Prajna Capital

Travel Insurance Claims
Shopkeepers Insurance Exclusions
Axis Hybrid Plan Series

Posted: 05 Nov 2015 03:21 AM PST

It important that a traveller get adequate insurance cover, especially on a trip abroad. The costs of health care are high and at such times, insurance is a saviour.

The premium of travel insurance depends upon two factors:

Which part of the world you are traveling
The duration of your travel

Generally for most of the insurance companies, the rates for travel to the US and Canada and the rest of the world are different.

Travel insurance FAQs on claims

Wondering what if you are admitted to a hospital at two different times in the year for different problems, whether you can claim for both medical expenses in a travel insurance policy? Here' the answer and more.

What does deductible imply? Does this mean each time I am hospitalized or visit a doctor, the deductible will be paid by me?
Yes, you are right.
In case of hospitalization, you have to pay the first US$ 50 or US$ 100 for each hospitalization.
In case of a doctor's visit, this deductible is payable per illness, not visit. For instance, let's assume the deductible specified in your travel insurance policy is US$ 50. You have visited the doctor for a stomach infection five times. Let's assume that the doctor charged US$ 50 per visit, thus making her total bill US$ 250. Given that you have to pay the first US$ 50 as the deductible, the balance US$ 200 towards doctor fees will be paid by the insurance company.

If I am admitted to a hospital at two different times in the year for different problems, can I claim for both medical expenses?
Yes you can make the claims for the different problems. This, provided that you have adequate cover in your travel insurance policy.

How do I avail of the cashless hospitalization facility?
You simply have to get in touch with the insurer or the Third Party Administrator (TPA) and register yourself. The TPA then provides you with the cashless facility at the nearest hospital, or lets you know the hospital where you can avail of the treatment. In case of an out-patient treatment, claims will only be reimbursed.

What is the percentage of the claim payable?
Claims payable depend on a few factors. If your policy carries a deductible, irrespective of the value of your claim, a standard US$ 50 to US$ 100 is deducted from the claim.

Also, the sum insured under your plan isn't automatically valid for all expenses; there is a limit for each type of expense. For example, a US$ 100,000 policy has a personal accident cover of a maximum of US$ 20,000. Similarly, dental expenses are capped at US$ 500. This cap could vary company to company.

What is the time frame within which the claim intimation has to be made?
Most companies recommend you intimate the Third Party Administrator (TPA) or register the claim abroad. However, if no prior intimation has been given to the TPA or the insurance company, the claim should be lodged immediately on your return to India or within 30 days of expiry of policy, whichever is earlier.

Is there a limit to the number of claims I can make in a year?
No, there is no limit to the number of claims you can make in a year. For example, assume that you have purchased a policy for a sum insured of US$ 200,000. You had an accident and subsequently filed a claim for US$ 10,000. Two months later, you have to make a sickness claim. In this event, you will be eligible for the US$ 200,000 cover in full i.e. it is not reduced by the US$ 10,000 claim that you made previously.

How is the reimbursement claim settled?
The claim settlement is made after the Third Party Administrator (TPA) authenticates and validates of the claims. The insurance company then makes a cheque payment, which is sent directly to your address in India.

Within how many days should the claim for insurance benefit be submitted?
Typically, claims should be submitted within 30 days of the completion of treatment. In the event of death, they can be submitted after the repatriation of the person's remains or burial.

Does my premium vary by country/region?
Yes. Insurance premium varies by geography. It is divided into three categories:

Asian countries excluding Japan
Excluding USA & Canada
Worldwide

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Axis Tax Saver Fund

3.IDFC Tax Advantage (ELSS) Fund

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.BNP Paribas Long Term Equity Fund

9.Reliance Tax Saver (ELSS) Fund

10.HDFC TaxSaver

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

Invest in Tax Saver Mutual Funds Online -

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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Leave your comment with mail ID and we will answer them

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

Leave a missed Call on 94 8300 8300

Shopkeepers Insurance Exclusions

Posted: 05 Nov 2015 01:42 AM PST

Neon or Glow Signs

This shopkeepers' insurance section provides cover for loss or damage to the neon glow sign fixed in your premises accidentally, including fire, riots, and strikes.

Exclusions

Damage arising directly or indirectly from fire, heat, gas, lightning, explosions, burglary, storms, heavy winds, floods, inundations, earthquakes, strikes, riots, or civil commotions
Scratched, cracked, or imperfect glass
Damage as a result of faulty workmanship or defective design of frames, fittings, or fixtures
Cost of recreating any glazing, lettering, or ornamentation

Pedal Cycle Coverage

This part of the shopkeepers' insurance policy provides for loss or damage to pedal cycles against accidents, that iclude fire and its associated perils, burglary, housebreaking, theft. It also includes any third party legal liability for accidental injury, death, or property damage.

Electrical or Mechanical Appliances Breakdown

This shopkeepers' insurance section provides cover for sudden and unforeseen electrical or mechanical breakdown of electrical or mechanical appliances such as air conditioners, refrigerators, photocopiers etc.

Exclusions

Items that are more than 7 to 10 years old.
Loss or damage to belts, ropes, chains, rubber tyres, dies, moulds, blades, cutters, knives or exchangeable tools, engraved or impression cylinders, or rolls
Loss or damage to objects made of glass, porcelain, ceramics, all operating fluids such as lubricating oil, fuel, catalyst, refrigerant etc.
Felts, endless conveyor belts or wires, sieves, fabrics, heat resisting and anti-corrosive lining, packing material, non-metal parts except insulating material, and non-metallic lining or coating of metal parts
Loss or damage for which the manufacturer or supplier or repairer of the property is responsible either by law or contract

Baggage Coverage

This section of the shopkeepers' insurance policy provides for loss or damage by accident or misfortune to your baggage your family members, while being carried on a journey anywhere in the world on business.

Exclusions

Theft from car except from fully enclosed saloon cars having all the doors, windows, and other opening securely locked
Loss to money securities, gold and silver ornaments, travel tickets, cheques, share certificates, and articles of consumable nature.

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Axis Tax Saver Fund

3.IDFC Tax Advantage (ELSS) Fund

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.BNP Paribas Long Term Equity Fund

9.Reliance Tax Saver (ELSS) Fund

10.HDFC TaxSaver

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

Invest in Tax Saver Mutual Funds Online -

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

Leave a missed Call on 94 8300 8300

Axis Hybrid Plan Series

Posted: 05 Nov 2015 12:50 AM PST

Axis Mutual Fund has launched Axis Hybrid Plan, Series 27. The scheme will invest in fixed income securities that are maturing on or before the maturity of the scheme. It will also invest in equity and equity related instruments. The minimum investment is `5,000 and the NFO closes on 10 November.