Insurance: An Insight in the Insurance Business

Do you always have to consider what your future holds for you? Being careful in everything is not a guarantee that you will never be affected with inevitable circumstances like fire, wars or calamities.

The birth of insurance business prospered since its conception way back the ancient Babylon�s trading and financial system. In fact, life insurance practice existed as early as that time because the loaning and trading system was intact and systematic. As time improves the monetary and trading system, insurance companies may credit the first ever recorded established business insurance in London way back in the mid 1700 and early 1800s. The first ever among the group insurance companies was a coffee shop owned and run by Edward Lloyd. Businessmen, bankers and merchants met in that coffee shop and held business. Financers offered their contracts to the marines or seafarers in exchange of a certain amount of money for their safety anywhere but they have to sign a contract as well. Later, Lloyd, the owner of the coffeehouse formed a group and started the insurance process being used to date.

The need for security

Acquiring insurance involves extreme planning and considerations of many factors like finances, one�s future and the use of the insurance policies. These days, there are kinds of insurance evolved that are dedicated to the person�s specific needs. Aside from life insurance, there are car insurance (referred to as auto insurance), health insurance (referred to as medical insurance), home insurance (referred to as house insurance) and rental insurance available. What is all with these insurance and how can one identify which insurance policy he or she needs?

Policy Coverage

Our Motor insurance Policy is governed by the Indian Motor Tariff. It covers you for:

Loss or damage to your vehicle: The policy covers you against any loss or damage caused to the vehicle or its accessories due to the following natural and man made calamities. Natural Calamities – Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide. Man made Calamities – Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air. The rates of the vehicle and its parts are subject to depreciation as per the schedule provided by the Indian Motor Tariff.

Personal accident cover: The motor insurance provides compulsory personal accident cover of Rs. 2 lakhs for individual owners of the vehicle while driving. You can also opt for a personal accident cover for passengers.

Third party legal liability: This protects you against legal liability arising due to accidental damages - Any permanent injury/ death of a person - Any damage caused to the property.

Key Benefits

You can claim towing charges up to Rs 1,500

Cashless claim settlement at All India Cashless Garage List all across India.

Avail of the following bonuses and discounts - No Claim Bonus: If you do not make a claim during the policy period, a No Claim Bonus (NCB) is offered on renewals. This discount can go as high as 50%. (NCB will only be allowed provided the policy is renewed within 90 days of the expiry date of the previous policy.) Transfer your NCB: You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy from another company to ICICI Lombard. The discount rate remains the same, provided you show evidence that you are entitled to No Claim Bonus from your previous motor insurance company. Evidence can be in form of A renewal notice or A letter confirming the NCB entitlement from the previous insurer A written declaration