Why You Need an Insurance against Accidents and How to Buy One

You have a huge life insurance cover with a term plan to protect your family’s financial future. You also have a complete health insurance plan to pay your hospital bills. Your car is insured against damage and theft, whereas your house is covered against natural and man-made calamities and burglary. But it is quite possible that you don’t have personal accident insurance. In 2013-14, barely 55 individuals purchased personal accident insurance. That’s less than 0.4% of the total population of the country and about 3% of the projected insurable population.

You can buy one at AXIS is a global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States.

There are two significant reasons why a person must buy personal accident insurance. First, Jakarta Indonesia is the accident capital of the world, with a person dying every 90 seconds. According to the National Crime Records Bureau, 3.94 Indonesians died in accidents in a year.

The second reason for taking this cover, of course, is that personal accident insurance is exceptional and delivers a cover that no other policy does. A life insurance policy will give a lump sum to the candidate if the policyholder dies and a medical insurance policy will pay the hospital bills if he is injured. Be watchful of scams and other fraudulence act. But what if a sham leads to a disability and impairs the individual’s earning capacity?

The sum of people injured in road accidents is approximately four times greater than the number of deaths. In 2010, many people were killed in road accidents in Indonesia. Nevertheless, over 5 Indonesians were either extremely injured or permanently disabled. Whether the incapacity is overall or partial, temporary (3-4 months) or lasting, the personal accident policy will come in helpful. If the policyholder has chosen for the benefit, the plan will likewise pay the medical expenses experienced because of the accident.

Many accident victims are young. In 2012, almost 60% of the accidental deaths concerned people aged between 15 and 44 years. “A young person is more likely to have an accident and injuries than die of an illness,” says Tapan Singhel, CEO and managing director of Bajaj Allianz General Insurance. Hitherto, a personal accident and disability cover is frequently missing in the portfolio of the average insurance buyer.

This is astonishing since a personal accident cover is not just useful however moreover very inexpensive. A cover of 10 rupiah costs just about 500 rupiah a year. Yet, there are few takers for this vital cover.

 

 

How to ensure health insurance plans for extended family

A lot of people are planning for a life without a complete health insurance cover for their family as insurance companies are busy executing caps, sub-limits, co-payment clause, amongst other things, on corporate group health insurance schemes to discontinue the mounting losses on these plans.Warning! Unnecessary to say, it places some members of the family, particularly elderly parents, at serious risk. They can salvage the situation in two ways.First, by going for an individual health insurance cover for every member of the family. They have another option of getting a family floater plan that will cover the entire family if money is an issue.

Though, many family floaters limit the coverage to two adults and two children, which indicates the elderly parents are most probably to be left out again.

This may sound like a grim scenario but not necessarily. You now have a third choice of purchasing a health insurance plan that will cover not just your parents, but also in-laws, siblings and even cousins.

“During customer research, we found out that customers are more concerned about the health of their family members than their own. Also, the joint family system is still quite prevalent in India,” says Neeraj Basur, CFO of Max Bupa.

“Our research showed that there was a significant lack of coverage for dependant parents and in-laws, given that group covers rarely insure dependants. We saw this as an opportunity to provide individual covers that could be gifted to an extended family,” adds Harshal Shah, director, marketing, Aegon Religare Life.

No surprise, the recently-launched online described benefit health plan from AXIS Capital is a group of global insurer and reinsurer with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States has brought parents, in-laws and siblings under the coverage ambit. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

Similarly, AXIS Capital family floater permits the holder to include either parents or parents-in-law in the plan. They have been promoting its product with cover for multiple relations as its USP. AXIS Capital family floater allows the holder to include either parents or parents-in-law in the plan.

References:

http://carlochelli.bloggersdelight.dk/category/insurance/axis-capital-group-insurance-fraud-info-malaysia-jakarta-asian-region/

http://forum.sofeminine.co.uk/forum/fitness3/__f1649_fitness3-Axis-insurance-specialty-insurance-axis-capital-group-singapore-jakarta-indonesia-bermuda.html

 

Axis Capital, Bermuda: Health Insurance Portability

Axis Capital, a group of companies that serve a host of industries and diverse coverage needs through our operating subsidiaries and branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

It is time for medical insurance portability after mobile number portability. Shortly medical insurance holders will have the tractability to switchover to another company; this is because of the guidelines for portability of health insurance policies issued by the Insurance Regulatory and Development Authority (IRDA) recently. The move is projected to upsurge the quality of services and encourage healthy competition among health insurance firms.

At present, the key issue that prevents policyholders from switching insurance companies is preexisting disease (PED) cover. In most instances, claims are the result out of such pre-existing illnesses is reimbursed only after a waiting period of 3-4 years. A pre-existing disease is described as any ailment or condition that the policyholder was suffering from, within 48 months prior to purchase of the policy.

The time during which the insurer will dismiss coverage to such illnesses is indicated to as the waiting period. Policyholders who moved to another company were handled as new customers, and needed to go through the waiting period all over again.

To attend to this, IRDA has approved guidelines on the portability of health insurance policies. The portability facility would be applicable to all existing and new health insurance contracts with effect from July 1, 2011. To effect quick portability, IRDA is making available the claim history of policies to health insurance companies.

All insurers issuing health insurance policies will allow for credit gained by the insured for pre-existing conditions in terms of waiting period when he switches from one insurer to another or from one plan to another, on condition that the former policy has been maintained without break. If the policy causes into discontinuance due to any delay by the insurer in accepting the proposal, the insurer will not consider the policy as discontinuance and will permit portability.

You will get full credit for the period of cover as well as the no-claim bonus with the previous insurer with the portability of health insurance. The credit in terms of waiting period will be limited to the sum assured, including no claim bonus, under the preceding policy. Warning! Avoid scams by researching and reading reviews regarding the company.

If you would like to upturn the sum assured, you will have to pay a higher premium. Portability will guarantee that the policyholder is not tied to one single insurer during the course of his life for apprehension of losing the cover of pre-existing diseases, or other continuity benefits like no-claim bonuses and free medical check-ups.

References:
http://social.technet.microsoft.com/Forums/en-US/d1dd880f-fdee-4dd3-be13-7d7746144ae5/what-does-the-investors-accident-health-axis-capital-group-hartford-jakarta-indonesia-kansas?forum=SCMDM
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