Claim LIC benefits from any branch by 2011

The country's largest insurer Life Insurance Corporation, has decided to operationalise a system within two years that will allow policy holders to claim benefits and pay premium at any of its over 2,100 branches.

"Premium payment can be done from anywhere in India. That's what we have done it. Now claim payment we would like to take it to any office. That's next major issue," LIC [ Get Quote ] chairman T S Vijayan told PTI.
"Once all documents are available on the net then any office can do it. As I said it depends on the completion of EDMS (Enterprise Document Management System) project which we plan to complete by 2011," he said.
It will enable LIC to extend 'AnywhereAnytime' service, he added

Self-investing vs Financial Planner

Whether to opt for the services of a financial advisor or not is another dilemma faced by investors. This dilemma has been heightened after SEBI (Securities and Exchange Board of India) has allowed investors to invest directly in mutual funds without paying entry load. Per se, investing on your own or through a financial planner is not a dilemma. It’s a decision that can be made easily based on whether you have the ability and time to define your investment objectives clearly with a financial plan on how to achieve them. Then you need access to research, which is necessary to help you select the right investment option in the right allocation. If you feel upto the task of making these decisions on your own and tracking them post-investment, then you can invest on your own. Else it is advisable to employ the services of a financial planner.

Where should I pay my premium?

Is there a way in which your premium can be paid automatically?

You can pay your life insurance premium through any of the following channels:
· Insurance offices: Main office or branch offices

· The Internet: Through banks that your insurance company has tie-ups with

· The bank: You can provide your bank with standing instructions (auto-pay) to debit your

account as and when the insurance premium becomes payable, or use phone-banking facilities

· Authorised service providers such as BillJunction.com or BillDesk.com

HEALTH PROTECTION PLUS

LIC launches a unique Health Insurance Plan “HEALTH PROTECTION PLUS”

Health is a major concern on everybody’s mind these days. With sky rocketing medicalexpenses, the possibility of any illness leading to hospitalisation or surgery is a constant source of anxiety unless the family has actively provided for funds to meet such an eventuality. Financial planning regarding Health is, therefore, very important as any emergency might force one to dip into one’s savings which would have been reserved for other goals. The purpose of health insurance is to help you in any such a situation. Most families rarely provide for health insurance, and even if they do, it is grossly inadequate.

LIC has always been sensitive to the changing needs of the Society and has respondedsuitably by introducing matching products to suit these needs. Its latest offering on Health front is “Health Protection Plus”.

LIC’s Health Protection Plus plan is a unique long term health insurance plan that offers health insurance covers for the entire family (husband, wife and the children) – Hospital Cash Benefit (HCB) and Major Surgical Benefit (MSB) along with a ULIP component (investment in the form of Units) that is specifically designed to meet Domiciliary Treatment Benefit (DTB) / Out Patient Department (OPD) expenses for the insured members.

Hospital Cash Benefit (HCB) is a daily benefit payable in case of hospitalization . It can range from Rs.250/- to Rs.2500/- for the Principal Insured (the person who proposes for insurance). For the Spouse or the children, the maximum amount of HCB is Rs.1500/-. The amount of daily benefit doubles in case of hospitalization in ICU. The IDB (Initial Daily Benefit) is applicable during the first year of risk cover. The amount of daily HCB willincrease @ 5% simple p.a. every year on policy anniversary until it hits a cap of 1.5 times the initial benefit.

Major Surgical Benefit (MSB): In the event of the insured undergoing one of the major surgeries defined in the the policy, a lump sum benefit (regardless of the actual costs incurred) equivalent to the percentage of the sum assured mentioned against that surgery will be payable. The sum assured for major surgical benefits will be 200 times of the HCB you choose.

Domiciliary Treatment Benefit (DTB): The Principal Insured can claim an amount equivalent to the actual expense he or she has incurred in respect of any domiciliary treatment or to meet the medical expenses incurred over and above the hospital cash/major surgical benefits in respect of either oneself or the others insured under the policy.

Both HCB and MSB covers are available subject to a waiting period from thecommencement of the risk cover – in respect of each insured member: No death insurance cover is available under the plan.

All eligible existing family members are to be covered at the beginning (proposal stage) itself. New members can however be added under certain specified conditions.

Modes of Payment allowed are: Yearly, Half-Yearly, & Monthly (ECS Mode only). The premiums allocated to purchase units will be strictly invested in a Health Protection Plus Fund (Income and Growth – Low Risk).

One of the important features of the Plan that makes it doubly attractive is thatthe premiums paid under the policy are eligible for Tax Rebate under Section 80(D)of Income Tax Act, 1961.

What is covered in Third party car insurance?

Third party insurance covers you against death or injury (caused by your vehicle) to pedestrians, passengers and pillion riders, occupants of other vehicles, and outsiders other than passengers. In case of commercial passenger vehicles, it insures owners against death or injury caused to the passengers by their vehicle.

What is Money Back Policy?

Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, money back policies provide for periodic payments of partial survival benefits during the term of the policy, of course so long as the policy holder is alive.
An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which may have already been paid as money-back components. Similarly, the bonus is also calculated on the full sum assured.

For More details visit:

http://www.insuranceindiamart.com/The_Money_Back_Insurance_Policy_20_Years.aspx

Insurance Delhi

Important facts regarding Health insurance Delhi is:

• Insurance company will not cover any illness/ailment which already existed at the time of first obtaining the insurance cover. However, some companies cover such conditions after, two or four continuous renewals; they start covering the pre-existing illness after that.
• The policy provides for reimbursement of hospitalization/ domiciliary hospitalization expenses for illness/diseases suffered or accidental injuries sustained by the insured during the policy period.
• Mediclaim covers pre-hospitalisation (30 days) and post-hospitalisation (60days) expenses also if they are connected with the sickness / accident for which the hospitalisation takes place.
• It is that condition of the patient in which he cannot be moved to the hospital or if there is no bed available in any of the hospitals, then the treatment is taken at home and if it is given like the treatment given at the hospital, then in such situation, it is reimbursable.
• Facility is a service wherein the insured can get admitted and can settle all hospitalization expenses at the time of discharge from hospital. The settlement is done directly by the insurance company, that’s why it’s a cashless facility where you are provided with the claim there and then at the time of settling the bills, the hospital directly contacts with the insurance company and settle the claim.
• A Health Card is that card which comes along with the policy which would entitle you to get cashless claim at any of the company’s network hospitals.
• Medical tests is required after 45 years of age.
• The medical check up has to be taken only once, during the inception of taking a policy and only if you are 46 years of age or above.
• The Critical Illness policy covers five major illnesses • Cancer.• Kidney failure.• Organ transplant.• Multiple sclerosis and.• Coronary artery surgery (20 percent of Sum Insured)
• As long as the policyholder was not suffering from any of the illnesses, the pre-existing illness exclusion applies to the Critical Illness policy also.
• A floater Policy is issued with a single sum insured covering number of individuals. The family is covered for a fixed amount and anyone in the family can avail of the benefit till the limit is exhausted. In short, it is one single policy which takes care of the hospitalization expenses of your entire family.
• Some plans offer a discount in premium. Others offer an increase in your benefit amount for every claim-free year.
• There should be continuous renewal of the policies. If there is a break in insurance, the insured would lose the benefits of insurance in the event of any contingency. You will be prevented from the benefits of No claim Bonus in a claim free year. Moreover you will not be covered for Pre-existing diseases.
• You are covered with the health insurance policy as long as you are in the employer’s services. If tomorrow, you change your job, then you and your family will be barred of any medical emergency arises when you have not arranged for an alternative health insurance policy. It is at this point of time that an Individual or Family Floater Health Insurance policy will come to your rescue