You’re a diligent policyholder. You make timely premium payments. So, if the need arises, you’ll obviously expect your insurance company to meet your claims in full.
But, one question looms over you: will my claims be thrown under the bus if my insurer goes under? (2/7)
The answer’s no. Tell you why.
See, it’s not like someone decides to start an insurance company today, & it materializes tomorrow. There are strict regulations at play here.
(3/7)
India’s insurance regulator (IRDAI) only allows the financially strong to procure the license to start/acquire an insurance company. The minimum paid-up capital for launch is ₹100 crores.(4/7)
And, post-starting business, insurers have to maintain a solvency margin (assets>liabilities) of 150% or more.
Insurers also need to keep 50% more reserves than the liability value, to meet claims even during liquidity crunches. (5/7)
Besides, there’s safety in the form of ‘reinsurance’ or insurance for the insurer.
Despite these safeguards, say there’s some mismanagement & the insurer goes bust. Now what?
(6/7)
Fret not. The IRDAI will spring to action & merge the bankrupt insurer with another insurer, or use other means to ensure policyholders don’t become collateral damage.
**
Looking to buy comprehensive health or life policy? Talk to our advisors- bit.ly/3ADvAKf (7/7)
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Everyone's buying term insurance before premiums get hiked by almost 40% this December.
Here's all you need to know about which add-ons you should consider if you're buying a term plan.
A thread.👇 (1/5)
1.) Life Stage Benefit
Term insurance policies are rigid- coverage stays the same till the policy expires.
👉With a life stage rider, the insurer provides the flexibility to increase cover by a certain amount during major life events like getting married & having kids. (2/5)
2.) Waiver of Premiums
Imagine you get disabled (it’s a painful thought, I know). You lose your job, and your family suddenly has no income.
But you have a life insurance policy. Who will pay the premiums?... (2/6)
#Starbucks is the world's largest coffee chain, with 300,000+ employees in over 30,000 retail locations, earning billions of dollars in revenues every year.
But did you know it spent more on employee healthcare than coffee beans? (1/8)
Thread. 👇
The year is 2008, the world is going through a recession and after an 8-year premature retirement, Howard Schultz (Ex-CEO at the time) returns back to take the reins of a struggling Starbucks. (2/8)
The recession had been hard on Starbucks, the promising giant that Howard had left in 2000 had turned into a money bleeding behemoth.
Things were so tense that Howard had to lay off 6,700 employees and close down 600 stores. (3/8)
Insurers can REJECT your claim if your disease treatment falls under a "waiting period"
Here are the key things you need to know about waiting periods in your health #insurance policy.
A thread. (1/8)
💡| As the name suggests, waiting periods in health insurance is quite literally the amount of time you need to wait, for an insurance policy to cover your diseases.
But since it’s insurance, it’s not that simple.
There are mainly 3 types of waiting periods...(2/8)
(1) Initial 30-day waiting period:
~This waiting period is only so that insurers can make sure that someone doesn’t take a policy after they get sick.
~Accidents (since they are unpredictable) & COVID (waiting period could be 15 -30 days) are exceptions. (3/8)