Term Life Insurance Blogs

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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

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:

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.

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.

Due to an increase in the number of vehicles, driving can be tough during the peak and even the non-peak hours. You may follow the traffic rules and drive safely, but still end up having mishaps.

The claim insurance process for car insurance has evolved over the years. Digitizing various transactions and technology has made it easier to complete the insurance claiming process. Read the points below to learn the steps you need to follow after an accident.

Step-by-step guide for making a car insurance claim:

1. Informing your insurance company: Call your insurance company to inform them about the accident and give a detailed description of the damages to your car.
2. File an FIR: Immediately inform the police about the accident and file an FIR(First Information Report). FIR is not required in minor dents and scratches. FIR is required in case of road accidents, theft, fire, and when a third party is involved in an accident.
3. Take enough pictures: Make sure you take enough pictures of the place and the damage caused due to the accident. The insurance company will examine the extent of the damages and settle your claims accordingly. To ensure the damage is visible and images are clear.
4. Submit required documents to the Insurer: The insurance company requires documents such as a copy of your car insurance, FIR, your driving license, and a copy of your car registration certificate. Submit all the required documents and work with your insurer for a hassle-free experience.
5. Get your car repaired: You may take your car to the garage for repair. Or you may ask your insurance company to get the car fixed for you. If your claim is approved by the insurer, you will either get a
6. In case of theft: In case your car is stolen, inform your insurance company and file an FIR at a local police station. Submit documents such as your Driving License, Registration certificate, FIR copy, etc. If the police are not able to trace your car and issue a non-traceable certificate, the insurer will settle the claim and pay the current market value of your car.

Documents Needed for a Car Insurance Claim:

• Copy of your car insurance policy
• FIR from the police
• Copy of your Driver’s License
• Duly filled and signed claim application form.
• Original cash receipts, repair bills, etc.
• Medical bill in case of physical injuries
• Registration certificate copy.

Accidents may happen at any time. For making a claim in case of an accident, you must have a car insurance policy first. Compare the best insurance policy on Elephant.in and keep you and your care safe at all costs

A common question that we ask when we think about Preventive care, is why should I go to the doctor when I am healthy? Also, does my Health Insurance Policy cover Preventive Care costs?

A simple answer is that preventive care keeps you healthy and therefore lowers your health care costs. A stitch in time saves nine! Regular medical tests anyone? Preventive care helps detect or prevent serious diseases, illnesses, and medical conditions, rather than treating them after it has become acute or catastrophic. This may be called routine care for your body. Generally, preventive plans include tests for cholesterol levels, blood tests, diabetes tests, pressure monitoring, genetic testing, cancer screening, HIV tests, etc.

Preventive care aims to help you stay safe and healthy. Regular tests and scheduled visits allow your doctor to identify medical problems before they become major health challenges for you.

Benefits of preventive care include:

• Early detection of illness, diseases, and other medical problems helps your doctor to provide timely treatment and proactive care.
• Helps reduce the pain/ suffering from age/ hereditary medical issues.
• Gives Doctors more time to diagnose and effectively treat any illness in its infancy
• Reduces financial burden, that you might incur due to illnesses if detected in early stages

Examples of preventive health services:

• Annual Check-Up (1 per year) – Your Doctor checks your physical and emotional health. Early detection of major medical problems is possible.
• Immunization- Most health insurance plans cover this and protect you from certain strains of the flu/
• Vaccinations (typically administered during childhood) – Vaccinations against Polio, Measles, etc are covered.
• Colonoscopies and other internal checkups
• Screenings, such as high cholesterol, high blood pressure, and cancer tests.

Considering things like age, family history, and current health status your Doctor can confirm what tests are right for you.  In order, for you to be fully covered your doctor or the testing facility must be registered with your insurance provider. Most Health Insurance policies cover preventive care costs, but they can differ from policy to policy.

Preventive care is often covered by a health insurance policy and offers great benefits, both in health and cost to the consumer. To know more about which policies support preventive care costs and other health benefits, get insured with a health insurance policy from Elephant.in

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.

3. 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.
4. Damage/Loss caused directly or indirectly in consequence of invasion or war
5. 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.

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!

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.

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.

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.