Renew Your Two Wheeler Insurance After Detailed Comparisons

Two-wheelerinsurance is absolutely essential in India if you own one. With the poor conditions of roads and bad traffic sense and growing impatience amongst commuters, the potential for accidents, breakdowns, etc., getting yourself insured is a must. Two-wheeler insurance ensures that the rider is protected from financial stresses (and the mental tension that arises from that) in the case of any unexpected events. Even if one is a very careful and reliable driver, it is important to get a comprehensive coverage from the insurance as there can be no guarantee for the driving of others, the condition of roads, and other unforeseen events.

Advantages of taking a two-wheeler insurance:

Insurance for two wheelers gives the owner much needed protection from the liability that is likely to be incurred financially in the event of any damage, theft, or any damage, disability, or death caused by the owner’s own vehicle to a third party.

A third party two wheeler insurance clause is a smart thing to have included in the plan as it covers any liability legally that arises out of death or injury of a third party or damage to the property of the third party due to the insurance owner’s vehicle.

In case there are heavy repairs to be done or even if the vehicle gets stolen, having an insurance policy ensures that you don’t have to take upon yourself the financial burden caused by this. Having a two wheeler insurance also offers cashless settlement for any repairs at select workshops.

An insurancefor two wheeler vehicles, whether a bike or a scooter, is also made mandatory by law. This always has to be carried when riding the vehicle. If there have been no events that have mandated any claim to be made, this will be adjusted against the next premium on the policy under the NCB, or No Claim Bonus. So paying the premium regularly offers peace of mind as well as a financial reward even if nothing happens and there is no need to claim anything, making the insurance well worth the amount money paid for the premium.

Ways to reduce the premium paid on the insurance:

A regularly serviced bike often gets a rebate from reputed insurance companies. Insurance companies also give a reduction in premium if an anti-theft alarm is installed, which not only gives peace of mind to the rider emotionally but also pays off as an investment financially in the long run when premiums for insurance gets reduced on account of this. Another way to reduce the premium is by taking all your required insurance policies from the same insurance company.

How premium is calculated:

Premium to be paid on the vehicle, is calculated based on a variety of factors, such as the zone under which the vehicle was registered, the age of the vehicle, IDV of the vehicle, and cubic capacity of the vehicle.

Though getting insurance is mandatory, it also makes sense and gives peace of mind over the long term.
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How To Compare Car Insurance To Get The Best Deals And The Best Cars

When you start to compare car insurance andfind different quotes of car insurance from various companies, it is easy to get overwhelmed with the wide variety of choices and options that are available today. Motorinsurance is very important when you have a car. Whether it is for unforeseen repairs, accidents, maintenance problems or even theft and vandalism, car insurance can give you peace of mind knowing that your expenses are covered. There are a number of features available in car insurance which have to be considered carefully before select one for you. Here is all you need to know in order to get the best deals and the best cover for your cars.

The different types of car insurance

·         Comprehensive plans: This plan offers coverage for any damage caused by the policy holder as well as the third party’s legal liability. Also covered are factors such as damage caused by natural disasters as well as theft.

·         Third party liability insurance: These plans offer coverage for injury to third parties, damage to property, as well as accidental death. This is a compulsory requirement in the country for all vehicles.

There are usually three segment of vehicles which are covered under motor insurance, which is for two wheelers, private cars, and commercial vehicles.

The premiums and deductibles to be considered

One way to decrease the premium on car insurance is to increase the deductible amount. A deductible is the amount of money paid by the policy holder towards repairs before coverage by insurance.

What to look out for in car insurancecoverage

Some of the important things to be covered in a car insurance package are loss or damage to the car in the event of both man-made calamities and natural disasters. Man-made calamities could be damages incurred during transit, theft, riots, vandalism, etc. Natural calamities could be storms, floods, fire, etc. There are also optional coverage features such as NCB discounts, roadside assistance when stranded, PA cover for both drivers and passengers of the car, etc. When choosing a policy, it is best to go for both the basic coverage as well as add-ons that you consider appropriate for your particular circumstances. For example, if you live in an area that is prone to floods, it would be wise to go for this coverage but if you feel you live in a relatively safe region that is immune to natural disasters, then you may not need to choose this option.

What are the situations in which carinsurance cannot be claimed?

Car insurance will not be valid if the person was driving without a driving license that is valid, if the car has been significantly damaged over time, if there has been any damages to the engine, if the insured was under the influence of alcohol or drugs, if there was any oil leakage, if the car manufacturer’s guidelines were not adhered to by the holder, and especially if the policy has expired or not been renewed.

 This content has been written by an Insuring India  t who shares tips and strategies that helps comparing car insurance plans easier, helping people to make a well informed decision. 

Compare Health Insurance Plans Before Choosing The Best One For You

With the cost of even basic medical procedures rising exponentially, a health insurance policy is an essential support for any unforeseen events. Whether it is a minor illness, an accident, or a major surgery, you get the best coverage when you carefully comparehealth insurance plans and choose the best one that suits your needs. Quotes of health insurance plans provided by various insurance companies should also be compared before finally settling on the best one for your specific situation and requirements. In this article, we bring a lot of information about health insurance and the important factors to be kept in mind before you choose one.

What is health insurance?

By choosing to pay a certain premium on a regular basis, a health insurance plan protects you from heavy medical or surgical bills by paying a major part of it. There are different ways in which a health insurance pays the bills for any medical or surgical procedures or hospitalizations. The insurance company could pay the amount directly to the healthcare provider (in cashless settlement) or the insured could pay first out of his pocket and get reimbursed later from the insurance company.

How to get the best health insurance quote?

With the help of the internet, it is now easy to get quotes of health insurance from the major companies in the industry by comparing their features and products on webaggregators websites like InsuringIndia.com.

What are the factors to be considered when buying health insurance?

The first thing to know about is the two types of policies that are available, which are benefit and indemnity. Indemnity plans help people to plan their health care and visit any doctor or hospital that they may like. A set portion of the hospital expenses are then paid by the insurance company. This is the reason, these plans are also referred to as fee for service plans.

When comparing policies, it is a good idea to choose an indemnity plan that covers maximum hospitalization expenses, including the cost of room and doctor’s consultation fees. Then you could go for plans that cover critical illnesses. There are also plans offered by various companies that are specific to certain diseases, such as diabetes. These plans have a higher premium than basic plans.

With rising medical costs, it may not be possible for everyone to pay higher premiums for higher coverage. Top up plans are economical as as they have deductible condition attached, which reduces the premium cost.

There are also different plans that suit different family configurations. For example, a nuclear family would benefit from a family floater plan where the entire family is covered by one Sum Assured applicable for all the members. For people who are already covered by their employers, it would be better to opt for a top-up plan that has a deductible or a basic policy. 

Another add-on to look out for in health insurance plans is if they offer a free health check up after completing a set number of years with the company. It varies from company to company and starts from 1^st year policy itself to after a waiting period of 2-4 years, depending on certain conditions set out since the inception of the policy.

Additional covers can also be taken for maternity expenses, which usually start only three or four years after the insurance is taken.               

Protecting A Growing Family

Varun Sharma had played basketball in school. He was a tall and lanky young man, full of fun and the joy of life in him. He had a solid job in the marketing department of an up and coming internet Services Company, and his talents were beginning to get recognized by the big bosses. The world was a bed of roses for young Varun.

Life got even sweeter when Varun met Pooja at an office party. She was part of the accounts team, and a lovely girl. They dated for a few months and got married before long, with the blessings of both sides of the family.

A few years passed and Pooja was pregnant. It was the happiest day in both Varun and Pooja’s life when little Aarav came into the world. They were both convinced that he was the cutest little boy in the whole world! Since looking after Aarav needed every bit of Pooja’s energies, she quit her job to be a full time mum. But she was not worried at all. They had just celebrated Varun’s promotion as a senior manager. The future couldn’t look any brighter.

Pooja was taking little Aarav for his afternoon walk in the park when her phone rang. That phone call marked the beginning of a life altering day for Pooja and Aarav. Varun had suffered a huge stroke as the result of a ruptured brain aneurysm and had been rushed to the hospital. Though a team of surgeons did their best, Varun did not survive. He was just 30.

Pooja had little memory of the events of the next few days. When the mists cleared, she realized that she was looking at a hefty hospital bill that was yet to be paid, the installment on their home loan was coming up shortly, and there was barely enough money in their joint bank savings account to tide them through the next three months. It was a catastrophic situation for Pooja when she realized that the Medical insurance Varun had through his company was not even going to cover half the hospital expenses. Varun had no money put by for exigencies; he hadn’t even taken out a life insurance. The future had always looked so good and death had been such an unthinkable possibility, that Varun had never thought to take action and protect his growing family. Now what was Pooja to do?

At this point, Varun woke up from his nightmare shaking and sweating! He sat up and struggled to breathe. His relieved glance fell on Pooja who was sleeping peacefully next to him and then on Aarav, who seemed to be tossing and turning. Varun got out of bed and picked Aarav up from his crib and held him close. Varun vowed that his family was too precious to risk in the face of uncertainty. If something were to happen to him what would become of them? And his elderly parents? He would take action immediately.

The very next day, Varun set about creating an insurance strategy that would take care of his family’s needs. He realized he needed insurance in several areas to keep his family protected.

1.       Life insurance for himself.

2.       Additional health insurance cover for his family and his aging parents – apart from the group health insurance his company gave him.

3.       A child insurance plan which would pay for any higher education that Aarav opted for.

4.       A retirement plan that would make sure that Pooja and he could enjoy the same lifestyle that they were accustomed to even after he retired from full time work.

Once Varun started to investigate, he found that the market offered him a plethora of options. He remembered that Gagan, his college buddy was now an insurance broker. Gagan was able to help Varun pick the right kind of insurance products to protect his family against exigencies and craft a sound, long term financial plan.

The first thing that Varun did was to take out an Endowment Plan on his own life for the next 30 years worth Rs. 1 crore. This type of policy covers the risk of death of the policy holder. If Varun survives the policy duration, he would get the sum assured (i.e. Rs. 1 crore) plus a return of 5%. In case Varun dies during this period, his family would still get the sum assured and the returns. Though this policy had higher premium payments than the other alternative, Term Plans, Varun felt he had made the right choice. Term plans had considerably smaller premium payments, but would not give any payouts in case Varun survived the policy period.

Varun’s next step was to take out a health insurance policy, which covered hospitalization and domiciliary expenses for himself, Pooja, Aarav and his parents. He also took out a policy for Pooja’s parents. This was a more comprehensive policy than the group health insurance he had through his company and had a higher sum assured.

When the basics had been covered, Varun looked at securing Aarav’s future. He wanted Aarav to become anything he wanted, and study at the best educational institutions in any country of Aarav’s choice.  He looked at all the different Child Plans that the insurance companies were offering, and finally selected a child plan with a money back option.  The best thing about this plan was that the some part of the sum assured would be returned periodic intervals through the policy tenure, with the remainder being paid out when Aarav would be 18 years old. The periodic payouts would take care of expenses like school admission costs, professional coaching and entrance exams when Aarav would be ready for college, and then the remainder could be used to fund Aarav’s higher educational goals.

Varun’s long term endowment plan would come to maturity when he turned 60 years. By then, he saw himself as a retired man enjoying a peaceful life. He planned to invest the maturity amount in a pension plan (also known as an annuity) so that he and Pooja can receive a fixed monthly income for the rest of their life. Varun looked forward to this phase of his life, where he would have the time to finally enjoy himself – pursue his hobbies, travel the world with Pooja. He vowed to work hard during his working life to make this dream come true.

Needless to say, from that night onwards, Varun slept soundly and was never troubled by nightmares again.