Zen Vichaar

  Professional indemnity insurance is a standardized insurance protection available to most professionals like, doctors, lawyers, chartered accountants, etc. This policy offers protection to the insured persons against claims made by third parties on financial losses suffered by them due to any error or negligence of the insured person or their authorized representatives. With the rapid growth of services sector there are now various specialized professionals operating in the formal economy, viz., management professionals, corporate secretaries, etc., The list if fast growing. There are quite a few professionals like insolvency professionals, registered valuers, etc. who have evolved in response to changes in the regulatory landscape, viz., Companies Act 2013, Insolvency & Bankruptcy Code (IBC) 2016, etc. The roles and responsibilities of these professionals are majorly dictated by the relevant regulations, professional guidelines and standards. These aspects will impact the

Provisions of workmen’s compensation policy   The tunnel collapse at Uttarakhand has brought many issues to the fore. Workers in the tunnel are trapped for more than a week and rescue efforts are on. Workers were into ‘excavation & tunnelling connected with mining, quarrying and tunnelling work’. Such risks are classified as high risks though unforeseen, and insurance policies exclude such risks from the scope of the policy . Policy wording of workmen’s compensation policy states that “ if at any time during the period of insurance any employee or employees of the insured shall sustain injury by accident arising out of and in the course of his employment in the business, for which the insured is liable to pay compensation under any law(s) specified in the schedule, then the company shall indemnify the insured up to the limit of indemnity against all sums for which the insured shall be so liable, including costs and expenses for defending any such claim incurred with the compa

                                              Accidents are unpredictable, they are sudden and unforeseen. Yet re-claiming life to normalcy is the immediate need. Insurance policies cover the risk of accidents, mishaps through what is commonly known as the personal accident policy. Policy    covers death, disablement, bodily injuries to the insured resulting solely and directly from accident caused by external violent & visible means within 12 months of its occurrence. Examples are rail/road/ air accidents, injury due to any violent collision/ fall, snakebite, burn injury, drowning, poisoning etc. An examination of the important features of a Personal Accident Policy: Free look period:   A period of at least 15 days from the date of receipt of the policy is allowed to the policyholder to review the terms and conditions of the policy and to return the same if not acceptable. One can cancel a policy within 15 days from the date of purchase. Can we cancel the policy during f

Health Insurance has gained importance due to the awareness among one and all about good health, fitness, wellness etc. The requisites when in a health emergency are: Minimizing the impact of a difficult health condition Protection of finances  Keeping mental peace in duress The basics of a health insurance policy like sum insured, cover offered, premium, what is covered and what is not covered- the exclusions are by and large known to all. However, some of the policy terms and conditions need some explanation which will help a layman gain some clarity when buying a health insurance policy. Deductible : This is the amount of claim that is borne by the patient. Only when the bill amount exceeds the deductible  the insurer pays. If the hospital bill is Rs 3 lakhs and the deductible is Rs 30,000/-, the insurer will pay Rs 2,70,000/- as claim under the policy . This feature helps the policyholder in reducing the premiums at the time of policy purchase.The deductible is chosen based on the

                     Before one buys a health insurance policy, it is essential to understand the coverage and sub limits of the policy. One must check the list of diseases/ailments which come under the sub-limits clause and the coverage limit specified against each of them in the policy. One should make a  detailed analysis of the  sub-limits under different health plans and purchase  the  correct health insurance plan that suits one’s budget and requirements. It is important to understand the intricate details in the policy wording, especially sub-limits, in order to make  an i nformed decision when buying a policy. What are sub-limits in a policy? A sub-limit is a limit within the sum insured of  a health  policy coverage  on certain medical expenses. Insurance company can limit its liability  by incepting sub-limits. Sub limit is laid for  particular illness/disease/treatment and  can also be included as a percentage of the total sum insured. There are caps and limits for specifi

We are well aware that banks handle public funds running into huge amounts and are therefore faced with the threat of numerous risks for the cash and securities that they handle. Banks can suffer losses due to fire, riot & strike, malicious damage, terrorist act, burglary, theft, robbery or hold-up theft, misappropriation, bogus, fictitious, forged cheques or drafts as also forged endorsements on genuine cheques or drafts or FDRs for which payment is made, dishonest or criminal act of its employees etc. Banker’s indemnity insurance is designed to cover the risks associated with the banking industry.  Bankers Indemnity policy is a package which covers all these losses. Policy covers the financial instruments from human perils along with act of God perils. The common terms used in banking are money, securities, collaterals etc. Money as used in this policy shall be deemed to mean bank notes (signed and unsigned), bullion, coins, currency, jewelry, precious stones  and  ornaments, pl