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Thursday, 30 April 2015

Things to look before you buy Travel Insurance In today's times, travelling to a foreign country does not mean packing bags and flying off. Rather, the task has become complex as various arrangements need to be made such as foreign currency or changing one's telephone plan. The increasing instances of lost luggage, delayed flights and health complications have made the need for travel insurance must for a traveler. One has to get into finer details to know if their selection of travel insurance policy is right or not.

Extent of health coverage - Though all of the travel insurance policies cover for medical emergencies and other related expenditure, but a traveler should look for a policy that has a comprehensive or appropriate coverage to suit one's medical condition.

Other inclusions - Most of the policies provide compensation for lost baggage and documents and flight delays, but specific inclusions such as covering disabilities or death as a result of accident while traveling are not part of all policies. A traveler should look for such inclusion if he is going on an adventure trip. On the other hand, leisure holidaying will not need such coverage.

Global or specific region coverage - Travel insurance policies are of two types, that is, either they are applicable to travel across the globe or extend coverage to specific regions. In most cases, a global coverage is appropriate but if a traveler is sure of travelling to a certain region then a specific geographical coverage should suffice. Normally, insurance companies charge a higher premium for covering places that are categorized as high-risk. Hence, one should review and compare policies to save paying higher premiums.

Pre-set coverage amount - A travel policy specifies a preset coverage amount that is allowed for each head. For example, a travel policy may specify maximum limit of upto $1000 on flight delay or $100,000 for health emergencies. One should try to get a coverage that will cover the maximum cost.

Time of travel - If travel abroad is a frequent activity then one may consider buying an annual multi-trip policy. But, if it is just one-time affair in a year then a single trip policy will be good enough. Also, one should get a coverage that allows an extension of policy, if in case someone wants to extend the stay.

- Source: Indiainfoline.com
Posted by Futurisk Insurance at 1:15:00 pm No comments: Links to this post 


Earthquake cover for homes costs just Rs 6-12 a day A house destroyed by an earthquake can be rebuilt by setting aside about Rs 6-12 a day. That's the cost of buying home insurance, which most people consider an unnecessary expense — a priority that needs to be reconsidered in the aftermath of the Nepal earthquake.

"The premium for a standard fire and perils cover, which includes natural and man-made calamities, is as low as Rs 60 per Rs 1 lakh. However, less than 1% of the people who can afford it have home insurance," says Tapan Singhel, MD & CEO of Bajaj Allianz.

Home insurance covers rebuilding the structure, not the value of the property. Reconstruction costs range from Rs 1,800 per square foot for a no-frills structure to Rs 3,500 per square foot for a finer construction. A 2,000 square foot house can be insured for Rs 35-70 lakh, for which the premium will be roughly Rs 2,100-4,200 a year.

The cost can be lowered if the policy is purchased for a longer term, say, 10 years, because of discounts offered by insurance companies. However, the cost of construction could go up during this New Delhi: A house destroyed by an earthquake can be rebuilt by setting aside about Rs 6-12 a day. That's the cost of buying home insurance, which most people consider an unnecessary expense — a priority that needs to be reconsidered in the aftermath of the Nepal earthquake.

The cost can be lowered if the policy is purchased for a longer term, say, 10 years, because of discounts offered by insurance companies. However, the cost of construction could go up during this time. Taking an insurance policy for the contents of a house costs less than home insurance. "We, as Indians, feel that nothing will happen to us. Even if we buy, it is sold to us by banks while giving home loans and is for a very short tenure. So there is a greater need to buy it," says KK Mishra, MD & CEO of Tata-AIG General Insurance. Asia suffered losses of $52 billion last year due to natural catastrophes and man-made disasters and only 10% of this was covered by insurance, according to a report by Swiss Re. Floods in India in September 2014 destroyed houses and caused a loss of $4.4 billion.

Source: Economictimes.indiatimes.com
Posted by Futurisk Insurance at 2:21:00 pm No comments: Links to this post 

Sunday, 26 April 2015

Crop Insurance: Pluses and minuses Among various professions, the maximum uncertainty is in agriculture. This is the only profession which faces number of minuses but less pluses, due to rains, hailstorms, drought, floods, diseases related to crops, ups and downs in prices in the international market etc. On the other hand, agriculture is also the only profession, where less insurance provisions are adopted. Since long, the debates on crop insurance and related to agriculture production had been going on but crop insurance could not been adopted throughout the country. There are more than 50 insurance companies in the country in addition to Life Insurance Corporation of India (LIC), out of which 24 deals with the life insurance and 28 other than life insurance. Only few of them are extending the services for agricultural activities.

In the past, the government have been make efforts, in addition to private companies, foreign insurance companies should also be encouraged for agriculture insurance but there have been no concrete results so far. There had also been a move to pass a Bill for the involvement of insurance companies from 26 per cent to 49 per cent but due to no satisfactory conclusions in view of various agriculture related problems, the agriculture insurance remained an unimportant issue.

In India, the animals are covered under insurance only at the time of taking a loan being one of the condition of the institution giving the loan. In such case, the insurance premium is not continued after the repayment of loan amount. Likewise, the machinery is also insured at the time of its purchase and is not repeated. There are number of reasons for not introduction of agriculture insurance.

At present, there are 74 per cent farmers communities in our country having less than 2.5 acres and 82 per cent farmers with less than 5 acres holding.  They go in for the crop which could easily be sold in the market. Though there be hardly any provisions for insurance of such crop and even if it is there, the farmers feel the premium as a burden. Even in other agriculture allied professions, they don't take any interest. More-over, neither the government nor the insurance companies have encouraged for agriculture insurance. There is a glaring example when in 1985 the crop insurance was first introduced and in the 5 years' scheme – 1985-1990 – the total claims were disbursed for Rs.618 crore whereas the amount collected on account in the shape of premium was Rs.90 crore only. In such circumstances, no insurance company would like to come forward for agriculture insurance.

In fact, like the developed countries, the governments are making efforts to keep secured the farmers with the insurance facilities since 1948 but the main hindrance is the big gap between the agriculture system of India and developing countries.  In the developing countries, the agriculture is a business and is at a large scale and is under the planning of the government and separate boards have been constituted for the different crops. The farmers are entered into contract with the boards for the particular crop and the insurance cover is the responsibility of the concerned board. The technical experts of board also help the farmers in the marketing of their crop.

Whereas, it is totally adverse in India as compared to the other developed countries. It is not a profession rather it is a livelihood. Only cash crops –wheat and paddy are taken and crop diversification has totally failed because of non-marketing arrangements at the government level. Farmers share is no where kept in the event of increase in prices in the market and in the event of natural calamity, the loss is of farmer and not the businessman.  The insurance premium is considered as a burden in these circumstances.

The reasons for not introducing the agriculture insurance by the companies stated are the calculation of loss. In certain blocks or areas, the loss is on the higher side whereas it is too less in other areas. While on the part of farmers, ignorance or having no awareness, higher premiums, non availability of insurance  due to uncertainty in crop yields etc.

Keeping in view the agriculture related problems, the National Agriculture Insurance Plan was started in 1999-2000 in which all loaner and non-loaner were included and later on certain crops were added including the annual business crops, fruits and vegetables with a provision that village Panchayat will be basis to determine the losses but no fruitful results were seen and no concrete steps have been initiated so far. Instead of leaving it to the private companies, what I feel is that the government patronage in this regard is more important.

Frankly speaking, after going through the pluses and minus of crop and agriculture insurance, it could be concluded that there is a need to give a serious though on the social issues keeping aside the interests of 60 percent farmers community of premium amount and claim of losses.

Like compensation on account of floods, natural calamities, are announced by the government itself, the government should think over and take the responsibility of sharing a part of premium for crop and agriculture insurance to make it a simple and regular feature. With these arrangements, the farmers will be saved from natural losses, there will also be positive results in agriculture production with the involvement of government.

Source: Merinews.com
Posted by Futurisk Insurance at 6:09:00 am No comments: Links to this post 

Friday, 24 April 2015

7 Top Investment Options To Look Out For In 2015 India has become one of the fastest growing economies. Investment growth is eventually linked to the growth of the economy. So most of the investors look for emerging markets where the growth rate is higher than the developed economies. As India is also a part of emerging market, most of the investors come with a question in mind “where to invest in India”.

The market of 2014 had its own ups and downs. To figure out the best investment options analyzing the technicalities of the Indian market is a tough job. Hence let’s find out the best investment options for 2015:

1. Insurance Policy -A Popular Option

After fixed deposits in banks, another popular choice of people in the list of the best investment options in India for 2015 is Insurance Policy Investment. An excellent feature about this option is that you can get profits which are risk free.

Insurance policies range from a variety of types & provide different types of coverage. Insurance policies like LIC, Home insurance, Car insurance and Health insurance are few examples of such type of investment options.

2. Fixed Deposit – Good Option To Begin With

Fixed deposit in banks form a major vote in terms of the safest investment in India. The most important reason for this is its ability to provide reasonable returns & the money invested is locked in safely. The time period for an FD may range from 15 days to more than five years. The returns you will get will be decided by the financial organization you opt for.

However, it is likely that a non-senior citizen can get returns at around 10% interest rate. The good thing here is that your money invested will be safe & you don’t have to worry about it all till the maturity period.

3. Public Provident Fund – For Higher Returns

Public Provident Fund (PPF) is also a good option to invest money securely for future periods. The primary reason is the high rate of returns mainly for people who are under 30 percent tax brackets. The rate of interest returns on PPF can be as good as 9 percent.

However, the time span of investment can be as high as 15 years. However, with almost no risk options and good returns makes this a pretty feasible option to choose.

4. Investment in Gold & Silver – Healthy Option

It’s a good idea if you invest in silver instead of gold in 2015. This is because the market predicts returns from gold investment this year to be parallel to possible rupee appreciation. This means there are fewer chances to get good returns. People who cannot think beyond gold as any investment option then 5 percent to 10percent should be the general investment limit.

5. Mutual Fund Investments – Safe Option

Mutual Funds are also very popular among people. They can prove to be very fruitful if you make limited investments and generate a diverse portfolio which can give high returns. If you want to enter into stock markets and don’t wish to take unnecessary risks then this is viable option. Also you can generate higher profits.

It is an ideal way investment if you want to diversify your risks & get good returns. A diverse portfolio reduces the risk factors and prevents you from complete loss of your investment.

6. Private Equity Investments – Satisfactory Returns

Private equity is another good investment option. It does not depend on the traditional stock market scenario. Private equity investments consist of equity securities of a private company. These equity securities are offered by privately owned equity firms, angel investors or venture capital organizations.

The concept of private equity investments is on the increase in India. All these parameters make it a good investment option in 2015. The returns are satisfactory & there are above 365 firms that function under Indian equities currently.

7. Stock Investments – For Risk Takers

Investment in stock market is an ideal way to generate higher profits faster. We consider it as one of the most risky investment options. Yet it is the finest option of all the best investment options in India for 2014. However, there are high risks involved & you cannot be assured of the returns every time.

Hence, it is very important to understand the market properly. Also you should have a sound knowledge about the various factors that affects the stock market. If you know all this then no one can stop you from earning good amount of high returns.

Source: Siliconindia.com
Posted by Futurisk Insurance at 2:33:00 pm No comments: Links to this post 

Saturday, 18 April 2015

Buy Health Saving Plan to enjoy health insurance & savings Life insurance companies offer long term health saving plans which club health insurance with savings. General insurance companies are now entering this space to enhance options for insurance buyers.

Insurance, as the saying goes, is only an assurance. Yet, a growing section of health insurance customers now also expects their premium money to earn while it protects and insures. Health Savings Plans is one such investment and insurance optionthat lets you save a part of the money that you are spending for health risk coverage. In other words, it promotes a savings account for your health coverage.

Health Savings Plans by Life Insurers

Some life insurance companies in India are offering long term health plans, providing lump sum cash payment at the time of claim irrespective of the actual expenses incurred during your hospital stay. HDFC Life Health Assure Plan, Reliance Easy Care Fixed Benefit Plan, Bharti AXA Life Loan Secure and LIC’s Jeevan Arogya are the popular ones in this category.

With ULIPs regaining lost popularity, life insurers have gone one step ahead by providing Unit Linked Health Care Plans or Money Back Health Insurance Plans, combining investments and health insurance. The popular plans in this category are ICICI Prudential's Health Saver, Birla Sunlife's Saral Health and LIC's Health Protection Plus.

Health Savings Plans by General Insurers

General insurance companies currently provideonly traditional health care policies. When compared to these lump sum pay methods and money back plans of life insurers, they do not offer any long-term plans or similar attractive offerings.

Now with the passing of the Insurance Amendment Bill 2015, the health insurance segment can now offer stand-alone products with long-term plans. A slew of innovative products are expected in this segment in the coming months. With a higher FDI cap now, some new health insurance companies too are expected to set their foot in India with Health Savings Plans, which are popular in the West.

Cigna TTK is the first to announce a Health Savings Plan in the general insurance segment in India, though the specific contours of the product are yet to be revealed.


Unit Linked Health Plans (ULHPs):Like mutual funds, ULHPs are managed investments, where you can allocate your invested amount in different funds based on your risk appetite. One can choose the premium they wish to invest and enjoy the assured Sum Insured as per the plan’s provisions. The premium payment period varies for different companies, ranging from 5-10 years and the coverage offered in most cases is life-long.

As an instance, in ICICI Prudential's Health Saver, one can opt for an annual coverage of Rs. 2 lacs, Rs. 3 lacs, Rs. 5 lacs, Rs. 7 Lacs or Rs. 10 Lacs, and pay the premium as per the recommended slab. The minimum premium payment period is 5 years and coverage is lifelong.

Health Savings Plans (HSPs): Health Savings Plan offer a blend of an investment account as well as a health cover. Under this, a part of the premium is allocated towards a savings or investment account, while the rest is utilized towards offering a protective cover. While the exact percentage of allocation towards savings or investments and health insurance will vary from company to company, typically a health savings plan would allocate 30-40% of the premium for savings.

As an illustration, let us say you need health coverage of only two lakhs as your employer also insures you. So, if you are opting for a health savings plan, 30-40% of the premium may go towards a saving account, and the rest would offer cover against medical expenses.

In both plans, the money invested in the savings account can be used to cover any related medical expenses that are not covered under a traditional medical policy, like doctor’s consultation fees, post-hospitalization expenses, treatments for pre-existing illness, or similar.

Where do they invest?

The money accumulated in the savings account for the health savings plan is invested across bonds and equities to earn returns on investment. In case of a ULHP, investors can either choose their funds as per their risk appetite or go by the recommendations of the fund manager.

As this is a new concept in general insurance, the jury is still out on the extent of equity exposure versus investment in government bonds that health insurance companies would resort to. However, the policyholder is sure to reap decent returns on their investments.

Health savings plans can never be a substitute for your investment needs, or coverage needs for that matter. On the other hand, there are certain deductibles in health insurance–exclusions pertaining to pre-existing diseases, doctor’s fees, etc. These can be covered through a health savings plan as you can use the money pooled.

Source: moneycontrol.com
Posted by Futurisk Insurance at 11:04:00 am No comments: Links to this post 


How about railway insurance of Rs 10 lakh for a premium of Rs 25? Imagine paying Rs 22 for a 24-hour train journey (apart from the ticket fare, of course) and getting Rs 5 lakh as accident compensation, Rs 5 lakh in case of hospitalisation arising out of a train accident and Rs 50,000 for baggage loss?

How will it work?

The time period of a journey itself has been divided into four parts — journeys of about eight hours, those up to 24 hours, up to 36 hours and the ones above 36 hours.

For example, for an insurance of Rs 2.05 lakh, which consists of Rs1 lakh each for accident and hospitalisation and Rs 5000 for baggage loss, the premium comes up to Re 1 for an eight-hour journey, Rs 1.25 for a 24-hour journey, Rs 1.50 for a 36-hour journey and Rs 1.75 for a journey above 36 hours.

Similarly, for an insurance of Rs 4.25 lakh, where Rs 2 lakh each is for accident and hospitalisation and Rs 25,000 for baggage loss, the premium comes to Rs 10 for an eight-hour journey, Rs 11 for 24 hours, Rs 12 for a 36-hour journey and Rs 13 for travel above 36 hours.

When is it expected to be launched?

According to IRCTC managing director Dr AK Manocha, the tie-up with insurance major New India Assurance has been done and the final product should be launched in "a matter of weeks". "We will be offering a bouquet of services which those booking tickets on the IRTCTC website can opt for. The insurance will depend on the length, class, etc, of the journey but what we can assure the commuter is that it will be among the best travel insurance services," Manocha told dna over phone.

What's rlys doing to promote the plan?

IRCTC has started distributing forms to travellers in several trains nationwide to get feedback from commuters on what they think of the plan. The three questions that IRCTC has asked passengers is a) if there is need for travel insurance during a rail journey, b) if the sum assured is adequate, and c) if the premium amount is appropriate.

What is the aim of the scheme?

With over 21 million passengers everyday and penetration of IRCTC in rail ticket-booking now over 53%, officials believe that even if a million passengers opt for these services as time goes by, the corpus collected would be huge. The financial model, according to Manocha, is such that the money accumulated goes to New India Assurance, while the railways gets a fixed percentage as revenue-sharing.


"For the railways, it may be a win-win situation. It anyway ends up paying out of its own pocket a considerable amount as compensation to train accident victims. The travel insurance will only mean that the railways will have a corpus, that too as commuter contribution, to pay insurance for such incidents," said a senior railway official.

Source: dnaindia.com
Posted by Futurisk Insurance at 10:53:00 am No comments: Links to this post 

Friday, 10 April 2015

Accident insurance cover for KSRTC commuters Reserved passengers of Kerala State Road Transport Corporation (KSRTC) will get an insurance cover of Rs.5 lakh and unreserved passengers Rs.1 lakh under a group personal accident insurance scheme to be implemented by the Kerala transport utility soon.

Hospitalisation with injuries will fetch a maximum of Rs. 50,000 for reserved commuters and Rs. 15,000 for unreserved passengers. Treatment as outpatient will fetch a maximum of Rs. 10,000 for reserved commuters and Rs. 3,000 for unreserved commuters. A hospitalisation allowance of Rs. 500 a day will be paid for a maximum of seven days for reserved commuters.

Under the Children Education Welfare Fund, a sum of Rs. 10,000 will be given for each child (limited to two children) if their dependent parent gets killed in accident. Loss of baggage of reserved persons will fetch a maximum of Rs. 3,000.

New India Assurance Company Ltd. will execute the scheme and the KSRTC has to pay Rs. 3.28 crore as insurance premium for the first year. The government has given the nod and the authority to the Chairman and Managing Director of KSRTC to enter into an agreement, transport department sources told The Hindu .

Student passengers and KSRTC staff with valid pass are eligible for insurance coverage. Passengers below five years of age, even if they are ticketless, are eligible for coverage. New-born babies have also been included.

The KSRTC carries five-lakh commuters daily in its fleet of 5,973 buses that operates 5,988 schedules.

The limit of liability has been fixed at Rs.2 crore for any one accident irrespective of the number of vehicles involved in one accident. For any one year, it will be Rs.25 crore irrespective of the number of accidents.

Source: The Hindu
Posted by Futurisk Insurance at 12:53:00 pm No comments: Links to this post 

Monday, 6 April 2015

Insurance cover that you didn’t know about It’s not just life, health and property that can cause you financial loss. There are many smaller things that can impact you financially.

For many of us, insurance means to cover for life, health and expensive assets like cars and homes. The growing evolution of the insurance industry, however, has meant that insurance companies are underwritingcustomised protective coverage for anything under the sun. You might have read about celebrities across the world in the news for insuring their body parts. It might appear funny, but insurance requirements are as different and diverse as human beings themselves and the life circumstances that they find themselves in.

Here is a quick pick of some typical insurance covers that you didn't know existed.

Misplaced keys
If you are one of those people who tend to forget your keys or misplace them, there is a case for seeking insurance cover for misplaced keys. Come to think of it, people insure their expensive cars and homes but tend to overlook the significance of the keys. What good is an elite Audi or exotic Porsche car, if you have misplaced the keys? Your car insurance or home insurance will definitely not pay you for getting those costly keys replaced.

Misplaced key insurance covers are available for both automobile keys as well as house keys. This product was introduced by Tata AIG. It not only covers the cost of replacing, but for auto key insurance, if it takes more than one working day for key replacement, you can avail costs for a car hire.

Amateur sportsmen
Are you having a budding sportsperson at home and worried about the expenses related to the damage of expensive sports equipment, training and unfortunate mishaps that are likely to happen?

Oriental Insurance's sports insurance policy for amateur sportspersons offers a perfect solution for all budding sportspersons offering an all-round protective coverage. This policy cover all expenses related to damage of expensive sporting equipment, apparel as well as those losses due to theft or fire.

This plan also offers a personal accident benefit protecting the budding sportsman in case of any unfortunate accident while on the field.

Second medical opinion
Suppose someone has a complicated medical issue and requires a second opinion from an expert physician.

When standard health insurance policies that cover your medical bills do not come to your aid, there are second medical opinion covers that can cover the doctor’s fees for second opinion and can act as a dedicated personal accident policy.

Bajaj Allianz General Insurance offers an e-Opinion insurance cover, allowing the policyholder to take up to three opinions per year of coverage from its database of 7,000 qualified physicians and specialists.

The high consultation charges of specialists should not be a deterrent in getting the right diagnosis and the right medical care.

Pet insurance
Expensive pets are becoming a part of our extended families and insuring them is recommended to meet the high costs related to their treatment or the possible loss of money if something untoward happens to them.

Pet insurance is very popular in the Western countries, but it is yet to catch up in India.
New India Assurance Company offers a dedicated dog insurance plan in India. Insurance cover is offered to dogs in the age group of eight weeks to eight years and it includes protection in case of death of the pet due to accident or any diseases contracted during the period of insurance.

Ransom reimbursement
General insurance companies are offering protective coverage for ransom. This policy can be helpful for both city dwellers as well as for people living in remote areas, especially those in areas infested by Naxalites and other insurgents.

A ransom reimbursement policy allows for coverage for any ransom money, loss of income, medical care and other losses due to events like kidnapping. Tata AIG, HDFC ERGO, Bajaj Allianz and New India Assurance offer a dedicated ransom reimbursement policy.

Mobile handset
With increasing prices of mobile phones, a protective coverage for it is getting more relevant. Many general insurance companies including New Indian Insurance, Bajaj Allianz and many others are offering mobile protective plans.

Under such plans, the companies offer a compensation equivalent to the cost of replacement of the instrument if the handset is stolen or damaged in fire, riot, accident or other unexpected circumstances.

The coverage is applicable for theft of the mobile phone from vehicles that are left unattended or any electronic or mechanical breakdown of the phone.

Identity theft
Technology has made it possible for fraudsters to steal identify of people to accomplish their unlawful tasks.

Personal identity protection plans to act as a safeguard against any such incidents and offers cover for any expenses resulting from your efforts to resolve the identity theft.

While this policy is not useful for everyone, it is a good idea to take if your nature of work involves a high volume of money transactions offline or online.

Tata AIG insurance offers a dedicated personal identity protection plan protecting you from any misuse of your identity or payment cards.

From ATM assault and robbery cover to lost wallet cover and identity theft cover, general insurance companies are underwriting a number of new and innovative policies.

These policies come with a negligible premium which is instantly quoted by the companies based on your sum insured needs and risks involved in it.

While the situations covered by these insurance products occur with alarming regularity, the insurance products themselves are yet to find widespread appeal.

Source: Asianage.com
Posted by Futurisk Insurance at 2:43:00 pm No comments: Links to this post 


Changing nominee in life insurance policies to cost Rs 100 now Cancellation or change in nomination in insurance policies now comes at a cost as regulator IRDAI has allowed life insurers to charge up to Rs 100 for any such modification.

The IRDAI guidelines for 'Registering Cancellation or Change of Nomination' have come into effect from April 1, 2015.

"In respect of those policies that are issued in electronic form... The fee collected shall not exceed Rs 50. In respect of policies other than those, the fee collected shall not exceed Rs 100," the Insurance Regulatory and Development Authority of India (IRDAI) said in an order.

Source: Zeenews
Posted by Futurisk Insurance at 1:10:00 pm No comments: Links to this post 

Thursday, 2 April 2015

Third-Party Motor Insurance Premiums Set to Go Up Owning a vehicle would now pinch pockets more, with third-party motor insurance premiums set to rise for two-wheelers, private cars and heavy load carriers from Wednesday.

"It is observed that the cost inflation index (CII) has increased by 9.05 per cent over the previous year, i.e. from 939 in FY 2013-14 to 1024 in FY 2014-15... the Authority hereby notifies the premium rates applicable to Motor Third Party Liability Insurance covers with effect from April 1, 2015," the Insurance Regulatory and Development Authority of India (IRDA) said in a notification.

The premiums are being revised after a gap of three years.

Owners having third-party cover for private cars of 1,000 cc capacity would now have to pay premiums of Rs. 1,468 (from Rs. 784); those exceeding 1,000 cc but below 1,500 cc will attract a premium of Rs. 1,598 (from Rs. 925), and those above 1,500 cc Rs. 4,931 (from Rs. 2,853).

"Motor Third Party Liability premiums are increasing but at the same time insurance companies are still losing money on the portfolio."

"In a free market scenario...each insurer should be free to price the product as per their risk perception. That will ensure that insurers who are committed to providing good service in this portfolio have an opportunity and incentive to differentiate their services which no one may be willing to do in a fixed price, loss-making scenario," said Pavan Dhingra, director of Prudent Insurance Brokers.

The third-party cover for two-wheelers of 150 cc to 350 cc capacity would attract a premium of Rs. 554 from the current Rs. 350, and those exceeding 350 cc Rs. 884 as against Rs. 680 at present.

The general insurance industry had favoured a hike in the third party motor premium to the tune of 40-50 per cent against a steeper increase proposed by insurance regulator IRDA.

The regulator had on March 9 proposed a steep increase in the third-party premium, ranging between 14 and 108 per cent from April 1. This is on top of the 9-20 per cent hike already effected across vehicle categories for this fiscal year.

It is mandatory to for a vehicle owner to obtain third-party insurance to provide insurance cover to others in case of injury or loss of life.

Source: Profit.ndtv.com
Posted by Futurisk Insurance at 1:41:00 pm No comments: Links to this post