What is Travel Insurance? Travel Insurance is the product which gives insurance protection while on international or domestic tour as described in the policy document. It covers various risks associated with travel like accidents, medical expenses, thefts like baggage or passport, loss due to flight delay etc. Why Travel Insurance? Travel Insurance is mandatory to… Read More »
Most of the insurance policies provide various choice to receive the declared bonus. Usually the major ways to receive the bonus are 1. Adjust with payable premium. Declared bonus can be adjusted with premium payable. For example, if the premium is 10000 and bonus available is 4000, the customer shall pay only 6000 to the… Read More »
Bonus is the cash value added as a percentage of sum assured to a participating life insurance policy. There are different types of bonuses. They are usually declared at the end of the year. They are issued out of the surplus arising out of investment made by the company after making due allocations to various account heads. Bonus once… Read More »
The straight answer is, as soon as one starts earning, that is the time one has to take an insurance to cover his/her dependents against any financial loss they suffer in case anything happens to his or her life. Human are an income earning asset. In case of his loss, family will suffer emotionally and… Read More »
If you have any issues with your policy, you can approach the company’s local office and register a complaint with them. If you are not satisfied with the solution provided by them, you can contact the insurers Grievance Redressal Cell. You can find the contact details of Grievance Redressal Cell of all life insurers and… Read More »
If your Insurance company is not listening to your problems, you can register your complaint with Insurance Regulatory and Development Authority(IRDA) online through its Integrated Grievance Management System by logging in to the website at IGMS (www.igms.irda.gov.in).
No. Rider cannot be bought separately. It can be bought only with an insurance plan. The premium for rider benefits will be added in the base plan premium. Usually riders give benefit only till the premium payment term.
Yes. Because he is the payer even though life assured is a different person. The premium receipt also given in the proposer’s name. So he is entitled to claim tax benefit as per law at the time of filing. But life assured cannot claim tax benefit if proposer is different.
Repudiation of claims Insurance companies cannot reject a claim on delayed or late intimation of death or incident or loss as a reason. Insurance Regulatory and development authority (IRDA), India through its circular dated 20.09.2011 to all life and non life insurers says that claim on delayed or late intimation of loss cannot be rejected purely… Read More »
What is a Rider in InsuranceRider in Insurance is the option if exercised will give additional benefit apart from the policy’s basic benefits. . Every insurance policy offers the customer, variety of riders. The customer can choose any one or many rider as per his wish. For every additional rider picked, the customer has to… Read More »