Month: April 2023

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hdfc ergo

What is HDFC ERGO AMS? (Registration, Login & More)

What is HDFC ERGO AMS? (Registration, Login & More)

HDFC ERGO Agency Management Systems (AMS) is a one-stop solution designed for HDFC ERGO affiliated agents and brokers to manage their customers’ insurance policies and streamline their operations. In this article, we will talk about how agents can benefit from HDFC ERGO AMS platform to improve their customer service.  We will also talk about its features and steps to access the platform.

We will talk about the following:

 

  • What is HDFC ERGO AMS?
  • How to login into HDFC ERGO AMS
  • How to reset password on HDFC ERGO AMS
  • How to register on HDFC ERGO AMS
  • Features of HDFC ERGO AMS
  • FAQs about HDFC ERGO AMS

What is HDFC ERGO AMS?

HDFC ERGO Agency Management Systems (AMS) is an online platform designed by HDFC ERGO General Insurance Company for its affiliated agents and brokers so that they can manage their operations effectively. The platform provides a wide range of features to agents in order for them to manage their customers’ policies efficiently.

HDFC ERGO AMS enables HDFC ERGO agents to generate quotes, file and track claims, issue policies for their clients, and much more. The main objective behind this platform is that the affiliated agents can provide better quality customer service to their clients.

How to login into HDFC ERGO AMS

Below are the steps you can follow to login to the platform:

  • Step 1: Click on this official link, i.e., https://ams.hdfcergo.com/, to log in.
  • Step 2: Enter the user ID and password.
  • Step 3: Then click on “Log in.”

You will be successfully logged into the portal.

How to Reset Password on HDFC ERGO AMS

In case you have forgotten your password and are not able to log in,

Follow these simple steps to reset your password:

  • Step 1: Go to the login page. The link for the same has been given above.
  • Step 2: Click on “Forgot Password.”
  • Step 3: Enter the intermediary code or WCT number and click on “Submit.”
  • Step 4: You will receive an email with a link to change your password at your registered email address with the company.
  • Step 5: Click on the link and reset your password.

How to Register on HDFC ERGO AMS

If you are a newly affiliated agent or broker with the company and want to register yourself on the portal,

Follow these simple steps to register:

  • Step 1: Visit the official page of HDFC ERGO AMS.
  • Step 2: Click on “Register Now.”
  • Step 3: Enter the WCT number and intermediary code. Then click on “Register.”
  • Step 4: Fill in the requested details, like name, mobile number, etc.
  • Step 5: Also, create a username and password for the account.
  • Step 6: Click on “Register” to complete the registration procedure.

Features of HDFC ERGO AMS

Below is a list of features offered on this online platform:

  • Policy Management: Agents can effectively manage and alter the insurance policies of their clients. They can also renew policies, submit, and track claims on behalf of their customers through the portal.
  • Customer Management: Agents can maintain and store all important data about their clients, such as KYC documents, claims histories, and policy details, in a secure database. This feature provides a 360-degree view of each customer’s account, making it easy for agents to access and update data through the portal.
  • Document Management: This platform secures and stores all the policy-related documents like invoices, policy deeds, claims authorization forms, etc. in a centralized location. This feature enables the company’s agents to manage all policy-related documents for their customers effectively.
  • Compliance Management: Agents will be informed regularly about any changes or updates to regulatory guidelines from IRDA so that they can work in compliance with the norms and avoid any penalties.

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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Frequently Asked Questions

  • Is HDFC ERGO AMS a secure platform?

    Yes, HDFC ERGO AMS is a secure platform, as the company uses advanced technology and IT measures to protect the data of its policyholders.

  • Is HDFC ERGO AMS mainly for affiliated agents of HDFC General Insurance?

    Yes, the platform is specifically designed for the company’s affiliated agents and brokers.

  • What types of insurance policies can be managed with HDFC ERGO AMS?

    Insurance agents can manage a wide range of policies through the portal, such as health insurance, motor insurance, travel insurance, home insurance, and much more.

  • What are the benefits of HDFC ERGO AMS?

    Below are the benefits of the platform:

    • Improved customer support
    • Improved work performance of agents
    • Efficient claim servicing and tracking
    • Improved customer satisfaction
    • Categories
    sbi life insurance

    SBI life Insurance policies under 50 Thousand (Top 6 Plans)

    SBI Life

    SBI Life Insurance Policies under ₹50,000 (Top 6 Plans)

    Are you looking for a low cost insurance policy that provides life insurance coverage for less than ₹50,000? Well, SBI Life Insurance offers many such life insurance plans.

    SBI Life Insurance offers a range of life insurance plans that extend life insurance coverage for a small premium of ₹50,000. The company also offers a one time premium payment option.

    SBI Life Insurance also offers a variety of life insurance plans with varied premium payment terms. For instance, under the SBI Life Retire Smart policy, a policyholder will have to pay a minimum premium of ₹50,000 for 5 years and he or she will receive life long insurance coverage.

    There are a variety of such plans offered by SBI Life Insurance, explore them below:

     

    • SBI Life Smart Platina Assure
    • SBI Smart Wealth Assure
    • SBI Life Grameen Bima
    • SBI Life Shubh Nivesh
    • SBI Life Smart Wealth Builder
    • SBI Life Retire Smart

    Policies under ₹50,000

    SBI Life Plans

    Type of Plan

    Premium Paying Term

    Entry

    SBI Life Smart Platina Assure

    Endowment assurance savings plan

    6- 7 years

    3 years

    SBI Smart Wealth Assure

    Unit linked plan

    10 years

    8 Years

    SBI Life Grameen Bima

    micro- life insurance

    5 years

    18 Years

    SBI Life Shubh Nivesh

    Savings plan

    5 years

    18 years

    SBI Life Smart Wealth Builder

    Unit linked plan

    5 years

    2 Years

    SBI Life Retire Smart

    Unit linked pension plan

    5 years

    30 years

    SBI Life Smart Platina Assure

    SBI Life Smart Platina Assure is a non-linked, non-participating individual life insurance product designed to provide financial stability to the policyholder in the form of comprehensive life coverage and guaranteed returns. The minimum premium amount a policyholder can choose to pay under this plan is ₹50,000.

    Key features of SBI Life Smart Platina Assure Plan

    Some of the key features of the plan are as follows:

    • Life Cover: This plan offers life insurance coverage, that will assist in securing the financial future of the family members in case of the unfortunate death of the insured individual.
    • Guaranteed Additions: This plan offers guaranteed additions of 5.25% or 5.75%, increasing the sum assured at the end of each policy year.
    • Maturity Benefit: The policyholder will receive a lump sum payout of the total sum assured plus accumulated bonuses at the end of the policy tenure.
    • Flexible Premium Payment: The policyholder can choose to pay the premium for a limited term of 6 or 7 years and avail the benefits of the plan for a longer term of 12 or 15 years.
    • Tax Benefit: The policyholders can avail of a tax benefit on the premium paid by them under Section 80C of the Income Tax Act, 1961.

    SBI Smart Wealth Assure

    This unit linked, non-participating life insurance product offers the dual advantage of both life insurance coverage and an investment benefit. Along with offering life coverage, this plan aims to offer higher returns to the policyholders by investing in market-linked securities, debt funds, and so on. The policyholder can choose to pay a single premium and avail of life coverage during the whole policy tenure. The minimum premium amount under this policy is ₹ 50,000.

    Key features of Wealth Assure Plan

    Some of the key features of the plan are as follows:

    • Life cover: This plan offers life insurance coverage to the policyholder, offering financial security in case of any unfortunate event.
    • Investment Options: This plan offers a choice of seven investment funds, ranging from equities to debt funds and so on.
    • Suicide Claim: In case of death of the life assured due to suicide within 12 months from policy inception, the nominee under the policy will be entitled to a lump-sum payout equal to the fund value.
    • Partial Withdrawal: Since this is a ULIP policy, there is a locking period of 5 years. The policyholders can choose to make partial withdrawals from the policy after the completion of the lock-in period.
    • Additional Riders: This plan can be purchased with other additional riders, such as accidental death cover or so on, for better insurance coverage.
    • Tax Benefit: You can avail of tax exemptions on the premiums paid by you under Section 80 C of the Income Tax Act.

    SBI Life Grameen Bima

    This is a micro-life insurance policy designed to provide life insurance coverage to individuals belonging to the rural sector of the country at an affordable premium. The policyholder can choose to pay a single premium and avail of the benefits during the whole policy tenure.

    Key features of SBI Life Grameen Bima

    Some of the key features of the plan are as follows:

    • Death Cover: This plan offers financial security to family members in case of the unfortunate death of the insured.
    • Suicide Claim: In case of suicidal death of the insured within 12 months of policy inception, 80% of the total premiums paid will be payable to the family members of the policyholder.
    • Affordable Premium: The minimum premium under this plan starts at ₹300 and the maximum premium under this plan is ₹50,000.
    • Tax Benefit: The policyholders can avail themselves of a tax benefit under the Income Tax Act.

    SBI Life Shubh Nivesh

    SBI Life Shubh Nivesh is a non-participating, non-linked savings life insurance plan offered by SBI Life Insurance. This plan is designed to offer life insurance coverage and savings benefits to its policyholders. The minimum premium amount under this policy is ₹ 43,000 with no upper limit cap.

    Key features of SBI Life Shubh Nivesh

    Some of the key features of the plan are as follows:

    • Death Cover: This plan provides a lump sum payout to the beneficiary of the policy in case of the unfortunate demise of the policyholder.
    • Maturity Benefit: The policyholder will be paid the sum assured plus any accrued bonuses as a maturity benefit upon the maturity of the policy tenure.
    • Additional Riders: Policyholders can boost their coverage by adding riders like Accidental Death Benefit, Accidental Total and Permanent Disability Benefit, and Preferred Term Rider to the base plan.
    • Premium Flexibility: The policyholders have the option of paying a one-time single premium or making regular payments.
    • Tax Benefit: The policyholder can avail of tax benefits as per the provisions of the Income Tax Act.

    SBI Life Smart Wealth Builder

    This is a unit linked, non-participating life insurance plan that not only offers life coverage but also guaranteed returns from market-linked investments. SBI Life Smart Wealth Builder is an ideal plan for individuals who want to accumulate wealth over the long term while securing their family’s financial future. This plan gives the choice of a single, one-time premium payment or a regular payment option. The minimum premium under the single premium payment option is ₹65,000.

    Key features of SBI Life Smart Wealth Builder

    • Death Cover: In the event of the untimely passing of the life insured, this plan offers a lump sum payout to their nominee.
    • Maturity Benefit: A lump sum payout equivalent to the fund value will be payable on policy maturity.
    • Fund Options: The policy provides various fund options, including equity funds, debt funds, and so on.
    • Partial Withdrawals: The policyholder will be eligible to make partial payment withdrawals from the policy in the 6th year of policy completion.
    • Tax Benefit: A tax exemption on premiums paid by the policyholder will be applicable.

    SBI Life Retire Smart

    As the name suggests, this is a unit-linked, non-participating individual pension plan ideal for individuals seeking a stable income source post-retirement. The minimum premium payable under this plan is ₹30,000 for the regular payment option and ₹1,00,000 for a single, one-time premium.

    Key features of SBI Life Retire Smart

    • Death Cover: In the event of the untimely passing of the policyholder, this plan offers a lump sum payout to their nominee.
    • Guaranteed Additions: At the end of the policy term, the plan provides guaranteed payouts that the policyholder can receive in the form of a lump sum.
    • Premium Flexibility: The policyholders have the choice to pay a single premium or make regular payments, depending on their preferences.
    • Loyalty Addition: The plan offers a loyalty addition benefit that is added to the policy fund value at the end of every fifth policy year, provided that the policy is in force.

    Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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    hdfc ergo

    HDFC ERGO Self Help (Explained)

    HDFC ERGO Self Help (Explained)

    HDFC ERGO’s Self Help platform enables existing HDFC ERGO policyholders to easily manage their insurance policies online. They can access a variety of insurance related services such as claim submission, claim tracking, complaint handling, transfer of policies, and much more.

    In this article, we will talk about the following:

     

    • Overview of HDFC ERGO Self Help Portal
    • Guide to using HDFC ERGO Self Help Portal
    • Features of HDFC ERGO Self Help Portal

    Overview of HDFC ERGO Self Help Portal

    HDFC ERGO Self Help is an online platform provided by HDFC ERGO General Insurance for its customers. This Self Help portal intends to increases the convenience of HDFC ERGO policyholders. This online platform offers a wide range of self service features and tools that enable policyholders to manage their HDFC ERGO insurance policies online without having to go the branch or contacting the company’s customer care.

    With HDFC ERGO Self Help, policyholders can do a variety of tasks such as renewing their policies, filing claims, tracking claims, downloading policy documents, grievance redressal, updating KYC and more.

    Guide to using HDFC ERGO Self Help Portal

    Steps that existing HDFC ERGO policyholders need to follow in order to use the Self Help portal:

     

    • Step 1: Go to the official website of HDFC ERGO, i.e., https://www.hdfcergo.com/, and click on the “Self Help tab.” You can also directly visit the portal by clicking on this official link: https://self-help.hdfcergo.com/SelfHelp/.
    • Step 2: Enter your policy number, registered mobile number, and email address to log into your profile.
    • Step 3: Once logged in, You will see an overview of your policies and their details. Explore the interface and get acquainted with the different services and features provided on the Self Help portal.
    • Step 4: Once you’ve acquainted yourself with the plethora of features and services on this platform, you can manage your policies at the comfort of your home.

    Features of HDFC ERGO Self Help

    Below are some features available on the Self Help portal:

     

    • Transfer of Motor Policy: Policyholders can now easily transfer their motor insurance policies to the new owner of the vehicle through HDFC ERGO’s Self Help platform, making the process simple and hassle-free. This feature eliminates the need to physically visit a branch office or engage in lengthy paperwork, allowing policyholders to complete the transfer process efficiently.
    • Policy Renewal: Policyholders can renew their policies by making the premium payments online through the Self Help portal. The platform is secure and uses advanced technology to ensure that customer data is protected at all times.
    • Submit and Track Claims: You can directly file a claim via the Self Help portal. To do so, click on the “Claims” tab. Follow the instructions and submit all the documents thoroughly. Policyholders can also track the status of their claim through this portal.
    • Downloading Policy Documents: You can download all policy-related documents, such as policy copies, health cards, tax certificates, etc., from HDFC ERGO’s Self Help portal.
    • Cancellation of Policy: If the policyholder wishes to cancel their policy for any reason with the company, they can do so directly on the portal. Click on ” Policy Cancellation Request”, enter the policy details, and initiate the request. You can also keep track of policy cancellation status on the portal.
    • e-KYC: You can register your identification proofs, such as your Aadhaar card, PAN card, and driver’s licence, with HDFC ERGO through the Self Help portal. This feature not only saves your time but also eliminates the hassle of visiting the branch of the insurer.
    • Customer Support: This Self Help portal provided by HDFC ERGO offers 24/7 customer support to its policyholder’s via email, phone, and also a live chat feature.
    • Feedback and Complaints: Policyholders can also provide feedback about their experience with HDFC ERGO through this portal. In case of any dissatisfaction on the policyholder’s end, they can register a complaint with the company.

    Frequently Asked Questions

  • Is the HDFC ERGO Self Help Portal safe?

    Yes, HDFC ERGO’s Self Help portal is a safe platform, as the company uses advanced I.T security measures to ensure that customer data is protected at all time

  • How can I register on HDFC ERGO’s Self Help portal?

    To register yourself on the Self Help portal, visit the website of the company. Then click on the "Self Help" tab. Register your account using your policy details and registered mobile number.

  • Can I transfer my motor insurance policy through the Self Help platform?

    Yes, you can transfer your motor insurance policies through the Self Help platform.

    • Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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    Insurance

    What is Quota Share Reinsurance? (Meaning and Definition)

    agreement

    What is Quota Share Reinsurance? (Meaning, Definition & Advantages)

    A quota share reinsurance treaty essentially means that a reinsurance company will only cover a certain quota of the assets of an insurance company. For instance, a reinsurance company will agree to cover only 25% of the health insurance policies of an insurance company (the ceding company). The remaining 75% of the asset is not covered by the reinsurance company.

    That being said, the other percentage of the asset can be covered by other reinsurers. For instance, one reinsurance company will cover 25% of the health insurance policies, and another reinsurance company may agree to cover the other 75% of policies, thereby covering all health insurance policies of an insurance company.

    A quota share reinsurance agreement is generally undertaken when the assets of the insurance company are large and cannot be covered by a single reinsurance company. An example of quota share reinsurance was when Warren Buffett’s Berkshire Hathaway entered into a 20% quota share reinsurance agreement with Australian insurance company IAG. To understand the concept of quota share reinsurance, you will first need to understand the concept of reinsurance.

    Let us now talk about the advantages and disadvantages of quota share in reinsurance.

    Advantages and Disadvantages of Quota Share in Reinsurance

    Advantages

    Disadvantages

    Transfer of risk: Through quota share reinsurance, the assets (insurance policies) of the ceding company gets covered by a reinsurance company, thereby resulting in a transfer of risk from the ceding company to the reinsurance company.

    Cumbersome: A quota share reinsurance policy is slightly more difficult to manage compared to a non-quota share reinsurance agreement, this is simply due to that fact that a ceding company will effectively need to manage multiple quota sharing agreements.

    Stability: Quota sharing reinsurance results in increasing the stability of the ceding company, as their assets are covered in the event of various types of default.

    Lesser profits: A ceding company will need to pay a premium to the reinsurer, this premium payment obligation of the ceding company will lead to lesser profits. This is however one of the most important and necessary expenses of an insurance company.

    Indemnification of ceding company: This the fundamental advantages of quota sharing as indemnification leads to security of the ceding company.

    		 

    Example of Quota Sharing agreement

    Mentioned within is an example of a quota sharing reinsurance agreement.

    A 100% quota sharing reinsurance agreement on the SEC website.

    Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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    Insurance

    What is a Reinsurance Agreement? (and its components)

    agreement

    What is a Reinsurance Agreement? (and its components)

    A reinsurance agreement is a legal contract between an insurance company and a reinsurance company that transfers the risk from the insurance company to the reinsurance company, either partly or fully. This transfer of risk takes place through a reinsurance agreement.

    A reinsurance agreement can be between two parties or multiple parties. Generally, an insurance company will transfer its risk to multiple reinsurance companies, thereby participating in multiple reinsurance contracts. This, however, is subjective and depends on how large the insurance company is, and the magnitude of its assets.

    It is also important to know that a reinsurance agreement is governed by the agreements and contract acts of each country. For instance, if there is a reinsurance agreement between an Indian insurance company and a reinsurance company, the reinsurance agreement will come under the Indian Contract Act, 1872.

    Parties to a contract need to study the contents of this act and accordingly enter into a reinsurance agreement. Further, the agreement may also come under other acts of law apart from the Contract Act, and legal counsel should be sought before entering into an agreement.

    Let us now discuss some of the most important components of a reinsurance agreement.

    What is in a reinsurance agreement?

    The most important components of a reinsurance agreement include the following:

    • Scope of coverage: The scope and extent of coverage is mentioned here. A reinsurance company will categorically highlight the exact assets that they are willing to cover. For instance, a reinsurance company may only cover the health insurance assets of an insurance company in a particular geographical area.
    • Details of assets covered: Asset details are mentioned in detail to avoid any ambiguity. Details mentioned include the type of asset, location of the asset, income earned via the asset, and beyond.
    • Payment terms: Here, the premium payment terms are mentioned. The reinsurance company may ask for a monthly, quarterly, half-yearly, or yearly premium from the insurance company. These terms are flexible and depend on the understanding between both parties.
    • Type of reinsurance: The kind of reinsurance coverage extended is mentioned here. Reinsurance can be treaty reinsurance or facultative reinsurance.
    • Terms of dispute handling: It is possible that a dispute may crop up in the future between parties. Here, the arbitration terms and dispute resolution terms are mentioned in the event of a disagreement.
    • Reporting terms: A reinsurance company may ask for timely reports from the insurance company. Further, they may also ask for authorization for on-site visits and other types of auditing measures. These details are mentioned in the reporting terms component of the reinsurance agreement.
    • Principles of insurance: All reinsurance components are governed by the principles of insurance. Both parties need to adhere to the principles of insurance.

    There may be a variety of other components to a reinsurance agreement, and it completely depends on the parties to the agreement, but the above components are some of the common aspects of a reinsurance agreement.

    Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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    Postal Life Insurance

    Difference between RPLI and PLI (8 Key Differences)

    PLI Scheme Banner

    Difference between RPLI and PLI (8 Key Differences)

    Are you planning to purchase a life insurance plan from Rural Postal Life Insurance (RPLI) or Postal Life Insurance (PLI) by India Post? If so, it is important that you understand the similarities and differences between RPLI and PLI.

    Hence, in this article, we will draw a comparison table between RPLI and PLI plans so that you can make an informed decision based on your insurance needs and preferences.

    Rural Postal Life Insurance

    Postal Life Insurance

    What is RPLI?

    India Post’s Rural Postal Life Insurance was introduced in 1995 with the main objective of providing life insurance coverage at an affordable premium to individuals belonging to the rural sector of India.

    What is PLI?

    Postal Life Insurance by India Post was established on February 1, 1884.

    It was established with the intention of providing life insurance coverage to postal employees, female employees of P&T departments, etc. Postal Life Insurance has now expanded its services and offers coverage to the armed forces, government employees, and so on.

    Plans under Rural Postal Life Insurance

    • Whole Life Assurance Policy (Gram Suraksha)
    • Convertible Whole Life Assurance Policy (Gram Suvidha)
    • 10 years Rural PLI Policy (Gram Priya)
    • Endowment Assurance Policy (Gram Santosh)
    • Anticipated Endowment Assurance Policy (Gram Sumangal)
    • Children Policy (Gram Bal Jeevan Bima)

    Plans under Postal Life Insurance

    • Whole Life Assurance Policy (Suraksha)
    • Convertible Whole Life Assurance Policy (Suvidha)
    • Joint Life Assurance Policy (Yugal Suraksha)
    • Endowment Assurance Policy (Santosh)
    • Anticipated Endowment Assurance Policy (Sumangal)
    • Children Policy (Bal Jeevan Bima)

    Benefits of Rural Postal Life Insurance Plans

    Below are a few general benefits under RPLI plans:

    • Death Benefit: In the event of the unfortunate demise of the policyholder, the nominee of the policy will receive the sum assured along with any accrued bonus.
    • Unnatural Death: RPLI plans also offer coverage for unnatural death in cases of suicide, etc., but only if the policy is continued for more than 2 years.
    • Survival Benefit: A certain percentage of the total sum assured will be payable to the policyholder under the survival benefit, along with any accrued bonus, after 4 years, 7 years, and 10 years of policy completion.
    • Loan Facility: The policyholder can also avail of a loan facility upon the policy’s completion after 3 or 4 years. The loan facility is not admissible under the Bal Jeevan Bima Policy.
    • Interest Waiver: All interest on arrears of premium up to one year will be waived off, in the case of natural calamities such as floods, droughts, earthquakes, cyclones, etc.
    • In Case of Parents Death: In case of the death of the parent of the insured child under the (Gram) Bal Jeevan Bima Policy, all premiums will be waived off. The insured child will receive total SA along with any accrued bonus.
    • Tax Rebate: RPLI plans are eligible for an income tax rebate under Section 80C of the Income Tax Act. The insured can also avail of a rebate under Section 88 of the Income Tax Act.

    Benefits of Postal Life Insurance Plans

    Below are a few general benefits under PLI plans:

    • Death Benefit: In the event of the death of the insured individual, the sum assured under the plan will be paid to the beneficiaries of the policy.
    • Accidental Death Benefit: In case of the unfortunate accidental death of the policyholder, the sum assured along with the accrued bonus will be paid to the beneficiary of the policy.
    • Total Permanent Disablement Cover: PLI plans also financially compensate in the event of any total permanent disability suffered by the policyholder due to an accident.
    • Unnatural Death: Like RPLI, PLI plans also offer coverage for unnatural deaths like suicide, murder, etc. only if the policy has been active for more than 2 years.
    • Loan Facility: The policyholder can also avail of a loan facility upon the policy’s completion after 3 or 4 years. The loan facility is not admissible under the Bal Jeevan Bima Policy.
    • In Case of Parent’s Death: Under the Children Policy (Bal Jeevan Bima), all premiums will be waived in case of the unfortunate death of the parent.
    • Tax benefit: PLI plans are eligible for income tax exemption under Section 80C of the Income Tax Act.

    Sum Assured

    Below are the sum assured options under the RPLI plans:

    Minimum sum assured:  ₹  10,000

    Maximum sum assured: ₹ 10,00,000

    Sum Assured

    Below are the sum assured under PLI plans:

    Minimum sum assured: ₹ 20,000

    Maximum sum assured: ₹ 50,00,000

    Eligibility

    Following individuals are eligible to opt for RPLI plans:

    Rural Postal Life Insurance plans can be purchased by all individuals belonging to rural sector of India.

    Eligibility

    All government employees, the Defence and Para-Military Services, employees of PSU banks, educational institutions, Local Bodies, and professionals like doctor’s, MBAs, lawyers, etc. Employees of companies listed with the Bombay Stock Exchange( BSE) and the National Stock Exchange (NSE)

    Age Criteria

    Following are the general age criteria for purchasing the plan: The same may vary according to the type of policy.

    Minimum age: 5 years

    Maximum age: 55 years

    Age Criteria

    Following are the general age criteria for purchasing the plan: The same may vary according to the type of policy.

    Minimum age: 5 years

    Maximum age: 55 years

    Premium

    Premiums under RPLI plans are low as compared to PLI plans, as these plans are specifically made for weaker sections of society.

    Premium

    Premiums under the PLI plans are slightly on the higher side because of their extensive coverage.

    Renewability

    RPLI policies can be renewed yearly.

    Renewability

    PLI policies can be renewed on a year to year basis.

    Conclusion

    The main difference between Rural Postal Life Insurance (RPLI) and Postal Life Insurance (PLI) is that RPLI can only be purchased by individuals belonging to the rural sector of the country, while PLI plans can be bought by all professionals, government officials, persons serving in the armed forces, and so on.

    Secondly, although the coverage under both life plans is similar, the premium of Postal Life Insurance is marginally on the higher side due to the benefits offered by its extensive coverage.

    Thirdly, another major difference between both RPLI and PLI plans is the sum assured options. Postal Life Insurance offers a wide range of sum assured options, as compared to RPLI plans to choose from. The sum assured options ranges between ₹10,000 up to ₹ 1,00,000 in Rural Postal Life Insurance, where as the sum assured option in Postal Life Insurance plans ranges from ₹ 20,000 up to ₹ 50,00,000.

    Learn more about PLI and RPLI via their official website: https://www.indiapost.gov.in/Financial/Pages/Content/rpli.aspx

    Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

    Frequently Asked Questions

  • What is the frequency of bonuses under the RPLI and PLI plans?

    A bonus is declared every year under the Rural Postal Life Insurance and Postal Life Insurance plans.

  • How do I pay the premiums for RPLI and PLI plans?

    You can pay the premiums of Rural Postal Life Insurance and Postal Life Insurance plans through any of their official apps, like Postinfo, the India Post Payments Bank Mobile Banking (IPPB) Application, or the India Post website. You can also make the payment by visiting any of the nearest India Post branches.

  • Is the nomination facility available under the RPLI and PLI plans?

    Yes, you can register a maximum of three individuals as nominees under both plans.

  • Is a medical examination necessary under the RPLI and PLI plans?
    • For Rural Postal Life Insurance plans: A medical examination is compulsory if the sum assured is more than ₹ 25,000 and the proposer’s age is more than 35 years.
    • For Postal Life Insurance plans: A medical examination is compulsory if the sum assured is more than ₹ 1,00,000 and the proposer’s age is more than 35 years
  • What is the customer care number for RPLI and PLI?

    The customer care number for Rural Postal Life Insurance and Postal Life Insurance is 1800 266 6868.

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    Motor Insurance

    What should you do if an uninsured driver hits your vehicle?

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    What should you do if an uninsured driver hits your vehicle?

    What happens if I’m in an accident and the other person is driving without insurance, and the accident was his fault? Who pays for the damages to my car, myself, and my co-passengers?

    Ideally, if there is an accident and one party is clearly at fault, it is the obligation of that party to pay for the damages to the victim. The charges are generally paid by the insurance company of the perpetrator. But what happens if the perpetrator is driving without a valid motor insurance policy? Let us find out.

     

    • Coverage of your motor insurance policy
    • What should you do if an uninsured driver hits your vehicle?
    • Supreme Court Judgements on Uninsured Drivers

    Coverage of your motor insurance policy

    The first thing you need to do is check the terms and conditions of your motor insurance policy. Check whether damages caused by an uninsured driver is covered by your motor insurance policy. If that is the case, then your motor insurance company should pay for the damages caused.

    That is assuming you have a comprehensive motor insurance policy, and the policy bond states that the damages caused by uninsured drivers will be covered.

    What should you do if an uninsured driver hits your vehicle?

    • Take the vehicle number: It is extremely important that you remain calm during the event and attempt to have a clear head. Once you are calm, take the vehicle number of the perpetrator, you will need it going forward.
    • Collect evidence: Start collecting video and photo evidence; be very thorough and document everything. This evidence may be presented in the court of law. Also, talk to any witnesses that may have seen the accident and exchange contact details with them; it is possible that they may need to be presented as court witnesses.
    • Call your insurance company: Once you have collected the relevant data, you must then call your insurance agent or insurance company. Explain to them what has happened. You will also need to file a claim later.
    • File an FIR: Now, find out which police station is nearest and lodge an FIR. Take a copy of the FIR and keep it for your records. You will also have to submit the same information to your insurance company. Once the FIR is filed, the police will begin their investigation.
    • Legal action: You will now need to begin preparations for legal recourse. Talk to an advocate and take their expert advice on the same.

    Now, if your insurance company pays for the damages caused, well and good. If they do not pay for the damages, then examine the terms and conditions of your insurance policy thoroughly and see if they are obligated to extend you coverage in such a case. If not, then the liability will shift to the uninsured perpetrator.

    What happens if my insurance company does not cover me for uninsured accidents? This is where we must dive deeper into the judgements provided by the Supreme Court of India.

    Supreme Court Judgements on Uninsured Drivers

    You can check out a whole list of judgements passed by the Supreme Court on the topic of accidents caused by uninsured drivers. We will also state what the SC has said on the matter in a judgement passed in 2018.

    The Supreme Court has categorically stated that in the event of an accident caused by an uninsured driver, the liability will be passed onto the uninsured driver. If the uninsured driver is unable to pay for the court ordered damages, his vehicle will be impounded and later auctioned off. The proceeds earned through the auction of the vehicle will be disbursed to the victim.

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    Insurance

    Top 7 Hidden Facts about Term Insurance

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    Top 7 Hidden Facts about Term Insurance

    Taking out a term insurance policy could be one of the most important financial decisions a person can make. An adequately covered term insurance policy can protect a family in unfortunate times. A potential policyholder has a laundry list of questions ready to ask his or her insurance agent, but sometimes miss out on asking the lesser known questions. This article will attempt to demystify some of the hidden facts about term insurance. Let’s begin

    Hidden Facts about Term Insurance

    Well, ‘hidden’ would probably not be the right word, but ‘lesser known’ would be. So, here is a list of 7 lesser-known facts about term insurance.

     

    1. Coverage is based on income
    2. Increasing sum assured
    3. Term insurance is cheaper than life insurance
    4. Some term policies do not need a medical check-up
    5. You can un-select pre-selected riders
    6. Return of premium rider
    7. Grace period

    1.) Coverage is based on income

    Did you know that you are only eligible for term coverage of 15–20 times your annual income? Yes, that’s correct. If you’re planning to get very large term insurance coverage, this is something that you should keep in mind.

    For instance, if you have an annual income of ₹10 lakhs, you may only be eligible to receive term insurance coverage of around 1.5–2 crore. This is, of course, subjective to the insurance company as well.

    2.) Increasing sum assured

    Another lesser-known term insurance fact is that you can actually increase the sum assured of your term insurance policy as the years go by. These are known as increasing term insurance plans. An increasing term insurance plan, as the name suggests, will increase the coverage amount as time goes by. This is an ideal way to combat rampant medical and general inflation.

    An increasing term insurance plan will increase the coverage either yearly or systematically based on certain pre-defined criteria. For instance, an increasing term insurance plan may increase the term insurance coverage by 20% when a policyholder reaches 60 years of age. This same term insurance policy will also increase the term insurance coverage by another 10% when the policyholder reaches the age of 65.

    This is generally how an increasing sum assured term insurance policy works. Be sure to inquire about such plans with your insurance agent next time you go shopping for a term plan.

    3.) Term insurance is cheaper than life insurance

    Yes, a term insurance plan is generally cheaper than a life insurance plan. This is because a term insurance policy will provide insurance coverage up to a specified period only, whereas a life insurance policy will provide coverage for the entire life of the policyholder.

    Term insurance plans will generally provide coverage up to the age of 75–85; that being said, there are certain term insurance policies that offer coverage up to the ripe old age of 99 years.

    4.) Some term policies do not need a medical check-up

    Extending term insurance coverage to a person comes with certain risks to the insurance company, which is why they insist on potential policyholders getting a medical check-up before issuing a term plan.

    There are, however, quite a few term insurance companies that extend coverage to policyholders without insisting on a medical check-up.

    5.) You can un-select pre-selected riders

    A term plan may come with a suite of pre-selected insurance riders, increasing the cost of the term plan. Although some of these rides may be valuable, it is also possible that some of the insurance riders may not be relevant to the policyholder.

    You should ask your agent if there are any pre-selected riders in your term plan. Removing them may decrease the premium on your term policy.

    6.) Return of premium rider

    While we are on the topic of insurance riders, let us also talk about the return of premium riders. A return of premium is an additional rider that can be bought with a term plan. This rider ensures that all premiums paid are returned to the policyholder if he outlives the policy’s maturity. This effectively means that all insurance policy premiums paid will be returned to him at maturity.

    There are different variations of a return of premium rider; you should inquire about the same with your insurance agent or insurance company. It can be a valuable add-on to your term plan.

    7.) Grace period

    What happens if you miss a premium payment? It is not ideal to miss a premium payment, but if you have missed a term insurance premium payment, you can make a payment within 30 days of the due date to keep your policy active.

    This period is called a grace period. However, it is always recommended to pay your insurance premiums on or before the due date to avoid any unnecessary complications. We hope you learned a thing or two about the lesser-known facts of term insurance. Stay safe and stay insured. You can also check out a list of frequently asked questions about term and life insurance here.

    Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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    Insurance

    What is a Material Fact in Insurance? (With Example)

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    What is a Material Fact in Insurance? (With Example)

    The concept of material fact is interlinked with the principles of insurance. But, what is a material fact in insurance? This article will help you understand the concept of a material fact in insurance and its importance. We will also wrap up the article by providing an example of a material fact and some relevant court judgements on suppression of material facts.

    • What is a Material Fact in Insurance?
    • Importance of Material Facts in Insurance?
    • Example of a Material Fact in Insurance
    • Suppression of Material Facts (Court Judgements)

    What is a Material Fact in Insurance?

    A material fact refers to an important or relevant fact that forms the basis of decision-making. In simple words, a material fact is a piece of information that can influence a decision. In the context of insurance, a material fact is any information that can influence the decision of an insurance company to issue an insurance policy.

    It also works the other way around; a piece of information given by an insurance company can also be considered a material fact if it influences the purchase decision of a policyholder.

    Importance of Material Facts in Insurance?

    It is imperative that both parties to an insurance contract openly display material facts to each other. Doing so will improve the quality of decision making. Further, if important material facts are withheld by a party, the insurance contract can be terminated due to non-adherence to the principles of insurance.

    There should be no falsification, truncation, or misrepresentation of any valuable information considered a material fact. Let us cement our understanding of the meaning and concept of a material fact with a simple and easy-to-understand example.

    Example of a Material Fact in Insurance

    Mr. Jatin bought a health insurance policy, but he did not disclose to the health insurance company that he suffers from a pre-existing condition. This accounts for willfully withholding material facts from an insurance company. The above is an example of the suppression of material facts by an insurance company.

    Suppression of Material Facts (with Court Judgements)

    There have also been certain court judgements when it comes to the suppression of material facts. Some of the high profile ones include:

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    hdfc ergo

    How to Cancel your HDFC ERGO policy?

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    How to Cancel your HDFC ERGO Policy?

    Cancelling an insurance policy can seem like a cumbersome task, especially if you are not aware of the process. It is important to understand the steps involved in the cancellation of a policy. Hence, in this article, we will talk about the step-by-step process of policy cancellation with HDFC ERGO and the terms for premium refund.

    Steps to cancel HDFC ERGO Health Insurance Policy Online

    You can choose to cancel your health insurance plan with HDFC ERGO online in a matter of minutes. Follow these simple steps to cancel your plan online:

    • Step 1: Visit the official website of HDFC ERGO, i.e https://www.hdfcergo.com/.
    • Step 2: Click on the “HELP” tab at the top right corner of the page or directly click on this official link: https://self-help.hdfcergo.com/.
    • Step 3: Click on “Cancel Policy” and select “Policy Cancellation Request.”
    • Step 4: Enter the policy number, mobile number, and registered email address and click “Continue.”
    • Step 5: You may be asked to submit relevant documents such as a policy copy, identity proof, and address proof for authentication purposes.
    • Step 6: The company may charge a cancellation fee, which will be deducted from the premium paid. The cancellation fee will vary depending on the type of policy and the duration for which the policy has been in force.
    • Step 7: Once the cancellation process is complete, you will receive a confirmation of policy cancellation on the registered mobile and email address.

    However, you can also cancel the policy by visiting the nearest HDFC ERGO branch. You can also email the company at care@hdfcergo.com to initiate a policy cancellation request, or you can contact the company’s customer care number, i.e., 022 6234 6234 or 0120 6234 6234.

    Documents Required

    • Original policy document
    • Receipt of the first premium payment
    • Cancelled cheque for refund

    Terms for Premium Refund

    As per the norms of IRDA, a free look period of 15 to 30 days is provided to the policyholder from the receipt of premium payment to evaluate their policy coverage thoroughly and make an informed decision.

    In the case of HDFC ERGO, the company offers a free look period of 15–30 days to review the terms and conditions of the newly purchased policy. However, if the policyholder chooses to cancel the policy during this free look period, they can do so. The policyholder can then initiate a premium refund request from the company.

    If the policyholder has not made any claims during the free look period, they will be eligible  for a premium refund subject to the following conditions:

    • The premium paid will be deducted from any expenses incurred by the insurer for the medical examinations of the policyholder, stamp duty charges, etc.
    • In the event that the policy is cancelled during the free look period but the coverage is already in force, the policyholder will receive refund only for the remaining non-utilized coverage.

    The policyholder will be refunded the premium amount according to the rates given below:

    Cancellation period

    % of premium to be refunded

    Up to 30 days

    75%

    Up to 3 months

    50%

    3 – 6 months

    25%

    After 6 months

    Nil

    Steps to cancel HDFC ERGO Motor Insurance Policy Online

    If you have recently purchased a motor insurance policy and find the coverage unsatisfactory or have any other reason to cancel it, you can do so. To cancel your motor policy online, you can follow these simple steps:

    • Step 1: Visit the official website of HDFC ERGO.
    • Step 2: Click on the “HELP” tab at the top right corner of the page or directly click on this official link: https://self-help.hdfcergo.com/.
    • Step 3: Click on “Policy Cancellation Request.”
    • Step 4: Enter your policy number, registered mobile number, and email address. Click on “Continue.”
    • Step 5: The insurer may ask you to submit applicable documents such as a policy copy, identity proof, and address proof for verification purposes.
    • Step 6: Once all the documents are submitted, HDFC ERGO will initiate the policy cancellation process.
    • Step 7: Once the policy is cancelled, you will receive confirmation about the same on your registered email address and mobile number.

    You can also cancel the policy by visiting the nearest HDFC ERGO branch. Email them at care@hdfcergo.com to initiate a policy cancellation request, or call the company’s customer care number given above.

    Terms for Premium Refund on Cancellation of HDFC ERGO Motor Insurance

    The policyholder can claim a refund if they wish to discontinue the policy within the free look period provided by the insurer. The refund amount for cancellation of a motor insurance policy with HDFC ERGO will depend on multiple factors, such as the type of policy, the duration of the coverage that has been active, and so on.

    Note: The policyholder will not be eligible for any refund on cancellation of the policy after the free look period offered by the company.

    Author Bio

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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    Frequently Asked Questions

  • What are some common reasons for policy cancellation?

    Below are a few common reasons the policyholder may choose to cancel their policy:

    • The policyholder finds the premium expensive as compared to the company’s competitor.
    • The policy terms and conditions were not fully understood by the policyholder.
  • How long does it take for the refund to get credited to the bank account?

    It takes anywhere between 7 and 15 working days to receive the refund directly into your linked bank account.

  • What is free look period?

    The free look period is a specified time frame given to policyholders by the insurance company to thoroughly review the terms and conditions of the newly purchased policy. In the event that the policyholder is not satisfied with the policy coverage for various reasons, they may choose to cancel the policy. If policyholders cancel their policy during this period, the company will refund the premium amount paid by them.

  • What is the free look period in HDFC ERGO?

    HDFC ERGO offers a free look period of 15 days up to 30 days from the date of policy issuance, depending on the type or duration of the policy.

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