Discover and read the best of Twitter Threads about #bimapebharosa

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How do Ganpati mandals protect their gold idols?

Happy Ganesh Chaturthi!

Ganesh Chaturthi is one of the most celebrated festivals across India. Each year the festivities span over 10 days and involve expensive Ganpati idols inside mandals laden with heavy gold ornaments.
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Leaving gold out in the open is obviously very risky. And this is why many of these mandals mitigate this risk by opting for insurance covers worth hundreds of Crores.

In fact, business skyrockets for insurance companies during these 10 days.
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They end up insuring over 100 big and small mandals for amounts ranging anywhere from ₹1 Lakh to a whopping ₹300 Crore.

For example, Mumbai’s wealthiest Ganpati mandal, the Gowd Saraswat Brahman (GSB) Ganesh Mandal took insurance worth ₹ 266.65 crore in 2019 alone.
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Read 7 tweets
Why did it take a Gujarat resident 8 years to receive his son’s death claim?

A resident of Anand, Gujarat tragically lost his 22 year old son in 2013 to poor health. He went on to file a ₹5 Lakh death claim with his son’s life insurance policy, where he was the nominee.
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However, his claim was denied by the insurance company on the grounds that the deceased was suffering from mental health issues for which he was hospitalized- a detail that had not been disclosed to the insurance company.
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The problem was, insurance companies usually keep coverage for mental illness outside the purview of Health and Life Insurance policies. This has long been a point of contention, even though the 2017 Mental Healthcare Act expanded insurance coverage to mental illness.
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Read 9 tweets
Is your age the only determinant of your #HealthInsurance premium?

#Premiums refer to the payment that you make to your insurance company so that they can take care of your medical expenses.

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The actual amount depends on how likely you are to require a payout in the future and how much your insurer might have to pay in such an event.

There are various factors that affect this amount:

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1) Your age: Health Insurance costs less in your youth. The older you get, the more likely you are to develop certain diseases- and so your premiums are higher.

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Read 7 tweets
Let’s talk about Maternity #Insurance

Bringing a child into the world is a magical experience. But it's also very expensive. And unfortunately, your regular #HealthInsurance policy may not cover pregnancy and childbirth expenses.

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The reason is that Health Insurance covers unforeseen medical expenses, and getting pregnant is a very real possibility for most couples.

But don't fret- you can opt for maternity insurance as an add-on. This usually covers:

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1) Hospitalisation, as well as pre and post-hospitalization expense
2) Delivery expenses
3) Pre and post-natal expenses
4) Treatment expenses for children born with congenital conditions

Keep in mind:
1) Maternity Insurance is expensive as there is a very high claim ratio

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Read 5 tweets
Did you know your #LifeInsurance claim cannot be rejected after 3 years?

When you buy Life #Insurance, you have to make certain disclosures to the insurer. These include your age, income, policies you’ve already bought, and your current health condition and family history

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If any of these details are inaccurate, your claim can be rejected.
However, it can only be rejected within 3 years of buying the policy.

According to Section 45 of the Insurance Act, 1938, insurers only have 3 years to call the facts of a policy in question.

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Post this, claims cannot be denied due to misrepresentation.

If a person was disclosed as a non-smoker in 2015, but passes away as a smoker in 2021, their claim cannot be rejected

Learn what your Term Insurance policy covers here: bit.ly/KYI-TI

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#BimaPeBharosa
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Why are room rent caps such a big deal?

Most Health Insurers place a limit on the amount you can claim for the rent of a hospital room. Usually, this limit is 1% of the total coverage.

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Example- Mohan's health policy has a Sum Insured of ₹5 Lakhs and the Sub-Limit for hospital room rent is 1%. If Mohan is hospitalized, his insurer will only cover room rent costs up to ₹5000 per day (1% of ₹5 Lakhs).

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If his room costs more than that, he’ll have to pay the difference himself. You may think that doesn’t sound so bad. He'd probably have to shell out a few extra thousands at most, right?

Wrong

Because room rent sub-limits also leads to proportionate deduction

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Read 8 tweets
#Locusts might be coming back. Can insurance protect farmers?

A few days ago, certain districts in Rajasthan and Uttar Pradesh sounded an alert for a possible locust attack.

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Locusts travel in large swarms of up to 80 million and can eat up to their own weight in crops every day. They wreak devastation wherever they go. And so, the farmers in these areas need to protect their crops however they can.

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The last time Rajasthan saw a locust attack was in 2020. At the time, the state saw a 45% jump in enrolment for the government-sponsored crop insurance scheme Pradhan Mantri Fasal Bima Yojana (PMFBY).

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Read 6 tweets

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