Most people associate 'accident' with vehicles and the injuries if one is hit by them. But, an accident can be situations such as snake bites, electric shocks, drowning, injury by fire or a fall at home.In May 2019, an Insurance Regulatory and Development Authority (IRDAI) Working Group proposed that home insurance policies must cover accidental deaths due to gas cylinder explosion for a reasonable amount.Almost 4,000 lives are lost every year in India due to gas cylinder or stove blasts. More than a lakh individuals die in road accidents in India every year. The list can go on. Accidents happen and one can’t avoid emotional loss and the trauma arising out those accidents.Close Personal accident insurance policies offer financial protection to the insured person in case of accidental death, or partial or total disabilities arising out of the accident. A personal accident cover accounts for many types of accidents, in addition to those caused by a vehicle hit. related … [Read more...] about Explainer | Personal accident insurance: How does it work?
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Most non-life insurance policies−be it health, personal accident, auto or home−are contracts renewable yearly. Barring a few two- and three-year covers introduced by non-life insurers, most policy holders receive yearly renewal notices for the payment of their premiums to retain their insurance covers. With the advent of technology, it has become a hassle-free act in most cases. All you need to do is to read the text message from your insurer, click on the link given in it, tick the accept term and conditions box and make the payment online. Within a minute or two, the policy document hits your email inbox.Review your renewal notice It is a sacrosanct document, most experts say. It is the base of the contract you are entering into. Do check your name and other details. Check what you are insuring. For example, if you are renewing a personal accident insurance cover, do check the coverage offered for each event−accidental death, total permanent disability and … [Read more...] about Five factors to review before renewing your insurance policy
G Babu JayakumarOn November 9, 19-year-old Fathima Lateef, a first-year student pursuing a five-year integrated MA programme at the Indian Institute of Technology-Madras (IIT-Madras), committed suicide inside the college campus. When Sabitha, Fathima’s mother, said that she let her daughter choose IIT-M because she thought of Tamil Nadu as a safe place without discrimination, the common retort (especially across social media) has been: ‘Who said IIT-M is part of Tamil Nadu?’Nestled in a 620-acre urban rainforest in the heart of bustling Chennai, the IIT-M is geographically and administratively very much a part of the state. The land, which was part of the Guindy National Park, was allotted by the then Chief Minister K Kamaraj who was particular that one of the five national engineering institutes of importance should come to Tamil Nadu.Close So, how did the institute, once considered a pride of the state, turn into a blight in the eyes of the public? Home to some … [Read more...] about Society | Why IIT-Madras is no longer Tamil Nadu’s pride
Buying health insurance is an essential item in a personal finance to-do list. If you have already bought one then you are supposed to renew it every year. Over a period of time, the quantum of health insurance required goes up, and so does the premium payable. Rising health insurance premium rates further inflate the bill. That makes many look for larger cover at relatively less price. Some end up buying super top-up policies. Of late, many insurance companies are offering restoration benefit that makes many believe that their existing covers are enough to take care of large hospitalisation expenses.Insurance industry officials tell us that these days some first time insurance-buyers typically want to buy policies with restoration benefit and want to settle for a sum-assured they otherwise would have thought inadequate. At the time of renewal, these insurance buyers may end up opting for the renewal of their base health insurance plan and not renew their super top-up insurance plan as … [Read more...] about Restoration benefit: Should you dump your super top-up policies?
Fixed income investors have been going through uncertain times. Investors in fixed maturity plans of two mutual funds have not been paid in full on the due dates. Elevated credit risk has made many investors shun credit risk funds despite attractive yields.Bond markets are staring at the outcome of the general elections as it will also have some bearing on the macro-economic factors such as fiscal deficit and government borrowing.At this crucial juncture, R Sivakumar, Head- Fixed Income, Axis Mutual Fund advises investors to keep their cool. He advises investors not to shun bond funds altogether and instead choose diversified bond portfolios that suit one’s investment needs.Close Investors are now officially scared of debt funds. Even liquid funds and FMP have lost money. Can we now say that if you can stomach the risk and stay here for the long run, then invest in equity funds? For everything else, go to bank fixed deposits and non-convertible debentures? related news … [Read more...] about Credit risk funds structurally still have the potential to offer excess returns over market returns: Axis MF