Category: Insurance & Tax

Fraudulent Iphone Insurance Claims Rise During New Iphone Model Launch

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iPhone Insurance companies are fighting back against those customers who claimed that they had lost their new iPhone. Unfortunately, some iPhone insurance companies did not provide full protection in the event that their iPhone is lost. That is why when an iPhone user finds themselves in the situation where they had misplaced their iPhone, most of them take the decision to claim that their iPhone had been stolen. This is because they can make a claim on their iPhone insurance policy. Informing your insurance company that your iPhone had been stolen could be a real thorn for them.
Unfortunately, this may not be the case anymore. iPhone insurance companies are now doing their best in trying to seek out customers whom they believe that are making a false claim by stating that their iPhone has been stolen. Many iPhone insurance companies nowadays have more intelligent strategies to check if their customers have claimed an item has been stolen. They hire trained advisers to ask claimants certain questions about the alleged theft. Also how and when it took place. These trained advisers are trained to notice the same occurring patterns that are very common amongst false insurance claims.
But unfortunately, there are many iPhone users seem to be unaware that making a false claim will lead to a criminal conviction. That must be a real wake up call for those people who had a habit of making false claims that their iPhones, laptops were stolen. They would certainly have a criminal record and these might affect their future like when they have plans in applying for a job.

This is not just for iPhone insurance but it is also applicable for home insurance products, laptops and those things that have insurance. Insurance companies or providers are now turning to a zero tolerance with this type of offence. IPhone insurance companies require now a Police incident number before they can start processing your iPhone insurance claim. And in order for you to get a Police incident number, you have to make sure that you will have to report your iPhone as stolen to the Police and then make a statement to that effect. The Police now are also involved with insurance fraud of this nature. In this case, you are not just making your own criminal conviction for insurance fraud, but also this scenario could even get you into jail. This is all because your iPhone insurance company did not cover you for the loss of your iPhone.

Claims Payment Record Of The Private Insurance Companies

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As we know, there are 20 odd private life insurance companies in India, and there is LIC which is a public sector company. LIC is the 800 pound gorilla, managing to hold on to about 75% market share even 10 years after private companies have been allowed into the life insurance space. The private life insurance companies position themselves on being more customer friendly, wider array of products etc while LIC holds on to its positioning of trust, experience and government backing. One of the key parameters on which to judge a life insurance company is their claims payment record. At the same time, we must note that given that life insurance has become more of a savings and investment product, the returns that they provide are perhaps more important than claims payout ratios. Nevertheless, claims record is definitely not a variable to be ignored.

A table illustrating the claims rejection percentages of the top life insurance companies in 2009-10 is presented below:

Life Insurance Company
Claims rejection ratio (%)

LIC 1.21%
Aviva 9.75%
Bajaj Allianz 5.2%
Birla SunLife 10.62%
HDFC Life 4.67%
ICICI Prudential 3.27%
ING Vysya 4.26%
Kotak Mahindra 4.29%
Max New York Life 12.31%
MetLife 5.94%
Reliance Life 7.05%
SBI Life 14.75%
Tata AIG 12.3%

An important observation from the above table is that the claims rejection ratio of LIC is the lowest, thus implying that their record is the best as far as claims payment is concerned. At the same time, the very high percentage of claims rejection of SBI Life and Max New York Life surely comes in as a surprise.

It must however be noted once again that in Unit Linked products that life insurance companies promote aggressively (or at least was promoting till Sep 2010) , the returns earned on the fund is perhaps a more important variable than the claims payment (or rejection) ratio. However, for non life insurance companies, which offer pure protection/insurance products with no savings or investment component, claims payment is the crucial variable along with the speed of processing of claims.

Let us now look at the incurred claims ratios of the non life insurance companies:

Non Life Insurance Company
Incurred claims ratio

New India Assurance 89%
Oriental Insurance 99.69%
United India Insurance 78.62%
National Insurance 99.16%
Royal Sundaram 68.95%
Reliance General Insurance 77.3%
Iffco Tokio Insurance 83.44%
Tata AIG 60.54%
ICICI Lombard 85.35%
Bajaj Allianz 71.9%
HDFC Ergo 80.73%
Bharti Axa 104%%

One data point that stands out from above is that Tata AIG General Insurance seems to be sourcing the best quality business from the underwriting point of view, whereas the claims payment ratio of Bharti Axa seems to be quite high. Alo,the claims payment ratio of the public insurers, at an overall level, is higher than that of the private non life insurers.

Travel Insurance For Corporate Trip

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Travel insurance for a corporate trip is a wise choice. There are certain discounts one can avail of with travel insurance policies offered by different insurance companies. But you need to find out which insurance policy fulfills your requirement.

While applying for corporate travel insurance, you should be aware of the reliability of your policy. Nowadays, the corporate travel insurance policy is one of the most economical ways to be safeguarded and secured while on a business trip. Corporate travel insurance is preferred in the business world as well as small and introductory business organizations.

What does a Corporate Travel Insurance policy offer?

Security & Safety
Extensive corporate travel insurance will provide security and safety in unexpected emergency medical evacuation. Travel insurance providers offer entitlement for evacuation to the home country and everything is insured under a single time premium payment. There is no need of monthly or yearly payment when purchasing the corporate travel insurance policy.

Repatriation and Funeral Services
A corporate travel insurance policy will offer repatriation of remains. If in case the traveler dies on foreign land, the insurance policy will cover funeral service costs or the costs required to repatriating the remains back to home country.

Dental expenses
A corporate travel insurance policy will also cover unexpected emergency with regards to dental expenses so you can conveniently combat the circumstance without paying out of your pocket.

Medical Facility
A corporate travel insurance policy will also offer medical service benefit in case of hospitalization caused by health issues or any accidental injuries. Confer with your insurance provider on the details of the hospital cash coverage and deals offered. Almost all travel insurance providers will not provide the travelers with the reparations and unfortunate occurrences caused as the consequence of Civil or Foreign War, Terrorism, Personal Inflicted Injuries, Suicide, Non adherence to medical advice, influence of liquor, narcotics or drugs, AIDS or HIV, Nervous and Mental Problems, hazardous sports like parachuting, hang gliding, bungee jumping etc.

Offer Fresh Passport making charges
The corporate travel insurance policy will also offer the claim for the overhead costs charged for making a new passport. The insurance policy for this type of coverage is a flexible one and you need to confirm with your insurance provider.

Compensation Offer for delay in flight
Corporate travel insurance plan also offers compensation under the holiday insurance policy for business trip, if the flight is delayed for more than 12 hours.

A corporate tour is amusing and exciting, as much as it’s about the responsibility of making business deals. With a sensible and comprehensive corporate travel insurance policy, you will find additional protection insurance coverage while on a business tour.

Dealing With The Insurance Adjuster After Water Damage

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A water damage event his hit your home, and one of the first things you should do is to check your insurance policy or call your insurance agent and determine if your damage is covered. Even though you may be faced with plenty of damage and the beginning of mold, all homeowners policies dont automatically cover all types of water damage.

Once you understand what your policy covers, then you can quickly begin to remediate the damage to your property and begin to get the information to file a claim assuming you know what will be covered, according to the web site insure.com.

First and foremost, as some residents of New Orleans and the Mississippi Gulf Coast learned during Hurricane Katrina in 2005, a flood is not covered by homeowners insurance. Floods are only covered by flood insurance thats issued by the National Flood Insurance Program and cant be bought through nearly any insurance company.

Heres the kicker, though. Flood insurance policies have a ceiling not shared by homeowners insurance, and a separate level for contents that many people dont bother to adjust to their situations. So many homeowners in New Orleans wanted their homeowners insurance to handle the situation, because it provided more coverage.
Water damage from a leaking room is covered by most homeowners insurance, though the damage to the roof is not. Thats because of the generally accepted principle that anything related to maintenance falls to the homeowners. Roofs need to be properly maintained so the roof damage is not allowed.

Likewise, water from an appliance overflowing or pipes freezing and bursting, are both covered. Again, insurance companies general cover water damage if it was a sudden, catastrophic event, and not, as insure.com explains, a gradual wear and tear over time that proper maintenance could have avoided.

And two final areas of water damage: Seepages from the ground into the basement and sewer backup. Neither of these are covered by homeowners insurance. Seepage clearly is a gradual event that can be diagnosed and corrected before any significant damage results. Sewer backup is something that many insurance policies around the country specifically exclude.

So, now you know whether your own water event is covered by homeowners, flood insurance or has to be repaired out of pocket. And you are ready to take the next step – which is to document the damage and get an adjuster to your house as soon as possible to begin the process of submitting an insurance claim.

Benefits Of Jewellery Insurance

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Every household family in India carries gold and diamonds in form of jewellery or as a solid brick to make an investment. Probably apart from house, this is the second most precious thing in a family. Hence, to safeguard requires is Jewellery Insurance. Many people may take it as vague idea, but yes it not only gives safety but also helps in covering loss in event of any unfortunate circumstance. Jewellery insurance is not been covered by all insurance companies but a select few with the fine terms which needs to be read before declaring value and making jewellery insured.

The first and foremost benefit is of course the safety part. If a household carries jewellery worth Rs. 5 Lakh and a special occasion like marriage is due in family, its advisable to protect one from unforeseen circumstance by going in for jewellery insurance.

The process of obtaining insurance on jewellery starts with furnishing of invoice of the jewellery to the insurance company. The Insurance company then carries on valuation of jewellery by the empanelled jewellers. Once formalities done, the insurance company determine the Insured declared value. Next, comes reading and signing the declaration. Its vital to read the terms carefully as historically over 25% of the claims gets rejected in India due to faulty insurance policy or unawareness by signing on the consent form without reading the terms and conditions. It leads to not only loss in premium but also give one hassles and mental agony at the claim process. Its also advisable to take couple of snaps of the jewellery for your own record too while making them insured.

Do not follow with that insurance company which offers only the lowest premium but check the past track record in terms of claims and the service levels. Never get carried away with the low premium, there could be wide differences in the premium and claim service levels. Always, have a comparative view in respect to the multiple insurance companies and choose one which you feel is the best in service levels and claim track record.

Also, one may too get a valuation done of the jewellery through his own jeweller before going in for the insurance. As these jewellers are in this business, its best to take there advise and gives it weight for choosing insurance on the gold ornaments. Remember, insurance could act as slight expense in the beginning but it prevents one from a casualty. Take a positive side and have a peace of mind.

Types Of Vehicle Insurance In India

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Today, anybody and everybody, has insurance of some sort. Either they believe in insuring themselves and their loved ones, or in insuring their vehicles! In India and in most other places, vehicle insurance is mandatory. The amount your vehicle can be insured for varies depending on the insurance companies and the insurance brokers.
In India, there are several types of vehicle insurances. Companies in India offer insurance at four levels.

1.Fully comprehensive vehicle insurance- This is by far the most expensive insurance, yet the most common type, as it covers all the possible damages and costs that your vehicle may incur. This type of vehicle insurance proves to be advantageous as there is no need to produce proof of the damage to claim the insurance amount. Thus, if your vehicle is damaged or stolen in your absence, then you can still approach the insurance company.

2.Third Party insurance- This type of insurance carries a comparatively cheaper premium and insures against damages and legal claims when you are at fault and have hit a third party. The insurance company is not responsible for any other scratches or occurring that takes place with your car.

3.Specialized car insurance- This type of insurance refers to any car that is over 25 years old, as vintage cars have different needs and requirements. Similar to a comprehensive auto insurance policy, the only difference between the two is that you are limited to an x amount of miles in a given year.

4.Third Party Fire and Theft insurance- Befitting to its name, this insurance covers the costs of your vehicle in case of fire, theft, accident, etc. However, in case of an accident, the insurance company will only pay up if you are at fault and have hit another car and not vice-versa.

In order to go forward with insuring your car, you need to carefully go through the various schemes offered by different insurance brokers. Each insurance broker has a scheme that offers one policy better than the other. A way of going about the entire process would be to patiently go through all the possible offers, look out for the best premium offered and then insure your vehicle. Today, online access to insurance schemes makes the process a whole lot easier.

Insurance Rockville Md

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In line with a brand new analysis of the nation’s ten largest states, Florida ranked highest in terms of the average price for group Florida wellness insurance coverage premiums for loved ones coverage. Final year, the cost of family coverage in Florida per employee averaged $15,032 as outlined by the federal Agency for Healthcare Study and Top quality in Rockville, Maryland. The state of Ohio, which came in using the least expensive alternatives, only had an typical premium price of $13,083 per employee.

If you are looking to examine person and group coverage plans, your head might be spinning from the numerous alternatives. If you’re looking for the least costly selections, have a look at FL wellness insurance plans that need you to spend for overall health care up to an annual limit. These are known as high-deductible plans, even though the deductible might variety from $500 to $20,000.

Some employers are also enabling workers to choose policies inside a certain variety and contributing for the cost on the insurance, possibly by way of payroll deductions. The high-deductible plans that work with Overall health Savings Accounts typically have premiums so low that small enterprises happen to be capable to not merely continue to provide workers with wellness plan coverage on the job, but to also expand coverage for employee’s families.

Premiums don’t represent the correct price of Florida overall health insurance coverage. After you have spent adequate on overall health care to meet the annual deductible, you may nevertheless possess a co-insurance payment. Some plans with 100-percent co-insurance pay for practically all medical treatment once the deductible has been met. Other plans might have 80-percent or a different percentage of co-insurance.

Fifty-percent co-insurance, one example is, would mean that you are nevertheless accountable for half in the Insurance Rockville Md bills soon after you have met the plan’s deductible. Moreover, some plans could have multiple deductibles or the extent of Homeowners Insurance Frederick Md might not be clear.If a policy specifies a $5,000 deductible, verify whether that is per loved ones member. A couple with two children could end up with a $20,000 annual deductible if each family members member includes a $5,000 deductible prior to their well being care is covered.

Top Benefits Of Having Life Insurance

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People today are trying to cut their costs and save as much money as they possibly can. Some people are even go so far as to cut off their life insurance policy. The problem with this money saving method is the fat that you never know what might happen during your lifetime. Having life insurance does hold a variety of benefits that you can easily enjoy immediately.

One of the biggest benefits that you will receive is the fact that you will be able to leave something behind to take care of your family for life. Those who get a policy will leave a sufficient amount of money behind so that family members can cover all funeral costs as well as their monthly living expenses over a period of time. This is a very good investment to have under your belt throughout your life.

Despite what you might think, life insurance is not going to be very expensive. Most people who have their own coverage plan, even with multiple beneficiaries named do not spend more than $150 on their insurance plans. If you do not have a lot to spend, try looking into your original insurance company and see if they have any life insurance options for you to add onto your plan.

Life insurance will be cheaper if you are younger. Those who buy insurance around the age of 30 years old will be able to save hundreds of dollars a year on their coverage plan. This means that you will get a lot of insurance that will grow as an investment that you will not need for at least another 35-40 years. Look into investing as early as you possibly can so that you are set.

If you are in a little bit of a financial situation and you need some extra cash, there are ways that you can take a loan against your life insurance policy. You will need to speak with your chosen insurance company to see what type of loans they offer as well as the interest rates that you will have to pay back as well. You can also simply stop your premium temporarily in order to get on top again.

Once you sign up for your prospective coverage, your rates will always be fixed. For as long as you are alive and well you will always have the same premium price each year. If you do get to buy at an early age, that you means you will save a lot more money in the long run.

If you can afford it right now then get online and start looking for the perfect life insurance policy for you. Choose your beneficiaries wisely and make sure that you have thought about every detail in advance. The sooner you buy your policy, the sooner you can save yourself as well as your entire family heaps of money!

Redundancy Insurance Policy Coverage

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Redundancy insurance or unemployment cover refers to policies that pay monthly income benefits in case of instinctive redundancy or job loss. It is a type of income protection insurance, but the benefits can be momentary or permanent. Depending on the extent of cover, the premiums will also vary. For instance, you might need to pay a higher premium if you want benefits for more than one year. At the same time, remember that all income protection policies do not cover for redundancy.

Redundancy protection insurance is a structure of income payment protection scheme which means that be supposed to you be made unwillingly outmoded and find physically without an income, your insurer will make expenditure to you each month to help cover your outgoings. Depending on the terms of your redundancy protection insurance policy, you could be receiving your benefits within 30-90 days of being out of employment. This certainly alleviates any stress or worry you might otherwise have about meeting your financial obligations. In the current monetary situation prevailing in the UK, redundancy protection insurance cover is a good way of securing your income.

Consumers need to be organized to explore options before purchasing the cover. Many major banks and creditors diplomatically combine the insurance with their other loan and finance products, in order to put pressure on the customer to buy the cover. Often, major banks and lenders do not mention to customers all the options available for the protection. Consumers be supposed to look at insurance brokers or specialists earlier to signing documents or approving to terms for redundancy insurance. With the global economy being in the doldrums, a lot of people are seeking to protect themselves against potential redundancy and unemployment by captivating out a redundancy insurance cover.

Also usually known redundancy defense cover or unemployment insurance, such policies guarantee standard financial payments in the event of loss of income due to redundancy, thereby allowing the policyholder to meet his or her financial commitment until he or she can find alternative employment. Redundancy insurance cover can help you guard either your salary or also your mortgage repayments if you face redundancy. There are two types of redundancy cover, comprising Mortgage Protection Insurance and Salary Protection Insurance. Redundancy cover can also cover your credit card dues and insurance payments during the time when you are unable to work due to an injury or temporary illness.

Redundancy insurance policies vary widely depending on the insurer, each having different terms and conditions as to what is covered and what not covered. So give pleasure to look into the details of what level is being provided by each insurer, ahead of you take out a policy.

Join Hands with us to serve you more with our payment protection, income protection redundancy, unemployment, loan protection, credit card protection & payment protection, mortgage payment protection insurance to make your dream come true.

For more information on redundancy insurance and redundancy cover visit online.

Corporate Insurance In India

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Risks are part of life no matter whether it is concerning health, property, vehicles, business, and the list goes endless. Thanks to the concept of insurance that provides cover to risks on the said aspects. Insurance India covers the aforementioned risks, acting as a protective financial shield. The corporate sector today relies on corporate insurance to stay safe against business risks. Unpredictable occurrences may turn the entrepreneur a victim of financial crunch or even bankruptcy. With corporate insurance, businessmen can run their business affairs at ease.

The scope of corporate insurance covers employees, safeguarding them against personal accidents, sickness, etc.; business assets such as factories, trading/service properties, etc. In case of any accidents, the costs are borne by the insurer. Certain details need to be furnished while buying such an insurance; these are number of employees (with names, dependents), manufacturing unit specifications, trading unit details, and the like.

Investments involved in buying corporate insurance cannot be compared to other general insurance policies related to health, property, liability, student, vehicle, travel, etc. It is a huge investment and hence before buying this corporate insurance in India, do make a list of all the major insurance providers. Once you have made a list, you can go through the details of benefits covered in each policy offered by each company. Again, this can be a tedious, hectic, and time-consuming task. The best option is to visit an online insurance service provider that enlists all major insurance companies. Even visiting individual corporate sites of each of your listed companies may take your time. Many a corporate entity has relied on EIndiaInsurance.com to buy corporate insurance. It has in its list all general insurance companies in India like Tata AIG, Reliance, Bajaj Allianz, to name a few. The greatest advantage of visiting this platform is that using its insurance comparison tool, you can compare policies in no time. Getting quotes takes only a few seconds. The payment options range from paying by cheque to credit card, and debit card. If you are an entrepreneur and have not yet bought any corporate insurance, buy one and stay protected!

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