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Insurance solutions are provided to individuals and corporates through
Zuari Insurance Brokers Limited, which is registered with Insurance Regulatory and
Development Authority (IRDA).
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Life Insurance
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General Insurance
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Term Life Plan
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Health Insurance
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Pension Plan
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Motor Insurance
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Whole Life Plan
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Travel Insurance
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Endowment Plan
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ULIP Plan
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Business Insurance
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Running a business involves a significant investment. Business insurance protects
your investment by minimizing financial risks associated with unexpected events.
It is a risk management tool that enables businesses to transfer the risk of a loss
to an insurance company. By paying a relatively small premium to the insurance company,
the business can protect itself against the possibility of sustaining a much larger
financial loss. All businesses need to insure against risks—such as fire, theft,
natural disaster, legal liability, automobile accidents, and the death or disability
of key employees.Companies evaluate their insurance needs based on potential risks,
which can vary depending on the type of environment in which the company operates.
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Property / Asset Insurance
Under Property Insurance all the risks pertaining to the tangible and intangible
assets of a Business or a Corporation is covered. The covers are mostly in the form
of different products of General Insurance which are mentioned as under:-
Features
- Standard Fire and Special Perils Policy
- Fire Loss of Profit Insurance Policy
- Industrial All Risk Insurance Policy
- Burglary Insurance
- All Risk Insurance
- Electronic Equipment’s Insurance Policy
- Boiler & Pressure Plants Insurance Policy
- Cash in Safe/Transit or Money Insurance Policy
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Marine Insurance
Marine insurance covers the
loss or damage of ships, cargo, terminals, and any transport or cargo by which property
is transferred, acquired, or held between the points of origin and final destination.
Under Marine Insurance all the risks pertaining to Inland Transit of a Cargo (ITC)
and Export transit of a cargo i.e. International Commercial Terms published by International
Chamber of Commerce (ICC) are covered. Based upon the different sectors of operation
of a business, the Marine Insurance is given under different lines of Insurance
which are as under:-
Features
- Marine Specific Cargo / Marine Single Transit Policy (Inland / Import / Export).
- Marine Open Policy/Cover (Inland / Import / Export).
- Marine Hull Insurance Policy.
- Marine Annual Sales Turnover Insurance Policy.
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Financial Lines and Liability Insurance
Financial Lines and General Liability Insurance is basically a cover for the risk
of cash and liabilities to a business or to the key stakeholders of a firm pertaining
to Lawsuits and Similar Casesfor the frauds done unintentionally. These risks can
be covered under liability insurance products which are mentioned as under:
Features
- Directors & Officers Liability Insurance.
- Commercial General Liability Insurance Policy.
- Employer’s Liability Insurance Policy.
- Public Liability Insurance Policy.
- Product Liability & Recall Insurance Policy.
- Professional Indemnity Insurance Policy.
- Stockbrokers Indemnity Insurance Policy.
- Golfers Indemnity Insurance.
- Public Liability Act (1991) Insurance Policy.
- Kidnap & Ransom Insurance Policy.
- Credit Insurance & Export Credit Insurance Policy.
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Engineering
& Project Insurance
Engineering & Project Insurance is basically a specially designed/ tailor-made insurance
to protect the interest of Civil Contractors and Erection Procurement &Commissioning
work for Project Managers. Project Insurance also includes accidental damage to
civil Construction works, contractor's plants & machinery at the construction site
and damage / defects during the subsequent period of maintenance for which the contractors
or project managers are liable under the terms of the agreement between the contractors
and the principle. The products that come under Engineering and Project Insurance
are mentioned as under:-
Features
- Contractors All Risk Insurance Policy (CAR)
- Contractors Plant & Machinery Insurance Policy (CPM)
- Erection All Risk Insurance Policy (EAR)
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Employee Benefit Insurance
Employee benefits plan provides protection to employers against claims brought by
employees or former employees. The following policies are available:
a) Group Health Insurance (GHI) : GHI provides
pre-defined insurance coverage to all employees & their dependents for expenses
related to hospitalization due to illness, disease or injury.In the event of a hospitalization
claim (more than 24 hrs), the insurance company will pay the insured person the
amount of such expenses as would fall under different heads mentioned below and
¬as are reasonably and necessarily incurred thereof by or on behalf of such insured
person, but not exceeding the sum insured in aggregate mentioned in the policy:
- Room Charges
- Nursing expenses
- Surgeon, Anesthetist, Medical Practitioner, Consultant, Specialists Fees
- Anesthesia, Blood, Oxygen, Operation Theatre Charges Surgical Appliances, Medicines
& Drugs, & similar expenses.
It’s a tailor made policy and can be defined as per the requirement of the client.
b) Group Personal Accident Insurance (GPA): GPA
offers benefits like accidental death cover, disability cover, children’s education
allowance and more. This policy covers the insured,on anywhere in the world basis.
c) Group Term Life Insurance (GTL): GTL provides
life insurance protection to a group of people. It provides low-cost protection
to employees. Amount of coverages is typically 5 to 10 times of the employee’s annual
salary. Under this Scheme, life insurance cover is extended to all the members of
a group subject to insurability conditions, with or without any medical evidence.
Coverage usually ends when the employee leaves the company. Scheme offers to cover
death only and there is no maturity value at the end of the term.
d) Workmen’s Compensation Insurance (WC): The
Workmen's Compensation Insurance Policy provides legal liability coverage to employer
for compensation to employees, for bodily injury or death caused due to accidents
/ occupational diseases arising out of and in course of employment. The workmen's
compensation insurance is the primary method by which an employer can demonstrate
the ability to satisfy the obligations imposed by the worker's compensation statutes.
It is compensation payable under a scheme set out in the Workmen's Compensation
Act of India, monitored by the Ministry of Labour.
e) Group Gratuity Insurance: Gratuity is a defined
benefit plan and is one of the many other retirement benefits offered by the employer
to the employee. Gratuity is a part of salary that is received by an employee from
his / her employer in gratitude for the services offered by the employee in the
company.
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Health Insurance
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Health Insurance Program provides pre-defined
insurance coverage to all insured for expenses related to hospitalization due to
illness, disease or injury. In the event of a hospitalization claim (more than 24
hrs), the insurance company will pay the insured person the amount of such expenses
as would fall under different heads mentioned below and as are reasonably and necessarily
incurred thereof by or on behalf of such insured person, but not exceeding the sum
insured in aggregate mentioned in the policy:
Expenses Coverage's
- Room Charges
- Nursing expenses
- Surgeon, Anesthetist, Medical Practitioner, Consultant, Specialists Fees
- Anesthesia, Blood, Oxygen, Operation Theatre Charges Surgical Appliances, Medicines
& Drugs, & similar expenses.
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Health insurance benefit can be availed either by reimbursement or cashless for
expenses incurred from illness or injury to the insured. Types of Health plans are
as below:-
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Individual Plan
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An individual health insurance policy means that a particular policy can cater to
one particular individual only, namely the holder of the policy. In an Individual
Health Policy, a separate sum insured can be defined for each of the family member.
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Floater Plan
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Family Floater health insurance plan means that a particular policy can cover the
entire family under one plan. The customer has the option to include self, spouse,
children and parents thus getting a full family medical insurance coverage.
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How To Make a Claim – Health
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Formalities for a health insurance claim
You can make a claim under a Health insurance policy in two ways:
- 1. On a Cashless basis and
- 2. Reimbursement Claim
On a Cashless basis :
For a claim on cashless basis, your treatment must be only at a network hospital
of the Third Party Administrator (TPA) who is servicing your policy. You have to
seek authorization for availing the treatment on a cashless basis as per procedures
laid down and in the prescribed form. Please read the policy document as soon as
you receive it to familiarize yourself with the process rather than wait for a claim
to arise.
Claims on reimbursement basis :
Read the clause relating to claims in your policy document as soon as you receive
it to ensure that you understand the procedure and the documents required for making
a claim on reimbursement basis. When a claim arises you should inform the insurance
company as per procedures required. After hospitalization, you have to ensure that
you obtain and keep ready documents such as claim form, discharge summary, prescriptions
and bills that you should submit for a claim.
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Do's and Don'ts while going for a Health Insurance
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Health Insurance: Some Do's and Don’ts
Healthcare costs are going up every day and illness and hospitalization affect our
finances, our earning capacity and our daily lives.Here are some Do's and Don’ts
for buying Health insurance
Do's
when you buy a health insurance policy you should:
- Know what restrictions on coverage are.
- Pay special attention to terms and conditions in the policy like:
- The clause excluding pre-existing diseases
- Waiting period before certain diseases can be covered
- Restrictions or limits on various expenses relating to hospitalization
- Co-payment, which means you have to share a part of the claim
- Pre-conditions for renewal
- Upper limits for age at entry and for renewal
- Disclose details of all pre-existing health problems including
- Major ailments
- Conditions like high blood pressure or diabetes
- The company may want medical test reports depending on age at entry, you should
comply with all procedures and documentation requirements
- Check where and how the medical tests will be carried out
- Check who should bear the cost for the tests
- Pay the premium only after the insurer accepts your proposal
- Renew the policy meticulously for the rest of your life
Don’ts
- Conceal facts or you could face a dispute at the time of a claim
- Allow a gap of even one day in your policy renewal or your cover may be insufficient
or useless
Overseas Health Policy: Do's and Don’ts
Do's
- Insure well ahead of your travel dates ensuring you have time for medical tests
if required by the company.
- Ensure you cover your entire period of stay abroad and all the countries you will
be visiting.
- Be aware of what your policy covers and does not cover. these policies cover not
only hospitalisation but could also cover travel related risks like:
- Loss of passport
- Loss of cash
- Loss of baggage and
- Repatriation expenses
- Disclose details of all pre-existing health problems including
- Major ailments
- Conditions like high blood pressure or diabetes
- Comply with all procedures and documentation requirements the company may want including
medical test reports depending on age at entry.
- Check where and how the medical tests will be carried out
- Check who should bear the cost for the tests
- Pay the premium only after the insurer accepts your proposal
Don’ts
- Conceal facts or you could face a dispute at the time of a claim
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FAQs (Frequently Asked Questions)
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What is Health Insurance?
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Health insurance is a type of insurance that covers your medical expenses. A health
insurance policy is a contract between an insurer and an individual /group in which
the insurer agrees to provide specified health insurance cover at a particular “premium”.
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What are the forms of Health Insurance available?
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The commonest form of health insurance policies in India cover the expenses incurred
on Hospitalization, though a variety of products are now available which offer a
range of health covers, depending on the need and choice of the insured.
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Why is Health Insurance important?
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All of us should buy health insurance and for all members of our family, according
to our needs. Buying health insurance protects us from the sudden, unexpected costs
of hospitalization (or other covered health events, like critical illnesses) which
would otherwise make a major dent into household savings or even lead to indebtedness.
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What is cashless facility?
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Insurance companies have tie-up arrangements with several hospitals all over the
country as part of their network. Under a health insurance policy offering cashless
facility, a policyholder can take treatment in any of the network hospitals without
having to pay the hospital bills as the payment is made to the hospital directly
by the Third Party Administrator, on behalf of the insurance company.
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What are the tax benefits I get if I opt for Health Insurance?
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Health insurance comes with attractive tax benefits as an added incentive. There
is an exclusive section of the Income Tax Act which provides tax benefits for health
insurance, which is Section 80D, and which is unlike the section 80C applicable
to Life Insurance wherein other form of investments/ expenditure also qualify for
the deduction.
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Is there any Waiting Period for claims under a policy?
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Yes. When you get a new policy, generally, there will be a 30 days waiting period
starting from the policy inception date, during which period any hospitalization
charges will not be payable by the insurance companies. However, this is not applicable
to any emergency hospitalization occurring due to an accident.
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What is the maximum number of claims allowed over a year?
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Any number of claims is allowed during the policy period unless there is a specific
cap prescribed in any policy. However the sum insured is the maximum limit under
the policy.
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What do you mean by Family Floater Policy?
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Family Floater is one single policy that takes care of the hospitalization expenses
of your entire family. The policy has one single sum insured, which can be utilised
by any/all insured persons in any proportion or amount subject to maximum of overall
limit of the policy sum insured.
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How To Make a Claim – Health
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Formalities for a health insurance claim
You can make a claim under a Health insurance policy in two ways:
- 1. On a Cashless basis and
- 2. Reimbursement Claim
On a Cashless basis :
For a claim on cashless basis, your treatment must be only at a network hospital
of the Third Party Administrator (TPA) who is servicing your policy. You have to
seek authorization for availing the treatment on a cashless basis as per procedures
laid down and in the prescribed form. Please read the policy document as soon as
you receive it to familiarize yourself with the process rather than wait for a claim
to arise.
Claims on reimbursement basis :
Read the clause relating to claims in your policy document as soon as you receive
it to ensure that you understand the procedure and the documents required for making
a claim on reimbursement basis. When a claim arises you should inform the insurance
company as per procedures required. After hospitalization, you have to ensure that
you obtain and keep ready documents such as claim form, discharge summary, prescriptions
and bills that you should submit for a claim.
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Formalities for a health insurance claim
You can make a claim under a Health insurance policy in two ways:
- 1. On a Cashless basis and
- 2. Reimbursement Claim
On a Cashless basis :
For a claim on cashless basis, your treatment must be only at a network hospital
of the Third Party Administrator (TPA) who is servicing your policy. You have to
seek authorization for availing the treatment on a cashless basis as per procedures
laid down and in the prescribed form. Please read the policy document as soon as
you receive it to familiarize yourself with the process rather than wait for a claim
to arise.
Claims on reimbursement basis :
Read the clause relating to claims in your policy document as soon as you receive
it to ensure that you understand the procedure and the documents required for making
a claim on reimbursement basis. When a claim arises you should inform the insurance
company as per procedures required. After hospitalization, you have to ensure that
you obtain and keep ready documents such as claim form, discharge summary, prescriptions
and bills that you should submit for a claim.
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Do's and Don'ts while going for a Health Insurance
|
Health Insurance: Some Do's and Don’ts
Healthcare costs are going up every day and illness and hospitalization affect our
finances, our earning capacity and our daily lives.Here are some Do's and Don’ts
for buying Health insurance
Do's
when you buy a health insurance policy you should:
- Know what restrictions on coverage are.
- Pay special attention to terms and conditions in the policy like:
- The clause excluding pre-existing diseases
- Waiting period before certain diseases can be covered
- Restrictions or limits on various expenses relating to hospitalization
- Co-payment, which means you have to share a part of the claim
- Pre-conditions for renewal
- Upper limits for age at entry and for renewal
- Disclose details of all pre-existing health problems including
- Major ailments
- Conditions like high blood pressure or diabetes
- The company may want medical test reports depending on age at entry, you should
comply with all procedures and documentation requirements
- Check where and how the medical tests will be carried out
- Check who should bear the cost for the tests
- Pay the premium only after the insurer accepts your proposal
- Renew the policy meticulously for the rest of your life
Don’ts
- Conceal facts or you could face a dispute at the time of a claim
- Allow a gap of even one day in your policy renewal or your cover may be insufficient
or useless
Overseas Health Policy: Do's and Don’ts
Do's
- Insure well ahead of your travel dates ensuring you have time for medical tests
if required by the company.
- Ensure you cover your entire period of stay abroad and all the countries you will
be visiting.
- Be aware of what your policy covers and does not cover. these policies cover not
only hospitalisation but could also cover travel related risks like:
- Loss of passport
- Loss of cash
- Loss of baggage and
- Repatriation expenses
- Disclose details of all pre-existing health problems including
- Major ailments
- Conditions like high blood pressure or diabetes
- Comply with all procedures and documentation requirements the company may want including
medical test reports depending on age at entry.
- Check where and how the medical tests will be carried out
- Check who should bear the cost for the tests
- Pay the premium only after the insurer accepts your proposal
Don’ts
- Conceal facts or you could face a dispute at the time of a claim
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Travel insurance policy is designed to cover the costs and reduce the risk associated
with unexpected events during international travel. This policy can be taken individually
or can be bundled for an organization. Depending on the policy the travel insurance
can cover following expenses:
- Medical expenses
- Trip cancellations
- Loss of travel equipments
- Damage to rental properties
- Theft
- Legal expenses
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Life Insurance
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Life insurance is protection against financial loss resulting from insured’s death.
It provides financial security to the family to deal with the aftermath of any unseen
unfortunate events. In addition to serving as a protective cover, life insurance
acts as a flexible money-saving scheme, which empowers the proposer to accumulate
wealth to buy a new car, get children married and even retire comfortably. Life
insurance also triples up as an ideal tax-saving scheme.
Term
Life Plan
Term Insurance covers “Risk” and Risk means “Death”. Here a lump sum amount is payable
only if death occurs during a selected period. If the insured survives till the
end of the selected period, nothing becomes payable.
Endowment
Plan
Endowment policy covers the insured for a specified period. Thus, the insured may
select to insure himself until retirement; e.g. if he is 25 years old, he may choose
to insure himself for 35 years, until he reaches the age of 60. The insured may
received maturity amount at the end of the policy term or in regular intervals during
the policy term.
ULIP
Plan
In ULIP plan a portion of the insurance premium is invested in the stock market
or in a debt fund. Thus, the returns earned on such a policy are unit-linked and
they can be tracked on a daily basis. Upon surviving the term of the policy, the
insured receives the returns earned in the stock market by the insurance company.
Whole
Life Plan
Whole life policy provide insurance until the death of the insured person. However
the premium payment ends after a specific term. A whole life plan may be a endowment
or a ULIP plan.
Pension
Plan
Pension plan provide a regular sum of money to the insured or to his nominee for
a fixed period. The insured has the option of selecting when and for how long (term)
he or she would like to receive the pension amount.
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Motor Insurance
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The motor insurance policy covers against any
loss or damage caused to vehicle or its accessories due to natural and manmade calamities.
The policy can be taken for motorcycle, car, truck, bus and other road vehicles.
It helps to compensate the motor owner for financial loss due to accident, theft,
fire and third party injuries.
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Liability
Only Policy
As per Motor Vehicles Act, It covers the liabilities towards third parties only.
This insurance is mandatory for a vehicle plying on public roads.
Package
Policy
In addition to the "Liability only policy" the loss or damage to the vehicle insured,
by specified perils, is also covered subject to the value declared and other terms
and conditions mentioned in the policy.
Add-On
The Add-on motor insurance plan enhances the coverage in the policy for better protection.
In addition to the standard motor insurance policy following features can be added
as per the policy terms and conditions.
- Zero Depreciation Cover
- Loss of Keys and Personal Belongings
- Consumables
- Engine Secure-Hydrostatic Cover
- Road Side Assistance
- NCB Protection
- Return to Invoice
- Passenger Assistance
- Tyre Cover
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Business Partner
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Life Insurance
General Insurance
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