UPDATED: All Things Insurance: Answers to your Top FAQ’s

Like most insurance firms, the call center at HNB Assurance has a lot of questions. Sometimes, the same questions are asked often, such as “What is My Pension?”. We had a chat with our call center team/head of call center dept and have compiled your Frequently Asked Questions and decided to answer them for your convenience.

Updated: March 30th, 2015

Q: What’s your hotline/contact number for HNB Assurance & HNB General Insurance?

A: Since the Insurance industry  split from Jan 1st 2015, all our Life Insurance solutions are under HNB Assurance. You can call the number for HNB Assurance, which is 0114-384-384 for all your life insurance needs. On the other hand, call the HNB General Insurance number on 0114-883-883 for Motor insurance, Home Insurance, Travel insurance and business insurance solutions. 

Q: What should I do in case my vehicle meets with a motor accident?

A: Just dial our 24 hour hotline for HNB General Insurance on 0114-883-883 to report your accident to one of our customer service representatives. They will take your information and reassure you while an assessment officer arrives to inspect your damaged vehicle. After inspection, you will need to produce a repairer estimate (from your vehicle repairer) to go to the next step of your claim.

Image Credit: SundayObserver

Q: OK, I’ve got a Repairer Estimate, what do I do now?

A: Simply forward your repair estimate via e-mail, fax or hand it to your closest HNB General Insurance branch or our Motor Claims Department located at 51A, Dharmapala Mawatha Colombo 03 and we’ll take it from there.

Q: How do I report damage caused to my home, if I have a Home Insurance Policy with HNB General Insurance?

A: Call our hotline on 011 – 4 883-883 to report your loss. One of our team members will be there to help. Once you have provided your details of damages caused to your home, our representative will document this information and send an assessment officer to meet you and inspect the damages caused.

Our amazing customer service team

Q:  I want to get a Motor Insurance Quotation, but I don’t have the time, can you help me?

A: Gone are the days when you had to run around and wait for insurance quotes. The HNB General Insurance ‘Motor Guard’ series gives you the convenience of getting the best vehicle insurance rates instantly by sending a SMS to your mobile phone. Simply Text MQR to 0720 200-200. Here are in depth-instructions in case you get stuck.

Got a question for us? Ask away in the comments section!

Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.

Under 30? Here are 5 Reasons Why You Need Life Insurance

Ahh youth.. Its time of life in which you have so many options and the world is your oyster. For most young people, they feel invincible. Besides, life insurance is only for older folks right?

Nope.  

You like your odds: only a handful of adults will have their lives shattered in an instant. However, are you willing to bet that it wont be you? What could happen to you if are diagnosed with a serious illness or disability? How will you be able to pay for your medical costs, your transport or even your daily expenses? Here are 5 ways to protect yourself via life insurance:

1) Lower Premiums

As mentioned earlier, being young is the ideal time to get health insurance; you are seen as low risk and thus, become more likely to pay a lower premium. Fixing the premium early means it wont change as you get older. As time goes on, your income will rise as you advance in your career, meaning that the premium is a much smaller expense than before. Fixing a lower premium now ensures your payments will be cheaper in the long run-meaning more money for you!

2) Cover debts

If you are like many of the youth in Sri Lanka, chances are you may have some form of debt: this may be in the form of an educational loan, a vehicle loan or credit card debt. Should something happen to you, the debts are not written off. Surely, the last thing you want to do is to leave your family with a large financial burden? Didn’t think so. Life insurance provides you with a lump sum in the event of death/critical illness. This will cover your expenses, and leave a little extra for your family if you are lucky!

Just like a Lannister, you need to pay your debts. Image Credit: Dailymail UK

3) Protection for life

If there is one good reason to buy life insurance when you’re in the peak of your health its this: you may not always be that way.

Although you are healthy today, you can get severely injured/fall dangerously ill tomorrow. If your circumstance change, then your eligibility for life insurance changes accordingly. When you are young, there is a better likelihood of acquiring cover without the need for medical tests (unlike when you are older), which is less of a hassle for you. In addition, it provides you peace of mind knowing that you are protected for life.

4) Income protection

If you’re young, there is a good chance that you’re quite bold. You could be a thrill seeker who wants to try out skydiving or other daring activities. On the other hand, you may prefer to hang out with your friends, but you are still susceptible to get injured or sick. Ask yourself right now, “What would happen to my income if I was too sick/injured to work?” You’d have a ton of medical bills and various other expenses to pay. Life insurance comes to the rescue by providing you with a lump sum, or cover a part of your income while you are injured.

Just ensure that you have life insurance if you wanna try this. Image Credit: Gettyimages

5) Flexibility and Support

A lot of individuals feel that when you are ‘locked in’ a life insurance policy, you will be with the same policy for life. This is simply untrue. When you go through milestones such as marriage, your first child or buying a house, your cover can be increased. In fact, depending on the policy, you may be able to withdraw a percentage of your sum assured in order to support yourself financially.

The main point is: being a little more prepared will allow you to enjoy your youth since you know you are covered if something were to happen. Besides, being an adult means that its time for you to shoulder responsibility; purchasing life insurance shows that you are being responsible about your own life.

If you feel like making a smarter choice for your future: book an appointment on our 24/7 hotline 0114-384-384 and ask about My Life, a flexible life insurance plan made for smart youngsters like yourself.

Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.

8 Smarter Ways to get a Cheaper Life Insurance Premium

If you are like most people, chances are you want to pay a smaller premium. After all, it a Rupee saved is a Rupee earned (or in this case, lots or Rupees!). We spoke to our insurance underwriters and asked them how customers can get save on their insurance premiums. This is what we found:

1) Age: If you are a young person, there is a better likelihood that you will pay a lower premium as we assume that you have many years of healthy living ahead of you (more on that in a minute).

2) Gender: Sorry gentlemen, but on average, women live a lot longer than men. As a result, being a female can lower your premium as it is perceived that women are more likely to live longer due to their genetic makeup, a better understanding of their bodies and a lesser tendency to engage in risky behaviour.

3) Occupation: Most of us who work in the office should not need to worry here, but if you happen to be employed in a risky line of work (ie: deep sea diving, the armed forces etc), your premium will be a lot higher. In fact, some insurance firms can decide to deny coverage to certain professions due to the high tendency of an accidental death.

4) Personal Habits and Lifestyle: If you are a smoker or tend to indulge in excessive consumption of alcohol, expect to pay more as you will have a higher health risk and a shorter life expectancy. Furthermore, if you like spending time racing fast cars at the Speedrome, go skydiving or engage in otherwise risky hobbies, you will need to spend more on your premium than say, someone who likes to hangout with their friends at the local coffeehouse.5) Health: Here is another reason to start exercising -It can lead to a cheaper life insurance premium. If you are overweight, it makes you seem as a liability due to the multitude of unfavorable health conditions (ie: diabetes, high cholesterol and heart disease).  Its a simple message-lower your weight, lower your premium.

6) Driving Habits: Your driving record is pretty significant. If you have met with accidents, multiple speeding violations, or have been caught driving under the influence of alcohol, you are considered an unsafe driver. As a result, do your best to ensure that you have a clean driving record and reap the rewards via a smaller premium.

7) Residence: You will end up paying a higher premium if you happen to live in a particularly rough area, or built your house in an area which is prone to say, heavy flooding or is located in an otherwise hazardous area.

8) The Actual Policy: Seems obvious, but really look into your policy and determine if its perfect for you. Some aspects of a policy may not apply to you, so make sure you shop around before you decide to make a final decision.

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.