Recently, we bought a car on loan. The dealer gave us complimentary third-party motor insurance for the first year. However, we are also interested in taking some add-on covers.

General Insurance: Bhargav Dasgupta

Business Standard

When Ashish Patkar wanted to buy an accidental death-benefit policy, he had the option to do so from a life insurer or a general one.

To go for a rider or a cover?

The policy, as the name suggests, provides term insurance to senior citizens.The minimum and the maximum entry age are 50 and 85, respectively. Though the product offers a whole life cover, it does not ask buyers to undergo medical tests.

High sum assured may not give enough cover

Transfer formalities at the regional transport office on purchase/sale of vehicles can take time. While the process is pending, the insurance policy continues in the name of the seller. What happens if the vehicle meets with an accident or is stolen during this period? If the buyer lodges a claim, the insurer refuses to indemnify him as the policy is not in his name. If the seller lodges the claim on behalf of the buyer, the insurer contends once the vehicle is sold, he ceases to have an insurable interest, and, hence, is not entitled to lodge a claim. Thus, though the premium has been collected, the claim is paid neither to the seller nor the buyer.

Motor insurance on auto pilot

The Insurance Regulatory and Development Authority (Irda) is not in favour of changing the norms that bar insurance firms from investing in Indian Depository Receipts (IDRs), according to a senior official.

Irda not keen to allow insurers to invest in IDRs

Currently, all overseas Mediclaim policies have an in-built health cover, besides travel inconvenience benefits like baggage loss/ delay, passport loss, etc. Hence, there is really no choice that the customer needs to make, except which is the most comprehensive cover.

General Insurance: Gaurav Garg

A new group life insurance cum terminal benefit scheme for&nbsp;rubber tappers working in the small-holding sector was&nbsp;launched by Sheela Thomas, chairperson, Rubber Board. The scheme is&nbsp;implemented in collaboration with Life Insurance Corporation of India.

Group life cover scheme for rubber tappers

Barring the Apollo group, cashless health cover services have been restored in all other corporate hospitals, after their managements agreed to the standard treatment rates negotiated by the public sector health insurance providers.

Cashless insurance back in all private hospitals, except Apollo

General insurers will have to wait a little longer than their life insurance counterparts to come out with initial public offers (IPOs).

IPO guidelines for general insurers in 2-3 months: Irda

There is no limit to the number of policies, but most insurers follow underwriting guidelines that restrict the total sum assured, depending on your age and annual income, to avoid anti-selection. Therefore, it is important to disclose details of earlier policies and annual income, when applying for a new policy.

Life Insurance: V Philip

My daughter is getting married in November. I want to get her jewellery insured.

These are meant for students travelling abroad for further studies. Universities abroad mandate that a student must be insured. While some universities (like in Canada and New Zealand) include insurance charges in the tuition fee, others (like in UK and US) accept insurance bought in the home country. The latter, however, must approve the coverage amount. Companies like Tata AIG General Insurance, Bajaj Allianz General Insurance and ICICI Lombard offer insurance, mostly for those between 16 and 35 years of age. Policies offered by the latter are accepted in US universities. Student plans either cover or do not cover the Americas.

What are student insurance plans?

Aegon Religare, which was the first insurer to introduce an exclusively online insurance plan in October 2009, is planning to introduce more such products.

Aegon Religare files for more online insurance plans

Aegon Religare files for online health plan

Reading any statement &ndash; whether of a bank, a mutual fund or a unit-linked insurance plan (Ulip) &ndash; can be a nightmare. Often, the jargon can stump a customer, Nitin Desai discovered.

Understanding the jargon

I need advice for my sister. She is physically challenged due to spinal muscular atrophy. This has slowed down her leg and hand movement to 25 per cent, but the rest of her activities are normal. Currently, she takes help of a wheelchair. She has a job and travels to office daily. She is not sure if the employer&rsquo;s group insurance/hospitalisation plan will cover her medical/physiotherapy expenses. She wants to have a life/medical cover for herself from her income.

General insurance: Ajay Bimbhet

The controversy over regulation of unit-linked insurance plans (Ulips) has had little impact on the private life insurance industry. Most companies reported profit during the first quarter of the financial year on the back of marginal growth or drop in new sales and reduction in expenses.

Pvt life insurers continue to book profit

Students going abroad for studies need to have an insurance cover. And the good news is that purchasing the cover in India, if the country or the university allows you to do so, is a cheaper option.

Buying a policy in India is cheaper

The life insurance industry is caught in a web of uncertainty. While the regulator, the Insurance Development and Regulatory Authority (Irda), has asked them to launch products adhering to the new guidelines by September 1, several questions have yet not been answered.

Insurers in a cleft over new norms

Embattled Commonwealth Games (CWG) Organising Committee Chairman Suresh Kalmadi has set the ball rolling on seeking insurance against cancellation of the event. The committee will float the tender by September 15, less than three weeks before the Games begin in New Delhi.

Kalmadi sets the ball rolling on CWG cancellation cover

As Irda refuses to budge on guaranteed returns.

Returns on Ulip pension plans set to rise

Insurance News: Visit Business Standard to know about the latest Insurance Industry News, online insurance information, expert views and updates.

Insurance News: Latest Insurance News, Insurance Industry Policy Headlines and Updates | Business Standard

Visit Business Standard to know about the latest Insurance Industry News, online insurance information, expert views and updates.

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