General Insurance

I had taken a Home Loan Suraksha policy from HDFC ERGO General Insurance Company Ltd. bearing. This was sold to me, when I was availing of a home loan from HDFC Ltd., by
just mentioning mere facts that this policy will protect and ensure my loan repayment against 5 clauses which included loss of job. Not much details was provided, stating that I would get a call from the Insurance company explaining all details.
However no such call was received by me. Then I started following up with the insurance company for the policy documents, which I only got after almost 10 months of availing the policy( Kindly note that the free look period was over by this time…).

Now when I’m going through a difficult situation due to loss of my job and went back to the insurance company asking for claim , against the Loss of Job clause in the same policy…
They have refused to honour my claim citing all vague reasons and asking for various documents . The claim amount as stated in the policy for this particular clause is for 3 EMI’s only ( which is much lesser than the policy premium value). Also the policy document which I have received doesn’t say anything, about the various reasonings which they are now quoting so as to refuse the claim (kindly make a note of this point also)

Now, I’m in an extremely grave situation and have been running from pillar to post within HDFC ERGO General Insurance company Ltd, but haven’t got any help.

Therefore, my questions are:
1. Has anybody else faced a similar situation. If they have how was this resolved
2. Should I file a consumer court case against the company
3. Or Should I just quitely surrender the policy and take the surrender value that the company gives me…

Please advise.

Hi,

Could you also suggest some good options for Road accident, CI and health insurance policies? I have heard about Oriental Insurance’s Nagrik Suraksha road accident policy from Mr.Manish but the people at their offices in my city are not very helpful.

Thanks and regards,
Gaurav

This might have been asked several times but I just want to highlight that when we buy a term insurance for 35 years or maybe even more than that, we’re assuming that the insurance company will not pack bags and leave India. How safe is that assumption?

I was reading in Outlook Money’s recent issue that private insurance players are “fully safe” and that they won’t just leave. What gives them that assurance?

I mean, can a company not go bankrupt? What happens to an insured person if that happens? One might argue that the likes of HDFC or ICICI are safer in that respect, but we all know that the best deals are from Aegon Religare and Aviva.

Thanks,
Ram.

recently on 30/4/12 i have taken home loan with hdfc amount 20.35 lac , they have also issued me hdfc ergo insurance policy , should i continue this policy and , buy a pure term plan with riders ?

what is the procedure of discontinuing this policy ?

Hello
I am a Practising Dentist ,aged 30 yrs ,married since last 2 years and no kid right now.
Living with parents in surat city.
Currently i own some LIC Traditional policies which totally cover me for somewhat 11.5 lacs and One Birla SLI Dream plan policy for 5 lacs….
I WANT TO BUY A GOOD TERM INSURANCE FOR MY SELF ,SUM INSURED RS.50-60 LACS ONLINE…Can you suggest me?? I shortlisted HDFC Click2protect and ICICI Pru icare.
I WANT TO BUY A Good ACCIDENTAL Policy.. Can you advise me what should be the cover for that? Which one can you suggest me..
Currenlty I own One Lac SI, Reliance healthwise policy for myself and 2.5 lacs coverage of NEW INDIA ASSURANCE CO.LTD Mediclaim for myself.
Need your advise.
REGARDS,

M
surat

I am 22 years old and have just started working. I have a term policy from Aegon Religare with CI rider and Personal accident rider.

With the rising costs for hospitalization nowadays, I felt that I need a health insurance. Then I realized that the probablity of me having a critical illness in coming years is very less. Also, I learnt about cases where the health insurance companies abruptly increase premium rates suddenly. So I decided to opt for only personal accident policy as I could meet with an accident anytime. Further, I also learnt about the Critical Illness general insurance which gives lumpsum when some critical illness is diagnosed.

But I am pretty confused with all this as there are a lot of products in the market. I tried surveying most but it is very confusing and unclear in my mind with respect to future prospects. Am I right with my understanding? Please correct me if needed.

Further, my mother is diagnosed with diabetes and my father is also expected to in near future. They are 46 and 54 years old respectively. I want to be prepared for any medical emergencies related to my parents in near future. Please suggest options for the same.

I also thought of health policies for my parents but the premiums go on increasing every year and existing illnesses are covered only after 4 years. Also, I cannot afford all of this together. It restricts me a lot in other investments towards equity, shares, etc.

Please help. Thanks in advance.

Regards,
Gaurav

The question isn’t how beneficial this critical illness rider is – it sounds very beneficial to me. But, how technically restrictive is this? I mean to say – take a look at Aegon Religare’s wordings in this document at http://buyonline.aegonreligare.com/images/AEGON-Religare-WOP-Rider.pdf.

While I’m not a doctor (Ramesh…your inputs would be highly valued since you are one) – the wording sounds too restrictive…almost like a technical book where they’ve said that the sun and moon should align in a particular way and only then we will pass this critical illness claim .

I might be wrong because I’m a layman as far as high sounding medical terms are concerned. Maybe the terms are all normal. But I got the feeling that if someone has cancer of a specific degree and not of a specific type and so on or if he has a bypass of a particular type only then the claim will be passed. It’s like the exclusions and specifications in the policy wording are so detailed that the insurance company could find a loophole.

Thanks,
Ram.

Say that a 30 year old buys a term insurance (up to 75 years one from Aegon Religare or Aviva) and the premium is set at Rs. 18,000 (for example). Does this premium change each year until you reach 75 or do you have to pay the same 18,000 per year for life until the age of 75 (assuming you don’t die)?

If the premium does not change, then should we not, ideally, depreciate the premium amount we are paying by the inflation rate per year? So, in our example, we would reduce the value of 18,000 per year by 7% (let’s assume inflation is going to average at 7%) and so the total amount you would pay till the age of 75 years would actually be not 18,000 * 45, but (I did this in excel) around Rs. 2,47,327. Right?

Thanks,
Ram.

Hi,
I bought a second hand car and did the name transfer of RC. But I havent transferred the name in Insurance. Now Im planning to transfer the Insurance to my name and below are some points where I need clarification.
1. If I do the name transfer of Insurance, will the NCB % maintained by the previous owner be transferred to my name? I checked with the insurance provider but he denied the same.
2. If I opt to change the insurer, the NCB with the previous insurer be transferred to the new insurer? In my case the current insurer is Shriram and I want to change the insurer to TATA AIG. Will the NCB maintained with Shriram be transferred to TATA?

@ all LIC fans and agressive campaign by LIc nowadays in newspapaers or the TV….”LIC hai to aur kahin kyun jana”

Think plain vanilla facts

1. LIC is oldest player in insurance segment. Claims ratio is a confusing thing as it also takes into account the endowement claims which iam sure most indians are trapped intoo.!

2. Religare, Aviva, Icici pru, HDFC, Kotak are comparitively new entrants……. So the numbers don favour them…..But jst think any 1 of these is not a small player to put a genuine claim at stake.

3. Pvt players are pitching in now as INDIA is a market where lot of money can be absorbed frm insurance segment…..The market in india is too wide in scope in a long term perspective too let them make genuine deliberate mistakes.

4. IF u r a NON smoker/ Non alcoholic and state ur health in true fashion ……THERE is no way that any of these will deny a genuine claim.

5. LIC is leveraging high premiums as it is the largest player in this segment.

6. Take the chepaest term plan of x amt insured frm any of the above and forget bt the claim ratio its too biased a figure to deliberate upon……

7. 15 years down the lane all insurance providers will be at par…..LIC will be an extinct species then .

THINK …..analyse…..THe medulla we are gifted with naturally due to evolution is generally wasted in the HERD followance…..USE IT and take a conscoius decision…..Numbers are creation of human beings THEY are not ABSOLUTE…….