Travel Insurance Blogs

Helping you to make informed decisions about insurance
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Reasons to get travel insurance for your next international vacation
published on May 30, 2022

International travel can be scary and fun! Did you know that some tourists are known to travel with chefs who can cook food for them – while they travel? This can be a wise decision for most vegetarians who may or may not find the food they need in smaller countries! To what extent should this be done? Should you travel with a Doctor too? The point is you can be careful, but you cannot prepare for everything – it’s practically impossible.

Life is erratic, and the risks only multiply when you are in a foreign land among people you don’t know. There is no guarantee that your trip will go as per plan. You are highly vulnerable from being robbed to meeting an accident or missing your flight. Your trip can take the most unexpected turns in the most inconvenient of times. This is where having travel insurance can come to your aid.

A travel insurance policy can help you maximize the benefits of travelling and ensure that you are prepared for any circumstance in your journey. Here are a few reasons to consider buying a travel insurance policy:

  1. Support in case of medical emergencies

Being in a medical emergency while in a different country or on a flight is completely different from just being ill. Getting medical treatment abroad can be very expensive. Furthermore, instances of medical evacuation from the country will add to your expenses.

Having a travel insurance policy with an adequate cover that protects medical hospitalization/expenses, will save you from hefty medical bills. Your insurance provider can also connect you to the right doctors and hospitals for getting prompt medical care.

  1. Retrieve flight scheduling and cancellation fees

Cancelling or rescheduling flights due to bad weather, strikes, or medical emergencies, can disturb your travel plans. Without travel insurance, you might end up paying the flight cancellation charges. With travel insurance, such charges can be taken care of, and you can enjoy your vacation as planned.

  1. Replacement of stolen or lost luggage

Misplaced or theft of your luggage is not uncommon when travelling. Be it the loss of your debit/credit card/passport or a broken phone due to the carelessness of an airline baggage handler, the right travel insurance will cover you.

  1. Protection against personal liability

A travel insurance policy can come to your aid if you are responsible for property damage or any injury suffered by a third party. Instead of being a victim, you could be at fault in a certain situation and have to compensate for damages. A travel insurance policy can cover you in such scenarios too.

  1. Safeguard your home when you travel

Certain travel insurers provide security to your house while you travel abroad. Protection against expenses incurred due to burglary or fire falls under this plan.

  1. Stress-free travel and stays

With an appropriate travel insurance policy, you can enjoy a stress-free journey while reclaiming losses against uncertain events. It helps to compensate for longer stays due to poor health. It will cover you till you are healthy to travel again.

A travel insurance policy is a must for those who want to make the most of their travel/ vacation. With several insurance plans available on Elephant, you can compare and get the best one for yourself.

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How Does Cyber Insurance Work?
published on May 26, 2022

The cost of dealing with data breaches is beyond strengthening security procedures, repairing databases, or replacing lost laptops. Traditional business insurance is not enough to protect companies from cyber-crime. But do you wonder how does cyber insurance works?

Cybercrime is one of the most frequent types of crime, and yet it is not given the attention it requires. Individuals and businesses are susceptible to cybercrime. 2020 made conditions worse as companies had to work remotely without sufficient security measures.

India saw a 65% rise in cybercrime cases filed in 2020. Various small, medium and large-scale enterprises get affected by such crimes. To recoup the losses and expenses incurred while facing a cyberattack, it is wise to get cyber insurance.

The cyber security insurance process works like any other form of insurance. Cyber insurance is provided by many insurers who also provide other forms of business insurance, such as property insurance, errors and omission insurance, and liability insurance. Cyber insurance policies often include first-party coverage, which means losses that impact an organization, and third-party coverage, which means losses incurred by other organizations due to business relations with affected enterprises.

A cyber insurance plan helps an enterprise to pay for any financial losses that incur in the event of a data breach or a cyberattack. It also helps them cover the costs of legal services, investigation, crisis communication, and refunds to the customers.

Cybersecurity insurance typically includes first-party coverage of losses due to hacking, data extortion, data destruction, and data theft. The main areas covered by cyber insurance include:

  1. Data Recovery

Cyber insurance usually enables the business to pay for the recovery of data compromised by a cyberattack.

  1. Recovering personal identities

A cyber liability insurance policy helps an organization restore the personal identities of affected customers. Theft of personal identities is one of the scariest things that can happen to any individual. A stolen identity can help a criminal check into a hotel in London, United Kingdom while you are actually in Mumbai, India.

  1. Customer notifications

Enterprises are required to notify their customers of a data breach, especially if it involves theft or loss of personally identifiable information(PII). Cyber insurance helps businesses cover the cost of this process.

  1. System damage repair

The policy covers the cost of repairing computer systems and servers damaged by a cyberattack. It does not cover the cost of data recovery. It is important to read the fine print in each case.

  1. Ransom Demands

Cyber insurance can help enterprises to cover the cost of meeting extortion/data ransom demands of the compromised data. A lot of times, computation of this amount is difficult. In case intellectual property or competitive trade secrets are lost – identifying the amount to be reimbursed is tough. The amount spent in building this IP or competitive advantage is difficult to calculate and you may or may not get the full amount you believe the Insurance company must give.

Pricing the cyber risk depends on the organization’s revenue and operating industry. To qualify for insurance, the insurer will carry out a security audit. The information gathered from the audit will guide the type of policy the insurance company can offer and the cost of premiums.

Policies vary between different insurance companies. Therefore, it is best to visit Elephant.in and compare policies to ensure required provisions and protection are covered by the policy.

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Different types of Term Insurance Plans
published on May 20, 2022

A Term Insurance Policy is one of the most basic and traditional forms of life insurance. There must be someone to look after the expenses of your family and term insurance does this job in your absence.

These plans protect your family against unforeseen circumstances by offering financial security for managing their expenses if you are not around. A specific time period assigned to the term insurance plan is known as the plan term. In case a policyholder dies during the plan term, your family is paid a sum assured by the insurance company.

Term Insurance can be broadly classified into 6 types, based on their coverage and term insurance benefits:

  1. Level Term Plan

It is the most simple and basic form of term insurance where the sum assured is fixed throughout the policy tenure. Nominees will receive benefits after the death of the policyholder.

  1. TROP (Term Return of Premium)

This insurance plan comes with a maturity benefit wherein the total premium amount will be returned to the insured if he/she survives the policy tenure.

  1. Increasing Term Plan

While maintaining the premium amount at the same value, the policyholder has the option to increase the assured sum annually during the tenure.

  1. Decreasing Term Plan

Unlike the increasing term plan, the sum assured keeps on decreasing every year to meet the decreasing insurance requirements of the policyholder. This policy comes in handy if the insured person has taken a huge personal loan or is paying an EMI.

  1. Convertible Term Plans

With these plans, the policyholder can convert this plan into any other type of insurance plan at a future date. For instance, if you have bought a term insurance policy for 25 years, but after 5 years, if you want to convert it into whole insurance, an endowment plan, etc., you can change it without any hassle.

  1. Term Plan with Riders

This type of plan comes with rider options such as critical illness cover, death cover, etc., which can be purchased with the term insurance by paying a small premium.

Life throws a lot of surprises, and these surprises may be bitter sometimes. You can visit Elephant and opt for online term insurance to protect your family against the uncertainties of life.

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What is the Difference Between Own-Damage vs Third-Party Insurance for Two Wheelers?
published on May 16, 2022

The primary difference between an own-damage and third-party cover is that of coverage benefits.

As the name suggests, own damage bike insurance protects your vehicle against damages due to an accident. The IRDAI (Insurance Regulatory and Development Authority of India) has permitted bike owners to purchase standalone damage cover from different insurers. Bike owners can opt for this coverage for a year and renew the same if required. By paying an extra premium, bike owners can enhance coverage by opting for add-ons. This allows you to get your bike/ scooter repaired easily with the insuring company paying for all damages.

The third-party bike insurance policy offers protection to two-wheeler owners against injury, damages, or death caused due to a third party or their property. It protects the owner against legal liabilities.

Differences between third-party and own-damage insurance for two-wheeler:

Parameter Third-Party Own-damage
Protection This type of insurance protects against damages caused to a third person or property. It protects you against damages caused to your bike.
Legal Liability As per the Motor Vehicles Act 1988, third-party insurance is mandatory Own-damage insurance is optional, depending on the requirements.
Add-ons No add-ons can be purchased with this type of insurance. Coverage can be enhanced by opting for riders like zero depreciation, engine protection, roadside assistance, and more.
Cost Premium is decided by the IRDAI and is less expensive than own damage cover. Premium is decided by the insurance provider and depends on the bike’s engine capacity, IDV, make and model, etc.
 Coverage Limited coverage Wider coverage

Third-party insurance provides hassle-free, and minimum documentation coverage. It protects you from all legal expenses against damage or death to a third party and is affordable in comparison to an own-damage cover. Own damage insurance protects the vehicle against accidental damages, theft, vandalism, man-made disasters, and natural calamities such as floods, landslides, and hurricanes.

Keeping the above comparisons in your mind, compare the best two-wheeler insurance policies on Elephant and choose between a third-party or own-damage cover for your bike.

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Online Car Insurance Renewal: Just Do It
published on May 13, 2022

The great financial guru  Robert Kiyosaki is well known for dishing out some of the most financially savvy advice. He always highlights the importance of saving and investing money. A key point that he always highlights is that it’s more important to save time and resources. Sometimes it is better to hire a financial planner to complete some of the generic work. By saving this time, you can focus more on other important tasks.

We can predict one thing with certainty – your car getting a scratch, dent or a minor refurbishment every few months. This is not a question of IF, but a question of WHEN! And when this happens – would you want a good insurance company that settles your claims fast or one that questions every little thing!

Buying a car insurance policy online is necessary as your car may face damages due to fire, theft, natural calamities, third-party liability, etc. It is important to keep yourself and your family safe at all times! Buying car insurance must be easy to do, fast and a seamless experience. It should be as easy as buying anything online!

Why you must always renew car insurance online?

  • Saves Time: The process of renewing online car insurance is completely different when Insurance can be renewed from anywhere. It is a quick process, you need to enter your policy details and pay the premium. All you need is a mobile with an internet connection. The renewal premium amount is lesser than what you pay offline as you don’t have to pay commission to any agent.
  • Timely Reminders: There can be times when you can forget to renew your car insurance policy. You need not worry about missing the due date with the online mode. Insurers send you multiple reminders before your insurance policy
  • Customizable policy: Customizing an insurance policy means an increased sum assured, adding specific covers and other features. Offline renewal is a time-consuming process and in some cases, you might get rejected or pay more if an agent tries to sell you an expensive policy. You can easily avoid such cases with the online renewal process.
  • No Paperwork requirement: Paperless process is another benefit of online car insurance renewal. No physical documents are needed as all important information like policy numbers,car details and personal details are stored in the insurance company’s database. You only need an identification number and your Credit Card.
  • Safe Payment: Renewing your four-wheeler insurance is completely safe. The premium amount that you pay is processed via secure payment gateways, which minimizes the risk of fraudulent activity.

Reputed firms offer the facility to easily customize your car insurance. All policy details are crystal clear. Whether it’s data or payment, everything is transparent and verified. These benefits make online the best and safest option for your four-wheeler insurance renewal.

It is important to understand the online renewal process for your car insurance. Compare the best quotes on Elephant.in and always read all details before you make a decision or payment.

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Alliance Insurance Brokers Pvt. Ltd.
8th Floor, Gold Crest, 10th Road, Juhu, Vile Parle (W), Mumbai 400 049, India
Email
Monday - Saturday
9:30 am - 6:30 pm IST
CIN: U67200MH2003PTC141621
IRDAI Registration No.: 217
Valid from : 13/10/2021 to 12/10/2024
Category : Composite Broker
Principal Officer Name: Mr. S. V. Thakkar
*All discounts provided by insurers as per IRDAI approved insurance plans. Standard T&C apply.
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