Speciality Insurance: From International Schools Insurance Policies To Military Insurance

All men and women serving in HM Forces, whether they serve with the Army, Navy or Royal Air Force, should consider getting life insurance for the financial security it provides to family members. There are special policies available not only to those in HM Armed Forces, but also international schools, teachers and expatriates.

Both international schools insurance policies and expats insurance policies provide cover that suits the requirements of those markets, which makes them more suitable for these situations than domestic insurance policies would be. However, if you are a serviceman or servicewoman you are probably more interested in the military insurance policies available. If you do not already have life insurance then perhaps it is time to take a look at some military life insurance policies. This is very important as it provides financial security for your entire family, especially if they depend on the money you bring into the household. If anything were to happen to you, your family would be left without an important source of income, so it is always better to prepare in advance for such situations.

If you know you are going to be deployed to a high risk area in a matter of weeks, or months, life insurance could be a good idea, but unfortunately most companies have limitations when it comes to insuring personnel preparing to deploy to such areas. Most life insurance companies will not provide cover if the person looking to get insured is aware of the fact that he or she will be deployed to a high risk area within the following 6 to 12 months. The solution is to get insurance way before any deployment plans start being formed, so it is better to act immediately and get insured while you are eligible.

Besides life insurance policies, there are also other insurance policies available, such as critical illness insurance cover. This policy covers both life-threatening and non-life-threatening conditions such as strokes, cancer, heart attacks, etc., and also covers debilitating conditions such as loss of limbs.

It should be noted that no insurance company is required to insure someone, so insurance companies can decide for themselves if they want to insure a certain individual or not. If the company feels the risk is too high, either due to the lifestyle of the individual, or his or her health, they can refuse to provide cover.

Those looking to get insured have the option of doing it online. Checking policies from different companies is also much easier to do online, as most of the information can be found on the website of each insurance company, and it is simply a matter of analysing which insurance company offers the best terms for a specific policy. Ordering online is simple and fast and usually it is simply a matter of filling out a form and waiting for the paperwork to arrive via email. You can also find a specially trained insurance broker who will help you find the most suitable policy for you.

Most insurance companies offer a discount if a policy is ordered online and that is a benefit that everyone should take advantage of. Discounts can get quite high and while the money saved on one trip travel insurance, for example, may not be a lot, things certainly change if you are looking at an annual insurance policy for the entire family. The money saved can be substantial, so it would be a shame not to look for the best offer and take advantage of the discount.

As previously mentioned, members of different organisations or communities may also have special discounts available just for them, like the policies for International Schools community members and their international schools insurance policies, or expatriates with their expats insurance policies. Since these policies have several advantages over domestic insurance policies, it is always better to get such a policy as opposed to a policy designed for the local population. It is not simply a matter of money, as some may think, as most of the time such insurance policies are not cheaper. It is a matter of benefits provided, and in many cases the portability of the policy from country to country. For example, military personnel looking to get military life insurance or travel insurance have cover that reflects their particular requirements.

Travel insurance policies have cancellation cover for members of HM Forces, in case the trip they were taking was cancelled due to being posted overseas or emergency and unavoidable duty. Just remember that accidents can happen and sometimes there is just no way of preventing them, so it is better to be safe than sorry, so get insured as quickly as possible.

Life Insurance Corporation of India

Life Insurance Corporation of India is the biggest government-owned life insurer in India. The company is also the biggest investor in India. The Government of India is the overall owner of the company. The headquarters of LIC India are located in Mumbai.

The company offers insurance plans for both individuals and employee groups. LIC India finances 24 percentage of the outlays of the Government of India. The insurer carries out its operations with the help of 100 divisional offices, 8 zonal offices, 2,048 branch offices and 10,02,149 agents. The asset value of the company has been evaluated at Rs. 9.31 trillion (US Dollor 202.03 billion).

History of Life Insurance Corporation of India:

LIC of India was incorporated in 1956 with the amalgamation of over 200 insurance companies and provident societies. Previously, it was known as Oriental Life Insurance Company. The company was the first to offer life coverage in India. It was set up in Kolkata by Bipin Behari Dasgupta in 1818. The first national insurance carrier was Bombay Mutual Life Assurance Society, established in 1870.

Other insurance providers set up in the preindependence period include the following:

United India (1906)

Bharat Insurance Company (1896)

National Insurance (1906)

National Indian (1906)

Hindustan Co-operatives (1907)

Co-operative Assurance (1906)

General Assurance

Indian Mercantile

Swadeshi Life (later Bombay Life)

After the introduction of the Life Insurance Act and Provident Fund Act in 1912, the company underwent a series of mergers and acquisitions. Nationalization of the Insurance industry in India sped up this procedure. The company ranks as the biggest government insurer at the present time.

Products and services of Life Insurance Corporation of India

The products and services of LIC India are as follows:

Pension Plans

Insurance Plans

Special Plans

Unit Plans

Group Scheme

Withdrawn Plans

Subsidiaries and affiliates of LIC India Given below are the names of the subsidiaries and affiliates of Life Insurance Corporation of India:

International Operations

LIC Mauritius

LIC Fiji

LIC Representative Office, Singapore

LIC United Kingdom

LIC (Nepal) Ltd

LIC (International) B.S.C (C), Bahrain

Saudi Indian Company for Co-op. Insurance, KSA.

LIC (Lanka) Ltd

LIC Mauritius Offshore Ltd.

Kenindia Assurance Co. Ltd., Kenya.

LIC Singapore Offshore Ltd.

Associates

LIC Housing Finance Ltd.

LIC HFL Financial Services Ltd

LIC Mutual Fund AMC Ltd.

LICHFL Care Homes Ltd.

LIC Pension Fund Limited

LIC Cards Services Ltd.

Top Reasons International Health Insurance Claims Are Declined

Receiving medical care is a stressful enough time in anybody’s life; but imagine needing treatment whilst living overseas but your health insurance company says that the claim is not covered and that they will not pay.

NowCompare, an international insurance comparison website has looked at claims made by expatriates from around the World to see what are the most frequently denied claims.

Policy limitations: The top reason for a claim denial within the global community is not that the claim itself is excluded but the amount the claim is for is not covered by the health insurance policy.

Expatriates are often subject to higher medical costs when they are living outside of their country of citizenship and should make sure that they have an appropriate insurance plan in place to cater for these costs. Arranging a local plan may not be sufficient for an expat and they should look to invest in an international private medical insurance coverage for themselves.

Pre-existing Medical Conditions: A pre-existing medical condition is a condition that you had prior to buying your health insurance and more often than not, international health insurance companies from around the World will not cover these at all.

This can be a confusing exclusion on many insurance plans as the definition can change from company to company. Make sure you are open and honest about your previous medical history and if in doubt, ask! Whether it is covered or not, you need to know what risks you are exposed to whilst living overseas.

Medical Necessity: Health insurance companies will often question whether medical treatment is required or not or even if the care will have any bearing on the wellbeing of the patient. Many insurance policy wordings will have exclusion relating to cosmetic treatment, holistic treatment or may blanket exclude anything they deem unnecessary with the term “medical necessity.”

Medical necessity is debatable and if the insurance company declines your claim on this basis and you feel it is unfair, don’t give up; It is sometimes a case of the insurance company having not been informed of how necessary the treat actually was. Ask the treating doctor to explain it clearer in a way that relates to your overall wellbeing and the symptoms you were suffering from.

Health insurance companies often have a bad reputation for wanting to get out of paying a claim. On the whole, this is underserved and the companies can be reasonable and will authorize payment if there is cover in place. One simple rule is communication; if you are concerned about anything discuss it with the company prior to buying the insurance. If you need treatment, advise them beforehand and they will be able to confirm the coverage under the policy or even guarantee it directly with the medical facility.