What is the eligibility criteria to opt for the HDFC ERGO Energy plan?

Month: April 2023

HDFC ERGO Energy Plan Explained

Post author By parastar
Post date April 23, 2023

HDFC ERGO Energy Plan Explained

Are you looking for a diabetes health plan for yourself or a loved one? HDFC ERGO’s Energy Plan is one such plan that can safeguard the health and financial stability of individuals suffering from diabetes.

In this article, we will talk about the HDFC ERGO Energy Plan, its benefits, plan features, exclusions, claim process, renewal process, premium chart, and frequently asked questions.

HDFC ERGO Energy Plan

HDFC ERGO’s Energy Plan is a comprehensive plan designed to provide protection and support to individuals suffering from diabetes and hypertension. This plan offers coverage for Type 1 or Type 2 Diabetes Mellitus, Impaired Fasting Glucose (IFG), Impaired Glucose Tolerance (IGT), or Hypertension.

HDFC ERGO’s Energy Plan is designed to help you manage your health conditions by covering medical expenses such as doctor visits, medications, inpatient treatment, health check-ups, and so on. This plan is available in two variants: the Silver Plan and the Gold Plan.

HDFC ERGO’s Energy Gold Plan comes with the added benefit of a wellness program. As part of the program, the insured individual will have access to two complete medical checks during the policy year.

Benefits of HDFC ERGO Energy Plan

Below are a few benefits that the policyholder can avail of when opting for this plan:

In-patient Care: Along with offering comprehensive coverage, the plan will cover all hospitalization expenses arising out of diabetes and hypertension from day one of the policy period.
Pre-hospitalisation Expenses: Expenses related to any medical treatment that occurred 30 days prior to hospitalization will be covered by this plan.
Post-Hospitalisation Expenses: All medical expenses incurred within 60 days from the date of discharge will be covered under the plan.
Daycare Treatments: This plan covers 150+ daycare procedures and treatments.
Organ Donor Expenses: This plan covers medical expenses associated with the harvesting of organs from the donor for transplantation purposes.
Ambulance Charges: This plan covers ambulance services up to Rs. 2000 per hospitalization during the policy period.
Sum Restoration Benefit: This plan offers a 100% sum restoration benefit that automatically reinstates the sum insured once during the policy period in the event that the policyholder has exhausted their coverage limit due to hospitalization.
HbA1C Benefit: The company will reimburse up to Rs. 750 for an HbA1C test check-up once during the policy period.
No Claim Bonus: The company will increase the sum insured by 10% for every claim-free year, not exceeding more than 100% of the sum insured during any policy year.

Features of HDFC ERGO Energy Plan

Now, let us discuss a few key features of the HDFC ERGO Energy Plan:

Lifetime Renew-ability: HDFC ERGO’s Energy Plan comes with a lifetime renew-ability option, which means the policyholder can renew their policy lifelong without any bar or restriction on age limit.
Sum Insured: Both the variants, Gold and Silver Plan, have the same sum insured options, starting from Rs. 2 lakh up to Rs. 50 lakh.
Co-payment: The plan offers the flexibility of choosing between two options: with or without a 20% co-payment. Policyholders can choose to opt for the co-payment feature based on their preferences.
Policy tenure: The tenure of this policy is one year, and the policy can be renewed on a yearly basis.

Exclusions under the HDFC ERGO Energy Plan

Below are a few general exclusions under the HDFC ERGO Energy Plan:

Pre-existing Conditions: Any pre-existing illnesses other than hypertension and diabetes will be covered after a waiting period of two years.
Self-Harm: Any kind of intentional harm, like suicide, drug abuse, etc., suffered by the policyholder will not be covered under the policy.
Sexually Transmitted Diseases: Medical expenses arising out of any STDs or venereal illnesses like AIDS, HIV, herpes, etc. will not be covered under the policy.
Mental Disorders: The cost of treatment for any mental illnesses or psychiatric disorders such as schizophrenia, psychosis, and so on will not be covered under this plan.
Cosmetic Procedures: Expenses arising out of any obesity treatments or cosmetic procedures will not be covered under the plan.
Injury due to War: Any kind of injury suffered due to war, nuclear attacks, or criminal attacks will not be covered under the plan.
Adventurous Sports: Any injuries suffered due to participation in adventurous sports like bungee jumping, rock climbing, etc. will not be covered under the plan.

How to file a claim with HDFC ERGO Energy Plan?

Follow these simple steps to file a claim with HDFC ERGO Energy plan:

There are two ways the policyholder can file a claim: Cashless and Reimbursement Claim

Cashless Claim

Step 1: The policyholder can file a cashless claim when admitted to a network hospital of the insurer.
Step 2: Inform the insurance company immediately about the hospitalization by contacting HDFC ERGO’s customer care claims toll-free number, i.e., 022 6234 6234 or 0120 6234 6234.
Step 3: Always carry your cashless card and photo identification proofs.
Step 4: Dully fill out and sign the pre-authorization form available at the TPA department in the hospital.
Step 5: Once the pre-authorization form is received, the insurer will verify the claim.
Step 6: HDFC ERGO will inspect all the documents and approve the claim accordingly.

Note: In the event of a claim rejection, HDFC ERGO will state the reason for the same in writing.

Reimbursement Claim

The policyholder will have to file a reimbursement claim when admitted to a non-network hospital of HDFC ERGO. Follow these simple steps to file a reimbursement claim with the insurer:

Step 1: Get admitted to the nearest hospital and avail yourself of treatment.
Step 2: Inform the company immediately in the event of hospitalization.
Step 3: Post-discharge, submit all the required documents, like bills, reports, etc., to HDFC ERGO.
Step 4: After thorough verification, the insurer will reimburse the claim amount directly to your bank account.

Documents Required

Below are a few important documents that you need to submit in order to file a claim:

Original bills
All original test reports, x-ray scans, prescriptions, etc.
Discharge summary
Death certificate (if applicable)
FIR (if applicable)

How to renew HDFC ERGO Energy Plan?

Below are the steps to renew your HDFC ERGO Energy Plan:

Step 1: Visit the official website of the insurer, i.e., https://www.hdfcergo.com/.
Step 2: Go to the “Renew” tab at the top-right corner of the page.
Step 3: Select “Health Insurance.”
Step 4: Enter your policy number, registered email address, and mobile number, and click on “Renew Now.”
Step 5: Verify all the policy details and make the payment online. Your policy will be instantly renewed, and you will receive a confirmatory email to your registered email address.

HDFC ERGO Energy Plan Premium Table

Below is a sample premium table for the HDFC ERGO Energy Plan to give you a better understanding of policy coverage and its premium amount according to different age groups.

HDFC ERGO Energy Plan: Silver Plan (Without Co-payment Feature)

Age	SI- 2 Lakhs	SI- 5 Lakhs	SI- 15 Lakhs	SI- 25 Lakhs	SI- 50 Lakhs
18-35 years	Rs. 5,642	Rs. 9,697	Rs. 14,360	Rs. 18,789	Rs. 24,157
36-45 years	Rs. 6,733	Rs. 12,305	Rs. 18,220	Rs. 23,838	Rs. 30,648
46-50 years	Rs. 10,302	Rs. 16,923	Rs. 25,057	Rs. 32,785	Rs. 42,152
51-55 years	Rs. 12,510	Rs. 21,867	Rs. 32,376	Rs. 42,363	Rs. 54,465
61-65 years	Rs. 22,163	Rs. 36,497	Rs. 54,039	Rs. 70,704	Rs. 90,906
66-70 years	Rs. 29,695	Rs. 49,487	Rs. 73,274	Rs. 95,874	Rs. 123,266
71-75 years	Rs. 35,334	Rs. 60,159	Rs. 89,076	Rs. 116,549	Rs. 149,848
76-80 years	Rs. 45,886	Rs. 78,273	Rs. 115,896	Rs. 151,639	Rs. 194,964

HDFC ERGO Energy Plan: Gold Plan (Without Co-payment Feature)

Age	SI- 2 Lakhs	SI- 5 Lakhs	SI- 15 Lakhs	SI- 25 Lakhs	SI- 50 Lakhs
18-35 years	Rs. 10,642	Rs. 14,697	Rs. 19,360	Rs. 23,789	Rs. 29,157
36-45 years	Rs. 11,733	Rs. 17,305	Rs. 23,220	Rs. 28,838	Rs. 35,648
46-50 years	Rs. 15,302	Rs. 21,923	Rs. 30,057	Rs. 37,785	Rs. 47,152
51-55 years	Rs. 15,302	Rs. 26,867	Rs. 37,376	Rs. 47,363	Rs. 59,465
61-65 years	Rs. 27,163	Rs. 41,497	Rs. 59,039	Rs. 75,704	Rs. 95,906
66-70 years	Rs. 34,695	Rs. 54,487	Rs. 78,274	Rs. 100,874	Rs. 128,266
71-75 years	Rs. 40,334	Rs. 65,159	Rs. 94,076	Rs. 121,549	Rs. 154,848
76-80 years	Rs. 50,886	Rs. 83,273	Rs. 120,896	Rs. 156,639	Rs. 199,964

Learn more about the plan via the plan brochure.

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

No, this plan is specifically designed for individuals suffering from diabetes or hypertension.

Yes, it is mandatory to undergo a health checkup before purchasing this plan.

HDFC ERGO’s Energy Gold Plan comes with the added benefit of a wellness program. As part of this program, the policyholder will have access to two complete medical checks during the policy year.

Wellness Test 1: Body Mass Index (BMI), HbA1c, and Blood Pressure Monitoring.
Wellness Test 2: Total Cholesterol, Creatinine, High-Density Lipoprotein (HDL), HbA1c, FBS, Billirubin, Total Cholesterol: HDL Cholesterol, ECG, Blood Pressure Monitoring, BMI, doctor consultation, Serum Albumin, Gamma-Glutamyltransferase (GGT), Serum Glutamic Oxaloacetic Transaminase (SGOT), Serum Glutamic Pyruvic Transaminase (SGPT.)

Yes, this plan offers comprehensive coverage, protecting against all illnesses and accidents during the policy term.

Individuals between 18 and 80 years of age can opt for this policy.

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What is Tata Motors Insurance Broking and Advisory Services? (TMIBASL)

Post author By parastar
Post date April 23, 2023

What is Tata Motors Insurance Broking and Advisory Services? (TMIBASL)

Tata Motors Insurance Broking and Advisory Services Limited (TMIBASL) is the insurance broking arm of Tata Motors, which is a part of the prestigious Tata Group of India, which was founded by legendary entrepreneur and philanthropist Mr. Jamsetji Tata. TMIBASL is currently headed by Mr. Shyam Mani (Chairman).

TMIBASL was founded in 1997 and has its registered office at Homi Modi Street, Hutatma Chowk, Mumbai. The company has a presence throughout India and has over 300 employees working across its various lines of insurance business.

Products and Services of TMIBASL
Management of TMIBASL
How to contact TMIBASL
Products and Services of TMIBASL

Products and Services of TMIBASL

TMIBASL is a composite insurance broker that deals with both life and general insurance services in India. TMIBASL engages in the following lines of insurance business:

Personal health insurance
Motor insurance
Extended warranty plans
Liability insurance, including professional indemnity coverage, fidelity insurance, commercial liability insurance, and more
Cyber insurance plans and policies
Property insurance
Marine insurance services
Facultative reinsurance
Treaty reinsurance

Management of TMIBASL

Tata Motors Insurance Broking and Advisory Services Limited (TMIBASL) is a professionally run company, and their management includes the following (as of 2023):

Name	Designation
Mr. M. Ravichandran	Managing Director and CEO
Mr. Bhanu Bhai Sharma	Company Secretary and CFO
Mr. Jaikumar J	Chief Compliance Officer
Mr. Sushil Kumar Rawat	CMO
Mr. Rajeev Varghese	Head of Employee Benefits

Source: https://www.tatamotorsinsurancebrokers.com/our-leadership-team

How to contact TMIBASL

Registered Office

Address	Contact Details
3rd floor, Nanavati Mahalaya Tamarind Lane, Homi Mody Street, Fort, Mumbai – 400 001, Maharashtra, India

Corporate Office

Address	Contact Details
AFL House, 1st Floor, Lok Bharati Complex, Marol Maroshi Road, Andheri East, Mumbai – 400 059, Maharashtra, India	+91-22-66207900 / 7901

TMIBASL also has a presence in many other cities of India, including Pune, Ahmedabad, Kolkata, Chennai, Bangalore and beyond. You can find the addresses to their branches here.

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Which are the Public Sector Insurance Companies in India?

Post author By parastar
Post date April 22, 2023

Which are the Public Sector Insurance Companies in India?

India’s insurance industry has been through a long and rich journey. From the days of Chanakya’s introduction of insurance in ancient India to the nation’s independence, from only publicly owned insurance companies to the privatization and liberalization of the insurance sector in the 1990s, insurance in India has a rich history.

Post-independence, insurance companies in India were highly regulated and only owned and operated by the Government of India. There were a number of reasons behind this, but the most important one was ensuring that the interests of the policyholders were at the forefront. The government also used insurance as a social service at the time.

Following India’s liberalization efforts in the 1990s, the insurance sector in India was also liberalized in the year 2000. This is when private companies were allowed to participate in the Indian insurance sector. That being said, there are still a number of government-owned insurance companies that operate in India.

We will talk about them in this article. Mentioned within is a list of insurance companies that are owned by the Government of India.

Life Insurance Corporation (LIC) of India
Oriental Insurance Company
General Insurance Corporation
Agriculture Insurance Company of India
New India Assurance Company
National Insurance
United India Insurance
Export Credit Guarantee Corporation

We will briefly talk about the operations and services of each of these companies below.

Life Insurance Corporation (LIC) of India

LIC of India is the largest life insurance company in India. In fact, it is the largest insurance company in the world when it comes to active policyholders. LIC was formulated in 1956 after Parliament passed the LIC Act. In fact, it is the largest insurance company in the world when it comes to active policyholders. LIC was formulated in 1956 after Parliament passed the LIC Act. 243 separate insurance companies in India were combined into one single entity, which was named the Life Insurance Corporation of India.

Products and services offered by LIC include:

Life and term insurance policies
Unit-linked life and term insurance policies
Health insurance plans
Pension and endowment plans
Micro insurance

Oriental Insurance Company

Oriental Insurance Company is a wholly owned entity of GIC of India. Oriental Insurance was incorporated in 1947 and deals in the general insurance sector of India.

Products and services offered by Oriental Insurance include:

Health insurance plans
Motor insurance policies
Accidental insurance policies
Rural insurance
Agricultural insurance schemes
Property insurance
Marine insurance

General Insurance Corporation

GIC provides reinsurance services to other insurance entities. This basically means that they insure the assets of other insurance companies. As of 2016, GIC was the only reinsurance company in India. Since 2016, there have been other entrants to the reinsurance business in India.

Products and services offered by GIC include: GIC provides reinsurance services to domestic as well as foreign insurance entities.

Agriculture Insurance Company of India

The AIC of India was founded in 2002 with a view to extending insurance products and services to the rural and agrarian economies of India. Their products are specially designed for farmers and their needs and requirements.

Products and services offered by the Agriculture Insurance Company of India include: AIC of India provides a variety of agriculture insurance products that cover almost every crop type in India.

New India Assurance Company

New India Assurance was founded in 1919 and subsequently nationalized in 1973. The company still operates as a government-owned insurance company, offering products and services in the Indian general insurance sector. It offers a wide array of more than 200 different general insurance products.

Products and services offered by New India Assurance include:

Health insurance plans
Motor insurance policies
Rural insurance
Travel insurance policies
Accident insurance plans

National Insurance

Like Oriental Insurance, National Insurance is also a subsidiary of the General Insurance Corporation (GIC) of India. The company is over 117 years old (as of 2023) and has its registered office in Kolkata, West Bengal.

Products and services offered by National Insurance include:

Health insurance
Motor insurance
Marine insurance
Engineering insurance
Property insurance
Rural insurance

United India Insurance

United India Insurance is a notable name in the Indian general insurance sector. The company has over 85 years of experience and over 1.2 crore customers, making it one of the largest public sector insurance companies in India.

Products and services offered by United India Insurance include:

Health insurance
Shopkeepers insurance
Accident insurance
Property insurance
Industrial insurance
Fire insurance

Export Credit Guarantee Corporation

Export Credit Guarantee Corporation is a public sector insurance company that aims to provide export-related insurance products to exporters in India. They deal in export credit insurance and related services. The company was formulated with the view of extending insurance services to exporters, thereby encouraging exports from India.

Products and services offered by Export Credit Guarantee Corporation include:

Export credit insurance services
Buyer’s credit services
Guarantee services
Credit letters

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Max Life Insurance

What is Max life Insurance’s Ownership Structure?

Post author By parastar
Post date April 21, 2023

What is Max Life Insurance’s Ownership Structure?

Max Life Insurance is one of the prominent life insurance companies in India. The company has cemented its name in the insurance sector with excellent customer service and innovative insurance plans. However, behind the company’s impressive track record lies the driving force of its success; its three major promoters: Max Group, Axis Bank, and Mitsui Sumitomo Insurance Group.

In this article, we will talk about Max Life Insurance, its shareholding pattern, and promoters.

About Max Life Insurance

Max Life Insurance, previously known as Max New York Life Insurance, is a joint venture between Max Financial Services, Axis Bank, an Indian Banking Institution, and Mitsui Sumitomo Insurance Company Limited.
The company was incorporated on the 11th of July 2000 after the liberalization of the insurance industry in India. Since then, Max Life Insurance has sold more than 55 Lakh policies and has a customer base of more than 1 crore individuals.
Max Life Insurance is headquartered in New Delhi, with 250+ branches, and more than 50,000 employees working in India. Along with selling life insurance coverage, the company also sells various other plans like investment plans, health plans, and so on.

Shareholding Pattern of Max Life Insurance

As per the annual reports of FY 2022-2023:

Max Financial Service Limited holds an 81.84% stake in Max Life Insurance.
Mitsui Sumitomo Insurance Company Limited holds a 5.17% stake in Max Life Insurance.
Axis Bank and its two subsidiaries – Axis Securities Limited and Axis Capital Limited – compositely own a 12.99% stake in Max Life Insurance.
As per a leading news report, the banking institution intends to increase its stake in Max Life Insurance up to 7%, making it a 20% stakeholder in the insurance company.

Below given is this shareholding pattern Max Life Insurance as per the annual report for FY 2022-2023:

Shareholders	Holding % (as as of 30^th June 2022)
Max Financial Services Limited	81.84%
Axis Bank	12.99%
Mitsui Sumitomo Insurance Company Limited	5.17%
Total	100%

Now, let us tell you in a nutshell about the promoters of Max Life Insurance:

Max Financial Services Limited

Max Financial Services Limited is part of Max Group, a prominent Indian conglomerate and the majority parent holding company of Max Life Insurance. The company’s main objective is to provide long-term insurance solutions through its subsidiary Max Life Insurance. The company also offers financial solutions and wealth management services to its customers.

Axis Bank

Axis Bank is a leading private sector banking institution in India established in 1993. Headquartered in Mumbai, the bank provides a wide range of services to its customers such as home loans, corporate loans, insurance investments, portfolio management services, etc. As of 2022, Axis Bank has a network of 4500+ branches, 75,000+ employees, and 10,000+ ATM centers. Life Insurance Corporation of India (LIC), National Insurance Company Limited, and United India Insurance Company Ltd are among the major promoters of Axis Bank.

Mitsui Sumitomo Insurance Company Limited

Mitsui Sumitomo Insurance is a prominent insurance company headquartered in Tokyo, Japan. It is the subsidiary of MS & AD Insurance Group, one of the largest insurance institutions in the world.
The company offers a wide range of insurance products like marine insurance, aviation insurance, life insurance, health insurance, life insurance, and more.

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What are the Principles of Underwriting in Insurance?

Post author By parastar
Post date April 21, 2023

What are the Principles of Underwriting in Insurance?

An insurance underwriter has the critical task of ensuring that an insurance company is profitable, and continues to operate in a stable and profitable manner. Insurance underwriting is a highly complex task that does a lot of processing and number crunching. Further, underwriting is an extremely important aspect of insurance that impacts the bottom line of an insurance company.

In order to understand the principles of underwriting in insurance, first we need to understand the concept of underwriting in insurance. Underwriting basically refers to the activity of evaluating the risk profile of an asset or individual. This process is carried out by insurance underwriters. Once the underwriters assess the risk profile of an asset, they decide on the amount of premium that the insurance company can charge for extending insurance coverage to the said asset. Higher the risk, higher the insurance premium charged.

Now, let us talk about the most important principles of insurance underwriting:

Principles of Insurance Underwriting

1.) Minimization of Loss

The insurance underwriter must have the best interest of the insurance company in mind before initiating an underwriting activity. He or she must strive to minimize the loss factor of an insurance company while conducting his assessment. Along with loss minimization, the underwriter should also keep an eye on the profitability factor of underwriting an insurance policy.

2.) Known Hazards

There is implied risk when an insurance company issues an insurance policy. These risks are generally called known hazards. There are a number of known hazards that are associated with a particular client profile. The insurance underwriter must be cognizant of these known hazards while conducting the underwriting process.

3.) Information

An insurance underwriter must gather as much high quality information with respect to client profile, area of insurance, moral hazards, implicit and explicit risks, and beyond. Generally, an abundance of high quality data will lead to better risk profiling, which will lead to higher quality decision making, which would finally lead to more profits for the insurance company.

4.) Growth of Business

Underwriters should also keep an eye on business expansion, and calculated risk taking. An underwriter should not be so rigid in his approach that he misses opportunities of growth. One eye should be on effective risk profiling and the other eye should be on dynamism and business growth opportunities. It is a fine balancing act.

5.) Solvency

It is absolutely imperative that an insurance company will only underwrite insurance contracts that it can service. At no point should the financial stability of a business be compromised on. Generally, this issue should not arises as there are regulators above insurance companies that exercise strict regulation.

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Postal Life Insurance

Make Online Payments using RPLI Online Payment App (Simple Guide)

Post author By parastar
Post date April 20, 2023

How to Make Online Payments using RPLI Online Payments App?

In today’s era of digitization, the demand for safe and convenient payment options has become crucial in the insurance business. As it provide convenience to policyholders to renew their insurance policy on time. India Post’s Postal Life Insurance, a prominent name in the insurance industry has launched many such apps for the convenience of its customers.

In this article, we will talk about the online payment applications introduced by Postal Life Insurance and the steps to make premium payments. They are:

Postinfo App by India Post
India Post Payments Bank Mobile Banking (IPPB) Application
India Post Official Website

Postinfo App by India Post

India Post introduced an online mobile application named Postinfo for its policyholders on the 11th of June 2015. This mobile application can be downloaded on both iOS and Android platforms.
This application provides customers with hassle-free access to multiple policy-related services such as grievance redressal, premium payment, policy monitoring, and more.

Steps to pay Rural Life Insurance Premium through Postinfo App

Now, let us guide you as to how you can make your Rural Life Insurance Policy premium through the Postinfo application:
Follow these simple steps to make the payment through the app:

Step 1: Download the official Postinfo application by India Post on your mobile phone.
Step 2: Once the application is downloaded select the “Insurance” option.
Step 3: Then click on the “Customer Login” tab.
Step 4: Enter the correct “Customer ID”, “Password” and then click on “Log in”
Step 5: Click on the “Payments” option and select the policy for which you want to make the payment.
Step 6: Verify the policy details, check the premium amount, and click on “Pay Now.”
Step 7: Choose your preferred payment gateway option and Select “Continue to Pay.” You can make the payment via a debit or credit card, UPI, net banking, PAYTM, etc.
Step 8: Click on ‘Proceed to Payment.’ Once the payment is successfully made, you will receive a confirmatory message on your registered mobile number.

What are the services offered on the Postinfo App?

Below given are a few services that can availed by customers through the application:

Premium Payments: As mentioned earlier, policyholders can make premium payments for their policies in a matter of minutes.
Services Request: This feature allows policyholders to place various policy-related requests through the application. The concerned department of India Post will process the request and take necessary action to solve the issue. Customers can submit requests such as address change, tracking of postal documents, grievance redressal, and so on.
Interest Calculator: This feature allows the policyholders to calculate the rate of interest they will receive on Recurring Deposits, Senior Citizens Savings Scheme, Sukanya Samriddhi Scheme, Public Provident Fund, and so on.
Post Office Search: This feature will allow the customer to locate the nearest postal office in their area or regional zone.
Postage Calculator: This feature allows the customers to calculate the postage charges for sending their posts, mail, and parcels, depending on the location of region, weight, and dimensions of the package. This feature will assist the customers in estimating the cost of postal services and help them plan their finances accordingly.

India Post Payments Bank Mobile Banking (IPPB) App

India Post Office has launched an online mobile banking application for its customers in 2022. This application was launched with the main objective that the policyholders pay their Post Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) premiums easily online.

Steps to make Rural Life Insurance payments through IPPB Mobile Banking App

Follow the simple steps to pay your premiums with IPPB Mobile App:

Step 1: Log into the India Post Payments Bank Mobile Application.
Step 2: Click on “Post Office Services” and then select on “Postal Life Insurance.”
Step 3: Then select the “Pay Premium” option.
Step 4: Enter the policy number and date of birth. Then click on “Continue.”
Step 5: Verify the policy details and premium amount and click on “Confirm”
Step 6: Enter your “MPIN” and make the premium payment online.
Policyholders can also make premium payments by visiting the official branch, counter, or ATM centers of India Post Payments Bank (IPPB.)

How to activate Post Office Mobile Banking?

In order to use the IPPB Mobile Banking Application, the customers will have to active internet and mobile bank for their savings account with the post office.
Follow these simple steps to activate your online mobile banking with India Post:

Step 1: Visit the nearest Post Office branch.
Step 2: Request for the Internet and Mobile banking form.
Step 3: Enter all the requested details and submit the form.
Step 4: Your internet and mobile banking will be activated shortly.
Step 5: Once you have completed the above formality. Download the official IPPB Mobile Banking App on your phone.
Step 6: Enter your CIF ID under the username section, date of birth, mobile number, and CIF ID again. Then click on “Activate.”
Step 7: You will receive a four-digit OTP on your mobile number. Enter the OTP and click on “Activate.”
Step 8: The final step would be to enter a new “MPIN” and click on “Submit.”

India Post Official Website

You can also make your Rural Life Insurance premium payments by visiting the official website of India Post. Follow these simple steps to make your premium payment online:

Step 1: Go to the official website of India Post i.e www.indiapost.gov.in.
Step 2: Select the “Postal Life Insurance” section.
Step 3: Click on “OK” as you will be redirected to an external page of India Post.
Step 4: Click on Rural Postal Life Insurance (RPLI)
Step 5: Click on “Pay Postal Life Insurance Premium.” Enter all the details and make the premium payment online.

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Frequently asked questions

Yes, Postal Life Insurance applications are safe to make online payments.

You can pay the premium of your Rural Life Insurance through any of the official applications of the insurer such as the Postinfo App, IPPB Mobile App, or by visiting the official website of India Post.

Life Insurance Corporation

Which are the Subsidiaries of LIC of India?

Post author By parastar
Post date April 19, 2023

Which are the Subsidiaries of LIC of India?

When it comes to Life Insurance Industry in India, the Life Insurance Corporation of India (LIC) is the most popular household name. The institution has cemented its name in the Indian Insurance sector from its very inception in the year 1956. However, you may not be aware that the Life Insurance Corporation of India (LIC) has many subsidiaries that operate in various areas of the insurance sector across the world.

In this article, we will talk about the following subsidiaries of Life Insurance Corporation of India (LIC), the company’s objective, and shareholding patterns.

LIC Housing Finance Limited
LIC Pension Fund Limited
LIC International Limited
LIC Cards Services Limited
IDBI Bank Limited
LIC Mutual Fund Limited
LIC Lanka Limited
LIC Singapore Limited

What are the subsidiaries of LIC?

Below given are some notable subsidiaries of the Life Insurance Corporation of India (LIC):

1.) LIC Housing Finance Limited

LIC Housing Finance Limited was incorporated on the 19th of June, 1989, and it is amongst the most trusted housing finance institution in India. The company’s main goal is to provide long-term funding to individuals for the construction, purchase, and renovation of houses, flats, and other residential properties.

Along with providing home loans, LIC Housing Finance Limited also provides business loans to professionals for purchasing or constructing nursing homes, clinics, office spaces, diagnostic centers, and buying equipment.
LIC Housing Finance Limited has served more than 25 Lakh families in India and has disbursed loans of more than Rs 3.35 lakh crore since inception. As of 2019, the company has 450+ centers, 9 regional offices, 20+ back offices, and 10,000+ intermediaries across the country.

As of March 2023, below given is the shareholding pattern of LIC Housing Finance Limited:

Shareholders	Holding %
Promoter	45.24%
Non- Promoter	41.84%
Institutions	12.92%

2.) LIC Pension Fund Limited

LIC Pension Fund Limited was the first company to receive a business license to begin its operations in India under the Pension Fund Regulatory and Development Authority (PFRDA), the regulatory body for the governance and regulation of pensions in India.
LIC Pension Fund has been appointed as one of the Pension Fund Managers (PFMs) to manage funds under the National Pension Scheme (NPS) by the Pension Fund Regulatory and Development Authority (PFRDA.)

The company offers various types of pension-related schemes for government employees. LIC Pension Fund manages the funds of its depositors and invests them into a diversified portfolio of investments like bonds, equities, fixed-income instruments, etc. The main objective of the company is to provide efficient pension services and long-term financial security to retired individuals.

Shareholding Pattern of LIC Pension Fund Limited:

Shareholders	Holding %
Life Insurance Corporation of India (LIC)	100%

3.) LIC International Limited

LIC International Limited is a subsidiary of the Life Insurance Corporation (LIC) of India, which is owned by the Government of India. The company was established on the 20th of July, 1989 in Bahrain with the main objective of providing life insurance coverage to Indians residing in the Gulf countries. LIC International operates and provides its services in four Gulf countries namely Bahrain, Kuwait, Oman, and UAE. Along with offering life insurance plans, the company also provides multiple wealth management plans, pension plans, health plans, and so on to its customers.

As of today, the company has reported an asset base of more than US $ 2 Billion and a Life Fund of over US $1.8 Billion. LIC International is one of the largest insurance companies in GCC with a market share of 45% in premium income.

Shareholding Pattern of LIC International Limited:

Shareholders	Holding %
Life Insurance Corporation of India (LIC)	98.90%
The International Agencies Company Limited	1.10%

4.) LIC Cards Services Limited

LIC Cards Services Limited is a fully-owned subsidiary of the Life Insurance Corporation of India (LIC). The company was established on the 11th of November, 2008 to provide credit card services to its employees, policyholders, and its club member agents. The company is headquartered in Delhi and has tied up with leading banks like Union Bank of India, Axis Bank, and IDBI for the issuance of credit cards to its customers.

As of 31 March 2021, LIC Cards Services Limited has reported a revenue of Rs. 11.85 Crore and also reported a gross profit of Rs 5.29 Crore.

As per the annual reports of FY 2021- 2022, the shareholding pattern is given below:

Policyholders	Holding %
Life Insurance Corporation of India (LIC)	100%

5.) IDBI Bank Limited

IDBI was established in 1964 under the ownership of the Government of India and the Life Insurance Corporation of India. The entity was established as a development financial institution to provide financial services and assistance to the industrial sector of the country.

Later in the year 2005, it was converted into a banking institution that is popularly recognized today as IDBI Bank Limited.

IDBI Bank Limited offers a plethora of financial services like NRI banking, personal banking, Agri banking, and more to its customers. It also provides various loan products like housing loans, education loans, cooperate loans, and so on.

The bank has 1500+ branches and more than 35000 ATMs around the country. As of the annual reports of Q2 FY 2023, IDBI Bank Limited has reported a net profit of Rs. 826 Crores and an operating profit of Rs. 2,208 Crores.

Shareholding Pattern of IDBI Bank Limited:

Shareholders	Holding %
Government of India	45.48%
Life Insurance Corporation of India (LIC)	49.24%
Foreign Institutions	0.06%
Mutual Funds	0.01%
Others	5.06%

6.) LIC Mutual Fund Limited

LIC Mutual Fund formerly known as LIC Nomura Mutual Fund is a 100% owned subsidy of the Life Insurance Corporation of India. The company was incorporated on the 20th of April 1989 and is headquartered in Mumbai. and has a PAN India presence with 2000+ branches.

LIC Mutual Fund is a professional asset management institution offering a wide range of mutual fund schemes like savings funds, debt funds, hybrid funds, equity funds, etc to its investors.
The company has reported a revenue of Rs. 56.79 Crore during the FY 2021-2021 and has managed over Rs. 15002.38 Crore worth of assets.

Shareholding Pattern of LIC Mutual Fund Limited:

Shareholders	Holding %
Life Insurance Corporation of India	100%

7.) LIC Lanka Limited

LIC Lanka Limited is a joint venture between Life Insurance Corporation of India and the Barleet Group, a Sri Lankan financial conglomerate having expertise in stock broking, fund lending, etc.
The company offers a plethora of insurance products and plans like money-back plans, endowment plans, life insurance covers, health plans, and so on.

LIC Lanka Limited is known to offer high life insurance coverage to residents of Sri Lanka at an affordable premium.

8.) LIC Nepal Limited

LIC Nepal is a joint venture between the Life Insurance Corporation of India and Vishal Group, a leading business group based in Nepal. The company was established in 2001 and is headquartered in Kathmandu. LIC Nepal offers a plethora of insurance products including savings plans, retirement plans, endowment plans, and so on.

Share Holding Pattern of LIC Nepal:

Shareholder	Holding
Life Insurance Corporation of India	55%
Vishal Group	25%
Others	20%

9.) LIC Singapore Limited

Life Insurance Corporation Singapore Limited was established in Singapore on the 30th of April 2012. It is a wholly owned subsidy of LIC of India. The main objective of LIC Singapore is to expand its operations and explore opportunities in South Asian markets. The company offers non-participating, single premium plans, two-pay endowment plans, and term insurance plans.

Share Holding Pattern of LIC Singapore Limited:

Shareholders	Holding
Life Insurance Corporation of India	100%

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LIC vs Mutual Funds- Understanding the Difference

Insurance Regulatory And Development Authority (IRDA)

Frequently asked questions

Yes, LIC of India has international presence in Sri Lanka, Singapore, Nepal, and beyond.

LIC Cards Services is a subsidiary of Life Insurance Corporation of India that offers credit card services to its employees, policyholders, and associated agents.

You contact a subsidiary company of LIC through the information given on their official websites.

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How to check your HDFC ERGO Claim Status

Post author By parastar
Post date April 18, 2023

How to check your HDFC ERGO Claim Status?

In today’s time, insurance has become an integral part of our lives offering financial support in times of crisis. An insurance policy offers much-needed assistance during difficult times. Hence, it is advisable that policyholders remain vigilant when it comes to monitoring and tracking their claims.

Hence in this article, we will guide you as to how you can keep a track of your claim status with HDFC ERGO.

What is Claim Status?
Importance of checking your Claim Status
How to check your HDFC ERGO Health Insurance Claim Status?
How to check your HDFC ERGO Motor Insurance Claim Status?
How to file a claim with HDFC ERGO?
Steps to file a policy-related grievance with HDFC ERGO

What is Claim Status?

In simple words, claim status refers to the present stage of the claim filed by the insured individual with the insurance company. It assists the policyholder in keeping track of the advancement of their claims. Policyholders can check their claim status in a matter of minutes through the official website of the insurer, through mobile apps, or by reaching out to the customer support team of the insurance company.

Importance of Checking Claim Status

Once you have filed a claim with your insurance provider you must keep a track of the claim status. Knowing the status of your claim allows you to stay informed about the progress of your claim. This provides you with updates on issues like the additional requirements of other documents. Tracking the claim status can also assist the policyholder in anticipating when they can receive the claim amount so that they can manage their finances accordingly.
In conclusion, keeping track of your claim status not only provides you with important policy-related information but also relieves any stress related to the claim process.

How to check your HDFC ERGO Health Insurance Claim Status?

To check the claim status of your HDFC ERGO health insurance policy, follow the steps below:

Step 1: Visit the official website of the insurer i.e https://www.hdfcergo.com/
Step 2: Click on the “Claim” option at the top right corner, and then click on the “Track Claim Status.”
Step 3: Enter all the requested details like policy number, registered mobile number, and date of birth to successfully log in.
Step 4: The current status of your claim will be displayed.

Also, you can use the AI chat-box called “DIA” on the company’s website to track your claim status. Enter your policy details, select the “Claims” option, and click on “Check Claim Status” to know the present status of your claim.

Check Claims via HDFC ERGO Mobile App: You can also download the HDFC ERGO Mobile Application to check your health insurance claim status. Enter your policy number and registered mobile number to log in successfully, then click on “My Policies,” and select the “Track Claim” option to know the recent status of your policy.

The policyholder can also contact the company’s customer care at 022 6234 6234 and can also write a mail to the official email address i.e preauth@hdfcergo.com.

How to check your HDFC ERGO Motor Insurance Claim Status?

Now let us guide you on how you can track your HDFC ERGO Motor Insurance Claim Status Online

Follow these simple steps to track your motor insurance policy claim status in a matter of minutes:

Step 1: Go to the official website of HDFC ERGO at www.hdfcergo.com.
Step 2: Click on the “ Claims” section at the top right corner of the page.
Step 3: Then select “ Track Your Claim”.
Step 4: Enter all the requested details like policy number, claim number, etc.
Step 5: Select “Track” to view the current status of your car insurance claim.

You can also check HDFC ERGO motor insurance claim status by visiting the nearest branch of the company or contacting the company’s customer care toll-free number.

How to file a claim with HDFC ERGO?

To file a claim with HDFC ERGO follow these simple steps:

Step 1: Inform the insurer immediately in case of any unforeseen event. You can inform the insurer by calling their customer care toll-free number.
Step 2: Depending on the nature of the claim, submit all required documents such as medical bills or car bill invoices to HDFC ERGO.
Step 3: After a thorough verification the claim will be approved by the company.

Steps to file a policy-related grievance with HDFC ERGO

Step 1: Visit the official website of HDFC ERGO.
Step 2: Click on the “Contact US” option at the top right corner of the website.
Step 3: Then select the “Grievance Redressal” tab placed on the menu below.
Step 4: Click on the “Register Your Grievance” option.
Step 5: Mention your grievance along with other details like policy number, claim number, etc, and click on “Submit.”

After you have registered your complaint HDFC ERGO will investigate the case and provide a resolution within a specific time limit. In case you are not satisfied with the resolution you can escalate the case to the Grievance Redressal Officer of IRDA.

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HDFC ERGO Premium Calculator- Calculate your premium easily

HDFC ERGO Renewal- How to renew your policy (Simple Guide)

HDFC ERGO Login- How to login to your HDFC ERGO account

Frequently asked questions

The company takes anywhere between 7 days and up to 30 working days, depending on the case to process the claims.

Yes, your policy claim status can be easily checked online through the official website of the insurer.

Claim status refers to the current stage of a claim filed by a policyholder with their insurance provider. A claim status provides information about the progress of the claim, and whether it has been approved.

Insurance

Top 7 Noteworthy Insurance Facts in India

Post author By parastar
Post date April 18, 2023

Top 7 Noteworthy Insurance Facts in India

Insurance is an essential driver of the Indian economy, in 2021 it contributed to 4.2% of India’s GDP. This contribution is only projected to rise as insurance penetration in India surges in the years to come.

Insurance is such an important service that everyone should at least have a basic understanding of how it works. With the spirit in mind, we have highlighted the top 7 most noteworthy insurance facts in India.

1.) Started in 1818

The modern history of insurance dates back to 1818 when the Oriental Life Insurance Company was incorporated in the Indian city of Kolkata in the year 1818. That being said, this is not where insurance was birthed in India.

It is said that Ancient philosopher and statesman Chanakya introduced the concept of insurance during his governance of the Mauryan Empire. These things can be extensively read in the Arthashastra by Chanakya.

2.) Regulated by IRDA of India

The insurance industry in India is regulated by the IRDA of India. The IRDA was formulated under the IRDA Act, 1999, on recommendations by the Malhotra Committee. It is the task of the IRDA to disburse insurance licenses in India, and ensure that all stakeholders are working fairly and efficiently.

3.) Largest Insurance Company in the World

Did you know that Life Insurance Corporation (LIC) of India is actually the largest insurance company in the world when it comes to policy issuance? Yes, LIC had over 290 million policyholders as of 2019, making it the largest insurance company in the world (on account of active policyholders).

4.) Large Employer

With a total of 58 insurance companies in India, the insurance sector is a very large employer to the nation. In fact, according to the IRDA every 1/550 people in India are insurance agents. The bulk of these agents are with the LIC of India.
In 2020, it was also estimated that around 4 lakh people where general insurance agents in India. These numbers are only estimated to rise in the near future. That being said, there may be certain challenges with the advent of AI in the life insurance sector.

5.) The First Health Insurance Policy in India

The first health insurance policy in India was issued by the General Insurance Corporation of India (GIC) in 1986. At the time, it was a basic mediclaim policy that provided limited protection and coverage in the event of hospitalization of the policyholder.

Today, insurance companies have introduced a host of innovations that has led to the creation of a plethora of different types of health insurance policies that cover also every contingency.

6.) Ayushman Bharat scheme

The Ayushman Bharat Scheme was introduced in 2018. This scheme provides insurance coverage up to ₹5 lakhs to over 22 crore Indians as of 2023, making it the largest insurance scheme in the world.

7.) Bancassurance Model

The insurance industry in India still actively follows the bancassurance model, where insurance sales are facilitated by banks. Under this model, the bank employee attempts to educate a customer about the benefits of an insurance policy, and then attempts to close a sale.

This model is still prevalent in India, although it has slowed down with the advent of online insurance brokers and web aggregators. We hope that at the end of this article you were able to learn about some of the unknown facts and aspects of Insurance in India. Stay safe and healthy.

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Top 4 facts about home insurance in India (Infographic)

Top 5 wacky facts about insurance (Infographic)

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HDFC ERGO Claim Settlement Ratio

Post author By parastar
Post date April 17, 2023

HDFC ERGO Claim Settlement Ratio over the years

Are you planning to purchase an insurance policy offered by HDFC ERGO or are you already an existing customer? Then, it would be cognizant of you to know about the claim settlement ratio of HDFC ERGO.

Knowing the claim settlement ratio of a company can give you an accurate idea of the claim servicing temperament of an insurance company, and is an important metric that potential policyholders should keep their eye on.

In this article, we will talk in detail about:

Meaning of Claim Settlement Ratio and its Importance
HDFC ERGO Health Insurance Claim Settlement Ratio
HDFC ERGO Car Insurance Claim Settlement Ratio
How to file a claim with HDFC Ergo Health Insurance?

Meaning of Claim Settlement Ratio and its Importance

In simple terms, a claim settlement ratio means the percentage of total claims paid by the insurance provider out of the total claims reported during the financial year. A claim settlement ratio or CSR is one of the most crucial indicators to keep in mind when deciding on an insurance company as this ratio indicates how dedicated and reliable the company is in settling genuine claims.

Higher the claim settlement ratio of the insurance company, the more likely it is to settle the claims of its policyholders. The claim settlement ratio or CSR applies to all insurance-related plans and policies like term insurance, health insurance, motor insurance, and so on.

A claim settlement ratio or CSR higher than 75% is considered to be a good claim settlement ratio. A claim settlement ratio above 90% is deemed to be an excellent ratio signifying that the company is highly efficient in settling the claims of its customers. A claim settlement ratio below 50% indicates that the insurance provider is strict in processing, assessing claims and underwriting standards.

For instance, if an insurance company has received a total of 10,000 claims out of which it settles 8,500 claims, then the CSR of that company for that financial year is 85%.

HDFC ERGO Health Insurance Claim Settlement Ratio

HDFC Ergo has an in-house claim settlement team that is dedicated to processing and settling the claims of its customers. You can now easily register your claim with the company in a matter of minutes. The in-house claim settlement team will direct and guide you in every step of the process. Below mentioned is the claim settlement ratio (CSR) of HDFC ERGO for the following years:

Financial year	Claim settlement ratio
FY 2021-2022	86.52%
FY 2018- 2019	62%

HDFC ERGO Motor Insurance Claim Settlement Ratio

As mentioned earlier, the company’s in-house team provides dedicated service to its customers during the claim settlement process. The company takes up to a period of seven working days from the date of submission of all documents to process claims.

Below provided is the claim settlement ratio of HDFC ERGO Motor Insurance for the following years:

Financial year	Claim settlement ratio
FY 2022- 2023	99.8%
FY 2020 – 2021	91.23%
FY 2018- 2019	75.90%

How to file a claim with HDFC ERGO Health Insurance?

Follow these simple steps laid down by us to file your claim with HDFC ERGO Health Insurance:
There are two ways a policyholder can file a claim. You can opt for a cashless or reimbursement claim process. First, let us tell you about the cashless claim process.

Cashless Claim

Step 1: Find the nearest network hospital of the insurer to avail of treatment. The company has more than 10,000 network hospitals where you can opt for medical assistance.
Step 2: Inform the company within 24 hours in case of an emergency or 48 hours before planned hospitalization.
Step 3: Submit your HDFC ERGO cashless card to the insurance department in the hospital.
Step 4: Duly fill and sign the pre-authorization form available at the hospital. The hospital will send all the documents to the insurance company for verification.
Step 5: After thorough verification, the company will approve the claim.

Note: In case, the claim has not been approved the company will state the reasons for the same in writing.

Reimbursement Claim

The policyholder can file for a reimbursement claim when admitted to a non-network hospital of the company. In such a scenario, the policyholder will have to avail of the treatment and pay the hospital bill from his own pocket. The insurance company will then reimburse the policyholder after initiation and proper submission of documents.

Follow these simple steps laid down to initiate a reimbursement claim:

Step 1: Get admitted to the nearest hospital and avail of treatment.
Step 2: Inform the company within 24 hours in case of an emergency or 48 hours before planned hospitalization.
Step 3: Post-discharge submit all the required documents like bills, reports, etc to the insurance company.
Step 4: After thorough verification, the company will reimburse the claim amount directly into your bank account.

Documents Required

Below provided are a few important documents that you need to submit in order to file for a claim:

Original bills
All original test reports, x-ray scans, prescriptions, etc
Original discharge summary
Death certificate (if applicable)
FIR (if applicable)
KYC

Conclusion

It is always advisable for customers to be vigilant and check the claim settlement ratio of an insurance company before purchasing its plans. The whole purpose of buying an insurance product is to protect oneself during tough times. Therefore, it is recommended to purchase a plan from an insurance company that has a high claim settlement ratio even if the insurance company charges a marginally higher premium compared to its competitors.

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