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Insurance

What is The Difference Between Being Bonded and Being Insured?

What is The Difference Between Being Bonded and Being Insured?

The difference between being bonded and being insured is a rather small one, but an important one. First, one needs to know the features, characteristics, benefits and drawbacks of a surety bond and an insurance policy. Only then, can a person understand the differences between both these concepts. Later, we will also highlight the differences between an insurance policy and a surety bond.

Let us first briefly understand the concepts of insurance and then the concept of a surety bond, then we can move forward and highlight the difference between the two, and finally we will give examples for both concepts.

  • Understanding surety bonds and insurance
  • Difference between surety bonds and insurance
  • Examples of surety bonds and insurance

Understanding surety bonds and insurance

  • Understanding the concept of insurance: An insurance policy is an agreement between the policyholder and the insurance company. This agreement indemnifies the policyholder against pre-specified losses.
  • Understanding the concept of surety bonds: A surety bond in an agreement between two parties. It does not involve an insurance company. A surety agreement states that the bond holder will be indemnified up to a pre-specified amount in the event that the person issuing the bond defaults in their commitments.

Difference between surety bonds and insurance

Although similar, there are some notable differences between being bonded and being insured.

 

Insurance

Surety Bond

What are some types?

  • Health Insurance
  • Motor Insurance
  • Life Insurance
  • Term Insurance
  • Reinsurance
  • Contract bonds
  • Janitorial bonds
  • Fidelity bond

Who are the parties?

Generally, the parties are an insurance company and an individual.

Generally, both parties are either individuals or entities.

What is the extend of the indemnification?

Up to sum assured

Up to the amount mentioned on the bond

Who issues this generally?

Insurance companies and reinsurance companies

Contractors, private and public companies, individuals.

Examples of surety bonds and insurance

Finally, let us cement the concepts of surety bonds and insurance, and highlight the differences between the two through a couple of easy to understand and simple real world examples.

  • Example 1: Let us assume that Mr. Manohar wants to purchase a life insurance policy to secure his family after his passing. He contacts his financial advisor and the advisor refers him to an insurance agent. Mr. Manohar, now purchases a life insurance policy from a life insurance company. This is an example of an insurance policy, where the agreement is between an individual and an insurance company.
  • Example 2: Let us assume that a Cooperative housing society in Mumbai wants to repair the society roads. They hire a civil contractor for the job but they insist that the contractor furnish the society with a surety bond that states that he will complete the job safely, efficiently, and within the specified time period. If he does not adhere to the commitments written down on the surety bond, the contractor has to compensate the society for any financial damages caused. The terms of the bond and amount specified are variable and need to be agreed upon by both parties.

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Postal Life Insurance

What is Rural Postal Life Insurance (RPLI)?

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post box

What is Rural Postal Life Insurance (RPLI)?

Rural Postal Life Insurance (RPLI) is effectively the rural life insurance arm of Postal Life Insurance. The plans, features and services are generally the same, the only difference between Postal Life insurance and Rural Postal Life Insurance is that PLI operates in urban areas and RPLI operates in rural areas. RPLI came into existence in 1995 on the back of recommendations made by the noteworthy Malhotra Committee in 1993.

The Malhotra committee also made a host of other important observations and recommendations in 1993, some of them were; allowing the entry of private companies in the insurance sector, advising towards the formation of the IRDAI, and making other important insurance recommendations. The Department of Posts took the recommendations of the Malhotra committee pertaining to increasing the penetration of insurance in rural areas in India and began operations in 1995. As of 2021, RPLI has been immensely successful, having issued policies worth ₹1.27 Lakh Crores, and selling over 2.18 Crore policies.

Let us now talk about some of the noteworthy aspects of RPLI, such as:

  • Importance of RPLI
  • Features and benefits of RPLI
  • Schemes under RPLI
  • Eligibility and Documents required

Importance of RPLI

  • Increasing rural insurance penetration: RPLI has been instrumental in increasing life insurance penetration in India through its extensive efforts to push the life insurance product in rural India. The insurance penetration in rural India was relatively low in the early 90s, now as of 2023 every one out of five rural persons has a life insurance coverage.
  • Low premiums: The premium structure and rates under RPLI are designed to be extremely affordable, with the intention to bring every rural person under the umbrella of life insurance.
  • Increase in employment: As RPLI was pushed to rural areas of the nation, this led to an increase in the requirement for staff, which resulted in many employment opportunities for the rural population.

Features and benefits of RPLI

  • Loan against policies: RPLI provides policyholders with the ability to mortgage their life insurance policy and get a loan against it. This feature could really assist the policyholder during times of cash crunch.
  • Nomination: A Nomination facility is provided under every RPLI policy. Further, a policyholder can change or modify his nomination by filling up a fresh nomination form.
  • No need for a medical test: Policyholders do not need to undergo a medical test in order to purchase an RPLI policy.
  • Tax benefits under 80C: Up to ₹1.5 Lakhs worth of premiums paid per year is eligible for tax deduction under Section 80C of the I.T Act.
  • Policy switching: Certain RPLI policies have the added benefit and ability to be switched from one RPLI policy to another. This switching is generally eligible for only certain types of policies and after a certain period has passed.
  • Flexible premium payments: Under RPLI, the policyholder has the option to pay his premium as per his convenience, he can either chose a monthly, quarterly, half yearly, or even yearly premium payment terms.

Schemes under RPLI

RPLI currently offers 6 policies, they are:

  • Whole Life Assurance (Gram Suraksha)
  • 10 Year RPLI (Gram Priya)
  • Anticipated Endowment Assurance (Gram Sumangal)
  • Children Policy (Bal Jeevan Bima)
  • Endowment Assurance (Gram Santosh)
  • Convertible Whole Life Assurance (Gram Suvidha)

We will briefly talk about the most important aspects and features of each of the above policies.

  • 1.) Whole Life Assurance (Gram Suraksha): Under this policy, the policyholder or his beneficiary will be paid the sum assured along with the bonus accrued when the policyholder reaches the age of 80. If the policyholder passes away before the age of 80, the policy beneficiary will be eligible to receive the policy benefits. The maximum sum assured under this policy is ₹10 Lakhs.
  • 2.) 10 Year RPLI (Gram Priya): The Gram Priya RPLI policy is an endowment policy where the policyholder is provided with a life cover as well as regular survival bonus payments which are paid to him after 4 years.
  • 3.) Anticipated Endowment Assurance (Gram Sumangal): This is a relatively long term policy where the survival benefits are paid to the policyholder periodically. This policy may seem attractive for someone looking for regular income inflow from their life insurance policy.
  • 4.) Children Policy (Bal Jeevan Bima): Under this policy, up to 2 children of the policyholder are covered against the death of the policyholder. For insurance, if the policyholder dies, PLI will disburse the policy benefits to the children of the policyholder.
  • 5.) Endowment Assurance (Gram Santosh): The Gram Santosh RPLI policy is also a kind of endowment policy where the policyholder will to paid regular policy benefits when he or she attains the following age; 35 years, 40 years, 45 years, 50 years, 55 years, 58 years & 60 years of age. If the policyholder passes away before maturity, the policy beneficiary/nominee will receive the policy benefits along with any accrued bonus.
  • 6.) Convertible Whole Life Assurance (Gram Suvidha): This policy has the flexibility to get converted from a whole life assurance policy to an endowment policy after 5 years. This policy can be surrendered after 3 years, and a loan can be taken on this policy after 4 years.

You can read more about RPLI and their plans here.

Eligibility and Documents required

The eligibility criteria for buying an RPLI policy is rather straight forward. Any person living under what would constitute as a rural area is eligible towards RPLI. Documents required to purchase a Rural Postal Life Insurance policy would be photo ID and address proof, such as:

  • Aadhar Card
  • Passport
  • Driving License
  • Ration Card
  • Voter ID

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Motor Insurance

What is Zero Depreciation in Bike Insurance? (Meaning Explained)

chopper
chopper

What is Zero Depreciation in Bike Insurance? (Meaning Explained)

Are you planning to scoot around the city and have a good time? Be sure to get your bike insured first. That being said, all insurance policies and riders are not the same. You will do yourself a disservice if you do not know about the concept and meaning of Zero Depreciation in bike insurance. This article will explain to you the following:

  • Meaning of Zero Depreciation in Bike Insurance
  • How does Zero Depreciation work?
  • Example of Zero Depreciation in Bike Insurance
  • Companies offering Zero Depreciation riders

Meaning of Zero Depreciation in Bike Insurance

Depreciation affects everything, your car, two-wheeler, other non appreciating assets and more. It is the loss of value of an asset as the years move forward. Your two-wheeler is also a victim of this. Imagine this, you buy a brand new motor bike, and it works perfectly for the first couple of years. Then as the years move forward, it starts giving minor issues, and then major ones. Now, you want to sell your bike. Prospective buyers will keep in mind the wear and tear of your bike and quote you an offer price. This price will be much lower compared to the price you paid to buy the brand new bike, this is essentially a real world example of depreciation in bike insurance.

Even though it is not generally possible to protect your bike against the loss of value caused by depreciation, you can at least protect yourself against the evil head of depreciation in your bike insurance policy. How so? Well, you buy a Zero Depreciation rider along with your bike insurance policy.

How does Zero Depreciation work?

If you buy a Zero Depreciation rider or add-on along with your bike insurance policy, it will protect you against depreciation whenever you decide to apply for a motor insurance claim. Like we previously said, every part of your bike depreciates, and the insurance company knows about this. That is why they incorporate the concept of depreciation whenever they sell a motor insurance policy.

For instance, if your motor insurance company provides 100% coverage if there is any damage to the headlight of the bike within the first year, they may reduce the coverage to 80% in the second year, and 50% in the 3rd year. So, if a policyholder damages his bike’s headlight in the 3rd year and files a claim, the insurance company will only pay him 50% of the claim amount, the balance will need to be paid by the owner himself.

You can extrapolate this example to other parts of your bike. The concept remains the same. So how does a Zero Depreciation rider benefit a policyholder? Well, It acts as a shield against depreciation so the insurance company is obligated to not factor in depreciation while disbursing the claim amount.

Example of Zero Depreciation in Bike Insurance

Let us understand this concept with two simple to understand examples.

Example 1: Mr. Shyam bought a new two-wheeler and consequently bought comprehensive motor insurance for the same. After a couple of years, Mr. Shyam met with a minor accident damaging his bike’s headlight. Upon making the claim, the motor insurance company only disbursed 70% of Mr. Shyam’s claim application amount, citing a 30% depreciation component. Thus, Mr. Shyam had to pay the balance 30% for repairs out of pocket.

Example 2: Mr. Dinesh bought a new bike, and like Mr. Shyam he too bought comprehensive motor insurance, the only difference was that he bought a Zero Depreciation add-on along with the policy by paying a little extra. After 5 years, Mr. Dinesh also met with a minor accident damaging his headlight. Since he bought a Zero Depreciation rider/add-on, the insurance company disbursed him the entire claim amount.

Companies offering Zero Depreciation riders

Now that you have understood the benefits and features of Zero Depreciation. Let us have a look at the top bike insurance companies that offer Zero Depreciation riders:

  • Bajaj Allianz
  • HDFC ERGO
  • Digit Insurance
  • Future Generali
  • Kotak Mahindra Insurance
  • Acko Insurance
  • SBI General Insurance
  • Royal Sundaram
  • Tata AIG
  • IFFCO TOKIO

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Postal Life Insurance

How to calculate maturity value of your PLI policy?

calculator
calculator

How to calculate maturity value of your PLI policy? (maturity calculator)

Do you have a Postal Life Insurance policy? Is it due for maturity? Or are you just wanting to calculate the maturity amount of your PLI policy? Well, this article tells you how you can calculate the maturity value of your PLI policy in simple steps. Let’s begin.

Further, we would like to point out that there is no official PLI maturity calculator tool by the India Post, you as a policyholder will also have to be cognizant of this. Accurately calculating your PLI maturity value is a manual process that you will need to undergo. We will show you how below.

Step 1.) Identify your PLI policy

Postal Life Insurance offers a variety of life insurance plans like Whole Life Assurance (Suraksha), Anticipated Endowment Assurance (Sumangal), Joint Life Assurance (Yugal Suraksha), Endowment Assurance (Santosh), Children Policy (Bal Jeevan Bima), and Convertible Whole Life Assurance (Suvidha). Find out which is your policy.

Step 2.) Break-up of maturity value

Now, you will need to get a break-up of all of the aspects of your maturity value. For instance, if you have a Santosh PLI policy (Endowment Assurance), you will have to get the following details:

  • Fixed policy maturity value (This is the fixed maturity value of your policy). If you have taken a Santosh PLI policy for 5 Lakhs, then this would be your fixed maturity value.
  • Next, calculate the bonus amount on your PLI policy. This is the yearly bonus that accrues in your policy. The bonus amount may fluctuate from year to year based on the type of policy taken and the performance of the policy. You will have to take to your agent or officer to get clarity on the bonus rate. The bonus rate is generally announced at the start of the financial year by the Department of Posts.
    In 2023, The Directorate of Postal Life Insurance announced the bonus rate for FY 24 as ₹76/- per thousand of sum assured for the Endowment Assurance policy. You can get the bonus rates for 2023 of other policies here.

Step 3.) Calculation of your PLI policy maturity value

Now, let us show you how to calculate the final maturity value of your policy.

For this use case, we will take the example of a hypothetical PLI policy that a person named Mr. Singh has taken. Let us assume that Mr. Singh has taken his policy in 2013 for 10 years. His policy is nearing maturation in 2023, and he wants to calculate the final maturity figure.

  • First, he will have to check his policy bond and get the fixed maturity value figure. For our example, let us say the fixed maturity value figure was ₹10 Lakhs.
  • Next, Mr. Singh will have to calculate the bonus figures for each year. Here, generally the updated bonus figures will be sent to him via email to the registered email ID. In case these figures are not sent, Mr. Singh will have to trace down the bonus amount announced by Postal Life Insurance for each year from 2013-2023. Remember, that the bonus amount may be different for every year.  For example, let us say PLI announced a bonus of as ₹50/- per thousand of sum assured for the Endowment Assurance policy for 2014. Next, they announced ₹46/- per thousand of sum assured for 2015, so on and so forth.
  • Mr. Singh will have to trace all of his bonus amounts from 2013-23. Now let us assume that the total bonus accrued between 2013-2023 is ₹5 Lakhs. That means, he will then have to add his primary maturity value (₹10 Lakhs) + total accrued bonus amount (₹5 Lakhs) = Final maturity value of ₹15 Lakhs.

Note that this is just an example maturity amount, the actual maturity amount may be higher or lower based on your actual PLI policy bonus figures. You can calculate the maturity value of your own PLI policy following the above framework.

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Ayushman Bharat Yojana

Ayushman Bharat hospital list in Ahmedabad

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hospital building

Ayushman Bharat hospital list in Ahmedabad

Are you a benefactor of the Ayushman Bharat Yojana, and are looking to find out which are the empaneled hospitals under the Ayushman Bharat Yojana in Ahmedabad? You can find out the updated list of all of the network / empaneled hospitals under this scheme in simple steps. Let us begin.

Step 1.) Visit the official Ayushman Bharat (PMJAY) website

You can visit the official website directly or by searching for ‘Ayushman Bharat Yojana’ on your preferred search engine and then navigate to the website.

Step 2.) Navigate to the ‘Find Hospitals’ section on the top right hand side

Ayushman Bharat homepage
Ayushman Bharat homepage

Once you navigate to ‘Find Hospitals’, kindly click on it. This is where you will get redirected to the PMJAY hospitals page.

Step 3.) Enter the details

hospital list form
PMJAY hospital list form

Here, you will now need to enter the following; Gujarat as your state and Ahmedabad as your district. Once entered, click on ‘Search’

Step 4.) Get a list of all empaneled hospitals in Ahmedabad

PMJAY hospital list in Ahemadabad
PMJAY hospital list in Ahemadabad

Now, you will get a list of all of the empaneled hospitals under the Ayushman Bharat Yojana. As of 2023, there are 325 network hospitals that are empaneled under the scheme. It is likely that by the time you initiate a search the number of hospitals may have increased or decreased. Also keep an eye on the ‘Suspended Hospitals List’ and ensure that your hospital is not in this list.

By following the steps mentioned above anyone can get an updated list of all empaneled hospitals under the PMJAY scheme in Ahmedabad, Gujarat. The reader can also download the entire list in excel format if required, the website provides the functionality to do so.
And finally, as always stay safe. We wish you and your family a healthy future.

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Life Insurance

All India National Life Insurance Employees Federation (Explained)

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professional building

All India National Life Insurance Employees Federation (AINLIEF) – Explained

Are you looking to learn about the All India National Life Insurance Employees Federation (AINLIEF)? Well, we will attempt to make you understand the following important aspects of the AINLIEF, such as:

  • What is AINLIEF?
  • What is the role of AINLIEF?
  • How to login to your AINLIEF account?
  • Historic AINLIEF protest and Supreme Court order

What is AINLIEF?

All India National Life Insurance Employees Federation (AINLIEF) is a registered trade union that works to provide solutions and resolutions to terminated as well as temporary workers of Life Insurance Corporation of India (LIC). Their registration code is NGP5422. They have their registered office at Plot No 82, Nimbalkar Bhawan, Hanuman Nagar, Nagpur – 44009.

What is the role of AINLIEF?

Let us look at some of the primary roles of AINLIEF:

  • To act as a forum and listen to the grievances of temporary and terminated workers of LIC.
  • Provide resolution to aggrieved temporary and terminated workers of LIC of India.
  • Act as a benevolent agent between the LIC worker and the company. You can read about the LIC and AINLIEF supreme court matter below to get a better understanding of this point.

How to login to your AINLIEF account?

To login to your AINLIEF account, you will have to follow these steps:

Step 1.) Visit the official AINLIEF website

Step 2.) Navigate to the ‘Login’ page at the top right hand side

login button
Login button on the top right hand side

Step 3.) Register or login to your AINLIEF account

login box
Login box

Historic AINLIEF protest and Supreme Court order

  • In a matter that dates back over 30 years to 1991, AINLIEF demanded that LIC permanently absorb 8000+ temporary employees and make them permanent employees. This petition was filed in the Labour Court. The Labour Court ruled in favor of AINLIEF, but the order by the court was not executed.
  • In 2007, AINLIEF approached the Supreme Court of India for the same matter and the Supreme Court passed an order in 2015, in favor of permanent absorption of temporary LIC workers and make them permanent employees of LIC. Further, pending dues (50 per cent back wages to temporary 3 and 4 grade employees,) of these works must also be paid to them.
  • In 2018, hundreds of LIC workmen protested on the iconic Azad Maidan of Mumbai City, demanding that the Supreme Court order of 2015 be implemented by LIC of India. In an expression of solidarity, the General Secretary of AINLIEF stated “We demand an immediate implementation of the Supreme Court’s order. This is a united effort to express solidarity with our fellow workers and we will ensure that they get their rightful dues and means of livelihood.”

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Life Insurance

Life insurance with Post Office (Schemes and features)

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post box

Life Insurance with Post Office (Schemes and features)

Life insurance with post offices started in 1881 as a welfare scheme for the advantage of postal employees. It is the oldest life insurer in this country and the first one in the country to cover female lives. Yet, a lot of people don’t consider the post office for a life insurance policy and remain unaware of the benefits and features of this plan.

You must also illuminate yourself with the plethora of benefits that a life insurance plan can extend to yourself as well as your family. This article aims to explore life insurance policies from the post office and their features.

Features of Post Office Life Insurance

1.) Policy revival scheme

A policyholder can revive a lapsed policy after 6 successive non-payments of premium if the policy is in effect for less than 3 years. A lapsed policy that is less than 3 years old can be revived even after 12 successive non-payment of premium.

2.) Provision of a duplicate policy document

There is a provision to issue a duplicate document if the original document is lost by the policyholder or is damaged in some way.

3.) Nomination facility

The policyholder has the option to nominate their beneficiary and can make changes to the nomination.

4.) Loan facility available

The policyholder can pledge their policy as collateral to the head of the circle/region on behalf of the president of India if the policy is an endowment assurance plan or a life insurance plan.

Types of life insurance schemes

1.) Whole life insurance (Suraksha)

In this scheme, an assured amount with accrued bonus is paid to the insured on attaining 80 years or to his/her nominee, on the death of the insured, whichever occurs earlier. The minimum age at entry is 19 years, and the maximum age is 55 years, and the sum assured ranges from Rs. 20,000 to Rs. 50 lakh.

2.) Endowment assurance (Santosh)

The assured amount and accrued bonus are given to the policyholder when the policy attains the pre-decided maturity. In case of unprecedented death, the amount goes to the nominee or legal heir. The minimum and maximum age at entry are 19-55 years.

3.) Anticipated endowment assurance (Sumangal)

This postal life insurance policy is for those who want periodical returns. Survival benefits are given to the insured periodically, which is not taken into consideration in case of unprecedented death of the insured. The maximum sum assured is Rs. 50 lakh.

4.) Joint Life Assurance (Yugal Suraksha) for married couples

This policy requires any one of the spouses to be eligible; it gives life cover to both spouses. The loan facility is available after three years. The sum assured ranges from Rs. 20,000 to Rs. 50 lakh.

5.) Children Policy (Bal Jeevan Bima) to secure your children

This scheme provides insurance cover to the maximum of two children of age 5-20 years of the policyholder. The policyholder shouldn’t be older than 45 years.

Postal Life insurance in India is one of the most sought out insurance in our country because of its convenience, flexibility, and benefits. Some guidelines to keep in mind are to note down the policy number, maintaining the policy bond, and regular premium payments. Opt for the scheme suitable for you and live life without any worry.

You can read more about Postal Life Insurance from their official website.

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Insurance

ChatGPT and the Future of Customer Service in Insurance

machine learning
machine learning

ChatGPT and the Future of Customer Service in Insurance

After accumulating over 100 million active users in a little over 2 months since its release (in November 2022), ChatGPT has been taking the tech world by storm. In fact, Microsoft has leveraged this bleeding-edge technology and incorporated it within its own Bing search engine in an attempt to disrupt the search engine market. Along with these disruptions, is it possible that ChatGPT or similar tech can disrupt the customer service aspect in the insurance sector? Let’s find out!

 

  • Potential uses and benefits of ChatGPT in Insurance
  • Limitations of ChatGPT
  • Chatbot use cases in insurance
  • The road ahead

Potential uses and benefits of ChatGPT in Insurance

  • API integration: Insurance companies can make use of the ChatGPT API and integrate it within their own website. ChatGPT can then act as a sales representative on their insurance website and interact with the prospective customer; much like a live chat executive might. The tool can then begin to understand the customer’s requirements and spit out the most relevant insurance quotes.
  • Customer support: The ChatGPT API can also be used to troubleshoot customer grievances and inform the customer about possible solutions to their complaints or queries.
  • Lower costs: The ChatGPT tool is much more likely to cost lower compared to hiring an actual human being. This can increase the profitability of the insurance company.
  • Limitation of human error: Human beings are prone to the error. The AI tool, if properly trained will likely dish out accurate and relevant information.
  • Breaking the language barrier: AI tools like ChatGPT are language agnostic. They can chat with a user in English, Hindi, Marathi, or any other regional language.
  • Availability and consistency: ChatGPT does not need a break. It can work around the clock. No lunch or dinner breaks. In fact, it can be online 24×7.
  • Summary of policy bonds: This could be a game changer within the insurance industry. Insurance bonds are usually very long and nuanced. You can ask ChatGPT to make a summary of your insurance bond and highlight the most important and noteworthy points. The tool will do so and you can make a better more informed buying decision due to this.

Limitations of ChatGPT

  • Missing a human touch: At times, the ChatGPT chatbot can seem like its missing a human touch. Its answers may come out more robotic in nature. This tendency is likely to be eliminated completely as the technology gets more robust.
  • Compromised training data: That chatbot and its results are based on the integrity of the training data. At times, this training data set may be polluted due to human biases, and this can create incoherent or irrelevant responses.
  • Lack of empathy: The tool is a computer program; it is not a human. This makes it completely lack any empathy. This lack of empathy may cause the tool to not understand the gravity of a particular request made by a customer.

Chatbot and AI companies in Insurance

Let us look at some of the most notable chatbot use cases in the insurance industry and attempt to get an idea of how things in the future may pan out.

Haptik AI: The Indian AI company Haptik is currently building a suite of products that insurance companies can use in their interactions with customers. Haptik has products that insurance companies can use in their customer interactions on the following platforms:

  • WhatsApp Messaging
  • Instagram
  • Insurance website
  • Facebook Messenger
  • SMS

Flo AI: Progressive Insurance has a chatbot called Flo (made by Microsoft) that assists their customers to do the following:

  • File claims
  • Change payment dates
  • Get insurance quotes

Allstate Business Insurance Chatbot (ABIE): ABIE is a chatbot on Allstate Insurance’s website that helps prospective customers in answering initial questions about the product. ABIE can also point customers to the most relevant insurance policies.

GEICO’s Kate chatbot: Similar to ABIE, GEICO’s Kate chatbot helps customers get the relevant information and sends the best and most relevant motor insurance quotes based on their requirements.

The Road Ahead

The world of machine learning and AI has come a long way. From the 1950s, when Artificial Intelligence pioneer Arthur Samuel introduced the first self-learning software for playing checkers to OpenAI’s ChatGPT in 2022. Machine learning and AI have come a long way. That being said, this is still just the tip of the ice berg.

These technologies have the potential to geometrically increase efficiency and profitability of companies and will most likely be heavily invested in, causing a surge of AI and ML products and applications across the insurance sector and beyond.

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icici lombard health insurance

What is iPartner by ICICI Lombard? (Simply Explained)

Rupees

What is iPartner by ICICI Lombard? (Simply Explained)

So, are you looking to sell insurance to your prospects but are wondering about how to get going? Well, ICICI Lombard has come up with their iPartner program. What is the ICICI iPartner program? This article will attempt to talk about the most important aspects of the iPartner program, such as:

  • ICICI Lombard iPartner explained
  • Features and benefits of iPartner
  • How to become an iPartner with ICICI Lombard
  • Eligibility criteria
  • ICICI iPartner Pro Mobile App

ICICI iPartner Explained

To understand how the ICICI Lombard iPartner program works, you will first have to understand ‘what is PoSP and its workings?’ PoSP stands for Point of Salesperson. A PoSP has the ability to sell insurance and related products to their clients. He or she essentially acts as an insurance agent.

To become a PoSP, a person has to complete a 15-hour certification program as per IRDA regulation. Once this is done, a PoSP can begin selling insurance on their own. The ICICI Lombard iPartner program is essentially ICICI Lombard’s version of a PoSP program where you can sell ICICI Lombard insurance products to your customer base and get a commission from it.

Features and Benefits of iPartner

  • Brand value of ICICI Lombard: Partnering up with ICICI Lombard through their iPartner program and selling ICICI Lombard insurance policies is ought to be a pleasant experience, as ICICI Lombard has a favorable brand image in the eyes of prospective customers. The sales conversion is likely to be high due to this brand value.
  • Flexible timings: You are your own master after enrolling in the iPartner program. You can select your own work hours and do not have to adhere to any deadlines. Work as much as or as little as you wish.
  • Commissions: As a PoSP, you will be eligible to receive a commission on insurance sales and renewals. The commission rate depends on the type of policy sold.

Type of policy sold

Commission rate

Health insurance

15%

Business insurance

10%

Car insurance

15%

Bike insurance

15%

Data taken from: https://www.icicilombard.com/become-posp-insurance-agent

  • Paperless: As a PoSP, you do not need to collect or deal with any paper work. The entire sales process is online and the customer documents need to be uploaded directly to the ICICI portal. This leads to streamlining of process and ease of management.
  • Online claims: Your customers can directly initiate online claims, they do not need to come to you to initiate a claims request. This saves a lot of time and effort.

How to become an iPartner with ICICI Lombard

You can enroll in the ICICI Lombard iPartner program by following these simple steps:

Step 1: Download the ICICI Lombard iPartner Mobile App

Step 2: Upload your KYC documents

You will now need to upload the following KYC documents to the App:

  • Cancelled check (to setup bank payments)
  • Aadhar Card
  • PAN Card
  • Education certificate

Step 3: Document verification
The company will then verify your documents and accept or decline your application.

Step 4: Sell insurance
Once accepted, you can now sell ICICI Lombard insurance products through the iPartner program.

Eligibility Criteria

Age

Qualification

18+

SSC

ICICI iPartner Pro Mobile App

The iPartner Pro Mobile App has the following features:

  • You can generate insurance quotes through the App.
  • These insurance quotes can be directly sent to your customers.
  • Your customers can directly buy insurance through the sales link generated through the App.
  • You can raise a pay-out request through the App.

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Categories
Oriental Health Insurance

How Oriental Insurance’s Corona Kavach Policy Can Protect You from COVID-19

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How Oriental Insurance’s Corona Kavach Policy Can Protect You from COVID-19

Corona Kavach by Oriental Insurance is a robust health policy that will protect you and your loved ones against the financial burden arising from COVID-19.  In this article, let us show you how this health insurance policy is suitable to fulfill the health requirements of you and your family members. In this article we will talk about the following:-

  • What is covered under the Oriental Corona Kavach policy?
  • Key features of Oriental Corona Kavach Policy
  • What are the exclusions under the Oriental Corona Kavach policy?
  • Oriental Corona Kavach claim settlement procedure
  • Oriental Corona Kavach policy eligibility
  • Oriental Corona Kavach frequently asked questions (FAQs)

What is covered under the Oriental Corona Kavach policy?

Below given are the general inclusions that will be covered or paid for under this policy:-

  • Hospitalization expenses: Oriental’s Corona Kavach plan covers hospitalization expenses of in-patient care arising due to COVID-19. Hospitalization expenses like room, bed charges, nursing, doctor’s fees, etc will also be covered under the policy.
  • Intensive care: This policy covers all Intensive Care Unit (ICU), and Intensive Cardiac Care Unit (ICCU) expenses.
  • Homecare treatment expenses: The plan also covers home care treatment of the policyholder suffering from COVID-19 up to the sum insured for 14 days. Diagnostic tests, doctor’s consultation fees, nursing charges, prescribed medicines, etc are covered under the plan. This plan also pays for medical equipment like PPE kits, oxygen cylinders, pulse oximeters, nebulizers, and so on.
  • AYUSH coverage: Alternative treatments like AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy) are covered up to the sum insured limit under the policy.
  • Pre and Post hospitalization: Oriental’s Corona Kavach policy covers 15 days of pre-hospitalization and 30 days of post-hospitalization expenses.
  • Ambulance charges: The policy also pays for road ambulance charges for transferring the patient to the hospital up to Rs 2000 per hospitalization.
  • Daily cash optional benefit: This plan also offers a daily cash benefit as an optional rider which provides extra cushion to the policyholder during a financial crisis. Under this optional rider, the policyholder will receive 0.5% of the sum assured as a daily cash payout during hospitalization.
  • Co-Morbidity coverage: This plan also covers any pre-existing conditions suffered by the policyholder in conjunction with COVID-19. All medical tests, procedures, treatment, etc of the existing medical ailment triggered by COVID-19 shall be covered up to the sum insured.

Key features of Oriental Corona Kavach Policy

Below given are some important key features of Oriental’s Corona Kavach Policy.

  • Sum insured limit: Oriental’s Corona Kavach policy provides a wide range of sum insured options starting from Rs 50,000 up to Rs 5 lacs.
  • Family floater benefit: The company also offers the option to avail of a family floater benefit under which all the members of the family can be protected against COVID-19 under a single policy.
  • Policy tenure: This plan has a tenure of three and half months (3 ½ months), six and half months (6 ½ months), and nine and half months (9 ½ months).
  • Waiting period: This policy has a waiting period of 15 days after which it shall cover hospitalization and medical expenses for COVID-19.

What are the exclusions under the Oriental Corona Kavach policy?

Below provided are a few general exclusions under the Corona Kavach policy:-

  • Experimental/Unproven treatments: Any unproven treatments or experimental procedures that lack medical authentication to prove their effectiveness will not be covered. However, treatments authorized by the government only shall be covered under this policy.
  • Cosmetic procedures: Any cosmetic procedures or surgeries shall not be covered under the policy.
  • Dietary supplements: Any dietary supplements purchased without a doctor’s prescription will not be covered under this policy. However, multivitamins and mineral supplements prescribed by the doctor shall be covered.
  • Treatment outside India: Any treatment availed outside the geographical limit of India will not be covered.
  • Investigation and evaluation tests: Expenses related to any admission primarily for diagnostics and evaluation purposes will not be liable to be paid by the company. Any diagnostic expenses which are not related or not incidental to the current diagnosis and treatment shall not be covered under this policy.

What is Oriental’s Corona Kavach claim settlement procedure

There are two ways the policyholder can file for a claim with Oriental Health Insurance I.e the Cashless claim and reimbursement claim.

For cashless claim

Follow these simple steps laid down for availing cashless treatment:

  • Step 1– The policyholder can avail of cashless treatment when admitted to a network hospital of the company. In case of an emergency inform the insurance company within 24 hours of hospitalization or 72 hours prior to planned hospitalization.
  • Step 2– You will have to duly fill out the claim form available at the hospital and submit it to the TPA department at the network hospital.
  • Step 3– The insurance company will verify all the information and after thorough verification, the company will approve your cashless claim request.
  • Step 4– In case your cashless claim request is not approved by the company due to reasons like unsatisfactory submission of documents, etc, you can avail of the treatment and then apply for reimbursement of the hospital bills from the insurer.

For reimbursement claim

The policyholder will have to avail of a reimbursement claim when admitted to a non-network hospital.

Follow these steps to avail of a reimbursement claim

  • Step 1:- In case of an emergency inform the insurance company within 24 hours of hospitalization or within 72 hours prior to planned hospitalization.
  • Step 2:- Submit all the required documents to the company within 15 days of the discharge date to initiate the claim process.
  • Step 3: The insurance company will then evaluate the claim’s authenticity.
  • Step 4: Once all the supporting documents relating to the claim are proven authentic, the claim will be accepted and the amount shall be reimbursed to the policyholder.

Documents to be submitted for claim

Submit the following documents within 15 days from the date of discharge to the company to initiate the reimbursement claim process.

  • Dully signed and filled authorization form
  • All original medical bills, prescriptions, receipts, reports, etc
  • Original copy of medical reports like x-ray, scans, etc.
  • Photo identification proofs
  • Discharge summary
  • Death certificate ( if applicable)
  • FIR ( if application)

Oriental Corona Kavach policy eligibility criteria

Individuals between the age groups of 18 years and 65 years can opt for Oriental’s Corona Kavach plan. However, under the family floater plan dependent children from day 1 up to 18 years of age shall be covered.

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Frequently asked questions about Oriental Health Insurance Corona Kavach

  • What is the minimum age criterion to opt for the Oriental Corona Kavach policy?

    The minimum age to enter the policy is from 1 day for children up to 18 years of age.

  • What is the waiting period under the Oriental Corona Kavach plan?

    There is a waiting period of 15 days from the policy purchase date after which the policy will cover all hospitalization expenses for COVID-19.

  • Is AYUSH treatment covered under the Corona Kavach policy?

    Yes, alternate treatments like Ayurveda, Yoga, Unani, Siddha, Homeopathy, Naturopathy, etc are covered under the plan.

  • Can I avail of tax benefits under the Oriental Corona Kavach policy?

    Yes, you can avail of tax benefits under Section 80 D of The Income Tax Act, 1961, on the premiums paid by you.

  • Is a medical check-up needed before purchasing this policy?

    No, a pre-policy medical check-up before purchasing this policy is not required.

  • Is worldwide coverage available under this plan?

    No, this policy provides coverage for medical treatment availed within the country.

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