GENERAL INSURANCE BLOG

A personal accident policy covers the loss or damage to the policyholder due to accidents. Considering that unforeseen accidents may happen at any time, one must always be prudent and purchase the best personal accident policy in India for complete coverage. However, does purchasing multiple personal accident policies result in payouts from various insurers? Read on if you need clarification about whether you can claim insurance from multiple insurers for a single accident.

Types of personal accident policy.

An insurance company provides several personal accident plans with differing inclusions, conditions, etc. Here are some of the best plans you can consider opting for, including –

● Individual personal accident insurance plan:
This personal accident plan covers death, and short and long-term disability for individuals due to an accident.

● Group personal accident insurance plan:
This personal accident plan offers primary coverage for more than one person. Usually, employers provide this policy for their employees as an additional perk.

What does a personal accident policy cover?

Under the personal accident policy, you can get coverage for the following damage or loss, including –

● Permanent disability cover: Under this cover, the insurer will pay a pre-agreed amount to the nominee if an accident leads to permanent disability.

● Accidental death cover: In this cover, the nominee will receive the sum assured of the policy if the policyholder dies.

● Temporary total disability cover: In this cover, the policyholder will get the pre-agreed amount if the accident makes them bedridden for some time.

● Permanent partial disability cover: In this cover, the policyholder will receive 100% of the benefit of the sum assured if the accident inflicts permanent partial damage to them.

Standard exclusions from a personal accident policy.

Let’s take a look at the list of exclusions under the personal accident insurance policy:
● Pre-existing disability or injuries
● Intentional suicide attempt
● Childbirth or pregnancy
● Accidents caused due to intoxication
● Non-allopathic treatments
● Taking part in dangerous sports
● Committing a criminal act
● Suffering from a mental disorder

Can you claim from multiple personal accident policies?

It is perfectly legal to purchase and hold multiple personal accident policies. The policyholder can claim from all the individual accident policies for an accident if the damage falls under the section inclusion.

Having multiple personal accident policies is beneficial as they provide extra layers, and the family of policyholders receives more money from different insurers during an emergency. However, if you claim insurance from multiple personal accident policies in a year, the premium will be increased when you renew the policy.

How to claim personal accident insurance from multiple insurers?

Follow these steps to claim insurance from more than one personal accident policy.
● You can make cashless claims from the hospital that your insurance company is in contact with.
● You can also use reimbursement claims when not treated at in-network hospitals. In this method, you pay the hospital bill first, and the insurer reimburses you. You need a few documents to make a reimbursement claim, such as bill receipts, claim forms, discharge summaries, prescriptions, and claim settlement summaries (if you claim from multiple insurers).

While choosing a personal accident plan, check its features, benefits, inclusions, and exclusions. The best personal accident policy in India covers various damages and losses and provides additional perks. Also, when claiming for a personal accident plan, keep a copy of your documents handy for a fast claim process.

Click HERE to purchase the best personal accident policy in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Having two-wheeler insurance helps you during unprecedented financial situations such as accidents, natural disasters, theft etc. A comprehensive plan covers the damages and repairs you might require in the future for your vehicle.

Over time, with new insurers coming to market and new insurance plans taking centre stage, we find ourselves wanting to make a switch. You might be tempted to change your insurance provider or simply want an upgrade.

This article will help you better understand things you need to look out for before changing your two-wheeler insurance.

1. Sometimes, due to a lack of attentiveness from your previous insurance provider, you might want to make a switch. You can look up the renewal process of the 2 wheeler insurance online. Insurance companies provide a hassle-free renewal process.

2. Instead of switching your insurance provider, you can simply upgrade your plans. At the time of renewal, ask your insurance provider to brief you on all the best and updated insurance plans. You can also check online and find the kind of upgrades the company provides.

3. If you need to switch services during your current policy, you can conveniently do that. First, you will have to close your existing policy. Most insurers will refund you with a few deductions. The switching process is generally hassle-free. You are required to submit documents to cancel your old one once the new insurance provider has given you cover.

4. If cost is the primary reason for you to switch, you should first compare the 2 wheeler insurance available online. Sometimes an insurance company may provide you with more cover for a few extra hundred bucks. If that’s the case, you might want to stick with your existing provider.

5. Look into factors like customer service, efficiency, claim settlement ratios etc. This gives you a better understanding of the company and their market ratings. This plays a massive role in choosing the best insurance provider for you.

6. The following documents are to be kept handy in case of a change of insurance provider:

• Identity Proof

• Address Proof

• Registration certificate

• The previous insurance policy document

• Passport size photo

7. While making the switch, don’t forget to look into the add-ons that the new policy provides. Add-ons such as roadside assistance, engine cover, etc., might increase the premium of your insurance, but it also assures prompt and easy service.

This is a comprehensive list of things you should keep in mind while changing your insurance plans. Remember that the insurance providers are there to help. Asking the right questions and understanding all the services your insurance provider is willing to provide can go a long way. With easy access to technology, you can go onto the internet, analyse various options, and choose the 2 wheeler insurance online that suits you the best.

Another thing to keep in mind is that you need to make these decisions before renewing your policy. Since riding a vehicle with no insurance is a punishable offence. Hence researching beforehand should be your priority.

Click HERE to take a look at 2 wheeler insurance online.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Since Covid-19 hit the world, nothing has been the same. From individuals to industries, every aspect has undergone a massive transformation—changes that are leading to a disruption beyond the bounds of the economy and the global market. We saw extreme survival, lockdowns, economies tanking, corporates trying to run businesses with work-from-home options, and much more.

During lockdowns, businesses, start-up founders, analysts, and corporate professionals across the industries began to figure out the patterns of changing consumer behaviour and the solutions to address their demands.

We, too, believe that the insurance industry is experiencing profound change. The ecosystem is evolving rapidly, and insurers can no longer lean on old standard practices. With people being worried for themselves and their loved ones, investing in insurance meant investing in a healthy life. This has responded to the change in the insurance sector and marked the start of a revolution!

The following are the few emerging trends I believe will change the insurance industry landscape.

Insurance is not about products anymore.

It is almost weird to think about how the insurance sector is not "product-led" anymore. Safeguarding one's assets, health, life, homes, vehicles, and other aspects highlights the severity of having insurance. For example, you can consider health insurance a consumer product, but it is no longer about the "product" game.

The insurance sector is gaining recognition as a "service-oriented" industry. Constituting the perfect experience, right from being the potential customers' first choice to educating them about how their needs are going to be met, helping them throughout the process and beyond, addressing their grievances and providing solutions, and easing up the entire redemption process in the times of need is how you foster and strengthen your customer relationships. With so much focus on instant gratification, insurance companies need to curate an indispensable "service" – something that is hard to replace. We at Magma HDI endeavour to bring these practices into practicality.

Taking efforts to push digital transformation initiatives forward.

The Indian insurance market is encountering a massive technological shift. Digital-first business models are replacing traditional insurance practices. Gone are the days when insurance agencies relied on the older patterns of customer management, applying outdated systems and business thinking. The rise of state-of-the-art technologies has given new hope to age-old insurance practices, which we are the "modern legacy" powered by digital technologies. Digital-first insurers can offer relentless support, ensure transparency, and entrust their customers with realistic and practical solutions.

With these digital initiatives in place, the insurance sector can defy all stereotypes of being considered "conservative". This shift will push insurance companies to collaborate with different technologies developed by the IT sector and keep improving their services to ensure a seamless customer experience. Digitisation is the new cool. And the insurance sector is happily jumping on the bandwagon.

Personalisation is key.

Insurance companies need to admit that the habits and mindsets of consumers have changed with time. Personalisation is the new way of interaction that insurance companies need to adapt to volunteer the special interest of their customers. Tweaking your benefits and providing opportunities in a way that speaks "your" language, something unique to "you", is how we have been challenging the existing conventional work approach.

Data is the greatest resource in personalisation. This data includes the basic information, location, behavioural data of customers, etc. Making the right use of the collected data, the customers expect a personalised experience that can improve the relationship the company has built with them.

Delivering personalised services helps you strengthen your equations with your customers and prove that you, as an organisation, value their loyalty and contribution to the company's growth. It assures them that the company is standing strong with them. The other benefits of personalisation include an increase in sales, a boost in company’s reputation and the number of converts, customer retention, insights into consumer behaviour, and much more!

The transition of the insurance industry from traditional to digital, is making headlines and grabbing everyone's attention. The innovative-first approach and efficient technological solutions are leading the way to more promising insurance transactions and trusted customer relations. Your products might be one in a million but curating a perfect customer experience takes you to the top.

The industry is at a pivotal moment in developing forward-thinking insurance services, as the market is grappling with change at an exceptional speed. These are exciting times to take a step ahead and build deeper relationships with customers throughout the customer journey.

Being an entrepreneur brings a lot of risk to the table. Insuring your business against liabilities and risks is a wise consideration. Business insurance can help a company protect itself from unforeseen circumstances, such as natural disasters, theft, unintentional injuries, etc. It is of utmost importance for a business owner to be able to assess the risks involved with their line of work. They should consider the needs of their business so that one mishap does not wipe out their entire life's work.

Irrespective of whether you are just setting up or are an established player in your niche, specific policies like public liability insurance in India are essential to cover your business from lawsuits and compensations.

Here are some kinds of insurance that can help cushion the liabilities your business may face in uncertain conditions.

1. Property insurance policies:
For your small start-up business, you spend most of its capital on inventory. In the case of damage to the property, it is tough for businesses to replace or repair damaged property. Some companies never recover from this. So, it is paramount to insure the physical location, tools, and other industry-specific equipment against damages.
However, most property insurance policies don't protect businesses from natural disasters like cyclones and floods, so it's best to talk to your insurance company about all the policy clauses beforehand.

2. General liability insurance:
This insurance helps you bear the costs of legal fees and other liability claims arising from third-party injuries due to your product or business. The entire cost of any legal proceedings that arise from a lawsuit against the company has to be paid by the owner. Whether working in an office setting or remotely, you should be insured against this possibility as it can significantly impact your finances. Research public liability insurance in India before choosing the best policy for your needs.

3. Worker's compensation insurance:
Worker's compensation insurance is mandatory in most cases. This policy is necessary in case of employee injury, death, or illness. It also covers the legal fees if the deceased's family decides to sue the business. Slip and fall injuries may also happen within your premises, and you might have to incur considerable hits to your business by paying off medical costs.

4. Professional liability insurance:
Professional liability comes under the same realm as general liability insurance but has a different use. This insurance is solely for errors or lack of proper service and is also called errors and omissions insurance. It covers the financial repercussions of negligence on your part in rendering any services. However, this policy is usually industry-specific, so it is wise to take expert advice from your insurance company for your specific profession.

5. Business interruption insurance:
In the event of any natural disaster or other unforeseen situations like a riot or a strike in the work area, a business cannot continue uninterrupted. This results in a loss of income due to the stoppage of the ordinary course of a business. In this case, business interruption insurance comes in handy, as it compensates the company for its lack of income in the time it takes for them to get back on its feet again.

6. Commercial vehicle insurance:
Any company that uses vehicles for commercial purposes should insure their vehicles against any damage caused by unforeseen accidents, fire, or theft. This is mandatory in India, but you should research your options to get more comprehensive coverage.

Buying insurance, especially public liability insurance in India, is an essential step in any business owner's journey. Research all your options thoroughly and make an informed decision. Take account of all the risks and accordingly prepare a strategy to mitigate them without sustaining any loss. The growth and security of your business rely on your alertness and preparedness to avoid falling prey to financial loss due to unexpected mishaps.

Click HERE to know more about public liability insurance in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.