Life insurance companies saw a growth of 26 per cent in first year premium in financial year 2016-17. Total first-year premiums touched Rs 1,75,022 crore against Rs 1,38,657 crore in the previous year.
The insurance policy that can be renewed annually has a premium of Rs 12 and offers a cover of Rs 2 lakh for death by accident. Families of victims of the recent derailment of the Indore-Patna Express who had signed up can make claims.
It might sometimes happen that damage due to an accident appears to be minor and not worth lodging an insurance claim for. However, the real extent of damage may be realised only after the vehicle is opened for inspection.
The general insurance industry is seeking a time-limit of one year for filing claims under motor third party policies from the ministry of road transport and highways. Currently, there is no time limit for filing claims under such policies.
Insurance companies have started coming out with policies covering alternative treatments after the new health insurance regulations earlier this year allowed coverage for AYUSH (ayurveda, siddha, unani and homeopathy) treatment.
Raj Kumar Kohli, 61, a Delhi-based government servant, has purchased multiple insurance policies over his lifetime. For some of his policies he still gets communications from the insurer, and he has managed to keep track of those.