The ODI in Mumbai this sunday has a 9 crore Insurance policy

The Mumbai Cricket Association (MCA) has bought an Insurance policy worth Rs. 9 crore for the One Day International happening at the Wankhede Stadium on Sunday. Also the MCA will be paying a special premium for a contingency plan worth Rs. 5 lakhs.

The company which has provided this Insurance cover is Oriental Insurance Company. The cover will protect the Association from losses due to cancellation of the match due to bad weather, natural disasters, abandonment due to the death of a Prime Minister or President and last, terrorism related incident. Although if even a single ball is bowled, no compensation claims will be entertained.

Insurance cover for cricket matches in India has been rising at a considerable rate now. The India-Australia matches in 2009 were insured for 8crores. Also India has been tagged in the extreme risk category in the reinsurance market when it comes to the terror index.

Apart from the regular bomb blasts in the country, the organizers are also concerned about the unpredictable weather. The monsoon season has been over for a month now but the showers refuse to leave Mumbai.

Well lets hope that there are no unexpected surprises except India comprehensively defeating England again !

Warren Buffet’s Berkshireinsurance launches travel Insurance

Berkshire India has launched its travel insurance services for retail customers today on 20^th October 2011. BerkshireInsurance.com is the online arm of the Berkshire India and will be the platform where the retail insurance potential customers and customers will interact with the company.

The company is an agent of Bajaj Allianz General Insurance and will be selling their products in the market.

Berkshireinsurance.com will provide instant query resolution and data to potential customers in the market through their online arm. Instant travel insurance plans with various conditions and in various situations could be arranged according to customer needs.

The company has plans which have been designed and modified according to specific needs. There are several travel insurance plans for students, corporates, families and even special plans for senior citizens.

Also special addons and considerations can be taken care of such as medical emergencies and accidents while travelling among many others.

But the obvious drawback is the lack of choice. All the products belong to Bajaj Allianz General Insurance. Other companies and Insurance providers options and plans are not taken into consideration here. They also sell Car Insurance as well as Two Wheeler Insurance.

Rather then taking your chances with a new company, give us a call on our toll free number 1800-103-9222 and we could get all the paperwork and conditions finalized before you can say I am Insured ! 

Reliance Life Insurance sells stake

Reliance Capital has announced that they have made a deal regarding the sale of 26% stake of Reliance Life Insurance. The stake has been sold to Nippon Life which is a Japanese company. And it’s also the maximum percentage a foreign company can invest in India in the Insurance sector.

Nippon Life has paid a total amount of $680 million to buy the 26% stake in Reliance Life Insurance to Reliance Capital. This puts the value of the whole company, Reliance Life Insurance at $2.6 billion.

Reliance Life Insurance had to get approval from Reserve Bank of India before they good go through with the deal. The approval was got on September 30, 2011 and the funds were transferred in the following week.

There are a lot of international Insurance companies in the Indian market waiting for the Government to raise the limit of Foreign Direct Investment. Slowly and steadily the pressure has been increasing on the Indian 

Government. And once the limit is raise there are almost guaranteed investment which would be in billions. But with LIC’s monopoly in the market which some experts consider could be threatened by foreign players, the Government is taking its own sweet time.

Health Insurance Portability explained!

Health Insurance Portability after many delays and setbacks has finally arrived in India. From 1st October,2011 , you will be able to switch your policy to another Insurance provider in the country along with all the benefits in the existing policy. Yes, this one is for real! Say a customer has a 5 year policy and wants to switch when only 2 years have been completed and paid for, he can switch to another Insurance provider in the market. The cover amount will remain the same along with most of its features.

Now this new development will bring a lot of changes in the Insurance market. An individual, now, not satisfied with his/her present Insurance providers services will now have the power to make a switch. And finally “customer care” will become a huge factor which will come into play in this industry.

Companies, who do not have the product depth or variety in the market, could easily gain clients on their customer care prowess. The provided service levels will now decide who gets to keep their clients. Industry experts predict, that, this will lead to ‘specialization’ in services.

A company will try to focus and retain customers from one particular section in the market. This will lead to further specialized products,  and  availability of companies dedicated to limited categories will increase for the benefit of the customer satisfaction, reducing the confusion a customer faces when buying a new policy.

The only effort that the customer now needs to put in is to inform the two insurance companies 45 days before the policy matures.

Be safe. Buy Insurance online