General Insurance

Published on July 2016 | Categories: Documents | Downloads: 23 | Comments: 0 | Views: 423
of 7
Download PDF   Embed   Report

Comments

Content

General Insurance, India General Insurance provides muchneeded protection against unforeseen events such as accidents, illness, fire, burglary et al. Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies. Almost everything that has a financial value in life and has a probability of getting lost, stolen or damaged, can be covered through General Insurance policy. Property (both movable and immovable), vehicle, cash, household goods, health, dishonesty and also one's liability towards others can be covered under general insurance policy. Under certain Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory. Major insurance policies that are covered under General Insurance are Home Insurance Every man has a dream to own a house one day. For an ordinary person it takes a whole lifetime of savings to build a house. And one cannot predict a natural calamity like earthquake. Health Insurance It is said that a healthy mind resides in a healthy body. Hence it is very important to stay healthy. These days life is very fast and stressful. Motor Insurance Legally, no motor vehicle is allowed to be driven on the road without valid insurance. Hence, it is obligatory to get the vehicle insured. Travel Insurance Travel and tourism is one of the most fast growing sectors around the world. With rise in standards of living, more and more people are embarking on journeys and exploring new places.

Auto / motor insurance:
Auto Insurance in India deals with the insurance covers for the loss or damage caused to the automobile or its parts due to natural and man-made calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers and third party legal liability. There are certain general insurance companies who also offer online insurance service for the vehicle. Auto Insurance in India is a compulsory requirement for all new vehicles used whether for commercial or personal use. The insurance companies have tie-ups with leading automobile manufacturers. They offer their customers instant auto quotes. Auto premium is determined by a number of factors and the amount of premium increases with the rise in the price of the vehicle. The claims of the Auto Insurance in India can be accidental, theft claims or third party claims. Certain documents are required for claiming Auto Insurance in India , like duly signed claim form, RC copy of the vehicle, Driving license copy, FIR copy, Original estimate and policy copy. There are different types of Auto Insurance in India : Private Car Insurance - In the Auto Insurance in India, Private Car Insurance is the fastest growing sector as it is compulsory for all the new cars. The amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture. Two Wheeler Insurance - The Two Wheeler Insurance under the Auto Insurance in India covers accidental insurance for the drivers of the vehicle. The amount of premium depends on the current showroom price multiplied by the depreciation rate fixed by the Tariff Advisory Committee at the time of the beginning of policy period. Commercial Vehicle Insurance - Commercial Vehicle Insurance under the Auto Insurance in India provides cover for all the vehicles which are not used for personal purposes, like the Trucks and HMVs. The amount of premium depends on the showroom price of the vehicle at the commencement of the insurance period, make of the vehicle and the place of registration of the vehicle. The auto insurance generally includes: Loss or damage by accident, fire, lightning, self ignition, external explosion, burglary, housebreaking or theft, malicious act. Liability for third party injury/death, third party property and liability to paid driver On payment of appropriate additional premium, loss/damage to electrical/electronic accessories The auto insurance does not include: 1).Consequential loss, depreciation, mechanical and electrical breakdown, failure or breakage 2).When vehicle is used outside the geographical area 3).War or nuclear perils and drunken driving

Below is the list of some of the insurance firms that offer car insurance in India under their auto insurance segment.
    

New India Assurance Company Limited, under its Motor Policy Oriental Insurance Company Limited HSBC India, under its AutoSecure Bajaj Allianz, under its Bajaj Allianz's Motor Policy United India Insurance Co., under its Motor Package and Liability only Policies

 

The New India Assurance Co., under its Motor Coverage ICICI Lombard, under its Motor Plans

Fire Insurance, Fire Insurance Policy A fire insurance policy involves an insurance company agreeing to pay a certain amount equivalent to the estimated loss caused by fire to the insured, within the time specified in the contract. The indemnity is subject to change depending upon the policy. One should confirm with the insurer about the types of risks covered, since one cannot insure the property against all types of risks of fire. What is the extent of coverage under a Fire Insurance Policy? Fire insurance provides protection for the estimated value of the physical house. However, there are a number of exclusions to the same, for example medical bills, loss of human life and pets, loss of personal belongings, structures outside the property (including garages and gazebos), damage to the landscape and expenses for accommodation for the time being. These things can be covered under a package of extended property insurance. What are the main types of Fire Insurance policies?




 



Specific Policy: The insurer is liable to pay a set amount lesser than the property’s real value. In this policy, the property’s actual value is not considered to determine the indemnity. The average clause, which requires the insured to bear the loss to some extent, does not play a role in this policy. In case the insurer inserts the clause, the policy will be known as an average policy. Comprehensive policy: This all-in-one policy indemnifies for loss arising out of fire, burglary, theft and third party risks. The policyholder may also get paid for the loss of profits incurred due to fire till the time the business remains shut. Valued policy: This policy is a departure from the standard contract of indemnity. The amount of indemnity is fixed and the actual loss is not taken into consideration. Floating policy: This policy is subject to the ‘average clause’. The extent of coverage expands to different properties belonging to the policyholder under the same contract and one premium. The policy may also provide protection to goods kept at two different stores. Replacement or Re-instatement policy: This policy is subject to the re-instatement clause, which requires the insurance company to pay for replacing the damaged property. So, instead of giving out cash, the insurer can re-instate the property as an alternative option. Why does one need Fire Insurance? Fire insurance is important because a disaster can occur at any time. There could be many factors behind a fire, for example arson, natural elements, faulty wiring, etc. Some facts that stress the importance of fire insurance include:

  

Fire contributes to the maximum number of deaths occurring in America due to natural disasters. Eight out of ten fire deaths take place at home. A residential fire takes place after every 77 seconds.



The major reason for a residential fire is unattended cooking.

Marine Insurance Marine insurance falls under commercial insurance. The policy is taken to reduce business risks. It caters to small scale business organisations to large corporates. Policy does not cover loss or damage due to willful misconduct, ordinary leakage, improper packing, delay, war, strike, riot and civil commotion. Different types of Marine Insurance are available:
    

Marine import transit insurance Marine export transit insurance Marine inland transit insurance Marine insurance claim procedure Marine Hull

Calculation of Marine Insurance Amount/Premium: Amount of premium depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience. Premium can be paid on a monthly/quarterly/half-yearly/yearly basis. Marine Insurance Claim Procedure:


In case of loss/damage in transit, a monetary claim should be lodged with the carrier within the time limit to protect recovery rights  Appointment of surveyor or claim representative in agreement with the insurer to determine the nature, cause and extent of loss/damage  The surveyor informs the insurer of the approximate value of loss incurred  The claim procedure takes from one to three weeks Documents Required for Marine Insurance Claim:
  

Original Invoice & packing List - if forming part of Invoice Document of declaration of consignment Damage Certificate from the carrier farmer must furnish area sown confirmation certificate, if required.

The

List of Some of Insurance Companies

Offering Marine Insurance:

ICICI Lombard - Marine Import Transit Insurance Policy United India Insurance Co. - Marine Cargo The New India Assurance Co. - Marine Cargo Policy * Terms and conditions may vary in different insurance companies Marine insurance is a type of insurance that covers boats and ships, as well as their cargo and in some instances the places where the boat or ship is docked. It has a colorful history,

beginning informally in England during the 17th century. In 1906, theMarine Insurance Act was passed under British law, creating a standard operating procedure for policies that dictates the world's policies to this day. The standards set forth by the act are considered reasonable, but due to changes in technology and social standards, the act is generally seen as obsolete and is being replaced by more modern legislature. There are several varieties of insurance that can be taken out by a boat or ship owner. Marine cargo insurance covers whatever goods the boat is carrying. Inland marine insurance can be procured for floating vessels that are not ocean-bound, but travel primarily on lakes, rivers and reservoirs. There are also more general policies that cover the boat itself and its passengers,liability for damages to other moving vehicles and liability during an encounter with a non-moving object. These all fall under the heading of a marine insurance policy. A private ship owner who uses his large boat for pleasure cruising in a marina may wish to take out inland marine insurance, as well as specialty yacht insurance. A merchant ship sailing in politically unsure waters may find it necessary to take out cargo insurance as well as a specific war policy that protects the boat and goods in the event of unfriendly actions. Marine insurance is often available through general insurance companies, and many car insurance dealers offer discounts to those who pay for more than one policy through their company. There are also dealers who work singularly in this area and only offer marine boat insurance. Policies can be broken down to cover only the boat, only the cargo, or both; most do not include coverage of objects on the boat that are not required for the ship's operation, such as computers, cell phones, or other types of valuables. The rates of a marine insurance company vary depending upon the type of boat, size of boat, use of boat and the owner's current insurance history. Some policies may have stipulations on what they will and will not cover, and how much of the damages the owner of the boat is required to pay out of pocket. As with other types of insurance, it is almost always best to look at more than one policy before deciding on which to buy. Purchasers should be aware that the necessity for watercraft insurance varies by country and region.

Mediclaim Policy Highlights This policy provides for cashless hospitalization in India for the treatment of any illness or disease or accidental injury (not specifically excluded) suffered during the policy period. The payment of claim is made through Third Party Administrators who have been empanelled by the Company to provide hassle free admission and discharge from the Network hospital without making any payment. The reimbursement of domiciliary hospitalization claims will also be made through the TPA. For obtaining Mediclaim Policy the proposer has to fill up the proposal form and Insured Person details form and submit two latest stamp sized coloured photograph of each family member to be insured. A family package cover can be taken covering proposer, spouse, dependent parents and two dependent children with a 10% discount in premium.

Group policies can be issued to specified groups and group discount can be availed provided group size is more than 100 members. Premium upto Rs.10,000/- paid by cheque for this policy is entitled for tax rebate under section 80D of the Income Tax Act. Scope This policy becomes operative when treatment is taken as an in-patient in a hospital / nursing home in India which satisfies the following criteria: It should be an institution established for indoor care and treatment of sickness and injury and which either Has been registered as a Hospital/Nursing Home with the local authorities and is under the supervision of a registered and qualified Medical Practitioner OR Should comply with minimum criteria as under: It should have at least 15 in-patient beds (10 beds in class'C' city) Fully equipped operation theatre of its own wherever surgical operations are carried out Fully qualified Nursing Staff under its employment round the clock

Fully qualified Doctor should be in charge round the clock The policy also reimburses through TPA relevant medical expenses incurred upto 30 days prior to and 60 days after hospitalisation subject to the overall sum insured. The policy provides for Domiciliary Hospitalisation expenses when medical treatment is taken for a period exceeding 3 days for an illness/disease/injury (not specifically excluded) which normally would require treatment as an in-patient in a hospital/nursing home but is actually taken whilst confined at home in India under the following circumstances: Either the condition of the patient is such that he/she cannot be removed to the hospital/nursing home OR the patient cannot be removed to the hospital/nursing home for lack of the accommodation therein. The policy does not cover any disease / injury which the insured is suffering from, at the time of taking the first policy. Certain specified illnesses are also excluded during the first year of insurance. In individual mediclaim policy only, there is a provision for reimbursement of expenses incurred for a medical check-up, subject to certain limits, once every 4yrs, provided the policy is renewed without break and no claim has been preferred during this period. This payment can be claimed from TPA after submission of bills.

Add on covers The policy can be extended to cover treatment taken in Nepal and /or Bhutan with prior permission from the insurance company. The group mediclaim policy can be extended, on payment of additional premium, to cover maternity benefit i.e. expenses incurred in delivery, provided the extension is taken for all the members covered in the group. Who can take the policy The policy can be taken by any person residing in India who is between 5 and 80 yrs of age. Children between the age of 3months and 5yrs can be covered provided one or both parents are covered concurrently. How to select the sum insured Various options are available ranging from Rs.15,000/- sum insured to Rs.5lacs sum insured. Since the annual premium is based on the age of the person covered and the sum insured selected, the selection of sum insured would depend upon the premium one could afford to pay. The sum insured represents the maximum amount that would be reimbursed for medical treatment for all illnesses suffered during the policy period of one year. In individual mediclaim policy, a cumulative bonus of 5% is given on every claim free renewal whereby the sum insured is increased by 5% on renewal provided there has been no claim in the previous policy period. Maximum cumulative bonus permissible is 50% which would be given after 10 years claim free renewal. In the event of a claim, the increased percentage will be reduced by 10% subject to minimum of the basic sum insured selected.

Sponsor Documents

Or use your account on DocShare.tips

Hide

Forgot your password?

Or register your new account on DocShare.tips

Hide

Lost your password? Please enter your email address. You will receive a link to create a new password.

Back to log-in

Close