SRUSHTEE INSURANCE SERVICE, DEORI
MR. SURESH BHADADE, DEORI, DIST- GONDIYA-441901
Friday, 12 April 2019
Friday, 13 April 2018
SUPREME COURT PANEL WANTS 3-YEAR INSURANCE POLICY FOR CARS, 5-YEAR POLICY FOR MOTORBIKES AT TIME OF SALE
Dipak K Dash,
Concerned over poor compliance of third party insurance of vehicles, which puts all road users at risk, the Supreme Court Committee on Road Safety has asked the insurance regulator to offer mandatory three-year insurance policy for cars and five-year policy for motorbikes at the time of sale and registration.
Sources in the Insurance Information Bureau (IIB) said only 6.5-7 crore vehicles had insurance cover against approximately 18 crore registered vehicles. Government officials said almost 50% of vehicles plying on roads had no valid insurance and a large share of them were two-wheelers.
Driving any vehicle without third-party (TP) insurance is an offence and attracts a fine of up to Rs 1,000 with a possible jail term of three months. These vehicles pose a serious risk as accident victims have little chance of getting inadequate compensation.
Self-damage and other insurance covers except TP are optional.
TOI has learnt that representatives of Insurance Regulatory and Development Authority (IRDA) told the SC panel at a recent meeting that it had allowed three-year insurance plans for two-wheelers and insurance companies could offer them. “But the road safety committee said this must be made mandatory to increase compliance. Giving any option does not work,” said a source who attended the meeting.
Data shows that five-year TP insurance upfront for two-wheelers will be almost similar to what companies charge for comprehensive insurance. For example, the annual TP insurance premium is only Rs 720 for majority of two-wheelers and so five-year insurance will be Rs 3,600, which is slightly higher than one year’s comprehensive insurance policy.
But insurance companies have their reasons. “The problem of uninsured vehicles can be fixed mainly by enforcement. Why can’t government devise a norm that every vehicle owner has to renew the registration annually in place of the present 15 years. No registration can happen without insurance and so there will be 100% compliance. Now, with all these processes going online, this proposition won’t be difficult to implement,” said an industry representative.
He added that though a few companies have been offering three-year insurance for two-wheelers, there were few takers.
Source: Economic Times
Friday, 6 April 2018
Aadhaar To Be Submitted Within 6 Months For New Insurance Policies
Thursday, 5 April 2018
Aadhaar Is Not Mandatory For New Insurance Policies
Saturday, 27 January 2018
Life Insurance Claims Are To Be Paid in 30 days
Start with filling the claim form, which can be downloaded from the insurer’s website or collected from the agent or the insurer’s office. The form asks for details such as policy number, date, time and cause of death of the policyholder, name of the nominee and bank account details. Other than the claim form, the nominee will also have to submit supporting documents such as the original policy papers, death certificate and medical records in case of natural death. In case of un-natural death that includes accidental death, murder and suicide, additional documents such as the first information report (FIR) and a postmortem report also need to be attached.
As per rules, a life insurer needs to process the claim without delay and if there are enquiries, they need to be raised together and not in a piece-meal manner. In fact, this needs to be done within a period of 15 days of the receipt of claim. The insurer has a window of 30 days from the date of receiving all the relevant papers and the required clarifications to pay the claim or reject it. But if the insurer sees merit in further investigation, it can take up to 90 days, which start from the date of receiving the claim and the claim needs to be settled within 30 days thereafter.