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Standard health products for vector-borne diseases can work as a supplementary cover

Standard health products for vector-borne diseases can work as a supplementary cover Published in Livemint. The Insurance Regulatory and Development Authority of India (Irdai) last week launched draft guidelines on standard health insurance products for vector-borne diseases such as dengue, malaria, kala-azar, chikungunya and zika virus. The general and health insurers can offer one or a combination of diseases […]

How can you minimize Motor Fleet Insurance Premium?

Fleet operating cost can be huge expense for any organisation. Adding insurance cover may help reduce the maintenance and accidental wear and tear cost of the fleet. Here are some methods which can reduce the premium you will have to pay for such insurance: Claims Records: Know your claims history clearly. Ask your insurer for […]

How to file a claim under Building Insurance?

How to file a claim under Building Insurance? Following steps should be taken to file a claim under building insurance: Step 1: Inform the company: Notify your insurance company. You must not try to undo the damage yourself if you have an insurance which covers the damage that you have suffered. Next, one must prevent […]

Who can Purchase Motor Fleet Insurance?

WHO CAN PURCHASE MOTOR FLEET INSURANCE? If any business expands, organizations tend to buy more vehicles and every vehicle is generally separately insured. Motor fleet insurance is an amazing way to insure multiple vehicles. It is managerially simple and cost-effective. Any of the following can purchase motor-fleet insurance: An individual owning more than one cars […]

What is covered under Motor Fleet Insurance?

Motor Fleet Insurance Policy will cover the following: Fleet insurance provides the benefit of covering all vehicles under one policy. Loss or damage to vehicles by fire, accidents, burglary, natural calamities, and other unexpected causes Third party injury or death & damage caused to property Provides coverage for the insurer/driver: Multiple fleet insurance policies also […]

What is the meaning of Life Insurance?

What is the meaning of Life Insurance? Life Insurance covers an individual and is taken by the individual themselves. The primary goal of this cover is to provide a measure of financial security to the policy holder’s family in case of the holder’s demise. Besides this, there may be several other riders and clauses added […]

What is the meaning of Insurance?

What is the meaning of Insurance? The concept of insurance originates from the principle of sharing the risks by a large group to reduce the burden on the few. Insurance also refers to ‘Risk Transfer’ in the language of risk management techniques. Insurance is a legal contract involving two parties, where one party proposes to […]

What is covered in a Term Insurance Policy?

What is covered in a Term Insurance Policy? A term insurance policy is the simplest and inexpensive form of life insurance available to individual life. Under this policy, the insurer promises to pay a large sum assured amount to the nominee of the insured individual, in case the insured dies within the policy term. There […]

What is the difference between Term Life and Whole Life Policy?

What is the difference between Term Life and Whole Life Policy? Term life insurance- is purely an insurance policy taken for a set duration of time. The only purpose of the policy is to secure an individual against loss of life and on expiry of the term, there are no maturity benefits. Once the term […]

How to select the best Life Insurance Policy?

How to select the best Life Insurance Policy? Looking to buy life insurance cover, there are few critical variables that might help you narrow down on the best choice. Here is a list of factors you should look for while searching for a life insurance policy. Claim Settlement Ratio It is the percentage of claims […]

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Definitioner

Claim: Claim - means a demand made by You or on Your behalf for payment of Medical Expenses or any other expenses or benefits, as covered under the Policy
Policy: "Policy" means this document of Policy describing the terms and conditions of this contract of insurance, including the company's covering letter to the insured if any, the Schedule attached to and forming part of this Policy, the Insured's Proposer form and any applicable endorsement thereon. The Policy contains details of the scope and extent of cover available to the Insured/Insured Person, the exclusions from the scope of cover and the terms and conditions of the issue of the Policy.
Accident: "Accident" means a sudden, unforeseen and unexpected physical event beyond the control of the Insured/Insured Person resulting in bodily injury, caused by external, visible and violent means.