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Overview

As the pioneers of the broking industry in India, we believe that financial planning is incomplete without insurance. Therefore, it is essential to ensure the safety of you and your loved ones with a service that’s not only safe but profitable. That’s why Bonanza has taken a sincere effort to bring the best insurance services at your fingertips. With one of the largest retail networks in the country, Bonanza offers a complete range of insurance solutions covering both Life and General Insurance to suit the customer’s needs.

We believe in performing for the best interests of the customer and providing sound practical advice which is independent of influence is our rightful duty. In today’s scenario, premium collections have become the sole criteria for most of the advisors without realizing the value of risk covers and the policy wordings. It is our constant endeavour to educate our clients and provide them with the best suitable product.

The Insurance industry in India is undergoing radical transformation and the challenges arising are vast. Our combination of technical knowledge, business, communication, people and practical skills has helped us evolve into professional players. We believe in handling each customer as a ‘special customer’ and this has led to immense loyalty towards us ever since we began this journey.

Let us make insurance a pleasant experience for you.

Life Insurance

Life is full of unexpected surprises. Unpredictable events can strike without warning and disrupt the smooth rhythm of life at any time. Therefore, you must always ensure the financial security of your family! Here are some of the plans Bonanza offers:

  • Traditional Insurance Solutions
  • Investment Linked Plans (ULIPs)
  • Guaranteed Return Plans
  • Monthly Income Schemes

General Insurance

We don’t just help you manage your life covers but also your life in general. We believe in taking precautions and staying protected from mishaps which can occur at any time, any place. That’s why we at Bonanza offer you some of the best plans available in General Insurance segment:

  • Motor Insurance
  • Health Insurance Program
  • Fire Insurance
  • Burglary Insurance
  • Travel Insurance

Insurance Advisory

Bonanza not only provides customized solutions to individual clients but also to some of the leading corporate houses and institutions across the country. Our highly qualified and experienced Insurance Advisory team helps make informed decisions right from analyzing the needs, recommending an optimum insurance cover to assisting claim settlements.

We also provide free investment advisory through the ‘Insurance Guru’ section on our website through which you can get expert advice and solve all your insurance queries.

 

HDFC LIFE

Faq's


What is a term assurance?

Term assurances are the purest and cheapest form of insurance. Term assurances are plans where benefits are payable only on the death of the policy holder within the term.

What is a whole life plan?

Whole life plans are a special type of term assurance wherein the term of the policy lasts throughout a policy holder’s life. The benefits under the policy are payable only on death of the policy holder.

What is an endowment assurance plan?

Endowment assurance plans are amongst the most popular forms of insurance as they provide both insurance coverage and acts as a savings instrument as well. In this plan benefits are either payable on death within the term or survival to maturity which ever is earlier.

What is the money back plan?

Money back plans are a special type of endowment plans which are also known as anticipated endowment assurance plans. Under money back plans, survival benefits are spread over the term of the policy i.e. a certain percentage of sum assured is paid at regular intervals. Apart from the above, death benefit continues like an endowment plan i.e. full sum assured shall be payable on death within the term irrespective of earlier survival benefits.

Who is an assignor and an assignee?

'Assignor' is the person who holds the policy and can transfer the title of the policy holder. An 'Assignee' is the person who derives the title from the assignor.

What is an assignment?

Assignment is a means whereby the beneficial interest, right and title under a policy get transferred from the assignor to the assignee.

When to assign a policy?

An assignment can be made only after acquiring the policy. Assignments can be done only for consideration like for money or money's worth and moral and meritorious consideration like for love and affection.

What is the procedure to assign a policy?

An assignment can be done by mere endorsement on the policy or by a separate duly stamped deed. Assignments can either be done by the proposer, policy holder or the absolute assignee.

What are the pre-requisites for a valid assignment?

For a valid assignment, the assignor must be a major. The assignor must have an absolute right over the policy. The assignment must be in writing. The assignor's signature along with a witness is a must and the notice of assignment is to be submitted to the insurer.

What is nomination?

Nomination is the process of identifying a person who receives the policy money in the event of the death of the policy holder.

When to nominate?

Nomination can be done at the inception of the policy by providing details of the nominee in the proposal form. However, if the nomination is incomplete at the inception of the policy, the policyholder can nominate at a later date. This nomination has to be put into effect by giving the insurer a notice in a prescribed form and getting it endorsed on a Policy Bond.

Can I take a loan on my policy?

Policy holders are eligible to take loans on their policies subject to certain rules and regulations. The policy holder has to apply for a loan in a prescribed form and submit the duly completed form with a policy bond. The loan amount is calculated according to the Surrender Value (SV) that the policy would have acquired and approximately 85% of the Surrender Value is given as loan.

Rate of interest charged varies from company to company and from time to time. A policy holder can repay the loan amount either in part or in full any time during the term of the Policy. If the loan amount is not repaid during the term of the Policy or earlier, the loan amount plus interest, if any, will be deducted from the claim money and the balance amount will be paid to the claimant

How can I revive a policy?

A policy gets lapsed if the premiums are not paid within the due date or the period of grace permitted by the insurance company. However, a lapsed policy can be revived through procedures pertaining to the company.

What are the Tax benefits available?

Important Income Tax provisions applicable to policy holders are: An individual can claim rebate on premium paid on his / her life, his / her spouse, his / her children including adult children and married daughters.

Under section 88 of the Income Tax Act, certain percentage of rebate is allowed on investment in the form of insurance premium with any of the insurance companies approved by IRDA. Percentage of rebate can be up to a maximum of 20% and varies depending upon the tax bracket it falls under. This rebate is deductible from the tax payable by the individual. The total amount of investment in the form of insurance premium and other specified investments like PPF, NSC, etc. is restricted to Rs. 60,000 per annum.

Under Section 80 DDA a deduction of upto Rs. 40,000 per annum is allowed from total gross income. Under Section 80 CCC a deduction of upto a maximum of Rs. 10,000 per annum is allowed from total gross income.

What is surrender value?

The cash value payable by the insurance company on termination of the policy contract at the desire of the policy holder but before the expiry term is known as Surrender Value. A policy can be surrendered, provided the policy is kept in force for atleast three years. The bonus will be added, provided the policy was in force for atleast 5 years, i.e., premiums should have been paid for 5 years from the date of commencement of the Policy (this condition is not applicable in respect to claims by death.)

How much life insurance should an individual own?

It is very difficult to place a monetary value on human life. Therefore, theoretically an individual can have life policies for any amount. However, in practice, it is determined based on the needs for insurance and the capacity to pay premiums regularly. Though there is no thumb rule to arrive at the exact amount of insurance, it is determined by taking 6 times the annual income of the person, if such income is not fluctuating. If the income is fluctuating it is desirable to calculate his average annual income and then determine the amount of insurance. From an individual’s stand point one should be able to save atleast 10% of his annual income

When does a policy acquire paid up value?

After payment of three years of premiums if subsequent premiums have not been paid under a policy, such a policy is said to have acquired a paid up value, though technically it is a lapsed policy. The paid up value is calculated by multiplying the sum assured by the ratio of premiums paid under the policy and the number of premiums payable under the policy. The value so arrived at should not be less than Rs. 250 excluding the accumulated bonus under such a policy. Such a reduced paid up policy will not be entitled to participate in future bonuses.

What is the benefit of opting riders / add-on’s?

Riders /add-ons are the additional benefits which can be added to the basic policy by paying additional marginal premium. Each company has their own set of riders and most common riders offered by insurers are:

  • Critical illness rider.
  • Accidental death and dismemberment rider.
  • Waiver of premium rider.

What is permanent total disablement?

Permanent total disablement means that the life assured is incapacitated to work or follow an occupation and obtain wages, compensation or profit. The following are considered to constitute such disability:

  • Irrecoverable loss of sight of both eyes.
  • Amputation of both hands.
  • Amputation of both feet.
  • Amputation of one hand and one foot.

Is there any maximum limit in sum assured for grant of accident benefits?

Maximum accident benefit one can avail under all the policies is fixed and varies from company to company.

Can an individual have only accident benefits?

No,the benefit is available only along with a plan of assurance wherein it is permissible.

What is meant by a 'with profit plan'?

A policy issued under a ‘with profit’ scheme is eligible to participate for bonus additions arising out of surplus revealed on conducting an actuarial valuation. Premium under a with profit plan is always greater than the rate for a with out profit plan i.e. while computing the structure of a premium table a bonus loading is made to the rate determined by the other three factors viz., Mortality, Interest and Expenses.

end faq


What are the services provided by a broker?

In general insurance, an insurance broker would provide:

  • Pre sales and after sales service to customers.
  • Relevant information to the underwriters for risk assessment and ascertain the premium.
  • Accurate structuring of product and design covers that meet the specific requirements of customers.
  • Recommendations on risk improvement and loss minimization measures.
  • A collection of Premiums.
  • Risk management and insurance education.

What factors affect the cost of Insurance?

The factors that can affect the cost of insurance include:

  • The likelihood of a loss occurring – The greater the probability a loss will occur the higher the rate. E.g.: Flood Insurance in parts of North-east India.
  • Purchase of a large amount of coverage, if the item you are insuring is quite valuable – The chances are there could be a large claim and the premium will need to cover that possibility.

What is Underwriting?

Underwriting of a risk involves the consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so, at what rate of premium.

Who do you file your claim with?

Claims are filed with the insurance company that issued your policy. In case of policies received on account of your employment you may have to file claims through the HR administrator.

How to file a claim?

Although most companies offer a call centre facility, alternatively, you can:

  1. Contact your agent.
  2. Write to your insurance company intimating the claim.

There is usually a claim form that needs to be filled. This can be:

  1. Downloaded from the insurance company’s website.
  2. Be obtained by visiting the insurance company’s office.
  3. Provided to you by your agent.

What are the precautions to be undertaken while filing a claim?

Be thorough and exact when reporting damage and always tell the truth. Withholding vital information or exaggerating the facts can not only lessen your chances of the claim being settled to your satisfaction, but also may be considered a crime. (Insurance fraud costs consumers crores of rupees a year.

What happens after a claim has been filed?

  • Once your claim has been filed, the insurance company will assign a surveyor.
  • He or she is charged with investigating your claim and then making a recommendation to the insurance company.
  • Facilitating repurchase / redemption of units of mutual funds.
  • The recommendation can be to accept the claim and pay the full amount requested, accept part of the claim and make partial payment or refuse the claim and make no payment.
  • The insurance company will then make a decision regarding your claim and notify you of its final decision. The amount of compensation offered can vary according to the surveyor’s analysis.

end faq

 

Customers can send in their grievances to:

grievances@bonanzaonline.com

 

For DP related complaints clients may send their grievances to:

dpgrievance@bonanzaonline.com

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