What is Blacklisting of Hospitals in the Insurance Industry? Blacklisting is placing a hospital in a position where there would be no further dealing with it in any case. Once blacklisted, Insurers do not empanel or engage with such hospitals. Customers should consult their insurance companies before making a claim. They should ensure their preferred […]

What is Business Insurance? Business insurance plan is one type of insurance that offers coverage to businesses for covered perils. Business insurance would cover the damages or losses to the property from insured perils and protects from third-party damages and legal expenses. All organizations can take business insurance to safeguard their interests and provide them […]

What is Agriculture Insurance? Agriculture insurance is the protection given to the agriculturists against damage caused to their properties against the named perils. Agriculture insurance is a risk management tool that provides farmers with financial protection against agricultural losses such as loss of crop or loss of lives of livestock etc. Types of crop insurance […]

The Indian Insurance Regulatory and Development Authority (IRDA) has asked for the withdrawal of long term comprehensive package cover for two wheelers and private cars. This was based out of concerns arising out of policyholder sentiment of being stuck with Insurers, despite deficient service.

What is the first emotion that comes to mind when you think about insuring risk? Is it fear? A fear of being duped? fear of being lost in long drawn paper work? Fear of not knowing who to talk to, when? Welcome to the world of information asymmetry, or as the world knows it, insurance. […]

I was traveling to Vizag by train. During journey the person beside me seemed very knowledgeable. We immediately became friends. During our conversation, he asked me, what I do for a living. I said, “I am an insurance broker”. His attitude toward me immediately changed. He hardly spoke to me later. “What happened ?”, I […]

Customer – I want to claim my laptop theft. Insurer Claim Manager -Oh I am so sorry? How did you lose it? Customer – I actually lost my car key in during parking and someone stole the laptop from my car. Claim manager – Oh I am so sorry. It is not covered as it […]

IRDA has given relaxation of 30 days in addition to the grace period of 30 days in the policy, for the payment of life insurance and health insurance premiums falling due during the lockdown time. So, your policy will not lapse. However, claims falling due after the expiry is not considerable till the payment of […]

Better alternatives for optional coverage in insurance policies: Term Life Insurance-Return of Premium policies:The return received as a survival benefit is less when compared to the return under FD for the same term for the extra premium paid under this policy. PA is covered as a rider in various policies: It is good to buy […]

When it comes to premiums, the Indian market is very competitive compared to the world market and is driven more by prior year premiums than claims experience. As a result, organizations and employers have a good ride, as they can pass the risk to insurance companies and enjoy a great range of benefits without getting […]

Lack of awareness Indian culture is rich in a lot of things, but financial consciousness is not one of them. Children and young adults are educated in social do’s and don’ts, but not in matters of financial planning. All of us have seen examples around us when risk planning is discussed on the hind side. […]

Employee state insurance corporation (ESIC) is a comprehensive insurance system that safeguards the employee in situations like disability, sickness, maternity, as well as in case of demise. All the benefits administered are in line with the international labor organization. ESIC administers the ESI (Employee state insurance). Recommended Post Benefits of ESI Scheme Who is covered […]

The insurance industry is presently seeing many reforms. A recent amendment to the Insurance Act to increase the FDI to 74% has made this sector very lucrative. The whole world is looking at India as a minefield of insurance opportunities. The current market penetration in Insurance is only 3% which is half of other developing […]