Tag Archive | "General Insurance"

how can you save on insurance premium?

  • Easypolicy
  • 27 Feb 2014

Insurance has become more of a necessity today. Most of the insurance policies work in a similar way wherein the person buying the insurance pays a certain amount of money known as Premium to the insurance company either monthly or yearly mostly. It is important to have the right Coverage as this protects you against any unexpected situation. There are some things which should be kept in mind to save on insurance premiums without comprising on the coverage.

Self Insure

This is one of the best things to do but gets difficult in the day to day life. You should try and set some amount of money aside for minor problems. The Deductible of the insurance Policy can be kept high and this amount of money should be saved for future uses.

Compare Insurance Premium

There are many insurance companies in the market today and they offer the same products, but many times at different rates. One can check the websites of the companies and see the online insurance premium and compare online insurance and see the coverage and riders. This will not only ensure you pay the right premium, but also ensure you get the best policy available.

Read the Policy

It is important to read the policy so that you know what the coverage is and what is the premium being paid for. Sometimes the companies can charge for coverage which is not required and thus, you can be overpaying. This will also check that there is no duplication of coverage.

File fewer claims

Try and not take a Claim for every small thing that happens. Many times there are situations for which one can pay without taking the claim. Taking no claim increases the no claim Bonus and with claims the premiums at the time of renewals tend to increase.

Deductible

The deductible is the part of the loss that has to be paid by the insured. The higher the deductible is, the higher the premium an insurance company charges. You must ascertain how much amount you can set aside for emergencies and save for it and then keep the deductible at a limit which will not burden you but also will keep the premium low.

Be Careful

You must take care of the things that you wish to get Insured especially houses and cars. The more well maintained a car is, it is likely to have less mechanical problems and less expense.

These are some tips that can be followed to lower the insurance premiums without affecting the coverage. Some kinds of insurance needs special attention to lower the premium but one of the best ways is to compare online before buying any policy.


when can you approach the insurance ombudsman in india

  • Easypolicy
  • 20 Dec 2013

Insurance provides financial protection to a common man against uncertainties of life. While buying a policy, a common man puts his trust and hopes that his Claim would be honored when the situation arises. It is important that this trust and confidence of a common man is not only maintained but nurtured for the welfare of the society. 

Insurance companies across the world exist for a motive of profit and it is important to ensure their profit motive does not intervene in their fair behavior while issuing or honoring claims on policies. As a consequence, the Government of India has created the Insurance Ombudsman, which aims to speedily address any grievance that a buyer would have against the insurer. This would ensure that people as a whole are able to place their trust in the system and hence the insurance industry can prosper and grow.

Ombudsman is appointed by the insurance council and is a person from Insurance Industry, Civil Services or Judicial Service. The tenure of his services is 3 years. Currently, there are 12 ombudsmen in India and each has a jurisdiction.

To take a grievance to the ombudsman, the Insured or his legal heir can file a written complaint. While doing so, they need to take care of the following points -

1) The Insurance Ombudsman is not empowered to handle grievances on insurance plans whose value exceeds 20 lakhs.

2) Before you write a written complaint to the ombudsman, it is mandatory for the Policyholder to have shared his grievance with the insurance provider. The complaint can relate to any matter including claim settlement, a dispute related to Premium paid or premium payable and likewise.

Only if the Insurer does not reply to the grievance, or the policyholder is not satisfied with the reply, the matter can be elevated to the ombudsman. Dissatisfaction may be either due to complete or partial rejection of a policyholder’s claims.

3) Time Limits - The complaint to the insurance ombudsman should be filed within 12 months of receiving a final reply from the insurance company on the grievance and within 13 months of filing a complaint if the insurance company fails to give a reply.

4) If the complaint has also been filed in a court or consumer forum, and is pending a resolution, it cannot be taken to the ombudsman.

While handling the grievance, the ombudsman will play the role of a counselor and mediator between the insurer and the insured. Based on what the ombudsman believes as a fair opinion, he will issue a recommendation within a month of receiving the complaint. If the recommendation is acceptable to the complainant, the insurer will have to abide by it. If the recommendation is not found to be satisfactory by the complainant, then the ombudsman will issue an award within 3 months of receiving the complaint and if the complainant is still dissatisfied he can choose to take the matter further to an alternate authority. The insurance company does not have a choice and it has to compulsorily adhere to the order of the ombudsman, if the same is acceptable to the complainant.