Income Tax on Rent Earned by NRI's in India

Why ‘own damage' cover is important

 The own damage cover that insures the policy-holder's vehicle is optional and many people don't renew the own damage cover on an old vehicle. This can be a risk! Vehicles with own damage cover get insured for damages caused by fire, explosion, earthquakes, floods and storms. InsuringIndia offer Comparison of personal accident cover as riders with the main policy.

Which Pension Plan is Better for Me ?

Work hard, save a lot and retire early seems to be the dream of many belonging to the Indian salaried class today. But truth is, even if you manage the first two actions, the third may prove difficult because there are very few pension products available in the market today for those who need a regular income. So Which Pension Plan is better for you. you can compare All Pension Plans in Insuringindia Portal : Compare Pension Plan :

Love Yourself Enough To Live a Healthy Lifestyle

Being healthy and fit isn't a prevailing trend or pattern. Rather, it's a way of life". A healthy way of life is the thing that each family and individual tries to adopt. Everybody needs to stay fit and healthy and live on with a long life, but simply wishing to live with a healthy life doesn't have any effect.

Take baby steps to secure your childs future

Planning for a child’s financial future used to be considered a luxury, with only the wealthiest families able to provide for their life and education through trust funds or estates. Secure Your Child Future Right Now:

Do You Need Health Insurance

As Health care advances and treatments increase, Hospital costs also increase. The purpose of health insurance is to help you pay for you hospital bills. It protects you and your family financially in the event of an unexpected serious illness or injury that could be very expensive. In addition, you are more likely to get routine and preventive care if you have health insurance.:

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Your Goals For The Immediate Future?

This is a very important aspect of your future. Are you planning to invest money in some property or house and have you set aside a corpus for your child’s education, marriage and other important goals? These factors and the above mentioned points will help you make a realistic assessment about the amount of money you can set aside to pay a premium and buy a pension plan of your choice.:

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Do you need Critical illness Cover?

Critical illness insurance is one of the most Latest catchphrases in the realm of insurance scope. It has turned out to be more imperative as the prevalence of critical illnesses has turned out to be more critical . critical illness insurance can essentially help families survive the monetary weight created by having a noteworthy illness, for example, disease, a heart assault or a stroke. Buy Critical Insurance:  http://goo.gl/kT6ChG and for more detail : Call Us : 9911886628

Should You Buy Pet Insurance For Your Pet?

Generally, a pet can be insured with an accident-only policy regardless of age or health status. your pet can be covered for illnesses will be determined after you apply for coverage during the underwriting process. Buy Pet Insurance :

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Compare and Buy Bike Insurance Online

Compare Bike Insurance: 

InsuringIndia is a comparison Portal to help you with evaluating your necessities and giving many options . On our site when you fill in basic details about your Bike, the InsuringIndia portal provide the best Bike Insurance options for you.

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Preparing Your Home And Your Family For Monsoons

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Home insurance reimburses you for your financial loss arising from accidental losses such as fire, vandalism and water damage. Home insurance also ensures you are protected against lawsuits arising from your personal actions or ownership of your ‪property‬. Protect Your Home: with www.Insuringindia.com

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Why Dengue Insurance Is Your Best Bet, This Monsoon

InsuringIndia Provide you Dengue plan offers coverage against any medical expenses incurred on inpatient or outpatient treatment for dengue. At the time of buying the cover, only a declaration stating “I do not suffer from dengue” will suffice as the plan doesn’t require the policyholder to undergo any medical test. Buy Dengue Insurance :

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Compare Life Insurance Policy

Getting the best life insurance policy can help insure that your family will get financial security and assistance in the case of an sudden event. During your stay on island are a variety of products available, it is of utmost importance that you choose the appropriate plan according to your needs.Buy Life Insurance Plan :

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Why Compare Health Insurance Plans

Health costs are expanding impressively every day as are the health risks. With a wide exhibit of health insurance policy, the first thing of picking the best health insurance Plans for your requirements can be entirely extreme and confounding. Insuringindia.com Provide you comparative health insurance quotes According to your Requirement: Compare Health Insurance Quotes:

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Planning Retirement: Here’s What You Need To Know

what you must know is that to live a life of dignity and independence, it is very important to set goals now so that you have a hassle free retirement in your later years. Compare Pension Plans :

Health Insurance Terms Demystified

Most of us tend to take it easy, when it comes to buying a health insurance policy. The common mistake that everyone makes is that either they don’t read the policy documents carefully or they don’t bother understanding technical terms. This, until a disaster strikes and brings with a nasty shock. To avoid this unpalatable situation, it’s best to be prepared. This blog examines some common terms in health insurance policy.

1.      Co-payment clause: If you sign up for a co-payment clause then as the term suggests, you will be sharing a certain percentage of costs, with your health insurance provider. This will definitely scale down the premium if your health insurance policy. What you must know is that not every health policy has this feature, but in case of a senior citizen policy, it may be definitely surface. But the good news is that it gives the policy holder peace of mind, especially if he’s older as it bears the major portion of expenses, going easy on the savings. The percentage of co-payment may differ from one insurer to another.

2.      Deductible: This is yet another term to watch out for, while buying a health plan. What it means is that a certain amount has to be paid out of the pocket before your insurer steps in to take care of the expenses. This may also differ from one insurance company to another.

3.      Maternity cover: This is a tricky clause as many health plans may not feature it while there may be others where they give sub clauses. Maternity coverage may exist in some plans but the waiting period could be as long as 48 months. If you opt for a plan with a lesser waiting period then there are chances that you will be forking out a higher premium for that plan. Also, many health insurance providers keep maternity and childbirth related expenses in their exclusions sections. It is important to know that though some health plans may have a maternity cover, your newborn may not be covered in that policy, therefore put you at the risk of incurring expenses if your child needs some medical attention post delivery.

4.      Portability: If a policyholder is not happy with his health policy, or does not pay for renewing his policy he has the option of buying a new health policy. But, in this case he will not get certain benefits especially the time-bound exclusions. So you have to read your policy documents very carefully.

5.      Reasonable Charges: Insurers prefer paying claims which are reasonably charged by the hospital and not an exorbitant rate for any of the expense-head. The insurer makes this clear to the policyholder through its policy document that only reasonable charges would be reimbursed.

6.      Free Look Period: This is applicable for those policy holders who may not be satisfied with terms and conditions of their policy and may want a change. Usually insurers provide a free look period where you can opt out of your policy without any extra charges. Generally, it’s a 15 day period.

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Protecting woman's life through health insurance

Modern women take a heavy toll trying to keep a balance between personal and professional life. On top of that, women are more vulnerable to health issues especially after the age of 40. So Protect Woman's Life Through Health Insurance

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Why Should Buy Personal Accident Insurance Coverage?

You need a life insurance policy to cover the risk of death and a health insurance policy as a cushion against hospitalisation expenses. Buy Personal Accident Insurance Coverage :

Single Premium Life Insurance Policy

Single Premium Life Insurance policy is good for those who can pay a lumpsum in a single stroke. Like conventional life insurance policies, this policy too provides a security umbrella to the policy holder until the full policy term. Buy Single Premium Life Insurance Policy : http://goo.gl/niYUdW

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Protect Your Vehicle from Monsoon Damage

When you want insurance for your car, you might be puzzled as from where you should get it. Should you Compare Motor Insurance online with insuringindia.com? You can choose among different options for getting your Car Insurance in Manson . Buy Motor Insurance:

Do You Need Health Insurance This Monsoon?

Monsoons mean a lot of water everywhere! still water that forms ideal grounds for mosquitoes to breed upon, which leads to Malaria,Dengue and other such diseases. Secure YourSelf For Taking Health Insurance on this Mansoon : Buy Health Insurance:

Looking To Invest For Your Child? Best Options That Can Secure Their Future

Children investment plan: Every parent wants his/her child to get the best possible education without any financial hurdle. For this, it becomes significant for parents to invest in best options to meet their educational expenses and secure their future Buy Child Investment Plan : http://goo.gl/N8qmH1

Is your car insurance monsoon ready?

As monsoons are just around the corner, it is advisable to get your car checked for any problems that may occur owing to conditions like flooding, etc. Water clogged streets and other related things can cause issues with the proper functioning of your car. On a serious note, water may also cause serious damage to your engine or other electrical parts that are open and vulnerable. To save you from these troubles, having an up to date and comprehensive car insurance policy is a must.

What to choose?
In India, basically we have two types of car insurance products on offer -- third party cover and a comprehensive insurance plan. Initially it may be confusing for you to choose the best car insurance plan, but if you know the features and benefits of theses plan then you can select the best policy judiciously.

Third party insurance is a type of insurance policy that provides coverage for the damages to third party caused by you. It means that in case of an accident, the third party insurance plan would cover all the damages caused to the third party including his/her car and its related accessories and contents. It also provides you coverage for injuries caused to the third party during the accident.

A comprehensive insurance plan would provide coverage for all the damages caused to your vehicle and the third party coverage is also included in it.

Insurance industry experts suggest buying a comprehensive insurance plan instead of third party liability coverage as it provides coverage for your vehicle and the third party as well. A comprehensive plan provides coverage for the insured vehicle, its related accessories and third party liability coverage as well protection against floods, thefts, fire, explosions, hailstorm, hurricane, typhoon, cyclone etc. It is good to have a comprehensive insurance plan as these days the rate of road accidents is much higher and a good plan will save you a lot of hassle.

In India, having vehicle insurance is mandated by the law; hence it is advisable to buy the desired car insurance plan for yourself at the time you purchase the vehicle. You can compare online from various plans and select the best one.

Why to renew on time?

As with any plan, car insurance should also be renewed every year. It is better to renew the car insurance policy within the validity period. If you missed or delayed the renewal process then you would not get the benefits which you would otherwise have got if you renewed it within the term period. In India, most people forget to renew the car insurance plan on time and later feel the guilt of not doing so. The average rate of renewing policy related to car insurance on time is around 65 per cent in India.

In many cases, the insured complains about the insurer for not providing the renewal information on time. This is mostly true when the insured do not provide accurate information in the proposal form at the time of availing the policy and hence companies find it difficult to communicate with the customers at the time of intimating them about renewal process.

No claim bonus

No claim bonus (NCB) is the additional benefit than an insured gets at the time of renewal of his car insurance policy. Simply put, it applies to the benefits that a policyholder would get when s/he didn’t ask for a claim during the policy tenure.

On an average the no claim bonus that an insured would get at the time of renewal is 20 per cent in the first year, which increases to around 35 per cent in the second year and almost around 50 per cent in the fourth year of the policy period.

Many car insurance providers advise that if you are purchasing a new car, then you should transfer the NCB from the old car insurance plan.

Common reasons for claim rejection

The common reasons of claim rejection in India are

Use of normal car for commercial use: It is a common occurrence in India that people buy the car for their personal use and later on use the same as a commercial vehicle. The insurer will right away reject the claim as it didn’t insure the car which is being used for commercial purposes. If you want to use your car as a commercial vehicle then tell your insurer at the time of buying the plan.

Partial damages: In this case you would not get the full claims. The insurer would provide you the claim amount after deducting the depreciation charges from the same.

Drunk driving:  You might hear the ‘don’t drink while driving’ slogan quite frequently. There is logic behind this notion and for your own good you should practice restraint as drunk driving can cause accidents and the insurance company would not cover the claim

Default in Premium: If you are a premium defaulter then you are not eligible for filing claims against the damages.

So keep these things in mind as you head out into the monsoon rains to enjoy the drive and remain tension free, knowing very well that your car insurance has your back covered just in case you meet an unexpected incident.
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What Your Health Insurance May Not Really Cover

These days, everyone knows the importance of securing a health insurance to ensure all possible health risks are averted or dealt with. But while buying a health insurance policy many tend to go blindly by what an insurance agent is projecting rather than reading the fine print. The result of this carelessness can be disastrous considering that in times of need you may get a rude shock. This combination of lack of awareness and blind trust in an insurance agent can cost you dearly in times of need. This blog explores the diseases that your health policy may not cover.

While a host of serious diseases and pre-existing diseases like diabetes, stroke, cancer, heart attack, high blood pressure are covered by most health policies, there are many which are mentioned in the exclusion section. These include:

Procedures related to infertility: For anyone who is not conceiving a child, the stress of undergoing a series of medical procedures and medicinal treatment, can be quite big. Add to this, the discovery that the cost of your medical procedures will not be reimbursed, can add to your worries. One such procedure is an IVF treatment which involves taking medication and administration of medicines via injection. Most health policies will not cover this unless expressly added at a higher cost.

Genetic disorders: These too may not be covered. These include certain forms of thalassemia, anemia and downs syndrome. In insurance jargon, these are considered high risk, pre-existing medical conditions. Therefore, it’s a good idea to read the policy documents very carefully.

Usage of tobacco: This may be an extremely tricky area considering that tobacco usage in the form of cigarettes and other forms can lead to a host of diseases like heart and lung disorders, oral cancer, certain types of tumors etc. This is the reason why insurance companies always ask prospective policy buyers to disclose their tobacco usage to set a premium for the health policy. This factor is also taken into consideration to determine if the prospective client is also displaying signs related to tobacco diseases. In fact if someone fails to disclose their tobacco usage while buying the policy it can be a big problem when a related diseases manifests, at a later stage.

Cancer: This is a tricky disease which causes a huge drain on bodily immunity along with a definite drain on finances. Though with the passage of time, the insurance sector has opened its doors to a plethora of health policies which are cancer specific, it can be quite a difficult task for someone who did not buy this policy when they were healthier. For example, if someone does not have cancer but buys a policy, then it can be beneficial for him to avail its benefits if the disease manifests. But if someone gets the disease and then wants to place a claim by buying a cancer policy then it will not work. It’s also important to know that if you’re in the advanced stages of cancer, that most probably, you won’t be able to make a claim.

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Self Employed? You Can Still Opt For Insurance

Most of us are averse to taking risks, especially if we are not in a ‘proper’ office job but are self-employed. While there is a continued stress to retain work, one cannot shake off the constant feeling of insecurity: what if an emergency strikes? Are you prepared for it and if you need to opt for an insurance policy, what should you opt for and what kind of budget should you have. This blog explores these questions with a special emphasis on those who are self-employed and need to make an informed decision for their own future as also their family’s.

The first thing to know is that you can opt for an endowment policy. Basically, in this type of policy the policy holder can insure himself for a specific period of time or till his death. Thereafter, the money in the policy is given to his nominee, if he has any. Otherwise, if he outlives the term of policy, the insurance will make him a pay out of the full sum assured. Some plans have a limited period for which the policy holder can pay a premium for your endowment plan. But what you need to know here is that for this benefit, you may have to cough up a higher premium. Why it works more in the favour of those who are self-employed is that it factors in a major worry: would a self-employed person be able to pay premiums for a specific period? This way, if you can actually plan your premium while taking into consideration your monthly income, expenditures, current and future liabilities and also your savings. Also, you may not have the mental burden and stress of paying yearly payments of your policy till the end of the term.

This type of policy is ideal for those who own small businesses or are in work-out-of-home-jobs, artists, painters, performance artists, sportsperson etc.

Advantages
• This is a form of disciplined savings.
• Handy in case of any medical or other emergency.
• An endowment policy has a triple advantage. Firstly it takes care of your loved ones in the event of your death. Then in case you have an investment goal then it fulfills that. Lastly, an endowment plan can also be used as a corpus to fund a pension or retirement plan.
• Tax benefit.
• Risk free.
• Peace of mind guaranteed.

We live in a time of multifarious choices which makes zeroing into the right type of policy a very stressful and confusing affair. To avoid this, it’s best to go to an online aggregator instead of an insurance agent. This is because not only will you be saved from any extra paperwork or costs, but you will be able to make a more informed choice based on what is available in the market. Online, you can compare premium rates, advantages, disadvantages and varied sops. Also the internet saves you a great deal of time, is an efficient medium and provides you greater transparency than any insurance agent, would.

Source: http://www.insuringindia.com/

Here’s Why You Should Be Buying Insurance Policies Online, Not Via Agents

In these challenging times of tough competition and high pressure, it’s not easy to find time to research on what type of policy that one must opt for. Usually, many people prefer to get in touch with an insurance agent to buy an insurance policy and be done with it. Many make the mistake of not checking out clearly how much premium they should actually be paying and what they finally end up paying. Also, many get drawn in by the sops and freebies some policies offer without taking into account the actual benefits in terms of covering all types of risks. But with the ingress of the internet and changes in insurance sector, an online option can save you time, the trouble of documentation and additional costs. Plus buying a policy via an online aggregator is a more transparent process as it does not have any hidden costs and you can compare premiums, disadvantages and sops of other insurers. Even so, an online platform for buying insurance may not always be the right answer in case specially customized solutions are required and if the insurance product is complicated and needs further explanation. This is where the traditional insurance agent is still invaluable. This blog explores what you should watch out for while hiring an agent to buy your policy: 

1.       Buy plans now, or they maynot be available later

This is the most common marketing gimmick. Even if an insurance policy is withdrawn from the market by the insurer, it will be replaced with a more customer friendly policy. This includes the possibility of the premium being scaled down as well. So, don’t fall for this trick. Instead, do a research of the market and call the insurer to check all facts. Thereafter you decide whether you need this policy at all or should you buy another policy.

2.       Conning in the name of IRDA

It may be claimed that a 'bonus' has accumulated with respect to their policies and which is being allegedly polished off by their agents. The client is then instructed to deposit some amount with the 'representatives of IRDA' to ensure that the bonus is transferred to the policy holder. This is a fraudulent practise.

3.       Buying apolicy in your name without your consent

This is the most shocking practice which is why you must thoroughly check the credentials of your insurance agent. There have been instances where agents collected money from prospective policy holders but bought a policy which the client did not know of or need. This caused a lot of harassment to these clients as these policies could not be cancelled.

4.       Circumventing the freelook period

After an insurance policy is issued to the policy holder, the latter can exercise the right to opt out of the insurance policy within 15 days of its issue. This time period is known as the ‘free look period.’ By taking this option not only will you be fully refunded but you will also not have to pay any extra costs. This also means you can opt for another insurer after opting out. The modus operand adopted by some agents is that they send policy documents after the free look period is over. So if you anticipate a delay in receiving your policy, its best to opt for an immediate cancellation,

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Planning Retirement: Here’s What You Need To Know

In today’s fast paced world, it’s always a challenge to be prepared for any unforeseen situation or disaster which may strike anytime or anywhere. In this situation, its best to insure yourself to combat whatever life throws your way. Given the plethora of pension plans in the market, it’s not easy to make the right choice that will see you through your sunset years. But what you must know is that to live a life of dignity and independence, it is very important to set goals now so that you have a hassle free retirement in your later years. This blog explores what you can do to ensure your interests are safeguarded, in all possible ways.

1.       Create a roadmap for the future

It is normal not to worry too much about the future and focus on the present. But it would be even wiser to take stock of your current position in terms of finances, your needs, lifestyle, the kind of money you spend, and what you save every month to build a future. Ask yourself these basic questions. How much money do you spend on shopping / entertainment each month, do you pay loans or EMIs on your car or any other assets, do you have any liabilities in the present scenario? Evaluate what kind of lifestyle you want to have when you retire, where would you want to live and what will be your liabilities at that time.

2.       What are your goals for the immediate future?

This is a very important aspect of your future. Are you planning to invest money in some property or house and have you set aside a corpus for your child’s education, marriage and other important goals? These factors and the above mentioned points will help you make a realistic assessment about the amount of money you can set aside to pay a premium and buy a pension plan of your choice.

3.       When do you start?

As the saying goes, an early bird always gets the worm. It is best to invest in a pension plan when you are a young professional. This is because as you grow professionally, so will your salary and you will be able to shed off debts and liabilities faster and plan your retirement intelligently. Even if you have had a late start, it is never too late. Plan nicely and wisely.

4.       Buying a health insurance

Even though you’ve maintained a good health graph so far, as you grow older, your body will slow down and you have to be more cautious about your health. Ailments and diseases, whether they are serious or just temporary do not come with a warning. Also, if you have a history of pre existing diseases like diabetes, stroke and heart diseases in your family, it makes sense to ensure that you have a robust health plan which will come in handy when you need it the most. So when you buy a pension cover, ensure that you have a comprehensive health plan too.

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Important Things That You Must Know About Car Insurance

In these times of tough competition and big business challenges, insurance companies are leaving no stone unturned to woo prospective clients. In the last decade, while sops and discounts on car insurance have multiplied, so have the rate of accidents and unforeseen situations. In this scenario where the consumer is spoilt for choices and has the edge over his insurer what can he do to make sure he has the best deal? This blog explores this aspect.

In India, everyone knows about the importance of having a car insurance as it is mandatory under the Motor Vehicle Act, 1988. Even now, as every Indian family in a metropolis and even a small city now has the luxury of owning two cars at least, many people are still unaware about certain aspects of car insurance that can bail them out of sticky situations. Here’s a list of potential hazards which you can skip, using knowledge and your right as a consumer:

1.      Do you have a comprehensive car insurance policy?
In this type of policy, besides accidents, your car is insured against a host of other mishaps like a broken windscreen, theft, riots and vandalism. Damages caused by unforeseen acts of nature like floods, cyclones, falling trees, birds/animals, falling trees, earthquakes are covered here. If you don’t opt for this cover, then when a calamity does strike, you will end up paying from your pocket.

2.      Hydrostatic cover
Imagine a situation where you’re wading through water or your car is immersed in water in parking lot. You turn the key in the ignition and after a few seconds, your engine falls silent. Repeated attempts yield no results.This is a unique, add on cover that ensures your additional expenses like engine damage among other things are taken care of. This also takes into account full replacement of engine and other parts, if required.
 
3.      Factoring in Depreciation Cover for insurance
If your car has been standing in water for some days, then it is necessary that a surveyor comes to the spot and makes an assessment. This will be done on the basis of the age of your car. This means that if it has been less than 6 months since the car was purchased, then there will be at least five percent depreciation before the insured declared value or IDV is taken into account. If the car is a year or two years old, then the IDV will be 20% as opposed to 30% for a vehicle which is 2-3 years old. For a vehicle older than this the depreciation would be 40%. There won’t be any compensation for a music system, air conditioner andCNG kit. But depreciation will apply on plastic parts, rubber, nylon, batteries and airbags.

You can definitely consider taking an add-cover for your car. These include a 24x7 roadside assistance for your car in case of a breakdown. This will be very handy during the monsoon season. Also it’s always a good idea to take the policy from an online insurance aggregator so that you can compare features and prices, and take the policy that suits your needs and your pocket the best.

Buying A New Car? Here’s How You Can Reduce The Premium On Your Car Insurance

Whenever you buy a new car, your car dealer will present you with varied sops that will come with an insurance policy which very often may be free for a number of months or a year. In this situation, you still need to evaluate what are the inclusions in this policy and what is missing. This blog presents a checklist of factors that can help reduce your car insurance premium significantly.

If you’ve got a free car insurance policy on your new buy, then know this that it may not cover everything. Damages owing to manmade and natural disasters like riots, cyclones, floods, landslides etc., may not be covered in this policy. Also, the free insurance may not be free after all, as the insurer would have recovered the cost of your premium via the money you gave to your dealer for buying your car. In this situation, it’s advisable to read the fine print carefully and evaluate whether you really need that freebie. This is because you could buy a separate insurance cover and get a discount on your car instead.

Whenever your car suffers damage, then the cost borne by you is known as a deductible. It comes in two forms: a voluntary and a compulsory deductible. In the latter, you pay a certain amount like Rs 500 while the rest of the claim is paid by your insurer. In a voluntary deductible, you can reduce the car premium. However, in the event of a claim, you have to pay a significant portion of the claim yourself. So you have to be sure of which deductible you’re opting for, and what exactly it entails. The other thing is that you can consider opting for a voluntary deductible only if you’re sure that you’re an ace driver and the likelihood of an accident is almost none.

It’s always advisable to buy an insurance policy via an online aggregator rather than an insurance agent. This not only saves you time and scales down effort, it also helps you compare premium rates of all policies and zeroing into one that suits all your requirements. Online research and analysis will also help reducing your insurance premium not only in the first year, but also in the following years as well.

The Insured declared Value (IDV) of your car, is yet another significant factor to dwell upon. This essentially means, that the higher the value of your car, the higher is your policy premium. Some people choose to declare a lower value of their car to have a lowered premium rate. But the catch here is that if your car gets stolen, then your claim gets reduced too. However, a lower IDV doesn’t impact claim in case of an accident.

Voluntary declarations like usage of your car, driving records and other facts may scale down your premium to as low as 10%. Certain moves like becoming a member of the Automobile Association of India and installing car safety devices can put you in the category of a safe driver and reduce your premium. A no claim bonus - where you’ve not made any claims for the insurance duration - too works in your favour.

Single Premium Life Insurance Policy

In today’s world everyone is aware of the challenges and unforeseen situations that can manifest anytime, anywhere. Even though you’re cautious and aware of the pitfalls of modern life, insuring yourself against these dangers is a sensible thing to do. This is where it makes sense to avail the benefit of a life insurance policy as it buffers you against disabilities and also takes care of your family in the event of your death. Now, imagine a scenario where you are saved the hassle of coughing up a designated premium year after year for a life insurance policy. Instead, what if all this can be achieved in a single stroke without any worry? It is definitely possible with a single premium life insurance policy as it’s your best bet.

This type of policy is good for those who can pay a lumpsum in a single stroke. Like conventional life insurance policies, this policy too provides a security umbrella to the policy holder until the full policy term. This type of life insurance policy is gaining popularity because of the ease of purchase, and also ease of operation. It has been found that affluent urban groups are now preferring this policy for just these reasons.

Benefits of single premium life insurance

·         A tax benefit is provided in this type of policy on the premium paid which is applicable under section 80C.  This is applicable if the premium amount is at least 20% of the sum assured or if the sum assured is at least 5 times the premium.

·         You don’t have to worry about your policy getting lapsed.

·         In case you need to avail of a loan facility, this can come in handy and can be used as collateral against your loan. 

·         Peace of mind as you don’t have to set aside any money from your yearly spend for annual premium.

·         This type of policy is best for those professionals who are at the peak of their productivity and can afford to pay the premium in a single stroke.

·         For a frequent traveler, this is a blessing in disguise as he doesn’t have to worry about paying his yearly premium on a fixed period.

·         If you have a high salary then you can opt for a higher premium.

·         If you’re unsure about your future earning potential, then go for this policy.

·         In case a critical illness or if disability strikes the policy holder, even then his family is taken care of.

·         The accidental death clause also takes care of the family.

Buying this policy via an online aggregator makes more sense rather than following the traditional route of contacting an agent for this type of policy. This has multiple benefits as it proves to be not only cost-effective, but saves time and can be done from the convenience of your home or office. It is also a transparent process. You also have the additional advantage of comparing premium quotes and other factors like special benefits and sops. What you must watch out for are riders.

Insurance Policies That Provide A Security Umbrella During Natural Catastrophes

Acts of nature like earthquakes, floods and fire outbreaks in forested areas can happen anytime, anywhere. These not only cause considerable damage to property and life, but the consequent losses can also wreak havoc with your finances. It’s always a good thing to be prepared for the unexpected while creating the best security umbrella for yourself and your family. Therefore, it’s best to opt for certain types of insurances that will safeguard you and your finances, in the best possible way. This
blog explores four types of policies that can help you deal with catastrophic situations in a better way.

Property insurance

When a disaster strikes, besides life there can be irreversible damage caused to one’s property like a home/office/factory/shop etc. The disaster can include accidents like a sudden outbreak of fire, flood, cyclone and any other disaster. Here, a certain premium is paid to cover losses that arise owing to catastrophes. This type of cover also includes sub-categories which attempt to maximize the cover for any risk or danger that may arise to your property. These include:

A Fire Policy: This cover extends to places of worship, homes, offices, businesses etc. The best part is that property insurance also covers what are known as Acts of God, e.g. landslides, floods, cyclones, hurricanes, storms, earthquakes, etc.

Umbrella Policies: Essentially, these are add on covers that give an extra buffer in times of need. The good news is that these policies can be clubbed in a single document, saving you extra paperwork and time. Umbrella policies include shopkeeper’s policy, office package policy, building insurance, householder’s policy.

Hydrostatic Lock Cover

While taking their car insurance, most people don’t know about a very useful add-on cover called “hydrostatic lock cover”. This add-on is especially useful in flood and water logging prone areas, where it can literally keep you afloat. This policy takes care of additional expenses like engine and also takes into account full replacement of engine and other parts, if the need arises.

Whether your car is parked in a waterlogged area or passing through a deluge, water will enter your car. Never turn the key in the ignition because it can lead to engine breakdown and damage not only to one or two parts but the entire electrical circuit. They might need replacement and this could escalate expenses.

Personal accident cover & life insurance policy

During the time of an earthquake, cyclone, flood or any other calamity a temporary or permanent disability or even loss of life can impact your family severely. If you have a personal accident cover and a life insurance policy then, most of your problems that may arise because of these disasters, may be sorted. A personal accident cover offers you financial aid in times of a disability which may be temporary or permanent. Depending upon the type of policy you opt for, a life insurance cover will also take care of the policy holder’s family in case of his demise, by offering a lump sum amount.

Because a catastrophe can happen anytime, its best to always stay protected against the unfortunate consequences of such events. It’s a good idea to compare your options online before taking a policy so that you can weigh the pros and cons before making a decision.

How Technology Is Changing The Future Of Insurance

Like everything else, over the years insurance 

sector has undergone a paradigm shift and a metamorphosis from its original avatar. Today, technology has bridged the gap between an insurance company and the insured via digital revolution where online aggregators have made the insurance sector more transparent, accessible and easy to understand. But the march of technology will not end here. As there are continued advancements in this field, it is but obvious that the insurance sector too will be impacted by changing technology and its demands. This blog explores that aspect.

The first and foremost impact which is already manifesting itself is the digital revolution which has led insurance companies to interact and deal directly with their customers, rather than  go down the traditional route of interfacing via middlemen. The emergence of online aggregators is already proof of that fact. Thanks to technology, insurance business is now more accessible and it is convenient to buy a policy at just the click of a button. What’s more is that the prospective customer has the advantage of comparing the pros and cons of each policy along with sizing up which premiums are low and suit his budget the best.

The other most impactful change is that insurers are now offering mobile applications which are helpful in reporting claims and accessing information. For example if a car is involved in an accident, the car owner can now immediately transmit the accident picture live, thereby speeding up the process of filing the claim in a big way. This could well be a common scenario, for the future.

Thanks to major advances in software and hardware, insurance companies are now witnessing a major surge in data collection that is translating into higher business returns. For instance, the process of underwriting, which depends on individual risk assessment which sets the premium pricing is impacted in a big way. Now, customer data is providing actionable insights resulting in improving the customer experience.

One of the most interesting trends unfolding itself in the insurance sector is probably the rewriting of some traditional insurance methods. Take the concept of self-driven cars.The question is when cars are in a futuristic scenario where most of the functioning is based on software that works on certain formulae and algorithms, if something goes wrong who will be held responsible? Will the car manufacturer take responsibility or will the onus rest on the shoulders of the person driving the car? The insurance industry, software companies and the car manufacturers will have a lot to think about and consider. The other aspect of auto driven cars is that the number of accidents and cases of drunken driving will reduce drastically. Severity of accidents is also expected to reduce in this scenario thereby bringing down insurance costs. But natural factors like cars being damaged due to floods, cyclone, earthquakes and other calamities could still be a risk to auto driven cars. These factors could potentially impact the underwriting business and usher in technology driven and related changes.

Protecting The Future Of A Growing Family

When 25-year-old Vivek Jain got his first job, buying an insurance policy was the last thing on his mind. A few years later, his younger brother was detected with cancer while his father was to undergo a major cardiac surgery. Jain’s group insurance cover was limited and he had had no option but to break into his savings. Though his family survived the crisis, he had another problem at hand. The money he had been setting aside for his child’s education was used up paying hospital bills. At this point, Jain realized his greatest folly: Had he insured himself and his family today, he would not be debt ridden and on the edge of financial ruin.

Unforeseen mishaps and challenges do not come announced. It’s always safer to invest in certain life insurance policies that will hold you in good stead. Whether you’re a young or a mid career professional, you need to invest in health and life insurance policies along with a solid child plan to meet the needs of your growing family. What you must know is that all these policies give you a tax benefit.

As the term suggests, a life insurance policy is a cover where you pay fixed premiums to an insurance company that provides compensation to your family in case of your death or loss of livelihood.  In the current scenario, there are three types of policies available which you can choose depending upon your requirement and financial planning.

The first type, a Term Insurance policy essentially provides compensation to the family of a policy holder in case of his death. This compensation, also known as the death benefit is given as a lumpsum amount. On the other hand, Unit-linked Investment Policies (ULIP) have the dual benefit of being an investment and insurance, while Money Back Insurance policy  gives the policy holder money back after a fixed time.  The policy holder can either reinvest this money or use it for other purposes. The third type of policy—pensions or annuities are used to create a retirement corpus where you’re required to affix an age for retirement and earn benefits based on that premise.

All of these policies will not only give you peace of mind for yourself and your family, but will also prevent any financial battering in the face of unforeseen mishaps.

Though you and your elderly parents may be covered under a group health insurancecover provided your employer,  it may not be enough. This type of cover usually has limited compensation like Rs 2-3 lakh. In case your ailing parent has undergone a major surgery or has incurred high hospital bills, finances may be impacted. However, if you have bought your parents a health cover, then all additional expenses that your group medical cover could not take into account, will be taken care of. Many insurers have policies that offer coverage to parents/ senior citizens aged between 60-80 years. Always go for a policy where the sum assured is high and offers maximum coverage in terms of serious illness and even if they have a history of pre-existing diseases. 

Your third must-have policy is a child plan. This is more an investment for your child’s future than an insurance cover. The prime objective of life insurance is to protect the financial interest of the surviving members of the policyholder’s family in the event of the death of policyholder. Since children have no income of their own, most plans dedicated to them are essentially saving plans with a layer of protection in the event of parent’s death so that there is no disruption in their education and provide for other basic needs of the life.

Why An Insurance Surveyor Is Important

Modern life is replete with challenges and unforeseen situations which require protection and a security cover. Whether you’re a working professional, a businessman or a homemaker, fact is that in today’s world getting oneself insured along with one’s assets is a wise thing.

However, the insurance sector is not a one-way traffic. Just as prospective and existing policy holders need a security blanket, insurers also need the services of a professional who helps them run their business and deliver services in an efficient and simple manner. These professionals, commonly known as ‘insurance surveyors’ have a critical role that can make or break an insurance company. A surveyor has responsibilities in context of different types of insurance – like motor insurance, property insurance (fire, flood, etc.) This blog explores how it is in the best interest of the policy holder to make full disclosure to the surveyor.

What do surveyors do?

Essentially, surveyors are a bridge between policy holders and an insurance company. Their role is to make an assessment of the damage or loss incurred against a policy. Whenever a claim is filed by a policy holder, the concerned insurance company appoints a surveyor to assess the loss and submit a report quantifying the claim payable under the policy. In accordance to the Insurance Act, all the claims above Rs 20,000 have to be surveyed by an independent professional.

Basically, surveyors are independent professionals (not a part of the insurance company) licensed by IRDA. The whole concept of appointing a surveyor is to ensure that no false claims are filed and there is no business loss, as a consequence of those claims.

Role of Surveyors in different types of insurance categories

The role of an insurance surveyor is quite an extensive task. In fact, these professionals conduct surveys of everything from transport, buildings, machinery, other sites or art pieces/antiques or any other items that need to be insured. Their entire work depends upon their assessments which are formulated into reports. These, in turn, help decide the terms and conditions of insurance policies. Their areas of specialization include:

Accidents and Liability – assessing the possible risks to employees, customers and visitors to a building or site.

Fire and Perils – examining plans, construction and fire protection systems to assess the risks to a building and its contents.

Burglary and Theft – inspecting business premises to check how goods are stored and improve security.

Engineering Insurance – surveying mechanical and industrial plants, machinery and equipment for any faults and risks.

Art and Artifacts – surveying and valuing art objects

As a rule, the insurance business works on a simple principle. This is known as the ‘principle of indemnity.’ It means that the customer is put in the same position financially in which he was before he incurred a damage/loss. To avoid any sort of problem, the surveyor caps this possibility by assessing the loss. Then he gives a report to the company on whose basis the claim is settled.

It is always a good idea to make a full and accurate disclosure to the surveyor at the time of making a claim. This is because, if the insurance company detects any foul play, they would evoke the principle of ‘utmost good faith’ and may reject the claim.