Saturday, March 22, 2014

Non Insurance of E Rickshaws is affecting Owners as well as Passengers

Motor Vehicle Act does not recognize E-Rickshaw, which are being used on Delhi roads as well as in other cities.
The reason given is that this vehicle which came into existence in 2012 is not recognized under the Motor Vehicles Act –therefore it is not being insured.

Owners are worried that accidental damage / theft etc are not covered as insurance policy cannot be purchased.

Passengers are worried that they are not covered for accidental death / 3rd party risk if the vehicle is involved in an accident.

The early decision on insurance of these vehicles will be appreciated.

Friday, March 21, 2014

Overseas Travel Policy of 14 Indian Insurance Companies is to be accepted by Embassies for Issue of Schengen (European Visa Authority) Visa

Overseas Travel Policy issued by following Indian Insurance Companies is not to be honoured by Schengen (European Visa Authority) w.e.f.March 10, 2014
1- National Insurance
2- SBI General
3- ICICI Lombard
4- Bharti Axa General
5- L&T General Insurance
6- Religare Health Insurance
7- Raheja QBE.
This decision seems to have come because of various reasons and some of these are
1- Claims not being honoured
2- Policies floating in the market, which were not genuine policies or we can say were fake policies
3- Inability of Visa authorities to verify the genuineness of the policy by accessing the data base of the Insurance Companies as software is not compatible.

We are reproducing the Circular of Visa Authority according to which list of approved or acceptable Insurance Companies is:
            Schengen States Consular Posts Approved List of Indian Travel Insurance Companies Providing Travel Medical Insurances for Schengen Visa Procedure
                 Effective as of 10 March 2014

                1) Apollo Munich for the age group of 6 months to 70 years
                2) Bajaj Allianz for the age group of 6 months to 70 years
                3) Chola MS for the age group of 0 month to 70 years
                4) Future Generali for the age group of 6 months to 70 years
                5) HDFC Ergo for the age group of 3 months to 70 years
                6) IFFCO Tokio for the age group of 3 months to 70 years
                7) New India Assurance Company for the age group of 0 month to 60 years
                8) Reliance for the age group of 3 months to 70 years
                9) Royal Sundaram for the age group of 3 months to 70 years
                10) Star Health and Allied Insurance for the age group of 6 months to 70 years
                11) Tata/AIG for the age group of 6 months to 55 years
                12) Oriental Insurance Company for the age group of 6 months to 60 years
                13) United India Insurance Company for the age group of 0 month to 65 years
                14) Universal Sompo for the age group of 0 month to 70 years
Consular Posts of Schengen States approved specific travel medical insurance policy schemes for corporate travels of travel insurance companies on this list with 70 years of age as upper limit of appropriate coverage. However, acceptance of travel medical insurance policy schemes for group travels (e.g. tour or incentive groups) with 70 years of age as upper limit of appropriate coverage is conditioned on that Consular Posts of Schengen States would be able to check the coverage of individual members of these groups in the Travel Insurance Portals of Non-Life Insurers of the General Insurance Council (online verification tool). 
Visa applicants are advised to note that other travel medical insurances issued by Indian insurance companies are not accepted for Schengen visa procedure. However, visa applicants may seek to obtain insurance in any other country where claims against the insurance company would be recoverable in a Schengen State.


Visa applicants for a Schengen visa for one or two entries shall prove that they are in possession of adequate and valid travel medical insurance to cover any expenses which might arise in connection with repatriation for medical reasons, urgent medical attention and/or emergency hospital treatment or death, during their stay(s) on the territory of the Schengen States. Visa applicants for a uniform visa for more than two entries (multiple entries) shall prove that they are in possession of adequate and valid travel medical insurance covering the period of their first intended visit. In addition, such applicants shall sign the statement, set out in the application form, declaring that they are aware of the need to be in possession of travel medical insurance for subsequent stays. The insurance shall be valid throughout the territory of the Schengen States and cover the entire period of the person’s intended stay or transit. The minimum coverage shall be EUR 30 000. Applicants shall, in principle, take out insurance in their country of residence. Where this is not possible, they shall seek to obtain insurance in any other country. When assessing whether the insurance cover is adequate, consulates shall ascertain whether claims against the insurance company would be recoverable in a Schengen State.

1This note makes reference to Article 15 of Regulation 810/2009 of the European Parliament and of the Council of 13 July 2009 establishing a Community Code on Visas.
We are surprised to see age limit of 70 years. What will happen to those who are above 70 years? This needs to be clarified. May be IRDA can come up with suitable action to save the image of those companies, who have been blacklisted.

We in Ria Insurance Brokers P Ltd will be pleased to answer queries from you, who are planning to go in for Schengen Visa in the coming months. We are reachable on

Monday, March 17, 2014

Disappointed to know about return of Rs 275 crores by SBI Life & CBI investigations into Weather Insurance /RSBY policies by ICICI Lombard

During this week we have come across 2 news items pertaining to SBI Life Insurance Company Ltd & ICICI Lombard General Insurance Company Ltd
  1. SBI Life Insurance Co. Ltd. has been ordered to  return Rs.275 crores to lakhs of clients who took housing loan from SBI,which is  No.1 Bank in the country. This bank was using an arm twisting technique with housing loan clients. They were compelled to buy Insurance from SBI Life and that too at uncompetitive premium rates. Full news item is :
  2. SBI Life Insurance Co. Ltd. has been ordered to return Rs.275 crores

    Question arises – Why only return of premium. Why not interest also? Why not even pay penalty charges to those needy persons ,who went to this great bank for loan for buying their house ?

    One thing is certain that reputation of SBI Life & State Bank of India  has gone down in the eyes of the masses – common man.

  3. The second news item is pertaining to ICICI Lombard ,which will face CBI Investigation for weather Insurance/ RSBY cases. Full news item is :
  4. ICICI Lombard faces CBI probe

    This shows that subsidy of the Central Government/ State Government has been misused by the Insurance Company to increase its profits.
    We have always propagated that subsidy should be avoided as it leads to such cases .

    Here also one thing is certain that reputation of ICICI Lombard General Insurance as well as ICICI bank has gone down in the eyes of the masses – common man.

    Banks showing profits in thousands of crores and doing these things in their Insurance Companies does not leave a good image about these banks. Let us change. Let us try to set high standards in Insurance Industry and take it to higher heights.

Tuesday, November 19, 2013

World Diabetes Day is celebrated on November’14, Let us work towards diabetes prevention.

We as an Insurance Brokerage Firm have been always guiding our clients on importance of preventive cure in avoiding / keeping diabetes under control. Buying Health Insurance does not mean that we can neglect our responsibility of preventive care .It was interesting to see an informative article on diabetes prevention in Mint-Nov 12, 2013. According to it:

Eating of following:

  • Apples and Avocado
  • Jamun ( fruit)
  • Karela (vegetable) Bitter Gourd
  • Beans
  •  Barley
  • Cinnamon
  • Walnuts
  • Egg whites
  • Pumpkin seeds
  • Green tea
  • Grapes
  • Fenugreek
  • Take in more vitamin C like Oranges, Strawberries, Amla, Lime and Broccoli
  • Take diet full of green vegetables and fruits
  • Kiwi
  • Vinegar
  • Salmon
Do not eat / avoid as far as possible

  • Trans fats 
Reduce consumption of following significantly or bring it near to zero

  • Sugar / sweets
  • Alcohol
  • Animal protein i.e. Chicken etc.

  • Walk in the morning for 60 minutes, if possible bare foot on grass
  • Practice Yoga
  • Zero in on your weight
  • Regular exercise
  • Meditation

  • Healthy habits of healthy people around you and translate them into your life
We appreciate the focus of Mint on guiding it’s readers with such informative articles.

Saturday, September 28, 2013

Do Hospitals overcharge from Health Insurance Patients?

We have been always hearing or reading that moment hospitals come to know that patient bills are to be paid by Health Insurance / General Insurance Company – they are very happy and they start overcharging. Insurance Foundation of India had brought out a cartoon in 2009 ( which was highly appreciated by large number of people.

But Times of India carried a news during this week (September last week 2013) which is fact revealing as it proved whit facts & figures that if you are not covered then you are in a disadvantageous position and will end up paying very high.

We come to conclusion that with time market scenario changes and as a result of the same our belief also changes.
It is a good fact to know from this news and we will like more and more people will buy Health Insurance to protect their savings.

Monday, August 19, 2013

How to control Passive Smokers?

Should Health Insurance Premium be adjusted?

Sometimes you come across interesting facts in publications. Economics Times Wealth August 18-24, 2013 has carried the following information

56% is the difference between the premium of a smoker and a non-smoker for a life insurance policy. The question before us is:

If Life Insurance Industry penalizes a person by 56% then what is the figure for Health Insurance? Why not penalize family members / colleagues who are passive smokers and are being compelled to smoke? May be this will result in reduction of smokers in our country.

Tuesday, July 9, 2013

Indian Health Insurance Market- 2012-2013

Health Insurance Market continues to be loss making portfolio during 2012-2013

Estimates of Indian Health Insurance Market for the year ending March 31, 2013 are now available and according to it this market has touched figure of Rs.15341 Crores.

Overall loss during the year is Rs.1533 crores.

Corporate portfolio and Group Government portfolio (Schemes like RSBY,) continue to be a loss making portfolio. Retail portfolio continues to be the segment where insurance companies have been successful in reducing the claims figures by following rigid norms. May be the decision of PSU’s to go in for strictness i.e. July 1, 2010 and strengthening of PPN has resulted in good results.

Indications are that State Governments will not increase ( as it was happening 2 years back ) their budget for schemes / subsidy. As on now we are aware of that 4 PSU’s are increasing the premium in Retail segment by 30% (during 2nd half of 2013). Will it result in increase in Revenue or it can result in some of the clients not renewing their policies.