2020 stepped in, and our lives changed… The previously ignored aspect, suddenly started gaining the most importance, yes, Digital Health Insurance saw a rise in demand of over 98%!

Strange, is it? How things change in a jiffy.

Health insurance was always as important, as it is today, just that nature has its own ways of teaching lessons.

Health insurance is now the most important investment, and becomes very necessary to avail best of medical facilities, especially when they are becoming highly expensive due to advanced medical treatments and equipment.

It has taken a lot of time for Indians to accept the fact that health insurance, just insurance for that matter, is important, and just a waste of investment, now with digitalization happening, we have our own doubts. But why?

We order food online, make financial transactions online, consult doctors, and what not! Why not insurance. Just like these things, Digital Health Insurance has also become very easy and convenient which purchasing, there is more transparency, better options and comparison becomes easy online.

Buying health insurance online is a reliable option, let’s look at how it adds on to your ease and convenience, by giving the best of features –

• Secured Ecosystem
  As much as we doubt, but online transactions are as secure as making any offline transaction in the same manner. The infrastructure is designed in such a way, that you can any transaction method – Net Banking, UPIs, Credit/Debit cards etc. They are 100% protected and have a real-time visibility of balance sheets. 
• Choices you will get tired of
  Online ecosystem’s one of the best advantages is that we have multiple choices. Unlike offline, where you can physically reach-out to only few agents, online provides you a wide spectrum of choices, options to explore, and take one-third of your time to even try one option offline. 
• Ease in comparison
  When we have abundant choices, we can access a complete dashboard to compare the insurance policies according to our needs and requirements, our affordability and easy access. We can easily compare features, premium amounts, claim processes and make a wise decision to move forward.
• Online reviews
  Because of the reviews and feedback of the customers available online about their experiences, it becomes convenient to pick up the right policy without consulting any third party. 
• Transparency
  Digital infrastructure has one very lucrative feature – the terms and conditions of all policies are clearly stated online. Even, the PoSP advisors are available to help you to understand them and check if they meet your requirements. Chances of ambiguity reduce to very less, eventually, you have the right policy in your hand! 
• Automated service
  Online medium offers various automated services such as Instant insurance premium quote, renewal of lapse policy, premium payment online, making claims whenever required, download of the policy document or product brochure, etc. Online channels do not make you depend on someone. Moreover, it is a time-saving, fast and competent platform that helps you to successfully overcome the geographical barrier as well.

While the above mentioned pointers make your life easy, however when it comes to health, there are apprehensions about terms & conditions, point of contact involved, policy paper, premiums etc. To ensure convenience and transparency, we at PolicyEnsure have ensured that you get genuine advice with adequate comparisons of policies based on your requirements. Our #PEPARTNERS are the right advisors to guide and help customers find and buy the right product digitally, and ensure a hassle free purchase cycle.

The Phygital model at Policy Ensure, ensures transparency digitally and trust when the PoSP advisors help you in purchasing the right policy, as and when required.

Process of purchasing a health policy online at PolicyEnsure –

1. Visit policyensure.com
2. Visit the “Health Insurance” tab
3. Click on “Enquire now” and leave your queries
4. You will receive a call from one of our IRDAI certified “PoSP advisors”
5. They will understand your requirements and help you choose the best Digital Health Insurance for you and your family
6. You end up buying the best policy and are elated JJ

Remember, “Health is not valued, till sickness comes.” And COVID has taught us better than any thing in the world.

Take a precautionary step forward, be secured always.

Motor insurance is witnessing a growth of approximately 10% every year, and had a retention ratio of 87.15% in the financial year 2021. The industry retention ratio is an important parameter to understand the number of customers who continue their vehicle insurance coverage after the initial term has expired.

These figures are an important factor to understand the importance of motor/vehicle insurance in India. With increasing demand of the automobile industry, especially after the pandemic, has directly impacted the growth of vehicle insurance.

Do you have it yet? We are sure you have it, if not, it’s never too late to have a Motor Insurance Cover!

Despite the kind of vehicle you own, there are certain factors to keep in mind. These factors have a direct influence on the kind of insurance plans you will be able to fetch –

• Model of vehicle

The premium varies based on how expensive the vehicle is. For eg. more expensive cars with a higher engine capacity (exceeding 1500cc), like luxury sedans and SUVs, have higher premiums, while base car models with lower engine capacity (below 1500cc) have lower premiums. Also, the premium for riskier cars such as sports cars is generally higher when compared to slower, standard ones. Cars with higher cubic capacity or those that run on gas or CNG usually have higher premiums.

• Insured Declared Value(IDV)

IDV is the maximum amount of sum assured that you can claim from your insurer for a damaged or stolen car or, in simpler terms, the estimated worth of your vehicle at the time of insurance. IDV may vary depending on the current ex-showroom price and depreciation of your car. Therefore, the older your car gets. the lower the IDV.

• Safety Fittings

Vehicles with more safety devices help you with low premium rates, provided you take care of them. If your car is fitted with safety amenities like gear lock, GPS, and airbags etc., the risk of it getting stolen decreases by a significant percentage. This gives confidence to the insurance provider that there won’t be frequent insurance claims and will consider these amenities while setting the premium rates.

• Location where you live

Theft increases in areas with high unemployment, or in congested localities and same with the accidents. If you are living in an accident prone or a theft prone area, the chances of your vehicle getting stolen or broken increases, hence, you end up having high premium rates and vice versa. Also the earthquake and flood prone zones adds on to a higher premium.

• Car Owner

As is the case, the cost of a premium of your car insurance has as much to do with you as with your car. The premium of car insurance in India is generally determined by the car owner’s driving record. This means that you enjoy better rates of car insurance premium if you have to have a good driving record in the form of No Claim Bonus.

• Coverage Required

The premium could be higher/lower depending on the kind of coverage the vehicle requires. A comprehensive car coverage usually has a higher premium. The price of your car insurance premium also increases with the add-ons that you purchase such as zero depreciation cover, cost of vehicle towing in case of a breakdown, increased third party liability, protection of NCB benefit, and many others. While these add-ons may add to the policy premium, but the benefit and peace of mind that these bring in real-time use, is to be thankful for.

For eg, if you meet a bad accident and your car undergoes severe damages, having a zero depreciation cover would reduce your losses to a bare minimum, as most of the expenses (repair or replace) for both plastic and metal would be accounted for full value otherwise 50% depreciation is applicable on all plastic and glass part.

• Frequency if claims

Insurers provide rewards, in terms of premium discounts to those who haven’t made any claim to the policy throughout the year. Hence, it is one of the important factors affecting your policy premium. This reward is also termed as a “No claim bonus(NCB).”

• Gender and Age

It might sound a little weird, but there is a statistic, stating that young men are more prone to accidents than young women, which is why, premium rates are higher for young men as compared to young women.

While developed countries have already accounted loading age, gender etc. India is also likely to consider these in near future.

Now when you know the factors, and also, some benefits of vehicle insurance, are you ready to buy vehicle insurance, or renew your vehicle insurance ASAP?

Connect with our #PEPARTNER now!

The future (Bhavi) Bharat will be bright only if every citizen will have security. Security of finances, health, valuable assets etc. As a developing nation, we are already making some great advancements, especially, in the urban sectors. Imagine, the kind of growth if we pay attention to the rural areas as well, and if not less, they approximately 500 million, which is, one-third of India’s entire population.Also, people in the rural areas are the most in need when it comes to having an insurance cover, on the contrary, they are the least insured population in India. Living with paucity of resources and wealth, it becomes imperative for such people to have proper covers around. Looking into the same scenario, the Insurance Regulatory and Development Authority (IRDA) passed the IRDA Micro Insurance Regulations in the year 2005.What is Micro-Insurance?Insurance plans specially created for the rural population (Regions with less than 5000 population) to meet their needs and secure their assets and life at affordable plans, the Micro-Insurance concept, is made to bring a change for a Bhavi Bharat by IRDAI.What makes Micro-Insurance different, and how is it made to help the needy? – Salient Features.Micro-Insurance comes in 2 types – Life and General Insurance plans.To ensure affordability for the poor, the sum insured under micro insurance plans is restricted to up to INR 50,000.Micro-Insurance agents have been appointed, especially for the mission to be accomplished. They will only be working on micro-insurance reach-out.IRDA has made it mandatory for life and general insurance companies to sell a specific portion of micro insurance policies every year. This has been done to promote the penetration of micro insurance in the rural sector which would create social welfare. As such, insurers are supposed to source a part of their business from rural sectors.How will Micro-Insurance benefit the poor?Health insurance plans ensure the poor to avail best of medical facilities and ensure healthy life with better lifestyle.Crop insurance is set to protect the farmers in case of any damage due to natural calamity etc.Life insurance takes care of the family in terms of food and regular income in case the bread earner passes away.Some savings-oriented plans also help them to organize the finances in a better way and do mindful savings.Accidental Insurance helps the poor to manage finances and claim for their health and vehicles.Looks like a great initiative by IRDAI, set to provide best of insurance covers across the remote segments of the nation, but still, what’s lacking?The penetration!Yes, till 2022, we see that villagers are not open to buy insurance. Why?Lack of awarenessMis-selling causing them not to trust againPerception that insurance is cost not an investment for future safety.And many more reasons.Though IRDAI has already started with special awareness camps and is encouraging micro insurance agents and POSP model of distribution is a step in this direction. Looking forward to when the entire India will be secured, because this is one of the most important factors for our economy to improve itself and move towards a developed nation.Micro Insurance, if advertised and sold at affordable prices with good service standards, may be a game changer for the insurance industry in general and act as corporate social responsibility in case insurance companies and intermediaries service these policies with sincerity and dedication. Large volume with low ticket size will make it self-sustaining and affordable for people living in Bharat.[/talkie]

The future (Bhavi) Bharat will be bright only if every citizen will have security. Security of finances, health, valuable assets etc. As a developing nation, we are already making some great advancements, especially, in the urban sectors. Imagine, the kind of growth if we pay attention to the rural areas as well, and if not less, they approximately 500 million, which is, one-third of India’s entire population.

Also, people in the rural areas are the most in need when it comes to having an insurance cover, on the contrary, they are the least insured population in India. Living with paucity of resources and wealth, it becomes imperative for such people to have proper covers around. Looking into the same scenario, the Insurance Regulatory and Development Authority (IRDA) passed the IRDA Micro Insurance Regulations in the year 2005.

What is Micro-Insurance?

Insurance plans specially created for the rural population (Regions with less than 5000 population) to meet their needs and secure their assets and life at affordable plans, the Micro-Insurance concept, is made to bring a change for a Bhavi Bharat by IRDAI.

What makes Micro-Insurance different, and how is it made to help the needy? – Salient Features.

1. Micro-Insurance comes in 2 types – Life and General Insurance plans.
2. To ensure affordability for the poor, the sum insured under micro insurance plans is restricted to up to INR 50,000.
3. Micro-Insurance agents have been appointed, especially for the mission to be accomplished. They will only be working on micro-insurance reach-out.
4. IRDA has made it mandatory for life and general insurance companies to sell a specific portion of micro insurance policies every year. This has been done to promote the penetration of micro insurance in the rural sector which would create social welfare. As such, insurers are supposed to source a part of their business from rural sectors.

How will Micro-Insurance benefit the poor?

1. Health insurance plans ensure the poor to avail best of medical facilities and ensure healthy life with better lifestyle.
2. Crop insurance is set to protect the farmers in case of any damage due to natural calamity etc.
3. Life insurance takes care of the family in terms of food and regular income in case the bread earner passes away.
4. Some savings-oriented plans also help them to organize the finances in a better way and do mindful savings.
5. Accidental Insurance helps the poor to manage finances and claim for their health and vehicles.

Looks like a great initiative by IRDAI, set to provide best of insurance covers across the remote segments of the nation, but still, what’s lacking?

The penetration!

Yes, till 2022, we see that villagers are not open to buy insurance. Why?

1. Lack of awareness
2. Mis-selling causing them not to trust again
3. Perception that insurance is cost not an investment for future safety.

And many more reasons.

Though IRDAI has already started with special awareness camps and is encouraging micro insurance agents and POSP model of distribution is a step in this direction. Looking forward to when the entire India will be secured, because this is one of the most important factors for our economy to improve itself and move towards a developed nation.

Micro Insurance, if advertised and sold at affordable prices with good service standards, may be a game changer for the insurance industry in general and act as corporate social responsibility in case insurance companies and intermediaries service these policies with sincerity and dedication. Large volume with low ticket size will make it self-sustaining and affordable for people living in Bharat.