Insurance in India: Available Types and Purpose

1) Auto Insurance a) Two Wheeler Insurance b) Car Insurance c) Commercial Vehicle Insurance 2) Commercial Insurance a) Agriculture Insurance b) Fire Insurance c) Industrial Insurance d) Marine Insurance e) Shop Insurance f) Home Insurance 3) Life Insurance a) Accident Insurance b) NRI Accident Insurance c) Personal Accident Insurance d) Health Care Insurance e) Critical Illness Insurance f) Medical Insurance 4) Travel Insurance The insurance sector over a period of time has developed into a well organised sector where participation from the public sector and private insurance companies have resulted in a large number of insurance seekers. Insurance is a serious business in India and both the private and public sector participation has further scaled up the need for insurance in India.

Auto Insurance
Auto insurance is mandatory for all new vehicles, be it for commercial or personal use. Insurance Companies are coming out with comprehensive policies for its customers. They are also tying up with leading automobile manufacturers for a swift insurance process. An automobile may be insured against loss or damage by accident, fire, burglary, while in transit, third party accident etc. Auto insurance companies come out with unique plans for four wheelers, two wheelers, commercial vehicles.

Types Of Auto Insurance Available: 1) Two Wheeler Insurance

2) Car Insurance 3) Commercial Vehicle Insurance

Calculation of Auto Insurance Amount/Premium Insurance companies are providing value- added service to its client by offering them instant auto quotes. Auto premium is determined by a number of factors like, make of the vehicle, year of manufacture, place of registration, current showroom price of the vehicle and model of the vehicle. It also depends whether the client is individual or corporate etc. The amount of premium increases with the increase in the price of the vehicle. Companies renew policies after expiry. A discount on premium is sometimes provided to existing clients. Auto Insurance Claim Procedure Auto insurance claims can be accidental, theft claims or third party claims.

Insured should write the number of the other vehicle in case of an accident or third party claim Names of witness should also be written down File an FIR with the nearest police station Insured should then contact the insurance company and get a claim number A surveyor is appointed who reports the approximate value of loss or damage Based on the report of the surveyor, insurance companies try to send the amount to the insured within one to three weeks An individual might have to pay the repair charges himself and later get it reimbursed

Documents Required for Auto Insurance Claim For Accident Claims

Claim form duly signed RC copy of the vehicle Driving license copy FIR on a case-to-case basis Original estimate Original repair invoice, payment receipt from the service center

For Third Party Claims

Claim form duly signed Police FIR copy Driving license copy

RC copy of the vehicle

For Third Party Claims:

Claim form duly signed RC copy of the vehicle Driving license copy Original policy copy Original FIR copy RTO transfer papers duly signed, mentioning that the vehicle cannot be located

List of Some of Insurance Companies Offering Auto Insurance: HSBC India - AutoSecure Bajaj Allianz - Bajaj Allianz's Motor Insurance ICICI Lombard - Motor Plans United India Insurance Co. - Motor Package and Liability Only Policies The New India Assurance Co. - Motor Policy

Commercial Insurance
Organizations need to reduce both internal and external risks. They also require to safeguard their business against unforeseen circumstances/events. Insurance companies are catering to small, medium and large scale companies to minimize their risk. Good Insurance advice can save you time, money and worry. Leading insurance companies are coming out with 'Commercial Insurance Questionnaire' to ascertain the insurance needs of your commercial. Insurance companies undertake complex procedure to evaluate and review the impact of any change in commercial activity or new ventures. Types Of Commercial Insurance Available 1) 2) 3) 4) 5) Agriculture Insurance Fire Insurance Industrial Insurance Marine Insurance Shop Insurance

Calculation of Commercial Insurance Amount/Premium Insurance companies keep quite a few factors in mind while calculating the premium amount to be paid by the client. Nature of business, size of the organization, number of employees, the type of industry, the organization is a part of, annual turnover of business etc. The premium is paid on a monthly/quarterly/half yearly/ yearly basis, as the case may be. Companies also provide with instant commercial insurance quotes for

the ease of their customers. Commercial Insurance Claim Procedure The insurer needs to submit all the original documents of the commercial in the case of any financial or non financial loss. The surveyor calculates the approximate value of the loss so incurred. Based on the report submitted by the surveyor, insurance companies pay the amount of loss incurred. The claims are generally cleared within 7-21 days. Documents Required for Commercial Insurance Claim

Claim Form List of things or items lost or damaged Proof of ownership of business

List of Some of Insurance Companies Offering Commercial/ Business Insurance: Bajaj Allianz - Corporate Insurance ICICI Lombard - Business Products United India Insurance Co. - Business Policies The New India Assurance Co. - Commercial Products * Terms and conditions may vary in different insurance companies

Home Insurance
Your home is a fruit of your labour, it is your pride and provides you with immense joy. Insurance companies have come out with unique home insurance policies to protect it from various natural and man made disasters. Home insurance protects your house against burglaries, theft, fire, earthquake, explosion etc. Calculation of Home Insurance Amount/Premium Companies provide its customers with instant home insurance quotes. The amount of home insurance cover needed is calculated keeping a number of factors in mind. Area of house (in sq.ft.) , location of property, approximate rate of construction (in Rs./sq.ft.) are generally considered by insurance companies. A property more than 50 years old is not insured. Another point considered while insuring a home is that companies only consider 'Pukka/Permanent' construction. Keeping the above factors in mind, an individual has to pay the premium every month/quarter/six months according to the sum insured. Insurance companies come out with different home insurance policies to suit the unique needs of its customers. While some policies have a standard/fixed cover, others are

flexible package, including a basket of coverages. The premium for such covers is higher than the standard cover. This is because the risk of the company insuring is more Home Insurance Claim Procedure In the event of some burglary, theft, fire, the claims of individuals are settled fast by companies. Leading insurance companies are launching 24 hours helplines and call centers to fasten the claim process and provide better service to customers.
1) The call center registers the claim request after the individual furnishes all personal 2) 3) 4) 5) 6)

details and details of the policy taken. A company appointed surveyor inspects the site and submits the loss report. In case a surveyor is not appointed, an individual must submit documents to be insured to the company. The claim is processed by company within 7-15 days. On approval of the claim, a letter is sent to the insured giving the approved amount of settlement. Payment cheque is released.

Documents Required for Home Insurance Claim:

Duly completed and signed claim form Copy of FIR Final Report from police Copy of all invoices, price lists Letter of Indemnity from Insured

For Third Party Claims:

Claim form duly signed RC copy of the vehicle Driving license copy Original policy copy Original FIR copy RTO transfer papers duly signed, mentioning that the vehicle cannot be located

List of Some of Insurance Companies Offering Home Insurance: ICICI Lombard - Home Gold Plan HSBC - HomeSecure The New India Assurance Co. - Householders Policy Bajaj Allianz - Householders

Life Insurance
Best Offers from Insurers. Compare Now & Save up to 55% - www.policybazaar.com Life Insurance policy is the most popular and taken by the most number of people. Many of us buy life insurance policies, because we want to make sure our loved ones remain financially secure after we die. Insurance companies offer both individual as well as group insurance policies. Life Insurance 1) 2) 3) 4) 5) 6) Accident Insurance NRI Accident Insurance Personal Accident Insurance Health Care Insurance Critical Illness Insurance Medical Insurance

Calculation of Life Insurance Amount / Premium Individuals getting a life insurance cover have to pay the monthly/quarterly/half yearly/yearly premium/life insurance rate, which depends on the amount insured. The premium amount also increases or decreases with different life insurance plans, age of the individual etc. The company pays the full insurance amount either on the death of the individual or the expiry of the policy which ever is earlier. Life insurance policy can be renewed after the expiry. Some insurance companies offer a discount while renewing the policies of existing clients. The insurance is done after a medical examination of the individual being insured. Benefits of Life Insurance Policy
1) Life insurance Policy can be used to avail loans from banks. 2) Individuals/ groups can also avail tax benefit by investing in it. 3) Life insurance policy also acts a good saving to meet with the future needs.

Life Insurance Claim Procedure The insured can notify the company that the payment is due under the terms of the policy. This can be done at the expiry of the life insurance policy. In case of the death of the person insured, the beneficiary, receives the amount of life insurance. In case of death of insured, insurance companies can repudiate the claim. This is done to ensure the protection of the client. The procedure generally takes from 7-15 days.

Travel Insurance

A travel insurance policy is possibly the best way to protect you against medical costs through illness or injury, against theft or loss of possessions and other accidents that may occur during your domestic/international / travels. Attractive plans for student travel are also available. Trip Interruption Insurance Covers you during your trip. If an injury, illness or other event prevents you from continuing a trip you've started, trip interruption coverage will reimburse you for expenses you incur because of it. Some policies also reimburse you for any unused prepaid expenses. Trip Cancellation Insurance There are three major types of trip-cancellation insurance: one, in the event that you pre-pay a cruise or tour that gets cancelled, and you can't get your money back; a second when you or someone in your family gets sick or dies, and you can't travel (but beware that you may not be covered for a pre-existing condition); and a third, when bad weather makes travel impossible. Trip cancellation insurance covers you for the period of time before you travel Lost-Luggage Insurance In this , insurance company pays you money for the baggage lost during travelling. You will only be reimbursed for what you lost, no more. Calculation of Travel Insurance Amount/Premium The amount of premium to be paid for travel insurance cover depends on a number of factors like, the numbers of days of travel, whether travelling in domestic country or overseas, if the insured is an individual or has taken a family plan. A higher amount will ensure a higher coverage. Travel Insurance Claim Procedure The insured must submit the duly filled claim forms along with the original ticket or boarding pass or copy of the passport showing the travel dates and original bills / vouchers. Companies take 7-21 days for processing the claims. Documents Required for Travel Insurance Claim
1) Duly completed and signed claim form 2) Policy copy 3) Air ticket jacket / boarding pass

List

of

Some

of

Insurance

Companies

Offering

Travel

Insurance

ICICI Lombard - Travel Plans United India Insurance Co. - Suhana Safar Policy Bajaj Allianz - Subh Yatra