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    • Chennai Floods Leads to Increase in Home Insurance Purchase

      The Chennai floods that ravaged the city the previous year have led to a spike in the number of home insurance enquiries.

      Insurers have reported an increase in the number of home insurance policies being sold in the city and its neighbouring areas, with sales going up by 30%.

      The floods that hit Chennai in November and December of 2015 resulted in damage worth Rs.14,000 crore, with about 35% of this being insured losses.

      The need for home insurance and its benefits have been publicized after the floods, with leading insurers carrying out awareness campaigns in the aftermath of the flood.

      A mere fraction of the claims paid out after the floods were for insured homes, but the renewed public interest appears to be changing the trend as homeowners opt for comprehensive coverage.

      12th September 2016

    • Unclaimed Insurance Amounting to Over Rs.11,000 Crore

      According to reports, over Rs.11,000 crore are currently being held by insurance companies in the way of unclaimed amounts.

      Parliament was informed of this in the recent session by the Minister of State for Finance. The Life Insurance Corporation of India (LIC) alone has over Rs.5,934 crore in unclaimed amounts as on March 31, 2016.

      The large amount still unclaimed by policyholders has been described as something of a concern, with this amount accumulated over a period of time.

      The majority of the unclaimed amount stems from the life insurance and home insurance sectors arising out of death benefit, maturity claim, survival benefit etc.

      Premiums that have not been claimed for over 6 months are also included in this category.

      10th September 2016

    • Listing Insurance Companies to become Mandatory

      IRDAI, the insurance regulator, will be releasing an exposure draft soon in an effort to make it compulsory for insurance companies to be listed. A discussion paper on the issue has already been released. The purpose of this paper was to emphasize the need for listing firms, and that listed companies will have stricter norms regarding disclosure. Presently, only ICICI Prudential Life Insurance has plans for listing the company. There will be more transparency in the insurance system when companies are listed. In terms of the number of insurance policies sold in 2015-16 and the premium income, the life insurance sector showed growth in double digits. These numbers have not been seen since 5 years. The high growth is mainly a result of the amendment to the Gratuity Act making the amount payable Rs.10 lakhs from Rs.3 lakhs. The gratuities are payable by the insurance companies resulting in higher funding. A number of banks have partnered with insurance firms as the IRDAI recently introduced new bancassurance norms allowing banks to sell only 9 policies which is 3 in each category of life, non-life and health insurance.

      1st September 2016

    • Robbery from home to be covered in renters and homeowners cover

      You receive plenty of indemnity for what you spend for your renter’s insurance and home owner’s insurance. For instance, many such policies related to home insurance protects possessions stolen outside of your house, which is known as ‘off-premises coverage’. These policies also cover pet bites, damage to property, and your stuffs among others. You are also protected if your house belongings get stolen from, say, your car while parked elsewhere. 10 percent is the standard amount you will get after a claim. Hence please go through your policy carefully to know what all you can claim for and whether it qualifies for ‘off-premises claim’.

      29th August 2016

    • Unclaimed Insurance Amounting to Over Rs.11,000 Crore

      According to reports, over Rs.11,000 crore are currently being held by insurance companies in the way of unclaimed amounts.

      Parliament was informed of this in the recent session by the Minister of State for Finance. The Life Insurance Corporation of India (LIC) alone has over Rs.5,934 crore in unclaimed amounts as on March 31, 2016.

      The large amount still unclaimed by policyholders has been described as something of a concern, with this amount accumulated over a period of time.

      The majority of the unclaimed amount stems from the life insurance and home insurance sectors arising out of death benefit, maturity claim, survival benefit etc.

      Premiums that have not been claimed for over 6 months are also included in this category.

      25th August 2016

    • You Can Purchase A House Jointly With A Friend

      As opposed to common interpretation, it is possible to buy a house jointly with anyone outside your family. The purchase can be made in two ways.

      • Joint tenants - As part of this deal, in the case of death of a joint-owner, the interest of the deceased will pass on to the surviving joint-owner.
      • Tenants in common - In this type of ownership, the interest of the deceased owner will be passed on to his heirs (as per his will) and not to the surviving owner.

      So, it is important to identify your mode of joint ownership in the sale deed at the time of property purchase. If the property is part of a housing complex or society, you need to ensure that joint ownership is allowed by the society. You should also get necessary clarifications from tax advisers on the tax implications of joint ownership. This is significant in case the joint property earns the owners an income.

      18th August 2016

    • Benefits Of Home Insurance

      A house is a one time investment in the lives of many, carrying with it a lot of emotions and expenditure of one’s hard-earned money. Hence, protecting it against damage from natural calamities or man-made circumstances is of utmost concern. An effective home insurance policy provides security against damage to fixtures in the house, as well as to the structure of the house itself.

      A comprehensive insurance policy for your home provides you the following benefits,

      • Coverage against damage to your home or its contents due to natural or man-made incidents.
      • Additional features like Earthquake Cover, Theft Cover, etc.
      • Complete peace of mind, specifically during social conflicts or upheavals.
      • Procuring a home insurance policy is a simple process and most banks offer variants of this product.
      • In the unfortunate event of a calamity, the insurance payouts will immensely help owners in getting their life back together.

      17th August 2016

    • Housing options for senior citizens on the rise

      Retirement can be a tough phase of life, pushing citizens into an arena they have not encountered in years. Senior citizens across the country have often found it hard to cope with their requirements as they age, especially when it comes to housing needs. Builders across the country have cashed in on this market, with a number of them offering a host of projects which have been designed keeping the special needs of senior citizens in mind.

      These projects typically offer amenities for senior citizens to bond and live as a community, disparaging the use of shelters and old age homes. Facilities include food, security, doctors, nurses, medical establishments, etc. Around 35 such exclusive projects are being developed in cities like Bengaluru, Pune, Delhi-NCR, Dehradun, Chennai, Coimbatore, etc. The cost of these projects depends on the location and size of a dwelling, typically ranging between Rs. 20 lakh and Rs 1.5 crore. Builders also charge a nominal maintenance and dining charges, ranging between Rs. 2.5 per square feet and Rs. 9 per square feet. Citizens can choose to either purchase or rent these buildings, though purchase has been the preferred option for most. In addition to these amenities, social activities designed exclusively for members ensure that they can enjoy this new phase of life.

      5th August 2016

    • Home Insurance – A Necessary Investment To Be Done Wisely

      In today's age and time, house insurance is nothing short of a necessity for every home owner. While there is not much one can do to prevent a natural disaster, home insurance does help ease the financial burden of not only repairing or rebuilding a house which has been damaged or destroyed but also the contents of the house.

      Home insurance, also known ‘homeowners insurance’ or ‘hazard insurance’ is simply insurance which protects your property. The policy functions to cover the owner of the property, its occupants / tenants and also the contents of the house against a variety of damages likely to be caused due to natural factors like fire, storm, flood, earthquake, lightning, inundation and landslide, etc., and man-made causes like riots, strikes, explosions and terrorist attacks, damage by aircraft, implosion, malicious damage, missile tests leading to damage and leakages, etc.

      In India, there are several leading financial institutions which offer a variety of home insurance policies, which basically fall under two broad categories – Basic policy and Comprehensive policy. A basic home insurance policy is designed to protect the structure of your house against common perils like fire, storms, floods, lightning, etc. If you think that there are perils which your house is exposed to, for instance, earthquakes, which may not be covered under the basic insurance policy, you can opt for add-on covers to insure your house against such risks.

      Comprehensive home insurance policies cover not only the structure of the house against natural and man-made risks but also the contents of your house against a number of risks like theft, robberies, burglaries, house break-ins, mechanical or electrical breakdown and such. Comprehensive home insurance policies will cover the contents of your house like electronics, furniture, valuables etc.

      Exclusions in home insurance

      Some of the common exclusions of a home insurance policy are:

      • Loss or damage caused by routine depreciation or wear & tear.
      • Loss of cash.
      • Loss or damage due to war, nuclear attack, invasion and act of foreign country.
      • Loss, destruction or damage caused to any electronic equipment due to over-running or excessive pressure.

      1st August 2016

    • Bajaj Allianz launches home insurance scheme

      Indians value their homes, with it being the most cherished possession for most of us. While the number of Indians who have realised their dreams to own a home has increased, the number of owners opting for home insurance hasn’t really changed, with home insurance penetration in the country being abysmally low. Bajaj Allianz, one of the most trusted names in insurance in the country has come up with an exclusive product to protect the needs of homeowners. The product, which is titled ‘My Home Insurance All Risk Policy’, caters to a host of requirements, offering protection to both the structure and any belongings inside the house. The cover extends to any accident and loss, with both damage and destruction covered.

      Individuals can also choose to customise the policy by opting for additional cover which can protect them against loss of rent, resettlement, dog insurance, etc. The policy comes with flexible periods, with Bajaj Allianz offering both, a yearly policy and a policy for 3 years.

      26th July 2016

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