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DIRECT BROKER
Valid Till: 19/11/2023
CIN: U74900DL2013PTC261404
(Life and General)
IRDAI License Number 502
Code No. DB 571/14, Certificate No. 502,Valid Till: 19/11/2023
CIN: U74900DL2013PTC261404
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Principal Place of Business: DSM 59, DLF TOWER SHIVAJI MARG KARAMPURA DELHI 110015
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Best health plans for a sum insured of ₹20 lakh for 30 and 45 year olds
21-May-2020
Most financial advisers and planners say that Indians are under-insured in terms of health cover. Some don’t consider it a necessity, some have too small a cover, while some depend only on the corporate cover that their employer provides. But if you plan to go further and buy adequate health cover for yourself, where would you start?
Read MoreFUNCTION OF INSURANCE
1 : Obtaining detailed information of the client’s business and risk management philosophy
2 : Analysing the client’s business structure and underwriting information to present the same to an insurer
3 : Rendering advice on appropriate insurance cover and terms
4 : Maintaining a knowledge database of available insurance markets, as may be applicable
5 : Submitting quotation received from insurer/s to clients
6 : Providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover
7 : Acting promptly on instructions from a client and keeping him updated through progress reports
8 : Assisting clients in paying premium under section 64VB of Insurance Act. 1938(4 of 1938)
9 : Providing insurance consultancy and risk management services
10 : Claims negotiation assistance
11 : Recording claims
2 : Analysing the client’s business structure and underwriting information to present the same to an insurer
3 : Rendering advice on appropriate insurance cover and terms
4 : Maintaining a knowledge database of available insurance markets, as may be applicable
5 : Submitting quotation received from insurer/s to clients
6 : Providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover
7 : Acting promptly on instructions from a client and keeping him updated through progress reports
8 : Assisting clients in paying premium under section 64VB of Insurance Act. 1938(4 of 1938)
9 : Providing insurance consultancy and risk management services
10 : Claims negotiation assistance
11 : Recording claims
1 : Provide protection: The primary function of insurance is to provide protection against future risk, accidents and uncertainty.
2 : Sharing of risk: Insurance is an instrument to share the financial loss of few among many others.
3 : Small capital to cover larger risk: Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty.
4 : Contribute towards the Development of country: Insurance provides development opportunity to those larger industries having more risks in their setting up.
5 : Means of savings and investment: Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing income-tax exemptions also, people inve
6 : Credit worthiness: Life insurance policy can be used as a security to raise loans. It improves the credit worthiness of business.
7 : Tax Benefit: Under the Income Tax Act, premium paid is allowed as a deduction from the total income under section 80C.
8 : Capital formation- insurance companies as institutional investors can mobilize small national savings in the form of premium and ensure capital for productive sectors.
2 : Sharing of risk: Insurance is an instrument to share the financial loss of few among many others.
3 : Small capital to cover larger risk: Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty.
4 : Contribute towards the Development of country: Insurance provides development opportunity to those larger industries having more risks in their setting up.
5 : Means of savings and investment: Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing income-tax exemptions also, people inve
6 : Credit worthiness: Life insurance policy can be used as a security to raise loans. It improves the credit worthiness of business.
7 : Tax Benefit: Under the Income Tax Act, premium paid is allowed as a deduction from the total income under section 80C.
8 : Capital formation- insurance companies as institutional investors can mobilize small national savings in the form of premium and ensure capital for productive sectors.
CLAIM MANAGEMENT
1 : Obtaining detailed information of the client’s business and risk management philosophy
2 : Analysing the client’s business structure and underwriting information to present the same to an insurer
3 : Rendering advice on appropriate insurance cover and terms
4 : Maintaining a knowledge database of available insurance markets, as may be applicable
5 : Submitting quotation received from insurer/s to clients
6 : Providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover
7 : Acting promptly on instructions from a client and keeping him updated through progress reports
8 : Assisting clients in paying premium under section 64VB of Insurance Act. 1938(4 of 1938)
9 : Providing insurance consultancy and risk management services
10 : Claims negotiation assistance
11 : Recording claims
2 : Analysing the client’s business structure and underwriting information to present the same to an insurer
3 : Rendering advice on appropriate insurance cover and terms
4 : Maintaining a knowledge database of available insurance markets, as may be applicable
5 : Submitting quotation received from insurer/s to clients
6 : Providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover
7 : Acting promptly on instructions from a client and keeping him updated through progress reports
8 : Assisting clients in paying premium under section 64VB of Insurance Act. 1938(4 of 1938)
9 : Providing insurance consultancy and risk management services
10 : Claims negotiation assistance
11 : Recording claims
Powers and Functions of IRDA
1 : It protects the interests of the policy holders in any insurance company in the matters related to the assignment of policy, nomination by policy holders, insurable interest, and resolution of insurance claim,
2 : It also specifies obligatory suggestions, code of conduct and practical instructions for mediator as well as the insurance company. Apart from this, it also defines the code of conduct for the surveyors and loss assessors involved with the insurance busin
3 : IRDA is also entitled to for asking information, undertaking inspection and investigating the audit of the insurers, mediators, insurance intermediaries and other organizations related to the insurance sector
4 : It is also concerned with the regulation of the rates, profits, provisions and conditions that may be offered by insurers in respect of general insurance business
5 : It also regulates investment of funds by insurance companies as well as the maintenance of margin of solvency.
6 : It is also empowered to be involved in the arbitration of disagreements between insurers and intermediaries or insurance intermediaries.
7 : IRDA also specifies the share of life insurance business and general insurance business to be accepted by the insurer in the rural or social sector.
2 : It also specifies obligatory suggestions, code of conduct and practical instructions for mediator as well as the insurance company. Apart from this, it also defines the code of conduct for the surveyors and loss assessors involved with the insurance busin
3 : IRDA is also entitled to for asking information, undertaking inspection and investigating the audit of the insurers, mediators, insurance intermediaries and other organizations related to the insurance sector
4 : It is also concerned with the regulation of the rates, profits, provisions and conditions that may be offered by insurers in respect of general insurance business
5 : It also regulates investment of funds by insurance companies as well as the maintenance of margin of solvency.
6 : It is also empowered to be involved in the arbitration of disagreements between insurers and intermediaries or insurance intermediaries.
7 : IRDA also specifies the share of life insurance business and general insurance business to be accepted by the insurer in the rural or social sector.
Risk Assessment
We provide risk measurement to identify priorities and enable determination of appropriate level of risk treatment. This includes assessing the insurable interest (be it Property, Person or Liability), assessing the risk to be insured and providing the ri
1 : Establish Goals & Context
2 : Identify risks
3 : Analyse risks
4 : Estimate risk level
5 : Risk evaluation
6 : Risk Treatment
7 : Effective monitoring and reporting of risk treatment
2 : Identify risks
3 : Analyse risks
4 : Estimate risk level
5 : Risk evaluation
6 : Risk Treatment
7 : Effective monitoring and reporting of risk treatment
We provide tailor made solutions to all customers. We provide professional services required with insurance at a fair price. Our professional work force customize it’s coverage to meet our clients’ precise needs. We provide an on the spot local presence a
1 : We provide coverage through various insurance companies in India. This service consists of
2 : Negotiating competitive/realistic pricing
3 : Ensuring competition among various underwriters in the market.
4 : Providing broadest coverage available which suits the client’s insurance needs.
5 : Developing policy language appropriate to client’s needs.
6 : Getting best International terms for client wherever applicable.
2 : Negotiating competitive/realistic pricing
3 : Ensuring competition among various underwriters in the market.
4 : Providing broadest coverage available which suits the client’s insurance needs.
5 : Developing policy language appropriate to client’s needs.
6 : Getting best International terms for client wherever applicable.
We provide or clients with personal professional advice on insurance issues and use our knowledge and expertise to ensure that they obtain the most appropriate, competitive and cost effective protection for their risks
We ensure favourable relationship with insurance markets, assess accurate budget forecasting, screen financial capacity in insurance markets, assure market intelligence, and guide about changes in the market.
1 : We believe that professional training to and from our staff is mandatory:
2 : In order to meet the standards of the market, our employees regularly attend training sessions in insurance companies with the objective of staying up to date with the latest insurance products available in the market.
3 : These trainings consist of but are not limited to:
4 : Marketing and sales techniques
5 : Product studies
6 : Strategies and methodologies
7 : Dealing with claims
2 : In order to meet the standards of the market, our employees regularly attend training sessions in insurance companies with the objective of staying up to date with the latest insurance products available in the market.
3 : These trainings consist of but are not limited to:
4 : Marketing and sales techniques
5 : Product studies
6 : Strategies and methodologies
7 : Dealing with claims
As a company, we always ensure systematic monitoring for our customers, full compliance, services and facility to maximize the profitability and evaluating various aspects of Insurance risk management.
Nature and Characteristics of Insurance
1: Insurance is a co-operative device to share the burden of risk, which may fall on happening of some unforeseen events, such as the death of head of family or on happening of marine perils or loss of by fire.
2: Insurance is a co-operative form of distributing a certain risk over a group of persons who are exposed to it. A large number of persons share the losses arising from a particular risk.
3: The success of insurance business depends on the large number of persons Insuredagainst similar risk. This will enable the insurer to spread the losses of risk among largenumber of persons, thus keeping the premium rate at the minimum.
4: For the purpose of ascertaining the insurance premium, the volume of risk is evaluated, which forms the basis of insurance contract.
5: Insurance is a plan in which the insured transfers his risk on the insurer. This may be the reason that may person observes, that insurance is a device to transfer some economic losses would have been borne by the insured themselves.
6: Charity pays without consideration but in the case of insurance, premium is paid by the insured to the insurer in consideration of future payment. 7: Insurance is a legal contract between the insurer and insured under which the Insurer promises to compensate the insured financially within the scope of insurance Policy, the insured promises to pay a fixed rate of premium to the insurer.
8: Insurance is a plan of social welfare and protection of interest of the people.
9: Insurance is a contract based upon certain fundamental principles of insurance, which includes utmost good faith, insurable interest, contribution, indemnity, causa Proxima, subrogation etc, which are operating in the various fields of insurance. 10: The government of every country enacts the law governing insurance business So as to regulate, and control its activities for the interest of the people. In India General insurance act 1972 and the life insurance act 1956 are the major enactment in this
2: Insurance is a co-operative form of distributing a certain risk over a group of persons who are exposed to it. A large number of persons share the losses arising from a particular risk.
3: The success of insurance business depends on the large number of persons Insuredagainst similar risk. This will enable the insurer to spread the losses of risk among largenumber of persons, thus keeping the premium rate at the minimum.
4: For the purpose of ascertaining the insurance premium, the volume of risk is evaluated, which forms the basis of insurance contract.
5: Insurance is a plan in which the insured transfers his risk on the insurer. This may be the reason that may person observes, that insurance is a device to transfer some economic losses would have been borne by the insured themselves.
6: Charity pays without consideration but in the case of insurance, premium is paid by the insured to the insurer in consideration of future payment. 7: Insurance is a legal contract between the insurer and insured under which the Insurer promises to compensate the insured financially within the scope of insurance Policy, the insured promises to pay a fixed rate of premium to the insurer.
8: Insurance is a plan of social welfare and protection of interest of the people.
9: Insurance is a contract based upon certain fundamental principles of insurance, which includes utmost good faith, insurable interest, contribution, indemnity, causa Proxima, subrogation etc, which are operating in the various fields of insurance. 10: The government of every country enacts the law governing insurance business So as to regulate, and control its activities for the interest of the people. In India General insurance act 1972 and the life insurance act 1956 are the major enactment in this
1 : 3) Replacement
2 : 4) Reinstatement
3 : There are four methods of indemnification and they are.
4 : 1) Cash payment
5 : 2) Repair
6 : The object of insurance is to place insured in the same financial position as was just before the loss. This principle prevents the insured from making a profit out of loss and ensures public interest at large. For example, if machinery insured and is des
7 : In case of life insurance, however, the economic value of a human life cannot be measured precisely before death. Principle of indemnity does not apply in life assurance. Principle of indemnity is the basis of general insurance contracts.
2 : 4) Reinstatement
3 : There are four methods of indemnification and they are.
4 : 1) Cash payment
5 : 2) Repair
6 : The object of insurance is to place insured in the same financial position as was just before the loss. This principle prevents the insured from making a profit out of loss and ensures public interest at large. For example, if machinery insured and is des
7 : In case of life insurance, however, the economic value of a human life cannot be measured precisely before death. Principle of indemnity does not apply in life assurance. Principle of indemnity is the basis of general insurance contracts.
1 : All the risks cannot be insured. Only pure risks can be insured and speculative risks are not insurable.
2 : Insurable interest (financial interest) en the subject matter of insurance either at the time of insurance or at the time of loss, or at both the times must be present, in the absence of which the contract of insurance becomes void.
3 : In case the loss arises from the happening of the event cannot be valued in terms of money, such risks are not insurable.
4 : Another important limitation is that the premium rates are higher in our country & as such, certain category of people cannot avail the advantage of insurance. The main reason for the higher rate of premiums is the higher operating cost.
5 : It becomes difficult to control moral hazards in insurance. There are certain people who may utilise the insurance plans for their self-interest by claiming false claims from insurance companies.
2 : Insurable interest (financial interest) en the subject matter of insurance either at the time of insurance or at the time of loss, or at both the times must be present, in the absence of which the contract of insurance becomes void.
3 : In case the loss arises from the happening of the event cannot be valued in terms of money, such risks are not insurable.
4 : Another important limitation is that the premium rates are higher in our country & as such, certain category of people cannot avail the advantage of insurance. The main reason for the higher rate of premiums is the higher operating cost.
5 : It becomes difficult to control moral hazards in insurance. There are certain people who may utilise the insurance plans for their self-interest by claiming false claims from insurance companies.
1 : 1. The nature of contract is a fundamental principle of a contract of insurance required for a valid contract. Essential elements of a valid contract are:
2 : a. Agreement (offer and acceptance) –insurance is an agreement between insurer and insured. Proposal is made by one party and accepted by other.
3 : b. Lawful consideration- premium is consideration for insurance contract
4 : g. Possibility and certainty of performance etc.
5 : c. Lawful objects- object of insurance is lawful and not against to public policy. It is for public welfare
6 : d. Free consent- consent of parties to contract should be free. I.e., not by means of coercion, undue influence, fraud, misrepresentation etc.
7 : e. Competent parties (legal capacity of parties)- parties to an insurance contract should be competent to contract. i.e., they should not be idiot, lunatic, minor, insolvent etc.
8 : f. Consensus ad idem- parties to contract should understand the subject matter of insurance in same sense.
2 : a. Agreement (offer and acceptance) –insurance is an agreement between insurer and insured. Proposal is made by one party and accepted by other.
3 : b. Lawful consideration- premium is consideration for insurance contract
4 : g. Possibility and certainty of performance etc.
5 : c. Lawful objects- object of insurance is lawful and not against to public policy. It is for public welfare
6 : d. Free consent- consent of parties to contract should be free. I.e., not by means of coercion, undue influence, fraud, misrepresentation etc.
7 : e. Competent parties (legal capacity of parties)- parties to an insurance contract should be competent to contract. i.e., they should not be idiot, lunatic, minor, insolvent etc.
8 : f. Consensus ad idem- parties to contract should understand the subject matter of insurance in same sense.
WHY INSURANCE BROKER ?
1 : Obtaining detailed information of the client’s business and risk management philosophy
2 : Analysing the client’s business structure and underwriting information to present the same to an insurer
3 : Rendering advice on appropriate insurance cover and terms
4 : Maintaining a knowledge database of available insurance markets, as may be applicable
5 : Submitting quotation received from insurer/s to clients
6 : Providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover
7 : Acting promptly on instructions from a client and keeping him updated through progress reports
8 : Assisting clients in paying premium under section 64VB of Insurance Act. 1938(4 of 1938)
9 : Providing insurance consultancy and risk management services
10 : Claims negotiation assistance
11 : Recording claims
2 : Analysing the client’s business structure and underwriting information to present the same to an insurer
3 : Rendering advice on appropriate insurance cover and terms
4 : Maintaining a knowledge database of available insurance markets, as may be applicable
5 : Submitting quotation received from insurer/s to clients
6 : Providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover
7 : Acting promptly on instructions from a client and keeping him updated through progress reports
8 : Assisting clients in paying premium under section 64VB of Insurance Act. 1938(4 of 1938)
9 : Providing insurance consultancy and risk management services
10 : Claims negotiation assistance
11 : Recording claims
Career
