ING Life now named Exide Life Insurance

BANGALORE: ING Vysya Life Insurance Company has been renamed Exide Life Insurance Company, following approvals from Insurance Regulatory and Development Authority and thecorporate affairs ministry. 
This move follows Kolkata-based Exide Industries acquiring 100% ownership of the insurance company last year.  
www.myallagents.com/ING-Life-now-named-Exide-Life-Insurance/details.html 

Get the most out of your car insurance

Comprehensive motor insurance policy without Add-on covers, in reality is not comprehensive in its true sense. If motor insurance policy holder has to pay from his wallet (partly or fully) for replacing rubber or metal parts in case the car met with an accident, then the entire purpose of insurance gets defeated. One can overcome this if motor insurance is bought with some very useful add on covers like Engine protection, Road side assistance, Protection for no claim bonus, Nil depreciation, Return to invoice and Personal belongings. Furthermore, spare parts in high-end cars are very expensive. It is recommended that cars valued upwards of Rs. 8-10 Lacs should have Add-on covers as part of the motor comprehensive policy. This reduces the financial impact on the car owner in the event of a claim  http://www.myallagents.com/Get-the-most-out-of-your-car-insurance/details.html

Cashless motor insurance has limited benefits

The pitch ‘our insurance company has tied up with 1,600garages’ seems attractive to buy cashless motor insurance. However, this means little if the garages aren’t located close when needed. As is the case in the health segment, insurers offer cashless motor insurance, too, provided you choose to go to a garage that is part of the insurer’s network. These schemes are gaining popularity— about 80 per cent of claims are from such policies, say industry players. For cashless motor insurance, most companies have a reasonable number of tie-ups. For instance, Bajaj Allianz has tie-ups with about 1,700 garages, while HDFC Ergo has tie-ups with about 1,600 garages across the country  http://www.myallagents.com/Cashless-motor-insurance-has-limited-benefits/details.html

No medical test sought? Claims may be rejected

Kapil Mehta, managing director of SecureNow Insurance Brokers, does not favour online term products that don’t require medical tests. This increases the possibility of repudiation, he says. Typically, online term plans don’t require medical check-ups up to a particular sum assured, typically Rs 45-50 lakh and up to 40-45 years of age. For higher sums assured, insurers issue policies after medical declarations. 
http://www.myallagents.com/No-medical-test-sought-Claims-may-be-rejected/details.html

Draft rules ban replacement of life insurance policies

The Insurance Regulatory and Development Authority (Irda) said insurers could not replace life insurance  policiesunless in the interest of policyholders.
This was to protect the long-term interest of policyholders and to discourage intermediaries from persuading customers to surrender their policies and take up new ones, Irda said in the exposure draft on rules related to the replacement of life insurance policies released on Wednesday. Feedback on the draft can be given till July 20 
http://www.myallagents.com/Draft-rules-ban-replacement-of-life-insurance-policies/details.html