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<ul><li>Due to lack of <keyword id="944278" type="PERSON" weightage="20" keywordseo="insurance-coverage">insurance coverage</keyword>, LGBTQIA+ community needs to have a higher rate of savings to prepare for medical emergencies or even for planning to adopt a pet. </li><li>DDB Mudra Group has taken a step in the right direction to empower its queer employees who otherwise lack basic financial rights in our country. </li></ul>With the abolition of article 377 that decriminalised homosexuality, our country has come a long way. However, LGBTQIA+ community still has to fight for basic social rights and financial planning needs. From hunting for a perfect apartment where they don’t get an eviction notice in the first month of moving in with their partner to dealing with social prejudices, the queer community also has to navigate through a financial ecosystem that doesn’t back them up at all. They need to have a higher rate of savings to prepare for medical emergencies or even for planning to adopt a pet. While several companies now offer insurance coverage for gender-reassignment surgery, DDB Mudra Group is the first agency network in India to cover same-sex couples and unmarried partners who live together under its <keyword id="35492" type="PERSON" weightage="20" keywordseo="insurance-policy">insurance policy</keyword>. Married hetreosexual couples in India live stress-free because they are covered with their spouses’ family-floater health policy. So with its latest move, DDB Mudra Group aims to modify the definition of ‘family.’ It is also an honest attempt at building an inclusive workplace for its employees. “Everyone should be able to care for those they love,” read its caption. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> To bring about this change, the HR team at DDB Mudra Group had to stay patient and push themselves as the process took an entire year. Rita Verma, Executive Vice President &amp; Head HR, DDB Mudra Group said that it was worth the wait. She said, “Today, I’m very proud to say that our medical insurance covers our people’s partners - same-sex, hetro, live-in or married. This entitlement of medical benefits from only the spouse to anyone you love is monumental. To drive this change internally and with our insurance partners required unwavering commitment. The entire process took almost a year, but it was so worth it. Change doesn't happen overnight, and as a Group, we will continue to push ourselves to shed any unconscious bias in the work environment, every single day.” Talking about DDB’s work culture in India, Verma added, “At DDB, the “Freedom to Be” is a deeply held value. When our employees feel they have to hide or mask a key part of themselves at work because they feel unsure, unsafe, or invisible; it can take a toll on motivation, engagement, and (ultimately) employee retention and turnover rates. Over the years, we have worked towards helping each person feel free, valued and respected no matter who they are, how they choose to live and who they choose to love. And a way to create an immediate impact, is through the company benefits that employees receive for them and their loved ones.” Lack of basic financial rights for same-sex partners in India There are over a gazillion financial, social and legal benefits a marriage license offers to a hetreosexual couple in India, like the ability to inherit spouse's assets, nominate one's spouse as a partner-in-life in insurance schemes, share a lease legally, get medical insurance together or open a joint bank account, but gay couples can't rely on their marital status for financial protection. It is time we give them the 'right to companionship' instead -- to help them be financially secure. Talking about how workplaces can drive socio-economic change in our country by pushing themselves a little, Amit Kekre, National Strategy Head, DDB Mudra Group, said, “Because of same-sex relationships not being legal in most parts of India, they struggle on the issue of basic financial rights, such as partner insurance, property co-ownership, joint loan applications for instance. But that’s not just where the buck stops. They even face issues on small little things, like being able to rent or buy houses for instance. Although, the issue is not just a legal one. As a matter of fact, some states in India have begun to legalise same sex relationships. But the problem is larger -- its a socio-cultural issue, one which corporates can make a huge impact on by institutionalising policies that normalise same sex relationships.” Here is hoping that more agencies and brands follow DDB Mudra Group’s lead.

This Indian agency is the first to update its insurance policy that includes same-sex couples and live-in partners

Bike insurance is a necessity for every bike owner. It provides financial protection in the event of an accident, theft, or any other unforeseen circumstances. A comprehensive <keyword id="21358051" type="General" weightage="100" keywordseo="bike-insurance-policy" source="keywords">bike insurance policy</keyword> not only protects your bike but also safeguards you against third-party liabilities. In India, as mandated by law under Motor Vehicles Act, of 1988, it is mandatory to have a third-party motor insurance policy for all motor vehicles. However, opting for comprehensive insurance which is a combination of Third-Party (TP) and Own Damage (OD) coverage, which offers additional benefits and peace of mind. If you purchased bike insurance in April 2023, it will be up for Own Damage (OD) renewal in <keyword id="19986528" type="General" weightage="20" keywordseo="April-2024" source="keywords">April 2024</keyword>. Here are some tips to help you renew your bike insurance policy effortlessly. This article will offer essential tips that will make your bike insurance renewal journey seamless and convenient. <cmsannotation type="cmsannotation" annotationid="Evaluate your current policy" comment="subhead" text="Evaluate your current policy">Evaluate your current policy</cmsannotation> Before renewing the policy, evaluate your current bike insurance policy. Assess the coverage you opted for and whether it meets your requirements. Check if your policy includes add-ons that you don't need or if it lacks crucial coverage. Based on your evaluation, you can decide if should switch to another insurer, opt for a new policy, or renew your existing policy with no changes. <cmsannotation type="cmsannotation" annotationid="Check for No Claims Bonus (NCB)" comment="subhead" text="Check for No Claims Bonus (NCB)">Check for No Claims Bonus (<keyword id="20071511" type="General" weightage="20" keywordseo="NCB" source="keywords">NCB</keyword>)</cmsannotation> If you did not make any claims during the previous policy period, you are eligible for a No Claims Bonus (NCB). You can avail of a discount on the premium for the next policy period. Ensure that your insurer has correctly calculated the NCB amount, and it reflects in the <keyword id="20791613" type="General" weightage="20" keywordseo="premium-amount" source="keywords">premium amount</keyword>. <cmsannotation type="cmsannotation" annotationid="Review the IDV of your bike" comment="subhead" text="Review the IDV of your bike">Review the <keyword id="20623260" type="General" weightage="20" keywordseo="IDV" source="keywords">IDV</keyword> of your bike</cmsannotation> Insured Declared Value (IDV) is the maximum amount that the insurer pays in the event of damage or theft of a bike. IDV is calculated based on the current market value of the bike. Review the IDV of your bike in your current policy. Ensure that the premium amount is correctly calculated based on the IDV. If the IDV mentioned is less than the actual value of your bike, you will have to pay extra in case of partial loss or theft. On the other hand, if the IDV is high, your premium amount will be more. Thus, you must evaluate the IDV wisely, ensuring a balance between the IDV and the premium amount. <cmsannotation type="cmsannotation" annotationid="Compare policies" comment="subhead" text="Compare policies">Compare policies</cmsannotation> It is crucial to compare policy quotes from different insurance providers before renewing your policy. Comparing policies helps you understand the different types of coverage available in the market. It also enables you to make an informed decision based on the best possible coverage and premium cost. Using online insurance comparison tools can help you compare policies and their features. It is advisable to opt for a policy that offers comprehensive coverage while keeping the premium amount affordable. At Bajaj Finance Insurance Mall, you can compare bike insurance policies and premiums offered by leading insurance providers in India. This convenient platform allows you to choose your preferred policy and buy it in just a few clicks. So, check Bajaj Finance Insurance Mall before renewing your bike insurance policy. <cmsannotation type="cmsannotation" annotationid="Renew on time" comment="subhead" text="Renew on time">Renew on time</cmsannotation> It is important to renew your bike insurance policy on or before the due date. If you fail to renew on time, you will have to pay a penalty for a delayed renewal. Additionally, if there is a gap between your policy's expiry date and the renewal date, you will not be covered in case of any mishaps. You can renew your policy online through your insurer's website or mobile application. It's a quick and convenient way to renew your policy from the comfort of your home. <cmsannotation type="cmsannotation" annotationid="Opt for long-term policies" comment="subhead" text="Opt for long-term policies">Opt for long-term policies</cmsannotation> Instead of renewing your policy annually, you have the option to opt for long-term policies. Long-term policies offer coverage for up to three years, reducing the hassle of renewing the policy every year. It also locks in the premium and NCB for the duration of the policy. <cmsannotation type="cmsannotation" annotationid="Final thoughts" comment="subhead" text="Final thoughts">Final thoughts</cmsannotation> Renewing your bike insurance policy on time is crucial to ensure financial protection in case of an accident, theft, or any other unforeseen circumstances. Carefully evaluate your current policy and compare policy quotes from different insurers. Review the IDV of your bike and ensure that the premium is calculated based on it. Check if you are eligible for a No Claims Bonus and if it is correctly reflected in the premium amount. Opt for a long-term policy if it suits your needs. Remember to renew your policy on time to avoid any penalties for delayed renewal and gaps in coverage. By following these tips, you can effortlessly renew your bike insurance policy in April 2024. (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. will not be responsible in any way for the content of the same)

Essential tips for effortlessly renewing your bike insurance policy in 2024

<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> wants to start selling <keyword id="6360041" type="UNKNOWN" weightage="20" keywordseo="life">life</keyword>, health and general <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> policies to its Indian customers in the capacity of a corporate agent. </li><li>Unsurprisingly, Amazon’s local rivals, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, are also preparing to enter the segment given the low rate of insurance penetration in the country. </li><li>The share of insurance premiums as a percentage of GDP stood at 3.7% of GDP in 2017-18, according to Swiss Re, a reinsurer, compared to a global average of 6.1%.</li></ul>Amazon India had had its sights set on the country’s financial services space for a while. Last year, it started offering a digital wallet in India to shoppers on its e-commerce platform. Earlier this week, Amazon’s payments arm launched a service that allows Indian consumers without credit cards to purchase products on an EMI basis. Next on the list? Amazon wants to start selling life, health and general insurance policies to its Indian customers in the capacity of a corporate agent, according to Bloomberg. In essence, it will list the various policies and products offered by insurance companies on its website. Much like the platform PolicyBazaar, Amazon plans to allow customers to pick and choose between different policies and purchase coverage like they would buy a mobile phone or book. Unsurprisingly, Amazon’s local rivals, Paytm and Flipkart, are also preparing to enter the segment given the low rate of insurance penetration in the country. The share of insurance premiums as a percentage of GDP stood at <a href="https://www.moneycontrol.com/news/business/economy/indias-insurance-penetration-premium-per-person-up-marginally-in-fy18-swiss-re-2681721.html">3.7%</a> of GDP in 2017-18, according to Swiss Re, a reinsurer, compared to a global average of 6.1%. There’s a lot of room to grow and the industry is expected to record $280 billion worth of revenues in the current fiscal year, as per a study by ASSOCHAM. More importantly, only 3% of insurance is estimated to be bought online, a figure that will surge as the access to the internet increases. In <a href="https://www.bloombergquint.com/technology/2017/11/24/flipkart-plans-to-sell-insurance-awaits-regulators-nod">November last year</a>, Flipkart was said to have applied to the Insurance Regulatory and Development Authority of India (IRDAI) for a greenlight to start selling life and general insurance policies on its website. Meanwhile, in February 2018, Paytm’s parent set up two units for life and general insurance after receiving a corporate licence to do so in September 2017.

Amazon wants to sell insurance policies to Indians

New Delhi, Apr 2 () Insurance regulator IRDAI has asked insurers to extend dates for renewal of health insurance policies, which are expiring during the coronavirus lockdown duration, till April 21. A notification to this effect was issued by the Department of Financial Services, Government of India, on April 1, 2020. "The central government has directed that policyholders whose health insurance policies fall due for renewal during the period on and from March 25 up to April 14, and who are unable to make payment of their renewal premium on time in view of the prevailing situation in the country as a result of COVID-19 are allowed to make premium payment for renewal of policies to their insurers on or before April 21, 2020 to ensure continuity of the health insurance cover," the circular said. Policyholders shall be required to pay the renewal premium for the entire period of 12 months from the date it was due, on or before April 21, the Insurance Regulatory and Development Authority of India (IRDAI) said. Besides, it said, insurers will communicate the above details to the concerned policyholders including through e-mail, SMS, telephonically, display on website etc immediately in a manner that is correctly understood by them. When the policy is issued after receipt of premium due on or before the last date indicated above, it will be ensured that the period of cover commences from the date the renewal was due without there being any break in the policy period provided such renewal fell due within the lockdown period, it said. The regulator also asked the insurers to ensure that adequate arrangements are made for ease of payment of premium by policyholders during the week following the end of the lockdown period. DP MKJ

Extend date for health insurance policy renewal till Apr 21: IRDAI to insurers

A survey on <keyword id="6362363" type="General" weightage="20" keywordseo="health-insurance" source="Orion">health insurance</keyword> facilities in the country has disclosed that nearly 62 per cent health insurance <keyword id="324609" type="General" weightage="20" keywordseo="POLICY-HOLDERS" source="Orion">policy holders</keyword> surveyed saw their premiums increase by 25 per cent or more in 2022. The survey conducted by community platform <keyword id="2795031" type="General" weightage="80" keywordseo="local-circles" source="Orion">Local Circles</keyword> disclosed that of the 62 per cent, 38 per cent of them saw their premiums increase by 50 per cent. The increases came on the back of a significant increase in premiums in 2021. As per the survey, nearly 38 per cent out of the nearly 10,000 respondents to the question on "how much has your annual insurance increased in the last 12 months," said they had paid 50 per cent or more, while 24 per cent citizens had paid 25 per cent - 50 per cent higher <keyword id="47469" type="General" weightage="20" keywordseo="premium" source="Orion">premium</keyword>s and 11 per cent had seen their health insurance premium go up by 10 per cent -25 per cent, another 9 per cent paid 0 per cent - 10 per cent higher premium. Only 18 per cent, either did not have to shell out more or witnessed a dip in insurance premium or were unaware as their employer is taking care of it. From the response to the Local Circles survey this year compared to that done in August 2021 it is very clear that the magnitude of the increase in premium has caught many unaware. Last year while the percentage of respondents who experienced an increase of over 25 per cent in health insurance premiums was 34 per cent, this year that number has jumped to 62 per cent. Overall, an average Indian, after experiencing a 10 per cent increase in 2021 is now experiencing an average increase of 25 per cent. Many senior citizens with independent policies are reporting a much higher increase of over 50 per cent which is putting a squeeze on their retirement finances at a time when costs of most products like fuel, essentials are all rising. Per external estimates as well, post the Covid pandemic, health insurance premiums have increased anywhere between 10-25 per cent for a number of reasons cited by insurance providers including high payouts during the last two years. After thousands of posts and comments were received pertaining to the sizable increase in health insurance premiums by <keyword id="6379818" type="General" weightage="80" keywordseo="localcircles" source="Orion">LocalCircles</keyword>, it decided to conduct a national survey to quantify the pain of citizens and to understand the increase in health insurance premiums at an aggregate level. The study which collected over 20,000 responses in two periods of August 2021 and August 2022 from citizens located in 287 districts of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> asked people about the increase in health insurance premiums they experienced. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/mercedes-benz-says-25-of-its-sales-in-india-will-be-electric-by-2027/articleshow/93771806.cms">Mercedes-Benz says 25% of its sales in India will be electric by 2027, plans to launch three new electric cars this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/icc-releases-standing-tickets-for-india-pakistan-mens-t20-world-cup-clash/articleshow/93770266.cms">ICC releases standing tickets for India-Pakistan Men's T20 World Cup clash</a>

Nearly 62% health insurance policy holders surveyed saw their premiums increase

To ensure that you are not taken for a ride or lose out on benefits, go through these clauses in your life and health <keyword id="35450" type="COMPANY" weightage="40" keywordseo="insurance">insurance</keyword> policies. 
 
Health insurance 
 
Contribution clause 
 
The health insurance regulations have done away with the contribution clause. So, if you have multiple health covers, you can choose any policy to make a claim. 
 
“While the contribution clause was earlier an inconvenience for the customer, Irda has given the policyholder the right to select a plan of his choice while making a claim,” says Mukesh Kumar, member, executive management and head, HR, marketing and strategy planning, HDFC ERGO. 
 
Earlier, if you had more than one policy, your approved claim amount had to be split in the ratio of the sums insured. Now, you can decide which insurer to approach for the entire claim amount. 
 
Renewability clause 
 
Many senior citizens had complained about insurers refusing to renew policies on grounds of adverse claim experience at a stage when they needed the cover the most. Now, Irda has made it mandatory for insurers to renew a policy except on grounds of fraud, moral hazard or misrepresentation. 
 
“The insurer has to renew a policy on identical terms and conditions on which the first policy was issued. Any variation requires obtaining the specific written consent of the insured,” says consumer activist Jehangir Gai. Claim-based loading, where premiums were hiked because of a claim made in the previous year, too, stands obliterated. 
 
Insurers can load premium only on the basis of overall age-wise and ailment-wise claims experience, among other parameters. 
 
Reasonability clause 
 
According to insurers, this is one of the most common causes of disputes on claim settlement. The clause states that only ‘reasonably and necessarily’ incurred expenses will be eligible for a claim. Clearly, this is a grey area open to interpretation. 
 
“Reasonable charges are arrived at by insurers by comparing the standard billing by a hospital and comparing the same with the prevailing charges in the same geographical area for similar or identical services. Thus, the primary purpose of the reasonable charges clause is to ensure fair billing by hospitals,” says Subrahmanyam B, senior vice-president and head, health, commercial lines and reinsurers, Bharti-AXA General. 
 
For instance, if your hospital charges Rs 1 lakh for a surgery that typically costs Rs 70,000, the insurer will pay the lower amount. Since insurers use their discretion, it can cause heartburn to policyholders. However, independent industry watchers say customers should not accept the company’s decision blindly. 
 
“The new regulations say any denial of claim has to be accompanied by a medical reason. Hence, reasonability clause must not be accepted by the policyholders,” says civic activist Gaurang Damani. 
 
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Exclusions, sub-limits and co-payment clauses 
 
Before signing up for any health policy, you need to check what is not covered. All policies exclude certain expenses, impose sub-limits within the overall sum insured and insist on the claimant sharing a part of the claim burden. 
 
In case of exclusions—expenses that insurers need not pay for—the scope for ambiguity has shrunk, thanks to the Irda putting out a list of 199 such expenses as part of standardisation norms. You also need to watch out for the waiting period for various conditions. 
 
For instance, policies do not entertain any claims, except the ones related to accidents, in the initial 30 days. “A general waiting period of 24 months is applicable for named surgeries or illnesses, such as cataract, gall bladder stones, kidney stones, and so on. 
 
For all pre-existing conditions declared and accepted at the time of application, the waiting period is 48 months,” says Kumar. 
 
Sub-limits and co-payment clauses limit the insurer’s liability. In case of a co-payment clause, which is typically part of senior citizens’ policies, insurers could agree to pay, say, 80% of the approved claim, with policyholders having to chip in with the rest. 
 
<keyword id="6406875" type="COMPANY" weightage="40" keywordseo="life-insurance">Life insurance</keyword> 
 
Indisputability clause 
 
This ensures that insurers do not arbitrarily dismiss claims on grounds of inaccurate declaration by the policyholder. 
 
According to Section 45 of the Insurance Act, insurers cannot question a policyholder’s declaration after two years of the date of issuing the policy, citing inaccurate or false statement made in the application or any report of the medical officer. 
 
Free-look clause 
 
The proposition is simple: if you are not happy with the policy that you have been sold, you can choose to return it and get a refund. The clause is meant to be an antidote to mis-selling of policies. Under this rule, you have the option of returning the policy within 15 days of receiving the policy document. 
 
Remember, the period starts from the day you receive the policy documents and not the date of issue. It is applicable to life and health insurance policies with a tenure of three years or more.

Clauses You Must Read Before Buying An Insurance Policy

Insurance policies where the premium is over Rs 5 lakh will no longer be tax-exempt, as per the provisions in the Union Budget 2023-24. Kapil <keyword id="6371425" type="General" weightage="80" keywordseo="mehta" source="Orion">Mehta</keyword>, Co-founder, SecureNow Insurance Broker said the income from traditional insurance where the premium is over Rs 5 lakh will not be tax exempt. While this will dampen the interest of individuals to buy high-value traditional insurance, it will increase the focus on term plans and pure risk covers which is good. A concern is that it should not result in a significant shift towards purely investment-oriented unit link insurances, Mehta said. Arihant <keyword id="4615937" type="General" weightage="80" keywordseo="bardia" source="Orion">Bardia</keyword>, CIO and Co-Founder, <keyword id="16321222" type="General" weightage="50" keywordseo="valtrust" source="Orion">Valtrust</keyword> said if the premium paid on insurance policies (excl. <keyword id="44600" type="General" weightage="50" keywordseo="ulip" source="Orion">ULIP</keyword>) exceeds Rs 5 lakh in a year, then the proceeds from those policies will be taxable (except in case of death benefit). Bardia said this is negative for insurance - as it will impact savings products which are usually high-value and margin products (though not protection). However, smaller policies remain unaffected. Overall a negative for insurance companies as it will impact the high-value premium policies -- thus impacting overall industry GWP growth. A similar provision was already introduced for ULIPs in 2021 wherein the aggregate premium was restricted to Rs 2.5 lakh in a year for tax-exempt proceeds", said Bardia. Mehta said improvements in ease of doing business specifically, the changes pertaining to simplification of the KYC process, one-stop solution for identity and address updating, common business identifier, unified filing, and entity <keyword id="3745298" type="General" weightage="80" keywordseo="digi" source="Orion">Digi</keyword> locker will make placement of insurances easier. Claims payment would also be facilitated. Changes in personal income tax will increase personal disposable income. This will result in individuals' ability to buy better, higher-value insurance to manage their risk, Mehta said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/government-to-set-up-three-centres-of-excellence-in-artificial-intelligence/articleshow/97520242.cms">Budget 2023 gives a boost to artificial intelligence – government to set up three centers of excellence</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/tax-rate-revision-will-increase-purchasing-power-of-middle-class-bandhan-bank-ceo/articleshow/97521375.cms">Tax rate revision will increase purchasing power of middle class: Bandhan Bank CEO</a>

You Searched For "insurance policies" and got 7 results

This Indian agency is the first to update its insurance policy that includes same-sex couples and live-in partners

Karuna Sharma

Essential tips for effortlessly renewing your bike insurance policy in 2024

ANI

Amazon wants to sell insurance policies to Indians

Dilsher Dhillon

Extend date for health insurance policy renewal till Apr 21: IRDAI to insurers

PTI

Nearly 62% health insurance policy holders surveyed saw their premiums increase

IANS

Clauses You Must Read Before Buying An Insurance Policy

Economic Times

Insurance policies where premium is above ₹5L no more tax exempt

IANS

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