Insurance

pramalkumarsamanta By pramalkumarsamanta, 27th Apr 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/378vj-z5/
Posted in Wikinut>Money>Insurance

Insurance is the most important financial coverage for life, health , property etc at an affordable premium to make good the loss of life and property etc payable to the legal heirs of the deceased and to incur expenditure of the medical treatment of the insured. Insurance is a positive step to tide over the crisis of the distressed family.

Introduction

Insurances are many and varied . Apart from life , health and property insurance , To name a few , there are car insurance, vehicle insurance,and crop insurance etc in the market.. Of all insurances , the life insurance is the most important and popular among the people and the salaried classes ..They pay the monthly /quarterly / half -yearly / annual premium so as to get the benefit of income tax exemption .under the relevant provisions of the Indian Income tax Act. In insurance, the insurance policy is a contract between the insurer and the insured,known as policy holder,which determines the claims which the insurer is legally required to pay in exchange for an initial payment known as premium the insurer promises to pay for loss caused by perils covered under the policy language. Next Health Insurance is the most important insurance for health of self, wife, son and daughter of the family including dependent parents. at affordable premium . The reputed private and the public sector companies are engaged in the health insurance Health insurance provides tax benefits up to Rs15000/- under the relevant section of the Indian Income Tax Act. Rate of premium is also cheap to moderate . Health insurance cover all hospital expenses and medical bills ,make use of cash less benefits and protection of entire family including parents. The companies allow the benefit of life-long renewal if he or she takes health insurance coverage.. Next property insurance provides protection against risks to property in respect of fire, theft or weather damage .Similarly crop insurance may be purchased by farmers to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather,hail, drought, devastating floods, frost, damage insects or diseases.

Two important insurance schemes of Govt of India

Government of India have introduced two most important insurance schemes for the benefit of the people having bank accounts of our country with effect from 1st June 2015. The schemes are as follows:- 1) Pradhan Mantri Jeevan Jyoti Bima Yojana - life insurance of Rs 2 lacs for an annual premium of just Rs 330 /- 2) Pradhan Mantri Suraksha Bima Yojana -accident insurance of Rs 2 lacs for an annual premium of just Rs 12/-.. The 1st scheme is applicable for all bank holders aged between 18 and 50 years and the life insurance amount is payable for the family of the deceased bank holder and the 2nd scheme is also applicable for all bank holders aged between 18 and 70 years. and this insurance covers death and permanent disability due to accident. The annual insurance covers the period of 1st June to 31st may of every year.
Disability claims by the insured and claims by the nominee in the unfortunate event of death of the insured may be filed under Pradhan Mantri Suraksha Bima Yojana and/ or Pradhan Mantri Jeevan Jyoti Bima Yojana , as applicable ,preferably within 30 days of the accident/ death at the bank branch having the underlying bank account in the prescribed claim forms along with the under noted documents ;
1) Discharge voucher in prescribed format.
2) For Pradhan Mantri Jeevan Jyoti Bima Yojana- Death certificate ..
3)For Pradhan Mantri Suraksha Bima Yojana.
a) Original copy of First Information Report (FIR)/ Panchnama of the accident.
b) Post mortem report and death certificate- in case of death of the insured.
c) Disability certificate from civil surgeon - in case of permanent disability.

Conclusion.

The bank will submit the documents to the insurance company at the earliest not later than 30 days from receipt of the claim. Insurance company shall complete processing claim and disbursal in no later than 30 days after receipt of the claim from the bank. Admissible claim will be paid into the bank account of the claimant / nominee. Availability of forms may be had from the branches of the banks,insurance companies and on www.janasurasha .gov .in Details may be available from www.janasuraksha ,gov .in / www.financialservice.gov.in.

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