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TYPES OF INSURANCE
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Types Of Insurance Available :
Auto Insurance
Two Wheeler Insurance
Car Insurance
Commercial VehicleInsurance
Home Insurance
Life Insurance
Health Care Insurance
Accident Insurance
Travel Insurance
Commercial Insurance
Agriculture Insurance Fire Insurance
Industrial Insurance
Marine Insurance
Shop Insurance
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Types of Auto Insurance Available:
Two Wheeler Insurance
Car Insurance
Commercial Vehicle Insurance
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Calculation of Auto Insurance
Amount/Premium:
Auto premium is determined by a number of factors like:
make of the vehicle
year of manufacture
place of registration current showroom price of the vehicle
model of the vehicle
client is individual or corporate.
The amount of premium increases with the increase in the price of the
vehicle.
Companies renew policies after expiry.
A discount on premium is sometimes provided to existing clients.
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Auto Insurance Claim Procedure:
Accidental, theft claims or third party claims.
Insured should write the number of the other vehicle in case of anaccident or third party claim
Names of witness should also be written down
File an FIR with the nearest police station Insured should then contact the insurance company and get a claim
number
A surveyor is appointed who reports the approximate value of lossor damage
Based on the report of the surveyor, insurance companies try to sendthe amount to the insured within one to three weeks
An individual might have to pay the repair charges himself and laterget it reimbursed
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Two Wheeler Insurance
Provides a kind of personal accidental cover for owners, while
driving the vehicle.
Generally provides protection from any loss or damage to the
vehicle arising out of natural calamity like fire, protection against
third party injury, burglary etc.
The amount insured will depend on the current showroom price
multiplied by the depreciation rate fixed by the Tariff Advisory
Committee at the time of commencement of policy period.
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Car Insurance
Fastest growing segment in the auto insurance category.
Insuring car is mandatory for everyone buying a new car.
Major car manufacturers are tying up with leading insurance
companies to provide hassle free and quick insurance. Includes loss or damage by accident, third party insurance, insurance
against burglary etc.
The amount of premium will depend on the make and value of the
car, state where the car is registered, year of manufacture etc.
Insurance companies are trying hard to make the claim process
simpler and quicker.
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Commercial vehicle insurance
Covers all vehicles not used for personal purpose.
- Trucks and HMVs
The insurance protects against damage caused due to accident,third party injury, protection against natural calamity, burglary etc.
The premium amount depends on a number of factors like showroom
price of the vehicle at the commencement of the insurance period,
make of the vehicle, place of registration of the vehicle etc.
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List of Some of Insurance Companies Offering
Auto Insurance( Car , Two Wheeler):
HSBC India AutoSecure
Bajaj Allianz - Bajaj Allianz's Motor Policy ICICI Lombard - Motor Plans
United India Insurance Co. - Motor Package and
Liability Only Policies
The New India Assurance Co. - Motor Coverage
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HOME INSURANCE
Insurance companies have come out with unique home insurance policies to protect it
from various natural and man made disasters.
Home insurance protects your house against burglaries, theft, fire, earthquake,
explosion etc.
Insurance companies come out with different home insurance policies to suit the
unique needs of its customers. While some policies have a standard/fixed cover,
others are flexible package, including a basket of coverages.
The premium for such covers is higher than the standard cover. This is because the
risk of the company insuring is more.
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Calculation of Home Insurance
Amount/Premium:
The amount of home insurance cover needed is calculated keeping a
number of factors in mind:
Area of house (in sq.ft.) location of property,
approximate rate of construction (in Rs./sq.ft.)
'Pukka/Permanent' construction.
A property more than 50 years old is not insured.
Pay the premium every month/quarter/six months according to the sum
insured.
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Home Insurance Claim Procedure:
In the event of some burglary, theft, fire, the claims of individuals
24 hours helplines and call centers to fasten the claim process and provide better
service to customers.
The call center registers the claim request after the individual furnishes all personal
details and details of the policy taken. A company appointed surveyor inspects the site and submits the loss report.
In case a surveyor is not appointed, an individual must submit documents to beinsured to the company.
The claim is processed by company within 7-15 days.
On approval of the claim, a letter is sent to the insured giving the approved amountof settlement.
Payment cheque is released.
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Documents Required for Home
Insurance Claim:
Duly completed and signed claim form
Copy of FIR
Final Report from police Copy of all invoices, price lists
Letter of Indemnity from Insured
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For Third Party Claims:
Claim form duly signed
RC copy of the vehicle
D
riving license copy Original policy copy
Original FIR copy
RTO transfer papers duly signed, mentioning that
the vehicle cannot be located
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List of Some of Insurance Companies
Offering Home Insurance:
ICICI Lombard - Home Gold Plan
HSBC HomeSecure
The New India Assurance Co. -H
ouseholdersPolicy
Bajaj Allianz Householders
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LIFE INSURANCE
Life Insurance policy is the most popular and taken
by the most number of people.
Many of us buy life insurance policies, because we
want to make sure our loved ones remain financially
secure after we die.
Insurance companies offer both individual as well
as group insurance policies.
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Calculation of Life Insurance
Amount/Premium:
Individuals getting a life insurance cover have to pay the monthly/quarterly/half
yearly/yearly premium/life insurance rate, which depends on the amount insured.
The premium amount also increases or decreases with different life insurance plans,
age of the individual etc.
The company pays the full insurance amount either on the death of the individual orthe expiry of the policy which ever is earlier. Life insurance policy can be renewed
after the expiry.
Some insurance companies offer a discount while renewing the policies of existing
clients.
The insurance is done after a medical examination of the individual being insured.
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LIFE INSURANCE
Health Care Insurance:
Critical Illness Insurance
Medical Insurance
Accident Insurance:
NRI Accident Insurance
Personal Accident Insurance
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Benefits of Life Insurance Policy:
Life insurance Policy can be used to avail loans from
banks.
Individuals/ groups can also avail tax benefit by
investing in it.
Life insurance policy also acts a good saving to
meet with the future needs.
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Life Insurance Claim Procedure:
The insured can notify the company that the payment is due under
the terms of the policy. This can be done at the expiry of the life
insurance policy.
In case of the death of the person insured, the beneficiary, receives
the amount of life insurance.
In case of death of insured, insurance companies can repudiate the
claim. This is done to ensure the protection of the client. The procedure
generally takes from 7-15 days.
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List of Some of Insurance Companies
Offering Life Insurance
Birla Sun Life Insurance Company - Flexi Life Line
Plan
Aviva Life Insurance Company - Aviva's Initiative
Tata AIG Life Insurance - ATATA AIG Life
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Types of Health Care Insurance
Available:
Medical Insurance
Critical Illness Insurance
Leading insurance companies are coming out withnew plans to meet the requirements of theircustomers, health care insurance plans especiallytarget customers in the higher age group.
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List of Some of Insurance Companies
offering Health Care Insurance:
ICICI Lombard - Health Plans
Bajaj Allianz. - Health Guard
HSBC - HealthFirst
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Critical Illness Insurance
Provides for payment of amount equal to sum assured, if illness
strikes, irrespective of expenses incurred on treatment.
Most insurance companies are providing this insurance as an
addition to the life insurance; additional premium payable for
critical illness. It is introduced as a value addition to meet thedemands and also as marketing strategy.
The insurance covers surgery cost, critical illness cover and post-
hospitalisation.
The insurance is different in paying only for prolongedhospitalisations.
One of the unique features of this insurance is that a lump sum
allowance is paid irrespective of the actual medical expenses.
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Critical Illness Insurance Claim
Procedure:
Multiple claims till their lifetime cover is exhausted.
The company pays a lump sum amount as claims irrespective of the
actual expenses, as against a medical insurance, which is only a
reimbursement insurance.
The claim should be reported to the insurers, who in turn will appoint
a surveyor.
Surveyor will check the necessary documents and analyse the extent
of damage. The claim process takes anywhere from 7-21 days.
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Documents Required for Critical
Illness Insurance Claim:
Copy of FIR (If any)
Medical Certificate & details of medical expenses
& disability certificate
Leave certificate from employer
Duly filled Claim Form
Salary Certificate from employer
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List of Some of Insurance Companies
Offering Critical Illness Insurance:
Bajaj Allianz - Insurance Against Serious Illness
HSBC - Illness Cover
Life Insurance Co. - Critical Illness Benefit Rider
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Medical Insurance
Medical insurance in India is gaining such a high trend that policies
are out even for infants.
It is the buffer against medical emergencies.
This cover is a hospitalisation cover and reimbursement of the
medical expenses incurred in respect of covered disease /surgery
while the insured was admitted in the hospital as an in patient.
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Different types of Medical Insurance
are available:
Individual Medical Insurance
Group Medical Insurance
Overseas Medical Insurance
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Calculation of Medical Insurance
Amount/Premium:
The amount of premium depends on the sum insured
(amount of coverage) age of the member and also if
one is taking an individual or a group Insurance.
Premium can be paid on a monthly/quarterly/half
yearly/ yearly basis.
Amount also depends on the company policies of the
insured.
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Medical Insurance Claim Procedure:
An individual has to fill and submit the claim form to the
insurer
A claim representative, so appointed, analyses the
expenses incurred
After submission of the medical expenses report, the
claim is cleared within 7-15 days. The number of days
may vary from company to company
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Documents Required for Medical
Insurance Claim:
Hospital/doctor report
Memo of expenses incurred
Salary Slip
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List of Common Insurance Companies
Offering Medical Insurance
United India Insurance Co. - Mediclaim Policy
The New India Assurance Co. - Medical Plans
ICICI Loambard - Online Medical Plans
Bajaj Allianz - Medical Care
HSBC - HealthFirst
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Accident Insurance
Accident insurance is gaining popularity with the increase in the
number of Accident injuries and deaths.
Insurance companies accidental covers for individuals and families as
well. This means you can cover your spouse and children in the same
policy but by paying a higher premium.
The plan can be customised to suit the needs of different clients.
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Accident Insurance Claim Procedure:
Customers can report a claim either on toll freenumbers provided by insurance companies ordirectly get in touch with the claim representatives.
Filling a claim form is the first step for making aclaim.
A company surveyor will analyse the bills ofhospitals/nursing home homes and then make a
report. Claim process can take anywhere between 7-21
days.
t t
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ocuments equ re or cc ent
Insurance Claim:
Hospital's Report
Disability certificate from doctor (If any)
Laboratory reports
FIR
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List of Some of Insurance Companies
Offering Accident Insurance:
Bajaj Allianz - Accident & Injuries Cover
The New India Assurance Co. - Accident Covering
Policy
Tata AIG General Insurance - Accident Guard
United India Insurance Co. - Accident &
Hospitalisation Policies
HSBC - MahaRaksha Personal Injury Policy
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NRI Accident Insurance
The insurance covers Non-Resident Indians from 3
months of age till 70 years.
Comprehensive insurance covering accidental loss,
permanent disablement due to accident, medicalexpenses incurred due to illness in a foreign country,
education fund of dependent children etc.
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List of Some of Insurance Companies
offering NRI Accident Insurance:
National Insurance Company Ltd. - Policy For
Non-Resident Indians
HDFC - Tricare Plan
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TRAVEL INSURANCE
The best way to protect against:
medical costs through illness or injury
against theft or loss of possessions and
other accidents that may occur during your
domestic/international / travels.
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Types of Travel Insurance
Trip Interruption Insurance
Trip Cancellation Insurance
Lost-Luggage Insurance
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Calculation of Travel Insurance
Amount/Premium:
Factors:
the numbers of days of travel
whether travelling in domestic country or overseas
if the insured is an individual or has taken a family
plan.
A higher amount will ensure a higher coverage.
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Travel Insurance Claim Procedure:
The insured must submit the duly filled claim forms
along with the original ticket or boarding pass or
copy of the passport showing the travel dates and
original bills / vouchers.
Companies take 7-21 days for processing the
claims
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Documents Required for Travel
Insurance Claim:
Duly completed and signed claim form
Policy copy
Air ticket jacket / boarding pass
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List of Some of Insurance Companies
Offering Travel Insurance:
ICICI Lombard - Travel Plans
United India Insurance Co. - Suhana Safar Policy
Bajaj Allianz - Subh Yatra
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COMMERCIAL INSURANCE
Organizations need to reduce both internal andexternal risks. They also require to safeguard theirbusiness against unforeseen circumstances/events.
Insurance companies are catering to small, medium and
large scale companies to minimize their risk. GoodInsurance advice can save you time, money and worry.
Leading insurance companies are coming out with'Commercial Insurance Questionnaire' to ascertain theinsurance needs of your commercial.
Insurance companies undertake complex procedure toevaluate and review the impact of any change incommercial activity or new ventures.
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Types Of Commercial Insurance
Available:
Agriculture Insurance
Fire Insurance
Industrial Insurance
Marine Insurance
Shop Insurance
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Calculation of Commercial Insurance
Amount/Premium:
Insurance companies keep quite a few factors in mindwhile calculating the premium amount to be paid by theclient.
Nature of business, size of the organization, number of
employees, the type of industry, the organization is apart of, annual turnover of business etc.
The premium is paid on a monthly/quarterly/halfyearly/ yearly basis, as the case may be.
Companies also provide with instant commercialinsurance quotes for the ease of their customers.
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Commercial Insurance Claim
Procedure:
The insurer needs to submit all the original
documents of the commercial in the case of any
financial or non financial loss.
The surveyor calculates the approximate value ofthe loss so incurred. Based on the report submitted
by the surveyor, insurance companies pay the
amount of loss incurred.
The claims are generally cleared within 7-21 days.
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Agriculture Insurance
India is an agrarian society with 75% of the population depending on it,for their livelihood.
Agriculture or crop insurance has assumed importance with large scaledamage caused due to pest attacks, crop diseases and vagaries ofweather.
The objective is to provide insurance coverage and financial support to thefarmers in the event of failure of any of the notified crop as a result ofnatural calamities, pests & diseases.
The list of crops being covered for insurance differs from state to state.Generally quite a few Kharif and Rabi season crops are covered.
These crops are insured at the community/block/gram panchayat levels.
Agriculture insurance schemes are of immense help to farmers, providingthem with financial security.
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Calculation of Agriculture Insurance
Amount/Premium:
Factors:
size of land of the farmer,
his financial standing,
number of crops being insured and
the sum insured.
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List of Some of Insurance Companies
Offering Agriculture Insurance:
Agriculture Insurance Co. of India - Varsha Bima
United India Insurance Co. - Rural Policies
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Fire Insurance
Fire Insurance is governed by All India Fire Tariff effectivefrom 31.3.2001 issued by Tariff Advisory Committee, aStatutory Body.
It is a commercial policy covering building, offices,machinery, contents and personal belongings of the office.
It mitigates the risk of loss of customers arising from firebreakout.
The insured should take all possible steps to minimize theloss.
The market value of the property is considered while
insuring the sum. The amount of premium depends on anumber of factors and individual policies of differentinsurers.
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List of Some of Insurance Companies
Offering Fire Insurance:
ICICI Lombard - Fire and Special Perils Policy
(Material Damage)
United India Insurance Co. - Standard Fire and
Special Perils Policy
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Industrial Insurance
Industrial insurance is a comprehensive policy covering
a gamut of products.
This is a specially designed policy covering any kind of
loss or damage caused to the products it covers. The sum insured is generally equal to the market value
of the equipment/machinery being insured. The insured
amount also includes cost of installation, duty, taxes,
freight etc. If the amount insured is less than the marketprice, then the claims are paid proportionately.
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List of Some of Insurance Companies
Offering Industrial Insurance:
ICICI Lombard - Industrial Plan
United India Insurance Co. - Industrial Plant &
Machinery Policy
The New India Assurance Co. - Industrial Products
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Marine Insurance
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Bibliography
http://en.wikipedia.org/wiki/Financial_services
http://en.wikipedia.org/wiki/Insurance
http://wapedia.mobi/en/Insured
http://www.surfindia.com/finance/insurance.html
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