Definition & Comparison between Single Premium Policies of Companies Life insurance policies allow you flexible premium payment modes. There are regular premium plans, limited premium plans and single premium insurance plans. Under regular premium policies, you pay premiums throughout the term of the plan. Under limited premium plans, premiums are paid for a limited period which is lower than the total plan duration. Single premium policies, on the other hand, involve payment of a lump sum premium when you buy the plan. You pay the premium at once and enjoy coverage throughout the chosen term of the policy. Many individuals who have a lump sum amount of money to invest choose single premium life insurance plans. The benefits of these plans include the following – Since the premium is payable at once you don’t have to remember the premium payment due date during the plan tenure The policy remains in force throughout the term since there is no possibility of a lapse from non-payment of premiums Single premium traditional life insurance policies acquire a surrender value from the second policy year itself The policy is ideal if you cannot guarantee payment of premiums over the policy tenure Almost all types […]

All You Need to Know About Tractor Insurance in India India is an agriculture-oriented country where more than 70% of its land is under agriculture. Agriculture, therefore, is the primary source of livelihood for most of the population of India. Tractors are an important component of the agriculture process as they help farmers in the cultivation and harvesting process. That is why tractors are very popular and in-demand among farmers and land-owners who use their lands for cultivation purposes. If the tractor faces damage, the farmers face a considerable financial loss. This is why tractor insurance policies become necessary. Besides the need to cover financial loss, since tractors are a type of vehicle, they need a valid insurance policy on them due to the provisions of the Motor Vehicles Act. Tractor insurance policies are, therefore, compulsory for tractors. Tractor insurance policies are sold by many insurance companies. These policies fall under the commercial motor insurance policies and they offer coverage for farm or commercial tractors. What is tractor insurance? A tractor insurance policy is a commercial motor insurance policy which covers tractors against damages suffered. There is also a third party liability coverage wherein damages caused by tractors are also compensated by […]

What is an Insurance Premium? What are Insurance Premiums? Insurance is a means of availing financial protection against various risks. But the protection comes for a cost. Insurance companies pool the money from many insured individuals or entities and then use the pooled money for paying out the losses whenever an insured event takes place. The cost that you incur for availing the insurance is termed as insurance ‘premium’, which is structured based on many factors. Let’s learn about insurance premiums in detail. So, what is an insurance premium? What is an insurance premium? The insurance premium is the sum of money or the consideration paid by an individual or business to the insurance company in order to avail the insurance policy. Basically, premium is the amount charged by insurance companies periodically for providing the protection. Premium is structured based on various elements. Insurance premiums vary from one type of insurance to another and from one insurance company to another. Generally, insurance companies allow you to pay the premium periodically – monthly, quarterly, half-yearly and yearly. The frequency may vary depending on the terms and conditions of the insurance policy. In some cases, insurance policies can be availed for single premium payments also. Let’s how insurance premiums are […]

Important things to know about cancer insurance plans in India Cancer in India has become a dreaded illness and a very common occurrence. Though new treatments are being invented to fight cancer, the disease is becoming more rampant. In fact, as per the estimates suggested by the Indian Council of Medical Research (ICMR), there would be more than 17 lakhs cancer cases in India and more than 8.8 lakh deaths by the year 2020 (Source: https://www.dailypioneer.com/2018/india/over-17-lakh-new-cancer-cases-in-india-by-2020-icmr.html ). Cancer not only wreaks physiological havocs, it puts a strain on your finances too. Cancer treatments are quite expensive which threaten to wipe out your savings in a single strike. That is why cancer insurance plans are a must. Cancer insurance plans cover cancer and pay a lump sum benefit if you are diagnosed with the illness. This benefit can be used for taking treatments or for fulfilling other financial obligations that you have. Premiums are low and so these plans are a boon in the face of cancer. However, before you think of buying cancer insurance, there are some important facts about the plan which you should know so that you can buy the best cover. Here’s what these facts are – Nature of […]

A Complete Guide To Endowment Policy Life insurance plans come in many different variants. Broadly, life insurance plans are classified under two heads – Traditional plans are those which promise guaranteed returns whereas under unit linked plans the returns depend on the performance of the market. Traditional plans can be of different types and one such type is an endowment policy. Do you know endowment policy meaning? If you don’t here’s a complete lowdown on endowment insurance plans. What is an endowment plan? An endowment policy is a life insurance policy which helps you in creating guaranteed savings for your financial goals. The plan has a death benefit and also a maturity benefit. In case of death of the insured during the term of the policy, a promised death benefit is paid. Moreover, if the insured survives till the end of the policy tenure, a promised maturity benefit would be paid. Thus, endowment insurance plans cover both death and maturity and help in creating savings. Types of endowment policy Endowment plans can be offered in two variants which are as follows – With profits or participating plans Or Without profits or non-participating plans With profits plans are those which earn bonus. If the insurance company earns a profit in […]

Types of health insurance plans The health insurance universe is large and dynamic. Apart from the all-too-important health plan which pays for your medical expenses, there are other variants of a health insurance plan as well. Each variant is designed keeping a particular need in mind. Since your health insurance needs are varied, each type of a health plan aims to fulfil the varied needs. Do you know the types of health plans available in the market and their suitability? Let’s find out – ·         Individual health insurance plans These are health insurance plans which cover the medical costs incurred on an individual life. These plans, thus, insure only one individual for a single sum insured. Suitability – Individual health plans are suitable if you do not have any dependents on you. Unmarried, young individuals can opt for this plan. ·         Family floater health insurance Family floater health plans are those which cover the entire family in one plan. Family would mean the policyholder, spouse, dependent children and dependent parents. Many family floater plans also include dependent parents-in-law, siblings and other relations. A single policy is issued with one sum insured covering all the members. The premium depends on the […]

Types of general insurance plans in India The insurance segment in India is divided into two categories – life insurance and general insurance. While life insurance policies cover the financial loss suffered due to loss of life, general insurance policies cover the financial loss suffered due to the loss of an asset. General insurance, therefore, covers the loss of economic value of assets or the financial loss suffered due to specific contingencies. General insurance has different types of plans, each of which is designed to cover specific risks. So, let’s understand the concept and the types of general insurance plans in India. What is general insurance? General insurance is the insurance of assets, financial assets included. If, due to a contingency which is covered under the plan, there is an economic loss, the loss is compensated by general insurance policies. Top advantages of general insurance plans General insurance plans are beneficial because of the following reasons – The plans cover financial losses and compensate you for the losses that you suffer. As such, general insurance plans provide you financial security even in the case of contingencies In some cases, general insurance plans are mandatory by law. For instance, motor insurance plans are […]

Guide To Download LIC Premium Payment Receipt Life Insurance Corporation of India is one of the most trusted insurance company in India. LIC is not only popular for its wide presence and numerous variety of life insurance products, but it is also known for high-quality customer services it provides. Right from purchasing the LIC policy to claiming the benefits, LIC offers ease and convenience to its customers for every service. LIC’s e-services make it easy for the customer to pay the premiums online without any hassles and access LIC online payment receipt anytime. Visiting the branch to obtain the LIC premium paid certificate is no longer needed. LIC premium paid statement is usually required by policyholders to submit it as proof of investment for income tax declaration purposes. LIC online payment receipt and consolidated premium paid statement can be downloaded from the LIC website easily with few clicks. Steps to download LIC premium payment receipt User ID and password for the LIC customer login portal is all that you need to download the LIC premium payment receipt instantly in no time. That means you need to be registered for the LIC e-services to download the LIC premium paid certificate. If you are a registered user, following are the simple […]

World Cancer day – Taking the Cancer fight head-on Cancer is one of the leading causes of death in India. According to a report by National Institute for Cancer Prevention and Research (NICPR), 2.25 million people are currently living with the disease and risk of developing cancer before the age of 75 is 9.81% for males and 9.42% for females. Yet, in spite of these alarming statistics, doctors and researchers in India and across the world opine that incidence of cancer can drop gradually provided a holistic approach is taken towards this disease that includes prevention, early detection, and treatment. What are the major reasons for cancer? Let us first find out how cancer is caused. The dreaded disease refers to the condition when cells of the body keep dividing abnormally due to certain changes caused to the genes. These genetic changes can be inherited or caused by damage to DNA through external factors like tobacco, alcohol, radiation and internal ones like age, obesity, hormones. Can cancer be prevented? Yes. According to the National Cancer Institute, USA, there are 100 types of cancers and most of them can be prevented if we pay attention to the following: Say NO to tobacco in any […]

List of Claim Settlement Ratio of Life Insurance Companies There are 24 life insurance companies in the market and each company offers a range of life insurance plans. The plans are competitive in terms of their coverage benefits and premium rates and so choosing the best life insurance plan might prove to be a challenge. You, therefore, need another parameter to judge life insurance companies. Claim settlement ratio is one such parameter which says a lot about an insurance company. Let’s understand what the ratio is and how it acts as a vital parameter – What is the claim settlement ratio? Claim settlement ratio is a ratio which shows the number of claims which the insurance company has settled against the total number of claims made on it. The ratio is calculated using the following formula: Claim settlement ratio = (number of claims settled / total number of claims made) *100 Features of claim settlement ratio Claim settlement ratio has the following features which should be kept in mind – The ratio is expressed as a percentage The ratio is calculated based on the claims settled in one financial year. There are different ratios for different financial years The ratios […]

Complete guide on how term insurance policy can help you save tax Term insurance policy is an essential requirement for every earning member of the family who has financial dependants. If you have spouse, children or elderly parents financially depending on you, it’s essential to have adequate insurance coverage to protect your family in the event of eventualities. Though the primary objective of buying term insurance plan is for financial protection, it also offers the tax benefits. Let’s take a detailed look at how to save income tax with the help of these online tax calculators for term insurance plans. Buy term insurance to serve dual aim – protect your family and save tax too! Term insurance plans are pure insurance plans that only offer death benefits. That means, if you survive the policy term, you will be paid nothing in return. Term insurance premiums are not invested anywhere. It’s basically an essential cost you are making every year to secure your family’s financial future when you are not around. As you make every financial decision, be it insurance or any investment, tax planning has to be part of the buying process. Part of the money that is spending to […]

Does a term plan cover all types of deaths? Knowingly or unknowingly, we all take small steps towards ensuring maximum safety. For example, you wearing a helmet before riding, or wearing a seatbelt before driving. There are numerous such instances. However, when it comes to securing the future of our loved ones, we tend to miss out a few important points. One of the smartest ways of securing the finances of your loved ones and their future is a term insurance plan. The chances are high that you would have come across term insurance but maybe never bothered much about it. If you ask any expert, they would easily recommend it for its sheer benefits and cost-effectiveness. What is term insurance then? It is a simple insurance plan that offers coverage against your life. You would pay a premium on a yearly basis to your insurer and in turn, they will offer you a sum assured. If anything were to happen to the policyholder, the insurer will pay the sum assured to the nominees. The only difference is that in term insurance, nominees will receive financial assistance only after the death of the policyholder. If the policyholder outlives the term […]

All you need to know about Surrender Value and how to calculate? Life insurance policies are long-term financial products. Besides pure protection plans, there are other products offered by insurance companies that come with savings or investment component involved. Savings plus protection plans offered by insurance companies such as endowment plans, money-back policies and unit-linked investment plans (ULIPs) are purchased with an objective of availing protection and building wealth for future. However, sometimes you may have to liquidate the investments made for your long-term goal for various reasons such as financial hardship, change in investment preference and plans of investing in a better alternative. Terminating the insurance plans before its maturity is termed as surrender. Are you wondering what will happen on surrendering the insurance policy? Not to worry! Here is everything that you need to know. What is the surrender value? Every insurance policy acquires a surrender value on completion of a certain specific period. So, what is the surrender value? Surrender value if the sum of money that is payable by the insurance company when you terminate your insurance policy before its maturity. Generally, most of the traditional insurance plans can be surrendered for cash after completion of three policy years. […]

Budget 2019- How it has impacted your finances? Everyone had huge expectations from the Interim Union Budget 2019, especially because there hasn’t been any change in the last year in the slab. Let us analyse what are the new changes and how the new budget will impact us. Changes in the Tax Slab: Income 2016-17 2017-18 & 2018-19 2019-20 Upto Rs 2,50,000 NIL NIL NIL Rs 2,50,001 to Rs 3,00,000 10%^ 5% NIL Rs 3,00,001 to Rs 5,00,000 10%^ 5% NIL Rs 5,00,001 to Rs 10,00,000 20%^ 20%* 20%** Rs 10,00,001 and more 30%^ 30%* 30%** ^ The health and education cess = 3% of the Income Tax in the year 2016-17 *The health and education cess = 3% of the Income Tax in the year 2017-18 and 4% in the year 2018-19 ** The health and education cess = 4% of the Income Tax in the year 2016-17 NO CHANGE in the deductions for Investments: Investments U/S 80C: Rs 1.50 lakhs p.a. Investments U/S 80C: Life Insurance Provident Fund ELSS (Equity linked savings scheme) Bank 5-year FD School Tuition Fees Home Loan Principal repayment NPS Total Deduction for NPS is Rs 2 lakhs p.a. where: 60% of the corpus can […]

Third-Party Vs Comprehensive insurance: Which to opt for? Traffic rules and regulations are laid down in the Motor Vehicles Act, 1988. The Act specifies the rules for driving on Indian roads for all types of vehicles. One such rule specified by the Act is the requirement of a valid insurance policy on the vehicle. The Act states that if a vehicle is to be used on Indian roads, the vehicle should have valid insurance coverage. This coverage would protect the interests of third parties if the vehicle causes them any type of harm. Based on the directives of the Motor Vehicles Act, 1988, motor insurance policies are offered by general insurance companies. These policies fulfil the legal mandate of the Act and also help the vehicle owner deal with financial losses associated with the vehicle. Motor insurance policies come in two variants – third-party liability and comprehensive. Let’s understand these variants and the coverage that they offer: Third-party liability insurance  A third-party liability policy covers any third party liability that you face in case of accidents involving your vehicle. These liabilities include the following – If any individual is killed due to your vehicle, you face a financial liability If […]

Top #8 Tips you must check for authentication of bike insurance policy If you have a bike, you should also have a bike insurance policy covering it. The Motor Vehicles Act, 1988 specifies that every vehicle on Indian roads is required to have a valid insurance cover. So, just like you need a driving license to drive, a bike insurance policy is also required. Just because the policy is mandatory, your dealer usually bundles up a policy when you buy a new bike. You can also choose and buy a bike insurance policy yourself. The online medium has made buying two wheeler insurance plans easy and quick. However, after you have bought the policy, it is necessary to ensure that the policy is authentic so that you can avail a valid coverage. Imagine making a claim under the policy and finding out that the policy is a fake! Authentication of your online bike insurance policy can be done using the following tips – Tip#1 – Confirm with the insurance company After buying the policy, call the insurance company to check whether the policy is genuine or not. You would just have to provide the policy number, which is mentioned on the policy document, and […]

How Medical Travel Insurance works in Overseas Travel? Travelling overseas requires extensive planning irrespective of the travel purpose. Travel medical insurance is an essential part of travelling. Medical emergencies are unexpected and inevitable. Hence, having a financial safety net in the form of travel medical insurance is most crucial to safeguard your journey. What is travel medical insurance? Travel medical insurance provides coverage against healthcare expenses that may arise due to sudden illness or health issues or meeting with an accident in a foreign land during the travel. The cost of medical services is extremely expensive across the globe. Hence, it’s wise for every traveller flying abroad to have adequate insurance coverage to extend financial support during any medical emergencies. How is travel medical insurance different from any other types of insurance? Travel medical insurance holds a special place in every frequent traveller’s mind. There is not much difference between travel medical insurance plans and travel insurance plans. Having provisions for medical emergencies is a priority. Travel medical insurance plans are specifically crafted to address healthcare needs of travellers. Let’s learn how different it is from other travel insurance plans. The primary difference is, travel medical insurance plan focuses more […]

It’s safer to Buy Homes Now: Know all about Title Insurance   Buying your dream home? You may need to consider title insurance for protecting yourself from financial loss that may trigger due to ownership issues. Real estate is one of the fastest-growing sectors in India. The RERA (Real Estate Regulation and Development Act), 2016 makes it mandatory for every developer to have title insurance for all the projects in order to protect the property buyers. In this article, let’s learn about title insurance and its importance. What is title insurance? Title insurance is indemnity insurance that protects the holder of the title from financial downfall sustained from the defective title of the land or property. Basically, the title insurance policy provides protection to mortgage lenders and property buyers. During the sale transaction, if the title disputes arise, the title insurance company will be responsible for financial losses and legal damages caused. How do title insurance works? ‘Title’ in real estate refers to legal ownership to the property. All titles are not ‘clean’. When you apply for title insurance as a seller or as a lender, the title insurance company first verifies whether the title is clean or not. The title insurance company ensures there are no undisclosed heirs to the property or land, no pending legal actions, no unpaid […]

How to buy the best and the cheapest two-wheeler insurance policy online? A two-wheeler insurance policy is a mandatory requirement if you own a bike. This mandate was passed under the Motor Vehicles Act, 1988 and includes all the vehicles running in India. So, if you own a bike, you are required to own a valid insurance policy on it too. Though a bike insurance policy is mandatory, there are ways in which you can keep premiums affordable. However, before going into the premium of two-wheeler insurance, let’s have a look into the types of policies available and the coverage that they provide –   Types of two-wheeler insurance plans There are two types of coverage options which are available under two wheeler insurance plans. These are as follows – Third party liability coverage Under this cover, the third party financial liability is covered which is incurred when you damage someone’s property or if any individual is physically hurt due to your bike. Third party liability coverage is the cheapest two wheeler insurance policy which is also mandatory as per law. Comprehensive package coverage Under comprehensive coverage, there are two coverage components. One is the mandatory third party liability coverage which covers […]

Do you know the exact difference between the sum assured and the sum insured? When it comes to the concept of insurance, there are some technicalities which you should understand. These technicalities dictate the terms and conditions of the policy. Until and unless you understand the terms of the policy, understanding the policy benefits might prove to be a challenge. Take for instance the concepts of sum assured and sum insured. Both these terms determine the coverage level of an insurance policy and so you might believe them to be interchangeable. But are they interchangeable? No, they are not. Sum insured and sum assured are two different concepts which are used in different types of insurance policies. Let’s understand their difference – What is the sum assured? Sum assured represents the coverage of a life insurance policy. This is the benefit which is paid in case of death or maturity of the plan. What is the sum insured? Sum insured, on the other hand, is the level of coverage under general insurance policies. This amount shows the maximum liability undertaken by the insurance company to compensate you in case of a covered eventuality. Top 3 points of difference between sum […]

All You Need to Know About CM’s Health Insurance Scheme in Tamil Nadu The Government of India takes various steps and initiatives to promote social welfare among the Indian population. Among these initiatives are various insurance schemes which provide insurance coverage to the masses. These schemes are either provided free of cost or at nominal premium rates. While the Aam Admi Bima Yojana (AABY) is a health insurance scheme for the national population, there are several State-sponsored health insurance schemes too. One such scheme is the Chief Minister’s Comprehensive Health Insurance Scheme (CMCHIS) which was launched by the State Government of Tamil Nadu. Let’s understand what this scheme is all about – What is CM’s health insurance scheme? The Chief Minister’s Comprehensive Health Insurance Scheme (CMCHIS) is a health insurance scheme designed for the underprivileged residents of Tamil Nadu. The scheme was launched initially in the year 2009 when DMK was in power. The scheme was then widened for more comprehensive coverage in the year 2012 when the Government was replaced by the All India Anna Dravida Munnetra Kazhagam, i.e. AIADMK. The CMCHIS is an indemnity oriented health insurance plan which covers the emergency medical expenses incurred by the insured. […]

A complete guide about Pradhan Mantri Suraksha Bima Yojana The Prime Minister of India, Mr Narendra Modi has launched various types of social security schemes in his tenure. These schemes are insurance schemes which promise either free insurance coverage or coverage at very low premium rates. One such insurance scheme which the Prime Minister launched is Pradhan Mantri Suraksha Bima Yojana (PMSBY). What is PMSBY ? The Pradhan Mantri Suraksha Bima Yojana is a personal accident insurance scheme which covers accidental death and disablements. The scheme was introduced in the Union Budget of 2015 and was later implemented in May that year. Features of PMSBY insurance Listed below are some of the most important features of Pradhan Mantri Suraksha Bima Yojana which you should know – The duration of the scheme is one year after which you can renew it The coverage duration is fixed. It starts from 1st June and continues up to 31st May of the next year The premium of the scheme has to be paid through auto-debit from your bank account Renewal would be allowed only if you agree for auto-debit of premiums from your bank account Deaths and accidents due to natural calamities and murder are also covered The premium for the scheme […]

Know about LIC Surrender Value and how to calculate it Life insurance is a long-term financial product. Though you may buy any LIC insurance or investment policy with a specific purpose to meet a long-term need, your investment perspective can change over the years of time. Sometimes you may have to exit from your long-term LIC investment for various reasons such as a change in your requirement, sudden personal economic hardship or the product is a misfit for your current investment portfolio. Whatever may be the reason, Life Insurance Corporation allows you to surrender your policy mid-way with certain conditions attached to it in specific to each policy. Are you planning to surrender your LIC policy? But, are you aware of the value attached to the cancellation or surrender of the policy? If not, read on to know the surrender value in detail and how to calculate LIC surrender value. What is the surrender value? Surrendering the LIC policy means terminating the policy before the date of maturity. As the name implies, surrender value is the amount that is paid by the insurance company on terminating or surrendering the policy. ‘Surrender value’ exists for only those LIC policies that have savings […]

A complete guide to mobile insurance Mobiles have become the part and parcel of the modern generation. It is no longer just a means to talk with people, mobiles today have become multifaceted which allow you to click pictures, chat through messages and even shop online. In fact, mobiles have become so important that many people have not one but two phones in their possession. Mobiles phones have also evolved with various unique and cutting features which make your user experience more enhanced. However, mobile phones are also prone to lose. Theft or loss of the phone, mishandling, water seepage, screen damage, etc. are some of the common threats which mobile phones face. In fact, mobile phone damage is very common. When the damages occur you face considerable financial loss and repairing the phone is not cheap. Given the high-end models which are available in the market, if the phone is damaged you have to incur substantial costs in getting the phone repaired or replaced. Can you bear these costs easily? Many might not be able to bear the costs easily, so a mobile insurance policy is made available in the market. The policy covers your mobile against possible damages […]

Everything you need to know about Aam Aadmi Bima Yojna (AABY) What is Aam Aadmi Bima Yojna ? The Government of India has introduced the Aam Aadmi Bima Yojna which is a social security scheme focusing on the people living in rural areas of India. The Aam Aadmi Bima Yojna is a group insurance scheme which was introduced on 2nd October 2007. Further, the scheme started operating successfully in 2013. The operational activities related to the scheme are carried out by the Ministry of Finance of India under the supervision of the Government of India. The Ministry of Finance of India had proposed for the merging of two social security schemes i.e. ‘Aam Aadmi Bima Yojna’ and the ‘Janashree Bima Yojna’. After the merging, this scheme is known as the ‘Aam Aadmi Bima Yojna’ which offers insurance coverage to the family head of a rural family or an earning member in the family. By this scheme, the beneficiaries of the scheme qualify to apply for this scheme without having to pay any money for this. The premium for this insurance scheme is Rs. 200 and this amount is shared between the State Government and the Central Government. The major objectives […]

All you need to know about the Senior Citizen Savings Scheme (SCSS) In today’s volatile market scenario, a falling rate of interest is the major matter of concern for senior citizen investor who seeks regular income. Senior citizen scheme introduced by the Government of India is the safest investment option offered to senior citizens. It is an ideal investment choice for people aged 60 years and above to avail regular stream of income. Senior Citizen Savings Scheme – an overview Senior Citizen Savings Scheme (SCSS) is primarily meant for people aged 60 years and above who are looking for a safe investment option to park their retirement corpus. The scheme offers a good rate of interest, currently, the rate of interest is 8.6%. Interest rate is reviewed by the Ministry of Finance every quarter and is subjected to change periodically. The tax benefits offered by the product makes it the most popular product for senior citizens. This government-backed financial instrument is available through India Post Offices and Public/Private sector banks. Let’s learn about the product in detail. Eligibility criteria for the Senior Citizen Savings Scheme Following are the eligibility requirements applicable for senior citizen savings scheme (SCSC): Any individual aged 60 years […]

Commercial Vehicle Insurance – Compare and Buy Insurance Plans Every vehicle plying on the Indian road needs to be mandatorily insured. If you are running a business, Insurance required is needed for commercial vehicles also such as passenger-carrying vehicles, goods carrying vehicles, miscellaneous vehicles such as Cranes, Trailers and tractors. It is important to have comprehensive coverage for commercial vehicles as road mishaps can result in heavy liability and make your business suffer. What is commercial vehicle insurance? Commercial vehicle insurance is a type of motor insurance policy that provides coverage against liabilities arising out of third-parties when involved in an accident, loss or damage to the insured vehicle against various man-made and natural calamities along with personal accident coverage to the owner and paid driver. This coverage is also referred to as commercial car insurance and commercial truck insurance as insurance is most commonly associated with company cars and goods carrying trucks. Why do you need commercial vehicle insurance? Commercial vehicles are an important part of many businesses. If you are running a business and using vehicles for business purposes, it’s important to insure them adequately. Following are the main reasons why you need to insure your commercial vehicle: In case your commercial vehicle is involved […]

Covering your family under health plans is a must. Here’s why Medical expenses are skyrocketing as medical inflation is on the rise. New treatments are constantly being developed with latest technology and these treatments are expensive. In fact, even a mere hospitalisation can amount to tens of thousands of rupees even if you have to undergo a minor surgery. Given the increasing medical costs, do you think you can afford a medical contingency yourself? According to a survey conducted by the National Sample Survey Office in 2013-14, 36 million Indian households faced medical expenses which exceeded their annual per capita consumption. (Source: https://www.livemint.com/Home-Page/gTErhKxOcHv2BIa89RzonM/ThestaggeringcostsofIndias-healthcare-system.html ). The numbers say that 36 million households faced severe medical contingencies which put a strain on their annual household budget. Given the increasing medical costs, the numbers are not surprising. What is surprising though is that these families did not have health insurance to protect against the medical expenses. Health insurance policies prove to be a blessing when faced with a medical contingency which threatens your finances. The plan covers medical expenses and gives financial relief to you. Though a health insurance plan is important, covering your entire family under a family floater health insurance plan is as important […]

Does your Health Insurance in India cover Coronavirus?   The world is reeling under the widespread incidence of Coronavirus which, though has its origin in China, has spread world over. The disease is on the brink of being labelled as a pandemic as it has spread to many countries across the globe. What is causing panic among individuals is the fatal nature of the virus. More than 96,000 cases of Coronavirus have been reported as of 5th March 2020 and the recorded number of deaths so far has been more than 3300 (Source: Worldometers.info). What is coronavirus? Coronavirus is a type of virus which causes flu like illness in humans. It is named as such because of its shape which is round with crown-like protrusions around the circle. The symptoms range from cough, cold, fever and other symptoms which are like flu and so, diagnosis becomes a challenge. What started out as a viral infection in China has now spread to Europe, Middle-East Asia, South America and even India. Though the cases in India are low, given the contagious nature of the virus, the spread can be quick and the numbers might increase manifold. You should, therefore, take extreme precautionary measures […]

Bought a term plan? Don’t forget to renew it timely A term insurance plan is a life insurance policy which promises to pay a benefit if the insured dies during the chosen tenure of the policy. For instance, if you buy a term plan for 20 years and death occurs within these 20 years, the sum assured is paid under the plan. If, however, the term is over and the insured survives, there is, usually, no maturity benefit. So, if, after 20 years, the plan matures and you are alive, you do not get any maturity benefit. Term plans are important in the sense that they have very low premiums. As such, they allow you to opt for high levels of sum assured and create the promise of financial security for your family in case of your untimely demise. In fact, term insurance plan is the only avenue which provides financial security to your family members as they are assured of a benefit in case you are not around to provide for them. Since term plans cover death during the tenure, it is advised to buy a plan with the longest possible coverage tenure. When you choose a longer tenure, […]

Do you know which ones are the Government Owned Insurance Companies in India? Prior to the year 2000, the insurance segment in India was dominated by Government insurance companies. However, the Government formed the Malhotra Committee in the year 1993 to suggest reforms in the insurance sector. As per the recommendations of the committee, the Insurance Regulatory and Development Authority of India (IRDAI) was formed and the insurance segment was opened to private companies. Since the year 2000, both life and general insurance segment have seen different private companies tying up with foreign companies to sell insurance products. The market has, therefore, become competitive. However, there are still some insurance companies which are owned by the Government of India. Let’s see the list of such Government companies in different insurance segments – List of Government Insurance Companies for Life Insurance in India: The Life Insurance Corporation of India (LIC) The Life Insurance Corporation of India was formed in the year 1956 when the Government nationalised the business of life insurance. From 1956 to 2000 LIC enjoyed a monopoly position in the country selling life insurance policies. Even today LIC has the largest market share in the life insurance segment. The […]

Cancer Insurance – Types, Benefits, Buy and compare cancer plans online What is Cancer Insurance? Cancer is a life-threatening and dreadful disease affecting approximately 2.5 million people living in India. This disease is dangerous enough to affect the peace and happiness of one’s life. However, many effective medical technologies, treatments related to cancer have started giving a ray of hope in this case and this makes cancer insurance important. Cancer Insurance is a special type of fixed benefit insurance plan which helps in the management of the financial crisis associated with the treatment of cancer. Cancer insurance policies are designed in such a way that they help in offering comprehensive coverage against cancer. This insurance plan will help the policyholder with financial support for treatment-related issues in case of a financial emergency. There are two basic types of health insurance plans in India- Indemnity health plans and fixed benefit health insurance plans. Indemnity health plans pay for the expenses incurred by the insured on hospitalization and the fixed benefit health plans pay on the occurrence of ailment. Since cancer insurance plan is a Fixed Benefit health insurance plan, it can be taken alongside an indemnity health insurance plan for hospitalization […]

How to Check Vehicle Insurance Status Online? Vehicle insurance which is also known as motor insurance is insurance for two-wheelers, cars and commercial vehicle. The main objective of these insurance plans is to provide protection against bodily injury and physical damage caused by the vehicle due to accidents and traffic collisions. Liabilities arising from bodily injury and damage caused to the third party is a compulsory coverage needed for every vehicle plying on Indian road as per the Motor Vehicle Act. Motor insurance plans come in comprehensive packages also which gives protection to the owner-driver and to the vehicle against man-made and natural calamities risk. Vehicle insurance status can be checked online in many ways. The motor insurance industry in India Currently, the Indian general insurance industry is growing rapidly. There are 33 general insurance companies operating in India. Motor insurance business contributes to a major percentage of over 50% to the growth of the general insurance industry. As insurance providers are coming up with customisable and personalised motor insurance plans, the industry is growing rapidly. As per the recent findings, the total gross premium of the motor insurance industry is expected to cross 17 billion $ mark by the […]

PLI Status: All about checking the status and paying premiums of postal life insurance online   The establishment of Postal Life Insurance (PLI) goes all the way back to pre-independent India. PLI was founded in the year 1884 as a State Insurance scheme for the employees of the postal department. In the year 1888, the scheme was extended to cover employees of the telegraph department as well. However, today, PLI schemes are not only restricted for employees of the postal and telegraph departments. It can be bought by individuals working in public sector companies, Government organisations, banks and financial institutions, educational institutions, etc. Postal Life Insurance offers a range of traditional insurance plans which promise a guaranteed benefit. The premiums under the plans are very low and affordable and the plans promise attractive bonus earnings. Some of the plans offered by PLI include the following – Name of the plan Type of plan Salient features  Suraksha Whole life plan ·         The plan runs till the insured attains 80 years of age ·         On maturity, the sum assured and bonus are paid ·         The loan can be availed after four policy years Santosh Endowment plan ·         Loan is available after three […]

All you need to know about cashless mediclaim policy in India Having an adequate health cover is an essential requirement of today. Considering the rapid rise in lifestyle diseases, road accidents and inflated cost of healthcare, mediclaim is one of the most important investments one has to make. An unfortunate accident or a sudden illness can lead to huge amount of out-of-pocket medical expenses without having the right cashless mediclaim insurance policy. With the rising rate of healthcare inflation, treatment cost for minor illness can also deplete your savings and become a financial burden. Due to this rising concerns of treatment cost, many insurers are now offering mediclaim policies with cashless facility. Overview of cashless mediclaim policy Cashless mediclaim policy is an excellent solution to protect yourself against sky-rocketing medical expenses in the event of hospitalisation for an illness or due to an accident, without having to incur any out-of-pocket expenses. Basically, insurance companies are tied up with various hospitals across the country for the cashless facility which are referred to as ‘network hospitals’. On availing treatment at any of the network hospitals, medical bills will be directly settled to the hospital by insurance company. ‘Cashless mediclaim policy’ comes as a blessing in the […]

Top child investment plans in India Children always hold a special place in your hearts. They are your bundle of joy and you try to bring your child up in the best possible way. That is why you choose the best education, the best clothes, the best food and also the best future for your child. Whatever you do for your child, it involves money. Whether you want your child to go to the best schools or have the best toys, you need money to fund your child’s dreams. Especially when your child wants to build a career for himself/herself you need sufficient funds for higher education. Given the rising cost of education, affording quality education for your child is tough. When it comes to higher education, the challenge becomes more difficult as higher studies are expensive. When you are earning, you set aside funds for your child’s future expenses and higher studies. But what would happen in case of an unforeseen emergency? In case of your premature death, can you ensure a secure financial future for your child? You can if you choose a child insurance plan. Child insurance plans – meaning  Child insurance plans are life insurance plans […]

All you need to know about whole-life insurance plans Who doesn’t like the security of being covered lifelong when the life insurance policy doesn’t have an expiry date? Whole life insurance policies promise such lifelong coverage and much more. Let’s understand how – What are whole life insurance plans? Whole life insurance plans are those plans which provide coverage until you reach 99 or 100 years of age. Thus, these plans essentially run for your entire lifespan if you die before reaching 100 or 99 years of age. Salient features of whole life insurance plans Whole life insurance plans which are available in the market have some salient features which are as follows: These plans can come in different variants. These variants include the following – Pure protection plans, also known as Term Insurance Planswherein only a death benefit is paid whenever the insured dies before attaining 100 years of age Endowment plans wherein coverage runs till 100 years. In case of death, a death benefit is paid if the insured survives till 100 years of age, a maturity benefit is also paid Money-back planswherein regular money back benefits are paid after the completion of the premium paying tenure. The benefits are paid […]

A detailed guide to third party car insurance Traffic rules and guidelines are determined by the Motor Vehicles Act, 1988. The Act states the rules for all types of vehicles which run in India. One such rule of the Act is that every vehicle should have a third party insurance cover on it. Only if the vehicle has a valid insurance cover can it run on Indian roads? If you have a car you would also need a valid third party insurance cover on it. While many of you understand that the cover is necessary, do you understand the coverage benefits of third party insurance? If you don’t, here’s a detailed analysis of third party car insurance plans – What is a third party insurance policy? A third party insurance policy is a mandatory motor insurance policy which covers any type of third party losses which are caused by the car. The policy covers the losses and pays the financial liability which is suffered by the car’s owner. How does third party insurance work? Under a third party insurance policy, three parties are involved which are as follows – The first party which is the car’s owner who buys the plan Second-party is the insurance company which covers the […]

Understand how a ULIP calculator works Unit Linked Insurance Plans, or ULIPs as they are popularly called, are the hottest selling life insurance plans in the market. The reason is quite simple. ULIPs offer insurance coverage as well as market-linked returns and therefore take care of two goals under the same plan. Individuals, therefore, aim to maximise their wealth through ULIPs. But do you understand how ULIPs work and their return potential? What are ULIPs? ULIPs are market-linked insurance plans which invest your premiums in the capital market. There are different types of investment funds with a diversified portfolio. You can choose any one or more of the available funds for investing your premiums. Once invested, your premiums grow as per the market movements and give good returns. Moreover, in case of death during the policy tenure, the plan also promises a death benefit to take care of the financial loss suffered by the family. Given this combination of returns and insurance cover, ULIPs are favoured. Features of ULIPs Unit linked plans are quite different from other life insurance plans because of the following salient features: The returns under ULIPs are not guaranteed. They depend on market movements. Since the […]

Don’t hide your pre-existing illnesses when buying health insurance One of the most common mistakes which most of you commit when buying a health insurance plan is not disclosing or lying about your medical condition when filling up the proposal form. You believe that disclosing your existing medical complications would either result in the rejection of the policy or, if the policy is accepted, the premiums would be increased. What you don’t realize is the fact that hiding about your pre-existing conditions would put your claim in jeopardy if the claim occurs due to such conditions. As such, informing the insurance company about your pre-existing illnesses is a wise thing to do. Health insurance companies allow coverage for pre-existing illnesses with some terms and conditions. Let’s understand what these terms and conditions are – Definition of pre-existing illnesses Pre-existing illnesses or conditions are those medical ailments which you already suffer from at the time of buying a fresh health insurance policy. How pre-existing illnesses are covered in health insurance plans? Health insurance plans cover pre-existing illnesses after a specified duration which is called the waiting period. Every policy has a waiting period of 1 year to 4 years for pre-existing conditions. […]

Insured Declared Value (IDV) – Details and Calculator (Car) Motor insurance is a compulsory requirement to ply your vehicle on Indian roads. When it comes to buying motor insurance plans, brochures and the policy-related document is often loaded with many insurance jargons which can make it confusing for you to understand. Insured Declared Value or IDV is one such jargon which needs to be understood properly to make the right and informed buying decision. So, what is insured declared value or IDV? Let’s understand as to what insured declared value or IDV means, how it is calculated and how IDV is going to impact your vehicle insurance policy. What is Insured Declared Value (IDV)? Insured Declared Value or IDV means the current market value of your vehicle. IDV represents the maximum sum insured fixed by the insurance company that will be payable during the total loss of vehicle during an accident or on the theft of the vehicle. IDV is calculated after factoring in the depreciation. Calculation of Insured Declared Value (IDV) Insured Declared Value (IDV) = Manufacturer’s listed selling price (excluding insurance and registration cost) – a depreciation of the vehicle Depreciation is deducted as per the schedule. Due to the depreciation factor, insured declared value (IDV) of the vehicle decreases […]

Are you buying maternity insurance? Check these things first! One of the biggest blessings during a lifetime is that of becoming parents. The very idea of giving birth to your little one can be both emotional and blissful. However, there is another aspect to parenthood that one must not forget about, the additional expenses. The moment you start planning for a kid, you must also plan your finances as well. The simple reason is that there are a lot of risks and complications that might come along with motherhood. And of course, raising a kid requires lots of proper financial planning. The availability of health insurance for pregnancy is the first check that one should do. You must also plan for the additional expenses that you will have to take care of immediately after the birth of your child. There is no denying that parenthood comes with a flurry of emotions and if you have to worry about the expenses as well, it can be a bit overwhelming. Having a maternity insurance plan will ensure that you are not bogged down by such expenses. There are several medical insurance plans which offer maternity benefits. While it is good to have those benefits, […]

Things to know about cashless health insurance in India (Complete Guide) With the dramatic rise in healthcare costs, medical emergencies can make a big hole in your pocket. Hence, it has become imperative for everyone to buy health insurance plans in India. While buying health insurance plans, people consider various things such as coverage offered, premium and additional benefits etc. But, the most important thing one must consider in any health insurance plan is the ‘’cashless facility’’ offered to avail the quality medical care services at the right time. Overview of cashless health insurance Cashless health insurance is a health insurance policy that comes with a cashless claim facility. As the name implies, in cashless health insurance plans, you don’t have to face the hassles of paying cash during medical emergencies and then getting it reimbursed from insurers. In this, your insurer will directly settle the medical bills to the network hospital where you avail healthcare treatments. Hence, in order to avail the quality healthcare treatment at the rightly needed time, it’s important to have an ideal health insurance plan that is supplemented by the cashless facility. With cashless health insurance, you can get the timely treatment even without having a contingency fund for […]

A complete guide about Pradhan Mantri Suraksha Bima Yojana The Prime Minister of India, Mr Narendra Modi has launched various types of social security schemes in his tenure. These schemes are insurance schemes which promise either free insurance coverage or coverage at very low premium rates. One such insurance scheme which the Prime Minister launched is Pradhan Mantri Suraksha Bima Yojana (PMSBY). What is PMSBY ? The Pradhan Mantri Suraksha Bima Yojana is a personal accident insurance scheme which covers accidental death and disablements. The scheme was introduced in the Union Budget of 2015 and was later implemented in May that year. Features of PMSBY insurance Listed below are some of the most important features of Pradhan Mantri Suraksha Bima Yojana which you should know – The duration of the scheme is one year after which you can renew it The coverage duration is fixed. It starts from 1st June and continues up to 31st May of the next year The premium of the scheme has to be paid through auto-debit from your bank account Renewal would be allowed only if you agree for auto-debit of premiums from your bank account Deaths and accidents due to natural calamities and murder are also covered The premium for the scheme […]

All you ever needed to know about the Pradhan Mantri Bima Yojana Details The Government of India has come up with many social security schemes for individuals and households in order to provide financial security. Pradhan Mantri Bima Yojana is mainly introduced with an objective of providing financial protection against illness, accident or death, specifically for an underprivileged and uninsured section of the society. There are mainly two Bima Yojanas introduced by the Modi-led government. You can apply for Pradhan Mantri Bima Yojana online through authorised bank’s net banking facility. Let’s take a look at the various Pradhan Mantri Bima Yojana available for enrolment. Pradhan Mantri Suraksha Bima Yojana Pradhan Mantri Suraksha Bima Yojana is introduced by the Government of India to provide accidental death coverage to larger uninsured section of the society. Highlights of Pradhan Mantri Suraksha Bima Yojana Any Indian citizen between the age of 18 years and 70 years can enrol into this scheme Individual must have a savings account from where he can give consent to auto-debit the premium amount The policy is issued for one year period starting from 1st June to 31st May of the next year. Yearly renewal can be done. You can also opt for long-term enrolment with auto-debit of […]

Are life insurance plans a good investment option for individuals? Why do you buy life insurance plans? Is it to achieve financial security for your family or is it to create wealth? It is only human to want more and so many of you want to avail multiple benefits from your life insurance investments. Insurance companies also understood this sentiment of their customers and so they designed plans which fulfilled these needs. Earlier, life insurance only meant term insurance plans which paid a benefit only in case of death. However, with customers wanting returns from their insurance policies, various savings oriented insurance plans were designed. Today, there are two kinds of plans which offer investment returns. They are – Endowment plans Unit linked insurance plans (ULIPs) Endowment plans are traditional plans which create guaranteed savings. They might declare bonuses which enhance the benefits payable. Moreover, guaranteed additions, loyalty additions, etc. are also promised under most endowment plans to increase the corpus. Endowment plans are long-term plans which come with durations ranging from 10 years to up to 30 years. Unit linked plans, however, are modern day insurance plans which give the benefit of market-linked returns. These plans have been designed with […]

Bought a term plan? Don’t forget to renew it timely A term insurance plan is a life insurance policy which promises to pay a benefit if the insured dies during the chosen tenure of the policy. For instance, if you buy a term plan for 20 years and death occurs within these 20 years, the sum assured is paid under the plan. If, however, the term is over and the insured survives, there is, usually, no maturity benefit. So, if, after 20 years, the plan matures and you are alive, you do not get any maturity benefit. Term plans are important in the sense that they have very low premiums. As such, they allow you to opt for high levels of sum assured and create the promise of financial security for your family in case of your untimely demise. In fact, term insurance plan is the only avenue which provides financial security to your family members as they are assured of a benefit in case you are not around to provide for them. Since term plans cover death during the tenure, it is advised to buy a plan with the longest possible coverage tenure. When you choose a longer tenure, […]

Guide To Download LIC Premium Payment Receipt Life Insurance Corporation of India is one of the most trusted insurance company in India. LIC is not only popular for its wide presence and numerous variety of life insurance products, but it is also known for high-quality customer services it provides. Right from purchasing the LIC policy to claiming the benefits, LIC offers ease and convenience to its customers for every service. LIC’s e-services make it easy for the customer to pay the premiums online without any hassles and access LIC online payment receipt anytime. Visiting the branch to obtain the LIC premium paid certificate is no longer needed. LIC premium paid statement is usually required by policyholders to submit it as proof of investment for income tax declaration purposes. LIC online payment receipt and consolidated premium paid statement can be downloaded from the LIC website easily with few clicks. Steps to download LIC premium payment receipt User ID and password for the LIC customer login portal is all that you need to download the LIC premium payment receipt instantly in no time. That means you need to be registered for the LIC e-services to download the LIC premium paid certificate. If you are a registered user, following are the simple […]

NPS Account – How to Open NPS Account Online? National Pension Scheme is a retirement product introduced by the Government of India. The scheme falls under the jurisdiction of the Pension Fund Regulatory and Development Authority (PFRDA). NPS is a social security scheme made available for all citizens of India. Before we learn about opening the NPS account, let’s take a look at the key features of the plan.     Key features of the National Pension Scheme NPS is a voluntary, defined contribution- based pension product with a two-tier structure for investment. Tier I has a mandatory pension account with tax benefits available. Tier II is a flexible and optional investment account which allows you to park excess funds temporarily NPS account can be opened with a minimum investment of INR 500 at once and INR 1,000 per annum. Who can open an account in the National Pension Scheme? All Indian citizens between the age group of 18 years and 60 years can open an NPS account. The account opened can be operated anywhere in India through wide networks of Point of Presence (POPs). There are 54 empanelled POPs, list of which is available on NSDL- eNPS portal. How to open […]

PLI Status: All about checking the status and paying premiums of postal life insurance online   The establishment of Postal Life Insurance (PLI) goes all the way back to pre-independent India. PLI was founded in the year 1884 as a State Insurance scheme for the employees of the postal department. In the year 1888, the scheme was extended to cover employees of the telegraph department as well. However, today, PLI schemes are not only restricted for employees of the postal and telegraph departments. It can be bought by individuals working in public sector companies, Government organisations, banks and financial institutions, educational institutions, etc. Postal Life Insurance offers a range of traditional insurance plans which promise a guaranteed benefit. The premiums under the plans are very low and affordable and the plans promise attractive bonus earnings. Some of the plans offered by PLI include the following – Name of the plan Type of plan Salient features  Suraksha Whole life plan ·         The plan runs till the insured attains 80 years of age ·         On maturity, the sum assured and bonus are paid ·         The loan can be availed after four policy years Santosh Endowment plan ·         Loan is available after three […]

All You Need to Know About Tractor Insurance in India India is an agriculture-oriented country where more than 70% of its land is under agriculture. Agriculture, therefore, is the primary source of livelihood for most of the population of India. Tractors are an important component of the agriculture process as they help farmers in the cultivation and harvesting process. That is why tractors are very popular and in-demand among farmers and land-owners who use their lands for cultivation purposes. If the tractor faces damage, the farmers face a considerable financial loss. This is why tractor insurance policies become necessary. Besides the need to cover financial loss, since tractors are a type of vehicle, they need a valid insurance policy on them due to the provisions of the Motor Vehicles Act. Tractor insurance policies are, therefore, compulsory for tractors. Tractor insurance policies are sold by many insurance companies. These policies fall under the commercial motor insurance policies and they offer coverage for farm or commercial tractors. What is tractor insurance? A tractor insurance policy is a commercial motor insurance policy which covers tractors against damages suffered. There is also a third party liability coverage wherein damages caused by tractors are also compensated by […]

A beginner’s guide to comprehensive car insurance Indian traffic rules are governed by the Motor Vehicles Act which was passed in the year 1988. The Act lays down the rules which every vehicle should follow. One such rule prescribed by the Act is the requirement of a valid car insurance policy on every car which is running on Indian roads. The Act requires you to have a third party liability coverage which would protect the interests of other individuals if they suffer any loss due to your car. However, the third party cover does not cover the damages that your car might suffer. For such damages you would have to bear the repair costs yourself. But aren’t the repair costs too expensive? They are and so there is a comprehensive insurance policy for your car which covers the damages suffered by the car itself. Do you know what the policy is all about? What is comprehensive insurance meaning? A comprehensive car insurance policy is a policy which covers both third party liabilities as well as the damages which are suffered by the car itself. If the car is involved in an accident and gets damaged, a comprehensive insurance policy would […]

A detailed guide to third party car insurance Traffic rules and guidelines are determined by the Motor Vehicles Act, 1988. The Act states the rules for all types of vehicles which run in India. One such rule of the Act is that every vehicle should have a third party insurance cover on it. Only if the vehicle has a valid insurance cover can it run on Indian roads? If you have a car you would also need a valid third party insurance cover on it. While many of you understand that the cover is necessary, do you understand the coverage benefits of third party insurance? If you don’t, here’s a detailed analysis of third party car insurance plans – What is a third party insurance policy? A third party insurance policy is a mandatory motor insurance policy which covers any type of third party losses which are caused by the car. The policy covers the losses and pays the financial liability which is suffered by the car’s owner. How does third party insurance work? Under a third party insurance policy, three parties are involved which are as follows – The first party which is the car’s owner who buys the plan Second-party is the insurance company which covers the […]

Ultimate guide to choose best car insurance policy in 2019 In India, car insurance is a mandatory requirement for all car owners, courtesy the Motor Vehicles Act passed in the year 1988. So, every proud car-owner in the country is also the owner of a car insurance policy. Though car insurance is mandatory, when it comes to buying or car insurance renewal, many car owners don’t know how to choose the best car insurance in India. The technical nature of the policy often confuses them. What about you? Do you know how to buy the best car insurance policy in India? If you don’t, no need to worry. Here are some pointers to keep in mind when buying car insurance. These are an ultimate guide to help you choose the most suitable and the best car insurance policy in 2019 – Choose the correct type of plan When you look for car insurance, you would find third party car insurance online as well as comprehensive plans. These are the two types of car insurance policies which are available in India. While third party plans cover only the financial liability you face in case of causing a loss to a third party, comprehensive plans also cover the […]

Third-Party Vs Comprehensive insurance: Which to opt for? Traffic rules and regulations are laid down in the Motor Vehicles Act, 1988. The Act specifies the rules for driving on Indian roads for all types of vehicles. One such rule specified by the Act is the requirement of a valid insurance policy on the vehicle. The Act states that if a vehicle is to be used on Indian roads, the vehicle should have valid insurance coverage. This coverage would protect the interests of third parties if the vehicle causes them any type of harm. Based on the directives of the Motor Vehicles Act, 1988, motor insurance policies are offered by general insurance companies. These policies fulfil the legal mandate of the Act and also help the vehicle owner deal with financial losses associated with the vehicle. Motor insurance policies come in two variants – third-party liability and comprehensive. Let’s understand these variants and the coverage that they offer: Third-party liability insurance  A third-party liability policy covers any third party liability that you face in case of accidents involving your vehicle. These liabilities include the following – If any individual is killed due to your vehicle, you face a financial liability If […]

Do you know the coverage of your two-wheeler insurance policy? What do you do when you buy a new bike? You check its features, fuel efficiency, mileage, power, colour, price and other aspects ensuring that you select the best. Do you pay so much attention to the bike insurance policy which is also bought along with your bike? As per the provisions of the Motor Vehicles Act, 1988, your bike should have a valid two wheeler insurance cover on it if you want to drive it around. While the requirement of two wheeler insurance is common knowledge, the coverage that is available under the plan is not so commonly known. Many bike owners are clueless about the instances which would be covered by their bike insurance policies. This lack of knowledge is largely because of the technical concepts of insurance which escapes people’s understanding. So, let’s simplify the coverage aspects of two wheeler insurance policies. Coverage under two wheeler insurance plans depends on the type of policy that you buy. There are, essentially two types of policies, third party liability only plans and comprehensive plans. Moreover, there are also additional riders, called add-ons, which are available with comprehensive policies. Let’s, therefore, understand these […]