Category: Insurance

Bengaluru, 22^nd July 2020 : Buying a second health insurance plan is not a trivial task. You need to assess several things before buying an additional plan for a successful health insurance investment.

In this article, InsuranceDekho attempts to help potential insurer buyers choosing a second health insurance policy make an informed decision. Before going in for a second health insurance plan, do consider the existing conditions and future requirements. 

Some of these requirements are as follows:

·         Your age and family members to be covered

·         Number of family members to be covered under the plan

·         Current income

·         Entire family members’ medical record, past and current

·         Coverage available under the current policy

1. Policy Coverage 

If your existing plan is falling short of delivering the promised offerings, then it’s time to look for another plan. Sometimes policies cannot meet a family’s medical needs due to some limitations, exclusions or capping features. You should ensure that the second policy acquires no sub-limits, co-payment clauses, or any other hidden limitations or exclusions. This will help avert any type of hurdle during hospitalization.

2. Top-up Plans

Besides going for a second health insurance policy, you can buy a top-up plan. A top-up plan provides coverage beyond the sum insured in the insurer’s existing plan. It enhances health insurance features and benefits.

A top-up plan can be bought on an existing plan or as a basic policy. You can opt for such plans either from the current insurer or from any other insurer. If you possess an insurance cover offered by your firm, you can pick a top-up policy on the same and can enhance his saving.

So, consider going in for a top-up plan before buying a new health insurance policy.

3. Critical Illness Riders

A critical illness rider is an optional add-on feature. It enables policyholders to avail a lump sum (Sum Assured) amount in case he/she is diagnosed with critical illnesses mentioned in the policy wording. Thus, it can protect you and your family from any financial crunch that may arise due to some unforeseen critical illnesses.

The best thing is that a critical illness rider is available at a lower premium rate than the premium paid for second health insurance. You can buy it to compliment his existing health insurance. It can protect you and your family from any financial crunch that may arise due to some unforeseen critical illnesses.

So, it is advisable to opt for a critical illness rider instead of going for another policy in certain cases.

4. Look for portability feature

The portability feature is an option to change health insurance policy from one insurance company to another without losing benefits the insurer has accumulated.

If planning on buying a second health insurance policy just because the services are unsatisfactory, it is advisable to change the insurer. This way you will not lose the benefits of the existing policy.

While availing the portability option, you should opt for a higher sum insured (higher than the sum insured of the current insurer) with extra offerings and benefits such as critical illness cover. So, portability can be an ideal option to upgrade your existing plan and avail more coverage benefits and better service than before. 

5. Lifelong Renewability

If you have a health insurance policy, which allows the renewability option up to a certain age only, then you must opt for a new plan with lifetime renewability feature. This is beneficial because once you reach the age beyond which you can’t renew your policy, a plan with the lifetime renewability allows you to renew your policy lifetime i.e. without any age restriction.

So, even if you forget to renew your plan before the due date, the grace period (the policy will be renewable provided you pay the premium within 15 days after the expiry date) can give you a chance to renew your plan post the due date without losing its benefits.

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Bengaluru, July 13th, 2020: Reliance General Insurance, a 100% subsidiary of Reliance Capital, introduced first of its kind “Livelihood Protection Insurance Cover” dedicated for Daily-income earners from the grievous impact of weather vagaries on their income and livelihood. 

This IRDAI approved product under Sandbox guidelines has been designed in a way where the weather risk is monitored from Automated weather stationsfrom Indian Meteorological Department (IMD) or by private Independent third parties involved in supply of weather data and claim is automatically calculated using this procured weather data. Hence, the claims will be derived comparing the actual weather from defined benchmark. In case, if the actual weather goes above the defined benchmark the insured would be eligible for claims. The policy will be offered for weather related risks triggered due to – wind (cyclone, dust / sand storms), temperature (cold & heat waves), rainfall (floods / excess rainfall), and Air Quality Index (AQI).

The best feature of this insurance policy is that it will provide the immediate assistance to insured in case of weather vagaries as it covers the weather-based risk particular to a geographical location during a time-period that’s most affected. In the pilot phase, the policy is being launched for only 10,000 customers in India, and the premium is kept extremely low and affordable.

Commenting on the recent development, Rakesh Jain, ED & CEO, Reliance General Insurance, said, “In the last few years, India has witnessed multiple weather related catastrophes that pose a serious threat to the normal lives and livelihoods of the daily earners. Therefore, prioritizing the financial resilience of the self-employed and daily waged individuals takes top priority for us. The Livelihood Protection policy has been introduced in line with our vision to provide insurance to the next-billion Indians.”

As a traditionally underinsured and one of the most acutely vulnerable countries to natural disasters, Reliance General Insurance aims to expand the blanket of financial security for the ones who need it the most, through the Livelihood Protection Insurance Cover.

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• Cues the digitized and future- ready service approach
• Marks SBIG 2.0 Version, a new milestone post a decade long journey
• Appeals to masses and reinforces trust and security in SBIG

Bengaluru, 1^st July 2020 : SBI General Insurance (SBIG) today announced the launch of its new corporate brand identity with redesigned logo and the tagline ‘Suraksha aur Bharosa dono’. Digitization has been always at core at SBIG, hence, at this stage the company has amalgamated focus and strategy in the new brand identity, with a swipe-able and fresh-looking logo.

The new purple colour logo conveys SBIG’s future readiness with services to its customers consisting traditionalists and modernists across India. The traditionalist customers are those who value trust, loyalty, value for money and integrity, whereas modernist look for flexibility and future readiness. Purple colour denotes youthfulness, wisdom and devotion.

Shri Dinesh Kumar Khara, Managing Director Global Banking & Subsidiaries, State Bank of India said, “SBI has always strived to ensure that our business is more than just banking as we touch the lives of people across India in many ways. Our commitment to nation building is complete and comprehensive.

With the new brand identity, we are delighted that SBI General is reinventing, and while contributing in insuring the nation, it is taking forward our legacy of trust. We are sure with enhanced digital capabilities, it is better positioned to serve its patrons and continue to provide positive and better customer experience.”

Pushan Mahapatra, MD & CEO, SBI General Insurance said, “We take pride in having the parentage of SBI, and indeed, it is our privilege to carry forward the strong legacy of trust and security.

The insurance category in India is riddled with fear and insecurity. To address this well and live up to our brand that resonates with “trust”, we have derived the tagline – Security and Trust, both which in Hindi reads as – Suraksha and Bharosa, Dono.”

He added, “We are honoured with the faith that our customers have shown in us. With our new logo, we reinstate and reassure them that we are ready to serve their growing needs of services with new-age processes and services.”

In a decade long journey, SBIG has crossed multiple milestones like fastest company to cross Gross Written Premium of Rs.1000 crores in its 4^th year, top private insurer to enter the industry post de-tariffication in Jan 2007, broke even and reported profits consistently since FY18, and from 17 branches in 2011. Over a decade, SBI General has been increasing its reach with 120+ branches & 253 locations pan-India. Its strong distribution partners add up to its reach to every nook and corner of India, with SBI’s over 22000 branch network, other financial and digital partners.

While having the strong foundation of these milestones, with new identity, SBI General Insurance has taken next step in the journey to become the first choice for every Indian’s general insurance needs. 

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