I recently fixed a GPS device in my car that would allow one to locate it in case it is stolen. I understand some rebate on the premium is available on motor insurance for such devices. How much rebate can I get? I paid the premium before installing this device. Can I claim the rebate on premium already paid?
The Indian Motor Tariff allows discount for installation of anti-theft devices in the insured vehicle. The relevant provision of the tariff is given below:
Vehicles (other than those covered under Motor Trade policies) fitted with anti-theft devices approved by Automobile Research Association of India (ARAI), Pune and whose installation is duly certified by any of the Automobile Associations* are eligible for a discount of 2.5% on the own-damage (OD) component of premium subject to a maximum of Rs500.
For mid-term installation of anti-theft device approved and certified as above in the vehicle insured, pro rata proportion of the premium discount calculated as per tariff provision for the un-expired period of the policy is allowed.
(* Automobile Association of Eastern India, the Uttar Pradesh Automobile Association, the Western India Automobile Association, Automobile Association of Southern India)
This has reference to a query on a career as an actuary. I’m 50 years old and would like to appear for the exam conducted by The Institute of Actuaries of India. Is there an age bar? And even if I can appear, what are the chances I will be able to pursue a career? I believe there is a huge shortage of actuaries in the country
There is no maximum age restriction to join the actuarial profession. (See the Institute of Actuaries of India’s website for more details about joining the profession.) The road to becoming a fully qualified actuary is long and hard. Depending on the amount of time committed to study and practice, it can take anywhere from four to ten years to qualify as actuary, but ultimate success is not guaranteed.
There is currently a shortage of actuarial skills for the local market. Depending on your qualifications and work experience, there might be other ways in which you can become involved in the actuarial field, without the risks of starting afresh in a new profession. For example, it is common for people with a non-actuarial background to be a fundamental part of an insurance company’s actuarial team. In fact, some may feel that this is the best of both worlds: being part of and able to influence the actuarial work without doing all the hard work of qualifying as an actuary!
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Ajay Bimbhet is managing director, Royal Sundaram Alliance Insurance Company Ltd.