For the last several decades, the insurance premium rates (in other words the prices) for traditional and/or statutory insurance covers in the Fire, Engineering, Motor, Workmen’s Compensation, etc. departments have been controlled by Tariff Advisory Committee of Govt. of India through “FIRE TARIFF”, “ENGINEERING TARIFF”, “MOTOR TARIFF”, “WORKMEN’S COMPENSATION TARIFF”, ETC. These insurances are known as “Tariff Insurance Covers”.

Now that the Government of India have embarked upon insurance reforms and thrown open the insurance sector to private players, sooner rather than later, the above described administered price mechanism through TARIFFS will give way to a NON-TARIFF regime, whereby the premium to be charged for any given insurance cover will be negotiated and fixed between the insurance company and the proposer by considering the risk exposures, past claims experience, risk improvement measures adopted, etc. on a more scientific basis.

THUS, WITHOUT ANY EXAGGERATION, WE MAY BRING TO YOUR KIND ATTENTION AND NOTICE THAT ALL BUYERS OF INSURANCE LIKE THE PRIVATE LIMITED / PUBLIC LIMITED CORPORATES, STATUTORY CORPORATIONS OF THE CENTRAL/STATE GOVTS., PARTNERSHIP FIRMS, CHARITABLE INSTITUTIONS, INDIVIDUALS, ETC. WOULD NEED TO USE PROFESSIONAL INSURANCE BROKERS, BECAUSE BUYING INSURANCE THROUGH INSURANCE BROKER IS A WIN-WIN SITUATION FOR ALL INSURANCE BUYERS.

SO, OUR DEAR INSURANCE BUYERS, KINDLY BE AWARE OF THE FIERCE COMPETITION IN-BETWEEN THE INSURANCE COMPANIES FOR SELLING THEIR INSURANCE POLICIES TO YOU. BUT, OUR DEAR INSURANCE BUYERS, DO NOT BE TAKEN UNAWARES, BECAUSE INSURANCE IS A HIGHLY SPECIALISED SUBJECT REQUIRING PROFESSIONALS TO ASSIST YOU. APPOINT YOUR INSURANCE BROKERS BY GIVING THEM MANDATE TO NEGOTIATE ON YOUR BEHALF, WITHOUT ANY ADDITIONAL COST TO YOU. YOU WILL DERIVE IMMENSE BENEFTIS IN TERMS OF COVERAGE, PREMIUM, ETC.

To understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need. Or you can directly call them on +91-22-30503050

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