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Showing posts with label insurancemall. Show all posts
Showing posts with label insurancemall. Show all posts
Wednesday, June 11, 2008
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.
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.
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/
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/
Link - Online Insurance in India
Friday, May 2, 2008
International Travel by Senior Citizens – Tips, Insurance and Online
You have been working all your life. You don’t regret having spent most of your adult-hood raising children, giving them comfort and education plus providing for food, shelter and security. You have turned 60 now. It is time to take a much deserved break. Right time to go and see the world around. India is beautiful and you may have seen most of it by now, so why not explore foreign countries. If you are thinking in that direction, then I must tell, that you are thinking right. Don’t wait for another 2 or 5 years as this is the time.
You chose a destination as most of them are great. If you are conscious of your budget, then you may want to explore Thailand. I call it the best value for money for all first time travelers. If you have dreamt about Europe, then trust me, you are not alone. Europe is like India, quite vibrant, beautiful and expensive. But, a trip to Europe, covering UK / France / Italy / Switzerland and Spain will be a trip of a life time. If you still feel that you are young at heart and may want to venture far-out distances then Australia and New Zealand is your place to visit. If your family members are calling you for long time and you want to see the most powerful & wealthiest nation on earth, do come home to USA.
As I said, do travel abroad as it will refresh you. It will make you feel good. It is not indulgence or waste of money but every penny worth spent as you deserve this break after long working years. Besides, there are huge learning and exposure when we travel to see different countries, culture or people. So, travelling abroad can never be a bad deal.
Fortunately now India has many travel agents who would do end-to-end work for you related to Air-Tickets / Visas / Insurance and Forex. If you want an escort trip in a group of like minded people (say 20-30 co-travelers), then I am sure SOTC / TCOOK / Raj / Cox and Kings have best plans suiting all budgets. But mind you, a group travel (GIT) could be hectic. However, if you want to have a peaceful vacation then you may want to go just with your family or friends. Choice is yours as even for individual travel also known as FIT you have may deals available at all Travel Shops or through the Internet.
A savvy traveler should do a research on what is good and what is a must before venturing our for a Dream Holiday. Fortunately, Google is one good avatar, which will help you take an informed decision for your next vacation.
Here is my take that you may keep in mind, when you are making an international trip.
Tickets: Ensure, that you have a confirm ticket for all sectors. Don’t leave home, if any of the destinations is showing wait-list. This is a travel season time and chances are that you may not get to board the plain. Which means you will be stranded. Whether you are buying online Tickets or through your travel agent, ensure you have a valid ticket.
Hotels: Market is competitive, hence both online or offline agent of yours will give your throw-away prices on your hotel stay. Well, on the face of it, that would be great, but ensure that you are staying at the city center, even that means 10-25 dollars extra. Hotels in the heart of the city (close to all tourist attractions) are expensive but they are worth extra dollars. You would not want to spend over 50 dollar daily on travelling just because your travel agent sold you a cheap hotel at the outskirts. What ever your agent says, avoid staying in less than 3 Star Hotel any where during your trip! 4 or 5 Star is just waste of money, unless your company is paying for. This thumb rule is true across United States / Europe / Far East or Middle-East destinations. If you have small children with you, then prefer Holiday Inn as they are always the best bet hotel for a family stay.
Luggage : Well, I don’t need to speak much on this as now Airlines regulate the size and shape of your luggage. If you are coming to United States, then be sure, that you are not carrying over-sized or over-weight luggage, as they have become very strict. Carry a hand-bag always with basis minimum stuff to survive, in-case your baggage is delayed. Trust me, it happens quite often on all routes with all Air-lines.
Pass: You may want to carry passes / tickets etc for Amusement Parks / Eurail / Museums etc. Incase you missed it, no sweat. They are available in plenty at all locations, including your host Hotels. Why to waste your precious FOREX in India, before the start of journey. But, if you are planner and would want to see the world within your budget, then buying these expensive items (tickets / passes etc) up-front in India will be a good move as they may be available with your travel agent.
Forex: Well, all international trips are paid for in foreign Exchange. Still Indian currency (INR) is not accepted as means of purchase abroad. This is where you have to be careful in budgeting, planning and spending. Your Air tickets are paid for in INR, so no issues there. But your Hotel stay, ground transportation etc. is generally paid in Foreign Currency (Forex). Fortunately, Reserve Bank of India (RBI) has now very liberal FX rules for Resident Indians. My understanding is that now, you could carry or spend up-to USD 25,000 per calendar year (BTQ) for the international travel. Believe me, it is a good money to see any part of the world with luxury. Forex is a regulated business, hence you are advised to buy only from authorized Bank or Money Changers (FFMC) like Amex / TCOOK or Bonsai Forex. You have options now to carry Cash, Travelers Cheques (TCs), Credit Card or International Travel Card. Your Money Changer should have all the options. Thumb-rule of safe International Travel is to split your money into Cash and Currency Card. Pls don’t carry only Credit Card as no country (including the most advanced country i.e. USA) may not accept Credit Card at all locations. You may need cash to pay the cab or restaurant bills. Now, for the first time in India, you could buy your choice Forex Online from http://www.buynowforex.com/ . Call +91 22 3050305 for any personal help in buying your Forex.
Insurance: This is some thing; you should not compromise at any cost. Don’t leave home without a valid and adequate Travel Medical Insurance with you. Remember, you are going to an alien country and should you fall sick, will not only spoil your trip but could also bring huge financial burden on you or your loved ones. I am sure, you would not want that. The good news is that Travel Medical Insurance from India is very competitive. You don’t need to spend a fortune to cover your piece of mind. However, if you are travelling to United States or Japan, pls. don’t carry less than USD 100K, if you are going abroad for 30 days plus. Falling ill in America is like a curse, so you must avoid it or best hedge the risk by taking a decent Travel Medical Policy. But, here is a catch. If you happen to be 70 plus (Senior Citizens), Indian Insurance companies may not cover you abroad. Any way, if you are travelling for more than 60 days in any part of the world, I would strongly recommend you to buy International Travel Health Insurance. American Global Travel Health Plans could be a good bet. They are expensive, say by around 20%, all right, but they are now available to you Online from Bonsai America, Inc .We have carved out best insurance plans for senior citizens, so that they could enjoy international travel and long term stay without worries. Click the link - Travel Insurance for Senior Citizens. Put in your details, with address New Jersey (Bonsai America HQs) and you are all set. Compare, Buy and Print your policy Online here and now.
I guess and hope, I have covered all important aspects of your international travel. Trust the tips will come handy. So, I wish that your forth-coming vacation shall be a memorable one. Don’t forget to carry your IPod and new electronic camera as they are your best pals abroad to keep you entertained and save your memories.
Have a safe Trip. Buy Insurance.
Bon Voyage.
Manish Jaiswal
for
Bonsai InsuranceMall I Opener
You chose a destination as most of them are great. If you are conscious of your budget, then you may want to explore Thailand. I call it the best value for money for all first time travelers. If you have dreamt about Europe, then trust me, you are not alone. Europe is like India, quite vibrant, beautiful and expensive. But, a trip to Europe, covering UK / France / Italy / Switzerland and Spain will be a trip of a life time. If you still feel that you are young at heart and may want to venture far-out distances then Australia and New Zealand is your place to visit. If your family members are calling you for long time and you want to see the most powerful & wealthiest nation on earth, do come home to USA.
As I said, do travel abroad as it will refresh you. It will make you feel good. It is not indulgence or waste of money but every penny worth spent as you deserve this break after long working years. Besides, there are huge learning and exposure when we travel to see different countries, culture or people. So, travelling abroad can never be a bad deal.
Fortunately now India has many travel agents who would do end-to-end work for you related to Air-Tickets / Visas / Insurance and Forex. If you want an escort trip in a group of like minded people (say 20-30 co-travelers), then I am sure SOTC / TCOOK / Raj / Cox and Kings have best plans suiting all budgets. But mind you, a group travel (GIT) could be hectic. However, if you want to have a peaceful vacation then you may want to go just with your family or friends. Choice is yours as even for individual travel also known as FIT you have may deals available at all Travel Shops or through the Internet.
A savvy traveler should do a research on what is good and what is a must before venturing our for a Dream Holiday. Fortunately, Google is one good avatar, which will help you take an informed decision for your next vacation.
Here is my take that you may keep in mind, when you are making an international trip.
Tickets: Ensure, that you have a confirm ticket for all sectors. Don’t leave home, if any of the destinations is showing wait-list. This is a travel season time and chances are that you may not get to board the plain. Which means you will be stranded. Whether you are buying online Tickets or through your travel agent, ensure you have a valid ticket.
Hotels: Market is competitive, hence both online or offline agent of yours will give your throw-away prices on your hotel stay. Well, on the face of it, that would be great, but ensure that you are staying at the city center, even that means 10-25 dollars extra. Hotels in the heart of the city (close to all tourist attractions) are expensive but they are worth extra dollars. You would not want to spend over 50 dollar daily on travelling just because your travel agent sold you a cheap hotel at the outskirts. What ever your agent says, avoid staying in less than 3 Star Hotel any where during your trip! 4 or 5 Star is just waste of money, unless your company is paying for. This thumb rule is true across United States / Europe / Far East or Middle-East destinations. If you have small children with you, then prefer Holiday Inn as they are always the best bet hotel for a family stay.
Luggage : Well, I don’t need to speak much on this as now Airlines regulate the size and shape of your luggage. If you are coming to United States, then be sure, that you are not carrying over-sized or over-weight luggage, as they have become very strict. Carry a hand-bag always with basis minimum stuff to survive, in-case your baggage is delayed. Trust me, it happens quite often on all routes with all Air-lines.
Pass: You may want to carry passes / tickets etc for Amusement Parks / Eurail / Museums etc. Incase you missed it, no sweat. They are available in plenty at all locations, including your host Hotels. Why to waste your precious FOREX in India, before the start of journey. But, if you are planner and would want to see the world within your budget, then buying these expensive items (tickets / passes etc) up-front in India will be a good move as they may be available with your travel agent.
Forex: Well, all international trips are paid for in foreign Exchange. Still Indian currency (INR) is not accepted as means of purchase abroad. This is where you have to be careful in budgeting, planning and spending. Your Air tickets are paid for in INR, so no issues there. But your Hotel stay, ground transportation etc. is generally paid in Foreign Currency (Forex). Fortunately, Reserve Bank of India (RBI) has now very liberal FX rules for Resident Indians. My understanding is that now, you could carry or spend up-to USD 25,000 per calendar year (BTQ) for the international travel. Believe me, it is a good money to see any part of the world with luxury. Forex is a regulated business, hence you are advised to buy only from authorized Bank or Money Changers (FFMC) like Amex / TCOOK or Bonsai Forex. You have options now to carry Cash, Travelers Cheques (TCs), Credit Card or International Travel Card. Your Money Changer should have all the options. Thumb-rule of safe International Travel is to split your money into Cash and Currency Card. Pls don’t carry only Credit Card as no country (including the most advanced country i.e. USA) may not accept Credit Card at all locations. You may need cash to pay the cab or restaurant bills. Now, for the first time in India, you could buy your choice Forex Online from http://www.buynowforex.com/ . Call +91 22 3050305 for any personal help in buying your Forex.
Insurance: This is some thing; you should not compromise at any cost. Don’t leave home without a valid and adequate Travel Medical Insurance with you. Remember, you are going to an alien country and should you fall sick, will not only spoil your trip but could also bring huge financial burden on you or your loved ones. I am sure, you would not want that. The good news is that Travel Medical Insurance from India is very competitive. You don’t need to spend a fortune to cover your piece of mind. However, if you are travelling to United States or Japan, pls. don’t carry less than USD 100K, if you are going abroad for 30 days plus. Falling ill in America is like a curse, so you must avoid it or best hedge the risk by taking a decent Travel Medical Policy. But, here is a catch. If you happen to be 70 plus (Senior Citizens), Indian Insurance companies may not cover you abroad. Any way, if you are travelling for more than 60 days in any part of the world, I would strongly recommend you to buy International Travel Health Insurance. American Global Travel Health Plans could be a good bet. They are expensive, say by around 20%, all right, but they are now available to you Online from Bonsai America, Inc .We have carved out best insurance plans for senior citizens, so that they could enjoy international travel and long term stay without worries. Click the link - Travel Insurance for Senior Citizens. Put in your details, with address New Jersey (Bonsai America HQs) and you are all set. Compare, Buy and Print your policy Online here and now.
I guess and hope, I have covered all important aspects of your international travel. Trust the tips will come handy. So, I wish that your forth-coming vacation shall be a memorable one. Don’t forget to carry your IPod and new electronic camera as they are your best pals abroad to keep you entertained and save your memories.
Have a safe Trip. Buy Insurance.
Bon Voyage.
Manish Jaiswal
for
Bonsai InsuranceMall I Opener
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:
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
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
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
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.
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.
Monday, March 24, 2008
What is a good Travel Health Insurance Policy for my family?
Customer ASK –
Me, my husband and my son are going to Singapore for 15 days. We want to take travel medical insurance. I am 38 years, my husband 43 and my son is 17 years. Please let me know a good policy in best price. Shanthi
Dear Shanti :
Travel Insurance is a good Insurance Policy to pick when you are traveling abroad either for business or pleasure. With the advent of New and Pvt Insurance companies in India, now you have really good plans to compare and pick from Insurance Mall.
It is now easy for you to take an informed decision on your choice Travel Insurance Policy. Here are quick steps :
1. Click - http://www.insurancemall.in/
2. Click - Travel Insurance Icon on the business panel
3. Put in your travel details and click
4. You will get host of plans from all leading Insurance companies. Chose what you want based either Best Plan in terms of features or Coverage or Best Price in terms of Premium
5. Click Buy for your choice Insurance Company - Bajaj / ICICI / Tata / Reliance or Government of India Insurance Companies
6. Pay through your Credit Card and you are done. You will get your policy in hand in next 24 hrs.
With the Dollar becoming cheap, buying American Insurance is also a good option for you now. If one is senior citizen say above age 70, then perhaps buying American Insurance is the only option one has as Indian Insurance companies may not cover you. Incase, you are keen on an American Visitor Travel Health Insurance Plan, here are steps for online purchase.
1. Click http://www.insurancemall.in/
2. Click USA flag on the Top Right.
3. Now you are at Bonsai America Licensed site. A sister concern of Bonsai India.
4. Click Visitors Insurance Icon on the business panel
5. Click for quote
6. Fill in the details and American Insurance policies from IMG / MNU / Global Underwriters or Seven Corners. They are leading Travel Health Insurance providers’ up-to Age 99 for Non-Americans across the Globe. Compare, Buy and Print your choice policy now.
So Shanti, you could see that it is really easy now for you buy your Indian or American Overseas Medical Insurance (Travel Insurance) Policy from http://www.insurancemall.in/ .
Enjoy your trip and let the worries be with us.
Buy Insurance. Stay Safe.
Manish
for www.InsuranceMall.in/blog
Sunday, March 9, 2008
Does Office Health Insurance Cover OPD or only In-Patient / Operative expenses? by Mr Chirag Patniak
I have a query on company provided medical insurance? (I've never used it so I don't know) Does this cover OPD expenses as well or only inpatient/operative expenses? Asked by Mr Chirag Patniak.
Dear Chirag :
It really depends on what kind of policy your company has taken for its staff.
Generally a large company segregates the cover benefits based on seniority or job role. Management Team in a company generally would have high coverage (any thing between Rs 2-25 Lacs Cash-less floater) with comprehensive plan including Parents.
But since Health expenses are growing in double digit now in India too, many companies prefer to cover just the immediate family and not the parents because of high Annual Premium. Also, based on negotiations an Insurance Broker does with Insurance Companies on behalf of the Corporate, Pre-Existing ailment / Maternity / OPD or Annual Health Check-up could get appended or excluded.
Remember an Insurance Plan is like an individual serving (Entrée), more items (read Risk Features) you add from the menu and more it becomes expensive.
So, essentially, it boils down to the budget a corporate allocates for Staff well-fare or in other words smart saving negotiations done by the chosen Insurance Broker from Insurance Companies on behalf of the Corporate.
I am confident, in your case, OPD / Pre-Existing and Maternity should have been covered as you belong to a big and branded Group in India.
More on these nuances of Health Insurance, its merits etc. could be read at Insurance Mall Blog. I invite you to read them for your information. Here is the link - https://www.insurancemall.in/blog/
Good Luck Chirag. You can always encourage your HR or Finance Head to take an informed decision by out-sourcing the Insurance negotiations to an able Broker this season. It does not cost a penny to the company as Brokers are paid directly by the Insurance Company. Bonsai Insurance Broking team would be more than happy to work for your group.
Buy Insurance and Stay Safe.
Cheers !!!
Manish Jaiswal
for http://www.newsandreviews.in/
Link - http://www.buynowindia.com/newsandreviews/index.php/insurance/
What is a good Policy for my parents ? Asked by Dr Sagar Bhargava
Hi ! This is Dr Sagar. My parents wish buy a Health Insurance Policy for themselves. My mother has no preexisting illness and her age is 54. My father has undergone a Bypass Surgery and is 57 yrs. Can u guide us as to which policy will cover them both for next 15 years. Thanks. Dr Sagar Bhargava.
Dear Dr Sagar :
Thanks for your mail and query. We will be glad to guide you to the best Health Policy for your parents.
Fortunately, both of them are in good age to pick the right policy but is should be bought on a yesterday basis as their age is getting into High Risk Age Zone (HRAZ). Your dad my encounter some problem as Insurance Companies don’t cover Pre-Existing disease for at least 2-4 yrs. Insurance companies are not charitable organizations, hence they are very selective in picking a risk (read providing Insurance cover) from an individual or a family. They are still lenient to cover a bad risk when it comes to Group Insurance because premium is high and Insurance works on the principle of large numbers .
I would recommend the following Insurance companies in the preference order.
I am sure, you could see them at www.InsuranceMall.in (Click & Buy at Health Insurance Options).
My colleague Mr Mahavir Chopra has written number of articles on Health Insurance. You could read them on our Insurance Blog. Quick link – https://www.insurancemall.in/blog/
Good Luck Dr Sagar. Take your choice. Buy do encourage your parents take Insurance with Critical Care ASAP.
Buy Insurance and Stay Safe.
Cheers !!!
Manish Jaiswal
for www.NewsandReviews.in
Link - http://www.buynowindia.com/newsandreviews/index.php/insurance/
Thanks for your mail and query. We will be glad to guide you to the best Health Policy for your parents.
Fortunately, both of them are in good age to pick the right policy but is should be bought on a yesterday basis as their age is getting into High Risk Age Zone (HRAZ). Your dad my encounter some problem as Insurance Companies don’t cover Pre-Existing disease for at least 2-4 yrs. Insurance companies are not charitable organizations, hence they are very selective in picking a risk (read providing Insurance cover) from an individual or a family. They are still lenient to cover a bad risk when it comes to Group Insurance because premium is high and Insurance works on the principle of large numbers .
I would recommend the following Insurance companies in the preference order.
1. Apollo DKV
2. Star Health
3. Reliance Health-wise
4. Bajaj Allianz Family Floater
5. ICICI Lombard
6. Govt. Insurance companies
I am sure, you could see them at www.InsuranceMall.in (Click & Buy at Health Insurance Options).
My colleague Mr Mahavir Chopra has written number of articles on Health Insurance. You could read them on our Insurance Blog. Quick link – https://www.insurancemall.in/blog/
Good Luck Dr Sagar. Take your choice. Buy do encourage your parents take Insurance with Critical Care ASAP.
Buy Insurance and Stay Safe.
Cheers !!!
Manish Jaiswal
for www.NewsandReviews.in
Link - http://www.buynowindia.com/newsandreviews/index.php/insurance/
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