I believe no one can live in this modern world without insuring? To be on a safe side the people in India are insuring anything and everything to feel safe and secure about their valuables in this danger filled world. And so the insurance companies which offer insurance have become a vital need of our life
An insurance provider/corporation is an organization that sells its insurance policies and assures safety and security for the policy owner. Indian Insurance providers are in the insurance business for cutting out the risks involved in Property, life and health. They own their profits from the premium paid by the policy owner either monthly, quarterly or else annually. This money is technically termed as “Suggest or Float” and the financial success of the insurance company depends upon the number of suggest it gathers. If the gathering of success is successful, then the company can be termed as to be running in profits inspite of it paying back to the policy owner as claim.

Even in case of the insurance companies pay out more and prompt claims to their insurance policy holders ,they can still make income by investing the others policy holders money in business investments and fetching profits in it.
Conventionally, Indian Insurance companies were reciprocal or accumulation companies, and totally depending on the policy holders investments, shares, stocks and also other sourced income’s. But nowadays the mutual insurance companies are very often seen and so we can go into more elaborate and practical classification. Indian insurance providing companies can be classified as Life Insurance companies and general Insurance companies. Life insurance companies include insurances which deal with risks involved in their lives of their policy holders. General insurance deals with the insurance which shields against health, auto, marine and so risks .nowadays pet insurance, accidental insurance and health insurance are considered to be as separate insurances whereas some years back Health and accidental insurance was termed with life insurance.

This difference of the life and health insurance policies is because life insurance policy can be taken for long term periods, whereas the health insurance policy period can vary from 1 to 5 years.

Indian insurance providing companies are rated by IRDA in India. If one buy’s a policy from a company that is among the first top rated insurance providers, then the insurance can be tagged to be in safe hands.

Indian assurance companies’ originate on a two state insures

1. Life Insurance Corporation of India (LIC)

2. General insurance Corporation of India (GIC)

With effect from December 2000, the subsidiaries Of GIC has been defragmenter and is made as independent companies

• Oriental Insurance Company Limited

• New India Assurance Company limited

• National insurance company limited

• United India insurance Company limited

The first set of licenses was issued by the Insurance Regulatory and development Authority (IRDA) in the year 2001. At present the following are the providers of insurance in the Indian Insurance field.

Life Insures

• Bajaj Allianz Life insurance Co LTD

• AMP Sanmar Assurance Co LTD

• Birla Sun Life Insurance co LTD

• Dabur CGU Life Insurance Company Pvt LTD

• HDFC Standard Life Insurance Co. Ltd

• ICICI Prudential Life Insurance Co. LTD

• ING Vysya Life Insurance Co. Pvt Ltd

• Life Insurance Corporation of India

• Max New York Life Insurance Co. LTD

• METLIFE India Insurance Co Pvt LTD

• Om Kotak Mahindra Life Insurance Co. Ltd

• SBI Life Insurance co. LTD

• TATA AIG Life Insurance Co. LTD

NON life Insurers

• Bajaj allianz General Insurance

• ICICI Lombard general Insurance

• IFFCO Tokyo general Insurance

• National Insurance Co. LTD

• New India Assurance Co. LTD

• Oriental Insurance

• Reliance general Insurance Co. LTD

• Royal Sundaram Alliance Insurance Co. LTD

• TATA AIG Life Insurance Co.LTD

• United India Insurance Co. LTD

Reinsures

• General Insurance Corporation of India

The company founded in 1956, Life Insurance Corporation of India, is a government financed insurance provider and is the largest in India and also the 3rd largest company in Asia to provide Life Insurance.
With the established and fully functional headquarters in Mumbai city which is also the financial capital of India, The Life Insurance Corporation ahs around 8 main offices with 101 child offices. There are at least 2050 branches located in the different major cities of India and are connected to each other by one satellite office and 50 child branches. The perpetuating network of LIC is around 1 million and 200 thousand agents for soliciting the life insurance business from its policy holders.

Present financial and administration status

Since 50 years, Life Insurance Corporation of India has given the Indian economy 7%of GDP and the amount of GDP percentage is going on increasing year after year. Around 9% GDP has been achieved in 2007 by LIC.

The LIC which started its business with overall 300 offices and 5 million policies and a amount of 459 million INR, has achieved a growth of 3,000 offices in 2007, servicing around 180 million policies and a amount of over 4 million.
The Life insurance Corporation of India comprises of 2052 branches, 103 divisional offices and 8 offices zone wise. The employee count is almost 1.1 million agents and also it is operated in around 12 other countries, mainly to cater the needs of non residential; Indians.

With the decision to allow the other insurance providers settle and establish their insurance businesses in India, LIC has lost its domination over the insurance sector of India and the other companies like Bajaj Allianz and ICICI life insurance are running in the competitive streams of insurance business , thus giving a stiff competition to the LIC of India. The private investors in insurance business of India also include some Multi National companies like MET Life and CITY Finance.

The total number of employees in LIC includes 112,183 who cater the daily needs of their respected customers.

The year 2007 has witnessed a growth in the number of policies in the LIC‘s account and is said to be a whooping 200 million.

The subsidiaries of LIC are-

1. Life Insurance Corporation of India International

2. LIC Nepal

3. LIC Lanka

4. LIC housing Finance

5. LICHFL Care Homes

Use of sophisticated technology

The life Insurance Corporation of India has opted for internet services for all its policy holders and devised and developed a huge World Wide Web network to facilitate its policy holders with the bets and better services. But Unfortunately due to some technical lag, which has been the main source for the failure of this system and this is not at all up to the mark and fails to satisfy the 21st century customers. The low network band width, the improper web designing, the lack of security to the site has failed to please the customers. But the company is very much sure that their new technology which is said to be complete and established till 2009, will cater the consumer needs and will be on top of the service till the end of 2009.

Life Insurance Corporation offers the following plans

LIC’s exclusive children’s plans

Jeevan ANURAG- this is an exclusive plan offered by LIC and is a profitable plan. The plan can be taken by the parents on his/her plan and will be applicable to their children when they grow up to 18 years in age. Assured sum of 20% of the main assured sum at the starting of the year and during the last 3 policy years before the maturity. The maturity time will offer a guaranteed 405 return of the sum and will also get the reversionary bonuses which are given from time to time. payments of an amount equal to the sum insured under the basic rule after the death of the insured is a benefit.

Eligibility
For a basic plan the minimum age will be 20 and the max age will 60 years and the sum assured will be till 70 years.

The term of the insurance premium will 5 years. The mode of payment will be in terms of yearly, half yearly or through salary deductions.

For a term life insurance the age limit is 20-25 years and the maximum limit will be 60 years.
The minimum sum assured is 10, 00,000. The maximum will be around 25 lakhs.

For critical illness rider-

Age at entry is 20-254 years
Minimum and the maximum sum whish is assured will be 50,000 Rs to 5 lakh rupees. The age limit is extended up to 60 years.

Tentative premium options

Age

Single premium per 1000 sum assured for 5 years

10 year

15 years

20 years

25 years

The tentative annual premium sum table for every 1000 sum assured

Age

Policy tem of 10 year

15 yrs

20yrs

25yrs

Other benefits which are claimed to be offered only by LIC are 15 days satisfaction period in which the consumer has the right to withdraw from the policy.
The following the other plans offered by LIC life under the children’s schemes. These plans are also advertised daily in the media

• Komal Jeevan
• Jeevan Kishore
• Child Career Plan
• Jeevan Chhaya
• Child Future plans
• Marriage and educational annuity plans for children

The above mentioned plans are offered at a premium ranging from 527 Rs to 3,000 Rs per month.
Plans for handicapped dependants

Jeevan Aadhar- this plan is offered to a person who has a handicapped dependant and the satisfying conditions as specified in section 80D of income Tax Act, 1961. The plan provides the life time cover through out the life time to the policy holder. The minimum age is 35 years to enter and the maximum age can be up to 70 years. And the age dependant should be at least 5 years. The premium paying term is 15 years and the sum assured is 1, 00,000. The annual premium is Rs 4095. The maximum assured amount for the dependant who is handicapped, if the premium is paid for 40 years continuously is 4lakhs.i.e 4095 Rs per year.

Jeevan Vishwas- The Above plan is offered for the benefit of the handicapped people who are dependant on the other for financial help. The premium ranges from Rs 25/ Month to Rs 1000/ per month and the policy term will be selected from 5 years to 25 years.
Money back plan for women named Jeevan bharathi

This plan is for women and is mainly available for the customers in the rural areas as well as urban areas. This is a with profit plan and is only offered to women. It provides Life Insuranec cover through out the term plan along with the regular payments on the endurance at the specified policy term duration. For every 5 years the bonus is offered and the minimum age of entry is 25 years. The minimum sum to be assured is 1 lakh and the annual premium payment is 7,345Rs up to an age of 41 years.
The other plans offered by LIC of India are-

Endowment assurance plans- this plan of policy is not only a good provision for the family of the life insured and in the event of his/her early death, but also assures a good sum amount at a desired age and is received. This plan also offers a benefit of disability, in case the policy holder becomes totally or partially disabled due to an accident and that too before reaching the age of 70 and if the policy is in full force then he or she need pay the extra premium thereafter. This policy also offers an added benefit of Rs. 1 per 1000 Rs assured as per year where he /she can easily be eligible assured for the sum. This sum is assured at the age of minimum 12 years and the sum which has to be minimum assured will be 50,000Rs. The term is from 5 years to 65 years and the maximum amount can be up to 4 lakhs.

Plans for high worth individuals- this plan is a unique plan which is only offered by LIC and offers two varieties of insurance plans. The first one will be Jeevan shree and the second one will be Jeevan Pramukh. This is a total plan for high worth individuals and provides a financial protection against death throughout the term plan with a payment of maturity amount on survival to the need of the policy terms. The premiums and the bonuses are the same which are offered in the other regular plans. The total premiums paid at the end of the year are starting from the 25,186 Rs per annum in the first year and goes until 25 years. The max amount of premium at the end of 25 years is 4, 02,976Rs. The maximum returns at the need of the total premium are from 5 lakhs 25 thousand. The benefit of paying the premium per yearly for 25 years will be added to 4 lakhs 96 thousand. That is a profit of almost 1 lakh 25 thousand is achieved.
Money back plans- Unlike ordinary endowments insurance plans where the existence benefits are payable only at the endowment period, this scheme provides for periodic payments of partial existence benefits.

Whole life plans- this plans is mainly designed for the heirs of the policy as the plan generally provides for payment of sum assured plus the bonuses on the death of the policy owner. The premiums under this policy are payable up to an age of 80 years of the policy owner or for the term of 35 years of age which ever is the latter. The minimum age to enter these plans is 15 years and can live u n this plan till the age of 6 years. But the minimum sum must be assured for is Rs 50,000. The mode of payment is yearly and quarterly. There is a facility of a policy loan also.
Term assurance plan- this is a two year plan which is beneficial; to the candidates such as students who are willing to take a life insurance policy for a specific period of 1 or two years. This plan will enable the insurer to get the sum insured for 50,000Rs and the max up to a limit of 1, 00,000Rs. The term premium amount shout be paid every 6 months, 12 months and 24 months.
Joint life Plans- this is a plan exclusively designed for a husband and wife. The plan provides a financial protection against death of both the lives. It pays the maturity amount to the survival of one person out of both or two persons. The minimum age is 35 years to the man to enter this policy and the maximum age is 60 years. The mode of payment of the premium amount will be yearly or quarterly. The annual tentative premium payment will be Rs 5361.

Decreasing term assurance to cover home loan payment- this policy is beneficial for middle aged and also to the elderly professionals whose family members oir dependants may need assistance in claring their debts in case of their unexpected death. The minimum age is 20 yaers to enter into this policy and the max is 50 years. The sum assured is Rs 50,000to 10,00,000Rs.

1. Medical health insurance
2. Critical health insurance

Medical insurance

Medical health insurance in our country has raised a lot due to the present trend or the cautious ness of the people and this has lead to the increase in growth of medical insurance policy takers. A medical insurance can be termed as a cover against the expenses incurred through hospitalization for any kind of treatment against diseases or surgery from the time the patient who is also a health insurance policy holder is admitted as an In-patient in the hospital.
Type’s of Medical Insurance

1. Individual medical insurance
2. Group medical insurance
3. Overseas medical insurance

Premium estimation of medical insurance

The amount of premium can be estimated on the basis of the age of the insurance policy seeker and the amount which is to be assured. Premium amount can be paid monthly, annually and also quarterly. If the policy is a group policy then the premium amount can be estimated by number of people who are taking the policy and the number of the amount which is assured. Generally the minimum amount to be assured in the case of a medical group insurance is 5 lakhs. Overseas medical policy’s premium estimation depends on the country which one is traveling and the amount he/she is getting assured for. Then the whole is divided by the age to get the premium estimate.
For claiming a medical insurance

* The policy owner must duly fill and sign the form of claims and must submit it with the necessary documents which prove that the policy owner has be diagnosed( in case of a disease) and treated and the claimed are the expenses to be paid back by the company.

* A claims agent, who is appointed by the company, then verifies all the statements and the documents and if necessary in some cases enquires with the duty doctor who treated and then submits the total verification report.

* After the submission of the report by the claims agent, the company when satisfied with the report and if it is under the guidelines of the health insurance company clears the amount and pays back it to the insurer. This process may take at least a fortnight and the amount will be paid back thoroughly.

Necessary documents for claiming

1. Hospital or doctor duly signed and attested report

2. The proof of the incurred expenses, whether a computerized bill or a memo.

3. The salary certificate

The company’s offering medical insurance are-

* United India Insurance- med claim Policy
* The New India Assurance co- med claim Policy

* ICICI Lombard- online medical plans

* Bajaj Allianz medical care

* HSBC- Health first

Cover

Insured Sum

The tentative premium table of medical insurance
Premium

Sum Insured= Rs 3 lakhs

Sum insured=6 lakhs

Sum Insured =rs 12 lakhs
Age group/policy period

20-25     900/2,900/4,850 Rs     1,800/5,800/9,700 Rs     11,600/19,400Rs
26-30     1,000/3,300/5,640 Rs     2,000/6,600/11,000Rs     16,600/28,000Rs
31-35     1,250/4,150/7,000Rs     2500/8,300/14,000Rs     16,000/28,000Rs
36-40     1,500/5,150/9,200Rs     3,000/10,300/18,400Rs     20,600/36,800Rs
41-45     2,700/10,520/19,100Rs     5,400/20,500/38,200Rs     41,000/76,440Rs

Critical illness assurance

This type of assurance/ insurance is taken in to shield or protect from the unfortunate sudden critical illnesses and the sum insured is paid back from the insurance company irrespective of the financial loss incurred on the patient’s treatment. All the insurance companies which are prevailing in India, offer critical insurance offer it as a bonus with the life insurance policies, but ion the basis of additional premium. It is a marketing gimmick to attract many crowds. This insurance covers post hospitalization costs, and treatment for critical illness and also cost of operation or surgery. The hospitalization period must and should be at least for 10 periods. The additional benefit of the critical health insurance is that a huge sum of insurance allowance is received, irrespective of the nature of the critical illness.
Payment of premium –calculation/estimation

The calculation is done on the age of the inured and also the health insurance company. Since this critical insurance is offered by a Life Insurance policy, it is a added bonus and so the payment of the premium depends on it. in most cases the premium is on yearly basis.
How to Claim?

* The critical insurance policy holders can make multiple claims till their policy cover is over up to the limit. The critical insurance company pays the sum as claims, no matter the expenses are much low then the paid amount. This is totally opposite to medical insurance as it can be termed as a medical bill reimbursement.

* The claims should be filed very carefully with the prefect proof and must be submitted to the company’s estimator who in turn makes a through survey and if the submitted claims report s flawless and is justified then the incurred financial loss is given back to the policy holder. The whole time taken could be around 7-15 days or even more.

Documents required for claiming a CII claim

* Salary certificate of the policy owner

* FIR copy in case of a hit and run accident case
* Medical certificate and detailed medical bill

* Fully filled claims form signed and attested

* The treatment time leave sanctioned certificate from the policy owners company.

Critical insurance premium table including family also

Companies which offer critical health insurance in India

Companies which offer critical health insurance in India

* Bajaj allianz- insurance against serious illness

* HSBC- illness cover

* Life Insurance Co- Critical illness benefit rider

The competitive selling of the insurance policies by the respected company’s agents and also the zooming of the stock market, the sales attained in the insurance sector are very surprising. Now with so much competition and the profits gained  in the insurance market ,the international MNC’s who are in the insurance market abroad are establishing themselves and are gaining good business support from the citizens of the India ,as the policies they are offering are very attractive and are luring many customers to them. Though they are making the roots of them strong in the insurance sector, the Indian insurance companies like Birla sun Life which is a part of Aditya Birla and the old but very profitable LIC Company is the top in the market of the insurance of India.

These companies try to design their plans regarding Life, health, Auto and so on to offer the best or else the better plan in India. All the plans are the same, but are differently named and the premium quotes can be little different also.
Any India assurance plan is said to be a ULIP based, if it can offer 6 investment options to endow or premiums into, but depending on the risk factor. Furthermore the leniency to assign the premiums at different mellowness rates over a period of time

Basics of the Insurance plans in India

Premium allotment charge- as a proportion of policy premiums which exclude underwriting extras & top Up premiums and the proportion is 5% for the first financial year and 2% from the second financial year onwards.

How to fetch a cheap insurance plan in India?

Getting an affordable of a cheap insurance price quote would be very appraisable, if not mistaken? Yes, everyone aggress on that, but the main hiccup will be how to find out a cheap insurance plans?

When on the rounds for an insurance plans, remember the saying “what you sow is what you gain”. This is very tricky to understand. But is very simple like what you choose and invest will give the returns when in need. This is very true in the case of all varieties of insurance –from auto insurance to life and from health to marine or fire insurance. Almost all the plans available in the market offer the same level of premiums or co- insurance and a deductible amount. It is wise to know what the insurance policy covers and what are you basic needs to be covered? Regarding the insurance plan.

The best and better way to derive a cheap insurance plans is to survey in the market place or by surfing in the world wide web and choosing the best policy out of it which is affordable and also can be claimed as cheap insurance policy.
So when going for a cheap insurance plans it is better to first learn everything from the basics of the plan, even read the fine print and then go for the plan.
By saving in an insurance plan and then again grieving latter for paying extra expenses from your pocket doesn’t make sense.

So think wisely and do the best in fetching the insurance plans.

MetLife India Review

MetLife, Inc is a one of the world’s largest provider of life insurance companies and also offers some of the financial services in the countries like Europe, Asia and United States. This company is in the insurance business from the past 139 years and has been most successful company only due to its successful affiliates. The MetLife insurance generally offers automobile insurance, reinsurance, life insurance and annuities. MetLife also offers retirement solutions for the old people and also is into the business to offer home insurance, banking and group insurance to the corporate sector.. MetLife insurance reaches over 80 million customers throughout the world and has also established a good insurance business in India.
MetLife India Insurance is headquartered in Bangalore since 2002, December and has gained the trust and support of insurance consumers all over India. More than 3 million people have purchased the Met life India policies and are enjoying its benefits.

Products offered by MetLife India

It is totally impossible to predict the life Up’s and downs, but MetLife India makes the best and the better to shield against those high’s and low’s and makes the man’s life simple.

MetLife India offers the following policies-

Accumulation- under this accumulation the following policies are available
1.) Whole life policy- the whole life offers two types of policies gain with it.

• The Met 100 from the whole life of MetLife is where you pay premiums for 15-25 yeas and the sum guaranteed is allocated on death of the insured. The minimum age is zero .i.e. we can start it when the child has been born and the maximum age to be assured is 70.but the minimum sum must and should be assured is Rs. 50,000 and the minimum premium will be 2,500 per year.
• The Met 100 gold partial Pay Whole life participating is a participating, limited pay policy where the policy holder can enjoy the proceeds on deal. The minimum age is 15 years to get assured with the minimum sum to be assured is 50,000 Rs. The annualized premium will be 2,500.

• Endowment policy- MetLife also offers a best and better exclusive Endowment plan which no other company offers. The minimum age for getting assured in this endowment policy is 15 years and the maximum age is 65 years. The minimum assured sum is 50,000 and the max can go up to the limit of 4 lakhs. . However the premium range can differ between 2,156 Rs to 2,900 Rs.

• Money back policy- money back policy is the policy in which the consumer has the benefit of getting back the money returns in case of need, and that too he can get the money through loan from his own account. The minimum amount to be assured is 50,000 and the maximum sum can go up to 6 lakhs. The premium range will start from 2,600 Rs. in case if the consumer takes a loan from his account, the premium range will migrate to slightly higher amount at 2.25% interest on the money taken from the insured amount. The maximum time limit to repay back is 20 years. This plan is beneficial to middle class people and also to the employees who are on the verge of their retirement, as they have the chance to repay back their loan from the gratuity amount they get after retirement.

2.) Multi purpose plan offered by MetLife India is –

• Which has the choice of coverage tenure; choice of premium payment term, choice of premium and Sum guaranteed amounts, choice of investment finances and choice of additional protection options- like accident disability guard benefit and serious illness protection benefits. And reimbursement of Loyalty Additions, capability to change the yearly Premium, Facility of four free switches, higher allotment of your premiums to enhance your wealth formation and facility to invest added premiums over and above your standard premiums. The minimum age for this to get assured is 25 years and the maximum age limit is 68 years the minimum sum assured is 50,000 and the premium range starts from 2000 Rs per annum.
• Met easy- a simplified unit linked plan that provides you the benefit of indemnity protection for your people and the opportunity to methodically build wealth for your key extended term financial milestones like children’s education/marriage and also retirement hassles. The premium range start from 1900 Rs and the minimum age limit are 28 years. Hence, there is no maximum age limit.
• Met smart Plus & Met Smart Premier- these are transparent unit linked plans whole life plans that mature at the age of 100. The premium you pay is used partly for insurance cover and the balance is invested in funds to buy Units. The premium rate for this insurance is 2,900Rs and 3,600 Rs respectively.

3.) Protection-

Protection plans, as the name itself suggests, protects your esteemed ones against liabilities that might be left out, should something adverse happen to you. Protection plans in MetLife India include

• Met suraksha-TROP, which is a non – participating term assurance plan, offering a cover for a large sum assured at rates that are very economical. The minimum age is 25 years for the amount of 6 lakhs. The premium range starts from 3,000 Rs.
• Met suraksha- TA- this plans offers a non participating term assurance plan, which offers cover for a large extent of sum and at the rates of 2000Rs of premium which are very economical

4.) Retirement-

• Retirement is a crucial period in every person life. The sudden change in financial lifestyle of a man and women can become crucial in some stages. So MetLife India offers two plans
• Met pension and Met advantage plus. These tow plans are very advantageous and have six investment options and eight annuity options and also the premium range starts at very low price of just 1600 Rs. these plans are more illustrated by a common example.
• Mr. Naveen is a 27 years old man working in an IT company in Hyderabad having an annual taxable Income of 6 Lakhs. He buys a Met pension policy with a sum assured of Rs. 5, 00,000. He chooses a vesting age of 55 years. This vesting age would be the age when the annuity would start. The total premiums paid would be Rs. 18,550.

Guaranteed

Illustrated returns at the rate of 3%

Illustrated returns at 6%

5.) Add ons

• At MetLife India, the consumers are given the uppermost out of their lives. The MetLife offers the add ons like choice of rider which are optional contracts that allow you to enjoy additional benefits. Each stipulation comes with its own premium rates and separate policy conditions. The premium, nature and characteristics of the rider are based on the base policy to which the rider is attached.
• The riders which can be selected are

1. accidental death benefit

2. term rider
3. waiver of premium
4. critical illness

ndian Auto insurance

Automobile Insurance in India has become compulsory insurance for all new and old vehicles. The vehicles can be for business use and for personnel use. Many automobile assurance companies are opening up for the betterment of insurance services in the vehicular sector of India. These companies also mutually understand and are contracting with the automobile manufactures for making the insurance process run effortlessly 

With a vehicle insurance policy, an automobile vehicle may be insured against any kind of damage and also loss incurred by accident, fire, burglary and so on. Indian vehicular Insurance companies come up with excellent plans for four wheels, two wheels and also for commercial vehicles.

Indian automobile Insurance Types

1. Insurance for two wheelers

2. Car insurance

3. Commercial motor vehicle insurance

Two wheeler insurance is the insurance considered for two wheelers. The insurance form can be pursued for the two wheelers which are used for business or for private driving. The payment of the two wheeler insurance is calculated on cubic space and also value of the vehicle.  The two wheeler insurance only claims for the frills which are precise at the time of the insurance issue. In clear case of theft, insurance is not covered, unless the vehicle is stolen at the same time and the accessories are lost by it.
Car insurance is the insurance related to cars. The insurance is meant for the cars which are used for public and private driving purposes. However, there is a separate car insurance meant for the public car purposes which includes call center cabs, and cars which are used for tours and travels. There is separate insurance meant for theses vehicles called commercial insurance. In the case of car insurance also the frills must be included in the insurance form at the time of policy issue. Theft cases for accessories can be claimed only when the car is stolen along with them.
Commercial vehicles
This is a insurance issued for commercial vehicles and is classified into two types

• Cargo carrying business auto vehicle- In this case the premium is calculated on carrying capacity of the vehicle and also the whole vehicle weight and at last the total value of the vehicle is termed into the insurance premium to get a product of a premium payable. As in the case of private vehicle, commercial vehicle frills are also specified.

• Traveler vehicles-in this case the premium of automobile insurance is calculated on the carrying capacity of the vehicle ,the number of passengers it can carry maximum and the cost of the vehicle. Accessories must be prior mentioned in the policy,

There is another type of insurance which is termed as a third party insurance- which implies and is tagged to all the automobiles which are mentioned above, including the two wheelers. But generally, this insurance is mainly considered to cars and commercial vehicles and less in case of two wheelers. But most of the present day drivers and owners of the four wheelers do not consider in buying this insurance and evade it as it is not a compulsion to be maintained by the roads authority of India. But this could be a risky business when you are involved in a serious accident.
Third party insurance is the cover which is taken to envelop the losses incurred to the person or the persons who are involved in the accident in which we are found guilty. The third party insurance covers all lose incurred which can be medical bills, and financial losses and these are covered only when we take the insurance and pay the premium promptly.

Third party insurance covers for two aspects

1. Personnel injury
2. Property injury

Third party cover cover for the personnel injuries includes-
Insurance cover in case of death- this means that you are insured against death or injury in case of  your vehicle involved in an accident and the third party assurance comes into effect and also covers the death loss.
Insurance cover to employees linked to the vehicle- this insurance cover will help you get insured against death or injury caused by your motor vehicle and to the employees linked to the vehicle like Conductors, Drivers, collie’s cleaners- which are use d in the well functioning of the vehicle.
Insurance envelop for the passengers carried in the vehicle ( In case of Hired Vehicle also)- this means that as an owner of the vehicle of taxi, Bus, auto , you are insured against any life loss or injury to the passengers who are in the vehicles.

Note- the auto insurance law is made with whole sense and includes the person whether it is an owner driven or a driver driven vehicle and must be abided by the laws.

Calculation of auto insurance premiums

Vehicular insurance companies in India are providing the top services to its customers by offering them the best of the insurance quotes. Vehicular insurance premium is determined by a varied number of factors like the craft of the vehicle, the price of the vehicle and the registration place and sculpt of the vehicle. It also depends on the consumer whether he/she is a corporate client or an individual. The amount of the premium cost will increase in proportional to the cost of the vehicle. Automobile insurance companies also facilitate the renewal of insurance after its expiry. A discount in the premiums is sometimes provided to the existing consumers of vehicular insurance and strictly depends upon the history of his/ her driving record and if in case the previous premium payments are prompt , then a discount is offered from the existing automobile insurance premiums.

Auto insurance claims process

1. Auto insurance claims can be accidental, burglary or else third party claims

2. The insurance policy holder must write the number of the other vehicle involved in the accident in the case of third party claim.

3. Names of witnesses and also their phone number and addresses must be written, in case of any kind of enquiry.

4. The name and the employee Id must be taken of the reporting police officer and the police station limits may be noted.

5. File a case in the FIR of the nearest police station.

6. After the above process of claims, the insured can contact the insurance company and get a claims number.

7. An assessor is appointed who reports the approximate value of the loss or damage.

8. Based on the report of the assessor, the automobile insurance company tries to send the amount to the insured within a span of three weeks time after total rechecking and also after confirming that the accident was caused by the fault of the other party and the consumer or the policy holder is totally innocent in the accident.

Documents required for auto insurance claim

For accident claims

• Claims form duly filled and signed.

• RC copy of the vehicle
• Driving license copy

• FIR on a case to case basis

• Original estimation
• True copy of repairing cost invoice and payment receipts from the authorized service center.

For third party claims

• Claims form duly filled and signed

• RC copy of the vehicle

• Driving license

• True copy of the auto insurance policy

• Original copy of the FIR

• RTO transfer papers duly signed, mentioning that vehicle cannot be located( in case of Hit and Run)

List of some of the auto insurance companies

• HSBC India- auto secure

• Bajaj Allianz- Motor insurance

• ICICI Lombard- Motor Plus

• United India Insurance CO- Motor package and liability only policies.

• The New India assurance Co- Motor Policy