Check out the rider

When you go for car insurance it’s important to look at the various riders available. Consider this - you buy a brand new car, take it out for a spin and someone hits your car from behind. The first thought to cross your mind would be how much will it cost? And then you would think; is the damage irreparable?

Akshay Mehrotra, Chief Marketing Officer of Policybazaar.com answers some of the insurance related queries of Indian Express readers. Read here to know more.

Q 1) I purchased a ULIP with a maturity age being 99 years. Now, we are unable to weigh any benefit out of the policy. We would like to know if there is any option available for:

1. Reducing the maturity age of the policy

2. Switching to a policy (from the same or a different insurer) with a lesser maturity age

3. Foreclosing the policy?

The Insurance Regulatory and Development Authority (IRDA) may soon permit agents to sell insurance products of multiple insurance companies. Akshay Mehrotra, CMO, Policybazaar.com writes in Indian express  "The move looks in favour of the insurance agents, who have been stuck down by the recent decrease in commission charges. But if we look a little closely, this move is aimed to help increase earning of agents which has been dampened due to the reduction in commission on ULIPs.

Policybazaar CEO informs the readers of Indian Express why the Claim Repudiation Ratio or CRR should not be the only criteria to judge the insurer’s probability to reject a claim. He tells the readers that since CRR considers all the claims, it does not inform which claims are legitimate and which are not.

Are you planning to buy Health insurance and you are above 60yrs? Aren’t there any health insurance agents not coming forward to offer you products? But, you still want to buy?

Last month, IRDA capped overall charges that insurers levy on ULIP subscribers. The Insurance Regulatory and Development Authority (IRDA) has withdrawn mortality charges from the overall cap on fees that it had prescribed for unit linked insurance plans a month ago. While on the one hand the move would benefit those who opt for higher life cover in case of ULIPs, on the other, it might give insurance companies leeway to increase or keep administration charges unchanged, say industry experts.