There are many financial products which come with an add-on insurance benefit. Once you become aware of it, then it can help you in a big way. Though complementary insurance seems very attractive and covers certain types of risks, but you must not ignore the regular insurance products to cover specific risks. When you buy or invest in a financial product, most often you forget...
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There are numerous factors that one must consider before making a motor insurance claim in order to enjoy maximum benefits. In any road accident, the very first thing that comes to the vehicle owner’s mind is motor insurance unless there is any casualty. Among all other accidents, road accidents are the most common in India. In 2017, there were around 4,66,000 road accidents in which...
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Despite repeated awareness and options, people tend to make some common mistakes while opting for car insurance. Some common tips you can keep in mind while choosing a car insurance policy. You don’t wake up one fine morning, walk into a showroom to buy a car and drive away with it. There is a lot of research that goes into buying a car. You want...
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The regulator also said that in the months to come, they would again open the application under sandbox technology. Insurance Regulatory and Development Authority of India (Irdai) will start taking applications for the ‘Regulatory Sandbox’ from September 15 to October 14. The insurance regulator launched the Regulatory Sandbox during the opening session of the ‘Curtain Raiser and Workshop on Regulatory Sandbox’ organised by Irdai in...
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Motor Vehicle Act 2019: While driving, keep insurance record with you and if it has lapsed, ensure to renew it early especially before the expiry of 90 days. Third party insurance for two wheeler: The vehicle can be insured till the validity of the registration of the vehicle. Lapsed Insurance Policy: After the amendments in the Motor Vehicle Act 2019, the penalties for traffic violations...
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The insurance regulator is looking into linking traffic violations committed by the registered owner or driver of the vehicle with the motor insurance premiums to be paid. The terms of reference of the working group will also be to develop data fields required to implement traffic violations as rating factor in motor insurance With the government focusing on Intelligent Traffic Management System in metros, motor...
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If you are one of the adventurous types who like to venture out on a road trip on a frequent basis, read on to know more about car insurance espically if you are a road trip enthusiast. Do not buy a plan without understanding the terms and conditions, and inclusions and exclusions By Animesh Das There are people who drive a car within a limited...
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A home insurance policy with a sum assured of more than `50 lakh would require physical inspection of the property, depending on the insurer. An individual can buy and renew a home cover even online without any documentation and physical inspection of the property, unless someone is opting for a higher sum assured or a specific package. With floods ravaging several states this year, the...
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The Insurance Regulatory and Development Authority of India (Irdai) had received a complaint dated on October 7, 2016 and October 10, 2016, alleging that Policybazaar had floated an offer, titled ‘Navratra Offer’, under which certain monetary incentives in the guise of complementary benefits were being offered to prospective customers. According to the insurance regulator, it was observed that Policybazaar had displayed the services offered by...
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Irdai has created a regulatory sandbox for bringing to the market innovative approaches, including fintech solutions, to push insurance penetration while protecting policyholders. The insurer or the insurance intermediary will be responsible to dispose of the grievances in accordance with the extant regulatory norms. In order to experiment with innovative approaches including fintech solutions, the insurance regulator has created a regulatory sandbox. It will provide...
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For the sandbox, an applicant should have a net worth of Rs 10 lakh and a proven financial record of at least one year. The proposal shall not be made merely for the sake of seeking a regulatory relaxation but shall be a genuine innovation. The Insurance Regulatory and Development Authority of India (Irdai) announced guidelines on operational issues pertaining to regulatory sandbox. This move...
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With multiple health insurance plans available in the market, it may sometimes become little daunting to choose the right one to buy for oneself. Do not merely go by the premium as it will differ depending on the features available in the various plans. Selecting the right health insurance plan amongst several plans available in the industry is making the comparison task difficult for buyers...
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Numerous people buy health insurance without knowing its numerous exclusions, one amongst which is a waiting period. Here’s all you need to know. Different conditions and coverage have different waiting periods and have different rules for the same. Recently, Mr. Rajat Sharma, a resident of Delhi, bought a health insurance cover worth Rs 5 lakh sum insured and was very happy with his decision. He...
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IRDAI has constantly issued such public notices communicating policyholders and new buyers that it does not sell any insurance products. IRDAI is the regulator of the insurance sector and does not sell insurance of any nature and neither will it call any policyholder for any reasons. Insurance Regulatory and Development Authority of India (IRDAI) has issued a notice in public interest cautioning about a fake...
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Regulation has broadened the scope of coverage and made it more inclusive—mental illness and HIV are now under the ambit of health insurance. A current pain point for customers is that health insurance policies are too complex to understand. By Ashish Mehrotra Millions of Indians continue to deplete their savings putting their future at risk to meet spiralling healthcare expenses. With only 20% of Indians covered...
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While individual health insurance plans are indemnity-plans i.e. the insurer pays the actual hospital expense, in the critical illness plans, the entire sum insured is paid by the insurer to the policyholder at the time of claim. The cost of treating life-threatening ailments is generally higher than regular hospitalization costs. IFFCO Tokio General Insurance has announced the launch of its latest health insurance product, a...
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It is very important to have personal liability coverage in your comprehensive travel plan. Here’s why. Liability insurance intends to offer protection against third party damages. When travelling abroad, you might be unfamiliar with the law of the land and also may end up in a situation which involves professional intervention. For instance, you may be a part of an accident where you are inadvertently...
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IRDAI has recently asked all general insurers to ensure cancellation of Certificate of Registration of the vehicle in case of total loss claim settlement. As per the existing rules of Motor Vehicle Act 1988, in the case of a Total Loss of one’s vehicle, it is the responsibility of the owner to get the registration cancelled. Buyers of used cars or pre-owned cars need to...
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Recently several news reports have also shown how fraudsters filed cases of natural deaths as road accident victims in order to claim money from their personal accident policies. Before signing on the dotted lines, insured should lookout for the warning signs that indicate an insurance policy could be fake. With insurance frauds on the rise, it is important to know how to protect yourself from...
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Vehicle owners spend a large amount on the repair and maintenance of their vehicles during monsoon, and hence it is important to take primitive precautionary measures to minimize excessive damage. Monsoons pose more challenges for the vitality of vehicles and hence a comprehensive insurance policy is recommended. Temperature volatilities have given rise to extreme climate change. Although monsoons are enjoyable and provide much relief to...
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