There are many facets to preparing a design for an optimum employees benefits program. Below are a few tips that will help you stay ahead and relevant – Aligning the employee-benefit strategy with the overall business objective of the company. You need to periodically revisit the benefits strategy to ensure that it supports business […]
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How does the GIPSA package work?
GIPSA stands for General Insurance Public Sector Association. An association of the four public sector general insurance companies, namely, manages the GIPSA Insurance package. The New India Assurance Company Ltd, National Insurance Company Ltd, United India Insurance Company Ltd, & The Oriental Insurance Company General Insurance Public Sector Association packages (GIPSA Insurance package) cover commonly […]
Liability insurance is offered as an add-on with home policies
Published in Livemint. Written by Abhishek Bondia We made a claim on our family health insurance, which we have been renewing for the past 10 years, in 2016 for my husband’s appendix operation. There were no claims before or after that. Will the subsequent years in which no claim was made be eligible for a […]
Monthly health plan premiums a positive, but there’s a flip side
Published in Livemint. More and more first-time buyers in the younger age brackets are opting for the monthly premium option when going for health insurance policies, the recent buying pattern on Policybazaar.com, an online marketplace for insurance, shows. The monthly premium option was introduced by the Insurance Regulatory and Development Authority of India (Irdai) in April to […]
How to work with the Ombudsman to address your grievances across India?
Introduction- The Ombudsman is a person appointed by the insurance council. The serving term of the Insurance Ombudsman is three years and there are 17 Ombudsman across India. Who can approach an Insurance Ombudsman? Any person who has a grievance against an insurer, may himself or through his legal heirs, nominee or assignee, complain to […]
No loan facility with new Ulips but you may borrow against older policies
Published in Mint on Feb 27 2017, Written by Abhishek Bondia I have a unit-linked insurance plan (Ulip) that I had bought in 2009. I have a family situation where I need to help my brother to pay his son’s college fees. Can I borrow against this policy? Will it be of the same value […]
Adding rooms to your house will increase your home insurance premium
Published in Mint on Feb 20 2017, Written by Abhishek Bondia My house in Delhi is insured against earthquakes and I have never missed any premiums. I want to add two rooms to the second floor. Will my existing insurance policy suffice or will I have to take a new policy? If I need to […]
Term insurance is not an investment product, as it has no maturity value
Published in Mint on Feb 02, 2017, Written by Abhishek Bondia How do I lower the cost of buying life insurance? I am 28 years old and earn Rs20,000 per month. I am the sole earner in my family and can only spare around Rs2,000-3,000 a month for insurance, which I now consider to be […]
You cannot change a term plan specifications after buying it
Published in Mint on Jan 19 2017, Written by Abhishek Bondia What is an adjustable life insurance plan? Can this be done for a term plan? —Gautam Chopra An adjustable life insurance gives the option of changing the plan’s specifications during the term of a plan. Changes can be made to the sum assured, premium […]
No claim bonus can be availed up to 90 days after insurance policy lapses
Published in Mint on Jan 12 2017, Written by Abhishek Bondia I own a car that is 6 years old. I have been diligent with properly insuring it every year and have never taken any claim. Its renewal is due in January. However, I have been with my son in the US since November last […]