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    • E-Insurance Regulations Change?

      The regulations that govern e-insurance are set for an overhaul, with the insurance regulatory body set to introduce two-factor authentication for all online policies.

      The regulator has issued a directive to insurers, whereby policyholders will be assigned an OTP (One Time Password) to serve as verification. This will be in addition to the existing e-signature already in place. as per the new regulations, travel insurance policies issued online would now require the policyholder to enter an OTP towards verification.

      The IRDAI has listed reduction of fraud as a reason behind the adopting of the two factor system, as well as increasing the credibility of online issued policies.

      Currently, the online insurance application process requires digital signature or Aadhaar verification, making it a cumbersome process. With the two factor authentication, the process would be expedited.

      Insurers are also moving towards updating all KYC information on a Central KYC or CKYC database, as well as a central depository against fraud.

      19th September 2016

    • IRDAI Says No Time Frame For Listing Insurance Co’s

      IRDAI, India’s insurance and regulatory authority recently clarified that when it comes to listing insurance companies, there is no specific time frame involved and the idea and of the listing is floated via the discussion paper. On the sidelines of the Assocham event, Mr. T S Vijayan, Chairman, IRDA said that the previous Act contained a provision regarding the listing, which was changed. IRDA has published a paper to allow companies to discuss the subject and take the matter forward. Mr. Vijayan also mentioned that in India, the insurance penetration stands at 0.7%, as against the average of 2.77% observed worldwide.

      16th September 2016

    • Railways’ Insurance Cover A Success

      The Indian Railways launched a travel insurance scheme from September 1st, 2016 and have reported that it is a success. According to figures released by the Railways, over 4 lakh passengers have opted for the train travel insurance, which comes at a premium of just 92 paise.

      The premium provides cover of up to Rs.10 lakh on train travel excluding suburban train travel. In the event of the passenger’s death or total disability, his/her nominees stand to receive Rs.10 lakh as compensation. In case of partial disability, the passenger will receive Rs.7.5 lakh, up to Rs.2 lakh in case of hospitalization and up to Rs.10,000 for transportation of mortal remains from a train accident site or if an untoward incident takes place (terrorist attack, arson, riots etc.).

      At present, the cover is only available for Indian nationals above the age of 5 and can be availed through online bookings through the IRCTC website.

      The insurance cover is being provided by ICICI Lombard, Royal Sundaram and Shriram General Insurance in partnership with the Railways.

      13th September 2016

    • Online Insurance E-Verification To Be Simplified

      The Insurance Regulatory and Development Authority of India (IRDAI) has approved a draft to simplify the online verification of KYC (Know Your Customer) details, making it easier to buy policies online. To facilitate this, an OTP (One Time Password) will be sent to the individual’s phone, which will serve as verification.

      As per the draft, electronic signatures will be recognised through any database and will not be restricted to Aadhaar, as is the case at present. Insurers will have access to different repositories through which they will be able to verify KYC, negating the need for an e-signature.

      If the proposal is implemented, an individual buying an online policy can use a digital signature for the purchase. Currently, insurers prefer physical signatures for high premium policies.

      Furthermore, individuals who have e-insurance accounts will not need an e-signature to buy online insurance.

      Insurers will also be obliged to offer digital copies of their policies to all policyholders who live in disaster-prone areas as a way to safeguard against loss or damage to the physical policies.

      12th September 2016

    • Mis-selling of Insurance Products to be Stopped by RBI

      RBI has taken a huge step towards ensuring that no more insurance products are mis-sold by upgrading its customer service. Raghuram Rajan, the governor of the Reserve Bank of India said that RBI will now examine the manner in which banks are faring and then determine whether or not further regulations are required to enhance consumer protection. He also said that the financial year 2016-17 will be focussed on the issues related to mis-selling of insurance products. The bank also aims at improving its communication with the wider public and ensuring that they are well informed about all the opportunities in order to help them make the most of all financial products and services.

      7th September 2016

    • Railways Rolls Out Train Travel Insurance

      The Indian Railways has introduced a train travel insurance plan which will be available for bookings made from 31st August, 2016. Passengers can choose to pay a sum of 92 paisa for the insurance.

      The service will be available for all bookings made through the IRCTC website and extends to travel on all classes. Suburban trains are excluded from the insurance policy.

      Passengers can claim insurance up to Rs.10 lakh in case of death or total disability, Rs.7.5 lakh in case of partial disability, up to Rs.2 lakh to cover hospitalization expenses and Rs.10,000 for transportation of mortal remains in the event of a train accident or unforeseen circumstances such as terrorist attack, arson, rioting etc.

      The insurance will be available on confirmed, RAC (Reservation Against Cancellation) and waitlisted tickets booked through the website and extends only to Indian citizens above the age of 5 years.

      29th August 2016

    • Indian Railways to introduce travel insurance for its passengers.

      Three insurance companies namely, Royal Sundaram General Insurance, ICICI Lombard General Insurance and Shriram General Insurance will be collaborating with Indian Railways to offer travel insurance to passengers. The travel insurance policy that would be provided would carry the lowest premium at 92 paise per policyholder for a cover worth up to Rs. 10 lakhs. Initially, the policy can be taken by individuals booking tickets online and will then be extended to season ticket travellers as well. A premium ranging between Rs. 200 to Rs. 300 will have to be paid by them. While booking ticket online travellers can suggest a nominee for the travel insurance policy. The three insurers were selected through a competitive bidding process from around seventeen companies. The covers included under this travel insurance policy would be divided into two categories, namely, for Untowards accidents and personal accidents.

      22nd August 2016

    • Common Mistakes Committed When Buying Travel Insurance

      Travelling is an exhilarating experience in itself, not to forget one which also opens our eyes to other cultures and ways of life. Preparing for a trip is necessary, from tickets, adequate clothing, documents, medical supplies, contact details for lodging, etc. However, one important element of the travel prep which almost always takes a backseat is travel insurance. Travel insurance is something which most travelers usually purchase hurriedly at the very last moment before embarking on their trip, a move which is never deemed wise. While purchasing travel insurance without much thought and research, travelers often make plenty of mistakes. Here are some of the most commonly committed mistakes when travel insurance policies are purchased in a hurry.

      Policies Purchased Without Adequate Knowledge

      In the excitement which surrounds travel plans, travel insurance takes a backseat. Majority of travelers still consider travel insurance to be an unnecessary expense. Due to this, they end up purchasing whatever they are presented with at the last moment. This choice is usually selected by a travel agent, which might not keep your best interests in mind. While travel insurance plans do provide coverage against medical emergencies and other kinds of perils/risks, different travelers will have different needs. For this reason, research is crucial to choose the right travel insurance policy. Often people buy travel insurance policies without having enough knowledge about the policy or fully evaluating their requirements.

      Not Purchasing Adequate Cover

      One of the most important part of choosing a travel insurance policy is choosing the adequate amount of cover. Travelers are seldom aware of the amount which they should choose towards the sum insured, a figure which can be decided upon after due calculation and research. The amount of your insurance cover is mostly determined by the destination which you are visiting, particularly by the cost of medical care in the particular destination. this is due to the fact that travel insurance is primarily taken to protect against any medical emergency which may arise unexpectedly.

      Unaware About Policy Exclusions

      Like any other insurance policy, travel insurance policies too have certain exclusions, against which the policy will not provide cover. Before you purchase a travel insurance policy, it is essential that one be aware of the exclusions which the policy carries. These exclusions can decide whether or not the policy is fit for you. These exclusions decide if a particular plan is good for you or not. For example, if you are on an adventure intensive trip and plan to indulge in such related activities, it is essential to pick out an insurance plan which covers such activities. Most travel insurance policies do not provide coverage for medical emergencies which arise due to adventure intensive activities. In this case, research is again important so you can purchase a policy which serves your purpose.

      Not reading the policy document carefully

      Before committing to pay for any insurance policy, it is advised that customers go through the policy document carefully. This is important as the policy document will contain all the details about the policy, payments, clauses, exclusions, charges, etc. you need to be aware of the policy in detail so you know what is covered and what is not, the knowledge which will allow you to file a claim.

      19th August 2016

    • HDFC ERGO - Your New Travel Companion

      Before setting out on your next vacation, ensure that you are equipped with a suitable travel insurance. HDFC ERGO offers an array of insurance services that are in alliance with most travel requirements.

      When selecting a travel insurance policy, the foremost factor to be considered is the type of journey. So, the travel insurance requirements of a family on vacation varies from that of a corporate group of individuals going overseas. The insurance needs of a single frequent flyer would differ from that of a student going abroad for further studies. There are different types of plans for single trip, multi trip or student travel. The plans are further segregated into specific geographies like Single trip Asia, Worldwide excluding USA and Canada, etc.

      HDFC ERGO aims to nullify the hassles associated with trips abroad. Their exhaustive travel insurance policy equips the traveller with insurance for lost baggages, missing passport or medical support. Their long term vision of providing effective insurance services that transcend boundaries has led to the development of their highly strategic products.

      18th August 2016

    • New Insurance Policies to be Issued Online Only From October 2016

      The insurance sector is all set to welcome a new digital initiative from October 1, 2016 where new insurance policies will be issued online only, in demat format. Nearly all types of insurance policies including the Auto and Travel policies will only be available for access from e-Insurance Account (eIA).

      Further guidelines and framework in this regard have been issued under the The Insurance Regulatory and Development Authority of India (Issuance of e-Insurance Policies) Regulations, 2016. Touted to be a major initiative to fulfill the spirit of the Digital India initiative, the entire process of obtaining an insurance policy will be paperless, akin to a demat account for trading. In the future, the requirement for an eIA will be mandatory especially for renewing motor insurance. The new system will also bring down fraudulent transactions in the insurance sector and ensure uniformity.

      16th August 2016

    Travel Insurance Articles:

    Travel Insurance – Some Things To Know Before You Buy It

    Travel insurance is no longer something that should be overlooked. It can become a financial cushion in case an unexpected expense befalls you during your trip. However, don’t just book any travel insurance policy. Like any other insurance product, choosing the right policy requires time and research. So, before you settle on a particular policy to cover your trip, here are a few things to keep in mind.

    Wash Your Stress Away International Travel Insurance

    No other act accomplishes goals of bettering your own self by venturing beyond your comfort zone more than travelling overseas. There is no idyllic time as such to pursue new itineraries to discover more of our world and while at it, make changes for the better. Do not let the added money put you off from buying an international travel insurance, the peace of mind it gets is worth every dime.

    All you need to Know about Family Travel Insurance

    Family Travel Insurance is protection in terms of insurance for the entire family, whilst they are traveling together. Usually, the terms of a typical family travel insurance policy cover a family comprising of two adults and up to four dependent children. Family Travel Insurance is intended to protect the family against financial contingencies arising from travel related incidents.

    When Should You Buy Travel Insurance?

    You may purchase travel insurance up until the day before your journey date from most travel insurance carriers. But the quicker you do it, the better, for multiple reasons. For instance, let us say your airline flies insolvency between the time you reserved your holiday and your date of leaving. You will still get a chance to grab a suitable plan prior to your departure, but if the particular airline is already under the bankruptcy protection, then you get no cover. It all depends on how short your trip is and what kind of covers you need.

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