Accountants

Know your rights as an insurance buyer

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seoeasypolicyLife insurance is one of the favorite options for investment for millions of insurance seekers all over India. Nonetheless, very few of us rarely know the kind of problems that we tend to face, or the rights that we ought to know as policyholders. A survey during the year 2011, conducted by National Council of Applied Economic Research (NCAER) shows that the level of awareness amongst the policyholders is extremely fragile.

However, there is something to look at now, and that is regulatory changes that have been happening in the past few years to empower the customers as per their requirements and needs. Say for instance, the health plan portability is one such issue that became operational during the year 2011 and has indeed instilled the aspect of fear in many insurance companies. There are a few basic rights that an insurance policyholder must be aware of.

1)Insurance policy Cancellation

Any insurance policy, if found unsatisfactory, can be cancelled within 15 days of time and you get your money back with ease. If it’s a medical policy that you have chosen, the insurance company can go ahead to deduct the expenditure that was involved in performing the medical tests, stamp duty, and so on.

However, not many life insurance buyers are aware of this feature, unlike individuals who give in a thorough reading at all the terms and conditions that are present. Nevertheless, there are several orders which state that the free look period starts from the day the documents reach the buyer.

2)Providing a detailed information

It is the sole responsibility of the insurer to provide information to the customer about the terms and conditions of the cover. It will help the buyer to decide if the plan suits him to the best of his interests. Now, if you do not understand the terms of the cover, you have the right to demand information as required.

3)Response from the insurer within the desired time frame

It is the sole responsibility of the insurance company to provide complete details to the insured person or his beneficiary in times of financial relief. If the relief reaches the beneficiary after quite some time, it is the duty of the insurance company to let the beneficiary know the reason for the claim being deferred.

Death claims and other medical claims need to be settled within 30 days of time and if the claim is within two years of buying the policy, the insurance company can take up to six months to investigate the cause of death and then grant the claim. Also, grievances of any sort pertaining to the insurance policy should be settled within 15 days of time.

4)Refusal to renew insurance policy

It is well known that the rise in costs have hit everyone, especially senior citizens. With that purview in mind, insurance companies cannot refuse to renew medical or life insurance, unless there has been a case of fraud, hazard, or manipulation of facts.

With the above information at hand, it should now be easier to understand various aspects of an insurance policy and understand the pros and cons of any insurance policy deal.

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Article Source:

eArticlesOnline.com}

The Truth About Free Money

by

Marcellus Donaldson

Yes, you have heard it all: get free money. Well, little in life is truly free, but if you are wise about it you can save a little bit of money here and a little bit of money there and accumulate wealth. Have you shaken the money tree yet? If so, tell me where it is so that I can get my fair share. Seriously, if you want free money you’ll have to put a little effort out first. Let’s examine some sources of free money just waiting for your hand out.

Clip Coupons – All those coupons you see in your Sunday newspaper, which come in your mail, that even pop up your computer screen are meant for you to take action. Simply cut the coupons out, march down to your local supermarket, and use the “cents off” savings to get free money. Okay, you won’t be handed a wad of cash but you can pocket the savings nevertheless. Even better: shop at those supermarkets willing to double even triple your savings.

File Your Tax Return – So, you didn’t file your tax returns in 2003, 2004, and 2005 because you made a pittance, eh? Well, you may be missing out on some free money. Depending on your household set up, you could be missing out on the government’s earned income tax credit for your children. If you don’t file, you don’t get the free money which could amount to several thousand dollars per year!

Rebate It – Oh, that new color printer you bought is a real scream! Did you notice the $20 rebate that came with it? Oh sure the $99 sale price was a bargain but did you notice any additional money savings with that offer? For the price of a postage stamp you can submit a rebate and await your $20 check a few weeks later. Free money? You bet you: most people don’t bother to redeem rebates!

Property Tax Relief – So, you are over 65 and finding it hard to make ends meet. Well, in some communities help is as near as your local property tax office. Maybe you shouldn’t pay the full property tax amount every year; some locales discount property taxes for cash strapped seniors by as much as 10% each year. That could translate into hundreds of dollars in savings especially if you live in a high tax area!

Take A Survey – Most of those mall survey people will pay you to take a survey. Typically, you will get $5 or a coupon for a free meal at McDonald’s. In some cases you could be eligible for a much more comprehensive survey. If so, hundreds of dollars of free money could be awaiting you.

Yes, read the fine print with any offer as some are certainly “too good to be true.” In many other cases, however, free money can be had. Check around to see what offers are available in your area…someone has to get the free money, why not you?

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Article Source:

The Truth About Free Money

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