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Live Mint

“One must clearly understand from the policy conditions the maximum amount up to which she can spend on the room, if hospitalized. Other than room rent, co-payment, exclusions and waiting period are other factors that need to be considered before buying a policy,” said Rakesh Goyal, director, Probus Insurance, an insurtech broking company. 

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“This will give some relief to policyholders in these trying times where several states are locked down and could disturb operations of insurers, intermediaries, and distributors. Due to Covid-19, for customers who cannot pay online or are already panicked and stressed, this move will bring some respite,” said Rakesh Goyal, director, Probus Insurance, an insurtech broking company.

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“The product has many exclusions making the plan very specific. Consequentially, it may not be a product that everyone will look forward to buying,” said Rakesh Goyal, director, Probus Insurance, an Insurtech broking company

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“Compared to other term insurance plans available in the market today, Bajaj Allianz Life is relatively cheaper. The premiums are 10-15% lower,” said Rakesh Goyal, director, Probus Insurance Broker Ltd. Though the premiums are competitive, not all the features and add-ons may be useful for you.

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“The premium for each professional indemnity policy varies based on the profession and the sum insured. So, for instance, in case a surgeon wants to buy a professional indemnity policy for a cover of Rs. 50 lakhs, the premium would be in the range of Rs.5,000 – Rs.7,000,” said Rakesh Goyal, director, Probus Insurance Broker Ltd.

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“Selling insurance forcefully and that too from a specific company is against the regulatory guidelines. If any automobile dealer is forcing you directly or indirectly to buy a policy from them by saying that buying insurance from them will help in getting discounts on the premium or the on-road vehicle price or any other benefits, then you can lodge a complaint with Insurance Regulatory and Development Authority of India (Irdai) or CCI against such practices,” said Rakesh Goyal, director, Probus Insurance Broker Ltd.

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“The main challenge is in making people aware why it is a must to have life insurance policy. It needs to be highlighted that life insurance is the only way to ensure your family is financially secure and protected in case of any eventuality,” said Rakesh Goyal, director, Probus Insurance, an insurance broker. 

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Traditional home policies cover jewellery and other valuables kept in the house, but some of them cover bank lockers as well. “But, there are sub-limits. Usually the locker cover in such cases is only up to 20% of the total sum assured under the home insurance,” said Rakesh Goyal, director, Probus Insurance Brokers, an insurance broking firm.

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