insurance arpita

8/8/2019 Insurance Arpita

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TYPES OF INSURANCE


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Types Of Insurance Available :

Auto Insurance

Two Wheeler Insurance

Car Insurance

Commercial VehicleInsurance

Home Insurance

Life Insurance

Health Care Insurance

Accident Insurance

Travel Insurance

Commercial Insurance

Agriculture Insurance Fire Insurance

Industrial Insurance

Marine Insurance

Shop Insurance


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Types of Auto Insurance Available:


Car Insurance

Commercial Vehicle Insurance


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Calculation of Auto Insurance

Amount/Premium:

Auto premium is determined by a number of factors like:

make of the vehicle

year of manufacture

place of registration current showroom price of the vehicle

model of the vehicle

client is individual or corporate.

The amount of premium increases with the increase in the price of the

vehicle.

Companies renew policies after expiry.

A discount on premium is sometimes provided to existing clients.


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Auto Insurance Claim Procedure:

Accidental, theft claims or third party claims.

Insured should write the number of the other vehicle in case of anaccident or third party claim

Names of witness should also be written down

File an FIR with the nearest police station Insured should then contact the insurance company and get a claim

number

A surveyor is appointed who reports the approximate value of lossor damage

Based on the report of the surveyor, insurance companies try to sendthe amount to the insured within one to three weeks

An individual might have to pay the repair charges himself and laterget it reimbursed


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Provides a kind of personal accidental cover for owners, while

driving the vehicle.

Generally provides protection from any loss or damage to the

vehicle arising out of natural calamity like fire, protection against

third party injury, burglary etc.

The amount insured will depend on the current showroom price

multiplied by the depreciation rate fixed by the Tariff Advisory

Committee at the time of commencement of policy period.


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Car Insurance

Fastest growing segment in the auto insurance category.

Insuring car is mandatory for everyone buying a new car.

Major car manufacturers are tying up with leading insurance

companies to provide hassle free and quick insurance. Includes loss or damage by accident, third party insurance, insurance

against burglary etc.

The amount of premium will depend on the make and value of the

car, state where the car is registered, year of manufacture etc.

Insurance companies are trying hard to make the claim process

simpler and quicker.


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Commercial vehicle insurance

Covers all vehicles not used for personal purpose.

- Trucks and HMVs

The insurance protects against damage caused due to accident,third party injury, protection against natural calamity, burglary etc.

The premium amount depends on a number of factors like showroom

price of the vehicle at the commencement of the insurance period,

make of the vehicle, place of registration of the vehicle etc.


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List of Some of Insurance Companies Offering

Auto Insurance( Car , Two Wheeler):

HSBC India AutoSecure

Bajaj Allianz - Bajaj Allianz's Motor Policy ICICI Lombard - Motor Plans

United India Insurance Co. - Motor Package and

Liability Only Policies

The New India Assurance Co. - Motor Coverage


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HOME INSURANCE

Insurance companies have come out with unique home insurance policies to protect it

from various natural and man made disasters.

Home insurance protects your house against burglaries, theft, fire, earthquake,

explosion etc.

Insurance companies come out with different home insurance policies to suit the

unique needs of its customers. While some policies have a standard/fixed cover,

others are flexible package, including a basket of coverages.

The premium for such covers is higher than the standard cover. This is because the

risk of the company insuring is more.


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Calculation of Home Insurance

Amount/Premium:

The amount of home insurance cover needed is calculated keeping a

number of factors in mind:

Area of house (in sq.ft.) location of property,

approximate rate of construction (in Rs./sq.ft.)

'Pukka/Permanent' construction.

A property more than 50 years old is not insured.

Pay the premium every month/quarter/six months according to the sum

insured.


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Home Insurance Claim Procedure:

In the event of some burglary, theft, fire, the claims of individuals

24 hours helplines and call centers to fasten the claim process and provide better

service to customers.

The call center registers the claim request after the individual furnishes all personal

details and details of the policy taken. A company appointed surveyor inspects the site and submits the loss report.

In case a surveyor is not appointed, an individual must submit documents to beinsured to the company.

The claim is processed by company within 7-15 days.

On approval of the claim, a letter is sent to the insured giving the approved amountof settlement.

Payment cheque is released.


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Documents Required for Home

Insurance Claim:

Duly completed and signed claim form

Copy of FIR

Final Report from police Copy of all invoices, price lists

Letter of Indemnity from Insured


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For Third Party Claims:

Claim form duly signed

RC copy of the vehicle

D

riving license copy Original policy copy

Original FIR copy

RTO transfer papers duly signed, mentioning that

the vehicle cannot be located


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List of Some of Insurance Companies

Offering Home Insurance:

ICICI Lombard - Home Gold Plan

HSBC HomeSecure

The New India Assurance Co. -H

ouseholdersPolicy

Bajaj Allianz Householders


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LIFE INSURANCE

Life Insurance policy is the most popular and taken

by the most number of people.

Many of us buy life insurance policies, because we

want to make sure our loved ones remain financially

secure after we die.

Insurance companies offer both individual as well

as group insurance policies.


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Calculation of Life Insurance

Amount/Premium:

Individuals getting a life insurance cover have to pay the monthly/quarterly/half

yearly/yearly premium/life insurance rate, which depends on the amount insured.

The premium amount also increases or decreases with different life insurance plans,

age of the individual etc.

The company pays the full insurance amount either on the death of the individual orthe expiry of the policy which ever is earlier. Life insurance policy can be renewed

after the expiry.

Some insurance companies offer a discount while renewing the policies of existing

clients.

The insurance is done after a medical examination of the individual being insured.


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LIFE INSURANCE

Health Care Insurance:

Critical Illness Insurance

Medical Insurance

Accident Insurance:

NRI Accident Insurance

Personal Accident Insurance


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Benefits of Life Insurance Policy:

Life insurance Policy can be used to avail loans from

banks.

Individuals/ groups can also avail tax benefit by

investing in it.

Life insurance policy also acts a good saving to

meet with the future needs.


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Life Insurance Claim Procedure:

The insured can notify the company that the payment is due under

the terms of the policy. This can be done at the expiry of the life

insurance policy.

In case of the death of the person insured, the beneficiary, receives

the amount of life insurance.

In case of death of insured, insurance companies can repudiate the

claim. This is done to ensure the protection of the client. The procedure

generally takes from 7-15 days.


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Offering Life Insurance

Birla Sun Life Insurance Company - Flexi Life Line

Plan

Aviva Life Insurance Company - Aviva's Initiative

Tata AIG Life Insurance - ATATA AIG Life


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Types of Health Care Insurance

Available:

Medical Insurance


Leading insurance companies are coming out withnew plans to meet the requirements of theircustomers, health care insurance plans especiallytarget customers in the higher age group.


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offering Health Care Insurance:

ICICI Lombard - Health Plans

Bajaj Allianz. - Health Guard

HSBC - HealthFirst


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Provides for payment of amount equal to sum assured, if illness

strikes, irrespective of expenses incurred on treatment.

Most insurance companies are providing this insurance as an

addition to the life insurance; additional premium payable for

critical illness. It is introduced as a value addition to meet thedemands and also as marketing strategy.

The insurance covers surgery cost, critical illness cover and post-

hospitalisation.

The insurance is different in paying only for prolongedhospitalisations.

One of the unique features of this insurance is that a lump sum

allowance is paid irrespective of the actual medical expenses.


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Critical Illness Insurance Claim

Procedure:

Multiple claims till their lifetime cover is exhausted.

The company pays a lump sum amount as claims irrespective of the

actual expenses, as against a medical insurance, which is only a

reimbursement insurance.

The claim should be reported to the insurers, who in turn will appoint

a surveyor.

Surveyor will check the necessary documents and analyse the extent

of damage. The claim process takes anywhere from 7-21 days.


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Documents Required for Critical

Illness Insurance Claim:

Copy of FIR (If any)

Medical Certificate & details of medical expenses

& disability certificate

Leave certificate from employer

Duly filled Claim Form

Salary Certificate from employer


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Offering Critical Illness Insurance:

Bajaj Allianz - Insurance Against Serious Illness

HSBC - Illness Cover

Life Insurance Co. - Critical Illness Benefit Rider


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Medical Insurance

Medical insurance in India is gaining such a high trend that policies

are out even for infants.

It is the buffer against medical emergencies.

This cover is a hospitalisation cover and reimbursement of the

medical expenses incurred in respect of covered disease /surgery

while the insured was admitted in the hospital as an in patient.


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Different types of Medical Insurance

are available:

Individual Medical Insurance

Group Medical Insurance

Overseas Medical Insurance


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Calculation of Medical Insurance

Amount/Premium:

The amount of premium depends on the sum insured

(amount of coverage) age of the member and also if

one is taking an individual or a group Insurance.

Premium can be paid on a monthly/quarterly/half

yearly/ yearly basis.

Amount also depends on the company policies of the

insured.


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Medical Insurance Claim Procedure:

An individual has to fill and submit the claim form to the

insurer

A claim representative, so appointed, analyses the

expenses incurred

After submission of the medical expenses report, the

claim is cleared within 7-15 days. The number of days

may vary from company to company


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Documents Required for Medical

Insurance Claim:

Hospital/doctor report

Memo of expenses incurred

Salary Slip


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List of Common Insurance Companies

Offering Medical Insurance

United India Insurance Co. - Mediclaim Policy

The New India Assurance Co. - Medical Plans

ICICI Loambard - Online Medical Plans

Bajaj Allianz - Medical Care

HSBC - HealthFirst


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Accident Insurance

Accident insurance is gaining popularity with the increase in the

number of Accident injuries and deaths.

Insurance companies accidental covers for individuals and families as

well. This means you can cover your spouse and children in the same

policy but by paying a higher premium.

The plan can be customised to suit the needs of different clients.


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Accident Insurance Claim Procedure:

Customers can report a claim either on toll freenumbers provided by insurance companies ordirectly get in touch with the claim representatives.

Filling a claim form is the first step for making aclaim.

A company surveyor will analyse the bills ofhospitals/nursing home homes and then make a

report. Claim process can take anywhere between 7-21

days.

t t


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ocuments equ re or cc ent

Insurance Claim:

Hospital's Report

Disability certificate from doctor (If any)

Laboratory reports

FIR


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Offering Accident Insurance:

Bajaj Allianz - Accident & Injuries Cover

The New India Assurance Co. - Accident Covering

Policy

Tata AIG General Insurance - Accident Guard

United India Insurance Co. - Accident &

Hospitalisation Policies

HSBC - MahaRaksha Personal Injury Policy


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NRI Accident Insurance

The insurance covers Non-Resident Indians from 3

months of age till 70 years.

Comprehensive insurance covering accidental loss,

permanent disablement due to accident, medicalexpenses incurred due to illness in a foreign country,

education fund of dependent children etc.


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offering NRI Accident Insurance:

National Insurance Company Ltd. - Policy For

Non-Resident Indians

HDFC - Tricare Plan


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TRAVEL INSURANCE

The best way to protect against:

medical costs through illness or injury

against theft or loss of possessions and

other accidents that may occur during your

domestic/international / travels.


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Types of Travel Insurance

Trip Interruption Insurance

Trip Cancellation Insurance

Lost-Luggage Insurance


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Calculation of Travel Insurance

Amount/Premium:

Factors:

the numbers of days of travel

whether travelling in domestic country or overseas

if the insured is an individual or has taken a family

plan.

A higher amount will ensure a higher coverage.


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Travel Insurance Claim Procedure:

The insured must submit the duly filled claim forms

along with the original ticket or boarding pass or

copy of the passport showing the travel dates and

original bills / vouchers.

Companies take 7-21 days for processing the

claims


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Documents Required for Travel

Insurance Claim:

Duly completed and signed claim form

Policy copy

Air ticket jacket / boarding pass


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Offering Travel Insurance:

ICICI Lombard - Travel Plans

United India Insurance Co. - Suhana Safar Policy

Bajaj Allianz - Subh Yatra


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COMMERCIAL INSURANCE

Organizations need to reduce both internal andexternal risks. They also require to safeguard theirbusiness against unforeseen circumstances/events.

Insurance companies are catering to small, medium and

large scale companies to minimize their risk. GoodInsurance advice can save you time, money and worry.

Leading insurance companies are coming out with'Commercial Insurance Questionnaire' to ascertain theinsurance needs of your commercial.

Insurance companies undertake complex procedure toevaluate and review the impact of any change incommercial activity or new ventures.


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Types Of Commercial Insurance

Available:

Agriculture Insurance

Fire Insurance


Marine Insurance

Shop Insurance


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Calculation of Commercial Insurance

Amount/Premium:

Insurance companies keep quite a few factors in mindwhile calculating the premium amount to be paid by theclient.

Nature of business, size of the organization, number of

employees, the type of industry, the organization is apart of, annual turnover of business etc.

The premium is paid on a monthly/quarterly/halfyearly/ yearly basis, as the case may be.

Companies also provide with instant commercialinsurance quotes for the ease of their customers.


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Commercial Insurance Claim

Procedure:

The insurer needs to submit all the original

documents of the commercial in the case of any

financial or non financial loss.

The surveyor calculates the approximate value ofthe loss so incurred. Based on the report submitted

by the surveyor, insurance companies pay the

amount of loss incurred.

The claims are generally cleared within 7-21 days.


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Agriculture Insurance

India is an agrarian society with 75% of the population depending on it,for their livelihood.

Agriculture or crop insurance has assumed importance with large scaledamage caused due to pest attacks, crop diseases and vagaries ofweather.

The objective is to provide insurance coverage and financial support to thefarmers in the event of failure of any of the notified crop as a result ofnatural calamities, pests & diseases.

The list of crops being covered for insurance differs from state to state.Generally quite a few Kharif and Rabi season crops are covered.

These crops are insured at the community/block/gram panchayat levels.

Agriculture insurance schemes are of immense help to farmers, providingthem with financial security.


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Calculation of Agriculture Insurance

Amount/Premium:

Factors:

size of land of the farmer,

his financial standing,

number of crops being insured and

the sum insured.


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Offering Agriculture Insurance:

Agriculture Insurance Co. of India - Varsha Bima

United India Insurance Co. - Rural Policies


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Fire Insurance

Fire Insurance is governed by All India Fire Tariff effectivefrom 31.3.2001 issued by Tariff Advisory Committee, aStatutory Body.

It is a commercial policy covering building, offices,machinery, contents and personal belongings of the office.

It mitigates the risk of loss of customers arising from firebreakout.

The insured should take all possible steps to minimize theloss.

The market value of the property is considered while

insuring the sum. The amount of premium depends on anumber of factors and individual policies of differentinsurers.


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Offering Fire Insurance:

ICICI Lombard - Fire and Special Perils Policy

(Material Damage)

United India Insurance Co. - Standard Fire and

Special Perils Policy


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Industrial insurance is a comprehensive policy covering

a gamut of products.

This is a specially designed policy covering any kind of

loss or damage caused to the products it covers. The sum insured is generally equal to the market value

of the equipment/machinery being insured. The insured

amount also includes cost of installation, duty, taxes,

freight etc. If the amount insured is less than the marketprice, then the claims are paid proportionately.


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Offering Industrial Insurance:

ICICI Lombard - Industrial Plan

United India Insurance Co. - Industrial Plant &

Machinery Policy

The New India Assurance Co. - Industrial Products


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Marine Insurance


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Bibliography

http://en.wikipedia.org/wiki/Financial_services

http://en.wikipedia.org/wiki/Insurance

http://wapedia.mobi/en/Insured

http://www.surfindia.com/finance/insurance.html


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