Category Archives: Uncategorized

Top 5 Auto Insurance Policies

In India, three main types of Car Insurance are offered:

•Private Car Insurance
•Commercial Vehicle Insurance
•Two Wheeler Insurance

Here is overview of Top 5 Car Insurance Companies in India:

1. ICICI Lombard General Insurance Co. Ltd.

1

ICICI Lombard GIC Ltd. is a private player in the insurance industry. It is also the largest insurance company in India (private sector). ICICI Lombard Auto Insurance also boasts of a reputed award for customer and brand loyalty.
Some benefits of this Insurance Company
•Doorstep surveyor facility
•Online purchase on EMIs
•Towing assistance
•Cashless settlement at 2900+ network garages
•Digitally signed online policy

2. Tata AIG General Insurance Co. Ltd.

2

Established in the year 2011, Tata AIG General Insurance has managed to win over a decent part of car insurance marketplace owing to its smooth hassle-free claims.
Some benefits of this Insurance Company
•Free car pick up
•Warranty on repairs
•Unique add-ons
•Cashless settlement at network garages
•Claim settlement within 7 days

3. The Oriental Insurance Co. Ltd.

3

The company is owned by the Central Government. Rated as the iAAA by ICRA, Oriental Insurance Company is one of the best companies offering car insurance in India. The brand swanks the most reputed awards in the industry including the prestigious ‘best bank and financial institution award’ and ‘best public general insurance award’.

Some benefits of this Insurance Company
•Recognised as one of the most reliable names in car insurance industry
•Valuable add-ons
•High claim settlement ratio in the industry
•Fast claim settlement

4. The New India Assurance Co. Ltd.

4

Widely recognised for being the pioneer in initiating highly innovative insurance products, the New India Company for insurance is fully owned by the government of India. Interestingly, it has turned out as the only Indian insurance company to be rated by an international rating agency.

Some benefits of this Insurance Company

•The company takes action on claim request within 3 days of application
•Complaint acknowledged within 3 days of receipt
•Grievance resolved within 15 days of receipt
•Surveyor appointed within 48 hours of claim notification
•Claim payment made within 3 days of discharge voucher receipt

5. HDFC ERGO General Insurance Co. Ltd

5

The ISO 9001:2008 certified company is known widely for its world class customer oriented approach. HDFC is definitely the top notch brand for buying a car insurance.

Some benefits of this Insurance Company
•Discount on age and profession
•Cashless settlement at 1600+ network garages
•Nil documentation
•Fast claim settlement
•Dedicated customer support team

Summary:
Car Insurance simply is kind of a relief in cases of accidents or thefts. It can be said that it is an essential task to be done once you bought a car, especially in India. One can easily get car insurance information online, and even can compare different policies through various sites.

 

Myths About Life Insurance Policies

Living in the moment might be a very good approach to life, but it doesn’t work in the world of financial planning, future securing and insurance. Life insurance is not a simple thing. There are many elements that must be considered carefully even in term life policies, in order to achieve the proper type of coverage. There are a lot of misconceptions associated with Insurance. Insurance is mostly viewed as a tax saving tool and hence enough cover is not taken to cover you and your family under necessary circumstances.
This article will help you briefly examine the most popular myths surrounding life insurance and the realities that they distort and present.

Myth 1- I’m Single and Don’t Have Any Family or other Dependents, so I Don’t Need Coverage:

1

Single persons definitely need life insurance at the very least to cover the costs of personal debts and medical bills. If you are uninsured, you may leave a legacy of unpaid expenses for your executor to deal with. You most certainly need a policy to take care of your retirement worries as well. Plus, this can also be a good way for singles to leave a legacy to a favorite charity or other cause.

Myth 2- Insurance will only benefit after my death:

Insurance policies provide protection to you and your family. One of the main objectives of taking insurance is to provide financial coverage to your family in case you are not around but this is not the only objective. Insurance also helps you to build a protection for yourself by providing you with a comfortable retired life and taking care of your lengthy medical bills.

Myth 3- I’m young and healthy hence, I don’t need life insurance:

3

No-one really knows what’s just around the corner — accidents and illness do happen. If you wait until you are old or get sick before thinking about life insurance, it is likely to cost you much more and be extremely harder to obtain. Generally, once you have your life insurance policy, you can keep on renewing it by providing premiums on time. This is regardless of changes to your health or occupation.

Myth 4- Only breadwinners need life insurance coverage:

Your stay-at-home partner may not earn an income, but think of everything that he or she does to keep the household running. The cost of replacing the services formerly provided by a deceased homemaker can be much higher than you think, and insuring against that monetary loss makes sense. Life insurance can square the cost of hiring help or changing jobs to accommodate a new lifestyle in your partner’s absence.

Myth 5- Term life insurance is always the right fit:

2

Term policies usually last for a certain period of time, so if you don’t renew your policy after that period, it does not exist anymore. Term life insurance often gets more expensive as time goes on, while in Universal life insurance you always have to pay the same premium, and is considered to be one investment in life that is guaranteed to pay off.

The Bottom Line:

These are some of the most prevalent misunderstandings and myths concerning life insurance that the public faces today. The most important thing for you to understand is that you should never leave life insurance out of your budget unless you have enough assets to cover expenses in your absence. For further details and information, you should consult your life insurance agent or financial adviser.

 

Importance Of Travel Insurance

Travel insurance is a very important part of insurance policies and provides financial coverage and other benefits on a trip if any mishaps occur, both in a domestic or an international trip. It should not be sidelined during overseas trip for business, vacation or higher studies. Medical or health policy only covers medical emergencies that may occur during a trip. But your travel insurance policy will bear all sorts of losses like misplacements or non-arrival of luggage’s, cancellation or delays of flights, looking for your stolen documents, etc. If you are still unsure about buying travel insurance, do read the few important tips below.

1

Types of Travel Insurance:

There are four important types of travel insurances-

  • Individual, Family and Senior Citizen Travel Insurance.
  • Domestic and International Travel Insurance.
  • Single and Multi Trip Travel Insurance.
  • Business and Student Travel Insurance.

The cost of travel insurance is based on a number of factors such as the age of the insured, the destination of travel, length of stay and pre-existing medical conditions.

Go Through Documents Carefully:

Travel insurance is a contract; hence you should always read the product statement carefully and ensure that you understand exactly what your policy covers. You should keep in mind that it is not unlimited. It may not cover you for cancellation or change of travel plans. Always keep a copy of the policy statement for your own record.

2

Limits and exclusions:

Travel Insurances include standard general exclusions applicable on all policies. These can include acts of civil unrest, self-inflicted injury, acts of terrorism, loss or theft of unattended baggage’s and undisclosed pre medical condition. Travel insurance policies may be cancelled if injuries occur under the influence of alcohol or drugs.

Generally travel insurance exclude dangerous or extreme activities such as snowboarding or surfing, rock climbing, kite surfing, bungee jumping and scuba diving. However you can pay an additional premium to cover such activities.

Cover for luggage and personal belongings is limited and expensive items such as cameras, laptops and/or jewellery may have a limit mentioned under the policy taken by you.

3

Travel Insurance covers so many benefits, that it becomes almost mandatory to have one while you travel. So you should most definitely own one if you are planning to travel.

 

Importance Of Having A Health Insurance

Health insurance is a type of insurance coverage that pays for medical and surgical expenses that are incurred by the person indemnified. These insure you against several illnesses, while assuring that you remain financially secure should you ever require treatment. They eliminate all your worries about treatment expenses and allow you to focus your energy on more substantial things, like getting better.

Health insurance can either reimburse the person insured for expenses incurred from illness or pay the care provider directly. Let us look at some of the important reasons for having a good health policy in your financial planning.

2

Uninsured people receive less medical care and less timely care- Having a health policy is important and is highlighted in many occasions, especially when you go for a treatment. Unfortunately, if you do not have a health insurance, they ask you to first pay some amount as deposit before they can hospitalize you. And then they keep on pestering you for more money on a timely basis to make sure you can pay them.

Hence a patient with mediclaim will be subject to more tests and care than one without one as uninsured adults get fewer preventive and screening services and on a less timely basis. It has been observed that no mediclaim can lead to more fatal outcomes as inadequate medical care over a long period of time proves to be detrimental for an individual.

Health Insurance also covers pre-existing diseases- The IRDA (Insurance Regulatory and Authority India) has mandated a maximum of 4 years after which your pre existing diseases need to be covered by your mediclaim policy. The probability of a pre existing disease recurring again is more than a new one happening, so it becomes more important to you to have a health cover these days.

Insurance diminishes Financial Burden for an Individual- For individuals and families who do not have proper mediclaim, any sort of hospitalization (a small surgery or something critical) means spending money from their pocket to pay the hospital. With the current medical costs rising year after year in India and worldwide, this can set you back big time.

1

A health insurance is a necessity for a safe and secure future. Its goal is to protect an individual and safeguard your money and insure your life for medical emergencies. Unlike common myths and misconceptions, health insurance can be cheap and affordable.

You have to remember that health or medical insurance is not a luxury, but a necessity. Paying cash for illnesses or accidents result in losing your hard earned savings. A health insurance plan is the safest way of protecting your health and your savings.