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Insurance

10 Reasons To Buy A Car Insurance

Most people think of car insurance as a necessary evil. It’s something you have to have, but no one really wants to deal with it. And yet, there are a lot of good reasons to buy car insurance – reasons that go beyond just the fact that it’s required by law.

Here are ten reasons why car insurance is important:

  • In the event of an accident, the best car insurance can help cover the costs of repairs or even replacement. If you’re in a serious accident and your car is totaled, having good insurance can mean the difference between being left stranded and getting back on the road quickly.
  • Car insurance can also help cover the costs of medical care if you or your passengers are injured in an accident. Even if you have health insurance, there’s a good chance that it won’t cover all of the costs associated with an injury, so car insurance can help fill in the gaps.
  • If your car is stolen, vandalized, or damaged by a natural disaster, https://www.miway.co.za/car insurance can help cover the costs of repairs or replacement. This can be a huge relief if you’re faced with a large repair bill or the cost of replacing your car.
  • If you cause an accident that injures someone else, car insurance can help cover the costs of their medical care and any legal fees that may result. This protection is important even if you have plenty of money to pay for damages yourself – no one wants to be sued.
  • Many lenders require that you have car insurance before they give you a loan to buy a car. And even if they don’t require it, having insurance can help you get a lower interest rate on your loan.
  • If you lease a car, your leasing company will almost certainly require that you have car insurance.
  • If you drive for a ride-sharing service, you’ll need to have commercial car insurance. This type of insurance is typically more expensive than personal car insurance, but it’s essential if you want to drive for one of these companies.
  • Car insurance can sometimes cover the costs of renting a car if your own car is out of commission due to an accident or other issue. This can be a lifesaver if you rely on your car for transportation and can’t afford to be without it for an extended period of time.
  • Many employers require that their employees have car insurance, especially if they use their own car for work-related purposes.
  • If you have a good driving record, you may be eligible for discounts on your car insurance. This can help offset the cost of your premiums and make your insurance more affordable.

The Bottom Line

As you can see, there are a lot of good reasons to buy car insurance. It’s not just something that’s required by law – it can also provide peace of mind and financial protection in the event of an accident or other issue. So if you don’t have car insurance, now is the time to get it. It could save you a lot of money and hassle down the road.

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Insurance

Do These Investigations Before Meeting with a Truck Accident Lawyer!

Getting into an accident with a commercial vehicle might be fatal. High-speed accidents involving large trucks, such as 18-wheelers or “big rigs,” are common. When a car collides with a commercial truck, the injuries and property damage that occur can be severe. As a result, if you were wounded in a truck accident, an experienced truck accident lawyer will be extremely beneficial to you. If you were the driver of the truck though, you might need the help of a workers compensation lawyer.

In order to adequately defend you, your lawyer will need to know a lot about you, the trucking company, your vehicle, the accident, and your injuries. It’s a good idea to do some homework before your initial visit with an attorney. It is critical to acquire the five types of evidence listed below before consulting with a truck accident lawyer. Make the most of your visit with a truck accident lawyer by following these suggestions. Consult with your lawyer equipped with this list and any relevant papers, documents, or images.

Information on the trucking company and the driver

  1. It is critical to know the name of the transportation company.
  2. Do you know what the trucker’s name is?
  3. What is the license plate number on the truck?
  4. Is there any more license plates or identifying information included with the truck?
  5. Do you have the truck driver’s CDL number?
  6. Please let me know if this truck or its driver is associated with any other businesses.
  7. Has the driver or the trucking firm been thoroughly investigated?

Detailed Report on the Truck Crash

  • What was the underlying cause of the mishap?
  • Is a police report available?
  • What types of traffic offenses were charged against the drivers?
  • Did anyone take any photos or videos at the scene?
  • Is there any media coverage on the scene?
  • Do you have the names and contact information for any witnesses or others involved in the incident?
  • When and where was the truck accident?
  • Was the road how you expected it to be (wet, dry, smooth, potholed, etc.)?
  • Is this incident involving any additional vehicles or people?
  • Do you know if an ambulance has arrived on the scene?

Obtaining Medical Records Following a Truck Accident

  • What are some of your typical pastimes that are now out of limits due to your injuries?
  • What was your initial diagnosis following the truck collision?
  • Is there a hospital where you’ve been taken? How much time did you spend in the hospital?
  • How did your early treatments go?
  • Was an x-ray or other type of imaging method used?
  • Please let me know if there is anything else I can do for you.
  • Is there anything bothering you at the moment?
  • Have you ever been injured in a similar way before?

The Vehicle You’re Driving and a Truck Accident

  • How old is your vehicle? What year, make, and model do you have?
  • Is the car owned by a bank or a lien holder?
  • How long have you owned the car?
  • Are you pleased with the vehicle’s performance?
  • How much damage did the crash do to your vehicle?
  • Do you have a rough estimate of the damage?
  • Were there any dings, dents, or scrapes on your vehicle prior to the accident?
  • Have before-and-after photos of your vehicle.

Information about your personal and financial situation

  • What is your present position, if you have one?
  • What is your annual salary?
  • Is there any time you’ve lost at work as a result of the accident?
  • Is your driver’s license out of date? Please let me know if you have auto insurance.
  • Who is your insurance company?
  • Have you ever been involved in a car accident?
  • What type of criminal history do you have?

Hire a Lawyer to Assist You With Your Truck Accident Case

An expert truck accident lawyer can answer any concerns you have about filing a claim against a commercial trucking company, dealing with insurance providers, or just deciding what to do next.

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Insurance

Factors Affecting Term Insurance Premiums

Term insurance plans have come out as an alternative to life insurance plans that many people are investing in. If you have often wondered, “what is a term insurance plan? then we have all the answers to your questions.  A term insurance plan works just like a life insurance plan. Its main purpose is to financially provide for the policyholder’s family in case of their untimely demise.

Through the policy, you can assure an amount that will be given to your family to protect them from liabilities and more. These plans are usually affordable, but the premium you pay for them depends on several factors. Below we have made a list of all these factors, so you can estimate the cost.

Age

Age is a significant factor that affects the premium you pay for a term insurance plan. This is because health concerns increase with age. Therefore, young individuals are offered a  lower premium rate in contrast to older people. The rate of the premium goes on increasing as you age which is why it is recommended that you invest as early as possible.

Starting from 18 years of age, anyone can invest in a term insurance policy. Going for a term insurance plan as early as possible will allow you to get affordable term insurance and save a considerable amount in the future as well.

Medical history

The medical history of family members comes into play to examine any diseases which are hereditary in the family or to know about any disease that the policyholder is at risk of. If your family has a long history of diseases, then there is a big possibility that you will have to pay a higher premium.

This is because when the insured is prone to several diseases or medical conditions, there are more chances or risks to their life. As a result, a higher premium is charged by such people.

Health conditions and lifestyle habits

Aside from your family’s health history, your medical history also plays a significant role in determining the rates of premium you will be charged. If you are struggling with any illness or disease, you will be charged a comparatively higher premium rate. This is because the risk to your life would be greater in such a case as compared to an individual who is physically fit with no pre-existing illness.

Along with health conditions, many plans also consider your lifestyle habits. So, if your lifestyle includes habits that can negatively impact your life, such as smoking, drinking, drugs, etc., you will have to pay a higher premium. This is because these habits increase the chances of you developing an illness.

Professions

Professions are also considered while developing the premium rate as some professions are riskier than others. Jobs such as pilots, sailors, soldiers, etc., are more demanding and include several circumstances where your life is at risk. Since, while performing these jobs, you are more susceptible to danger, you will have to pay a higher insurance premium.

This also includes individuals who are frequently exposed to chemicals, environmental hazards, and other such components that are risky.

Duration

You can always go for a long-term insurance plan as well as a short-term insurance plan. Depending on the duration of your insurance plan, your premium will be calculated. It goes without saying that choosing a long-term insurance plan will cost you more than choosing a short-term insurance plan. The same goes for coverage.

Interests and Gender

Surprisingly, your interests, as well as your gender, also play a role in determining the rate of your premium. According to popular belief and scientific study, it is considered that women live longer than men, which is why women are often charged a lower premium rate as compared to men.

When it comes to your interests, individuals showing interests or frequently performing activities that pose a risk to their health or life are charged much higher premiums than those who do not have any such inclinations.

Conclusion

From all the points mentioned above, you can estimate what aspect of your life will add to the premium cost of your insurance plan and what will not. Knowing about the insurance plan you are looking to buy is always beneficial, whether you are looking for a term insurance plan or the best long-term saving plans.

So, make sure you do your research, and you will be good to go!

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Insurance

Understanding Restoration Benefits That You Can Avail When Buying Health Insurance

The need for health insurance in 2021 is more than ever before. Businessline reports that there was over an 8% increase in the rate of medical inflation as of May 2021 owing to second wave of the pandemic. Thus, it may be possible that your health insurance coverage falls short. At such times, you might feel that buying a fresh health insurance policy is the only alternative, but no. There is something called as the restoration benefit that health insurance companies offers. This article talks about these benefits that can be checked when buying a health insurance policy.

What is restoration benefit in health insurance?

Restoration benefit is the one wherein your health insurance policy is recharged to its original sum assured so that you need not purchase new health insurance plans to cover the increased cost of treatments. This feature is commonly available as an add-on or even bundled with some policies by health insurance companies. In case of repeated hospitalisations, this feature comes handy as owing to soaring medical inflation rates, more than one or two treatments in a single policy year exhaust the coverage in its entirety. * Standard T&C Apply

Is restoration benefit advisable for you?

If you are someone with either an individual health insurance policy or a family floater plan and look forward to enhancing the policy’s sum assured, you can make the most of this restoration benefit. Since a family floater plan is shared among the different beneficiaries, multiple hospitalisations may consume the sum assured. Thus, restoration benefits of health insurance come handy.

What are the types of restoration benefits that can be bought?

Restoration benefits are available in two types based on the level of exhaustion of the coverage—complete and partial exhaustion.

For plans with complete exhaustion restoration feature, the entire amount of sum assured must be exhausted.  Only when all such amount is used, that is when the restoration feature kicks in. On the other hand, partial exhaustion restoration benefit is where even a part of the coverage is used up, the insurance policy is restored to the original policy sum assured. Thus, all future claims can be settled without having to worry about policy coverage falling short for medical treatments. * Standard T&C Apply

How to effectively select a policy with restoration benefit?

Restoration benefit is an additional feature that can be opted at the time of policy purchase at nominal cost. To assess its impact, you can make use of health insurance premium calculator that helps determine the impact on your policy and aid the comparison process. When selecting a policy with restoration benefit, the following are some pointer that can help you:

  • The restoration benefits cannot be carried forward to the subsequent policy period even if not used during the current period.
  • For complete exhaustion plans, the sum assured is reinstated only when exhausted in a single claim. For partial exhaustion, the reinstatement happens as you use up the coverage.
  • Such policy feature is available for policies with all sum assured and not only for higher sum assured plans.
  • Only subsequent claims are considered under the restoration benefit and not the first policy claim.
  • Restoration feature is useful especially in family floater plans where the coverage ‘floats’ among multiple beneficiaries.
  • The benefit of restoration feature can be availed only by one beneficiary at once.

* Standard T&C Apply

These are some points about restoration befit can help you understand it thoroughly and get one based on your requirements. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

 

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Insurance

The Correct Way to Optimize Your Car Insurance with Add-Ons

Motor insurance is mandatory by law. The Motor Vehicles Act of 1988 lays down this requirement and thus, no bike or car owner can skip buying one. When selecting an insurance cover for your car, it is best if you select a policy that offers comprehensive and adequate coverage. Since legal compliance is essential, it is advisable to look beyond that to ensure coverage for damages too.

Thus, when selecting a car insurance plan, you can pick among the two alternatives of insurance covers. One being a third-party policy whereas the other a comprehensive plan. A third-party policy, also known as liability-only cover, safeguards against the legal liabilities that may arise due to accidents and damages. While a third-party cover has limited scope, comprehensive plans provide for the damages to your car along with customisable coverage. Such customisation is possible using the add-on feature in a comprehensive cover. This article mentions how you can optimise the coverage of your comprehensive car insurance policy to avail maximum coverage. But before that, let’s look at what are add-ons.

Add-ons in your comprehensive car insurance policy is an optional feature that helps enhance the policy scope. These insurance covers help cover those events that are excluded from a standard comprehensive plan. With such add-ons in your insurance coverage, the policy strengthens thereby covering different events, otherwise which shall be required to be paid from your pocket. However, you must keep in mind since they are optional features, they come at an additional cost, which in comparison to the coverage it offers is minimal. Here are five crucial add-ons to consider:

  • Zero-depreciation cover

The most useful add-on cover that helps take maximum advantage of your car insurance policy is the zero-depreciation cover. All vehicles are subject to depreciation that lowers its value with each passing year. This, in turn, impacts the insurance pay-out as it accounts for such depreciation when honouring a claim. With a zero-depreciation cover, the vehicle insurance company compensates for the damages without considering the effect of depreciation, in effect, increasing the compensation provided.*

  • Engine protection cover

Engine protection cover is another essential add-on that can help to protect against damages to the engine and it hefty repair costs. A comprehensive policy otherwise excludes the repairs to the engine as part of its coverage and such add-on can help include it in your policy. Moreover, this add-on is useful for those people who reside in flood-prone areas where water ingression is a common occurrence damaging the heart of your vehicle, i.e. the engine.*

  • Consumables cover

For someone seeking an all-round coverage for their vehicle, consumables cover is nifty way to ensure complete insurance coverage. As the name suggests, the add-on provides for coverage of consumable spares that are commonly required in repairs and replacement. This way, you can expect minimal out-of-pocket expense as most of the cost, either by way of standard policy coverage and by way of consumables cover is covered by the insurance plan.*

* Standard T&C Apply

With these add-ons, you can maximise the insurance coverage provide for your car. Thus, it is essential to consider review the add-ons at policy purchase and at the time of car insurance renewal online. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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Insurance

Best 4 Wheeler Insurance in India

Unlike a few decades ago, the Indian insurance market today offers a wide range of car insurance policy options to its customers. Insurers compete with each other on policy features, benefits, discounts, add-on options and more. You may buy the car insurance online or offline—based on your convenience.

However, policyholders frequently get confused while choosing a suitable plan for their car. Most of them end up picking the cheapest plan without really understanding the nitty-gritty of it. After all, you are paying for security from a mishap that may or may not occur in future. So, many people feel that there is no point in wasting their hard-earned money on insurance covers.

But choosing the plan with the lowest premium is a decision that may backfire at any time, and you may end up paying for a big chunk of the repair expenses from your own pocket in case of an unfortunate incident. Here are some things to keep in mind while choosing a four-wheeler insurance policy to ensure you make the right decision:

  • Get a policy that provides extensive coverage

With the facility of purchasing car insurance online, you can go through the websites of several insurers and see the plans on offer without stepping out of your house. So, you save on your time and travelling costs.

If you compare the plans carefully, you will find that the policies with low premiums may have some limitations. Initially, you may save on your premium, but in case of damage, you will have to pay the major part of the expenses out of your own pocket while the insurer pays the balance amount. Before buying a policy, you should go through the exclusions and terms and conditions carefully to know what the insurer will cover. This would help you select a four-wheeler insurance that would provide maximum coverage even if the premium is high.

  • A third-party car insurance policy provides limited coverage

A third-party liability policy is mandatory for a four-wheeler, and many car owners feel that it is sufficient. However, you must reconsider your decision if your car is less than 5 years old, no matter the model. The third-party policy premium fixed by the IRDAI (Insurance Regulatory and Development Authority of India) is intentionally made affordable as it is mandatory. The logic is that you are paying for something to avoid a liability towards a third party in the future. The liability itself can be unlimited in nature as it completely depends on the value of the third party’s property. This is fine as long as your car is not damaged in an accident. If your car is badly hit, you will not get any cover under this policy. The entire repairing or replacement cost has to be borne by you. A third-party policy is limited to cover all losses related to only the third-party property. So, it is better to get own damage four wheeler insurance or a comprehensive policy to protect your car.

  • A basic own damage car insurance policy may not be adequate

Suppose you buy an own-damage policy by paying an extra premium to cover your car. You may think that it is sufficient as it covers both accidental and non-accidental damages. There would still be certain exclusions that you will find on the policy document. The exclusions include depreciation, regular wear and tear, certain non-accidental damages, etc.

You can solve the problem by buying various add-on covers that are customised according to your needs along with your own damage policy. You cannot purchase add-on covers with standalone third-party four-wheeler insurance. So, a comprehensive policy may be the best option available.

Comprehensive car insurance is the best.

A comprehensive policy has features of both third-party car insurance and own damage cover. You can also buy suitable add-on covers along with this policy. For imported or expensive cars belonging to the category of sedan or SUV, the cost of replacement or repair is usually very high. Most of the time, the car parts have to be imported. So, invest in a comprehensive policy with suitable add-ons to avoid future expenses. In case of damage beyond repair or car theft, this policy would help you get the entire sum insured which is equal to the IDV (Insured Declared Value) or market value of the car.

After going through the above parameters, you can decide which would be the best car insurance policy for you. Even if you have to pay a higher premium, it is better to go for a plan that offers maximum coverage.

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Insurance

Why is Term Insurance So Affordable?

All of us have several financial goals, but a common dream most of us share is securing the future of our loved ones. Term insurance plans can go a long way in achieving your financial goals. However, there is a general misconception surrounding insurance that it is expensive. In this article, we’ll discuss how and why term insurance is, instead, affordable and the factors associated with it.

What is Term Insurance?

As the name suggests – term insurance plans are valid for a specific ‘term’ or period. It means that the validity of the plan remains till the tenure of the policy. Insurance companies offer this life cover for a nominal periodic amount. This is called the ‘premium’.

Suppose the insured policyholder covered under the term plan meets with an unfortunate demise. Then, the insurer transfers the online term plan benefits to their nominees. It greatly benefits those who are the sole breadwinners of their families. These plans provide the much-needed financial assistance in case of an untimely event by transferring policy benefits.

Understanding How Term Insurance Plans Have Low Premiums

While you have to pay premiums periodically, several term insurance plans have low premium costs. Let us take a deeper look into how and why this is possible.

  • This is a pure life cover

Most online term plans can become pure life covers. They can get converted to insure you permanently for your entire life. This is universally one of the key reasons term plans have low premium rates.

  • Policies can be purchased online

When you choose to look for term plans online, it reduces distribution costs. Thus, the insurance companies generally pass on the benefits by way of lower premium rates. The online process is convenient, fast, and hassle-free. It involves relatively less paperwork and people costs, all of which contribute to a cheaper premium.

  • Usually purchased at a younger age

Once they understand the concept of a term insurance plan, most people lean towards making the wise decision of buying a policy or an online term plan while they are young. The possibilities of a young person losing their life are remote and significantly lesser. Hence, insurers offer these policies for relatively lesser premium prices.

  • Healthy lifestyle

Insurer companies closely examine your medical history and current lifestyle before finalising a policy premium. If you’re a smoker, you may end up paying a higher premium price than someone who does not smoke. To put it bluntly, this is because the mortality rates between a non-smoker and a smoker are vastly different.

Some more factors make term insurance plans affordable to the common man, such as:

  1. Absence of fund management charges

Online term plans have zero money management or portfolio-related expenses. Hence, insurance plans are different from money-backed plans. Term plans do not require funds that require investment or any kind of monitoring. Thus, it lets insurance companies offer a competitive premium to potential policyholders.

  1. Zero hidden comparisons

The process of buying term plans online gives you the option of comparing different plans offered by several other companies. You can use an online term insurance plan calculator to compare several quotes. Once the term insurance plan calculator gives you a fair idea about the total term cost and premium involved, you can see how well it suits your needs and budget.

The term insurance plan calculator is a great method to help you understand if additional benefits will cost you more. Should you make a move from your current plan, or upgrade? A term insurance plan calculator will help you make this decision using real-time, quantitative parameters.

Conclusion

Online term plans cover both anticipated and unforeseen expenses by providing your family with a large financial cover at a reasonable periodic investment. This keeps them secure even during your absence. Term insurance plans have also become quite affordable these days.

Use a term insurance plan calculator to see how this policy will fit in your budget. But with good health and the right timing, you can potentially unlock a pocket-friendly term insurance plan with low premium rates and a lot of benefits.

If you are looking to buy an insurance cover that suffices your basic needs and requirements without burning a hole in your pocket, term insurance plans are your go-to option.

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Insurance

Postman to Provide Car Insurance at Doorstep

Whether you drive a sedan or a SUV, it’s mandatory to get the vehicle insured. There are multiple benefits of car insurance such as cost-saving while repairs and getting coverage at the time of theft or any other accidental damage. Comprehensive car insurance plans also cover third-party liability. In case of adverse circumstances or any injury or casualty to the third-party from your vehicle, the compensation to him would be paid from the insurance policy. Insurance papers are among important car-related documents. Even while buying a second-hand car, it’s crucial to check the status of the insurance policy. Before renewing it or purchasing a new one, ensure to transfer the car insurance in your name. On a car insurance calculator, you can figure the exact amount that you will have to pay as premium.

Till now customers sought advice regarding car insurance plans with either car dealerships or visited offices of insurance providers. Now, Indian Post will sell car insurance plans as well. So, either you can visit your nearest Post Office or the postman will visit your home. Starting July 1, 2021 Indian Post will be selling car insurance plans in the districts of Kaushambi and Prayagraj. The Post Department plans to extend it to other districts as well. The insurance policies would be provided by IPPB (Indian Post Payment Bank), a branch of the Indian Post that provides financial services to unbanked areas.

How to Buy Insurance from the Postal Department?

In order to enquire about car insurance plans and book a slot, you can either visit the website of the post department and request for car insurance. You can also call the Post Office and ask them for a home visit regarding car insurance. You can cross-check the monthly amount on a car insurance calculator.

Documents Required to Buy Insurance

  •   If you want to buy car insurance, you must have a valid Aadhar card and car registration document. The postman may also ask for previous insurance policy details.
  •   Those who have an account with IPPB, just need to provide a car registration number and their account number.

What are Advantages of Buying Car Insurance from Postman?

Buying car insurance plans from Indian Post offers the following benefits:

  •   Authenticity: Indian Post is a large government department that operates across the nook and corner of the country. It selling a particular insurance plan means that there are negligible chances of it being dubious or a sham.
  •   Convenience: You won’t need to make multiple visits to the office of insurance providers. Once the postman collects your identity documents and the car details from your home, the insurance papers too will be dispatched at your home address.
  •   Time-Saver: With the postman paying you a visit, it will save your time as well.
  •   Auto-Debit: In case you have an account with the IPPB, the payment amount will get automatically deducted at a particular date.
  •   Smooth Process: Upon the verification of your car’s registration documents, the insurance would be issued without any further delay.

Key Takeaway

While selecting car insurance plans look for maximum coverage and other additional benefits. For the purpose of third-party accidental liability, it’s mandatory to get your car insured. With a postman providing car insurance right at your doorstep, the process would be easy and save time. It will also get rid of unnecessary documentation. Just keep your personal ID proofs and car registration paper handy and after verification the insurance papers would be delivered at your home by post. Bajaj Allianz car insurance renewal is among the plans offering value for money. Head over to the Finserv MARKETS platform for more such products and useful information!

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Insurance

6 Things to Remember When Renewing Two-Wheeler Insurance

As a biker owner, you probably already know that it is mandatory to have at least third-party two-wheeler insurance to ply your vehicle on the roads. However, simply renewing your third-party coverage each year might not be enough. If your bike insurance plan is due for renewal anytime soon, this article is just for you. Read on to discover 6 things that you must keep in mind when renewing your bike insurance this year.

  1. Review your coverage

Start off by reviewing your existing bike insurance plan and whether it has served your needs for coverage adequately till date. For instance, if you have a third-party insurance plan, think about whether you would benefit more from comprehensive insurance. Remember that a comprehensive insurance plan goes above and beyond to cover your own damages as well as damages from natural and man-made calamities. For instance, if you live in a region that is prone to floods, you might want to opt for comprehensive insurance to stay covered against any natural disasters.

  1. Opt in for add-ons

If you decide to upgrade to a comprehensive bike insurance plan, you can improve on the protection you receive by opting for add-ons. Think about getting add-ons like zero depreciation cover, consumables cover, and roadside assistance. While these add-ons come at a slight increase in your premium, the extra amount you have to pay is worth the peace of mind you receive in return.

  1. Check the premium pricing

Once you have finalised the type of two wheeler insurance coverage you want, compare the premiums charged by at least 3 to 4 insurers. It helps to know whether you are paying more with your current insurance plan so that you may shift to a cost-effective option. After all, any money that you save is money earned.

  1. Compare insurance companies

There are so many insurance providers out there and each one offers you great deals. However, it helps to compare them too based on certain factors such as – how long they have been in the industry, what is their claim settlement ratio, what extra benefits or discounts they offer, and so on. By evaluating insurance companies with these parameters, you can truly select the best company.

  1. Read customer reviews

When renewing your bike insurance plan, do make sure to check what other customers have to say about the insurer you are planning to go with. Look whether most of the reviews are positive or negative. While a few negative reviews are normal, too many negative reviews can be a red flag.

  1. Renew your coverage online

One of the best ways to get a great price on your two wheeler insurance plan is by opting to renew coverage online. The benefits of getting insurance online don’t end there! Renewing your coverage online is also faster and paperless too!

Keep these 6 things in mind this year when you renew two wheeler insurance. Remember to always wear a helmet and ride safely!

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Insurance

Things You Should Know Before Buying an Endowment Plan

They say, “Rome wasn’t built in a day” and this very well applies to your savings. You cannot accumulate savings for your future needs unless you plan and save regularly to build a corpus. A proper guaranteed income plan that benefits you even in uncertain market conditions could pave the way for your financial freedom.

Endowment policies serve as an excellent investment that safeguards you with Life insurance and guaranteed income; they serve the purpose of wealth creation by ensuring income and further protecting your family against any contingencies.

Given the importance of these savings plans and the fact that there are a plethora of options available in the market, you must know what to look for while buying endowment plans.

The following could be used as a checklist before you buy an endowment plan.

  1. Stability and reputation of the company: Remember that you will invest a good part of your life’s savings in these plans, and hence you need to choose a financially stable company with a good reputation in terms of its policies. You cannot compromise at any stage of selecting a reliable company that you would need to trust with your life’s savings.
  2. Claim settlement ratio and customer service: The claim settlement ratio gives a clear picture of the number of claims settled against the number of claims raised. The higher the claim settlement ratio, the higher is the reliability of the policy provider. You can also check the company’s customer service experience to understand if they offer quality service to ease your future needs.
  3. Premium rates and their payment flexibility: If you are taking high premium plans, always check the premiums of different policies as they vary between plans and provider companies. Choose the plan that gives you the best return when compared to the premium paid.

The flexibility of premium payment is also an important aspect to look at when you take an endowment policy – many policy providers give the option of paying premium monthly, biannually, annually, or a one-time lump sum. You can choose the policy that offers you a suitable premium paying frequency at your convenience. For instance, Tata AIA premium pay is available online along with flexible premium payment options as per your needs.

  1. Enhanced coverage benefits: Apart from life insurance cover, endowment plans offer enhanced protection options where one can choose to add additional riders like critical illness, disability, death rider, etc. Make it a point to select those plans that give you rider benefits for broader and comprehensive coverage. These additional riders provide enhanced security to your family in the event of any mishaps.
  2. Track record for higher returns and bonus: In the end, everything boils down to getting good returns on your invested money; hence always check the bonus history and the returns track record of the policy provider before you choose the endowment life insurance plan. Ensure that you select the plan that gives you desired returns to meet your short-term and long-term financial goals.

When to take an endowment plan?

Starting early in your career helps build a significant corpus that could guarantee secured financials. There’s never an ideal age to take an endowment plan because it varies from person to person. You should choose the plan according to your current income, future requirements, lifestyle, and retirement-seeking age. And if you are someone who does not have the habit of saving money religiously, these plans will prove the most effective for situations like a child’s higher education, marriage, buying a house, etc.

How to get an endowment plan?

You can use the checklist mentioned above to conclude the features that suit your requirements the most. While choosing the plan, make it a point that the policy term and the pay-out term of benefits match with your financial planning.

Once you choose the policy provider that is offering the features that you desire, you can approach the insurance provider directly at their dedicated branches to buy the policy. Alternatively, you can also purchase these plans online at ease, but make sure that you select the suitable options and input correct information while filling up the form.

Always double-check the policy features and the benefits it offers before finalizing and paying the premium.

To sum up:

Endowment plans act as assured income plans to secure you in 3 different ways – protecting with a sum assured, guaranteed income for wealth creation, lump-sum payment at the end of the policy tenure that could act as a corpus for retirement, and personal needs.

Hence always check the suitability of the plans to your financial goals and needs before taking them.

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