In the city of Hyderabad, an affluent customer of Bajaj Allianz General Insurance was hospitalised with viral pyrexia and enteric fever. After being admitted for a week, he was discharged, after which he approached them for the claim reimbursement.
Product liability covers and product recall covers might see a rise in claims with more risks set to come under inspection. Earlier, auto makers used to take these covers. But now, pharmaceutical and consumer goods firms, too, get these.
A few days ago, I had a chance to help an illiterate person fill up the forms of Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana. These two schemes are supposed to ensure financial security for millions who are unprotected today.
Most retail investors use insurance products as tax saving instruments. Under Section 80C of the Income Tax Act, life insurance premium up to a maximum of Rs 1.5 lakh per financial year qualifies for tax deduction.