Online Insurance Quotes

Monday, March 31, 2014

Third Party Car Insurance rates hiked.

The revision of the motor third party premium rates are out and will be in effect from 1st April 2014. Earlier Insurance Regulatory and Development Authority (IRDA) had proposed to increase the premium by up to 137 percent. However the recent revised rates released by IRDA shows a marginal addition of around 9-20 percent (depending on vehicle type) to the existing third party premium rates.

The private car category will see an increase of around 19-20 percent while the two-wheeler category will be increased by 9-10 percent. For hired vehicles with four or more wheels and carrying capacity exceeding the number of passengers and three-wheeled passenger vehicles on hire with capacity exceeding 17, IRDA has not changed the current rates. For the taxi segment (four-wheelers for carrying passengers, on hire), a rise of 19-20 per cent was announced. For auto-rickshaws (three-wheeled vehicles carrying not more than six passengers), a 10 per cent rise in motor third-party premium was announced.

The table below will explain the increase applicable to you as per your vehicle specification (Private vehicles)
2013 (premium)
2014 (premium)
Private cars (not exceeding 1000 cc)
Private cars ( exceeding 1000 cc, but not exceeding 1500 cc)
Private cars (exceeding 1500 cc)
Two Wheelers (not exceeding 75 cc)
Two Wheelers (exceeding 75 cc but not exceeding 150 cc)
Two Wheelers (exceeding 150 cc but not exceeding 350 cc)
Two Wheelers (exceeding 350 cc)
*source - IRDA

The motor insurance segment consists of two parts – the optional own damage cover and the mandatory third party cover. Third party motor insurance is mandatory for vehicles plying on Indian roads. The third party insurance cover claims from third party arising out of accidents and damage incurred by the third party.
While no hike in existing rate is good news, the people of India can rejoice the fact that the hike is marginal and nowhere close to the proposed increase of up to 137 percent.

Looking for Life Insurance? Click below to get the best deals :


Thursday, October 24, 2013

Religare Health Insurance explores the Bancassurance channel

The bancassurance channel has always been a promising distribution channel for the insurance companies. Through it the insurance companies can use the bank's network to reach out to the different areas of the country. All major insurance companies are tied up with banks to increase penetration to the different parts of India. 
The newest in the line exploring this idea is Religare Health Insurance Company Limited (RHICL). The standalone health insurer which began operations in the year 2012 is planning tie -ups with several banks to expand its bancassurance channel. According to CEO Anuj Gulati, the company would break even by 2017-18. 
Till now banks have been following a corporate agency model where a bank can represent one life insurer, one general insurer and one standalone health insurer. The recent relaxation of the Insurance Regulatory and Development Authority (IRDA) to banks allows them to act as brokers as well. This gives the bank the option to pitch different insurance companies products to the same customer. This option is however still to be approved by the Reserve Bank of India, the regulator for Indian banks. Religare's CEO is open to tie up with banks functioning as brokers

Looking for Life Insurance? Click below to get the best deals :

Wednesday, October 23, 2013

Insurance for HIV Positive People in India

Insurance for HIV positive people in India may soon become a reality. In one of its most humanitarian moves, Insurance Regulatory and Development Authority (IRDA) of India has asked insurance companies to put in place a board approved underwriting policies with respect with life insurance for people living with HIV/ AIDS. The underwriting policy is to cover clear guidelines on life insurance with people living with HIV/AIDS (PLHA). IRDA has also asked the insurance companies to put in place underwriting policies for health insurance offered by life insurance companies to people acquiring HIV/AIDS after the commencement of insurance policy. Guidelines also facilitates conversion of the lump sum amount into an annuity for life, if the insured became HIV positive while holding the policy

Unlike India, insurance is available for the HIV people in the West. The Indian insurance market is quite aggressive on their financials and costing. The guidelines provided by IRDA are more humane and less lucrative. Experts feel that this initiative might not be welcome by the Indian Insurance Companies. That is, of course, unless IRDA decides to take a leap ahead and impose mandatory bindings on the insurance companies.

Looking for Life Insurance? Click below to get the best deals :

Friday, December 28, 2012

Max Life Insurance rewards its customers

For a policyholder of Max Life Insurance, there is a reason to be happy this New Year. The private insurer has announced a special one-time bonus for its active policyholders. The estimated amount to be distributed in this special award would be around 130 crore. The bonus shall start from February 1st 2013 and shall be awarded at the policy anniversary of each policyholder.

The parameters on which the respective bonuses would be calculated are

 1. The bonus is calculated as a percentage of annual premium.
 2. Policies with higher term of insurance would earn higher percentage in this special bonus
 3. A reinstatement which causes a policy to be active will be eligible
 4. Surrendered policies will not be eligible

The CEO and managing director of Max Life Insurance expressed his gratefulness to the loyal policyholders and said that a share of their robust growth must also be given to their customers. Max Life Insurance is a joint venture between Max India and Mitsui Sumitomo Insurance, a member of MS&D Insurance Group.

Looking for Life Insurance? Click below to get the best deals :

Thursday, November 15, 2012

Private insurer Max Life Insurance reports 6% growth

The first half of this fiscal (April 2012 – September 2012) reflected healthy figure for Max Life Insurance. Although most private players were not able to grab a profitable share, Max Life Insurance reported a 6% growth. The net profit for this period was INR 398 as compared to INR 375 for the corresponding period last fiscal.  The total premium stood at INR 2900 crore against INR 2872 crore from the last fiscal. Max Life Insurance is a joint venture between Max India and Mitsui Sumitomo, a leading general insurance company in the world.
CEO and Managing Director Rajesh Sud that the growth was primarily due to their advice based sales, diversified distribution channel, comprehensive product portfolio and superior customer experience through claims and complaint management.

Apart from the premium collection other parameters like Assets Under Management increased by 30% and the sum assured increased by 7%. Solvency surplus grew to 60% and the company’s paid up capital as on September 2012 was at INR 2127 crore. Overall the figures looks impressive despite the pressing times the insurance industry is facing due to economic and regulatory challenges.

Looking for Life Insurance? Click below to get the best deals :