All Insurance News and Plans

Critical insurance plan is one of the few types of health insurance plan available in India. The insurance provides coverage for medical treatment of critical ailments such as cancer, kidney failure, paralysis, a stroke and the like. This becomes absolutely essential for senior citizens above 70 years of age. Why is it necessary? A critical ailment can strike at any time, especially in case of elderlies. And as costs of medical treatments continue to increase, it becomes more important to devise ways to cope up with expenses of a critical illness diagnosis. Thus, a critical illness plan , which covers highly expensive medical problems such as the ones mentioned above, becomes absolutely essential. How to choose the best insurance plan? 1. Maximum coverage available:  First and foremost, check the coverage available. The medical inflation rate is likely to increase in the next couple of years and thus, your critical illness insurance cover should be in accord...

According to the Motor Vehicles Act of 1988, every vehicle plying on Indian roads must have a valid third party insurance. It has a number of benefits as it covers the legal and financial liabilities apart from providing personal accident cover up till the prescribed limit of the policy. To avail an insurance, you can visit the insurer or purchase the third party insurance online which will also help save a lot of money.  What is a Third Party Insurance? It is an insurance policy which kicks in in case of any unfortunate event wherein the insurer pays you for the legal and financial liabilities incurred due to the damages caused by your vehicle to a third party. What this entails is that if your car were to get involved in an accident with another vehicle and you are the one at fault, then any liabilities which you have to pay to the driver of the other car will be borne by your insurance company and paid on your behalf. Inclusions of Third Party Insurance If your...

Life is an unpredictable gamble. No one actually knows what’s going to happen in the next few hours leave alone the future. With rising inflation, it is becoming even more important to secure the future with an adequate health cover. Or, opt for a top up health insurance plan which stretches your cover and extends your threshold limit. This health top up cover can be booked for both corporate group policies and independent mediclaim policies.  How it works? Top up health plans follow a cost-sharing model and are functional in situations where the policyholder has to bear the cost of treatment which is more the deductible limit of their assured limit. When the limit of the insured person’s medical expenses reaches their cover limit the insurer can stop considering the additional treatment costs and this is the time when the top up plan comes into play. It takes care of the medical expenses which cross over the threshold limit of the existing plan. These top up plans o...

There are a number of aspects which one needs to remember when applying for an insurance, even when it is done online. Doing so can help in saving a lot of money. The best thing which you can do is compare the various life insurances available online and compare their prices and features to begin with. Some of the other top tips to save money on both life and non-life insurance premiums include - Tenure The premium which is charged in case of life-insurance plans is usually higher when the tenure is longer. The cash value that is offered is not much when opting for a life insurance that has to be renewed again and again. Moreover, the insurance premium also increases every time it is renewed.  Also, if at any time part of the investment is withdrawn who value is more than the yearly premium, then chances are that it might be charged as taxable income. Thus, it is best to opt for long-term life insurances where there is no scope of the premiums getting increased. Li...

The purpose of a comprehensive home insurance policy is the one that keeps the home protected against calamities in more ways than one. The policy can keep you covered for repair damage and home renovation resulting from the covered damage.  While, a comprehensive home insurance covers any losses due to fire, floods, earthquake and other natural or man-made calamities, Loss of valuable contents of home in case of a burglary, cover for jewellery, valuables, works of art, additional benefit of rent for alternate accommodation or temporary resettlement, and add-on benefits like keys and lock replacement, liability cover, loss of rent etc. When the home goes through a damage such as fire the policy assists you to rebuild or repair the house. It takes into consideration the structures such as a deck or garage attached to your home which will be considered for repair. Not just repair, the cover will also be available for damages to your personal property which can be th...

The earthquakes that hit Nepal in 2015 convinced a lot of people in India that house cannot be secure without insurance. This is because natural disasters can strike any time and to protect oneself from its damaging effects, it is best to have a home insurance .  Such an insurance neither fixes nor prevents damages. What it does is reduces or compensates greatly the costs involved in restoration of homes. It is best to compare what the different home insurances have to offer before opting for one. Also, there are a number of myths regarding home insurance. Let’s dispel a few of them - Act of God Not Covered You need to read out the terms and conditions of your insurance policy carefully. There are a number of policies where any and every damage caused by natural disasters be it heavy rains or thunderstorms among others are covered. Claim Settlement is a Headache This is the biggest myth among all of them. Claim settlement for any house insurance in India is not ...

Despite having a thorough knowledge about how to maintain a healthy life, there are people who commit some major health mistakes every day without even realizing it. To give you a gist, some of them are mentioned below.  1. Not exercising:   Exercise doesn’t mean you have to hit the gym daily or lift heavy weights, doing yoga for 10-15 minutes every morning or going for an early morning is more than enough you’re doing it consistently.  2. Not having a health insurance policy in place:   Not having a comprehensive family or individual health insurance is a cardinal mistake which would cost you your entire savings. The thing is, life won't work as per your plans and so won't your health. Besides, major health problems like cancer, disabilities and blood pressure issues have become very common even amongst youngsters. Hence, you should never take your life for granted nor take your health lightly. As soon as you realize the importance, get on...

Given the ever-increasing number of road accidents, having a car insurance in place in India is an inevitable need. However, before signing the agreement, there are a few things you must consider.  1. Transferring the policy ownership  If you are selling your used car, make sure the policy has been transferred in the buyer’s forum. In addition, ensure to obtain the no claim bonus certificate instantly after the transfer of the policy. Remember, if you are selling the car or buying a used one, the policy has to be transferred on the buyer’s name within the next two weeks of the vehicles sale. 2. Know about the no claim bonus (NBC) Every car insurance has different policies regarding the no-claim bonus feature. You can transfer the policy but not the No-claim bonus certificate. What is No-Claim bonus? No claim bonus or the NBC is the bonus that a policyholder enjoys after the transferring the insurance policy to the new car owner. 3. Always select a reliable moto...

The golden years of your life or the time of your retirement is when you are no longer in the workforce. Thus, you either rely on your savings or devote time to other low-paying jobs. To help you stay financially secured in this age and time you must opt to invest in a reliable retirement plan .  These so-called pension plan offer a host of advantages to its beneficiaries as you can read below -  You can avail a fixed and stable source of income even after retirement from these pension plans. The time you start reaping its benefits will depend majorly on how you have invested and planned for retirement. You may use a retirement calculator to help you evaluate how much funds would you be needed to suffice your expenses after you retire. These plans are entitled to exemption from taxation under Section 80C, 80CCC and 80CCD of the Income Tax Act. The plans offer low liquidity and some agencies even offer pension plans which let you withdraw during the accumula...