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The company has a self-service app, FG Insure, which allows customers to manage their policies, purchase and renew insurance, report claims, and track their status. [11] In 2016, FGII launched i-MoSS, an application for motor claim surveyors for faster settlement of motor claims.
Largest claim paid – ₹540 Crore; Quickest claim paid – 2 days; Highest compensation – ₹788 Crore to Iraq [citation needed] ECGC Ltd. now offers various products for the exporters and bankers. If readymade products are not suited to an exporter/banker, then ECGC designs tailormade products for them.
Many insurance companies will issue a claim check as a two-party check to ensure that the money from the claim is used to repair the vehicle or take care of other claim-related costs.
AIC was incorporated on 20 December 2002 with an authorized capital of Rs. 1500 crore. The initial paid-up capital was Rs. 200 crores, which was subscribed by the promoting companies, General Insurance Corporation of India GIC (35%), NABARD (30%) and the four public-sector general insurance companies (8.75%) each, viz., National Insurance Co. Ltd., Oriental Insurance Co. Ltd.,
The net incurred claims ratio slightly decreased to 91.32% in 2022-23 from 100.47% in 2021-22. The Gross Investment income registered a growth compared to last financial year. From ₹ 2,935.03 crore (US$340 million) in 2021-22, it rose to ₹ 3,573.57 crore (US$410 million) in 2022-23.
The company's motto is 'T3' – 'Trust, Transparency and Technology'. Chola MS was named the best insurance company in India for "In time Claims Settlement for the year 2011–12" in the Rashtriya Swasthya Bima Yojana scheme run by the Ministry of Labour & Employment, Government of India. [3]
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt.
Under Section 80D of the Income-tax Act the insured person who takes out the policy can claim for tax deductions. [12] The types of health insurance plans that are eligible for deduction under this section are individual health insurance policies, family floaters, top-up plans, super top-up plans, and hospital cash policies.