Friday, 25 August 2017

What Makes Tata AIG One of the Best Insurance Companies?

Are you planning to buy your prized possession on the onset of this festive season? If yes then it is the time for you to update with the latest market trend to clutch the top insurance providers, because without an auto or two-wheeler insurance, plying your vehicle on road is an offence. Insuring your vehicle at the time of buying ensures mental peace as any unplanned expenses would be bearded by your insurance coverage. With an insurance cover, you can restore the original state of your prized passion in case of an unforeseen event without paying from your pocket.

As the Indian financial market is brimming with some auto-insurance companies which expertise in general insurance and brag off offering innovative and value added services than the others. Well, this makes more perplexity for one to select the best deal as the competition very close and tough. However, some of them have entered the race with most innovative insurance product and have started gaining attention. One such company is Tata AIG General Insurance, which not only made a mark in the industry by introducing several groundbreaking products but also won the trust of various leading business names across the country. In this article, we’ll discuss the reason why this company has been counted among the top car insurance companies in India.

Establishedin the year 2001, it is a joint endeavour of two giants namely TATA Group and American International Group. Despite the younger tagline, the company manages to win over the hearts of a large fraction of customers due to the excellent service and stress-free claim settlement process. The brand also won the award for the best employer and operation mobile application in insurance.  

Why does it rock?

Established in the year 2011, Tata AIG General Insurance Company has managed to win over a decent part of car insurance marketplace owing to its smooth hassle-free claims. The benefit list includes:

It provides vehicle pick-up facility free of cost
Avail warranty on repair
Unique add-on benefits
Avail cashless repair at network garages
7 days fast claim settlement

The car insurance policies offered by TATA AIG cover the total or partial damages to the car during an unforeseen event. Users who use auto insurance from this insurer also can reap the advantage of accidental repair warranty. The list of add on coverage provided by TATA AIG includes reimbursement of depreciation, key replacement, NCB protection, daily allowance, return invoice etc. The company by keeping its promise bear the loss cost of the lost belongings that may be inside the vehicle during a theft or mishap. The customers are their foremost concern, it pays equal attention to customers’ satisfaction, and support assistance during the time a claim is made.


However, by not promoting only one insurance company, we suggest you to keep your research on while purchasing a car or two-wheeler insurance. Nevertheless, having a car or bike insurance plan to protect your vehicle against theft or damage provides a sense of relief and satisfaction. A plethora of insurance companies has introduced their product online by making the process easier. You need not rush to the insurers’ office to purchase a plan these days. You just need to shuffle your chair, open your computer or PC, and visit the insurers’ websites. Within a few clicks, you can get your deal of choice. However, it is always beneficial to compare the policy benefits, application process and claim settlement process of each insurer to buy the perfect plan. Remember, a good insurance plan always acts as a rescuer and support system during a mishap and protects you financially from any evil.

Thursday, 24 August 2017

Insurance Sector Growing Faster than the Indian economy

Insurance sector contributes its fair share to the Indian economy. As insurance sector grows, our economy also grows exponentially. The bridge of growth has become wider now. The insurance sector is growing faster than the Indian economy. It means that more people are buying insurance policies thanks to the increased insurance awareness.

A health insurance plan is a must to buy. It keeps your financial worries away and you get the access to the world-class health care treatment by paying a nominal insurance amount. If you are planning to buy a medical insurance plan then compare health insurance policy first. Don’t buy the first health insurance plan that you come across. Insurance needs are so individualistic, because of that various health insurance providers offer different health insurance plans that fulfill all the insurance needs of the insurance buyers.

According to a report by Insurance Regulatory and Development Authority of India, it was stated that the insurance sector opened up with a striking 17 percent compound annual growth rate(CAGR) on the premiums. It clearly means that our economy is growing by the growth speed of the insurance sector is higher. The 17 percent growth rate is the visible example for that.

Growth Among the Disruptions
The good thing is that this growth is happening despite the major disruptions in the economic environment brought up by the technology. The industry needs to keep up with such changes in order to sustain its overall growth.
The central government's super initiatives such as JAM (Jan-Dhan, Aadhar, and Mobile), Start-up India and  Digital India have helped the insurance sector to reach 12 crore clients in a year which is a good thing.
The biggest challenges for the insurance industry are faced not at the time of the first sale but at the time of renewal.
A Good Time For the Insurance Sector
According to V.K. Sharma, Chairman, Life Insurance Corporation of India the year 2017 is a good time for insurance. Sector. The insurance sector is expected to end the financial year 2017-18 with the flying colors.
The icing on the cake is that life insurance domain would shift from a "push" to a "pull" instrument. The highly significant catalyst triggering the growth momentum would be the adoption of latest technology.
In the upcoming years, the remarkable changes in the Indian insurance sector are predicted. This transition will be catalyzed through the technology, regulations, competition, high growth and customer aspirations.
In order to accomplish this growth targets, a highly skilled group of people having expertise in the domain will be required. We might have to outsource them as we do not have the kind of infrastructure that is required to produce such people.

The growth of the insurance sector means that the insurance penetration has been also increased. This would help the insurance sector to grow more and more.
Based on the facts and figures, we can say that insurance sector has a tremendous growth potential and if the insurance sector keeps growing at this speed, its growth prospects would also increase. 

Thursday, 17 August 2017

Advantages of Having a Star Health Insurance Plan

We have been growing up with the saying that “health is your wealth”.  With ever-increasing lifestyle diseases and sky-high medical costs, it has become vital to ensure the safety of your health. A medical emergency may cause a big hole in your pocket. Hereby, the financial experts say that having health insurance is a necessary asset to cease the financial burden.

Among the leading health insurance service providers, Star Health Insurance is a name worth taking when it comes to health insurance. When an ample amount of insurance companies introduced various health plans and got good responses from the customers, Star Health Insurance joined the race with unique star health insurance policies and blessed with an overwhelming response. Now it is one of the trusted names being taken into consideration! Let’s have a glance at the plans it offers:

Types of Star Health Insurance Plans

  • ·         Family Health Optima Insurance Plan
  • ·         Senior Citizen Red Carpet Health Plan
  • ·         Start Comprehensive Insurance Plan
  • ·         Medi-classic Insurance Plan
  • ·         Start health Gain Insurance Plan
  • ·         Super Surplus Insurance Plan
  • ·         Star Unique Health Insurance Plan
  • ·         Diabetes Safe Insurance Plan
  • ·         Star Cardiac Care Plan
  • ·         Star Wedding Gift Insurance
  • ·         Star Micro Health insurance
  • ·         Star Net Plus
  • ·         Star Care Insurance Plan
  • ·         Star Criticare Plus Plan
  • ·         Star Family Delite Insurance Plan

Star Health Insurance plan Structure

Members Covered
Pre-existing Illness Cover
Hospitalisation Cost
Star Health insurance Plans
2 adults + 2 children
Insured will have to serve the waiting period of 4 years
Pre-hospitalisation cost for 30 days and post-hoso0
20% co-pay is applicable for age between 61-65 years

Benefits of Health Insurance Plans of Star Health Insurance

  • ·         In-house claim settlement directly, no intervene of third-party
  • ·         Fast and smooth claim settlement
  • ·         Avail medical facilities in more than 8200 network hospitals in India
  • ·         Maintain personal health record digitally.

Why You Should Buy a Health Insurance Plan

Because Your Employer’s Cover is not Sufficient

With ever rising medical expenses, the need for a health insurance plan can’t be ignored. Though your employer provides health insurance, the coverage offered may not be sufficient to deal with the required need. Medical emergencies may leave you bankrupt if not financially protected. Moreover, your employer will not cover you once you retired or resigned from the organisation. Think about your old age when you’ll require frequent medical check-ups.

Increase of Life-threatening Diseases

Various global and domestic organisations estimate that one out of every four Indians fall for life-threatening diseases before they enter the age 70. Unhygienic lifestyle led to the growing incidence of lifestyle disorders including cancer, stroke, cardiac arrest etc. which seek immediate attention. Health insurance policies offer regular check-ups to boost health awareness. Treatment for these illnesses is also expensive. In this scenario, health insurance is your only rescuer.

Tax Benefit

The most alluring benefit of a health insurance plan is you can save on tax. As per the Section 80D of Income Tax Act, the premium paid for your heal insurance plan is exempted from the tax deduction. As per the new budget 2017, the finance minister has increased the limit from Rs. 15,000 to 25,000. While the senior citizen can enjoy tax-benefit up to Rs. 30,000 on health insurance premium.

It Covers More than Hospitalisation

Health Insurance plans cover you for day care procedures and OPD, apart from the hospitalisation. Some plans cover vector borne diseases, maternity benefits that are the prominent concern these days. Also, you can add your newly born without paying any additional premium.

Health insurance has ample benefits, these are just a few of them. Considering these benefits, to deal with the ever rising medical inflation, one must have a health insurance plan. With Star Health Insurance, you can customise your need and plan accordingly. 

Friday, 4 August 2017

Zero Depreciation Car Insurance Cover - Bajaj Allianz

We can consider Bajaj Car Insurance among the leading insurance plans. Some prominent insurance companies dominate the car insurance market in India and Bajaj Allianz is one of them. With its innovative and customer oriented plans, it has been maintaining its repute since long. If we are talking about car insurance plan offered by Bajaj Allianz, the most innovative feature, mainly the add-on facilities are worth mentioning.

Car values are prone to depreciate over a span of time. Owing to incessant use, the wear and tear lead to a decline in the value of the car, what is called depreciation. Depreciation is something that no car owner can flee, irrespective of insured or not. However, for insured one, the depreciation value is covered by the insurer.

If you are owing an above average or a luxury car, you may end up paying for a huge chunk while repairing the damages as most of the car parts are expensive. In the extreme cases, the expenses may add up to INR 1 lakh that you may have to bear by own with a standard cover. But if you add a zero depreciation plan, it will pay the amount in full for a slightly higher premium, not more than 20%. The head person of motor insurance Bajaj Allianz General Insurance says that the depreciation deductions can be higher that may exceed 40%. Bajaj Allianz offers zero depreciation along with the roadside assistance with car insurance. Here is a quick view of the plan:

What Zero Depreciation Plan is All About

  • ·         By paying a little extra, you can avail the benefit of zero depreciation, which is an add-on benefit you can buy with your main car insurance policy.

  • ·         A standard car insurance plan doesn’t cover zero depreciation or you end up getting paid for depreciated value of the car.

  • ·         At the time of claim settlement, the insurer estimates and applies the defined depreciation rate to pay the actual amount for claim settlement.

  • ·         With a zero depreciation plan, the insurer settles the claim by paying the full car value without any depreciation. If not then you’ll have to bear the difference between the market rate of the new part and the depreciated one.

  • ·         You can experience a hassle-free claim settlement process with zero depreciation cover

  • ·         This plan is worth buying if you own a brand new car because the premium won’t cost you much as compared to the expensive car parts

Bajaj Allianz Auto Insurance Depreciation Charge

Depreciation Rate
Rubber/plastic parts, Tyre
Glass made of fibre
Metallic parts
Parts with painting

Zero Depreciation: Let’s Take an Example

You may obstruct with the whooping repairing costs of 1 lakh incurred for damages due to an accident, your car met with. However, you are sure enough and take a sigh of relief thinking your insurer would cover the expenses incurred. But when you file the claim asking for the reimbursement, you end up paying up to 50% of the total cost. Why? You forget to buy an add-on zero depreciation cover. At the time of claim settlement, the insurer calculates the depreciated rate of your car and makes the final payout for the damaged car parts. With a zero depreciation cover, you can ask for the full value of your car with any deduction. 

Tuesday, 1 August 2017

Understanding Cigna Health Insurance

Despite maintaining a healthy lifestyle, we are exposed to many health risks. Owing to the medical inflation each year, sparing a small amount from our regular expenses and invest in health insurance becomes crucial. But with the undue amount of insurance plans in India, choosing the adequate policy for you and your family is an arduous task. However, the onus of making a farm decision, through exploring the market and choosing the best health insurance, is always on you. When it comes to health insurance, among the leading plans available in India, Cigna Health Insurance is worth mentioning. Before digging into its various health insurance plans, let’s have a glance on company’s background!

U.S. based worldwide health services provider, Cigna Corporation and Indian conglomerate, TTK Group had joined hands to create Cigna TTK Health Insurance Company Ltd. It started its operations in February 2014 after receiving the regulatory license from IRDA in the year 2013. This partnership was expected to bring innovative revolutions in the field of health insurance with a proactive customer service to the Indian financial market. Having its head office in Mumbai, it manages the services in 11 other cities across the country.

Health Insurance Plans by Cigna TTK     

  • ·         ProHealth Protect Policy
  • ·         ProHealth Preferred Policy
  • ·         ProHealth Accumulate Policy
  • ·         ProHealth Premier Policy
  • ·         ProHealth Plus Policy
  • ·         Lifestyle Protection - Accident Care Policy
  • ·         Lifestyle Protection - Critical Care Policy

Cities Where Network Hospitals are Available

  • ·         Delhi
  • ·         Mumbai
  • ·         Kolkata
  • ·         Bangalore
  • ·         Chennai

Plan Name
Sum Assured
Entry Age
Pre and Post Hospitalisation
ProHealth Protect Policy

Rs. 2.5/Rs. 3.5/Rs. 4.5
Minimum age eligibility is 91 days. No maximum age limit
Pre and post-hospitalisation costs are covered up to 60 days
ProHealth Preferred Policy

One can choose the sum assured between Rs. 15 lakh/30 lakh/50 lakh
Minimum age eligibility is 91 days. No maximum age limit
Pre-hospitalisation costs are covered up t o 60days while post hospitalisation benefits are offered for 180 days
ProHealth Premier Policy

Rs. 1 crore
Minimum age eligibility is 91 days. No maximum age limit
Pre-hospitalisation costs are covered up to 60 days while post hospitalisation benefits are offered for 180 days
ProHealth Plus Policy

Rs. 4.5 lakh/Rs. 5.5 lakh/Rs. 7.5 lakh
Minimum age eligibility is 91 days. No maximum age limit
Pre-hospitalisation costs are covered up t o 60days while post hospitalisation benefits are offered for 180 days
Lifestyle Protection - Accident Care Policy

Rs. 3 cr.
Minimum entry age is 18 years and the maximum is 80 years. Children can be added from the age of  5 years, up to the maximum age of 25 years.
Lifestyle Protection - Critical Care Policy

Sum assured are offered to a limit of 3 cr.
Minimum age eligibility is  18 years and maximum is 65 years

 Features of Cigna Health Insurance Plans

  • ·         The health insurance plans of Cigna offers lifelong renewability and you will be covered for an entire lifetime.
  • ·         To cover any pre-existing disease, you’ll have to serve for 4 continuous years.
  • ·         Plans are designed to cover  critical Illnesses and a global emergency cover is offered
  • ·         Plans also provide reimbursement of Rs.500/- every year to cover outpatient costs such as doctor’s consultation fee
  • ·         NCB discount for every claim-free year

Cigna TTK with its affordable plans makes the health care easily accessible to the common people. Most of its plans promote personal health management. These plans are designed by keeping the potential proposer’s profile in mind. With the health insurance offered by Cigna, you can keep your stress at bay as they cover different situations. However, we suggest you compare the policies on various aggregator sites available online!