Personal accident insurance

The vibrant city of Pune is famous for its lively culture and its ever growing healthcare facilities. In order to safeguard yourself and your family from unexpected hospitalization costs it is essential that you get yourself and your family a health insurance when living in Pune.

The process of acquiring health insurance, valuable information on various policies available, key factors to consider and the important steps to purchase will be highlighted in this blog post.

Understanding Health Insurance in Pune

To pay for various medical costs and hospitalisation costs, health insurance plans come into the play as a form of financial protection during such unexpected situations. Peace of mind can be achieved in situations where one is injured or sick due to the protection provided by the health insurance.

Benefits of Having Health Insurance in Pune

• Financial Protection:

  To avoid using up your savings and to pay for expensive medical expenses a health insurance is a must.

• Access to Quality Healthcare:

  Top notch hospitals and expert treatment can be utilised if one has a health insurance.

• Cashless Hospitalization:

  Cashless hospitalizations services can be availed which removes the necessity of making advance payments when one has health insurance.

• Tax Benefits:

  Through Section 80D of the Income Tax Act, the Indian government grants tax benefits for health insurance premiums

Types of Health Insurance Plans in Pune

In Pune, different kinds of health insurance policies can be found:

• Individual Health Insurance:

  Only an individual will be apt for this kind of coverage.

• Family Floater Health Insurance:

  All family members will be insured under this type of insurance coverage.

• For elderly individuals, this is specially created for elderly individuals./li>

• Critical Illness Insurance:

  In cases of serious illnesses, Critical Illness Insurance give a one-time payment to cover for the medical expenses.

Factors to Consider When Buying Health Insurance in Pune

• Sum Insured:

  To cover your medical costs considering your age, health factors and family size, select a proper sum insured.

• Network Hospitals:

  Choose a plan with an extensive hospital network in Pune for easy access to cashless medical care.

• Pre-existing Conditions:

  Make sure to verify coverage and waiting period for pre-existing conditions.

• Add-on Covers:

  Consider additional options such as maternity benefits, personal accident coverage, or dental insurance.

• Premium Cost:

  In order to choose the most favourable options, compare various insurance options and their rates.

• Claim Settlement Ratio:

  To comprehend an insurance company’s promptness, do a thorough investigation of their claim settlement ratio.

Also Read:  A Step-By-Step Guide To Navigating Health Insurance Claims

Steps to Buy Health Insurance in Pune

• Assess Your Needs:

  Determine the required level of coverage by taking into account your age, health, and the size of your family.

• Compare Plans:

  Obtain quotations from many insurance companies, then compare the variations in features, costs, and coverage within the network.

• Choose a Plan:

  Select the solution that most closely matches your needs and budget.

• Submit Documents:

  Send in the proper paperwork, including proof of age, evidence of income, and (if needed) medical records.

• Pay Premium:

  Submit the first premium payment in order to initiate your policy.

Also Read:  Factors Influencing Health Insurance Premiums: What You Need to Know

Tips for Managing Your Health Insurance

• • Renew Your Policy Timely:

    To prevent gaps in coverage and ensure continuous benefits.

  • Update Your Insurer:

    Notify your insurance provider of any updates to your address, health condition, or family information.

  • Read Your Policy:

    Familiarize yourself with the policy’s terms and conditions to prevent confusion when making claims.

• Maximize Benefits:

  Utilize all the advantages provided by your health insurance coverage.

• Utilize Online Services:

  Numerous insurance companies provide online platforms for convenient management of policies and submission of claims.

Conclusion

Buying health insurance in Pune is necessary to protect your financial stability. Understanding the various kinds of plans, factors to think about, and steps included can help you make a knowledgeable choice and obtain a thorough policy that fits your exact requirements. Don’t forget, having a health insurance policy is a way to invest in your well-being and mental calmness.

Do you have interest in exploring the health insurance policies available to you? Get in touch with Elephant.in either by calling 1800 266 9693 or sending an email to support@elephant.in for more information, or simply visit Elephant.in!

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/19

For every responsible car owner in India, acquiring car insurance is vital but it can be quite a task when it comes to determining the cost/premiums of the insurance. In order to help you make informed decisions and for you to accurately estimate your coverage costs, we will break down the important factors to consider in this insightful blog.

Getting familiar with Car Insurance

An individual is protected from unpredictable events such as accidents, theft/burglary or damage if he has car insurance policy. To ensure financial assistance in such scenarios, you pay a premium. The cost of your premiums may, however, be impacted by multiple variables.

Key Influencers of Your Premium

• Vehicle Type:

Due to elevated costs of repairs for high-end luxury vehicles, they incur higher premium costs. Manageable premium rates are for economical cars such as hatchbacks.

• Distance Driven:

Premiums can also be influenced by the amount of distance you have driven. Pay as you drive is a type of insurance the calculates the premium you will be paying as per the distance you have driven.

• Location:

Your premium range can be affected as per the location your car is registered in. In densely populated or high-risk areas, your rates could rise, whereas they could decrease in less populated areas.

• No Claim Bonus (NCB):

You might save around 50% on your own damage premiums by qualifying for NCB due to not making any claims in the previous year.

• Coverage Options:

  Opting for comprehensive car insurance coverage increases your expenses but protects your vehicle along with the mandatory Third Party Insurance.

• Additional Features:

Adding extra coverage options such as zero depreciation cover and roadside assistance may result in higher premiums.

Steps to Estimate Your Premium

1. Select Your Coverage:

3rd-Party or Comprehensive Coverage is completely your choice

2. Determine Your IDV (Insured Declared Value):

The current market value of your vehicle affects both the premium and compensation in the event of total loss.

3. Assess Add-On Options:

Consider optional features and select only those essential to your coverage.

4. Review Your NCB:

If you’ve maintained a claim-free record, you may be eligible for a reduced premium.

5. Factor in Vehicle Details:

Age, make, and model of the vehicle impacts the overall premium.

6. Provide Personal Information:

Age, driving experience, and location also affect the final calculation.

7. Use Online Calculators:

Many online aggregators provide tools to help you calculate your premium based on the provided data.

Cost-Saving Strategies

• Choose a higher voluntary deductible to lower your insurance costs.
• Maintain a clean driving history to prevent costly penalties.
• The installation of anti-theft devices will enhance overall car safety and lower car insurance premiums.

Conclusion

Understanding all the factors that impact your insurance premiums makes it simple to make a well-informed choice and select a customized car insurance policy for yourself.

We are constantly available to assist you. Get in touch with us at 1800 266 9693 or send us an email at support@elephant.in for more information on car insurance options, or just head to Elephant.in!

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/18

Even though purchasing a new car can be a thrilling experience, it is important not to overlook one crucial aspect: car insurance. To protect your investment from any unpredictable situations, it is essential to know about the intricacies of car insurance. Here is a simple guide to assist in understanding car insurance while buying a new vehicle.

Get the Basics Right

Car insurance is an agreement between an individual and an insurance company that provides insurance coverage for vehicles. On receiving the premium amount, the insurance company will cover specific expenses in case of damage, theft, or accidents involving your car.

In India, it is required by law to have third-party car insurance. It includes payments for harm or injuries to others, excluding damage to your personal vehicle. Choosing full coverage insurance is advised because it includes protection for both third-party losses and any damages to your own car.

Types of Car Insurance

• Comprehensive Insurance:

Both third-party claims and damages to your vehicle are covered. While more expensive, the extensive protection offered can provide peace of mind.

• 3rd Party Insurance:

As the minimum required by law, this covers damages to others but leaves your vehicle unprotected. Although cheaper, this option could expose you to additional costs if the vehicle sustains damage.

What Influences Your Premium?

• Car Make and Model:

Higher premiums are typically attracted by high-end vehicles due to increased repair costs.

• Age of the Car:

Older cars generally come with lower premiums because of reduced market value.

• Location:

Living in metropolitan areas can lead to higher premiums due to greater risks of accidents or theft.

• Driving History:

Lower premiums can be earned by maintaining a clean driving record, as it suggests a lower risk to insurers.

• Coverage Type:

  Extensive protection is provided when one acquires a comprehensive car insurance, even though it costs more.

Also Read: Understanding Different Types of Car Insurance Coverage

The No Claim Bonus (NCB)

The No Claim Bonus (NCB) serves as an incentive for drivers who exhibit responsible behavior on the road. If there are no claims filed within the policy year, policyholders can receive a discount of up to 50% on their own damage premium for the next year. This helps to save money and promote safer driving behaviors.

Understanding Insured Declared Value (IDV)

The maximum amount that the insurance company will pay out in the event that the vehicle is declared stolen, or a total loss is the IDV, which represents the car’s present value. Better coverage is provided by a higher insured stated value; nevertheless, the premium is usually higher. It is critical to strike the ideal balance between scope and expense.

Exploring Add-ons and Riders

• Zero Depreciation Cover:

Full compensation is provided without accounting for depreciation, making this a smart choice for new car owners.

• Engine Protection:

Covers engine damage from specific issues like waterlogging—a real concern in some areas.

• Roadside Assistance:

  Provides peace of mind if the vehicle breaks down.

Choosing the Right Insurance

• Compare Policies:

You will come across a good car insurance policy after scouting through different plans and their quotes both online and offline.

• Assess Premium vs. Coverage:

Ensure the policy meets protection needs, rather than simply opting for the cheapest option.

• Check Claim Settlement Ratios:

This indicates how effectively an insurer handles claims—an essential factor in the decision.

• Read the Fine Print:

Comprehend what is covered and not covered to prevent unexpected surprises in the future.

• Consider Your Driving Patterns:

Regular drivers or individuals in high-risk locations could see greater advantages with comprehensive insurance.

Insuring Your New Car

Though dealers commonly provide insurance at the time of sale, it may not always be the most advantageous option. Make sure to compare quotes from different providers as many of them have fast online quotes available for a more efficient evaluation of options.

Don’t Forget Your NCB Transfer

When upgrading from an old car, transferring the No Claim Bonus to the new policy can lead to significant savings. Insurers should be notified about the NCB transfer during the purchase process.

Navigating the Claims Process

1. Insurers should be notified immediately after an incident.
2. A police report should be filed if needed, especially for theft or major accidents.
3. A claim form should be submitted to the insurance company.
4. Necessary documents, such as a driving license and car registration, must be provided.
5. The insurer should inspect the car to assess the damage.

Conclusion

Getting the proper insurance for a new car is just as important as buying the car itself. By understanding the fundamentals, conducting comparisons, and making knowledgeable choices, both vehicle and financial protection can be guaranteed. Always aim for a balance between coverage and cost to find the ideal policy.

Reach out at 1800 266 9693, email support@elephant.in, or visit Elephant.in to explore car insurance options!
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/18

The bustling metropolis of Delhi also has serious health issues. Due to rising medical care costs and pollution, many view health care coverage as imperative. We will help you in understanding the steps and things to look out for while purchasing health insurance in Delhi through our blog post.

Are You Buying Health Insurance? Consider These Factors:

• Sum Insured:

  This shows the maximum amount your insurance company will pay for medical bills over a full year. A bigger insured sum is associated with more comprehensive coverage.

• Coverage:

  Analyze the insurance details thoroughly. While many plans cover hospital stays, surgeries, and prescription meds, others may also cover dental care, maternity care, and coverage for severe illnesses.

• Network Hospitals:

  Your insurance company is connected to these medical facilities. Selecting a provider from the network helps streamline the claims process and perhaps save expenses.

• Waiting Period:

  Some claims, such as those involving pre-existing conditions, can be filed within this time frame.

• Premium:

  This is the sum you pay the insurance supplier to keep up with the contract’s status. Comparing the premiums offered by various suppliers is essential.

Also Read:  A Step-By-Step Guide To Navigating Health Insurance Claims

Choosing the Right Plan

Health insurance plans come in various forms. Common types include:

• Individual Health Insurance: Tailored for single individuals.
• Family Floater Plan: Covers you, your partner, and your dependent children under a single insurance.
• Senior Citizen Health Insurance: Health insurance specifically created for older individuals.

Numerous factors, including age, the number of family members, existing medical conditions, and financial status, influence which plan is ideal.

Things to Look Out for When Purchasing Health Insurance

• Comprehensive Comparison:

  Evaluate the premiums, hospital network, and claim settlement rates of various insurance companies along with their coverage.

• Meticulous Policy Review:

  Thoroughly understand the policy terms and conditions before purchase.

• Reputable Insurer Selection:

  Prioritize insurers with a proven track record of claim settlements.

• Exploring Add-on Covers:

  Consider supplementary covers like critical illness, personal accident, or maternity for enhanced protection.

• Regular Policy Assessment:

  As life evolves, so do insurance needs. Periodically review your policy to ensure it aligns with your changing requirements.

The Claim Process

Quickly informing your insurance provider is essential if there is a medical emergency. A few guarantors give the choice of hospitalization without cash at clinics inside their organization. In cases without a credit only office, you might need to pay for costs forthright and afterward look for repayment from the insurance agency.

Also Read: 10 Sneaky Reasons Your Health Insurance Claim May Not Get Approved

Conclusion

Despite the fact that purchasing health insurance can be overwhelming, it is necessary for financial readiness. By completely surveying your needs, assessing various choices, and picking a dependable insurance agency, you can establish a strong health insurance foundation for yourself as well as your friends and family.

Please feel free to call us at 1800 266 9693 or email support@elephant.in with any questions. For excellent choices for vehicle insurance, visit Elephant.in!

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/16

Home is a dream which everyone sees with equivalent enthusiasm. And why not? It is a symbol of stability and testament to hard work that one does. However, no doubt it demands substantial financial commitment that has to be promised in terms of monetary supply. Seemingly, while owning a home is a rewarding experience, it’s equally important to protect this investment for your family. But how? Well, this is where term insurance steps in as a crucial financial safety net.

Importance of Term Insurance

The insurance policy, designed to provide financial protection for a limited period of time, is generally called term insurance. Term insurance is not like ordinary life insurance, giving maturity benefits; it rather pays in bulk in case the policyholder unfortunately dies anytime during the policy term.

Also Read: How much term insurance cover do I need?

Why Term Insurance is Important for Homeowners

A term life cover helps protect the house you’ve built for your family through your hard work and effort, especially if something unfortunate happens and the main earner passes away. With term insurance, your loved ones can use the insurance money to pay off the remaining home loan. This ensures they can continue living in the same house without the burden of a significant debt.

Knowing your family will be okay money-wise even if you’re not around gives you peace of mind. Many people find this hard to achieve. If something unexpected happens, it helps your family with much-needed money.

In today’s busy world where inflation keeps hiking up, term insurance is a cheaper insurance plan to buy. This makes it a good choice for people who have financial responsibilities like home loans and want to protect what they own.

How Much Term Insurance Coverage Do You Need?

Figuring out the right amount of term insurance coverage is key. Here’s a basic guide:

• A Backup for Home Loan Repayment

Term insurance can also serve as a safeguard in case of any unforeseen circumstances affecting the home loan repayment. It offers an option to settle outstanding debts including home loan, provided the insured sum equals or exceeds the outstanding loan amount.

• Extra Coverage:

Think about adding a safety net to the insured sum to handle other money matters like daily costs, kids’ schooling, or other debts.

• Check Often:

As your loan shrinks and money responsibilities shift, look over your term insurance coverage to make sure it fits your current needs.

Also Read:Factors to consider while buying Term Life Insurance

Picking the Best Term Insurance Plan

Choosing the Best Term Insurance plan requires considering a few factors:

• Policy

The policy should at least be concurrent with the home loan, or a little beyond that to provide additional coverage.

• Sum Insured

Your outstanding house loan and other debt liabilities should be the basis for arriving at the sum insured.

• Additional Policy Features

Few policies will let you add extras, like serious illness cover or benefits in the event of death or disablement due to an accident. Consider whether you need these, based on your needs and your ability to pay for them.

• Leverage Your Policy for Loans:

Term insurance policy can be used as a collateral for a loan, allowing lender to claim the policy benefit in case of default.

• Cost

Prices from different insurance companies should be compared to get value for the money.

Conclusion

This might seem like an expenditure additional to the one paid for buying insurance, but actually, it is an investment for your family’s future. The sense of security that one has by being prepared for the contingency offsets the initial cost incurred.

Want to know your options? Call now at 1800 266 9693 or mail at support@elephant.in. Want to know more about how to protect your vehicle? Log on to Elephant.in to know more about our extensive car insurance plans!

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/15

Health care expenses are spiraling day by day. In modern India, a health insurance plan has indeed become more of a need than a luxury. Not to forget that it actually is a financial shield, saving you from the burden of medical bills due to any mishap, for example, hospitalization or falling ill. But as new and established insurance companies alike pitch all manner of health insurance plans, at least one question seems to keep arising: Which is best, and how much is it going to cost me?

It doesn’t matter; we are there to help you. Various factors have a bearing on health insurance premiums in India, thus providing you with three sources to make an empowered decision while choosing a health insurance plan. You will be able to compare plans with purpose and choose the best health insurance policy that works well for you and your pocket.

Health Insurance Premiums

A health insurance premium may simply be put in the same league with the price a person is to pay in regards to a linsurance company on a monthly or annual basis in order to receive coverage. Such coverage assures one of compensation up to a pre-determined limit whenever the individual falls ill or needs admission into a hospital for due reasons. Your premium is likely, in most cases, to dictate just how comprehensive your cover turns out to be.

Factors Affecting Your Health Insurance Premium

The health insurance premium depends upon a various factors. Let us discuss some of the most important ones:

• Age:

  In general, premium rates for health insurance are charged on a lower rate for the younger age group in comparison to older people. This is because, with an increase in age, the risk for hospitalization and the associated medical cost increases.

• Your Health Status:

  If you enjoy the best premiums; then your pre-existing conditions, if any, may lead you into hefty premiums, as the company estimates probability.

• Your Lifestyle:

  Such habits as smoking or using tobacco will raise your premiums in a huge way. This is because such activities are dangerous to your health status.

• Sum Insured:

  This is the maximum amount that an insurance company is inclined to pay toward any treatment expenses. Quite normally, the higher the sum insured, the higher the premium, which in turn should ensure adequate coverage.

• Your Policy Coverage:

  The premium will be less for a basic policy with restricted coverage as compared to comprehensive policies covering a wide scope of benefits, including pre- and post-hospitalization expenses or critical illness cover.

• Your Location:

  Geographical location may have an impact on your medical costs; it differs by city or region. So in case you reside in a metro city with higher healthcare costs, your premium may turn out a bit on the higher side.

• Claim History:

  A history of regular claims often makes insurance companies take it as an indicator to place you at an above-average risk, for which they might go ahead and increase the premium upon renewal.

Cost vs. Coverage: The Trade-Off

The more competitive premium may be inviting, but here is a trade-off between cost and cover: one with a low enough premium in a basic plan will not give any significant coverage against serious medical conditions that might demand high-cost treatment.

Tips for Managing Your Health Insurance Premium

Here are some extra pointers to keep your health insurance premium in check:

• Assess your medical requirements and select a plan that provides sufficient coverage without superfluous features
• Maintaining excellent habits and living a healthy lifestyle will help you save money on premiums over time
• Never accept the first plan you come upon. To compare costs and coverage choices, get quotations from many insurance providers
• A family floater plan might be an affordable choice if you have a family because it covers several individuals under a same policy
• If you didn’t file any claims the year before, many insurance companies may give you a No Claim Bonus on your Health Insurance renewal premiums

Conclusion

Once you understand what creates variations in your health insurance premiums, you will be better equipped to make informed decisions while choosing a plan. Keep in mind that the best health insurance plan is not about the affordability but the proper balance between cost and comprehensive coverage based on the needs of the buyer. There are so many ways to be smart about your health; one of these is to choose a health insurance plan that’s got your back—and your family’s—in case any medically unexpected situation arises.

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/14

Monsoons on Indian roads can be particularly harsh on cars, with flooded streets, potholes concealed beneath water, and impaired vision posing significant risks of damage. While regular car insurance covers basic damages, the monsoon often necessitates more comprehensive coverage. This is where additional insurance coverage becomes crucial. Add-ons expand the coverage given by the regular insurance policy to offer additional protection from specified risks. In this article, we shall outline some of the different types of add-on covers that help you protect your vehicle during the rainy season.

Understanding Add-On Insurance Covers

An add-on is an additional cover that you buy over and above your basic car insurance policy for extra protection in multiple scenarios. Here are some must have car insurance add-ons that can prove to be extremely helpful during the monsoons:

• Engine Protection Cover
• Zero Depreciation Cover
• Roadside Assistance Cover
• Return to Invoice Cover
• Consumables Cover
• Hydrostatic Lock Cover

• Engine Protection Cover

Your car’s engine is its heart, and it’s particularly vulnerable to waterlogging. An engine protection add-on would help to reduce the costs of repair or replacement in case your vehicle’s engine gets damaged due to water. Such an add-on coverage feature is critical, given that the standard insurance policies do not provide coverage if the engine gets damaged due to water seepage.

Benefits of Engine Protection Cover:

• Covers the cost of repair or replacement on any damage arising from water collection to the engine.
• Provides you with peace of mind in times of heavy rains and floods.
• Prevents expensive engine repairs.

• Zero Depreciation Cover

It also goes by the name of bumper-to-bumper car insurance coverage. This particular coverage will ensure you get the full claim value sans any depreciation deduction. During monsoons, you can always expect to experience slipperiness of the roads, minor accidents and damages, and this is where this cover will come in the most handy. With this, you will not need to pay for a part replacement out of your pocket as the insurer will take care of it.

Benefits of Zero Depreciation Cover:

• The total claim amount without deduction of depreciation.
• Ideal for new vehicles and luxury models.
• Covers the cost of replacing damaged items without taking into account their devaluation.

Also Read: All You Need To Know About Bumper To Bumper Car Insurance

• Roadside Assistance Cover

Breakdowns can be nerve-wracking, especially in the rain. But with your roadside assistance cover, help is just a call away! From towing to minor repairs, you can get back on the road in absolutely no time. Roadside assistance coverage is a saviour, it gives you peace of mind, offering towing, emergency repairs, and battery jump-starting. It can also provide lodging for you if you are a long way from home.

Advantages of Roadside Assistance Cover:

• Immediate help is available if your car breaks down.
• Towing services to the nearest garage.
• Peace of mind in emergencies.

• Return to Invoice Cover

If your car is beyond repair or is stolen, a standard insurance policy will only pay out the present market value, which may be considerably less than what you paid for it. A return-to-invoice cover bridges this gap by paying the original invoice value of the car along with road tax and registration fees.

Benefits of Return to Invoice Cover:

• Full compensation for the car’s invoice value.
• Covers the gap between market and invoice values.
• Best used for new vehicles, providing more financial protection.

• Consumables Cover

In the course of repairing, minor parts like nuts, bolts, engine oil, brake oil, and such are replaced. The cost of such expenses can really add up, and typical insurance doesn’t include them in coverage. A consumables policy takes care of those costs so you don’t have to reach into your pocket.

Benefits of Consumables Cover:

• Pays the cost of consumables replaced at the time of repair.
• Reduces out-of-pocket expenses.
• Offers complete protection at the time of repair.

How to Choose the Right Car Insurance Add-Ons

The right selection of add-ons depends on multiple factors, such as the age of your car, the way you drive it, and the monsoon conditions that prevail in your area.

Here are some tips to help you choose the right Car Insurance add-ons:

1.Assess Your Needs:

Think of the specific threats you will be facing through the monsoon. If you stay in a flood-prone area, the must-have features include engine protection and roadside assistance cover

2. Assess the Age of Your Car:

New cars benefit more from zero-depreciation and return-to-invoice coverage.

3. Keep in Mind Your Budget:

While add-ons provide you with extra coverage, they are capable of escalating your costs as well. So choose the best value for your needs.

4. The Devil Is in the Details:

Be aware of the terms and conditions of every add-on to get an idea about the coverage.

Conclusion

Though an incredible season, monsoons can, at times, prove to be a little harsh on your car. But the right insurance protection can save your day and your car, too! Take time to study and learn about different types of add-on covers that can prove to be very beneficial in the long run. Engine protection, zero depreciation, roadside assistance, return to invoice, consumables,  are some of them that can help protect your car.

Call 1800 266 9693 or email us at support@elephant.in if you have any questions. Visit Elephant.in for the best car insurance plans!

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/13

As a car owner, you must ensure your vehicle is well-maintained, and you follow traffic rules and drive carefully. Sometimes, even if you take all necessary measures, accidents tend to occur due to mechanical problems, damaged tyres or natural calamities like floods and earthquakes and poor road conditions to name few. Car insurance is important to cover damage costs during such incidents.

We will look at some of the numerous car insurance plans available today to help you make the best financial decision.

Importance of Car Insurance

The roads in India range from quiet country roads to busy urban ones and well-kept highways. Accidents can happen whenever and in any area. Car insurance fills in as a financial security, safeguarding you from the obligation of paying for harm, medical services costs or lawful commitments coming about because of accidents.

Car insurance can help you in the following ways:

• Financial stability:

  For example, if an accident in your car takes place, this coverage will be activated, and it will cater for the maintenance and replacement expenses incurred.

• Third-party liability coverage:

  In situations where personal injuries to third parties are sustained or their properties are damaged, this policy stands in for the financial liabilities arising out of any mishap occurred due to third party liability.

 Also Read: Useful Tips to Consider When Buying Insurance for Your New Car

Types of Car Insurance Coverages and Add-on

Insurance coverage relates to the different monetary assurances that are presented for your car. Notwithstanding standard inclusion, you have the choice to choose different extra elements to help the degree of security given by the approaches. First, we’ll discuss the five types of car insurance coverage available in India:

• Third-Party Liability Only Cover:

With this vehicle insurance contract, you will get the following benefits:

• Costs for fixing or replacing the 3rd party’s vehicle that was harmed.
• Costs brought about for hospitalisation and clinical consideration for the 3rd party involved.
• Legal liabilities brought arising out of bodily injury or death of third part, including passengers and pedestrians due to an accident caused by the insured vehicle. Having third-party liability insurance is the minimum legal requirement under the Motor Vehicles Act of 1988. All vehicle owners need to have it in order to avoid any legal obligations.

• Collision Damage or Own Damage (OD) Cover:

The insurance company compensates for the repair or restoration of the damaged car. These rates commonly depend on the RTO)

Also Read: How to Select Car Insurance Tailored to Your Needs!

• Personal Accident Cover:

If in an accident, the driver is injured (or the owner of the car), this add-on cover comes into play. It covers the cost of hospitalisation and several other medical expenses.

• Zero Depreciation Insurance:

In India, this kind of coverage is frequently offered as an additional option with car insurance plans. Imagine that you need new parts for your wrecked car. When processing claims, the insurance company will consider the components’ decreased value. You will receive the full claim amount if you have zero depreciation coverage, as there is no expenditure depreciation included.

• Comprehensive Car Insurance Coverage:

The Comprehensive Car Insurance gives the most extensive assurance by covering your vehicle against any man-made activities such as robbery/theft/vandalism and natural calamities such as floods, earthquakes. It can also be upgraded with the help of add-on policies which provide additional benefits along with the fundamental protection that the plan provides.

Conclusion

Now that you are aware of the many kinds of car insurance that are out there, evaluate your demands and carefully consider your budget. Compare the various types of coverages and their premium costs choose the one that is perfectly apt for your needs and traverse the roads with confidence!

Contact our experts by calling 1800 266 9693 or emailing support@elephant.in if you have any questions. Visit Elephant.in for the best car insurance plans!

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/12

Certain terms and conditions in health insurance may make it more complicated to understand the process. The grace period is one such term that you will come across. In essence, it is very important to understand what the grace period really means for your health insurance plan, as this could impact your coverage and financial stability.

What is the Grace Period?

The grace period in health insurance stands for an extension time allowed to policyholders after the due date to pay their premiums. During this time, the insurance coverage is still active, and one cannot be penalized for being unable to pay at the deadline. Consider this a safety net that keeps your health insurance from becoming terminated with prejudice over an innocent mistake of lateness.

What is the Grace Period Duration?

The grace period accorded on the insurance policy differs with each insurance company and the type of policy taken. The grace periods normally vary between 30 to 90 days (about 3 months). To find out how long the grace period for your policy is one needs to read through the policies in possession or contact the company that underwrites the policy.

Also Read: What is Restoration Benefit in Health Insurance?

Why is the Grace Period Important?

The grace period is meant to cushion the policyholder. Life is normally full of ups and downs, and at times, one may be in a difficult financial situation or forgetful, hence making him or her miss the payment. It goes without saying that a grace period means you’ll still enjoy health coverage during those days, and there are no existing gaps putting you at great risk in the event of a medical emergency.

What Happens in the Grace Period?

You have the grace period frame for medical insurance inclusion; subsequently, you can go on with your clinical care, and your claims will keep getting processed as usual. Here one must make a note that for whatever reason if you falter in paying your premium by the end of the grace period, it is most definite that your insurance policy will be rendered null and void.

Impact on Claims and Coverage

Though your policy may be valid during the grace period, in some instances, insurers may delay processing your claims until and unless the past dues are paid. Simply put, you can avail of medical services, but the payment to the health provider can be stalled till the payment of the premium.

Also Read: Things to consider while buying health insurance plans

What if You Miss the Grace Period?

Not paying within the grace period could be a big deal. It probably means that your health insurance policy will be terminated, and you hence will have no more coverage. This, of course, can be very tricky if you have ongoing medical needs or should any unexpected health issue arise. Furthermore, should your policy be terminated, in most cases you will be left waiting for the next enrollment period to sign up for a new one, meaning that you will be without coverage for an extended period.

Reinstatement of Coverage

Some insurers give policyholders the opportunity to reinstate a policy if coverage has been cancelled for non-payment. In most cases, this would mean paying not only the back premium due but quite often a reinstatement fee. Reinstatement is not automatic and may not be guaranteed, and the terms can vary from one insurance company to another. It is best not to rely on this option and instead ensure that premiums are paid on time.

How to Avoid Missing a Payment

1. Set Up Automatic Payments:

Most insurance companies provide a provision for making automatic payments directly through your account, paying a set amount each month or on the due date of your premium.

2. Use Payment Reminders:

If you are one who does not like automated payments, set your phone or calendar to remind you a few days before payment.

3. Premium Budget:

Create a budget each month that includes your insurance premium. That way the actual premiums won’t shock you because they won’t be a surprise when they are due for payment.

4. Talk to Your Insurer:

If you find that you’re not going to be able to make a payment, go ahead and call your insurer. They might have payment plans or another resolution to keep you covered.

Also Read: Premium Reduction Tactics for Your Health Insurance Plan

Special Considerations

Please be aware that grace periods differ depending on the different classes of health insurance plans. For example, the ones sold through the Health Insurance Marketplace come with a 90-day grace period if one is granted advance payment of the premium tax credit; but again, this does not mean that one needs to apply for any other type of plan.

Other state laws may have some impacts on grace periods. Some states by law specify the shortest duration that a health insurance cover can provide, thereby enhancing more protection for policyholders.

Conclusion

The grace period refers to a time frame within which health insurance plans pardon policyholders if they pay their premiums late. You must exactly know how it works and be proactive in paying your premiums to avoid any further distractions. This way you can assure yourself of continuous health coverage, leaving worries of lapsed policies behind. Always review your specific policy details and talk to your insurance company for further information and protection.

Call 1800 266 9693 or email us at support@elephant.in if you have any questions. Visit Elephant.in for the best car insurance plans!

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/11