Skip to main content

Consider claims ratio of insurer before buying a policy

Tax Saving Mutual Funds Online

Current open Infra Bond Application form

 

THERE are several points that need to be considered and analysed while selecting an insurance policy.

This would mean that there are a lot of considerations that go into the entire decision-making process as far as the selection of the insurance company and policy are concerned. But, what should also become a part of the decision-making process is the manner in which the claims are paid or handled, and, hence, this is something that needs the attention of anyone who is buying insurance.

Unless, this is done, there could be a situation where the entire effort of buying a policy is wasted if the claims experience is not sound.

Claims Ratio: One of the ways by which an investor is able to track the entire process is by looking at the data that is available for various insurance companies.

Among the statistics that are released by the insurance regulator, the Insurance Regulatory and Development Authority (Irda), there is information that covers the claims paid or the claims settlement ratio.

This ratio is nothing but the percentage of claims that are actually paid by an insurance company, once they are received from policyholders. So, a claims settlement ratio of 90 would indicate that the company has paid 90 claims out of every 100 claims received.

While a higher claims ratio is a good thing for the policyholder, there are several other factors that need the attention of the investor so that he analyses the right information. Understanding the policy: A reason why there are often some problems with respect to a claim settlement is due to the fact that the policyholder has a misunderstanding of the policy details. Usually, there has to be a complete reading of the features of the policy, and, then, these needs to be acted upon so that there is a proper way in which the entire situation is handled. In reality however, there is not much interest that is actually shown when a policy is taken and the policy document is just kept aside. Action is often taken based on the understanding of the policyholder, which might not have been verified with the actual details of the policy. This could mean that it could be too late to do anything about it and the claims are likely to be rejected.

Traditional policies: A significant factor that also needs attention is the type of policies that are available.

Take traditional policies for example, where there is more of a savings element involved, and in such a case, the completion of the necessary time period of the policy will lead to a position where the amount is likely to be settled. This also might reduce the scope of disputes because there is a payout on the policy that does not need much attention of adhering to some technical conditions.

On the other hand, there are chances that death claims could come under a detailed scrutiny, and, here, the scope of the disputes could be higher.

Exclusions: The exclusions that actually figure in the policy are some of the key elements that need consideration because these could be the main reason why the policy payment might not be paid. So, there are conditions like suicide within a specified time period of taking the policy that is not covered or death due to specified pre-existing conditions that are not covered for a specific time. Another reason why a lot of claims are rejected is due to the fact that the required information that needs to be provided at the time of taking the policy is not provided or some of the information is actually held back or wrongly provided, and in such a situation, the individual will find that the chances of the claims being rejected are quite high.

 

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

 

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

 

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

 

These Application Forms can be used for buying regular mutual funds also

 

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. HDFC TaxSaver
  2. ICICI Prudential Tax Plan
  3. DSP BlackRock Tax Saver Fund
  4. Birla Sun Life Tax Relief '96
  5. Reliance Tax Saver (ELSS) Fund
  6. IDFC Tax Advantage (ELSS) Fund
  7. SBI Magnum Tax Gain Scheme 1993
  8. Sundaram Tax Saver

---------------------------------------------

Application form for Tax Saving Infrastructure Bond and more information

Current open Infra Bond Application form

 

Submit filled up application    Collection canter near you

 

Popular posts from this blog

Surrender ULPPs

  ICICI Pru LifeTime and ICICI Pru Lifestage are Unit Linked Pension Plans. Such insurance linked retirement plans are neither good investments nor do they offer sufficient insurance cover. As you can see, these have turned out to be bad deals. In the Lifetime plan, the fund value is not even equal to the total premiums that you have paid and in the Lifestage plan your return is just about 6% which is quite low. The mortality charges are as per your age which is why they have increased. Moreover, once these plans matures, you will have to compulsorily opt for annuity (regular income) and the annuity rates are generally modest. Assuming these plans mature in the next one year, it will be wise to surrender the plan now and curb your future commitments.   Before you choose to buy a term plan, you have to consider a few points. You need to insure yourself, only during the time you are working and your family is financially dependent on you. At the age of 59, not all insurance companies w...

ICICI Pru Constant Maturity Gilt dividend

Invest ICICI Prudential Constant Maturity Gilt Fund Online ICICI Prudential Mutual Fund   has announced dividend under the following schemes: Scheme Dividend ( R /unit) ICICI Pru Constant Maturity Gilt-DQ 0.26543239 ICICI Pru Constant Maturity Gilt Direct-DQ 0.27171609 ICICI Pru Q Interval Plan I-D 0.10617296 ICICI Pru Q Interval Plan I Direct-D 0.10703967 ICICI Pru Q Interval Plan I Ret-D 0.10617296             The record date has been fixed as June 13, 2016.   ----------------------------------------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saver Mutual Funds to invest in India for 2016 Best 10 ELSS Mutual Funds in india for 2016 1. BNP Paribas Long Term Equity Fund 2. Axis Tax Saver Fund 3. Franklin India TaxShield 4. ICICI Prudential Long Term Equity Fund 5. IDFC Tax Advantage (ELSS) Fund 6. Birla Sun Life Tax Relief 96 7. DSP BlackRock Tax Saver Fund 8. Reliance Tax Saver (ELSS) ...

NPS Investment Choice for Safe Investors

Invest NPS Online       Whether they invested through SIPs or put in a lump sum amount, risk-averse individ uals have earned the highest returns. These are investors who stayed away from stocks and divided their NPS corpus between G class gilt funds and C class corporate debt funds. On average, gilt funds have given 9.75% annualised returns while corporate debt funds have churned out more than 11% in the past five years. As a result, the average return for ultra-safe investors in the past five years is in double digits. Even in the short term, ultrasafe investors have been the biggest gainers among NPS investors. Will the good times continue? The gilt funds of NPS are holding long-term bonds with an average maturity of over 19 years and a modified duration of about 9 years.These funds have done well because interest rate cuts have pushed down bond yields. But experts say this trend will not stay forever. NPS is a long-term investment and the bonds are predominantly held to matu...

Buy Health Insurance Plan even if you are covered with my Employer

Buy Health Insurance Plan Online Yes, getting a private insurance cover now, which extends beyond your retirement age, is recommended There are a few reasons why buying a health insurance plan may make sense even though you get medical insurance from your employer. Here are the points you need to think about. Firstly, your employer's insurance coverage will only protect you as long as you are employed with the company. The policy will terminate when you quit the job or when you retire. Post retirement is perhaps the phase when one needs it the most but you won't have it then. Moreover, buying a new insurance policy after the age of 50 means that there will be no coverage for pre-existing diseases.   Lastly, health insurance policy you get from your employer may or may not cover your dependants. ------------------------------ ----------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saver M...

SBI MAGNUM MIDCAP ONLINE

Invest SBI MAGNUM MIDCAP ONLINE   SBI MAGNUM MIDCAP fund didn't fare well in its initial years but, in recent years, has steadily improved its performance under the capable hands of its current fund manager. Although investing predominantly in mid-cap stocks, the average market capitalisation of its portfolio is lower than other category peers.   Although the stock selection approach is mostly bottom-up , the fund manager doesn't shy away from taking bold sector bets , as is reflected in its large exposure to the healthcare sector. She is equally adept at handling performance across market cycles--the fund has captured more of the upside during market upticks and contained the downside during downturns in a better manner than its peers.   Given its superior risk-reward equation, the fund is a worthy pick in its category.     ----------------------------------------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing EL...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now