Do you also believe that Insurance Broker and Insurance Agent are the same?
The answer is No. Insurance Broking is an organization licensed and controlled by the Insurance Regulatory and Development Authority of India.
Insurance Broking has a wider scope of approach when it comes to selecting the right policy for you. Because an Insurance Broker can extend their approach to all the insurance companies. They act as your representative to the insurance company.
Whereas Agents act as Insurance Company’s representative for which they hold the license. Hence their approach is limited to the single insurance company.
Since Insurance Broking is an entity and not an individual, they have greater responsibilities towards their clients and dedicated teams to take care of them.
The support from an Insurance Broker is not restricted to just helping you buy the right policy. They help you throughout the policy life cycle including their dedicated support in settlement of the claim.
Sheena is late for the meeting with her lawyer Imran. Imran had sounded anxious over the phone, she recalls. When she finally reaches Imran’s office, Imran’s secretary hands her a judgment that Imran has asked her to. As she reads it, her eyes well up in grief and she cannot help but tumble in the […]
“This will put an end to all your problems,” he said sternly and left. I sank into the sofa, stunned. Dumbfounded. What did I do for this? Don’t I deserve a good life, a happy relationship and a secure future? Don’t I deserve joy or some peace of mind at the very least? Am I […]
We are allowed to claim a deduction of Rs.25K from our taxable salary for the Mediclaim Insurance premium. But so many of you will be covering yourself (including spouse and kids) within Rs.10K to 15K only. You can utilize the balance benefit by purchasing an Outpatient benefit Insurance policy. For example, let’s say your Mediclaim […]
“A material fact under the insurance contract is any situation or information which can increase the frequency and/or severity of a loss which is covered under that particular insurance contract.” Any fact that has relevance to the risk in question is a material fact and is used by the insurer to assess the risk before […]