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Insurance sold by car dealers can be costly

Published in Mint, on 21st Feb 2017 If you are buying a new car, buying insurance for it is perhaps the last thing on your mind. Plus, the car dealer makes insurance purchase easy by bundling the policy with the deal. But the policy from the dealer can be expensive and you may get a […]

PSU non-life insurers incurring loss while private insurers are minting money in health insurance

Published in Cafemutual on 4th February, 2017 PSU non-life insurers are incurring hefty losses while their private counterparts are minting money in the health insurance segment if the IRDAI’s annual report is anything to go. The annual report shows that the net incurred claims ratio (ICR) of the public sector non-life insurers stood at 115% […]

India’s insurance intermediary partners with German broker to expand footprint

Published in Cafemutual on 12th January, 2017 In order to expand its footprint, Delhi based insurance broker SecureNow has announced its membership with Germany’s UnisonBroker, which specializes in providing risk management solutions in the global markets. This partnership is expected to provide global risk management solutions to its existing clients who have business in USA […]

New terminal illness-based term plan on the block

Published in Mint on Dec 14 2016. Online term insurance policies are seeing a lot of innovation. Apart from breaking the sum assured into periodic payments for a beneficiary upon the death of the policyholder, IDBI Federal Life Insurance Co. Ltd’s iSurance Flexi Term Insurance Plan also offers to pay a portion of the […]

How much will e-cash incentives help?

Published in Mint on Dec 13 2016. On 8 December, the government announced a slew of incentives on digital transactions. Such transactions include those done with credit cards, debit cards, e-wallet, mobile apps and Net banking. The government said that in the aftermath of the cancellation of the legal tender character of old Rs500 and […]

Health insurance policy ratings have to evolve as more customer data becomes available

Published in Mint on Dec 08 2016 It is time for the regulator to work on a standard product that every company has to make available. The panel on the topic ‘Issues in rating health insurance policies’ had Anuj Gulati, MD and CEO, Religare Health Insurance Co. Ltd; Kapil Mehta, co-founder, SecureNow Insurance Broker Pvt. […]

Mediclaim malfunction maladies

Published in Mint on Oct 04 2016. Did you know that you get different rates for the same surgery if you go as an uninsured person, or if you go with your own cover or if you go with a group cover? Rates vary across insurance firms as well. I had heard of it, […]

Taking the trick and trap out of insurance

Published in Mint on Sep 16 2015 Mint Money has always advised you to avoid traditional insurance policies that double up as investment products. This is primarily because of three reasons: high costs, opaque structures and poor investment returns from these policies. But if recommendations of the Sumit Bose committee are implemented, most of […]

76,000 LIC agents call it quits, private insurers add 50,000 agents

Published in Cafemutual on 26th August, 2016 Agent attrition has been an ongoing issue in the life insurance industry. A recent data provided by Life Insurance Council (LIC) shows that around 27000 agents have left the distribution of life insurance policies. LIC is a trade body of the life insurance industry. Surprisingly, state owned LIC […]

When fine print stumps your policy claim

Published in Mint on Aug 16 2016 Most people buy insurance in three quick steps: give the agent a quick listen, sign off on the paper and store the policy away. Yes, insurance legalese makes for laboured reading, but ignorance is even more painful. You need to know your policy—the exclusions at the very […]

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Definitioner

Child: Child - means dependent child/children including adopted and step child/children of the Insured Person between Ages two (2) years and eighteen (18) years (twenty-three (23) years if attending as a full time student in an accredited Institution of Higher Learning) who are unmarried, and receive the majority of maintenance and support from the Insured Person
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
Doctor: Doctor means a person who holds a qualification in medicine from a recognized institution and is registered by state council, governed by the Medical Council of India in which he operates and is practicing within the scope of such license and will include (but is not limited to) physicians, specialists and surgeons who satisfy the aforementioned criteria.
Deductible: Deductible means, in respect of each and every claim, the amount stated in the Schedule which will first be paid by each Insured Person or apply for the period of time stated in the Schedule.
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.
Policy period: "Policy period" means the period between the inception date and the expiry date as specified in the Schedule to this Policy or the cancellation of this insurance, whichever is earlier.
Illness: "Illness" means sickness or disease first diagnosed during the period of insurance for which immediate treatment by a Medical Practitioner is necessary.
Hospitalisation expenses: "Hospitalisation expenses" mean expenses on hospitalization incurred in India for minimum period of 24 hours incurred in India, which are admissible under this Policy. However, this time limit will not apply for specific treatments defined under Day Care treatment taken in a Hospital / Nursing Home.
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.