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.in and compare plans to safeguard yourself against critical illnesses and surgeries.

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.

2. 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.

3. 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.

4. 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.

5. 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.

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

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.

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.

The benefits and importance of life insurance can never be exaggerated. There is one important aspect that determines your premium. It’s your health and living a healthy lifestyle. Curious about how your current health status affects your insurance premium?

While calculating your insurance premium, several components and factors are considered by an insurer. Apart from the assured sum, health conditions have a significant impact on the cost of the premium you pay.

Without lowering the coverage or benefits of your life insurance there are other smart ways to bring down the cost of your premium. One of the cheapest and most effective methods is taking care of your health. Let’s dive deep into understanding how your life insurance premium is affected by your current health.

• Pre–existing medical conditions: You will have to pay more for your life insurance coverage if you suffer from high blood pressure, obesity, diabetes, cancer, and other medical conditions that your insurer specifies. Never hide facts about your preexisting medical conditions because your claim may be rejected and your family won’t benefit from insurance after your death.
• Medical History of your Family: Your insurer is also interested in your family’s medical history and not only your personal medical history. This will help them know if you are genetically predisposed to suffer from illnesses such as diabetes, cancer, heart disease, etc. If the answer is yes, then your term insurance premium increases.
• Drinking Habits: Insurers will consider you to be at risk of serious kidney and liver diseases if you are a heavy drinker. This will increase your premium cost.
• Smoking Habits: Smoking has a negative impact on every aspect of your life. Smokers are considered high-risk insurance by the insurer because there is a likelihood of claims due to disability, critical illness, or premature death. There is a notable difference between the insurance of smokers and non-smokers. The premium is 40-60% higher for a smoker as compared to non-smokers.

It seems harsh, but insurers have to calculate your life expectancy and risk profile based on your current health for a suitable premium amount of coverage. It would be unfair to those people maintaining good health were having the same sum assured, tenure policy, and are equally charged.

Whatever the type of insurance, buying it early will help save premium costs because health, and age are important factors that determine insurance costs. If you are planning to buy a term insurance plan we recommend you check the Elephant.in Page.