how to get discount on new car

Discounts by Manufacturer: The discounts from car manufacturers are offered for a short interval of time. To stay competitive in the market, the discount is offered on models which are less in demand. This way, the manufacturers can boost the sales by offering high discounts on such models. The buyers should not expect any sort of discount on the newly launched car.

Loyalty Bonus: This bonus is offered by a few manufacturers to retain their loyal customers. If you plan to buy a new car from the same manufacturer as the one you currently own, you stand a chance to avail loyalty bonus. The bonus amount on your car varies with respect to its demand in the market.

Corporate Discount: Manufacturers offer corporate discount to seek attention of the employees associated with a reputed corporate firm. The dealers are kept in the loop on the top firms’ employee who should be given the right to get corporate discount. As a buyer, it is important to be well informed to known whether you qualify for this discount or not. 

Discount on Insurance Premium: Every person needs to purchase an insurance policy for a new car. You can buy policy from insurance companies, but getting your car insured from a dealer increases the prospect of getting a bigger discount. As a smart buyer, you should not hesitate in asking for a discount on insurance premiums of your car. The discount margin on new cars insurance policies are solely in the hands of a dealer. If the financing aspect of your car is managed by a dealer, you are entitled to ask for a discount on this too.

Exchange Bonus:  This bonus applies to people who are trading their used car for a new one. The dealers offer this bonus, as they can earn a decent amount of margin on the used cars.

Dealer Discount: Apart from the manufacturer side, the discount is also offered by several dealers. The discount ranges between 1 to 10 percent on the overall price of the car and it varies according to a particular model. A dealer also offers discount in the form of car accessories and free vehicle servicing.

The informative car buying guide will aid to identify other discount options on handling charges, registration charges, service charges and more. This guide is helpful for a buyer to save money by getting a good deal on the purchase of a new car. 

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IRDA To Improve Insurance Agent’s Skills

With an aim to increase insurance agent’s productivity, the Insurance Regulatory and Development Authority of India (IrdaI) is in talks with National Skill Development Corporation (NSDC) and BFSI sector skills council to undertake skill development programme for agents.

This move would not only help to curtail high attrition rate of insurance agents but also agents to obtain newer skills in related fields.

Number of insurance agents came down to 20.14 lakhs as on July 31, 2015 from 20.67 lakhs as on March 31, 2015.

NSDC develops skill of various people like carpenters, electricians, etc. The NSDC has been working with leading organizations and associations from several sectors on setting up sector skill councils to address gaps in skill development.

The BFSI Sector Skills Council of India was set up to bring organizations of BFSI (banking, financial services and insurance) industry together to create strategies and operational plans that would create standardized skill requirements for the various job roles in the industry. The BFSI Sector Skill Council has been set up by BSE Institute, a wholly owned subsidiary of Bombay Stock Exchange (BSE) with support from Confederation of Indian Industry.

Insurance companies would have board-approved policy on which segments they want agents to be trained. And NSDC would provide training facility.

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Coming soon, health insurance scheme for all

Cover could range from Rs 50,000-1 lakh with premium from Rs 1,000-2,400

A new health insurance scheme for masses will be launched by the government. While the name of the scheme is not known, it is proposed to be a cashless scheme with premiums as low as Rs 1000 for a family of five (without a senior citizen) for a cover of Rs 50,000. For those with one or more senior citizens, a cover of Rs 1 lakh would cost Rs 2,400, whereas for a family without senior citizens the Rs 1 lakh cover would be available for Rs 1,600.

As per this proposal that has been sent to insurance companies, this will be a cashless scheme and will not offer any subsidy. Any insurer, general or health, can offer this product. However, there would be a waiting period of two years for pre-existing conditions. This scheme will be over and above the existing Rashtriya Swasthya Bima Yojana (RSBY) scheme which is for people below poverty line.

As per a recent World Bank report, health insurance coverage in India is expected to cross 630 million people or 50 per cent of the population by 2015. As per data from the General Insurance Council, standalone health insurers saw the highest growth at 42.1 per cent from April to July this fiscal over last fiscal with premiums of Rs 1066.69 crore.

Insurance company executives said that this scheme will be much cheaper for customer, and is good for those who do not have any form of health insurance or have a small cover from their employer. “Since the cover protects the entire family, there is no need to buy any separate policy,” said the chief executive officer of general insurance company said.

However, some concerns have been raised about how this product, which is at a lower premium than other health insurance products, would be distributed. Here, banks have not been made a part of the process unlike the other government schemes under Pradhan Mantri Jan Suraksha scheme where insurers have been mandated to tie-up with banks for policy sales and claim payments.

Meanwhile, the RSBY scheme will be managed by special bodies created by state governments and no insurer will be involved in this process. However, the cover of Rs 30,000 under this would continue at Rs 30 fee. Earlier, there were talks of only having government-owned insurers in this scheme. But the government has decided against this idea.

RSBY, launched by labour and employment ministry in April 1, 2008, was envisaged to provide health insurance coverage to below poverty line families. RSBY beneficiaries are entitled to hospitalisation coverage of up to Rs 30,000 for most of the diseases. The government has even fixed package rates for hospitals for a large number of interventions. Pre-existing conditions are covered from day one and there is no age limit.

The coverage extends to five members of a family which includes the head of household, spouse and up to three dependents. Beneficiaries need to pay only Rs 30 as registration fee, while Central and state governments pay the premium to the insurer. As on April 30, 2014, there were 37.19 million active smart cards under the scheme and 7.16 million cases required hospitalisation.

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Health Insurance TPA of India To Commence Operations From September

The Health Insurance TPA of India is set to commence its operations from September 2015. It is set up to manage health claims of psu general insurers in-house.

A Third Party Administrator (TPA) assesses the claim and presents a report to the insurer, which accepts or rejects it.

The Health Insurance TPA of India will provide services of call centres, customer service and grievance management, pre-authorization, and claim processing. It would be involved in providing network empanelment, verification and investigation and pre-policy health check-up. It will also provide services to support all types of health insurance policies –individual, family floater, group covers, mass schemes, indemnity, and fixed benefit, among others.

The internal TPA has been set up to curtail large scale leakages while settling insurance claims in the health segment. It is expected to speed-up the claims settlement process and reduce the claims ratio of insurers. It is also expected to reduce cost for insurers, who pay commission to TPAs to settle claims.

Health insurance TPA of India is a joint venture of public sector general insurers –United India Insurance, Oriental Insurance, National Insurance, New India Assurance and General Insurance Corporation of India (GIC Re). The first four have 23.75% stake each and GIC have 5% stake. M Nagaraja Sarma is the Managing Director (MD) and Chief Executive Officer (CEO) of the firm.

The company has been formed with an authorized capital of Rs 300 crores and paid-up capital of Rs 10 crores.

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