Bharti AXA General Insurance is now part of ICICI Lombard General Insurance.

Bharti AXA General Insurance is now part of ICICI Lombard General Insurance.

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  • How to Know All Claim Settlements on Your Vehicle

    by Almog Ramrajkar | Jan 24, 2023

    The claim settlement process of a vehicle insurance plan can be a daunting affair sometimes. Unlike life, health, or home insurance, where the proof of crisis or damage to the property due to a natural calamity has self-explanatory evidence, the same cannot be said about damage to vehicles.

    For instance, the driver of a car or bike involved in an accident can shift the blame to the other party or refuse to take accountability. Thus, there remains a possibility of confusion. Consequently, negotiating a fair claim settlement amount may turn out to be a critical process.

    Know your policy

    To mitigate such uncertainties and their consequences, it is imperative to know all that you can claim in your settlement application. For that, you must read the policy outline thoroughly and take note of the inclusions and exclusions of your insurance policy.

    Inclusions

    Every vehicle insurance policy comes with certain inclusions. Make sure you are aware of them. Your claim will be taken forward, processed and accepted if and only if, the reason for the claim is covered under the inclusions. Comprehensive vehicle insurance covers third-party liabilities, total loss or damage to the car or bike due to natural calamity, personal accident etc.

    Exclusions

    Exclusions are the conditions or instances that are not included in the insurance policy. If you raise a claim for a cause that is excluded from the policy coverage, your claim will be rejected. Usually, instances such as drunk driving, driving without a licence, an invalid car insurance policy, or loss due to wear and tear are not covered by vehicle insurance.

    Tips for smooth claim settlement

    Given below are some tips to ensure that you have a comprehensive understanding of factors that affect the claim settlement on your vehicle

    Maintain records

    You should try maintaining the details of all small and large accidents or brush-offs suffered by your vehicle, in chronological order. The record should carry medical bills if there are any, police reports, and other related documents.

    Comprehensive demand letter

    When you make a claim, in your application for the same, break down all the elements that you took into consideration and how you arrived at the amount that you claiming.

    Check the claim settlement ratio

    One of the major indicators of the credibility of insurance companies is their claim settlement ratio (CSR). The higher the claim settlement ratio, the higher chances of your claim getting settled smoothly. Before you buy insurance, check the IRDA Claim Settlement Ratio 2022 list.

    Easy settlement process

    The claim process should be easy. At the time of claim settlement, you do not want to go through a tedious and time-consuming process. You can contact the insurance company directly to know about their claim settlement process.

     

    While purchasing vehicle insurance, do not forget to check the claim settlement ratio of the insurance company. Choose a financially healthy company such as ICICI Lombard. You can check its credibility and track record by checking the ICICI Lombard Claim Settlement Ratio from IRDA’s annual report.

  • How to Check the Claim Settlement Ratio?

    by Almog Ramrajkar | Jan 24, 2023

    The claim settlement ratio of the insurer is a crucial aspect of the decision-making process when choosing an insurance product. The claim settlement ratio gives you an idea of the insurer’s track record in offering a seamless and hassle-free claim settlement process. Before proceeding to ways to check the claim settlement ratio, let us go through some of its basics in detail.

    What is a claim settlement ratio?

    Claim settlement ratio (CSR) is the percentage of claims that were settled in a financial year to the total number of claims that were raised during that period. It shows the credibility of the insurer. The higher the CSR, the higher the chances of your claim being settled without any hassles.

    How to check the claim settlement ratio?

    Insurance companies registered under the Insurance Regulatory and Development Authority of India (IRDAI) declare and publish their claim settlement ratio annually. To know the CSR of your preferred insurance company, just visit the IRDAI website or look for IRDA claim settlement ratio 2022 on a search engine. A claim settlement ratio is a percentage number. Are you wondering what it means?

    Let us explain the claim settlement ratio with an example. Suppose you want to know the credibility of an insurance company and the IRDA claim settlement ratio 2022 of that particular insurance company is 94%—a percentage figure. This means, in the last financial year, the company settled 94% of the total claims that were raised throughout the year. Simply put, for every 100 claims made by the policyholders, 94 were settled successfully. The number also indicates that the remaining 6 claims that were raised were either rejected, repudiated, or are pending. The claim could have been rejected due to one or more reasons such as fake claims, dissatisfactory paperwork, or insufficient information to prove the authenticity of the claim.

    Points to keep in mind while checking the claim settlement ratio

    Now that you know how to check the claim settlement ratio, be aware of some additional points that you must factor in while checking the ratio:

    • Check the IRDAI details: The IRDAI claim settlement ratio is an extremely important and reliable indicator of the claim performance of an insurance company.
    • Compare CSRs: As you know how to check and comprehend the claim settlement ratio of an insurance company, make the best of it when shortlisting insurance providers for your policy.
    • Claim amount: Besides checking the claim settlement ratio, check the amount of the claim settled. It is quite possible that by the virtue of “number of policies” an insurance company has a higher CSR, but the “total amount” of the claim settlement is relatively low or non-competitive. This can happen when the company settles more claims with a lower sum insured and rejects high claim amounts.
    • Financial performance: This is an extension of the previous point. Along with the CSR and the claim amount, it is important to check the financial health of the company. If a company is not doing well financially, then there are higher chances of you missing out on your insurance benefits in a time of need.
  • How to Check the Claim Settlement Ratio of Health Insurance?

    by Almog Ramrajkar | Jan 24, 2023

     

    You must always check the claim settlement ratio (CSR) of a health insurance company before buying a policy from them. In fact, you should compare different insurance providers, their plans, terms and conditions, coverage, and waiting period for pre-existing diseases before paying the premium amount. Also, compare their health insurance claim settlement ratio. This is because a medical emergency would already put you under immense mental stress. In such a situation, the last thing you would want to do is follow up through a complex claim settlement process, and worse, face claim rejection. An insurer with a good claim settlement ratio will help you with a seamless and hassle-free claim settlement process.

    Checking claim settlement ratio for health insurance plans

    Before zeroing in on a health insurance plan, run through the following steps:

    • Every year, the Insurance Regulatory and Development Authority (IRDA) publishes the claim settlement ratios of all insurance companies registered under it.
    • Visit the official website of the IRDA and check the IRDA health insurance claim settlement ratio of your preferred insurance company. Look for the IRDA Annual Report and download the PDF for the latest financial year.
    • Make a list of insurance companies with a high IRDA Claim Settlement Ratio in 2022. The higher the claim settlement ratio, the better your chances of getting the sum insured in times of medical emergency.
    • Now, compare the coverage benefits of the available health insurance plans of companies with a high claim settlement ratio.

    Remember, a health insurance plan may come with good coverage and several additional benefits at a competitive price. But, if the claim settlement ratio of that health insurance provider is not good, you may face a hard time getting your claim settled when you need it the most. This would defeat the whole purpose of getting health insurance.

  • Why is Dental Not Covered by Health Insurance?

    by Almog Ramrajkar | Jan 23, 2023

     

    Dental hygiene is essential for overall health. Ignoring your oral health can cause cavities and tooth decay. For example, if you ignore dental plaque and do not visit your dentist to have it removed from your tooth enamel, you may develop an oral bacterial infection. Dental procedures, like any other medical treatment, can consume a month's or two's salary. Still, in most cases, they are not part of standard health insurance, and there are no riders available to take care of your teeth. Have you ever wondered why dental is not covered by health insurance? To know the answer, read on. 

    Why is dental work not included in health insurance?

    In India, most insurers cover dental procedures if the need for medical treatment arises as a result of a severe accident. Furthermore, if some oral ailments have become life-threatening, you may be able to settle your related claims if dental procedures are based on the recommendations of registered medical practitioners.

    What insurers do not cover are planned dental procedures. These procedures are classified as cosmetic treatments. For example, if you go to your dentist for a dental screening, crowning, extractions, or fillings, any associated claim will be denied.

    Conclusion

    Dental procedures are subject to policy exclusions as they are considered cosmetic procedures. Even if your insurer provides coverage for this, you should try to understand all the provisions associated with dental-related issues and the claim process.

  • What is EP in car insurance?

    by Almog Ramrajkar | Jan 23, 2023

     

    Travelling by car and discovering new places is a one-of-a-kind experience. It allows you to capture not just beautiful moments in exotic settings but also creates a wealth of memories. However, if you are stuck in the middle of your trip with a broken car, particularly one with a damaged engine, your excitement may turn to sorrow. Your concerns may be compounded when you learn that even if your vehicle is covered by comprehensive car insurance, you will not receive assistance for engine leakage.

    So, does this imply that insurers do not offer any option to cover engines? The solution is the engine protection (EP) cover. You can avail of the benefits of this add-on cover by paying an additional premium. 

    As the name suggests, the engine protection or EP cover reimburses the bill if the engine sustains damage due to water ingression, lubricant oil leakage, or a hydraulic lock fault. The coverage also includes key engine components. For example, if an engine's pistons, crankshaft, or gearbox are damaged, you can file a claim invoice.

    However, the policy does not provide financial assistance if the engine is damaged as a result of your constant attempts to start your car while it is submerged. Another situation that is not covered is an increase in pressure when the engine is clogged with water.

    The Engine Protection Add-On is not suitable for everyone. For example, if you live in a city with a good drainage system and little rain, investing in this cover may not be worthwhile. However, if you live or drive in a flood-prone area, this add-on is a must-have to extend the life of your vehicle.

    You can buy this rider either at the time of buying a new policy or during the renewal process.

  • How To Download Bike Insurance Copy?

    by Almog Ramrajkar | Jan 23, 2023

     

    It is not unusual to misplace the hard copy of your motorcycle insurance. Or, you may lose it to the usual wear and tear of being stored in narrow gaps of your bike. Either way, do not fret if you lose your insurance policy document or need to obtain a copy of your bike insurance policy. Here’s what you must do:

    Follow these tips if you lose your two-wheeler insurance document

    • Look for the document in your office, home, and vehicle. If you don't find it in any of these places, it was likely either lost or stolen.
    • Stop using the bike if you cannot find the insurance document. You must not ride your bike without the policy document in hand.
    • Your last option is to request a duplicate insurance copy from your insurer and wait a few days for it to arrive before you resume using your bike.

    How To Download A Bike Insurance Copy Online?

    Whether you bought bike insurance online or offline, the insurer allows you to download the insurance copy online with a few clicks. Follow these steps to download a copy of your insurance document.

    • Visit your two-wheeler insurer's website. 
    • Navigate to the bike insurance section and select the type of insurance you purchased.
    • Enter your policy details. In case you do not remember the policy number, enter your bike registration number, and you will be provided with the policy details. 
    • Verify the information displayed on the screen. 
    • The policy copy will appear on your screen. Download the file to your desktop and print a copy.

    How to Get a Duplicate Two-Wheeler Insurance Copy Offline?

    Notify your insurer

    As soon as you see your insurance document is missing, inform your insurer.

    File an FIR

    The insurer may request a copy of the FIR. As a result, it is critical to file a complaint with the nearest police station and keep a copy of the complaint with you.

    Newspaper advertising

    In some cases, you must also advertise the missing policy information in the local newspaper. Attach the advertisement cutting with other documents when requesting a new copy.

    Indemnity bond

    Finally, you must sign the indemnity bond, after which the insurer will verify your documents before issuing duplicate policy papers.

  • What Do You Mean By a Family Floater Policy?

    by Almog Ramrajkar | Jan 23, 2023

     

    As the name implies, a family floater plan covers the entire family under a single policy. The policy benefits apply to your spouse, dependent children, and dependent parents. Sometimes siblings are also covered by this plan, but you must check this with your insurer.

    Here Is How Family Floater Plan Works

    Assume you have a Rs 1,000,000 worth family floater insurance policy. Along with you, the plan covers your spouse and children. Your spouse and child became severely ill within a year of purchasing the policy. The treatment bill for your spouse is approximately Rs 800,000, and that for your child is around Rs 200,000. In this case, the sum insured of Rs 1,000,000 will cover both sets of bills.

    In a family floater plan, each covered member is free to use the sum insured up to the full amount. However, if one member uses the entire amount, the other member will be denied benefits. To overcome this, you can supplement your policy with a reinstatement add-on. It will restore the sum insured, allowing other covered members to benefit from the coverage.

    Family Floater Policy Coverage

    • The policy reimburses for pre and post-hospitalisation expenses.
    • This family health insurance covers daycare procedures such as minor surgeries and anaesthesia.
    • There is also a provision for medical expenses related to organ donors for a specific time.
    • You can also raise medical bills related to in-patient and domiciliary expenses.
    • In case you or a loved one has contracted coronavirus, the associated medical bills will be reimbursed.

    A family floater plan is essential today. However, before choosing an insurer, you should consider the coverage scope, renewability options, ease of adding new members and claim settlement process.

  • How to Claim Bike Insurance?

    by Almog Ramrajkar | Jan 23, 2023

     

    In India, bike-related mishaps are common. Several factors such as potholes, pedestrian carelessness, and rash driving by vehicle owners contribute to this. If any of these events cause damage to your bike, the garage owner's repair bills will dig into your pockets. However, you do not have to worry about the bills if you have insurance.

    Bike insurance claim settlement process in India

    Raising a bike insurance claim online is a cakewalk. You just need to inform your insurer about the accident immediately and submit the basic documents. The insurers give you two options—cashless and reimbursement claims. The former offers free-of-cost repairs, whereas; the latter allows you to choose your garage, pay bills and then claim reimbursement.

    Cashless claim settlement

    Every insurer has partnered with well-known garages in every city. After reviewing the garage's service quality and the mechanics' collective experience, they reach an agreement. When you purchase motor insurance, you are given a list of network garages where you can receive free repairs and services as per the terms of your policy. The insurer settles the bills directly with the garage under a cashless claim.

    Reimbursement claim settlement

    Reimbursement claims necessitate that you pay for the repairs out of your pocket. After the damage has been repaired, you must submit an invoice to your insurer. The main advantage of this settlement process is that you do not have to worry if there is no network garage nearby because you can get repairs done at any garage and get bills reimbursed directly to your account.

    Documents required for filing a bike insurance claim

    There are multiple scenarios in which you may need to file an insurance claim. If your bike is stolen or damaged in an accident, your insurer will provide you with financial support. However, the documentation process for various situations differs greatly. Let's learn about them:

  • How to Claim Insurance for a Car Dent?

    by Almog Ramrajkar | Jan 23, 2023

     

    Purchasing a car is not a one-time expense. You will need to set aside some of your earnings to cover its operational and maintenance costs. Even minor car damage can result in significant repair bills. But, if you have a comprehensive motor cover, you won't have to worry about maintenance. Insurance provides financial assistance if repair costs are incurred as a result of an accident, fire, or other tragic events. Also, you will be compensated if you lose your car to theft or total damage. 

    While driving a car, a few incidents are unavoidable; a dent is just one of them. It is critical to understand the claim process to avoid any last-minute hassles.

    How to Claim Insurance for a Car Dent in India?

    Follow these steps to raise a car insurance claim: 

    • Notify your insurer: Notify your insurer as soon as possible following the accident that damaged your vehicle. You can dial the toll-free number to reach the claim support team.

    If the claim is for theft or an accident, you must file an FIR with the nearest police station.

    • Save the claim number: When you submit your claim request, you will be given a claim acknowledgement number. Save this number for future reference. You will need it to track your claim status.
    • Inspection: Your insurer will dispatch a surveying officer to assess the extent and nature of the loss. The officer will prepare a report based on his/her evaluation and send it to the claim support team.
    • Garage appointment: Following the inspection, you will be given a list of nearby network garages. You can arrange to have your vehicle towed and the repairs completed. You may also visit a non-network garage. In that case, you cannot avail of the cashless claim facility and will have to file a reimbursement claim.

    Following the completion of the preceding steps, the insurer will settle the claim.

  • How to Check Health Insurance Policy Status?

    by Almog Ramrajkar | Jan 19, 2023

     

    There are several ways to check the status of your health insurance claim. You can check it online on your insurer's website or in person at a branch office. If you purchased your policy through an intermediary, they may also provide you with claim information. Policyholders seeking medical treatment at a network hospital do not need to go through this process. That is because the Third Party Administrator or TPA at the relevant hospital has already processed their documents, allowing you to receive cashless treatment.

    Ways to check your health insurance claim status

    You can check your health insurance claim status either online or offline. The online method allows you to follow up from the comfort of your home. For the offline method, you must visit your insurance provider’s branch office and connect with an executive or reach out to your insurance agent who helped you buy the policy in the first place.

    Let us look at each method in detail:

    Online method to check health insurance claim status

    To check your claim status online, you need to follow the steps mentioned below: 

    • Visit your insurer's official website.
    • Navigate to the health insurance page. Once there, click on the claim links to get redirected to the claim page.
    • The page will show you two options—retail or corporate. Click on the "Retail User" tab.
    • Enter the claim number and click on "Proceed."
    • The real-time status of your claim request will be displayed on the screen. 

    You can also check your claim status by sending an email to the customer support email address. Attach a copy of your policy documents and mention the acknowledgement number you received when submitting your claim in the email.

    Offline method to check health insurance claim status

    The offline process for checking your claim status is slightly more time-consuming than the online one. Here’s how you can do it:

    • Visit the nearest branch of your insurer. Carry your policy documents with you. An executive will assist you in learning about your claim status.
    • You can also call the toll-free number listed on the insurer's website. Before informing you of the status, the customer service representative will ask for your policy details and the claim reference number.

    Remember, checking your health insurance claim status offline could demand more effort and be time-consuming compared to the online method.

  • How to Check Car Insurance?

    by Almog Ramrajkar | Jan 19, 2023

     

    Driving car without driving license is illegal. All cars must have third-party liability insurance according to the Motor Vehicle Act. If you do not follow this law, you will face consequences. Make sure you renew your policy on time to avoid any issues. If you are not sure of your policy expiry date, check it right away.

     If you remember your policy number, you can check the status with the insurer directly. If you don't remember, you have two options:

    •  Through the Insurance Information Bureau (IIB) portal
    • Via Vahan e-services

     You can also check the status offline by visiting the insurer's branch office with your KYC and vehicle documentation.

    How to check the car insurance status on the IIB portal?

     IIB is a government agency that maintains digital records of all the vehicles registered in India. To check your car insurance status on the IIB portal, do the following: 

    •  Go to the official website of IIB
    • Go to the quick links displayed on the homepage and choose "V-Seva"
    • After clicking the link, the Accident Vehicle Information Retrieval System webpage will appear on the screen 
    • Next, fill in the information such as the registered mobile number, registration number, and a few other details
    • Always double-check the information, before clicking the "Submit" button.
    • The insurance status will be displayed on your computer screen

    Guidelines to check car insurance status on the IIB portal

     You must exercise caution when checking the status via IIB. A single error could cause you to repeat the entire process. Here are some things you must keep in mind. 

    •  Share your car registration number without inputting any special characters or spaces. The correct format is UP-65-TA-XXXX.
    •  There is one disadvantage of using this website. It reflects your insurance information two months after you purchase it. For example, if you purchased car insurance for your new car on March 31, 2021, the details will be available on IIB from June 1, 2021, onwards.
    •  When checking the status of a new car, you must provide information such as the engine and chassis number.
    •  If the IIB portal does not display the insurance or other critical information, you may need to visit the Regional Transport Office (RTO).
    •  The IIB allows up to three attempts to check the status online.

    Check through Vahan e-services

     If you are unable to find the insurance status through IIB, try checking it through Vahan e-services by following the steps below:

    • Go to the VAHAN e-service portal
    • Tap on "Know Your Vehicle Details"
    • Share your car registration number and then tap on the "Search Vehicle" option
    • The displayed result will include all relevant information about your vehicle, including the insurance expiration date

    How to check the car insurance status in IL?

     If you have an ICICI Lombard car insurance policy, you can track its status even if you have misplaced the documents. Simply follow the steps mentioned below:

    •  Go to the ICICI Lombard website
    • Navigate to the car insurance page and enter your vehicle's registration number, registered mobile phone number, and email address
    • Click the "Submit" button
    • Your insurance information will be displayed on the screen

    If none of the above-mentioned methods works, you will have to visit the RTO.

  • How much health insurance do I need?

    by Almog Ramrajkar | Jan 19, 2023

     

    Owing to ever-rising inflation, a huge sum of money that appears sufficient today may prove inadequate for the smallest of your needs in the future. In India, everything is becoming more and more expensive, whether it is groceries or the cost of treating minor ailments. In such a scenario, insurance products come in handy.

    However, purchasing medical insurance without first assessing your needs is pointless. You must account for today's doctor consultation fees, critical illness treatment costs, and more. How much health insurance do I need? is a valid question and today, we will look into it in detail.

    How much health insurance is required for an individual?

     The answer majorly depends on your age. Most adolescents are free of major or minor illnesses. If you are young and work for a company that offers group health insurance, you may choose to insure yourself for a lower sum.

    However, if you are over 40 years, your sum insured should be at least 3-5 times your annual income. It means that if you earn ₹6 lakhs per year, coverage ranging from ₹18 lakhs to ₹30 lakhs is ideal.

    How much health insurance is needed for a family?

    If you are your family's sole breadwinner, it is your responsibility to look after your loved ones. If your family consists of your spouse and two children, you can choose a family floater plan with a sum insured of 3-5%. If you have family group health insurance, you may choose lower coverage if you are on a tight budget.

    Health insurance for senior citizens or parents

     People in their old age are more vulnerable to illness. There is also a chance that they have a pre-existing disease or have had major surgery such as a heart bypass in the past. Consider their medical history, current lifestyle, and personal income when deciding on the amount of coverage for senior citizen parents. Remember, the premium for senior citizens is slightly higher than for young people.

    What is the right amount of coverage?

     You should decide on coverage after considering your age and the number of dependent members. If you have a spouse over the age of 40 years, dependent children, and dependent parents, the total sum insured should be on the higher side. Other factors to consider include:

    •  Determine potential medical risks. For example, if you have diabetes, you are more prone to heart disease, strokes, and other complications. Always factor in these uncertainties before deciding on the best coverage.
    •  Check to see if the insurer you are considering has network hospitals in your city.
    •  Evaluate the benefits provided by the group health insurance through which you are covered.
    •  Check with your insurance company to see if advanced medical treatments are covered. Read the fine print in the policy brochure to see the provisions relating to the policy's inclusions and exclusions.

    All of these parameters not only aid in the selection of the best sum insured, but also in the selection of the best insurer.

  • Claim Settlement Process for Road Accident

    by Almog Ramrajkar | Jan 19, 2023

     

    While financial stress will be present in case of any type of loss, the associated risks and mental stress in case of an accident are even higher, especially if a third party is involved. Besides dealing with own damage and loss, third-party liabilities can wreak havoc on your finances. To make matters worse, a delay in reporting the damage to the insurer can lead to a claim refusal. An insurer with a good claim settlement ratio will extend all sorts of support to you, provided you are honest and do the needful.

    To ensure a smooth and hassle-free accident claim settlement process, the Ministry of Road Transport and Highways (MoRTH) has laid down a set of guidelines for all insurance companies.

    • On the intimation of a road accident, the insurance company must assign an investigating police officer to the case.
    • The investigating officer must inspect the accident site, click photographs of the site and the damaged vehicle, and prepare a site plan.
    • The investigating police officer must send all the collected details to the claim tribunal within 48 hours of the accident.
    • If there is a third-party liability—be it bodily injury/loss or a loss to the property, the third party, that is the victim of the road accident, should be informed of their rights. They should also be provided with a flowchart elaborating on the settlement scheme. These details have to be forwarded to their legal representatives as well. This intimation has to be done within 10 days of the accident.
    • After that, the investigating officer must submit an interim accident report to the claim tribunal and the submission has to be done within 50 days of the accident.
    • Post the submission of the interim accident report, the investigating officer must submit a criminal investigation report to the concerned criminal court within 60 days.
    • The verification of all the documents and information has to be included in the Detailed Accident Report (DAR) and the same must be submitted to the claim tribunal within 90 days of the accident.
    • Once the DAR is submitted to the claim tribunal, the same has to be forwarded to the insurance company as well.
    • The insurance company will verify the details at its end and file a report.

      Depending on the available information and policy coverage, the insurance company will either accept or reject your road accident claim.

      While the road accident claim settlement process looks tedious, it is fairly easy and simple. If you were not drunk driving or driving without a licence or insurance at the time of the accident, the claim will be settled smoothly. Just make sure you choose an insurer with a good car insurance claim settlement ratio or bike insurance claim settlement ratio. To know the claim settlement ratio of your preferred insurer, check the IRDA Claim Settlement Ratio 2022 report.

  • How Does Health Insurance Works?

    by Almog Ramrajkar | Jan 18, 2023

    Health insurance is essential and the most widely purchased insurance product. The rising cost of medical care combined with a sedentary lifestyle makes it a must-have. Health insurance covers different medical conditions and allows you to lead a stress-free life.

     Health insurance is usually available as an individual plan and a family floater policy. The scope of coverage for both is identical except for the use of the sum insured. Let us proceed and learn

    How does health insurance work in India?

    Health insurance is specifically designed to provide financial protection against various illnesses. In exchange, the insurer requires you to pay a premium. The cost of this product is determined by several factors, the most important of which is your age and medical history.

     As a Policy Owner, you are entitled to benefits up to the sum insured. In general, medical insurance policies cover the following expenses:

     

     Pre and Post-hospitalization expenses

    Daycare procedures

    AYUSH treatment recognized by government institutions

    In-patient expenses

    ICU charges

    Indoor expenses

    However, keep in mind that the scope of coverage may differ between insurers. Every policy has a waiting period, and benefits are available once that period is over. As a result, thoroughly reviewing the policy wording is critical.

     Deductibles are another important factor to consider. It is the amount you must pay out of pocket at the time of settlement. There are two types of deductibles - mandatory and voluntary. If you increase the latter, your premium will be reduced while your liability will increase.

    How does health insurance renewal work?

     Health insurance benefits are available for a fixed time frame. After this period expires, you will have to renew your policy by paying the required premium. During renewal, you can add riders to expand the scope of coverage. If you don't make any medical claims, your insurance coverage will increase up to a certain limit.

     Nowadays, insurers allow both online and offline renewal.

  • Can I Claim Insurance for Car Scratches in India?

    by Almog Ramrajkar | Jan 18, 2023

    Driving in India comes with countless challenges. Poor road conditions, open manholes, and complete disregard for traffic rules by some motorists are among the leading causes of road accidents in the country. No matter how cautiously you drive, you have no control over several unfortunate incidents including scratches. 

     Dents or scratches are minor incidents and fixing them does not require big money. But, the question is—if you have a comprehensive car insurance policy, does it cover minor damages such as dents and scratches? If yes, then what are the implications of filing such claims? Let's look at it in detail.

    Are car scratches covered in a car insurance policy?

    Car insurance coverage varies depending on the insurer and the policy terms. It is critical to read the fine print of the policy document to understand inclusions and exclusions and avoid any possible claim rejections. Mostly, popular insurers cover scratches. However, if you have only a third-party liability insurance policy for your car, without a standalone own damage cover, the insurer will deny your claim.

     Incidents of scratches or any significant events such as theft, irreparable damage, and loss due to fire are typically covered by comprehensive and standalone own-damage insurance.

    Will a car scratch affect your NCB?

    The NCB, or No Claim Bonus, is a percentage reward for not filing a claim during the policy year. It is given as a discount on the premium amount at the time of policy renewal. It starts at 20% for the first claim-free year and can go up to 50% if you complete five consecutive claim-free years.

     A scratch on your four-wheeler requires the least amount of money to repair. It would not cost you more than a few hundred or thousands of rupees. Using your policy for this minor expense would result in the loss of your accumulated NCB discount.

  • Is Third-Party Insurance Enough for a Bike?

    by Almog Ramrajkar | Jan 18, 2023

    Choosing the best motorcycle insurance is critical to safeguarding your bike. It protects you financially from all calamitous situations that may result in bike damage. In India, there are three types of bike insurance—standalone own-damage cover, bare minimum third-party liability insurance and comprehensive insurance. Today, we will discuss some crucial points related to third-party liability coverage. 

    What is 3rd party insurance for a bike?

    In India, it is mandatory to have third-party insurance to ride your bike on public roads. According to the law, you are not permitted to ride your two-wheeler unless it is covered by this policy. Third-party insurance protects you financially against legal liabilities arising from hurt or damage caused to a third-party person or property, respectively. It also covers legal fees if the victim files a lawsuit against you.

    Is third-party insurance enough for a bike?

    Third-party insurance does not cover damage to the insured bike. If your bike is involved in a road accident and is severely damaged, third-party insurance will not cover the repair costs. The scope of coverage also excludes situations in which your bike is stolen or damaged as a result of a natural or manmade disaster.

    Therefore, it is recommended to have either comprehensive bike insurance or to supplement third-party coverage with a standalone own-damage policy. You should also think about adding appropriate riders to broaden the scope of coverage.

    Is the premium of a third-party insurance policy high?

    No, it is, in fact, the most affordable policy available in the market. The price of third-party liability insurance is fixed by the Insurance Regulatory Department of India (IRDAI). It is decided based on the engine displacement size. Let's see how much it costs for different models.

    Bike Cubic Capacity 

    Cost 

    Below 75 cc

    Rs 538

    Between 75 cc to 150 cc

    Rs 714

    Between 150 cc to 350 cc

    Rs 1366

    Above 350 cc

    Rs 2804

  • ICICI Lombard Travel Insurance Claim Settlement Ratio

    by Almog Ramrajkar | Jan 10, 2023

     

    Travelling means different to different people. It can be for work, relaxation, rejuvenation, adventure, or just exploring the world. Whatever your motivation, after a stressful work-life balance, a trip to your favourite destination with your family could be all you need to come back all charged up.

    Having said that, you cannot ignore the obvious risks and potential hassles related to travelling. For example, you may have to cancel your trip at the last minute due to unavoidable circumstances, or you may lose your baggage during transit. Also, you cannot overrule the possibility of falling sick during a trip. All such events can affect your travel budget significantly. This is where a robust travel insurance plan comes into play as it offers complete financial protection in the face of a mishap. 

    However, just buying travel insurance is not enough. You must ensure you buy it from an insurer who will help you during a crisis. Your insurer must have a high claim settlement ratio and promise a smooth claim process.

    ICICI Lombard travel insurance claim process

    It is critical to understand whether your policy covers the unfortunate incident that occurred during your trip. Proceed with the next steps only after you have confirmed this:

    • Notify the Assistant Service Provider (ASP) assigned to you soon after the incident that necessitated the claim filing. The service provider number will be provided to you at the time of policy purchase. You can also find this number on the ICICI Lombard travel insurance page. 
    • Provide the required documents. For example, if the claim is for a trip extension, documents supporting the reason for the extension such as a medical report or certificate if the extension is due to illness are required.
    • Fill out the claim form correctly.
    • The ICICI Lombard claim team will review and verify your information before settling the claim. If the settlement is to be made in foreign currency, the exchange rate will be used.
  • ICICI Lombard Health Insurance Claim Settlement Ratio

    by Almog Ramrajkar | Jan 10, 2023

     

    A medical emergency can be a frightening situation. It not only renders you unable to work for the duration of your hospitalisation but makes it difficult to pay the treatment bills. To protect yourself and your loved ones from such occurrences, purchase comprehensive health insurance. The policy covers in-patient care, ICU expenses, pre and post-hospitalisation charges, consultation fees, and more. But, your health insurance will be useful only if your insurer has a streamlined claim process and high claim settlement ratio

    When purchasing medical insurance for yourself or a loved one, always check the list of network hospitals provided by the insurer. Check to see if you can file your claim online or if the sole option is to visit the insurer with a stack of documents and wait for days for your bill to be reimbursed.

    ICICI Lombard health insurance claim process

    ICICI Lombard is noted for its instant coverage and speedy claim settlement process. With a settlement ratio of 99.7%, ICICI Lombard is one of the best insurance providers in the medical insurance industry. You can file a claim with ICICI Lombard by following these three simple steps:

    • Initiate

    Contact our claim executives as soon as a medical emergency occurs by dialling 1800 2666. You can also request via the IL Take Care App.

    • Verification

    Our claims team will verify the medical documents you shared. If everything checks out, your request will be processed further. 

    • Tracking

    You can track the real-time claim status with just a few clicks on your mobile device.

    Claim procedure for cashless hospitalisation

    ICICI Lombard has over 6700+ network hospitals across India, reducing your financial burden during the medical crisis.

    • Visit the nearest network hospital. Keep a list of network hospitals handy to avoid the last-minute hassle.
    • Go to the health desk counter and show the third-party administrator (TPA) your health card.
    • TPA will complete the pre-authorisation request application and submit it on your behalf to the ICICI Lombard claim team.
    • The claim executives will review the request form and verify the medical reports before approving the request.
    • Once the request is approved, you can avail of treatment for free. 
    • Post-treatment, the bills will be settled directly with the hospital.

    Note: If the cashless claim is rejected due to missing information or another insignificant reason, you must pay the bills from your pocket before filing the reimbursement claim.

  • Prevention is better than Covid-19 cure

    by Amit Moolya | Dec 30, 2022

     

    The immune-evading BF.7 variant of Covid-19 is wreaking havoc in China. According to various media reports, the disease is currently affecting millions daily. Given the severity of new strains and potential mutations, the Indian government has increased surveillance of people flying from China and its neighbouring countries. If the necessary measures are not put in at the right time, India may face the same fate as China. Furthermore, when Covid strikes, the healthcare infrastructure is overburdened, increasing the cost of disease treatment. Thus, in the interest of health & financial security, it is advisable to not just get a health insurance but also practice preventive measures against the spread of the virus.

    Let's go over some precautionary measures that you may follow to avoid infection from this lethal virus.

    Use masks & follow hygiene habits

    When going out in public, make sure to wear a mask. For added protection, use a K95 or N95 mask. If at all possible, avoid going out in public places or crowded areas. However, because there is no lockdown and offices are open, the only way to prevent the virus is to

    • Practise social distancing
    • Isolate in case of symptoms (fever, cold, cough, or breathlessness)
    • Sanitise regularly

    Get vaccinated

    The government's previous massive vaccination campaign aided India in reducing the virus's threat. However, if you have not yet been immunised with any of the authorised vaccines, you should do so right away. Those who have been vaccinated must make an appointment to receive a booster dose or a nasal spray that has recently been introduced to boost immunity against the virus.

    Get Health insurance

    Insurance does not prevent the virus from infecting you, but it does come into play if you are infected. The cost of treating covid cases can be high because, once severe, it can affect other parts of the body. To deal with covid, the IRDAI implemented the Corona Kavach policy.

    Corona kavach is an indemnity plan that covers the cost of covid treatment if you are hospitalised for more than 24 hours after being diagnosed with this ailment. The sum insured under this policy ranges from Rs 50,000 to Rs 5,00,000. The policy includes pre and post-hospitalisation expenses, comorbid conditions, ICU charges, and domiciliary treatment.

    Final Words

    Covid prevention is always preferable to cure. A reliable medicine to treat this virus has yet to be developed. Remember - the preparation to protect yourself against this virus begins with the purchase of health insurance, which is followed by precautions such as wearing masks, getting vaccinated, and practising social distancing.

  • GST on Health Insurance

    by Almog Ramrajkar | Dec 27, 2022
     

     

    The Government introduced the Goods & Services Tax, popularly known as GST, in 2017. GST consolidates multiple indirect taxes such as excise duty, VAT, and service tax under a single umbrella. It also helps business owners to understand the tax implications better and allows them to conduct business transactions more smoothly.

    GST applies to almost all goods and services, including health insurance products, sold across the country. When you buy health insurance plan, you must pay an 18% GST. Let’s get into the nitty-gritty of how GST affects your medical insurance. However, before that let us first understand what GST is and how it works.

    What is GST?

    GST is a single indirect tax that you—the consumer, must pay when purchasing household goods such as clothing and food. Furthermore, this tax is applicable if you avail of any services such as dining, transportation, or insurance.

    Types of GST on Health Insurance

    • Central GST (CGST)

    This portion of GST goes to the Central government's account.

    • State GST (SGST)

    The component of GST is collected by the state government on intra-state transactions.

    • Integrated GST (IGST)

    IGST is split evenly between the Central and the state government. Here, the concerned state is where the goods or services are consumed.

    • Union Territory GST (UGST)

    You must pay UGST if you have consumed goods or services in a union territory such as Chandigarh and Andaman & Nicobar. 

    In India, there are five GST slabs—0%, 5%, 12%, 18%, and 28%. The Government has clearly defined which services or goods will be subject to which tax bracket.

    Impact of GST on health insurance

    Health insurance has become expensive since the implementation of GST. Earlier, when purchasing health insurance, the policyholder was charged a 15% service tax. The components of the service tax are:

    • Basic service tax – 14%
    • Swach Bharat cess – 0.5%
    • Krishi Kalyan Cess – 0.5%

    Since the tax rates were revised, you must now pay an additional 3% in taxes when purchasing or renewing medical insurance

    Tax savings under section 80D

    Investing in health insurance not only protects you financially in the event of a medical emergency but also allows you to save a significant amount of money on taxes. Section 80D of the income tax allows you to bring down the tax payable amount by up to Rs 1,00,000. Here is the table detailing the tax benefits under section 80D

    Covered Individual Maximum Deduction
    Insurance premiums paid for self, spouse, or dependent children, all under the age of 60 years. Rs 25,000
    Insurance premiums paid for self, spouse, dependent children, and parents, all under the age of 60 years. Rs 25,000 + Rs 25,000
    Insurance premiums paid for self, spouse, dependent children, and senior citizen parents. Rs 25,000 + Rs 50,000
    Insurance premiums paid for self, spouse, dependent children, and parents, all over the age of 60 years. Rs 50,000 + Rs 50,000


    In addition to the insurance premium, you can also claim a deduction for the amount spent on the preventive health check-up. The maximum exemption limit, in this case, is Rs 5,000.

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