24 May, 2007
Antony Jacob lays down the reins of Royal Sundaram shortly, to take up a new assignment with Royal & Sun Alliance Insurance Group.
Having shepherded the joint venture between Royal Sun Alliance and Sundaram Finance since inception, he takes some pride in leaving on a relatively high note.
Having shepherded the joint venture between Royal Sun Alliance and Sundaram Finance since inception, he takes some pride in leaving on a relatively high note.
Antony was recently promoted as Regional Finance Director (Asia and Middle East), Royal & Sun Alliance Insurance Group and will now be based in Dubai.
However, he will continue on the board of Royal Sundaram and retain his link with the Indian operations that he handled so far.
In an interview to Business Line, Antony reviewed the performance of the last fiscal and the issues thrown up by changes in the industry. He predicts an interesting time ahead as a freed market starts differentiating players.
How has the company done so well last fiscal?
The performance stems largely from certain initiatives taken during the last few years that have started yielding results. This was in spite of another difficult year of claims.
In 2005-06, we had the Mumbai floods. In 2006-07, we had the Surat floods. At one stroke we had Rs 15 crore of gross claims.
Despite being a catastrophe-hit year, we managed it largely because of good claims management and our risk management capability. Of course, good expense and investment management have complemented this.
Have you made an underwriting profit?
No. We are almost there. Our underwriting losses have come down from about Rs 11 crore in 2005-06 to about Rs 5.5 crore last year.
What was the contribution of investment income?
Our investment income was Rs 31 crore compared to Rs 21 crore earlier. This was due to a combination of better yields and higher funds under management.
Didn't the rise in interest rates affect your investment portfolio?
Our investment strategy has been cautious. What is important, when interest rates change, is the average duration of the investment.
Our average duration is quite low. This protects us from fluctuations that have an impact on the investment. Our average duration is in the region of 1.25-2 years.
What's stopping you from making an underwriting profit?
It is a combination of relatively high expenses, especially marketing expenses, and claims. But losses are coming down and we are close to break-even.
Would your company have breached the statutory limit on management expenses again?
In the initial years, most companies in the world would breach the limit. We may be marginally better this year. But the IRDA is aware of this and has given a waiver for companies at the start-up stage.
Coverage for medical expenses incurred due to illnesses, injuries, or accidents during the trip.
Reimbursement for prepaid trip expenses if the trip is canceled or interrupted for covered reasons.
Compensation for loss of checked in baggage and personal belongings during the trip.
Coverage for emergency medical evacuations to the nearest suitable medical facility if required.
Protection against legal liabilities for third-party injuries or property damage caused during the trip.
Access to 24/7 travel assistance services, such as, overview of country, Weather, Currency Exchange Rates, Vaccinations etc.
Pre-existing medical conditions are not covered under travel insurance.
Participation in certain hazardous activities, such as extreme sports or adventure sports, is excluded.p>
Injuries caused intentionally or due to self-harm are not covered.
Losses or incidents related to war, acts of terrorism, or civil unrest are excluded.
Some travel insurance policies exclude coverage for travel to countries with high-risk situations, such as civil unrest or health epidemics.
If you want to be surprised by nature, visiting the bioluminescence plankton should on your list. These naturally glowing organisms make the nightlife on the island magical and truly breathtaking. It puts you in awe by lighting up the beach in the evening which is spectacular sight that you wouldn’t want to miss. The bioluminescence is best seen between June and October. The spectacular “Sea of Stars” can be experienced in the most beautiful, inhabited island of Vaadhoo.
If you are on a budget and not looking to splurge, then travelling during the wet season is an option to make your travel to the luxurious honeymoon destination affordable. Many travellers shy away from the wet season between May and October. Making it attractive and affordable for budget travellers who want to experience Maldives with a little less of sun shine. Hotels and Resorts drop their prices, even the luxurious and sought after over- the- water villas and bungalows go on a back slash of prices ( though they’re still pricey but if you want to experience it , it might be the best to bag a deal ).
Coverage in the event of accidental death or dismemberment within 24 hours
Coverage for medical expenses, including medical evacuation
Coverage in the event of accidental death or dismemberment within 24 hours
Coverage for medical expenses, including medical evacuation
Coverage in the event of accidental death or dismemberment within 24 hours
Coverage in the event of accidental death or dismemberment within 24 hours
At Royal Sundaram, we have focused on understanding your needs and what matters most to you for protection. Our business revolves around catering to those requirements and ensuring your peace of mind.
At Royal Sundaram, we focus on knowing exactly what you need and what matters most to you, so we can protect it with care
October is considered the wettest season in Maldives. Avoiding this month might be best for your trip. The luxurious villas might lure you with lucrative packages but don’t fall prey for it. As beautiful as it is to experience rain sitting in those incredible water villas. Your island vacation needs sunshine for you to have a wholesome experience your island vacation. You don’t want to sit all day Not having to leave your room.
Visa Is granted upon arrival for all tourist free of charge for up to 30 days.
The Maldivian Rufiyaa is the local currency; however, the United States Dollar (USD) is widely accepted. ATM are available in Male.
Its always wise to carry your bookings as a hard copy though many would argue with technology rising steeply, we all want to carry a soft copy. You never know when you would run out of battery.
Always carry basic medicine that you and your family would need. Most hotels are equipped with doctors on call and emergency medication. Purchase your travel insurance for relaxed travel.
A proof of vaccination certificate is necessary as you may need to produce it if asked.
Do I need a travel insurance ? is a question that runs through your mind. Well, the answer is YES! Without one you left to uncertainties. Why take all that when all you want is to be present in the moment and making memories.
Do I need a travel insurance ? is a question that runs through your mind. Well, the answer is YES! Without one you left to uncertainties. Why take all that when all you want is to be present in the moment and making memories.
Travel safer and relaxed with Royal Sundaram’s travel Insurance policy. Secure your travel and free your mind. Your tropical getaways are a few clicks away. Soak in the beauty of Maldives, experience enthralling water sports and marine life.
We Prioritize service and satisfaction and always try to give our best for all our customers.
Step 1
Call 1800 568 9999 or intimate claim online.
Step 2
Investigation of the claim.
Step 3
We will approve your claim and keep you updated.
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Travel Insurance Starting from ₹1999*
By Clicking on Get Started, You agree to our Terms and Conditions
1. Declaration of Accuracy and Liability:
I/We, the proposer(s) or policyholder(s), hereby declare that the statements and particulars given in this Proposal form are complete, true, and accurate. I/We agree that Royal Sundaram Insurance Company will not be liable under the insurance contract if it is found that any of my/our statements or particulars or declarations in this proposal form or other documents are incorrect, misleading, or fraudulent in any respect, on any matter related to the grant of a cover or submission of a claim in the future.
2. Premium Payment:
I declare that the premium paid under this transaction to Royal Sundaram Insurance Company Limited is being paid by me as the proposer/policyholder through a bank account or a Credit/Debit Card or a Prepaid Payment Instrument or a UPI wallet (Wallet), held by me in my name as a primary holder (referred to as “source account”). I confirm that it is not a third-party payment made by any other person on my behalf. I understand that in the event of policy cancellation, the refund of premium as per policy terms and conditions may be credited back to such source account, and such electronic transfer will constitute full and final discharge of the Company’s obligation.
3. No Claims Bonus (NCB) Declaration:
I/We declare that the rate of NCB claimed by me/us is correct and that no claim has arisen in the expiring policy period (copy of the policy enclosed). I/We further undertake that if this declaration is found incorrect, all benefits under the policy in respect of Section I of the Policy will stand forfeited.
4. Pollution Under Control (PUC) Certificate:
I hereby affirmatively warrant that the Assured named herein/owner of the vehicle insured holds a valid Pollution Under Control (PUC) Certificate on the date of commencement of the Policy, and the same has been shown to the agent/authorized person of the intermediary. I further undertake to renew and maintain a valid and effective PUC Certificate during the duration of the Policy period. If the PUC certificate is not found valid on the date of loss, I understand that the Company reserves the right to cancel the policy.
5. Break in Insurance and Vehicle Inspection:
I/We agree that in case of a Break in Insurance, the policy would be issued subject to acceptance of risk after evaluation of the Vehicle Inspection report. Own Damage cover (Section – I) would not commence unless the satisfactory Vehicle Inspection report has been received by us. If the Company does not receive the Vehicle Inspection report or the report is adverse, the Company, at its discretion, will cancel the Policy as per the Motor Tariff.
6. Notification of Changes:
I/We further declare that I/we will notify in writing any change in the details so furnished hereinabove occurring after the proposal has been submitted but before communication of the risk acceptance by the Company. This includes changes in occupation or general health of the insured individuals.
7. Authorization and Sharing of Information:
I/We authorize the Company to share information pertaining to my proposal, including medical records, for the sole purpose of proposal underwriting and/or claims settlement and with any Governmental and/or Regulatory authority.
8. Consent for Communication:
By submitting my contact number and email ID, I authorize Royal Sundaram Insurance Company Limited to call, send SMS, messages over internet-based messaging applications like WhatsApp, and email to offer me information and services for the product(s) I have opted for as well as other products/services offered by Royal Sundaram Insurance Company Limited. Please note that such authorization will be over and above any registration of the contact number on TRAI’s NDNC registry.
9. Income Declaration:
This policy has been issued based on my declaration of Gross Annual Income, and the Base Sum Insured chosen is not more than 10 times of such Gross Annual Income. In the event the declaration is found to be incorrect/wrong and/or non-submission of income proof to justify this declaration, it may result in the inadmissibility of a claim and/or cancellation of the policy. I confirm that the Gross Annual Income of the family in this proposal is true and correct and undertake to submit relevant income proof(s) in the event of a claim in this regard.
10. Occupational Exclusions:
I confirm that the insured member(s) under this Policy do not work in Nuclear power plants, underground mines, explosives, hazardous material (e.g., fertilizers, asbestos fiber, toxic gases, toxic chemicals, pesticides, etc.). Furthermore, the insured member(s) do not work in underground mines, explosive magazines, or electrical installations with high tension supply, or are jockeys, circus personnel, engaged in racing on wheels or horseback, big game hunting, mountaineering, winter sports, skiing, ice hockey, river rafting, polo, or similar activities or occupations.
11. Declaration as Authorized Proposer:
I declare that all the information I have provided is true and accurate to the best of my knowledge, and I am authorized to propose on behalf of my family.
12. Underwriting Policy and Premium Payment:
I declare that the premium paid under this transaction to Royal Sundaram Insurance Company Limited is being paid by me as the proposer/policyholder through a bank account or a Credit/Debit Card or a Prepaid Payment Instrument or a UPI wallet (Wallet), held by me in my name as a primary holder (referred to as “source account”). I confirm that it is not a third-party payment made by any other person on my behalf. I understand that in the event of policy cancellation, the refund of premium as per policy terms and conditions may be credited back to such source account, and such electronic transfer will constitute full and final discharge of the Company’s obligation.
13. Authorization for Medical Information:
I declare that I consent to the company seeking medical information from any doctor or hospital who/which at any time has attended on the person to be insured/proposer or from any past or present employer concerning anything that affects the physical or mental health of the person to be insured/proposer. I also authorize the company to seek information from any insurer to whom an application for insurance on the person to be insured/proposer has been made for the purpose of underwriting the proposal and/or claim settlement.
14. Information Sharing:
I hereby permit/authorize Royal Sundaram Insurance Company Limited to collect, store, communicate, and process information relating to the policy(ies) and all transactions related therewith, including the sharing and disclosing the public authorities of any confidential information as required by law. I also authorize Royal Sundaram Insurance Company Limited to send me information in relation to the Policy and Royal Sundaram Insurance products & services, irrespective of whether I am registered with the National Customer Preference Register (NCPR) (formerly the National Do Not Call Registry) or not.
15. Consent for Electronic Communication:
To protect the environment and save paper, I consent to Royal Sundaram contacting me by email or phone instead of in physical form and to share all documents, updates, and alerts electronically.
16. Liability Commencement:
The Company's liability does not begin until the full premium has been collected by the Company, and the acceptance of the proposal has been formally intimated to the insured.
17. General Exclusions:
The Company shall not be liable under this Policy in respect of any accidental loss or damage and/or liability caused, sustained, or incurred outside the geographical area; any claim arising out of any contractual liability; any accidental loss, damage, and/or liability caused, sustained, or incurred whilst the vehicle insured herein is being used otherwise than in accordance with the Limitations as to Use or being driven by or is for the purpose of being driven by him/her in the charge of any person other than a Driver as stated in the Driver’s Clause; any accidental loss or damage to any property whatsoever or any loss or expense whatsoever resulting or arising therefrom or any consequential loss; any liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from ionizing radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purposes of this exception, combustion shall include any self-sustaining process of nuclear fission; any accidental loss damage or liability directly or indirectly caused by or contributed to by or arising from nuclear weapons material; any accidental loss or damage and/or liability directly or indirectly or proximately or remotely occasioned by or contributed to by or traceable to or arising out of or in connection with war, invasion, the act of foreign enemies, hostilities or warlike operations (whether before or after the declaration of war), civil war, mutiny rebellion, military or usurped power, or by any direct or indirect consequences of any of the said occurrences, and in the event of any claim hereunder, the Insured shall prove that the accidental loss, damage, and/or liability arose independently of and was in no way connected with or occasioned by or contributed to by or traceable to any of the said occurrences or any consequences thereof, and in default of such proof, the Company shall not be liable to make any payment in respect of such a claim.
18. Authorization as Proposer and Information Accuracy:
I/We hereby declare, on my behalf and on behalf of all persons proposed to be insured, that the above statements, answers, and/or particulars given by me are true, complete, and accurate to the best of my knowledge. I/We am/are authorized to propose on behalf of these other persons. I understand that the information provided by me will form the basis of the insurance policy and is subject to the Board-approved underwriting policy of the insurance company. The policy will come into force only after full receipt of the premium chargeable.
I/We undertake that the applicable loadings have been informed and understood by me. I further declare that I/We will notify in writing any change occurring in the occupation or general health of the life to be insured/proposer after the proposal has been submitted but before communication of the risk acceptance by the company.
I/We declare and consent to the company seeking medical information from any doctor or hospital who at any time has attended on the life to be insured/proposer or from any past or present employer concerning anything that affects the physical or mental health of the life to be assured/proposer. I also authorize the company to seek information from any insurance company to which an application for insurance on the life to be assured/proposer has been made for the purpose of underwriting the proposal and/or claim settlement.
Additionally, I/We authorize the company to share information pertaining to my proposal, including medical records, for the sole purpose of proposal underwriting and/or claims settlement, with any Governmental and/or Regulatory authority.
Please refer to the policy documents for complete details of exclusions, inclusions, and terms and conditions.
For any further information or clarification, please feel free to contact Royal Sundaram Insurance at the following contact details:
Royal Sundaram General Insurance Co. Limited
Corporate Office Address :
Vishranthi Melaram Towers, No.2/319 , Rajiv Gandhi Salai (OMR), Karapakkam , Chennai - 600097.
Telephone : 91-44-7117 7117
Fax : 044 – 7117 7140