There are different types of disabilities that are covered under a Group personal accident insurance. The disabilities caused by accidents are classified under the following three sections for determining compensation: Permanent Total Disablement (PTD) Permanent Partial Disablement (PPD) Temporary Total Disablement (TTD) Permanent total disablement refers to permanent loss of functionality. For example, if there […]
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If the insurer does not resolve your issue, you should approach Irdai’s grievance cell
Published in Mint on 31st July 2017. Written by Abhishek Bondia I have been mis-sold a money-back plan by a private insurance company’s relationship manager. They lied about the sum assured and maturity value as well as the periodic money back. They had given a benefit illustration at the time of purchasing the plan, which […]
New rules to protect policyholders
Published in Mint on 11th July, 2017 The Insurance Regulatory and Development Authority of India (Irdai) has notified new rules to protect policyholder’s interest. You can read the full notification here. While the regulations work towards ensuring that insurers settle all kinds of claims on time by defining the penalty on delays, there is much […]
If you earned no-claim bonus abroad, you can avail it while buying a car in India
Published in Mint on 10th July 2017. Written by Abhishek Bondia I am moving back to India after staying abroad for about 10 years. As the Indian insurance sector has liberalized, a lot of international insurance providers are now in the market. If I buy car insurance from a company with whom I currently have […]
Sahara Life is dying. What happens next?
Published in Mint on 6th July, 2017 The policyholders of Sahara India Life Insurance Co. Ltd (Sahara Life) may soon be dealing with a new insurer—ICICI Prudential Life Insurance Co. Ltd (ICICI Pru Life), which has expressed interest to take over the life insurance business of Sahara Life. Around 3 weeks ago, the Insurance Regulatory […]
Options for overseas medical treatment
Published in Mint on 14th June,2017 When you travel abroad, it’s advisable to buy travel insurance. This insurance policy pays for medical emergencies other than insuring any flight inconveniences. It doesn’t of course cover planned hospitalization, but did you know there are health insurance plans that cover planned international hospitalization as well? Here we discuss […]
Ready to Sue Your Employer? Read this First!
Ready to Sue Your Employer? Read this First! You might hardly find a person who has never worked in an unfavorable working condition. Various factors violate any company’s working atmosphere, like office politics, stress, long working hours, or a more serious one—harassment. The off-repeated advice in such situations is to look for another job. Only […]
Seven Tips to Boost the Healthy Habits Among Employees
Undoubtedly, a healthy workforce makes for a productive team. A company can get more out of their employees if they take their health and wellness seriously. Moreover, if you are offering a group mediclaim policy, these healthy habits will lower the insurance claim and further trim the premium coverage. So here are some tips to […]
Look at the claim settlement track record of insurers before choosing to buy from one
Published in Mint on April 09 2017, Written by Abhishek Bondia Some months ago, two of my office colleagues had a bereavement in their families and they filed claims for term insurance plans. From what they told me, in one case the claims process was very smooth, in the other, there were endless rounds of querying, […]
Which Expenses Are Covered by The Fire Policy?
A fire policy provides cover for any losses occurred due to fire to property, stock, or assets. A fire insurance policy is a comprehensive policy that works as a contract between the insurer and the insurance company (see “What is Fire Insurance Policy?” here). It offers compensation for the losses that take place due to […]