Do you want to become an insurance agent? If yes then in this post I will show you in detail how you can sell insurance policy and earn money by becoming a representative of an insurance company. Whether you want to sell life insurance or general insurance, this post will help you do that.
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IRDA Registered Life Insurance Companies in India 2020
Today I’m going to share with IRDA registered life insurance companies list. These companies have valid license issued by the Insurance Regulatory and Development Authority of India to carry out life insurance business in the country. Make sure to check registration of a company before you buy a policy.
Continue ReadingHow to Check If Insurance Company is Legitimate?
Today we’ll be discussing how to check if insurance company is legitimate or not? This is something we can’t afford to ignore while entering into insurance contract. If we dare to do so, we’d end up with insurance fraud.
Continue ReadingWhat is Home Insurance? Benefits of Homeowners Insurance
Do you know what is home insurance? What are the benefits of having a homeowners insurance policy? If not then don’t worry. Today, we’ll be going over what home insurance is, a quick overview of importance of having such a policy and some tips to save real money while buying a policy in colloquial manner.
Continue ReadingList of Registered General Insurance Companies in India
Generally, Life Insurance covers risk related to insured death like; death cover; and non-life insurance policies cover almost all other types of risk such as; Health Insurance covers risks related to insured person health, Home insurance covers risks related to a home, and business insurance reimburses a businessman; in case he/she faces huge loss in business. The different forms of general insurance are health insurance, auto insurance, business insurance, home or property insurance, travel insurance, fire insurance etc. General or Non-life insurance policies provide payments on the loss of a financial event. Before buying a general insurance policy or life insurance policy (See: Life Insurance Companies Providing Life Insurance Services in India), it is immensely important to see, whether your insurance company has approval of IRDA (Insurance Regulatory and Development Authority) or not? The IRDA (Insurance Regulatory and Development Authority) is a national insurance regulatory body, who works to promote and regulate insurance industry in India. It also works to protect the interests of policy holders. In this post, I’ll be showing you list of registered general insurance companies in India.
Ways to Force Insurance Company to Pay Your Claim
Insurance is clearly a legal contract between insured and insurer and it works on utmost good faith; which means both parties (Insurer and Policyholder) are supposed to disclose all the facts clearly. In insurance contract, insurer has a legal obligation to honor the claim.
Usually, no insurer rejects a claim request unreasonably because of stringent guidelines of IRDAI; however, if you think that your claim deserves to be honor but your insurer is not doing so. Then you can force him to pay your insurance claim by approaching authorities setup by the government. You can also take this matter to civil courts but before that, you should approach the authorities that are especially established to handle insurance related disputes.
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Where (How) to File Complaint against Insurance Company in India
If you have filed an insurance claim and it’s been rejected by your insurance company and you think it’s unfair, then there are many ways to file a complaint against the insurer. Generally, no insurance company rejects a claim request unreasonably; there are many reasons due to which an insurer may refuse to honor a policy claim. However, if you think that it’s unfair and you have supporting documents (like: policy wording, premium receipts etc) to prove that your claim should be honored then don’t embarrass, there are some authorities setup by the government to help you.Continue Reading
How to Surrender an Insurance Policy
Policyholders can surrender their policies if they have paid the premiums for three or five consecutive years from inception (For new ULIP policies, IRDA has increased the lock-in period from three years to five years). If policyholder fails to pay premiums for at least three or five consecutive years from inception then he/she may not be entitled to get surrender value or paid-up value.Continue Reading
Consider These Options Before Surrendering Life Insurance Policy
Are you going to surrender your life insurance policy? Do you know that you have some options to fulfill your financial needs without surrendering your policy? If you don’t know what are other options available to you then you are at right place. In this post, we’ll show you some options that you can consider before withdrawing a policy. Practically, insurance policy surrender is not a good option because it is subject to penalties such as, surrender charges; therefore, one should seek other options before doing so. Probably, you may aware that on terminating a life insurance contract you only receive saving portion of your policy along with accrued bonuses.
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FAQs on Surrendering a Life Insurance Policy
Insurance is a strategic way to protect ourselves financially against unforeseen events. Modern insurance products are tailored to help an individual to achieve his/her future financial goal along with insurance protection. Usually, we buy life insurance policies for longer periods say 15-20 yrs and there are some probabilities that insured person might be unable to pay the premiums or he/she might feel that current insurance policy does not meet with his/her insurance requirements. In such scenarios, policyholder may think to surrender existing insurance policy and replace it with a new one; that meets with his/her budget and future needs. In this post, we’ll be discussing on pros and cons of surrendering a Life Insurance policy and questions related to it.Continue Reading
Pros and Cons of Surrendering a Life Insurance Policy
Insurance plays a vital role in an individual’s life. It helps an individual to achieve his/her future financial goals and simultaneously it protects his/her loved ones against financial outbreaks upon his/her premature death. Withdrawing an insurance policy before maturity would not be a good decision; however sometimes reluctantly, we need to take such steps under certain circumstances. If you’re going to surrender your policy then in this post we’ve highlighted some pros and cons of surrendering a policy.Continue Reading
Tips to Prevent a Health Insurance Claim Rejection
Unexpected, medical emergencies can arise anytime; therefore, everyone should be prepared physically, mentally, and financially to tackle them. Having a health insurance plan gives you the peace of mind that you are financially ready to face an unforeseen medical emergency.Continue Reading
How to Submit a Health Insurance Claim
Health Insurance protects you against unforeseen hospitalization expenses. Today, almost all health insurers offer cashless treatment facilities and reimbursement of hospital expenses facilities. For smooth settlement of a health claim, one should carefully follow all the steps described by his/her insurance company for instance; It is advised by some health insurance companies to inform about insured person within 24-48 hours after he/she is hospitalized; if no one informs within this time period, then an insurance company may refuse to settle claim (See- Medical conditions that your health insurance policy doesn’t cover); and in such scenarios, there are very rare chances of getting a claim settlement.
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List of Registered Health Insurance Companies in India
Insurance marketplace is growing significantly in India. Today, you can find variety of Life insurance and Non-life insurance products in India; therefore, this segment (Insurance marketplace) strongly needs robust rules and regulations to protect the interests of policyholders. To provide insurance services in a transparent manner IRDA (Insurance Regulatory and Development Authority of India) monitors all insurance companies with an eagle eye. IRDA is an independent authority to operate, regulate, and develop insurance market in India. It ensures that insurance services are being delivered transparently and claims are being settled.
How Does Pradhan Mantri Fasal Bima Yojana Differ From Modified National Agriculture Insurance Scheme
Government of India has introduced a new crop insurance scheme called Pradhan Mantri Fasal Bima Yojana; which would replace both National Agriculture Insurance Scheme and Modified National Agriculture Insurance Scheme. The Union Cabinet has approved PMFBY for formers’ welfare; this scheme will provide financial support to the farmers in the event of failure of the crop due to natural calamities, pests, and diseases. In the event of failure of the crop, farmers face financial crisis and as a result farmers become unable to continue farming. Previous schemes (NAIS & MNAIS) had high premium rates due to which few farmers adopted these schemes; but new PMFBY offers maximum sum insured at very lucrative premium rates.Continue Reading