Critical Illness Insurance Blogs

Helping you to make informed decisions about insurance
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Why you should consider buying critical illness insurance at an early age
published on May 26, 2022

Critical illness insurance protects the insured against serious diseases, which require expensive treatment. When diagnosed with critical diseases like heart attack, cancer, liver cirrhosis, any major surgeries, etc, critical illness insurance ensures a smooth process to settle huge bills. Critical illness bills can result in all your savings drying up. These can easily set you back by Rs 10 lakhs plus.

It helps the family to save costs, and isn’t it wise to buy a critical illness insurance plan before the need arises? The benefits of buying critical illness insurance at an early age are as follows:

  • Lower Premiums

The age of a policyholder is an important factor when deciding the insurance premium. With good health and a lower probability of contracting a serious disease, insurers allow younger policyholders to pay cheaper premiums. Applying for a critical illness plan is easier when one is still in their 20s or 30s because insurers allow low premiums ensuring maximum savings. If the insured does ever require coverage, the longer time that they have paid premiums ensures an easy claim settlement process.

  • Lump-Sum Payment for diagnosis and treatment

Treatment of critical illnesses is more expensive than regular diseases. Critical illness insurance plans usually provide lump-sum payments for treatment, diagnosis, and post-operative care. Many people cannot seek proper treatment as these are not affordable for all. Opting for a critical illness insurance plan at a young age ensures you get the best treatment and procedures when needed

  • Related expenditure coverage

To seek the requisite treatment, patients with cardiovascular or other serious diseases may often need to travel to a different city or country. The patient may be accompanied by friends or family members, and the travel expenses can become too much to bear, especially when you are worried about how much the treatment will cost. Critical illness insurance also allows paying for the miscellaneous expenses that occur in the course of treatment.

  • The family’s lifestyle need not change

When a family member, especially the sole breadwinner, is diagnosed with a critical disease, it affects the entire family’s lifestyle. The family works to save funds to aid the member’s recovery, and they compromise on living comfortably. However, with a simple heart or overall critical illness insurance, the family members need not worry about cutting down their expenses and living comfortably while taking care of their unwell relative.

Buying critical illness insurance prevents a lot of stress by taking care of expenses incurred during diagnosis and treatment. Visit Elephant and compare plans to safeguard yourself against critical illnesses and surgeries.

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What Is Full Coverage Auto Insurance? And Who Should Buy It?
published on May 2, 2022

The idea of having “full coverage” auto insurance: getting total protection for your car, no matter what may happen, sounds great. But what does “full coverage” really mean for car insurance?

To start with, there is no standard definition of “full coverage” for auto insurance. “Full coverage” although related to car insurance is confusing and misleading at times. The coverage is usually a package deal made of several collision, comprehension, and liability policies that can be customized to fit your needs. Different insurance providers offer different policies. A well-grounded insurance policy that safeguards you and your dear ones can be availed from the following coverages

  • Comprehensive coverage:

Comprehensive offers coverage from damage to your vehicle. It can help with losses resulting from fire, theft, vandalism, floods, and those related to weather. Some insurance companies may exclude damage caused by a certain type of natural disaster such as flooding.

  • Collision coverage:

A liability policy does not cover damage when you are at fault, that’s where collision coverage comes in handy. This type of coverage offers protection when your vehicle is hit by another person or you have crashed. It can be utilized whether you are at fault or not.

  • Liability Coverage:

This type of coverage includes the following components: third party car insurance, property injury, and bodily damage. This coverage gives you protection when you are at fault in an accident and have caused any damage/injury to another property or person. This third party car insurance is compulsory – and your car can’t run on the road without it!

Generally, full coverage auto insurance is more expensive than regular insurance. Based on your needs you can make it affordable by customizing your auto insurance. Factors such as age, type of vehicle, location, driving record, and the policy you choose affect your insurance costs.

Full coverage insurance isn’t required by law, but many states make it necessary for car owners to have some coverage such as liability insurance. Full coverage is a worthwhile investment if a car is your main mode of transportation. Build a package that covers you well during unforeseen accidents. Be sure to compare insurance quotes with us and get the best rates for your full coverage auto insurance. To safeguard your car get the best quotes at Elephant.in.

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What does Home Insurance NOT cover?
published on April 29, 2022

In the words of Dan Brown, “Knowledge grows exponentially. The more we know, the greater our ability to learn, and the faster we expand our knowledge base”. Knowledge is Power. It is good to be well-read but it is equally important to understand what your home insurance covers and what is not covered.

Property insurance protects you from risks, damages and losses that may affect your home due to any unpredictable event. Your home is one of the most valuable assets and having protection is important because it takes a fortune to build your dream house.

A home insurance policy provides coverage against theft, fire, burglary, accidental damage, earthquake, floods, and more. You must have checked these coverages under your home insurance plan, but did you check the exclusions in your home insurance policy?

It is extremely important to know what is not covered in your home insurance policy before purchasing a plan. A home insurance policy does not cover the following –

  1. Intentional Destruction of property: If an insurer determines that damages to your property could have been prevented, you will not be covered. You could be charged with insurance fraud if a claim is filed for damages caused intentionally.
  2. Pre-existing damage to your home: Property Insurance is for sudden or accidental problems, such as burglaries and fires, not for general wear and tear. Performing basic maintenance is a must.

Maintaining your home’s exterior, roof, fixing leaking pipes, and replacing worn-out floors are ways to avoid huge expenses that your insurance won’t cover.

  1. Damage caused by radioactivity from a nuclear power plant or nuclear waste: Your home insurance does not provide cover against nuclear accidents. Nuclear stations are required to provide their own liability insurance to cover damages if any.
  2. Damage/Loss caused directly or indirectly in consequence of invasion or war
  3. If the insured person’s house is unoccupied for more than 45 days continuously, theft and burglary claims are void.

Always read your home insurance policy carefully and understand the coverage, benefits, and premium details. Be sure to have a complete understanding of the exclusions of your policy. With Elephant home Insurance policies, keep your home protected against any unfortunate events.

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How does a Personal Accident Insurance policy work?
published on April 22, 2022

An accident does not come knocking at your door. Accidents can be a very shocking experience – not just for those involved but for families and friends as well. The uncertain nature of accidents catches people by surprise, giving them little time to react. It can cause severe injury, permanent disability, or even death.

Any accident leads to a financial crisis. Accident victims and their families deal with immense mental and financial stress. Treatment, hospitalization, and inability to work while recovering contribute to hardships, and that is why it is always recommended that you buy personal accident insurance. Don’t you think?

Personal accident insurance provides necessary financial assistance to you and your family against accidental death and physical injuries disabilities (Temporary, Partial/Permanent). There are various rider benefits such as Medical Expense Cover, Hospital Confinement Allowance, and Accidental Hospitalization Cover that a person can choose from.

Types of Personal Accident Policy:

  • Individual Accident Insurance: In case of any accidental damage, this type of policy guards ONLY an Accidental death, loss of sight or limbs, or other permanent disabilities are covered by the insurance.
  • Group Accident Insurance: This type of insurance is taken by employers to give their employees Insurers provide a discount on premiums depending on the group size. For small organizations, it is a good incentive/value-added advantage as it is available at a very low cost. This is a basic plan and may offer very limited benefits as compared to an individual plan.

What is covered by Personal Accident Insurance?

  1. Accidental Disability: A policyholder, who is partially or totally disabled(inability to do work and physical impairments) can claim for this coverage. Total disability can be temporary or permanent.
  2. Accidental Death: In case of an unfortunate death due to an accident, a policyholder can claim this type of coverage.
  3. Hospital cover: If an accident leads to hospitalization, payment is made each day for a certain number of days, under this type of coverage.

Personal Accident Insurance Exclusions:

  1. Pre-existing injuries or disability.
  2. Accident due to intoxication of alcohol and drugs.
  3. Pregnancy or childbirth.
  4. Taking part in a dangerous and unsafe sports event.
  5. Intentional suicide attempt.

If you are eager to protect yourself from the risks of accidents, then you must check Elephant’s Personal Accident Insurance plans. Safety first!

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Factors to consider while buying Term Life Insurance.
published on April 18, 2022

The outbreak of the COVID-19 pandemic turned everybody’s life upside down. As we faced infinite hurdles, we understood just how unpredictable life can be. The reality of the increasing death rate encouraged us to buy term life insurance. Better to be safe than sorry!

Term life insurance offers life coverage up to a certain period of time, i.e. the ‘term’. In case, the policyholder dies during the active years of the policy, then the family of the deceased receives a pre-decided monetary benefit from the insurance provider. In case the policyholder does not pass away, the policyholder gets an agreed sum of money on the maturity of the policy

  • Coverage: The most common mistake we make is, calculating the required amount of coverage. You must consider the aspects such as age, average monthly expenses, current loans, and lifestyle. Experts recommend buying a policy with a death benefit of at least 7-10 times your annual gross income.
  • Policy Period: The next important point to consider is the policy period. When you purchase a policy, choose the maximum available policy period. Opt for a term insurance plan at an early age if you want higher insurance coverage at a low premium.
  • Right Insurer: It is important to consider the following parameters before choosing an insurance provider:
  • Claim-settlement Ratio: It is the ratio of the number of claims settled by an insurance company and the number of claims filed by the policyholders. It is advisable to go for the insurance company with the highest claim-settlement ratio(CSR)
  • Solvency Ratio: It highlights the insurer’s ability to pay out policyholder claims.
  • Provide accurate information: Many companies reject claims on account of discrepancies filled in the form. Fill correct details, especially:
  1. Date of Birth
  2. Medical History(If you are a regular drinker, smoker, or may be suffering from an acute disease, do not hide these details from your insurer)
  3. Family Medical History
  4. Profession
  5. Any other insurance policy you hold.
  • Choosing Ad-on: Choosing suitable riders is an added benefit that provides additional coverage in the term insurance plan.
  • Critical Illness cover: On being diagnosed with critical diseases mentioned in the policy by the insurer, a lump sum amount is paid to the policyholder.
  • Waiver of Premium on critical illness: Future premiums are waived off if the policyholder is diagnosed with a critical illness mentioned in the policy during the policy tenure.
  • Waiver of Premium on disability: If a policyholder becomes permanently disabled during the tenure policy, your future premiums would be waived off.

Before buying a term insurance plan, there are a lot of points that you should consider. Be sure to compare various plans on elephant.in before finalizing the one you want to buy.

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Comprehensive vs Third-party two-wheeler insurance – What’s best?
published on April 11, 2022

For a large segment of people in India, the two-wheeler is the primary mode of transport. Although they provide better options in traffic and quick mobility, two-wheeler vehicles are more prone to accidents than four-wheelers.

As per the Indian Motor Tariff act, it is mandatory to have at least third-party insurance for your vehicle. Have you ever wondered what comprehensive insurance and third-party insurance are?

The key purpose of two-wheeler insurance is to compensate for the expenses due to two-wheeler damages or losses incurred by the policyholder or third party, i.e. if it’s your mistake. Two-wheeler insurance has three plans, designed to cover standalone own-damage expenses, third-party expenses, and comprehensive expenses.

  • Third-Party Insurance: 3rd party bike insurance policy covers bodily injuries caused to and even the death of a third-party individual. The damage to third-party vehicles or property is also covered by your insurance policy. Premium rates of your third-party bike insurance are based on the cubic capacity of the engine and are decided by IRDAI annually. As per the Motor Vehicles Act, it is mandatory to have 3rd-party bike insurance, without which the driver/owner can receive a fine of Rs 2000 and/or imprisonment of up to 3 months. Hence, for every two-wheeler, it is necessary to have valid third-party insurance for commuting.
  • Comprehensive Insurance: This insurance offers extensive coverage as compared to third-party bike insurance. It consists of third-party bike insurance and protects your bike from third-party damages. Comprehensive Insurance also includes its own damage cover so your bike is also safe. The comprehensive insurance covers damages from fires, total loss or irreversible damage caused to your bike, self-ignition, acts of vandalism, terrorism, in addition to damages caused by natural calamities such as cyclones, earthquakes, etc.

Differences between the two types of insurance policies:

  • Comprehensive two-wheeler insurance covers both the first-party and third-party liabilities. Third-party two-wheeler insurance is for loss and damage due to a third person’s faults.
  • Third-party insurance is mandatory by law, whereas comprehensive insurance is not. However, comprehensive two-wheeler insurance includes third-party liability insurance.
  • Third-party insurance policies have a lower premium than comprehensive insurance policies.
  • In comprehensive insurance, additional policies are bundled with first party-policy insurance. These add-ons may not be offered in third-party bike insurance.

When getting a comprehensive or a third-party bike insurance policy, always evaluate the coverage you need for the protection of your bike. Compare the best bike insurance plan on Elephant.in and enjoy a hassle-free ride.

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Why should you Compare Home Insurance Policy Prior to Buying?
published on April 4, 2022

The first question that arises is what is home insurance. Well, if you are a house owner, whichever corner of this World you might be residing in, you require home insurance. Much like you purchase insurance coverage for the medical and fiscal well-being of your nearest and dearest, your house also needs protection from several outside perils.
Home insurance policies have been devised for this reason to give protection to a house from human-made or natural dangers. But, there are many reasons why comparing a house insurance plan is essential if you’re a homeowner.
Things You Want to Know Before Buying Home Insurance Policy
Hope you’ve understood what is home insurance. Assessing home insurance programs Permit You to evaluate the Policies and inclusions of this coverage. A particular policy may likely offer policies that aren’t being provided by a different policy.
While assessing home insurance policies, you can decide to select the one that gives one of the policies you want to cover your home.
You must assess the place where your property is situated. You have to understand how likely to threaten your house is. If the area you reside in is procured and isn’t prone to a lot of all-natural disasters, you can decide on a simple strategy.
But should you stay in regions where the Odds of Earthquakes or flooding are large, you want to buy the very best home insurance program that offers additional coverage. Considering these aspects can allow you to buy the best coverage depending on your requirements.
The sum insured must be appropriate.
The best home insurance cover provides protection for Scenarios that are out of your hands. You thus must be careful to buy home insurance that gives you maximum benefits. Ensure the ideal home insurance cover offers protection for those elements of your house too.
The best home insurance coverage covers the whole house. It would be helpful if you thought about the built-up region and the entire cost of building. It is the reinstatement value. In a nutshell, you have to be sure the sum insured is enough to pay the rebuilding price of your house in the event of any unforeseen event.
According to Your Unique Needs
You want home insurance according to your unique needs. Your home insurance provider will have some exceptions on which they cover, and therefore you will need to contemplate what your insurance requirements are and then pick the best home insurance policy.
It’s Not Just about the Premium
Buying an Inexpensive home insurance policy could be a genuine challenge. With so many programs offered in the sector and all these clauses in every of these, it can be a real job to understand which one will be the best suited to you.
A Frequent question that creeps from the head is an excellent thought to compare affordable home insurance quotes to offer coverage and pick based only on the amount. However, this isn’t something that’s suggested.
Each policyholder’s coverage may differ and should be something suitable for them. Search for the best home insurance quote settlement proportion of the business along with other variables to get your purchase decision.

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What Should You Car Insurance Policy In India Look Like
published on April 1, 2022

According to the Indian Motor Vehicle Act, car insurance is compulsory in India. But you should be aware that only third-party insurance is mandatory. To pick adequate car insurance depending on your requirement, it is essential first to understand insurance companies’ kinds of car insurance.

Form of Car Insurance

In India, two Kinds of car insurance plans can be found:

  1. Third-Party Insurance
    Third-Party Insurance-auto insurance is simple vehicle insurance. Depending on applicable terms and requirements, it ensures physiological accidents/damage (s) or losses caused by some third-party vehicle/property from the insured automobile.
  2. Comprehensive Insurance
    Comprehensive Insurance-True to its title, the complete vehicle insurance policy provides an improved insurance policy. It ensures third-party liability in addition to personal damage to the insured motor vehicle.

You can buy any car insurance policy online. While using comprehensive online insurance for new cars is discretionary, a third-party automobile insurance policy is required. The policyholder may opt for extra riders and avail personalized insurance policy.

Five engine insurance terms in India

While moving through your car insurance records, you could have felt you’ve entered a world filled with words and jargon. However, don’t worry; we’re here to address your issue. Here are a few of the vital car insurance terms which Can Help You understand your policy records in a much better manner:

Insured Declared Value (ID)

The ID of a car is described as the maximum amount that the insurer pays in theft or total loss of the motor vehicle. ID is usually the present market value of a car and comes into film throughout insurance claims.

Zero Depreciation Cover

After a claim is enrolled after a collision, online insurance for a new car utilizes a formula that factors in depreciation to determine the payable sum. Cars do depreciate, which might leave you paying a hefty portion of the general cost, even in the event you’ve got extensive coverage.

No Claim Bonus (NCB)

NCB is a reduction a policyholder receives from the insurer for producing zero promises during the policy term. NCB is used on policy renewal, which lessens the insurance premium level appreciably.

It varies between 20 per cent to its 2nd year and around 50 per cent to its 6th year. Because of this, it’s a good idea to refrain from claiming minor harm rather than reap the advantages of the NCB.

Voluntary Deductible

Voluntary deductible is your limitation selected by a policyholder to fulfil part of the claim from his pocket. This amount depends on the policyholder variables in his worth and risk; however, the voluntary deductible isn’t mandatory. Bear in mind, that the greater the voluntary allowance, the lower the premium.

Third-Party Liability Cover

A Third Party Liability Cover secures the Car owner against any financial responsibility caused by death, bodily injury, or harm to another party, i.e., somebody aside from the automobile owner and the insurance company.

According to the Indian Motor Act, the third-party cover is a Compulsory Insurance necessity to drive a car legally on Indian streets. After understanding the basic terms, you can buy a car insurance policy online.

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Ways to Receive a Cheap Insurance Policy for your Car
published on March 28, 2022

Bought your first vehicle? Congratulations! Before you hit the streets, make sure your car is protected by utilizing vehicle insurance. Purchasing new car insurance policy work wonders in safeguarding your asset. Whether you’re concerned about enduring the expenses of unintentional harm or property invoices for third-party property damage, auto insurance is the final savior.

There are loads of insurance products on the current market, all promising you a world of benefits and savings. Thus, it’s crucial to purchase a worthy insurance program. But, it’s also vital to pick out an inexpensive auto insurance program.

Here are a few ideas that can allow you to pick out the very best four-wheeler insurance without damaging your own pockets.

  1. Before buying a car, compare insurance prices

Afore buying car insurance, check the cost of it. Car insurance premiums are concerned in part with the car’s price, the expense to fix it, its overall safety record, and the chances of theft. Many insurance companies offer discounts for features that reduce the possibility of accidents or theft.

  1. Shop around

Costs Differ from firm to firm, so it wages to shop around; that’s why you must attempt to get at least 3 price quotes. It would be helpful for you to call companies directly or access car insurance online price. Your state insurance department may also offer judgments of charges charged by significant insurance businesses.

Get car insurance price quotes from different kinds of insurance businesses. Some sell through their representatives. These agencies have the same title as the insurance carrier. Some of them sell by independent agents who offer policies from several insurance firms. Others don’t use agents. They sell directly to customers over the telephone or through the Net.

  1. Always ask for greater deductibles

Deductibles are the term used for what you pay before your insurance coverage kicks in. By requesting higher deductibles, you can reduce your costs substantially. For example, raising your deductible from $200 to $500 could decrease your collision and comprehensive coverage cost by 15 to 30 per cent. Moving into a $1,000 deductible can save you 40% or more. Before choosing a high deductible, make sure you have enough money set aside to pay it if you have got a promise.

  1. Ask about group insurance

Some of the firms offer discounts to drivers who get insurance through a group plan from their employers through professional, business, alumni groups, or different institutions. You can ask your proprietor and inquire with groups or clubs you’re a member of to determine if this is possible.

  1. Maintain a Fantastic credit record

Forming a decent credit history is able to cut your insurance costs. Most insurance companies use credit information to price car insurance policies. Research demonstrates that individuals who effectively handle their credit have fewer promises. To guard your credit standing, pay your bills on time, do not get extra credit than you need, and retain your credit balances as much as possible. Check your credit report regularly and have any errors corrected promptly so that your record remains accurate.

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Why Should You Buy Health Insurance for Your Parents Now?
published on March 14, 2022

To best the growing rates of medical care, possessing a medical insurance policy becomes quite significant. It’s been frequently observed that medical crises do not wipe out your entire life savings and make the stress of organizing for extra funds if needed. 

Not having health insurance not only simply contributes to a financial drain but also impacts the whole family emotionally.

But if you’re insured under a group health insurance plan, regardless of how sudden the medical crisis is, financially, you wouldn’t need to fret about the hefty medical bills. At precisely the same time, you can focus on restoration.

That is because you know that the insurance company will take Care of their financial burden. By paying a small amount for health care, you make sure access to the best medical center at the hour of need.

Characteristics of Health Insurance for Parents

  • Claims for specific illnesses and pre-existing ailments are coated post conclusion of the expected waiting period.
  • Health insurance for parents provides health cover to senior citizens; in other words, people over 60 decades old are also qualified.
  • Health insurance plans for the family usually cover medical facilities such as ambulance services for parents.
  • Several medical insurance coverages for parents include attributes like lifetime renewals. Nonetheless, this is important only when the insured hasn’t taken a break involving policy years.
  • Modern attributes like cashless therapy and maintaining compensation through settlement are being supplied by virtually all health insurance companies to health insurance plans for families.
  • Health insurance for parents typically permits policyholders the flexibility to pick the amount insured according to their taste, which they believe is sufficient coverage for their health conditions.
  • The health care facility is appropriate for particular health insurance for parents. It makes policyholders entitled to reduced premium payments also, in some instances, also offers attractive discounts.
  • Health insurance for parents provides the policyholder with the accession of their spouse to the identical policy.

How Can Buying Health Insurance for Parents Gain You

Insuring your parents is probably among the very best things to present to your parents. Their old age, they might need medical care, and the expenses may liquefy your (or their) relatively little vegetable cart. Listed below are the advantages of purchasing group health insurance plans:

Financial Independence: When there’s ever an unfortunate demand to hospitalize your parents, they do not need to rely on anyone or you for expenditures. You will be helping them lead a dignified life to get a relatively small annual cost by minding them.

Cover against Pre-Existing Conditions: nobody likes to believe about their parents’ sickness. You may be one of these individuals. It is also possible to be among those men and women who understand the need of the hour and assure your parents against the slight decrease in their health from diabetes, hypertension, heart problems, etc.

Tax Benefits: If your parents are older citizens, you receive a Tax advantage of Rs. 30,000, aside from the tax advantage of Rs. 25,000. Should you insure them, you can avail a tax advantage of overall Rs. 55,000 annually. So the Policy nearly pays for itself.

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Alliance Insurance Brokers Pvt. Ltd.
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CIN: U67200MH2003PTC141621
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Valid from : 13/10/2021 to 12/10/2024
Category : Composite Broker
Principal Officer Name: Mr. S. V. Thakkar
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