PERSONAL LINE PRODUCTS



General Insurance

General Insurance also called NON LIFE Insurance indemnifies financial losses of an individual arising out of damage to Property, other Assets belong to him/her, deterioration of Health, Casualty and Liability on him/ her caused by defined perils or causes.


General Insurance can be classified broadly into PERSONAL LINE PRODUCTS & COMMERCIAL LINE OF PRODUCTS. We deal with most of all General Insurance Cos. licensed by IRDA. Details of such Insurance Cos. can be obtained from below mentioned link:


Link

https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo264&mid=3.2.10

Overview of General Insurance Products


[a] PERSONAL LINE PRODUCTS :

Personal Line Products comprise of Health Insurance – Mediclaim, Motor Insurance, Personal Accident Insurance, Dwelling, Household Package Policy & Travel Insurance Policy.


Personal Line Products at a glance:

1) Travel Insurance:

It is also known as Overseas Mediclaim Policy – OMP. It should be taken while travelling abroad as most of the regular health insurance policies indemnify hospitalization expenses incurred within India.


Most of the travellers do not fill up proposal form or provide information on their pre-existing diseases while taking Travel Insurance. This information is very vital in claim settlement and very few travel policies cover Pre Existing Diseases.


Same thing can be said about capping of hospitalization expenses in case of a traveller with age more than 50 years. Customer should do due diligence in providing information or check coverages before buying it.


Other coverages include loss of checked in baggage, delay in flight, loss of Passport, Public liability, accidental hospitalization, transportation of mortal remains, funeral expenses etc.


Brochures, Prospectus and other documents of the Travel Plans of various Insurance cos. Can be downloaded from Download Centre.


Please contact us for more detail and to determine which Travel Insurance policy is the best solution for your traveling need! We assure you for prompt delivery of Travel Insurance policy as it has been observed a last minute need, generally!


2) Personal Accident Insurance:


Personal Accident Insurance is popularly konwn as PA or IPA.


It is a must buy policy for any individual above age of 18 years as accident happens accidentally and in case of an accident to earning member of a family, if leads to death or disability then survival of his family is left to destiny. Premium of PA policy is comparatively nominal and one must buy it for the sake of family.


PA policy provides benefit in case of Accidental Death, Permanent Total Disability - PTD, Permanent Partial Disability – PPD and Temporary Total Disability – TTD.

Total Sum Insured available in PA policy is 100 to 120 times of monthly income of insured while TTD is capped to generally 24 times of monthly income of insured. Dependent members can also be covered in the same family if not earning with sum insured generally 50% for spouse and 25% for child.


Some Insurance Cos. also offer Add on covers like Medical Expenses including OPD, Accidental Hospitalization Expenses, in which minimum 24 hours of hospitalization is required, Loan Waiver, Education fees Benefit to Maxmimum 2 dependent children, transportation of remains. funeral expenses, ambulance charges etc.


Some Insurance Cos. offer Fixed Plan benefits which are more popular now a days because of their bundled benefits at very cost effective prices.


Brochures, Prospectus and other documents of the PA Plans of various Insurance Cos. are available from Download Centre. Please contact us for more detail and to determine which PA Insurance policy is the best solution for your insurance need.


3) Motor Insurance:

Motor Insurance policy is available for 2 wheeler, Private car, Passenger carrying vehicles, Goods carrying vehicles and Miscellaneous - Special class of vehicles. There are 2 types of motor insurance policy viz.

{a} PACKAGE POLICY – Comprehensive Policy which indemnifies insured against damage to Own Vehicle, Accidental death & injury to Passengers as well as to Third Party and damage to it's property caused by insured perils.

{b} ONLY TP – Liability Only policy indemnifies insured against Accidental death & injury to Passengers, to Third Party and damage to it's property, caused by insured perils. It does not cover any damage to Insured’s own vehicle.


As per Motor Vehicle Act, it is compulsory for vehicle owner to insure vehicle by any type of motor insurance policy. Now a days, Insurance Cos. have introduced some add on coverages. These coverages are generally not included in a Normal Package Motor Policy. Such add on covers are :

(1) Nil or Zero Depreciation

(2) Engine & Gear Box Protection against consequential damages or damage to Engine & Gear Box due to hydrostatic lock

(3) Consumable Expense Cover

(4) Key Replacement

(5) Loss of personal belongings

(6) NCB Protection

(7) Emergency Road Assistance

(8) Tyre Cover

(9) Return to Invoice cover

(10) Towing charge etc.

We suggest and educate our customers and Lead providers about different coverages to be taken in different types of cars, so that risks are covered amicably at optimum cost.


CLAIMS :-

It has been observed that, many of the motor claims are repudiated due to deficiency in required claim documents. Insured/ Customer should do due diligence for below mentioned documents for valid motor claim:

(1) Immediately inform us to update Insurance co for change in material information like change in ownership of vehicle, fitting / removal of CNG/ LPG kit or other accessories
(2) should have a valid motor driving license while driving a vehicle and same should be produced with motor claim form
(3) use of vehicle as per registration and insurance policy
(4) valid fitness & permit of a vehicle
(5) Promptly Intimate claim for damage to vehicle.


Now a days, long term policy for 2 wheelers is available generally for the period of maximum 3 years.

Proposal Forms, Claim forms and other documents of Motor Insurance Policy of most of all Insurance Cos. can be obtained from Download Centre.


Please contact us for more detail and to determine Motor Insurance policy of which Insurance Co. is the best solution for your need.


4) Dwelling Policy and Household Insurance Policy:


House purchased by hard earned money of an individual if gets damaged due to fire or Earthquake or like perils then that unfortunate family becomes shelter less!
Premium for insuring house for its construction value against such perils is very nominal and attractive discounts are also offered by Insurance cos for Long Term Dwelling Policy.


Household Package Policy covers building & contents both and many other sections like Machinery Break Down, Electronic Equipments etc. This type of policy is offered for 12 months only.


Proposal Forms, Claim forms and other documents of Household Package Insurance Policy of most of all Insurance Cos. can be obtained from Download Centre.


Please contact us for more detail and to determine which Household insurance policy is the best solution for your need.

5) Health Insurance :-

Health Insurance or more popularly known as a Mediclaim is very essential insurance as hospitalization expenses are skyrocketing.


Health Insurance policy generally indemnifies an individual for expenses of treatment where minimum 24 hours hospitalization is required. The expenses being considered here include cost of treatment, operation, surgery, anaesthesia, implants, investigations, medicines, hospital accommodation, Pre & Post Hospitalization expenses etc. However, minimum 24 hours hospitalization is not required in case of listed Day Care procedures.


Customer should do due diligence in purchasing Health Insurance policy on the basis of waiting period for listed chronical diseases, Pre Existing Diseases, Maternity Benefit etc.


Also, selection of adequate sum insured is also very vital as most of the Health Insurance policies indemnify room charges up to 1% of sum insured per day for Normal Room & up to 2% of sum insured per day for admission in ICU. Not only that, but other medical expenses like doctor’s visiting fees, Operation Theatre charges, Operation fees, charges for Anaesthesia etc, will also be impacted proportionally if room charge exceeds specified limits. So it is advisable to buy a Health Insurance policy without such capping for room charges, medical procedures and proportionate reduction in claim amount.


Below mentioned Add on coverages or policies are also available in addition to conventional Health Insurance Policies:

[a] Critical Illness Benefit Policy :

It is a Benefit policy and not indemnity policy which supports the insured by paying the lump sum amount not exceeding sum insured amount to support him / her for maintaining life style in case of any of listed critical illnesses like 1st heart Attack, Cancer etc. is diagnosed. This amount is paid only if insured remains alive for prefixed excess days, say 7/30/60/90 days after diagnosis of captioned critical illness. This type of policy is generally sold as a separate policy.


However, Some Health Insurance policies offer benefit of Double Sum Insured in case any of listed critical illnesses is diagnosed.

[b] Hospital Cash Benefit Policy:

It is also a benefit policy which supports the insured by paying lump sum amount as per policy for no. of days of hospitalization in excess of prefixed no. of days, say 3 days. The objective of this policy is to support the insured to meet incidental expenses incurred during hospitalization for expenses for fruits, conveyance, expenses for companion etc. which are not payable in a routine health insurance policy.

[c] Top Up/ Super Top Up/ Deductible Policy :

This is a very popular supplementary Health Insurance Policy which should be purchased as a “Spare Wheel”.


It is generally considered costly to opt high sum insured and at the same time no one can plan for hospitalization expenses. Sometimes, such unplanned high expenses lead individual to become debt ridden by borrowing money at very high rate of interest due to life threatening situation.


A specially designed Health Insurance policy has a feature called Threshold limit or Deductible. Any claim amount if exceeding the threshold limit and admissible as per underwriting guideline is indemnified.


Now, the Threshold limit of such policy can be jumped either in a single claim or by way of aggregate of No. of claims in a policy year.


A policy which considers only single claim amount exceeding the Threshold limit is called Top Up policy. Probability of getting benefit from Top Up policy is comparatively less, henceforth not recommended.


The other type of policy which is called Super Top Up policy is worth to buy as probability of getting its benefit is reasonable. Here, aggregate value of all the claims of the insured exceeding the Threshold Limit triggers the claim under such policy. Super Top Up policy is very cost effective solution for opting High sum insured. General options for Super Top Policy are as mentioned below: Sum Insured – 3 lacs to 8 lacs for deductible 2 lacs, 7 lacs to 17 lacs for deductible 3 lacs, 5 lacs to 20 lacs for deductibles 5 lacs etc.


One should choose deductible in commensuration with his/ her primary health insurance policy.


Considering the tremendous pocket pulling rise in hospitalization expenses, we recommend to buy primary health insurance policy with minimum sum insured 5 lacs & Super Top Up policy of Sum insured minimum 10 lacs with reload or recharge benefit and deductible or threshold limit 5 lacs.

Proposal Forms, Claim forms and other documents of Health Insurance Policy of most of all Insurance Cos. can be obtained from Download Centre.


Please contact us for more detail and to determine which Health Insurance policy is the best solution for your need.

ARISE INSURANCE SOLUTIONS