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    • Home Insurance one of the least owned policies in the country

      Although India has seen a whopping $9.8 billion loss due to natural disasters like earthquakes, cyclones, floods, tsunamis, and storm surges, home insurance is still one of the least owned insurance policies in the country.

      Pointing out the same, a media house recently reported that there are actually plenty of advantages to owning a home insurance policy.

      In the report, the media house listed out the various covers a home insurance policy would provide the policyholders. Among the many things a home insurance covers, the main ones include protection against natural disasters, man-made disasters, against terror attacks and riots, and also provides coverage against the contents of a house.

      29th November 2016

    • Must have insurance policies for newly-weds

      A young newly-married individual usually has a long work life ahead of him/her, and subsequently many hurdles to cross before he/she creates wealth and financial securities for the family. Listed below are some of the essential insurance products that he/she must purchase in order to secure the family’s savings:

      • Life term insurance - A term insurance plan is a low-cost policy that is ideal for a person with a family. There is no investment component involved in the coverage. One can look for a cover that is 20 times his/her current annual income for securing his/her long-term financial needs.
      • Health insurance plan - Hospitalisation expenses today are highly steep; hence, it is inevitable that one is in possession of a suitable health insurance policy. A cover provided by the employer may not be sufficient, as this would cease to exist when one leaves his/her job. To ensure that the cost of premium is low, it is advisable to purchase a family floater plan.
      • Critical Plan - A Critical Illness Insurance plan will protect the policyholder upon the diagnosis of a specified critical illness. The insurance provides the beneficiary a lump sum amount for the treatment of the disease.
      • Home Insurance - A home insurance policy will provide coverage for damage to the structure of the house from situations like fire. It also protects the contents of the home. The house owner or a tenant can purchase this policy.

      11th November 2016

    • Insurance Market Experiences A Boom Following 2015 Chennai Floods

      Following the widespread destruction caused by the Chennai floods last year, the insurance sector has registered a significant 40% to 50% growth in policy sales not only in Chennai but also its surrounding areas as residents of the city becoming increasingly aware towards protection of their assets. According to reports, insurance claims following the floods touched Rs 5,000 crore.

      The floods caused losses amounting to more than $2 billion, out of which the insured losses amounted to $0.8 billion. Analysis done by Swiss Re indicated that a major portion of the losses were reported from commercial entities, given that Chennai houses a large number of manufacturing companies, especially pertaining to the automotive industry. The boom in the insurance sector can primarily be attributed to customers opting for motor insurance and home insurance while companies are opting for fire insurance policies, motor insurance and machinery insurance.

      3rd October 2016

    • Terrorist Attack Cover: An Add-on to Property Insurance Policy

      Anticipating the increasing risk of terror attacks, insurance analysts suggest that it is wise on the part of customers to cover social events, public gatherings and the like. However, insurance companies follow certain measures for taking such requests into consideration. First and foremost being the assessment of risk factor.

      Generally, individuals who have properties near to the most vulnerable locations should take insurance covers for terrorist attacks. These policies can be opted as an enhancement to their existing property insurance. Even the cost of terrorism cover is significantly low when compared to other insurance products.

      30th September 2016

    • 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

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