Tuesday, September 9, 2008

Now, register for a free terrorism cover

MUMBAI: IN the wake of rising terrorist threats across the country, click2insure.in — a portal launched by Optima Insurance Brokers in alliance with New India Assurance Company, a leading public sector non-life insurance provider — is offering a terrorism cover free of cost. 

    Anyone who is 25 years of age or above can register for this cover. One just needs to log on to the site, fill in the basic information required and the policy is delivered to the applicant's e-mail ID. "The policy is on a first-come-first basis and for the first one-lakh Indian applicants only," says the insurance portal in a press statement. This cover was introduced after the serial blasts in Jaipur, Bangalore and Ahmedabad. Already, 16,000 persons have availed of the cover so far. 
    "With the increase in the acts of terrorism, it becomes vital for everyone to look closely at such covers. The holder of this policy is insured against the loss of life caused by or against the act of terrorism for Rs 1 lakh for one year," says Rahul Aggarwal, CEO, Optima Insurance Brokers.


Eddie Izzard  - "Never put a sock in a toaster."

Sunday, September 7, 2008

COVER STORY

Most general insurance products in the market today have sufficient cover for all kinds of perils that arise out of force majeure and natural calamities. Sanjeev Sinha lists some of them

CYCLONE Nargis. Hurricane Mitch. The Asian tsunami. Gujarat and Pakistan earthquakes. The Mumbai deluge. And now the Bihar floods. True, despite mankind's best efforts to make the world a better place to live in, there's little escape from nature's fury which sometimes not only leaves thousands dead but renders millions homeless as well. 
    Worse, natural catastrophes are striking with greater frequency today than at any time in recent memory. For instance, in the past decade alone, the direct losses from natural disasters are said to have reached a $1 trillion, 20 times higher than five decades earlier. And by one World Bank estimate, onethird of India's 603 districts are today hazardprone, placing about half the country's economy potentially at risk. However, more than economy, it's the lives and properties of millions and millions of people which are at stake and need protection from natural disasters. It goes without saying that the loss of human life can never be compensated, but the financial shocks from unforeseen eventualities can easily be absorbed just by taking adequate and the right insurance. 
    The good news is that most of the general insurance products being offered in the market today have sufficient cover for all kinds of perils that arise out of force majeureand natural calamities. So whether it's flood, earthquake, storm, cyclone, fire or riots, among others, there's cover for all. Thus, while individuals can protect their homes, self and vehicles by taking householder's insurance, personal accident policy and motor insurance, respectively, fire and project insurance with earthquake extension may be a suitable option for business houses. Similarly, while shopkeepers insurance policy can be taken to protect one's shop, villagers can take weather or crop insurance to protect their crops. 
    Of all these, householder's insurance is the best bet to safeguard the most valuable asset of your life — your house — because "it not only covers the structure of your home but also all its valuable contents from different kinds of perils such as earthquake, terrorism, flood, burglary and house-breaking," says Ajay Bimbhet, MD, Royal Sundaram Alliance Insurance Company. 
    Coverage for structures and buildings, for instance, pays for all the expenses related to the insured house's rebuilding or repair, while coverage for home contents protects your personal belongings, household items and furniture in case they are destroyed or damaged by one of the disasters you've been insured against. Besides you can also get liability coverage, among others. 
    As a package policy, a householder's insurance covers a combination of risks spread over 10 heads such as fire & allied perils, burglary & house breaking, all risk, plate glass, machinery breakdown, electronic equipment, pedal cy
cle, baggage, personal accident and public liability. While fire, lightning, explosion & implosion, riots, storm, cyclone and flood & inundation, among others, are covered under the head fire & allied perils, for instance, loss of or damage to jewellery and valuables caused by accident or misfortune while anywhere in India is covered under the all risk section. 
    Thus, if you want, you can also take individual policies like fire and allied perils and others to get limited cover. "However, it is advisable to take a package policy rather than managing so many individual policies as it is very difficult to predict which natural disaster will strike you first. Also, in a package 

policy we have the option to choose the number of sections required (minimum four out of which fire and burglary are compulsory)," says Pavanjit Singh Dhingra, V-P, Prudent Insurance Brokers. 
    Another advantage of a package policy is that by mixing and matching the sections, you can get the best mix of covers you need. Also, by buying cover under more than six sections, you can even get a premium discount of up to 20%. However, it is advisable not to buy a cover which you don't need. For instance, getting cover for loss of your personal baggage doesn't make any sense if you are not a frequent traveller. Similarly, the pedal cycle cover is not needed by a majority of households today. 
    However, if apart from your house you also want to get your shop insured, then you will require a separate policy known as shopkeepers insurance policy, which is again a package policy. "The risks that a shop is prone to are different from that of home. Hence, there is a need for a different policy. For example, in a shop
keepers package, stocks held or neon sign is covered, which is not there in a householder's policy," explains T A Ramalingam, head, underwriting, Bajaj Allianz General Insurance. 
    "There are some common features also under householder's and shopkeepers insurance policy. Like the fire section is compulsory to be included in both the policies. But there is difference in premium rates for fire and terrorism," says Dhingra. 
    Importantly, it is relatively difficult to get a householder's policy in rural areas as apart from the issue of availability of insurance, getting kutcha houses insured is not always possible. "A householder's policy covers your household contents only when they are kept in the building which is not made of a kutcha construction i.e., building(s) having walls and/or roofs of wooden planks/thatched leaves and/or grass/hay of any kind/bamboo/plastic cloth/asphalt cloth/canvas/tarpaulin and the like," says Bimbhet. 

    Although some insurers provide cover to kutcha houses with equal to or more than 100% loading, their number is very limited. Therefore, another variant of this policy, which is more suitable for villagers, is kissan package policy, which not only includes covers under householder's policy but also covers risks against livestock, cattle and tractors, among others. 
    Likewise, crops can be covered under weather insurance, but weather insurance covers damages to crops caused only due to adverse climatic conditions and claims made due to any other reason are not entertained. "For example, claims arising out of flood and drought are covered under weather insurance, but cover against pests and diseases can be taken under crops insurance only," says Dhingra. 

    Thus, buying the right cover 
can, to a large extent, ensure 
your piece of mind. Still some 
precautions are needed. For instance, apart from doing the correct valuation of your property and valuables (which should be insured on a reinstatement basis because in the event of a loss, both would have to be replaced at today's cost of construction or replacement), you also need not ignore the conditions or warranties mentioned in the policy. Simply because non-compliance of any of them may not hold the insurer liable of paying the claim and make the contract null and void! 

SAFETY FIRST 
FIRE INSURANCE Rs 25 per lakh 
BURGLARY/ROBBERY 
Rs 50-100 per lakh 
JEWELLERY/PRECIOUS STONES 
1-1.25 % of sum insured PLATE GLASS 0.5-1% of sum insured 
DOMESTIC APPLIANCES 
Varies depending on equipment PEDAL CYCLE Rs 10 per Rs 1,000 
ELECTRONIC EQUIPMENT 
0.75 % of sum insured BAGGAGE Re 1 per Rs 1,000 PERSONAL ACCIDENT Rs 150 per lakh EARTHQUAKE Rs 8 per lakh TERRORISM Rs 8 per lakh



Jane Wagner  - "The ability to delude yourself may be an important survival tool."

Better safe than sorry

A health insurance plan is a safeguard against unforeseen events. But check out if you are adequately covered

NEVER let bad choices spoil your future. You surely cannot correct your past mistakes, but definitely secure future by taking right decisions now. Take, for instance, Ramakrishna Pandya who learned from a stumble. The 50-year-old PSU employee, despite covered under a health plan, had to shell out a hefty sum of Rs 2 lakh while undergoing treatment for a bypass surgery in a private hospital. Pandya's fault was that he had picked up a health insurance plan which had sub-limits imposed on room rent, doctors' fee and diagnostics. He could have easily saved himself from such a huge financial loss if he would have opted for a right health insurance policy, which fulfilled his requirements. To make sure that you don't suffer due to an inadequate cover, here's an insight into how to select the right medical insurance

HOW TO CHOOSE 
First and foremost, insurance experts advise you should make sure that the health policy you opt for provides the right kind of coverage which is in line with your family history of ailments and professional hazards. It's a daunting task, keeping in mind that there are a host of health insurance products available in the market that differ widely in coverage and cost. Says Sanjay Datta, head, health and accident insurance services, ICICI Lombard: "Contact insurance companies call centre or ask your agent to show you policies from several insurers so that you can compare them. Make sure the policy protects you from large medical costs, and beware of single disease insurance policies." 

    According to Datta, there are some polices that offer protection for only one disease, such as cancer. Thus, if you already have health insurance, your regular plan probably already provides all the coverage you need. Do check for the coverage you have before buying any more insurance

MUST HAVES 

The basic purpose of health insurance, according to health insurers, is to protect you against health problems that impact you financially. "Therefore, your plan must insure you for three major categories — critical illness, hospitalisation and surgeries,"says Sitesh Prasad, vice-president, Tata AIG General Insurance. Another thing, points out insurance experts, you should look before buying a health plan is cashless facility, which gives you the freedom of not making any advance cash deposits in case of hospitalisation. 

    Datta believes the cashless facility serves as a boon for those times when you need finance the most. You have to simply use your health ID card at any ofinsurance providers' network hospitals to avail of cashless service. "It is important for you to know that all insurance companies do not provide this facility," says Datta. According to insurance experts, a Rs 1 lakh plan for a 30-year-old that provides coverage for all the three categories (mentioned above) should result in premium of not more than Rs 3,000-5,000 a year. 

SCAN THE RIDERS 

For starters, you must remember that not every disease comes under the purview of a health insurance plan. Generally, a health insurance plan covers major diseases or illnesses such as cancer, bypass surgery, my
ocardial infarction, kidney failure, paralysis and so on. But with a rider — they do not protect from illness/ injury existing before the inception of the policy for the first four years. Other cases when you can not count on your health insurance are — allopathic treatment, pregnancy and childbirthrelated diseases, cosmetic aesthetic and obesity related treatment; expenses arising from HIV or AIDS related diseases, use or misuse of liquor, intoxicating substances or drugs as well as intentional self-injury; any medical expenses incurred during the first 30 days of inception of the policy, except accidents; congenital diseases; war, riot and strike-induced hospitalisation. 
    Further, you should review the room and boarding cost thoroughly before you opt for a 
plan. Most of the insurance policies cap room and boarding costs at 1% of sum insured a day and at 2% a day for those in an intensive care unit. Thus, when you sign up on the dotted lines, do check if the insurer has assigned a substantial sum for these expenses. 
    There's also a chance that your company is providing a health cover under a group plan. Group health insurance is a benefit that companies, private bodies and trusts provide to their employees or a homogeneous group of people and enables them to receive private medical treatment quickly and at low cost. However, what you must make sure is that you are adequately covered under a group plan. If you are not, then you should buy a health policy immediately. Remember, penny wise, pound wise!


Marcel Marceau  - "Never get a mime talking. He won't stop."

Register for FREE (Click Here)

Earn Rs.7500 Per month, by just reading health tips!

One more Reach2Rewards Program with lots of earning options! A ready paying program!

Click Here to Earn Extra MoneyPaying you cash for reading health tips by an global health website Yoh Yoh, which also offers free online doctor and promoting health awareness in all developing countries.

~ Get Rs. 125 for registering instantly.
~ Refer a friend & get upto Rs.25 cash.
~ Upto Rs.5 by reading a Health Tip.
~ Redeem Cash & Products Online
~ Regular activity & Exclusive Packages brings you products and thousands of rupees

Just Click Here to create your account & refer your friends to earn referral bonus on every new registration.

Read Health – Earn Wealth! Happy Earning…Note: Many of our members received Rs.500 cheque… we also :) So, try now

Blog: Ways2Insurance - Get your quick ping button at autopinger.com!

Earn by receiving SMS



Yes, now you can earn decent money by receiving SMSes on your cell phone.You can even choose timings when you want to receive SMS ads and of which products..We also pay you for each SMS that your friend or friend of your friend refered to m-alerts by you receive. Payment of your earning is done via cheque when you accumulate Rs.500! . Free Signup! No Hidden Charges!!! Continue To Earn Money Earn 20p per sms on receiving it on your mobile Earn 10p for every ad your friend receive Earn 5p for every ad your friend's friend receive Get ads at your convenience. You decide number of ads you like to receive Income without Investment! Have a larger network and earn more.