Directors and officers are often the face of a company and work for its growth and profitability. However, during the course of their work, they might have to make decisions that end up being wrong. Such errors and mistakes might attract lawsuits from employees, shareholders, customers, suppliers, stakeholders, or others. D&O liability insurance provides cover […]
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What does 72-hour clause signify in construction all-risk policy?
72-hour Clause in Construction All-risk Policy: There is an immense significance of 72-hour clause in construction all-risk policy. 72-hour clause signifies any losses or damages which occur during any period of 72 consecutive hours and which arises due to= Earthquake, subterranean fire, volcanic eruption, Earth movement or collapse Bushfire Wind, storm, hurricane, cyclone, typhoon, hail, rainwater, […]
What Are the Different Type of Medical Expenses Covered Under A Workmen Compensation Policy?
Under a workmen compensation insurance policy, a buyer can purchase medical expenses cover as an add-on. Different insurers define the limit of medical benefits differently. Some of these options are: A fixed sum (per case) daily, for the duration of hospitalization. The actual amount spent up to the total sum insured as defined at the […]
What Are the Occupational Diseases Covered Under a Workman Compensation Policy?
Overview The referenced article on Insuropedia explains the occupational diseases covered under the Workmen’s (Employee’s) Compensation Policy in India, aligning with Schedule III of the Employee’s Compensation Act, 1923 (amended in 2017). It covers diseases arising from prolonged exposure to toxic environments, chemicals, compressed air, radiation, and repetitive strain injuries. Beyond basic workplace injuries, the […]
What are the different types of Disabilities covered under a Group Personal Accident Plan?
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) Key Takeaways The 365-Day Threshold: For a severe disability to be legally classified […]
Workmen Compensation Act vs. Employee Compensation Act – Key Differences
The major differences between the Workmen Compensation Act (1923) and the Employee Compensation Act are as follows: Workmen Compensation Act, 1923 Employee Compensation Act The insured party is called workman or workmen in the act The insured party is called employee or employees in the act Clerks were not considered to as workmen and thus, […]
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 […]