Select the Best Life Insurance Policy!

best life insurance policy

Life Insurance is a policy provided by the insurance company that offers overall financial coverage against premiums for a limited duration to the nominated beneficiary. The best life insurance policy offer death benefit upon the demise of the insured due to sudden death, unforeseen accidental death, or disability.

Offering you a wide range of insurance policies to compare from, our website assists you to purchase the right insurance by providing you with product comparison and unbiased quotes.

What is Life Insurance Premium?

A life insurance premium is an amount paid by the insured to get the benefits of a life insurance policy. Premium is the value of life insurance that is paid on an annual basis, but the insurer can also select and pay premium half-yearly or monthly. Such premiums help to increase the cash value of the insurance plan.

It’s true that the life insurance company decides the payable premium by the insured but the policyholder gets full liberty to choose the sum assured and the term of the policy.

Why should you buy a life insurance policy?

Life insurance policy is crucial for a secure future for your children and other family members. The perks of purchasing life insurance are much more than people know of. The most common benefits that people are aware of is that of disability and death benefit. Other benefits of life insurance include-

1. Discount on online payment

So many of us are not well aware of the fact of how beneficial online mode of payment is. Did you know? If you choose to pay the premium via an online payment method, the insurance company’s administrative prices drastically lower down.

The low cost is applicable due to zero paperwork and no commission charges, which at times a buyer has to pay to the agents in the offline procedure to buy or renew a policy. The discount rates vary from one insurance company to another but the best part is while proceeding towards an online payment mode you get a first-hand experience and know the whereabouts of getting a policy, in other words, total transparency is maintained.

2. Takes care of Business

Helps to support business and their partners if the other face sudden death. Without any difficulty, the business partner can buy the policyholder’s share. All the partner needs to do is sign an agreement with the life insurance company and the amount received after the sell of the insured’s share will be transferred to the nominee. It must be remembered that the nominee will not receive a stake in the company of the deceased.

3. Tax Benefits

Under the Section 80C of the Income Tax Act 1961, an insured is eligible for a tax rebate for paying a premium. The tax benefit is applicable by all life insurers, whether it is a private or public sector insurer every life insurance policy offers this benefit. Also, under Sector 10 (10D), the maturity benefit of life policies qualifies for tax deductions.

4. Loan Collateral

Not all people are aware of the fact that life assurance policies act as loan collateral. An insured can take a loan from NBFC (Non-Banking Financial Company) or a bank based on the surrender value and the type of insurance policy.

Reasons why life cover policy is necessary:

  • Ensures that your family receives financial support at the time of sudden demise
  • Support the educational and other needs of your children.
  • The saving plan offers a permanent source of income after retirement.
  • Additional income source if due to any unforeseen circumstances (accident or critical illness) there occurs financial loss
  • The opportunity to explore other financial options and lifestyle needs.

Secure your family financially

Whether you are married, a parent, or consist of a large family, life insurance ensures to provide with financial assistance to your family even after death. Several other financial benefits that the right insurance policy can provide are-

  1. Covers medical bills.
  2. Pay off debts like mortgages, credit cards, and other loans.
  3. Funeral cost assistance
  4. Assist to pay real estate taxes & helps with other real estate problem.
  5. Child education expense coverage (higher education expenses included)
  6. Support family plans (which may include supporting family business)
  7. Another important advantage of life insurance is that payments are made directly to your beneficiaries, not your assets, which means that your loved ones can get the money they need instantly and without getting affected by income taxes.

Life insurance is can contribute and help a lot at the time of crisis. No matter whichever type of life insurance plan one chooses, the prime goal is to assist your loved ones with immediate financial needs at difficult times, even when you are not present (sudden death).

It is also important to understand and know about the policy you are to purchase. Some policies include benefits which might not benefit you that much, therefore it’s important to compare different policies and learn what’s best suited for you and your family. You can compare various policies online without facing any difficulty.

While if you choose an offline method, you might face a lot of issues handling agents, moving around from one office to another along with extra expenses. This blog aims to inform you about the different types of life insurance policy and their benefits so that you can make an informed decision about life insurance.

Life Cover is a contract between the policyholder and the insurance company. In some contracts, insurance pays the insured in case of survival. However, these terms differ for one policy to another-

Types of life insurance policies in India

Life insurance plans in India Coverage
Endowment plans Savings along with insurance cover
Term plans Overall risk coverage
ULIPS Investment benefits along with insurance
Child plans Adequate savings for your child’s education, wedding and other expenses related to children
Whole Life Insurance plan Lifetime coverage
Retirement plans Post retirement financial aid
Money back plans Periodic returns with insurance coverage

Brief on the Life Insurance plans mentioned in the chart above-

1. Endowment plans

Also, termed as traditional life insurance plans. Endowment plans come with a saving element. As compared to other policies risk factor, this policy carries a lower level of risk but the returns are also less.

One of the key benefits of this plan is that this plan offers a long-term financial planning tool that gives you returns on investment at maturity time.

2. Term plans

One of the most basic forms of life coverage is term insurance/term plans. This plan offers death coverage for a stipulated duration. If under any circumstances the insured faces death in the policy tenure the insurer offers pre-decided death benefit (as a lump sum) on a monthly or annual basis.

At Bestinsurancepolicy you can easily purchase a term insurance plan without any kind of difficulty and also compare policies under one platform. One can also enhance the term plans by getting additional riders which are optional. The insured can add them as per their expectations.

Related Blog: What term insurance plan is all about?

3. Child plans

This plan acts as an effective insurance tool to generate funds for the insured’s child. Child plan helps to build savings for the child which can be later used for the child’s education/higher education or marriage.

The benefits of a child plan are either paid on an instalment basis or at one go when the child attains 18 years of age

4. Whole Life Insurance plan

Offers coverage as long as the policyholder lives. By effective comparison at Bestinsurancepolicy, you might also come across with policy plans that insurer coverage up to the age of 100 years. The assured sum along with the bonus (if any) is paid to the nominated beneficiary on the demise of the policyholder.

The whole life insurance plan offers a wide coverage along with low premium making it an ideal policy for many.

5. Retirement plans

The usual retirement plans allocate the insured with benefits that are received in the form of instalments per year or as a one-time pay-out when the insured reaches 60 years. If the policyholder lives longer than the term of the policy, the policymakers give vesting benefits or in case of sudden demise, the nominee receives the death benefit. In case the policyholder faces death when the policy is active the insurance company offers a pre-decided amount to the beneficiary of the policyholder.

5. Money-back plans

As the name suggests, money back plan gives the insured a stipulated amount of assured sum which is returned to the insured at intervals (pre-decided). This kind of plan is best suited for individuals who require their investments to be led by a liquidity element.

The insurance provider may also come up with bonuses, for which, check with your insurance company accordingly.

How to Buy Best Travel Insurance Online

Best Travel Insurance Online

Whether you are traveling alone, with your family, on a business trip, in your spare time, or on a study trip, all you need is a peaceful journey during a trip. Best travel insurance covers your back at every step of your journey and protects you and your family from medical or disturbing situations while traveling. Our worldwide 24-hour support network is always with you to support, accompany, and make your trips unforgettable. So travel the world and create memories with Travel Insurance Companies!

Best Travel Insurance Ensures a Safer Trip!

When planning a vacation, use words such as relaxation, adventure, fun, and entertainment instead of accidents, illnesses, or medical emergencies. For this reason, you do not normally need to take out travel insurance unless it is mandatory. Even if you do not take out insurance, it is not recommended to take out insurance every time.

It provides a cashless hospital and, if necessary, covers evacuation costs. It protects you from malfunctions such as loss of checked baggage or passport, cancellation/interruption, and personal obligations. It also provides legal support in an important emergency. If you spend several hundred rupees, you will be insured not only against financial disasters but also the best service if necessary. So don’t think of it as “just another paperwork” and seek advice from the agency or hurry to get a flight ticket. This may not offer you the best offer. Understanding your needs is important.

The Benefits of Choosing a Better Travel Insurance Companies

People apply different insurance policies that serve different purposes. It plays an important role in various contracts because travelers can use it on a large scale. One of the reasons is that it allows many to indulge themselves, visit distant places, and actively participate in an adventurous nature trip. Insurance policy is a practical tool that offers policyholders various useful options. In this case, many popular travel insurance companies are alliance partners of travel agencies, and the traveler can choose these policies with various improvement benefits. You should look for companies that offer products for the countries you visit- the USA and Canada, Australia and New Zealand, the Middle East, or one of the Schengen countries.

1). Travel Insurance Quote To Deal With All Kinds Of Problems!

Travel Insurance Policy in India offers comprehensive international insurance coverage for simple and complex problems. It doesn’t take long for things to get out of control. This means you can stay ready for all options with robust fuse protection. From stolen passports to emergency evacuation for medical reasons, you can be prepared for any situation that will help you with travel insurance in your emergency. This is a concern for the best free ride!

2). Scope of cancellation or deduction

God is forbidden, cancellation and deduction can always be done to eliminate your best plans. What can you do in such situations? While there’s nothing you can do about associated heart pain, it’s possible to add some money. Buy Travel Insurance International travel insurance protection to cover costs in the form of penalties or losses in conjunction with prepaid flight plans.

3). Medical materials

Medical travel insurance offers comprehensive international health insurance for international travel. In this case, hospital evacuation costs may apply. If you go to the doctor and have expenses, ask your insurance company for a refund based on both doctor visits and pharmacy bills. To make the right financial preparation, it should be clear what your policy covers. There is international travel insurance to solve your problems and it is up to you to do the best.

4). Your luggage is also insured

Not only the complex problems of health insurance but also simple problems such as baggage handling or late arrival are covered by best travel insurance policy. Due to the luggage arriving late, you may need to purchase certain items from your bag. It is now possible to get a refund for travel abroad with your existing travel insurance in India. International insurance covers you from the moment you return home. Have a good trip!

Additional benefits of Best Travel Insurance

Travel insurance is your savior and ensures your trip runs smoothly. Additional benefits ensure smooth driving. Some additional benefits of are as follows:

  • Cashless hospitalization: As part of your best travel insurance policy, you can benefit from an emergency hospitalization abroad. Your insurance covers inpatient and inpatient treatment costs. up to the insurance fee. You don’t have to adjust the money for treatment.
  • Medical evacuation: If you need to move to your home country for better treatment, your expenses will be covered by the insurer up to the insured amount as part of the medical evacuation.
  • No age limit: There is a minimum entry age for travel insurance. You can also choose your child at an affordable price for one day.
  • Existing diseases: In the case of life-threatening diseases, the treatment costs of existing diseases are covered by insurance.
  • Transition to Business Class: If you are in hospital for more than five consecutive days and you need to return to your country, this is covered. You will receive an upgrade from Economy to Business Class.
  • Return of a child: If you are hospitalized abroad and want your young child to return to your home country. Subject to the terms of the contract, the insurance company bears the cost of returning your little child.
  • Visa requirement: In countries like Russia, USA. Schengen. Other travel insurance quote is compulsory to ensure the safety of all tourists during their visit. If you plan to visit one of these countries first, you will need to choose international guidelines to complete your visa process.
  • Reimbursement of losses: checked baggage loss, Passport loss, and sports injuries can consume all your money. International guidelines ensure that all these costs are reimbursed. It also saves financial losses and supports you in bad times.

Max Bupa Health Insurance Review in Detail

Max Bupa Health Insurance Review in Detail

Max Bupa Health Insurance Limited Company is a leading insurance company that offers first-class health insurance to its customers. The company offers a wide range of health insurance plans to manage financial opportunities in medical emergencies. Max Bupa Health Insurance Review says that their policyholders provide insurance support for all their clients. The company was founded in 2008 in India. 

Bupa, a UK-based healthcare provider, has an extensive network of 29 million customers in 190 countries, while Max India Limited offers healthcare and insurance services expertise in India. The merger unites the two giants to provide competent health and insurance services in India.

The reason for this successful synergistic relationship is the vision and value of both companies. As Max Bupa and Max India Limited and Health Insurance Limited Company, Max Bupa wants to become India’s most admired health insurance company. They do very hard work to become one of the best health insurance in India. The company shares a common mission to deliver world-class customer service and health insurance products. Max Bupa believes in building a long-term relationship with its customers and becoming the preferred choice for customers as their health insurance partner.

Things to Covered Under Best Health Insurance Policy in India

1). Quick and easy Max Bupa health insurance easy online purchase.

2). Health insurance companies offer a maximum of 1 ruble.

3). Provides insurance coverage for the whole family, including newborns and seniors, through a range of individual and family float plans.

4). Max Bupa pays the birth costs of mothers and newborns 2 years after taking the Heartbeat health insurance.

5). Max Bupa Health Insurance Review provides information that Some health insurance plans also cover existing illnesses.

6). Includes the option to extend the lifetime.

7). Hospital rent includes health expenses before and after hospitalization, reimbursement of OPD expenses, organ donation, and daycare.

8). Hospital accommodation at home and in hospitals is included.

9). Includes emergency services that allow the policyholder to extend the annual basic insurance amount when all or some of them are exhausted. This advantage is valid for all plans except Family Plan First.

10). It includes regular health checks once or twice a year.

11). Max Bupa has an extensive list of more than 3,500 network hospitals in India where the insured person can use cashless facilities in the hospital.

13). Some Max Bupa health insurance plans include cancer, transplant, etc. It is located.

What is not included in health insurance policy?

While the full list of exceptions depends on the plan you choose, below is a list of the most common exclusions included in the maximum health plans by best health insurance policy in India.

  1. Existing diseases do not cover a certain waiting period. Insurance protection allows only after the waiting period
  2. Some treatments and diseases, such as hernias, skin, and prosthetic joints, expect.
  3. Diseases within the first 30 to 90 days after the purchase of the policy insure only if they are accidental
  4. Cosmetic treatments exclude
  5. HIV, AIDS and other sexually transmitted diseases do not include
  6. Unless otherwise states, pregnancy and childbirth do not insure
  7. Dental plans do not include in most plans
  8. Diseases or injuries from war, riots, riots, riots, and nuclear threats exclude.

Features of Max health insurance by Max Bupa Health Insurance Review

  • Direct demand solution service: All requests made with Max Bupa are processed smoothly in a direct process. There are no external managers and questions handle by an experienced customer service team.
  • Fast and most reliable cashless services: Max Bupa has an extensive network of cashless authorization networks that provides customers with high-quality healthcare services within 30 minutes.
  • Better coverage options: Max Bupa health insurance review offers the best health insurance service that provides comprehensive coverage tailored to your specific needs and preferences.
  • International service: Those who prefer the Heartbeat Platinum plan can benefit from medical treatment abroad for some critical diseases.
  • Maternity allowance service: In the health insurance programs offered by Max Bupa, pregnancy is insured before and after birth.
  • Family coverage service: All family members, including seniors and newborns, can stay in one plan.
  • Lifetime renewal service: Max Bupa offers guidelines that can be easily expanded for life.

Different Insurance services by Max Bupa Health Insurance Review 

It is a leader and offers the best health insurance in India. The company tries to develop health insurance plans according to the needs of its customers. The holding company offers its customers and their families special health products and services. Below is a comprehensive list of various health insurance services by Max Bupa Health Insurance Review.

Health insurances by Max Bupa roughly divide into three different categories. Let’s fully understand the classification and types of health insurance provided by best health insurance in India in various categories.

Hospital plans are compensation health insurance plans that cover hospital costs. The plans cover the maximum amount of the insured person selected and the actual costs incurred. The Company offers accommodation options in several hospitals:

  1. Max Bupa health insurance
  2. Max Bupa Health Support Plan
  3. Go Active health insurance
  4. Max Bupa Heartbeat health insurance
  5. Max Bupa Health Renewal Plan
  6. Health Plus Plan
  7. Max Bupa savings health insurance

Max Bupa Health Insurance Review to extend your policy

It is also easy to renew the existing Max health insurance as the extension can be done online. You can expand the company’s website. The “Update” option is available on the main page. If you click the option, you will redirect to a new page. You must enter your valid health insurance number and date of birth on the page. Once the details submit, your current plan will be displayed. You can make changes to your plan by increasing the insured amount or choosing add-ons. Then you will have to pay the renewal premium online and your best health insurance policy in India will be renewed.

How To Find Insurance Policy Number By Vehicle Number?

How To Find Insurance Policy Number By Vehicle Number?

Two-Wheeler Insurance is based on the rules laid down in the 1988 Motor Vehicles Law. This law regulates the traffic rules that motor vehicles in India must comply with, and such a rule is the need for motor vehicle insurance that applies to all vehicles. If you have a bike, you need valid Bike Insurance Online. Due to this rule, all biker owners invest in bicycle insurance. Mandatory bicycle insurance is liability insurance for bicycle injuries, property damage, or the death of third parties. However, if you follow a comprehensive policy, you will also be insured for the damage caused by the bike.

Regardless of whether you are purchasing a third-party policy or a comprehensive policy, the bike’s registration number is used to purchase the policy. Let’s understand what this number is and how you can use it to check the status of the bike insurance.

What is the bike registration number?

The registration number of your bike is a unique number assigned by your area’s Regional Transportation Office (RTO). This number is unique to each vehicle and helps identify the bike and its owner. If you buy a new bike, you must register your bike with your local RTO within 30 days of purchase. If the bike has been successfully registered, RTO will give your bike a unique registration number that you need to add. This number is on a label and has been added to your bike for identification.

Use Of Registration Number

The registration number not only helps you identify the bike but also:

1) Remove the bicycle lock:

Without the registration number of the bike, you cannot make Bike Insurance Online. When the policy is specified, the bike’s registration number is added to the policy document to ensure that the bicycle policy is published.

2) Renewal of Two-Wheeler Insurance:

Even if you want to extend your bike insurance, you will still need to provide your bike’s registration number so that your policy can be extended. It is not possible to take out and extend bicycle insurance without the bike’s registration number.

3) Right to rights:

When you make a request, you will need your bicycle insurance number and bicycle registration number at the time of the request. The registration certificate of the bike must be offered to meet your needs.

4) For questions from third parties:

If you have an accident and are physically injured due to someone else’s bike, you can apply for third-party coverage if you have the person’s bike registration number. The registration number can be used to check the status of the Two Wheeler Insurance Online and you can check the status and claim third party injuries.

5) To check your bike insurance data:

If you do not have bicycle insurance at hand and you need insurance information for your bicycle, you can use your bicycle registration number. It is possible to check the bike insurance information with a registration number. Just enter the number and you will get full details of your bike insurance.

Easy ways to check Two-Wheeler Insurance Online

Even if you forget your Bike insurance information or have lost your insurance documents, you can easily check if your Bike is still insured. The Insurance company has privilege to track your renewal date and other general information.

The Internet has made various insurance transactions efficient and fast. New-age digital insurance companies are at the forefront to provide the best customer service. Read on to learn how to check online Bike insurance status.

How To check the status of the Bike Insurance Online:

There are two basic methods of checking the status of Two-Wheeler Insurance but most efficient with the advent of the Internet. To know more about your bike insurance status online through the Insurance Information Office (IIB) established by IRDAI follow the below-given steps:

1. Visit the IIB web portal.

2. In the required fields, enter information such as name, email ID or mobile phone number, address, license plate, and accident date.

3. Enter the security code and click Submit.

4. Details on how to lock the two join wheels displays. If not, previous policy details display.

5. If you cannot see the details using the method described above, you can call the bike’s engine and chassis number.

Simple Steps to Buy Two Wheeler Insurance Online

Like all other health or property insurance, bike insurance protects the policyholder from financial losses in the event of unfortunate events. Bicycle insurance is valid for one to three years. During this time, the insurer will cover the cost of repairs of damage or injury, depending on the type of cap purchased by the owner of an insured bicycle. The type of Online Bike Insurance can be liability insurance or full insurance. 

As its name suggests, a Best Insurance Policy covers third-party risk, while a comprehensive policy covers its own and other third-party damages and risks.

Steps to purchase two-wheeled insurance online

Online Bike Insurance made it possible to secure your bike in a matter of minutes. Here is a step-by-step guide to buying bicycle insurance online:

Step 1: Research

Learn the basics of two-wheel insurance before buying the policy. Learn the terms used in this industry. This is useful if you have online bike insurance. Authority bonus (NCB), insured record value (IDV), liability to third parties, comprehensive guidelines, no depreciation, etc.

Step 2: Insurance Company

Choosing the right insurance company is as important as buying the right policy. Ideal bicycle insurance should offer first-class pre-sales and customer service. After registering with the insurer, visit their website to get Online Bike Insurance.

Step 3: Choose the type of bike insurance

To select the type of bike insurance, go to the Bicycle Insurance page and enter the details of your bike. Then choose the type of Bike Insurance Online you want to buy.

Step 4: Set up IDV

While choosing the Two-Wheeler Insurance, you will be asked to set your bike’s IDV. This step shows the current market value of your bike. IDV decreases over time and affects bike insurance premiums.

Step 5: Choose Plugins

After setting up IDV for your bike, choose the add-ons if you have comprehensive bike insurance in the previous stages. You can choose from a list of bicycle insurance add-ons. 

Step 6: Payment

Payment is the final stage of your bike’s insurance. After payment, you will receive the Best Insurance Policy document in your e-mail inbox. You can download this copy and print it. This edition is fully valid. You have completed the transaction after paying for the online bike insurance.

What are the main types of Life insurance plans?

What are the main types of Life insurance plans?

Everyone must have heard about a life insurance policy. Some of us have opted one for themselves and their family. The term “Life Insurance” itself reveals its meaning that shows to Insure your life. This is basically a contract between an insurance company and the policyholder in which the insurance provider will pay a fixed amount of money if something happens to the policyholder. For this, the policyholder has to pay a certain amount of money at regular intervals and the company will pay the higher amount. Life insurance always has a nominee who will receive the benefit of, say the insured amount.

Generally, people thought that life insurance only pays the amount after the demise of the policyholder but the fact is there are multiple types of the life insurance policy. In these policies, you can avail of the benefits along with spending your normal life. Some of these are used as investment purposes while others are helpful in your pensionary life. Life insurance policies are also eligible to get tax deduction under Section 80C and Section 80D of the Income Tax Act.

Know more about the details of various types of life insurance policies

  • Term Insurance Plan:

    In this insurance policy the insured has to pay a premium. In return, the insurance company will pay the fixed sum insured amount to the nominee after your death. This policy is for a fixed time period. In case if nothing happens to the insured person within that time interval then the premium amount will be returned back to you.

  • Whole Life Insurance Plan:

    This is a long-term plan in which the policyholder agrees to pay a premium at regular intervals for a fixed time period. After completion of that time period (maturity period), he will get the promised sum insured amount along with the interest.

  • Child Life Insurance Plan:

    Life is unexpected and it becomes more challenging when you have children. Who will take care of your children and pay for their education after you? Well, there is a child life insurance plan that you can purchase to secure your children’s future after you. This plan provides financial coverage for the future expenses of your children.

  • Endowment Life Insurance Plan:

    Alike term insurance, this will also pay a fixed amount of money after a time interval regardless of your life. This plan has a little high premium as compared to the term insurance plan. Customers can purchase this policy for a fixed time period of their choice e.g. 5,10,20,25 years or more.

  • Pension Plan:

    Post-retirement days are very difficult for old aged people. Pension insurance Plan will work as an investment in your old days. To get this, you have to invest your money with an insurance company as a premium in your young days. There are piles of pension plans available in the market that have different benefits and features.

  • Money-back Insurance Plan:

    A little different than the endowment plan, this policy gives you a high sum insured with some additional bonus. In a Money Back Insurance Plan, you will get a return in multiple parts consecutively after fixed intervals.

  • Investment Life Insurance Plan:

    Life insurance policies are a good investment option as it ensures high returns. You can purchase an investment plan to enhance your savings and lead a luxurious life in the future.

Tips to choose the best Life Insurance policy

Choosing a life insurance policy is a tough decision to make. Especially when there are uncountable life insurance companies that are upsurge in the market. Every plan available in the market has its own unique feature and benefit. So, you need to classify them and choose the one that gives a low premium. Below are some points that will surely help you to get affordable life insurance policies.

  • Check for the claim settlement ratio:

    Claim settlement ratio is the average count of satisfied customers of a company in a year. A company with a high claim settlement ratio has good credibility and more satisfied customers. This will give you a rough idea about the performance of the company for other customers. If a company is fulfilling the need of other people then it will also help to fulfill yours.

  • Customer reviews are important:

    The name of the company doesn’t give customers. You need to perform well among your competitors to stand out in the market. In modern times we look for reviews even before purchasing a pen. Then why do you skip this while choosing the most important plan of your life in which you are going to invest your hard-earned money? Reading customer reviews will also strengthen your life insurance buying decision from a particular company.

  • Estimating sum insured:

    Life insured is an investment for your future. It will be beneficial to you, if not you then definitely to your loved ones. When it is about money everyone thinks twice before investing. And when it is about high returns then you should have to think about it even more. Redeciding your sum insured will give you an idea about how much more you will get in return. Will the return be sufficient for your family after you or not? If you get a positive answer to all these questions then go for that particular sum insured.

  • Overall tenure of the company in the market:

    The market competition gave rise to multiple insurance companies in the market. Some of them are doing well while others trick the money from customers and vanish from the market. So, checking the history of the company is important. Like how long the company has been working in the market? About its shares in the company and its reliability. Trusting and investing money in a newly established company is equal to staking your money at no profit. Also, it is not sure that the company will remain in the market until your policy maturity period or not.

A perfect guide that will help you to make a smooth Car Insurance claim

A perfect guide that will help you make a smooth Car Insurance claim

After purchasing a sophisticated car insurance policy, the second most traumatic thing is to make a successful claim. Purchasing a car insurance plan is somewhere easy in this well connected online-based generation. But to recollect your senses and inform the insurance company is difficult after getting into an accident. 10% of the total claims in India get rejected by the insurance company because they have not intimated within the time range. So, informing the insurance company after getting into an accident is the first and the most important part of the Car Insurance claim.

Whether you are responsible for the accident or not, you should need to inform your insurance provider about the incident. Along with your own damaged car, you can also pay for the other party damages with third party liability coverage. Let your insurance provider decide who is guilty and whether they can approve the claim or not.

Before making a claim, the policyholder should know whether the incident is eligible to make a claim or not. All the damages incurred due to an unpredicted activity are covered under the car insurance policy. Along with the physical damage to the cay, you can also make a claim for bodily injuries. Act of vandalism, theft, and damage due to natural calamities are also considered to make a claim.

It is not necessary to make a claim for every incident that happens to your vehicle. Sometimes you can avoid it too.  Unnecessary and frequent insurance claims will affect your no claim bonus. Also, your insurance credibility will be decreased, the results of which you will not be able to purchase an insurance policy later. Basically, people use insurance policies as a shield to unforeseen damages. But if you take too frequent claims for small damages then it will impact you back. This will also result in increased premiums at the time of renewal. Moreover, some insurance companies don’t prefer to issue a policy to customers with low credibility. So, make sure to take a claim when it is necessary and the repairing expenses are too high.

Types of car insurance claims:

  • Reimbursement claims: The claims in which the policyholder needs to pay the expenses first is called a reimbursement claim. Of course, lately, the insurance company will transfer the overall amount that the insured pays at the service center. You can repair your car at any nearby local garage to make a reimbursement claim. Customers do not prefer this type of claim settlement because in this they have to pay from their pocket.
  • Cashless claims: The most preferred type of claim settlement method is the cashless method. Whether we talk about cars or bikes, we need a claim settlement process in which we don’t have to pay money from our pocket. It is important to repair your vehicle at a network garage to avail of the benefit of cashless claims. All insurance companies have a list of network garages from which you can take cashless repairing service. You just have to pay the deductible amount and the rest of the expenses will be taken care of by the insurance provider.

Documents Required to make a Car Insurance Claim

Whenever you go to make a claim, the insurance company will ask you for some important documents. If you miss providing these documents, they will reject your claim. So, let’s give a look at the list of documents that are required to make a claim.

  • Vehicle registration certificate
  • Documents of the Car insurance policy
  • Driving License of the person who is driving the vehicle at the time of the incident.
  • A valid and duly filled claim intimation form.

In case you want to make an online claim then the claiming process starts just after intimating about the incident. You need the below documents to make an online car insurance claim.

  • Identification proof of the policyholder such as Aadhar card, voter id, or PAN card.
  • A lump-sum estimate of the repairing expenses. In case you want to make a non-cashless claim, then you need to submit these documents after repairing your vehicle.
  • Proper invoice from the garage with all the expenses mentioned on it.
  • Payment receipt
  • Canceled cheque.

The common reason for car insurance claim rejection

  • Providing incorrect documents or any wrong information provided in the claiming form.
  • Illegal use of vehicles.
  • Driving without a license.
  • Asking for repairing expenses without informing the incident to the insurance company.
  • The insurance policy is not on your name (In case of a second-hand vehicle).
  • Violating traffic rules.
  • Accidents caused due to the influence of inhaling intoxicating substances while driving.
  • Making a claim after the policy expires.

Tips to make a smooth car settlement claim

We have provided some points that will assuredly help you take a smooth claim:

  • The policyholder needs to read the policy documents Thoroughly while filing a car insurance claim.
  • Inform about the accident and damage to the insurance company as soon as possible.
  • If you lack understanding of any term in the policy then take the help of customer support.
  • For reimbursement claims, keep a record of all the expenses incurred during the repairing of the vehicle. As the insurance company will need all the proofs and bills of the expenses.
  • File FIR or inform the local police station of that area to reduce your part of stress.
  • If you purchase the policy from an agent then contact the agent to take care of the claim settlement process. He can coordinate with the insurance company on your behalf.
  • Submit only genuine documents along with the claim application form for a smoother and faster claim process.
  • In case the accident happens in a deserted place then make sure to click pictures of the damaged vehicle along with some pictures of nearby locations. This will work as a valid proof of the accident.

The Necessity Of Critical Health Insurance Policy For Life-Threatening Disease

Critical health insurance policy

Have you ever thought about the people who suffer a lot because of not buying a critical illness cover? Somewhere dealing with the basic medical expenses is easy but dealing with the expenses critical illness is out of reach. A middle-class family simply cannot afford this expense. Treatment of critical illness takes out a minimum of 5-8 lakhs rupees at once from your saving. So, purchasing a Critical health insurance policy is the best way to pass from the side of these expenses. Sometimes these ailments are pre-known but most of the time these are completely unpredictable. Your family member definitely knows about your respiratory problems or asthma. But if we talk about a heart attack or paralysis then these diseases are unpredictable.

Types of Critical illness insurance plan

The insurance company has divided the critical illness insurance policy into two different parts. It also helps the company to make easy calculations of the premium.

  • Family floater critical illness policy:

    This policy is perfect for a family of more than 2 people. If your family member is suffering from any hereditary disease then you can purchase this policy. Likewise, you can purchase a critical insurance plan, if you live in the surrounding where people are more prone to get diagnosed with any critical disease. This policy has a higher premium depending on the members and criticality of the disease.

  • Individual/personal critical illness policy:

    A policy purchased for a single person is known as an individual critical illness policy. This has a comparatively low premium as of family floater critical illness plan. Only a single person can take the benefits of this policy.

The proportion of deaths caused due to critical illness in the world

As per a report of WHO, we have received data that show the seriousness of these life-threatening diseases. Every year a lot of people died due to lack of treatment.

Around 1.7 million people die every year due to cancers, 1.4 million dies due to Chronic diseases, and 567 000 die due to respiratory infections. Apart from these, there are many other critical ailments that need a lot of money for treatment. But a Middle-class person cannot pay for the expenses of these diseases, the result of which they have to give their life.

The WHO has reported 2.5 million deaths in a year due to Stroke and 2.3 million people died in a year due to Ischemic heart disease. Further, in the coming years, this data is going to increase for sure. So, it is high time to think for critical health insurance coverage that pays for the treatment of your critical illness.

How can you choose the best critical health insurance policy?

Your responsibility doesn’t end just by purchasing any critical illness plan. There are 31 health insurance companies currently serving in India with multiple health products. Out of which most of the companies are providing critical illness cover. So, it becomes very difficult for an individual to choose among 31 companies. Also, as per a survey we have found that only 40% of people opt for a health insurance cover that too for basic security. But in the coming years, the criticality of life taking ailments are going to increase by 40%.

  • Decide for an adequate sum insured:

    It is very necessary to decide a range of amounts that is sufficient for you and your family. The policy buyer has to analyze the requirement of their family before purchasing a critical illness plan. The shortage of sum insured at the time of making a claim will be more problematic. Just think that you have pre-assumed that the insurance company is there to pay the bills. But suddenly you get to know that your sum insured has become null then what will you do?

  • Choose a premium that you can afford:

    Generally, critical illness insurance policies have high premiums. It gets even more expensive when you purchase it for more than one person. So, calculating your needs will help you to manage your premium prices. You can also consult an insurance agent about customized critical illness plans. Additionally, you can also choose to cover some selected diseases to reduce your premium. Don’t go for the too high a premium that you later cannot afford to pay.

  • Check for the covered critical ailments:

    Make sure to check the list of the ailments that are covered in your critical illness health policy. The policy documents have all the details about the terms and conditions of the policy. Under which circumstances your disease is covered, and many more. Sometimes it also happens that customers take treatment and after the time of payment they get to know that this treatment is not covered in the policy. At that time, it turns out to be a disaster for them because they have to pay the entire expense. So, experts always advise checking the policy documents carefully.

  • Claim ratio of the particular insurance company:

    The credibility of an insurance company completely depends on the claim settlement ratio of the company. If the company has less than 80% claim settlement ratio then customers don’t prefer to buy a policy from them. Companies with a high claim settlement ratio have more happily satisfied customers.

Last but not the least, the prime and the most significant part of choosing the best critical health insurance policy are to compare them online. All 31 insurance companies have different ailments covered in them at different premiums. A few of them provide high discounts while others provide great facilities with additional benefits. If you miss comparing various critical insurance plans online then you will surely be in a loss. You can visit any online website to check and compare multiple insurance policies. Customers can purchase a critical insurance plan as a stand-alone policy and also as a rider with a basic health plan.

What Are The Different Ways To Renew Your Two-Wheeler Insurance Policy?

Two-Wheeler Insurance Policy

It is a very hattrick work for every bike insurance policyholder to renew your two-wheeler insurance. Your responsibility doesn’t end just by purchasing an insurance policy for once. Especially when there are bulk insurance companies available in the market. Not only about the companies but the way to renew the policy has also changed a lot.

The insurance sector has been mounting in India since the 19th century. At that time people used to make a team and contribute to the share of their assets. Later this thing came with a new idea by the name of insurance. Also, in previous times we used to purchase insurance for earning assets like land, shops, houses, factories, and buildings. But nowadays we can insure any object like mobile, car, bike, house and a lot of other things. The insurance sector has no limits, think of an object and you can surely find an insurance provider for that.

In old times, the method of renewing or purchasing an insurance plan is also different from what we have today. At that time, we have to go to the company and do a lot of paperwork. Whereas in recent times, we can also choose to do it online. Obviously, the ancient time method is also there but most people choose online methods to save time and money. Let us talk about the different ways to renew a bike insurance policy.

  • Renewing through an insurance agent:

    The oldest fashioned way to renew your two-wheeler insurance policy is by contacting an insurance agent. Though people do not incline to this way in recent times. But this is the one and only way for our ancestors because they don’t know much about insurance. They need a helping hand to choose a policy for them hence they contact the most experienced person. Yeah, an insurance agent is the most knowledgeable person in this sector. He has the knowledge of the premiums, benefits, and features of a particular insurance company. Apart from this, this method is best recommended for people who are not technology-friendly. Also, an insurance agent is well trained and licensed to solve your insurance-related queries.

  • Renewing through an insurance Broker:

    An insurance broker is wholly different from an insurance agent. Most of the customers think that both have the same work to do i.e. to issue a policy for customers, then how can they be different. But to get out of this misconception it is necessary to know that an insurance agent deals with the policy of a single insurance company. Whereas an insurance broker has the authority to work for different insurance providers. Specifically, we can say that a broker works to take care of your needs. It works as a bridge between an insurance company and customers.

There are different varieties as some work for a single company while the other work for multiple companies.

  • A broker that works for only one company is called a Captive broker.
  • An independent broker is the one who works for multiple insurance companies. They have a wider variety of insurance products and options for their clients.
  • Visiting the branch of the insurance company:

    Renewing an insurance policy gets more flexible these days. If you are not a tech-savvy person or do not have too much communication with people to contact an agent or broker then you can go to a nearby branch office to renew your insurance policy. Surely it would take a little bit more of your physical time to visit the branch.

You can contact the executives at the branch of the company to renew a bike insurance policy. They will ask for your previous policy number or document to renew it. Fill up an acknowledgment form with some details. After this, pay the premium amount either by cash, debit card, demand draft, or cheque. Subsequently, they will apply for the renewal of your insurance policy and the new policy documents will be sent to your residential address within a week.

  • Renewing through an online method:

    Online ways to renew your two-wheeler insurance policy always comes with numerous options. A few years ago, it was not possible to renew an insurance policy online. You have to visit the nearby branch to renew it. With passing time, this new invention lets us have more freedom to save time and money. As previously you spend the same amount of money for consulting an agent or broker. Also, it is also a matter of seconds to renew the policy over an online platform. Moreover, you can choose to renew a bike insurance policy by either of the below ways as per your comfort.

  • Through partner applications:

Most of the insurers in recent times have tied up with various mobile payment vendors. Users can also use these applications to renew their policies conveniently. Some of the applications are google pay, Paytm, and Phone Pay. You don’t have to download any special application of a particular insurance company. This is just like doing a mobile recharge on any tied up application.

  • Through mobile applications:

Customers can renew their two-wheeler insurance policy through the mobile application of a particular insurance company. Most of the famous insurance companies have their own mobile application. Users have to log in to the application by entering their policy number and date of birth mention on the policy documents.

  • From the official website:

You can also renew your two-wheeler insurance policy through the official website of the insurance company. All major companies have their website where you can check multiple plans, premiums, and coverage options. You can also check for the customer reviews on the website. Checking for reviews will help you to decide whether a particular company is satisfying its customer through their service or not. Moreover, this is known as the best way to get an instant policy. You just have to purchase a policy and pay through any online medium.

Monarch of the insurance companies- Insurance Regulatory and Development Authority of India

Monarch of Insurance Companies: Insurance Regulatory and Development Authority

As there are so many insurance companies in India performing insurance business, it is necessary to oversee the policies provided to the policyholders by the insurers. For this very purpose, an autonomous and statutory body has been formed in India to protect the interests of the insured. This regulatory body is known as IRDA, i.e., Insurance Regulatory and Development Authority

The Parliament of India starts this body in the year 2000 under the IRDAI Act 1999. IRDA became an independent, statutory, and apex body after the Insurance Laws were declared formally on 26th December 2014 by Mr. Pranab Mukerjee, the then President of India. 

IRDA is a body consisting of ten members, namely, One Chairman, Five full-time members, and four part-time members. And all these members and the Chairman take an appointment by the Indian Government. 

Insurance Regulatory and Development Authority (IRDA) has a huge responsibility to regulate and promote the orderly growth of the insurance policies provided to the insured. 

Now we will thoroughly understand the bases of this great building named IRDA, by going through its comprehensive details. 

Importance of IRDA :

  • It is the esteemed body that holds responsibilities in the growth and development of the Insurance Sector by the rights of the policyholders. 
  • It takes responsibility for registering and regulating the insurance companies. 
  • Also held responsible for specifying qualifications and code of conduct for insurance intermediaries. 
  • It also has to oversee terms of non-life insurance covers and premium rates. 
  • The Insurance Regulatory and Development Authority has a radical effect on the insurance market. IRDA regulates the insurance market. 
  • IRDA impacts over the protection of policyholders. It claims to provide fair treatment to all the policyholders so that they become trustworthy among the bulk of society. 

Power of IRDA in the Insurance Sector :

  • IRDA has the power of providing licenses to insurance intermediaries after setting norms for them. 
  • It has the power to ensure the policyholders that the insurance company will maintain Solvency Margin properly. (Solvency Margin is the ability of a company to pay out for the insured’s claims.) 
  • It also has the power to impose fines on insurance companies who are famous for any violation such as selling policies through non-authorization insurance selling websites and doing excess payment to Corporate agents and brokers. 
  • IRDA aims to protect the interest of the policyholders in the case of surrendering value of the policy, settlement of insurance claims, nomination by policyholders, insurable interest, etc.
  • It gives the Certificate of Registration to the applicant. It can also renew, withdraw, modify, suspend, and cancel the registration of the applicant. 
  • Has the power to state the qualifications, set norms, and practical training for the intermediaries such as brokers and insurance agents.
  • It also states the code of conduct for loss assessors and surveyors.
  • Has the control to ensure efficiency in the conduct of the business of insurance.
  • It imposes fees and charges for carrying the purpose of the IRDAI Act.
  • IRDA has the power to call for information, audit, conduct investigation and inquiry of the insurance intermediaries, insurers and organizations related to the business of insurance.
  • It also controls and regulates the rates, gains terms, and conditions to the insured by the insurers with respect to the general insurance business.
  • It has got the legacy to regulate the investment of funds by the insurance companies. 
  • Works for dispute resolution between the insurers and insurance intermediaries such as agents and brokers. 
  • It controls the working of the Tariff Advisory Committee.
  • Has the ability to recline on the percentage of premium income of the insurer so that it can fund the schemes for promoting and regulating the professional organizations.
  • It can also recline on the percentage of life insurance and general insurance business carries by the insurer in the rural and social sector.

Roles and Objectives of IRDA :

  • Its role is to promote the rights and interests of the insured. 
  • It’s objective is to ensure the growth of the Insurance business. 
  • To upgrade speedy settlement of genuine claims of the policyholders. 
  • To degrade any discrepancy and frauds in the policies offered to the policyholders. 
  • Establish orderly conduct and transparency in financial markets. 
  • To encourage systematic growth and development of the insurance industry so that it becomes beneficial for the common man. 
  • To certify lucidity, exactness, and pellucidity while trading with the insurance policyholders. 
  • Set, advance, assist, monitor, and administer high standards of integrity, financial activity, fair dealing, and capability for the insurance policies regulate by them.
  • IRDA claims that factual details are provided to the insured about the products and services of the policy. 

Duties and Functions of IRDA :

  • The registration certificates to insurance companies are issued and regulated by IRDA
  • The premium rates supervise by them. 
  • The insurance cover terms also issues by them. 
  • Its function is to regulate the professional organizations which are related to the insurance business. 
  • Its work is to check insurance scams and other misconducts related to insurance policies. 
  • It takes appropriate steps against situations where the standards set by them are not prevailing or inappropriately enforce.
  • It accomplishes the excellent volume of self-regulation in everyday activities of the industry are sincere with the obligations of prudential regulation.

Thus, the Insurance Regulatory and Development Authority is an authority that helps in increasing the economic growth of the country. There are many insurance companies that come under this authority liable to follow the norms set by IRDA. 

So profound is the effect of IRDA in the modern life of insurance business, that it is inconceivable to imagine our economy without it. Not only has it contributed to our economic growth, but it has also helped in the field of employment. In fact, it has proved to be an effective department for the spread of knowledge, trust among people and has also contributed vastly to improve the quality of the services provided by the insurance companies.

Concerned About Your Car Health: Bang Here To Opt For A Car Insurance

Car Insurance policy

There are many people in this world for whom buying their favorite car is a dream. They possess a really special relationship with their car which truly seems to be a valuable asset of their life. And it’s obvious one would not afford to risk the life of their car whom they love wholeheartedly like their child. So, the car insurance policy would be the least of the things one can do to ensure the health of their car.

The importance of insurance cannot be disputed in the present social environment. Under the unpredictability of life, we cannot afford to lose one of the root causes of our happiness. Therefore, it is almost mandatory to get insured health care for our car. 

Now let’s understand: What is this car insurance? How will it secure our car’s health? And how can we get one of these insurances? and so on. 

What is “Car Insurance”?

A car insurance is vehicle insurance that provides comprehensive protection to the insured car in case of any damage due to natural or man-made calamities and accidents.

How does it secure our Car’s health?

  • A car insurance policy prevents the car owner from sustaining any momentary losses resulting from unpredictable incidents including accidents, or any other damages suffered on the insured car. 
  • It also provides the insured with ‘personal accident cover’ to stay protected from any car accident injuries. 
  • Moreover, In India, According to the Motor Vehicles Act, 1988, Car Insurance is compulsory for all cars operating on roads to have a valid third-party liability cover. 
  • Also, car insurance for old cars have availability for one year and should be renewed annually. And car insurance for newly purchased cars should have a compulsory third-party liability cover for three years. 
  • Furthermore, by car insurance, one can get paid for hospitalization expenses in case of an accident. However, it pays for the car damages due to collision, death or natural calamities.

Tips while choosing a car insurance policy

As it takes a bulk amount of one’s lifetime wealth to buy a car, a good insurance policy should be chosen to safeguard this property. Therefore, few tips have been mentioned here to get a good car insurance policy

(i.) Selection of the best form of cover :

There are two groups in which a car insurance policy is divided, namely, Third-party and Comprehensive. In this, the third-party cover compensates only for third party damages, whereas the Comprehensive cover compensates for the third party damages as well as protects the insured car.

(ii.) Discover Discounts for the best form of cover:

One should look for a good discount offered by car insurance companies.

(iii.)Compare for the best form of cover:

One should do a good comparison before buying any car insurance policy as it will give them the idea of the best one suiting their requirements. 

(iv.)Insured Declared Value(IDV) of the vehicles should be checked :

IDV refers to the maximum claim that the insurer will pay if the insured car got damaged or stolen. Therefore, one should check for the IDV of the vehicle to choose the best car insurance policy.

(v.)Check for a voluntary deductible option :

There should be a good relationship between the premium and the deductible so that we can get the best value of the car insurance plan.

(vi.) Registration with an Automobile Association :

If one wants to get a discount on car insurance then they should get themselves registered with a good automobile association. 

(vii.) The Claim Process should be thoroughly checked :

One should also see to the easiness of the claim process before buying car insurance so that it does not create any chaos at the time of its requirement.

(viii.)Renewal process should also be looked before :

The renewal of car insurance is also very important. One should look for the renewal process offered by the car insurance company so that it does not become hectic for them at the time of getting this facility. 

As we’ve gone through a great deal of information for understanding it’s a necessity and it’s methodologies, let’s choose one of this car insurance for us which best suits our expectations. 

On comparing various car insurance plans for four-wheelers cars on the basis of the Insured Declared Value or IDV of the vehicles, we’ve got the analyzed data which is mentioned below.

1.TATA AIG Car Insurance :

Tata AIG Motor Insurance plan is a car insurance plan that considers the conventional and non-conventional risks associated with automobiles.

It ensures that the policyholders are able to get immediate help in case of emergencies. 

2.HDFC ERGO Car Insurance :

HDFC ERGO General Insurance Company offers a complete range of general insurance products right from Health, Motor, Travel, and Home to Personal Accident in the retail space.

3.New India Car Insurance :

New India Assurance offers a wide range of motor insurance products that covers all the basic needs of the insured. This plan offers two types of coverage,i.e., Liability and package coverage. 

4.Oriental Car Insurance :

Oriental Insurance company provides a car insurance plan that ensures the ease of claim to the insured in difficult situations and also offers customized plans as per requirements of the insured including seamless online renewals, emergency services, and a lot more.

5.Bajaj Allianz Car Insurance :

Bajaj Allianz Car Insurance is a trusted company that offers one of the best car insurance plans. It enables them to renew their car insurance quickly and conveniently within instants.

These are the top 5 car insurance companies providing the best car insurance plans for all of us.

As cars are considered to be a part of our family, we need to take care of it as well. So car insurance is one of the best ways to safeguard it from all unforeseen problems. Car insurance truly caters to the health of our car and provides privileges to the car owner in case of any discrepancy.