually drives one of them more than the others? If yes, here are a few tips for you to save on your motor insurance premium. Pay as you go: Usage-based or telematics car insurance is a relatively new concept in India but is gradually gaining popularity. Traditionally, motor insurance is determined by the make and model of the car, and not by the driving behaviour of the customer. ‘Pay as you drive’ model emphasises the driving behaviour and usage (distance covered) of the car. Premium calculation based on this can help bring down your premium cost compared to when computed conventionally. Insurers will shortly be looking at introducing products where premiums are based on vehicle usage, post approval from the regulator. Evaluate claims v/s No claim bonus: N

Why maternity insurance is important before planning to start a family

The maternity cover will take care of medical expenses traceable to childbirth, including complicated deliveries and cesarean sections incurred during hospitalisation and post-birth complications. When Alpana welcomed her firstborn in August this year, a major private hospital in Kolkata handed her family a bill of ₹3.5 lakh that included the costs of surgery and pre-post parturition care. The couple was entirely distraught as her journey to motherhood was not a smooth one. The couple had already spent around a lakh in OPD to overcome complications with her pregnancy. However, Alpana is not alone, the cost of healthcare is skyrocketing with each passing day and in the elaborate scheme of things, couples tend to overlook the exorbitant costs of medical support during pregnancy. The sensitivity to own a personal health cover has increased in the Covid era. However, very few insurances cover the various expenses of childbirth. Motherhood is a life-changing and incredible journey for many

Keep your Family Protected for the Future with Life Insurance Policy

In the event of the demise of a family member, the last thing on your mind is money. However, a solid life insurance policy is an undeniable financial tool that can help his or her loved ones get some monetary aid to move on with their lives free of undue financial burden. Buying a life insurance policy is a smart choice but also an emotional one as one is preparing to protect their loved ones after their death while they are alive. There are many types of life insurance policies that provide a large number of benefits that act as money cover and both an investment and insurance. Have an in-depth look at how you can buy one along with features to be able to make an affirmed decision on which is the best for you and your loved ones. What is a Life Insurance Policy? A life insurance policy is a financial tool that gives you a combination of savings and advantages under the same plan. A practically mandatory purchase, a life insurance policy helps provide financial help to the beneficiari

Family floater vs Multiple Individual Health Insurance: Which is a better option?

One benefit of having multiple individual plans for family members is that the sum insured of other members would not be impacted if anyone is admitted to a hospital or takes any other treatment covered by his/her individual plan. Health insurance is considered the first thing an earning individual should buy, even before starting the investment journey. Why? Because life is uncertain and a sudden health crisis can create a huge upheaval – both financially and emotionally. A good health insurance plan can help you tide over the crisis smoothly. However, when it comes to buying the right plan, one needs to decide whether multiple individual health policies or a family floater plan is better for him/her. Unlike the family floater health insurance plan, which can protect you and your family members under a single plan, individual health insurance provides the cover only to a single individual. For providing health coverage to the family through multiple individual plans, you will have to

Here's why your insurance claim may get rejected

Insurance companies have many ‘exclusions’ and ‘exceptions’ under which insurers are not liable to pay claims NEW DELHI: A communication between a general insurance company and the nominee of a person who had bought a policy from the former has become viral on social media. The letter communicates the reason for rejection of accidental death claim. In the letter, the insurer has expressed its regret for declining the claim as the insured was riding a 346 CC bike and as per policy terms, the claim is not payable for any bodily injury sustained for riding a bike over 150 CC. The claim rejection letter, more so the reason cited for it, could have come as a shock for the grief-stricken family which has lost one of its members to an unfortunate accident. The family might now have to go knocking at the Insurance Ombudsman or consumer court to battle it out with the insurer, if they have the patience and resources to do so. Jitendra Solanki, a Delhi-based SEBI-registered investment advisor