Showing posts with label Bonsai Insurance Broking. Show all posts
Showing posts with label Bonsai Insurance Broking. Show all posts

Sunday, November 2, 2008

Keyman Term Life Insurance in India by Mahavir Chopra






News and Reviews exclusive: Wondering what will happen to your flourishing business when the ‘keyman’ — either you or your director or some key persons who, on account of their specialized, skills, foresight and business acumen, bring greater revenues, profits, brand-value to the organization is no longer there. Certainly, the sudden departure of key professionals from a growing organization can have a negative impact on its future prospects. A Keyman Insurance can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of the member of the business specified on the policy. Click to read on …



A company purchases a term life insurance policy on the key employee, pays the premium and is the beneficiary of the policy. If that person dies unexpectedly, the company receives the insurance payoff. A keyman insurance policy helps the company survive the blow of losing people who make business happen.



Anybody with specialized skills, whose loss can cause a financial strain to the company are eligible for Keyman Insurance. For example, they could be:


- Directors of a Company

- Key Sales People

- Key Project Managers

- People with Specific Skills


Tax Implications - for Employer


A Company buying key man insurance for its employee can claim a deduction for the premium paid for the policy as a business expense under Section 37(1) of the Income Tax Act. The Claim amount received by the company, however, is completely taxable.



The Company also has the option to assign or endorse the insurance policy in favor of the key employee (keyman) who has been insured under the keyman insurance policy. If such an assignment happens when the keyman is an employee of the company or at the time of retirement, the surrender value of the policy at the time of assignment is taxable in the hands of the keyman as “profits in lieu of salary” and taxable at the applicable tax rate. The maximum marginal rate of tax in the hands of individuals is 33.99%. Where no employer-employee relationship exists at the time of an assignment, such surrender value or any other payment is taxable as “income from other sources” in the hands of the keyman. The tax incidence is the same as above. The CBDT circular, which provides guidelines in respect of taxability of amount received under keyman insurance policy, does not, however, provide any guidance on tax implications in the hands of the keyman when he finally receives money from the insurance company.


To get our customized ONE PAGE Comparative Quotes, Please provide the following information and attach a sheet with detailed list of employees, with date of birth and coverage required and send it to us at info@insurancebrokerindia.com


a. Your Name

b. Your Designation

c. Name of Organization

d. Locatione. Phone

f. How many key employees do you want to cover?


By


CEO - Bonsai Insurance Broking


Insurance Online - http://www.insurancemall.in/


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Keyman Term Life Insurance in India by Mahavir Chopra






News and Reviews exclusive: Wondering what will happen to your flourishing business when the ‘keyman’ — either you or your director or some key persons who, on account of their specialized, skills, foresight and business acumen, bring greater revenues, profits, brand-value to the organization is no longer there. Certainly, the sudden departure of key professionals from a growing organization can have a negative impact on its future prospects. A Keyman Insurance can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of the member of the business specified on the policy. Click to read on …



A company purchases a term life insurance policy on the key employee, pays the premium and is the beneficiary of the policy. If that person dies unexpectedly, the company receives the insurance payoff. A keyman insurance policy helps the company survive the blow of losing people who make business happen.



Anybody with specialized skills, whose loss can cause a financial strain to the company are eligible for Keyman Insurance. For example, they could be:


- Directors of a Company

- Key Sales People

- Key Project Managers

- People with Specific Skills


Tax Implications - for Employer


A Company buying key man insurance for its employee can claim a deduction for the premium paid for the policy as a business expense under Section 37(1) of the Income Tax Act. The Claim amount received by the company, however, is completely taxable.



The Company also has the option to assign or endorse the insurance policy in favor of the key employee (keyman) who has been insured under the keyman insurance policy. If such an assignment happens when the keyman is an employee of the company or at the time of retirement, the surrender value of the policy at the time of assignment is taxable in the hands of the keyman as “profits in lieu of salary” and taxable at the applicable tax rate. The maximum marginal rate of tax in the hands of individuals is 33.99%. Where no employer-employee relationship exists at the time of an assignment, such surrender value or any other payment is taxable as “income from other sources” in the hands of the keyman. The tax incidence is the same as above. The CBDT circular, which provides guidelines in respect of taxability of amount received under keyman insurance policy, does not, however, provide any guidance on tax implications in the hands of the keyman when he finally receives money from the insurance company.


To get our customized ONE PAGE Comparative Quotes, Please provide the following information and attach a sheet with detailed list of employees, with date of birth and coverage required and send it to us at info@insurancebrokerindia.com


a. Your Name

b. Your Designation

c. Name of Organization

d. Locatione. Phone

f. How many key employees do you want to cover?


By


CEO - Bonsai Insurance Broking


Insurance Online - http://www.insurancemall.in/


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Friday, May 16, 2008

Clients cheer as insurance gets the Net edge - Economic Times



Economic Times News

MUMBAI: The benefits of de-tariffing in non-life insurance is finally trickling down to individuals. Insurance brokers have started providing aggregations services, offering quotes across a range of insurance companies to retail buyers of property, auto or health insurance. The key difference between a broker and an insurance agent is that unlike an agent, who pushes products for an insurance company, the brokers represent the customer and are expected to get their clients the best deals from across companies.


So far, insurance brokers had been constrained by regulations that required that any person selling insurance be a fully-qualified insurance person. Also, brokers were not allowed to have sub-brokers’ selling insurance. As a result of these restrictions, brokers focused only on high-networth corporate customers. Corporates made the best of de-tariffing by playing up one insurance company against the other.


But now insurance brokers have found out that by leveraging the power of the internet, they can aggregate quotes from across companies and offer the best rates to individuals. Insurance broking firms Optima Risk Management and Bonsai Insurance Broking services have managed to tie up with insurance companies, allowing buyers to purchase cover directly over the internet. Optima offers quotes through its website click2insure.com while Bonsai’s site is http://www.insurancemall.in/.


For the consumer, what this means is s/he can purchase the cheapest health or auto insurance online in the same way s/he compares and buys air tickets online. Another silent revolution that has made this possible is the outsourcing of claims servicing by insurance companies. Both in health as well as motor insurance, companies are offering cashless servicing of claim servicing through tie-up with either third-party administrators or auto dealers.


“Involvement of the branch has gone down drastically. The location of the branch, therefore, does not matter for the customer,” said Optima Risk Management MD Rahul Aggarwal. But the cashless service has not evolved to the extent that policyholders can get service from across service providers. This means that if either the car is repaired at a not-networked workshop or the policyholder is hospitalised outside the TPA network, the documents will have to be forwarded to the policy issuing officer for reimbursement.


According to Mr Aggarwal, after the purchase, the buyer can get the receipt and proof of insurance through email almost immediately. The brokers are also able to extend the benefit of no-claim bonus based on proof of no-claim, either in the form of a renewal notice or through a letter issued by the insurer, who has issued the expiring policy.


Mr Aggarwal anticipates retail business to get much bigger than corporate business. He expects to generate a premium of Rs 500 crore from a 10-lakh customer base in the next three to five years.


With auto and health insurance dominating the non-life market and private life insurance almost doubling every year, international insurers have also started showing interest in retail. Howden India, an affiliate of the UK-based Hyperion group, has shown interest in distributing life insurance products for multiple companies in India.


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Tuesday, May 6, 2008

Online Insurance in India is welcome - by MKJ

As they say ‘change is inevitable’ or the only this that is constant is ‘change’. Insurance in India fits this adage very well. I remember the times, when we heard new generation of Insurance around 7-8 yrs ago when Indian Parliament had just passed the revolutionary IRDA bill. Indian Insurance world changed since then.

All big MNC names were making rounds to find a suitable bride (Partners) for their Indian Operations. I was lucky to be part of that change and was lucky to meet some of the best minds with their recently appointed County Heads. Then, it was still AIG / Allianz / Tokiyo, Lombard / AMP or Chubb. Things were moving very fast and practically every one was looking at best Indian brand to partner with. Soon, durable partnerships were announced (we see today) with the exception of Chubb and AMP abandoning their Partner HDFC / Sanmar since they chose to exit the great Indian Insurance market.

In those strategic meetings, mostly we discussed new innovative products and effective but profitable channel of distribution. Particularly, for the General Insurance segment, we were facing a daunting task of relevant data, including loss ratios so that a smart insurance product could be built for Indian customers. The old players of this industry i.e. the Govt. of Indian Insurance Companies were reluctant to share the data and very much righty so as the winner in Insurance game is only that who could underwrite the risk well. Other wise, what is the difference between FMCG and Insurance business model?

Well with not much of luck, most of the Insurance companies now with their Indian partner and rechristened names viz. Tata-AIG / Bajaj Allianz / ICICI Lombard / Iffco Tokiyo picked the clues from international markets including re-insurance companies like Swiss-Re / Munich-Re etc. And look at where we stand today. Indian Insurance products are perhaps 30% cheaper than international markets and the best news is that the Insurance companies are well on their profitable / break-even path. This is our genius or I would say smartness of Indian Insurance Underwriters and Business Development guys who managed to achieve critical mass with less loss ratio at an amazing speed.

Why LIC is most famous and aggressive Life Player in India? Because, besides products they have the extensive-most distribution channel any business development or marketing guy could ask for. The Feet on Street (FOS) and branch offices across big and small towns makes Life Insurance Corporation of India (LIC) as giants. Naturally, new players could not afford to put so many new staff on their pay-rolls so; they came out with an innovative strategy of Bankassurance, with terrific success.

In my initial days with Insurance Industry as I came from Financial Services (FOREX and CREDIT CARD) background, every thing was naturally raw and new. But I could see that Insurance has terrific potential to create wealth for Indians besides heralding a revolutionary new business model. The key catch for success in Insurance apart Underwriting is DISTRIBUTION. You may be wondering, why I am sharing this. Well, as we know Change is the only constant in this universe and here are some more changes in the Indian Insurance Industry. This time it is for Online insurance.


The new buzz word is Online Distribution of Insurance today. The credit goes of ICICI Lombard, who were the first player to see Insurance Online when their competition were still hiring more Feet of Street (FOS), spending millions on wasteful advertizing or opening new branches. ICICI Lombard perhaps is the only company in the world that has huge a depth of Online Products ranging from Travel Insurance to Motor Insurance. Bajaj Allianz followed suit and came out with their smart Online Products too. Both these companies, if I am not wrong, are doing over USD 30 million worth of business every year.

Of Course, if we look at the total Indian Insurance Size, which is over USD 30.00 billion, this sounds like a small amount. But mind you, 75% of total Insurance industry in India is Life Insurance where we still don’t have a single Online player.

Looking at the opportunity and need for a neutral player not selling only A or B Insurance company product, Bonsai Insurance Broking launched India’s first Online Compare and BuyNow Insurance Portal in 2007. The concept is like a shopping Mall where a customer could get all types of policies across Insurance companies at his or her pace without any agent chasing them. The Online Brand is InsuranceMall. Being an Insurance Brokers, unlike an Agent, Bonsai works for the customer. The USP of an Insurance Broker is that it negotiates on behalf of its customer with Insurance companies, hence a sort of guarantee of a right product at a right price. Since our foray into On-line business, we have come a long way, servicing over 50,000 customers. Being the only player in the market is very lonely as traditional Insurance Brokers are Off-line Corporate Sales focused.

But today, I am happy to share that we have competition. Competition is important as it creates a demand pull and pressure back to players, be it Insurance Companies or Insurance Brokers or Insurance Agents. To the best of my knowledge, now India has 3 types of Online Insurance intermediaries who are changing the landscape of how Insurance is bought or sold today. They are:

1. Online Insurance Brokers – Neutral. You can Compare and Buy Policies Online
2. Online Insurance Lead Generators – Collects your Info. Sells lead to Insurance Companies
3. Online Insurance Information Companies – Knowledge bank

Of Course, besides these 3 important players, we have Corporate Agents who solicit business for a Life or Non Life Insurance Company. They are Banks, FI or Travel Agents.

For simplicity sake, let me stick to the Online Insurance Intermediaries as they are agent of change for Insurance in coming times. They are the one who would see the maximum growth in penetration and also will be responsible for new products and aggressive marketing campaigns. They are the one who will get VC or Private Equity participation soon. Very soon.

1. Current Online Insurance Brokers in India (approved by IRDA)

Bonsai Insurance Brokers – http://www.insurancemall.in/
A & M Insurance Brokers - http://www.insurancepandit.com/
Insol Insurance Brokers – http://www.clicktocover.com/


2. Current Online Lead Generators in India

Apna Loan Pvt Ltd. – http://www.apnainsurance.com/
Deals 4 Loans Pvt Ltd. – http://www.bimadeals.com/
Peacock Financial Advisors Pvt. Ltd – http://www.getmeinsure.com/

3. Online Insurance Information Company in India

MFL Net Services Pvt. Ltd – http://www.bimaonline.com/

You may have a direct question. Who will win this On-line race amongst Insurance players in India?

I would say winner will be, absolutely the company that has knowledge and expertise of Internet, SEO, SEM and Insurance Domain. We all know, many new-generation companies were before Google in Search Space but what made Google the power-house was its ability to understand Online Psyche which is way different from Off-line business model. The Online customers are in hurry. Their tolerance level is far less than a Brick & Mortar Insurance Agency set-up. Online customers don’t want GYAAN (too much of Info or Processes before buying) but would want the easy and ability to transact. Online Insurance Portals are not Social Networking Sites, where a visitor would spend hours chatting or sharing his / her pictures with his or her friends. It is a financial services site where the customers want the guarantee that their personal information will be protected, their payment is secured and the quotes are accurate to the last penny.

I am more than happy to see new players joining the Online Insurance market now in India which only mean better products, better services and better premium for consumers. The credit accrues to the Regulator IRDA who has this vision to see Insurance Products reaching across length and width of India. Naturally what is better way other than pushing Online! A customer sitting in Patna or Trivandrum or Kashmir or Orissa has now a level playing field in terms of product availability as his security is just a click away.

I am really excited with the future of Insurance in India particularly Online Insurance. I will be thrilled, if soon we hear the news on India’s first Online Insurance Company viz. GEICO.com or Progressive.com of America. Who knows, they may be on their way to India as USD 30.00 billion market is not readily available any where in the world other than China. Perhaps, that will be the epitome of growth of Indian Insurance and we will all welcome it.

Cheers!

Manish K. Jaiswal
CEO – Bonsai Insurance Brokers Pvt. Ltd.
http://www.insurancemall.in/
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Sunday, April 20, 2008

You must take Home Insurance to Cover Theft, Fire, Flood and Earthquake risks

Besides your life, family and health, Home is the most precious asset you build and conserve. Home is always close to ones heart whether it is in mega polis or in a small town. No wonder, we spend 25-40% of our monthly income on our home sweet home, to ensure that it is in our ownership and safe at all times. But, surprisingly we mostly ignore to cover our precious home from Burglary, Flood or Earthquake that may render huge loss without warning.

Fortunately now, with the advent of New Insurance Companies, interesting and comprehensive plans are available in the market. You are welcome to compare them and buy Choice Home Insurance Policy from http://www.InsuranceMall.in . If you want to cover save your home in United Sates, then this click link is your solution - http://USA.InsuranceMall.in – Home.

I take this opportunity to quickly give you a broad definition and features of Home Insurance in India . Also you will find an interesting comparison on various plans available in Indian market. You are the best judge to choose which Insurance plan suits your need the best.

Home insurance policy available in the Indian market covers broadly 3 things:

· Building structure
· Contents inside the home
· Value Add (Table appended)

Insurance Covers for a Building Structure are:

· The Fire and Special Perils Cover
· Earthquake Cover: Covers damages to the structure of your house due to earthquake
· Terrorism Cover: Covers damages to the structure of your house due to acts of terrorism

Insurance Cover for Contents Inside the Home:

· This cover is only for damages or loss of the contents inside the home -electronic and electrical goods, furniture and fixtures, clothing, jewelry and any other contents inside the home.

This insurance policy (also called Standard Fire and Special Perils Policy) offers protection against the risk of loss or damage due to:

· Accidental fires, lightning, explosion and implosion due to pressure vessels
· By rioting mob, striking workers, malicious acts by third parties or terrorists
· Impact damage by any Rail/road vehicle or animal by direct contact
· Aircraft and other aerial devices
· Subsidence and landslide including rock slide
· Natural calamities like storm, cyclone, typhoon, hurricane, tornado and flood
· Damages caused due to bursting or overflowing of water tanks and pipes
· House Breaking & Burglary (Forced looting)
· Earthquake

The policy pays for the actual cost of repairs, replacement or setting up of the item lost or damaged. However, claim settlements are subject to the market value of the property damaged at the time of loss upon an overall limit of the sum insured opted.
To avoid any surprise at the time of claims, you must to put-in and declare full list of property to be insured with values (Clothes, domestic appliances etc.). As people use more and more electrical gadgets in search of a luxurious lifestyle, the risk from fire accidents have increased manifold. A fire insurance policy acts as the bulwark against such potential perils.

Comprehensive Home Insurance Products – A quick comparison


Compare and BuyNow Home Insurance Online
https://www.insurancemall.in/Forms/frm_G_Search_Home_Insr.aspx?qsInsr=L&qsInsrTypId=IT0007
Article Link
https://www.insurancemall.in/I-Opener/category/Home-Insurance.aspx
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Thursday, April 17, 2008

Reliance Healthwise Policy




For quick link and BuyNow


https://www.insurancemall.in/I-Opener/post/2008/04/Product-Review-Reliance-Healthwise.aspx


Name : Reliance Healthwise Gold
Category : Regular Health Insurance/Mediclaim
Product Rating : 4.0 on 5 Stars
Service and Response Record : 2.0 on 5 Stars
Claims Record : Not measurable, as relatively new product


Product Features




  • For the first time in India, Critical Illnesses are also covered in a Health Plan


  • A separate Double Sum Insured is automatically available as soon as any of the listed critical illnesses is diagnosed.

  • 24 hours cashless facility at more than 3000 network hospitals.
  • Income Tax benefits under Section 80 D.
  • Options in duration of coverage – 1 year/2 year policies available.
  • Family Floater benefit giving comprehensive protection to your family members under one single Policy.
  • Discount on renewal premium for claim free policy.
  • Coverage of pre-existing conditions after 2 years/4 years as per plan opted.


What does this Policy cover?


Depending on the Plan opted by you, your Reliance HealthWise Policy covers:


Hospitalisation Expenses - Expenses incurred towards



  • Hospital (room, boarding and operation theatre)

  • Doctors & nurses

  • Medical tests

  • Medicines, blood, oxygen, appliances etc.

Day Care Treatment - Medical expenses towards specific technologically advanced day care treatments/surgeries where 24 hours of hospitalisation is not required.


Domiciliary Hospitalisation - All expenses related to a medical treatment, which is being administered at home, subject to specific conditions applicable.


Pre and Post Hospitalisation - Medical expenses related to your treatment before and after hospitalisation for a specified number of days.


Pre-Existing Diseases - Coverage of pre-existing diseases after two/four continuous renewals with us.


Critical Illness - Your Sum Insured is automatically doubled separately for treatment of Cancer, Coronary artery bypass surgery, First heart attack, Kidney failure, Multiple sclerosis, Major organ transplant, Stroke, Aorta graft surgery, Paralysis and Primary pulmonary arterial hypertension.


Donor Expenses - All hospitalisation expenses incurred by the Donor in case of major organ transplant are covered.



What are the value added benefits available?


Reliance HealthWise Policy offers a host of value added benefits, depending on the Plan opted by you. These include:



  • Daily Hospitalisation Allowance for a maximum period of seven days.

  • Nursing Allowance for a maximum period of five days, on recommendation of the treating Medical Practitioner.

  • Reimbursement of charges towards Local Road Ambulance Services.

  • Recovery Benefit of Rs. 10,000/- in case of hospitalisation for more than ten consecutive days.

  • Expenses of an Accompanying Person at the Hospital/Nursing Home for a maximum of five days.

  • Cost of Health Check up at the end of a block of four years, provided there were no claims reported.



What are the additional features of this Policy?



  • Family Floater - Covers your family on a floater basis applicable to a maximum of four persons comprising of you, your spouse and two dependent children under the age of 21 years. Example- If Mr. Sharma and his family choose a regular health insurance plan with Rs. 1 lakh Sum Insured each; they would have to pay individual premiums for each member of the family. In addition, the cover for each Insured member would be only up to one lakh, even if the treatment costs beyond Rs. 1 lakh. But, if they take a Policy of Rs. 3 lakhs for the entire family under a floater Plan offered by Reliance HealthWise Policy, anyone from the family can claim up to Rs. 3 lakhs.


  • Renewal Discounts - Equivalent to 5% of renewal premium, if there are no claims in the previous year.


  • Income Tax Benefit - Premium eligible for deduction under Section 80 D of the Income Tax Act.


Who are covered under the Policy?



  • Children above the age of three months and adults below the age of 65 years.

  • Children between three months and five years can be covered only if one or both the parents are covered.

  • Maximum age to enter the Plan is 65, 60 and 55 for Standard, Silver and Gold Plan respectively.

Policy Options



Choose your plan -You may choose any of the following plans



  • Reliance HealthWise Policy - Standard

  • Reliance HealthWise Policy - Silver

  • Reliance HealthWise Policy - Gold


Two-Year Policy - Continuous coverage for two years without the hassles of annually renewing your Policy.


Wide range of Sum Insured





  • Standard - 1 lakh to 5 lakhs

  • Silver - 1 lakh to 5 lakhs

  • Gold - 1 lakh to 5 lakhs



What does the Policy not cover?


some of the major exclusions under the Policy.



  • Certain ailments are not covered in the first year of the inception of the Policy. However, they are covered from the second year onwards. These are Cataract, Benign Prostatic Hypertrophy, Congenital Internal Diseases, Fistula in Anus, Piles, Hysterectomy for Menorrhagia or Fibromyoma, Hernia, Sinusitis and related disorders. This exclusion will not be applicable for roll over cases and renewals.

  • Pre-existing illness will not be covered for the first two/four years, as per the Plan opted.

  • Any disease contracted during the first 30 days of inception of Policy. This exclusion will not be applicable for roll over cases and renewals.

  • Treatment of pregnancy & childbirth-related complications.

  • Suicide, self inflicted injury or illness, mental disorder, anxiety, stress or depression, use of alcohol or drugs.

  • Diseases such as HIV or AIDS.

  • Cost of spectacles, contact lenses and hearing aids.

  • Dental treatment or surgery of any kind unless requiring hospitalisation.

  • Expenses on vitamins and tonics unless forming part of treatment for disease/injury.

  • Naturopathy treatment or obesity related treatment.

  • War, terrorism and nuclear weapons induced hospitalisation.

Common Questions?



1. Why is it so cheap compared to other plans?


Every Company is free to have its own pricing philosophy.Reliance as a group has always been associated with mass selling, market share grabbing, price driven marketing tactics. This is one of them. So enjoy!



2. Though it is mentioned that Pre-existing is covered after 2 years, you say proposal would be rejected if there is mention of any pre-existing illness/condition? Is this not contradictory?



What this means is that, if the proposal is accepted, pre-existing would be covered from third year. At the same time we would clearly inform you that in 99% of cases we have observed that such proposals are rejected.


3. What is the procedure to buy Reliance Healthwise?


The following is the process, once you have placed the order through the order link:


https://www.insurancemall.in/Forms/frm_G_Search_Page.aspx?qsInsr=L&qsInsrTypId=IT0015


Buying process for below Age 45 Cases:


1. We would send you the Health Cards by courier in 2 working days from the payment day. 2. There would also be enclosed a filled in form. You need to Sign the attached proposal form at 2 places and courier to it in the self addressed envelope sent along with the Health Kit. The Parcel comprises of 2 forms – one pre-filled and one blank, as back up in case you have any changes to make. 3. Kits would be activated in 2 working days from the date of receipt of the signed proposal form 4. Insurance Schedule and Income Tax Certificate will be sent within 15 working days from the day of receiving the signed proposal form


Buying process for Above Age 45 Cases:



1. Customer Care would send you a proposal form and a self addressed stamped envelope.2. You need to fill and sign the proposal form3. Submit the following Health Test Reports:3a. Blood Sugar Fasting & Post Prandial (Random Sugar Report will Not Suffice)3b. Urine Sugar Fasting & Post Prandial3c. Urine Routine Report3d. ECG with clear remarks from doctor3e. Questionnaire as attached duly filled in & signed in by doctor.
Please Note: [Any Diversions/Abnormality observed in the above Health Test reports, may reject the proposal at Reliance, as per their revised guidelines.]

4. Payment Options:


a. Payment through Secured Payment Link from where you can make the payment: https://www.insurancemall.in/forms/frm_T_Pay_Insurancemall.aspx b. You could also send us a cheque favoring Reliance General Insurance Co. Ltd. with the courier mentioned above.5. Post/Courier the same in the envelope provided6. Email us once you have completed Step 1 to 57. We would send you the Health Cards in 7 working days from the day the courier is received by us.8. Insurance Schedule and Income Tax Certificate will be sent within 15 working days.


Quick link and BuyNow


https://www.insurancemall.in/I-Opener/post/2008/04/Product-Review-Reliance-Healthwise.aspx

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Tuesday, April 8, 2008

Apollo DKV Health Insurance ties up with www.Insurancemall.in



New Delhi, 08 April ’08: Apollo DKV, with its vision, “To provide affordable and innovative health insurance solutions to every citizen of India and become their first-choice partner in positive health”, today announced its tie-up with Bonsai Insurance Broking Pvt. Ltd., a leading Insurance Broker in the General Insurance segment for online insurance shopping through its website http://www.insurancemall.in/. The tie-up would offer customers a comprehensive solution for purchasing health insurance products over the internet.

In its continuing endeavor to make healthcare accessible to the people of India, Apollo DKV’s strategic plan is to bring world-class insurance experience to consumers across India. This tie-up is yet another step towards offering unparalleled product range and value to its customers. The company plans to have a national presence across 25 cities by the second year of operations and spread to over 100 locations by 2010.

The tie-up will provide the common man with indigenously developed ‘quote-engines’ to compare, choose and buy Insurance online. The website also offers complete portfolio management (renewal auto-reminders to advisory) and claims assistance on policies purchased. The website endeavors to give the common Insurance buyer complete power of information and decision making.

Speaking on the tie-up, Mr. Chandrasekhar, CMO, Apollo DKV, said, “Apollo DKV is putting in a concerted effort at expanding the health insurance category and making it more affordable and accessible. Partnerships like this with Bonsai Insurance Broking for purchasing online Insurance reiterates our commitment towards the same and would enhance customer satisfaction.”

Commenting on the tie-up, Mr. Manish Jaiswal, CEO and MD, Bonsai Insurance Broking, said, “It is our pleasure to be associated with Apollo DKV a highly respected health insurance company from one of Asia’s leading healthcare group and a highly trusted brand in India. At Bonsai, we always provide exciting and interesting deals for our partners. Through this tie up we are looking at a fruitful association of building relationship with the loyal customers of Apollo DKV.”

About the promoters:

The Apollo Hospitals GroupApollo Hospitals group is a pioneer and leader in corporate healthcare in India and currently owns and manages 42 large tertiary care hospitals, 60 primary care clinics, and the largest retail pharmacy chain of over 600.
The other interests of the group include, wellness and disease management, holistic medicine, clinical research, Medical BPO, IT in health care, Medical and paramedical education and third party administration of health insurance.
Apollo Health City, Hyderabad the first functional health city in Asia, truly represents the integrated nature of the group housing under one roof.

The uniqueness of the Apollo hospitals is in uniting the exceptional clinical success rates and superior technology to match the best in the West with centuries-old traditions of Eastern care and warmth. The hospitals in the group have treated over 14 million patients from 55 countries.
Apollo Hospitals being the country’s largest provider network has excellent relations with all the insurers in India, currently underwriting health insurance and will continue its good relations with all the insurance companies as a provider of care.

DKV is the European market leader and one of the world’s top five private health insurers. In 2006 the company reached a gross premium income of € 5bn with 7.3 million customers. With its Think Healthcare!® strategy DKV provides insurance coverage, healthcare services and medical care from one single source. DKV is represented across Europe (Belgium, Germany, Great Britain, Luxembourg, Norway, Spain, Sweden) as well as in Asia, i.e. China, South Korea and India. DKV’s headquarters are based in Cologne, Germany. The company is a member of the ERGO Insurance Group and thus part of the Munich Re Group, one of the world’s largest reinsurer. Further Information at http://www.dkv.com/

About Bonsai International Group:

Bonsai, founded in 2004 is an integrated full service financial services group of companies into Insurance Broking and Money Changing. The website is part of Bonsai’s vision to provide customers with tech-leveraged innovative solutions. Headquartered at Mumbai and offices in Bangalore and New Jersey-USA, Bonsai has served over 200000 customers in the last two years through the offline medium. More information at http://www.bonsaiinternational.com/

About InsuranceMall.in

http://www.insurancemall.in/ launched in June 2007 by Bonsai Insurance Broking Pvt. Ltd., is India’s First Neutral Insurance Shopping Website providing complete Insurance solutions claims assistance. The website endeavors to give the common Insurance buyer complete power of information and decision making while shopping for Insurance.

For more information please visit http://www.insurancemall.in/

Media Contact
Mahavir Chopra +919867594264
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Monday, April 7, 2008

Health Insurance in India. Your queries answered.

1. What is a Health Cover. Pls give layman Definition for better understanding?

Check this link:
http://www.insurancemall.in/blog/post/2008/04/Health-Insurance.aspx

https://www.insurancemall.in/Forms/frm_G_Search_Page.aspx?qsInsr=L&qsInsrTypId=IT0015


2. Why is Reliance Cheaper - quick comparison Chart Vs ICICI / Bajaj / United / Star / DKV ?

Every Company has its own way of pricing its products, as per its own internal marketing and underwriting guidelines.
Please note that although, Reliance is a cheaper product, it does not accept cases where the customer has any illness while submitting the proposal form.
Otherwise, Reliance Healthwise Gold is currently the cheapest and the best featured Health Insurance product in India. It has some really good features like Double Critical Illness cover at a very attractive price.

3. What is Individual Plan Vs Family Floater ?

A Family Floater plan is a group cover with a group limit on the cover which means the sum insured is shared amongst all members of the family.
For e.g. Mr. Kumar takes a Family floater for his family comprising of him, his wife and his daughter of Rs. 2 Lakhs.
All of the family members of Mr. Kumar can collectively claim Rs. 2 lakhs in a given year. So If Mrs. Kumar has claimed Rs. 80000 during the year, all the members [including Mrs. Kumar] can claim upto Rs. 1.20 Lakh for the remaining period.
Note: Currently Insurance Companies provide Family Floater in combination of only following members – Husband, Wife and Dependant Children generally upto age 18.

4. What is the Health Insurance buying process at InsuranceMall?

Reliance Healthwise and ICICI being an instant policy, has a different procedure
The general procedure is as follows:
- Once the customer has made an order and payment, you will get an acknowledgement of receipt of Order and Payment.
- the customer care will email/courier the relevant proposal form with self addressed stamped envelope which the customer needs to scan/courier and send it back to http://www.insurancemall.in/ .
- On receipt of the proposal form, the same would be submitted to the Insurance Company for issuance of policy.
- Generally Policies would be delivered within 10 working days from receipt of the proposal form.

Procedure for Reliance Healthwise:
- Once the customer has made an order and payment, you will get an acknowledgement of receipt of Order and Payment.
- The customer care will send by courier:
i. a pre-filled proposal form
ii. inactive Health Cards
iii. Our Self Addressed Stamped Envelope

- You need to sign on the proposal form and send it back in the envelope.
- On receipt of the proposal form, the same would be submitted to the Insurance Company for issuance of policy.
- Generally Policies would be delivered within 10 working days from receipt of the proposal form.

5. Is Maternity Covered in any Plan ?

Maternity is covered under Apollo DKV Exclusive and Premium products, but with a waiting period of 4 years. So one can claim only after 4 years of renewal.

6. Is PED (Pre-Existing Disease) Covered in any Plan and when?

Pre-existing illness/disease is not covered from same year.
Most Plans cover pre-existing from the 4th year.
There are some plans which offer better but partial pre-existing cover
i) Star Health Red Carpet covers 50% pre-existing for people between 60 to 69 from the second year.
ii) ICICI Health Advantage covers pre-existing from the 3rd Year.
iii) Bajaj Silver Health – for senior citizens covers pre-existing from the 2nd Year.

7. Can I get Tax benefits for my purchase of Health Insurance from InsuranceMall?

Yes, you will get all benefits from your Health Insurance that you enjoyed earlier.
Insurance Companies will issue Income Tax Certificates for the same.

8. How is InsuranceMall different from my friendly neighborhood Agent?

- Excellent Combination: At InsuranceMall you will enjoy the combined of benefits of a system driven company and a personalized agent
i. You will not be dependant on one agent/one Company for your products. We will offer neutral advice based on your requirements.
ii. At the same time, we would strive to have one customer service executive handle your entire requirement, so that you get personalized service.
- Wider Choice: An agent/An Insurance company employee would be able to offer you limited no. of products from limited no. of companies. We don’t have any such limitation.
- Speedy Service: We estimate our delivery and response to be atleast 30% more than any agent/Insurance Co. Check it out for yourself.
- Top-end Online Management:A proprietary host of online services likeTrack your Policy : All your policies bought online would be available for any-time download.Manage your Policy: Upload your existing policies and get your complete portfolio analyzed instantly.

9. Will it not be good that I buy directly from Insurance Company rather buying online at InsuranceMall?
Every Insurance Company has a basket of good and not-so-good products. We help you buy the good products from each basket. We provide you with one stop solutions across all Companies and products.
You may buy your policies from different companies, but it would be difficult to manage contact, records and claims for so many different companies, compared to a FREE solution at hand called http://www.insurancemall.in/

10. Will I get discount if I buy from InsuranceMall?

We don’t believe in discounting, but savings. We have easily provided more than 20% of savings to customers through our unique quote engines.

11. Will InsuranceMall assist in case of Claims?

Generally claims need to go through the normal route/infrastructure offered by the Insurance Company. In case you are not getting satisfactory response for the claim within 24 hours of registering the same, you can get in touch with us. We would try our best to offer you the best of our assistance.

12. I don’t like Policy I purchased. Can I cancel it now?

Policies do have a cancellation clause. You need to go through the policy wordings or contact our customer care at customercare@insurancemall.in with your specific policy bought.

13. Can I pay for my Health Insurance renewal premium purchased from an Agent through InsuranceMall secured payment gateway?

No you can’t pay for policies that have been bought from another agent as of yet. At InsuranceMall, you can order for fresh policies [or] pay renewal premium for policies originally bought at http://www.insurancemall.in/

14. If I buy the policy from InsuranceMall, how quickly I get the Physical Policy in hand?

Whenever you have decided on buying a product, you can click on the Policy Details button next to the logo. The last lines of the policy details provide for the no. of days it would take for the policy to be delivered.

The general time it takes for activation of policies/cover note:
1. Health Insurance 5-10 working days depending upon company
2. Personal Accident 10 working days
3. Critical Illness 10 working days
4. Travel Insurance 3 working hours
5. Car Insurance 8 working hours
6. Life Insurance 15 working days


15. Where are offices of InsuranceMall with Phone Number?
http://www.insurancemall.in/ Online Operation is based out Mumbai HQ. All policies are processed from here. Our numbers are 02230503050 OR 02267242424. We have physical offices at Bangalore and New Jersey (USA) too.

16. I see your rates quoted on InsuranceMall is different from my Agent. Why?

http://www.insurancemall.in/ updates rates on a weekly basis, so chances of wrong rates are very low. In an unlikely event, though it is a distant possibility, in case our rates our found to be incorrect
- if the rate is higher, we will refund you the excess premium
- if the rate is lower, we will absorb the shortage, and you don’t have to pay a thing.

On you finding an error on our website, we offer a 5% coupon which can be used for you next purchase at http://www.insurancemall.in/ .

17. I want to take Health Insurance for my Family? What is the best Health plan you suggest?

If your age is less than 45 and no Pre-existing Illness – Reliance
If your age is between 45 and 60 – Apollo DKV
If your age is more than 60 – You need to go for individual covers


18. I want to take an Individual Policy. What is the best Health Plan you suggest and why?

We recommend Reliance in case you are looking for a good price-feature combination.
We recommend Bajaj Allianz in case you are looking for a good Claims Track Record.

19. I want some one to come to my home and explain me the Insurance Policy. Will InsuranceMall do that?

InsuranceMall has developed Do-it-Yourself infrastructure, so that you can compare and buy yourself, with minimum help from Chat, Emails and Phone Calls with our Customer Care.
Our current set-up does now allow experts to come to your home to explain.

20. I want a Group Health Insurance (Mediclaim) for my Office. Can you help?

Of course, we can help. http://www.insurancemall.in/ , powered by Bonsai Insurance Broking Pvt. Ltd. is a multi-pronged, full service Insurance super mall.
We cater to large corporate customers ranging from Godrej, 3G, EsselGroup, Aditya Birla Group, Systime etc. Pls email your queries to our Principal Officer Mr Niraj Jain at niraj@bonsaiinternational.com or call him at +91 9820255292.
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