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Helping you to make informed decisions about insurance
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Make a Smart choice by Comparing Car Insurance Policy
published on January 28, 2022 | Car Insurance

Car insurance or vehicle insurance is an agreement between the car owner and the insurance company to protect your car against financial loss or unforeseen risks such as accidents, thefts, or third-party liabilities. The insurance company covers for loss or damage caused to the car in exchange for the premium, the car owner pays. Car insurance is compulsory in India, be it for commercial or private vehicles.

To get car insurance, one has to pay a yearly premium. In the event that you are lucky enough to not have a serious accident or mishap to need to claim, you lose the premium amount you paid for insurance. Then, you get a No Claim Bonus, which is a significant amount beginning from 20% of the premium in the first year to 50% in the 6th, which is the reason it’s advised not to claim for minor damages.

The key factor that determines the amount of premium is IDV- the Insured Declared Value of the vehicle. When buying insurance for your new car, ID is calculated on the basis of the showroom’s listed price. Next year, when you renew your car insurance policy, ID will decrease because of the rate of depreciation applied on vehicles.

IDV = (Manufacturer’s listing price – Depreciation)

(Accessories are not included in the listed price – Depreciation)

Also, one has to renew the policy within the stipulated period of time or bear the penalties. The period is generally 90 days.

One can check the car insurance online price by a car insurance calculator. It’s an online tool available for prospective buyers to check and compare the quotes of premiums to be paid from different insurance companies. This helps them to choose the perfect insurance plan as per their requirements. It allows you to compare different insurance plans and helps buyers to evaluate their insurance needs and get plans accordingly. While buying an insurance policy, new car insurance coverage should be checked. The best policy should cover your vehicle-specific, driving conditions specific, driver-specific, and third-party specific needs. Premium will increase as the insurance coverage increases.

Basically, three types of car insurance are provided by most insurance companies. They are liability, collision, and comprehensive. Each of these has its own range of coverages

Liability Coverage: It covers repair/ replacement costs, and medical bills of the third party. One should choose a liability insurance premium higher than the mandatory requirement as maximum risk coverage will be done by the policy, reducing your pocket expenses.

Collision coverage: It covers property damage or any damage to the vehicle as a result of the collision. It also offers replacement provisions.

Comprehensive coverage: This coverage includes the replacement of a vehicle if it is stolen or damaged by natural disasters.

Personal Injury coverage, and uninsured motorist protection, should also be studied while taking a car insurance policy. Nowadays, one can get car insurance easily online. Each company has unique coverage and provisions for different policies. One has to determine what coverage provisions he wants and what other features are beneficial to him.

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Offering Health Insurance as an Employee Benefit
published on January 4, 2022 | Health Insurance

Having group health insurance typically comes from an employer. If you are looking to understand corporate medical insurance advantages, either as an employer or an employee, here are some things to carefully consider.

A popular employee benefit for both employers and employees is corporate medical insurance. Offering it is entirely optional, but worth considering if you and your employees can benefit from the possible lower rates of insuring a group.

Advantages of group insurance for company employees:

It’s simple

There are so many employee benefits providers that offer a range of group insurance for company employees solutions for companies of any size, in any industry.

It can help boost productivity

Healthy people can accomplish much more in their time at work and are less prone to burnout in the workplace.

Getting treatment and care can become more comfortable

For many significant insurers, payment options such as direct billing are the standard. Staff members needing treatment can find the whole process much more comfortable to navigate when a healthcare provider and an insurance company have a good working relationship.

Benefits of group insurance for employers:

Small business health insurance can save money

There are a lot of advantages of group health insurance, and one of the biggest ones is the cost savings. This helps the employee who finds that they can afford insurance for themselves and their family, but it also helps the employer who wants to give their employees the right insurance that they can afford to help with.

Lower cost due to a larger risk pool

When more people are included, there are more options for more people, generally at a lower price than what would otherwise be available. In simple terms, you can get a Better group Medicaid insurance policy for employees plans offered, A lower price for insurance plans, and More coverage for pre-existing conditions. It is easy to see that there are a lot of reasons to consider it from the employee standpoint when you look carefully at the advantages of group health insurance. Employees who qualify for this kind of insurance through their employer are generally wise to get it.

Tax incentives for offering health insurance to employees

The advantages of group health insurance are not just for the employee. They are also available to the employer in the form of a small business health care tax credit. With group medical insurance policy for employees, it is offered to businesses that give their employees insurance and pay part of their premiums. These businesses may qualify to get a credit back on their taxes.

Insurance is an integral part of feeling safe and having peace of mind, and when employers provide that for employees, it most often does not go unnoticed by those employees. Hence, you must know about these benefits.

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How Usage-Based Programs Can Lower Your Auto Insurance Premium
published on December 21, 2021 | Car Insurance

You may be finding yourself using your car a lot less, especially during the pandemic; it is because you are working from home, socializing less, and cooking at home. When it comes to your corporate auto insurance, you may wonder if you can save any money. It is because you are behind the wheel-less, here is where corporate auto insurance comes into play. This kind of policy bases rates around the telematics of your drive. You can save your money if you are the right driver of the program.

Things to know about usage-based auto insurance:

When you purchase car insurance, then regular car insurance premiums are estimations from the insurance companies about how you are using the car and other factors. Often, resulting in people paying premiums that are way off their estimates. By basing the compensation on how often the vehicle is used – the usage-based auto insurance works using mileage as a deciding factor. Ideally, insurance is calculated based on the actual usage of your car, and this can be a more structured and logical way of doing it.

Is usage-based auto insurance ideal for you?

Usage-based car insurance is gaining a lot of popularity. It is mainly because there seem to be many benefits for people. Furthermore, when you purchase car insurance, experts say that Usage-based car insurance is a much more modern form of insurance and embraces modern technologies that allow insurers to track their policyholders. To try and figure out how much insurance you are due to pay, companies can use a device plugged into the car or even an app on the phone.

The information collected will be used to work out and determine your bill, and it measures several things, including your mileage and how fast you drive, how hard you hit the brakes, where you go, and the times of day you drive.

When you get a car insurance quote, some professionals say there are many benefits to this coverage; drivers that opt for this coverage must be aware of the potential drawbacks. By doing this, insurers collect your data and come up with a premium specifically for you. The more your compensation goes up, the more you use the car or, the more reckless you are. You may be able to qualify for lower rates if you stay within safe ranges set by the insurance company.

Hence, when you get a car insurance quote, then you must know one thing that all car insurance policyholders are looking for ways to cut the cost of their insurance without sacrificing coverage. Thankfully, you don’t have to whittle down your coverage to just the basics, as there are a plethora of ways to save money. If you are keen to reduce your premium without giving up any coverage, you can also discuss discounts and deductibles with your insurance agent. To ensure you have optimum coverage for your needs, you need to take the time to review your auto insurance.

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How to reduce your Term Insurance Plan Premium?
published on December 15, 2021 | Health Insurance

A Term Insurance Plan should be an ideal addition to your financial portfolio. Unmatched financial security is provided by the plan, which is not provided by any other financial tool. You can select a high sum assured to cover the financial loss your family would suffer in case of your premature and untimely death At low premium costs.

Some of the tips to reduce premium rates on term life insurance policies:

Buy a plan when you are Young and Healthy:

Your Term Insurance plan premium depends upon your age when you buy the plan. The mortality risk increases as you grow older and determines the premium on your plans. When you delay buying a term insurance plan, the underlying premium rate increases; hence it is recommended that you should buy a plan when you are young.

Maintain Good Health and Lifestyle:

Additionally, Health and Lifestyle habits also determine the premiums under term life insurance policy. The premium will be high if you have any medical ailments or physical complications. The would-be increased too if you consume Tobacco the tip. This premium increase is with the underwriting assessment that medical ailments and lifestyle vices increase your mortality risk. Hence, the insurance company charges a higher premium to compensate for the higher inherent risk.

Choose a Longer Tenure:

The tenure under insurance features includes long coverage durations, which go as high as 40-50 years. If death occurs during the coverage tenure, the plan pays the benefit. The highest possible coverage duration should be selected as per experts’ advice when buying a term plan. You get for a more extended period, which increases the probability of claim payments for your nominees even after your retirement age and the premium amount outflow is lower. You don’t have to pay a higher premium afterwards for the same Sum Assured, these are the two benefits of choosing a long tenure.

Pay premiums Regularly and in an Annual mode

Premium life insurance plans allow Limited and Regular premiums. When you pay premiums for a limited duration, they are little premiums. On the other hand, regular tips mean paying premiums throughout the tenure of the plan. Your premium rates would be lower compared to limited payments if you choose a recurring premium payment option.

Choose the correct Sum assured:

Your premium will be high if you buy a plan which has an unnecessarily high sum assured. Hence, you must be careful when selecting the Sum guarantee and ensure that the chosen coverage amount is neither very high nor too low.

Cut down on Frills and go for Basic Vanilla Cover:

Modern term insurance plans feature a lot of value-added features, which enhances the scope of the project. It would be best if you did not go overboard in selecting these value-added benefits. Inbuilt riders are useful additions, but other paid features are to be weighed in terms of the additional premium costs associated with it.

When choosing a premium life insurance, look out for the maximum possible discount to avail of and reduce your premiums by using these benefits.

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How to Prevent Losing your Luggage on a Foreign Trip
published on December 6, 2021 | Elephant Insurance

If you are thinking about why it is essential to have travel insurance, you are on the right page. We have got you covered by covering some tips and telling you how to prevent it from losing. Lost luggage happens, and it sucks, but it doesn’t have to be the end of the world. Complaints of lost luggage have indeed dropped considerably over the last several years, but that doesn’t mean it doesn’t still happen. Sure, you could refuse to check a bag and vow to travel only with a carry-on, but that won’t work for all passengers,

Tips to prevent losing your luggage on a foreign trip:

1. Give yourself some time to connect

This is the first step to learning why it is essential to have travel insurance. You need to ensure you have plenty of time built into your itinerary to go from your arrival and departure gates if your trip involves a connecting flight. Your bag may not have adequate time to make the connection, and nobody wants to hang around the airport longer than necessary, but if you cut it too close.

2. Luggage Tags Are a Good Idea:

But if yours does not, make it a priority to attach one before departing; most luggage will already have some sort of ID tag dangling off the handle. It is easier to determine the exact location of your bag with tags with unique QR codes or embedded microchips. Experts at travel insurance India advise you to include only your email address and telephone number on your bag.

3. Place Your Itinerary and Contact Info Inside Your Bag:

Besides having your travel insurance in India, you can also include a printed copy of your complete travel itinerary inside and contact information inside your bag, on top, where it’s easy to spot. That way, airline staff won’t have too much sleuthing to do should they need to forward your lost bag to you.

4. Check-in Early to Avoid Luggage Being Delayed or Lost:

Baggage is undoubtedly a biggie, along with the reasons why the airlines suggest passengers arrive several hours before departure. It takes some time for baggage handlers to transport all those bags from the check-in drop off all the way over to the aeroplane.

You can also include travel insurance cover in your luggage, so there is no much confusion.

5. Consider Shipping Your Luggage:

If you have travel insurance cover, you can indeed include this option as airlines offer some protections when bags are lost, but collecting on a claim against your carrier can require a lot of time and energy.

6. Take a Pic, and It will Last Longer:

When you lose a bag, the airline will ask you to complete an itemized list of your bag’s contents, along with the monetary value of each item. If you just want photographic evidence, snap a quick pic of your bag’s content if your memory isn’t as sharp as it once was.

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How to get Income Tax benefits from your Life Insurance cover
published on November 29, 2021 | Term Life Insurance

Financial worries are the most painful ones that each of us undergoes in our daily life cycle. Death is not invited and if there occurs an unpredicted death, it may affect our family badly if our financial state is low.

Life insurance cover is a good goal as it will provide security for the family. A part of our income can be safely handed to the life insurance cover every month or year as per our convenience and can get super befitted. Few insurance policies are very flexible, and they also get differ in the rates and the types of covers that are chosen like term insurance benefits, term or permanent life insurance, or even whole life insurance and premium life insurance.

Life insurance also provides income tax benefits that include free of tax for any death, thus beneficiaries can be free from paying the tax and even no tax for the cash whose value grows time by time. However, 10% of tax is to be paid as income tax if we earn more than the limit that is as per the quote each insurance policy undergoes. Yes, it is more important to know about each insurance policy in the insurance market before buying it. There are chances to buy life insurance policies even with pension funds. For pension fund insurance, there will be tax relief based on the premium. Hence, everyone can get premium life insurance based on the age and premium they pay.

Talking about the age limit, the minimum age to enter term insurance is around 18 years and the maximum age is 69 years (pensioner included). Also, the term will get varied with the basic pay too. Term insurance will suit the people who have loan issues and if the budget is too low. Term insurance tax benefits may vary based on the TDS (tax deduction source). To avail of insurance tax benefits, one must have the annual premium at least 10 times. All the tax benefits are calculated by the income tax rules. Section 80C and 10D are the tax acts that are used in current tax benefits calculations.

Plan to go for 10 times plus for an annual premium and get benefited. If the sum is less than 10 times the annual premium, then 10% of the amount will be deducted. However, the beneficiary gets free on tax payments when the plan holder is no more. Plan holders aged below 45 years can have 10 times the annual premium, and the plan holder of age above 45 years gets seven times the annual premium. Insurance policies are a bit difficult, but if the plan holder chose the right one, then it will be more beneficial for the plan holder and the beneficiary.

Planning for life insurance based on income is the best thing one must have in mind before entering into the insurance policies. Let our family settle well even in the absence of the family head (income source).

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How to choose the best Bike Insurance Policy
published on November 22, 2021 | Bike insurance

One of the most popular modes of transport on the Indian roads is two-wheelers. The two-wheeler riders are also exposed to high risks of accidental injuries and fatalities, but riding a two-wheeler can make it easier to breeze through the traffic. We consider numerous factors such as design, mileage, and price, among others, when buying a two-wheeler. Hence, owning two-wheeler insurance is highly recommended to enjoy the ride without any worry. The third-party insurance cover is obligatory, which gives you coverage against a third party’s financial liabilities.

It is advisable to purchase a standalone own-damage cover or a comprehensive insurance plan that will cover both aspects under a single premium in a hassle-free manner; hence, it is also advisable to think about the cost of own damages in a mishap.

Why should you buy two-wheeler insurance online?

Motor insurance is mandatory as per the Motor Vehicles Act 1988; riding a bike without insurance is an offence that’s punishable by law. As per law, only third-party insurance is mandatory, and people prefer buying a third-party cover to save on premiums. However, it is essential to understand that having an insufficient insurance cover is as good as having no insurance at all. Therefore, it is necessary to compare bike insurance online and buy an insurance policy that meets your requirements in the best way.

Tips to consider when it comes to buying two-wheeler insurance online:

You consider various factors like looks, mileage, cost, etc. Similarly, you should choose the right insurance cover for your two-wheeler by going through several aspects while buying a two-wheeler. As a comprehensive two-wheeler insurance cover provides an all-inclusive cover, it is advisable to prefer buying cover over third-party insurance.

Know your Coverage Requirement:

It is essential to make an assessment based on your requirement and budget before you start to look for insurance. Bike insurance is of two types depending upon coverage – third-party cover and comprehensive cover. Based on your two-wheeler usage, your expenditures, and other existing liabilities, choose a plan that offers the right range.

The Cubic Capacity of the Bike Decides your Premium:

When you are choosing insurance, be informed about your bike’s cubic capacity, as your bike’s cubic capacity decides the insurance premium that you will pay. If the cubic capacity of your two-wheeler is high, your premium will also be on the higher side under the motor vehicle insurance quote.

Understand Insurance Declared Value (ID):

Ideally, as per the motor vehicle insurance quote, ID is the current market value of a vehicle. ID is the maximum sum insured fixed at the time of purchasing a policy and is the amount that will be paid in case of total loss or theft of a two-wheeler. As a vehicle age, depreciation will increase, ID will decrease, and as a result, the premium will get lower year on year. Keep the above points in mind when buying insurance, and also ensure to renew your policy on time.

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How critical illness insurance can offer financial support
published on November 19, 2021 | Critical Illness Insurance

Critical Illness is a condition when someone’s life is in danger and he/she requires emergency treatment as soon as possible and too much money is needed to cure the illness.

Critical Illness insurance is also called catastrophic illness insurance.

When there’s some sort of big health emergency, such as heart attack, cancer, etc., medical insurance is the only thing that helps to prevent financial problems.

In Today’s generation, there is a risk of critical illness and medical treatment requires a high cost. That is why one should make a cover plan for health or medical insurance or health cover.

All this insurance not only helps the people in their time of need but also provides a huge amount of money and also provides a financial backup plan.

Under the plan of critical illness, one needs to pay the total amount of money to the insured so that it can be used later on for the treatment costs and also to pay the debts that are taken because of diseases.

For firefighters and first responders, their job is related to danger that is why they need emergency services, as these services come along with health problems that are too risky for someone’s life. A firefighter’s life is riskier than an American as fighters cause cancer issues easily, heart attacks, failure of kidneys, and many more other health-related issues. As firefighters work in such a risky place, that is too hazardous a place to work. Members of this field should offer some health illness insurance to them so that they can feel that we care about their life and health and also their financial status.

Why we need Critical Illness Insurance

In today’s world, there is a rise in incidences and lots of risks in people’s life due to various health problems. Because of all this treatment, we need a critical plan more significantly as in our latest generation cancer surgery can up to Rs16-18lacs, transplantation of the liver can cost Rs24-35lacs. So because of all these huge figures, one needs a critical illness insurance plan.

Benefits of Critical Illness Insurance-

One gets payment in a lump sum amount-The insured pays the full amount of money. We can use this money to pay off the debts, to pay the treatment costs, and recuperation expenses.

The procedure of claiming is easy- Hospitalization does not need to be important for claiming the insurance, one can get the claim through diagnosis reports also.

The waiting period is less – One must wait for up to 3 months for claiming.

Benefits to Avail Tax-Under section 80D Critical Illness plans offer tax benefits with medical insurance.

Under the policy that covered a certain list of illness diseases-

Cancer, first heart attack, coronary artery disease, coronary artery bypass surgery, heart valve surgery, surgery to the aorta, stroke, kidney failure, Plastic Anemia, End-stage lung disease, End-stage liver failure, Coma Major Burns, Major organ or the Bone marrow transplantation, the Multiple Sclerosis, the Fulminant Hepatitis, the motor neuron disease, the primary pulmonary hypertension, the terminal illness and bacterial meningitis.

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Five benefits of home insurance that other policies don’t offer
published on November 1, 2021 | Home Insurance

It is essential to understand what home insurance is to realize the value of home insurance. Home insurance cover is a unique type of property insurance covering your house from different kinds of dangers like accidents, perils, damages, and thefts. If the house gets damaged, the emotional and financial pain of rebuilding the house or reinstalling its contents is painful, challenging, and tedious. A comprehensive home insurance policy spares you the horror of the same.

Insurance companies provide different plans under house insurance such as landlords’ insurance, tenants’ insurance, content insurance, buildings insurance, etc. A standard house insurance plan also covers loss and damage caused to your property due to a fire accident, theft, allied perils, and burglary.

Some benefits of the home insurance cover are:

1. Protects against liabilities:
House insurance policies provide liability coverage that covers you against personal injuries, property damage to guests, and other third parties that they might have incurred while residing in the insured house. There could also be loss and damage caused to third parties for which you or your family members may be responsible for legal terms. Hence, the coverage is critical as it provides protection to you and your house from any possible legal problems.

2. Provides coverage against natural and human-made calamities:
A fantastic home insurance policy protects your house against losses and damages caused due to natural calamities, including earthquakes, floods, lightning, storms, typhoons, etc. The policy also covers your home from human-made hazards and anti-social activities alike. These are acts such as vandalism, thefts, strikes, riots, other activities caused out of malicious intent, etc. It also enables you to recover from the loss and rebuild your home financially.

3. Coverage of temporary living expenses:
When you buy property insurance online, it gives you coverage against temporary expenses. For example, your insured house has undergone some damage and is uninhabitable until you rebuild/renovate it. Then, suppose you rent out another house and apartment to stay there until your own home to livable condition during the rebuilding/ renovation process. In that case, the insurance company will cover your expenses incurred for paying rent.

4. Coverage for the loss/damage to your valuable assets and precious personal belongings:
Besides covering the structure of your house, house insurance companies also offer policies to provide coverage against loss/ damage to articles/contents kept inside the insured home. It features valuable, expensive, and essential belongings. These include documents, personal belongings, jewellery, clothing, appliances, furniture, and much more.

5. Makes it easier to avail of a house loan from banks:
The majority of the banks prefer those customers who have their homes insured. For individual financiers, home insurance is, in fact, one of the primary eligibility criteria for availing of a home loan.
Hence, buying a house is the single largest investment for most people. It is a challenging task that involves a lot of planning, saving, and research. Above all, when you buy property insurance online, you can avail this task.

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Future of Cybercrime and Cyber Insurance
published on November 15, 2021 | Cyber Insurance

The insurance policies have been working as a saviour to cover up the losses suffered due to distinct rationales. Insurance policies work on a principle that, if the damage of an asset is endured, the victim is liable to cover up the damage with the help of insurance. With the upswing in the number of crimes recorded, it has been crucial to modify the cybercrime insurance policies to ensure maximum valid returns. The boost up in the technical facets has raised the number of cybercrimes as well.

The smartest crimes are executed through cyber and are born to earn a sum on a large scale. Working with insurance can help retain the monetary and informative loss in the IT networks. Opting for a cyber-insurance policy empowers assistance when faced with any stature damage or regulatory enforcement. When dealing with cyber fraud, the stakes fall into two categories, first-party threats, and third-party threats. A cyber fraud insurance policy is capable to cover up either of these or both types of risks.

The first-party risks are the ones when a business suffers the loss of its assets. First-party insurance will cover the loss of the business’s properties.

The damage or loss to digital possessions including databases or software programs falls under this category.
Cyber exhortation cases where the third party threatens to cause deterioration or data release in case of untimely monetary payment also fall under first-party insurance.
Intruding the business or causing damage to the business in the network downtime.
The data breaching results in hampering the reputation of the company along with the loss of diligent property or valuable customers.
Monetary theft including digital assets or equipment theft comprising electronic theft also falls under first-party insurance.
The expenses are spent on notifying the consumer regarding any privacy breach. The notification can be a legal or regulatory requirement in case of any security or data breach.

The third-party risks deals with the risks of others. Here, the word others refer to the customers benefiting from the services of the company.

The privacy breach affects the consumer data stored in the company’s system. The security breaches, investigation costs, and other sophisticated damages correlated to them can be covered through third-party insurance.
Cybercrime may lead to loss of third-party data of the consumer incorporating the payments, compensations, records of service providing, denial entrance, downfall in the software systems, etc. All these losses can be covered by third party insurance.
The detriment to cover the investigation charges, defence expenditures, and civil ravages that arise from slander, secrecy breaching or ignorance in publishing through electronic printing medium falls under third-party insurance.

Being pre-equipped with a cybercrime insurance policy can aid to conceal all the losses and damages caused to the company and the valuable data related it. Even a minute leak in the consumer or company data results in a great penalty. Applying for insurance can be a king-term protection plan for company data. Cybercrimes are one of the most complex crimes to reimburse the loss suffered. In conclusion, preferring an insurance policy can save you from untimely damage and its relative expenses.

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