Time for Change - Getting Insurance Quotes Online is today’s new norm.

Online Insurance Plans

With the enhancement in the technology and services like SSL, online purchasing can be as safe as today shopping anywhere else. The extreme benefit of online purchasing is staying away from the product dealer / sales representative during price comparison. However, some shoppers do not enjoy such situations.

If we are talking about the insurance products – getting insurance quotes online is today’s new norm. All major insurance providers in India allow individuals to get quotes through their websites. In addition to the insurance broker’s website, such websites like www.bajajcapitalinsurance.com , policyboss, easypolicy etc allow access to multiple insurance plans from the different providers within minutes.

Here the question arises, why we should go online while looking for insurance quotes. Following are the three major concerns, which are likely the main reason of buying insurance policies online.

Negotiating: Insurance representatives are trained negotiators. Sales persons are capable enough in find out how to get you to purchase a particular insurance product.

In case of online insurance purchase, you become anonymous, and you can negotiate well enough w.r.t insurance plans.

               

Salespeople: Sales people have a reputation of being persuasive. Because of the increasing trend in internet sales, many insurance providers employed online sales department that totally differs from traditional sales departments. Online sales representative offers aggressive premium with details related to specific requirements. Online sales persons are usually more upfront and less aggressive as compared to offline sales persons.

Price Comparison: last but not the least, the very important aspect of the online insurance purchase is that you can compare the different insurance offering with plan details/premium within minutes.

Buying insurance online makes the process of insurance-purchase hassle free.  As internet is a very competitive market, you are hopefully to view correct and appropriate insurance solution with the best premium.

Few tips to keep in mind when you go online while looking for an Insurance plan

Online Insurance Purchase

It seems like every time you turn on the television, you encounter a commercial that asks whether you're paying too much for your insurance policy. Chances are you insurance advisor won’t be champing at the bit to tell you the answer, hence the burden is on your shoulder to find out.

With your laptop and a little planning, you can do it within an hour any time.

Whether you are looking for your first policy or you are looking for renewal or looking for better premiums, going online is a gateway to free insurance quotes, information about insurance providers, reviews about the insurers and other necessary information with no obligations. As well as lowest insurance premium is the other important aspect.

Let us take few tips to keep in mind when you go online while looking for an Insurance plan:

Online Insurance Search is not Just one Option: There are endless number of companies provides insurance solutions. There are only two ways to purchase insurance: you can purchase a policy in person through an insurance agent – A licensed individual who sells polices on behalf of one insurance provider or you can buy direct from an insurer online or offline.

You all are very much aware with the above two methodology. There is also a better way to do the same. You can compare the different insurance offering from top insurance providers under the one roof. Some licensed composite brokers provide free insurance comparison facility online from the leading insurance providers. Where you can find the best-suited insurance plans with few clicks.

Such composite brokers compile and provide information about insurance policies of various companies on a website. Online insurance purchase facilities are also available with authorized payment gateways.

Prepare before making search: When you shop for insurance online go one of the other routes and ensure that you come prepared with all the information you need to get best suited insurance quotes/plans. Few steps you can take to get low the insurance premium depending upon the insurance plans.

Shop Around: The cost of the same insurance policy can vary between companies to companies based on certain factors like marketing & advertisement cost, commissions paid to agents etc. To start comparing quotes, try login to composite insurance broker’s website like www.bajajcapitalinsurance.com , policyboss.com or easypolicy.com

Visit IRDA for any clarification: Insurance Regulatory and Development Authority- agency of Government of India for insurance sector supervision and development. If you're unsure if a prospective insurer is licensed validate through IRDA. If you have any concerns with insurance providers, report them.

Do not go by premium alone: Just because a company offers lowest insurance premium doesn’t mean you should let insure from that company. You must have to take a very close look of terms & conditions of the policy to ensure that policy matches all the required standards. You should also make sure that your insurer is financially stable before purchasing your policy.

How Much Life Insurance Cover You Need.

Bajaj Capital Insurance

No one in the world likes to talk about the death. However, the absolute truth is death. Life is the series of Judgment on changing situations. There is not ‘one size fit all’ cover that will suit all. As the priorities changes and this will affects how much life insurance cover you really need.

If some misshapen occurs, not only losing the dear ones, most of the times, families facing serious financial crises. Who will take care of your parent’s health, education of your children and who will take care of your spouse?

In such conditions, the Life Insurance is the only friend who can really help.

Now the Big Question arises, How Much Life Insurance is enough.

As a basic point, think about the following:

·         How much money will my family need to pay off all debts?

·         How much money will my family need to pay off immediate expenditures?

·         How much money you would like to leave to your family to maintain their standard of living?

If you already have Life Insurance: Take all your insurance policies and find out how much life insurance cover you have. Some employers offers insurance cover as part of their employment package, also include this in your total cover. Then ask your self is it enough to secure my families happiness if something wrong occurs. No one can judge better than you can because it is all about your family.

Life insurance is need for every one because Life insurance is not investment; it is a product, which protect your family in case of some misshapen occurs. Professionals can only help you calculate the life insurance cover that suits your requirement.

Receive Appropriate and free financial advice on your insurance options:

Market is full with online insurance offerings. You can compare the online term life insurance premiums and opt the best policy. An online insurance calculator is a great starting point, but you may wish to speak to someone to receive specific personal advice. At Bajaj CapitalInsurance, you can compare the insurance offering s of all the top insurance providers in India, we also provide the clients with free insurance advice over phone. A professional may-be arranged to help you determine which insurance options are better for you. 

Health Insurance sum assured should increase every 2 years – It is a sensible decision

Many a times our customers or clients ask us what should be the sum assured under Health Insurance policy? Should I increase the sum assured this time?

The logic demands that sum assured or Health insurance policy should be fulfilling the following criterion:
    (a)  Cover the risk to a reasonable extent – need not be highest
    (b)  Should be Cost effective – where pocket permits

While in the case of motor vehicle sum assured (IDV) – goes down year after year due to depreciation / obsolescence of the vehicle, the situation changes for Health Insurance as t with increase in age of the insured the risk also increases and all of us (including Health Insurance provider )  know that it goes on increasing with passage of time .

The reasons are

As you grow older the need for hospitalization definitely increases as some diseases are age related and are bound to affect most of us and some examples are:
(i)        Hernia
(ii)      Cataract
(iii)    Prostrate
(iv)     Hysterectomy
(v)      Arthritis (Knee replacement)
(vi)    Many others Critical Illness like Cardiac / Cancer

 

We find that on the one hand need is increasing and at the same time up gradation of Medical Technology ( Equipment /diagnostic) results in availability of better treatment / painless treatment to the patient .Some of  examples of  up gradation of Medical Technology are :
(i)      Lasic Surgery ( day surgery ) vs. Traditional Cataract Surgery (3 days stay  in hospital )
(ii)     Advanced MRI  vs. MRI vs. CAT vs. X-RAY Digital vs. X-RAY
(iii)    Even  in Coronary Stent In plants you have choice of

Traditional Metallic Stents      Rs.40000
Drug eluting Stent                   Rs.150000 (higher by 275%)
Bio Degradable Stent              Rs.300000 (higher by 650%)

It is natural that Bio Degradable Stent will be better / more effective than Traditional Metallic Stents.   In Times of India– Oct 07, 2013. We came across good information from Mr. Sanjay Datta (ICICI Lombard).

 “Treatment costs have gone up by 50-60% in some cases such as arthritis and brain stroke. Several other ailments such as spinal cord disorders, heart stroke, and hip and thigh fracture have witnessed an increase of 25 to 50% in treatment costs”.

In the same context we have comment of Mr. Suresh Sugathan, Head of Health Insurance at Bajaj Allianz General Insurance.

“The costs of robotic surgery on average are 25-35% higher than conventional surgery. What typically happens is that the doctor offers the patient a choice between a traditional option and a superior technique”.

In Ria Insurance Brokers we have the experience of dealing with thousands of families and according to Mr. S K Sethi Director the finding is “When the patient / insured checks with many friends / colleagues / relatives every one will suggest – go for latest, go for best. This is the time one realizes the value of higher sum assured policy “

We in www.healthinsuranceindia.org and Ria Insurance Brokers Pvt. Ltd.  feel that we should always go in for use of modem advancement achieved in Health Care Technology / use of modem equipment as well as medicines.

We believe – “Even if the hospital is trying to use the newly installed expensive equipment extensively with a new to recover the cost – we should not bother. We always suggest / advise that sum assured should be reviewed every 2 years and increase it by 25% - addition to same policy or taking a new policy.

What ever may be the reason seeing the inflation in Health Care at 20% year after year it may be worth while for you to reconsider sum assured which you are have. If you bought the policy in 2005 for Rs. 2 lakhs then your sum assured in 2013 should be Rs.10.32 lakhs, say Rs.10 lakhs

Year	Rs.(in lakhs)	Increase 10%	Increase 20%
2005	2	2.2	2.4
2006		2.42	2.88
2007		2.66	3.46
2008		2.93	4.15
2009		3.22	4.98
2010		3.54	5.97
2011		3.90	7.17
2012		4.29	8.60
2013		4.72	10.32
2014		5.19	12.38
2015		5.71	14.86
2016		6.28	17.83
2017		6.90	21.40
2018		7.59	25.68
2019		8.35	30.81
2020		9.19	36.98

If you are continuing at Rs.2 lakhs + Rs.50000 or so of NCB – you are lagging behind and will have to shell out lot of money your own pocket or go for use of old technology /medication .when the need arises.

Online Health Insurance - Pick best health insurance plan in a pleasant manner.

Bajaj Capital Insurance

Buying Health Insurance can be a complex process. If you are starting your career or starting new business, you may need to research health insurance options carefully. One of the finest ways  to do the same is online. Online Health Insurance Quotes easily determines which health insurance plan is better for you. In addition, you can easily pick best health insurance plan in a pleasant manner.

Need Identification: Research which kind of health insurance plan you really need. Market is full with online health insurance offering like health insurance plans for individual, for family, for parents, group mediclaim plans. Health Insurance plans generally divided into two broad categories: Individual cover and family coverage plans.

The convenience of online shopping made it possible to compare and get most suited health insurance plans at the most affordable insurance premium.

Investigation: Investigate where you can buy health insurance. Knowing how to find best health insurance provider is key to getting the best plan from a best insurance provider. For such purpose, you can use composite online insurance brokers to get analytic view of Health Insurance offering from the top insurance providers.  Such comprehensive online insurance platform really helps you to find the best-suited insurance plans. At such online insurance portals, you can get the free insurance quotes online and purchase health insurance plans online.

Authentication: Utilize the availability of online quotes from several companies with only one application. Comparing policies will give you the best opportunity to negotiate for the coverage you desire. Ask the composite broker about the license. Quality Composite Insurance brokers will be glad to provide their licensing information. You can easily verify the information with the IRDA’s website.

IRDA MAKES MINOR CHANGES IN HEALTH INSURANCE NORMS

There would be no cumulative bonus on benefit based policies with the exception of personal accident cover

The Insurance Regulatory and Development Authority on Thursday announced minor changes in the health insurance regulations notified on 16 February 2013. 

All new individual health insurance polices except those with tenure of less than a year shall have a free look period. The free look period shall be applicable at the inception of the policy, IRDA said in a circular.

IRDA that said insurers can provide coverage to non-allopathic treatment provided if the policyholder had received treatment only in a Government hospital or institutions recognised by it or accredited by quality council of India/National Accreditation Board on Health. 

The existing guidelines extended coverage to treatment received in "any suitable institution" in addition to the above. 

There would be no cumulative bonus on benefit based policies with the exception of personal accident cover. 

Cumulative bonus may not be allowed on benefit based policies with the exception of personal accident cover, the circular added. 

All new individual health insurance policies except those with tenure of less than a year should have a free-look period which would be applicable at the inception of the policy, the IRDA said.