VOL 05 | ISSUE 07 | 2021
INSURANCE INSIGHTS
Insurance Insights
Dynamics of the Indian Insurance Advisory Space
Insurance Essentials
Why Insurance is Important Today?
DR. K MURALIDHARA REDDY Managing Director and Principal Officer AMAZE INSURANCE BROKERS
We aim to help you thrive in a changing world
the BEST OF
INSURANCE ADVISOR
COMPANIES
Praveen Vashishta Co-founder and Chairman
HOWDEN INDIA
Redefining the Benchmarks of Expertise and Excellence
Editor’s Note T
INSURANCE ADVISORS – FOR ALL YOUR INSURANCE SOLUTIONS
ragedies never come with a warning and while we never wish for a tragedy to happen, being prepared for it is always a wise decision. Unforeseen incidents like illness, injury, loss of movable and immovable assets, even death may leave one’s family financially and emotionally drained. Insurance provides the financial security during life and after death. The Covid-19 pandemic only pronounced this need louder than ever. Insurance helps in mitigating losses and ensures financial security to the investor while keeping the flow of trade moving continuously. With number of insurance companies mushrooming every year, it has spoilt people for choice. Here is where insurance advisors make their entry guiding the investor through their investment journey, beginning from the company to choose and the best suited plan. The insurance advisor is a significant entity for your insurance investments. They bridge the gap between insurance companies and policy holders. Despite insurance policies being available online, it has not eliminated the need or importance of an insurance advisor.
Sumita Sarkar Editor-in-Chief
sumita@insightssuccess.com
It is one of the most challenging professions. But it can also be the most lucrative and rewarding one. In fact, the insurance sector is a huge ocean where one can swim comfortably without colliding with the other. The trick is to catch the pulse of the trend and relate it to the needs of the customer. Insurance advisors help in financial planning for the future, be it post-retirement plans, education for your children or health. However, becoming a successful insurance advisor requires lot of meticulous planning, knowledge of the subject and market, and convincing skills. Gaining confidence of the client is the topmost skill that one needs to be a successful insurance advisor. For this, one must be a patient listener and should prioritize the client’s benefit first. Focusing merely on commission has never made one a successful insurance advisor. But client satisfaction has definitely given the perks and more clients in turn. Persistence and patience are two vital qualities that an insurance advisor must possess. Along with the perks that investing in insurance bring, risk factor cannot be eliminated from any such kind of
investment. Insurance advisors help the investor in risk management. Along with regular coverage, many insurance policies come with investment and saving plans which can help the investor build wealth and savings. The insurance advisor is the right person to guide the investor keeping his/her needs and financial state in mind while finding the best scheme. Our latest edition of Insights Success, The Best of 5 Insurance Advisors, throws light on how these companies stand out from the rest, what strategies they have employed for the benefit of the client and for their growth, and what it takes to be the best. Have a valuable read!
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Howden India Redefining the Benchmarks of Expertise and Excellence
I N S U R A N C E I N S I G H T S
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WHY SHOULD YOU PURCHASE HEALTH INSURANCE WHILE YOU'RE YOUNG?
AMAZE INSURANCE BROKERS Ensuring Total Customer Satisfaction through Innovative Solutions
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Why Insurance is Important Today?
Dynamics of the Indian Insurance Advisory Space
INSURANCE ESSENTIALS
INSURANCE INSIGHTS
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Editor-in-Chief Sumita Sarkar Deputy Editor Abhishaj Sajeev
sales@insightssuccess.com
Managing Editor Darshan Parmar
MAY, 2021
Assisting Editor Ananda Kamal Das Contributing Writer Ashish Chandgude
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5 Company Name Acme Insurance Broking Service Pvt. Ltd.
Amaze Insurance Brokers Pvt. Ltd.
Howden Insurance Brokers India Pvt Ltd
Icici Lombard
Troth Insurance Broking & Consultants LLP
THE BEST OF
INSURANCE
Management Nirmala Menon Director
Muralidharan Reddy MD
Praveen Vashishta CEO & MD
Bhargav Dasgupta MD & CEO
Hiren Vora Director
ADVISOR COMPANIES
Brief Acme Insurance Broking Service is a prominent name in the insurance industry which is delivering excellent services to the clients Amaze Insurance Brokers provides clients with amazing benefits in terms of coverage, savings in premium, timely renewals of Policies and expeditious & judicious settlement of claims Howden is the international challenger broker with a difference, providing insurance broking, risk management, and claims consulting services globally
ICICI Lombard General Insurance Company Ltd. is one of the leading private sector general insurance companies in India offering excellent facilities to the clients Troth Insurance Broking and Consultants LLP is an Ahmedabad based firm in the field of distribution of insurance products
COVER STORY Praveen Vashishta Co-founder and Chairman
Howden
India
Redefining the Benchmarks of Expertise and Excellence
We are one of the largest employeeowned international insurance groups with employee ownership at the heart
I
n a modern world where risks are becoming increasingly complex, almost every risk needs to be insured. The support and advice of an effective insurance broker that provides risk management and business critical insurance solutions has become essential. Built on an uncompromising philosophy of focus, expertise, and service, Howden Insurance Brokers India Private Limited (Howden India) has acquired an unwavering market position and reputation for being a specialist player in providing its customers with access to solutions differentiated by its ability to achieve what others cannot. Howden India is a group company of Howden Broking Group, which is the insurance broking arm of Howden Group Holdings headquartered in the UK. A leading independent insurance and reinsurance intermediary, Howden Group Holdings comprises of two arms: DUAL Underwriting Group and Howden Broking Group. Howden provides insurance broking, risk management and claims consulting services globally. Through its international network (Howden One) of over 15,000 specialists, Howden services clients in over 90 territories worldwide across Asia, Australia, Europe, Africa, North and South America. “Our scale is global, but our approach is founded on high quality local teams who build solutions around our clients, accessing our global knowledge and expertise where appropriate for each client. We are specialists, not generalists. Our leadership teams in the countries in which we operate are all experienced practitioners who are actively involved in working with our clients”, says Praveen Vashishta the co-founder and Chairman of Howden India.
Our strong and sustained growth regularly surpasses that of our industry peers and is driven by a business model that enables innovation and fast expansion into new products and markets
The company offers risk management, risk consulting, insurance broking, insurance portfolio management and claims management services aimed at protecting the balance sheets of a wide range of businesses and professional service organizations.The company’s vision is to be the best in all it does, in every solution it offers. With recognizable expertise in liability, construction, property insurance and employee benefits, it also provides its customers risk management and insurance solutions in marine, infrastructure, and aviation sectors. The company's claims advocacy practice is a major source of its strength and one in which it takes great pride. Howden India’s diverse list of clientele includes large IT firms, Manufacturing Companies, Pharmaceutical Companies, Infrastructure Development Companies, Private Equity/Venture Capital Firms, Real Estate and SEZ Developers, Oil and Energy Production and Distribution Companies. “We are the broker built to serve clients in a changing world – we have the agility and attention to detail of a specialist broker, combined with the scale, advantage, and legacy of a
The Best of 5 Insurance Advisor companies business with over 25 years to its name,” adds Mr. Vashishta. Emphasizing on the Right Values
Additionally, the management team of the company brings decades of combined best practice-driven experience and expertise.
Howden India is led by an experienced, multidisciplinary team of professionals drawn from various fields viz., finance, law, insurance, reinsurance, financial services, information technology, engineering, loss prevention etc., and possess the requisite experience, technical skills, and professionalism to provide clients with the right insurance solutions.
Employee ownership is at the heart of Howden Group, and that is evidenced by the fact that nearly 44% of the group is currently owned by employees. The company is driven by values such as sustainability, client focus, integrity, teamwork, entrepreneurial mindset, and non-political approach. It is a business that repeatedly proves to its
clients and insurers that it achieves what others cannot. “We take pride in being a business that solves the toughest problems, not just the easy ones. Our management style is one of empowerment and autonomy, relying on great people to ‘make it happen’ in their area of responsibility. And our promise is that if anyone can do it, ‘Howden will know how’,” adds Mr. Vashishta. Howden India’s core values reflect its culture and ethos, and it keeps these values at the heart of everything it
Our global broking and underwriting business provide a range of specialist insurance solutions to clients. The two pillars are supported by a strong backbone of technology and service expertise
does. These include entrepreneurialism, meritocracy, and teamwork. With a strong emphasis on people first, capability development and mentoring, Howden offers its employees the opportunity of a steep upward learning curve. Delivering Unparalleled Quality When asked about his take on adopting novel technologies, Mr. Vashishta says, “With increased pressure on costs, efficiencies have dictated automation of business processes. This has led to the use of software packages from standard accounting applications to integrated ERP solutions. The production-based economy - founded on plant, land, and labour, is increasingly shifting to knowledge and information-based environment. Most mission critical functions of an organization are today performed by automated information systems and network.” “No wonder, therefore, that IT and IT enabled services companies have been the largest recipients of outsourced work. With increased orders comes increased complexity and ergo increased risk. Organizations want to know that IT companies can deliver on projects and are demanding that suppliers prove they are able to
mitigate the risk of delays or failures. Howden has a focus group dedicated to the IT, ITES and BPO sector with a proven track record in providing risk consulting and insurance solutions,” he adds. Through Howden’s Corporate Risk and Insurance Solutions division, it provides risk management and insurance solutions to large, medium, and small companies across various sectors. This division operates through three Business Verticals: • Liability and Financial Risks • Property and Construction Insurance (including Infrastructure, Oil and Energy Sectors) • Health and Employee Benefits When engaged to represent a customer, Howden India is able to achieve outstanding results through its large team of professionals who possess unique skills in risk management, product design, insurance placement, and claims settlement. As the Indian market develops, access to a competitive reinsurance market becomes increasingly important. With the support of strong international wordings and competitive terms, the Indian insurers can approach clients with confidence particularly when their
reinsurance broker is easily accessible both geographically and relationshipwise. Howden India qualifies in all the above aspects. Its seamless connection with Howden Broking Group worldwide puts it in a tactically strong position in supporting all Indian insurers as well as the GIC Re (National Re-insurer) in seeking facultative and treaty reinsurance capacity from international markets. The company also introduced inward reinsurance business to GIC Re and Indian Insurers from Asia, Africa, and
Middle east. It has proven strengths in areas such as Liability, Financial Lines, Casualty, Energy & Infrastructure insurance. Bequeathing the Keys to excellence We asked Mr. Vashishta on his advice to the budding entrepreneurs who wish to enter the insurance advisory business, to which he says, “my advice would be, you take care of the customers and the business will automatically grow. We are a customer-centric business completely. And what the customer today expects is great service. And what we mean by
Take care of the customers and the business will automatically grow
great service is, you must ensure in our business that the quality of advice is really the best. There is no compromise on that. But then this sounds like a lot of “pre-sales talk”. I think post-sales is where the acid test comes. Make sure that the customers get their fair and just claims in time. So, you take care of the customer and everything else would kind of take care of itself. And also take care of your people. You take care of your people. They will take care of your customer.”
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MAY 2021 | 16 | www.insightssuccess.in
Insurance Essentials
Why
Insurance
Important is
Today? W
e've all been told to get insurance at least once in our lives — for life, health, and even for buying a new car or starting a new business.
However, people typically avoid purchasing insurance because we believe, "Why do I need to get life or health insurance when I am young and healthy?" Alternatively, why do I need vehicle insurance if I am an excellent driver? Contrary to popular belief, we all require insurance regardless of how healthy we are, how well we are doing financially, or how good a driver we are. This is because insurance serves as a financial safety net for you and your family when things go wrong.
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What exactly is insurance? Insurance is a straightforward idea to grasp. You pay an insurance firm a monthly or yearly charge to insure your life, health, automobile, property, and other assets for a set period of time. In exchange, the insurer covers for any financial losses incurred by the covered person or thing. So, for a modest cost, you're shifting the risk of a financial loss caused by life's uncertainties to an insurance firm. For example, if you are involved in a car accident and require hospitalisation. Your hospitalised medical expenditures will be covered by your health insurance policy. In addition, your automobile insurance will cover the damage to your vehicle. Meanwhile, your family will receive a lump sum payment for your term insurance if you die in the accident. Insurance is offered for a variety of items, from arts to pets, and one should choose insurance based on their requirements and priorities. However, there are three types of insurance that are absolutely necessary. They are mentioned below: Life Insurance: Life insurance provides financial security to your family in the event of your untimely death. This is how it goes. For a set period of years, you pay a regular premium to the insurance company. In exchange, the insurance company promises to pay your family a certain amount if you die during the policy's term. There are various sorts of life insurance policies, and some of them pay out a lump sum if you live to the end of the policy term. When compared to other life insurance policies, term insurance, for example, gives more coverage for a lesser price. If the policyholder survives the period, however, no money is given to him. Meanwhile, when endowment or moneyback policies are purchased, the policyholder receives a lump sum payment at the conclusion of the policy term. When compared to term insurance, the premiums for such policies are substantially more than the coverage. Health Insurance: Health insurance allows you and your family to receive the greatest medical treatment possible without having to worry about the expense. The expense of medical treatment for the insured person(s) is covered by the insurance company in a health insurance policy. The insurance company pays for all expenses associated to an illness for which the covered person requires treatment in exchange for a regular payment paid by you. This encompasses hospitalisation, childcare, posthospitalization, and pre-hospitalization, among other things.
Your bill is directly settled between the company and the hospital with the cashless facility. Liability Insurance: This type of insurance can be used to cover things like homes, cars, and businesses. When you get liability insurance, such as vehicle insurance, house insurance, or business insurance, the insurance company will repay the policyholder monetarily if the insured object or property is damaged during the policy period. Let's talk about why we need insurance now that we've learned about the many types of insurance. Reasons Why Everyone Should Get Insurance: • Insurance Ensures Family’s Financial Stability: An unexpected occurrence might burn a major hole in your wallet or just imperil your family's financial future, regardless of how much you have managed to save or what your monthly income is. • Insurance Brings Peace of Mind: The premium you pay to the insurance provider is the cost of ensuring that the damage will be covered in the event of an unanticipated event. And having the assurance that your risk is covered gives you peace of mind. • Insurance Reduces Stress during Difficult Times: An unforeseen event can entirely turn your life upside down, leaving you physically, mentally, and financially burdened, no matter how hard you try to make things right. Having appropriate insurance helps in the sense that you don't have to worry about money at such a difficult period and can concentrate on getting better. Insurance, such as life, health, and liability insurance, is an important aspect of financial planning. It has the potential to save you money in the event of unanticipated situations. However, three things should influence your decision to purchase insurance: the need, the advantages you will receive from the coverage, and your ability to pay the premium. -Ashish Chandgude
AMAZE INSURANCE BROKERS Ensuring Total Customer Satisfaction through Innovative Solutions
P
rofessionalism, Technical Competencies, Experience, and Skills are a rare combination, which are required to handle insurance portfolio of clients on world class levels. These are now available to the clients through Amaze Insurance Brokers Private Limited getting the clients amazing benefits in terms of coverage, savings in premium, timely Renewals of Policies and expeditious and judicious settlement of claims. Dr. K Muralidhara Reddy is Managing Director and Principal Officer of Amaze Insurance Brokers. He is pioneer in the field of Insurance and Insurance Broking sector, India with 32 years industry experience.
DR. K MURALIDHARA REDDY
Managing Director and Principal Officer
“
Amaze Insurance Brokers Private Limited is committed to providing quality advice through expertise in dealing with insurance products
Professional and Technically Competent Team Amaze Insurance Brokers is licensed by Insurance Regulatory and Development Authority of India (IRDAI) vide License No. 549 on 24th February 2016. It has professionals with proven professional skills and technical competencies in insurance and insurance broking fields with decades of experience in managing insurance portfolios of clients ranging from SMEs to Big Corporates/Mega Projects/ Industries bringing in customer delight. It has well-defined Vision, Mission and Quality Policy. It is a company with Ethics, Values and Principles. It is committed to the objective of meeting Policyholder’s/client’s expectations. It is also committed to contribute to the healthy growth of the industry. Excellence, Quality and Timely Service Delivery Amaze Insurance Brokers’ vision is to establish and emerge as one of the most preferred Insurance Brokers, providing innovative solutions to ensure total customer satisfaction. In the process, it aspires to combine excellence, quality and timely service delivery with professionalism in risk coverage, premium management, claim handling, risk management and Insurance Portfolio Management services to all its customers. Sustainability will be the key factor whilst demonstrating and earning a reputation for good ethics and trusted services to all its customers.
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Insurance Insights Cost-effective and Comprehensive Insurance Solutions Amaze Insurance Brokers’ mission is to be ethical, principled and value-based organisation setting new benchmarks in the industry. It aims to cater to the insurance needs of all sections of the society and all types of enterprises. It wants to provide cost effective and comprehensive insurance solutions to the clients. It prioritizes to bring in customer delight by adhering to the TATs in underwriting and claims settlement. Its mission is to design the best of its breed claims administration and management systems ensuring speedy settlement of claims and to deploy appropriate Risk Management practices across the clients’ portfolios. Commitment to Quality Service Amaze Insurance Brokers is committed to quality service that ensures total customer satisfaction which meets the expectations besides being the most preferred service provider in the market. Towards this goal, Amaze Insurance Brokers is committed to providing quality advice through expertise in dealing with insurance products. It ensures that the products and services are efficiently and consistently provided on time to the customer for all their insurance needs at all times in terms of risk coverage, premium management, claim handling, risk management and Insurance Portfolio Management services. Competent and Skilful Leadership Dr K Muralidhara Reddy is a Professional with 32 years’ experience in managing insurance portfolios of clients ranging from SMEs to Big Corporate/Mega Projects/ Industries/ Government/Govt bodies bringing in customer delight. He has rich experience of working in Insurance Broking Field as MD and Principal Officer since January 2003. He is a Team Builder in various areas of operations like underwriting, claims, marketing, IT, client relations and Finance. He is known for high levels of competency in underwriting and claims of all departments. He is skillful in maintaining cordial relations with insurers, clients and other organisations. He has special skills in designing and implementing rural insurance schemes by devising suitable procedures and involving software platforms. Ethics, Values and Principles • Compliance with IRDAI Regulations • Compliance with other Statutory Bodies – ROC, IT, GST etc • Strict Adherence to the Code of Conduct
• Timely submission of Returns to IRDA (Quarterly, Half Yearly and Yearly) • Committed, Trusted and Dedicated Service to the clients • Process Innovation to bring down TATs to minimum levels • Keeping pace with fast developing Technology and leveraging the same • Total Transparency in the transactions High Level of Expertise • Project Insurances – EAR/CAR/CPM/Marine Cum EAR (MCE)/Global WC etc • Operational Covers -IAR/ Fire &Special Perils Policy/Marine/MBD/BPP/EEI/Money Insurance – Cash in Transit & safe/ Employee Crime (Fidelity Guarantee), Jewellers All Risks Insurance etc • Business Interruption Covers: Advance Loss of Profits (ALOP), Marine Delay in Start Up (Marine DSU), Weather Insurance, Fire Loss of Profits (FLOP),
MAY 2021 | 21 | www.insightssuccess.in
Machinery Loss of Profits (MLOP) • Liability Insurances: CGL/ Public Liability (Act)/E&O/D&O/Professional Indemnity/Product Liability/Clinical Trials/WC or Employee Compensation etc • Employee Benefits: Group Health/Group Top Up/Group PA/Group Term/Group Gratuity/Superannuation/Leave Encashment/Overseas Travel etc • Other Insurances: Vehicle Insurance for company’s and employees’ vehicles/top up health/unnamed PA/Special Contingency covers/Export and Domestic Credit Insurance • Rural Insurance – Cattle Insurance designing end to end software platform-based scheme administration • Retail Segment – Motor Insurance, Health, PA, Overseas Travel, Life Covers Solution oriented Services • Designing the most suitable insurance program (MSIP) for the clients duly meeting all their insurance requirements. • Thorough analysis and evaluation of existing insurance covers and recommending definite solutions to fill up the lacunae, if any, in coverage. • Getting the clients, the best price and terms from the insurance market since company deal with all insurance companies. • Ensuring prompt, timely and effective renewals. • Recommendations to clients on ensuring proper and adequate coverage of assets, operations and liability areas. • Recommending and implementing the best of its breed Employee Benefits like Group Health, GPA, GTI etc. • Designing systems and procedures for proper claims administration ensuring timely and judicious settlements. • Insurance Audits - which enable total audit of insurance portfolio periodically with suggestions based on the audit findings. • Providing total claims management for expeditious settlement of claims ensuring peace of mind to clients.
• Rural Insurance covers including Cattle & Sheep Insurance • Hospitality - Hotels including 5-star hotels • Hospitals including Corporate hospitals • Power Sector Windmills/Hydel/Solar/Biomass/Gas/Thermal • IT & ITES - Software companies • Pharma Sector including big pharma companies listed in NYSE • Bio Tech and Clinical Research organizations • Manufacturing Sector • Service Sector • SMEs • Personal line of insurances like health insurance, vehicle insurance, individual life insurance, home insurance etc.
Sectors/Clients Handled • Government Departments/organizations • Government undertakings/subsidiaries
MAY 2021 | 22 | www.insightssuccess.in
Why Should You Purchase
HEALTH INSURANCE While You're
YOUNG?
M
any teenagers follow the mantra of bingewatching their favorite shows or going to the gym and doing whatever it takes to stay in shape. That's a great way to stay amused, informed, and safe, but it may not be enough! Risk awareness must also be a part of their everyday lives, especially when it comes to financial matters. Health emergencies can strike at any time and with anyone, regardless of age or income. Furthermore, the tension associated with work-life balance and lifestyle changes is taking a toll on much of our well-being. Medical technology is improving all the time, but newer diseases, such as COVID-19, are on the rise as well. In all of this, one thing seems to be looming: the increasing cost of hospitalization. As a result, the best way to combat rising hospitalization costs is to purchase a health insurance plan and enjoy peace of mind. By paying a portion of the health insurance coverage (known as the amount insured) as a premium, one guarantees that the insurer covers the policyholder's medical bills. But “I am young and safe, so why should I purchase a health insurance plan?” is a popular misconception. Let's look at why young people need to understand the value of purchasing health insurance early in life.
The Best Time to Buy a Health Insurance Policy: According to the wise saying, time and tide wait for no one. When you realize that healthcare expenses are likely to increase in the future as a result of the overall rise in
Dr. (Ms.) Satinder Malhotra
About the Author Dr. (Ms.) Satinder Malhotra is a teacher, an author, a researcher, and an interior designer. She is the Founder and CEO of Signature Interior Designs. She is a successful woman who has earned several awards, written books, and has been an inspiration for all. India Iconic Education Awards have conferred the Best Teacher of the year 2021, Institute of Scholars, Bangalore, also has awarded her for InSc Research Excellence Award 2021 and Asian Education Awards has conferred her with two International Awards i. e., the Best Author of the Year and the Best Researcher of the year, 2021. She has been conferred The Best Interior Designer of the Year 2021 by SME Bizz Entrepreneur’s Star Awards and the Women Entrepreneur of the Year 2021 by Global Triumph Foundation. Signature Interior Designs has been nominated as the Best Interior Design Firm of the Year 2021 by Teaching Excellence Awards.
the cost of living, among other factors, it's time to purchase a healthcare policy. It is in your best interests to recognize the facts as soon as possible. To put it another way, you can purchase a health insurance policy when you're young to take advantage of a variety of benefits.
MAY 2021 | 24 | www.insightssuccess.in
Insurance Essentials There are many explanations why experts encourage people to purchase health insurance while they are young. It has numerous advantages, which are described below: 1. Waiting period: Most health insurance plans have a 30- to 90-day waiting period during which you are unable to file any claims, even though you have a medical emergency. Purchasing a health insurance policy at a young age is thus advantageous in this sense since you will be able to complete the waiting period without any worries. Many illnesses, such as cataracts, urinary tract stones, knee replacements, arthritis, and so on, have a waiting period. Most insurance companies list at least 10 to 15 conditions that include a waiting period. In certain cases, people over the age of 60 have a longer waiting time. 2. Comprehensive: If you purchase a health insurance policy when you're young, you'll be able to benefit from comprehensive and holistic coverage. As a result, you will feel more secure both during your jobs and after you retire. 3. Low premium: An insurance provider's premium rate is usually determined by the current age. You can get a lower premium if you buy a policy while you're young. 4. Duration: It's important to keep in mind that most health insurance plans have an upper age limit. You won't have to think about age limitations if you purchase a health insurance policy while you're young, and you'll be able to reap the benefits of health insurance for a longer period. 5. Tax benefit: Purchasing a health insurance policy at a young age allows you to take advantage of tax advantages for a longer period so you can subtract the premium you pay from your total income under Section 80D of the Income Tax Act of 1961. 6. Coverage: Getting a health insurance policy while you're young means you'll have more coverage. Many new insurance programs cover a wide range of services, including daycare practices and vector-borne illnesses, as well as maternity compensation and out-of-pocket expenses. In other words, when you get older, the insurance premiums will rise due to further medical problems.
7. Pre-existing conditions: Purchasing health insurance in your late 40s would only add to your financial strain by reducing your benefits. Many health insurance companies refuse to cover many pre-existing conditions, which defeats the intent of purchasing health insurance. 8. Incentive: In the absence of any claims in the intervening year of a policy term, most insurance providers receive a "no claims bonus." You can get a cumulative benefit if you purchase a health insurance policy when you're young and you'll most likely extend it every year. As a result, the bonus you've accumulated increases the amount of coverage you have, which can come in handy later in life when you're old and grey. In most cases, the no-claim bonus will range from 5% to 100% of the amount insured. 9. More choices: If you start looking for health insurance when you're young, you'll have more options than if you wait until you're in your late 40s. You have the option of selecting a package that best meets your needs by analyzing all relevant parameters. 10. Lifelong renewal: You can opt for lifetime renewal of your health insurance plan and thereby, avail of extended coverage. Consequently, you can for your entire life by opting for the renewal of your policy. 11. Poor health: Sedentary lifestyles have led to an increase in the occurrence of many diseases related to the heart and lungs claiming lives at a young age. The young and salaried segment of India’s population is vulnerable to several diseases. It's important to remember that a health insurance plan covers the whole family, not just the person. There are Family Floater health insurance policies that suit the bill if you are young and married. Remember that purchasing health insurance at a young age is the first step toward being prepared for unknown health risks. Work on the body while still purchasing a health insurance policy for peace of mind!
MAY 2021 | 25 | www.insightssuccess.in
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Insurance Insights
Dynamics of the Indian
Insurance Advisory Space
T
he Indian insurance sector is not a tiny speck, but a massive sphere where no one has remained untouched. The entire population is connected with insurance in one way or other. The insurance industry is divided into two segments namely Life Insurance and NonLife Insurance (General). The non-life insurance segment covers different domains such as two wheeler insurance, car insurance, home insurance, personal accident insurance, and so on. The insurance companies in India have to abide by the rules laid down by the Insurance Regulatory and Development Authority of India (IRDAI). This statutory body plays an important part in regulating and promoting the insurance and re-insurance industries in India. The Indian market is a hub of 24 life insurance and 33 non-life insurance companies which serve the common people with various insurance products all throughout the country. These companies pride a wide variety of services to the customers.
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Defining IRDAI Before delving any deeper, let us learn about the Insurance Regulatory and Development Authority of India (IRDAI). The company is dedicated towards protecting the interests of people regarding insurance. Some functions of IRDAI are as follows: • It looks after the rapid growth of insurance industry and ensures the people’s benefit by providing long-term funds and ensuring economic growth • It focuses on maintaining high standards in terms of high integrity and financial soundness and the exact dealing to ensure financial stability • It aims to increase the genuine number of claim settlement to prevent various malpractices such as insurance frauds Transformation in the Insurance Sector throughout the Decade Change is inevitable for anything and everything. The same is in case of the insurance sector. This industry has undergone several changes in the last ten years. The last decade has witnessed the Indian insurance industry record specific growth. It is still achieving gradual success and is expected to perform even better in the years to come. Insurance has been Simplified over the Years Initially, insurance worried people because of its long and complicated process that was almost hard handled. Nowadays, owing to advanced technology, the scenario has completely changed. The sector has achieved a major facelift due to these advanced innovations. With advent of the internet, AI, machine learning, and other such innovations, the insurance sector has been completely transformed. Some of the prominent developments over the years have been described below:
documents with them whenever they had to visit the insurance provider’s office. But nowadays with the availability of online medium, these documents can be easily accessed at any time. • Enhanced Convenience: From the customer’s viewpoint, buying insurance policies has become quite feasible and convenient. Policyholders can go to the website of any insurance provider and collect various information regarding the procedure of insurance policy, the claim status, and other necessary requirements. However, earlier, in order to resolve any query, people had to visit allocated branches to gather even the simplest of information. • Intervention of Social Media: Social media has provided penetration ability to both insurance sellers as well as customers. Through this global platform, people can get information regarding various aspects such as insurance claims, policy renewals, and so no. By using social media, insurance companies can also advertise their new policy plans and products to the customers along with exciting offers. Furthermore, social media also acts a platform through which customers can also discuss about various insurance policies and schemes with each other. The insurance sector in India is growing rapidly, while creating numerous employment opportunities. With the passage of time, the sector is introducing innovative and customized features for its clients and is marching forward with the objective of serving them better.
• Paperless Transactions: This is the age where people buy insurance online rather than opting for any other medium. In the internet, they get the opportunity to compare various policy premiums and select the best one. Additionally, they can take advantage of various insurance offers as per the guidelines of the insurance provider. • Low Risks with High Benefits: Nowadays, people do not have to worry about losing hard copies of important insurance-related documents as everything is available online. Clients can download a copy of an insurance policy from their account and keep it safe in any digital format. Earlier, it was difficult for people to carry necessary copies of important insurance-related
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- Ananda Kamal Das