Tips for faster claim settlement - Travel Insurance

Tips for faster claim settlement

    Intimate the insurer as soon as the loss occurs. The service provider would be able to advise you about how to proceed further.
    Ensure that you provide correct details in the proposal form and disclose all information on existing health conditions.
    Provide complete documentation at the time of submission of claims, as per the requirements listed in the travel kit.
    For faster and direct credit of your claim amount, provide NEFT details to the insurer.
    

    Bajaj Allianz has a network of assistance companies in over 30 countries that enable medical assistance, claims process, repatriation and evacuation service and other services. In countries where a partner is not present, Bajaj Allianz directly coordinates with hospitals and other service providers to resolve a claimant’s query, request (for evacuation or repatriation) and claim.
    
    Travel Insurance is as important as any other travel accessory you would need while planning a trip overseas. Travel related risks can be many and the cost for securing yourself against these risks is relatively small.

Retirement plans india - Traditional money-back plan

Bajaj Allianz Life Insurance has launched a traditional money-back plan – Bajaj Allianz Cash Rich, which gives guaranteed cash back of 5% of the sum assured after completion of premium payment term. The plan is a limited premium payment, participating plan that provides cash benefits at three stages of the policy life cycle.Bajaj Allianz Retirement plans India are getting popular day by day. It is a beneficial offer.

Akshay Mehrotra, Head-Marketing, Bajaj Allianz Life Insurance said, “By paying a small amount for a few years, you can get returns year on year. The cash back at multiple stages of the policy term makes the plan idea for all customer age groups – youngsters, salaried people, married couples or senior citizens nearing retirement – and help them meet various financial objectives with the additional annual income. The low annual premium of Rs. 8000 makes it affordable to a larger section of the population.”

The stages at which cash benefits are given are:

·         Completion of Premium Payment Term – An accumulated compound reversionary bonus is payable

·         Cash Back Period – After the premium payment term is completed up till the maturity date, a Cash Back benefit of 5% of the sum assured plus cash bonus (if any declared) is payable every year

·         Maturity of Policy - Sum Assured plus terminal bonus

As the insurance sector in India for investment options

The Indian online insurance sector provides a wide range of options for insurance policy that includes online life insurance policy, online travel insurance policy, online auto insurance policy, online retirement/ child insurance policy, online mediclaim insurance policy, investment options etc. 

We at IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and UK’s Legal & General, offer all our products to be purchased through our website ‘LifeStore’, which is a complete do-it-yourself site for understanding and buying insurance. The site has been designed to be customer friendly helping in simplification of insurance and encouraging customers to make their own informed insurance decision. 

Some of the key features of LifeStore are, product AVs for transparency, Live Video Calls for instant help, tracking of investments for managing wealth better, assessment of the company’s performance on all parameters before choosing it, understanding insurance needs, product comparison enabling people to select the right product, customer care section to manage insurance investments and a complete insurance store to understand and buy insurance.

Traps of travel insurance

TRAPS of Travel insurance -

 An international credit or ATM card is the least risky form of conducting your transactions abroad. Carrying a card ensures that you need not carry much cash, and whenever you run out of money, you can always withdraw more from an ATM or simply charge your expenses to your account. Sounds fuss-free? It is, as long as you ignore the massive currency conversion and service charges you keep racking up at your bank.

 While this is the easiest way to carry money, it’s also the riskiest. You do need to carry some cash to cover immediate and small expenses like transport, food and drinks. However, relying only on cash throughout your trip puts you at the mercy of pickpockets and money exchange services, which often charge an extremely high commission and give you a lower rate than the market standard. A cash-only plan also requires you to be on your guard against overspending. After all, what happens if you run out of money?

 This tried-and-true method of carrying money offers a great advantage over theft and misplacement. As long as you remember the cheque numbers, or have photocopies, you can get them encashed even if the cheques themselves have been lost of stolen. So what’s the problem, you ask? The flat fee for encashment – which can make small transactions burdensome, and your overall transaction bill very expensive.

Travel insurance India - what can go wrong while travelling

Money is the most basic of all travel necessities. Having money troubles when abroad is a traveller’s worst nightmare, seeing as there’s no shortage of risks – theft, misplacement, overspending, unforeseen expenses, etc.  While travel insurance India can resolve many of these worries, the greatest, hidden danger of dealing in currency abroad is – exchange rates.

Most travelers assume that foreign exchange is as simple as presenting their money to a money exchange service, and getting back the local currency of the place they’re visiting. But as it turns out, it isn’t that simple, and unless you’re careful, you could lose out on a lot of money in the exchange process. Although there are a variety of ways in which you can carry money abroad – cash, ATM cards, credit cards and traveller’s cheques – each of them carries its own pitfalls.