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March 2014
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3:32 PM
Bajaj Capital Insurance

“Health is wealth”, it is a universal fact. Considering the fact, it is important for every people to choose the best health insurance policy. These days, 7 out of 10 people prefer health insurance policies. But the tragic is that only 30% of people are able to get the best health plan for themselves. In other words, a large number of people in this world, especially in India, who are not satisfied with their health plan. The prime reasons for the dissatisfaction are lack of knowledge of health policies and avoid comparing plans. If you are on the way to buy a health insurance policy, it is important to increase your knowledge on the matter and don’t ever forget to compare various policies in order to choose the best one for yourself.
Now, you must be wondering that how to compare these policies. There are three ways for comparison but online comparison is the best way to go with. Read on to find how…
Visit some top insurance companies of your country and go through their plans in person. Carry your tablet or notebook to write down prices, coverage and several other advantages. Don’t you think that for this comparison method, you have to spend quality time?  Moreover, there is no guarantee that you will find out the right plan for yourself. Taking out special time from your busy schedule to compare insurance policiesis difficult.  
 Call an insurance agent to help you out.  If you analyse the service of insurance agents, it will not prove beneficial because these agents will tell you about the plans for which they have got an impressive commission. They might leave you with the health plan that is not well suitable to your needs. 
The best way to compare health plans is online help. Self-help from online is always very beneficial. It saves your quality time and effort. Comparison of health policies online is easy and interesting.  Go for wide search over the internet. These days, you can come across onlineinsurance comparison websites. They are playing a pivotal role for people who are looking for a well-suitable insurance plan. Comparing not only health but also various types of insurance plans have become easy due to these sites. In other words, comparison has become fast and easy. A long table of health plans of various reputed insurance agencies are displayed. It is easy for you to compare plans and choose the best among them. Nothing will bother you because you have varieties to compare. In case, you have any doubt regarding a plan, these comparison websites will provide you with online chat support and a customer care number. Talk to the comparison company about what you are expecting from your insurance coverage. It will help you as soon as possible. Even it will help you to buy an insurance plan from the comfort of your home. Such facilities are not offered earlier. But the internet has given you such a wonderful platform. Indians do have to realize the fact that online is the best way to compare insurance policies. Without taking leave from your office, you can able to find out the best health plan for yourself or your family. So, why are you wasting your precious time by adopting traditional way of comparing insurance policies? Go with online comparison sites.


Bajaj Capital Insurance is a leading online health insurance comparison company. It helps Indians to choose every type of insurance plan. The reputed website has alliance with top insurance companies of India including Max, Kotak etc….. The site will help you to compare various type of health insurance policies and at the same time, it will allow you to buy your favorite plan instantly. 
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Bajaj Capital Insurance, a leading Indian online life insurance and general insurance comparison portal, is all set to make your selection for health insurance easy, fast and profitable. It provides comparison facility of the insurance services according to pricing, key features and quality. Find the best health policy according to your requirements without spending much time. Bajaj Capital Insurance has made the comparison process fast through health insurance FAQs, dos and don’ts and instant guidance from expert health advisors. You can able to find healthinsurance for critical illness, family and group, and senior citizen.

Bajaj Capital Insurance has tried to include the health policies in its list that provide support during bad health issues. A health insurance covers cumulative bonus, cost of health check-up that you face from time to time, minimum time to stay in hospital, hospitalization expenses and cashless facility. Bajaj Capital Insurance is providing comparison of health insurance policies of well-known insurance companies of India including Apollo Munich, Religare, L&T, Max Bupa, National Insurance, and Star Unique Health etc… Tax benefits are covered in every health insurance plan.

The Managing Director of the Bajaj Capital Insurance says, “Each insurance plan we have included in our list is first analysed by our experts. With this web portal we are trying to support all Indians who wish to have the best insurance plan that can secure their future.”

Talk to our experts who will always available to help you out. Bajaj Capital Insurance firmly believes in “health is wealth” concept. Selecting a premium class health insurance provides provides protection for your health in which you will get an assurance to reimburse your medical expenses. It is the best way to secure your health.

About bajajcapitalinsurance.com-
Bajaj Capital Insurance is the most respected web portal for insurance comparison and purchase. It provides health insurance, life insurance, motor insurance, travel insurance and various types of other insurance comparison and purchase facility. Online and phone call support from expert insurance adviser is also provided. Bajaj Capital Insurance is the portal that saves your quality time that you might spend on searching insurance policies, comparing and analyzing. It is easy to compare insurance plans from Bajaj Capital Insurance.  Bajaj Capital Group has been awarded with Financial Advisor Award by CNBC-TV18. It won Best Wealth Management Company award for the year 2008-2009. Bajaj Capital has bagged many prestigious awards and appreciated by top insurance companies time and again.

For More Information contact +91 8447425559 or info@bajajcapitalinsurance.com or visit www.bajajcapitalinsurance.com
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4:38 PM
Bajaj Capital Insurance
Life is precious. Every person has the right to make their lives safe and beautiful. Health insurance is a wonderful medium to secure your life from hazardous diseases and incidents. Having a health insurance gives an assurance that you are capable enough to combat with your health issues because such insurance policies provide coverage of hospital bills and medicines. Without thinking of how to arrange money you can undergo medical treatment and safe your life.

These days, there are various types of health insurance plans to choose from. Various prestigious companies have come forward with lucrative health insurance plans. It is advisable to not to get panic and don’t be in hurry while choosing a health plan. Give yourself proper time to compare plans, prices and companies in order to find out the best health policy.


Compare Health Insurance Companies
Your foremost step is to shortlist the insurance companies. A good amount of money you invest in a health insurance plan and at the same time, you have a hope that the policy will help during our needs. There are several cases noticed where insurance companies fail to provide on time support. Also, there are many incidents in which the claimed money are not provided. Comparison of health insurance companies will enable you to reach to the company that cares its consumers and provides all the support that the plan has promised to provide. Always choose a prestigious insurance company that has no such negative reviews.  


Compare Health Insurance Plans
For this, analyse your health needs. Family and individual health insurance policies are available to choose from. If you are single, you will need less coverage. If the family has children, you could require a plan that covers lots of preventive care. Consider your future health care issues. When you analyse health needs, it will not very difficult for you to choose the right plan. You will not get confused by seeing varieties. Compare health insurance online! It is the fastest medium to choose the best plan for yourself. There is no need to use pen-paper because online comparison is fast and easy.


Compare Health Insurance Prices
Ask for quotes for the plans you have found suitable for yourself. Comparison of pricing of the health insurance policies that you have shortlisted is necessary. Decide how much you can afford in your insurance premium. If you have a reliable income, you can bear the plan that provides wide ranges of health coverage. Try to confirm that how the premium can be paid off. Usually, insurance companies provide flexibility to pay monthly, quarterly or yearly. Confirm the late fee charges and flexibility to extend the date of premium. Make sure that the insurance company is not going to increase the premium price in future. Talk to your agent. It may help you to choose the best health insurance plan. But when you mix your own ideas with the agent’s ideas, you could be able to choose a well-suitable health insurance policy. 
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11:25 PM , , , , ,

Cheap Motorsport Insurance May only be Fools Gold

This article first Appeared in Paddock Magazine Feb 2014


Of Greeks, Gifts & London Car Parks........

One of my most read blog articles from last year was one which was less to do with any abilities I may or may not have with the written word, but more to do with the fact an insurance company had gone to the wall. It was the first such company to do so and was of probably some embarrassment to the new UK insurance regulator the Prudential Regulation Authority (PRA) since this happened on what might be termed a probationary period for them too. The insurance company in question is /was Millburn Insurance. Exact figures are to come out but rumours have been circulating since June last year that there was well over €1,000,000 in unpaid claims pertaining to “motorsport” and race teams – although I would anticipate the figure will be much higher.


motorsport insurance once written by independent insuranceThe last time insurance impacted so heavily and negatively on the world of motorsport was around 2001 when the Independent Insurance Company collapsed. Michael Bright, the former chief executive was sentenced to seven years in jail for his part in the collapse of the company he founded with the Judge (Geoffrey Rivlin) describing Bright as the "architect and driving force" in covering up the company's perilous state of finances and said he "corrupted a lot of people along the way". Bright was disqualified from being a company director for 12 years and the Finance Director Dennis Lomas, 56, was given four years and ex-deputy managing director Philip Condon, 58, received a three-year sentence after they too were convicted of conspiring to defraud fellow "directors, employees, actuaries, auditors, reinsurers, shareholders, policyholders and others by dishonestly withholding claims data".


At its peak, it was a darling of the stock market, worth over £900m and Britain's ninth largest insurer. Its 2000 accounts showed it had made profits of £22m but the SFO alleged that these should have recorded a loss of "at least £180m". The SFO at that time described Independent's collapse as "one of the worst commercial disasters to occur in recent years in the UK".


New heights in insurance fraud ??
What precisely went wrong I am not party to, but all insurance companies have to pass tests of solvency. This is measured in different ways with insurance companies beyond just cash in the bank. Insurance companies survive on their own Re-insurance and in the case of the Independent their re-insurance was done with an Irish based insurer, who allegedly had Re-insurance with a company called the Independent. Net effect – there was no re-insurance and no solvency, made worse by the fact that all insurers have “open” years to allow for losses still so come in and honest insurers “reserve” for this at realistic rates. With the Independent outstanding claims simply tended to be reserved at £1 – just to keep files open on the system.


This fooled the auditors and regulators at the time into effectively over stating the formal “rating” of the Independent. The whole thing about the Independent was ultimately it was a charade – but it was a charade that masqueraded with a “rating” so the fact that they also wrote business endlessly at well below market rates only exasperated the situation further.


So wind the clock forward to 2013 and the collapse of Millburn Insurance. Who knows what is going to come out of the woodwork here. Begbies Traynor – the official administrators are held with high regards for their thoroughness in such matters (and are unlikely to leave any stone unturned), have been quoted as saying "Over the coming weeks we will be working hard to assess the company's financial position and agree the best course of action. It is a highly unusual event for an insurance company to find itself in administration; this is the first we have seen for almost five years" - insurance companies are not in the habit of just disappearing like this.


So are there similarities with the collapse of the Independent? It is too early to say of course, but the final facts will of course come out in time. Inevitably the story will go beyond what cash the company had and maybe there is a re-insurance question to be answered here too. I don’t think any of the directors came from the Independent so the final story will be different, just as planes crash for different reasons. The other key difference is that Millburn – although very established was “unrated” by any credit rating agencies. There are plenty of insurers that are unrated – indeed my own company Everitt Boles Motorsport Insurance Management had a fantastic relationship with Templeton Insurance in Isle of Man for seven years – but a changing tide of regulation made trading between us more complex, but Millburn was City based.


They accepted many different classes of insurance – including motorsport and the similarity here is NOT “motorsport” but like the Independent they underwrote motorsport business far too cheaply. In this particular case it was volatile On-Track crash insurance. There are race teams who have yet to see any money from claims that will this year be almost two years old. Inevitably some have been in contact and I have been horrified to understand not just the volume of business that was being written but the price it was being written at – and this was on the most volatile On Track insurance. Brokers who used Millburn would have fully understood just how under-priced the business was – especially if they were persuading or guiding Millburn on the rating.


Find your trusting insurer in London's East End
I confess I don’t understand why more teams did not ask more questions at the time about their insurers. A cursory internet check would have revealed at that time that Millburn had no website, were based opposite a car park in London’s East End, just round the corner from a brothel (this latter bit is what I gather from reliable sources you understand!!) . I have to be careful what I say – my first office was not far away either – but that was back in 1998, in 2012 regulation has consumed the world of insurance with transparency being a fundamental of the business even I could not find very much about Millburn. They did not go to great lengths to be found.


So Greeks and big wooden horses? We can make all the analogies we like, legally “let the buyer beware”, we are all told “if it is too good to be true – it probably is”.

Questions to ask of your On Track Insurance Broker


(1) what is the rating of the insurers used
(2) if they have no rating - why not?
(3) what experience have they in motorsport insurance?
(4) how long has the broker had a relationship with the insurers?
(5) how much commission is the broker taking? and...
(6) get a contact name at the insurance company to verify all of this.
(7) take this information and ask another broker for their comments also.

This takes minutes to do.  Motor racing does have it’s risks – insurance is not supposed to be one of them.

Other articles that may be of interest:
Millburn Insurance Unable to Pay Motorsport Insurance Claims
Cheap On Track Insurance

LOOKING for fastest on-line motorsport insurance provider?


Created by Justin Everitt


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4:52 PM
Bajaj Capital Insurance
Compare your insurance quotes online against top insurers. Bajaj Capital Insurance’s hassle free services help you find best insurance quotes in India. Bajaj Capital Insurance helps you choose the right amount of coverage to for your needs.

When you will get online insurance quotes via our online insurance portal, you will receive:

Online Help during Your Quotes
Insurance comparison can be confusing, but for all online insurance quotes at Bajaj CapitalInsurance, we can suggest types of coverage to consider, we will tell you how each coverage works for you.

Money-Saving Tips

We let you know if you should consider going without certain types of coverage to help you budget for insurance plan. Alternatively, you can easily adjust specific coverage and see how those changes affect your rate for insurance cover. Online Insurance Comparison is fast and simple.

 

Purchase Options

For those who start insurance quotes online but decide they would rather support over the phone, just call us at +91 8447425559. We can easily retrieve insurance quotes and help you buy your policy.


 

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6:00 PM
Bajaj Capital Insurance
Backdating an insurance policy is legal in the insurance industry. Therefore, the insurance plans launched by any insurance company in the last 1-2 Months can be bought with any date in the financial year starting from 1 April 2014.
Impacts of Backdating Life Insurance Policy-
  • ·         Backdating is possible only on endowment and money back policies.
  • ·         When backdating a policy, the premium will have to be paid for the backdated period together with interest charges.
  • ·         A policy can be backdated to let its maturity coincide with any special day, such as birthday or wedding anniversary.
  • ·         The policy matures earlier than it normally would. In endowment policies, this could be an advantage as survival benefits accrue earlier.

Here is an example of how backdating can benefit a person who is looking for coverage:

Amit applies for coverage on September 1. His birthday is September 15 and the insurance policy is approved and issued on September 30. If the policy is backdated to September 14 (the day before the applicant's birthday), he or she can take advantage of lower rates.


When shopping around for life insurance coverage, a consumer should ask whether a company offers backdated life insurance premiums to its policyholders. The savings in premiums over the life of the policy need to be calculated before deciding to buy a policy with premiums calculated in this manner.

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