Tuesday, August 16, 2011

DID YOU KNOW?


  • Did you know that the first Life Insurance Company, Oriental Life Insurance, Kolkata started by the Europeans discriminated in the premiums charged - Higher premiums were charged for Indian lives as they were considered in the high risk category?
  • Did you know that in most cases your landlord's insurance policy will not cover your personal property if it's stolen or damaged?
  • Did you know that even if you had purchase a house-holder's insurance policy for your house or building, your tenants will need to buy a separate policy?
  • Did you know that you may be paying two or more times more than you should for that old term life insurance policy that you bought years ago and put away in a drawer or safety deposit box?
  • Did you know that your insurance company is not going to tell you if you are paying too much and there could be better priced coverages available, maybe even from the same company?
  • Did you know that your general life or health insurance policy may not protect against illnesses, thefts and other unexpected occurrences that can impact your travel?
  • Did you know that money alone can't buy you Insurance?
  • Did you know that your Homeowner's Insurance also covers liability for accidents like someone visiting your house tripping and falling on your garden hose or stumbling over a low spot on your property?
  • Did you know that you can buy insurance for Alien Abduction?
  • Did you know that your locality or the area in which you reside would also play an important part while deciding the health insurance premium amounts?
  • Did you know that you can buy Health Insurance & get tax benefit on the premium paid under section 80D of the Income Tax Act?
  • Did you know that you can cover multiple dependents including your parents/ or in-laws in a single Floater Policy?
  • Did you know that you can save up to 25% by comparing plans offered by different companies?
  • Did you know that only an Insurance Broker can give you unbiased opinions and answers to all of the questions above and many more?
  • Did you know that Our Service is completely free & we are paid by insurance companies directly?
  • Did you know that you can always contact us for any insurance query, even if you haven't bought insurance policy from us?

Tuesday, August 9, 2011

Some stats about our Indian consumer....


Are people yet not aware of the benefits of insurance? Or majority of the population has become risk takers? I feel, former is the more justified reason in case of our country….yes, people are yet not aware about the long term benefits of the insurance products, they are not even aware of the benefits of starting early. Statistics have highlighted that in India penetration level of insurance is only 5.1% out of which 4.4% has been contributed by Life Insurance and 0.7% by non-life.

There should be a match between the requirements of the customer and the insurance products, and that should be explained to the customer.  
The survey conducted by Swiss Re. It was conducted across 11 Asia Pacific markets, covering 13,800 consumers between the 20 and 40 age group. People between 20 and 40 age group in India are the most willing to take risk in their lifestyle, such as pursuing danger sports and working for longer hours.

“But, 83% of Indian respondents still consider capital preservation as their top priority in making an investment. This proposition is the highest in the region,” said Mr. Amit Kalra. The insurable population in India would be 250 million by 2020. Hence, the insurance products should be innovative enough to satisfy the requirements.
Life insurance is not as expensive as people may perceive and Indians can afford it, the study finds. For a term life insurance cover, 80% of respondents in India are willing to pay at or above the market price range.

Monday, August 8, 2011

WHAT IS CPM INSURANCE?


CPM stands for  contractors part and machinery . CPM insurance is an All Risk policy covering the plant and machinery of a contractor at specified work sites. The contractor’s machinery is generally used under rough conditions and so is more vulnerable to damage. Breakdown of such machinery can jeopardize the completion of a project and put many other things at stake. The CPM Policy is designed for all such situations and will assist in protecting you against the sudden and unforeseen physical loss or damage to your plant and machinery. It covers all kinds of construction equipment like compressors, heavy duty cranes, boring machines, bulldozers, pipe jacking, and hauling equipment, excavators, loaders, road rollers etc.

Duration: Normally on annual basis and to be renewed periodically.

General Coverage:
  • Fire and Lightning
  • Accidental damage like defective workmanship and material, lack of skill, Negligence, Malicious act or Human error.
  • Water damage, Flood, Storm, Tempest, Inundation
  • Collapse, Collision, Impact.
  • Theft & Burglary
  • Subsidence, landslide, Rockslide.
General Exclusions:
·         Loss or damage due to War or Warlike operations, Civil Commotion etc.
·         Loss or damage due to Wilful act or Negligence of the Insured or of his representative
·         Loss or damage due to Nuclear reaction, Nuclear radiation or Radioactive contamination.
·         Loss discovered only at the time of taking an inventory.
·         Loss or damage due to normal wear and tear, Gradual deterioration due to atmospheric conditions or lack of use, Rust
·         Loss or damage due to faulty design


General Extensions: 
Cover can be extended to includes up to a limit chosen by you on the following on payment of additional premium-
- Owner's surrounding property
- Clearance and removal of debris
- Additional customs duty
- Express freight
- Air freight
- Third party liability
- Floater cover
- Dismantling
- Earthquake
- Escalation