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The Trend of Pay-Per-Kilometre Explained

Owning a car feels like freedom. You can travel as much as you want with premium comfort and luxury. But do you ever pause and take a look at the bills? Monthly EMIs remain the same, regardless of whether you drive 50 or 500 km. There are car insurance premiums that don't change even if your car is parked most days. And the extra costs, such as parking and servicing, even when your car has covered 70-80% of its life. Meaning? For many of us, we end up paying more for the car itself rather than the mobility it provides. Now imagine being billed based on your car’s distance and not its existence. No subscription fee, no wastage, every rupee simply linked to your distance travelled by your vehicle. That is how pay-per-kilometre insurance works. It allows you to pay as per the distance you travel, rather than for a static asset. Simple? Yes. Practical? Also, yes. Continue reading to learn more about pay-per-kilometre insurance and how it benefits.

Car

The Rise of Blacklisted Garages in Insurance Fraud

Motor insurance fraud is a major challenge faced in the insurance realm. From fraudulent claims to emerging garage-related fraud, both insurance companies and policyholders are facing significant losses. Take the example of Shikha Sharma from Delhi, who recently filed a claim under her motor insurance plan. During the verification process, her insurer found out that the car garage had significantly inflated the bill. Although Shikha trusted the garage as it promised a hassle-free settlement, her claims were rejected. The garage was soon blacklisted. The growing case of inflated false bills generated by garages has become a major challenge. Let’s explore the rise of insurance fraud, which is driving the blacklisting of garages and leaving claims unsettled.

Term

Should There Be Term Insurance for Caregivers of Elderly Parents?

When we talk about term insurance, we usually think of the breadwinners of the family, or the primary earning members. However, there are other members as well whose absence can affect the family in many ways. These silent contributors are the caregivers. Caregivers may not bring home a paycheck, yet their role is invaluable. And when it comes to elderly parents, the responsibilities of the caregivers grow manyfold. From giving the elders their medicines on time to managing their routines, from helping them in their everyday activities to keeping them company, the duties of a caregiver are many. There’s no denying that caregivers shoulder responsibilities that directly impact the well-being of the elderly. In such a situation, if the caregiver passes away unexpectedly, the absence would be felt not only emotionally but also financially. This is why securing their contribution with term insurance is definitely worth considering. Read on as we discuss why term insurance can be a good idea for caregivers of elderly parents.

Health

Should Insurance Cover Genetic Obesity Treatments?

The World Health Organisation’s 2022 reports reveal that one in eight people in the world is living with obesity. The number has doubled since 1990. Though obesity is mainly considered a lifestyle condition, studies show that 40% to 70% of obese cases are attributed to genetics. Some mutations like LEPR, MC4R and POMC genes are directly linked to the severe onset of obesity and related complications. Take the case of young girl Asha, aged 23, who has just started her career. She struggles to reduce her weight despite a strict diet and exercise plans. After countless efforts, she had to seek medical advice to combat health issues resulting from her obesity. This is when the genetic tests revealed that inherited MC4R mutations were the culprit that was affecting her metabolism. The surgery and the treatment plan suggested to her would cost around INR 6,00,000. Her insurance company refrain from giving an approval, labelling this treatment/surgery as medically not necessary or cosmetic in nature. Hence, the diagnosis has come with both relief and worry for Asha. This story highlights the growing debate on –Should there be health insurance coverage for genetic obesity treatments?

Health

Should Insurance Cover “Preventive” Cosmetic Surgeries?

On a rainy Sunday morning, Meera, a 30-year-old IT professional in Bengaluru, is contemplating a hard decision of whether to get a mastectomy done or not. She has a history of breast cancer in the family. Considering the heredity, the doctor has advised her to undergo a mastectomy for reconstruction as a preventive surgical procedure. However, her health insurance company has not given her approval to claim, labelling the procedure as ‘cosmetic surgery’. Stories like this highlight the health insurance dilemma around preventive cosmetic surgeries. Let us explore what preventive cosmetic surgeries are, why there is a growing demand and the insurance industry’s stance on covering these procedures.

Health

How Urban vs. Rural Healthcare Gaps Reflect in Premiums

India’s 65% of the population lives in rural areas. But 75% of the healthcare infrastructure is concentrated in the main cities and urban areas, making access difficult for the majority of the population in rural areas. This disparity in healthcare affects every aspect, from doctor availability to insurance penetration. Let’s take two different scenarios to understand the impact of healthcare disparity in rural and urban India. 40-year-old Ashok in a remote village in Uttar Pradesh had to travel 40 km on a borrowed bike to get his ailing father admitted for treatment at a district hospital nearest to his village. When he arrived after a long two-hour travel, the district hospital was short of equipment and specialist doctors. Two main things to notice here are – delayed treatment, lack of quality and too much out-of-pocket expenses. Now, let us imagine a contrast scenario of a family in Mumbai that has quick access to a hospital, doctors and multispeciality hospitals all at a distance of a few kilometres. These differences make a huge impact on the health insurance premiums. Let’s explore how this healthcare gap shapes health insurance risk assessment and impacts the insurance premium.

Jio Insurance Broking Ltd

Jio Insurance Broking Limited
IRDAI License No: 347,
Direct Broker (Life & General),
Valid upto: 11/03/2028
(Renewable)

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