HDFC Life, Apollo Munich team up for dual cover

This is just great news for all of us that HDFC Life insurance and Apollo Munich Health have decided to launch a plan “Click2Protect Health Plan”, which will provide both Life and health cover under a single plan.

Both companies have combined their plan as below:

  • The benefits of HDFC Life’s ‘Click2Protect 3D Plus (term) protection plan and
  • Apollo Munich’s ‘Optima Restore health indemnity plan.

Subrat Mohanthy (Senior EVP, HDFC Life) said that “We have combined our flagship term insurance product with Apollo Munich’s flagship health insurance product. The regulatory encouragement to actually have a combination product, which offers a combination of life and health insurance benefits, gave us the idea that we should bring these two products together”.

He also said that “Through a single proposal form, single medical, single premium, customers can get both the products together, making it convenient for them. It is also cheaper because there is an overall 5 percent discount if the customer buys the two products together”.

Both companies have issued a joint statement below:

Include the waiver of future premiums on account of accidental total permanent disability or in the diagnosis of critical illness, and special premium rates for women and non-tobacco users.

Multiplier benefit

Further, hospitalization profit blankets in-patient treatment, pre-and post-hospitalisation costs alongside restore profit (cover sum is restored to an additional disease alternately gang member) What’s more multiplier profit (upon a claim-free year, that essential whole of cash guaranteed individually expands by 50 percentage and, whether those second quite a while excessively awful will be claim-free, after that the fundamental aggregate guaranteed individual may be doubled).

As stated by those statements, the arrange likewise hails for incredulous point rider coating eight basic illnesses, for example, such that cancer and heart ailments, Furthermore additionally gives cashless medicine abroad to these illnesses.

Partnership between A US small finance bank and Aditya Birla Health Insurance

AU small finance bank will be selling health insurance product of Aditya Birla Health Insurance as per their Agreement.

The Bank (AU Small Finance Bank) said while regulatory filling that we have entered into the agreement with Aditya Birla Health Insurance Company Ltd (ABHICL) to act as a corporate agent for health insurance business.

AU Bank said that, considering benefit for both the companies mutually in terms of business, market penetration as well as reach.

AU bank is a small finance company and provides services as:

  • savings and current account
  • Term deposit
  • Debt card
  • Insurance
  • Retail loans as well as wholesale banking.

Initially, it was known as Non-Banking Finance Company (NBFC) – AU Financers and it is based in Jaipur.

In December 2016, AU Transformed into the role of a SFB as AU small finance bank (SFB) after approval from RBI.

AU started the small finance banking in April this year and it hits the stock market in an initial public offer (IPO) in July this year.

In the first quarter ended June of the current fiscal, company’s net profit grew by 4.6 percent to Rs 61.83 crore, as against Rs 59.08 crore in the same period year ago.

The total assets, as on June 30, 2017, stood at Rs 10,972.83 crore.

Shares of the company were trading at Rs 562.40, down 0.27 percent on BSE in the afternoon today.

Reliance Capital is ready to be in health insurance firm

Reliance Capital Ltd, the non-banking finance company of the Reliance Anil Dhirubhai Ambani Group, is ready to be in health insurance firm soon, the company announced during its annual general meeting (AGM) on Tuesday (26th Sept.).

Reliance Capital has already received initial approval from the insurance regulator and expects the new company to become operational by 2018.

Currently, The Company offers health insurance through the general Insurance subsidiary – Reliance General Insurance. Now, Reliance Capital is looking for opportunity in the retails segment by setting up a new company to offer health insurance product.

Anmol Ambani, executive director at Reliance Capital, during the firm’s 31st AGM said that There are three factors indicating significant growth potential in retail health insurance. First, changing demographics—a younger India with higher income, higher assets, and more financially aware. Second, rising cost of healthcare. Third, an increase in lifestyle-related ailments.

Ambani also said that Reliance Capital has received the first stage of approval from the Insurance Regulatory and Development Authority of India (IRDA). There are three stages of approval.

Assets under management (AUM) for Reliance Capital’s health insurance business stand at Rs1,190 core, a company spokesperson said. The firm is also looking to list its general insurance business in the current financial year.

“We have received IRDA approval and are in the process of listing the company in the current financial year. It is part of our strategy of incubating businesses with massive potential, growing them organically, and now, unlocking value through listing,” Ambani said.

AUM for the general insurance business stands at Rs7,000 crore.

Reliance Capital is looking to list its general insurance and mutual funds business. The parent company will eventually function as a core investment company after its businesses are listed. Last week, Reliance Capital also listed its housing finance company—Reliance Home Finance Ltd (RHFL).

“RHFL has touched market capitalization of Rs6,000 crore,” Ambani said.

On Tuesday, shares of Reliance Capital fell 0.39% to close at Rs620.40 apiece.

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.

 

 

Different age brackets require different insurance products

A life insurance product is a better investment option for the customers offering one of the best in the world.

Like, protection, investment to a tax benefit. However, we are surrounded by many products in the market but it can be decided what product to consider at what age and how much insurance cover to avail.

Below is some important insurance cover:

Child Plans:   We need to select a secure cover plan for a child which can ensure that child is secure if something unfortunate happens to you.

In a comparison of other saving plans, it offers the additional protection of premiums being funded by the many companies.

 

 

 

Annuity plan /Retirement: Retirement plan is a most important plan for a service man. It helps a service man to achieve all the requirements after getting retired from services. In order to do this, you need to ensure that you have understood everything about the product which includes premium and maturity amount.

This product would be a joint life annuity whereby the annuity payment continues even post the death of the individual at a reduced rate payable to the spouse.

Conclusion for this topic is, it is very much important for customers to look at the factors of product and choose the right product as per your age and make your life happy.

Stay Happy !!

CHANGES TO INSURANCE CLAIMS IN TEXAS

Insurance claim process might change:

There is the latest news that insurance claim process may change when a new law goes effect from 1st of Sept. 2017.

House Bill 1774 was passed by the Texas Legislature during the regular session and signed by Gov. Greg Abbott in May.

This law was brought against insurance companies who take a long time to process the payment for policyholders.

If a person claims insurance amount before this law goes into effect and insurance company does not pay on time then the insurance company will pay 18% as a penalty in addition to claim amount.

After getting effective of this law, Under HB 1774, the penalty amount will be reduced to 10 % from 18 %. It means this is going to be a big relief for insurance companies.

Here is what you need to do if you have damage:

– Turn in your claim as soon as possible.

– Keep copies of receipts you submit to your insurance company

– Watch out for contractors and other people asking to do repairs. Storms bring out unscrupulous vendors. Keep a claims notebook that is names of phone numbers, adjusters, contractors, future damages, everything associated with the damage and repairs.

Types of Insurance

There are many insurances for an individual but these are common and important for our life:

  • Health Insurance
  • Motor Insurance
  • Home Insurance
  • Travel Insurance
  • Rural Insurance
  • Marine(cargo) Insurance
  • Commercial Insurance

Let’s Understand One by One:

Health Insurance

Health insurance is very much important for every individual because health care costs are increasing day by day. Modern life style & stress at work affect the health and can result in a critical illness or medical emergency.

Such situation can surely affect one financially due to the massive outlay of money on medical expenditure. Health Insurance policy really helps in optimizing our financial risks. This gives peace of mind in times of crisis and ensures own health and that of one’s family.

Health insurance covers the medical and surgical expenses of the insured individual because of hospitalization from an illness. Additional riders enhance the benefits and scope of the cover.

Health insurance often includes the cashless facility at most of the hospitals, pre and post hospitalization expenses, ambulance charges, daily cash allowance etc.

Health insurance policies include:

  • Individual Policy
  • Family Floater Policy
  • Surgery Cover
  • Comprehensive Health Insurance

Motor Insurance

In today’s life, we are very much dependent on our own vehicle while traveling to any place. This saves our time as well as we get complete time to have fun with family & friends.

While doing that we should keep one thing in mind is motor insurance is very much important nowadays. This covers all damages and liability to a vehicle against various on-road and off-road emergencies. A comprehensive policy even secures against damage caused by natural and man-made calamities, including acts of terrorism.

Motor insurance is mandatory in India as per the Motor Vehicles Act, 1988 and needs to be renewed every year. Driving a motor vehicle without insurance in a public place is a punishable offense.

Motor insurance categories include:

  • Two Wheeler Insurance
  • commercial Vehicle Insurance
  • Car Insurance

Some attractive benefits of motor insurance include roadside assistance, cashless servicing at a nation-wide network of workshops and garages, personal accident cover, towing assistance.

Home Insurance

I believe Home is a most important part of any individual and also the big financial investment for one.

Home insurance covers the house and content in it as per insurance policy. It secures the home against natural calamities and man-made disasters and threats. Home insurance provides protection against risks and damages from fire, burglary, theft, flood, earthquakes etc. covering the physical asset (building structure) and valuables (contents) in it.

It helps in saving your money while any threats to your house.

 

Travel Insurance

Travel insurance is also one of the most important things in our life. This helps us in covering loss of baggage, loss of passport, delay in flight, medical emergency etc. Such eventualities will surely take the fun away from traveling.

Travel insurance policies include:

  • Student Travel Insurance
  • Individual Travel Policy
  • Family Travel Policy
  • Senior Citizens Travel Policy

In addition to the above, some insurance companies offer special plans like a corporate travel policy or comprehensive policy for travel to special destinations like Asia and/or Europe.

Rural Insurance

Rural insurance is basically for rural business and agriculture. IRDA has stipulated annual targets for insurers to provide insurance to the rural and social sector.

As per these regulations, insurers are required to meet year-wise targets:

  • In percentage terms of policies underwritten and percentage of total gross premium income by general insurers under rural obligation
  • In terms of the number of lives under social obligation

Marine (Cargo) Insurance

Cargo insurance is mainly for import export business or while shifting your goods from one to another place. Movement of goods is very risky while moving from one to another place.  This insurance covers substantial losses for both the importers as well as the exporters.

Marine cargo insurance covers goods, freight, cargo and other interests against loss or damage during transit by rail, road, sea and/or air. Maine cargo ensures that your shipment is secure till it reaches to you and if something happens to it like, damaged, stolen, defective ETC.

The party responsible for ensuring the goods is determined by the sales contract. Marine cargo insurance policy can be taken by buyers, sellers, import/export merchants, buying agents, contractors, banks etc. The policy usually covers the cargo, but can also be extended to cover the interest of a third party post transfer of ownership as determined by terms of sale.

 Types of policies can be taken:

  • Specific Voyage Policy
  • Open Cover
  • Open Policy
  • Annual Policy

 

The hull of a ship or boat can be insured under marine hull insurance.

Commercial Insurance

Commercial Insurance is basically for all sectors of the Industry arising out of business insurance. Insurance solutions for automotive, aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas, pharmaceuticals, power, technology, telecom, textiles, transport, and logistics sectors. It covers small and medium scale enterprises, large corporations as well as multinational companies.

Types of commercial insurance:

  • Engineering Insurance
  • Property Insurance
  • Marine Insurance
  • Liability Insurance
  • Financial Lines Insurance
  • International Insurance Solutions
  • Energy Insurance
  • Employee Benefits Insurance

Other Types of General Insurance:

  • Shopkeeper
  • Property Insurance
  • Personal Accident
  • Householder
  • Corporate Insurance
  • Commercial Insurance
  • Crop Insurance
  • Fire Insurance

To be continued with other policies……..

History of Insurance in Incredible India

Begining of Insurance in India

Insurance began in India around 1800 AD. In 1818 the first life insurance company on Indian Soil started functioning. Company Name was “Oriental Life Insurance”.

In 1870, the first Indian life insurance company started its business. Bombay Mutual Life Assurance Society.

In 1912 the Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

In 1928 the Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and Non-life insurance businesses.

In 1938 earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the Insuring public.

In 1956 nationalization of life insurance: Life insurance business was nationalized on 1st September 1956 and the Life Insurance Corporation of India (LIC) was formed through LIC Act, 1956.  A capital contribution of 5Cr from the Government of India was also made. There were 170 companies and 75 provident fund societies doing life insurance business in India at that time. From 1956 to 1999, the LIC held exclusive rights to do life insurance business in India.

In 1972 nationalization of non-life insurance: With the enactment of General Insurance Business Nationalization Act (GIBNA) in 1972, the non-life insurance business was also nationalized and the General Insurance Corporation of India (GIC) and its four subsidiaries were set up. At that point of time, 106 insurers in India doing non-life insurance business were amalgamated with the formation of four subsidiaries of the GIC of India.

Indian Insurance Sector moved ahead

The formation of the Malhotra Committee in 1993 initiated reforms in the Indian insurance sector and is considered as one of the milestones in the history of Insurance in India.

The aim of the Malhotra Committee was to assess the functionality of the Indian insurance sector. This committee was also in charge of recommending the future path of insurance in India.

The Malhotra Committee attempted to improve various aspects of the insurance sector, making them more appropriate and effective for the Indian market.

The Insurance Regulatory and Development Authority Act of 1999 brought about several crucial policy changes in the insurance sector of India. It led to the formation of the Insurance Regulatory and Development Authority (IRDA) in 2000.

The goals of the IRDA are to safeguard the interests of insurance policyholders, as well as to initiate different policy measures to help sustain growth in the Indian insurance sector.

Important Milestones in the history of Indian Insurance industry

1993 Malhotra Committee established.

1994 Recommendations of Malhotra Committee published.

1995 Mukherjee Committee established.

1996 Setting up of (interim) Insurance Regulatory Authority (IRA) Recommendations of the IRA.

1997 Mukherjee Committee Report submitted but not made public.

1997 The government gives greater autonomy to Life Insurance Corporation, General Insurance Corporation, and its subsidiaries with regard to the restructuring of boards and flexibility in investment norms aimed at channeling funds to the infrastructure sector.

1998 The cabinet decides to allow 40 percent foreign equity in private insurance companies—26 percent of foreign companies and 14 percent of non-resident Indians and Foreign Institutional Investors.

1999 The Standing Committee headed by Murali Deora decides that foreign equity in private insurance should be limited to 26 percent. The IRA bill is renamed the Insurance Regulatory and Development Authority Bill.

1999 Cabinet clears Insurance Regulatory and Development Authority Bill.

2000 President Gives assent to the Insurance Regulatory and Development Authority Bill.

Life insurance industry today

Currently, 24 life insurance companies and 29 non-life insurance companies in the Indian market compete with each other on price and service to attract customers. Out of the 24 life insurance companies, Life Insurance Corporation of India (LIC) is the sole public sector company fully owned by Government of India. All the policies issued by LIC of India enjoys the Sovereign guarantee of Indian Parliament.

The country’s insurance market is expected to quadruple in size over the next 10 years from its current size of US$ 60 billion. During this period, the life insurance market is slated to cross US$ 160 billion.

The general insurance business in India is currently at Rs 78,000 crore (US$ 11.7 billion) premium per annum industry and is growing at a healthy rate of 17 per cent.

India’s insurance market lags behind other economies in the baseline measure of insurance penetration. At only 3.9 percent, India is well behind the 11.9 percent for Korea, 11.5 percent for the UK, 11.1 percent for Japan, and 7.5 percent for the US. Indian Insurance Industry is expected to grow to US $ 280 billion by Financial Year 2020.

The Indian insurance market is considered to have a huge business opportunity waiting to be harnessed. India currently accounts for less than 1.5 per cent of the world’s total insurance premiums and about 2 per cent of the world’s life insurance premiums despite being the second most populous nation.

!! Get an insurance & set your life!!

What does mean by an Insurance/Understand an Insurance/Cheap insurance?

In a simple language, we can say that an insurance is a protection from possible eventuality & financial loss. It could be your health, Belongings, family ETC.

We have to keep in mind that everything is important in our lives and in order to keep that protected, we should have a genuine insurance by consulting an adviser from an authorized insurance company.

Basically, this is most important part of our life to be protected & happy life.

There is a huge market of insurance in India. In order to buy an insurance you need to pay the premium once in a year. An  insurance company will cover some portion of the loss of policy holder as per their term and condition.

 

For example, suppose you have a Bike insurance policy. You pay 6000 INR per year in premiums for a policy with a face value of 200,000 INR with your insurance company when company approves the claim. You pay your 6,000 deductible, and the insurance company covers the remaining 199,000 of your loss.

When you buy an insurance policy, you’re pooling your loss risk with the loss risk of everyone else who has purchased insurance from the same company.

To be continued ……..