Objectives of Ladli Laxmi Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Mahatma Jyotiba Phule Jan Arogya Yojana - MJPJAY

Best Life Insurance Policy in India 2023

Ladli Laxmi Yojana

FAQs

Question: - Who will offer/manage the PMJJBY scheme?

Answer: - The PMJJBY policy would be offered/administered in partnership with participating banks. LIC and other life insurance companies willingly offer the scheme with the necessary authorisation and under comparable conditions.

Question: - Can people who left the PMJJBY scheme rejoin it?

Answer: - In the future, participants who leave the Pradhan Mantri Jeevan Jyoti Bima Yojana can re-join by paying the annual premium and presenting a self-certification of good health.

Question: - Who is eligible to subscribe to the PMJJBY policy?

Answer: - Anyone with a savings account at one of the member banks between 18 and 50 is eligible to participate.

Question: - Is there a way for PMJJBY status check online?

Answer: - You can go to the PMJJBY section by navigating the bank's website. You would need the bank a/c information and the PMJJBY application number to check the status. The process is easy and trustworthy.

Question: - What is PMJJBY complete form?

Answer: - PMJJBY stands for Pradhan Mantri Jeevan Jyoti Bima Yojana. The policy was officially unveiled on May 9, 2015, in Kolkata by Prime Minister Narendra Modi.

Question: - What is the PMJJBY certificate download procedure?

Answer: - PMJJBY certificate download procedure is simple. You should access the bank's website and submit a few details like the bank a/c number, DOB, and name of the nominee.

Money Back Life Insurance Plans

In money back life insurance plans, the insured individual receives a portion of the sum assured at predetermined intervals rather than a lump-sum payment after the period. It is an endowment plan that offers the advantage of liquidity. A death benefit will also be granted under a money-back plan if the life assured passes away unexpectedly.

The sum that is paid as compensation is referred to as the "Survival Benefits." The remaining sum insured is paid at maturity together with any vested incentives, and these are rewarded over the course of the policy term.

What is the nature of a Money Back Insurance Plan?

Let us discuss it with an example to make you understand the money back plan better.

Suppose you have bought a money back policy; following the termination of the premium payment term, you will start receiving a regular income.
The guaranteed cash benefit might be received monthly or yearly, depending on your needs.
You will get a guaranteed sum after the policy period, along with extras.
If something terrible happens, the life cover under a money back policy will give your loved ones a lump sum payment.

A money back insurance plan is an excellent option for those who don't want to take any chances because it aids in preserving money and maintaining liquidity over time.

Features & Benefits Under Money Back Life Insurance Plans

The most suitable savings plans that you can rely on are the money back plans, and here is why:

Offers Survival Benefits: A money back policy offers maturity benefits, a percentage of the sum assured (at predetermined intervals), and accrued bonus in addition to survival benefits.
Offers Death Benefits: The policy's nominee receives the insured person's death payout. This benefit includes the money-back policy's sum assured and any bonuses accrued. However, since the survival benefit is only paid to the insured while they are still alive, this does not include under death benefit.
Liquidity: In this plan, you get a sum assured at regular intervals during the policy term. As a result, you have the necessary cash and may better organise your finances to achieve various life goals.
Risk-Free Returns: A money-back term plan is an ideal choice if you are not a risk-taker. The amount of risk associated with the policy is bere minimum.
Maturity Benefit: On the plan's maturity, you get the sum assured and the bonus associated with the plan. The bonus ideally depends on the company’s performance.
Add-on Riders: Riders like a personal accident, serious illness, or term rider are frequently recommended for money back plans. Experts advise selecting a money back plan that meets your financial demands while fitting your payment.

How to select a Money Back Policy?

Several factors are involved when choosing a suitable money back insurance plan. You can also search for money back policies online comparison to find what you are looking for.

Financial Goals
The number of years to stay invested.
Payouts variation
The appropriate amount ensured to satisfy your financial needs
Check whether the money back policy gives tax advantages. Some policies may not provide a tax advantage if a survival benefit equals 20% of the sum assured.

Eligibility Criteria Under Money Back Policy

To buy a money back policy, you need to fulfil specific criteria, which are as follows:

Key Areas	Eligibility
Entry Age	A money back policy may be purchased by anyone 18 years of age and older. The maximum entry age for someone who works for themselves is 65.
Method of Premium	You get to pick the premium payment term and method with a money back policy.
Policy Term	Money back plans often have a 5, 10, or 15-year insurance duration. The policyholder may select the insurance tenure based on their financial situation.
Income	Throughout premium payments, the policyholder should be able to make timely premium payments.

Documents Needed for Money Back Policy

The buying process of any money back policy will not be completed if the following list of documents is missing.

Age Proof Documents
Complete Policy documents
Proof of Address
Medical Reports(if required)

The life insurance company will ask for these documents when you’ll buy life insurance plan.

Money Back Plan Premium Calculator

According to the policy and sum assured you choose, a premium calculator will inform you how much you would have to pay. This tool can help you arrange your finances effectively and determine how much you should set aside each month, quarter, or year. Before using the calculator, you must know the desired policy and anticipated sum.

The good thing about the term premium calculator is that it is available online. You just need to visit the website and look for the insurance premium calculator tab, and you will get all the relevant details you are looking for. You must enter your age, the length of time you want the policy to last, and your gender into the tool. You can optionally include the available riders in the calculator for more precise calculations.

Are Money Back Plans For You?

Suppose you're a healthy person needing life insurance protection and an investment that provides regular returns while saving you money on taxes. In that case, you can select between various financial products or a single money-back insurance policy that accomplishes the same goal. It's crucial to remember that your investment's risk and potential profits are inversely correlated.

It offers complete life insurance coverage and is a tax-saving investment with guaranteed profits for the term, making it a win-win situation for the investor.

Online Buying Process of Money Back Plans

There are numerous companies providing money back plans with different benefits but, the best way is to buy money back plans online. Follow the steps below to buy the best money back plan for yourself.

Step 1: Visit the official website of the insurance company.

Step 2: Select the “Life Insurance” tab.

Step 3: Select the desired policy and riders at this time.

Step 4: Enter the necessary information and submit the documents.

Step 5: The website will give you insurance quotes.

Step 6: You will be asked to pay the initial insurance premium amount.

Step 7: Insurance policy documents will be sent to your registered email address.

FAQs

Question 1:- What is a money back insurance policy?
Answer:- To put it simply, a money back policy is a form of life insurance that pays the policyholder regularly while covering the death benefit.

Question 2:- Does a money back policy give the policyholder the total amount guaranteed when it matures?Answer:- Yes! In a money-back policy, the policyholder receives the whole amount guaranteed at maturity, regardless of any survival benefits or costs.

Question 3:- What are some of the main advantages of their money-back insurance policy?
Answer:- One of the most important advantages of a money back policy is the death benefit, maturity benefit, and survival benefit. You will also receive a bonus in addition to the sum assured.

Question 4:- Is there a way to transfer my money back policy?
Answer:- No, you cannot transfer your money-back insurance policy.

Question 5:- What distinguishes the survival benefit from the maturity benefit in money back plans?
Answer:- Survival benefits are paid to the policyholder throughout the policy term, which is unique to money back policies. The maturity benefit, on the other hand, is only paid at the end of the policy's tenure. Except for term insurance plans, most life insurance policies provide policyholders with maturity benefits except term insurance plans.

Question 6:- What is not covered by a money back insurance plan?
Answer:- Suicide is the most frequent exclusion for life insurance contracts. Read the policy brochure to get a complete list of exclusions that apply to your plan. It is different for different companies.

Disclaimer - The information published in this article is for the reader′s reference only. The content of this information is to provide an overview of your life insurance needs and should not be relied upon for personal, medical, legal, or financial decisions; you should consult an appropriate professional for specific advice. The Company makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

Cashless Claim Process vs Reimbursement Claim Process

Buying health insurance has become an essential thing after the outbreak of coronavirus. As we know that the rate of inflation in India is very high i.e. 7.01%. Therefore, it is important to have a health insurance plan to deal with the rising cost of medical treatment and hospital bills.

But, to know how to use health insurance effectively, you must have an understanding of the claim process prevalent under health insurance. There are two types of claim processes under health insurance i.e. cashless claim process and Reimbursement claim process.

Cashless Claim Process vs Reimbursement Claim Process

The below table shows the detailed difference between the cashless claim process and the reimbursement claim process.

Parameter	Cashless Claim	Reimbursement Claim
Claims	The health insurance settles the hospital bill directly with the hospital. But, you need to inform the hospital about the hospitalization in advance.	The policyholder pays the bill amount at the time of discharge and then, the insurance company reimburses the amount.
Individual liability	The policyholder does not need to pay any amount to the hospital at the time of discharge. The insurance company will directly settle the bills with the hospital.	The policyholder needs to pay the total bill amount initially and have to file a reimbursement claim with the insurance company for claims settlement.
Treatment	Cashless hospitalization can be availed only in network hospitals recommended by the health insurance company.	Policyholders are not bound to seek treatment in network hospitals. In case of reimbursement hospitalization, they can get treatment in any hospital.
Speed of claims settlement	In cashless hospitalization, you don’t need to file a claim as the health insurance company directly settles the bill amount with the hospital.	Reimbursement claim is a time-consuming process as in this process, you need to file a claim with the insurance company for settlement of the claims.

Cashless claim settlement is best when comparing the two types of health insurance claim processes as it relieves the policyholder from the financial burden. They don’t need to hesitate or worry about paying for their medical treatment even in case of an emergency.

But, during the reimbursement process, it is important to have the cash to pay the bill amount at the time of discharge. In case of emergency, you can be admitted to any nearby hospital to get the treatment and file a reimbursement claim later.

Health Insurance Claim Process

There are two types of claim processes under health insurance i.e. reimbursement claim or cashless claim. To file a health insurance claim, policyholders need to complete the following steps:

Cashless Claim Process

Below mentioned are the general process to avail of the cashless claim under a health insurance plan:

Intimate the insurance help desk in the hospital about the hospitalization.
Show the health card of the insured at the help desk for identification.
Submit the pre-authorization form to the insurer.
The insurance company will verify the submitted documents and process the claim as per the term and conditions of the health policy.
Once all the formalities are done, the insurance company will settle the claim as per the term and conditions of the policy.

There are two types of cashless claim processes: Planned hospitalization claim process, and Unplanned hospitalization claim process.

Planned Hospitalization

In planned hospitalization, the policyholder is aware of the hospitalization before the treatment. The steps to file a claim under Planned Hospitalization are given below:

Intimate the insurance company before 3 to 5 days of hospitalization.
The insurance company will provide a confirmation letter to the hospital.
Submit the health card and the confirmation letter on the day of admission of the insured.
The insurance company will directly settle the bill with the hospital.

Unplanned Hospitalization

This is also known as emergency hospitalization. This type of hospitalization happens suddenly and unexpectedly. Generally, this type of hospitalization occurs when the policyholder met with an accident or an illness that requires immediate treatment.

Inform the insurance company within 24hrs of hospitalization.
Submit the health insurance claim form along with the other required documents.
The insurance company will send an authorization letter to the hospital.
The insurance company will directly settle the bill with the hospital.

Reimbursement Claim Process

Policyholders have to pay the bill amount after getting the treatment if the insurer does not provide a cashless claim option or if the hospital is not on the list of their network hospitals. The health insurance company will reimburse you for the medical bill later.

Inform the health insurance company within 15 days
Fill in and submit the health insurance claim form along with the original discharge summary and other medical bills.
Submit other relevant documents such as ID proof, address proof, and a canceled cheque.
The insurer will verify all the documents.
The insurer will then start the reimbursement process.
The insurance company will complete the claim within 21 days from the date the documents reached the health insurance company.

Documents Required for Filing Reimbursement Claim

Below is the list of documents that you need to submit while filling the reimbursement claim:

Xerox Health Card
Duly Filled Claim Form
Copy of KYC documents
Investigation reports like X-rays, blood reports, etc
Original Hospital Discharge Summary
In case of an accident, Xerox of FIR or medico-legal certificate (MLC)
Doctor's Consultation Papers and Pre-Admission Investigations
Cash Receipts from Hospital
Contact details
NEFT details
Other relevant documents

PMJAY: Ayushman Bharat Yojana Eligibility and Registration Online

Ayushman Bharat Yojana is also known as Pradhan Mantri Jan Arogya Yojana (PMJAY) or National Public Health Insurance. Ayushman Bharat Yojana was launched by Prime Minister Narendra Modi on 28 September 2018. PMJAY is a flagship health insurance scheme sponsored by the Government of India. The main objective of Ayushman Bharat Yojana (PMJAY) is to provide medical facilities to those people who are financially weak. Initially, the Pradhan Mantri Jan Arogya Yojana was launched to provide health insurance to over 10 billion poor families, which is equivalent to about 50 billion Indians and about 40% of India's total population.

What is Ayushman Bharat Yojana (PMJAY)?

Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PMJAY) is one of the largest health insurance schemes sponsored by the Government of India. Ayushman Bharat Yojana was launched to provide health cover to over 50 billion Indian citizens and about 10 billion underprivileged families without any limit on family size and age. Ayushman Bharat Yojana (PMJAY) provides medical services with health insurance coverage of up to INR 5 lakh per family per year.

Ayushman Bharat Yojana (PMJAY) provides cashless medical treatment in both public and private hospitals. Pmjay covers hospitalization expenses, cost of medicine, and pre and post-hospitalization expenses for 3 and 15 days respectively.

Ayushman Bharat Yojana (PMJAY) or PM Jan Arogya Yojana Specifications

Below are the specifications of the Ayushman Bharat Yojana (PMJAY) or PM Jan Arogya Yojana:

Scheme Name	Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) or Ayushman Bharat National Health Protection Scheme or National Health Protection Scheme (NHPS)
Type of Scheme	Health Insurance
Started By	Prime Minister Narendra Modi
Country	India
Ministry	Ministry of Health and Family Welfare
Launched	23 September 2018, 5 years ago
Total Number of Ayushman Cards Created Until Now	34,37,70,340 (as of 16th May 2024)
Total Number of Authorised Hospital Admissions Until Now	6,86,17,508 (as of 16th May 2024)
Total Number of Registered Families	More than 13.44 Crore
Total Number of Empanelled Hospitals	30,187 (as of 16th May 2024)
Budget	INR 7,500 crore (2023–24)
Status	Active
Website	https://www.pmjay.gov.in/
Helpline Numbers	1800-111-565 or 14555
Address	National Health Authority of India, 3rd, 7th and 9th Floor, Tower-L, Jeevan Bharati Building, Connaught Place, New Delhi – 110001

Standard Health Insurance vs Ayushman Bharat Yojana (PMJAY)

Below mentioned are some of the common differences between standard health insurance and Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PMJAY):

Particular	Standard Health Insurance	Ayushman Bharat Yojana (PMJAY)
Sum Insured Amount	Up to INR 5cr	Up to INR 5 Lakh
Eligibility	Available for everyone	Only Available to lower income group
Annual Health Check-up	Free Annual Health Check-up	No Free Health Check-up
Pre-Hospitalization	60 Days	3 Days
Post-Hospitalization	180 Days	15 Days
Critical Illnesses	Covered	Covered
Domiciliary Treatment	Covered	Not Covered
Premium Amount	Paid by Insured	Paid by the Govt. of India
No Claim Bonus	Available	Not Available
Tax Benefits	Available	Not Available

*Disclaimer: Sum insured amount and other coverage benefits may vary from insurer to insurer.

Features of Ayushman Bharat Yojana (PMJAY)

Below mentioned are some of the key features of Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PMJAY):

Family Health Insurance Scheme
Sum Insured up to INR 5 Lakhs per year
Designed for low-income group
Cashless Hospitalization in public and private network hospitals
Coverage for Daycare treatments
Covers all pre-existing diseases
No limit on family size, gender, or age

Benefits of Ayushman Bharat Yojana (PMJAY)

Ayushman Bharat Pradhan Mantri Jan Arogya Yojana offers medical services to the underprivileged and vulnerable section of the society. Below mentioned are some of the benefits of Ayushman Bharat Yojana (PMJAY):

Ayushman Bharat Yojana (PMJAY) is free of cost.
Covers 1354 medical & surgical packages.
Covers 50 different types of cancers.
Covers the cost of oncology and chemotherapy
No waiting period for pre-existing diseases
The Ayushman Bharat scheme covers the highest package amount for the first surgery and 50% and 25% respectively for the second and third surgeries in case of multiple surgeries.

Coverage Benefits Under Ayushman Bharat Yojana (PMJAY)

Pm Jan Arogya Yojana (PMJAY) offers various types of coverage benefits. Below mentioned are the coverage benefits under Ayushman Bharat Yojana (PMJAY):

Coverage	Benefit
Doctor’s Consultation Fees	Covered
Pre-Hospitalization	Covered for 3 Days
Post-Hospitalization	Covered for 15 Days
Cost of Medicine	Covered
Medical Consumable	Covered
Hospital Accommodation	Covered
ICU Service	Covered
Medical Implantation Service	Covered
COVID-19 Treatment	Covered
Diagnostic Procedures	Covered
Food Services	Covered

Who Can’t Avail Coverage Benefits Under Ayushman Bharat Yojana (PMJAY)?

Below mentioned are the people who are not covered under Pradhan Mantri Jan Arogya Yojana (PMJAY) or Ayushman Bharat Yojana:

People having a two-wheeler vehicle, three-wheeler vehicle, and car
People with government jobs
People having a monthly income of more than 10K INR
People who own farming machines and equipment
People who live in properly built houses
People who hold a Kisan Cards
People who own motorized fishing boats
People who have agricultural land of more than 5 acres
People working in government-run agricultural enterprises
People with landline phones and refrigerators in their homes

Eligibility Criteria for PMJAY or PM Ayushman Bharat Yojana

Below mentioned are the eligibility criteria for both Rural and Urban people:

Eligibility Criteria For Urban People

Under Ayushman Bharat Yojana (PMJAY) categorized 11 occupational categories who are eligible for this scheme.

Beggars
Domestic workers
Hawkers, Street vendors, Cobblers, Ragpickers
Sweepers, Mali, and Sanitation workers
Conductors, Drivers, Helpers of drivers and conductors, Rickshaw pullers, Cart pullers
Construction worker, Coolie with a Security guards, Welders, Painters, Labours, Mason, and Plumbers
Artisan, Home-based workers, Handicraft workers, and Tailors
Chowkidars and Washer-man
Delivery boys, Shop worker, Peon in small establishments, Waiters, Attendants
Mechanics, Electricians, Repair worker, Assembler

Eligibility Criteria For Rural People

Below mentioned are the eligible members to avail the coverage benefits under Pradhan Mantri Jan Arogya Yojana:

Families with no adult/ male/ earning member of between 16-59 years of age
Families living in a one-room house with a kaccha roof and walls
Families come under SC/ST category
People living in alms or extremely poor conditions
People working as a manual scavenger
Legally released bounded labor
Primitive tribal group
Families with at least 1 physically challenged member
Families with landless households whose primary source of income is manual labor

How to Register Online for Ayushman Bharat Yojana (PMJAY)?

To register under Pradhan Mantri Jan Arogya Yojana (PMJAY) or Ayushman Bharat Yojana is quite simple and hassle-free. Beneficiaries who identify under the list of SECC 2011 or are a part of the RSBY scheme. Below mentioned are the steps to check if you are eligible for the Ayushman Bharat Yojana or not:

Visit the official website of Ayushman Bharat Yojana (PMJAY) and click on the “AM I Eligible” tab.
Enter your mobile number and create OTP.
Enter OTP and then go to the next tab.
Enter your name, state, ration card number, and household number.
You can check your registration based on the search result.

Documents Required to Apply For Ayushman Bharat Yojana or PMJAY

Below mentioned are the required documents to apply for PM Ayushman Bharat Yojana or PMJAY:

ID Proof
Age Proof
Contact Details (mobile number, email address, residential address)
Caste Certificate
Income Proof
Document Proof showing the status of the family (Nuclear or Joint)

Ayushman Bharat Card Online

An Ayushman Bharat Golden Card will be issued to all the beneficiaries under PMJAY. Pmjay e-card contains all the information of the beneficiary. It is mandatory to show this PMJAY e-card at the time of hospitalization at the network hospital. Follow the below-mentioned steps to get this PMJAY e-card or PMJAY Golden Card:

Step 1. Visit the official website of the Ayushman Bharat Yojana or PMJAY

Step 2. Login with your registered mobile number

Step 3. Enter “Captcha” and generate OTP

Step 4. Provide HHD code to the common service center (CSC).

Step 5. The CSC representative (Ayushman Mitra) will verify the details and complete the further process

Step 6. You just have to pay INR 30 to get the Ayushman Bharat e-card.

Critical illnesses covered under Ayushman Bharat Yojana (PMJAY)

Pradhan Mantri Jan Arogya Yojana (PMJAY) or Ayushman Bharat Yojana covers about 1,350 medical packages in their public and private network hospitals. Some of the critical diseases covered under Ayushman Bharat Yojana are mentioned below:

Skull base surgery
Anterior spine fixation
Double valve replacement surgery
Tissue expander for disfigurement following burns
Pulmonary valve surgery
Coronary artery bypass grafting
Prostate cancer
Carotid angioplasty with stent
COVID-19

COVID-19 or Coronavirus Coverage Under Ayushman Bharat Yojana (PMJAY)

Ayushman Bharat Yojana (PMJAY) covers the testing and treatment cost of covid-19. PMJAY offers free testing of covid-19 in private labs and free hospitalization for covid-19 in network hospitals. To avail of these coverage benefits, beneficiaries need to show their e-card at the network hospitals at the time of hospitalization along with some other required documents such as ID proof, Aadhaar Card, etc.

Total Number of PMJAY Empanelled Hospitals in Every States

Here is the total number of PMJAY (Pradhan Mantri Jan Arogya Yojana) empanelled hospitals in each state and union territory of India as of May 2024:

State/Union Territory	Number of Hospitals
Uttar Pradesh	5,552
Karnataka	3,874
Gujarat	2,602
Andhra Pradesh	2,415
Tamil Nadu	2,184
Rajasthan	1,936
Chhattisgarh	1,585
Haryana	1,538
Telangana	1,374
Madhya Pradesh	1,013
Maharashtra	1,006
Bihar	967
Punjab	740
Jharkhand	585
Kerala	574
Assam	362
Uttarakhand	292
Himachal Pradesh	273
Jammu And Kashmir	251
Meghalaya	171
Tripura	153
Nagaland	143
Manipur	103
Delhi	95
Nct Of Delhi	95
Mizoram	88
West Bengal	80
Arunachal Pradesh	63
Chandigarh	31
Puducherry	30
Odisha	25
Sikkim	23
Goa	17
Ladakh	10
Andaman And Nicobar Islands	7
Lakshadweep	5

How to Find PMJAY Network Hospitals List?

Below mentioned are the steps to find the list of network hospitals under Ayushman Bharat Yojana:

Step 1: Visit the official website of the PMJAY

Step 2: Go to the “Hospitals list” section

Step 3: Select your state name and district.

Step 4: Choose the type of hospital between public and private

Step 5: Pick the “medical specialty” you are looking for.

Step 5: Enter the “Captcha” and then click on search.

Hospitalization Process in Pradhan Mantri Jan Arogya Yojana (PMJAY) or Ayushman Bharat Yojana

Pradhan Mantri Jan Arogya Yojana (PMJAY) or Ayushman Bharat Yojana provides health insurance without any premium to the people of low-income group. It provides coverage benefits like pre and post-hospitalization, ICU services, ambulance charges, and all expenses related to medicines and medicinal consumables.

The entire hospitalization process is cashless for the beneficiary at all the impaneled hospitals. There are Ayushman Mitras there in the hospitals to help the beneficiaries regarding their documents verification, enrollment process, etc. You have to show your Ayushman Health Card to the Ayushman Mitra to avail of cashless hospitalization at the network hospitals.

Pradhan Mantri Jan Arogya Yojana (PMJAY) or Ayushman Bharat Yojana Contact Information

Address: 9th Floor, Tower-l, Jeevan Bharati Building, Connaught Place, New Delhi - 110001

Toll-Free No.: 14555

Email Address: pmjay@nha.gov.in

FAQs

Question: - What is an Ayushman Bharat Card?

Answer: - If you are eligible for Ayushman Bharat Yojana or PMJAY benefits, then you can apply for Ayushman Bharat Card. This card can be used as an identification in future to get health benefits. After verifying the beneficiary's identity at the PMJAY kiosk, this card is issued. Identity cards like your Ration card or Aadhar card are used for this. A list of family members with government authentication, a PM letter, and an RSBY card are used as family identification documents. The e-card and unique AB-PMJAY ID are generated after the verification is over.

Question: - Does PMJAY or Ayushman Bharat Yojana Offer Coverage for Diabetes?

Answer: - Ayushman Bharat Yojana or PMJAY covers diabetic patients from day one. Ayushman Bharat scheme also covers diabetes if it is a pre-existing disease from day one. But, this is only for in-patient hospitalization and OPD expenses will not be covered.

Question: - Does PMJAY or Ayushman Bharat Yojana Covers Maternity Expenses?

Answer: - Yes, PMJAY or Ayushman Bharat Yojana cover the normal and labour delivery, c-section and high-risk delivery.

Question: - Is cancer covered under Ayushman Bharat Yojana or PMJAY?

Answer: - Yes, cancer is covered under Ayushman Bharat Yojana or PMJAY.

Question: - How to update data in Ayushman Bharat Yojana or PMJAY?

Answer: - The beneficiaries can update their data by calling on the Ayushman Bharat Yojana or PMJAY helpline numbers i.e. 14555 or 1800-111-565 or by visiting the Common Service Centre (CSC).

Question: - Does Ayushman Bharat Yojana or PMJAY offer coverage to senior citizens?

Answer: - Yes, Ayushman Bharat Yojana or PMJAY covers senior citizens as it does not have any upper age limit.

Question: - Does Ayushman Bharat Yojana or PMJAY covers the pre-existing diseases?

Answer: - Yes, Ayushman Bharat Yojana or PMJAY covers pre-existing diseases from day one.

Question: - Does Ayushman Bharat Yojana or PMJAY covers Rural people?

Answer: - Yes, Ayushman Bharat Yojana or PMJAY covers people belongs from both urban and rural areas.

Question: - Does Ayushman Bharat Yojana or PMJAY offer coverage for Orthopaedics treatment?

Answer: - Yes, Ayushman Bharat Yojana or Pmjay offer coverage for Orthopaedics treatment but upto a specified limit.

Question: - How I can find my Household ID number for Ayushman Bharat Yojana or PMJAY?

Answer: - The Household ID (HH ID) number is of 24 digits and is provided to the families who are identified under the SECC.

Life Insurance For Smokers

Insurance companies categorise their clients based on various factors to assess the risk involved in their business, and smoking is one of the factors. There are many drawbacks to tobacco as well, even though many of us are aware of the long-term effects that it has. One is that your life insurance will cost more if you smoke.

But, how does a life insurance company conclude that you are a smoker? Life Insurance companies use their processes. One insurer, for example, only counts you as a non-smoker if you haven't smoked or used tobacco in any way in the previous three years. For another insurer, it might be a year. So, it depends on the insurance company’s evaluation criteria.

Do smokers have access to affordable life insurance?

Yes, it is still possible to find reasonable life insurance whether you smoke or use tobacco in any other way; however, having cheap life insurance for smokers is difficult. The premium can be comparatively more expensive than it is for others. Every life insurance company has a plan for smokers, but it is ideal to buy life insurance at a premature age to reduce the premium amount.

Numerous studies have established a connection between smoking and severe diseases like lung cancer, oral cancer, and even heart-related problems. Due to the extended risk of early death compared to the general non-smoking population, this causes insurers to have different policies for smokers. As a result, the insurance provider views you as a risk and raises the cost of your life insurance policy. But, don’t worry, the best life insurance for smokers is out there. All you need to do is to check for online life insurance.

Does the cost of life insurance for smokers vary?

Typically, insurers categorise smokers based on their smoking frequency and overall health. So, the life insurance companies have categorised smokers into three types:

Preferred Smoker: A person who, despite smoking, is generally healthy. This type of smoker receives the lowest premium.

Typical smoker: This type has a small, persisting health condition. In this situation, the premiums will be slightly higher than those for a preferred smoker.

Table-rated smoker: Those with a health ailment from smoking often have the highest premium of the three types.

What if you Hide your Smoking Habits from a Life Insurance Company?

The premium for smokers when buying life insurance is approximately double the amount charged for non-smokers. To save life insurance premiums, people hide their smoking habits from the insurer, which is a bad practice and will prove nothing, as the insurer will make you undergo a medical test. The test will ensure that your tobacco usage comes to light.

Remember that your life insurance policy is a contract between you and the best life insurance company. Withholding such information could lead to the rejection of your application. The insurance provider can invalidate your entire coverage.

What happens if you start smoking after purchasing a life insurance policy? Your insurance company must be informed. Again, if the provider learns later that you smoke, they may refuse to give you any benefits.

Medical Tests Done by Life Insurance Companies

Which Medical Exams Can Spot Smoking? Before providing a policy, life insurance companies may use medical examinations. The use of cigarettes or nicotine can be detected through medical tests by examining blood, urine, saliva, or hair samples. A hair test can occasionally detect smoking even up to a year later. Also, X-rays might occasionally show signs of a smoking habit.

Will Secondhand Smoking Show up in your Medical Test?

Although secondhand smoking is unhealthy for you, you won't absorb as much nicotine from it as you would if you smoked or used other tobacco products, and it won't be detected in a blood test. Current usage of tobacco is the only reason a nicotine test will come positive. Although, there are known effects of secondhand smoking. The chance of a heart attack rises due to secondhand smoke's interference with the regular operation of the heart, blood, and vascular systems. So, it's good to avoid standing next to a smoking person.

Is Buying a Life Insurance Plan for Smokers Essential?

A life insurance plan can assist your family in a number of ways, including helping them pay off debt, pay for school and college, settle regular obligations, and more. It is a fantastic way to guarantee their comfort and well-being. In light of this, you should consider getting life insurance coverage whether you smoke or not. Being a smoker might reduce your lifespan, so it becomes essential to buy life insurance.

Buying life insurance online has become relatively easy, and we, D2C Insurance Broking Private Limited (“RenewBuy”), focus primarily on it. Here are the procedures that will assist you in buying the best life insurance plan.

Visit Renewbuy.com
Scroll down and choose the "Life" category.
Fill in all the relevant details like DOB, Gender, Address etc.
The next page will show you the various insurers' Life Insurance plans in India.
You can select one of the plans and move forward with the payment.
Once the payment is made, the policy document will be sent to your registered email address.

Benefits of Buying Life Insurance for Smokers

For a smoker, a life insurance policy is one of the best ways to secure the future of their families. Let us take a look at some benefits that come with buying life insurance plans.

Peace of Mind: Life is uncertain, so a life insurance policy is a fallback in the event of any unfavourable conditions. Knowing that you've done everything required to safeguard your future allows you to rest comfortably.

Tax Savings: When you buy life insurance, you can save money on different taxes. You may deduct up to INR 1.5 lakh from your premium payments as a tax deduction under Section 80C of the Income Tax Act. The total death benefit provided to the beneficiary is tax-exempt under Section 10 D (10D).

More Coverage with Riders: People who smoke are frequently more prone to severe ailments. You can choose a critical illness benefit rider to cover conditions including kidney failure, cancer, etc. The life insurance company gives the policyholder a lump sum payment upon the critical illness diagnosis.

Financial Security: You can safeguard your family's financial stability by purchasing a life insurance policy. Protecting the family is the number one priority; thus, buying life insurance assists in providing the same.

FAQs

Question: - If you smoke, is it possible to be rejected for life insurance?

Answer: - Smokers can purchase life insurance, but they should expect to pay significantly higher premiums than non-smokers because smoking reduces life expectancy. A life insurance company can deny a policy if they find out you lied about not being a smoker.

Question: - What are the best life insurance plans for smokers?

Answer: - Because you smoke, your life insurance rates will be higher, but that doesn't mean you shouldn't compare prices. Rates will differ significantly depending on the company. The best way is to compare life insurance plans online and get insurance quotes from various companies.

Question: - How will my insurer be able to tell if I smoke?

Answer: - Insurance companies may request a urine or saliva test to confirm whether you smoke, usually during the application stage, even though they frequently believe your application is truthful.

Disclaimer - The information published in this article is for the reader′s reference only. The content of this information is to provide an overview of your life insurance needs and should not be relied upon for personal, medical, legal, or financial decisions; you should consult an appropriate professional for specific advice. The Company makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

Monkeypox Covered Under Health Insurance

The World Health Organization (WHO) announced that more than 6,000 cases exist worldwide, of which 80 percent occur in European countries. According to the announcement by WHO Director-General Tedros Adhanom Ghebreyesus, Ph.D., monkeypox infection has been found in 58 countries. According to Our World in Data, 7,075 cases have been confirmed globally.

The outbreak of monkeypox in India has been in the news recently. According to the latest data, the total confirmed cases of monkeypox in India are only two. Still, it may increase nationwide if we do not take preventive measures.

What is Monkeypox?

Monkeypox is an infectious viral disease that is very contagious and can affect both humans and some other animals. The symptoms of monkeypox are very much similar to smallpox, including fever, swollen lymph nodes, and a blistering rash. The duration of symptoms is usually 2 to 4 weeks.

Symptoms of Monkeypox include:

Below mentioned are some of the common symptoms of monkeypox viral:

Fever
Chills
Fatigue
Headache
Exhaustion
Swollen lymph nodes
Muscle aches and backache

Prevention Steps for Monkeypox

Below-mentioned are some of the preventive measures that you should take:

Avoid skin-to-skin contact
Don’t touch the clothes of a person suffering from monkeypox
Use alcohol-based hand sanitiser
Maintain some distance from an infected person
Home Isolation if you are infected with monkeypox

Treatment For Monkeypox

As of now, there is no specific treatment for monkeypox. But, monkeypox is similar to the smallpox virus and is genetically identical, which means we can use antiviral medication and vaccines that have been developed to fight smallpox. They can also be used to treat monkeypox.

Medicine such as tecovirimat (TPOXX) can be used to treat people who are severely ill or people with weak immunity systems.

How Do I Take Care of Myself Against Monkeypox?

If you have symptoms of monkeypox, you can follow the below-mentioned steps to counter the monkeypox:

Take fever reducing and pain reliever medication
Oatmeal bath
Use gauge and bandages
Avoid contact with pets

Is Monkeypox Covered Under Your Health Insurance Policy

Health insurance plans cover hospitalization expenses from treating diseases, infections, etc. It is important to note that all infectious diseases, including monkeypox, are covered under your health insurance policy. If a person is diagnosed with monkeypox, the person's existing comprehensive health insurance policy will pay for the total cost of hospitalization.

Since monkeypox is not a pre-existing disease, it will be covered under your comprehensive health insurance plan's coverage benefits, including pre and post-hospitalization, domiciliary benefits, in-patient benefits, etc.

Key Benefits of Monkeypox Health Insurance

Below mentioned is the list of benefits of monkeypox health insurance:

Coverage	Benefit
Monkeypox Treatment	Covered
Domiciliary Treatment	Covered
Consumable Cost	Covers the cost of PPE kits, ventilators, masks, gloves
Co-payment	As per the term and conditions of the policy
Cashless Treatment	Available
Add-on Covers	Available

Best health Insurance plans in India for Monkeypox

Since the outbreak of monkeypox, many health insurance companies have been offering various health insurance plans that cover the treatment cost of monkeypox. But finding the best health insurance plan for monkeypox can be a tedious tax for anybody. We D2C Insurance Broking Private Limited (“RenewBuy”) has made a list of the best health insurance policies for monkeypox in India along with its unique features in the table below:

S.No.	Company name	Plan Name	Unique Features	Network Hospitals
	Niva Bupa Health Insurance	Niva Bupa Health Reassure Plan	Domiciliary Hospitalization Organ Transplant Daily Hospital Cash	7600+
	Care Health Insurance	Care Plan	Maternity Cover 541 Daycare Treatment Covered Auto recharge of Sum Insured	16500+
	ManipalCigna Health Insurance	ManipalCigna Pro-Health Plan	Worldwide emergency coverage Maternity Benefits Vaccination Cover	6500+
	HDFC ERGO Health Insurance	HDFC ERGO Optima Restore Plan	Domiciliary Hospitalization Health Checkup Emergency Air Ambulance Cover	13000+
	ICICI Lombard Health Insurance	ICICI Lombard Health Shield Plan	Worldwide Coverage In-Patient AYUSH Hospitalization Air Ambulance Cover	6500+
	ICICI Lombard Health Insurance	ICICI Lombard Health Plus Shield Plan	Unlimited Restoration Benefits Air Ambulance Cover Domiciliary Hospitalization	6500+
	ICICI Lombard Health Insurance	ICICI Lombard Health Elite Plan	Hospital Daily Cash Maternity Benefits New Born Baby Cover	6500+
	ICICI Lombard Health Insurance	ICICI Lombard Health Elite Plus Plan	Worldwide Coverage Homecare Treatment Daily Hospital Cash	6500+
	SBI Health Insurance	SBI Arogya Plus Plan	142 Daycare Treatment covered Maternity Covered Domiciliary Hospitalization	6000+
10.	Care Health Insurance	Care Classic	Unlimited e-consultation IVF Treatment AYUSH Treatment	16500+

*Disclaimer: We RenewBuy do not endorse any specific insurance company or insurance product offered by any insurer and this list is just an illustration of the plan offered by different Health insurance companies

Inclusions Under Monkeypox Health Insurance

Below mentioned are is the list of inclusions under monkeypox health insurance:

Basic Coverage Benefits

Add-on Covers

In-patient hospitalization
Pre and Post- hospitalization
Critical illness
Accidental hospitalization
Daycare procedures

Road ambulance
ICU Coverage
Room rent
Organ donor expenses
Daily hospital cash
Domiciliary hospitalization

Maternity benefit with newborn baby cover
Reduction in PED
Unlimited Sum Insured Amount

Monkeypox Health Insurance Claim Process

Below-mentioned is the two types of claim processes that are permissible under Monkeypox health insurance, i.e. cashless claim process and reimbursement claim process:

Cashless Claim Process

Intimate the insurer about the hospitalization
Show your health card at the hospital
Submit the other necessary documents
The insurance company will settle the hospitalization bills directly with the hospitals.

Reimbursement Claim Process

Intimate the insurance company
Collect the original discharge summary from the hospital.
Submit the claim form along with the ID proof
The health insurance company will verify the submitted documents
Once the verification is done, the health insurance company will initiate the reimbursement process.

Types of Life Insurance Policy And Their Benefits

6 Types of Life Insurance Plans and their Benefits

A life insurance policy is an agreement between the policyholder and the insurance company that assures a certain amount of money immediately upon death or savings for a while to offer it as financial coverage. Many insurance companies in the market offer some best insurance plans with a low premium and maximum benefits.

Let us have a look at the type of life insurance policies and the benefits they offer.

1. Term Insurance Plan:

The most commonly purchased of all, term insurance policy is fixed for a specific duration For, e.g. 10, 20 or 40 years. These years are popularly known as the ‘term’ of the plan. It provides a death risk cover and is best known for higher sum assurance at lower premiums. The plan also comes up with an option to widen up the coverage. Some insurance companies offer term plans with premium returns, where the companies return all the paid premium amount once the policyholder outlives the assured term period.

Benefits: the term insurance plan benefits the family of the policyholder in case of untimely death. The family gets an enormous amount of sum assured to help them pay for the child’s education, loan, monthly expenses, etc.

2. Endowment Policy:

Endowment policy plans are a combination of insurance and savings plans. In case, when the policyholder survives after the maturity period of the policy, he/she gets the total sum assured. Not only this, but any endowment plan also ensures that the policyholder should get some amount throughout the policy period. The plan is best known for its long-term saving option and bonuses.

Benefits: This plan gives an opportunity to gain financial benefits over the maturity of the time period and the life cover.

3. Unit Linked Insurance Plan:

Unit Linked Insurance Plan is also a combination of insurance and investment. The insurance company offers various funds in which the policyholder can partly invest the premium. The funds are invested in bonds, debts, equities, or market funds. These plans are linked with market conditions and increases and decrease accordingly. There are various types of ULIP plans which qualifies for different investments.

An investor may buy one company's shares and get exposed to market forces on that one company. The investor can divest his portfolio in many sectors and many companies in each sector, called diversification. This would help the customer lower the risks of market forces. Even if some sectors are negatively affected in the market, the progress in other sectors will take care of the overall investment returns sought in the long term.

Benefits: Along with the life cover, ULIP also offers you to invest in bonds, equities, or market funds as per your risk appetite. This also allows for gaining financial benefits.

4. Money Back Policy

A money-back policy offers a policyholder an average tenure of 10-15 years. It is slightly different from the rest policies in the market as it provides a percentage of the sum assured back to the policyholder that is allotted proportionately over the period of time as survival benefits.

Benefits: It also provides an opportunity to earn on maturity.

5. Whole Life Policy

As the name suggests, the whole life policy provides life-covers until the person is alive*. It also gives survival benefits to the policyholders. This plan comes with an option to withdraw the insured sum partially. The policyholder can again borrow sum against the policy.

Benefits: With the promise of lifelong protection, the policy also provides the opportunity to leave behind for heirs. Life is uncertain, and traditionally people consider property as the only thing to save for the dependents. But whole life policy can be one way of safeguarding your dependant's future by planning a corpus for legacy policy for them.

6. Annuity/ Pension Plan

This policy plan provides life-cover and financial security after retirement. The premium is accumulated as assets and given to the policyholder as a monthly income by way of an annuity or lump sum depending on the insured's instruction. Pension plans have a great feature called Joint Life Last-survivor where the policyholder gets a defined amount of pension, the same amount is given to his spouse, and a corpus is given to the dependants after the spouse's death.

Benefits: The policy helps to build a corpus after retirement and provides financial independence.

*Until the age of 99 or even 100 years

Also Read,

Top 10 Life Insurance Companies in India

Benefits of Buying Life Insurance Online

Is It Safe to Buy Term Insurance Online?

Term Insurance policy is one of your most basic financial needs. A term life insurance plan allows your family to live as you would have wanted them to by giving a premium. Various life insurance companies in India offer term insurance online to cater to your needs. These companies are utilising online platforms to expand the user base by offering an easy, simple, and hassle-free experience.

Term insurance is one of the most affordable and straightforward types of insurance. You can purchase the term insurance plan online or offline, but today, we will dive deep into the pros of buying term insurance online.

Features & Benefits of Buying Term Insurance Online

There’s no denying that having a term insurance plan under your name is right-thinking. The features & benefits it offers will ensure that your family keeps their lives going on whatever happens to you without any financial hiccup.

Features & Benefits	Meaning
Easy to Understand	A term insurance plan, a pure life insurance policy, does not include an investing component. To provide term insurance benefits, you pay premiums, and the insurer insures your life for a set period of time.
Additional Riders	Term insurance policies have riders that can be added to the standard term insurance coverage. These add-ons can be added by paying an extra premium.
Income Tax Benefits	The premium you pay to obtain a term insurance plan is tax-free under Section 80C of the Income Tax Act of 1961, up to a limit of INR 1.5 lakh per year.
Whole Life Cover Option,	Some term insurance companies provide term insurance benefits throughout the rest of one's life, i.e. you get whole life coverage under term insurance up to the age of 99.
Peace of Mind	Not only financial security is provided through term insurance plans, but they also provide additional peace of mind. Even if the lone earning member of a family dies, the surviving family members are relieved of the financial stress.

Is Buying Term Insurance Online Safe?

Do you intend to purchase a term insurance policy online? This section will help you with all the details. Coming back to whether buying term insurance plans online is safe or not? The answer is yes- it is safe to buy term insurance online. Purchasing term insurance online gives the following benefits:

Information at your Fingertips: When you go online, you get all the information on the website regarding the term insurance plan that you want to buy. From eligibility to an option to add riders, you get everything.

Securely Track Premiums: Security is one of the main reasons for online purchasing a term insurance plan. It helps you easily track policy payments, renewals, premium due dates, and other important information.

Cost-Efficient: Buying a term plan online is cheap. You get a lot of options from different insurers, and thus, it helps you save a good amount of money.

Compare Insurance Plans Online: One of the best features of online term insurance is comparing different insurance plans online. The comparison allows you to choose the best term insurance policy.

User-friendly: The advanced technology assist in making a sound decision with a user-friendly journey. The simplistic outlook helps you easily buy a term insurance plan online.

How to Buy Term Insurance Online

Buying it online has become relatively easy, and we, D2C Insurance Broking Private Limited (“RenewBuy”), focus primarily on it. Follow these steps to get the best term insurance plan for yourself.

Step 1: Go to Renewbuy.com

Step 2: Scroll down and choose the "Life" category.

Step 3: Enter all the relevant details like Date of birth, Gender, Address etc.

Step 4: The following page will show you various term Insurance plans.

Step 5: Select the plan and move forward with the payment.

Step 6: Once the payment is made, the policy document will be sent to your registered email address.

Mistakes to Avoid When Buying Term Insurance Online

The following are some mistakes to avoid while purchasing a term insurance policy online:

Incomplete Research: Incomplete information is more dangerous than having zero knowledge. You must ensure that you do your research thoroughly.

Inaccurate information: Faulty information can lead you to choose an inadequate plan, for which you give premiums and won’t get the desired coverage.

Not selecting the best possible rider: Riders enhance your term insurance plan by charging an extra premium. It’s important to select the best rider for your insurance policy to get maximum benefits.

Being Underinsured: Underinsurance simply means having a low sum assured and fewer risks coverage. It’s important to avoid being underinsured so that your family gets completely covered.

Not Buying Online: Buying online term insurance has many advantages. You can compare, get low premiums, term insurance comparisons, etc.

Claim Process Under Term Insurance

The term insurance claim settlement procedure is divided into three steps, which are as follows:

Step 1: The initial step is to notify the life insurance company. In this case, the beneficiary/nominee must submit the claim settlement form, a death certificate, and other required insurance papers.

Step 2: The term insurance company will now analyse the claim when the claim settlement form has been filed. The records are reviewed, and the insurance company requests any missing information.

Step 3: The term insurance company will approve or deny the term insurance claim based on the evaluation. If the application is approved, the insurer will deposit the money insured into the nominee's bank account.

Renewal Process Under Term Insurance

To revive your lapsed term insurance policy, you must follow the steps below.

Step 1: The first step toward renewal is contacting the term insurance company. Inform them of your decision to renew the life insurance coverage and complete the necessary paperwork to proceed.

Step 2: The second step is to pay the outstanding premium amount. Generally, life insurance companies provide a grace period of 30 days to pay the premium.

Step 3: The premium for a life insurance policy is mainly influenced by one's health and age. After your insurance coverage has expired, you may be required to declare good health.

Documents Required to Buy Term Insurance

Here are some documents needed to purchase a term plan.

Basis	Documents
Official Identity Proof	Voter’s ID, Aadhar Card, Passport, PAN card, Form 60
Address Proof	Electricity bills, Phone bills, Water bills, Municipal Tax receipt, etc.
Income Proof	Last three months' bank statements, income tax returns, latest form 16
Medical Proof	Medical Reports(past & recent), test results demanded by the insurer.

FAQs

Question: - Is it only the price that makes buying term insurance online worthwhile?

Answer: - The premiums for online term insurance vary from those accessible offline. However, you should never base your term insurance purchasing choice on pricing. Exploring how to maximise life insurance coverage while avoiding financial stress is critical.

Question: - Is it necessary to include riders in my term insurance plan?

Answer: - Riders are intended to enhance your coverage. While not essential, we encourage you to investigate the various add-on advantages of the term plans and select the best one.

Question: - Is it possible to buy more than one term insurance policy?

Answer: - You certainly can. It depends on whether you want to opt for a single plan or buy multiple-term insurance plans.

Question: - Can premiums increase after a certain period of time?

Answer: - This is determined by a variety of variables, including the addition of riders, the disclosure of habits such as smoking, drinking, and so on, or the declaration of a hazardous occupational nature, among others.

Question: - What is the difference between term and life insurance?

Answer: - A life insurance policy provides maturity benefits, but a term insurance plan does not and only entitles the policy holder's nominee(s) to the sum assured in the event of the policy holder's death within the plan period.

Level Term Insurance Plan in India

A level term life insurance policy has a fixed premium and death payout. This basically indicates that throughout the policy's duration, both the sum assured under the policy and the premium payable against it stay unchanged. Coverage usually lasts for ten to thirty years. If the policyholder or insured dies within this period, the policy's sum assured is paid to the nominees stated on the life insurance policy.

You must have a level term insurance plan to give them life insurance benefits after you pass away. Level term life insurance is an excellent option as, over the life of the policy term, both payments and the death benefit remain constant.

How Does Level Term Insurance Work?

An example is probably the most effective way to understand how this insurance works. Here, you choose the payment's duration and lump sum amount upon buying. You may choose a sum like INR 30,000,00 and a time frame like 20 years. The life insurance company will then provide you with the monthly payment (often called the premium). You are therefore covered after all of these elements have been decided.

In case of your passing, the family would receive the entire sum. This payout amount will be the same throughout the life of the policy.

Features of Level Term Insurance

There are many features of level term insurance. If the insured passes away, the policy is known to offer the family members financial security. The below pointers should guide you through the features.

Constant Premium Amount: The cost of the insurance remains the same, as the law forbids the life insurance company from raising your premium rate under level term life insurance. Even if your health significantly changes, the insurance provider must protect you for the agreed-upon sum until the policy's maturity.

Cost-Efficient: A term insurance plan ensure that you pay a low premium, thus, making it an affordable option. Also, if you wish to buy term insurance online, you can visit the insurer’s website, which will allow buying the insurance plan without any hiatus.

Tax Benefits: If you opt to buy term insurance, you will be eligible to enjoy tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961.

Riders Option: Besides the level of term insurance coverage, riders are available for these insurance plans. Adding these extras requires paying an additional fee, for which you will get additional coverage.

Financial Protection: The proceeds from level term life insurance can be used by your dependents to cover any debts. Your loved ones and family members may be able to meet your ongoing debts with the help of a level term life insurance payout if you have any outstanding loans or mortgage payments.

Benefits of Level Term Insurance

There are many benefits of level term insurance that tell us why most people buy this type of insurance. Here are a few benefits:

Benefits	Meaning
Easy to Understand	This policy is relatively easy to comprehend. Here, the policyholder will always be informed of how much will be left for the beneficiary.
Stability	In the level term insurance plan, the premium amount remains the same throughout the Policy tenure, making it a stable life insurance plan.
Health Benefits	If you are in good health, you may be eligible for health benefits when purchasing level-term insurance. You will receive coverage for longer than the normal 20 or 25 years of the policy term you have chosen.
Multiple Death Benefit Payout Option	In the unfortunate event of your passing, your dependents may receive a lump sum payout to assist them in managing the aforementioned financial obligations.

Types of Level Term Insurance in India

Nowadays, nearly everyone purchases level term life insurance, as the premium remains constant throughout the policy tenure. The level term insurance has different types, which are listed as follows:

5 Year Level Term Insurance: If you are looking for a term life insurance for a short period of time, level term life insurance is for you since it is only for five years.

10 year Level Term Insurance: This level of term insurance is appropriate for those who want to sign up for ten years of term coverage. Parents with growing children who require a certain amount for their future, such as higher education, typically opt for this plan.

15 Year Level Term Insurance: People with long-term objectives can opt for the 15 year term level insurance policy. Though the premium amount will be higher, you will be covered for a long time too.

Difference Between level Term Insurance and Decreasing Term Insurance

Level Cover is a type of life insurance where the payout amount is fixed for the duration of the contract. Throughout the insurance, the monthly payments likewise remain the same. However, a fixed sum that decreases over the course of the policy's duration is paid out under decreasing cover. Although payments remain constant over the course of the policy, you often pay less each month than you would for level cover.

Why You Should buy Level Term Insurance Plan

The most popular and economical type of term life insurance policy is the level term insurance plan. Your family can utilise the fixed payout from a level term insurance plan to meet any financial obligations. Your loved ones may be able to pay for daily costs, current educational costs, or any other sort of debt with the help of a level term insurance payout. These plans provide you with complete peace of mind regarding the security of your family's financial future and have no hidden fees or schemes. For the majority of people, level term life insurance is the simplest and most cost-effective form of life insurance, as well as the most typical kind of term coverage.

FAQs

Question: - What do you mean by level term life insurance?

Answer: - The insurer provides your beneficiaries with a tax-free death payout if you pass away during that time. In level term insurance, the premium and the death benefit are constant. When the policy expires, you stop making premium payments.

Question: - What distinguishes level term life insurance from term life insurance?

Answer: - Level term insurance is referred to as term life insurance. Level term is the most popular type of term life insurance, though there are other variations as well.

Question: - Does level term life insurance have a cash value

Answer: - Level term life insurance does not have a cash value. When your level term policy expires, you may have the option to convert it into a permanent life policy that does include a cash value.

Question: - Can premiums increase after a certain period in level term insurance?

Answer: - No, the premium amount remains constant in level term insurance throughout the policy tenure. Coverage usually lasts for ten to thirty years.

Question: - Are there any tax benefits under level term insurance?

Answer: - Yes, as per Income Tax 1961 act, you will get tax benefits under sections 80C and 10(10D).

Types of Life Insurance

Life insurance should be the first step in future planning for any individual to lead a comfortable, stress-free life. But, there are different types of life insurance policies available in India, so it is very difficult to decide which type of life insurance policy you need. To make these tasks easier for you, we have elaborated on the different types of life insurance policies along with their benefits.

Today, different life insurance policies cater to the different needs of every individual, such as

Retirement planning
Secure future
Saving for any specific goal
Child education
Investment planning

What is Life Insurance?

A life insurance policy is an agreement between the policyholder and the life insurance company that assures a certain predetermined sum amount to the nominee after the policyholder's death during the policy term or on the policy's maturity. A life insurance plan provides you financial security and comfortable life for your loved ones in the case of your absence. India has different life insurance policies, and each life plan has its key features and benefits. Hence, one must know which policy to choose before buying one.

Overview of Different Types of Life Insurance Plans in India

There are various Below mentioned are different types of life insurance policies in India:

Types of Life Insurance Plans	Overview
Term Insurance Plan	Pure risk cover
Endowment Plan	Insurance + Saving
Unit Linked Insurance Policy (ULIP)	Insurance + Investment
Whole Life Insurance	Life cover for whole life
Retirement Plan	Create retirement corpus
Child Plan	Secure child’s future
Money Back	Periodic return + Insurance cover

Let’s have a look at the different types of life insurance policies in detail:

Term Insurance

Term insurance is also known as a pure protection plan. It offers a death benefit to the beneficiary/nominee if the policyholder dies during the policy tenure. If the policyholder survives the policy term, then the policyholder is not liable to file any claim under the term insurance plan. However, now life insurance companies are offering term plans with return of premium benefit (TROP). Term insurance is the most affordable life insurance policy. Term insurance can be classified into increasing, decreasing, and level term insurance.

USP: High sum assured at a low premium amount

Endowment Plan

An endowment policy is a type of life insurance policy that pays the policy benefits to the insured for the duration of the policy or to the beneficiary in case of death of the insured. You will get a combination of protection and savings with endowment plans. In this policy, in case of death of the Life Assured during the term of the policy, the nominee will get the Sum Assured plus any applicable bonuses, participating benefits, or guaranteed additions. Bonuses or benefits are paid based on how long the life assured survives during the policy term.

USP: Long-term saving option with minimum risk factor

Unit-Linked Investment Plan (ULIP)

ULIP plan is a combination of investment and insurance. It is a life insurance plan in which your premium will be partially used for risk cover and investment in the fund. In ULIP plans, the policy's cash value varies as per the current net asset value of the fund invested.

USP: A flexible long-term investment option

Whole Life Insurance

Whole life insurance is a type of life insurance that covers you for the duration of your life (100 years) which means that as long as you are alive, the policy is active. Moreover, the cash value portion of whole life insurance plans increases over time. You can withdraw your cash value or borrow money against it if it is more convenient. In addition, the death benefit paid to your beneficiaries will be reduced in the case of your demise before the loan is repaid.

USP: Life cover for whole life

Retirement Plan

A retirement plan is also known as a pension plan. It helps in building a post-retirement corpus to lead a comfortable life. You can secure your post-retirement life financially with the help of a retirement or pension plan. This plan enables you to maintain a consistent income even after you stop working and helps you achieve financial independence to enjoy life after retirement.

USP: Retirement Planning and Long-term saving

Child Plan

A child insurance plan is designed to secure the future financial needs of your child. It is a combination of savings cum investment plans. It gives you the benefit of investing in a child plan immediately after the child is born and an option to withdraw the savings when the child becomes an adult. Some child insurance policies waive off future premiums if the assured dies and the policy continues till maturity.

USP: Secure your child’s future and build funds for your child

MoneyBack Plan

The moneyback plan provides a percentage of the sum assured at regular intervals during your policy term. If you outlive the policy term, you will receive the remaining portion of the sum assured and the accrued bonus at maturity. But in case of the policyholder's death before the policy term, the beneficiaries get the entire sum assured amount in instalments. Moneyback Plans are the comparatively expensive life insurance plans offered by any life insurance company as they provide returns to the assured during the policy tenure.

USP: Short-term investment option to meet short-term investment goals

Conclusion

Every individual has to buy a life plan as per their needs. Term insurance plans are the best solution for people looking for an affordable life insurance policy. Whole life insurance is the best for people who can pay more and want life cover for their whole life. You can connect with the POSP advisors of the D2C Insurance Broking Private Limited (“RenewBuy”) to determine the best life insurance policy and company for you. They will help you to understand the pros and cons of each type of life insurance policy.

Is Abortion Covered Under Health Insurance?

Pregnancy can be the happiest news for any woman. Women often welcome this news, but sometimes, it is unplanned and requires an abortion. An unmarried, widowed, and divorced woman is allowed to terminate her pregnancy within 24 weeks, as per the recent ad-interim Supreme Court. Do you want to know whether abortion is covered under health insurance in India? Read the below article to find out.

What is an Abortion?

The term "abortion" describes the procedure to end or terminate a pregnancy. The placenta and embryo are removed from the woman's uterus to stop a pregnancy. Abortion is done either by surgery or drugs.

About 15.6 million abortions take place in India every year. According to medical professionals, abortion should be performed early in the pregnancy to experience the least amount of pain and blood. Additionally, early termination of pregnancy has almost no effect on a woman's fertility.

Some Common Reasons for Abortion

A woman may opt for the option of abortion due to several reasons. Below-mentioned are some common reasons of women choose to undergo abortion:

Life threatens due to pregnancy.
The fetus has developed chromosomal abnormalities.
The fetus has developed congenital disabilities.
The fetus has hydrocephalus.
Membranes have ruptured prematurely.

Abortion is a safe procedure but may result in short-term complications such as bleeding, infections, etc.

Abortion Law in India

Abortion is permitted in India, although it can only be done with a doctor's recommendation. As per the Medical Termination of Pregnancy (MTP) Act 2021, these are some of the significant guidelines for abortion in India:

Abortion can be done up to the 20th week of the pregnancy as recommended by a qualified doctor.
Women can abort unwanted pregnancies.
The time limit of abortion extends up to 24 weeks in special categories such as rape survivors, and differently-abled women.
In special categories, approval of abortion requires two doctors.
There is no maximum gestation limit for abortion in case of foetal disability.
The woman's personal details should be kept confidential unless the information is requested by law enforcement under special circumstances.

Cost of Abortion in India

In India, abortion costs can vary from Rs 1K to Rs 35K, depending on the city and the gynaecologist. For example, the cost of an abortion can range from INR 3K in Lucknow to INR 10K in Mumbai. The cost of abortion in India is based on the gestational period, and abortions performed in the second trimester will cost more than abortions performed in the first trimester. Gynaecologists can additionally charge up to INR 10K in consultation fees for prescription abortion pills. The pregnant woman will also have to undergo an ultrasound before the pregnancy ends. The cost of ultrasound may or may not be charged by the doctors performing the abortion.

Do Health Insurance Plans in India cover Abortion?

The cost of an abortion is not covered under health insurance plans. Abortion expenses are generally covered under maternity health insurance policies in India. Maternity health insurance plans cover medical costs associated with pregnancy and childbirth. It includes all expenses related to surgery, ultrasound, surgical follow-up consultation, medicines and doctor's fees.

But Maternity health insurance plans do not cover all types of abortion, and most maternity insurance plans only pay for termination of pregnancy in case of severe or life-threatening complications. In contrast, some plans will only pay for the medical costs associated with terminating a pregnancy older than 12 weeks.

Waiting Period Before Abortion is Covered by Health Insurance

Generally, the initial waiting period for maternity health insurance is 9 to 24 months, and this means that it does not provide coverage for abortions during that period. Also, you cannot claim for abortion until the waiting period is over. The waiting period may vary from one maternity health plan to another. You need to check the terms and conditions of the policy to know the applicable waiting period of the policy.

Some Important Links to Know More About Health Insurance

Health Insurance

Individual Health Insurance

Compare Health Insurance

Senior Citizen Health Insurance

Ayushman Bharat Yojana

Conclusion

India has a very high rate of abortion, whether voluntary or medically necessary. In addition, it can be an expensive process for many people. If you are in the prime of your reproductive year or have immediate plans to become a parent, you should buy a maternity health insurance plan. Make sure you shop for maternity insurance policies online and choose the one with the shortest waiting period.

Moreover, you can connect with D2C Insurance Broking Private Limited (“RenewBuy”) POSP advisors to buy the best maternity health insurance plans. Their expert advice will help you find the best maternity health plan per your needs.

Types of Health Insurance In India

Health insurance has become an essential part of our lives, especially when the cost of medical treatment is increasing day by day in the country. Health insurance reduces the financial burden and provides financial support during medical emergencies. Various health insurance companies in India offer different types of health insurance plans. To buy the best health insurance plan, you need to be aware of each type of health insurance policy in India.

In the article below, we will try to make you understand the different types of health insurance plans in India. Once you understand the different types of health plans, you can buy the best health insurance plan per your requirement.

Different Types of Health Insurance Plans

There are two types of health insurance plans available in India:

Indemnity Health Insurance Plans

Mediclaim Health Insurance
Individual Health Insurance
Family Health Insurance
Senior Citizen Health Insurance
Unit Linked Health Insurance

Defined Benefit Plans

Overview of Different Types of Health Insurance Plans Available in India

In the table below, we have shown all types of health insurance plans available in India along with the definitions.

Indemnity Health Insurance

Types of Health Insurance	Definitions
Individual Health Insurance	It offers health coverage to a single person only
Family Health Insurance	It offers health coverage to the entire family (self, spouse, dependent children, and parents) in a single health insurance plan
Senior Citizen Health Insurance	It offers health coverage to people who are above 65 years of age
Mediclaim Health Insurance	It covers In-patient expenses of the insured
Group Health Insurance	It offers health insurance coverage to a group of people such as a group of employees of a company
ULIPs	It offers dual benefits of insurance and investment at the same time.

Defined Benefit Health Insurance

Types of Health Insurance	Suitable for
Personal Accident Health Insurance	It offers coverage to the policyholder against an accidental death or injury
Critical Illness Health Insurance	It offers health coverage to the insured against critical illness
Hospital Daily Cash Health Insurance	It provides some cash expenses to the policyholder at the time of hospitalization

Different Types of Health Insurance Plans in India

There are different types of health insurance plans available in India. Finding the best health insurance plan can be challenging without proper knowledge of all types of health insurance plans. In the below section, we have made a list of all types of health insurance plans in India and tried to explain them in detail.

Individual Health Insurance

An individual health insurance plan is designed to provide health insurance coverage to only one individual. Only one person can buy it. This type of health insurance covers the cost of surgery, hospitalization, room rent, daycare procedures and many more. Moreover, an insured individual can also cover their spouse, parents, and children by paying a little extra premium. The premium amount of an individual health plan is determined based on the insured age and medical history.

Family Health Insurance

Health insurance plan for family is a type of health plan designed to provide health insurance coverage to the entire family in a single health insurance policy. You can cover up to 6 members of the family (spouse, children, parents, self). Only one family member has to pay the premium and the entire family will get the coverage and the sum amount is equally divided among all the family members.

Senior Citizen Health Insurance

Senior citizen health insurance is designed to provide health coverage to people above the age of 60 years. This can be the best option for parents or senior citizens to buy a health insurance plan. Generally, the premium amount of a senior citizen health plan is slightly higher than that of an individual and family health insurance plan. A senior citizen health insurance covers the cost of medicines, doctor's consultation, pre and post-hospitalization etc.

Mediclaim Health Insurance

Mediclaim health insurance only covers the cost of inpatient hospitalization like nursing, oxygen, surgery, etc. In mediclaim health insurance, the health insurance companies reimburse the policyholder the cost of hospitalization after the claim is filed. This type of plan is usually available in the form of a group mediclaim policy, overseas mediclaim insurance, individual medical insurance etc.

Group Health Insurance

Group health insurance is a type of health plan specially designed to provide health insurance to a group of people. It is pretty popular among medium and large-scale enterprises as they provide health insurance to a large number of their employees. The premium amount of this type of health plan is comparatively less compared to individual health insurance.

ULIP Plan

ULIP plan is also known as a unit-linked insurance plan. ULIP is a combination of insurance and investment. It offers both financial investment and health insurance benefits under a single insurance plan. This plan invests some premium in stocks; the remaining part is used to buy health insurance for the insured.

Personal Accident Health Insurance

Personal accident health insurance is a type of health insurance that provides financial coverage to the insured in case of death, permanent disability or partial disability due to an accident. In case of death of the policyholder, the health insurance company provides the compensation amount to the family member/beneficiary of the policyholder. If the policyholder becomes permanently or partially disabled, he will get this compensation amount.

Critical Illness Health Insurance

Critical illness health insurance plans are designed to treat specific critical illnesses. Critical illness expenses are very expensive. Thus, this type of health plan can be a saviour during an emergency. Critical illness health plans offer a lump sum amount to the policyholder if he/she is diagnosed with any critical illness. Some of the major critical illnesses covered under this health insurance:

Major organ transplant
Cardiovascular diseases
Cancer
Kidney failure
Multiple sclerosis
Paralysis
First heart attack
Bypass surgery

Hospital Daily Cash Health Insurance

Hospital daily cash health insurance is a type of health plan that provides a daily cash allowance up to a certain limit to the policyholder for their day-to-day expenses at the time of hospitalization.

Why is Health Insurance So Important?

Health insurance can be a saviour in times of emergency. As we know, COVID-19 is still present in India, and many other infections and viruses like monkeypox are also spreading in the country. So, in this time, health insurance has become a necessary thing in everyone's life. Apart from this, some other significant benefits of having health insurance are:

Financial Assistance
Tax Benefits
Annual Health Check-ups
Help with Medical inflation
Coverage for Alternative Treatment

Some other Important Links to Know More About Health Insurance

Monkeypox Health Insurance

Health Insurance Premium Calculator

Reimbursement vs Cashless Claim Process

Documents Required For Health Insurance

Health Insurance Claim Settlement Ratio

Star Health Insurance

Niva Bupa Health Insurance

HDFC Ergo Health Insurance

Niva Bupa Health Insurance Customer Care

Conclusion

As we all know, Medical cost is becoming more and more expensive. So, buying a health insurance plan for themselves and their families is mandatory. Therefore, it is crucial for the consumer to study all types of health insurance plans offered on the market. Customers must carefully evaluate each type of health insurance company and each health plan before deciding. Therefore, in order to choose the best health plan for themselves, you need to be aware of all the details of different types of health insurance plans.

Best Term Insurance Plans in India 2024

Term insurance is a crucial component of financial planning, providing financial security and protection to your loved ones during your untimely demise. With numerous insurance providers offering term insurance plans in India, choosing the best one for your needs can be overwhelming. This comprehensive guide will explore the top-term insurance plans available in India, considering coverage, affordability, claim settlement ratio, and customer satisfaction.

What is Term Insurance?

Term insurance is a type of life insurance that provides coverage for a specified period, known as the policy term. It offers a pure life cover without any investment or savings component. In the event of the policyholder's demise during the policy term, the insurance company pays the nominee/beneficiary a death benefit. Term insurance plans are known for their affordability and high coverage amounts, making them ideal for individuals seeking comprehensive financial protection for their families.

Benefits of Buying Term Insurance Plan in India

A term insurance plan is crucial for an individual to ensure comprehensive financial security for their family. Here are some of the key benefits of buying a term insurance plan in India:

Financial Protection for Your Family: Best term insurance in India ensures that your family has the financial resources they need to maintain their standard of living if you die prematurely.

Peace of mind: Knowing that your family is financially secure can give you peace of mind and allow you to focus on the things that matter most.

Whole Life Cover: The best term insurance company in India offers various term plans that provide whole life cover to the insured, ensuring your family remains secure in the long term.

Coverage at Affordable Premium: The best term insurance in India provides high coverage against life risk at a very affordable price. Also, the rates are very affordable, especially for young and healthy individuals.

Tax benefits: Premiums paid for term insurance are eligible for tax deductions under section 80C of the Income Tax Act, 1961.

Optional riders: You can add riders to your term insurance plan for additional benefits, such as critical illness cover, accidental death benefit, and waiver of premium.

Return of Premium: Some of the best term insurance offers a return of premium benefit. Under this option, the policyholder receives the full premium paid back throughout the policy term.

Online/ Offline: The best term insurance plans are available to purchase online and offline. However, buying term insurance online can bring special deals and offers.

Factors to Consider When Choosing Term Insurance Plans

When selecting the best term insurance plan in India, it's essential to consider several factors to ensure it aligns with your specific requirements. Here are some key factors to consider:

Coverage Amount: Evaluate the coverage amount offered by the plan. It should be sufficient to meet your family's financial needs in your absence, including liabilities, future expenses, and income replacement.
Policy Term: Choose a policy term that provides coverage until your financial obligations, such as loans and children's education, are fulfilled. Longer policy terms ensure extended protection.
Premiums: Compare the premium rates of different plans to find an affordable option. However, remember that the cheapest plan may not always be the best, as other factors like claim settlement ratio and additional benefits are equally important.
Riders and Additional Benefits: Check for riders and additional benefits the plan offers, such as critical illness cover, accidental death benefit, waiver of premium, and disability cover. These riders can enhance the coverage and provide added protection.
Claim Settlement Ratio: Consider the claim settlement ratio of the insurance company. A higher ratio indicates a higher probability of your nominee receiving the claim amount without hassles.
Customer Service and Reviews: Research the insurance company's reputation for customer service, responsiveness, and promptness in claim settlement. Read customer reviews and testimonials to gauge the overall customer experience.

How do you select the best term insurance plan?

In this section, we will get to know how anyone can select the best term insurance plans based on various factors:

Coverage Amount: Compare the maximum coverage amount each plan offers to ensure it meets your financial needs.
Policy Term: Evaluate the policy term options provided by each plan and choose the one that aligns with your long-term goals.
Premiums: Compare the premium rates of different plans and consider your budget while selecting the most affordable option.
Riders and Additional Benefits: Assess the riders and additional benefits each plan offers and choose the ones that provide the necessary additional coverage.
Claim Settlement Ratio: Consider the claim settlement ratio of the insurance companies to ensure a higher probability of smooth claim settlements.
Customer Service and Reviews: Read customer reviews and testimonials to gauge the overall customer experience and satisfaction with each insurance provider.

Benefits of Term Insurance

Term insurance offers many benefits, making it a crucial element of a comprehensive financial plan. Here are some of the key benefits of having a term insurance plan:

Financial protection for your family: Term insurance ensures that your family has the financial resources they need to maintain their standard of living if you die prematurely.
Peace of mind: Knowing that your family is financially secure can give you peace of mind and allow you to focus on the things that matter most.
Affordable: Term insurance is relatively affordable, especially for young and healthy individuals.
Tax benefits: Premiums paid for term insurance are eligible for tax deductions under section 80C of the Income Tax Act, 1961.
Optional riders: You can add riders to your term insurance plan for additional benefits, such as critical illness cover, accidental death benefit, and waiver of premium.

Best Term Insurance Plans in India 2024

We have conducted thorough research to find the top 10 best term insurance plans in India. Check the list of the top 10 best term insurance plans in India in a tabular form:

Plan Name	Insurer	Claim Settlement Ratio (CSR 21-22)	Sum Assured
Max Life Smart Secure Plus Plan	Max Life Insurance	99.34	25 Lakhs to 3.5 Cr
Bajaj Allianz Smart Protect Goal	Bajaj Allianz Life Insurance	99.02	50 Lakhs to 10 Cr
HDFC Life Click 2 Protect Life	HDFC Prudential Life Insurance	98.66	50 Lakhs - Unlimited
PNB MetLife Mera Term Plan Plus	PNB MetLife Life Insurance	97.33	25 Lakhs to 2 Cr
Aditya Birla Life Shield Plan	Aditya Birla Sunlife Insurance	98.07	50 Lakhs to Unlimited
Tata AIA Life Insurance Sampoorna Raksha Supreme	Tata AIA Life Insurance	98.53	50 Lakhs to No-Limit
Kotak e-Term Plan	Kotak Life Insurance	98.82	25 Lakhs to No-Limit
ICICI Pru iProtect Smart	ICICI Prudential Life Insurance	97.82	50 Lakhs - Unlimited
SBI e-Shield Next	SBI Life Insurance	97.05	50 Lakhs - Unlimited
Edelweiss Tokio Total Protect Plus	Edelweiss Tokio Life Insurance	98.09	25 Lakhs to No-Limit

*The Claim Settlement Ratio data has been fetched from IRDAI Annual Report 21-22

Disclaimer: We, D2C Insurance Broking Private Limited (“RenewBuy”), do not endorse any specific insurance company or insurance product offered by any life insurer. This list just illustrates the plan offered by different life insurance companies.

Term Insurance Premium

Consider the coverage that would suit both your personal obligations and financial goals when purchasing a term plan. The term insurance premium you will pay for the selected level of coverage is determined based on your:

Basis	Meaning
Age & Gender	The calculation of your premium varies based on your age & gender.
Policy Term & Cover	Both of these factors will change the amount of premium. You will have to pay more premiums if you opt for higher coverage.
Lifestyle	Some of us have smoking & drinking habits that become a part of our lifestyle. These factors can significantly change the amount of premium.
Occupation	If the nature of your job is hazardous/ dangerous, your premium will be higher.
Medical History	Some diseases like Diabetes, Thyroid, etc, are related to genes, so medical history becomes a key factor when determining the premium.

Eligibility Criteria to Buy Term Insurance Plan

Having a term insurance plan is the best way to secure your family's future, but you must be eligible to buy one. We have listed down the eligibility criteria for term insurance in India.

Basis	Eligibility
Age	`18 years to 65 years
Term of the Policy	3-5 years, depending on the life insurance company
Pay-out options	One-time payments, monthly payments, or annual payments
Maximum Policy Limit	There is no cap; however, it depends on the life insurance provider

How to Buy the Best Term Insurance Plan in India?

You can buy a term insurance plan from the life insurance company’s official website and “RenewBuy.com”. Below are both the buying processes of term insurance plans:

Buy from the official website of the insurance company

Visit the insurance company’s official website and click the “Term Insurance” tab.
Select the desired plan.
Fill in all the required information, such as name, mobile number, annual income, occupation, etc.
Click on the “Buy Now” button.
Make payment.
The insurance company will send the policy documents to your email address.

Buy from “RenewBuy.com”

Visit the official website of RenewBuy.
Click on the “Life Insurance” tab.
Fill out the form that shows on the next page.
Compare term insurance plans and select your desired plan.
Click on the “Buy Now” button.
A pop-up will show you the plan details and the additional rider information.
Click on the “Proceed to Buy” button.
Make an online payment, and the policy documents will be sent to your registered email address.

Documentation Required to Purchase the Best Term Insurance Policy in India

Some of the essential documents needed to buy a term insurance policy are listed below:

Identity Proof
Age Proof
Address Proof
Proof of Income
Medical Reports
Recent Photographs

Riders Available with Best Term Insurance Plan in India

Various term insurance in India offers rider benefit to enhance the benefits under the base policy at a very reasonable price. Here’s the list of riders that a policyholder can add to customize the best term plan in India per their suitability:

Waiver of Premium: In case of loss of income/ job under any circumstance, the remaining premiums are waived off.

Critical Illness Rider: If any of the listed critical illnesses are diagnosed, the life assured receive the applicable sum assured to support the treatment expenses.

Hospicare Benefit: Financial support is provided to take care of the hospital bills and medical costs.

Accidental Death Benefit Rider: In case of accidental death, the nominee receive an assured sum in addition to the base policy sum assured.

Accidental Total and Permanent Disability Rider: In case of accidental permanent disability arising due to an accident, a part of sum assured is released.

Terminal Illness Benefit: A portion of sum assured is provided to the life assured in case of diagnosis of a terminal illness.

* Note: The availability of the riders under the best term insurance plan in India can differ per their terms and conditions. We suggest you to go through the plan before purchase and make an informed decision.

How Do You Raise A Claim Under Your Term Insurance Plan?

The family members, beneficiaries, or nominees must notify the insurance company as soon as possible in the event of the policyholder's untimely death. Delays will only make the claim settlement process more challenging.

Fill out and Submit the claim form.
Attach all the relevant documents.
Once the request for claim settlement is received at the insurer's branch or Claims cell, the claim will be properly registered.
The life insurance company will verify the documents
The reward will be paid if everything is in order and the insurer approves your claim.

Term Insurance Plan Renewal

You must pay the premium payments to your insurance provider per the premium payment schedule. Life insurance companies typically give policy buyers a 15 or 30-day grace period to pay the premium without incurring additional interest fees. However, your policy will expire unless the due premium is paid before the grace period expires.

You must pay all outstanding premiums beginning on the date of the first unpaid premium and the applicable interest rate to reinstate a lapsed policy. Additionally, if your policy has been inactive for some time, your insurer may need you to have a medical exam to demonstrate your insurability.

Best Term Insurance Plans in India FAQs

What is the difference between Term Insurance and Life Insurance?

Ans. Term insurance provides death benefits only during the policy term. In contrast, life insurance provides either a death benefit or a maturity benefit (if the policyholder survives the policy term).

What are the different types of Term Insurance plans in India?

Ans. Below mentioned is the list of term insurance plans available in India:

Pure Term Insurance: Provides only death benefit.
Return of Premium Term Insurance: Premiums are returned to the policyholder upon maturity if no claim is made.
Term Insurance with Riders: Optional riders like critical illness cover, accidental death benefit, and waiver of premium can be added for enhanced protection.

What is the claim settlement ratio of a Term Insurance plan?

Ans. It is the percentage of claims settled by the insurance company compared to the total claims received. A higher claim settlement ratio indicates better claim processing efficiency.

What are the tax benefits of Term Insurance?

Ans. Premiums paid towards Term Insurance are eligible for tax deductions under section 80C of the Income Tax Act, 1961. The death benefit received by the beneficiaries is also tax-free.

How much Term Insurance coverage do I need?

Ans. The ideal sum assured depends on your individual circumstances and financial goals. Consider your income, family needs, debts, and future aspirations to determine the appropriate coverage amount.

6. How does a term plan in India work?

Ans The best term insurance plan works as the financial safeguard for you and your loved ones for a specific time period against any life risk. When the regular premiums are paid under the policy, on untimely death of the life assured during the policy term, nominee receives the sum assured.

7. How can we do term insurance comparison?

While comparing the best term insurance in India, you can consider the following key measures:

Determine the coverage amount you need and the duration (term) for which you require protection.
Do your research about the best term insurance company in India, considering their claim settlement ratio, reputation, financial stability, etc.
Compare and evaluate the coverage options offered by different term insurance company in India.
Compare the premium rates charged by different insurers for the coverage amount and term at your financial suitability.
Evaluate the features and benefits of the best term insurance plan.
Consider the availability of riders or add-on covers offered with the term insurance plans.
Pay attention to the exclusions and limitations mentioned in the policy documents.
Evaluate the quality of customer service offered by the best term insurance company in India.

8. What is the age limit to buy the best term insurance plan in India?

The age limit for buying the best term insurance plan in India is between 18 to 65 years.

9. Which is the best term insurance plan in India?

The best term insurance plan in India can be the one providing comprehensive coverage to the family of the life assured when the time comes without any delay.

Disclaimer:

Factors to Consider Before Buying Senior Citizen Health Insurance

Aging is a devious and inevitable process, no one likes to watch their elders grow old. A family is incomplete without elders. Therefore, it is our primary responsibility to protect the health of our elders and we can do so by buying a senior citizen health insurance plan for them. As we know, many health insurance companies are providing different health insurance plans for senior citizens. Hence, choosing the best senior citizen health plan can be very difficult and cumbersome. In this article, D2C Insurance Broking Private Limited (“RenewBuy”) helps you with the factors you should consider while buying a senior citizen health insurance plan.

Factors to Consider Before Buying Senior Citizen Health Insurance Plan

Every health insurance company offers various senior citizen health insurance plan and every plan has different coverage benefits and key features. Hence, comparing different health insurance plans is important before buying one.

To make it easier for you, “RenewBuy” has made a list of factors that you should consider before buying a senior citizen health plan:

Waiting Period

The waiting period in health insurance is one of the most important factors that we should consider while buying a senior citizen health plan. Each health insurance has its terms and conditions for the waiting period. Simply put, the waiting period varies from plan to plan and insurer to insurer. Generally, the waiting period lasts from 2 to 4 years. But, we suggest you always consider the senior citizen plan with the least waiting period duration.

Coverage for Pre-Existing Diseases

Pre-existing diseases are the medical conditions a person suffers before purchasing a health plan. In the case of a senior citizen, the chances of suffering from pre-existing diseases are higher compared to a younger person. Hence, we recommend you always go through the list of pre-existing diseases covered under senior citizen health insurance plans.

Network Hospitals

Every health insurance company has a wide range of hospitals in its network. The health insurance company is linked to every network hospital where the policyholder can avail of cashless treatment. One of the most important benefits of this factor is that you do not have to worry about arranging money for treatment in case of an emergency. Another benefit is that no documentation is needed, such as submitting hospital bills or getting the bills stamped. Hence, you should always check the list of network hospitals of the insurer.

Ancillary Service

Hospitalization is not the only option in case of a medical emergency. To ensure that the problem is properly treated, it is important to identify its root cause. At this point, ancillary services such as ambulatory care or diagnostic testing facilities such as X-rays, blood tests, ultrasound, etc. enter the scene. The cost of these services can put a serious dent in your finances. Look for a health plan, especially for senior citizens, that pays for these additional expenses as well.

Co-Payment Cause

The co-pay clause in senior health insurance varies from insurer to insurer. In the co-payment clause, you have to pay some percentage of the total bill amount yourself after taking medical treatment. Hence, we suggest you always choose a health insurance plan with little or no co-pay clause.

Cumulative Bonus

Policyholders can get a reward called Cumulative Bonus for each claim-free year. This benefit is provided in the form of a higher sum insured at the same premium amount. In this situation, each health insurance has a different percentage to increase the sum insured amount. Before buying a senior citizen health insurance policy for your parents, check out the cumulative bonus terms offered by various health insurance companies on their plans. It will help you to buy the best health insurance policy for your parents.

Best Senior Citizen Health Insurance Plans

Finding the best senior citizen health plan can be a daunting task as many health insurance companies offer various health insurance plans for senior citizens. To make this task easier for you, RenewBuy has compiled a list of "Best Senior Citizen Health Insurance Plans in India". In the table below you will find the best health insurance plans for your parents along with their coverage benefits and eligibility criteria.

Senior Citizen Health Insurance

Senior Citizen Health Insurance Plans	Plan Coverage Benefits	Eligibility Criteria
Niva Bupa Senior first Plan	Daycare Treatment AYUSH Treatment Organ Donor	Sum Insured: 5 Lakhs to 25 Lakhs Entry Age: 61 years to 75 Years
Care Health Senior Plan	No pre-policy medical checkups Ambulance expenses Domiciliary expenses	Sum Insured: 3 Lakhs to 10 Lakhs Entry Age: 61 years to Lifelong
Aditya Birla Activ Care Plan	Daycare expenses Ambulance expenses Health check-up	Sum Insured: 3 Lakhs to 10 Lakhs Entry Age: 61 years to Lifelong
TATA AIG MediSenior	140 Daycare Treatments Pre and post hospitalization Organ Donor Expense	Sum Insured: 2 Lakhs to 5 Lakhs Entry Age: 61 years to Lifelong
Star Health Senior Citizen Red Carpet	Daily Hospital Cash All Daycare Expenses Emergency Air Ambulance Domiciliary hospitalization	Sum Insured: 1 Lakh to 25 Lakhs Entry Age: 60 years to 75 years

Senior Citizen Health Insurance Buying Process

You can buy your health insurance for a senior citizen from the official website of the health insurance company and from “RenewBuy.com”. We have mentioned both the buying process of the senior citizen health insurance plans:

Buy from the official website of the insurance company

Visit the insurance company’s official website and click on the “Health Insurance” tab.
Then, click on the “senior citizen health insurance” tab.
Select the desired plan.
Fill in all the required information.
Click on the “Buy Now” button.
Make payment.
The health insurance company will send the policy documents to your email address.

Buy from “RenewBuy.com”

Visit the official website of RenewBuy.
Click on the “Health Insurance” tab.
Then, click on the “Senior Citizen Health Insurance” tab.
Fill out the form that shows on the next page.
Compare health plans and select your desired plan.
Click on the “Buy Now” button
A pop-up will show you the plan details and the additional riders information.
Click on the “Proceed to Buy” button.
Make online payment and the policy documents will be sent to your registered email address.

Conclusion

It is advisable to speak to an experienced financial/insurance advisor like POSP from RenewBuy to buy a senior citizen health insurance policy that best suits your specific needs, requirements, and budget. Everyone wants to live their senior years in peace and joy and having a good health insurance plan can help make these years joyful, healthy, and stress-free. Use the above-mentioned tips to compare different policies and choose the best one while buying health insurance for senior citizens. Always compare the various senior citizen health insurance policies offered by different insurers online.

Best Time to Buy Health Insurance Plan

Health insurance has now become an essential part of life. There are many benefits to buying a health plan at an early stage of life. The older you are, the more you have to pay to buy a health insurance plan. For example: You are more likely to maintain your best health when you are young and not likely to experience serious illnesses or diseases except for accidental damage. As a result, when you are young, you are not required to submit a claim for your health insurance plan. Alternatively, elderly policyholders are more likely to suffer from critical illnesses and require regular assistance from their health insurance.

The right time to buy a health insurance policy is when you are in your twenties or early thirties. Take a look at some of the benefits of buying health insurance at a younger age.

Benefits of Buying Health Insurance at a Younger Age

A health insurance policy is something that you should buy at a young age. The moment you turn 18, you should definitely buy health insurance. Given below are some reasons to buy health insurance at an early stage of life:

Low Premiums

Your age can be one of the most important factors on which your health insurance premiums are based. Health insurance companies consider young people to be healthier and provide health insurance at a lower premium amount. Conversely, older people are more prone to serious diseases, thus, they are considered more liability to health insurance companies.

Pre-Screening Medical Check-ups

At a young age, you do not have to go through a pre-medical screening test if you want to buy a health insurance plan. This factor saves you from being discovered by the health insurance company for any pre-medical diseases/medical conditions that may increase your health insurance premium amount.

Easy to Get Over Waiting Period

The initial waiting period of a health insurance plan is 30 days. Young people are less likely to claim during this waiting period because they are less prone to serious medical conditions. Hence, they can easily negate the initial waiting period. This is not the same for older people as they may face some medical emergencies but will be unable to file a claim during the initial waiting period.

No Claim Bonus

Almost every health insurance company provides no claim bonus or cumulative bonus for every claim-free year. You can use this bonus to enhance your sum insured amount at no additional premium amount. A younger individual is more likely to be in good health and may not need to file a claim throughout the policy term. This makes it simple for them to earn no claim bonus over time. However, older persons may need to file a claim because of age-related medical issues that make it impossible for them to receive a cumulative bonus or no claim bonus.

Best Time To Buy Health Insurance Plan?

The ideal time to buy a health insurance policy is in the 20s and early 30s. You will probably be in good health at this age, and will not have any financial obligations to your family. Let us see what happens when you buy a health insurance plan at different ages below:

Buy Health Insurance in Your 20s

The twenties are a good time to buy a health insurance policy as you will not be under any financial pressure and can even afford the premium. You will be able to choose the best health plan for you as your premiums will be affordable. If you decide to start a family in the coming years, you will be able to afford additional coverage benefits like maternity insurance and get through the waiting period easily. You can also easily earn a cumulative bonus and have the option of lifetime renewal.

Buy Health Insurance in Your 30s

The family health plan is most likely what you will opt for if you decide to purchase health insurance in your 30s. You may be planning to get married, have children and settle down at this age. In that case, you want coverage for both your spouse and your children. Also, you may want to add additional add-on riders to cover conditions such as heart problems, symptoms of which are known to appear at this age. If you buy your health plan in your 30s, your premium will be higher as compared to your 20s.

According to a report published by Economic Times, the highest number of claims made by individuals are in the age group of 35 to 45 years. Therefore, we can say that you are less likely to get more than your 20s.

Buy Health Insurance in Your 40s/50s

In your 40s and 50s, if you are looking to buy a health insurance plan, you will need to choose a plan that offers a higher sum insured amount. You will have the most financial obligations at this age and may also develop health issues like cancer, diabetes, high blood pressure, etc. Hence, you may need to choose a policy with a higher sum insured and coverage benefits for critical illness. Your health insurance premium will be very high during this time. You may buy a family health plan to reduce your premium amount.

Buy Health Insurance in Your 60s

In your 60s, You need to buy a senior citizen health insurance plan. You have to pay a very high health insurance premium amount once you cross 60 years of age. You are more vulnerable to serious health issues like heart disease, diabetes, etc., and may require long-term treatment and hospitalization. In this case, a senior citizen health plan would be the best option that you can opt for as it will offer you a higher sum insured and higher coverage benefits such as AYUSH treatment, Domiciliary Hospitalization, etc.

Why Buy Health Insurance From D2C Insurance Broking Private Limited (“RenewBuy”)?

RenewBuy brings you the best deals on Health Insurance plans across the market. The key reasons for you to consider us are as follows:

IRDAI Certified
Get Insured by a leading Insurer
Compare Various Health Plans in Just a few Clicks
Simple & Easy Buying Process
24x7 Claim Assistance

Health Insurance Plan Buying Process

You can buy a health insurance policy from the insurance company’s official website as well as from “RenewBuy.com”. Below mentioned are both the buying process of health insurance plans:

Buy from the official website of the insurance company

Visit the insurance company’s official website and click on the “Health Insurance” tab.
Select the desired plan.
Fill in all the required information.
Click on the “Buy Now” button.
Make payment.
The insurance company will send the policy documents to your email address.

Buy from “RenewBuy.com”

Visit the official website of RenewBuy.
Click on the “Health Insurance” tab.
Fill out the form that shows on the next page.
Compare health plans and select your desired plan.
Click on the “Buy Now” button
A pop-up will show you the plan details and the additional riders information.
Click on the “Proceed to Buy” button.
Make online payment and the policy documents will be sent to your registered email address.

Conclusion

The best time to buy a health insurance plan is as soon as possible. The earlier you buy, the lower your premium amount will be. And, don’t forget to compare different health plans at the “RenewBuy” health insurance calculator before buying one.

Other Important Pages

Individual Health Insurance Plan

Family Health Insurance Plan

Senior Citizen Health Insurance Plan

Best Health Insurance Plans in India 2022

Family Floater vs Individual Health Insurance

Every health insurance company offers two types of plans: individual health insurance and family health insurance. The main difference between these two types is that in family health insurance health coverage is provided to the entire family under a single health insurance plan. Whereas individual health insurance provides health coverage only to a dedicated individual.

We have commonly heard the phrase "health is wealth". But, usually, we do not pay attention to the meaning of this idiom. And as we know, the cost of medical treatment is increasing daily due to high inflation in the country. Hence, health insurance has become a necessity for everyone.

Now, let us discuss the pros, cons, and coverage benefits of these two types of plan variants:

Important: Arogya Sanjeevani Health Insurance

What is an Individual Health Insurance Plan?

Individual health insurance is a type of health insurance that provides health coverage to a single individual only. This means you have to buy a separate health plan for each family member.

This type of plan is best for those who work in high-risk jobs such as construction workers, stuntmen, etc., or those with a history of serious medical conditions. Individual health insurance provides you comprehensive health insurance coverage, and you don’t have to share the sum insured amount with your family members.

Individual health insurance provides tax benefits under section 80D of the income tax act on the annual premium paid for your policy.

What is Family Health Insurance Plan?

A family health plan is a type of health insurance that offers health coverage to the entire family (up to 6 family members) under a single health insurance plan. The total sum insured amount will be shared between all the covered family members.

Indian families frequently experience financial stress due to the rising cost of healthcare treatment. A family floater health insurance plan can be a wise decision under these situations from both financial and health standpoint.

For example, Ram has a family health insurance of INR 4 lakh and a family of four members. In case of a medical emergency, any one member of the family can utilize the entire sum amount of INR 4 lakh or all the four members can use the sum amount whichever is required to stay within the limit of the sum insured i.e. INR 4 Lakh.

Individual Health Insurance Vs Family Health Insurance Plans

There are various differences between individual health insurance and family health insurance plans. To make you understand easily, we have made a table that shows the difference between individual health plans and family floater health plans:

Comparison	Individual Health Insurance	Family Health Insurance
Definition	Individual health insurance is a type of health plan in which health insurance is offered to only one individual. This means that the sum insured is only dedicated to one person and cannot be shared.	Family health insurance is a type of health plan in which you and your family members are covered under a single health insurance policy. This means the sum insured will be shared among all the family members in the plan.
Coverage	Individual health plan offers health coverage to a single individual.	A family floater health plan offers health coverage to all family members (up to 6 members) under a single health insurance plan.
Benefits	The coverage benefits under individual health insurance plans are much more extensive because every individual has their own sum insured amount.	A family floater plan is much more cost-effective than an individual health plan, as you have to pay a single premium amount for health cover for all family members.
Disadvantages	The only disadvantage of individual health insurance is that it is slightly more expensive than a family health plan as it provides health coverage to only one individual.	The major disadvantage of a family health plan is that the sum insured amount may not be enough for all covered family members.
Example	Ram chooses to buy an Individual Health Insurance plan for himself and his father. He bought an individual plan each of SI INR 5 lakhs. This means both father and son will get INR 5 lakhs as a health cover for their health needs throughout the policy term.	A family health insurance plan is chosen by a couple with two children; under this plan, the total sum amount is split among all four family members. For example, if they buy a family health plan with a SI of 5 lakh, they can only use up to the SI amount for their health claims during a policy term.
Preferred Choice	An individual health insurance plan is recommended for people who have large families or who have senior parents.	A family health insurance plan is recommended for a young couple or small and nuclear families.
Tips & Recommendations	If you are buying an individual health insurance plan for parents, make sure to select the appropriate add-on riders for such as AYUSH treatment.	If you are buying a family floater plan, always buy a plan offering a higher sum insured amount as it will provide enough coverage for all the family members.

Conclusion

Only premium should not be considered when deciding between the two options, i.e. family health insurance and individual health insurance. Family floater insurance covers the entire family under a single policy, whereas individual insurance covers only one person. The best strategy would be to focus on getting the most out of both policies by covering every member of the family. Research more about the health policy, then decide which is best for you and your family.

21 Terms Related to Life Insurance- You Should Know

Life Insurance Policy: An Introduction

Everyone these days is talking about life insurance as a necessity. But what is a life insurance plan, and what does a life insurance company do?

Life insurance is a contract between an insurance policyholder and a life insurance company in which the insurer agrees to pay an amount of money in exchange for a sum assured upon the demise of an insured person or after a specific amount of time.

A life insurance plan serves as a safety net, ensuring that your family has access to the needs of life while you are away. But, there are specific terminologies we need to understand when buying life insurance plans. We are going to discuss those life insurance terms in detail.

Types of Life Insurance Policies

Life insurance companies offer different types of life insurance plans that one can consider buying based on their individual needs. Basic types of life insurance plans that fall under the category of life insurance are

* Read more to learn about the type of life insurance policies.

Basic Life Insurance Terms You Should Know

If you are a beginner looking to buy a life insurance plan, you must have come across many terms related to life insurance that you are unaware of and need clarification. Let's start here and become familiar with the fundamental terms used in life insurance.

Policyholder: The proposer and payer of the premium for the life insurance policy is known as the policyholder. The policyholder, who may or may not be the life assured, is the legal owner of the contract.

Sum Assured: A sum assured is the amount of money the insurance company pays to the policyholder based on the amount you specified when you bought the policy.

Life Assured: "life Assured" refers to the insured or covered individual. The nominee will receive the insurance sum in the misfortuned event, such as the death of the life assured.

Nominee: A person who receives the benefit in case of death of the insured person is a nominee. When purchasing a life insurance policy, the insured individual selects or names a nominee. Typically, the nominee is the spouse, kids, or parents. The insured party may designate one or more individuals as nominees.

Premium: The premium is what you pay each month to keep your life insurance policy active and get coverage without the payment of the premium. Your life insurance policy will lapse, and you won’t get its benefits.

Policy Tenure: The length of time the policy offers life insurance coverage is known as the "policy tenure." Depending on the type of life insurance plan and its terms and conditions, the policy tenure can be any duration from 1 year to 100 years or full life.

Maturity Age: A maturation benefit is a lump sum payment from the life insurance company when your insurance policy matures. In essence, this implies that if your insurance policy has a 15-year term, you, the insured, will get a payout at the end of that period.

Riders: Riders are add-ons that extend the coverage of the leading life insurance policy. Riders are purchased at the same time when you buy the insurance policy.

Death Benefit: The 'Death Benefit' is the amount paid to the nominee by the life insurance company if the policyholder dies within the policy's term. If you're wondering if the sum guaranteed and the death benefit are the same, don't be because the death benefit can be more than the sum guaranteed and may contain rider and additional benefits.

Grace Period: The grace period is the extension granted by the insurance provider to the policyholder after the premium payment due date. If the policyholder pays the overdue premium amount, the policy's protective cover continues.

Lapsed Policy: Non-payment of premiums will result in the cancellation of insurance. The policy lapses when the due premium is not paid even after the grace period, some life insurance companies may renew a lapsed policy if the policyholder pays the due premiums.

* Explore the list of best 1 Crore Term Insurance plans online.

Free-Look Period: If you do not agree with or are uncomfortable with the terms and conditions of the life insurance that you have purchased, you may forfiet it within the time frame specified in the policy document. This is referred to as the free-look time.

Revival Period: If you do not pay your premiums within the grace period, your insurance will be cancelled. However, if you want to keep the insurance, you have the option of reactivating your expired coverage. but, when the grace period expires, the re-activation procedure must be performed within a particular time frame. This is referred to as a revival period.

Insurance Claim: If the policyholder dies during the policy term, the nominee files a claim to collect the death benefit. This is referred to as the insurance claim.

Surrender Value: If your policy term hasn't expired and you still want to cancel it, you surrender it. Your life insurance company will pay you a sum based on the conditions of your policy. It is best to confirm this while buying the insurance plan.

Standard Risk: A individual applying for a life insurance policy who meets the physical, occupational, and other criteria on which regular premium rates are based.

Underwriter: The person who evaluates an insurance application and determines if the applicant is accepted and at what premium amount is known as underwriter.

Underwriting: The procedure through which a life insurance company assesses whether or not to accept a life insurance application, and if so, on what grounds, in order to charge the right premium.

Tax Benefits: Section 10 (10D) of the Income Tax Act of 1961 provides that benefits given to the policyholder/nominee are tax-free.
Customer Value: The perception of the customer about the worth of a life insurance product or service. Meaning, what benefits does the product offer to the target customers (policyholders), or why do the customers come to a particular insurance company in return for the money they offer? Ex. you might prefer an insurance company for low prices, excellent quality products, customer experience, etc.
Risk Coverage: The extent of protection or financial compensation that an insurance company offers to the policyholder in case of damages caused under the covered loss, specific risks, or unforeseen events.

Conclusion

Now that you are familiar with the important terms under life insurance, you can easily buy life insurance. The best way to buy life insurance is by going online. Buying life insurance online is simple, hassle-free, and a quick process. Also, you get lucrative offers from different insurance companies that will give you a comparison so that you get the best life insurance plan. Or you can get expert assistance from RenewBuy POSP advisor and buy a perfect policy that complements your financial goals.

Got queries? Leave us a message at customersupport@renewbuy.com.

FAQs

Question: What are the common terms you should know before buying life insurance?
Answer: Before buying a life insurance, it is essential that you have good knowledge about the terms beneficiary, riders, premium, sum assured, cash value, and grace period benefits.

Question: What is a 20 life policy?
Answer: The 20 life insurance policy is a kind of term plan that is bought for 20 years. If the life assured dies within 20 years, then the life insurance company pays the death benefit, and if the life assured outlives the 20 years, no maturity benefit or coverage is paid.

Question: What are the three most important insurance one should purchase?
Answer: Experts suggest that insurance is one of the essential needs of an individual life to secure their future financially. Experts suggest buying life, health, long-term disability, and motor insurance.

Question: What questions should I ask before buying a life insurance?
Answer: Before buying life insurance from a life insurance company, the seeker should know what coverage is best for them, how much premium they can afford, what tenure they should pick, what benefits the policy covers, how they can extend the benefits, and any additional queries related to the nominee.

Question: What are the four pillars of insurance?
Answer: The following are the four pillars of insurance

Disciplined Underwriting
Expense Control
Risk Management
Product Distribution

Depression Covered Under Health Insurance

Stress becomes a part of life, and due to stress, many lifestyle diseases can happen to anybody, such as hypertension and depression etc. Recently we have witnessed the spread of contagious coronavirus around the world, and many countries imposed nationwide lockdowns to control the outbreak of the covid-19 virus. Many people have complained of mental health problems like stress, anxiety, depression etc., due to being confined in the home. The country faced dire circumstances as countless people experienced mental health problems. Stress, lack of physical activity and low social interaction significantly affect depression. Let us find out whether health insurance plans in India cover depression.

What is Depression?

Depression is also known as clinical depression. It is a mental health disorder that makes the patient feel sad, depressed and lack of energy. Depression also affects the patient's relationships with their loved ones. People suffering from critical illnesses like cancer, diabetes, asthma, heart disease etc., may be more prone to adverse effects from depression. Depression is aggravated by many other factors like workload, interpersonal relationships, peer pressure, insufficient social interaction etc. Therefore, receiving the proper medical care at the right time is essential to reduce the impact of people feeling their lives are not worthy.

Symptoms of Depression

Generally, men, women, and children have different symptoms of depression. Below mentioned are the common symptoms of depression:

Symptoms in Men

Aggressiveness
Insomnia
Irritation
Restlessness
Anxiousness
Constant headache, fatigue, stomach problems
Feeling sad and hopeless all the time
Misuse of drugs and alcohol
Lack of interest
Poor concentration

Symptoms in Women

Lack of interest
Suicidal thoughts
Irritation
Anxiety
Loss of appetite
Less talking
Not getting proper sleep
Change in weight
Increased cramps
Constant headache

Symptoms in Children

Digestive problems
Loss of energy
Lack of concentration
Laziness
Constant crying due to irritation
Not going to school or meeting friends
Change in grades
Sudden weight gain or loss

Diagnosis of Depression

You need to contact your doctor as soon as possible if the above mention symptoms occur. There is no specific test available in the country that can diagnose depression. But there are some ways to check if you are suffering from depression. You just need to consult a good psychologist who will ask you random questions related to your appetite, sleep, mood, etc., then prescribe you medicine accordingly.

Treatment of Depression

People with depression need to improve their lifestyles along with medical treatment. Proper medical treatment and lifestyle therapies will help you to overcome depression. Below mentioned are some of the common medicines that your psychologist may prescribe you:

Anti-anxiety pills
Antidepressants
Antipsychotic medication

Some lifestyle therapies can help you if you are suffering from depression. Below mentioned are some of the therapies that you can do to reduce the impact of depression:

Psychotherapy

You can consult any psychologist to overcome negative thoughts.

Light Therapy

You can sit out in light as it shows signs of improvement in mood and reduces the depression symptoms.

Alternative Therapy

Various other exercises can be very beneficial in reducing the symptoms of depression, such as acupuncture, meditation, etc.

Is Depression Covered Under Health Insurance?

Yes. Depression is covered under health insurance plans in India. Many health insurance companies in India cover the treatment cost of depression of the policyholder. As we know, depression is a type of mental illness or mental disorder, and it is covered under the mental health insurance plan. According to the Insurance Regulatory & Development Authority of India (IRDAI) guidelines, all health insurance companies must cover mental illnesses under health insurance plans.

Waiting Period For Depression

Health insurance plans provide coverage for depression only after a waiting period of 2-4 years. The waiting period for depression can vary from plan to plan and company to company. While buying a health insurance policy, depression will be considered a pre-existing disease and will be covered after the waiting period specified in the policy document.

Tips To Prevent Depression

The following are some of the tips to prevent depression:

Sleep uninterruptedly for 7-8 hrs daily
Try not to take the stress
Regular social interaction is essential
Regular exercise is crucial

Some Other Important Health Insurance Articles

Monkeypox Health Insurance

Best Time to Buy Health Insurance

Cashless vs Reimbursement Claim Process

Individual vs Family Floater Health Insurance

Cashless vs Reimbursement Claim

Conclusion

Every year a large number of people die of depression in India. It is a very common mental disorder affecting young and senior citizens. It can affect the daily development of any person, and their life is adversely affected by this mental disorder. So we should not take depression easily and try to treat this mental disorder as soon as possible.

Cancer Health Insurance

Insurance can be challenging for cancer patients, So the question that comes to mind is whether I can get cancer insurance or not. Cancer insurance is advantageous for cancer patients since it provides peace of mind knowing that your loved ones will be financially secure in the case of your death, and plans will assist you in paying for medical bills. Before we go into the details, let us understand cancer insurance.

What is cancer Insurance?

Cancer insurance is a sort of insurance that is designed to address cancer-related risks. It helps reduce cancer treatment expenses and provides financial assistance to policyholders. Planning for health-related eventualities such as cancer is necessary to alleviate financial stress. Nobody wants to be diagnosed with cancer, however, wishing it away is not a viable option. If there is one thing that everyone understands about cancer, it is that it may hit anybody, regardless of family history or lifestyle.

Can I get life insurance if I have cancer?

Getting life insurance may be more challenging if you have cancer. If you've had cancer, insurance companies take specific criteria into account. These include the sort of cancer you have and where it is in its progression. The insurance company will contact your doctor or hospital with your permission, and they will request medical information that may have an impact on your coverage. They may also need you to undergo a medical checkup before issuing your coverage. When a policy is issued, the first premiums will be expensive since the insurance firm is at its most vulnerable. For most malignancies, the likelihood of cancer returning decreases with time. So, it is better to go for a cancer insurance policy.

How Does Cancer Insurance Work?

Cancer insurance policies provide coverage for all cancer stages, according to the insurer's unique terms and conditions. It operates by delivering cancer insurance coverage once the plan is purchased. In general, here's how cancer insurance coverage works:

A person purchases cancer coverage for a specified period by paying the premium.

When diagnosed with early-stage cancer, the person will get a lump sum payment under the specified cancer insurance plan, depending on the product. In addition, all future Cancer cover premiums are typically waived while the coverage is active.

Similarly, the promised balance is payable if the sickness worsens to serious stage cancer.

Some cancer health insurance plans additionally give income benefits in the event of the insured's death or as specified in the policy's contract.

As the name implies, cancer insurance policies provide coverage for cancer treatment and may or may not provide a death benefit.

Benefits of Cancer Insurance Plans

There are many benefits of buying a cancer insurance plan. So let us take a look at it:

Payout on Diagnosis: When you are diagnosed with cancer, you are entitled to a lump sum payment under the terms of your cancer insurance policy. This price fluctuates depending on the diagnosed stage of cancer and the cancer insurance plan chosen.

Get Cancer Insurance Cover at a Low Price: You can select a big sum protected at a low price under the correct cancer insurance plan.

Quality Treatment: In contrast to many other cancer health insurance policies, a cancer plan from a reputable insurer may also allow you to pick the hospital and cancer treatment using the payment amount. It implies you don't have to limit your search to only network hospitals if you have cancer insurance coverage.

Tax Savings: You can also save money on taxes by deducting the cost of cancer insurance premiums, and section 80D of the Income Tax Act covers this. Tax benefits are subject to vary based on current tax rules.

Waiver of Cancer Insurance Premium: You may be eligible for a waiver of cancer insurance premiums under some cancer policies. In some situations, you may not have to pay premiums after a cancer diagnosis. To learn more, you should carefully read the cancer insurance contract.

Factors to Consider While Buying Cancer Insurance

You must consider numerous factors when purchasing cancer insurance online. These are some examples:

Claim Settlement Ratio: Each insurer maintains a Claim Settlement Ratio, or CSR, which indicates how many claims were settled out of all those received. Purchase cancer insurance from a company with a high CSR.

Cancer Insurance Premium: The notion of an appropriate cancer policy may differ from person to person. As a result, you should purchase cancer insurance that allows you to pay premiums for as long as you desire. Choose from cancer health insurance policies from reputable insurers that provide comprehensive coverage at a reasonable rate.

Check Sum Assured: Because most cancer treatments are lengthy, a cancer insurance policy with a longer term will ensure you have appropriate coverage for the duration of your cancer treatment.

How to Buy Cancer Insurance Online?

The following are the steps to purchase the best cancer Insurance plan:

Step 1: Visit the insurance company's official website and click the Get Quote button to get cancer insurance quotes.

Step 2: You must choose the sum covered and the maturity age at this stage of the cancer policy purchasing process. The cancer insurance plan calculator will display an approximate premium cost based on your choices.

Step 3: Once you've decided on your cancer insurance coverage, fill out the extra information and pay the premium. In addition, you must submit the paperwork necessary to purchase our cancer insurance plan.

Conclusion

Before buying a cancer insurance policy, ensure you thoroughly read and understand all of the terms and conditions in the policy agreement. Furthermore, selecting a cancer plan that meets your requirements is strongly advised.

FAQs

Question: - Is it essential to have a cancer insurance plan even if I have health insurance?

Answer: - The necessity to get cancer insurance online stems from the high expense of cancer treatment and the related dangers. For people at high risk of cancer, paying cancer policy premiums is a better option than basic health insurance.

Question: - Should a healthy person buy a cancer insurance plan?

Answer: - If you feel that you are fit and all your reports are good, then there is no need to have cancer insurance. Even basic health insurance can work.

Question: - Is cancer care insurance taxable?

Answer: - Cancer coverage premiums entitle you to tax breaks under Section 80D.

Question: - Is a sum promised to the cancer insurance nominee in the event of the policyholder's death?

Answer: - The majority of cancer insurance policies do not provide death benefits. Studying the insurance documentation carefully to understand their coverage and exclusions is preferable.

Question: - Can I choose my own hospital under cancer insurance?

Answer: - Most cancer insurance plans do not require seeking cancer treatment at a network hospital. You can utilise the settlement amount to see a doctor of your choosing and receive the necessary therapy.

Question: - What are some good cancer insurance plans?

Answer: - Some of the best cancer insurance plans include LIC Cancer cover, Max Life Cancer Insurance plan, HDFC Life Cancer Care, SBI Sampoorna Cancer Suraksha, and ICICI Pru Heart/Cancer Protect.

Protect Your Sister with a Health Insurance Policy This Rakshabandhan

Rakshabandhan is a Hindu festival that commemorates brotherhood, love, and protection. The relationship between a brother and a sister is unique and beyond words to describe. In different states, the event is known as Rakhi Poornima, Nariyal Poornima, and Kajari Poornima and is celebrated differently, but the purpose is the same. On that note, why not buy your beloved sister the perfect gift that expresses all the festival elements, i.e. the best health insurance policy.

Why Buy a Health Insurance Policy for Your Sister?

Buying a health insurance plan not only shows that you care for your sister but also ensures that you protect your sister for n number of years. Health insurance might be pretty helpful in an emergency. As far as we know, COVID-19 is still circulating throughout India, along with other ailments and viruses such as monkeypox. As a result, health insurance is becoming a need in everyone's life. So, this is the right time to buy your sister the best health insurance. Furthermore, having health insurance offers several significant advantages, including:

Expenses for maternity leave and coverage for a newborn infant are included.
Financial Assistance.
Many health insurance cover both pre-hospitalization and post-hospitalization expenses.
A daycare process does not require being insured for a 24-hour hospital stay.
At specific times, free health check-up fees may also be covered.

Benefits Under Health Insurance Policy

Many benefits come under health insurance plans, especially when you buy health insurance online. If you are buying a health plan for your beloved sister, you must ensure you understand all the benefits the policy offers.

Financial Security: Health insurance policies offer comprehensive financial protection against unpleasant and unexpected financial upheavals, particularly as medical treatment costs continue to climb.

Cashless Treatment: Most health insurance policies provide cashless hospitalisation to the insured through the insurer's network of hospitals. This expedites and expedites the insured's health insurance claim procedure.

Income Tax Benefits: Purchasing a health insurance plan might help you save money on your taxes. This can help your sister to save a good amount of money.

Domiciliary Expenses: Most health insurance policies cover domiciliary expenditures, which occur when an insured individual with a condition or accident receives hospital-like care at home.

AYUSH Treatment: A health insurance plan cover various alternative treatments such as Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy.

As a brother, it is your responsibility to protect your sister, so you need to make sure you get the best health insurance plan for your sister. It is also suggested that you purchase health insurance early in life to acquire greater coverage while paying a lower price.

Tips to Buy the Health Insurance Policy for your Sister

Here are some general tips to help you to get the best health insurance plan for your sister.

Purchase insurance for your sister from a reputable health insurance company.
Compare health insurance online to get your sister's best health insurance policy.
Look for a plan that provides cashless benefits to your sister. This will enable your sister to receive cashless care at a network hospital, which is an excellent feature.
Do not compromise on the coverage benefits even if the premium is higher. It’s better to have a comprehensive plan.

Conclusion

Because celebrations necessitate spending money on gifts. Providing something valuable that will endure a long time and serve the finest purpose is usually preferable. Gifting a health insurance plan is a great alternative in this instance, which is why more and more individuals are choosing insurance as a present for various occasions, including Raksha Bandhan gifts.

Lifelong Raksha at This Raksha Bandhan

The time has come to ensure the safety of our dear siblings and loved ones on the meaningful celebration of Raksha Bandhan. In today's hectic and stressful lifestyle, there is a risk of getting many diseases. So, nothing can be a better gift than a comprehensive life insurance plan to fulfil its promise of safety and security?

As per the general view, men should have life insurance as they are usually the primary earners of the family. Unfortunately, even now, the perception remains the same when women work and feed their families. Forget the traditional cash and chocolates to gift this Rakhi, as you can take away the financial and emotional burden of your dear sister by gifting her any comprehensive life insurance plan. While there are various investment options are available in the market, the following are some of the top life insurance plans that you should consider:

Term Insurance

Help your sister by investing in a term insurance plan for the family's financial security. There are many term insurance plans available to choose from. Term insurance is the purest form of life insurance in which the beneficiary will get a lump sum amount in case of the death of the policyholder within the policy tenure.

Unit Linked Investment Plan (ULIP)

Unit-Linked Investment Plan (ULIP) is a combination of insurance and investment. It can help your sisters by providing dual benefits of insurance and investment. ULIPs for women are ideal for long-term goals. ULIP plan is designed for wealth creation and life security. This plan invests your money in market-linked funds and allows you to customize your ULIP plan per your needs and requirements.

Tax Saving Plans

If you are searching for the best life insurance policy for your sister, you need to consider several factors such as premium amount, policy term, sum assured, type of cover and claim process. Apart from this, tax benefits are also essential factors that make life insurance a worthy option for your sister this Rakshabandhan.

Conclusion

Ensuring that your sister is working towards financial independence is an excellent idea as women compete with men in every field. After all, uncertainty is a part of life, and the only way to avoid it is to be prepared. You should help your sister as a friend and financial advisor to ensure her money is invested to earn a profit rather than sitting inert in a savings account. As a good sibling, you can help your sister accumulate a corpus in life plans by assisting them in investing in the life insurance plan.

The brother-sister relationship is strengthened more than on any other day than Raksha Bandhan. Make your Rakhi special by focusing on your most lovable siblings' health and well-being as you resolve to take care of your sister or defend your brother no matter what this year. Keep in mind your family members and plan for their financial security.

Happy RakshaBandhan…!!!

Celebrate Freedom From Health Problems This Independence Day!

“You can’t enjoy the abundance of wealth if you’re not in good health.” You will splurge on huge medical bills like nothing else when dealing with health problems. As our honourable Prime Minister Narendra Modi has always focused on health, why not buy one of the best health insurance plans this Independence day to make yourself proud? We cannot let go of the diseases that may enter our bodies, but we can ensure that we get the best treatment. So, let us look at how we can get the best health insurance plan.

Importance of a Health Insurance Policy

As we all know, inflation in India is growing daily, making treatment more expensive. In such cases, a health insurance plan may benefit everyone's life. The only way to deal with these issues and afford appropriate medical treatment in times of medical emergency is to get the best health insurance plan and get independent from all the remedies.

Secures Your Family: A health insurance policy protects you and covers your entire family under a health insurance policy (Family Health Insurance). Almost every health insurance provider in India provides a family health insurance plan that allows you to protect yourself and your family.

Reduces Financial Burden: The value of health insurance in safeguarding your money is enormous. You can keep your savings and utilise them for other objectives, such as purchasing a home or paying for your child's education.

Tax Benefits: Planning for the future should not drain your current income. The Government of India provides tax breaks for obtaining a health insurance policy. Refer to Section 80D of the Income Tax Act of 1961. Although tax advantages are subject to vary.

Counter Medical Inflation: As you are aware, medical care is costly these days due to the country's significant inflation. A comprehensive health insurance plan can help you deal with medical inflation by providing financial protection in a medical emergency.

Eligibility Criteria to Buy a Health Insurance Policy

The following are the eligibility conditions for purchasing a health insurance plan in India:

Eligibility Criteria	Specifications
Entry Age for Adults	18 to 65 years
Entry Age for Children	90 days to 25 years
Pre-medical checkup	Above the age of 45/55/60 years
Pre-existing Disease (PED) waiting period	2 years to 4 years

Does Health Insurance Policies Cover Covid-19?

The COVID-19 epidemic is currently the most severe medical problem globally. According to the Insurance Regulatory and Development Authority of India (IRDAI), all health insurance policies in India must cover the cost of COVID-19 therapy and hospitalisation. If the insured has been hospitalised for more than 24 hours following the diagnosis of COVID-19, the cost of hospitalisation will be paid by health insurance plans.

Buy Health Insurance Policies Online

This independence day, the best way to buy health insurance is by going online. Health insurance online has become the simplest way to buy health insurance. Here are the steps to determine the easiest way to buy health insurance online.

Go to the insurance company’s official website and click on the “Health Insurance” tab.
Select the desired policy.
Enter all the required information.
Click on the “Buy Now” button and make the payment.
The health insurance company will send the policy documents to your email address.

Tips to Select the Best Health Insurance Policy Online

Here are some measures to take while evaluating the value of health insurance in your life.

Check Your Needs: The value of health insurance varies depending on one's financial and physical situation. Take the time to consider why and how health insurance is essential to you before making a purchase.

Compare Health Insurance Online: It’s crucial to check all the benefits you will get from the insurance plan. The best way to get the best health insurance policy is by comparing it online.

Make Sure it is Cheap: When purchasing health insurance, the budget is crucial. However, you should examine the plan advantages before the plan pricing. It is an excellent option to purchasing a reasonably cost health insurance policy at the outset to guarantee that you are appropriately insured and that the premiums are also cheap.

Check Network Hospitals: Once you've narrowed down your selection of health plans, see if your favourite hospitals and physicians are part of their hospital network. Always go with an insurance company that has a global network of hospitals.

Conclusion

Life is unpredictable, and you never know what may happen, so it is always better to stay cautious. Buy the best health insurance possible, so you never get into trouble and reap the benefits of the policy in future, if needed. We wish you the best health this independence day, as insurance is freedom.

Increasing Term Life insurance Plans

Life insurance ensures that it reduces the risk associated with life. When you are the sole earner in the family, it becomes vital to have the best life insurance plan that covers largely. A term insurance plan is a product of life insurance. A term insurance policy acts as a safety net, ensuring that your family can meet their basic needs while you are abroad. We are all aware that family comes first, beyond anything else. As a result, it is critical to invest in the best term insurance policy.

Most term insurance is level term plans, meaning your premiums or payments and death benefit remain constant yearly. The premium is the first consideration when selecting the term plan that can be checked via the term insurance premium calculator.

An increasing term insurance plan is a plan in which the sum assured at the start of the plan grows by a specified amount each year. The premium rate may not stay constant during the duration. However, the insured's health depends on the purchase time. The increasing term plan is the opposite of the decreasing term insurance plan. So to understand the terms better, let us know what a decreasing term plan is.

Decreasing Term Insurance Plan

A declining term life insurance policy is a form in which the level of cover reduces over time, often annually. When declining term insurance is obtained, the death benefit is reduced regularly until the term expires, and this is supposedly the point at which the policyholder's requirement for coverage ends.

The premiums paid for the coverage are typically the same throughout the duration. In India, decreasing term insurance policies are offered for periods ranging from one to thirty years, depending on the insurer's terms and conditions.

How Does Increasing Term Insurance Work?

Increasing term life insurance works wonderfully. Your coverage amount will increase over the policy term, often in tandem with your premium rates. Let us consider an example.

Mr Naresh purchased an increasing term insurance policy when he was 29. His chosen sum guaranteed amount is INR 10 Lakhs for a policy term of 30 years. The plan provides a 5% annual growth in the sum assured amount, up to a maximum rise of 100% of the selected sum assured amount.

The table below indicates the rise in the sum assured amount over the policy term:

Policy Year A	Sum Assured	Policy Year B	Sum Assured
Year 1	INR 10 lakh	Year 11	INR 15 lakh
Year 2	INR 11 lakh	Year 12	INR 16 lakh
Year 3	INR 12 lakh	Year 13	INR 17 lakh
Year 4	INR 13 lakh	Year 14	INR18 lakh
Year 5	INR 14 lakh	Year 15	INR 19 lakh
Year 6	INR 15 lakh	Year 16	INR 20 lakh
Year 7	INR 16 lakh	Year 17	INR 21 lakh
Year 8	INR 17 lakh	Year 18	INR 22 lakh
Year 9	INR 18 lakh	Year 19	INR 23 lakh
Year 10	INR 19 lakh	Year 20	INR 24 lakh

So, now you can understand how term life insurance works.

Advantages of Increasing Term Insurance Plan

An increasing term insurance plan has many advantages. Let us take a look at a few of them.

Good Against Inflation: We know that inflation rises progressively yearly. As a result, having an insurance plan that is effective against it is critical. The rising sum guaranteed by an expanding term insurance plan covers the incremental expenditures incurred over time. Your family will be adequately safeguarded in the future, even if you are not present.

Affordable: When it comes to affordability. The term insurance premium increase is what you keep in mind. Most insurers charge the same premium amount for the duration of the policy, so it does not strain your resources over time.

Tax Saver: An expanding term life plan permits you to deduct premiums paid under Section 80C of the Income Tax Act like any other term insurance plan. Furthermore, the death payment paid to your beneficiaries is tax-free. These term insurance tax advantages help policyholders save money in the long run.

No Additional Underwriting: You can expand your coverage without reapplying for term insurance.

An increasing term insurance plan is a good option with all these benefits. Also, the main thing is the term plan premium increase you keep in mind.

Conclusion

Choosing the proper type of term policy might be difficult, but factors like term insurance premium increase, sum assured, etc., can play a vital role. Everything improves as the term plan goes on. You should look for more coverage while acquiring a term life insurance policy for the sake of your family.

FAQs

Question: - Is it worth buying online life insurance?

Answer: - Absolutely! When you buy life insurance online, you have the opportunity to compare the finest term insurance policies available. You also benefit from lower premium rates as a result of robust competition.

Question: - Is buying an increasing term life insurance plan a good idea?

Answer: - Yes! Increasing term life insurance plans are a good option to buy. They offer multiple benefits and are effective against inflation.

Question: - How to get an estimate of the premium in a term insurance plan?

Answer: - Various websites offer term insurance premium quotes. You must check the website and use the term life insurance premium calculator to get an estimate.

Question: - How does term insurance differ from life insurance?

Question: - Why does life insurance premium differ from person to person?

Answer: - The insurance premium is calculated in a certain way by life insurance providers. You will most likely pay a cheaper premium than an older individual if you are younger. Furthermore, premiums change if you live a healthy lifestyle. As a result, it is preferable to verify using an insurance premium calculator online.

Explore The Best Ways That Life Insurance Policy Protects Your Family

One of the main responsibilities of the breadwinner of the family is to secure the family’s financial future to ensure his/her family is well-provided for, especially at a time when he/she is not around.

While you may not be able to support the family forever, but you can surely plan to help and financially protect them with the purchase of life insurance. The main purpose of the life insurance isn’t meant for oneself, rather, it is specifically designed to take care of your loved ones when you are not around, or you’ve passed away. Life insurance is an important financial instrument to help make sure that the family members (whether it be a spouse, partner, children, aging parents, loved one, etc.) are financially taken care of upon your death.

Investing in life insurance can bring tax savings and supports you financially in the time of need. A few examples how life insurance protects your family are as follows:

Financial Security – Death or Maturity Benefits

Provide peace of mind that your family will have some financial protection upon your passing
Allow loved ones to maintain their current standard of living without worrying about the lost income
Pay for additional or existing childcare needs
Pay for school, college and higher studies fee and process
Pay off the mortgage

Final Expenses

Life insurance can help pay for things like the burial and funeral service, among other things

Medical Bills

If suffering from a critical health-related issue that requires substantial amount of medical bills, life insurance could help them pay off

Death Benefit

Death benefit, paid to the beneficiary of your choice from your life cover policy, helps with things like mortgage payments, care of loved ones and basic needs like food and childcare

Tax Benefits

Premiums paid towards life insurance are tax deductible under the Section 80C of the Income Tax Act of 1961; with a deduction of up to INR 1.5 lakhs from your income tax by making smart investments in tax saving life insurance

Riders

Riders are specific covers that you can add to your basic insurance policy; for instance, you can add an accidental death cover, partial or total disability cover or a critical illness cover.
With a nominal increase in premiums, these add-ons prove to be of great help during times of crisis.
Riders also provide tax benefits; premiums paid for health-related riders are eligible for deductions under the Section 80D, while accident and income benefit riders qualify for deductions under the Section 80C of the Income Tax Act

Term Plans

Term plans are the most basic form of Life Insurance to secure the family’s finances
Term insurance provides pure risk cover, which explains the lower premiums
A fixed sum of money (the sum assured) is paid to the beneficiaries if the policyholder expires over the policy term (however, if the policyholder survives, there is no pay out)
Flexibility to enhance the life cover during critical stages of the policyholder’s life (For instance, an insurance company may allow policyholders to enhance the life cover by 50% at the time of marriage and by 25% at the time of turning a parent)
Individual can add various riders to the term plan, in addition to the death benefit of an equal amount should he die over the term of the policy (riders include critical illness, disability cover, loss of employment cover, etc.

Child Education Plan

In the absence of the breadwinner, the plan takes care of the child’s education need or higher studies without putting undue pressure on the family’s finances. Most important feature of Child education plan is, in case of death of proposer, the premium stops but benefits of the policy are continued and given to children after maturity*

Loan Cover

In the absence of the breadwinner, it will be the responsibility of the dependents to pay the remaining loan amount; which could put a lot of burden on the family’s finances especially if it is long-term in nature like home loan for instance
Loan cover can protect the family from the liability as the insurance cover can settle pending EMIs (equated monthly instalments)

Life Insurance can financially protect the ones you love by helping you plan accordingly and think about all costs for the present, near future, and distant future. So, whether you are the primary breadwinner or not, investing in a good life insurance cover can bring you both mental peace and financial benefits.

*Customer needs to ensure the policy has the waiver of premium rider is part of the plan.

Grace Period in Health Insurance

Health insurance has become one of the essential things in everyone's life in modern times. The primary reason is the increased cost of health care treatments, which can be challenging to cover with your savings. While health insurance offers many features and benefits, one such feature is the grace period, which benefits the policyholders in ensuring they are consistently protected.

Now, Let us discuss the grace period in health insurance in detail.

What Is The Grace Period in Health Insurance?

The grace period in health insurance is the period that health insurance companies offer to the policyholder to pay the premium amount for their health insurance at the time of renewal, even if the due date has passed. Generally, health insurance companies offer a grace period of 15 days to pay the renewal premium amount to the policyholders. However, some health insurance companies offer a grace period of 30 days for the same.

Suppose the insured cannot pay the premium of his health insurance plan within the grace period. In that case, the health insurance company has the right to reject the health insurance renewal application. Additionally, the insured will not get any coverage benefit during the grace period. Therefore, paying your health insurance premiums on time is essential as the grace period will reset the waiting period for some diseases mentioned in the policy document.

How Grace Period in Health Insurance Work?

You must pay all due premiums during the grace period to avail the continued coverage benefits of your health plan. Health insurance companies provide a grace period of 15 days to pay your due premium amount, even if you have missed the deadline. Read the example given below to understand better the grace period in health insurance: Mr X's health insurance policy expires on February 10, 2022, and he failed to pay the premium by the deadline. Then the health insurance company provides a grace period of 15 days to pay the premium amount. This means Mr X can pay his health insurance premium till February 25, 2022.

Disadvantages of Not Paying the Premium on Time

You cannot avail the coverage benefits of your health insurance plan without paying the health insurance premium. There are many disadvantages of not paying health insurance premiums on time. Some of the significant disadvantages of non-payment of health insurance premiums on time are mentioned below:

No Coverage Benefits

The policyholder cannot avail of any of the coverage benefits of the health policy if the health insurance premiums are not paid on time. Moreover, any claims that policyholders make during this period will be rejected by the health insurance companies.

Loss of Waiting Period

Health insurance companies provide waiting periods for critical illnesses and pre-existing diseases in health insurance policies. As per the terms and conditions of the health plan, you will have to complete the tenure of the waiting period again if you don't pay your health insurance premium on time.

Loss of No Claim Bonus (NCB)

Health insurance companies offer the customers a No Claim Bonus (NCB) if they do not make any claim during the policy term. This bonus is known as the No Claim Bonus. If you do not pay your health policy premiums on time, you will lose the No Claim Bonus.

Lapse of Medical Checkups

Health insurance companies offer free-of-cost medical check-ups to the insured after the waiting period. If you do not pay your health insurance premiums on time, you will lose the benefit of this free medical check-up unless the health insurance company offers it again.

Health Insurance Becomes Expensive after Revival

It would help if you bought a new health insurance plan when the existing health plan lapses. By buying a new health insurance plan, you will not only lose out on the NCB benefits that you have earned, but the premium for the new health insurance will also be higher.

Loss of Portability Benefit

Policyholders have the option to port their existing health insurance from one existing health insurance company to another. However, you will lose the portability benefits if your premium is not paid on time.

Health Insurance Companies offer Grace Period

Below mentioned is the list of the health insurance companies that offer grace periods to their policyholders:

Health Insurance Company	Health Insurance Claim Settlement Ratio
Bajaj Allianz General Insurance	92.24%
Care Health Insurance	95.47%
Niva Bupa Health Insurance	89.46%
Star Health Insurance	78.62%
IFFCO Tokio General Insurance	96.33%
The Oriental Insurance Company	93.96%
Magma HDI Health Insurance	95.17%
New India General Insurance	92.68%
ICICI Lombard General Insurance	78.67%
Navi General Insurance	86.98%
HDFC ERGO General Insurance	86.52%
Manipal Cigna Health Insurance	85.72%
Edelweiss General Insurance	85.57%
National Insurance Company	83.78%
Future Generali General Insurance	82.96%
Royal Sundaram General Insurance	81.50%
Liberty General Insurance	81.03%
SBI General Insurance	66.08%
Acko General Insurance	74.09%
Bharti AXA General Insurance	76.01%
United India Insurance Company	78.03%
Reliance General Insurance	76.43%
Tata AIG General Insurance	76.04%
Aditya Birla Health Insurance	70.81%
Kotak Mahindra General Insurance	75.45%
Go Digit General Insurance	63.56%
Universal Sompo General Insurance	70.75%
Cholamandalam MS General Insurance	56.25%

*Data has been sourced from the IRDAI annual report 2020-21

How Does Grace Period Affect Health insurance Premium Amount?

Many health insurance companies may charge you a late fee on your health insurance premium if you pay your premiums after the due date or within the grace period. Also, if you frequently miss your health insurance premium due dates, health insurance companies may charge you a higher premium amount at the time of renewal of the health insurance plan.

Grace Period vs Waiting Period

The difference between the grace period and the waiting period is not too much. To make you understand the difference between the grace period and the waiting period, refer to the below-mentioned table:

Grace Period	Waiting Period
Applicable to all health insurance plans	Applicable in specific conditions like critical illness, pre-existing diseases, etc.
24 hours to 30 days	3 to 4 years (varies from insurer to insurer)
Late fee or penalty may be applied	No penalty or a late fee applied
All claims will be rejected within this period	All claims are approved other than the specific conditions like maternity, pre-existing conditions, and pre-existing diseases.

How Can Grace Periods Affect Health Insurance Claims?

Health insurance companies provide a grace period of 15 to 30 days for policyholders to pay health insurance premiums to maintain coverage even if the health insurance premiums are not paid on time. If a medical emergency arises within this time, the policyholder can still submit a claim. But, if the renewal date is missed, the insurer may reject your claim. You will not be able to avail any coverage benefits of your health insurance within the grace period.

How to Renew Lapse Health Insurance Policy on Time?

Health insurance companies offer a grace period for policyholders to renew their health insurance at which time they must pay their health insurance premium with some interest or penalties within the stipulated time. Insured can renew their lapsed health policy via online or offline mode. Below-mentioned are the steps to renew your health insurance plan:

Through Online Mode

Visit the official website of the health insurance company
Login to your account through mobile phone, email id, and password
Choose the premium payment option
Make payment
The health insurance company will send the policy document to your registered email address.

Through Offline Mode

Visit the nearest branch of the health insurance company
Fill in the renewal form
Submit it with the required document
Make renewal payment
The health insurance company will send the policy document to your registered address.

Conclusion

If you don't renew your health insurance or pay your premiums on time, you may be inconvenienced during a medical emergency. Buying a new health insurance plan will be highly challenging if you have a pre-existing condition. Also, if you buy a new health insurance plan, you will have to serve the waiting period again. Therefore, you need to pay your health insurance premiums on time to get the uninterrupted coverage benefits from an exiting health plan. Unless there is an emergency, do not delay the premium payment even if there is a grace period.

Do I Need Multiple Life Insurance For More Financial Protection?

Having life insurance is a must; this is common knowledge. But millions deprive themselves of the financial support easily available due to short sightedness. Fortunately, it is better late than never. Just divide your big coverage into two or three smaller portions when renewing it. This way, you can drop or add policies as and when your financial requirements change.

Advantages of having multiple life insurance policies

Having multiple life insurance policies entitles you to the following benefits:

Diversification: It lets you diversify your insurance protection. You can have the kind of protection you need from every insurer you choose
You stay safe even if one company reject your claim. If it happens, you can approach another company. It minimizes your loss.
You take care of your changing financial requirements: Your financial needs change from time to time. You start earning, marry and have a family, have children and grow old. At this stage, your health starts deteriorating. Having term life insurances with differing maturities will do wonders. They let you get benefited from time to time depending on your financial situation.

Points to remember

Keep the following points in mind when applying for multiple life insurance policies:

Be aware of the general restrictions

When applying for multiple insurance covers, make sure that your total premium doesn’t exceed your human value. Human value is the amount you are capable of earning during your working years. There will come a time when you are not able to earn. Continuing with your insurance protection after that will drain your budget. Use human value calculators available online for the purpose.

Be honest when filling the insurance application form

Make sure that you don’t hide anything from your insurer. The company is sure to assess your application on its own. If it finds that you deliberately misrepresented or hid information from them, it will reject your claim. The same applies to health issues. You smoke and you hid the information from your insurance agent. And you die because of smoking. The insurer has all the right to reject your claim. You kept your habit a secret.

Digi Locker or E insurance locker are a must

It is always recommended to take a digi locker to keep the documents safe. People with multiple term plans to ensure that their families do not miss on any accrued benefit when they are not around.

Make your beneficiaries aware of the plan that you are purchasing

Keep your beneficiaries aware of the policies that you are purchasing. On many occasions on demise of the policy holder, the family is unaware of the payments made and benefits accrued, and they end up being short changed while the policy holder might have paid many premiums over the years.

Always keep a track

Multiple plans from multiple companies exposes the family to many different regulations from each company. It is always best to understand 2-3 companies’ regulations completely and purchasing from them instead of putting money in policies whose Terms & Conditions are unclear to the nominee. Always keep a track of what all has been paid by the policy holder and thereby benefits accrued is a challenge for most families.

It is also advised that you refrain from buying too many policies. Doing so will defeat the purpose of life insurance. Too much of everything is harmful. And too much of protection will do the opposite.

Conclusion

Having multiple life insurance policies protects you all your life. It lets your loved ones enjoy a comfortable life in your absence. Just be careful not to go overboard.

Dr YSR Aarogyasri Health Insurance Scheme

As we know, the cost of medical treatment in India is very high due to high inflation. The government strives to provide every person in India access to quality medical treatment by offering government health insurance schemes. Similarly, the Andhra Pradesh government has also launched its health insurance scheme, i.e. Dr YSR Arogyasri Swasthya Bima Yojana to meet the medical needs of families who are not financially equipped.

What is the Dr YSR Aarogyasri Health Insurance Scheme?

Dr YSR Arogyasri is a health insurance scheme launched by the state government of Andhra Pradesh in 2007. Dr YSR Arogyasri was launched by the then Chief Minister of Andhra Pradesh Dr YS Rajasekhara Reddy. Presently. Aarogyasri Health Care Trust administers Dr YSR Arogyasree Swasthya Bima Yojana. It allows low-income families to receive high-quality medical treatment without spending any money.

Highlights of the Dr YSR Aarogyasri Health Insurance Scheme

Name of the Scheme	Dr YSR Aarogyasri Health Scheme
Launched By	Dr. YS Rajashekar Reddy (CM of Andhra Pradesh)
Launched Year	2007
Applicants and Beneficiaries of the Scheme	Residents of Andhra Pradesh
Purpose of the Scheme	Offers cashless healthcare treatment to low-income families in Andhra Pradesh
Official Website	www.ysraarogyasri.ap.gov.in

Coverage benefits Offered Under Dr YSR Aarogyasri Health Insurance Scheme

Dr YSR Aarogyasri can be very beneficial for the people who come from low-income families in Andhra Pradesh. Below-mentioned are the coverage benefits offered under the Dr YSR Aarogyasri scheme:

Hospitalization Benefit (in-patient care)

All medical conditions listed under the DR YSR Aarogyasri scheme and require hospitalization are covered.

Out-Patient Treatment

Health camps and network hospitals provide outpatient treatment in a cashless manner.

Cashless Service

Dr YSR Aarogyasri offers its beneficiaries a financial cover of INR 5 lakh per family per year. Registered family members who require medical assistance can use this health cover in network hospitals to get cashless medical treatment.

Coverage For Pre-existing Diseases

Dr YSR Arogyasree also covers the pre-existing diseases of the beneficiary without any waiting period. This feature is not included in many commercial health insurance plans.

Coverage For Post-hospitalization treatments

Dr YSR Aarogyasri scheme also covers the post-hospitalization follow-up procedures.

Family Health Insurance

Dr YSR Aarogyasri health insurance scheme offers a family health insurance plan to every member of the family. This means you don't have to buy separate health insurance for each family member separately.

Treatments Covered Under Dr YSR Aarogyasri Scheme or Inclusion of Dr YSR Aarogyasri Health Insurance Scheme

There are various treatments covered under the Dr YSR Aarogyasri health insurance Scheme. Below mentioned is the complete list of the treatments covered under the Dr YSR Aarogyasri Scheme:

ENT Surgery
General Surgery
Gynaecology & Obstetrics
Ophthalmology
Orthopedic Surgery And Procedures
Cardiothoracic Surgery
Surgical Gastroenterology
Pediatric Surgeries
Neuro Surgery
Genitourinary Surgeries
Surgical Oncology
Radiation Oncology
Medical Oncology
Polytrauma
Critical Care
Plastic Surgery
Prostheses
Infectious Diseases
General Medicine
Cardiology
Nephrology
Paediatrics
Pulmonology
Neurology
Dermatology
Endocrinology
Rheumatology
Psychiatry
GastroEnterology

What is Not Covered Under Dr YSR Aarogyasri Health Insurance Scheme or Exclusion in Dr YSR Aarogyasri Health Insurance Scheme

There are specific treatments which are not covered under Dr YSR Aarogyasri Health Insurance Scheme. Below is a list of treatments not covered under Dr YSR Aarogyasri Health Insurance Scheme. This means the beneficiary has to pay the cost of these treatments himself.

Gamma-knife procedures in neurosurgery
Knee replacement surgeries
Leprosy
Medical treatment related to bone marrow
Malaria
Filaria
HIV/AIDS
Assisted devices for cardiac failures
Cardiac and liver transplantations
Infectious diseases
Gastroenteritis
Tuberculosis
Etcetera
Jaundice

Eligibility Criteria for Dr YSR Aarogyasri Health Insurance

Below are the eligibility criteria for Dr YSR Aarogyasri Health Insurance Scheme:

The applicant must be an Andhra Pradesh or Telangana native.
The family income of the applicant should be under INR 5 lakhs.
An applicant should have a white ration card.
The applicant should not have land which cannot be more than 35 acres.
The applicant must not have more than one car.
Applicants must belong to families who pay municipal property taxes.
The beneficiaries of Dr YSR Aarogyasri should pay an income tax of up to INR 5 lakh.

Registration Process for Dr YSR Aarogyasri Health Insurance Scheme

Below are both the types of registration processes (online and offline) to register yourself under the Dr YSR Aarogyasri Health Insurance Scheme:

Online Procedure

Go to the official Website of the Dr YSR Aarogyasri health insurance Scheme
Login with your login credentials
Fill out the application form and upload the required documents
Submit the application form
Take the printout of the form after the submission

Offline Procedure

Go to the official website of the Dr YSR Aarogyasri Health Insurance Scheme
Click on the "YSR Aarogya Health Card performa."
Download the Dr YSR Aarogyasri application form
Take the printout of the form
Fill and submit the application form to the concerned department
The concerned department will verify the application form
Once the verification is done, The beneficiary will get the "YSR Health Card."

Documents Required to Apply for Dr YSR Aarogyasri Health Insurance Scheme

Below mentioned are the documents required that you need to submit to get enrolled under the Dr YSR Aarogyasri Health Insurance Scheme:

Aadhar card
Income Proof
BPL certificate
Address proof

What is Dr YSR Aarogyasri and its Features?

Dr YSR Aarogyasri Health Card grants access to cashless treatment at Andhra Pradesh and Telangana network hospitals. It has information about the beneficiary, a unique card number, and a cardholder's picture. The YSR Aarogyasri Health Card has the following features:

The beneficiary or cardholders can avail of the reimbursement of INR 5 Lakhs
Dr YSR Aarogyasri offered an additional benefit of 50K If the expense exceeds INR 5 Lakhs
Dr YSR Aarogyasri offers Coverage for severe illness treatment of INR 2 Lakhs
Dr YSR Aarogyasri covered 938 Medical and surgical treatments

How to download the Arogyasri App?

You can download its online application app to get various information about the Dr YSR Aarogyasri Yojana. You can download this App from "Google Play Store" for Android devices. Below mentioned are the steps to download the Aarogyasri App:

Step 1. Go to "Google Play Store"

Step 2. Search "Aarogyasri Trust"

Step 3. Tap on the Install button

Step 4. Open the App to use it

COVID-19 Coverage Under Dr YSR Aarogyasri Health Insurance Scheme

The outbreak of COVID-19 has caused thousands of deaths worldwide. COVID-19 is a severe illness that affects the respiratory system of the person. He may have symptoms like dry cough, shortness of breath, fever etc. Due to the high contagiousness of COVID-19, patients need to keep themselves in isolation. To overcome this health condition, Dr YSR Arogyasri scheme now includes 15 new treatments. Given below is the list of treatments covered under Dr YSR Aarogyasri Health Insurance Scheme:

Medical Management of Acute Respiratory Failure (With Ventilator)
Medical Management of Acute Bronchitis with Pneumonia and Respiratory Failure
Medical Management of ARDS
Medical Management of Acute Respiratory Failure (Without Ventilator)
Medical Management of Acute Severe Asthma With Acute Respiratory Failure
Medical Management of ARDS with Multi-Organ failure (R65.1)
Medical Management of ARDS with DIC (Blood & Blood Products) (D65)
Medical Management Of ARDS with multi-organ Failure in Pediatrics
Medical Management of ARDS with DIC (Blood & Blood Products) (D65) in Pediatrics
Medical Management of COPD with Respiratory Failure (Infective Exacerbation)
Medical Management of Confirmed COVID - 19 (Stable)
Medical Management of Confirmed of COVID - 19 with Comorbidities - HTN, DM, COPD, HIV, Chr. Liver Disease, Chr. Renal Disease
Medical Management of suspected COVID - 19 (Stable)
Medical Management of Pneumonias
Intensive care management of Septic Shock

Claim Process of Dr YSR Aarogyasri Health Insurance Scheme

Dr YSR Aarogyasri offers its beneficiaries a hassle-free claim process. Below mentioned is the claim process for both beneficiaries and hospitals:

Claim Process For Beneficiaries

The beneficiaries of the Dr YSR Aarogyasri Scheme do not need to go through a lengthy claim process to get medical treatment. Beneficiaries receive YSR Aarogyasri health cards at the time of enrollment under the scheme. They only have to present their health card to the Vaidya Mitra for medical care in the empanelled hospital. The treatment will be started by collecting the necessary information from the card.

The beneficiaries can provide their YSR Aarogyasri health card number to Vaidya Mitra if they do not already have a YSR Aarogyasri card. Taking a picture of a health card is a brilliant idea. When there is no way left to verify the patient's information under the Dr YSR Arogyasri scheme, the information can be obtained by contacting the Aarogyasri Trust.

Claim Process For Hospitals

In case of planned hospitalization, patients will have to submit a pre-authorization letter. The hospital will request a pre-authorization letter for the planned surgical procedures. Dr YSR Aarogyasri Healthcare Trust will fulfil the claims only if the hospital administration fulfils the following requirements:

In the case of Planned Hospitalization

The hospital needs a pre-authorization letter to perform a procedure on the approved treatment list.
The claim should be intimated as early as possible.
The claim amount should be less than the sum insured amount (pre-authorization amount).
Photographic documentation of the treatment is needed for the claim settlement.

The Dr YSR Aarogyasri website is used to settle all the claims. This web portal can be used to claim intimation, review claim documents, collect claim documents, etc. After receiving a claim, the following verifications are carried out:

Patient Identification
Treatment Evidence
Case management as per pre-authorization
Claim amount sync with the pre-authorized amount

Dr YSR Aarogyasri Health Care Trust Hospital List

Many hospitals empanelled under Dr YSR Aarogyasri Health Insurance Scheme offer cashless medical treatment to the beneficiary in case of a medical emergency. Below is the list of network hospitals that offer cashless medical treatment under the Dr YSR Aarogyasri Scheme:

Hospital Name	Area
Susrutha Peoples Hospital	Mahabubnagar
Amrutha Heart Hospital	Prakasam
Aditya MultiCare Hospital	Visakhapatnam
Apollo Drdo Hospitals	Ranga Reddy
Sushruta Cancer Hospital	Karimnagar
Dr YSR Memorial Hospitals	Anantapur
Sri Ram Kidney Infertility And Laparoscopic Centre	Khammam
Chandra Mohan Nursing Home	Chittoor
Narayana Medical College Hospital	Nellore
Gowri Gopal Hospitals Pvt Ltd	Kurnool
Indur Cancer Hospital	Nizamabad
Gk Hospital	Adilabad
Kamineni Institute Of Medical Sciences	Nalgonda
M N Hospital	Guntur
Sindhura Hospitals	Srikakulam
Pushpagiri Eye Hospital	Vizianagaram
Raju Neuro And Multispeciality Hospital Private Limited	East Godavari
Shree Balaji Multi Speciality Hospital	Medak
Pushpagiri Eye Institute	Hyderabad
Sentini Hospitals Private Limited	Krishna

Dr YSR Aarogyasri Health Care Trust Toll-Free/Helpline Number And Address

The beneficiaries can contact the Dr YSR Aarogyasri Health Care Trust by using the below mentioned contact details:

Dr YSR Aarogyasri Helpline Number:

1800-599-1111
PAN India helpline number is 104

Dr YSR Contact Details:

0863-2222802 / 2259861

Dr YSR Aarogyasri Address:

D.No. 25-16-116/B, Chuttugunta, Behind Gautam's Hero Showroom, Guntur, Andhra Pradesh, India - 522004.

Grievance details related to Dr YSR Aarogyasri:

Contact number: 8333817424//20/07/23
Extension: (Ext:326) 0863-2259861
Email address: ap_grievance@ysraarogyasri.ap.gov.in

Contact details related to claim reimbursement status and issues:

Contact number: 8333817363
Extension: (Ext:329) 0863-2259861
Email address: ap_mr@ysraarogyasri.ap.gov.in

Dr YSR Aarogyasri Health Insurance Scheme FAQs

What is Dr YSR Aarogyasri?

Ans. Dr YSR Aarogyasri is a flagship health insurance scheme by the Andhra Pradesh government that provides cashless treatment for serious illnesses affecting the heart, kidney, cancer, brain, burns, and accident cases, among others.

Who is eligible for the Dr YSR Aarogyadri Scheme?

Ans. Below Poverty Line (BPL) families and white ration card holders in Andhra Pradesh are eligible for this scheme.

What are the benefits of the Dr YSR Aarogyasri Scheme?

Ans. The scheme offers cashless treatment up to INR 5 lakhs.

Which ailments are covered under the scheme?

Ans. The scheme covers over 2434 surgeries/therapies across 30 medical systems. A complete list is available on the official website: https://www.ysraarogyasri.ap.gov.in/

Can I get treatment outside of Andhra Pradesh?

Ans. Yes, the scheme has empanelled hospitals in other states for specific treatments unavailable in Andhra Pradesh.

What is not covered under the Dr YSR Aarogyadri Scheme?

Ans. OPD consultations, cosmetic surgeries, and treatments not included in the list are not covered.

How do I enrol in the Dr YSR Aarogyasri Scheme?

Ans. You can enrol at your nearest Public Health Centre (PHC) or government hospital with your white ration card and other required documents.

How do I avail of cashless treatment under Dr YSR Aarogyasri Scheme?

Ans. Visit an empanelled hospital, inform them about the scheme, and present your Aarogyasri card. The hospital will handle the claim process directly with the scheme authorities.

Where can I find more information about the scheme?

Ans. Visit the official website: https://www.ysraarogyasri.ap.gov.in/ or call the toll-free helpline at 104.

List Of Car Insurance Add-On Covers Available In India

An add-on cover in car insurance is an additional coverage benefit used to enhance the basic coverage benefits of comprehensive car insurance at an additional premium amount. With the help of these additional add-on riders, a car owner can deal with various situations efficiently. But only standalone own-damage car insurance plans or comprehensive car insurance plans offer add-on riders. This article will discuss the list of all the car insurance add-ons riders available in India.

List of Car Insurance Add-on Covers available in India

Various car insurance companies provide different add-on covers for car insurance. The following are some of the most common add-on riders available in India by most car insurance companies:

Zero Depreciation

Zero Depreciation Cover is an additional add-on rider that shares the cost of depreciation of the car and its parts and enables the car owner to get a higher claim amount. It ensures that while paying the claim amount at the time of claim settlement, the cost of depreciation is not deducted. Most of the car insurance companies allow only two zero depreciation claims in the policy term, while some car insurance companies in the market allow unlimited zero depreciation claims like IFFCO Tokio General Insurance Company.

Consumables Add-on Cover

The consumable is an additional add-on cover that covers the cost of consumable items such as air conditioner’s gas, grease, bearings, lubricants clip, engine oil, fuel filter, oil filter, washers, break oil, screw, nut and bolt, etc, which are not covered in the standard car insurance plan.

Roadside Assistance Cover

Roadside Assistance Cover is an additional add-on cover that provides roadside assistance service to the car owner in case the car breaks down in the middle of the road. The insurance company will arrange for a mechanic to look over the car and provide assistance with just a phone call. Change a flat tyre, perform basic repairs on site, arrange for replacement of car keys, start a battery, and other services are provided under this add-on cover.

Engine Protection Cover

Engine Protection Rider covers loss or damage to the engine of the car due to problems like electrical or mechanical failure, water infiltration, oil leakage etc. It provides financial coverage for replacement of car engine and its parts. However, similar to zero depreciation cover, engine protection cover is offered only to cars that are less than five years old.

No Claim Bonus Protection Cover

No Claim Bonus Protection Rider is used to protect the No Claim Bonus (NCB) of the vehicle owner even if they file a claim during the policy term. It enables the insured to reduce his premium amount by using NCB, irrespective of whether a claim is made. NCB protection cover is applicable only on own damage insurance premium as third party insurance premium is determined by IRDAI and cannot be changed.

Daily Allowance Cover

Daily Allowance cover is an optional add-on cover that provides daily cash allowance to the policyholder to take care of daily traveling allowance at the time of car repairs in the garage. It reimburses the car owner for any costs incurred while renting the car or taking public transportation for travel while the car was in a network garage for repairs. However, this add-on rider is applicable only if the car has been repaired in a network garage.

Passenger Cover

Passenger Protection Cover is an optional rider that pays for any medical expenses incurred by the passenger of the insured vehicle due to the accident. It pays for the cost of medical care, hospitalization and ambulance charges. Additionally, it offers compensation in case the insured person is killed or disabled due to an accident.

Tyre Protect Cover

A standard car insurance plan does not cover damage or loss of tires if they are not due to an accident. This is where the tire protection cover comes in handy. Tyre protection is an additional add-on rider that reimburses the amount for repair and replacement of tires of the insured car such as tire cut, tire burst, puncture etc.

Key Replacement Cover

The cost of replacing high-end or technologically advanced car keys is around INR 10K and sometimes even more. The cost of replacing car keys in case of misplaced, stolen, damaged, or even in need of lock replacement is covered by the Key Replacement Add-on Cover.

Loss of Personal Belonging Cover

An add-on rider called Loss of Personal Belongings provides financial assistance in case of the insured car or personal belongings being stolen from the car. It also offers coverage in case of any damage caused to the personal belonging inside the car.

Benefits of Add-on Riders in Car Insurance

Below mentioned are the benefits of choosing add-on riders while buying a car insurance:

Protects depreciation value of the car
Emergency roadside assistance
Financial coverage in case of accidental death and disability
Loss of personal belongings due to theft is covered

Conclusion

After reading the numerous car insurance add-ons and its benefits, you can now quickly enhance your car insurance policy. If you haven't chosen any add-on covers in your current car insurance plan, you can do so when your car insurance policy is renewed.

Preventive Health Checkup

Preventive diseases have become a significant challenge due to unhealthy habits and the sedentary routine of the modern lifestyle. Doctors usually recommend regular preventive health check-ups to detect potential severe diseases and avoid complications. Preventive health check-ups can be suitable for senior citizens and older people as they give them an early warning about the diseases they are prone to and can take necessary precautions to avoid them.

What are Preventive Health Checkup?

A preventive health checkup is a series of medical tests performed to determine steps to be taken to prevent disease. Preventive health care detects certain behaviors, habits, infections and medical issues before they become severe or life-threatening diseases.

Various researches show that preventive health checkups are an effective way to determine the potential health issues even before diagnosis and require costly treatment.

Benefits of Preventive Health Checkup

Preventive health checkups are offered under almost every comprehensive health insurance plan. Below mentioned are some of the benefits of buying preventive health checkup packages:

Determine the probability of getting sick.
Early detection of potentially life-threatening diseases.
Increase chances of receiving early treatment and sometimes cure.
Helps in monitoring pre-existing health conditions.
Helps in improving the lifestyle.
Helps you in actively monitoring your health.

Who Requires Preventive Health Checkup?

Anyone who is 30 years old or above 30 years of age needs preventive health check-ups because after 30 years, people are more likely to be affected by severe diseases or serious life-threatening illnesses. Preventive health check-up is essential for people suffering from the following diseases:

Obesity
Cardiovascular diseases
Hypertension
Diabetes

List of Preventive Health Checkups Packages

Preventive health checkup offers various healthcare packages based on age, gender, and disease:

Family Package

Under the family package, the entire family can avail of the benefits of full-body check-ups, dental consultation, dietary, and ophthalmic. Some hospitals provide customized healthcare packages for both men and women.

Cardiac Package

Under the cardiac package, you can identify the risk of cardiovascular diseases and heart attack. Moreover, you will also get the proper consultation regarding the diseases.

Diabetes Package

The diabetes package offers regular checkups for diabetic patients to check the performance of their vital organs and to avoid complications.

Cancer Package

The cancer package helps detect cancer in the early stages and future risk assessments.

Pediatric Package

The pediatric package offers a wide range of Ophthalmic, Pediatric, Dental, and general check-ups for children up to the age of 13 years.

Fertility Package

Under this package, couples with problems in conceiving can get expert consultation.

Dental Package

Under this package, you can take dental checkups other than your regular dental checkups.

List of the Tests Under Preventive Health Check-ups

Below mentioned is the list of tests performed under preventive health checkups:

Preventive Health Checkup Packages
Type of Package	Tests
Diabetes	Blood Sugar PP, Blood sugar fasting
Liver	Serum Bilirubin, Liver enzymes
Blood Profile	Complete Haemogram, Blood grouping & ESR
Kidney	Blood Urea, Serum Creatinine, Bun
Lipid Profile	Triglyceride, HDL, Cholesterol, LDL
Thyroid	T3 and T4 Level. TSH
Abdominal	Abdominal Ultrasound
Cancer	PAP smear
Cardiac	2D Echocardiogram, Chest X-ray, Coronary Angiography, ECG

Major Preventive Medical Tests to Consider for Different Age Groups

Below mentioned are the lists of various age-specific preventive medical tests that a policyholder must check before going for a preventive health check-up:

Age	List of Preventive Medical Checkups
0-10 years	Hearing Test Autism Spectrum Disorder Ophthalmic Exam Newborn Jaundice Percussion Oral Examination Auscultation Reflexes Palpation
10-20 years	Anemia Lipid Profile/ High Cholesterol Diabetes Test Chlamydia Gonorrhoea Hepatitis C Hepatitis B High Blood Pressure Tuberculosis Obesity
20-30 years	Hepatitis C Diabetes Test Lipid Profile/ High Cholesterol High Blood Pressure Eye Examination HIV Pap Smear (Women Only) Pelvic Exam (Women Only)
30-40 years	Diabetes Test Dental Examination Hepatitis C Colon Cancer Screening Eye Examination Lipid Profile/ High Cholesterol High Blood Pressure Skin Cancer Screening Pap Smear (Women Only) Pelvic Exam (Women Only) Testicular Examination (Men Only)
40-60 years	Cervical Cancer Screening/ HPV Test (Women Only) Dental Examination Hearing Test Breast Cancer Screening (Women Only) Bone Mineral Density Test (Women Only) Colorectal Cancer Screening Diabetes Test High Blood Pressure Eye Examination Lipid Profile/ High Cholesterol Heart Disease Screening Prostate Cancer Screening (Men Only) Infectious Disease Screening Skin Cancer Screening Testicular Examination (Men Only) Lung Cancer Screening (Men Only) Osteoporosis Screening Pap Smear (Women Only) Pelvic Exam (Women Only)
Above 60 years	Bone Mineral Density Test (Women Only) Aneurysm Colorectal Cancer Screening Diabetes Test Eye Breast Cancer Screening (Women Only) Cervical Cancer Screening/ HPV Test (Women Only) Depression Screening High Blood Pressure Pap Smear (Women Only) Lipid Profile/ High Cholesterol Pelvic Exam (Women Only) Hearing Test Prostate Cancer Screening (Men Only)

Tax Benefits Under Preventive Health Checkup

Under section 80D of the Income Tax Act, 1961, passed by the Government of India, you are eligible for a tax exemption of INR 5K on preventive health checkups. A total of INR 25K can be claimed to cover the cost of preventative health exams for you, your spouse, or your dependant children. You can avail additional 25K for insurance for your parents (less than 60 years of age).

Does your health insurance cover Preventive Health Checkup?

Many health insurance companies cover basic health tests. Before buying a Health Insurance plan, you must read the Terms & Conditions to check the coverage of Preventive Health Care. So, if you are going for any check-up that is not covered under your health policy, you have to pay for it as it is non-claimable.

Many health insurance companies offer coverage for basic health tests. You should always read the terms and conditions of the health policy to check coverage for preventive health checkups before buying a health insurance plan. So, if you are going for a health check-up not covered under your health insurance plan, you will have to pay for it.

Things to remember while Buying a Preventive Health checkup

Below mentioned are the things to consider while buying Preventive Health Checkups:

10 hrs of an empty stomach is required for most of the tests.
You should wear loose and comfortable clothes for better manoeuvring.
Avoid wearing accessories or metallic objects such as watches, chains, etc., while going for imaging tests like X-Rays, CT scans, etc.
Intimate your doctor if there is any pacemaker installed in your body before the checkups.

Some Other Important Health Insurance Pages

Conclusion

A preventive health checkup is a tool for early detection that enables you to stay informed about your body's experiences as you age. While a person may occasionally exhibit signs and symptoms, they often go unnoticed without regular checkups.

In terms of the individual's health, early diagnosis is one of the significant benefits of a preventive health check-up. Additional benefits such as tax benefits are significant benefits of preventive health checkups. So, if one wants to improve their health insurance portfolio, one should opt for a preventive health check-up.

GST On Health Insurance

GST was introduced in the year 2017 by the Government of India, and it has removed the cascading effect of various taxes applicable in the insurance industry. GST is levied on every good and service in the country, and health insurance is also one of them.

Currently, GST on health insurance is 18%. Previously it was 15%, including 0.5% of Swatch Bharat Cess, 0.5% of Krishi Kalyan Cess, and 14% of base service tax.

In the below article, we will try to tell you about the impact of GST on health insurance in detail.

What is GST?

GST is a single indirect tax levied on various goods and services at the point of consumption, including real estate, health insurance, transportation, etc. Below mentioned are the different types of GST:

Central GST (CGST): CGST is a type of tax that goes to the central government per transaction.

State GST (SGST): State GST is a type of tax that goes to the state government whenever a transaction occurs within the state.

Integrated GST (IGST): This type of GST charges when interstate supplies are made between two union territories, two states, and foreign territories.

Union Territory (UTGST): This type of GST is levied by the government of union territories if any transaction takes place within the union territory.

There are five slabs of taxes in GST, i.e. 0%, 5%, 12%, 18%, and 28%, and GST on health insurance is 18%.

Impact of GST on Health Insurance

Goods and Services Tax or GST has been implemented on all health insurance plans. This means that the premium you pay for your health insurance will attract 18% GST. Now buyers will have to pay a higher premium amount as the price of health insurance has increased after the implementation of GST. The health insurance premium you pay for your health insurance plan will provide you with comprehensive health coverage against medical costs arising from an illness or accident. Some of the significant coverage benefits offered under health insurance are:

In-patient hospitalization
Pre and post-hospitalization
Domiciliary Hospitalization
Ambulance Charges
Maternity Care
Daycare Treatments
AYUSH Treatments

Health Insurance GST Rate

GST applies to the entire health insurance premium you pay for your health insurance plan. But in life insurance, GST is applicable only on the risk coverage portion of the premium but not on the investment portion.

Suppose Ram buys a health plan of INR 10 Lakh sum insured, and the premium amount will be INR 5K. The exact amount to be paid by you will be different after the implementation of GST.

Before GST

Tax on Health Insurance was 15%. The premium amount will be:

(15% of 5,000) + 5,000= INR 5,750

After GST

GST on Health Insurance is 18%. The premium amount will be:

(18% of 5,000) + 5,000= INR 5,900

This means, now you have to pay more to buy a health insurance.

Some Other Important Health Insurance Links

Ayushman Bharat Yojana

Best Time To Buy Health Insurance

Factors To Consider Before Buying Senior Citizen Health Insurance

GST Impact on Tax Deduction

Health insurance is treated as a service under the GST system, and group policyholders are no longer eligible to receive tax benefits. The tax rate before GST on health insurance premiums was 15%, and now it is 18%.

The GST rate on health premiums is charged as an indirect tax on the actual value of the service. As per the existing laws, you can avail of tax benefits up to INR 75K as a salaried professional.

GST on Health Insurance Renewal

After the implementation of GST or Goods and Services Tax, new policyholders and those renewing their health policies will have to pay a higher health insurance premium to buy or renew health insurance plans. GST will not apply to those who had purchased health insurance before it was implemented. The premium they pay at the time of renewal will be charged based on the current tax regime.

Positive Impact of GST on Health Insurance

Health insurance premiums have increased dramatically due to a significant increase in tax rates. As a result, there is more competition among health insurance companies. To get more people to buy their health insurance, health insurance companies offer health insurance plans at lower and more affordable premium amounts. Moreover, they simplify the process of buying and claiming a health policy, resulting in increased interest of people in health insurance due to better and advanced services. The quality of services provided by health insurance companies has improved after implementing GST.

Negative Impact of GST on Health Insurance

The new tax regime affects both existing policyholders and potential health insurance buyers. Because of this, policyholders have no option but to accept the newly increased health insurance premiums to buy health insurance plans.

Group policyholders will not be able to take tax benefits from their health insurance policy as health insurance is treated as a service to individuals. To understand the new tax regime in detail, it is advised to consult our "RenewBuy" POSP advisors.

Conclusion

Based on the above explanation of the advantages and disadvantages of changing the tax regime, the increased cost of health insurance will significantly impact the buyer's budget when buying a health insurance plan.

At last, before buying any type of health insurance policy, a person should thoroughly assess their needs and match them with the facilities offered under health insurance plans. Check the premium amount, policy tenure, claim settlement ratio, claim process and coverage benefits offered under the health plan before buying the health insurance plan.

Another thing you need to check is the GST on health insurance. The GST on health insurance is also an important aspect that you need to consider before buying a health plan to buy a health plan that fits your budget and meets your expectations.

Health Insurance For Diabetes

Health insurance is essential for today's era because we are living with a host of diseases, viruses, and infections, and they are constantly trying to attack us every time. One such disease is diabetes, and it is a disease in which our body fails to metabolize sugar and starch efficiently. As per a study, one in six people are infected with diabetes, and around 77 million people are affected by diabetes in India.

What is Diabetes?

Diabetes is a chronic disease that directly affects your blood sugar levels. Diabetes leaves you with underactive blood sugar levels, whether it's low or dangerously high. Diabetes hampered the production of insulin, and it is a type of hormone that is produced by the pancreas and responsible for the breaking of food into glucose. There are three different types of diabetes, i.e. type 1 and type 2 and Gestational diabetes.

Types of Diabetes

Below mentioned are the different types of diabetes that can affect your blood sugar levels:

Type 1 Diabetes:

This is a type of diabetes that causes the immune system to attack the pancreas, where insulin is produced. This type of diabetes affects about 10% of people with diabetes in India.

Type 2 Diabetes:

It is a type of diabetes in which the body cannot transfer sugar from blood to another cell for storage or usage, which means the body becomes resistant to insulin.

What is Diabetes Health Insurance?

Diabetes health insurance is specifically designed to cover the cost of treatment and hospitalization for people with diabetes. High blood sugar levels due to improper or insufficient insulin secretion in the human body can bring on other critical illnesses such as kidney failure, heart attacks, loss of vision, etc. According to an IDF report, India is expected to have around 93 million people affected by diabetes by 2030.

Diabetes health insurance offers coverage to the policyholder against the treatment cost arising from diabetes. A diabetes health insurance plan covers hospitalization costs, out-patient costs, pre and post-hospitalization costs, etc.

How does Diabetes Health Insurance Work in India?

Diabetes health insurance is available in two variants, i.e. individual and family floater health plans. Most health insurance companies cover type 1 and type 2 diabetes, but everyone needs to check the terms and conditions before purchasing a policy.

Diabetes health insurance covers the cost of hospitalization due to diabetes and non-diabetic complications. Standard health insurance plans do not cover pre-existing diseases but may cover them after the waiting period.

Eligibility Criteria of Diabetes Health Insurance

The eligibility criteria for diabetes health insurance are based on your chosen health insurance company and plan. Below mentioned are the eligibility criteria for Diabetes Health Insurance Plans:

Particular	Eligibility
Age	18 to 65 Years, For Children: 91 days to 18 years)
Pre-Medical Test	Yes
Pre-Existing Disease	Not Covered
Waiting Period for Diabetes	No

Best Health Insurance Plans For Diabetes in India

The table below shows us the list of “Best Diabetes Health Insurance Plans in India”:

Plan Name	Entry Age(Minimum)	Base Sum Insured	Feature Benefits
Care Freedom Diabetes Plan	Adult: 18 year Child: 91 days	3 lacs	Daycare Treatment Annual health Checkup Dialysis Cover
Star Health Diabetes Safe	18 years	3 lacs	Out-patient Expenses Medical Consultation Coverage for Modern Treatment
Activ Health Enhanced (Diabetes)	91 days	2 lacs	Cost of Medicine Covered Diagnostic Tests Doctor’s Consultation
National Varistha Mediclaim Policy	60 years	1 Lac	Domiciliary Benefits Pre and Post Hospitalizaiton In-patient Hospitalization
Care Classic	18 years	5 Lac	IVF Treatment Coverage for Diabetes Second Opinion

*Disclaimer: We RenewBuy does not endorse any insurance company or insurance product offered by any insurer. This list is just an illustration of the plan offered by different health insurance companies.

Coverage Benefits of Diabetes Health Insurance

Below mentioned are the coverage benefits under diabetes health insurance plans:

In-patient Hospitalization

A diabetes health insurance plan covers the hospitalization expenses arising from diabetic and non-diabetic complications.

Pre-Hospitalization

A diabetes health insurance policy covers the medical expenses incurred before the hospitalization.

Post-Hospitalization

A diabetes health plan covers the medical expenses incurred after the discharge from the hospital

Daycare Treatment

A diabetes health insurance plan covers the treatments for diabetes that can be treated in less than 24 hours of hospitalization.

Domiciliary hospitalization

A diabetes health insurance plans cover expenses incurred due to home hospitalization.

AYUSH Treatment

A diabetes health insurance plan covers various alternative treatments such as Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy.

Hospital Daily Cash

The insured will get some cash allowance during hospitalization per the policy's terms and conditions.

OPD Charges

The doctor’s prescription and the prescribed medical test cost are covered under the diabetes health insurance policy.

Annual Health Check-up

A diabetes health plan offers free annual health checkups to the insured.

Emergency Ambulance

A diabetes mediclaim policy covers ambulance service charges in case of a medical emergency.

*Disclaimer: The coverage mentioned above may vary from plan to plan and insurer to insurer.

Common Exclusions Under Diabetes Health Insurance Plans

Below mentioned are some of the common exclusions of diabetes health insurance plans.

Cosmetic surgery
Treatment of obesity
Self-inflicted injuries
Other pre-existing diseases
War-related treatments/hospitalisations
Hospitalisation without a doctor’s recommendation
Venereal or sexually transmitted diseases
Some health plans may not cover Type 1 and Type 2 diabetes
Prenatal and postnatal expenses

Diabetes Health Insurance Buying Process

You can buy your diabetes health insurance policy through our portal, i.e. “RenewBuy.com”. Below mentioned is the buying process for Diabetes health insurance plans:

Visit the "RenewBuy" official website.
Click on the “Health Insurance” tab.
Fill out the form that shows on the next page.
Select your desired plan.
Click on the “Buy Now” button
A pop-up will show you the plan details and the additional riders information.
Click on the “Proceed to Buy” button.
Make an online payment, and the policy documents will be sent to your registered email address.

Factors to Consider While Comparing Car Insurance Online

As human beings, we have been very fond of cars since they got on the road, and they always fascinate us with good features and whatnot. But, when you buy a car, do you know that it is mandatory to have car insurance to drive it on the road, according to the Government of India? Since car insurance is mandatory, its significance is paramount. Accidents may occur, but having a car insurance policy alleviates the stress of being in an unusual circumstance.

But, when something is to follow for everyone, the options are infinite. And the same scenario is with car insurance policies, as numerous companies offer the insurance. Thanks to the newest technologies, now you can compare car insurance online to get the best car insurance policy, but how will you get the best car insurance for yourself? Many factors come into play. So, let us dig deep, know about it better, and help ourselves get the best car insurance policy. However, let us understand the importance of car insurance first.

Importance of Car Insurance

Here are some ideas that will demonstrate the significance of buying motor insurance.

Lower Liability: If you are involved in an accident and damage someone's vehicle or the person himself, car insurance reduces your financial load. Thus, car insurance lowers the liability. The car insurance companies offer third-party car insurance to ensure that your expenses are covered.
Legally Safe: A motor insurance coverage protects you from the legal ramifications of any mishappening. The expenditures and legal difficulties will be covered by the motor insurance company.
Personal Accident Cover: One benefit of motor insurance is that you can get a pre-determined sum from the insurance provider in case of a personal accident. Also, passengers will get the cover as mentioned under the policy.
Compensation for the Family: This unfortunate event can leave a burden on your family. But, car insurance covers your family members too, so they can continue living their life with fewer money problems to consider.

Key Factors to Consider When Comparing Car Insurance Online

It is essential to consider the factors that go into the decision-making process for four-wheeler insurance.

Cost: Everything has an associated cost. As a result, it is critical to invest in a policy that keeps costs low and benefits high. Consider looking for the best car insurance plan while purchasing new car insurance online.

Reviews: It's all about the reviews these days. When you go online, you will find several reviews that will give you an idea of how important car insurance is and how well it will meet your needs. While checking the best car insurance policy for yourself, check customer reviews before hitting the buy button.

Age of your Car: One of the most significant considerations while selecting a new car insurance coverage is the car's age. The market value of the vehicle determines the IDV. So, the older car, the lower value, will lead to a lower premium & sum assured. When determining the price, motor insurance companies often look at the condition of your vehicle.

Coverage: When choosing a car insurance plan, understanding your driving habit is essential. You will understand the importance of add-ons that eventually can lower or increase the premium when you do.

Read the car insurance policy thoroughly: Most of the time, we do not look at the details in the insurance contract, which can lead to miscommunication with the insurance company at the time of claim. So, read the contract thoroughly to avoid claim rejection.

Garages Part of the Network: A garage that is part of an insurer's network provides a more seamless experience and allows you to make cashless claims. When comparing motor insurance policies online, make a point of looking for garages near your home. Regardless of the kind of coverage, it is a good practice to compare insurance online since it allows you to get the best car insurance for the lowest price.

Insurance Company History: The company's claim history must be considered when comparing car insurance online. Choose a company with a high claims settlement ratio. It is always better to seek the best vehicle insurance with a solid reputation.

No-Claim Bonus: A No Claim Bonus is a discount provided by your insurance company as a reward for filing no claims during the policy period. This discount is applied when you renew your motor insurance. When comparing car insurance quotes, be sure that the NCB is considered since a quotation may be issued without the NCB. This discount grows with the number of consecutive claim-free years and can reach 50%.

How to Compare Car Insurance

You may quickly compare car insurance on multiple websites with the most recent technological advancements. With a website like RenewBuy, you may access aggregate-level information neatly compiled on one page.

Reasons to go with Renewbuy

Most Relevant Listings: The objective is to create a clear system for listing car insurance companies based on individual consumer demands so that all terms, pricing, and unique information are given. This simplifies the purchasing choice for people who utilise it.

Focus on Accuracy: The quality and relevancy of the listings supplied are the most important aspects of your car insurance comparison procedure. For the advantage of our clients, we keep the most recent and up-to-date information.

Easy on the Eyes: The simple structure and easy-to-understand interface allow you compare car insurance online in less time. You can compare all the insurance policies from numerous companies on one page.

Customer-Centric Servicing: Our unwavering commitment to providing you with all-around convenience is well-known. Our customer service team is here to answer any questions you may have about obtaining motor insurance online. One of the key advantages of comparing car insurance is that it significantly increases the value of your online insurance purchase.

FAQs

Question: - What is the significance of IDV when comparing car insurance online?

Answer: - The market value of your car after depreciation is known as IDV. It is important when buying car insurance as it determines the compensation value.

Question: - Do we get add-ons in the third-party car insurance online?

Answer: - No, add-ons are not available under third-party car insurance in India. You need to buy a comprehensive car insurance policy to get the maximum benefits.

Question: - Is it beneficial to buy compare car insurance online?

Answer: - Yes. It is advantageous to compare car insurance online since it is quick, simple, and paperless.

Question: - How is the car insurance premium calculated?

Answer: - The cost of new car insurance is governed by various factors, including the IDV, deductible, seating capacity, cubic capacity, etc. The insurance premium is determined after a careful examination of all relevant facts.

Question: - How long will it take for me to obtain my coverage if I buy vehicle insurance online?

Answer: - If you purchase a vehicle insurance policy online, you will receive the policy shortly after paying the car insurance payment. Your email address will be used to send the document.

2 Crore Term Insurance

Each of us wants to keep our loved ones emotionally and financially safe. But, what will happen in your absence? Then choosing the INR 2 Crore term insurance plan can be a smart move a few years later.

It may be time to begin looking for the best 2 crore term insurance plan if you are starting to invest in the stability and security of your family's finances. To know more, let us read about it!

What is 2 Crore Term Insurance?

Like any other standard term insurance plan, the 2 crore insurance plan serves a similar purpose: providing the beneficiary financial assistance in case of the policyholder's untimely demise. But, the main difference is the sum assured here will be 2 crores, unlike 1 crore, 50 lakhs, etc.

A good term insurance policy protects the insured's life while providing financial stability to the family. So, if the insured dies unexpectedly during the policy's term, the family is financially protected. And, with the cost of living rising by the day, it is critical to consider an INR 2 Crore term plan to plan for your family's long-term financial stability.

What are the Benefits of Term Insurance?

Term insurance is essential for everyone and cannot be overlooked in today's world. Our primary aim is financial stability and family happiness, and term insurance helps us achieve both. Now that you understand its significance in life, here are some of India's other advantages of term insurance plans.

Long-Term Coverage: Term insurance covers the insured for the rest of their life.

Multiple Premium Payment Modes: Premium payment options for term life insurance include regular, single, and limited pay.

Critical Illness Cover: Term insurance protects against critical illnesses. A term life insurance policy pays out a lump sum if the insured is diagnosed with a severe disease for the first time.

Tax Benefits: You are entitled to a tax deduction for term plan premiums up to INR 1.5 lakh under Section 80C of the Income Tax Act (ITA), 1961. Furthermore, if you are in the 30% tax band, the term plan might help you save up to INR 46,800. Your beneficiary's death benefits are tax-free under Section 10(10D) of the Income Tax Act.

Add-on Riders: You can enhance your essential term insurance coverage benefits by choosing optional add-on riders by paying a certain premium. Some familiar add-on riders include accidental disability riders, accidental death benefits, waiver of premium, etc.

How Does 2 Crore Term Insurance Plan Work?

Term plans are the purest form of life insurance plan. But, it is crucial to understand how does 2 crore term plan works. So, let us have a look:

A term insurance online is a type of life insurance policy that offers coverage for a certain period of time.

Depending on your selection, you must pay a fixed premium monthly, quarterly, half-yearly, or annually to enjoy the advantages of the 2-year term plan. On the other hand, the premium amount for 2 crore term insurance is determined by several traits, including your age, gender, yearly income, and smoking habits.

While the premium amount remains constant during the policy duration, your term insurance policy may expire if you fail to pay the payment.

If the insured person outlives the term plan, the policy will expire unless you add a survival or maturity benefit rider.

So, it is ideal to have the best term insurance plan to secure the future of the loved ones, as it is an economic investment that will ensure peace of mind.

How to Select the Right Coverage Sum?

Many policy purchasers prefer a 2 crore term insurance plan since it serves as a safety net for their family's future financial needs. But, how do you select the right coverage sum? Take a look at the factors that you need to consider.

Age: Since older individuals are more susceptible to sicknesses and health concerns, term insurance premiums are higher, so it is recommended to purchase term insurance for 2 crores at a younger age.

Your Annual Income: Your yearly income is critical in establishing the proper life insurance amount. Since it affects your overall way of living, financial planning, and capacity to pay premiums, getting a life insurance policy appropriate for your annual income is prudent.

Financial Dependents: Examine your parents, children's, or dependant spouse's financial expectations and requirements before acquiring a term insurance policy. But, having a 2 crore term insurance plan may be sufficient to guarantee your family has a safety net to meet their financial obligations.

Existing Liabilities: When purchasing a 2 crore life insurance policy, it is critical to consider any existing liabilities. Whether it is an education loan, house, or vehicle loan, verifying that your term insurance plan will cover all such liabilities is critical. As a result, buying the best 2 crore term insurance plan is a wise decision.

Term Insurance Plan Buying Process

A term insurance online policy can be purchased on the insurance company's official website and "RenewBuy.com." Below mentioned are both the buying process of term insurance plans:

Buy from the official website of the insurance company

Visit the insurance company’s official website and click on the “Term Insurance” tab.
Select the desired plan.
Fill in all the required information such as name, mobile number, annual income, occupation, etc.
Click on the “Buy Now” button.
Make payment.
The insurance company will send the policy documents to your email address.

FAQs

Question: - Can I buy two different term insurance policies?

Answer: - Yes, you can buy two different term insurance plans as there is no limit to buying term life insurance.

Question: - What are the eligibility criteria to buy a 2 crore term insurance plan?

Answer: - Your 2 crore term insurance plan has a minimum entrance age of 18 and a maximum entry age of 65.

Question: - What happens if I die young under a 2 crore-term insurance plan?

Answer: - After the insurance term, a policyholder who has chosen a maturity or survivor benefit will get all or a portion of their premiums returned. In other circumstances, the term insurance plan for 2 crores would be cancelled.

Question: - What is the best age to buy a term insurance plan?

Answer: - While there is no correct or incorrect age, you should consider acquiring the best 2 crore term plan at a younger age. It will guarantee that you get long-term coverage at an affordable price.

Question: - Are there any riders available under the 2 crore term plan?

Answer: - Riders with 2 Crore term insurance include critical sickness and disability rider, accident cover, waiver of premium rider etc.

Buy Top Electric Car Insurance in India

Electric cars are more environmentally friendly and cost-efficient. The Indian government has launched many programmes to encourage the production and use of electric cars in the nation. A motoring revolution of this magnitude cannot occur overnight, and more people will soon be purchasing and using electric vehicles in India. Already, car makers are putting great effort into creating this totally new generation of vehicles representing the future!

What is Electric Car Insurance

The Electric vehicle insurance policy provides financial protection for your car against accidental damage, fire, natural calamities, riots, theft of the insured vehicle, and third-party injuries or damages to their property. This is similar to the motor insurance policy for petrol and diesel vehicles. Obtaining insurance coverage for an electric car might be a little bit tricky as they are not yet extremely popular in India. So in this article, we will provide you with all the relevant information.

Why Buy Electric Car Insurance

What may happen to your priceless electric car is impossible to foresee. These vehicles contain intricate technological and mechanical components that make them function well but can malfunction anytime. Having electric vehicle insurance may guarantee you drive your vehicle without any concerns and provide financial protection in the case of unintentional damage, fire, and theft. In India, obtaining third-party auto insurance is a must.

Benefits of Buying Electric Car Insurance

Let us discuss the benefits that EV insurance offers:

Your insurance coverage will cover third-party responsibilities if an unfortunate circumstance arises in which you injure a third person or damage their property.

You will get total financial compensation in the event of any unforeseen circumstances, including accidental death, physical injuries, or partial or whole impairments as a result of an accident.

In fires, natural disasters, riots, and theft-related losses, the insurance provider will often pay a significant portion of the repair costs. This implies that you won't have to foot a high repair fee in the event of damage.

Coverage Under Electric Car Insurance

Electric car insurance comes with a few options that you can get entirely by buying a comprehensive car insurance policy. Before you buy any policy, take a look at the coverage options.

Accidents: Losses and damages that may result from crashes and accidents.

Theft: The complete loss provision of the EV car insurance policy will give coverage if a car is stolen.

Fire: The insurance company will pay for necessary repairs if the automobile sustains damage from a fire accident. However, the EV vehicle insurance plan's complete loss provision will kick in if the automobile sustains greater than 70% damage.

Natural Calamity: losses and damages to your vehicle due to natural disasters like floods, cyclones, etc., will be covered just like in a standard car insurance policy.

Third-Party Losses: In situations where your vehicle causes losses and harm to another person's property or vehicle, it will also be covered.

Electric Insurance Premium

Electric car insurance premiums are higher for several reasons. Let us look at those reasons:

An expensive battery with an expiration date powers an electric car, so the owner must replace it before it stops functioning correctly.

Due to their weight, electric vehicles are more likely to crash and do more damage.

Because of the high level of technology, maintenance and labour costs are high, which makes the electric vehicle premium expensive.

Electric Insurance Premium Calculator

Private electric vehicle insurance premium rates are determined by various elements, including kilowatt capacity, manufacture, model, and age. Take a look at the table below for more information.

Vehicle Type (Battery Power)	Premium for 1-Year Policy	Premium for 3-Year Policy
Less Than 30 kW	INR 1,780	INR 5,543
More Than 30 kW Less Than 65 kW	INR 2,904	INR 9,044
More Than 65 kW	INR 6,712	INR 20,907

How to Raise a Claim Under Electric Car Insurance

You may have peace of mind when you acquire an electric vehicle coverage since you won't have to worry about unanticipated costs that could occur as a result of a traffic accident. So how will you raise a claim if anything happens? Let us go step by step.

Step 1: First and foremost, let your insurer know about the event and the car's damage.

Step 2: You may take images of the wrecked car on your phone. This can be kept as evidence for later use.

Step 3: Start collecting the documentation you will need to submit with the claim form as soon as you tell the insurance company.

Step 4: The insurance company will send an inspector to compare the cost of repairs to the damages after contacting the insurance. Post inspection, the insured electric car will be sent to the network garage for repair.

Step 5: The insurance will immediately pay for repairing or replacing the electric car's damaged portion to the network garage after the claims procedure has started. In the event of a reimbursement claim, you will receive your money back following the repairs.

Conclusion

The government's vigorous efforts through its numerous implementation agencies has led to a fast expansion in the deployment of public EV charging infrastructure. So buying an electric vehicle and then ensuring the exact vehicle is important.

FAQs

Question: - Can I get insurance for an electric car in India?

Answer: - Electric vehicles can be insured in India. Electric cars must have at least the legally required Third-Party Insurance Plan.

Question: - How do electric vehicles operate?

Answer: - Electric cars that run on rechargeable batteries, rather than petrol or diesel fuel, power electric automobiles and vans, often known as EVs. A charging cable hooked into a power outlet at home, or a public charging station can be used to charge them.

Question: - How much does insurance for electric vehicles cost?

Answer: - Aside from factors like location, model variation, and EV age, the cost of the vehicle determines the cost of all motor insurance plans. You may assess the cost of insurance for electric vehicles by using the auto insurance premium calculator for additional information.

Question: - How can I find the right insurance company for my EV car?

Answer: - You must evaluate the services offered by the insurer and how quickly it can resolve claims if you want to cover your electric car with the best insurance provider.

Question: - Which type of insurance is best for your electric car?

Answer: - A comprehensive car insurance is typically advised since it offers wider coverage. Additionally, because electric vehicles are a little more expensive, it is advised that you choose insurance that will thoroughly cover it.

AYUSH Treatment in Health Insurance

Ayurveda medicines have always had a rich history in India. Generally, not everyone looks for allopathic treatment, and people use to try Ayurveda treatment as it has no or minimum side effects on the human body. In 2013, the Insurance Regulatory and Development Authority of India (IRDAI) requested that every health insurance company should cover AYUSH treatment under their health insurance plans. AYUSH stands for Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy. Continue reading to learn more about the AYUSH treatments in health insurance.

What is AYUSH Treatment?

AYUSH treatment refers to hospitalization using traditional Indian medicine like Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy. These ancient traditional health and wellness treatments are affordable and also result-oriented.

Due to the increasing demand for AYUSH treatment in India, the Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for all health insurance companies to offer AYUSH treatment as a coverage benefit under their health insurance plans.

Due to the potential and increasing demand for AYUSH treatments in the country, it is important to confirm with your health insurance company whether AYUSH treatments are covered under your health insurance plan.

Eligibility Criteria to Get AYUSH Treatment Cover

Below mentioned are the specifications of health insurance offered Ayush treatment benefits under their coverage benefits:

Particular	Coverage
Age	18 to 65 years
Policy tenure	Minimum 1-year
Hospitalization	Minimum 24hr
Hospital	Government hospitals or Government recognised hospitals
Hospital Quality	Hospitals under the Government Council of India
Recognition	Central Council of Homeopathy (CCH) or Central Council of Indian Medicine (CCIM)

Importance of AYUSH Treatments

There has been a paradigm shift in recent years from allopathic medicine to towards alternative treatments like Homeopathy, Ayurveda, Naturopathy, Yoga, etc. Health insurance companies have started including AYUSH treatment coverage in their health insurance plans to encourage this trend. So, these remedies are from the ancient science of India, and you can use these remedies along with mainstream treatments like dialysis, treatment of cancer etc. In various cases, remarkable results have been shown for using these AYUSH treatments along with allopathic treatments for the patients.

Health Insurance Plans Offering AYUSH Treatments

Check the below table, where we list a few best health insurance plans that offer AYUSH treatments in their coverage benefits. Please see the plan brochure or contact our RenewBuy POSP advisor for more details.

Health Insurance Companies	Health Insurance Plans
Care Health Insurance	Care Plan
Star Health Insurance	Star Comprehensive Health Plan Star Medi Classic Health Plan
Aditya Birla Health Insurance	Activ Assure Diamond Health Insurance
Digit Health Insurance	Digit Health Care Plus
Reliance Health Insurance	Reliance Health Infinity Plan
TATA AIG Health Insurance	TATA Medicare Policy
HDFC Ergo Health Insurance	HDFC Optima Secure Plan HDFC My Health Suraksha
Niva Bupa Health Insurance	Niva Bupa Health Companion
Universal Sompo Health Insurance	Health Care Plus Policy
ManipalCigna Health Insurance	Aarogya Sanjeevani Pro Health Plus

Benefits of Choosing Health Insurance Offering AYUSH Treatment Cover

Below mentioned are the Benefits of choosing Health Insurance plans offering AYUSH treatment cover:

Affordable
Easy Availability
Best for Senior Citizen
Wide Coverage
Cashless Hospitalization
Effective in the COVID-19 outbreak

Coverage Benefits Under AYUSH Treatment Cover

Below mentioned are the coverage benefits offered under AYUSH Treatment cover:

Expenses incurred due to Ayush treatment
Cost of hospitalization incurred due to Ayurveda, Yoga, Unani, Siddha, and Homeopathy treatment
The coverage amount provided for Ayush treatments may vary from INR 2500 to INR 50K (it may vary from insurer to insurer and plan to plan).

Exclusions Under AYUSH Treatment Cover

Below mentioned are the coverage benefits covered under AYUSH treatment cover:

Non-government hospitals: Treatment received at non-recognized government hospitals.

Daycare treatments: Treatments required less than 24 hrs of hospitalization.

Out-Patient Hospitalization: Any expenses related to the treatment but do not require hospitalization, such as health checkups and medical tests.

Pre and Post Hospitalization: Expenses incurred before hospitalization and after the hospitalization are also not covered.

AYUSH Daycare Center

Below mentioned are the daycare centres where the policyholder can avail of AYUSH treatments.

Community health centres
Primary health centres
Dispensary
Polyclinic
Clinic

Things to Remember While Buying AYUSH Treatment Cover

Below mentioned are some of the important things to consider while buying health insurance offering AYUSH treatment cover:

The terms and conditions of a health insurance plan offering AYUSH treatment cover may differ from health insurance company to company. Therefore, always carefully read the inclusions and exclusions before choosing your health plan.

Check whether you have to pay an extra premium amount for including AYUSH treatment cover in your health insurance plan.

Choose a health insurance company with a wide range of network hospitals offering AYUSH treatment.

There might be a cap on how much you can claim for AYUSH treatments under the health insurance plan. Therefore, carefully read the policy wordings before buying the health plan.

Claim Settlement for AYUSH Treatment Cover

Under AYUSH treatment cover, you can use both cashless and reimbursement claims. If you are hospitalized in a network hospital, you are eligible to get cashless treatment wherein the health insurance company will settle the bill amount directly with the hospital.

Moreover, you can submit a reimbursement claim if you are hospitalized in a non-network hospital. In this case, you will have to settle your hospital bills yourself in the hospital. Then, after submitting the required documents to the health insurance company, the health insurance company will reimburse your claim amount in your specified bank account.

Conclusion

Nowadays, most people prefer to go towards AYUSH treatment instead of allopathic treatment. Many health insurance companies have started including coverage for AYUSH treatment as a benefit covered under health insurance plans as people have started showing interest in alternative treatments like Yoga, Ayurveda, Homeopathy, etc.

Hence, you must read your policy document carefully to check whether you are eligible for AYUSH treatment cover or not. Connect with our RenewBuy POSP advisor if you have any questions about your health policy or AYUSH treatment cover.

Car Insurance Portability

Car insurance plays an important role in protecting you from a mishappening that can occur while driving on the road. When you buy car insurance, you ensure everything is covered according to your expectations. However, as time passes, you may realise that your insurance is not meeting your expectations. So, what do to do? Well, nothing to worried about. You can switch to a new car insurer for a finer experience and better service via car insurance portability.

What is Car Insurance Portability?

Car insurance portability essentially means having the option to change motor insurance companies. You may transfer insurance companies for various reasons, such as improved value-added services, quicker claim processing, and identical coverage at a lower premium cost. In other words, this feature gives you a choice to look for better insurance deals if you are dissatisfied with your present insurer.

What is the Need for Car Insurance Portability?

There can be many reasons for you to go for car insurance portability. So, let us discuss them in detail.

To get better coverage
To get better prices
To get a better claim settlement ratio
To get better services
To get better Add-ons

What are the Advantages of Car Insurance Portability

Car insurance portability is a wonderful feature that lets you switch to a new motor insurance company according to your preference. Here are some advantages that come along with:

Switch to a new Insurance Provider: You can switch to a motor insurance company with a broader network of cashless garages and a better claim handling history by choosing car insurance portability.

Better Add-ons: Under your existing Comprehensive car insurance plan, you might not be able to receive the rider's insurance you need. However, car insurance portability gives you the choice of switching to insurers that provide a variety of add-on coverages that may be advantageous for you.

Carry Forward NCB: The main benefit of motor insurance portability is that you can receive a discount on the premium at the time of renewal if you do not submit a claim during an insurance year. This NCB will be carried over if you choose the portability of your car insurance.

Best Time to Use Car Insurance Portability

Your car insurance portability process is not time-bound. However, it is suggested that you change to a different insurer when your motor insurance is up for renewal. There is no requirement to inspect your vehicle if you renew the coverage before it expires and continues receiving the NCB.

The process is simple and hassle-free. So long as you buy car insurance online from a new provider before the policy expires and give the new provider your old insurance information, portability will be handled without any hiatus.

Things to Keep in Mind When Going for Car Insurance Portability

You must consider the following elements while looking for a new and improved car insurance plan to protect your vehicle with the best insurance policy possible.

Date of Expiry: The best time to begin the comparison, search, and insurance renewal procedure is 45 days before the policy expiration date. You will lose the NCB benefit if you don't renew the coverage within the required time frame.

Riders Availability: At the time of renewal, you should double-check all add-on coverages, including zero depreciation, engine protection, return to invoice, roadside assistance, consumables coverage, and loss of key. There may be free coverage that does not require payment and other add-on coverage that should be added.

Compare Insurance Plan Online: You might not have had the best experiences with your current plan. Therefore, it is advisable to do homework and get the best car insurance policy and insurance provider. To select the best insurance plan, you may compare motor insurance online.

Don’t lose NCB: Make careful to transfer the NCB benefit to the new plan when changing insurers. NCB can benefit you as you can get up to 50% if you do not file a claim.

IDV value: Check your car's IDV before switching to a new insurance policy. To acquire the correct automobile value in the event of theft or a total loss, make sure you choose the estimated IDV.

Steps To Follow When Changing Insurer

Follow the below steps to have a simple and easy process when switching your car insurance provider.

The Insurance Policy: In India, all car owners must have third-party liability insurance. However, One might go for a comprehensive policy when purchasing car insurance. The insurance should be sufficient to meet any financial obligations in case of a total loss or theft.

Claim Settlement Ratio: An essential consideration in the decision to switch is the claim settlement ratio and the company's reputation. It is not ideal to be in a scenario where the premium is low but the claim procedure is complicated. So, check the CSR before you go for your car insurance portability.

Right Time: You must know when is the right to switch to the new a new insurance provider. Ideally, the right time is before the policy expiration, as discussed in this post.

Conclusion

Owning a car requires motor insurance. The ability to transfer policies without losing advantages acquired under the prior coverage is known as car insurance portability. Therefore, if you are unhappy with your present coverage, you may look for and choose the appropriate car insurance online so that you get better benefits.

FAQs

Question: - What is Car insurance Portability?

Answer: - Even in the midst of the policy term, a policyholder has the choice to transfer to a different provider without losing the benefits of the present policy thanks to vehicle insurance portability.

Question: - What is the term IDV in a car insurance policy?

Answer: - IDV is the sum that the insurer will pay to you at the time of a claim in the case of total loss or if the vehicle is stolen. It is decided on the day of the commencement of the car insurance policy.

Question: - What is the term No Claim Bonus in a car insurance policy?

Answer: - NCB is the discount in premium that you can get if you do not make any claims during the course of your 4-wheeler insurance policy.

Question: - Is buying/renewing a car insurance policy online safe?

Answer: - Yes, online buying/renewing a car insurance policy is safe due to the secured payment gateway.

Question: - What are the important factors to consider when using the service of car insurance portability?

Answer: - The important factors are:

Policy Expiry Date
IDV
Add-ons Availibity
Don’t lose NCB

Disclaimer: The information published in this article is for the reader′s reference only. This information provides an overview of your motor insurance needs and should not be relied upon for personal, medical, legal or financial decisions. You should consult an appropriate professional for specific advice. It makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or other items mentioned on this subject for any purpose whatsoever

Understand Health Insurance Terms in Detail

A lot of talks go about productivity. To be productive, one must keep the mind and body healthy. You require financial support to safeguard your health, and health insurance offers this backup. That is the reason that every individual must have a health insurance policy.

But there are terminologies that a person may not be familiar with regarding health insurance. But do not worry! In this post, we've clarified the meaning of specific terms you might have read about health insurance but weren't exactly sure what they meant.

Top 17 Health Insurance Terms in Detail

Here are a few important terms to know that will help you understand the best health insurance plans in India:

1. Riders/Add-ons

Health insurance policies have riders that can be added to the standard health insurance coverage. These add-ons riders can be added by paying an extra premium, as it is an additional feature that enhances your coverage. Most health plans have critical illness coverage, hospital cash benefits, accidental death, etc.

2. Sum Insured

The highest amount for a given year that the insurance company will cover if you need hospitalization is known as the sum insured. Any amounts above the insured amount will be your responsibility to pay. It solely works on the concept of indemnity.

3. Nominee

A nominee is someone you may name on your health insurance policy as the beneficiary of your account in the event of your untimely death. Any person you consider your first relation may be nominated, including your parents, spouse, children, siblings, etc.

4. Waiting Period

The waiting period is when the health insurance company will not cover any of the insurer's medical costs. This implies that even if you bought a health plan, you could not be compensated if you filed a claim within that time.

5. Pre-existing Disease

Any illness or medical condition a person has before buying health insurance is referred to as a pre-existing condition or disease. Pre-existing illnesses can range in severity from mild ones like high blood pressure, allergies, and asthma to serious ones like cancer, diabetes, and Alzheimer's disease.

6. Deductible

The amount you would be responsible for paying in the case of a claim is known as a deductible in health insurance. Your insurance will begin to pay the remaining costs if your policy covers the loss. A deductible is used to discourage filing claims for less serious incidents.

7. Co-payment

The percentage of the claim amount that an insured individual covers under a health insurance policy is known as the copay. However, the insurance will cover the remaining balance. Since both the insurer and the insured pay according to their respective percentages on a sharing basis, you may conclude that the amount is an acceptable claim amount.

8. Cashless Claims

With cashless health insurance, the insurance company pays the hospital immediately, and the patient is not responsible for the inconvenience. For patients and their family members, this is undoubtedly beneficial.

9. Claim Settlement Ratio

The percentage of paid claims to all claims received by an insurance company in a given fiscal year is known as the health insurance claim settlement ratio. It is one of the most trustworthy variables that show if an insurance business manages the claims of the consumers properly or not.

10. Maternity Benefit

Maternity benefits refer to pregnancy-related costs, including the cost of the pregnancy, the delivery, and the baby's medical insurance. It is ideal to buy maternity health insurance to get all the benefits mentioned above.

11. Inclusions

The circumstances under which a policyholder may make a claim are described in the inclusions. Insurance should be purchased with the availability of coverages in mind. Regarding health insurance, popular coverages include bed costs, doctor visits, nurse fees, etc.

12. Exclusions

Exclusions are scenarios that your health insurance does not cover. The opposite of inclusion is exclusion. Plans for health insurance specifically highlight these circumstances. The insurance company will most certainly deny a claim if the situation comes under exclusions.

13. Premium

The regular payment required for your health plan. Typically, you can pay it monthly, quarterly, or annually.

14. No-Claim Bonus

Under specific terms and conditions, the insurer will provide the policyholder with a no-claims bonus for their health insurance. The primary requirement for obtaining a No Claim Bonus is that the policyholder should have made no claims during the prior policy period.

15. Comprehensive Health Insurance

You don't need to purchase a variety of separate health insurance policies to cover a range of medical bills since a comprehensive health insurance plan offers all-inclusive coverage under a single policy. You get most of the benefits.

16. Family Floater Plan

Family members linked by blood or law can purchase this family floater plan. The family splits the insurance payout as these plans are not particularly comprehensive in scope.

17. Group Health Insurance

Group insurance aims to protect members of the same group against risk. The best example of a group health insurance plan is employee medical insurance. The insured amount may not always be divided among the members. Each participant in group health insurance may get a specific sum insured.

Conclusion

Now that you have read all the important terms that are used in health insurance, you can easily buy the plans. This will allow you to make good decisions. It is ideal to buy health insurance online these days as the process is simple and hassle-free.

FAQ’s

What are the different health insurance plans available in India?

Health insurance policies come in various forms in India, including individual plans, family floater plans, group health insurance plans, etc.

What is the cost of health insurance in India?

Age, gender, medical history, way of life, and many other factors can impact a health insurance policy. There are several different plans that you can purchase. Also, you can buy health insurance online.

When is the right time to buy health insurance?

There is no ideal age to purchase health insurance. However, the cost of the premium decreases over time. Though, there is a lower chance of sickness while you are young.

Can we buy more than one health insurance policy?

You can indeed have multiple medical insurance policies. You can buy a group health insurance plan, an individual and a family floater plan.

What do we understand by the term Network Hospital?

The hospitals on the insurance company's panel are referred to as network hospitals. Non-network hospitals are general hospitals where you can receive care and then submit a claim for payment.

What is Covered and Not Covered Under Mediclaim Policy?

Advances in medical technology have led to a reduction in the mortality rate and an increase in the rate at which people recover from diseases and infections. However, the cost of medical treatment is increasing dramatically day by day. So, if you do not have a health insurance plan, you must buy a mediclaim or a health insurance policy for yourself. Hence, it becomes essential for you to understand the inclusions and exclusions under a mediclaim policy. The article below will give you detailed information about what is and is not covered under a health insurance mediclaim policy.

What is Covered Under Health Insurance Mediclaim Policy?

Below mentioned are some of the coverage benefits offered under health insurance mediclaim policy:

In-patient Hospitalization

A policyholder can avail of in-patient cashless hospitalization facilities in the network hospital of the health insurance company. The policyholder can get cashless hospitalization only if they are admitted to the hospital for more than 24 hours.

Pre and post-Hospitalization

The medical expenses incurred before and after the hospitalization, such as medicine expenses, diagnostic, doctor consultation fees, etc., are covered in a mediclaim policy.

Daycare Treatment

Any treatments that need less than 24 hours of hospitalization, such as chemotherapy, cataract, etc., are covered under the mediclaim policy.

Domiciliary hospitalization

A health insurance mediclaim policy cover expenses incurred due to domiciliary hospitalization. The expense incurred due to domiciliary hospitalization will be covered if the treatment lasts more than three days.

AYUSH Treatment

Alternative treatments such as Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy are covered under health insurance mediclaim policy.

OPD Charges

The health insurance mediclaim policy covers the doctor’s prescription and the prescribed medical test cost.

Annual Health Check-up

A mediclaim policy covers the expense incurred due to annual health checkups of the policyholders. It includes tests such as kidney function, ECG, urine test, etc.

Preventive Health Check-up

A health insurance mediclaim policy offers free health checkups to the policyholder on a monthly basis, which will help them maintain a healthy lifestyle.

Extra Coverage

A mediclaim policy covers additional coverage benefits such as ambulance service, ICU charges, organ donor cover, etc.

What is Not Covered Under Mediclaim Policy?

Below mentioned are some of the diseases and conditions that are not covered under the mediclaim policy:

Corrective Cosmetic Surgery

Any congenital illnesses are not covered under mediclaim policies, which are illnesses or disabilities that happen due to birth deformity.

Inherent Diseases

Any congenital illnesses are not covered under mediclaim policies. These are the illnesses or disabilities happen due to birth deformity.

Infertility Treatment

Any treatment cost related to infertility treatment is not covered under mediclaim policy or health insurance.

Pregnancy

Any treatment cost arising due to pregnancy, child labour, abortion, unnatural birth cycle, etc., are not covered under health insurance or mediclaim policy.

Sexually Transmitted Diseases

Medical costs arise due to the treatment of sexually transmitted diseases such as HPV, Chlamydia, HIV, Syphilis, Herpes, etc. are not covered under mediclaim policy or health insurance.

Pre-Existing Diseases

Any pre-existing disease will not be covered before the waiting period 3 to 4 years under mediclaim policy or health insurance plan.

Injuries inflicted Due to Alcohol Consumption

Any expenses related to alcohol or drug abuse or misuse are not covered under health insurance or mediclaim policy.

Self-Induced Injuries

Expenses related to self-inflicted injuries, including but not limited to bungee jumping, attempted suicide, and suicidal tendencies, are not covered under the mediclaim policy.

Permanent Exclusions

Medical costs arising from war, riots, mob strikes, and nuclear attacks are not covered under mediclaim health insurance.

Some Other Important Health Insurance Pages

GST on Health Insurance

AYUSH Treatment in Health Insurance

Preventive Health Checkup

Dr YSR Aarogyasri Health Insurance Scheme

Grace Period in Health Insurance

Conclusion

The above article will help you understand the inclusion and exclusion under health insurance or mediclaim policy. It will help you make an informed decision while choosing a health insurance plan for you or your family. It would be best if you did not ignore the importance of health insurance as it forfeits your medical expenses in case of a medical emergency. It is advisable to buy a health insurance plan offered by a trusted health insurance company, whether you are buying it for yourself or your family. It is an ideal investment to save hard-earned money and protect your family.

Loan Against The Insurance Policy

Similar to a loan against property, a loan against an insurance policy is a type of loan against security where you can pledge some sort of financial asset, in this example, your insurance policy, in exchange for a loan from the lender. People are increasingly choosing loans against life insurance plans since they have lower interest rates than personal loans.

What is a Loan Against Insurance Policy?

A loan secured by an insurance policy, commonly called pledging, is quite popular in foreign countries. The insurance companies and other financial institutions issue loans against securities, which is advantageous for those looking for loans because no additional assets are required. Therefore, you can borrow money from your life insurance policy to take out personal loans.

But, not all insurance policies are eligible for a loan. It’s crucial to understand which life insurance products can help you avail of this benefit.

Insurance Policies Eligible for a Loan

Not all types of life insurance policies are eligible for a loan. Verifying your life insurance company is best before purchasing a plan. Specific policies, such as whole life, money-back, savings, and endowment plans, offer the ability to borrow money against a life insurance policy. Although, unit-linked plans and term insurance policies cannot be used as collateral.

Benefits of a Loan Against an Insurance Policy

A loan against the insurance policy has many benefits, so let us look at them.

There is no need for additional security or assets because the insurance policy itself serves as a guarantee.
This loan often has a lower interest rate than a personal loan.
Due to the low amount of paperwork needed for this sort of loan, you can quickly get a loan against the insurance policy.
Even if the policyholder dies while the loan is still in effect, the outstanding loan payback amount is subtracted from the policy's cash value, and the leftover sum is paid to the nominee.
You can apply for a loan online, and the process is simple and hassle-free.

Steps to apply for a loan against an insurance policy

If you are looking to apply for a loan against an insurance policy, you must follow these steps to have a hassle-free process.

Step 1: To determine whether your insurance policy qualifies for a loan against it, you must first check before applying for one. In addition, there are additional considerations like age, legal documentation, credit score, etc.

Step 2: You could get a legitimate life insurance policy if you don't already have one to borrow money against. A loan or credit may be a beneficial tool in an emergency.

Step 3: Finding an insurance company prepared to grant you a loan against a life insurance policy is necessary now that you have the policy that allows you to take out a loan against it. Make sure you conduct thorough research and look for the best.

Step 4: You can get the deal done after following the above steps. You can also get a loan against a life insurance plan online.

Key Things to Know Before You Apply for a Loan

When applying for a loan against a life insurance policy, there are some key things that you need to take into account. Take a look at them:

Rate of Interest: The interest rate charged for a loan against an insurance policy depends on the interest rate in effect at the time the policy was purchased. However, the interest rate for loans secured by insurance policies is often lower than that of conventional loans. However, it is advisable to speak with your loan provider to understand better the interest rate for loans secured by insurance policies.

Eligibility: It's essential to verify with the life insurance company whether your policy is eligible for a loan or not. If not, buying a life insurance policy that can also help you get a loan is recommended.

Surrender Value: If you have been paying your payments on time for three years after purchasing the policy, your life insurance coverage will have a surrender value. Depending on your insurer, the time frame for collecting a surrender value may vary. But you can't get a loan if your policy has no surrender value.

Loan Amount: You must check with your insurer to see whether you qualify for a loan secured by an insurance policy. Compared to traditional life insurance plans with guaranteed returns, the loan amount might range from 85 to 90 per cent of the surrender value.

Repayment: A loan secured by a life insurance policy typically has a six-month repayment period. However, depending on the insurance policy, the terms and conditions of repaying your loan may change.

What if I Fail to Pay My Loan

If you don't repay the loan you took against your life insurance policy, interest will be added to the outstanding total. Also, the insurance policy may expire if the amount borrowed for the loan against the insurance policy is more than the insurance policy's cash value. The insurer will then have the option to cancel your insurance policy and deduct the loan balance and interest from the surrender value of your policy. So, it is advisable to pay the loan amount.

Disadvantages of Loan Against Insurance Policy

One should exercise caution while taking out a loan against a life insurance policy because the policy is meant to safeguard the policyholder's family in the event of the policyholder's passing. If the interest is to be repaid and the policyholder passes away within the loan period, the outstanding loan balance will be deducted from the claim settlement. The nominee will only receive the remaining sum of money. So, it is important to make sure that to choose this option wisely. Avoid taking out an insurance loan during the first few years of the policy since the amount of the loan that would be available to you would be less.

Documents Required to Take a Loan

You must apply for a loan against insurance and the original insurance policy paperwork to qualify for this loan. A copy of a cancelled check and a payment receipt for the loan amount must also be included.

A deed of assignment that assigns the policy's benefits to the lender for the duration of the loan must also be signed by the policyholder. Until the debt is repaid, the insurance policy will serve as collateral.

Conclusion

Remember that you should turn to this line of action only in cases of extreme financial need. The level of protection you have throughout the repayment period only decreases if you take out a loan for non-essential expenses. Also, it is important to repay the loan in a timely manner as the interest keeps getting added.

Can Car Insurance be Purchased Without Driving Licence

A car insurance policy is a type of insurance plan that covers any damages to your car in case of an unfortunate event. Here, the car insurance company will lower your financial burden. Car insurance has different types, but per the Government of India, it is mandatory to have third-party insurance to ride a vehicle on the road. But, the main question is, can you buy vehicle insurance without a permanent driving license? Usually, in the document section of the car insurance policy, it is mentioned that the policyholder must hold a permanent driving license to buy the plan. However, even if you do not have a driver's licence, you may still obtain the necessary coverage.

Reasons to Buy Car Insurance Without a Driver’s License

According to lawmakers, not having a driver’s license and driving on the road is a criminal act. But what if you do not own a driving license and have a car? You still need to buy vehicle insurance to avoid another offence. For example, you may require coverage for your vehicle if:

The driver is not the owner, and a professional driver or chauffeur is driving the vehicle.
The owner purchases a vehicle for a family member or friend who will be the primary driver.
The owner holds a learner's permit and plans to obtain a driver's licence shortly.
The vehicle is a vintage car. For this purpose, certain insurance companies provide specific classic motor insurance.

These are instances where motor insurance is required even if you are not driving. Without automobile insurance, you risk paying for damages or repairs involved with an accident out of pocket, including harm to others.

How to Get Car Insurance Without a Driver’s License?

Every vehicle must be insured, and every driver must have a driver's licence. However, under the conditions mentioned above, the owner may get motor insurance without submitting their driver's licence.

Find Another Driver: The easiest option is to name someone else as the primary or significant driver on the policy. That individual must possess a valid driver's licence or learner's permit to drive the vehicle on the road. By listing another driver, you are telling the motor insurance company that you are not violating the law.

Exclude yourself as a Driver: If the insurance company still refuses to cover you, even after you've nominated someone else as the principal driver, you have another option for obtaining cheap car insurance: You can request to be included on the insurance as an excluded driver. One thing to note is that if you select someone else as a primary driver, the driver's history must be clean to get the best car insurance for yourself.

Get a Parked Car Policy: A "parked car" or "storage" policy is another option for receiving car insurance without a driver's licence. This coverage protects your vehicle against damage that may occur while parked and assuming it is not operated. If you receive this coverage, a motor insurance company may be less worried if you don't have a driver's licence. It may also be cheaper; thus, you will get cheap car insurance online, including liability and collision coverage.

What if my License is Suspended?

You cannot drive on the road without a valid driving licence, but you can buy a car insurance plan. All you need to do is to reinstate the car insurance plan. The transportation department or authorities decide to revoke the suspension, and you must contact the appropriate Regional Transport Office (RTO) to discover how to have your suspended DL revoked.

Can I Claim Car Insurance Without a Driving License?

Now that you know how to buy the best car insurance without a driving license, are you eligible to apply for a claim without a valid driving license? Though a driver's licence is not necessary to get vehicle insurance, it is one of the most critical documents to file a claim, especially if you are doing so after an accident. It should be noted that it cannot be simply any driver's licence, and it must have belonged to the car's driver during the collision. If the claim is granted, the money covered is placed exclusively into the policyholder's account.

You will also need to send the RC to establish car ownership, a copy of the policy to see whether it is active and what it covers, the claim form and the date and reason for the vehicle's loss. In the event of an accident, extra information such as a first information report for injuries or death, as well as receipts and repair costs, will be requested.

Conclusion

Obtaining auto insurance without a driver's licence might be more difficult, but it is not impossible. When looking for car insurance online, be prepared to provide someone else's name as the primary driver. Compare car insurance online costs from several insurers.

FAQs

Question: - Can you get motor insurance if your licence is suspended?

Answer: - If the transportation department or authorities decide to lift the suspension, you must contact the appropriate Regional Transport Office (RTO) to find out how to get your suspended DL reinstated.

Question: - Should I buy motor insurance online if I do not have a valid driving license?

Answer: - Yes, even if you don't have a valid driver's licence, you must insure any car you own that will be driven. In practically every state, this is a legal necessity, as per the government of India.

Question: - How to buy a car without a driving license?

Answer: - The most straightforward approach to acquiring a car without a licence is bringing a licenced driver. This way, you'll have someone to drive the vehicle away after you've purchased it. Be prepared to produce proof of legitimate auto insurance before the transaction, especially if you're buying from a dealership.

Question: - Can I claim Comprehensive car insurance coverage if I have a temporary RC?

Answer: - Yes, subject to the required documentation and conditions and by the insurance company.

Question: - Can I get a duplicate copy of my car insurance plan?

Answer: - You can get a duplicate copy of your 4-wheeler car insurance policy from the insurer’s website. You must log in with your details and fill in the required information.

Question: - Can I register my car without a driving license with the car insurance company?

Answer: - Yes, you may purchase, register, and insure a vehicle. However, the DL is required when filing a claim after an unfortunate event. The motor insurance company demands the driver's licence before reviewing and approving the claim.

Question: - Is there any penalty for driving on the road without a driving license?

Answer: - The Ministry of Transport has increased the penalty for driving a car without a licence from INR 5,000 in Delhi. This may differ between states, so double-check.

Question: - How can I check the status of my driving license?

Answer: - The government has created Parivahan, a platform that provides transportation-related services. The DL Status is one of them. You may check the status of your DL by visiting the Parivhan online portal and entering the license holder's DL number and date of birth.

Long Term vs Short Term Health Insurance

There is an old saying, “Health is Wealth”, and people understand the meaning of this phrase during COVID-19. Now, people understand the importance of health insurance and financial backup for medical treatment. A health insurance plan has become necessary due to inflation, and medical treatment costs have skyrocketed. The article below will try to make you understand the difference between short-term and long-term health insurance plans.

What is Short Term Health Insurance?

Short term health insurance is a type of health insurance plan that is valid only for a short policy term, i.e. from six months to 1 year. These types of health plans offer coverage benefits similar to long-term health insurance plans, and short-term health insurance plans are generally suitable for NRIs.

What is Long Term Health Insurance?

Long term health insurance is a type of health plan that provides health coverage for a long period, i.e. up to 2 to 3 years. This type of health plan is generally suitable for everyone. Long term health insurance offers you discounted premiums along with comprehensive health coverage.

Short Term vs Long Term Health Insurance

Short-term health insurance plan is only valid for a shorter policy tenure and must be renewed yearly. A long-term health insurance plan provides you with health coverage for the policy tenure of two to three years. The following are the major differences between these two types of health insurance plans:

Parameter	Short Term Health Plans	Long Term Health Plans
Policy Tenure	3 months to 1 year	2 to 3 years
Premium Amount	Comparatively less than long term health plan	Comparatively more than short term health insurance
Renewability	After every 12 months	After every 2 or 3 years
Coverage for Pre-existing conditions	Covered after waiting period	Covered after waiting period
Option to buy Add-ons	Available	Available
Monkeypox	Covered	Covered
Covid-19	Covered	Covered

Who Needs to Buy Short Term Health Insurance?

Short term health insurance is the best option for those who need health insurance for a short period of time. In the section below, we will try to help you who should buy the short term health insurance plans:

Short term health plan is the best option for NRIs (non-residential Indians).
Short term health insurance is a good option for someone who is about to switch jobs.
Short term health policy can be a good option for foreign students who come here to study.

Read More About Monkeypox Covered Under Health Insurance

Benefits of Short Term Health Insurance Plans

Short term health insurance plans offers various other benefits apart from their coverage benefits. Below are some of the benefits of short term health insurance plans:

Low Premiums:

Short term health plan costs you less than long term insurance plans. That means the premium you need to pay for short term health insurance is much less compared to long term health plans.

Availability of Cumulative Bonus

Health insurance companies offers cumulative bonuses such as no claim bonuses (NCB) if the insured does not raise the claim for the entire policy tenure.

Tax Benefits

You can avail of tax benefits under section 80D of the Income Tax Act under short-term health insurance plans.

Coverage Benefits Under Short Term Health Insurance plans and Long Term Health Insurance Plans

Below mentioned are the coverage benefits offered under the short term health plans and long term health plans:

In-patient Hospitalization

In-patient hospitalization means hospitalization (more than 24 hrs) expenses arising due to any diseases and injury.

Pre-Hospitalization

Pre-hospitalization means medical expenses incurred before the hospitalization of the insured.

Post-Hospitalization

Post-hospitalization means medical expenses incurred after the discharge from the hospital of the insured.

Daycare Treatment

Any treatments that can be treated in less than 24 hours of hospitalization is covered such as chemotherapy, cataract, etc.

Domiciliary hospitalization

Any expenses incurred due to home hospitalization are covered.

AYUSH Treatment

It covers various alternative treatments such as Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy.

OPD Charges

Any expenses arising from doctor’s prescription and medical test costs are covered.

Annual Health Check-up

A free annual health checkup for the policyholders is covered.

Emergency Ambulance

Any expense arising from ambulance service in case of a medical emergency is covered.

Benefits of Long Term Health Insurance?

Below mentioned are some of the benefits of long term health insurance plans:

Longer policy tenure: Long term health insurance offers longer policy tenure. That means policyholders can avail coverage benefits for a longer period of time with any renewal.

Get rid of the headache of renewal: Long term health insurance plan offers longer policy tenure so that you will get rid of frequent policy renewals.

Chances of claim rejection become less: Sometimes, the policyholder forgets to renew his policy and tries to claim. In such cases, the health insurance company rejects your claim because your policy is inactive. But in long-term health plans, the chances of claim rejection are reduced as the policy tenure is longer.

Who Needs to Buy Long Term Health Insurance?

Long term health insurance plan is suitable for everyone as it provides comprehensive health coverage and longer policy tenure of 1 to 3 years. Anyone who is in need of a health insurance plan can buy a long term health insurance plan.

Conclusion

Now, You know more about these two types of health insurance plans and their specific benefits and coverage benefits. You can differentiate between short-term and long-term health insurance. So that you can buy a health plan for you and your family to get financially protected from any medical emergency, this will help you make a better-informed decision while choosing the best health insurance.

Is Suicide Covered under Life Insurance?

Life insurance's primary purpose is to protect your family in the event of your demise due to an accident or untimely death, allowing you to take care of your loved ones. We refrain from discussing death since it is a depressing topic but inevitable. So, buying a life insurance policy becomes a necessity for us. But, there are certain instances in which life insurance does not offer coverage, like when the policyholder dies in an accident while participating in an adventure sport or while driving under the influence of alcohol. But, what happens if the person takes their own life?

According to WHO, about 7,00,000 people die due to suicide every year, and the statistics clearly show that suicide is a severe problem. Suicide attempters are deemed to be suffering from extreme stress according to Section 115 of the Mental Healthcare Act, which was introduced in the Indian parliament in 2017. In keeping with this, the act decriminalised suicide, requiring the government to provide care, treatment, and rehabilitation to lessen the risk of recurrence. But, the question is whether these life insurance companies cover death by suicide in the insurance policies.

IRDAI Take on Suicidal Deaths

The Insurance Regulatory and Development Authority of India has changed the suicide provisions in term life insurance policies purchased after 2014. Earlier, term insurance plans issued before January 1, 2014, will not provide a death benefit to the nominee if the insured commits suicide. Now, IRDAI has made several changes to the death provisions in life insurance policies. Any life insurance policy purchased after 2014 is payable in the event of the policyholder's suicide.

Does Life Insurance Pay for Suicidal Death in India?

The Insurance Regulatory and Development Authority of India has changed the suicide provisions in term life insurance policies purchased after 2014. In the term insurance policies issued before 2014 January 01, the nominee will not receive any death benefit in case the insured passes away due to suicide.

But since suicide takes a mental toll on the family members, it is liable to pay the compensation to the family members, which was why suicide was decriminalised under Section 115 of the Mental Healthcare Act.

As a result, insurance companies are obligated to compensate family members. A beneficiary might also be many people, so the nominees distribute the payout. The recipient receives a lump sum payment from the insurance provider based on the premiums paid by the policyholder.

What Type of Life Insurance Plans Offer Suicidal Benefit?

The suicidal death benefit typically applies to all life insurance policies that include an element of life cover, such as savings plans, wealth plans, term insurance plans, and so on. However, the amount of the death benefit granted varies with each plan. The insured may have committed suicide due to debt concerns, emotional stress, or severe mental disease. The family is affected in any case, and the main objective of a term plan is to assist such families in recovering from the financial crisis.

Why is Suicide Covered After 1 Year?

Suicide poses a legal risk to the insurance company, and such life insurance plans do not cover them to prevent insurance evasion. There is a chance that the policyholder is deeply in debt and purchases a life insurance policy to pay off the obligation. It is predicted that a person like this will be able to think clearly after 12 months.

However, for one year, suicide compensation is provided to offset the emotional or financial pain that the insured's dependents may feel following the policy holder's death. Because the primary objective of purchasing life insurance is to maintain dependents' lives financially stable when a family member dies, providing them with any aid would be beneficial.

What Happens If a Loan was Taken Against the Policy?

If a mortgage loan is arranged against a life insurance policy, the interest paid to the bank (a third party in this scenario) is protected. The insurance must be valid for at least 12 months, and death must occur within that time.

Exclusions to the Suicide Cover in Life Insurance

The terms of a life insurance policy define the coverage that will be given. There are various exceptions to suicide cover in the life insurance plan in India, as there are other terms in insurance policies.

Most life insurance contracts state that the company is not obligated to pay if the insured dies by suicide within 12 months of the policy's issuance. If the policyholder dies before the life insurance policy renews, the insurance company is not obligated to pay.

After one year, most life insurance plans cover suicide death. This one-year interval allows insurance plans to check that there is no evidence of insurance fraud. If the death happens within 12 months of the start of the risk, the insurance company will reimburse a percentage of the premiums paid. For example, if Ranveer is an eligible candidate, he might get 70% of the premiums.

How to Buy Life Insurance Plans in India

Purchasing life insurance has become quite easy and hassle-free, and we, D2C Insurance Broking Private Limited ("RenewBuy"), specialise in it. Here are the steps you should take to get the best life insurance policy.

Go to Renewbuy.com
Select the "Life" category.
Fill all the important details like Gender, Date of Birth, Address etc.
The following page will showcase the insurers' Life Insurance plans in India.
Select one of the policies and make the payment.
Once the payment is made, the policy document will be sent to your registered email address.

Conclusion

Suicide fatalities in India have been on the rise for various reasons. Some of the probable causes include debt, mental instability, a lack of knowledge, and so on. In reality, the family members of the individual who tried suicide are expected to be affected. In such cases, a life insurance plan, such as a term plan, will cover the family's financial necessities. However, the terms and conditions of the plan differ depending on the insurer and the plan.

FAQs

Question: - Is it worth buying life insurance online?

Answer: - Absolutely! When you buy life insurance online, you have the opportunity to compare the best term insurance policies available. You also benefit from lower premium rates as a result of robust competition.

Question: - How to get an estimate of the premium in a term insurance plan?

Answer: - Various websites offer term insurance premium quotes. You must check the website and use the term life insurance premium calculator to get an estimate.

Question: - Before acquiring a life insurance policy, what should I look for in a company?

Answer: - Examining the company's assets under control, claim settlement ratio, brand presence and value, and so on is critical.

Question: - In India, how many insurance companies provide life insurance?

Answer: - There are 24 registered firms approved by IRDAI in India to sell life insurance.

Question: - How to get an estimate of the premium in a term insurance plan?

Answer: - Various websites offer term insurance premium quotes. You must check the website and use the term life insurance premium calculator to get an estimate.

Ways to Reduce Health Insurance Premium

India has the highest rate of medical inflation among Asian nations in 2021. The survey stated that the retail health insurance growth trajectory would continue. Due to inflation, prices are increasing, and people think health insurance will cost them more. But there are several ways to reduce health insurance premiums. So, consider how you might reduce your premium while maintaining optimal coverage.

Tips to Reduce Health Insurance Premium

Rising medical care expenses have made health insurance mandatory, yet not everyone can afford to pay high rates. Here are some easy strategies to lower your health insurance premiums.

Buy Insurance Early: Age is one of the primary factors that influence the cost of a health insurance policy. As a result, medical insurance costs rise as you approach older age groups, as it's true that you are less prone to have any medical issues while you are younger. As you become older, age-related issues emerge, increasing the likelihood of filing insurance claims.

Select Top-up Plans: Because high premium rates have discouraged consumers from purchasing health insurance, insurers have developed health insurance top-ups. Our insurance requirements often vary as we become older. Instead of purchasing a new health insurance policy, you may supplement it with a top-up plan.

Compare Health Insurance Online: Before buying medical insurance, do your homework and analyse the many choices on the market. Some insurance policies may have high premiums, but that does not always imply that they provide superior coverage. So, it is better to compare health insurance plans online.

Buy a Family Floater Policy: Family mediclaim plans cover numerous family members. Because the odds of hospitalisation are low, these plans are beneficial for families with children. All family floater plans include spouses and children, and some provide coverage for parents. Because numerous family members are covered under a single plan, the health insurance premium is reduced.

Cumulative Bonus: Some insurance companies reward customers who make no claims during the policy period. This incentive is available as a cumulative bonus, which varies per insurer.

Buy Long-Term Policy: Health insurance premiums are typically paid once a year, and the best health insurance plans allow you to choose multi-year payment arrangements. If you pay your health insurance payments for two or more years, your premiums will be significantly lower.

Enjoy Benefit of Co-Payment: Co-payment is a feature in which the insurer and the insured share the cost of the claim in an agreed-upon ratio. As with the preceding point, you are required to pay a specified percentage of the claim amount. Choosing a higher copay can decrease your health insurance premium, but you will bear the burden of paying a portion of the medical expense.

Buy Health Insurance Plans Early: Online health insurance coverage is significantly less expensive than offline equivalents. This is because there is no intermediary in the online manner of buying. As a result, getting health insurance online is advised to obtain a low-cost premium and few documents.

Stay Fit and Healthy: Your lifestyle influences the cost of your insurance premium. The argument is straightforward and comparable to why 'age' is the main determinant! People who do not smoke, drink alcohol, use tobacco, or use drugs have a lower risk of developing life-threatening illnesses. As a result, insurance firms provide low-cost premiums to people who live a healthy lifestyle.

Conclusion

We hope after reading the article, you would have gotten clarity on how to reduce your premiums. However, lower health insurance rates are reasonable, but they should not be the only criteria used to select a health insurance plan. Always prioritise proper coverage over the cost of the insurance plan. The insurance company's trustworthiness and the claim process should also be considered with keeping other important factors in mind. Many insurance companies offer health plans, so making a safe & sound decision should be made to ensure you get the best health insurance plan that caters to your need.

FAQs

Question: - When is the ideal time to buy health insurance?

Answer: - The optimum time to buy health insurance is when you start your first job, so you may get a reduced premium and finish the waiting periods sooner.

Question: - Is maternity coverage included in the health insurance policy?

Answer: - A maternity cover usually is available as a separate purchase. However, this might differ from one insurer to the next.

Question: - What is a network hospital?

Answer: - A network hospital is a facility where you may receive cashless hospitalisation without paying for the service. Most insurance companies operate a network of such hospitals for the benefit of their policyholders.

Question: - What is the meaning of copayment?

Answer: - Copayment is a certain percentage of the claim the insured agrees to pay with the insurance company, and the insurer then pays the remaining claim amount.

Question: - Is a medical test necessary to buy a health insurance plan?

Answer: - Medical tests are not required to get health insurance. However, most Indian insurance firms have made medical examinations necessary for anyone above 45, which varies according to the insured's age.

Question: - Are there any cancer-specific health insurance plans?

Answer: - One may get a different essential insurance plan to cover conditions such as cancer. Before acquiring a plan, the buyer should read the coverages.

Question: - Will a premium be lower for a non-smoker?

Answer: - Yes! If you are a non-smoker, you will pay fewer premiums as compared to the person who’s a smoker. The same is the case if you are an alcoholic.

Health Insurance Wellness Programs

Health insurance has become an essential thing in the modern lifestyle. Health insurance may be a topic you are familiar with, but are you aware of the benefits of wellness programmes offered by health insurance companies under their health insurance plans? Continue reading for more information about these programs and how they can assist you.

What is Health Insurance Wellness Program?

Health insurance companies create various activities to help you improve your health called health insurance wellness programs. Generally, health insurance companies offer attractive rewards to participants who engage in these activities consistently. These wellness programs generally include yoga sessions, gym membership, sports club membership, etc. In the context of health insurance, wellness benefits are sometimes also referred to as wellness programs.

How does the Health Insurance Wellness Program Works?

Policyholders can participate in health insurance wellness programs and receive rewards for participation. Policyholders can use these reward points to avail discount on health insurance premium amount.

Connect your fitness tracking device with the health insurance company’s app
Complete the tasks mentioned in the app and earn fitness points
Policyholders can exchange these fitness points to get discounted premium amount on the next renewal.

Benefits of Choosing Health Insurance Wellness Program

Below mentioned are the benefits of participating in health insurance wellness program:

Discounted premiums amount
Helps in improving physical and mental health
Discounted medical checkups, treatments, and doctor’s consultation
Second opinion benefits in case of diagnosed with any health condition
Redeem vouchers for gym, and other sports and fitness centers

What is Covered Under Health Insurance Wellness Program?

Below mentioned are the activies offered under health insurance wellness programs:

Exercise programs and fitness activities
Weight-loss programs
Smoking cessation programs
Stress reduction programs
Yoga classes
Vaccination drives

Why You Should Choose Health Insurance Wellness Program?

The World Health Organization (WHO) published a report in 2019 that listed ischemic heart disease as the leading cause of death on the planet. From 2 million in the year 2000 to 8.9 million in 2019, the disease was responsible for an increase in the number of fatalities every year. Fortunately, heart diseases can be prevented with the help of healthy eating and regular exercise.

Health insurance wellness programs include healthy meal planning and fitness tasks such as exercise. By participating in these activities, you can improve your health and prevent health problems. Participating in such wellness programs helps you earn attractive rewards and these rewards help you reduce the cost of your health insurance plans.

Some Other Important Health Insurance Pages

GST on Health Insurance

AYUSH Treatments in Health Insurance

Dr YSR Aarogyasri

Preventive Health Checkup

Conclusion

All we need is regular exercise, a stress-free life and a healthy work-life balance to lead a healthy lifestyle, and that's exactly what health insurance wellness programs allow you to achieve. With the right strategy and wellness program, you can achieve better health and a longer life. Therefore, if you are looking for a health insurance wellness program, it is important to do proper market research, comparisons that ensure you get the best deal. So, always choose a health insurance plan that offers you wellness programs as their coverage benefits so that you can take care of your health and fitness on a regular basis.

Insurance Plans Launched by Prime Minister Narendra Modi

Narendra Modi has been the prime minister of India since 26 May 2014, and under his reign, the Government has introduced many insurance schemes that have benefited millions of people. Because of how inexpensive and accessible these Government-sponsored insurance policies are, one can undoubtedly safeguard the future of their loved ones. On Modi ji's 72nd birthday, we are providing you with a detailed understanding of all the insurance schemes launched since he took over. Here is the list of schemes, along with the eligibility, specifications, and benefits.

Pradhan Mantri Jeevan Jyoti Bima Yojana or PMJJBY(2015):

With a focus on the weaker section of the country, the Pradhan Mantri Jeevan Jyoti Bima Yojana is an insurance plan that intends to provide financial security against a nominal premium if a family's sole earner dies following a mishappening event.

Key Features

The Yojana is offered for one year.
PMJJBY provides a benefit of INR 2,00,000for a low annual premium of INR 330.
To enrol for PMJJBY, you must have a savings bank account.

Now, let us look at the eligibility criteria for the Pradhan Mantri Jeevan Jyoti Bima Yojana.

Eligibility	Specifications
Minimum entry age	18
Maximum entry age	50
Maximum coverage age	55

Pradhan Mantri Suraksha Bima Yojana or PMSBY(2015):

PM Suraksha Bima Yojana is an insurance scheme introduced by the Indian Government on 8 May 2015. General insurance companies in the public sector handle its administration. The bank accounts opened under the Pradhan Mantri Jan Dhan Yojana initiative are connected to this scheme. By implementing this and other programmes, the Government seeks to decrease the number of such zero-balance accounts.

Key Features

For accidental death and total disability, the risk coverage under the plan is INR 2 lakh, and for partial disability, INR 1 lakh.
You will have to pay INR 20 annual premium.
PMSBY is specifically for those who are prone to accidental deaths.

Let us understand the eligibility criteria for PMSBY.

Eligibility	Specifications
Minimum Age of Entry	18
Maximum Age of Entry	70

Atal Pension Yojana:

The Indian Government introduced the Atal Pension Yojana (APY) programme on 9 May 2015. The Pension Fund Regulatory and Development Authority oversees the guaranteed pension scheme APY administration. Depending on your age and income, you can choose a pension amount between INR 1,000 and INR 5,000.

Key Features

Either 50% of the subscriber's payment or INR 1,000 annually, whichever is less, will be co-contributed by the Government of India.
You must make this commitment on behalf of your domestic staff, as they might not have someone to take care of them once they stop working.
For a five-year term, the Indian Government will co-contribute to each eligible subscriber. Please note that the for all subscribers, including the Swavalamban beneficiaries who have moved, the advantage of five years of government co-contribution under APY would not exceed five years.

Here are the eligibility criteria for Atal Pension Yojana:

Eligibility	Specifications
Minimum Age of Entry	18
Maximum Age of Entry	40
KYC Compliant Bank Account	Mandatory

Ayushman Bharat Pradhan Mantri Jan Arogya Yojana or PMJAY(2018):

As part of the Nationwide Health Policy 2017, Prime Minister Narendra Modi unveiled Ayushman Bharat, or "Healthy India," a national project aimed at realising the goal of Universal Health Coverage. It aims to give poor and disadvantaged families health protection coverage against financial risks from dangerous medical episodes.

Key Features

Every year, vulnerable families will be given coverage of up to INR 5 lakh for any type of primary, intermediate, or tertiary healthcare services enrolled under PMJAY.
During the hospitalisation process, all out-of-pocket costs would be reimbursed.
Except for a few conditions listed as an exclusion, the beneficiary's pre-existing conditions would be treated without charge.

Let us take a look at the eligibility criteria for PMJAY:

Eligibility	Specifications
Minimum Age of Entry	16
Maximum Age of Entry	59

Pradhan Mantri Jan Dhan Yojana or PMJDY(2014):

PMJDY is a national mission on financial inclusion that employs a coordinated strategy to achieve full financial inclusion for all households in the nation. The plan calls for financial literacy, access to credit, insurance, and pension services, as well as universal access to banking services with at least one basic banking account for every household. The recipients will also receive a RuPay Debit card with a built-in 1 lakh INR accident insurance policy.

Other

Sukanya Samridhi Scheme(2015):

Prime Minister Narendra Modi introduced the Sukanya Samriddhi Yojana (SSY) programme as part of the Beti Bachao Beti Padhao campaign to secure the future of girl children. It is a kind of child insurance wherein the maximum investment in a single financial year is INR 1,50,000 with a minimum investment of INR 250. The advantages of this programme are available until your daughter becomes 21 or gets married at age 18 or both. If you wish to continue supporting your daughter's education when she becomes 18 years old, you may also partially take a specific amount of money from the deposit.

Post Office Fixed Deposits:

This government-sponsored programme allows you to open an unlimited number of fixed deposits in Indian post offices. You will obtain returns that will enable you to take care of your financial needs and take advantage of returns at respectable rates. A person can do a INR 200 minimum deposit requirement here.

Conclusion

All these national schemes are part of the initiative taken by the Modi Government to ensure that the weaker sections of our society are uplifted from the clutches of financial instability. Therefore, let's work together to inform everyone in your circle of acquaintances who qualifies for one of the Government's aforementioned health programmes. Happy Birthday Modi Ji!

A Complete Guide on Nominees in Life Insurance

A life insurance plan is a contract to protect the lives of the insured and their families. Throughout the policy term, the insured individual makes periodic payments(insurance premium) to the insurance company.

However, the money deposited and other benefits are given to the nominees on behalf of the deceased after the tenure. But who is the nominee? What is the role of the nominee? Understanding the meaning is vital as it plays an important role in every insurance contract.

What is a Nominee?

A person who receives the benefit in case of death of the insured person is a nominee. When purchasing a life insurance policy, the insured individual selects or names a nominee. Typically, the nominee is the spouse, kids, or parents. The insured party may designate one or more individuals as nominees.

What is the Importance of a Nominee in Life Insurance

The purpose of designating a nominee is to ensure that nobody else, but your chosen individual, benefits from the insurance while you are away. This guarantees that even after your passing, the goal of the life insurance policy will still be met.

You might be asking what a nominee's function is in an insurance claim now that you know who a nominee is. The necessary paperwork that must be provided by a nominee in the absence of a policyholder includes:

Identity Proof
Claim Intimation Letter
Death Certificate of the Policyholder
Post-Martem Report of the Policyholder

Who is Eligible to Become a Nominee?

The types of relatives that can be a nominee in life insurance are as follows:

Immediate Family Members: You can nominate your parents, siblings, or other family members. They can take your insured money and give it to the individual whose financial future you want to protect.

Legal Heirs: Your nominee in life insurance can be one of your legal heirs, such as your wife or children.

Extended Family Members: Any acquaintance, family, or cousin can be put up as a nomination. You must get your insurance company's consent to appoint such a nominee.

A person is designated in the case of a minor. The attendee will get the matured amount if the policyholder passes away while the nominee is still a minor. The reason is that a minor is not allowed to engage in legal transactions.

Mistakes to Avoid While Nominating Life Insurance

When choosing their policy nominee, a life insurance policyholder can make mistakes. If done poorly, it might cost the insured dearly. You should be aware of some errors when appointing a candidate for your life insurance policy. Let us look at them:

Single Nomination: Because they do not wish to designate more than one individual for nomination, policyholders frequently give a single nomination when it comes to selecting a nominee in life insurance The claim settlement process may become problematic in a situation like this if the nominee tragically passes away and the policyholder does not update the nominee's information.

Not Updating Nominee Details: Another significant error that most holders of life insurance policies make is failing to timely update the nominee information. As needed, the policyholder is responsible for promptly updating the nominee's information, including name, address, and other pertinent facts.

Making a Minor as a Nominee: The claim procedure will be stopped and the minor will not eventually receive any financial death benefit if the policyholder fails to designate a custodian for a minor nominee. A policyholder must always designate a custodian if their nominee is a minor to avoid the bother.

Types of Nominees in Life Insurance

The following categories of nominees are eligible for benefits:

Beneficial Nominees: Any member of the immediate family may be nominated. They will hold the claim benefits in their beneficial ownership. Only members of the immediate family may be named as beneficial nominees.

Non-Family Nominees: With your insurance provider's permission, you can add a family member or friend as a policy nominee.

Minor Nominees: Minors are frequently named as life insurance nominees by policyholders. However, minors under 18 must have a custodian named by the policyholder because they are not deemed old enough to manage claim amounts. When a claim is made when the nominee is under 18, the claim will be paid to the caretaker until the candidate turns 18.

Changing Nominees in Term Insurance: You can alter the nominee several times, and the most recent nomination will take precedence over all prior nominees.

Difference Between a Beneficiary and Nominee

As the name implies, a nominee is someone the policyholder names or appoints to manage their financial accounts, assets, etc., after his death.

A beneficiary is a person who has a financial stake in the policyholder's life. The beneficiary may be the policyholder's legitimate heirs or lending organisations like banks that have given the policyholder a loan or other financing.

The nominee and beneficiary may occasionally be the same individual.

FAQs

Question: - Can I appoint multiple nominees to my life insurance policy?

Answer: - Yes, you can nominate more than one nominee, and the death benefit will be paid out in equal lump sums to the nominees or to whichever nominee survives.

Question: - Is it possible to appoint my child as a nominee?

Answer: - Yes! The policyholder may name their child a nominee under their life insurance policy. Suppose the child is under the age of 18. In that case, the policyholder/life insured must additionally name an appointee under the life insurance policy, who will collect the claim amount on behalf of the minor nominee.

Question: - Is there a way to cancel the nomination in life insurance?

Answer: - You must notify the life insurance firm if you intend to revoke the nomination under your life insurance policy. You can, however, revoke the nomination under your term policy by an endorsement or will.

Question: - What are the different types of nominees?

Answer: - Beneficial, Minor, and Changing nominees are the three sorts of nominees under a life insurance policy.

Question: - Are there any charges to appointing a nominee in a life insurance plan?

Answer: - There is no price for making a nomination under a life insurance policy, but if you want to modify your nomination under your life insurance, you may have to pay a fee depending on the insurance provider's terms and conditions.

Basic Life Insurance Terms You Should Know About

Everyone these days is talking about life insurance as a necessity. But, what is a life insurance plan, and what does a life insurance company do? A contract between an insurance policy holder and an insurance company in which the insurer agrees to pay an amount of money in exchange for a premium upon the demise of an insured person or after a specific amount of time is known as life insurance.

A life insurance plan serves as a safety net, ensuring that your family has access to the needs of life while you are away. But, there are specific terminologies we do not understand when buying life insurance plans. So, let us discuss them in detail.

Life Insurance Terms You Should Know

Let's start here and become familiar with the fundamental terms used in life insurance.

Policyholder: The proposer and payer of the premium for the life insurance policy is known as the policyholder. The policyholder, who may or may not be the life assured, is the legal owner of the contract.

Sum Assured: A sum assured is the amount of money the insurance company pays to the policyholder based on the amount you specified when you bought the policy.

Life Assured: "life Assured" refers to the insured or covered individual. The nominee will receive the insurance sum in the misfortuned event, such as the death of the life assured.

Nominee: A person who receives the benefit in case of death of the insured person is a nominee. When purchasing a life insurance policy, the insured individual selects or names a nominee. Typically, the nominee is the spouse, kids, or parents. The insured party may designate one or more individuals as nominees.

Premium: The premium is what you pay each month to keep your life insurance policy active and get coverage without the payment of the premium. Your life insurance policy will lapse, and you won’t get its benefits.

Policy Tenure: The length of time the policy offers life insurance coverage is known as the "policy tenure." Depending on the type of life insurance plan and its terms and conditions, the policy tenure can be any duration from 1 year to 100 years or full life.

Maturity Age: A maturation benefit is a lump sum payment from the life insurance company when your insurance policy matures. In essence, this implies that if your insurance policy has a 15-year term, you, the insured, will get a payout at the end of that period.

Riders: Riders are add-ons that extend the coverage of the leading life insurance policy. Riders are purchased at the same time when you buy the insurance policy.

Death Benefit: The 'Death Benefit' is the amount paid to the nominee by the life insurance company if the policyholder dies within the policy's term. If you're wondering if the sum guaranteed and the death benefit are the same, don't be because the death benefit can be more than the sum guaranteed and may contain rider and additional benefits.

Grace Period: The grace period is the extension granted by the insurance provider to the policyholder after the premium payment due date. If the policyholder pays the overdue premium amount, the policy's protective cover continues.

Lapsed Policy: Non-payment of premiums will result in the cancellation of insurance. The policy lapses when the due premium is not paid even after the grace period, some life insurance companies may renew a lapsed policy if the policyholder pays the due premiums.

Free-Look Period: If you do not agree with or are uncomfortable with the terms and conditions of the life insurance that you have purchased, you may forfiet it within the time frame specified in the policy document. This is referred to as the free-look time.

Revival Period: If you do not pay your premiums within the grace period, your insurance will be cancelled. However, if you want to keep the insurance, you have the option of reactivating your expired coverage. but, when the grace period expires, the re-activation procedure must be performed within a particular time frame. This is referred to as a revival period.

Insurance Claim: If the policyholder dies during the policy term, the nominee files a claim to collect the death benefit. This is referred to as the insurance claim.

Surrender Value: If your policy term hasn't expired and you still want to cancel it, you surrender it. Your life insurance company will pay you a sum based on the conditions of your policy. It is best to confirm this while buying the insurance plan.

Standard Risk: A individual applying for a life insurance policy who meets the physical, occupational, and other criteria on which regular premium rates are based.

Underwriter: The person who evaluates an insurance application and determines if the applicant is accepted and at what premium amount is known as underwriter.

Underwriting: The procedure through which a life insurance company assesses whether or not to accept a life insurance application, and if so, on what grounds, in order to charge the right premium.

Tax Benefits: Section 10 (10D) of the Income Tax Act of 1961 provides that benefits given to the policyholder/nominee are tax-free.

Conclusion

Cumulative Bonus in Health Insurance

Ever since the pandemic, we have understood health is the most important aspect of life. So buying a comprehensive health insurance plan is a necessity. Health insurance provides financial help by covering your medical, hospitalisation, consultation, and ambulance fees. Purchasing health coverage has become essential in today's society.

If a claim is not made throughout the policy term, it's not a waste! Customers who maintain good health are given a special incentive by health insurance. The phrase "Cumulative Bonus" (CB) is mentioned. Kindly go through the post to learn more about cumulative bonuses in health insurance!

What is a Cumulative Bonus in Health Insurance?

In the context of health insurance, a cumulative bonus is a financial benefit you receive for one policy year of no claims. The idea of a no-claim bonus in car insurance is similar to this. However, the benefits you receive vary depending on the health insurance. Some insurers will reduce your premium for the following year, while others may add an amount covered to your health insurance without increasing your price.

Let us make you understand with an example:

Suppose you purchased a health insurance plan with a 5 lakh sum insured and did not file any claims in the first year. In that case, he will receive a cumulative bonus of 10% at the renewal, bringing the total amount insured for the next year down to INR 5 50,000 instead of 5 lakhs.

Similar to the first year, if you do not file a claim again in the second year, you will receive a bonus of 20%, increasing the money covered by another INR 20,000 to INR 6,00,000.

Note: This was only an illustration to demonstrate how health insurance would function if you increased your sum insured in conjunction with a Cumulative Bonus. Every insurance plan will provide varying rates for premium discounts or increases in the amount insured.

What is the Role of Cumulative Bonus in Health Insurance?

After a claim-free period has ended, health insurers reward their clients with a cumulative bonus. An increase in the amount covered of up to 5 to 50% of the total insured amount is the typical incentive provided by health insurance. After reaching the total amount of the beginning sum covered, the increment stops.

What happens afterwards if you submit a claim after being awarded one or more claim bonuses? In that case, you will forfeit the increment from the claim bonus from the last term if you file a claim after receiving one or more claim bonuses. Losses will occur at the same rate as increases. In other words, if the increase is 10% of the insured amount, you will lose your bonus at the same rate.

Benefits of Cumulative Bonus

You can save money by receiving extra coverage at the same price during renewal.
Your premium will be discounted, or additional money will be included in your covered total.
You can keep accruing your cumulative bonus for 10 years under some programmes.
If your medical costs are less, you may decide to take care of them on your own and maximise the cumulative incentive.

Difference Between Cumulative Bonus and No-Claim Bonus

The phrase "No Claim Bonus" or "NCB" may have come up when discussing car or two-wheeler insurance. It refers to a discount provided by insurers after the insured has had a claim-free period. However, the terms No Claim Bonus and Cumulative Bonus are interchangeable when referring to health insurance. In contrast, it can entail a lower policy premium or a higher sum insured in the context of health insurance. The cumulative bonus in health insurance is subject to vary.

The cumulative bonus is only earned during claim-free years, which means that as you become older and get closer to retirement, you may not have as many claim-free years as you had when you were younger.

Conclusion

One other thing to remember is that if you raise your sum insured, you will still be eligible for a cumulative bonus for the claim-free years on the higher sum insured. Make sure you don't neglect the cumulative bonus notion now that you know it. We will advise you to take advantage of the cumulative bonus during years without a claim, periodically assess the sufficiency of your sum covered, and continuously strengthen your financial security.

FAQs

Question: - What distinguishes a health insurance company's cumulative bonus from its no-claims bonus?

Answer: - In health insurance, you might receive a reduction in your premium or an increase in your covered amount for each year without a claim. However, the term "cumulative bonus" can also refer to a simple increase in the insured amount.

Question: - Will the cumulative bonus change if I change my health insurer?

Answer: - It varies as the new health insurer might have different terms and conditions.

Question: - Is a No Claim/Cumulative Bonus add-on available?

Answer: - Yes, some health insurance companies provide a no claim/cumulative bonus add-on to boost the sum covered or the policy's discount on the premium. The growth is nevertheless constrained.

Question: - Is receiving a 100% cumulative bonus reduction on a health insurance premium feasible?

Answer: - Typically, a 100% discount is not attainable. Health insurers' reductions as part of Cumulative Bonuses are subject to a maximum, and this cap will apply to the maximum discount provided by an insurance provider.

World Heart Day: Healthy Habits for Healthy Heart

Heart disease is a serious disease that can affect any one today. According to a report by WHO 2019, more than 17 million people lost their lives due to heart diseases in the world. Therefore, every 29 September we celebrate World Heart Day to promote awareness about heart diseases. Read below to know about the prevention and control of cardiovascular diseases in detail.

Importance of World Heart Day

World Heart Day was started by the World Heart Federation (WHF) in 1977 to create awareness about heart disease among every individual and community. It aims to educate people about the prevention and control of cardiovascular diseases and motivate them to give up unhealthy lifestyle.

Common Heart/Cardiovascular Disease

Below mentioned are some of the common cardiovascular diseases in the world:

Coronary heart disease: Coronary arteries blocked due to fatty substances.
Congenital heart disease: Heart diseases by birth such as Holes in the heart, closed valves, etc.
Arrhythmia: Heart beats too fast or too slow.
Rheumatic heart disease: Affects the heart muscles and valves.
Heart valve disease: Heart cannot supply blood adequately due to high blood pressure.

Cause of Cardiovascular/Heart Disease

Below mentioned are the leading causes of heart diseases:

Obesity
Diabetes
High Blood Pressure
Genetical
Unhealthy Lifestyle
Unhealthy Diet
Smoking

Prevention of Heart Disease

First of all, you have to make some lifestyle changes to prevent heart disease, apart from this you have to consider some other factors that can help you prevent heart disease:

Balanced diet
Regular Exercise
Maintain your weight
No alcohol and tobacco consumption
Keep track your blood pressure and blood sugar level

Importance of Health Insurance

As we know, the cost of medical treatment is increasing day by day and to prevent the potential danger to your heart, you need a health insurance plan which will provide you financial coverage in case of medical emergencies. You can buy a health insurance plan to cover the treatment costs arise due to heart diseases. These health insurance plans come with a waiting period of 24 to 48 months and cover the cost of hospitalization, pre and post hospitalization, daycare treatment etc.

Best Health Insurance Plans For Cardiovascular Diseases

As we know, almost every health insurance company offers health insurance plans for heart patients. But finding the best health insurance plan can be a daunting task for everyone. So, we have listed below some of the best health insurance plans for heart patients:

Health Insurance Plan	Coverage Benefits
Care Heart Plan	Cardiac Health Checkup Ambulance Cover No Claim Bonus
Star Cardiac Care Plan	All Daycare Treatment Pre and Post Hospitalization Cost of Medicine
ICICI Pru Heart	Discounted Premiums for existing customers Heart cover Coverage for Diagnostics Expenses
Future Generali Heart and Health Plan	Death benefit Covers 59 Critical Illnesses Waiver of Premium Benefit
Niva Bupa CritiCare Plan	Lifetime Renewability Covers 20 Critical Illnesses Portability Benefit

Conclusion

On this World Heart Day, inform yourself, your family and your community about the importance of maintaining a healthy lifestyle. With a balanced lifestyle that includes healthy eating, happy thinking, drinking enough water and daily exercise, 80% of heart problems can be eliminated. Also, don't wait to buy a heart insurance that suits you and your family as a health emergency can arise at any time.

Gandhi Jayanti Special: Finance Lessons by Mahatma Gandhi

In his quest for freedom, the most influential man in India, Mahatma Gandhi, taught us numerous things with his ideas, philosophies and teachings. But, little do we know about a part of his journey where he anchors on the importance of finance and investment. He was aware of the necessity of making investments and establishing factories that could spur the growth of the Indian economy and its exports. Here are some of the Mahatma's adages to remember when making financial decisions in honour of his birthday:

The Future Depends on What We Do in The Present.

It is important to start today rather than tomorrow. People frequently prefer to enjoy their earnings "today" rather than investing money for the future. But we must choose our future prosperity. People often delay their investment which might have an adverse effect. Gandhiji lived this principle that led him to success in Salt Satyagraha.

An Ounce of Practice is Worth More Than Tons of Preaching.

There's a lot of talking about it, and another thing is to do. Mahatma Gandhi believed in doing rather than just thinking about it. This is good advice, especially in finance, where early investment is key. It is simple to put off investing, telling you you can always start once you have a certain corpus, but it is necessary to ensure the best returns over a long period.

The World is Sufficient for Man's Needs But Not for Man's Greed.

One may become a victim of dubious schemes that promise high returns due to their desire to make quick money. Such rash investments risk depleting your savings. After balancing the risk-return ratio, investing in a reputable programme is always a good idea. As a result, it is prudent to invest in insurance products such as life insurance or term life insurance. They offer good protection.

Seek Not Greater Wealth but Simpler Pleasure; Not Higher Fortune, But Deeper Felicity.

The key is to concentrate on the future you want. Establish specific financial goals for each stage of your life with your financial advisor. When it comes down to it, many variables are at play. According to Mahatma Gandhi, there is more to life than simply accelerating it. When investing, this is relevant again when it comes to the value of patience and steadiness.

Mental Strength Matters a Lot More Than Skill and Talent

Making investment decisions requires skill and talent, but a cool, collected mind can achieve greater feats. When market conditions appear to be deteriorating, it may seem preferable to give in to panic and sell off your stocks, but keeping your investment long-term will yield the best returns. The lessons from the Father of the Nation were numerous, and thousands of people worldwide are still enlightened and led by his teachings today. The Mahatma's teachings could certainly improve the rules for investing.

Winding it Up!

The secret to success in finance is discipline. Mahatma Gandhi's idealogy teaches us to be patient and plan our future with resilience. There will always be a desire to make more money and succeed more. So, keeping in mind the teachings of Mahatma Gandhi, we can successfully plan a better, financially strong future. To celebrate the day, let us make sure we invest our finances in products like life insurance, term life insurance, ULIPs, government schemes, etc. to have a safe & sound future.

This Dussehra, Remove The Evils From Your Financial Life

Dussehra, also known as Vijaydashmi, is a major Hindu festival marking the end of Navratri and is widely celebrated throughout India. Dussehra is celebrated with great ardour. The spirit of Dussehra is the same across most states, despite the variations in customs and folklore. Ultimately, peace will triumph over evil. Looking at the festival from a financial and investment standpoint, there has never been a better time to examine your investing practices and eliminate the evil ones. To make sure that you make good decisions, we are giving you some tips.

Create a Spending Budget

You will not move forward in life if your expenses exceed your earnings. It clearly shows that your way of handling expenses is far from good. The best way to ensure that your income exceeds your outgoings is to keep track of them for a month or two before making a budget. You should have a budget, however fundamental it may be. This way, you can cut out your expenses and have better control over your finances.

Stay out of Debt

Paying off your debt is one of the best things you can do for your finances. Start by concentrating on the loans and credit cards that cost you the most money—those with the highest interest rates. Focus on paying off your mortgage once you have paid all these debts. Consider making a half-monthly payment on your mortgage instead of a monthly one, and make additional payments as you can. This will shorten the length of your mortgage and result in interest savings of tens of thousands of rupees.

Tax Practises

When we receive a reminder from our CA to submit investment proofs at the end of the fiscal year, most of us begin investing in tax-saving schemes. Invest in tax funds early on to reap all of the fund's benefits and income tax advantages and reduce last-minute stress. Buying insurance plans is an excellent way to lower your tax burden, which is why buying insurance is essential these days.

Set Savings Goals

It is essential to map your savings for the future. You can create a unique plan once you've identified and prioritised your savings objectives. If you have debt, you may also be unable to enter retirement because you won't have enough money to cover your payments. In the early stages of life, it is crucial that you invest in wealth creation plans, like ULIPs.

Bottom Line

Each of the five hacks can help you plan your financial life. This festive season is an excellent time to start new beginnings and think beyond conventional norms. These five hacks will improve your financial decision-making and ensure your decision-making. Effective investing is essential for creating long-term wealth.

How Does Health Insurance Works in India

The rising cost of medical treatment in the country is burdening all sections of society. People who get diagnosed with critical illness or any catastrophic injury in an accident lose their entire life savings. Buying a health insurance plan can be the best option if you're seeking a means to protect your funds from rising medical treatment costs.

Now, Let us talk about how health insurance works in India.

What is Health Insurance?

Health insurance is defined as an agreement between a health insurance company and a policyholder. The policyholder must pay a predetermined amount to the health insurance company regularly. In return, the insurance company will provide financial health coverage to the policyholder. This health insurance premium amount will determine based on various personal information such as age, gender, medical history, etc.

How Does Health Insurance Works in India?

Health insurance provides financial assistance to its policyholders during medical emergencies. There are different types of health insurance plans available in India, but the basic working of all these plans are the same. Below mentioned are the steps involved in how health insurance works are:

Analyze your needs and financial limits
Choosing a health insurance plan
Select the sum insured amount
Choose your desired add-on riders
Pay your premium amount at regular intervals
Now in case of a medical emergency, You can use your health insurance plan

The premium amount you need to pay depends on various factors such as the sum insured amount, age of the insured, coverage benefits, deductibles, add-on riders, etc.

How Does Health Insurance Renewal Work?

You have to pay a premium amount to buy a health insurance plan. However, this premium is valid only for a specific period. Generally, premium payments for health insurance policies can be made annually, half-yearly, quarterly or monthly. Once your health insurance plan expires, you need to renew it. This is necessary because health insurance coverage ends after the health policy expires. So, if you want to be covered for medical expenses all the time, you need to renew your health plan before it expires.

You should contact your insurance provider to renew your health plan. You can also renew your health insurance plan online. Visit the official website of your health insurance company, select the policy that needs to be renewed, and pay the renewal premium to renew your health plan and extend the term of the policy.

How Does Health Insurance Claim Work?

You must file a claim to get your insurance paid for medical expenses. But as soon as they receive your claim, your insurer will check to see if the treatment is covered under your health policy terms.

Suppose your illness is covered and you are taking treatment at the network hospital. In that case, you are eligible for cashless hospitalization, and the insurance company will pay the total bills directly to the hospital.

But, cashless treatment is not available if you receive treatment in a non-network hospital. If so, you will have to settle your hospital bill on your own. And then, you can make a claim with your insurance company by submitting the required documents. The health insurance company will verify your documents and then reimburse your claim within 10-15 working days.

Benefits of Health Insurance

In case of a medical emergency, having a health insurance can be a boon. Here are a few benefits of having a health insurance plan other than coverage benefits:

Reduced Stress
Tax Benefit Under 80D
Protect Your Savings
Protects You and Your family in medical emergencies
Financial Security

Conclusion

As we know, the lifestyle we are living with, and with rising medical inflation, health insurance has become an essential part of your life. Buying health insurance is quite simple and beneficial. For that, you need to understand how health insurance works for a great and hassle-free experience. Also, you can use RenewBuy to buy the best health insurance plan for you and your family.

How To Renew Motor Insurance Policy

It is in the national interest that you drive your car safely and responsibly. The loss caused by rash driving or inattentiveness can be severe for both parties. That is why the government of India has made it mandatory for all drivers to get motor insurance. However, it is even more important to renew motor insurance policies. Don't wait until the last minute to renew your auto insurance, as planning allows you to save and get cheap auto insurance quotes, if available.

Motor insurance policy renewal, including bike insurance, ensures continuous protection and safety. It refers to a process that ensures you continue to pay the premium on your policy to retain all the benefits. One can buy or renew auto insurance online now that most insurance providers have gone digital. This is one of the best methods used by auto insurance providers to make the process of renewing insurance convenient and simple.

When is The Best Time To Renew your Motor Insurance?

Most of us have a habit of delaying the renewal process of motor insurance, and that is one of the main reasons insurance companies have gone digital. Now you can go to the company's official website and renew your policy. Also, we, D2C Insurance Broking Private Limited (“RenewBuy”), focus primarily on it to make sure your renewal process is simplified. The ideal window for renewing your vehicle insurance is 15 to 29 days before your policy renewal date. The reason is that you do not want to end up being in a legal issue because of non-renewal, as it is mandatory to have motor insurance to drive on the road.

Benefits of Renewing Your Motor Insurance?

Your vehicle needs to be renewed, whether a bike or a car. Even though vehicle insurance can be renewed offline, it is recommended that you go online to get a better experience and save a lot of time. Below are some key benefits of renewing your vehicle insurance online:

Save Time: Online motor insurance renewal saves a lot of time because the process's effectiveness is much higher. Also, you get various car insurance companies on one platform, making it convenient for you to choose the best motor insurance policy.
Utmost Security: Online renewal is a secure process, and Additionally, the process transparency makes it possible for you to make a wise choice. The online process also offers secure payment gateways for premium payments, ensuring that your sensitive personal information is never disclosed.
Customisation: auto car insurance policies have a lot of customisation options. So, when you go online, you not only get to compare car insurance, but you can also customise the policies per your needs.

Renew Motor Insurance Through Renewbuy

Here is the renewal process through D2C Insurance Broking Private Limited (“RenewBuy”):

Steps:

Click on the motor insurance renewal section
Fill in the details like age, DOB, etc.
Select the best motor insurance for you by comparing motor insurance policies
Add riders if needed
Calculate the premium using the motor insurance premium calculator
Make the payment

Once you follow the steps, you can renew your vehicle insurance policy.
Documents Required for Motor Insurance Renewal

You will need a few supporting documents when renewing your auto insurance policy to finish the process. Here is the list of documents:

Old Auto Insurance Policy
Govt. ID Proofs
Valid Driving License
RC
Updated Photograph
Credit/ Debit Card Details

Bottom Line

Your motor insurance renewal is just a click away. You just need to enter a few details to renew your policy. You only need to be attentive and make sure that all details are in order. The process of renewing a vehicle insurance policy ends with receipt of the acknowledgement. Additionally, online policy renewal is now much simpler for policyholders.

Gift Your Wife, a Long & Healthy Life this Karvachauth

On a day when your wife prays to God to keep you healthy and bless you with long life, nothing can be better than gifting her a long and healthy life yourself. Karvachauth is a festival when your wife deserves to be treated special, as it is a celebration of marriage. Marriage is a union and every husband must be an equal part of this majestic union. Every year, the festival falls on the fourth day of the lunisolar month of Kartik. You may think it is too pessimistic to consider your beloved family without someone you love, but the harsh reality is that a disease gives no warning. And it is better to be prepared for the worst.

What is Health Insurance?

Before we dive deep into the importance and benefits of health insurance, it is important to understand what exactly health insurance is. Customers of health insurance companies pay a monthly premium for coverage, and in return, the company agrees to cover all or the majority of the customer's medical expenses. Buying the best health plan becomes necessary to avoid costly medical expenses and ensure you have the best service possible for your loved ones.

Tips to Buy the Best Health Insurance for your Wife

Every wife expects her husband to care for her and ensure her safety. And to do this, you can buy the best health insurance for her to ensure that she can get the best care possible in times of distress. Here are some tips to make sure you buy the best health plan for your wife:

Buy Health insurance for your wife from a reputable health insurance company.
Compare health insurance online to get the best health policy.
Look for a plan that offers your wife cashless benefits. This is a great feature because it will allow your wife to receive care at a network hospital without paying cash.
Compare premium rates online to ensure you do not pay more than the best.
If the premium is higher, don't skimp on the benefits of the coverage. It is preferable to have a comprehensive health plan that covers all of your wife's needs.

How to Buy Health Insurance for your Wife

Now that you know how to select the best health insurance, it is time to know how to buy it for your wife. Look at the following steps below:

Step 1: Go to the official website. Based on your premium, the type of coverage, and other factors, you can browse and compare all the health plans here.
Step 2: You must pick the best health insurance plan after looking at the numerous options.
Step 3: When buying health insurance online, you must provide identification information and proof of identity. This is a critical step.
Step 4: note the policy for exclusions. Take down important information such as the premium, total coverage, waiting period, claim settlement process, etc.
Step 5: After you've chosen your plan and the amount covered, you can pay the payment online.

In the post-pandemic world, people are more aware of the importance of spending money on their health and medical care. A comprehensive health insurance plan can protect against sizable unforeseen medical costs and offer solace during a medical emergency. You might also consider giving your wife health insurance like Corona Rashak or Corona Kavach.

Do your part to support your wife as she fasts for you on this Karwachauth. We wish you a very happy Karvachauth!

How To Renew Health Insurance Through Renewbuy

As per recent reports, Indian medical inflation is rising at the speed of light. The number is mindboggling. In 2021, India experienced the highest medical inflation rate, at 14%, among the highest in Asia. Does the question arise of how to tackle inflation? Who will pay huge medical bills? The best possible answer to the situation is buying health insurance. Many health insurance companies in the market offer health plans at a lower premium, and the result is positive. There is a growth of 25% despite the inflation.

The people of India are buying medical insurance. However, there is a lack of awareness among people about renewing health insurance. Hence, when it comes to claiming health insurance, little do they know that their health policy has lapsed, and the hospital will not entertain the claim. What should be done in this situation? The best way to solve the problem is to renew your health insurance. We at RenewBuy help you renew your health insurance, and here is how:

Renew Health Insurance Through RenewBuy

From "RenewBuy.com," you can renew your health insurance policy. The procedure for renewing medical insurance plans is described below:

Visit the RenewBuy company's official website, and choose "Renewals" from the list of options.
Enter your policy number and birthdate.
The required payment sum is displayed on the following page.
Additionally, you can alter your medical insurance plan to suit your needs.
Once you have made the Renewal payment, your policy information will be sent to your registered email address.

Documents Required for Renewing Health Insurance

The list of important documents varies depending on the insurance company and could slightly change throughout the process. Here is a sample list for your consideration.

Proof of identity
Age proof
Proof of address
photos the size of a passport
medical History
Health policy documents
Other important documents

Grace Period In Health Insurance

This time window ensures you renew the health insurance plan as soon as possible without losing the previously mentioned benefits. Your policy's expiration triggers the start of the grace period. Remember that you cannot claim while the policy is inactive or during the grace period.

The terms of the health plan specify that the grace period may last 15 to 30 days. If you continue to fail to renew the plan, you will forfeit all the advantages. After that, you must purchase a new health insurance plan. Renewing health insurance as soon as possible to maintain the benefits is important.

What if you Fail to Renew your Health Insurance?

You will lose all the benefits and coverage if you don't renew your health insurance policy. As a result, you must renew the health plan. To ensure that you don't miss out on timely renewals, most insurers send reminder emails and text messages to your registered contact information. You can even set reminders to ensure you don't forget the expiration date.

Bottom Line

The online renewal process is very simple and hassle-free. You won’t have to spend much time on the website, and your policy will renew in no time. While you renew your health insurance online, you can also check on riders if you think they were missing in your health policy.

Star Health Insurance Covered Diseases List

Star Health Insurance is one of the top health insurance companies in India. Star Health Insurance offers a variety of health insurance plans to meet all possible health insurance needs of its customers. Moreover, star health insurance has tie-ups with more than 12000 hospitals in India where policyholders can take cashless medical treatment. Star health insurance also offers disease-specific insurance plans such as Star Novel Coronavirus, Star Cancer Care Gold, etc.

Before discussing the list of diseases covered under star health insurance plans. Let's take a look at once the various health insurance plans offered by star health insurance:

Star Comprehensive Insurance
Star Cardiac Care Policy
Star Novel Coronavirus Insurance
Star Cancer Care Gold
Star Health Family Optima Insurance
Star Senior Citizens Red Carpet Insurance
Star Diabetes Safe Insurance
Star Micro Rural & Farmers Care Insurance
Star Super Surplus Insurance
Star Medi Classic Insurance
Star Young Star Insurance
Star Outpatient Care Insurance
Star Family Delite Insurance
Star Special Care Insurance

List of Diseases Covered Under Star Health Insurance

Star health insurance policies can protect you from various diseases. The following list covers some of the prevalent diseases that Star Health Insurance policies cover:

Coronavirus Disease

The coronavirus or COVID-19 disease is a highly contagious and infectious disease caused by SAR-Cov-2. COVID-19 can lead to serious health problems such as pneumonia, multiple organ failure or even death. To meet the needs of various COVID-19 patients, Star Health Insurance offers three individually tailored coronavirus health insurance policies.

Diabetes

Diabetes is a chronic lifestyle condition that causes high blood sugar levels. Heart attack, heart attack, kidney failure, and heart failure are severe medical conditions that can happen due to this disease. The hospitalization expenses arising from type 1 and type 2 diabetes are covered under the Star Diabetes Safe Insurance plan.

Cancer

Cancer is an illness that can occur due to the growth of abnormal cells in the body. Different types of cancer can affect different parts of your body. Star Cancer Care Gold plan covers medical expenses due to the treatment of various types of cancer irrespective of their severity.

Cardiovascular Disease

Cardiovascular diseases known as "heart diseases", are caused by abnormalities in the functioning of the heart and blood vessels. Common cardiovascular diseases among Indians include heart attack, stroke, heart failure and high blood pressure. Star Health Insurance offers two types of health plans that provide coverage against these heart diseases, i.e. Star Cardiac Care Insurance Policy or Star Criticare Plus Insurance Policy.

Cataract

A cataract is an eye condition that results in blurred vision and severe cases of blindness. Almost every Star health insurance policy covers cataract surgery up to a certain amount.

Autism Disorder

Autism disorder is a brain development disorder that affects a person's social, verbal, and non-verbal interactions. Star health insurance offers a specialized health plan, i.e. Star Special Care policy for people who have Autism.

Kidney Disease

Chronic kidney disease is caused by kidney failure, or the kidney begins to function abnormally. Star Health Insurance has a particular health insurance plan for kidney diseases, i.e. Star Health Criticare Plan.

Mental diseases

Mental diseases are psychiatric and psychosomatic disorders that affect a person's capacity to carry out daily tasks properly. The Star Medi Classic Insurance policy covers any mental illness-related hospitalization costs.

Network Hospitals

Star Health Insurance Covered Disease List

Star Health Insurance Plans Buying Process

You can buy star health insurance from the official website of star health insurance and "RenewBuy.com". In the below section, we have mentioned both the buying processes for star health insurance:

Buy from "RenewBuy.com"

Visit the official website of "RenewBuy".
Click on the "Health Insurance" tab.
Select the "Best Health Insurance Companies in India" tab.
Select the desired health insurance company.
Select the desired "health insurance ".
Fill in all the required details.
Click on the "Get Quote" button.
Click on the "Buy Now" button.
Then, Make payment.
We will send the policy documents to your registered email ID.

From Star Health & Allied Insurance

Visit the “Star Health & Allied Insurance” official website.
Click on the “Health Insurance” section.
Select your desired health plan.
Fill in the required information.
Then, click on the “Buy Now” button.
Make Payment.

Conclusion

It is important to ensure that the health insurance policy you buy covers most diseases to ensure that you are covered in most situations. Before buying a health policy, you should consider several aspects, including your requirements, add-on riders, health insurance premium amount and your family medical history. This will help you identify the diseases you are most affected by and help you choose a health policy accordingly. Check the Star Health Insurance covered diseases list, then select the plan that best meets your needs.

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Essential Add-on Covers for Two Wheeler Insurance in India

A two-wheeler insurance coverage protects the policyholder from any legal or financial difficulties brought on by harms done to a third party's person, vehicle, or property in the event of an unfortunate event. So it becomes not only vital but mandatory to buy. However, only third-party insurance is necessary but not comprehensive two-wheeler insurance. So, the chances are that you might miss on some important coverages if you got the third-party two-wheeler insurance only. To cover the coverage benefits, insurance companies introduced Add-on covers. In this article, we will discuss the add-on covers in detail.

What is a Two-Wheeler Add-on?

You can choose from various add-ons provided by insurance companies to make your comprehensive insurance cover even more comprehensive! Add-ons cover in motor insurance are a little bit like icing on the cake that strengthens your vehicle's coverage. The two-wheeler insurance coverage can be combined with several bike add-on covers. Zero depreciation, passenger aid cover, and others are a few of them.

Types of Add-on Covers Under Two-Wheeler Insurance

Each two-wheeler insurer has a different selection of two-wheeler insurance add-ons. A general motor insurance company offers its clients the following additional two-wheeler insurance coverages:

Zero Depreciation Cover: One of the most well-liked two-wheeler insurance add-on covers is zero depreciation two-wheeler insurance, sometimes referred to as "nil depreciation." It offers 100% depreciation coverage for most of the two-wheeler's parts except for the tyres, tubes, and batteries, which are covered at 50% by the insurance provider. Under zero debt cover, the base coverage of your two-wheeler insurance policy is improved, and it nearly eliminates your costs.

Consumables Cover: A bike insurance consumables cover add-on provides supplemental coverage for consumables excluded from a standard bike insurance policy. No matter how tiny the consumable products are, the add-on protection enables the insured to save money on them. The consumables include engine oil, gearbox oil, radiator coolant etc.

Roadside Assistance Cover: The meaning of "roadside assistance" is self-explanatory. Under bike insurance, the insurance company will provide roadside assistance for the premium. For bike riders whose bikes have broken down on the road, the insurer offers this emergency help service.

Engine Safe Cover: Bike insurance options like engine protection cover can be added to standalone and comprehensive own-damage insurance policies. With this coverage, you can recover costs associated with engine damage to your motorcycle.

Return to Invoice: If the policyholder's engine or other parts need to be repaired, the Engine Protection Cover protects them financially secure. This supplemental protection is a need if you're staying in a flood-prone area.

Protection of NCB: Bike insurance does not begin to offer the No Claim Bonus until the first year has passed without any claims being filed. Since then, the NCB percentage for bike insurance has increased each year without a claim, reaching 50%, the highest incentive insurance companies offer.

Medical Cover: The most significant additional coverage is medical, among others. When an accident occurs, medical help is of the utmost importance. Most of the time, it seems like medical bills are pricey, and this medical add-on cover aids in paying for all forms of medical care associated with the two-wheeler accident.

Tips to Protect Your Two-Wheeler

You are responsible for protecting your bike and using protective covers. Here are five suggestions for doing that:

Park Your Bike Under a Roof: Always place your bike where there is a roof, whether you are at home or somewhere else. It will shield the bike from the rain and other standard elements, such as stray branches and more. It is a straightforward but valuable measure to safeguard your bike.

Check Engine oil, Gear Oil, etc.: Always inspect these parts thoroughly before riding your bike, especially long distances. They are susceptible to neglect-related damage, and their longevity and effectiveness can be increased with proper care.

Clean Air Filter: Make sure to clean your air filter regularly. Especially during the monsoon season, this is crucial. Your bike will remain clean and operate more effectively if you clean it frequently.

Clean your Bike: Your bike is out there and is in danger of getting dirty. If you ignore it, puddles, mud, errant objects, and much more can seriously harm your bike. It is crucial to clean your bike even more frequently than usual because of this. Your bike will run more efficiently if you take a little more care.

Now, let us discuss the steps to understand how to buy two-wheeler insurance in India.

The process of buying a Two-Wheeler Insurance Policy Online

Two-wheelers are an essential part of daily life for many individuals. It's straightforward to buy new third-party bike insurance online. Anyone can buy insurance online by providing a few details, making a payment, and receiving the insurance policy in just a few clicks.

Steps to Buy Third-Party Bike Insurance from RenewBuy

Visit Renewbuy.com
Fill in the two-wheeler details and model.
Year of Purchase
Get the Instant Quote
You may tailor the bike insurance policy to your needs by purchasing add-on coverage.
Compare plans, choose the most suitable bike insurance policy and pay.

Thus, by following these easy steps, you will have insurance coverage on your own. The entire process takes little time or effort and is straightforward.

Conclusion

At the end of this, it is clear that add-on covers are essential for your two-wheeler insurance. Although adding add-ons to your policy is not required, doing so guarantees that you will have adequate coverage for various aspects of riding and owning a bike. And in doing so, you'll have adequate protection against the worst-case scenarios.

FAQs

Question: - What are the types of two-wheeler insurance that I can buy?

Answer: - Three types of insurance are available to you: own damage coverage, third-party two-wheeler insurance, and comprehensive insurance. However, it is mandatory to have the third-party insurance in India.

Question: - Is two-wheeler insurance compulsory?

Answer: - Every two-wheeler must have legal third-party bike insurance, according to the Motor Wheelers Act of 1988.

Question: - What about filing a claim in the event that my two-wheeler is taken?

Answer: - You must register a FIR at the closest police station if you believe your bike or scooter has been stolen. After that, you must submit a copy of the aforementioned FIR along with any other paperwork needed to support your claim.

Question: - Can I change my two-wheeler insurance company?

Answer: - You can, indeed! At least 45 days before your coverage expires, you must notify your current insurer. After that, you can select a new insurance.

Question: - Are add-on covers compulsory to buy?

Answer: - No! But if you want to enhance your coverage, make sure you buy the additional add-ons.

Dhanteras - Invest in Financial Prosperity

Dhanteras, also known as Dhantrayodashi, is the first day of Diwali week. The day is considered auspicious to buy gold, silver, and vehicles to grow wealth, as investing in these items on Dhanteras brings good fortune. But today, the world is changing, and so is India. Today, more and more people are investing in stocks, mutual funds, insurance, and other investing options. Investing in financial assets this Dhanteras will not only benefit you now but will also secure your future. After all, Dhanteras is a time when the primary goal is to achieve and maintain financial prosperity. So, let us take a look at some of the investing options that you can go forward with:

Stocks: A valuable component of your investment portfolio could be stocks. You can increase your savings, shield your funds from inflation, and increase your investment return by purchasing companies' stocks. Today, investing in stocks is regarded as one of the best methods for building long-term wealth, and investors can use the stock market to reach their long-term financial objectives. Also, the stock market offers versatility. You can buy bonds, shares, mutual funds, and derivatives. To get the best advice, you can get in touch with an experienced broker.
National Pension Scheme: The National Pension System (NPS) is a voluntary, defined contribution retirement savings plan created to help members make the best choices for their future through systematic saving throughout their working lives. The NPS aims to help citizens develop the habit of saving for retirement. It is an effort to find a long-term solution to the issue of giving each Indian citizen a sufficient retirement income. Despite investing in market-linked securities, NPS carries a lower risk than other money-market instruments like stocks, mutual funds, etc. Because NPS is a government-owned programme, the equity cap ranges from 50% to 75%. As an investor gets closer to retirement, this percentage keeps dropping, making it a relatively safer instrument.
Insurance: Investors occasionally buy insurance coverage to achieve their financial objectives. Sometimes people find it convenient to purchase an insurance product that includes investment components, such as ULIPs, to meet their insurance and investment needs. With ULIPs, you can move your money between various asset classes and change your allocations to debt funds to cut losses during a downturn. Other than that, one of the prime benefits of buying insurance is that you get savings on income tax.
Bonds: You might also be interested in learning why bond investments are a significant component of your overall financial portfolio as you attempt to comprehend the nature of an investment bond. The first guideline of any wise investment plan is to diversify your holdings. Investors must be careful not to lose their money because, for most investors, their hard-earned money is frequently divided among various instruments. An investment in bonds offers easy-to-predictable income; in many cases, bonds pay interest twice a year. Since the investor receives the entire principal amount if the bond is held until maturity, these are regarded as the best way to protect one's capital.

Conclusion

Investing in financial assets, this Dhanteras will not only put you in a good state for the present but also ensure your financial security in the future. Additionally, now is an excellent time to evaluate your portfolio, spot any gaps, and close them to ensure long-term success; as someone has rightly said, “Make money, invest it and make more.”

Conjunctivitis on the Prowl- What You Need to Know

Did you know that 250-300 people suffering from conjunctivitis were treated over the last two weeks at the BMC-run Murli Deora Eye Hospital? The official statement released by the Brihanmumbai Municipal Corporation (BMC) mentions this fact, testifying to the growing count of conjunctivitis cases throughout the city in this period. The civic authority is appealing to people to quickly visit their eye doctors in case they experience any swelling, pain, or other discomforts in their eyes. Citizens are also being advised to take suitable precautions on a daily basis in order to stave off the issue.

What’s Happening and Why

Doctors state that the increasing humidity throughout the rainy season is one of the biggest conjunctivitis causes, leading to what they call a breeding ground for such contagious ailments. This naturally leads to the rapid spread of diseases like conjunctivitis. People report swollen or watery eyes with a sticky fluid discharge alongside. The symptoms of conjunctivitis also include a lot of heaviness and itchiness, while people cannot tolerate bright sunlight or glare. The BMC has already mentioned how it is imperative for affected people to avoid rubbing or touching their eyes every now and then. They have also been advised to keep washing their eyes with water on a regular basis.

The most important thing is to maintain a distance from all other people throughout the period of the infection, which is mostly 5-6 days on average. Home remedies are not advisable since an eye specialist should be consulted for the right medication to cure the disease. The BMC has also taken steps to ensure that these are well-stocked throughout all its hospitals.

What Doctors are Saying

There are several insights garnered from doctors which may be useful in conjunctivitis season-

There are bacterial conjunctivitis and viral conjunctivitis varieties.
Conjunctivitis is also known as pink eye.
Eye conjunctivitis is common among people of all ages.
These infections are also seen in spring or summer owing to the higher pollen content throughout the air. Pollution and environmental changes may also lead to the condition.
Improper air circulation within rooms and those already suffering from the disease may also rapidly infect other people.
The disease does not spread through the air as wrongfully perceived. However, those suffering from conjunctivitis may spread it by touching or rubbing their eyes before touching other people.
eye infection is the commonest among young children who cannot strictly maintain proper hygiene while going through the infection period.
These cases usually clear up within a week.
Disposable tissues should be used by individuals for wiping their eyes instead of a handkerchief.
Common symptoms initially include swelling, redness, and discharge. The eye doctor should be consulted immediately in case of these symptoms.

Conjunctivitis Treatment

Treatment for conjunctivitis usually depends on its type or variety. Doctors state that 15-20 patients are regularly treated at city hospitals and other parts of the State. They are prescribing antibacterial, and antibiotic eye drops in case of bacterial conjunctivitis cases. At the same time, allergic conjunctivitis is treated with specific lubricating or anti-allergic drops. Those with viral conjunctivitis are being recommended rest for the condition to heal on its own. They are also advised on specific treatments on the basis of their symptoms.

According to doctors, patients should be more careful about allergic conjunctivitis. You should also skip purchasing over-the-counter medicines since self-medication may lead to several extra complications, including vision loss as well. Hence, consult your doctor immediately if you witness any such symptoms or suffer from conjunctivitis. Nothing should be done without his/her advice.

Given the wave of conjunctivitis across parts of India, you and your loved ones could be at risk of it. Taking health insurance that covers conjunctivitis is a sensible and economical way to prevent yourself from unforeseen medical bills.

Pay As You Drive Insurance

IRDAI has permitted general insurance companies to implement ideas, including Pay As You Drive insurance for private cars and two-wheelers that belong to the same individual owner. Since comprehensive car insurance is costly, Pay As You Drive comes to the rescue to turn things around. IRDAI has often urged insurers to include cutting-edge features in their product offerings to customers to protect policyholder interests and broaden insurance penetration in India. Let us understand how this type of insurance can enable you to save money.

What is Pay As You Drive Insurance?

Pay As You Drive insurance is a type of comprehensive car insurance that works based on the running of your vehicle. Simply put, you only pay for the number of kilometres you drive. The PAYD Car Insurance has three predetermined slabs: 2500 km, 5000 km, and 7500 km. When purchasing the coverage, you must tell the car insurance company the distance you will travel on your vehicle and then choose the slab accordingly. The premium would be set based on how you anticipate the running of your vehicle.

Key Features & Benefits of Pay As You Drive Insurance

Let us take a look at some of the important features & benefits of Pay As You Drive Insurance that will help us understand it better.

Features	Benefits
Personalization	You may tailor the insurance coverage to the vehicle's usage in terms of the projected distance traveled.
Flexible	If you believe you are likely to exceed the claimed distance, you can add the appropriate km range to assure continued insurance coverage.
Less Premium	If you travel less in your car, you will pay a lesser premium than if you purchased a generic Comprehensive Car Insurance Policy, where the cost is not based on the car's usage, or distance travelled.
Telematics Device	The insurer may want you to install a Telematics Device in your vehicle.

How Does Pay As You Drive Insurance Work?

Before you buy PAYD Insurance online, it is crucial to understand how it works.

Declare Car Usage: The first thing you must do is specify how you will use your vehicle over the one-year policy period depending on the total amount of kilometres it will travel.

Odometer Reading: To receive the benefits of this plan, you must upload a video stating your car's odometer reading before the policy expires.

Premium: Once you are approved for this plan, you are entitled to earn a 10% reduction on the cost of your own damage insurance.

Claim Process: The claim will be resolved as usual if it falls within the defined slab. When a claim exceeds this cap, the policyholder could be requested to make a co-payment of a particular amount.

Who Should Buy Pay As You Drive Insurance?

Pay As You Drive insurance will work most appropriately for those:

If you rarely drive your car.
If you don't frequently travel longer miles in your vehicle.
If you own many vehicles but only often use one of them.
This strategy is specifically designed for those who rarely or never use their personal vehicles for commuting and majorly depend on public transportation.

How Premium is Calculated in Pay As You Drive Insurance

The following are the key elements that affect how much you pay for vehicle insurance:

Type of Vehicle: When using a car insurance calculator, the kind of vehicle, its make and model, registration date, and so on, all play an important part. So when you are entering the details in the insurance calculator, make sure you type the correct information.

Type of Policy: As we all know, car insurance is classified into two types: third-party and comprehensive. Your premium will be reduced if you have a third-party plan. If you choose a comprehensive plan, however, you will have to pay a larger premium. As a result, you must select the coverage that best meets your needs because it will affect your overall motor insurance premiums.

Age of the Vehicle: The insured declared value, or IDV, is a critical component of a car insurance calculator. The value of your automobile decreases as it ages. As a result, an older vehicle with a greater IDV has a lower car insurance rate.

Riders: Riders are optional coverages that may be added to a standard vehicle insurance policy. Your insurance rates will rise if you purchase riders for additional protection. As a result, you should grasp the scope of each rider and select the ones that will provide you with the most value.

NCB: The no claim bonus (NCB) is a discount for not filing claims. This discount grows year after year. If you have a lot of NCB, you will get a substantial discount on your car insurance price.

So, after considering all these factors, your car insurance company will decide your premium.

How to Buy Pay As You Drive Insurance Online

You may buy them online from different car insurance company websites or through an insurance aggregator.

Buy from the official website of the insurance company

Visit the website of the insurance company and enter the "Car Insurance" page
Choose the car insurance plan you like
Fill in all the information
Tap the Buy button
Proceed with payment
The car insurance company will send the policy documents to your email address

What if You Exceed the Declared Car Usage Limit?

You will not be charged extra if your vehicle usage limit is reached. You can continue to use your existing comprehensive motor insurance coverage. However, throughout the claim settlement process, the insurer may request that you pay a co-payment. So, It's important to first evaluate your driving habits, patterns, and requirements before deciding on a PAYD coverage or a Comprehensive Policy to insure your automobile.

FAQs

Question: - What is PAYD?

Answer: - The premium will be calculated based on an individual's customised coverage. As a result, choosing a Pay as You Drive add-on in addition to the regular car insurance will benefit customers with limited vehicle utilisation.

Question: - How many times can one claim car insurance in a year?

Answer: - There is no specific number as of now. But, it's important to read the terms and conditions carefully while buying a PAYD policy.

Question: - What do we understand by the No Claim Bonus in a car insurance policy?

Answer: - NCB is a premium discount that you can receive if you do not file any claims throughout the term of your 4-wheeler insurance policy.

Question: - Is there a way to get a duplicate copy of my motor insurance plan?

Answer: - Yes, you may obtain a duplicate copy of your 4-wheeler motor insurance policy by visiting the insurer's website. You must log in with your credentials and provide the necessary information.

Question: - How long will it take for me to acquire the coverage if I buy vehicle insurance online?

Answer: - When you purchase vehicle insurance online, the policy will be delivered to you shortly after the insurance payment is paid. Your email address will receive a copy of the policy document.

e-Insurance Account - Everything You Need To Know

An e-insurance account is also known as an e-IA or electronic insurance account. An e-Bima Account is an easy and effective way to manage all your insurance plans like Life Insurance, Health Insurance, Motor Insurance, Personal Accident Insurance, Critical Illness Insurance, etc. Electronic insurance account was introduced by the Insurance Regulatory and Development Authority of India (IRDAI). Facility to assist policyholders in accessing their policies digitally at any time and from any location.

Customers can avail themselves of this service by opening a free e-insurance account simultaneously as they purchase the policy for which a proposal form is provided. If the policyholder has an existing e-Insurance account, the individual can add a new policy by disclosing the account information in the proposal form.

Policyholders can keep all their insurance policies in one place and access them anytime. Every e-IA will have a unique account number, a unique login ID and a password to access the electronic policies online.

How can I open an e-Insurance Account?

The IRDAI has approved four insurance repositories for opening e-insurance accounts. You can open your e-Insurance account through any of the following insurance repositories:

NSDL Database Management Limited
Karvy Insurance Repository Limited
CAMS Repository Services Limited
Central Insurance Repository Limited

In addition, we also have a digital wallet known as "Glovebox". You can also buy our digital wallet for free. All you need to do is log in with your User ID and Password and enter your registration number to add new policies and view existing ones.

You can open your e-IA by following the below-mentioned steps:

Choose your desired Insurance Repository company.
Download and fill out the e-IA opening form.
Submit self-attested KYC documents such as date of birth, identity, and address proof.
Enter personal details, bank details and contact details.
Submit a cancelled cheque.
A recent passport-size photograph.
Submit the form to your insurance company.

*You do not have to submit any KYC documents while opening an e-insurance account through a health insurance company, as the insurance company will send your KYC documents to the insurance repository.

Required Documents for Opening an E-Insurance Account

The following documents need to be submitted to open an e-insurance account:

Cancelled bank account cheque
Bank account number and other required bank details.
Latest passport size photo
Self-attested copy of identity proof such as your Voter ID card, pan card, passport, etc.
Self-attested copy of your age proof such as passport, voter id card, birth certificate etc.

*The e-insurance account can be opened without any charges. Only the authorized person can access the e-Insurance account to view the portfolio of insurance policies.

Who is an Authorized person?

An authorized person can access the e-Insurance account if the account holder dies or cannot do so. Hence, the policyholder must include the contact information of the authorized person.

Features of Electronic Insurance Accounts

Some of the features of an electronic insurance account are mentioned below:

A person is only permitted to have one e-insurance account.
Multiple users can access all the policies in a single account
For future assistance and inquiries, you will receive a unique number
You will get a unique login ID and password to access the account

Benefits of an E-Insurance Account

An electronic insurance account is very beneficial when you have many insurance policies from various insurers. Some of the other benefits of e-IA are listed below:

Safety and Security: The safety and security of policy documents is one of the most important benefits of having an electronic insurance account. The fact that the original policy documents will be made available in a secure electronic format eliminates the need to worry about damaging them.
Convenience: One e-insurance account can be used to hold multiple insurance policies, including life, pension, health and general insurance. This indicates that a single account can be used to view all policy information. You can view the details of any insurance whenever you want by logging into the online portal of the Insurance Repository.
One-time KYC submission: If you have an e-insurance account, you do not need to re-submit KYC details to buy a new insurance policy. A policy will be issued if you mention the e-insurance account number.
Better Monitoring: Your e-insurance account will inform you when your policy is up for renewal and when your premium is due. This will enable you to better track your policies and prevent policy lapses.
Easy Premium Payments: One of the main benefits of having an e-insurance account is that you can pay your premiums online quickly and easily.

Conclusion

Insurance policies are always necessary and should be carefully protected. Even though physical copies may face misfortune, it is always a good idea to have e-insurance accounts so that your policy documents are safe, quickly accessible, and shared with close relatives for their use while you are away. This is another digital revolution that insurance policyholders will embrace in the era of digitization. Now you understand the benefits and features of e-insurance accounts, it's important to remember to buy an e-insurance account along with the insurance policy.

Some Other Important Health Insurance Pages

Health Insurance Companies in India

Star Health Insurance

Care Health Insurance

HDFC Health Insurance

Niva Bupa Health Insurance

Niva Bupa Health Insurance Customer Care

Health Insurance Claim Settlement Ratio

Term Insurance Tax Benefits

Care Health Insurance Customer Care

Plan a Happy Diwali for Long Run with Life Insurance

Diwali is known as the festival of lights, joy and happiness. It brings light in the darkness and also represents prosperity. This festival recognizes the importance of financial stability to lead a happy life. As part of our celebration, we welcome and worship Lakshmi, the goddess of prosperity, and we also give thanks for our financial security. It would be a wise decision to look after the future of your family and friends if something happens to you.

This is where life insurance comes in handy. If you are looking to buy a life insurance plan, then Diwali would be the best day to buy a life insurance plan.

Let us look at some of the benefits of comprehensive life insurance that you will get if you buy a life insurance plan this Diwali.

What is Life Insurance?

Life insurance is an agreement between the life insurance company and the policyholder in which the insurance company provides financial protection to the policyholder in case of the unfortunate death of the policyholder. In return for this financial security, you must pay some predetermined monthly premium. Further, it is up to the policyholder to decide the amount the Sum Assured of the policy and the premium amount will depend on the sum assured amount.

Why Choose Life Insurance this Diwali?

Life insurance can be the best gift for your family this Diwali as it provides financial security to you and your family. Apart from this, it offers you many other benefits which makes it the best gift for your family this Diwali:

Investment Benefit

The primary purpose of life insurance is to provide financial security to you and your family, which can also be a good way to invest. Many different savings and pension plans available in the market are part of life insurance. Some are guaranteed income plans, money-back life insurance plans, etc. These can also help build a corpus to achieve your important monetary objectives, and you can also make wealth by investing in these above-mentioned life insurance plans.

Death Benefit

As we know, the festive season is on and no one likes to talk about sadness. But the truth is that accidents can happen at any time. So we should always be prepared for the unfortunate event of death. The main advantage of life insurance policies is that they provide financial stability for your dependents or family in case of untimely events like the loss of the family's primary breadwinner.

Tax Benefit

Another important advantage of a life insurance plan is the tax benefits. The policyholder can avail of tax benefits on premiums paid for life insurance plans under Section 80C of the Income Tax Act 1961. In addition, the amount that your beneficiary receives will be completely tax-free.

Conclusion

Nowadays, life insurance plans can also serve as retirement or wealth-building strategies, making them a truly reliable indicator of financial security in your golden years.

Life insurance can be the best option to deal with the uncertainties of life. Hence, choose the best life insurance for you and your family and protect them from future calamities of life.

Things You Need To Know About Luxury Car Insurance

Swivel Seats, night vision, high horsepower. We all know that when it is embedded in vehicles, we are talking about luxury. Every day, Indians are buying cars that are more luxurious than ever before. According to a report, the Indian luxury car market was valued at USD 1.06 billion in 2021, and the demand is expected to rise.

When buying these luxury cars, your basic motor insurance plan is not enough. A luxury car is a high-maintenance car with a cost, and minor repair work costs tons more than other cars. However, luxury car insurance, a comprehensive plan, offers full coverage from insurance companies for such vehicles. Let us understand it in more detail.

How does Luxury car insurance work?

When buying car insurance online, you have the choice of selecting the IDV of your vehicle. A luxury car's IDV is higher because it costs more than a standard car does. When compared to an insurance policy for a standard car, the insurance premium for a luxury car is also more expensive because its IDV is higher.

It works the same way as the basic insurance plan. However, the amount premium is relatively higher. As a result, luxury car insurance offers excellent engine protection and higher claims.

Tips to Reduce Premiums for Luxury Car Insurance

Motor insurance in India is mandatory for driving a vehicle on the road. So, it becomes extremely important to have an insurance policy, especially if you have an exotic car. Here are some tips to reduce your premium.

One way to lower your car insurance premium is by opting for a higher deductible.
Exotic cars come with a flavour. Accessories, Nappa Leather seats, etc are all high-maintenance. So, it is wise to buy the car for less than its value and let the motor insurance company pay the bill.
Buying Car insurance online will help you compare and, thus, helps you find the best vehicle insurance policy with a lower premium.
Reduce car modifications. Any high-end modification can lead to a higher premium.
By avoiding unnecessary add-ons, you can lower your premiums. For example, there is not much need to get a tyre cover if your car is old.

Luxury Car Insurance Rates

To check the insurance rates, you can visit the insurers' websites and click on the car insurance premium calculator to get the best quote for your exotic car. You can find out the approximate premium cost of your car insurance policy by simply entering basic information about your vehicle. You can also visit RenewBuy to get motor insurance quotes instantly.

Bottom Line

You need to consider all the points we have covered to ensure the best luxury car insurance with comprehensive coverage. When choosing a luxury car insurance policy, we must consider the benefits, requirements, and costs. We can then choose to purchase one that is within our price range.

FAQs

Q. How to check which insurance provider offers luxury car insurance?

A. The easiest way is to check online car insurance. This way, you can easily compare different insurers and get the best luxury car insurance.

Q. Which car insurance policy is the best for luxury cars?

A. A comprehensive car insurance plan with value-added features is the best as it offers complete coverage. Although, you can compare car insurance online to get the best plan for yourself.

Q. Do we get add-ons with the luxury car insurance?

A. You can opt for add-ons as per your needs when buying luxury car insurance. The add-ons ensure that you get complete coverage.

GST on Hospital Room Rent

In the 47th meeting of the Goods and Services Tax Council (GST), the Government of India imposed 5% GST on hospital room rent of INR 5K or more. This 5% GST on hospital room rent will be applicable from 18th July 2022.

The government has not levied an indirect tax on healthcare sector services because they understand the importance and purpose of reducing the cost of healthcare services. Putting taxes on healthcare services could immediately affect the general public by raising the cost of healthcare treatment.

To make you understand the impact of GST on hospital rooms, we have given an overview of hospital room rent

This 5% GST does not apply to intensive care units (ICU).
No GST will be applied if the room rent is less than INR 5K.

Impact of GST on hospital bills

Earlier	Now
GST on Room Rent Per day INR 4K	GST 0%
Room Rent Per Day INR 5K	GST 5%

For example: Let's say your room rent is Rs 6k per day, then your hospital will cost Rs 18900 for 3 days. This means Rs 18K for room rent and Rs 900 for GST.

What should Policyholders Do?

The cost of hospital rooms is limited under many health insurance plans. This limit can be based on co-payment, where the insured has to pay a portion of the room rent out of his own pocket or based on the restriction of certain types of hospital rooms.

In some co-pay cases, policyholders must pay a portion of the room rent, including the GST amount. To avoid these situations, we recommend you choose a health plan that offers no capping on room rent. Read the policy document carefully before buying health, so you do not have to make surprise payments.

Who Will Pay The GST Amount?

The entire hospitalization cost will be borne by the health insurance company, which means that the chargeable GST will also be paid by the insurer and will not affect the policyholder during claim settlement.

Conclusion

The decision to impose GST on health services is expected to have many side effects. As per the justification given by the government, 5% of GST will be applicable only on rooms that cost INR 5K or more. So, unprivileged people will not be affected by such taxes. But, it is good to buy a health plan with no capping on the hospital room rent, and then you don't have to worry about GST on room rent.

EV Policy: EV Car Subsidy in India

Vehicles have transformed our modern by providing freedom of mobility, covering long distances in a shorter period. But the technology that runs a vehicle has harmed the environment in unimaginable ways. Cars contribute significantly to air pollution, and fuel consumption and greenhouse gases account for 80% of a car's environmental impact. The government constantly emphasises buying electric vehicles to reduce dependency on the climate.

According to the government, those who buy electric vehicles by March 2024 will be eligible for a subsidy under the new EV policy. Many states provide FAME subsidies, and others plan to do so. Take a look at the table below to learn more about India's state-wise incentives for two-wheeler.

State-Wise EV Subsidies for Two-Wheelers in India

State	Per kWh of battery capacity	Max subsidy	Road tax exemption
Assam	INR 10,000	INR 20,000	100%
Rajasthan	INR 2,500	INR 10,000	NA
Meghalaya	INR 10,000	INR 20,000	100%
Odisha	NA	INR 5,000	100%
Delhi	INR 5,000	INR 30,000	100%
Bihar^	INR 10,000	INR 20,000	100%
West Bengal	INR 10,000	INR 20,000	100%
Meghalaya	INR 10,000	INR 20,000	100%
Gujarat	INR 10,000	INR 20,000	50%
Uttar Pradesh	No	No	100%
Telangana	No	No	50%
Karnataka	No	No	100%
Tamil Nadu	No	No	100%
Kerala	No	No	50%
Punjab^	No	No	100%
Andhra Pradesh	No	No	100%
Madhya Pradesh	No	No	99%

*including early bird incentive; ^policy yet to be approved

Road tax is completely waived for electric vehicles in the majority of states where the policy is in effect, with the exception of Gujarat and Kerala, where buyers must pay 50% of the total road tax amount.

State-Wise Incentive Subsidy in EV For Four-Wheelers

Each state has its e-mobility strategy and subsidy requirements for electric vehicles in addition to the federal FAME II programme. The government's support for electric vehicles is in the table below.

State	Per kWh of battery capacity	Max subsidy	Road tax exemption
Maharashtra	INR 5,000	INR 2,50,000*	100%
West Bengal	INR 10,000	INR 1,50,000	100%
Meghalaya	INR 4,000	INR 60,000	100%
Rajasthan	No	No	NA
Odisha	NA	INR 1,00,000	100%
Delhi#	INR 10,000	INR 1,50,000	100%
Bihar^	INR 10,000	INR 1,50,000	100%
Gujarat	INR 10,000	INR 1,50,000	50%
Assam	INR 10,000	INR 1,50,000	100%
Uttar Pradesh	No	No	75%
Andhra Pradesh	No	No	100%
Telangana	No	No	100%
Tamil Nadu	No	No	100%
Karnataka	No	No	100%
Madhya Pradesh	No	No	99%
Kerala	No	No	50%
Punjab	No	No	100%

*including early bird incentive; ^policy yet to be approved; #only for first 1,000 buyers

What is FAME EV Subsidy?

The Indian government launched the FAME India project to discourage the use of petrol and diesel-powered vehicles, and it was a vital component of the national electric mission plan.

The FAME I scheme's initial stage was approved for two years, beginning on April 1, 2015. The Electric car subsidy programme has since received sporadic extensions. FAME's initial phase was most recently extended through March 31, 2019. The scheme benefits the growth of electric cars in India.

What is FAME 2 EV Subsidy?

The government recently gave electric mobility a significant boost in the nation. The Union Cabinet, led by Prime Minister Narendra Modi, has approved the plan to implement "Faster Adoption and Manufacturing of Electric Vehicles in India Phase II in order to advance electric mobility in the nation. Under electric car subsidy, the government aims to accelerate the adoption of electric and hybrid vehicles by developing the essential EV charging infrastructure, which is essential if the nation is to embrace e-mobility.

To encourage the adoption of e-2W, the demand incentive has been raised under the FAME-II programme from INR 10,000/KWh to INR 15,000/KWh, with a cap increase from 20% to nearly 40% of the cost of the vehicle. Additionally, the FAME-India Scheme's Phase II has been extended for an additional two years, beginning on March 31, 2022.

Bottom Line

The government unveiled a Production Linked Incentive programme for automakers last year, part of which aims to increase the production of electric vehicles. It is clear that the automotive market of India is on the rise, especially regarding two-wheelers, and since the technology is environmentally friendly, it is the future. An electric vehicle has significantly lower operating costs than a petrol or diesel vehicle, making it cost-efficient. So, it is a good time to bring home a new electric two-wheeler, or if you have a bigger budget, you can go for a new electric four-wheeler.

Related Article:

Top Electric Car Insurance in India

Know Why Car Insurance for Electric Vehicles Will Cost More

Mahatma Jyotiba Phule Jan Arogya Yojana

The Indian government has launched various government health insurance schemes over the years to improve unprivileged people's lives. Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY) is also one of them. It is one health insurance scheme that aims to provide quality healthcare services to economically backward people.

In this article, you will learn about the features, eligibility criteria and benefits of the Mahatma Jyotiba Phule Jan Arogya Yojana (MPJAY).

What is Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY)?

The Maharashtra State Government originally introduced the Rajiv Gandhi Jeevandayee Arogya Yojana in July 2012. It was renamed as the Mahatma Jyotiba Phule Jan Arogya Yojana (MPJAY) On April 1, 2017. MJPJAY was launched to offer cashless healthcare services to the underprivileged and vulnerable sections of society in case of severe conditions requiring hospitalization.

Highlights of Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY)

Below mentioned are the significant highlights of the Mahatma Phule Jan Arogya Yojana:

Scheme Name	Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY)
Launched by	Maharashtra Health Ministry
Objective of the Scheme	Providing cashless healthcare services to the unprivileged people
Beneficiaries	Citizens of Maharashtra
Official Website	www.jeevandayee.gov.in

Eligibility Criteria for Mahatma Phule Jan Arogya Yojana (MPJAY)

Below mentioned are the eligibility criteria for Mahatma Phule Jan Arogya Yojana (MPJAY):

Mahatma Phule Jan Arogya Yojana (MPJAY) offers health coverage to families who are a part of identified distressed districts of Maharashtra.
The beneficiary should have an Antyodaya Anna Yojana Card (AAY), yellow/white/orange Ration Card, and Annapurna Card.
Farmers should belong to the agriculturally distressed districts.

Salient Features of Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY)

Below mentioned are some of the salient features of Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY):

Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY) provides INR 1.5 lakh of the sum insured per annum per family.
Mahatma Phule Jan Arogya Yojana (MPJAY) offers coverage for the cost of surgeries, medications, treatment, diagnostics, and consultations.
Mahatma Phule Jan Arogya Yojana (MPJAY) offers coverages for a family floater and individual basis.
The insured does not have to pay any premium or treatment charge as the State Government of Maharashtra pay for it.
All pre-existing diseases will be covered from day one.
Insured can attend one medical camp annually, which will be free of cost.
Apart from government hospitals, various private hospitals are also empanelled in their network where you can take cashless medical treatment.

What is Covered Under the Mahatma Phule Jan Arogya Yojana (MPJAY)?

Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY) offers coverage for the following medical expenses:

Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY) covers 971 medical surgeries/therapies/procedures and 121 follow-up packages in 30 specialized categories.
It includes ENT surgery, General surgery, Gynecology, Obstetrics surgery, Orthopedic surgery, Cardiac and Cardiothoracic surgery, Pediatric surgery, Ophthalmology surgery, Plastic surgery, Radiation surgery, etc.
Renal transplant operation up to a limit of INR 2.5 lakh.
Post-hospitalization expenses are covered for 10 days.

List of Diseases and Treatments Covered Under Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY)

Below-mentioned is the list of diseases and treatments covered under the Mahatma Jyotiba Phule Jan Arogya Yojana MJPJAY:

General Surgery
ENT Surgery
Orthopaedic Surgery and Procedures
Gynaecology and Obstetrics Surgery
Surgical Gastroenterology
Ophthalmology Surgery
Surgical Oncology
Cardiac and Cardiothoracic Surgery
Genitourinary System
Pediatric Surgery
Plastic Surgery
Neurosurgery
Medical Oncology
Burns
Radiation Oncology
Critical Care
Prostheses
Polytrauma
Pediatrics Medical Management
Infectious Disease
General Medicine
Neurology
Nephrology
Cardiology
Rheumatology
Dermatology
Pulmonology
Interventional Radiology
Gastroenterology
Endocrinology

How to Enroll under the Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY)?

Below mentioned is the enrollment process for the Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY):

Applicants can meet the Aarogyamitra at the nearest district/general/network/women's hospital to initiate the application.
You will be given a health card that you can be shown to the empanelled network hospital for the recommended treatment.
Then, you need to show your orange/yellow ration card or Annapurna Card in case a ration card is unavailable.
An e-authorization request will be sent to the insurance company, and MJPJAY will review the same request.
The cashless treatment will start once the verification is done.
The hospital will provide the original bills and documents to the insurer for claim settlement. The hospital will issue the payment after the records are examined, and the claim is accepted.

Moreover, the network hospital provides free consultation, medicines, and diagnostics for 10 days from discharge.

How Can You Apply for Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY) Card?

To apply for Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY) card, you need to visit the nearest government health facility where you can take help from Aarogyamitra who is the representative of the MJPJAY scheme. The Aarogyamitra will help get the Mahatma Phule Jan Arogya Yojana (MPJAY) Card.

Required Documents To Apply for Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY)

You need to submit the following KYC documents along with the ration card:

PAN card
Aadhaar card
Voter ID
Nationalized bank passbook with photograph
Defense Ex-Service Card
School or college ID
Driving license
Handicap certificate
Passport
Tehsildar's stamps on the applicant's photograph
Photo ID issued by the Government of India or the Government of Maharashtra
Senior citizen card issued by the Central or State Government of India
Freedom fighter ID card

Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY) Claim Process

You can raise your claim under Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY) by following the steps given below:

A diagnosis is conducted to identify the condition.
Once the pre-authorization has been obtained from the insurance provider, treatment will start right away if the diagnosis is made in a network hospital.
If the diagnosis is not made in the network hospital, Arogyamitra will offer a referral card to start the treatment at the empanelled hospital.
The insurance provider will provide online e-authorization to the network hospital.
The treatment will start after the hospital receives the authorization letter from the insurance company.
After the treatment is completed, the hospital will share all relevant documents, such as medical bills, discharge summary and diagnostics, with the insurance company.
The insurance company will start the verification of the documents.
Once the verification is complete, the insurance company will approve the claim settlement.

Mahatma Phule Jan Arogya Yojana (MPJAY) Contact Details:

Below is the helpline number and the address of Mahatma Jyoti Phule Jan Arogya Yojana (MJPJAY):

Toll-Free Number: 1800-233-2200 / 155 388

Address:

Mahatma Jyotiba Phule Jan Arogya Yojana,
State Health Assurance Society,
ESIS Hospital Compound,
Ganpat Jadhav Marg,
Worli,
Mumbai – 400018

Some Other Government Schemes in India

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Atal Pension Yojana (APY)

Government Life Insurance Schemes

Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY) FAQs

What is Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY)?

Ans. Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY) is a government-sponsored health insurance scheme launched by the Government of Maharashtra in India. It aims to provide cashless healthcare services and financial protection to eligible families for secondary and tertiary hospitalization expenses.

Who is eligible for MJPJAY?

Ans. The MJPJAY scheme targets vulnerable and economically weaker sections of society. Eligibility is determined based on the Socio-Economic Caste Census (SECC) database. Families falling under defined categories of the SECC database, such as deprived rural households, labourers, urban poor, and others, are eligible for MJPJAY.

What are the benefits covered under MJPJAY?

Ans. MJPJAY covers various medical treatments and procedures, including hospitalization costs, surgeries, diagnostics, medicines, and follow-up care. The scheme covers various illnesses and medical conditions, including pre-existing diseases.

How do you Avail yourself of the benefits under MJPJAY?

Ans. To avail of the benefits under MJPJAY, eligible beneficiaries can visit empanelled hospitals and present their MJPJAY health card or provide their MJPJAY identification details. The hospital will verify the eligibility and provide cashless treatment as per the scheme's guidelines.

Is there any enrollment process for MJPJAY?

Ans. Eligible families are identified through the SECC database, and health cards are issued to them. The concerned authorities manage the enrollment process, and eligible families are automatically enrolled in the scheme.

Are there any costs involved for beneficiaries under MJPJAY?

Ans. Beneficiaries under MJPJAY are entitled to cashless treatment for covered medical procedures and hospitalization expenses. However, there may be some nominal charges for specific services, such as user fees or additional amenities requested by the patient.

Are all medical treatments covered under MJPJAY?

Ans. MJPJAY covers a wide range of medical treatments and procedures. However, certain exclusions and limitations may apply. It is advisable to refer to the official guidelines and documents of MJPJAY or consult with the empanelled hospitals for a detailed list of covered treatments.

Can MJPJAY be availed of in any hospital?

Ans. MJPJAY can be availed of in empanelled hospitals only. These hospitals agree with the scheme to provide cashless treatment to eligible beneficiaries. It is important to visit an empanelled hospital to avail of the benefits under MJPJAY.

Can beneficiaries avail of treatment outside their home state under MJPJAY?

Ans. MJPJAY provides portability, allowing beneficiaries to receive treatment in empanelled hospitals outside their home state. However, certain conditions and procedures must be followed to ensure seamless treatment and reimbursement.

How can beneficiaries obtain information about MJPJAY?

Ans. Beneficiaries can obtain information about MJPJAY through various channels. They can visit the official MJPJAY website, contact the helpline number, or seek assistance from the empanelled hospitals for any queries or information related to the scheme.

World Mental Health Day: Top Mental Health Insurance in India

People are discussing mental health these days because World Mental Health Day is coming on 10th October 2022. Celebrities like Aamir Khan, Bipasha Basu and Deepika Padukone openly discuss the value of good mental health. Citizens from all corners come together to raise awareness, love and positivity about mental wellness.

Seeing people openly discuss mental health is a positive change because it was often avoided and considered "taboo". Thankfully, things are different now! Nowadays, mental health is taken more seriously and is no longer seen as "a phase that will soon pass".

How Can a Health Insurance Be a Dependable Partner in Mental Illness?

The health insurance industry has also changed regarding mental illness. A few years ago, mental illnesses were counted as an exclusion in the health insurance plan and psychological disorders, anxiety, depression, and other mental illnesses were common exclusions in health insurance. However, things have started to improve after the Mental Health Care Act of 2017 and the IRDAI circular ordering health insurance companies to cover mental illnesses. Health insurance companies now cover mental illnesses as a coverage benefit in their health insurance plans.

When buying a health insurance plan for mental illness, you should check whether you need inpatient or outpatient coverage. Generally, in-patient hospitalization for mental illness is covered under health insurance plans. Therefore, you should buy health insurance plans that provide coverage for OPD coverage if you want medical consultation or therapy for mental illness.

Best Mental Health Insurance Plans in India

Nowadays, almost every health insurance company offers coverage for mental illness under their health insurance plans. But finding the best can be very difficult. Hence, we at RenewBuy have put together a list of the best mental health insurance plans in India. In the table below, we have listed the best mental health insurance plans in India, along with their coverage benefits:

Health Insurance Plans	Coverage Benefits	Network Hospitals
HDFC Ergo My Health Suraksha	OPD Charges Daycare Treatment Hospital Daily Cash	13000+
Aditya Birla Activ Health	Domiciliary Hospitalization Pre and Post Hospitalization Daycare Treatment	10051+
Reliance Health Gain	Organ Donor Cover Ambulance Cover Domiciliary Hospitalization	7300+
ManipanCigna Lifetime	Organ Donor Cover Ambulance Cover Domiciliary Hospitalization	7500+
ManipalCigna Pro Health	Domiciliary Hospitalization OPD Charges Day Care Treatment	7500+

Conclusion

Talking about mental health is not common in India. The inclusion of mental health coverage in health insurance may result in a change in attitudes among patients towards treatment options. Consider the benefits each health insurance company offers when choosing health insurance with mental health cover. Always read the inclusions and exclusions of mental health coverage before purchasing a health insurance plan.

The importance of mental health has increased over time, being a topic no one wanted to discuss to the kind of attention it now gets. The same is the case with including it in health insurance plans. Earlier, this was not usually covered under health insurance policies, but now things are changing, so moving forward is the only option.

Motor Floater Insurance: A Single Policy For Multiple Vehicles

India’s Insurance regulator, IRDAI, has approved a new motor floater insurance policy, wherein the policyholders can buy a single car insurance policy for multiple vehicles. Driven by the rising number of cars in India, the move needed to be part of India’s insurance industry. The Motor Floater Policy will cover all vehicles, whether four or two. Customers who choose the motor floater offering will also receive a discount on their premium for each additional vehicle they insure through the motor floater offering. Ultimately, it will save customers the time and effort of maintaining separate motor insurance policies for each vehicle they own.

What is Motor Floater Insurance?

A single motor insurance policy covers multiple vehicles. All private vehicles registered under a single owner are covered by this type of motor floater insurance policy. Up to five vehicles may be covered by the multi-vehicle policy. The motor floater policy eliminates the inconvenience of paying multiple premiums and remembering renewal dates.

Benefits of Motor Floater Insurance

Having a single policy for multiple vehicles has many benefits. Let us take a look at those benefits:

Makes Life Easier: Multiple car insurance policies can be challenging to manage and remember since every car plan has its renewal date, premium paying terms, etc. With the multi-floater policy, it feels like living under one roof. You just have to pay a single premium and you are good to go. No more premiums to remember.
Saves Time: Managing multiple policies can be time-consuming for a policyholder, and it is easier to get all the details in one place and make a decision.
Flexibility: The customer can add or remove vehicles from a motor floater insurance policy because the entire procedure can be finished through a smartphone app. The protection for a specific vehicle can also be turned on or off by the user as needed. However, there will be coverage available around-the-clock for damage from fire or theft to the vehicle.
Change Policy Details Easily: While it would be a laborious process to change the details of individual policies, changing the insurance plan's details for a multi-vehicle policy can be done all at once.

Inclusions Under Motor Floater Insurance

Here is a few inclusion that you can enjoy under the motor floater:

Damages brought on by the insured vehicles catching fire, exploding, or self-igniting.
Additionally, riots and other illegal activities do not harm the insured car.
Any damage to the insured vehicle brought on by a natural disaster, such as a typhoon, hurricane, storm, slide, etc.
A motor floater policy also covers any third-party liabilities from the insured vehicle.

How Does Motor Floater Insurance Work?

Multi-car insurance works the same way normal motor insurance works. Consider it as an add-on cover that will cover more than one vehicle. The vehicle with the highest insured declared value under a motor floater policy will be considered the primary vehicle, and the remaining cars will be referred to as secondary vehicles. The sum insured under the motor floater policy will have the highest IDV regarding the insured amount.

FAQs

Q. How many vehicles can be covered under multi-car insurance?

A. Five vehicles can be covered under the policy registered under a single owner.

Q. Can I add a car to my existing multi-car insurance policy?

A. You can add a new vehicle, and the coverage will be extended to the new car.

Q. Will my premium reduce if I add another vehicle under the multi-car insurance policy?

A. Yes, you can get a discount from your insurer by buying a motor floater policy for each of your vehicles, which will ultimately lower the cost of your premium.

Q. I have sold my car, can I cancel my multi-car insurance policy?

A. Yes, you can cancel your policy anytime you want. Motor floater insurance is similar to basic motor insurance.

Claiming a Car Insurance Policy - Know When to Do and When to Avoid it

Car insurance can be very beneficial in case of any damage caused to your car or damage caused by theft, accident, or other natural or man-made calamities. But there are situations when filing a claim with your insurance company may not be the best action to take. Although foregoing car insurance may cost you money, the benefits are undoubtedly in your favour in the long run. In other words, minor scratches and scuffs on the surface of your car do not require filing an insurance claim, and it is better to avoid claiming car insurance in such situations.

When To Avoid Claiming Your Car Insurance?

We suggest you avoid filing a claim for car insurance under the following circumstances:

Minor Repairs

Simple problems like a broken headlight, a scratch, a minor paint job, mirror damage, and more can be fixed quickly and cost-effectively. It would be best if you did not involve your insurer in these minor problems. The amount of claims you file significantly affects your accountability as a driver and overall related metric. Fewer claims mean it will be easier for insurance to identify you as a responsible driver, and all associated metrics will work in your favour. Moreover, the policy premium will remain steady and unchangeable.

When Deductibles are Higher

A deductible is an amount you will have to pay yourself, and the insurance company will pay the remaining cost during the claim per the policy's terms and conditions. In car insurance, there are two types of deductibles, i.e. compulsory and voluntary. Per the laws of the Insurance Regulatory and Development Authority of India (IRDAI), the mandatory deductible component for cars below 1500cc is INR 1K. At the same time, for above 1500cc, it is INR 2K (subject to change).

This is because you must pay a voluntary and compulsory deductible if you file a claim. And, if the cost of repairs is less than the deductible, it is not suggested to raise a claim because it makes you lose no claim bonus.

Mutual Settlement

If your car is in an accident due to the fault of another driver, and the vehicle owner is ready to pay for the damages, then you should not claim, as claim settlement takes time and it depends on the severity of the damage. Is. In addition, you need to follow certain steps, such as informing your insurer and submitting a First Information Report (FIR), etc. In this situation, it may be wise to resolve the conflict without filing a claim.

Things To Remember While Filing a Claim Under Car Insurance

Below mentioned are things that you should remember while filing a claim under car insurance:

Lose of No Claim Bonus (NCB)
The insurance company rewards you if you don't raise a claim
Be honest about the claim

Conclusion

Insurance companies look at your claim history to determine how much you can cost them, and the more claims you file, the riskier they think you are. Additionally, filing claims frequently will increase your cost. Therefore, it is better to know when it is appropriate to seek a claim and when it is not.

Health Insurance for a Newborn Baby

A child in the house marks new beginnings for every parent. The moment you hold them in your arms is a feeling of ecstasy and joy. However, the first thing that comes to mind is to hold them safely. So, taking care of them starts from the very first moment. But, taking care is not only limited to the physical aspect; it is also important to ensure the financial aspect related to it.

Health insurance should be your top concern when considering the infant's well-being. This is due to the unpredictability of medical emergencies, which can deplete your finances and leave you in debt. Investing in a comprehensive health insurance plan is the best course of action if you want to ensure your newborn child's health and that he or she is protected during any medical emergency.

Why is Health Insurance for Newborns Important?

Let us take a look at why newborn health insurance is so important.

Newborns get Sick a Lot: Children are more susceptible to illnesses than adults because they have a weaker immune system than them. Additionally, they have weak infection-fighting abilities. So, buying health insurance is quite essential.
Need for Medical Attention: Newborns get sick a lot, and with climate change, they are exposed to various diseases. So, buying comprehensive health insurance is a must to cover your children.
Standard Healthcare: With an adequate health plan, you can get quality healthcare facilities without worrying about the payment. You can also get cashless health insurance claims and proper medical care for your children at these network hospitals.

Best Newborn Health Insurance Plans

Rising medical costs in India have led to the country's popularity of newborn health insurance plans. Health insurance covers many services, such as hospitalisation for illness or injury, child vaccination, and clinical checkups.

Even though parenthood and the responsibilities that come with it can be overwhelming at times, having a comprehensive health insurance plan that has your back will make the journey much easier and smoother for you and your newborn baby.

Need for Newborn Health Insurance

For good health, newborns require extra care and attention, especially in the first few months. This additional care includes regular medical check-ups, medical treatments, and vaccinations.

Medical emergencies can occur anytime, and a newborn baby's immune system is weak, making them susceptible to illness. Thus, it is prudent to have health insurance coverage for a newborn baby to obtain the necessary medical treatment in times of need. A newborn baby health insurance plan ensures timely medical treatment and keeps the parents financially strong during difficult times.

Important Points to be Noted

Maternity insurance is useful for covering the newborn after birth, and it covers the necessary medical treatments and vaccinations.
Some insurance companies provide coverage for newborn children as an extension of family health insurance coverage at no cost, whereas others may charge a fee.
Newborns are covered by either a maternity health insurance plan or a family floater insurance plan.
Individual health insurance policies designed to cover a single person do not cover newborns.

Conclusion

The arrival of a newborn baby brings joy and happiness to your family, and it also increases the responsibility of the parents of the newborn. When you buy health insurance for a newborn baby, you opt for better medical facilities, hassle-free medical treatments, and a stable financial condition. Maternity health insurance is a good option for every parent and must be bought without delay.

FAQs

Q. How to buy the best newborn child insurance?

A. You can go to the insurance company's official website, or you can visit RenewBuy to get suitable newborn insurance for your child.

Q. Does parents' health insurance cover newborns?

A. Not all health insurance policies cover newborns from the start. Furthermore, dependents are not covered under the Individual Health Insurance Plan. You must select either the Family Floater Plan or the Maternity Health Insurance Plan for newborn baby coverage.

Q. How to add a newborn’s name to a health insurance plan?

A. Contact the insurer to add a newborn baby's name to your existing health insurance policy.

Importance of Medical Check-ups in Term Insurance

Term insurance is an economic plan that helps you protect yourself and your family. The premium is low and the coverage is high. However, to buy term insurance in India, you must pass specific medical tests to get the policy. The term insurance medical examination aims to pinpoint your state of health so the insurance company can assist in designing the ideal term plan.

List of Medical Tests Conducted:

Complete blood count
Kidney function test(KFT)
Liver function test(LFT)
ECG
Treadmill Test
Lipid Profile
Fasting Plasma Glucose
HIV

These basic medical tests are conducted to determine if you are healthy enough to purchase term life insurance. Please note that it is not the only test list conducted; it depends on various factors, the life insurance company and the situation.

Factors Influenced by Term Insurance Medical Test

The details of life insurance plans, particularly term insurance, are determined by the results of the term insurance medical test that the insurance company requires you to take. Consider the following policy attributes that are influenced by the results of a term plan medical test:

Sum Assured: The Sum Assured is the amount of insurance benefit money your family will receive if an unfortunate event occurs during the term policy's term. If your results are relatively healthy, the term insurance medical test can help you obtain a higher Sum Assured. Insurance policies that do not require a medical exam for term insurance in India typically offer a lower Sum Assured, which may often be insufficient to protect your family financially.

Claim: If the insurance provider discovers that the policyholder's untimely death was caused by a pre-existing condition not disclosed in their application, the insurer may reject your term insurance claim.

Premium: The life insurance business model is based on an applicant's overall risk perception. As a result, the insurer must determine your current physical health condition before determining the appropriate quotation for the premium paid for the plan.

Importance of Medical Tests

As part of the term insurance purchase process, you must submit to a comprehensive term insurance medical test. The insurance provider will determine your overall health condition and risk profile based on the results of the term plan medical tests.

The insurer will generate customised term insurance policy quotes for you, allowing you to select the term plan variant that provides the most benefits for the lowest premium rates.

Can the Medical Tests be Conducted Online?

During the pandemic, many term life insurance companies started providing online medical check-ups, known as tele medical. The medical professional conduct a videotaped interview to obtain the applicant's personal information and medical history.

Conclusion

A term insurance medical test in India can help you get the best insurance coverage possible. With the results of the term insurance medical tests to back up your case, the insurance provider will assist you in creating a personalised term insurance coverage that will benefit you in the long run. With the best term insurance plan to protect your loved ones, you can ensure that your family has enough money to maintain their lifestyle after you die and that they can work toward their goals without fear of financial insecurity.

FAQs

Q. Will the term insurance company pay for the medical test?
A. The insurance company usually pays for the medical test and all related services. However, it is important to make sure you go through the terms and conditions.

Q. Can I buy a life insurance plan without medical tests?
A. The medical test will help the insurance company determine whether you are healthy. It is a vital factor, so it is ideal not to skip it.

Q. Will the insurance company keep the documents?
A. This depends on your insurance company. Every insurance company has a different way of handling this situation, but in most cases, they just check the documents and send the policy documents to the policyholder's registered email address.

Reasons to Review Health Insurance Policy Periodically

Life is full of uncertainties, and no one can predict the future. And with rising inflation in medical treatment costs, health insurance becomes a necessary part of one's life. A health insurance plan is an annual contract between the insurance company and the policyholder. It would help if you renewed your health plan yearly to continue receiving benefits. Moreover, reviewing your health plan every year is essential, as it ensures you choose the best health insurance for you and your family.

As we know, everything changes over time, and so do your healthcare needs. These changes should cause you to keep updating your health insurance. You need to check your health insurance plan every year as it ensures that you do not miss out on any features or updates that may be beneficial for you.

Reasons to Review Health Insurance Plan Periodically

Below mentioned are some of the reasons to review your health insurance plan every year:

New Products & Features

The insurance market in India is growing every day, and more and more people are recognizing the value of having insurance. With the expansion of the insurance market, health insurance companies are launching new features and products to attract more consumers. It's a good idea to review your health policies once a year to test new products and check if they fit your medical demands.

Lifestyle Changes

Technology has become an integral part of our way of life. Some examples of things that change frequently are travel, job environment, stress levels, and bad eating habits. These lifestyle changes also increase our susceptibility to diseases. That's why reviewing your plan once a year is essential to ensure it still fits your evolving lifestyle.

Healthcare Inflation

India's healthcare system has improved significantly during the last few years. All this is due to highly developed tools which can detect diseases early. However, this technological advancement has skyrocketed the cost of healthcare treatment. Your hard-earned money can be wiped out by the cost of treatment for a non-chronic disease. You will have to be in financial trouble to pay those hefty medical bills out of your pocket. As a result, you should review your plan at least once a year to determine whether your insurance benefits are sufficient to cover rising medical expenses.

Pre-existing Disease

It is essential to review your health plan every year to check for upgrades in the pre-existing disease clause. Let us take the case of a disease like a cataract, with a waiting period of 2 years. Policyholders can find a health insurance company that offers significantly shorter waiting times for pre-existing diseases than their current health insurer at a lower premium.

Premium amount & Coverage Benefits

The market for health insurance is very competitive. Due to intense competition, health insurance companies prefer to update coverage benefits for more diseases and conditions. For example, cataracts previously could not be insured but are now covered as part of daycare treatment.

Tip To Choose Best Health Insurance Plan

Below mentioned are the tips for choosing the best health insurance plans:

Select the sum insured amount as per your need
Choose a family floater plan to add your family members
Compare different health plans
Select the appropriate add-on riders
Choose a health plan with the lifetime-renewability benefit
Check the list of network hospitals offered by the health insurer
Keep the premium amount affordable

In a nutshell, you should review your health insurance policy from time to time. Consider modifying your health plan in light of your current healthcare needs. Choose the best health plan available, compare different plans, and, if possible, make changes to your existing insurance policy and provider. Choose a health plan that offers comprehensive health benefits and financial protection in a medical emergency.

8 Reasons to Buy Term Insurance

Life is a roller coaster, and we never know what will happen to our loved ones the next minute. That is why buying term insurance ensures your family is taken care of financially if something happens to you is important. The pandemic has also taught us the importance of uncertainty; anything can happen at any time.

Securing the future is not easy, and the aim is to make the process simpler and smoother. In today’s time, buying a term or life insurance policy can help make that happen. People save money mainly to cover unforeseen expenses like debt repayment and medical expenses, which can be fulfilled with the best term insurance policy.

Here are just eight reasons why getting the best term insurance policy will meet all of your needs if you're still unsure about whether term insurance is the best fit for you:

Achieve your Financial Goals: Plans for term insurance foster a disciplined saving habit. You can build money by making a small monthly insurance premium payment. That way, you'll have amassed sufficient wealth over time to achieve your goals.
Peace of Mind: You'll feel more at ease if you have life insurance. Life is unpredictable, but life insurance can provide your family with financial support in the event of your passing. You can also make retirement plans by enrolling in a retirement programme that will pay you a monthly income.
Save Tax: The tax benefits of term insurance are many. According to Section 80C of the Income Tax Act of 1961, you can typically claim a tax deduction for your life insurance premiums. According to Section 10(10D) of the Income Tax Act of 1961, payments for death claims are tax-free.
Pays off Family Debts: We never know what the future holds for us in life. In the event of your passing, your family may have to deal with a car loan, credit card bill, or other types of loans. Your loved ones can pay off these debts with the proceeds from a life insurance policy.
It's not Expensive: Many people do not move forward with life insurance products because they think it will be expensive. The more advantageous your insurance policy will be to you, the earlier you should start it. Your premiums will probably be lower as a young person in excellent health, while the insurance coverage will be higher.
Works as a Safety Net: Your family will suffer financially and emotionally from your loss as an earning member. Your family will have a financial safety net to help them get through your loss if you have a good life insurance policy.
Customizability: You can tailor your life insurance policy to fit your specific needs. It will offer you and your loved ones more protection than ever.
Retirement Planning: Plans for life insurance assist you in saving money and investing it so you can retire comfortably and live a comfortable life after.

Conclusion

Life insurance products are a great way to protect your loved ones and secure your future. The best way is to decide early. And if you think the process of buying term insurance is hectic? Those days are gone. You can go to the official websites of the insurance companies and buy term insurance online. It is the easiest way to get insurance.

Health Insurance Industry Trends in India

The Indian health insurance industry has expanded rapidly over the years. In the year 2020, COVID-19 had a significant impact on the health and health insurance industry. The health insurance industry has evolved by introducing new products and continuously increasing its revenue. A sector that previously relied on face-to-face interaction before the COVID-19 pandemic has adopted work from home and client interactions via video conferencing as the new standard. The following trends are projected to impact the health insurance industry in 2022.

Digitalization

Health insurance companies are realizing that due to the outbreak of COVID-19, it is now necessary to sell health insurance products online as customers cannot be reached in person. As a result, they have opted to sell health insurance policies using the telephonic process. For customers to buy health insurance products from the convenience of their homes, health insurance companies also promote e-KYC process for customer verification. Customers have multiple options to select the best health insurance plans as per their needs and requirements, thanks to the ease of use in the buying process by digital channels.

Introducing New Health Insurance Plans

Health insurance has become more widely recognized since the outbreak of the coronavirus. Health insurance has become an essential part of our life due to which more and more people start buying health insurance. As per the needs and demands of the customers, health insurance companies have introduced many new health insurance plans at affordable premium amount in the recent years.

Value-Added Services

The health insurance industry is changing day by day, and applying a 360-degree approach to attract maximum customers. They are also rapidly expanding their network of hospitals. In addition, health insurance companies are also offering a wide range of value-added services like lifetime renewables, maternity coverage, daycare treatments, regular health exams and 24x7 customer service.

Teleconsultation

Health insurance companies started covering online medical consultations from October 2020. Customers can avoid travel expenses and inconvenience by using telemedicine consultation, which is a practical and economical option. Additionally, it prevents COVID-19 from infecting consumers. Health insurance companies have been ordered by the Insurance Regulatory and Development Authority of India (IRDAI) to resolve any claims involving telemedicine consultation.

Transparency and Artificial Intelligence

Customers need to be aware of this important information as we know that the cost of health insurance can change depending on the insurance provider, region and many other factors. Hence, the use of artificial intelligence has increased in the health insurance industry, where insurance companies recommend the best health insurance plans based on your information so that you can make an informed decision. In addition, health insurance companies have introduced a cost estimator tool to help customers compare health insurance premiums and plans and provide cost information.

Latest Developments in Health Insurance Industry

Below mentioned are the some of the Latest Developments in Health Insurance Industry are:

Apollo Munich Health Insurance was acquired by HDFC LTD. for a 50.80% ownership, and is currently known as HDFC Ergo Health.
Religare Health Insurance has rebranded itself from Care Health Insurance.
Max Bupa Health Insurance has changed its name to Niva Bupa Health Insurance.
Bharti Axa General Insurance has merged with ICICI Lombard General Insurance.

Conclusion

Since it is commonly known that health insurance companies prioritize the well-being of their customers, these trends will enable them to remove barriers and provide uncomplicated, affordable and high quality care.

Role of Inflation While Deciding Your Life Cover

The general rise in product and service prices in a suitable base year is called inflation. The consumer price index (CPI), which determines the percentage change in the price of goods and services that households typically use, is used to measure inflation. The lives of people are significantly impacted by all of this, including life insurance policies. Let's examine how inflation affects your life insurance needs and how to choose the best plan.

How does Inflation Affect Life Insurance Policies?

Inflation decides the value of money. Term life insurance premiums are typically paid out over 15, 20, or 30 years. By definition, the price you pay for term life insurance is typically a fixed price you pay over this period. As a result, the rupee value declines by this amount each year because the inflation rate is typically 7 to 9% annually.

This implies that the rupee's purchasing power has decreased and that it can no longer buy the same amount of coverage benefit in terms of money as it did the previous year. In terms of rupees, the monthly premium you pay for life insurance today will remain the same but, due to inflation, will be less in 10 years.

Time Factor of Inflation on Term Insurance Policies

A term plan for which you pay a yearly fixed rate. If inflation rates continue to be between 7% and 9% on average, your money's value will decline by this amount annually. In other words, the cost of your fixed-interest term insurance is decreasing every year.

The Solution

By buying Increasing Term Insurance policies, you can raise the amount guaranteed by your term plan. A plan like this hedges your money by raising premiums by 5%–10% annually. Insurance companies may offer enticing riders, incentives for leading a healthy lifestyle, and special discounts for women to sweeten the deal.

Increasing term life insurance is very effective. Throughout the policy, your coverage will increase, frequently concurrently with your premium rates. Let's look at an illustration.

When he was 29, Mr Rajesh bought an increasing term insurance policy. His preferred sum guaranteed is INR 10 lakhs for a 30-year policy term. Up to a maximum increase of 100% of the chosen sum assured amount, the plan offers a 5% annual growth in the sum assured amount.

Benefits of Buying an Increasing Term Insurance Plan

An increasing term insurance plan has many advantages. Let us take a look at a few of them.

Good in Inflation: We are aware that inflation increases gradually every year. Consequently, it is crucial to have an insurance strategy that is effective against it. The increasing amount guaranteed by an expanding term insurance plan pays for the escalating costs over time. Even without you, your family will be adequately protected in the future.
Cost-Efficient: about affordability. You keep in mind the rise in term insurance premiums. Since most insurers charge the same premium throughout the policy's life, there is no long-term strain on your finances.
No Additional Underwriting: You can expand your coverage without reapplying for term insurance.

Conclusion

Inflation is a big worry for many, but if you understand the risks and benefits of an increasing term life insurance policy, you can make the best decision. This might be a good option for you if you are worried about the rise in inflation and are buying a policy relatively early in life, like right after starting a family.

FAQs

Q. How to buy an increasing term life insurance policy?

A. By going to the official websites of various insurance companies, you can purchase an increasing term insurance plan online or buy from RenewBuy.

Q. Is it a good idea to increase term life insurance?

A. If you want your coverage to keep up with anticipated increases in your income or expenses, increasing the term might be a good fit. The increased term also safeguards your future financial investment, which is important given that inflation is a constant concern for long-term coverage.

Q. Can more than one claim be considered?

A. Multiple claims from various insurers may be considered as long as their specifics were disclosed when the policy was purchased.

Surrendering Life Insurance: Do’s, Dont’s and Tips

‘Not all advice is good advice.’ Financial planners may be correct, but not always. Hard-pressed financial advice can lead to buying the wrong life insurance policies, which can be more expensive and less valuable, leading to surrendering the policy and investing elsewhere. But is it the right thing to do? Let us dig deep and discover when you should surrender your life insurance.

Surrendering life insurance means you no longer want the insurance company's services. In this situation, the contract is terminated and you will be paid out the policy's surrender value. The procedure may be fairly simple depending on your policy type and whether it includes a cash value or investment component.

What is a Surrender Value?

Life insurance is a long-term commitment, and there may be times when you must surrender your policy. So, if you surrender a policy in the middle of its term, you will receive a sum (surrender value) equal to the amount allocated to savings and earnings. Surrender value is the amount received by a policyholder from a life insurer when he or she decides to cancel a policy before its maturity period. Usually, when people are tired of paying the life insurance premium, they tend to surrender the policy.

You cannot surrender the plan right away after purchasing it; instead, each term insurance company has a specific time frame after which you can do so. The set period is also influenced by the policy's length and the years that have passed since the policy's purchase.

How to Calculate Your Life Insurance Surrender Value

The ideal way to calculate is by using the surrender value calculator. You can use the surrender value calculator on an insurance company's website. To instantly determine the surrender value, you must provide basic information like policy and personal details. The surrender value calculator will calculate your policy's surrender value as soon as you submit the necessary information.

Do You Need to Surrender Your life insurance policy?

You might decide to stop paying your life insurance premiums if you have no unpaid debts or dependents who require financial support. However, the demand for life insurance could return in the future. Consequently, term insurance is crucial if you want to ensure the long-term financial security of your loved ones. Though it is a decision that depends on your personal circumstances, it is crucial to understand whether you will gain from it or not.

Things to Ensure Before You Surrender Your Policy

You may have no unpaid debts. However, it's still possible that your family still relies on you for financial support. They will require your life insurance in the unfortunate event that something happens to pay for their living expenses. If you decide to cancel your term insurance, ensure that your other life insurance and investment returns will cover these costs.

A term plan replaces the family’s single income generator. In an emergency, the payouts would care for their dependents. Examine your nominee's financial independence to avoid financial hardship without your life insurance benefits. This will help you make an informed decision.

How to Surrender Your Policy

The typical steps you'll take to cancel your life insurance policy are as follows, though they may differ slightly depending on the provider:

Fill out the surrender form and request the company to indicate your desire to cancel your insurance coverage.
Send the form by mail to your insurance company, and keep a copy of it in the same place as the mail receipt. These records provide evidence that you filled out and mailed the form.
Once the insurance company receives the request, they will move forward with it and cancel your policy.

Documents Required to Surrender Term Insurance Policy:

Surrender Form
ID Proof
Original Policy Document
Other Important Documents

Conclusion

Consider what other life insurance options you need to have in place before surrendering any policy, as well as any fees or other consequences, before starting the process. We hope that you will take a wise decision.

Children's Day: Gift Your Younger One a Child Insurance Plan

Pursuing worthwhile objectives consistent with our purpose is crucial to creating and sustaining a happy life. In the end, achieving our goals makes us emotionally happier and more content with our lives. When it comes to children, every parent wishes to fulfil their child’s dream no matter what it takes, which is the importance of children’s day.

Children's day is also excellent for giving your child the perfect gift, and what can be better than offering your child the best child insurance plan? Consolidating the funds required to secure your children's future can be incredibly beneficial through systematic financial investment from an early age.

Importance of Child Insurance Plans

Your child's safety is protected by child insurance, which also includes an investment element. The life insurance component ensures that even if something were to happen, your child would still have access to financial security. You can increase your savings and safeguard your child's future with the investment component. You can use the money you save to cover your child's future educational and career goals. Let's fully comprehend the significance of child insurance:

Beneficial for Higher Education: if you want your child to fulfil their dreams of going to college, university, or abroad, having the best child insurance is the way forward. Thanks to the child's plans, you will always have money when you need it most.
Financial Stability: Child insurance plans work in tandem with your child's financial needs. You won't have to worry about how the future will look in your absence. Child plans offer financial stability.
Investment Instrument: You can accumulate a sizeable sum for the child using the investment options. If you pay your premium on time, you will be able to fulfil your obligations in the future with no issues.
The benefit of Income: A few child plans provide recurring payments to kids of 1% of the assured sum. Ensuring you receive an income benefit makes purchasing child plans advantageous.

What is the Right Child Policy?

The long-term development of the child's future depends on choosing the best educational strategy. Therefore, to attain the maximum benefit, you must choose the best child insurance plan for your child. The most important factors determining the decision are the need and purpose. Here are some tips to consider:

Buy the plan that offers a premium waiver benefit.
Select the right investment fund.
Compare child insurance policies online.
Buy as early as possible.

Best Child Insurance Plans in India in 2022

Here is the list of top child insurance plans in India:

Name of the Insurance Company	Name of the Plan	Minimum Annual Premium	Maximum Sum Assured
ICICI Prudential	Smart Kid Solution	INR 48,000 (for one pay option)	10 times of Single Premium
HDFC Life Insurance	HDFC Life YoungStar Udaan	INR 24,000	Depends on premium, age, and policy term.
LIC	LIC New Children's Money Back Plan	INR 4,327	No Limit
SBI Life Insurance	Smart Champ Insurance	INR 6,085	Rs. 1,00,00,000
Max Life Insurance	Future Genius Education Plan	INR 40,000	No limit

*The order of the plans are not based on the ranking.

**Premiums in this table are calculated for a fixed sum of INR 1,00,000.

Bottom Line

“Give your child wings to fly”. Child plan calculators that are available online can help you in this regard. However, determining an exact corpus amount for your children's future is essential before investing in a child plan. Many riders are also available with child policies that can enhance your plan. Ask questions about them, then decide based on what you need. Some benefits might come at an additional cost.

Related Article:

Best Life Insurance Policy

Health Insurance Plans for Children

Health Insurance for a Newborn Baby

FIFA World Cup 2022: Most Expensive Body Part Insurance for Footballers

Less than ten days are left for the world’s biggest sporting event to kick off, hosted by Qatar. Football is undoubtedly one of the most popular sports in the world. Five billion people are anticipated to watch the 2022 World Cup in Qatar, which is astonishingly more than half of the world's population. Though, the sport's popularity is not limited to the game itself; the superstars it has produced over the years rule the world with their lavish lifestyles, designer clothes, and expensive cars. Cristiano Ronaldo, Lionel Messi, and Gareth Bale will all grace the world stage for the world cup. However, along with the luxuriant lifestyles of these stars, they also take care of their health with the expensive body part insurance.

Insuring body parts in the world of celebrities is nothing new, but it is a unique form of insurance. The entire purpose of buying insurance for a body part is to replace any lost income if the person can no longer use that body part to make money due to injury, damage, scarring, impairment, or loss.

The chances of getting injured are always high when you play at the elite level. Therefore, many athletes insure their body parts. Since the Fifa world cup round the corner, let us look at the footballers with expensive body part insurance.

What is Body Part Insurance?

When it comes to insurance, we all know it is available for many things but for a body part? It is indeed something special. Body part insurance is a specific type of disability insurance that provides the chance to prevent financial ruin if a person is unable to work.

Body part insurance is not available to the general public because it is not provided by traditional insurance providers and is highly personalised. However, there is no reason why you cannot purchase it if you can afford to!

Football Players With Insured Body Parts

Lionel Messi (Legs): Every time the little magician touches the ball with his left foot, the whole world stands and stares. The Argentina captain has the most expensive body part insurance in sports, with a $900 million policy on his left foot. As the PSG forward makes one final push to win football's most coveted trophy, which has eluded him throughout his career, Messi will play once more to captain Argentina to the 2022 FIFA World Cup.

Cristiano Ronaldo (Legs): The Portuguese are the most popular globally. His acute hard work, sizzling dribbling, and astonishing finishing have made him one of the best footballers in the world. With these extraordinary skills, the chances of getting injured are always higher. However, Real Madrid purchased an insurance policy for their star's legs in 2009 for about $144 million. Though he is now at the end of his career, we hope he wins the FIFA World Cup 2022 for Portugal, the only trophy he might be missing from his cabinet.

David Beckham (Legs): The most stylish football player ever to play the game has also one of the most expensive insurance policies. In 2006, David decided to insure both his legs for a whopping $195 million. Later, for about $225 million, he upgraded the insurance to cover his entire body. He is also undoubtedly one of the wealthiest athletes in the world.

Gareth Bale (Legs): Bale is known for his unique style and play. His explosive pace scares defenders. To guard against injuries that could end his career, Gareth Bale has around €100 million in leg insurance. The Welsh legend won one La Liga championship and four Champions Leagues with Real Madrid. Though he is in the fading stage of his career, we hope he has a significant impact on the upcoming world cup.

Manuel Neuer(Hands): The hands are his weapon as a goalkeeper. And to be one of the best in the world, it takes strong hands to deal with sporting situations. In 2014, Manuel Neuer, a living legend and one of the best keepers in the world for Bayern Munich, insured his hands for $3.5 million.

Iker Casillas(Hands): Iker Casillas, a Spanish legend and one of the best goalies in the world, decided to retire in August 2020 but insured his hands for $10 million in 2007. Casillas made a joke after agreeing to the insurance policy: "If I hurt my knee, I'll act like my hand hurts."

Football is a war on the field. Two sides battle with each other, and there will be injuries in a fierce battle like this. Many players get injured while playing, but only a few can afford body part insurance to ensure their future remains secured in the event of misfortune. A few of these superstars will rise to the occasion in this upcoming world cup and we hope that they safely, without getting injured, secure their hands on the trophy.

It's a unique occasion for billions from their homes, restaurants, bars, streets, and theatres to support their country.

Mistakes To Avoid While Renewing Car Insurance Online

Digitalization is bringing a positive revolution in many industries with convenient internet availability and smartphones. The insurance industry is also one of them. Digitization has made buying and renewing car insurance policies easier, simpler and faster than a decade ago. To make the most out of your insurance buying experience, there are some warning signs that you need to be aware of. Making mistakes can work against your goal of finding a cheap car insurance policy.

Read the below article to understand the common mistakes to avoid while buying or renewing a car insurance plan online.

What To Avoid While Renewing Car Insurance Online?

You will learn about the issues we should consider while renewing car insurance. You can get acquainted with the points below while exploring some others. Some common mistakes we should avoid while renewing a car insurance policy are:

Avoid Comparing Policies

It is best to compare different policies online to find the best deal. Never choose a plan simply because insurance has low premiums because the plan may skimp on coverage benefits and features. Comparing plans will always assist in locating the ideal option at an economical price.

Not Considering Deductibles

Deductibles are additional costs a policyholder agrees to pay before filing a claim. There are two types of deductibles: compulsory deductibles, which are a part of the insurance contract, and voluntary deductibles, which policyholders choose to pay when filing a claim. While obtaining an insurance policy, voluntary deductibles enable lower premiums. A voluntary deductible can reduce premiums, but it can be disadvantageous when filing a claim.

Selecting Unwanted Add-ons

Even though the add-on covering the policy will increase its value, some will only increase the cost of the policy without reducing the risk. Hence, analyzing your needs and requirements is crucial to get the most out of the add-on and making an informed decision. Buying unnecessary add-ons will increase the premium amount of your policy significantly. On the other hand, choosing none may result in insufficient coverage. Hence, analyze your insurance needs before taking a decision.

Not Sharing Right Information

The policyholder needs to mention their personal details while purchasing the car insurance. Also, it would be best if you always were transparent while answering the questions asked by the insurance executive at the time of claim settlement. The policyholder is expected to provide accurate information whenever required as the insurance company enforces the terms of the policy. Incorrect and misleading information can result in claim denials and open doors to unwanted legal issues.

Not Renewing Policy on Time

Insurance companies send notifications about the renewal of their policies a month in advance. At times, this may irritate the policyholders, but in the end, it is beneficial. So, if you receive any intimation regarding the renewal of the policy, it is good to renew your policy at the earliest.

Buying a car insurance policy without understanding T&C

Car insurance is a contract between the insurance company and the policyholder with specific terms and conditions. Policyholders must know these terms and conditions before purchasing, renewing, or making a claim under a car insurance policy. These details are mentioned in the policy wording of every car insurance policy. But if you find anything confusing in the policy wording, you can connect with Renewbuy's POSP advisor and clarify your doubts.

Conclusion

It is essential to fully understand its terms and conditions to maximize the benefits of a car insurance policy. With the help of the support team of the insurer, you can resolve any queries you may have regarding your car insurance policy. The best way to buy an ideal car insurance policy is to compare some policies before selecting one.

Reasons To Buy Health Insurance In Your 20s

We understand the importance of health insurance in our lives, especially after the outbreak of COVID-19. Health insurance becomes essential due to the increasing health risks of a sedentary lifestyle. People generally become aware of the importance of health insurance in their 30s and 40s and regret not buying a health plan earlier in life. Hence, buying health insurance early in life can benefit any individual.

Benefits of Buying Health Insurance in the 20s

Buying a health plan in the early stage of life has various benefits. Below mentioned are some of the benefits of buying a health insurance plan in your 20s:

Protection against Unhealthy Lifestyle

We all lead sedentary lives today, and health problems are becoming more prevalent. Hence, health insurance is crucial as it acts as a safety net when needed.

Low Premiums

The age of the policyholder has a massive impact on how premiums are determined. The cost of the premium goes up as a person ages since their health deteriorates along with it, and they need more medical care. However, when the policyholder is young, the chances of developing health problems are relatively low, resulting in cheaper premiums.

Better Financial Planning

Health insurance is one of the critical components of overall financial planning. You can also claim a tax deduction on the premium paid under section 80D, Income Tax Act, 1961. As a result, you can use the money saved on taxes to meet a different goal of yours for the future.

Lower Rejection Rate

People in their 20s are less likely to have serious illnesses, which makes it less likely that they will file a claim. A younger person is less likely to experience serious health problems, which lowers the chances that a claim will be denied.

No Claim Bonus

Individuals are eligible for the No Claim Bonus if they have not filed any claim during the policy term. This bonus accumulates with each renewal of your health insurance policy and can be subsequently used by the policyholder. Buying health insurance at a younger age allows you to earn a higher amount of NCB than one who starts investing a year later.

Cumulative Bonus

When you do not file a single claim during the policy term, you are eligible to receive a cumulative bonus, which reduces your premium amount for the next year by a certain percentage. A younger person has a lower risk of having a critical illness, which reduces the chances of filing a claim. In such situations, health insurance companies offer a cumulative bonus to their policyholders.

Top Reasons to Buy Health Insurance at an Early Age

Below mentioned are the reasons to buy a health insurance plan at an early age:

Easy to Acquire
Comprehensive coverage at affordable prices
Benefits of No Claim Bonus
Easy to Spend Waiting Period

Conclusion

Why wait until your health has worsened and you need to arrange funds to cover the cost of treatment? Therefore, it is best to buy health insurance as soon as possible. Buying health insurance early in your twenties saves you money in case of medical emergencies but also frees you up to make other important financial decisions in the future.

Buy Travel Insurance for a Visit to Qatar for Fifa World Cup 2022

The world cup in Qatar is about to be underway, and a dream to attend a global event of this stature would be a miracle for some of us. To witness the emerging talent and the superstars Ronaldo and Messi gracing the football pitch is what a football fan fantasies of. The 22nd Fifa world cup will take place in the middle east, Qatar, and one must travel all the way to the country to watch the world cup. But do you know what is one of the most significant things that should be part of your world cup fever preparation? Travel Insurance.

It is highly suggestive to get travel insurance if you are travelling overseas. It can pay for lost luggage, medical costs, and other losses in addition to trip cancellation fees. Casualties from both domestic and international travel may be covered.

What is Travel Insurance?

Travel insurance aims to protect from potential risks and financial losses. The risks can range from minor annoyances like missed flight connections and delayed luggage to severe problems like serious injuries or illnesses. If something happens during your trip, your travel insurance will come in handy.

It is vital to check the coverage before you buy travel insurance. Many insurance companies offer insurance, but only a few offer the best coverage.

Importance of Travel Insurance

An event of misfortune can happen anytime and anywhere. You don’t have control over certain situations that life has installed for us. Imagine you are travelling overseas and suddenly get a call that a very close relative is critically ill. What will you do in a situation like this? The international package you took will offer their empathy, but it won’t refund the money.

These are the reasons why you should invest in the best travel insurance. Here are a few more reasons why you should get travel insurance.

Loss of Baggage and Documents:

Your insurance will cover the cost of getting a new or duplicate passport if one is lost. You will be reimbursed for your loss up to an established amount if something goes missing.

Accident and Injury:

A serious medical issue or physical injury could occur at any time. Travel insurance is crucial because of this. In an emergency, it will ensure you receive the proper medical care, whether that means being taken to the hospital or having a relative fly to you if you're a student.

Fraudulent/Theft Activity:

When you are overseas, it is hard to take care of everything. But that wouldn't be a concern if you had travel insurance. Up to 12 hours before you report the incident for the first time, your insurance will reimburse you for the money you lost due to stolen credit or debit cards.

Travel Insurance for Fifa World Cup 2022 in Qatar

It is true when they say that football fans are the craziest fans in the world. Wherever the world cup is, the fans never betray their players and countries. So, if you are one of those crazy football fans, you must buy travel insurance to ensure safe and sound travel. These plans can be modified depending on the nation and your unique travel and health needs. An international health insurance policy is more appropriate for you if you frequently travel abroad and need health insurance to help you with your comprehensive medical care.

Do's and Don'ts of Buying Health Insurance

Health insurance has become an essential thing in today's era. Our fast-paced lifestyle can lead to many health problems, lack of exercise leading to a sedentary lifestyle and poor nutrition. Apart from boosting physical health, it is also important to be financially prepared to fight this issue.

The article below discusses what you should and should not do while buying a health insurance plan.

Do's of Health Insurance

Below mentioned are the things that you should do while buying a health insurance plan:

Understand Requirements
Due Diligence
Compare Health Insurance
Buy Health Insurance Online
Read the Policy Document Carefully

1. Understand Requirements

People used to buy health insurance without fully understanding what they needed or didn't need. If you buy a health insurance policy without determining your needs, you risk being under or over-insured. In both situations, you will have to face a financial crunch. Hence, buy a medical insurance plan that meets your needs. For instance, if you are single and don't have any dependents, buy an individual health insurance plan, a senior citizen health plan for your retired parents, and a family floater plan if you are married and have kids.

2. Due Diligence

Buying a health insurance policy is like buying any good from a store. While buying a medical insurance policy, you can do the same research as you do when buying a television by comparing different models and features. Finding the most suitable health plan will be easier if you do some research on the types and coverage benefits of the policy.

3. Buy Health Insurance Online

People often call their insurance agent to buy an insurance policy and rarely try to buy health insurance online. However, remember that times are changing, and health insurance companies are choosing a customer-centric strategy. Now you do not need to use an insurance agent to buy health insurance as the process has become effortless.

4. Compare Health Insurance

You can compare various health insurance plans side by side while purchasing health insurance online, which is undoubtedly one of the best benefits of buying health insurance online. You can compare health insurance policies by visiting the website of any health insurance provider or aggregator and using the health plan comparison tool and making an informed decision.

5. Read the Policy Document Carefully

The most important step in buying any type of insurance is to read the policy document. You must know the coverage, exclusions and conditions mentioned in the policy document. Additionally, if you have any questions regarding the policy's wording, you can contact our RenewBuy POSP advisor, and they will be happy to assist you.

Don'ts of Health Insurance

Below mentioned are the things that you should avoid doing while buying a health insurance plan:

Don't Hide your Health Status
Never avoid buying extra add-on covers when required
Don't Delay Renewing Your Health Insurance Plan
Don't Buy Unless You Understand the Plan

1. Don't Hide your Health Status

Health insurance provides financial protection to the policyholder in case of medical emergencies. If you lie about your health and submit it for an issue that is not covered by the health policy, your claim will be rejected. Never misrepresent or conceal your health status from the health insurance company while purchasing the health insurance policy.

2. Never avoid buying extra add-on cover when required

You must have comprehensive coverage with a health insurance policy in case of unforeseen medical emergencies. To accomplish this, you must ensure that you have purchased an additional add-on cover. Consider buying additional add-on cover if you feel your current health insurance policy is insufficient.

3. Don't Delay Renewing Your Health Insurance Plan

Generally, a health insurance policy lasts for one year before renewal is required. Remember that you cannot submit a claim if your coverage has lapsed. Hence, renew your health insurance coverage on time to maintain your financial safety net.

4. Only Buy If You Understand the Plan

If you fully comprehend the benefits of a health insurance plan, do not purchase it. It might not provide the necessary coverage, leaving you with inadequate coverage, which is equivalent to not having any health insurance.

Some Other Important Health Insurance Pages

Conclusion

Since so many options are available today, you must be well-informed to ensure that you buy the right health policy for you and your family. Health insurance is a significant investment these days and making the right decisions and securing your future and well-being with the best health insurance plan is possible only when you know the dos and don'ts.

Understand Sub-Limit in Your Health Insurance Plan

When purchasing health insurance, specific considerations should be made to obtain the best coverage possible. Sub-limit is one of the crucial, yet most underappreciated, components of a health insurance policy that you need to consider. When purchasing a health insurance policy, the sub-limit must be considered. Sub-limits refers to the cap placed by the health insurance company for expenses. It simply means that the expense to a particular treatment cannot go beyond the sub-limit.

One of the main reasons health insurance companies include sub-limits clauses in their policies is to reduce their overall claims expenditure or to reduce their customers' financial obligations. Insurance companies estimate costs or calculate costs under various headings (room rents and treatment costs) based on the going rates charged by the majority of hospitals to prevent fraud and lessen unjustified inflated medical bills from patients.

Room rental, Ambulance, and Medical Sub Limit

There may be sub-limits in health insurance policies for costs such as lodging, doctor visits, ICU stays, oxygen supplies, ambulance services, and diagnostic tests. A sub limit of 1% to 2% of the insured amount or a set amount of money is typically imposed by insurers on these kinds of costs. Most of the time, this may result in the policyholder paying a sizable sum from the claim. The terms and conditions of the insurance policy mention each of these sub-limits. The best health insurance plans ensure that their clients are fully protected against these costs.

The treatment, necessary medical equipment, and other factors all affect the room rent. These might account for a sizeable portion of the final bill. Before purchasing the best health insurance plan, it is wise to consider how a sub-limit clause might impact these expenses.

How Do Sub-Limits Affect Your Claims

Let us discuss the affects of sub-limits on health insurance claims:

As was already mentioned, a sub-limit lowers the total claim amount. You can only file a claim for the amount specified by the sub-limit clause for expenses like hospital room rent, the treatment of specific diseases, or post-hospitalization costs; anything above that must be paid for out of pocket.
Due to these sub-limit clauses, even if your sum insured is high, you might not be able to claim for all of your hospitalisation or treatment costs.
In order to avoid any last-minute confusion during the trying time of hospitalisation or while making a claim, keep in mind to carefully read these sub-limit clauses. By doing this, you can guarantee a simple claims process.

Are Sub-Limits Mandatory?

While you can look around for policies without sub-limits, their premiums are frequently higher. If you select a policy with these clauses, you won't be able to modify the amounts because sub-limits are determined by the insurance company.

Therefore, carefully read the policy documents' sub-limits and look over other crucial elements like inclusions, exclusions, deductibles, and co-payments before you purchase a policy. You can choose a different insurer or increase your sum insured if you believe the policy's coverage is insufficient to meet your unique needs or medical expenses.

FAQs

Q. Does every health insurance policy have a sub-limit?
A. No, a sub-limit clause is not a feature of every health insurance policy. Certain conditions or treatments may be subject to sub-limits from some insurance companies.

Q. How to check sub-limits in your health insurance?
A. Simply read the terms and conditions listed on the policy document to determine a health insurance policy's sub-limit.

How to Use ULIPs to Build Wealth in a few Years

You may go to Google and get numerous information on how to double your investment in five years, but little do you know about these fraudulent practices that would rather empty your pockets. Nothing can guarantee that your investment will grow largely within five years. However, investing in ULIPs can help you build wealth within five years and also help you secure your money. The 5-year minimum lock-in period ensures investor discipline while generating good, market-linked returns. The main benefit of the best ULIP plan is that they provide life insurance while investing a portion of the premium paid in debt, equity, or balanced funds.

What is a ULIP Plan?

A ULIP plan is a life insurance company that combines insurance coverage and investment exposure in a single financial product. When you purchase a ULIP policy, you must pay regular premiums. A portion of your premium payments is used for insurance. At the same time, the remainder is pooled with the assets of other policyholders and invested in equity and debt instruments of your choosing.

If you want to buy the best ULIP plan, you can go online and compare ULIP plans by using the ULIP plan calculator. This ULIP calculator will provide details that will help you clear your doubts.

Short-term Benefits of ULIP Plans

We all know the long-term benefits of ULIP plans. However, you should also know a few things that make it a good short-term investment option.

Flexibility: ULIPs consider changing financial commitments, giving policyholders more control over their funds. You have the freedom to switch between funds as per your needs. If you feel like a certain investment is not reaping the benefits, you can opt for a different one.
Security: The ULIP concept is such that it provides the dual benefit of wealth creation as well as life insurance. If the policyholder passes away while the policy is still active, the nominees will receive a death benefit. This ensures that your family and loved ones are cared for even if you are absent.
Tax Benefits: ULIP policy is an excellent tax-saving plan. Sections 80C and 10(10D) of the Indian Income Tax Act, 1961 exempt the premiums and the ULIP plan returns as well.

Long-term Benefits of ULIP Plans

When it comes to the long-term, you get various options for investment. ULIPs, on the other hand, offer good benefits as well. Let us take a look at them:

The benefit of Compounding: Long-term investments are required to receive its benefits. This is because overall returns in the later years of investment increase exponentially as returns build up and equal the principal amount. Therefore, look no further and begin your search for the best ULIP to buy in India if you are looking for an investment option that will assist you in building wealth over the long term.
Top-Ups: You might want to increase your investment as your needs and stage in life change. One benefit of a ULIP is the ability to make additional investments above and beyond your regular contributions to the plan.
Market-Linked Investment: ULIP investors have a wide range of equity and debt funds, depending on their risk tolerance and expected returns. Since equity funds are known to produce sizable returns over the long term, those looking to build a sizable corpus should only invest in them through ULIPs.

Conclusion

With many of us looking for options to build wealth less volatilely, ULIPs are the way to go. Now that you understand how ULIPs operate, you can choose this investment option with greater knowledge. An extended investment period is advantageous, and market volatility's effects are long-term compensated for. With time, more significant portions of your premiums are invested, allowing you to accomplish your long-term objectives.

Related Article: Best Life Insurance Policy in India

Does Health Insurance Cover Rehab in India?

Addiction might make you feel better for some time, but the damage it brings with it is unimaginable. It is a matter of time before you become a lost cause and end up in one of those rehab institutions. But, the question that comes to mind for a person with health insurance is whether the insurance company will cover the expenses incurred for the rehab.

Consider the value of investing in your health. Maintaining a healthy lifestyle and abstaining from drugs and alcohol is crucial. Before entering rehab, many people research whether their health insurance will cover the cost of their treatment. With the COVID scenario, more people emphasise addiction and mental health issues.

Health Insurance Rehab Coverage

Your mental health has a significant impact on your overall well-being. This aspect of your well-being influences how you function psychologically, emotionally, and socially, among other things. That is why the government and insurance companies place such a premium on mental health.

The IRDAI has mandated that all health insurance coverage for mental illnesses be provided in light of the deteriorating mental health caused by COVID-19. Because of this, you don't have to worry about whether or not your health insurance will pay for rehabilitation. To choose the best health insurance plan to protect you from addiction, you must carefully read the terms and conditions.

How Health Plans Work in Addiction Cases

Numerous factors determine how and what your insurance will cover your expenses at rehab facilities that accept insurance. Here are a few typical elements of an insurance plan for addiction treatment.

Duration of the Treatment: the length of the treatment cannot be pre-determined as it depends on case to case. So, the insurance company has to decide when they will pay the amount of rehab coverage in your health plan.
Deductible: This implies that you must also cover a portion of the costs associated with your treatment. Plans vary depending on the policy type, but the insurance company typically covers between 50-60 per cent of the costs.
Clinical Assessment: The insurance company will have a clinical assessment of the damage. Your treatment is only covered if they notice indications of drug or alcohol abuse, addiction, or dependence.

Health Conditions Covered by Mental Health Insurance

Schizophrenia
Acute depression
Obsessive-compulsive disorder (OCD)
Dementia
Bipolar disorder
Post-traumatic stress disorder
Anxiety disorders

These are some of the health conditions covered under mental health insurance. It is important to note that many more illnesses are covered besides these.

Documents Needed for the Claim

To ensure smooth claim processing, policyholders must submit the following paperwork when filing a claim:

Health Policy Details
Original Documents
Nature of the illness
Relationship of the person with the insured person
Address Proof and other documents

Every insurance plan is different. The most important thing is to understand the details of your health policy when buying. You never know what may happen in future, so you need to be ready for everything. Addiction sounds bitter, but it happens often, and you need a health insurance plan to cover all of this to ensure that you are not drained financially while going through so much emotionally.

Does Health Insurance Cover Sports and Gym Injuries

Exercise is essential to maintain good health and most of us choose sports or go to the gym to meet this demand. You may be aware that if you have played sports for a long time there are chances of accidents that can lead to injury. So, it is wise to prepare yourself financially in advance if you are an avid sportsperson or a gym-goer. But Did your standard health insurance plan cover injuries related to sports and gym? Continue reading to know more.

Common Sports and Gym Injuries

Anyone participating in sports or fitness activities can suffer a sports injury. Of course, this could cost you a lot of money, depending on the injury and the method of treatment. Look at some typical sports and gym injuries:

Muscle sprains
Bone fractures
Knee injuries
Dislocated bones and joints
Achilles tendon injuries
Rotator cuff injuries
Tendon injuries

All of these injuries mentioned above are extremely painful, take a long time to heal and require a lot of attention, and if left untreated, can seriously affect your quality of life. Worse, some of these injuries require prolonged medical care that often involves expensive surgery and rehab programs.

Is there any Coverage for Sports and Gym Injuries Under Health Insurance Plans?

The most basic financial protection against costly medical expenses is health insurance. It provides comprehensive protection against medical treatment, hospitalization and various serious diseases. Hence, we can say that health insurance covers injuries caused due to gym and sports.

There are few sports and gym related injuries that are not covered under health insurance plans such as scuba diving, mountaineering, racing, sky diving, etc.

Is There Any Health Insurance for Gym and Sports Injuries?

In India, many health insurance companies offer health plans for hospitalized patients with sports-related injuries. Some sports-related injuries are also covered by various personal accident health insurance policies or critical illness health insurance.

There are also some special health insurance plans that specifically provide coverage for injuries caused by participating in sports or exercising in the gym. Depending on the policy wording, these health insurance policies can cover a wide range of diseases, including ligament tears, bone fractures and other problems.

Things To Remember While Raising a Claim For Injuries Related to Sports and Gym

You should always carefully read the policy wordings of any health insurance plan before purchasing it. Keep the following in mind before making a claim:

Sports injuries due to illegal substances are not covered in health insurance plans.
Common injuries such as sprains are not covered in health plans.
Injuries due to participating in sports such as motorsports, hunting, cliff diving, and adrenaline-air sports are not covered in health insurance plans.
Injuries that occurred due to illegal activities are not covered.

Conclusion

Whether you play sports or are an avid exerciser, there is always the potential for unintentional injury. In these situations, it is essential to get prompt medical care. Panicking or thinking about the cost of care during these times will make you feel more stressed. It is important to buy a health insurance policy in advance as it will keep you financially secure from such situations.

Everything About Zero-cost Term Insurance

Term insurance plans are the most famous traditional choice for buying insurance. Pure-term plans come with various tenure lengths and coverage benefits, allowing policyholders to mitigate the risk. However, we all know that there is no maturity benefit in pure-term plans if the policyholder survives the policy term. If the insured person dies during the policy's term, the nominee is entitled to the sum assured.

Zero-cost term insurance plans tackle the problem that comes with traditional term insurance plans. A zero-cost term insurance plan provides a unique opportunity for a customer to exit a term plan and receive a refund of the premiums paid if they believe they no longer require the term insurance. Unlike other term insurance plans, this one allows the user to opt-out of the plan once it reaches a certain age determined by the insurer.

Benefits of Zero-cost Term Insurance

Here is the list of benefits that comes along with zero-cost term insurance:

A plan with death benefits usually costs much more than zero-cost term insurance plans. The premium you pay towards the zero-cost is pocket friendly, making it a better choice.
A no-cost term insurance policy includes riders for many events, including acute illness, accidents, terminal illness, and much more.
Zero-cost term plans allow you to exit the plan at various stages of your life. As a result, the insurer can choose to exit the plan when he or she no longer has any liabilities or after retirement without fear of not receiving the paid premiums back.
Individuals under the age of 45 can obtain a no-cost term insurance policy.

Difference Between Zero-cost Term Insurance and Traditional Term Insurance Plans

You can stop paying the premium with the zero-cost plan when you need it. So, suppose you have no financial liabilities or a preying retirement and have more than enough. In that case, you can simply discontinue being insured while receiving a refund of the premiums you have paid up to that point.

Traditional term plans are still a popular choice in the market, but these new term plans are capturing the market fast. Many life insurance companies have started rolling out zero-cost term insurance plans in India.

Who Should Buy Zero-cost Term Insurance Plans

The newly introduced Zero Cost Term Plan is a more affordable alternative to the standard Term Plan and the Return of the Premium Term Plan. If the policyholder dies unexpectedly, the nominee receives the sum assured; if the policyholder survives, the policyholder receives the entire premium minus non-refundable charges and taxes.

It is advisable to check the offering from the life insurance company. Many companies include various terms and conditions. Moreover, you can exit the term insurance plan without penalty. So, a zero-cost term insurance plan is a better option.

Bottom Line

You no longer have to be concerned about losing money because a zero-cost term insurance plan allows policyholders to cancel their plan after a set period and receive their money back. It differs from the traditional term plan or return of premium term plan, which makes this new insurance plan appealing to customers. Many insurance companies are coming up with these plans.

FAQs

Q. What is zero-cost term plan?
A. Zero-cost term insurance is simply a variation on life insurance policies. The policy in this type of term insurance plan allows the policyholder to cancel the plan at any time and receive all premiums paid up to the specified date.

Q. Is zero-cost term policy better than traditional term insurance?
A. It depends on your needs. If you are looking for a more flexible option, zero-cost term insurance is a good option.

Q. Where can I buy zero-cost term insurance plan?
A. You can visit the official website of the life insurance companies and buy the insurance plan online.

Hospital Daily Cash Insurance

Daily hospital cash insurance is one of the health insurance coverage benefits that provides a lump sum amount each day to the insured for the duration of their hospitalization. This cash amount can be used to pay for additional expenses that health insurance does not cover or to compensate for any loss of income while the patient is in the hospital.

What is Hospital Daily Cash Insurance?

Hospital daily cash insurance is a health insurance policy that offers a set amount for each day of hospitalization lasting more than 24 hours. It is a fixed daily allowance given to the policyholder to cover miscellaneous expenses during hospitalization.

For example, if you are hospitalized and have a health plan, you will get INR 1K as Hospital Daily Cash for each day of hospitalization. It makes no difference if you spend 1200 INR or 800 INR on other medical expenses. The health insurance company will give you a pre-determined benefit of INR 1000 for each day of hospitalization.

Eligibility Conditions Under Hospital Daily Cash Insurance

Hospicash insurance also comes as a separate health insurance plan. Below mentioned are some of the conditions under these hospital daily cash policies to get coverage benefits:

Shorter waiting period
Hospitalization should be more than 24hrs
Daycare treatments are not covered
The days for which allowance is payable in a year is 30, 60, or 90 days.

Availability Under Health Insurance Plan

You can avail of this coverage benefit of hospicash in the below-mentioned form:

Comes as a coverage benefit in your standard health plan
Comes as a separate hospital daily cash policy
Available as an optional add-on rider

Features of Hospicash Insurance

Below mentioned are the features of hospicash insurance:

Available Option of Daily Cash: INR 250 to INR 8K
Hospicash Insurance Policy Tenure: 1 to 3 Years
Maximum Benefit Period Under Hospicash Insurance: 15/30/60/90/180 days per Year
Pre-Existing Period Waiting Period: 2 to 4 Years

Benefits of Hospital Daily Cash Policy

Below mentioned are some of the benefits of the hospital daily cash policy:

Coverage for Attendant Expenses
Coverage for Uncovered Expenses
Avail No Claim Bonus
Convalescence Benefit

Coverage for Attendant Expenses: The patient is usually cared for by an attendant (family member, relative, spouse, etc.). Additional costs such as transportation, attendant food costs, and other contingencies put financial pressure on the budget. The policyholder and family can use the hospital daily cash to make necessary purchases. Overall, Hospicash provides financial assistance for miscellaneous expenses incurred while receiving treatment.
Coverage for Uncovered Expenses: The health insurance companies do not pay for certain costs associated with hospitalization, which are referred to as inadmissible expenses, such as diagnostic tests and surgical supplies. The health insurance company pays the insured hospital daily cash regardless of these inclusions and exclusions. It can be used to pay for incidental charges such as travel, utility bills, transportation, food for the attendant, etc. You can use these funds to pay for expenses that are not covered under a standard health plan.
Avail of No Claim Bonus: Hospital Daily Cash enables you to keep your no-claim bonus and helps you pay your hospital bills without submitting a claim to your health insurance.
Convalescence Benefit: The amount is paid only once per policy Year if you are hospitalized for at least 10 consecutive days due to illness or injury. For example, if you are hospitalized for a few weeks and are unable to work during that time, you may suffer financial loss. The convalescence benefit provides a lump sum payment to help compensate for this loss of income.

Best Hospital Cash Insurance Plans in 2022

Below mentioned are some of the best hospital daily cash insurance plans in India:

Daily Hospital Cash Insurance	Health Insurance Company Name	Amount INR	Number of Days
Aditya Birla Activ Assure Diamond Health Insurance Plan ( in-built coverage benefit)	Aditya Birla Health Insurance	INR 500	For consecutive 5 days
Bajaj Allianz Hospital Cash Benefit Policy	Bajaj Allianz Health Insurance	INR 500 to INR 2500	30 days & 60 days
Future Generali Hospital Cash Plan	Future Generali Health Insurance	INR 500 - INR 9000	30, 60, 90, & 180 days
Iffco Tokio Hospital Daily Cash Policy	Iffco Tokio Health Insurance	INR 250 to INR 5000	15, 30, 60, 90, & 180 days
Kotak Mahindra Hospital Cash Optional Cover	Kotak Mahindra Health Insurance	N/A	3 days onwards
Manipal Cigna Health Insurance Plans	Manipal Cigna Health Insurance	INR 1000 to INR 3000	N/A
Royal Sundaram Lifeline Insurance Plan	Royal Sundaram Health Insurance	INR 1000, INR 2000, INR 5000	30 days
Star Comprehensive Insurance	Star Health Insurance	Basic Plan: INR 1000, INR 2000, & INR 3000 Enhanced Plan: INR 3000, INR 4000, & INR 5000	Basic Plan: 30, 60, 90, 120, & 180 days Enhanced Plan: 90, 120, & 180 days
SBI Hospital Daily Cash Insurance Policy	SBI Health Insurance	Sickness: INR 500 to INR 2000 Accident: INR 1000 to INR 4000	30/60 days

Exclusions Under Hospital Daily Cash Insurance

Below mentioned are some of the significant exclusions under hospicash insurance:

Hazardous or Adventurous Sports
Change of Gender
Maternity Treatment
Dental Treatment
Self Injury or Suicide attempt
Nuclear, chemical, or biological attacks or weapons
Treatment of Alcoholism & Drugs
Eyesight due to refractive error
Sleep disorder, Parkinson and Alzheimer
Gestational Surrogacy

Hospital Daily Cash Policy Claim Process

Reimbursement is the only option to submit a claim under Daily Hospital Cash Policy. You are responsible for paying the hospital bills out of pocket first and will receive reimbursement or payment from the health insurance company later. Below are the steps to file a reimbursement claim under the hospital daily cash policy:

Claim Intimation: Intimate your insurance company within 48hrs of hospitalization.
Document Submission: Submit the required document within 15 to 30 days of discharge.
Claim Settlement: The health insurance company will settle your claim within 15 to 30 working days.

Documents Required For Claim Settlement

Below mentioned are the required documents that you should submit for filing a claim under hospicash insurance:

Duly Signed Claim Form
Xerox of the Discharge Summary or Discharge Certificate
Xerox of Hospital Bills
Xerox of your identity card

How Child Insurance Helps Kids to Pursue Their Dreams

What is a dream? Creating a scenario in your head that relates to your future is fascinating. Who do you want to become? Even though dreaming can be enjoyable and exciting, without the final piece of the puzzle, your dreams will remain just that—dreams. The missing piece of the puzzle is money. Without financial support, your child will find it challenging to pursue their dreams.

Therefore child insurance is essential. By setting aside money for your child's goals and dreams, these plans assist you in securing their future. A child insurance plan gives you the financial security to realise your child's future aspirations, whether sending your child to an international higher education programmed or pursuing your child's entrepreneurial dreams.

Why Child Insurance is Important

Here are a few points that highlight the importance of child insurance.

Build a Financial Corpus: Your investment in a child insurance plan's premium is multiplied by up to ten. You can use the one-time payment to cover your child's educational expenses, such as higher education at a renowned international university.

Cover Medical Emergencies: You must buy a child insurance policy early on when your child is healthy if there is a family history of a severe illness. In addition to your health insurance, the money invested in a child insurance plan will be helpful if, God forbid, your child were to contract one of these diseases in the future.

Collateral for Loans: All banks will typically accept a child insurance policy as collateral if you want to apply for an education loan or personal loan for your child. When your son or daughter needs a lump sum to pay for higher education, this will be of great assistance to him or her.

Tax Benefits: The parent who pays the premiums can receive tax benefits from investing in child insurance plans. Section 80C of the Income Tax Act allows tax deductions for premium payments.

Best Child Insurance Plans In India

Here is the list of best child plans available in India 2022:

Insurance Company	Plan Name	Minimum Annual Premium	Maximum Sum Assured
LIC	LIC New Children's Money Back Plan	INR 4,327	No Limit
HDFC Life Insurance	HDFC Life YoungStar Udaan	INR 24,000	Depends on premium, age, and policy term.
ICICI Prudential	Smart Kid Solution	INR 48,000 (for one pay option)	10 times of Single Premium
Max Life Insurance	Future Genius Education Plan	INR 40,000	No limit
SBI Life Insurance	Smart Champ Insurance	INR 6,085	Rs. 1,00,00,000

*The order of the plans are not based on the ranking.

*Premiums in this table are calculated for a fixed sum of INR 1,00,000.

Benefits of Child Insurance

Let us discuss the benefits of child insurance plans.

Act as a Savings Fund: A child policy serves as both financial protection against unforeseen events and a savings account for the child. The beneficiary of the policy receives a lump sum payment when the policy matures.

Protection: It is a kind of plan that gives you a lot of protection. It is a savings and life insurance in one plan that will cater to your needs.

Premium Waiver Benefit: If the policyholder passes away while the policy is in effect, this rider option will waive the future premium. The policy's benefits are still available after it expires.

You can buy child insurance online from the official website of the insurance company and from RenewBuy.

Bottom Line

A child’s dream can only be fulfilled if he/she is given the right advice, platform, and financial stability. Buying the best child plan can do wonders for a child's future. To choose the best child insurance plan that meets your child's future needs, compare the premium costs, benefits offered, the sum assured, and other features like available riders.

Related Article:

Best Life Insurance Policy in India

Consequences of Not Buying Two-wheeler Insurance in India

When you buy your dream two-wheeler in India, it is always advisable to buy a comprehensive two-wheeler insurance policy. Even though it is mandatory, every motorist's responsibility is to protect themselves, their family, and other people's lives, and therefore insurance coverage saves lives. However, even today, many drivers operate their vehicles without an insurance policy, meaning they either do not have one or it has expired. What if an accident occurs after your insurance has expired? The consequences are immense.

To reduce the chances of getting stuck in a misfortune situation, you must buy two-wheeler insurance online. Continue reading to discover the effects and drawbacks of not buying or having a lapsed two-wheeler/bike insurance policy.

What Happens If You Don't Have Two-wheeler Insurance?

You could lose several benefits if you don't have bike insurance or if you don't renew your two-wheeler insurance. If you don't have bike insurance or your two-wheeler insurance policy has expired or lapsed, you may experience the following consequences:

Imprisonment: According to Indian law, every vehicle that travels on Indian roads must have a bike insurance policy to drive. If you break this rule and are discovered to be without or have expired insurance, you may be subject to a fine or even go to jail, depending on the situation.
Loss of no-claim Bonus: A no-claim bonus, or discount on the premium, is given by an insurance company when you insure your two-wheeler with them and make no claims. If you want to change two-wheeler insurers, NCB can also be transferred.
Financial Loss: If you are involved in an accident, your insurance policy may cover the damages. However, if you are not covered, you will have a financial burden that can really drain you. Not to mention that you would be driving illegally.
Legal Liabilities: If you operate a two-wheeler without insurance and are involved in an accident, you may face legal and financial difficulties. You must cover all costs associated with the damages.
Delayed Process: Renewal of bike insurance policy can take time. It is advisable to renew two-wheeler insurance before expiring so that you avoid a situation where you have to waste time. The good part is that you can renew two-wheeler insurance online as well. The process is easy and hassle-free.

Best Two-Wheeler Insurance Plans in India

The process of buying bike insurance online is quite simple. Not only can you buy the insurance policy online, but you can also renew it. Let us first take a look at the best comprehensive bike insurance plans in India:

Two Wheeler Insurance Company	Third Party Cover	Cashless Garage
Reliance General Insurance	Yes	4,600+
Liberty Videocon General Insurance	Yes	4,300+
SBI General Insurance	Yes	2,600+
Iffco Tokio General Insurance	Yes	4,300+
ICICI Lombard General Insurance	Yes	8,800+
Bajaj Allianz General Insurance	Yes	4,300+
Shriram General Insurance	Yes	2,000+
New India Assurance	Yes	3,000+
Go Digit General Insurance	Yes	1,000+

Bottom Line

The importance of buying bike insurance online is not just limited to the benefits of coverage but to the fact that you will break the law if not insured. It is important to stay covered as you never know when you might be in need of it. To purchase the best bike insurance plans in India, log on to official website of the company. Buying online bike insurance is easy, simple and completely hassle-free.

FAQs

What will happen if I fail to buy bike insurance?

According to the Government of India, you need to have two-wheeler insurance to drive on the road. So, if you fail to buy or renew bike insurance, you will be penalized.

Can I renew bike insurance online?

It is possible to renew your bike insurance online by visiting the official website of the insurance company. The process is simple and easy.

How to check the expiry of my two-wheeler insurance?

By visiting the website of the insurance company, you can enter the section that will provide you all the details regarding the bike insurance policy.

Star Health Insurance Customer Care

Star Health Insurance has an efficient customer support team that assists the policyholders in every possible way and tries to clear the doubts and queries of the customers. They are available 24/7 and can assist with concerns related to claims, tax deductions, understanding policy terms, grievances, updating policy details, queries related to any star health plan, etc. Customers can contact star health insurance customer care by phone, e-mail or by visiting the nearest branch of star health insurance company.

Star Health Insurance Customer Care at your service

Star Health Insurance Customer Care assists policyholders with queries related to the following topics:

Claim Settlement
Buying Process
Documentation
Grievances
Other General Queries

Star Health Insurance Customer Care Details

Below mentioned are customer care details of star health insurance company:

Particular	Details
Customer Care Toll-free No.	1800 425 2255 / 1800 102 4477
Senior Citizen Helpline No.	044 4002 0888 (Claims) 044 2824 3923 (Grievances)
Customer Care No. for Other Users	044 2831 9100 044 2853 2030/60
Customer Care Email Id	support@starhealth.in

Star Health Insurance Contact Details

Address:

Star Health & Allied Insurance Co. Ltd (Star Health Insurance),
No.1, New Tank Street, Valluvarkottam High Road, Nungambakkam, Chennai - 600 034

Email: support@starhealth.in

Some Major Branches and their Addresses of Star Health Insurance

Star health insurance has more than 800 branches across India. Below are the branches of Star Health Insurance in major cities and their addresses:

State Name	City Name	Contact Details
Delhi	New Delhi	1st Floor, Himalaya House, 23, Kasturba Gandhi Marg Ph. No. 23464603 / 23464610 / 23464645
Haryana	Gurgaon	1st Floor, SCO4, HUDA MARKET, Sector 14, Old Delhi Road, Near Payal Cinema Ph. No. 0124-4255201
Bihar	Patna	302, 3rd Floor, I G Complex, West Boring Canal Road, In Front of Medicana Phone No. 8298932222
Assam	Guwahati	3rd Floor,Ganpati Enclave,opp BORA service,Above Kotak Mahindra Bank,Ulubari,GSRD Ph. No. 0361- 2457064 / 65
Madhya Pradesh	Bhopal	Plot No. 262, Zone II, MP Nagar, Behind Rajhans Regency, Infront of Tulsi Exotic Ph. No. 0755-4213304
Karnataka	Bengaluru	M G Tambre Towers, #90, 3rd Floor, Next to new Athithya Hotel, Gandhi Bazaar Main Road, Basavangudi Ph. No. 080-40594444 / 41508113
Gujarat	Ahmedabad	4th Floor 45 Viva-III, Shrimali Society, Opp. Vadilal House, Nr. Navranpura Police Station, Navrangpura Ph. No. 079-40049240/241
Tamil Nadu	Chennai	MKM Chambers, 1st Floor, No:42, Kodambakkam High Road, Nungambakkam Ph. No. 044-49631256 / 49631257 / 49631265
Kerala	Cochin	PentaTower,Opp Kaloor Pvt Bus Stand Kerala-682017 Ph. No. 0484-4000447
Andhra Pradesh	VISAKHAPATNAM	Dno: 49-24-51, 2nd floor, Krupa biz house, Besides Madhur In Function Hall, Opp. Ramalingeswara Sway Temple, Madhura Nagar Ph. No. 0891-2730302 / 2730308

Customer Care Details of RenewBuy

Customers who bought a Star Health insurance policy through the RenewBuy.com official website can contact our customer service department for any support. In the table below, we have mentioned the RenewBuy customer service details:

Particulars	Details
Customer Care No. (Toll-free)	1800 419 7852
Customer Care Whatsapp No.	9810972573
Customer Care Email Id	customersupport@renewbuy.com

Network Hospitals

How can I contact Star Health Insurance customer care?

Star Health Insurance Grievance Redressal

Star Health Insurance handles the grievances of the policyholders in an accessible and sophisticated manner. Star health insurance resolves every complaint within two weeks of its registration.

You can call toll-free numbers 1800-425-2255 / 1800-102-4477 (For Senior Citizens: +91-44-2824-3923), or you can register your grievance online at https://www.starhealth.in/grievance-redressal if you are not happy with the reply of the grievance team.

Concerned Person

Mrs Radha Vijayaraghavan, Grievance Redressal Officer,
Corporate Grievance Department

Address

4th Floor, Balaji Complex, No. 15, Whites Lane,
Whites Road, Royapettah, Chennai- 600014
(Landmark: In the lane next to Satyam Theatre Parking Area)

Contact Information

Direct: 044-4366 4600
Senior Citizens: 044- 6900 7500
E-mail ID: gro@starhealth.in, Grievances@starhealth.in

Insurance Ombudsman

You can speak with the IRDAI Grievance call centre (IGCC) directly if you are dissatisfied with the company's response to your complaint.

Toll free number: 1800 4254 732
Email ID: complaints@irda.gov.in

Ombudsman Centers Details

Below mentioned are the star health insurance ombudsman centres in India:

Name of Center

Jurisdiction

AHMEDABAD - Shri Kuldip Singh

Office of the Insurance Ombudsman,

Address
Jeevan Prakash Building, 6th floor,
Tilak Marg, Relief Road, Ahmedabad 380 001.
Tel.- 079 - 25501201/02/05/06
Email: bimalokpal.ahmedabad@cioins.co.in

Gujarat, Dadra & Nagar Haveli, Daman and Diu.

BENGALURU - Smt. Neerja Shah

Office of the Insurance Ombudsman,

Address
Jeevan Soudha Building,PID No. 57-27-N-19 Ground Floor,
19/19, 24th Main Road, JP Nagar, Ist Phase, Bengaluru 560 078.
Tel.- 080 - 26652048 / 26652049
Email: bimalokpal.bengaluru@cioins.co.in

Karnataka

BHOPAL - Shri Guru Saran Shrivastava

Office of the Insurance Ombudsman,

Address
Janak Vihar Complex, 2nd Floor,
6, Malviya Nagar, Opp. Airtel Office, Near New Market,
Bhopal 462 003.
Tel.- 0755 - 2769201 / 2769202
Fax: 0755 - 2769203
Email: bimalokpal.bhopal@cioins.co.in

Madhya Pradesh, Chattisgarh

BHUBANESHWAR - Shri Suresh Chandra Panda

Office of the Insurance Ombudsman,

Address
62, Forest park, Bhubneshwar 751 009.
Tel.- 0674 - 2596461 /2596455
Fax: 0674 - 2596429
Email: bimalokpal.bhubaneswar@cioins.co.in

Orissa

CHANDIGARH - Dr Dinesh Kumar Verma

Office of the Insurance Ombudsman,

Address
S.C.O. No. 101, 102 & 103, 2nd Floor,
Batra Building, Sector 17 – D, Chandigarh 160 017.
Tel.- 0172 - 2706196 / 2706468
Fax: 0172 - 2708274
Email: bimalokpal.chandigarh@cioins.co.in

Punjab, Haryana(excluding Gurugram, Faridabad, Sonepat and Bahadurgarh) Himachal Pradesh, Union Territories of Jammu & Kashmir, Ladakh & Chandigarh.

CHENNAI - Shri M. Vasantha Krishna

Office of the Insurance Ombudsman,

Address
Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet,
CHENNAI 600 018.
Tel.- 044 - 24333668 / 24335284
Fax: 044 - 24333664
Email: bimalokpal.chennai@cioins.co.in

Tamil Nadu, Tamil Nadu Puducherry Town and Karaikal (which are part of Puducherry).

DELHI - Shri Sudhir Krishna

Office of the Insurance Ombudsman,

Address
2/2 A, Universal Insurance Building, Asaf Ali Road,
New Delhi 110 002.
Tel.- 011 - 23232481/23213504
Email: bimalokpal.delhi@cioins.co.in

Delhi & Following Districts of Haryana - Gurugram, Faridabad, Sonepat & Bahadurgarh.

GUWAHATI - Shri Kiriti .B. Saha

Office of the Insurance Ombudsman,

Address
Jeevan Nivesh, 5th Floor,
Nr. Panbazar over bridge, S.S. Road, Guwahati 781001(ASSAM).
Tel.- 0361 - 2632204 / 2602205
Email: bimalokpal.guwahati@cioins.co.in

Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh, Nagaland and Tripura.

HYDERABAD - Shri I. Suresh Babu

Office of the Insurance Ombudsman,

Address
6-2-46, 1st floor, "Moin Court",
Lane Opp. Saleem Function Palace,
A. C. Guards, Lakdi-Ka-Pool, Hyderabad 500 004.
Tel.- 040 - 23312122
Fax: 040 - 23376599
Email: bimalokpal.hyderabad@cioins.co.in

Andhra Pradesh, Telangana, Yanam and part of Union Territory of Puducherry.

JAIPUR - Smt. Sandhya Baliga

Office of the Insurance Ombudsman

Address
Jeevan Nidhi – II Bldg., Gr. Floor, Bhawani Singh Marg,
Jaipur - 302 005.
Tel.: 0141 - 2740363
Email: bimalokpal.jaipur@cioins.co.in

Rajasthan

ERNAKULAM - Ms Poonam Bodra

Office of the Insurance Ombudsman,

Address
2nd Floor, Pulinat Bldg.,
Opp. Cochin Shipyard, M. G. Road, Ernakulam 682 015.
Tel.- 0484 - 2358759 / 2359338
Fax: 0484 - 2359336
Email: bimalokpal.ernakulam@cioins.co.in

Kerala, Lakshadweep, Mahe-a part of Union Territory of Puducherry.

KOLKATA - Shri P. K. Rath

Office of the Insurance Ombudsman,

Address
Hindustan Bldg. Annexe, 4th Floor, 4, C.R. Avenue,
KOLKATA 700 072.
Tel.- 033 - 22124339 / 22124340
Fax: 033 - 22124341
Email: bimalokpal.kolkata@cioins.co.in

West Bengal, Sikkim, Andaman & Nicobar Islands.

LUCKNOW -Shri Justice Anil Kumar Srivastava

Office of the Insurance Ombudsman,

Address
6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow 226 001.
Tel.- 0522 - 2231330 / 2231331
Fax: 0522 - 2231310
Email: bimalokpal.lucknow@cioins.co.in

Districts of Uttar Pradesh:

Jhansi, Lalitpur, Hamirpur, Mahoba, Chitrakoot, Allahabad, Banda, Sonbhabdra, Mirzapur, Fatehpur, Jaunpur, Pratapgarh, Varanasi, Jalaun, Kanpur, Lucknow, Gazipur, Sitapur, Lakhimpur, Unnao, Bahraich, Barabanki, Raebareli, Bahraich, Gonda, Sravasti, Amethi, Kaushambi, Faizabad, Basti,

Ambedkarnagar, Balrampur, Maharajgang, Sultanpur, Azamgarh, Kushinagar, Santkabirnagar, Deoria, Mau, Gorakhpur, Chandauli, Ghazipur, Sidharathnagar, Ballia.

MUMBAI - Shri Milind A. Kharat

Office of the Insurance Ombudsman,

Address
3rd Floor, Jeevan Seva Annexe,
S. V. Road, Santacruz (W), Mumbai 400 054.
Tel.- 022 - 26106552 / 26106960
Fax: 022 - 26106052
Email: bimalokpal.mumbai@cioins.co.in

Goa, Mumbai Metropolitan Region excluding Navi Mumbai & Thane.

NOIDA - Shri Chandra Shekhar Prasad

Office of the Insurance Ombudsman,

Address
Bhagwan Sahai Palace 4th Floor, Main Road, Naya Bans, Sector 15,
Distt: Gautam Buddh Nagar, U.P 201301.
Tel.- 0120-2514252 / 2514253
Email: bimalokpal.noida@cioins.co.in

State of Uttaranchal and the following Districts of Uttar Pradesh:

Agra, Aligarh, Bagpat, Bareilly, Bijnor, Budaun, Bulandshahar, Etah, Kanooj, Mainpuri, Mathura, Meerut, Moradabad, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad, Firozbad, Gautambodhanagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal, Amroha, Hathras, Kanshiramnagar, Saharanpur.

PATNA - Shri N. K. Singh

Office of the Insurance Ombudsman,

Address
1st Floor, Kalpana Arcade Building,
Bazar Samiti Road, Bahadurpur
Patna 800 006
Email: bimalokpal.patna@cioins.co.in

Bihar, Jharkhand.

PUNE - Shri Vinay Sah

Office of the Insurance Ombudsman,

Address
Jeevan Darshan Bldg., 3rd Floor,
C.T.S. No.s. 195 to 198,
N.C. Kelkar Road, Narayan Peth,
Pune 411 030.
Tel.- 020-41312555
Email: bimalokpal.pune@cioins.co.in

Maharashtra, Area of Navi Mumbai and Thane, excluding Mumbai Metropolitan Region.

Conclusion

Star Health Insurance customer care is a valuable resource for policyholders, providing timely and accurate assistance for all insurance-related matters. With Star Health Insurance's customer-centric approach, multiple contact channels, and knowledgeable representatives, policyholders can rely on Star Health Insurance for quick support, policy information, claims guidance, and grievance resolution.

Quick Links

You can contact Star Health Insurance customer care through the following channels:

Helpline: Call the customer care helpline number provided on the official Star Health Insurance website or in your policy documents.
Email: Send an email to the designated customer care email address.
Online Chat: Check if Star Health Insurance offers an online chat feature on their website.
Branch Visits: Visit a Star Health Insurance branch office near you.

What are Star Health Insurance's operating hours for customer care?

The operating hours may vary based on the communication channel and the specific location. The customer care helpline is typically available 24/7, ensuring round-the-clock assistance. For branch visits, refer to the official website or contact customer care for the working hours of the nearest branch.

How can Star Health Insurance customer care assist me?

Star Health Insurance customer care can assist you with various insurance-related matters, including

Providing information about policy coverage, benefits, and terms and conditions.
Assisting with policy-related queries and clarifications.
Guiding you through the claims process, including claim documentation and submission procedures.
Updating you on the status of your claim.
Addressing grievances and providing complaint resolution.

What information should I have when contacting customer care?

When contacting Star Health Insurance customer care, it is helpful to have the following information readily available:

Your policy number.
Personal details, such as your name and contact information.
Specific details about your query or concern.

Can I contact customer care for policy renewal or premium payment-related queries?

Yes, you can contact Star Health Insurance customer care for queries related to policy renewal, premium payments, and other administrative matters. They can provide guidance and assist you with the necessary steps involved.

How long does it take to receive a response from customer care?

Star Health Insurance aims to provide timely responses to customer queries and concerns. The exact response time may vary depending on the issue's complexity and the communication channel. However, the customer care team strives to address inquiries promptly and efficiently.

What should I do if I have a grievance or complaint?

If you have a grievance or complaint, you can contact Star Health Insurance customer care and provide details about the issue. The customer care team will work towards resolving the matter in a fair and transparent manner. If the resolution provided by customer care is unsatisfactory, you may have the option to escalate the complaint through the appropriate channels as per Star Health Insurance's grievance redressal process.

How can I check my policy details online?

You can access your policy details online through the Star Health website or mobile app. Simply log in using your registered email address and password.

How do I request a surrender or loan against my policy?

You can initiate these requests online, through the mobile app, or by contacting Star Health customer care.

How do I file a claim for my Star Health Insurance plan?

You can file a claim online, through the app, by calling star health insurance customer care, or by visiting a branch office.

Niva Bupa Health Insurance Customer Care

Why is customer service important? For any given company, especially in the insurance industry, customer care is a vital part of the business. Max Bupa Health Insurance is a byword for high-quality health insurance options in India. The company’s growth has been good in recent years and continues to remain so.

Meeting customer satisfaction is important for any business and Niva Bupa, formerly known as Max Bupa Health Insurance, is familiar with the concept. This post will look at how your queries related to health plans, grievances, claims and other issues can be addressed.

Assistance Offered by Niva Bupa Health Insurance

When you go to the official website of Niva Bupa, you can contact the customer care team via the following categories:

Update Policy Details
Renewal
Claims
Policy Related

Other than that, you can also get a few ounces of information from the self-help video library that has information related to basic queries and branch-wise information on the website.

Niva Bupa Contact Details

If you need help, have questions about your health plan, or are interested in getting one, you can contact the company. Here are a few details about it.

Corporate Office Address: Niva Bupa Health Insurance Company Limited, 14th Floor, Capital CyberScape, Sector 59, Gurugram, Haryana.
Phone: 1860-500-8888
Senior Citizen Quick Assistance: seniorcitizensupport@nivabupa.com

Ombudsman Offices Details of Niva Bupa Health Insurance

Here you can find the list of the ombudsman offices of Niva Bupa.

Areas of Jurisdiction	Office of the Insurance Ombudsman
Gujarat, UT of Dadra and Nagar Haveli, Daman and Diu	Office of the Insurance Ombudsman, Jeevan Prakash Building, 6th floor, Tilak Marg, Relief Road, Ahmedabad-380001. Tel.: 079-25501201/02/05/06 Email: bimalokpal.ahmedabad@ecoi.co.in
Karnataka	Office of the Insurance Ombudsman, Jeevan Soudha Building, PID No. 57-27-N-19, Ground Floor, 19/19, 24th Main Road, JP Nagar, Ist Phase, Bengaluru –560078. Tel.: 080-26652048/26652049 Email: bimalokpal.bengaluru@ecoi.co.in
Madhya Pradesh and Chhattisgarh	Office of the Insurance Ombudsman, Janak Vihar Complex, 2nd Floor, 6, Malviya Nagar, Opp. Airtel Office, Near New Market, Bhopal–462003. Tel.: 0755-2769201/2769202 Fax: 0755-2769203 Email: bimalokpal.bhopal@ecoi.co.in
Odisha	Office of the Insurance Ombudsman, 62, Forest park, Bhubneshwar–751009. Tel.: 0674-2596461/2596455 Fax: 0674-2596429 Email: bimalokpal.bhubaneswar@ecoi.co.in
Punjab , Haryana, Himachal Pradesh, Jammu and Kashmir, UT of Chandigarh	Office of the Insurance Ombudsman, S.C.O. No. 101, 102 & 103, 2nd Floor, Batra Building, Sector 17 –D, Chandigarh–160017. Tel.: 0172 -2706196 /2706468 Fax: 0172-2708274 Email: bimalokpal.chandigarh@ecoi.co.in
Tamil Nadu, UT–Pondicherry Town and Karaikal (which are part of UT of Pondicherry)	Office of the Insurance Ombudsman, Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet, CHENNAI–600018. Tel.: 044-24333668/24335284 Fax: 044-24333664 Email: bimalokpal.chennai@ecoi.co.in
Delhi	Office of the Insurance Ombudsman, 2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi–110002. Tel.: 011-23232481/23213504 Email: bimalokpal.delhi@ecoi.co.in
Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh, Nagaland and Tripura	Office of the Insurance Ombudsman, Jeevan Nivesh, 5th Floor, Nr. Panbazar over bridge, S.S. Road, Guwahati–781001(ASSAM). Tel.: 0361-2632204/2602205 Email: bimalokpal.guwahati@ecoi.co.in
Andhra Pradesh, Telangana and UT of Yanam – a part of the UT of Pondicherry	Office of the Insurance Ombudsman, 6-2-46, 1st floor, "Moin Court", Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi-Ka-Pool, Hyderabad-500004. Tel.: 040-67504123/23312122 Fax: 040-23376599 Email: bimalokpal.hyderabad@ecoi.co.in
Rajasthan	Office of the Insurance Ombudsman, Jeevan Nidhi–II Bldg., Gr. Floor, Bhawani Singh Marg, Jaipur-302005. Tel.: 0141-2740363 Email: Bimalokpal.jaipur@ecoi.co.in
Kerala, UT of (a) Lakshadweep, (b) Mahe – a part of UT of Pondicherry	Office of the Insurance Ombudsman, 2nd Floor, Pulinat Bldg., Opp. Cochin Shipyard, M. G. Road, Ernakulam-682015. Tel.: 0484-2358759/2359338 Fax: 0484-2359336 Email: bimalokpal.ernakulam@ecoi.co.in

Grievance Redressal

Niva Bupa Health company has a step-by-step process to address grievances. Let us take a look at

Step 1: You can dial 1860-500-8888, the customer service hotline number.

Send service URL: https://rules.nivabupa.com/customer-service/

Senior citizens who need priority assistance should write to the following address: seniorcitizensupport@nivabupa.com.

Step 2: If the grievance is not addressed in the first step or you are not satisfied with it, you can escalate to GRO- Vikar Alam at: GRO@nivabupa.com

Step 3: You can independently address the issue to the Insurance Regulatory Authority by filing a complaint with the IRDA Grievance Call Center if, in the unlikely event that Steps 1 and 2 do not resolve the issue.

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Customer Care Details of RenewBuy

Customers who purchased a Niva Bupa Health insurance plan through the official RenewBuy.com website can get in touch with our customer service division for any assistance. We have listed the RenewBuy customer service information in the table below:

Particulars	Details
Customer Care Whatsapp Number	9810972573
Customer Care Number (Toll-free)	1800 419 7852
Customer Care Email Address	customersupport@renewbuy.com

Important Cities and Branches of Niva Bupa Health Insurance Company

Here is the list of important cities and branches of Niva Bupa company:

City	Address	Phone Number
Ludhiana	Niva Bupa Health Insurance Company Limited, Unit no 3, Plot No.88, 2nd Floor, Kunal Tower, Mall Road, Opp. AXIS Bank, Ludhiana, Punjab - 141001	01616677000
Indore	Niva Bupa Health Insurance Company Limited, 2nd Floor Unit no-202, N.M. tower LALA Banarasilal Dawar Marg, Race Course Road-11, Bungalow Colony, New Palasia, Indore - 452001, MP	8929919038
Patna	Niva Bupa Health Insurance Company Limited, Office no-304, 3rd floor, Rajendra Ram plaza, Exhibition road, Patna, Bihar - 800001	06126713600
Surat	Niva Bupa Health Insurance Co Ltd. Office No. 317, 3rd Floor, Eon Square, Guru Ram Pavan Bhumi Adajan, Surat-395009 (Gujarat)	2614103400
Jodhpur	Niva Bupa Health Insurance Company Limited, 5th Avenue Building, Plot No.44/1 & 44/1A, PWD Colony Jodhpur 342001,	9582092200
Lucknow	Niva Bupa Health Insurance Company Limited, 3rd Floor, Speed Building – 3, Shahnajaf Road, Hazratganj, Lucknow, Uttar Pradesh - 226001,	05226659000
Delhi	Niva Bupa Health Insurance Company Limited, Samyak Tower, 39 Pusa Road, 3rd Floor, WEA Karol Bagh, New Delhi - 110005, Delhi	011-61291900
Amritsar	Niva Bupa Health Insurance Company Limited, SCO 57,1st Floor, Dist Shopping complex, Amritsar - 143001,	9811956696
Chandigarh	Niva Bupa Health Insurance Comoany Limited, 2nd Floor, SCO 84-85, Sector 8 C Chandigarh - 160009,	9582584400
Agra	Niva Bupa Health Insurance Company Limited, Unit no.311-A, Padam business Park, Sector 12A, INS-1, Awas Vikas Sikandra Yojna, Agra, Uttar Pradesh - 282007,	8929901750
Ahmedabad	Niva Bupa Health Insurance Company Limited, SPG Empressa, 7th Floor, 701, beside Passport Seva Kendra, Nr. Mithakhali Six Roads, Navrangpura, Ahmedabad-380009	8929919044
Gurugram	Niva Bupa Health Insurance Company Limited, 2nd Floor, SCO No - 391, Sector-29 Near Near Iffco Chowk Metro Station 29, Gurugram - 122001	01246354900
Bangalore	Niva Bupa Health Insurance Company Limited, Vaishnavi Silicon Terrace, 30/1, Hosur Main Road, Adugodi, Opp. Prestige Acropolis, Bangalore - 560095	08068168000

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Star Health Insurance Renewal

Health insurance becomes essential thing in our life as it provides financial protection in case of medical emergencies. It is important to renew your health insurance plan before its expiry date so that you can continue to get all the coverage benefits like waiting period benefit, no claim bonus etc. under your health insurance plan. For this, you need to pay your health insurance premium on time, which may be different from what you paid for the previous policy term.

Star Health Insurance offers an easy renewal process as customers can renew their health insurance plan without any hassle. You can renew your Star health insurance plans after each policy term. It offers various payment options so that you can renew your health plan online.

Benefits of Renewing Star Health Insurance

Below mentioned are some of the benefits of star health online renewal:

No Waiting Periods
Uninterrupted Coverage
Provides Flexibility
No Claim Bonus Benefits

No Waiting Period: Every health insurance plan comes with a waiting period of 2-4 years for specific diseases like cataract, thyroid related diseases etc. When you renew your health insurance policy on time, you will be allowed to use the coverage for specific diseases and illnesses when the waiting period has been successfully completed.
Uninterrupted Coverage: If you renew your star health insurance plan on time, you and your family will have access to hassle-free coverage for unexpected medical emergencies.
Provides Flexibility: You can customize your star health insurance plan as per your needs and requirements at the time of renewal. Moreover, you can upgrade the policy terms, add, or remove family members, or add available rider options.
No Claim Bonus Benefits: Star Health Insurance offers No Claim Bonus up to a maximum of 50% of the Sum Insured for each claim free year up to maximum of 100% of the Sum insured. Not renewing your Star Health Plan will result in losing the No Claim Bonus that you have accumulated till date.

List of Star Health Insurance Plans

Below mentioned is the total list of star health insurance plans available in India:

Star Women Care Insurance Policy
Star Comprehensive Insurance Policy
Star Senior Citizens Red Carpet Health Insurance Policy
Star Family Health Optima Insurance Plan
Star Health Premier Insurance Policy
Star Super Surplus Insurance Policy
Star Medi Classic Insurance Policy
Star Health Gain Insurance Policy
Star Criticare Plus Insurance
Star Health Insurance Young Star Plan
Star Health Insurance Health Assure Plan

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Why is it important to renew my Star Health Insurance policy on time?

Star Health Insurance Renewal Process
Star health insurance offers simple and hassle-free renewal process. Below mentioned are the steps to renew your star health insurance plan:

Visit the official website of “Star Health Insurance”.
Select the “Renewal” option from the top menu.
On the next page, Fill in all your policy details along with the DOB (date of birth).
Click on the “Proceed” button.
On the next page, you will see the amount that you need to pay. Moreover, you can also customize the star health plan as per your needs.
Once the payment is done, the star health insurance company will send the policy details to your registered e-mail address.

Star Health Insurance Offline Renewal Process

In case you are unable to renew your Star Health Plan online, you can visit the nearest branch of Star Health Insurance where you can renew your health plan.

Note: You can get in touch with our POSP advisor to renew your star health insurance plan.

How to Avoid Star Health Insurance Plan Lapsation?

You can avoid star health insurance policy lapse by following the below mentioned steps:

Keep track of your star health insurance policy renewal dates.
Activate your auto debit premium payment option.
Avail the facility of reminders via email or SMS.

Star Health Insurance Grace Period

Star Health Insurance offers a grace period of 30 days to renew your Star Health Insurance plan. For example: If a policyholder fails to pay his health insurance premium on time, he has one chance to pay the pending premium amount within the grace period.

However, during this period, policyholder cannot get any coverage benefit during the grace period but can secure the benefits that he/she availed in the previous policy year.

Star Instant Renewal

You can instantly renew your Star Health Insurance policy by following the below steps:

Visit the official website of the “Star Health Insurance”.
Login through the customer portal.
Click on the “Instant Renewal” section.
Then, enter your details, such as policy number and date of birth, and click the “Submit” button to renew your Star Health Insurance Plans.

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Star Health Insurance Renewal FAQs

There are several reasons why timely renewal is essential:

Uninterrupted Coverage : A renewed policy ensures continuous health insurance protection and avoids any gaps in coverage.
No Claim Bonus (NCB) : Star Health might offer a No Claim Bonus for each claim-free year, reducing your renewal premium. Missing a renewal can reset your NCB.
Pre-existing Conditions : Timely renewals ensure pre-existing conditions remain covered under the renewed policy terms.

How can I renew my Star Health Insurance policy?

Star Health Insurance offers several convenient renewal methods:

Online Renewal: Access your Star Health Insurance customer account and go to the renewal section. You can pay the premium online using debit/credit cards, net banking, etc.
Offline Renewal: Visit your nearest Star Health Insurance branch to initiate the renewal process and pay the premium.
Auto-Debit: Set up auto-debit from your bank account to ensure automatic renewal and avoid missing deadlines.

What information do I need for Star Health Insurance instant renewal?

You usually won't need extensive information to renew your Star Health Insurance policy. Having your policy number and date of birth easily available will speed up the process.

When do I get a renewal reminder from Star Health Insurance?

Star Health usually sends renewal reminders via email or SMS before the policy expiry date. However, relying solely on these reminders is not advisable. It's best to track your policy expiry to avoid last-minute hassles proactively.

What happens if my policy lapses due to non-renewal after the grace period?

Lapsed policies result in interruption of coverage. Reinstating a lapsed policy may be possible, but strict conditions may apply, including new waiting periods for pre-existing conditions.

Niva Bupa Health Insurance Renewal

Health insurance is a significant investment in life as someone rightly said, ‘Health is Wealth.’ Niva Bupa Insurance not only focuses on providing health insurance but also aims to improve the quality of the customer experience via different services.

In 2008, Niva Bupa Health Insurance Company Limited was established in India. It began as a partnership between the international healthcare organization Bupa and Max India Limited. Max Bupa has been a partnership between Bupa and the private equity firm True North since the beginning of 2019.

Niva Bupa Health Insurance Renewal

Benefits of Renewing Niva Bupa Health Insurance

Niva Bupa offers a wide range of health insurance plans that need to be renewed as the policy expires after a certain period. Here are some essential benefits that Niva Bupa health company offers to its customers:

You get a 30-minute cashless claim processing facility.
You get up to 7.5 percent discount if you buy Niva Bupa health insurance online.
The company has a vast network of hospitals to choose from. The number goes upto 7600+ in India.
Hospitalization cover against Coronavirus.

You continue to get these benefits when you renew your insurance plan with Niva Bupa health insurance company.

List of Health Plans by Niva Bupa Health Insurance Company

Let us glance at the best health insurance plans offered by Niva Bupa health insurance company.

Niva Bupa Reassure Health Plan
Niva Bupa Goactive Plan
Niva Bupa Moneysaver Plan
Niva Bupa Premia Plan
Niva Bupa Super Saver Plan
Niva Bupa Heartbeat Plan
Niva Bupa Senior First Plan
Niva Bupa Health Companion
Niva Bupa Health Pulse
Niva Bupa AccidentCare Plan
Niva Bupa Criticare Health Plan
Niva Bupa Coronakavach Health Plan
Niva Bupa Saral Suraksha Bima Plan

These plans can be bought online by going to the company's official website and clicking on the health category. Buying health insurance online is much easier now.

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Niva Bupa Health Insurance Plans Renewal Process

There are two ways to renew your Niva Bupa health insurance plans. Let us first take a look at how you renew Niva Bupa health insurance online.

Visit the official website of Niva Bupa, formerly known as Max Bupa Health insurance.
Go to the ‘Renew’ category.
A new window will open that will redirect you to the renewal process.
Under this section, you must enter your policy number and date of birth.
Verify the OTP, which will be shared with your registered mobile number.
Now you can view the policy details and choose the plan accordingly.

Offline Mode

If you are unable to renew your Niva Bupa Health Insurance online, you can renew your health plan by going to the Niva Bupa Health Insurance branch that is the closest to you.
Note: To renew your health insurance policy, contact our POSP advisor.

How to Avoid Policy Lapsation

It is important to keep the health plan active. However, here are a few points to keep track of the policy to avoid Niva Bupa health insurance policy lapse.

Keep track of all your policies in one place.
You can set up your premium payment option for automatic debit.
You may utilise the option of receiving email or SMS reminders.

Niva Bupa Health Insurance Grace Period

The insurance company will be required to pay the renewal fee for a grace period of fifteen days if the insured cannot renew the policy on time. If the insured renews the policy within the allotted time, the policy will remain in effect, and the insured will continue to be eligible for benefits. Your policy must be in effect for you to receive health insurance coverage benefits.

FAQs

Question: How to check the expiry of the Niva Bupa health insurance plan online?
Answer: You can find the policy's expiration or payment due date in your policy documents or by logging into your "My Account" on our website.

Question: How can I check the premium amount of my health plan?
Answer: Simply enter your 14-digit policy number and the date of birth of the oldest member in the "Renew Now" box on the website.

Question: What are the various modes of payment when renewing the Niva Bupa Policy?
Answer: You can use your debit or credit card. Also, NEFT is one of the options for making payments online. It is fast and convenient.

Question: Can I have an EMI option as well when renewing the health plan?
Answer: The EMI option is only available on credit cards of selected banks.

Question: Do I need to give my medical reports again while renewing the niva bupa health plan online?
Answer: If you change your health plan, then the company may ask you to provide medical details.

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Tata AIG Health Insurance Renewal

You are protected from unforeseen, high medical expenses by health insurance. The health insurance company will cover the hospital costs up to the cover amount (also known as the sum insured) you have chosen if you or any family members covered by the policy are admitted to the hospital.

Tata AIG is a well-known health insurance company in India. The company offers a lot of health plans that you can customize accordingly. It is now affordable for everyone to have medical insurance thanks to the company's good, online health insurance coverage at cost-effective rates.

Tata AIG Health Insurance Renewal

Benefits of Renewing Tata AIG Health Insurance

Renewing health insurance online is simple and hassle-free. Before we go further, let us look at the benefits of renewing your insurance with Tata AIG health company.

Tata is a trusted brand with a wide range of network hospitals. You get 7000+ cashless hospitals on your list.
The Tata health company offers Covid-19 coverage.
If you continue with Tata AIG, the chances of claim settlement are high, with a 90.78 claim settlement ratio.
The customers are happy with a 4.5 rating out of 5.

It is important to buy health insurance and even more important to renew the health plans to avail of the benefits.

List of Health Plans by Tata AIG Health Insurance Company

Here is the list of the best Tata AIG health plans that you can go with:

Tata AIG MediCare Plus Plan
TATA AIG Wellsurance Women Policy
TATA AIG Wellsurance Family Policy
Tata AIG MediCare Protect Plan
Tata AIG Medicare Premier Plan
TATA AIG Arogya Sanjeevani Health Insurance Policy
Tata AIG MediCare Plan
Tata AIG Critical Illness Plan

All these plans are curated for the people to ensure that they get a comprehensive health plan for themselves and their families. You can buy Tata AIG health plans online from the official website.

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Tata AIG Health Insurance Plans Renewal Process

Your Tata AIG health insurance plans can be renewed in two different ways. Let's start by examining the online renewal process for Tata health insurance.

Visit the Tata AIG health website.
Visit the "Renew" section.
Your browser will launch a new window that will direct you to the renewal process.
You must enter your policy number and date of birth in this field.
Verify the OTP by using your registered mobile number, which will receive it.
Now you can review the details of the policy and select the best Tata AIG health plan.

Offline Mode

There might be a situation where you will have a problem with the internet connection or other problems. But nothing to worry about as there is an offline mode available.
Note: To renew your health insurance policy, contact our POSP advisor.

How to Avoid Policy Lapsation

The health plan needs to remain active. To avoid having your Tata AIG health insurance policy lapse, keep an eye on the following points.

In one location, keep track of all your policies.
Your premium payment option can be set up for automatic debit.
You can choose to receive reminders via email or SMS.

Tata AIG Health Insurance Grace Period

If you cannot pay the premiums for some reason, the grace period for a health insurance policy is a reasonable opportunity for you to do so. Most health insurance companies offer a grace period of between 15 and 30 days. Within this time, you can renew Tata AIG health insurance.

FAQs

Question: How can I renew my Tata AIG health plan online?
Answer: You need to visit the company's official website to complete the renewal process. The process is easy and hassle-free.

Question: Should I renew my Tata AIG health insurance?
Answer: It is important to renew the health plan if you want to continue with the insurance provider. Otherwise, you can buy a different health plan online.

Question: What documents are required for the renewal of health plans?
Answer: You don’t need to show any other document you gave while buying tata health plans. However, you may be asked to give the latest medical reports.

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Care Health Insurance Renewal

Renewal of health insurance is as important as buying a health plan as health insurance becomes one of the essential things in our life. It is your responsibility to renew your Care health insurance plan on time or before its expiry date because you need to renew it on time to avail of its coverage benefits.

Care health insurance renewal is quick and simple and takes just a few minutes. You can renew your Care health insurance policy online as well as offline.

Benefits of Renewing Care Health Insurance Online

Renewing the care health insurance policy online offers you various benefits. Below mentioned are some of the benefits of care health insurance renewal:

You will receive a no-claim bonus if you don't file a claim under your care health insurance policy. For every claim-free year, Care Health Insurance will increase the sum insured amount by 50%, up to a maximum of 100%. Additionally, you will receive a 10% increase in the sum insured, up to a maximum of 50%.
Every care health insurance plan has a waiting period of 24 - 48 months for specific diseases, including Cataracts, Thyroid, ENT, etc. Your eligibility for coverage against all critical illnesses/diseases will be ensured if you renew your care health insurance policy on time.
If you renew your Care health insurance on time, you can customize it as per your needs and requirements as per your current conditions. You have the option to add or remove any family member as well as choose any of the available add-on riders.
By renewing your care health insurance policy timely, you ensure that you and your family are always protected from unforeseen medical expenses and emergencies.
Policyholders can renew their care health insurance policy within just a few clicks and continue to avail of benefits like no claim bonus, etc.

List of Care Health Insurance Plans Available in India

Below mentioned is the list of care health insurance plans available in India:

Care Supreme Health Plan
Care Advantage Health Plan
Care Classic Health Plan
Care Plus (Youth Health Plan)
Care Plus (Complete Health Plan)
Care Freedom Plan
Care Senior Plan
Care Heart Plan
Care for 45+ Health Insurance Plan
Care Senior Health Advantage Plan
Care Health Plan
Care Enhance Health Plan
Care Joy Health Plan

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What Happens If You Do Not Renew Your Care Health Insurance Plan?

Below mentioned are the problems that you might face if you do not renew your care health insurance plans:

You will lose the benefits such as no claim bonus, low premium amount, etc.
You will lose continuous coverage.
Every time the policy is renewed, the waiting period will be shortened. Only after a waiting period is completed can the pre-existing condition be covered. Therefore, the waiting time clause will apply again if you do not renew your care health insurance plan.

Care Health Insurance Grace Period

The grace period for health insurance is a set amount of time during which a policyholder can pay premiums even after the due date has passed. Care Health Insurance offers a 30 days grace period along with simple payment options, which makes it easy for you to pay the premium amount.

Care Health Insurance Renewal Online

Policyholders must renew their Care Health Insurance policy before the policy's expiration date. The Care health insurance policy can be renewed in several ways. You can either visit the Care health insurance branch nearest to you or use the company's official website to renew your Care health plan. Below mentioned are the steps to renew your care health insurance plan through the official website of care health insurance:

Visit the official website and click on 'Renew' from the top bar menu.
Fill in all the required information, such as policy number, registered mobile number, and date of birth.
Then click on the 'Let's Renew' button.
The next page will show you the renewal payment amount that you need to pay.
Once the payment is made, your care health insurance policy documents will be sent to your registered Email ID.

Important Things To Remember While Renewing Care Health Insurance Plan

Renewing your care health insurance plan is a simple task to do. Below mentioned are the things that you should remember while renewing your care health insurance plan:

Renew your care health plan before its expiry date.
Keep track of care health policy expiry date.
Claims raised between the health policy expiry and renewal date will not be entertained.
Always re-evaluate your needs and requirements before renewing your care health insurance plan.

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HDFC Ergo Health Insurance Renewal

HDFC ERGO Health Insurance is a joint venture between ERGO International AG and HDFC Limited. HDFC Health Insurance has more than 200 branches in 170 cities across India. HDFC ERGO Health Insurance offers its customers a variety of health insurance plans that provide financial coverage in case of medical emergencies. Renewing an HDFC health plan is as important as buying one. HDFC ERGO Health Insurance offers its customers a simple and hassle-free renewal process. HDFC ERGO policy renewal is a process in which policyholders can renew their HDFC health plan by paying the pending premium amount for the next policy term. In the below article, we will discuss the HDFC Ergo policy renewal in detail

HDFC Ergo Insurance Renewal-01 .

Benefits of HDFC Ergo Insurance Renewal

Below mentioned are some of the benefits of HDFC Ergo policy renewal:

Continued coverage.
Flexibility to add or remove add-on riders.
Flexibility to add or remove family members.
Portability benefit.
You can increase or decrease the sum insured by the HDFC Ergo health insurance policy.
Tax benefits under Section 80D.

HDFC Ergo Health Insurance Plans List

Below mentioned is the list of HDFC Ergo health insurance plans offered by HDFC Ergo health insurance company:

HDFC Ergo Optima Secure
HDFC Ergo Optima Restore
HDFC Ergo My Health Suraksha
HDFC Ergo Koti Suraksha
HDFC Ergo Energy Diabetes
HDFC Ergo ican Cancer Insurance
HDFC Ergo Critical Illness Policy
HDFC Ergo Health Wallet Family Floater
HDFC Ergo My Health Medisure Super Top-up
HDFC Ergo My Health Women Suraksha

What Happens If You Do Not Renew Your HDFC Ergo Insurance Renewal

Below mentioned are the situations that can arise if you do not renew your HDFC Ergo plan on time:

You will not be able to get the following benefits: low premiums and no claim bonus.
Once the policy expires, you won't receive any coverage benefits.
The waiting period will be reduced after every policy renewal. Pre-existing positions will not be covered until after the waiting period. If you do not renew your care health insurance policy, the waiting period will start over.
You will need to buy a new health insurance plan and go through the complete document verification procedure once more.
To purchase a new health insurance plan, the insurer may need you to do the pre-medical examination once more.

HDFC Health Insurance Grace Period

HDFC Health Insurance offers a 30-day grace period during which you can pay the outstanding health insurance premiums using simple payment options so that you do not lose the coverage benefits of your HDFC ERGO health insurance or face the risk of lapse of your policy.

As per IRDAI, every health insurance company has to provide a grace period of 15 or 30 days to its customers.

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How To Avoid HDFC ERGO Health Insurance Policy Lapsation?

Below mentioned are the tips to avoid HDFC Ergo health insurance policy lapse:

Activate the push notification from the HDFC ergo insurance company so that you will not miss the renewal date of your HDFC Ergo Health plan.
Avail of the facility of reminders through e-mail or SMS.
Pay your premium using Auto Debit.
Always get in touch with your HDFC Ergo policy relationship manager.

HDFC Ergo Policy Renewal Process

There are several options for renewing your HDFC ERGO health insurance policy. You can renew your HDFC ERGO health insurance online or offline mode. Given below are the steps to renew your HDFC ERGO health plan through the company's official website:

Visit the HDFC ERGO Health Insurance website and select "Renew" from the top bar menu.
Enter all necessary details, such as the insurance number, birth date, and registered mobile number.
Select "Let's Renew" from the menu.
You’re required payment amount will be displayed on the next page.
Once payment has been received.
The insurance documents will be sent to your registered Email ID.

HDFC Ergo Insurance Offline Renewal

If you cannot renew your HDFC Ergo Health Plan online, you can visit the nearest branch of HDFC Ergo Health Insurance where you can renew your health plan.
Note: You can contact our POSP advisor to renew your HDFC health insurance plan.

Important Things To Remember While Renewing HDFC Ergo Health Insurance Plan

HDFC ERGO Health Insurance renewal is easy. Following are some crucial considerations to bear in mind when renewing your HDFC Ergo Health insurance:

Renew Your HDFC Health Insurance before its expiry date.
Always keep track of your policy renewal date.
There will be no consideration given to claims made between the expiration date of the policy and its renewal.
Never renew insurance without re-evaluating your needs and requirements.

Conclusion

To continue receiving the benefits of your HDFC health insurance plan, always renew your policy on time or within the grace period. If you pay your premiums on time, you will have the financial security to counter unexpected medical emergencies. Still, if you forget to pay your HDFC ERGO health insurance premiums, HDFC ERGO Health Insurance will offer you a 30 days grace period to pay your premiums. However, if you miss the grace period, the HDFC health policy will lapse, which can be problematic in case of an urgent medical emergency.

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SBI Health Insurance Renewal

SBI health insurance plans come with numerous features and benefits. The company offers customisable health plans that cater to different individuals making SBI health a popular health insurance provider in the country. These plans are ideal for young people, working professionals, and senior citizens.

Since this health insurance company is quite preferred in the country, the company offers various features to help customers. One of them is the easy and hassle-free renewal system. Let us look at the SBI Health Insurance Renewal Process and other important things you need to know.

Benefits of Renewing SBI Health Insurance

Health insurance renewal is essential since it ensures that you and your family are covered without any gaps. Here are some of the benefits that you will enjoy with the renewal of SBI Health Insurance:

Easy and Hassle-free claim process
Customisable health plans
Free health check-up after four claim-free years
SBI health company has more than 7500+ network hospitals.
According to the IRDAI Annual Report 2021–22, SBI has resolved 95.04 per cent of claims, which is a perfect sign for any person looking to buy SBI health insurance plans.

List of Health Plans by SBI Health Insurance Company

Here is the list of the best SBI health plans that you can buy:

SBI Arogya Supreme
SBI Arogya Premier Health Insurance
SBI Hospital Daily Cash Insurance Policy
Arogya Sanjeevani Health Insurance
SBI Arogya Plus Health Insurance
SBI Arogya Top-up Health Insurance
SBI Critical Illness Health Insurance
SBI Hospital Daily Cash Insurance Policy

SBI health plans can be bought from the official website of the company. Buying SBI health plans online is the easiest way to purchase them since you get all the services related to them in one place.

Network Hospitals

SBI Health Insurance Plans Renewal Process

Both online and offline methods are available for renewing SBI health insurance. Please carefully follow the steps below to renew your SBI health plan.

Visit the official website for SBI Health Insurance.
Go to "Renew" in the top menu.
A new window will open in your browser with instructions on how to finish the renewal process inside it.
This field must be filled in with your policy information.
You can now review the policy's specifics and choose the SBI health plan that best suits your needs.

Offline Mode

Sometimes, you may experience problems buying online health insurance due to internet connectivity issues. However, you need not worry about online renewal.
Note: For SBI health insurance policy renewal, contact our POSP advisor.

How to Avoid Policy Lapsation

If the health insurance policy is not renewed, it will expire, and you do not want to find yourself in this situation. By taking the following actions, you can prevent policy lapse:

Make sure you make payments on time by keeping track of all your health policies in one place.
Automatic billing is one of the features that you can use to keep your policies active.
Enable reminders to be sent to you by email or text message.

SBI Health Insurance Grace Period

The grace period in health insurance refers to the number of times insurers give to policyholders after the renewal date if they fail to pay the premium by the due date. The grace period is usually 15-30 days, depending on the health insurance company. To avoid policy lapsation, make sure that you renew SBI health insurance plans before expiry.

FAQs

Q: Is renewing the SBI health plan online easy?
A: Simply go to the SBI website, log into your account, and select the option to renew. A few details, such as the policy number and the health plan you want, must be entered before you can proceed.

Q: What is the SBI health company’s grace period?
A: The grace period is usually 30 days, during which you can renew the policy without penalty.

Q: What documents do I need to renew my policy?
A: Basic records like address verification and insurance information may be required for renewal. The crucial point to remember is that you might require a new medical report.

Q: How can I contact the SBI health insurance company?
A: SBI insurance has a website where you can connect via call, email, and chat. It can be reached at 1800 102 1111.

Q: What is the age limit to buy SBI medical insurance?
A: The age limit of SBI health plans varies from plan to plan. It is important to check the policy brochure before you buy any health plan.

Aditya Birla Health Insurance Renewal

Today we will look at the Aditya Birla Health Insurance renewal process that will ensure you renew your health insurance policy before it expires. It is important to renew to continue with the coverage and benefits that you have availed.

Health insurance renewal may seem like a complicated process, but with the right knowledge and information, you can quickly complete the renewal process. So, let us look at the Aditya Birla Health Insurance Renewal Process and other important things you need to know.

Benefits of Renewing Aditya Birla Health Insurance

Renewal of your health insurance is crucial because it guarantees complete coverage for you and your family. The following are some advantages that come with renewing your Aditya Birla Health Insurance:

Suppose you continue to be with Aditya Birla. In that case, you will have no problem concerning the network hospitals, as the number of cashless hospitals present with the company is more than 10,051.
Aditya Birla Health Insurance is present in more than 2300 cities in India.
Aditya Birla Health also offers a health coach, a unique service given by the company.
The Aditya Birla Health Company has a 24*7 customer care service that counsels the customers and provides the best service possible.

List of Health Plans by Aditya Birla Health Insurance Company

The following is a list of the top Aditya Birla health plans available for you to buy. You can also buy Aditya Birla health plans online, and the process is simple and hassle-free.

Aditya Birla Activ Health Platinum
Aditya Birla Activ Assure Diamond
Aditya Birla Arogya Sanjeevani
Aditya Birla Activ Care Classic
Aditya Birla Activ Assure Diamond + Super Health Topup
Aditya Birla Activ Platinum Essential
Aditya Birla Activ Secure Critical Illness Plan 1
Aditya Birla Activ Secure Critical Illness Plan 2
Aditya Birla Activ Secure Critcal Illness Plan 3
Aditya Birla Activ Platinum Essential
Aditya Birla Cancer Secure
Aditya Birla Activ Secure Personal Accident
Aditya Birla Health Insurance Plans Renewal Process

Health insurance renewal can be done in two ways, online or offline. Online health insurance renewal is hassle-free and takes less time. However, there might be some issues with the connectivity, so you can always opt for offline renewal.

Visit Aditya Birla Health Insurance's official website.
Open the top menu and select "Renew."
Your browser will open a new window with directions on completing the renewal process.
Now, you must enter the details of your policy in this field, along with your date of birth and mobile number.
Once you fill in the details, your Aditya Birla Health Insurance renewal will be done.

Offline Mode

Sometimes, issues with internet connectivity may prevent you from renewing health insurance online. You need not be concerned about online renewal since you can do it offline as well.
Note: For Aditya Birla's health insurance policy renewal, contact our POSP advisor.

Network Hospitals

How to Avoid Policy Lapsation

You do not want to find yourself in the situation of having to renew your health insurance coverage. You can stop a policy from expiring by doing the following:

By keeping track of all your health policies in one location, you can ensure that payments are made on time.
One of the features you can use to keep your policies active is automatic billing.
Enable text or email reminders to be sent to you.

Aditya Birla Health Insurance Grace Period

In the context of health insurance, the grace period is the number of additional days that the policyholder has after the renewal date to pay the premium. The Aditya Birla Health Insurance grace period is 30 days. It is advisable to renew health insurance before its expiry.

FAQs

Q: Can I renew Aditya Birla's health insurance plans online?
A: It is possible to renew Aditya Birla's health policies online by visiting the company's official website.

Q: Why Renew Your Health Insurance Online?
A: The insurance company makes renewing your health insurance hassle-free for you. You don't need to worry about going to a branch to maintain your health insurance coverage.

Q: What if I fail to renew my Aditya Birla health plan?
A: You will forfeit the benefits and coverage if you don't renew your health insurance plan. As a result, you should pay the renewal premium far in advance.

Q: Do I need to submit any additional documents while renewing?
A: To renew your health insurance, the insurer might ask you to submit a new medical report.

Q: Is there any way to renew health insurance offline?
A: Online health insurance renewal is an option, but you also have offline payment options. It is also possible to visit the insurer's branch and pay by demand draught or check. You need to check with your insurer.

Acko Health Insurance Renewal

Acko Health Insurance offers various types of health insurance plans that are valid for a specific period, which can be for 1, 2, or 3 years, depending on the policy term selected by the policyholder. The policyholders should renew their Acko health insurance coverage from time to time to continue receiving the benefits of the policy. Generally, Acko health insurance offers a 15 days grace period to the policyholder to renew their Acko health insurance plans.

As per IRDA (Insurance Regulatory and Development Authority of India), health insurance companies must always renew the policyholder's health insurance except in cases of fraud, misrepresentation, or moral hazard, which includes buying a health insurance policy for false claims.

Benefits of Acko Health Insurance Renewal

There are many benefits of renewing your Acko health insurance plan. Some of them are as follows:

No Policy Lapse
Lifelong Renewability Benefit
Continued Health Coverage
No Claim Bonus Cycle Remain Intact
Avail Cashless Medical Treatment at the Network Hospital
Waiting Period Will Get Shorter with Each Renewal
Tax Benefit under Section 80D
Annual Preventive Health Checkup

List of Acko Health Insurance Plans Available in India

Below mentioned is the list of health insurance plans offered by Acko Health Insurance in India:

Acko Arogya Sanjeevani Policy
Acko Group Health Insurance Plan

What Happens If You Do Not Renew Your Acko Health Insurance Plan?

Below mentioned are the things that may happen if you do not renew your acko health insurance plan on time:

Your Acko Health policy will be lapse
You will not be able to raise the claim
You will lose the NCB benefit
You have served a longer waiting period again
Your acko health insurance premium may be increase
You must undergo pre-medical test again

Acko Health Insurance Grace Period

This time period reminds you to renew your Acko health insurance plan as soon as possible without sacrificing the benefits mentioned above. The grace period starts as soon as your Acko health insurance plan expires. Remember that you can file a claim only when your Acko health policy is active and not during the grace period.

Acko Health Insurance provides a grace period of 15 to 30 days to renew your Acko Health Insurance plan. If you have not renewed your health plan within this period, you will lose all the benefits and will have to buy a new health insurance plan. As a result, it is wise to renew the health insurance before it expires.

Network Hospitals

Which health insurance company has the highest claim settlement ratio?

How To Avoid Acko Health Insurance Policy Lapsation?

Below mentioned are the tips that will help you in renewing your Acko health insurance plan and avoid policy lapsing:

Simply set a reminder on your phone regarding the renewal of your Acko health insurance policy.
Nowadays, people are reluctant to answer calls from unknown numbers for fear of spam. You can install any available application that lets you see who is calling before you answer. This will enable you to determine if the insurer is calling to remind you that your health plan is about to expire.
Acko health insurance also sends renewal reminder to the policyholder so that you will not miss your Acko health insurance renewal date.

Acko Health Insurance Renewal Process

Below mentioned are the steps to renew your Acko health insurance plans online:

Acko health insurance will send a renewal mail to your registered email Id from (health@acko.com).
In that email, you will find the Acko health policy renewal link.
Click on that link and make payment.
Acko health insurance will send the renewed policy at your registered email address within 24 hours.

Acko Health Insurance Offline Renewal

You can also renew your Acko General Insurance health insurance plan offline. You should share your requirements with Acko Health Insurance Company by calling the toll-free number: 1800-2662-256.
Note: You can contact our POSP advisor to renew your Acko health insurance plan.

Important Things To Remember While Renewing Your Acko Health Insurance Plan

Never forget to renew your Acko health insurance plan before it expires. This will ensure continuing protection and no loss of discounts. Here are some of the things that we should remember while renewing acko health insurance plan:

Always check the terms and conditions of the health plan
Keep track of your acko health insurance renewal date
Buy additional add-on riders
Re-evaluate your needs and requirements

Frequently Asked Questions (FAQs)

Question: Is renewing acko health insurance is mandatory?
Answer: No, buying or renewing health insurance is not mandatory.

Question: Can I set auto renewal of my health insurance policy?
Answer: Yes, you can set auto renewal, but it will not be a good idea for you as you might want to make some changes in the health plan as per your current lifestyle.

Body Part Insurance Done by Celebrities in India

Celebrities get media attention for everything they do. Additionally, news travels faster if the activity involves ensuring certain body parts. Many celebrities in India have chosen to insure many different body parts. Read on to learn more about this type of special insurance.

What Are We Talking About?

Consider the basic idea of insurance if this question crosses your mind. By purchasing insurance, you can reduce your financial losses in case of any unfortunate event. Celebrities choose to protect particular body parts that they feel are essential to their personality or brand, just like regular people do with health insurance plans. Usually, the body parts they insure determine their ability to survive.

Who Goes For It?

Most celebrities in the entertainment and sports industry choose to insure their body parts. In the glamour industry, where appearances are everything, celebrities go to considerable lengths to look good. They spend money on themselves and protect their investments from unexpected financial losses by choosing insurance. The same is with athletes, and they always take the risk of accidents as they work very hard to keep their bodies in good shape.

Below is a list of celebrities who have got their body parts insured:

Name	Insurance For
Jennifer Lopez	Buttocks
Lata Mangeshkar	Voice
Rajinikanth	Voice
Vijender Singh	Fingers
Julia Roberts	Smile
Sania Mirza	Hands
Daniel Craig	Body
Madonna	Breasts
Cristiano Ronaldo	Legs
David Beckham	Legs

Is it a Customized Insurance Plan?

Celebrities have a substantial financial stake. Therefore, celebrities or brands associated with celebrities often negotiate with insurance companies to insure their chosen body part. Insurance coverage is advantageous and essential to many of them, in addition to being a successful PR effort.

Is This Type of Insurance Available to the General Public?

No, these policies are exclusive and not available to the public. Regular people spend little money on their body parts compared to celebrities, and buying these is also not recommended. Insurance providers develop products that are universally applicable and beneficial to many people, such as health insurance and personal accident insurance.

Factors Considered by Insurance Companies

Various criteria will be considered by the insurance companies when offering this type of insurance. Below mentioned are the factors considered by the insurance companies:

Applicant's Health
Applicant's Lifestyle
Applicant's Popularity
The risk involved in the insured body part
Most banks are pretty concerned about the applicant's income because the premium amount is very high

Conclusion

You will not be able to buy such insurance directly from the insurance company's website as they are not widely available. However, you don't have to be famous to buy specialized insurance. You can talk to the insurance companies and tell them about your needs, and they will offer you the best insurance plan which will suit your need.

Can Your Vehicle Insurance Premium Change Over Time?

Owning a car is not easy. The expenses related to maintenance and fuel are high, especially after the war. And on top of that, there is the monthly motor insurance premium to care about. While it is required by law in India, it is also wise to get your car insured before it expires. And at the time of renewal, the premium amount may differ from what you paid the previous year, depending on various factors.

The concept of insurance premiums can be confusing because it is commonly stated that if you have yet to make any claims or your car is old, your insurance premium should decrease. Even those who have yet to file a claim face higher premiums. Why? What is causing the premium to rise with each passing year? So, let us understand the factors.

Why Do Premiums Increase?

Our country's insurance policies are regulated by the Insurance Regulatory and Development Authority of India (IRDAI).

IRDAI regulates third-party auto insurance policies in particular. The Motor Vehicles Act of 1988 requires this insurance plan. It covers third-party losses and damages resulting from an accident. IRDAI dictates the changes in premiums on various factors such as wear and tear, vehicle age, etc.

Some of the critical factors considered when changing renewal premiums are

Driving Behaviour
Age of the Vehicle
Coverage
Geographical Area
IDV of the car,
Inflation.

Third-Party Car Insurance Premium Rates

Standalone self-damage and comprehensive car insurance premiums are set by car insurance companies and vary from policyholder to policyholder. Third-party car insurance premiums are set by IRDAI and depend on the vehicle's engine size.

The third-party insurance premium rates below were last updated on June 1, 2022, by the IRDAI.

Engine Capacity	Rates
Vehicles Less than 1000CC	INR 2094
Vehicles from 1000CC to 1500CC	INR 3416
Vehicles more than 1500CC	INR 7897

How to Reduce Your Car Insurance Premium

Motor insurance is a necessity and to ensure that you get the best premium, there are certain factors that you can consider. Here are a few:

No-Claim Bonus: You can receive the No Claim Bonus (NCB) in the cost of your car insurance for the following year if you don't file a claim in the current year. If you don't file a claim for three to five years, the discount could increase from 30% to 50%.
Compare Car Insurance Online: mainly car insurance companies offer online insurance services. You can buy car insurance online by comparing various policies from different insurers.
Vehicle: which car you are driving also matters a lot. If you have a high-end luxury vehicle, the premium will be more. It is because the price of the car is high and thus, the services related to it, in case the insurance company has to pay for the repairs.

Reasons Why Car Insurance Premiums Rise

Have you ever wondered why auto insurance costs increase each year? In this section, let's examine a few prevalent explanations:

Inspection of Car: If a significant amount of time passes between the date your policy expires and the date you apply for a renewal, your insurer might inspect the four-wheeler before renewing the coverage.
Risk Profile: Anyone with a high-risk profile makes untrue claims or has engaged in the illegal use of a vehicle. Furthermore, anyone who has a history of filing claims related to accidents can expect their insurance costs to skyrocket.
Switching the Insurer: Although you can change insurers, doing so might result in higher premiums. However, the costs can also decrease if you do extensive research before purchasing a plan.

Bottom Line

Now that you know what causes the rise in car insurance premiums, you can use the information to work on the factors that are in your hand and save a good amount of money. You can always decide to abide by the advice that will lower your car insurance costs.

Health Insurance Claim Settlement Ratio

Health insurance can help us avoid financial stress, an important lesson the pandemic has taught us and continues to teach us today. Given the rise in hospital bills and medical costs associated with critical illnesses, the importance of a health insurance policy cannot be overstated at this point in time. A comprehensive health insurance plan can significantly reduce the stress of unexpected medical emergencies. Hence, there are a few things that you should consider while buying a health plan to make an informed decision. One of such thing is the claim settlement ratio (CSR) of health insurance companies. Every health insurance company in India has a claim settlement ratio.

Claim Settlement Ratio in Health Insurance

The ratio between the number of claims resolved and the total number of claims in a financial year is known as Claim Settlement Ratio or CSR in health insurance. It helps determine whether the insurer can settle the claims of the customers. For example, if 100 claims were filed during a financial year and 97 of those claims could be settled, then the claim settlement ratio for that particular year for that health insurance company would be 97%.

Claim Settlement Ratio is calculated as (total claims settled / total claims filed) multiplied by 100.

Importance of Claim Settlement Ratio (CSR) in Health Insurance

Mentioned below are some points that show us the importance of the claim settlement ratio in health insurance:

Provides information regarding the company's ability to pay claims.
An effective metric for comparing health insurers
A look at the constancy of insurers in settling claims
An excellent way to measure a company's reliability

Health Insurance Companies Claim Settlement Ratio

It is essential to compare the health insurance claim ratios of all health insurance companies when purchasing health insurance. A claim settlement ratio (CSR) of more than 85% is considered good. Check out the table below for the claim settlement and solvency ratio of health insurance companies in India:

S.No.	Health Insurance Company	Claim Settlement Ratio (2022-23)
1.	Acko General Insurance Ltd.	97.68
2.	Aditya Birla Health Insurance Co. Ltd	99.01
3.	Bajaj Allianz General Insurance Co. Ltd	93.54
4.	Care Health Insurance Ltd.	100
5.	Cholamandalam MS General Insurance Co. Ltd.	93.63
6.	Go Digit General Insurance Ltd.	96.83
7.	Zuno General Insurance Co. Ltd.	98.54
8.	Future Generali India Insurance Co. Ltd.	94.98
9.	HDFC ERGO General Insurance Co. Ltd.	98.59
10.	ICICI Lombard General Insurance Co. Ltd.	98.53
11.	IFFCO Tokio General Insurance Co. Ltd.	90.65
12.	Kotak Mahindra General Insurance Co. Ltd.	97.61
13.	Liberty General Insurance Ltd.	97.46
14.	Magma HDI General Insurance Co. Ltd.	94.72
15.	ManipalCigna Health Insurance Co. Ltd.	99.96
16.	Niva Bupa Insurance Company	100
17.	National Insurance Co. Ltd.	91.31
18.	Navi General Insurance Ltd.	95.13
19.	The New India Assurance Co. Ltd.	90.73
20.	The Oriental Insurance Co. Ltd.	91.62
21.	Raheja QBE General Insurance Co. Ltd.	97.30
22.	Royal Sundaram General Insurance Co. Ltd.	95.95
23.	Reliance General Insurance Co. Ltd.	98.75
24.	SBI General Insurance Co. Ltd.	96.47
25.	Star Health and Allied Insurance Co. Ltd.	99.21
26.	Tata AIG General Insurance Co. Ltd.	95.46
27.	Universal Sompo General Insurance Co. Ltd.	91.58
28.	United India Insurance Co. Ltd.	91.10

*Disclaimer: We RenewBuy do not endorse any specific insurance company or insurance product offered by any insurer. This list is just an illustration of different health insurance companies available in India.

What is Incurred Claim Ratio (ICR) in Health Insurance?

Insured Claims Ratio (ICR) is the ratio of the total claim amount paid by the health insurance company to the total premium amount collected in a financial year. For example, if a health insurance company has a claim ratio of 88%, it means that the insurer pays INR 88 for claim payments for every Rs 100 premium. The remaining INR 12 represents the profit of the insurance company.

Where can I Check Incurred Claim Ratio of an Insurance Company?

Every year IRDAI publishes the incurred claim ratio of all health insurance companies. The insurance regulator provides specific ICRs for various forms of insurance along with the overall incurred claim ratio (ICR) of the health insurance company. Thus, the annual report of IRDAI can be used to estimate the claim ratio incurred by an insurance company for health insurance.

Incurred Claims Ratio of Health Insurance Companies

The Incurred Claims Ratio (ICR) is a critical metric used to assess the financial health and claims-settling efficiency of a health insurance company. It tells you how much of the premium income the company actually pays out in claims. Below, we have mentioned the incurred claim ratio of every health insurance company:

S.No.	Company Name	Incurred Claim Ratio (2022-23)	Solvency Ratio (2022-23)
	Acko General Insurance Co. Ltd.	83.88	4.26
	Bajaj Allianz General Insurance Co. Ltd.	74.27	3.68
	Cholamandalam MS General Insurance Co. Ltd.	67.88	2.07
	Future Generali India Insurance Co. Ltd.	79.18	1.86
	Go Digit General Insurance Ltd.	71.87	1.96
	HDFC ERGO General Insurance Co. Ltd.	79.04	1.75
	ICICI Lombard General Insurance Co. Ltd.	77.33	2.51
	IFFCO Tokio General Insurance Co. Ltd.	111.18	1.73
	Kotak Mahindra General Insurance Co. Ltd.	56.01	2.95
	Liberty General Insurance Co. Ltd.	74.17	2.34
	Magma General Insurance Co. Ltd.	72.10	2.19
	Navi General Insurance Co. Ltd.	59.28	2.69
	Raheja General Insurance Co. Ltd.	138.67	1.96
	Royal Sundaram General Insurance Co. Ltd.	83.36	2.17
	SBI General Insurance Co. Ltd.	73.92	1.86
	Tata General Insurance Co. Ltd.	78.33	1.97
	Universal Sompo General Insurance Co. Ltd.	82.84	1.73
	Zuno General Insurance Co. Ltd.	89.59	1.72
	National Insurance Co. Ltd.	102.35	0.16
	The New India Assurance Co. Ltd.	103.33	1.82
	The Oriental Insurance Co. Ltd.	130.09	-0.63
	United India Insurance Co. Ltd.	89.57	0.15
	Aditya Birla Health Insurance Co. Ltd.	64.68	2.37
	Care Health Insurance Ltd.	53.82	1.83
	ManipalCigna Health Insurance Co. Ltd.	64.66	1.57
	Niva Bupa Health Insurance Co. Ltd.	54.05	1.79
	Reliance Health Insurance Ltd.	86.31	1.60
	Star Health and Allied Insurance Co. Ltd.	65.00	2.03

List of Top 10 Claim Settlement Ratio Health Insurance Companies in India

Finding the best health insurance company can be a daunting task for anyone as around 28 health insurance companies are available in the market. You can choose the health insurance company based on the claim settlement ratio. Hence, we have made a list of the top 10 health insurance companies based on their claim settlement ratios. Below mention is the list of the top 10 health insurance companies based on their claim settlement ratios in the year 2021-22:

Name of the Company	Claim Settlement Ratio (2022-23)
Care Health Insurance CSR	100
Niva Bupa Health Insurance CSR	100
ManipalCigna Health Insurance CSR	99.96
Star Health Insurance CSR	99.21
Aditya Birla Health Insurance CSR	99.01
Reliance Health Insurance CSR	98.75
HDFC Ergo Health Insurance CSR	98.59
Zuno Health Insurance CSR	98.54
ICICI Lombard Health Insurance CSR	98.53
Acko Health Insurance CSR	97.68

*The above mentioned data has been sourced from the annual report of IRDAI 2022-23.

Health Insurance Claim Settlement Process

There are two types of claim settlement processes in health insurance, i.e. cashless claim process and the reimbursement claim process. Below mentioned are both the claims processes in detail:

Cashless Claim Process

Such claims can be filled in case of health insured avail of treatment at the network hospital of the health insurance company.

Claim Intimation
Documents Verification
Documents Approval
Claim Settlement

Reimbursement Claim Process

If a policyholder decides to get medical treatment at a hospital that is not a part of the insurance company's network hospitals, the policyholder can file a reimbursement claim. In such situations, the policyholder must pay the cost out of his pocket before submitting the claim to the health insurance company for reimbursement.

Intimate the claim to the health insurance company
Document Submission
Document Approval
Claim Reimbursement

Required Documents For Claim Settlement

Below mentioned are the documents that you need to submit to fill up the claim in health insurance:

Duly-filled claim form
ID proof of the claimant
Medical certificate issued by the doctor
FIR (In case of an accident)
Prescription and cash invoice from pharmacy/hospital

*Disclaimer: The documents mentioned above may vary from insurer to insurer.

How to Check Health Insurance Claim Settlement Ratio

You must check and compare the claim settlement ratio of health insurance companies before buying a health plan. This is due to the fact that a medical emergency will already give you a lot of mental stress. The last thing you would want to do in such a situation is to file a claim through a complex claim settlement process and worse, have your claim rejected. An easy and hassle-free claim settlement process will be provided to you by an health insurer with a high claim settlement ratio. So, below mentioned is the process to check the health insurance claim settlement process (CSR):

The IRDA (Insurance Regulatory and Development Authority) releases their annual report every year, where you can check the list of all the health insurance claim settlement ratio.
Check the IRDA health insurance claim settlement ratio of your desired insurance provider by visiting the official website of IRDA. View IRDA Annual Report and save the PDF for the most recent financial year.
Make a list of the health insurance companies with claim settlement ratio in 2022. Higher the claim settlement ratio, better are the chances of getting the claim amount in case of a medical emergency.
Compare the coverage benefits of the health insurance plans that are now offered by health insurance companies with a high claim settlement ratio.

A health insurance plan can be offered at an affordable premium amount with comprehensive coverage and many additional benefits. However, if that health insurance company has a poor claim settlement ratio, you may find it difficult to settle claims when you need it the most. The whole point of buying health insurance would be failed.

Conclusion

Most health insurance claims are accepted due to the network hospitals of health insurance companies having the cashless facility. Claims will also be accepted if the policyholder is treated in a non-network hospital as long as the treatment is covered within the coverage benefit. Understanding that no insurance company will deny legitimate claim requests is essential.

Health Insurance Claim Settlement Ratio: FAQs

As per the annual report of IRDAI, Care Health Insurance has the highest claim settlement ratio of 100% in the year 2021-2022.

What is the best claim settlement ratio in health insurance?

Generally, a claim settlement ratio of above 80% is considered a good claim settlement ratio in health insurance.

What is Health Insurance Claim Settlement Ratio?

The health insurance claim settlement ratio is a percentage that shows the number of claims settled out of the total number of claims filed by a health insurance company. For example, a claim settlement ratio of 90% shows that the health insurance company has settled 90 claims out of 100 claims filled by the policyholders.

How can we calculate the claim settlement ratio of a health insurance company?

Claim Settlement Ratio is calculated as (total claims settled / total claims filed) multiplied by 100.

How is incurred claim ratio different from the claim settlement ratio

The claim settlement ratio is very much different from the incurred claim ratio. The below table shows the difference between the claim settlement ratio and incurred claim ratio:

Incurred Claim Ratio	Claim Settlement Ratio
It tells us about the amount spent on claims	It tells us about the number of claims settled by a health insurance company
Higher percentage may not be an indicator of performance	High percentage shows the good claim settling ability

Where can I find the information regarding the claim settlement ratio?

Insurance Regulatory and Development Authority (IRDAI) publishes annual reports every year in which they provide information on the Claim Settlement Ratio of each Health insurance company available in India.

How long does it take to settle health insurance claims?

As per IRDAI instructions, health insurance companies need to settle claims within 30 days.

How many general health insurance companies are in India?

There are 25 general health insurance companies available in India. Below mentioned is the list of all 25 general health insurance companies in India:

Acko General Insurance
Bajaj Allianz General Insurance Co. Ltd.
Bharti AXA General Insurance Co. Ltd.
Cholamandalam MS General Insurance Co. Ltd.
Zuno General Insurance Co. Ltd.
Future Generali India Insurance C. Ltd.
Go Digit General Insurance Ltd.
HDFC ERGO General Insurance Co. Ltd.
ICICI Lombard General Insurance Co. Ltd.
IFFCO Tokio General Insurance Co. Ltd.
Kotak Mahindra General Insurance Co. Ltd.
Liberty General Insurance Ltd.
Magma HDI General Insurance Co. Ltd.
Navi General Insurance Ltd.
Raheja QBE General Insurance Co. Ltd.
Reliance General Insurance Co. Ltd.
Royal Sundaram General Insurance Co. Ltd.
SBI General Insurance Co. Ltd.
Shriram General Insurance Co. Ltd.
Tata AIG General Insurance Co. Ltd.
Universal Sompo General Insurance Co. Ltd.
National Insurance Co. Ltd.
The New India Assurance Co. Ltd.
The Oriental Insurance Co. Ltd.
United India Insurance Co. Ltd.

How many Standalone health insurance companies are available in India?

There are 7 standalone health insurance companies available in India. Below mentioned is the list of all 7 standalone health insurance companies in India:

Aditya Birla Health insurance Co. Ltd.
Care Health Insurance Ltd.
HDFC ERGO Health Insurance Co. Ltd.
ManipalCigna Health Insurance Co. Ltd.
Niva Bupa Health Insurance Co. Ltd.
Reliance Health Insurance Ltd.
Star Health and Allied Insurance Co. Ltd.

How many public health insurers in available in India?

There are 4 public health insurance companies available in India. Below mentioned is the list of all 4 public health insurance companies in India:

National Insurance Co. Ltd.
The New India Assurance Co. Ltd.
The Oriental Insurance Co. Ltd.
United India Insurance Co. Ltd.

How many specialized insurance companies in India?

There are 2 specialized insurance companies available in India. Below mentioned is the list of specialized insurance companies in India:

Agriculture Insurance Co. of India Ltd.
ECGC Ltd.

How many private health insurers available in India?

There are more than 20 private health insurers available in India. Below we have mentioned the list of all private health insurers in India:

Bajaj Allianz General Insurance Co. Ltd.
Cholamandalam MS General Insurance Co. Ltd.
Zuno Health Insurance Co. Ltd.
Future Generali India Insurance C. Ltd.
Go Digit General Insurance Ltd.
HDFC ERGO General Insurance Co. Ltd.
ICICI Lombard General Insurance Co. Ltd.
IFFCO Tokio General Insurance Co. Ltd.
Kotak Mahindra General Insurance Co. Ltd.
Liberty General Insurance Ltd.
Magma HDI General Insurance Co. Ltd.
Navi General Insurance Ltd.
Raheja QBE General Insurance Co. Ltd.
Reliance General Insurance Co. Ltd.
Royal Sundaram General Insurance Co. Ltd.
SBI General Insurance Co. Ltd.
Shriram General Insurance Co. Ltd.
Tata AIG General Insurance Co. Ltd.
Universal Sompo General Insurance Co. Ltd.
Aditya Birla Health insurance Co. Ltd.
Care Health Insurance Ltd.
ManipalCigna Health Insurance Co. Ltd.
Niva Bupa Health Insurance Co. Ltd.
Reliance Health Insurance Ltd.
Star Health and Allied Insurance Co. Ltd.

Disclaimer:

OPD Cover in Health Insurance

As we know, inpatient medical expenses are more compared to outpatient expenses. But according to a recent study by ET Prime, outpatient department (OPD) expense account for roughly 62% of all healthcare costs in India. Considering the rising healthcare costs, a health insurance plan with OPD coverage is a good option. Reading this article, you can learn more about OPD coverage in health insurance.

What is OPD in Health Insurance?

OPD in health insurance is when patients need optimum medical attention. The policyholder will be financially protected from any OPD-related treatment and consultation costs without hospitalization. You must visit the doctor's clinic and pay the consultation fees to receive OPD treatment. In the case of a hospital, patients receive medical assistance and support in the general OPD ward.

Every health insurance company offers those types of health insurance plans that cover OPD treatments. The OPD cover offers coverage for expenses not covered in in-patient hospitalization.

Benefits of OPD Cover in Health Insurance Plans

Below mentioned are some of the benefits of OPD coverage in health insurance plans:

OPD cover helps you to claim medical expenses that were incurred without hospitalization.
OPD cover offers coverage for diagnostics charges, doctor's consultation fees, and pharmacy bills.
OPD cover is a must for those who need regular OPD visits.
OPD cover helps you in tax savings.

Eligibility Criteria for OPD Cover

There are no specific eligibility criteria for OPD coverage, and the criteria for OPD coverage are based on the health insurance plan you purchased. If your health insurance plan covers OPD expenses, you can avail of all its benefits.

Inclusion of OPD Cover in Health Insurance

Below mentioned are the inclusions of OPD coverage in health insurance:

Doctor consultations
OPD treatment
Dental Treatment
Vaccination
Pharmacy expenses
Diagnostic tests

Exclusion Under OPD Cover in Health Insurance

Below mentioned are the exclusions of OPD coverage in health insurance.

Treatments related to purification, beautification, panchakarma, detoxification, etc.
The expense of lenses, spectacles, hearing aids, implants, prosthetic devices, braces, etc.
Treatment outside the country.
Preventive health check-ups.
Investigational experiments.
Investigational treatments.
Infertility and sterility-related conditions.
Complications arise due to pregnancy, miscarriage, etc.

OPD Treatment vs Daycare Treatment

Daycare treatment and OPD treatment are similar to each other. But there is a slight difference between the two as they differ in technical aspects. Following are the differences between the two types of treatment:

Day Care Treatment	OPD Treatment
Requires hospitalization of less than one day.	Does not require hospitalization.
Settlement of claims will only be honoured if hospitalization is at most 24 hours.	Settlement of claims will be honoured only for non-hospitalization.

Out Patient Treatment vs In-patient Treatment

Outpatient treatments and in-patient treatments are different from each other. Below mentioned is the difference between OPD and IPD treatments:

Out Patient Treatment	In Patient Treatment
No need to admit to the hospital	Need to admit to the hospital.
Does not require hospitalization.	Requires hospitalization for more than 1 Day.

Reasons To Buy a Health Insurance Plan with OPD Cover

A health insurance plan with OPD cover is very beneficial for anyone. A recent study shows doctors' consultations and other OPD treatments are increasing yearly. So, below we have mentioned those who should buy a health insurance plan with OPD coverage:

People lie in the age group of 25 to 40 years.
Senior Citizens
Retired Persons
Fitness Enthusiastic

Buying Process of Health Insurance with OPD Cover

Below mentioned is the buying process for health insurance with OPD cover:

Visit the official website of your desired health insurance company
Select the desired health insurance
Enter the required information
Click on the "Proceed" button
The next page will show you the available add-ons. You can select any of them to enhance your coverage benefits
Now, you will get the premium amount that you have to pay for a health plan with OPD coverage
Make the payment online
The health insurance company will send the policy document to your registered email address.

ICICI Lombard Health Insurance Renewal

ICICI Lombard Health Insurance is a joint venture between ICICI Bank and Fairfax Financial Holdings Limited of Canada. ICICI health insurance provides several health insurance plans, including family health plans, critical illness health plans, and individual health insurance plans. The ICICI Lombard Health Insurance plans provide comprehensive protection and coverage against hospitalization, pre- and post-hospitalization, ambulance, and other related expenses. The most important benefit of ICICI Lombard Health Insurance is the availability of online health insurance renewal. With the help of this facility, you can quickly renew your ICICI Lombard health insurance and resume receiving your benefits.

Benefits of ICICI Lombard Health Insurance Renewal

Below mentioned are the benefits of ICICI lombard health insurance renewal:

No Policy Lapse
Continuous Health Coverage
Continue No Claim Bonus (NCB) Cycle
Tax Benefit under Section 80D
Avail Cashless Treatment at the 6700+ Network Hospital
Waiting Period Will Get Shorter with Each Renewal
Live Chat Option
Lifelong Renewability Option

List of ICICI Health Insurance Plans Available in India

Below mentioned is the list of health insurance plans offered by ICICI Lombard Health Insurance in India:

ICICI Lombard Complete Health Insurance
ICICI Arogya Sanjeevani
ICICI Personal Protect
ICICI Health Booster
ICICI Saral Suraksha Bima
ICICI Corona Kavach

What Happens If I Do Not Renew My ICICI Health Insurance Plan?

Below mentioned are the things that may happen if you do not renew your ICICI health insurance plan on time:

Your ICICI Health plan will be lapse
Unable to raise the claim
loss of NCB benefit
You have serve waiting period again
Your premium amount may be increase
You have to undergo pre-medical screening test again

Network Hospitals

How Can I Remember My ICICI Health Insurance Renewal dates?

Below mentioned are the tips to remember the renewal dates of ICICI lombard health insurance plan:

Keep track of your ICICI health insurance renewal date
Pay your premium amount using auto debt
Always check the text message and emails from the ICICI health insurance regarding the ICICI health plan renewal.

ICICI Lombard Health Insurance Policy Online Renewal Process

Below mentioned are the steps to renew your ICICI health insurance plans online:

Visit the official website of ICICI Lombard Health Insurance
Click on the 'Renewal' section.
Enter the required information.
Make the payment online.
Once the payment is done, you will receive the policy documents to your registered email address.

ICICI Health Insurance Offline Renewal

You can also renew your ICICI health insurance plan offline. You need to share your requirements to ICICI Health Insurance Company by calling on the toll-free number: 1800-2666 where ICICI health insurance customer care team will renew your health plan.
Note: You can contact our POSP advisor to renew your ICICI health insurance plan.

Important Things To Remember While Renewing Your ICICI Health Insurance Plan

Never forget to renew your ICICI health insurance plan on time as it will ensure you to get continue medical protection. Here are some of the things that we should remember while renewing ICICI Lombard health insurance plan:

Check the terms and conditions of the ICICI Lombard health plan
Keep track of your ICICI health insurance renewal date
Add necessary additional add-on riders
Always re-evaluate your needs and requirements

Tata AIG Health Insurance Customer Care

Make no doubt about the relevance of customer service in modern times. The statistics speak for themselves. According to a recent survey, 73% of customers say that friendly service makes them love a company. And apart from making customers love the company, good customer service booms the marketing opportunities by clearly indicating why customers should opt for the brand.

Tata is a trusted brand and the company tries its best to offer the best customer services to its insured customers. It is now affordable for everyone to have medical insurance thanks to the company's good, wholesome health insurance coverage at cost-effective rates and better customer service.

Assistance Offered by Tata AIG Health Insurance

Tata AIG health insurance offers a wide range of customer service options online. You can now buy, renew, or contact customer service on the official website of Tata AIG insurance. Here are some services that you can find under the Tata AIG insurance help center:

WhatsApp contact number: +91-9136160375
24*7 toll-free number: 1800-266-7780
The toll-free number for agents: 1800-267-7233
Email address: customersupport@tataaig.com
Branch, garage, and a hospital locator

With these wide ranges of services, you can contact Tata AIG insurance customer service easily.

Tata AIG Contact Details

You can contact the company if you need assistance, have inquiries about your health plan, or are considering buying one. Here are some specifics regarding it.

Corporate Office Address: Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India.
Phone: 1800-266-7780
Senior Citizen Quick Assistance: 1800 266 7780 / 1800 22 9966

Ombudsman Offices Details of Tata AIG Health Insurance

Here you can find the list of the ombudsman offices of Tata AIG.

Areas of Jurisdiction	Office of the Insurance Ombudsman
Ahmedabad	Office of the Insurance Ombudsman, Jeevan Prakash Building, 6th floor, Tilak Marg, AHMEDABAD – 380 001 Tel.: 079 - 25501201/02/05/06 Email: bimalokpal.ahmedabad@cioins.co.in
Bengaluru	Office of the Insurance Ombudsman, Jeevan Soudha Building, PID No. 57-27-N-19 Ground Floor, 19/19, 24th Main Road, JP Nagar, Ist Phase, Bangalore– 560 078. Tel.: 080 - 26652048 / 26652049 Email: bimalokpal.bengaluru@cioins.co.in
Bhopal	Office of the Insurance Ombudsman, Janak Vihar Complex, 2nd Floor, 6, Malviya Nagar, Opp. Airtel Office, Near New Market, Bhopal – 462 003. Tel.: 0755 - 2769201 / 2769202 Email: bimalokpal.bhopal@cioins.co.in
Bhubaneshwar	Office of the Insurance Ombudsman, 62, Forest park, Bhubaneswar – 751 009. Tel.: 0674 - 2596461 /2596455 Email: bimalokpal.bhubaneswar@cioins.co.in
Chandigarh	Office of the Insurance Ombudsman, S.C.O. No. 101, 102 & 103, 2nd Floor, Batra Building, Sector 17 – D, Chandigarh – 160 017. Tel.: 0172 - 2706196 / 2706468 Email: bimalokpal.chandigarh@cioins.co.in
Chennai	Office of the Insurance Ombudsman, Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet, CHENNAI – 600 018. Tel.: 044 - 24333668 / 24335284 Email: bimalokpal.chennai@cioins.co.in
Delhi	Office of the Insurance Ombudsman, 2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi – 110 002. Tel.: 011 - 23232481/23213504 Email: bimalokpal.delhi@cioins.co.in
Guwahati	Office of the Insurance Ombudsman, Jeevan Nivesh, 5th Floor, Nr. Panbazar over bridge, S.S. Road, Guwahati – 781001(ASSAM). Tel.: 0361 - 2632204 / 2602205 Email: bimalokpal.guwahati@cioins.co.in
Hyderabad	Office of the Insurance Ombudsman, 6-2-46, 1st floor, "Moin Court", Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi-Ka-Pool, Hyderabad - 500 004. Tel.: 040 - 23312122 Email: bimalokpal.hyderabad@cioins.co.in
Jaipur	Office of the Insurance Ombudsman, Jeevan Nidhi – II Bldg., Gr. Floor, Bhawani Singh Marg, Jaipur - 302 005. Tel.: 0141 - 2740363 Email: bimalokpal.jaipur@cioins.co.in
Ernakulam	Office of the Insurance Ombudsman, 2nd Floor, Pulinat Bldg., Opp. Cochin Shipyard, M. G. Road, Ernakulam - 682 015. Tel.: 0484 - 2358759 / 2359338 Email: bimalokpal.ernakulam@cioins.co.in
Kolkata	Office of the Insurance Ombudsman, Hindustan Bldg. Annexe, 4th Floor, 4, C.R. Avenue, KOLKATA - 700 072. Tel.: 033 - 22124339 / 22124340 Email: bimalokpal.kolkata@cioins.co.in
Lucknow	Office of the Insurance Ombudsman, 6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow - 226 001. Tel.: 0522 - 2231330 / 2231331 Email: bimalokpal.lucknow@cioins.co.in
Mumbai	Office of the Insurance Ombudsman, 3rd Floor, Jeevan Seva Annexe, S. V. Road, Santacruz (W), Mumbai - 400 054. Tel.: 69038821/23/24/25/26/27/28/28/29/30/31 Email: bimalokpal.mumbai@cioins.co.in
Noida	Office of the Insurance Ombudsman, Bhagwan Sahai Palace 4th Floor, Main Road, Naya Bans, Sector 15, Distt: Gautam Buddh Nagar, U.P-201301. Tel.: 0120-2514252 / 2514253 Email: bimalokpal.noida@cioins.co.in
Patna	Office of the Insurance Ombudsman, 2nd Floor, Lalit Bhawan, Bailey Road, Patna 800 001. Tel.: 0612-2547068 Email: bimalokpal.patna@cioins.co.in
Pune	Office of the Insurance Ombudsman, Jeevan Darshan Bldg., 3rd Floor, C.T.S. No.s. 195 to 198, N.C. Kelkar Road, Narayan Peth, Pune – 411 030. Tel.: 020-41312555 Email: bimalokpal.pune@cioins.co.in

Network Hospitals

Grievance Redressal

The Tata AIG Health Company has a detailed procedure for handling complaints. Consider the following:

Step 1: You can email manager.customersupport@tataaig.com if you don't receive a response or if the solution still doesn't meet your needs. Tata AIG company will respond within 8 days of the date of receipt at this email address after conducting an internal investigation.

Step 2: If you don't get a response or the solution still doesn't satisfy your needs, you can email manager.customersupport@tataaig.com. After conducting an internal investigation, the company will respond to this email address within 8 days of the date of receipt.

Step 3: If Steps 1 and 2 do not solve the problem, you can independently address it to the Insurance Regulatory Authority by submitting a complaint to the IRDA Grievance Call Center.

Customer Care Details of RenewBuy

Contact our customer service department if you need any help. Customers who bought a Tata AIG Health insurance plan through the official RenewBuy.com website can do so. The following table contains the RenewBuy customer service details:

Particulars	Details
Customer Care Whatsapp Number	9810972573
Customer Care Number (Toll-free)	1800 419 7852
Customer Care Email Address	customersupport@renewbuy.com

Important Cities and Branches of Tata AIG Health Insurance Company

Here is the list of important cities and branches of Tata AIG company:

City	Address	Phone Number
Mumbai	2nd Floor, Citi Tower, 61, Dr. S.S.Rao Road, Next to M.G.M Hospital, Parel(E), Mumbai - 400012	022-62606400 / 022-62606364
Delhi	A-2, 1st Floor, Kirti Nagar, Main Najafgarh Road, Near Kalra Hospital, New Delhi - 110015	7400010489, 7400010490
Bangalore	2nd floor, JP & Devi Jambukeswar Arcade, No.69 Millers Road, Bangalore -560 052	080-66272829 / 080-66500001
Hyderabad	5th and 6th Floor, Imperial Towers, H.No 7-1-6-617/A, GHMC no - 615,616, Ameerpet, Hyderabad - 500016	040-66864900
Chennai	2nd Floor ,Samson Towers,403 L Pantheon Road, Egmore, Chennai 600008	044-66220222 / 044-66841050
Kolkata	2nd flr, Constantia Bldg,11 Dr. UN Brahmachari Road, Kolkata-700017	033-40806100

Quick Links

SBI Health Insurance Customer Care

Customer service is one of the most important factors in the insurance industry because of the need for more knowledge. At its core, providing quality customer service is about making policyholders feel that the company values them, treats them fairly, and appreciates them, which is what SBI Health Insurance aims for.

One of the top insurance companies in the nation is SBI Health Insurance. Customers can contact the insurer by fax, email, or calling the toll-free number. Customers can also visit the insurer's various branches located throughout the nation.

Assistance Offered by SBI Health Insurance

The online customer service options provided by SBI health insurance are numerous. On the SBI insurance company's official website, you can purchase, renew, or contact customer service. You can find the following services in the SBI Health Insurance help centre:

Phone Number: 1800-102-1111, 1800-22-1111, 1800, 209-1111
Health Claim Helpline(24*7): 1800-210-3366, 1800-210-6366
Email: customer.care@sbigeneral.in

On the official website of SBI Health Insurance, you will find a customer care tab that allows you to contact customer service online via call, chat, or email.

SBI Health Contact Details

If you require assistance, have questions about your health plan, or are interested in purchasing one, you can contact the business. Here are some details about it.

Registered Office Address: 9th Floor, A & B Wing, Fulcrum Building, Sahar Road, Andheri(East), Mumbai 400099
Phone: 1800-102-1111
Email Address: Customer.care@sbigeneral.in

Ombudsman Offices Details of SBI Health Insurance

The list of SBI’s Health Company ombudsman offices are listed below:

Name of Center

Jurisdiction

AHMEDABAD - Shri Kuldip Singh

Office of the Insurance Ombudsman,

Address
Jeevan Prakash Building, 6th floor,
Tilak Marg, Relief Road, Ahmedabad 380 001.
Tel.- 079 - 25501201/02/05/06
Email: bimalokpal.ahmedabad@cioins.co.in

Gujarat, Dadra & Nagar Haveli, Daman and Diu.

BENGALURU - Smt. Neerja Shah

Office of the Insurance Ombudsman,

Address
Jeevan Soudha Building,PID No. 57-27-N-19 Ground Floor,
19/19, 24th Main Road, JP Nagar, Ist Phase, Bengaluru 560 078.
Tel.- 080 - 26652048 / 26652049
Email: bimalokpal.bengaluru@cioins.co.in

Karnataka

BHOPAL - Shri Guru Saran Shrivastava

Office of the Insurance Ombudsman,

Address
Janak Vihar Complex, 2nd Floor,
6, Malviya Nagar, Opp. Airtel Office, Near New Market,
Bhopal 462 003.
Tel.- 0755 - 2769201 / 2769202
Fax: 0755 - 2769203
Email: bimalokpal.bhopal@cioins.co.in

Madhya Pradesh, Chattisgarh

BHUBANESHWAR - Shri Suresh Chandra Panda

Office of the Insurance Ombudsman,

Address
62, Forest park, Bhubneshwar 751 009.
Tel.- 0674 - 2596461 /2596455
Fax: 0674 - 2596429
Email: bimalokpal.bhubaneswar@cioins.co.in

Orissa

CHANDIGARH - Dr Dinesh Kumar Verma

Office of the Insurance Ombudsman,

Address
S.C.O. No. 101, 102 & 103, 2nd Floor,
Batra Building, Sector 17 – D, Chandigarh 160 017.
Tel.- 0172 - 2706196 / 2706468
Fax: 0172 - 2708274
Email: bimalokpal.chandigarh@cioins.co.in

Punjab, Haryana(excluding Gurugram, Faridabad, Sonepat and Bahadurgarh) Himachal Pradesh, Union Territories of Jammu & Kashmir, Ladakh & Chandigarh.

CHENNAI - Shri M. Vasantha Krishna

Office of the Insurance Ombudsman,

Address
Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet,
CHENNAI 600 018.
Tel.- 044 - 24333668 / 24335284
Fax: 044 - 24333664
Email: bimalokpal.chennai@cioins.co.in

Tamil Nadu, Tamil Nadu Puducherry Town and Karaikal (which are part of Puducherry).

DELHI - Shri Sudhir Krishna

Office of the Insurance Ombudsman,

Address
2/2 A, Universal Insurance Building, Asaf Ali Road,
New Delhi 110 002.
Tel.- 011 - 23232481/23213504
Email: bimalokpal.delhi@cioins.co.in

Delhi & Following Districts of Haryana - Gurugram, Faridabad, Sonepat & Bahadurgarh.

GUWAHATI - Shri Kiriti .B. Saha

Office of the Insurance Ombudsman,

Address
Jeevan Nivesh, 5th Floor,
Nr. Panbazar over bridge, S.S. Road, Guwahati 781001(ASSAM).
Tel.- 0361 - 2632204 / 2602205
Email: bimalokpal.guwahati@cioins.co.in

Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh, Nagaland and Tripura.

HYDERABAD - Shri I. Suresh Babu

Office of the Insurance Ombudsman,

Andhra Pradesh, Telangana, Yanam and part of Union Territory of Puducherry.

JAIPUR - Smt. Sandhya Baliga

Office of the Insurance Ombudsman

Address
Jeevan Nidhi – II Bldg., Gr. Floor, Bhawani Singh Marg,
Jaipur - 302 005.
Tel.: 0141 - 2740363
Email: bimalokpal.jaipur@cioins.co.in

Rajasthan

ERNAKULAM - Ms Poonam Bodra

Office of the Insurance Ombudsman,

Address
2nd Floor, Pulinat Bldg.,
Opp. Cochin Shipyard, M. G. Road, Ernakulam 682 015.
Tel.- 0484 - 2358759 / 2359338
Fax: 0484 - 2359336
Email: bimalokpal.ernakulam@cioins.co.in

Kerala, Lakshadweep, Mahe-a part of Union Territory of Puducherry.

KOLKATA - Shri P. K. Rath

Office of the Insurance Ombudsman,

Address
Hindustan Bldg. Annexe, 4th Floor, 4, C.R. Avenue,
KOLKATA 700 072.
Tel.- 033 - 22124339 / 22124340
Fax: 033 - 22124341
Email: bimalokpal.kolkata@cioins.co.in

West Bengal, Sikkim, Andaman & Nicobar Islands.

LUCKNOW -Shri Justice Anil Kumar Srivastava

Office of the Insurance Ombudsman,

Address
6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow 226 001.
Tel.- 0522 - 2231330 / 2231331
Fax: 0522 - 2231310
Email: bimalokpal.lucknow@cioins.co.in

Districts of Uttar Pradesh:

Ambedkarnagar, Balrampur, Maharajgang, Sultanpur, Azamgarh, Kushinagar, Santkabirnagar, Deoria, Mau, Gorakhpur, Chandauli, Ghazipur, Sidharathnagar, Ballia.

MUMBAI - Shri Milind A. Kharat

Office of the Insurance Ombudsman,

Address
3rd Floor, Jeevan Seva Annexe,
S. V. Road, Santacruz (W), Mumbai 400 054.
Tel.- 022 - 26106552 / 26106960
Fax: 022 - 26106052
Email: bimalokpal.mumbai@cioins.co.in

Goa, Mumbai Metropolitan Region excluding Navi Mumbai & Thane.

NOIDA - Shri Chandra Shekhar Prasad

Office of the Insurance Ombudsman,

Address
Bhagwan Sahai Palace 4th Floor, Main Road, Naya Bans, Sector 15,
Distt: Gautam Buddh Nagar, U.P 201301.
Tel.- 0120-2514252 / 2514253
Email: bimalokpal.noida@cioins.co.in

State of Uttaranchal and the following Districts of Uttar Pradesh:

PATNA - Shri N. K. Singh

Office of the Insurance Ombudsman,

Address
1st Floor, Kalpana Arcade Building,
Bazar Samiti Road, Bahadurpur
Patna 800 006
Email: bimalokpal.patna@cioins.co.in

Bihar, Jharkhand.

PUNE - Shri Vinay Sah

Office of the Insurance Ombudsman,

Address
Jeevan Darshan Bldg., 3rd Floor,
C.T.S. No.s. 195 to 198,
N.C. Kelkar Road, Narayan Peth,
Pune 411 030.
Tel.- 020-41312555
Email: bimalokpal.pune@cioins.co.in

Maharashtra, Area of Navi Mumbai and Thane, excluding Mumbai Metropolitan Region.

Network Hospitals

Grievance Redressal

The SBI Health Company has a detailed procedure for handling complaints. Consider the following:

Step 1: Customer service phone numbers are 1800 22 1111 and 1800 102 1111 and 1800 22 7244 and 1800 102 7244, respectively. You can also visit any branch of SBI General Insurance.

Step 2: Send an email with your concerns to the Head of Customer Care at head.customercare@sbigeneral.in if you are unhappy with the solution offered or have not heard back.

Step 3: Send your appeal to the Chairman of the Grievance Redressal Committee if you are unhappy with the resolution offered in the steps previously mentioned. The Committee will investigate the appeal and make a prompt decision on the merits.

Step 4: If the insurance company's information does not satisfy you or you do not receive a response from the insurance company, you can also contact the Insurance Ombudsman or the Grievance Redressal Cell of the IRDA's Consumer Affairs Department.

Customer Care Details of RenewBuy

Contact our customer service department if you need help. Customers who purchased an SBI Health insurance plan through the official RenewBuy.com website can do so. The following table contains the RenewBuy customer service details:

Particulars	Details
Customer Care Whatsapp Number	9810972573
Customer Care Number (Toll-free)	1800 419 7852
Customer Care Email Address	customersupport@renewbuy.com

Important Cities and Branches of SBI Health Insurance Company

Here is the list of important cities and branches of SBI Health Company:

City	Address	Phone Number
Delhi	No 11, Ground Floor, A Block Building, Local Head Office Parliament Street New Delhi - 110001	18001021111
Gurugram	SCO 7, 1st Floor Sector 14 Gurugram - 122001 Near Mega Mart	18001021111
Rohtak	2nd Floor, Anand Plaza, Civil Road Chottu Ram Chowk Rohtak - 124001	18001021111
Hisar	SCO 149, 1st Floor Red Square Market Hisar - 125001	18001021111
Karnal	SCO 388/389, 1st Floor Old Mughal Canal Road Karnal - 132001	18001021111
Ludhiana	B12, 2nd Floor, Takkar Tower, Mall Road Civil Lines Ludhiana - 141001 Adjoing Golden Plaza	18001021111
Amritsar	SCO 113, 4th Floor, Darbara Complex, District Shopping Centre Ranjit Avenue Amritsar - 143001	18001021111
Jalandhar	1st Floor Civil Lines Jalandhar - 144001	18001021111
Hoshiarpur	1st Floor, Dhami Commercial Complex Suteheri Road Hoshiarpur - 146001	18001021111
Chandigarh	SCO 335 & 336, 1st & 2nd Floor Sector 35B Chandigarh - 160035	18001021111
Shimla	1st Floor, Suryansh Building, Byepass Road Panthaghati Shimla - 171009	18001021111
Noida	Plot No C01, Tower B, World Trade Tower Sector 16 Noida - 201301	18001021111

Digit Health Insurance Customer Care

Customer service provides an excellent time to needy customers. In today's highly competitive, digital-first world, providing responsive, relevant customer support is more critical than ever. Digit Health Insurance aims for that only since the company is new and digitally orientated.

Digit Health Company has come up to the scene in recent years by offering good services to their policyholder, one of which is customer service. Let us discuss the importance of customer service in the insurance industry and how you can contact Digit Health Insurance.

Assistance Offered by Digit Health Insurance

You can contact Go Digit Health Insurance by various methods such as call, chat, or email. Let us look at the key information you can use to buy/renew/claim a Digit Health Insurance policy.

Phone Number: 1800-258-5956
WhatsApp Number: 7026061234
Email Address: Hello@godigit.com

Digit Health Insurance's official website includes a customer service tab that allows you to contact customer service online via phone, chat, or email.

Digit Health Contact Details

You can contact the company if you need assistance, have questions about your health plan, or are interested in purchasing one. Here are some additional details.

Registered Corporate Address: Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru, Karnataka 560095
Phone: 1800-258-5956
Email Address: Hello@godigit.com

Ombudsman Offices Details of Digit Health Insurance

The list of Go Digit Health Company ombudsman offices are listed below:

Office of Insurance the Ombudsman	Areas of Jurisdiction
Ahmedabad	Office of the Insurance Ombudsman, Jeevan Prakash Building, 6th floor, Tilak Marg, Relief Road, Ahmedabad – 380 001. Tel.: 079- 25501201 / 02 / 05 / 06 Email: bimalokpal.ahmedabad@gbic.co.in
Bengaluru	Office of the Insurance Ombudsman, Jeevan Soudha Building, PID No. 57-27-N-19 Ground Floor, 19/19, 24th Main Road, JP Nagar, 1st Phase, Bengaluru – 560 078. Tel.: 080-26652048 / 26652049 Email: bimalokpal.bengaluru@ecoi.co.in
Bhopal	Office of the Insurance Ombudsman, Janak Vihar Complex, 2nd Floor, 6, Malviya Nagar, Opp. Airtel Office, Near New Market, Bhopal 462 003. Tel.: 0755-2769201 / 02, Fax: 0755-2769203 Email: bimalokpal.bhopal@gbic.co.in
Bhubaneshwar	Office of the Insurance Ombudsman, 62, Forest park, Bhubneshwar 751 009. Tel.: 0674-2596461 /2596455, Fax: 0674-2596429, Email: bimalokpal.bhubaneswar@gbic.co.in
Chandigarh	Office of the Insurance Ombudsman, S.C.O. No. 101/102/103, 2nd Floor, Batra Building, Sector 17 – D, Chandigarh 160 017. Tel.: 0172-2706196 / 2706468, Fax: 0172-2708274 Email: bimalokpal.chandigarh@gbic.co.in
Chennai	Office of the Insurance Ombudsman, Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet, Chennai 600 018. Tel.: 044- 24333668 / 24335284, Fax: 044-24333664 Email: bimalokpal.chennai@gbic.co.in
Delhi	Office of the Insurance Ombudsman, 2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi 110 002.Tel.: 011-23239633 / 23237532, Fax: 011-23230858 Email: bimalokpal.delhi@gbic.co.in
Guwahati	Office of the Insurance Ombudsman, Jeevan Nivesh, 5th Floor, Nr. Panbazar over bridge, S.S.Road, Guwahati 781 001. Tel.: 0361- 2132204 / 2132205, Fax: 0361-2732937 Email: bimalokpal.guwahati@gbic.co.in
Hyderabad	Office of the Insurance Ombudsman,6-2-46, 1st floor, “Moin Court”, Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi- Ka-Pool, Hyderabad 500 004. Tel.: 040-65504123 / 23312122, Fax: 040-23376599, Email: bimalokpal.hyderabad@gbic.co.in
Jaipur	Office of the Insurance Ombudsman, Jeevan Nidhi – II Bldg., Gr. Floor, Bhawani Singh Marg, Jaipur 302 005. Tel.: 0141-2740363 Email: bimalokpal.jaipur@gbic.co.in
Ernakulam	Office of the Insurance Ombudsman, 2nd Floor, Pulinat Bldg., Opp. Cochin Shipyard, M. G. Road, Ernakulam 682 015. Tel.: 0484- 2358759 / 2359338, Fax: 0484-2359336 Email: bimalokpal.ernakulam@gbic.co.in
Kolkata	Office of the Insurance Ombudsman, Hindustan Bldg. Annexe, 4th Floor, 4, C.R. Avenue, Kolkata 700 072. Tel.: 033-22124339 / 22124340, Fax : 033-22124341 Email: bimalokpal.kolkata@gbic.co.in
Lucknow	Office of the Insurance Ombudsman, 6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow 226 001. Tel.: 0522-2231330 / 2231331, Fax: 0522-2231310 Email: bimalokpal.lucknow@gbic.co.in
Mumbai	Office of the Insurance Ombudsman, 3rd Floor, Jeevan Seva Annexe, S. V. Road, Santacruz (W), Mumbai - 400 054. Tel.: 022- 26106552 / 26106960, Fax: 022-26106052 Email: bimalokpal.mumbai@gbic.co.in
Patna	Office of the Insurance Ombudsman, 1st Floor, Kalpana Arcade Building, Bazar Samiti Road, Bahadurpur, Patna 800 006. Tel.: 0612-2680952, Email: bimalokpal.patna@gbic.co.in
Noida	Office of the Insurance Ombudsman, Bhagwan Sahai Palace 4th Floor, Main Road,Naya Bans, Sector 15, Distt: Gautam Buddh Nagar, U.P 201 301. Tel.: 0120-2514250 / 2514252 / 2514253 Email: bimalokpal.noida@gbic.co.in
Pune	Office of the Insurance Ombudsman, Jeevan Darshan Bldg., 3rd Floor, C.T.S. No.s. 195 to 198, N.C. Kelkar Road, Narayan Peth, Pune 411 030. Tel.: 020-41312555 Email: bimalokpal.pune@gbic.co.in

Grievance Redressal

The Digit Health Company has a detailed procedure for handling complaints. Consider the following:

Step 1: Contact customer service by going to the official website of the insurance company. You can find all the contact details on the website.

Step 2: If you are unhappy with the decision/resolution or have not received a response within 15 days, please contact the Grievance Redressal Officer:

Grievance Redressal Officer: Mr. Praveen Bhat
Email: grievance@godigit.com

Network Hospitals

Customer Care Details of RenewBuy

If you require assistance, please contact our customer service department. Customers who purchased a Digit Health insurance plan from the official RenewBuy.com website are eligible. The following table contains information about RenewBuy customer service:

Particulars	Details
Customer Care Whatsapp Number	9810972573
Customer Care Number (Toll-free)	1800 419 7852
Customer Care Email Address	customersupport@renewbuy.com

Important Cities and Branches of Digit Health Insurance Company

Here is the list of important cities and branches of Go Digit Health Company:

City	Address
Bengaluru	67-3-30 / 67-3-69, Pratibha Complex, Koramangala Industrial Layout, Koramangala, 5th Block, Bengaluru, Karnataka – 560095
Ahmedabad	A wing, 10th Floor, 1001-1002, Ratnakar Nine Square, Near Kesav Bagh Party Plot, Vastrapur, Ahmedabad, Gujarat - 380015
Vadodra	Golden Icon, Opp BSNL, Bird circle, Vadodara, Gujarat - 390007
Surat	317 to 319 RIO Empire, OPP Pal Umra Bridge, Pal RTO Road, Pal Surat, Gujarat - 395009
Gandhinagar	Office No-307, 3rd Floor, White House, Near HP Petrol Pump, Sector-11, Gandhinagar, Gujarat - 382010
Pune	1st to 6th Floor, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, City Survey No. 1579, (Bhamburda) Shivajinagar, Pune - 411005
Mumbai	13th floor, Godrej Colesium, 628A/2, Kurla Village, Lokmanya Pan Bazar, Behind Everand Nagar, Sion, Mumbai, Maharashtra - 400022
Nashik	Office No. 301, 3rd Floor, B Square Apartment, Nashik, Maharashtra - 422005
Nagpur	The Edge, 4th Floor, WHC Road, Above Equitas Bank, Shankar Nagar, Nagpur, Maharashtra - 440010
Chennai	No 528, Old no.559, Anna Salai, Above Skoda Showroom, Teynampet, Chennai, Tamil Nadu - 600 018
Lucknow	1st floor, Halwasiyas Commerce House, 11 Mahatma Gandhi Marg, Hazratganj, Lucknow, Uttar Pradesh - 226001
Vishakhapatnam	3rd Floor, Pydah Chambers, VIP Road, Siripuram, Vishakhapatnam, Andhra Pradesh - 530003
Patna	Office No. 509, Patna One Mall, Near Dak Bungalow Chowk, Patna, Bihar - 800001
Jammu	Hall No 116, B1, 1st Floor, North Block, Bahu Plaza, Jammu & Kashmir - 180004
Ranchi	“Citadel”, 3rd floor, Plot No. 1204, Sub Plot No. 1204/A, Main Road (Ranchi-Chaibasa Road), Near Sujata Chowk, P. S. Lower Bazar, Thana, No. 210, Ranchi, Jharkhand - 834001
Gurugram	1st Floor, Vatika City Point, Sector-25, Mehrauli Gurgaon Road, Gurgaon, Haryana - 122002
Delhi	5th Floor, IFCI Tower 96, Nehru Pl Market Rd, Nehru Place, New Delhi - 110019
Amritsar	SCO 47, 4th Floor, B block, Distt Shopping Complex, Nr Best Western Hotel, Amritsar, Punjab - 143001
Jaipur	Office No. 701, Manglam Ambition Mall, Near Agrasen Circle, C-Scheme, Jaipur, Rajasthan - 302001
Hyderabad	Unit No: 419 & 421, 4th Floor, Block 3, White House, Kundanbagh, Begumpet, Hyderabad, Telangana - 500016
Dehradun	3rd Floor, Sochil Tower, Curzon Road, Dehradun, Uttarkhand, 248001
Kolkata	Ground Floor, Block C, Apeejay House, 15 Park Street, Kolkata, West Bengal - 700016
Chandigarh	The HIVE Co-working & Business Centre, Plot Number 191, Industrial Area Phase II, Chandigarh - 160002

Care Health Insurance Customer Care

Care Health Insurance has a strong team of customer care executives who help customers with various issues and try to resolve them. Care health insurance customer care team provides round-the-clock support for everything from claim filing to scheduling pre-policy medical tests to updating policy details and care health insurance renewal. Customers can reach Care Health Insurance Customer Care by calling or emailing the company or visiting the nearest Care Health Insurance branch.

Care Health Insurance Customer Care Details

Below mentioned are the customer care details of Care Health Insurance:

Particular	Details
Care Health Insurance Customer Care Toll-free No.	1800 102 4499 (Sales) 1800 102 4488 (Services) 1800 102 6655
Care Health Insurance Customer Care Whatsapp No.	8860402452
Care Health Insurance Customer Care Email Id	customerfirst@careinsurance.com

Care Health Insurance Contact Details

Below mentioned are the contact details of care health insurance:

Address: Care Health Insurance, Tower C, 3rd Floor, Vipul Tech Square, Golf Course Rd, Sector 43, Gurugram, Haryana 122009
Email: customerfirst@careinsurance.com
Toll-Free No. 1800-102-6655/1800-102-4488

Care Health Insurance Customer Care at Your Service

Care Health Insurance Customer Care assists customers with queries related to the following topics:

Claim Settlement
Documentation
Buying Process
Updating Policy Details
Booking Pre-medical Test
E-consultation With a Doctor
Finding a Nearby Network Hospital
Finding the Nearest Care Health Insurance Branch
Grievances
Other General Queries

Some Major Branches and their Addresses of Care Health Insurance

Care Health Insurance has more than 150 offices across India. Below mentioned are some of the branches of Care Health Insurance in major cities of India:

State Name	City Name	Contact Details
Delhi	New Delhi	Surendra Singh Office No.415 - 416, 4th Floor, Roots Tower, Plot No.7, District Centre, Laxmi Nagar, New Delhi-110092 Phone No. : 9289454692
Haryana	Gurgaon	Rishabh Bhardwaj 2nd Floor, Plot no 2320, Old Delhi Road, Opp Airforce School, Gurgaon-122001 Phone No. : 9289454697
Bihar	Patna	Mritunjay Kumar Flat no 404, 4th Floor, Varma Karpura House, S.P. Verma Road, P.S. Kotwali, Patna- 800001 Phone No. : 9289454671
Assam	Guwahati	Avijit Dutta Unit No,6, 4th Floor, Starcity , G.S.Road, Lachit Nagar, Ulubari, Guwahati- 781007 Phone No. : 9289454668
Madhya Pradesh	Bhopal	Vishwanath Dey Sadana Tower" 2nd Floor, Plot no-2/A, M. P. Nagar Zone 2, Bhopal, Madhya Pradesh, Bhopal- 462011 Phone No. : 9289454779
Karnataka	Bengalore	Harish N 4/2, 2nd Floor, OTC Road, Dharmaraya Swamy Temple road, Nagarathpete Bangalore, Karnataka- 560002 Phone No. : 9289454738
Gujarat	Ahmedabad	Digvijay Rana 3rd EYE VISION, Office no 501, 5th Floor, CTS no. 1457, Opp Shivalik Plaza, Panjarapole, IIM Road, Tal. Sabarmati, Ahmedabad, Gujarat- 380009 Phone No. : 9289454766
Tamil Nadu	Chennai	Kalaiselvan K 1st Floor, No:24, 3, Sardar Patel Rd, behind Basics Showroom Southern Part, Adyar, Chennai, Tamil Nadu 600020 Phone No. : 9289454753
Kerala	Kochi	Rajesh R 3rd Floor, Door No - 55/686, D1 and D2, Vellathottam White Tower, S.A Road, Panampilly Nagar, Kochi, Kerala- 682036 Phone No. : 9289454750
Andhra Pradesh	Visakhapatnam	Prasanth Polinate Door No: 47-10-21/20, Flat No: 4-B, Isnar Plaza, Fourth Floor, Dwarakanagar, Visakhapatnam, Andhra Pradesh- 530016 Phone No. : 9289454737

Customer Care Details of RenewBuy

Customers can buy a Care Health insurance policy through the RenewBuy.com official website and contact our customer service department for support. In the table below, we have mentioned the RenewBuy customer service details:

Particulars	Details
Customer Care No. (Toll-free)	1800 419 7852
Customer Care Whatsapp No.	9810972573
Customer Care Email Id	customersupport@renewbuy.com

Network Hospitals

Care Health Insurance Grievance Redressal

Care health insurance ensures policyholders that their queries and concerns are resolved on a priority basis. If you have any complaints, please feel free to contact Care Health Insurance Grievance Redressal at below contact points:

List of Nodal Officers

Click and download the PDF file

You can also connect with us through the below-mentioned contact points:

Email-Id: customerfirst@careinsurance.com
Toll-Free No. : 18001026655 / 18001024488

Care Health Insurance Ombudsman

If you are still waiting for a satisfying reply from care health insurance, you can speak with the IRDAI Grievance call centre (IGCC).

Toll-free number No. : 1800 4254 732
Email ID: complaints@irda.gov.in

Care Health Insurance Ombudsman Centers Details

Below mentioned are the care health insurance ombudsman centres in India:

Name of Center

Jurisdiction

AHMEDABAD - Shri Kuldip Singh

Office of the Insurance Ombudsman,

Address

Jeevan Prakash Building, 6th floor,

Tilak Marg, Relief Road, Ahmedabad 380 001.

Tel.- 079 - 25501201/02/05/06

Email: bimalokpal.ahmedabad@cioins.co.in

Gujarat, Dadra & Nagar Haveli, Daman and Diu.

BENGALURU - Smt. Neerja Shah

Office of the Insurance Ombudsman,

Address

Jeevan Soudha Building,PID No. 57-27-N-19 Ground Floor,

19/19, 24th Main Road, JP Nagar, Ist Phase, Bengaluru 560 078.

Tel.- 080 - 26652048 / 26652049

Email: bimalokpal.bengaluru@cioins.co.in

Karnataka

BHOPAL - Shri Guru Saran Shrivastava

Office of the Insurance Ombudsman,

Address

Janak Vihar Complex, 2nd Floor,

6, Malviya Nagar, Opp. Airtel Office, Near New Market,

Bhopal 462 003.

Tel.- 0755 - 2769201 / 2769202

Fax: 0755 - 2769203

Email: bimalokpal.bhopal@cioins.co.in

Madhya Pradesh, Chattisgarh

BHUBANESHWAR - Shri Suresh Chandra Panda

Office of the Insurance Ombudsman,

Address

62, Forest park, Bhubneshwar 751 009.

Tel.- 0674 - 2596461 /2596455

Fax: 0674 - 2596429

Email: bimalokpal.bhubaneswar@cioins.co.in

Orissa

CHANDIGARH - Dr Dinesh Kumar Verma

Office of the Insurance Ombudsman,

Address

S.C.O. No. 101, 102 & 103, 2nd Floor,

Batra Building, Sector 17 – D, Chandigarh 160 017.

Tel.- 0172 - 2706196 / 2706468

Fax: 0172 - 2708274

Email: bimalokpal.chandigarh@cioins.co.in

Punjab, Haryana(excluding Gurugram, Faridabad, Sonepat and Bahadurgarh) Himachal Pradesh, Union Territories of Jammu & Kashmir, Ladakh & Chandigarh.

CHENNAI - Shri M. Vasantha Krishna

Office of the Insurance Ombudsman,

Address

Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet,

CHENNAI 600 018.

Tel.- 044 - 24333668 / 24335284

Fax: 044 - 24333664

Email: bimalokpal.chennai@cioins.co.in

Tamil Nadu, Tamil Nadu Puducherry Town and Karaikal (which are part of Puducherry).

DELHI - Shri Sudhir Krishna

Office of the Insurance Ombudsman,

Address

2/2 A, Universal Insurance Building, Asaf Ali Road,

New Delhi 110 002.

Tel.- 011 - 23232481/23213504

Email: bimalokpal.delhi@cioins.co.in

Delhi & Following Districts of Haryana - Gurugram, Faridabad, Sonepat & Bahadurgarh.

GUWAHATI - Shri Kiriti .B. Saha

Office of the Insurance Ombudsman,

Address

Jeevan Nivesh, 5th Floor,

Nr. Panbazar over bridge, S.S. Road, Guwahati 781001(ASSAM).

Tel.- 0361 - 2632204 / 2602205

Email: bimalokpal.guwahati@cioins.co.in

Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh, Nagaland and Tripura.

HYDERABAD - Shri I. Suresh Babu

Office of the Insurance Ombudsman,

Address

6-2-46, 1st floor, "Moin Court",

Lane Opp. Saleem Function Palace,

A. C. Guards, Lakdi-Ka-Pool, Hyderabad 500 004.

Tel.- 040 - 23312122

Fax: 040 - 23376599

Email: bimalokpal.hyderabad@cioins.co.in

Andhra Pradesh, Telangana, Yanam and part of Union Territory of Puducherry.

JAIPUR - Smt. Sandhya Baliga

Office of the Insurance Ombudsman

Address

Jeevan Nidhi – II Bldg., Gr. Floor, Bhawani Singh Marg,

Jaipur - 302 005.

Tel.: 0141 - 2740363

Email: bimalokpal.jaipur@cioins.co.in

Rajasthan

ERNAKULAM - Ms Poonam Bodra

Office of the Insurance Ombudsman,

Address

2nd Floor, Pulinat Bldg.,

Opp. Cochin Shipyard, M. G. Road, Ernakulam 682 015.

Tel.- 0484 - 2358759 / 2359338

Fax: 0484 - 2359336

Email: bimalokpal.ernakulam@cioins.co.in

Kerala, Lakshadweep, Mahe-a part of Union Territory of Puducherry.

KOLKATA - Shri P. K. Rath

Office of the Insurance Ombudsman,

Address

Hindustan Bldg. Annexe, 4th Floor, 4, C.R. Avenue,

KOLKATA 700 072.

Tel.- 033 - 22124339 / 22124340

Fax: 033 - 22124341

Email: bimalokpal.kolkata@cioins.co.in

West Bengal, Sikkim, Andaman & Nicobar Islands.

LUCKNOW -Shri Justice Anil Kumar Srivastava

Office of the Insurance Ombudsman,

Address

6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow 226 001.

Tel.- 0522 - 2231330 / 2231331

Fax: 0522 - 2231310

Email: bimalokpal.lucknow@cioins.co.in

Districts of Uttar Pradesh:

Ambedkarnagar, Balrampur, Maharajgang, Sultanpur, Azamgarh, Kushinagar, Santkabirnagar, Deoria, Mau, Gorakhpur, Chandauli, Ghazipur, Sidharathnagar, Ballia.

MUMBAI - Shri Milind A. Kharat

Office of the Insurance Ombudsman,

Address

3rd Floor, Jeevan Seva Annexe,

S. V. Road, Santacruz (W), Mumbai 400 054.

Tel.- 022 - 26106552 / 26106960

Fax: 022 - 26106052

Email: bimalokpal.mumbai@cioins.co.in

Goa, Mumbai Metropolitan Region excluding Navi Mumbai & Thane.

NOIDA - Shri Chandra Shekhar Prasad

Office of the Insurance Ombudsman,

Address

Bhagwan Sahai Palace 4th Floor, Main Road, Naya Bans, Sector 15,

Distt: Gautam Buddh Nagar, U.P 201301.

Tel.- 0120-2514252 / 2514253

Email: bimalokpal.noida@cioins.co.in

State of Uttaranchal and the following Districts of Uttar Pradesh:

PATNA - Shri N. K. Singh

Office of the Insurance Ombudsman,

Address

1st Floor, Kalpana Arcade Building,

Bazar Samiti Road, Bahadurpur

Patna 800 006

Email: bimalokpal.patna@cioins.co.in

Bihar, Jharkhand.

PUNE - Shri Vinay Sah

Office of the Insurance Ombudsman,

Address

Jeevan Darshan Bldg., 3rd Floor,

C.T.S. No.s. 195 to 198,

N.C. Kelkar Road, Narayan Peth,

Pune 411 030.

Tel.- 020-41312555

Email: bimalokpal.pune@cioins.co.in

Maharashtra, Area of Navi Mumbai and Thane, excluding Mumbai Metropolitan Region.

Care Health Insurance Frequently Asked Questions (FAQs)

Question: What to do to raise any claim under a care health insurance policy?
Answer: You can visit “ClaimGenie” on the Care Health Insurance website or call Care Health Insurance Customer Care on the given toll-free number to file a claim under your Care Health Insurance plan.

Question: How I can track my care health insurance claim status?
Answer: You can track your Care Health Insurance claim status by contacting the care health insurance customer care team or by visiting the official website of care health insurance.

Question: Can I increase my care health insurance claim amount?
Answer: Yes, you can increase your care health insurance claim amount by contacting care health insurance customer care team.

Quick Links

Aditya Birla Health Insurance Customer Care

Businesses must now go beyond just offering high-quality products and services at reasonable costs. Additionally, customers demand excellent customer service. To be successful in the insurance industry, customer service is the key as it bridges the gap between the insurer and the policyholder. The insurance industry is changing rapidly, especially when you can buy health insurance online. The policyholder wants a solution at the end of the day, just like the buying/ renewal process.

Aditya Birla Health Insurance offers many options to help policyholders connect with the company. Today, we will look at all the options and details regarding Aditya Birla Health Insurance customer care.

Assistance Offered by Aditya Birla Health Insurance

Aditya Health Insurance can be reached in several ways, including by phone, chat, or email. Let's examine the essential details you can use to purchase, renew, or make a claim on an Aditya Health Insurance policy.

Phone Number: 1800-270-7000
WhatsApp Number: +91 8828800035
Email Address: care.healthinsurance@adityabirlacapital.com

Aditya Birla Health Insurance's official website includes a customer service tab that allows you to contact customer service online via phone, chat, or email.

Aditya Birla Health Contact Details

If you require assistance, have inquiries about your health plan, or are interested in purchasing one, you can get in touch with the business. Here are some more specifics.

Registered Office: 9th Floor, Tower 1, One World Centre, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013.
Phone Number: 1800 270 7000

Ombudsman Offices Details of Aditya Birla Health Insurance

The list of Aditya Health Company ombudsman offices are listed below:

Office Address	State/UT	Jurisdiction of Office (Union Territory, District)
Office of the Insurance Ombudsman, Jeevan Prakash Building, 6th floor, Tilak Marg, Relief Road, Ahmedabad – 380 001. Tel.: 079 – 25501201/02/05/06 Email: bimalokpal.ahmedabad@cioins.co.in	Ahmedabad	Gujarat, Dadra & Nagar Haveli, Daman and Diu.
Office of the Insurance Ombudsman, Jeevan Soudha Building, PID No. 57-27-N-19, Ground Floor, 19/19, 24th Main Road, JP Nagar, 1 Phase, Bengaluru – 560 078. Tel.: 080 - 26652048 / 26652049 Email: bimalokpal.bengaluru@cioins.co.in	Bengaluru	Karnataka.
Office of the Insurance Ombudsman, Janak Vihar Complex, 2nd Floor, 6, Malviya Nagar, Opp. Airtel Office, Near New Market, Bhopal – 462 003. Tel.: 0755 - 2769201 / 2769202 \| Fax: 0755 - 2769203 Email: bimalokpal.bhopal@cioins.co.in	Bhopal	Madhya Pradesh, Chhattisgarh.
Office of the Insurance Ombudsman, 62, Forest park, Bhubaneshwar – 751 009. Tel.: 0674 - 2596461 /2596455 \| Fax: 0674 - 2596429 Email: bimalokpal.bhubaneswar@cioins.co.in	Bhubaneshwar	Orissa.
Office of the Insurance Ombudsman, S.C.O. No. 101, 102 & 103, 2nd Floor, Batra Building, Sector 17 – D, Chandigarh – 160 017. Tel.: 0172 - 2706196 / 2706468 \| Fax: 0172 - 2708274 Email: bimalokpal.chandigarh@cioins.co.in	Chandigarh	Punjab, Haryana (excluding Gurugram, Faridabad, Sonepat and Bahadurgarh) Himachal Pradesh, Union Territories of Jammu & Kashmir, Ladakh & Chandigarh
Office of the Insurance Ombudsman, Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet, Chennai – 600 018. Tel.: 044 - 24333668 / 24335284 \| Fax: 044 - 24333664 Email: bimalokpal.chennai@cioins.co.in	Chennai	Tamil Nadu, Pondicherry Town and Karaikal (part of Pondicherry).
Office of the Insurance Ombudsman, 2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi – 110 002. Tel.: 011 - 23232481/23213504. Email: bimalokpal.delhi@cioins.co.in		Delhi & Following Districts of Haryana - Gurugram, Faridabad, Sonepat & Bahadurgarh
Office of the Insurance Ombudsman, Jeevan Nivesh, 5th Floor, Nr. Panbazar over bridge, S.S. Road, Guwahati – 781001(ASSAM). Tel.: 0361 - 2632204/2602205. Email: bimalokpal.guwahati@cioins.co.in	Guwahati	Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh, Nagaland and Tripura.
Office of the Insurance Ombudsman, 6-2-46, 1st floor, "Moin Court", Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi-Ka-Pool, Hyderabad - 500 004. Tel.: 040 - 67504123 / 23312122 \| Fax: 040 - 23376599 Email: bimalokpal.hyderabad@cioins.co.in	Hyderabad	Andhra Pradesh, Telangana, Yanam and part of Territory of Pondicherry
Office of the Insurance Ombudsman, Jeevan Nidhi – II Bldg., Gr. Floor, Bhawani Singh Marg, Jaipur - 302 005. Tel.: 0141 - 2740363 Email: Bimalokpal.jaipur@cioins.co.in	Jaipur	Rajasthan
Office of the Insurance Ombudsman, 2nd Floor, Pulinat Bldg., Opp. Cochin Shipyard, M. G. Road, Ernakulam - 682 015. Tel.: 0484 - 2358759 / 2359338 \| Fax: 0484 - 2359336 Email: bimalokpal.ernakulam@cioins.co.in	Ernakulam	Kerala, Lakshadweep, Mahe-a part of Pondicherry.
Office of the Insurance Ombudsman, Hindustan Bldg. Annexe, 4th Floor, 4, C.R. Avenue, Kolkata - 700 072. Tel.: 033 - 22124339 / 22124340 \| Fax : 033 - 22124341 Email: bimalokpal.kolkata@cioins.co.in	Kolkata	West Bengal, Sikkim, Andaman & Nicobar Islands.
Office of the Insurance Ombudsman, 6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow - 226 001. Tel.: 0522 - 2231330 / 2231331 \| Fax: 0522 - 2231310 Email: bimalokpal.lucknow@cioins.co.in	Lucknow	Districts of Uttar Pradesh: Lalitpur, Jhansi, Mahoba, Hamirpur, Banda, Chitrakoot, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh, Jaunpur, Varanasi, Gazipur, Jalaun, Kanpur, Lucknow, Unnao, Sitapur, Lakhimpur, Bahraich, Barabanki, Raebareli, Sravasti, Gonda, Faizabad, Amethi, Kaushambi, Balrampur, Basti, Ambedkarnagar, Sultanpur, Maharajgang, Santkabirnagar, Azamgarh, Kushinagar, Gorakhpur, Deoria, Mau, Ghazipur, Chandauli, Ballia, Sidharathnagar.
Office of the Insurance Ombudsman, 3rd Floor, Jeevan Seva Annexe, S. V. Road, Santacruz (W), Mumbai - 400 054. Tel.: 022 - 26106552 / 26106960 \| Fax: 022 - 26106052 Email: bimalokpal.mumbai@cioins.co.in	Mumbai	Goa, Mumbai Metropolitan Region excluding Navi Mumbai & Thane.
Office of the Insurance Ombudsman, Bhagwan Sahai Palace, 4th Floor, Main Road, Naya Bans, Sector 15, Dist: Gautam Budh Nagar, U.P-201301. Tel.: 0120-2514250 / 2514252 / 2514253 Email: bimalokpal.noida@cioins.co.in	Noida	State of Uttaranchal and the following Districts of Uttar Pradesh: Agra, Aligarh, Bagpat, Bareilly, Bijnor, Budaun, Bulandshahar, Etah, Kanooj, Mainpuri, Mathura, Meerut, Moradabad, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad, Firozbad, Gautambodhanagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal, Amroha, Hathras, Kanshiramnagar, Saharanpur.
Office of the Insurance Ombudsman, 1st Floor, Kalpana Arcade Building, Bazar Samiti Road, Bahadurpur, Patna - 800 006. Tel.: 0612-2680952 Email: bimalokpal.patna@cioins.co.in	Patna	Bihar, Jharkhand.
Office of the Insurance Ombudsman, Jeevan Darshan Bldg., 3rd Floor, C.T.S. Nos. 195 to 198, N.C. Kelkar Road, Narayan Peth, Pune – 411 030. Tel.: 020 - 41312555 Email: bimalokpal.pune@cioins.co.in	Pune	Maharashtra, Area of Navi Mumbai and Thane excluding Mumbai Metropolitan Region.

Grievance Redressal

The Aditya Birla Health Company has a detailed procedure for handling complaints. Below is the process of grievance redressal for customers:

Contact Centre: Customers can contact the Aditya Birla Health Insurance Co. Limited contact centre at 1800 270 7000, as well as any TPAs, banks, or intermediaries we have a partnership with.

Email: Customers can contact any of the TPAs, Banks, and intermediaries with whom we have a partnership by emailing care.healthinsurance@adityabirlacapital.com from their registered email address. The Grievance Team will register a grievance after verifying the customer's information by calling a recorded line and asking pertinent security questions.

Official Website: The customer can file a complaint on the company website.

Network Hospitals

Customer Care Details of RenewBuy

Please get in touch with our customer service team if you need help. Customers who bought a Aditya Birla Health insurance policy from the company's official website RenewBuy.com are qualified. Information about RenewBuy customer service is provided in the table below:

Particulars	Details
Customer Care Whatsapp Number	9810972573
Customer Care Number (Toll-free)	1800 419 7852
Customer Care Email Address	customersupport@renewbuy.com

Important Cities and Branches of Aditya Birla Health Insurance Company

Here is the list of important cities and branches of Aditya Birla Health Company:

City	Address
Mumbai	Office no 403, Laxmi Commercial Premises Society Senapati Bapat Marg, Dadar Station Road Dadar West Mumbai - 400028
Delhi	HB Twin Towers, Office No. 104, Above starbucks Netaji Subhash Place New Delhi - 110034
Pune	Office No 6, Pradeep Chambers Bhandarkar Road, Pune - 411004
Bangalore	1st Floor, 19/4 above Axis Bank Sairbagh, Cunningham Road, Bangalore Karnataka - 560052
Kolkata	Apeejay House 3rd Floor, C block, 15 Park Street, Kolkata - 700016
Chennai	2nd Floor, No 110, Sardar Patel Road, Adyar,Chennai 600020
Gurgaon	1st Floor, SCO No 24,Sector 14, Gurgaon, Haryana 122001
Chandigarh	1st Floor, SC0-2473-2474, Sector-22-C, Chandigarh - 160022
Ludhiana	7th Floor, SC0-16 & 17 Feroz Gandhi Market(Fortune Chambers) , Ludhiana 141001 Punjab
Patna	Office No. 3,Pandey Plaza, Exhibition Road, Patna - 800001
Goa	Office No 209, 2nd Floor ,Gera lmperium II, Patto Panaji, Goa -403001

HDFC Ergo Health Insurance Customer Care

HDFC Ergo Health Insurance is a joint venture between HDFC Ltd and ERGO International AG. In 2020, HDFC Health Insurance merged with Apollo Munich Health Insurance. Currently, HDFC Ergo Health Insurance is the second largest health insurance provider in the health insurance industry. HDFC Health Insurance has more than 200 branches in more than 170 cities across India. Apart from this, HDFC Health Insurance has a strong customer care team that assists customers 24x7 with their various issues.

HDFC Ergo Health Insurance Customer Care Details

Below mentioned are the customer care details of HDFC Health Insurance:

Particular	Details
HDFC Ergo Health Insurance Customer Care (for claim, renewal, existing HDFC health policy)	022-62346234, 0120-62346234
HDFC Ergo Health Insurance Customer Care (to buy new HDFC Ergo Health Insurance plan)	022-62426242
HDFC Ergo Health Insurance Customer Care Whatsapp No.	8169500500
HDFC Ergo Customer Care Email Id (for network hospital issues)	nsp@hdfcergo.com
HDFC Ergo Customer Care Email Id (for authorization issues)	preauth@hdfcergo.com

HDFC Health Insurance Contact Details

Below mentioned are the contact details of HDFC Ergo health insurance:

Address: HDFC Ergo Health Insurance (Corporate Office),
1st Floor, HDFC House, Backbay Reclamation, H. T. Parekh Marg,
Churchgate, Mumbai - 400020

HDFC Ergo Health Insurance (Claim Office)

HCS - Noida
5th floor, Tower 1, Stellar IT Park, C-25, Sector-62, Noida, UP,
India - 201301

HDFC Ergo Health Insurance Customer Care at Your Service

HDFC Ergo Health Insurance Customer Care assists customers with queries related to the below mentioned topics:

Documentation
Claim Settlement
Updating Policy Details
Buying Process
E-consultation With a Doctor
Booking Pre-medical Test
Grievances
Finding a Nearby Network Hospital
Finding the Nearest Care Health Insurance Branch
Other General Queries

Some Major Branches and their Addresses of HDFC Ergo Health Insurance

HDFC ERGO Health Insurance has more than 200 branches in more than 170 cities in India. Below mentioned are some of the branches of HDFC Health Insurance in major cities of India:

State Name	City Name	Contact Details
Delhi	Laxmi Nagar	No. 209 & 210, 2nd floor, Roots Tower, Plot no.7, District Centre, Laxmi Nagar, New Delhi - 110092 Contact No: 011-43602378, 43012996, 43082882,
Haryana	Gurgaon	No.208, 2nd Floor, Sewa Corporate Park, M.G.Road, Gurugram 122001 Contact No: 0124-3961276, Fax No: 0124-3961253
Bihar	Patna	1st floor, UMA Complex, Frazer Road, Patna - 800001 Contact No: 0612-2207274, Fax No: 0612-2207274
Assam	Guwahati	6th Floor, Adityam building, Lachit Nagar, G.S. Road Guwahati - 781007 Contact No : 0361-2460034, Fax No : No fax
Madhya Pradesh	Bhopal	2nd floor, VnV Plaza, Building No.6, M P Nagar, Zone No.2, Bhopal - 462 001 Contact No : 0755 - 3988360 , Fax No : 0755 - 3911063
Karnataka	Bengalore	3rd Floor, DNA Towers, 328/B, 12th Main, Dr Rajkumar Road, 6th Block, Rajaji Nagar, Bangalore-560010, Karnataka Contact No: 08048653888, Fax No: null
Gujarat	Ahmedabad	206, 2nd Floor, Shoppers Plaza IV, Opp. BSNL Telephone Exchange Road, Navarangpura, Ahmedabad 380 006 Contact No: 079-39883600, Fax No: 079-30452889
Tamil Nadu	Chennai	Old no:319, New no:4, Valluvar Kottam High Road, Nungambakkam, Chennai-600034, Tamil Nadu Contact No: 044-28215434, Fax No: null
Kerala	Calicut	Ground Floor, 6 / 845 YMCA Road, Calicut – 673001 Contact No: 0495-2767314, Fax No: No fax
Andhra Pradesh	Visakhapatnam	2nd Floor, Potluri Castle, Dwarakanagar, VSP, 16, Vishakapatnam - 530 016 Contact No: 0891-2525949, Fax No: No fax

Network Hospitals

Customer Care Details of RenewBuy

Customers can buy an HDFC Ergo Health insurance policy through the RenewBuy.com official website and contact our customer service department for support. In the table below, we have mentioned the RenewBuy customer service details:

Particulars	Details
Customer Care No. (Toll-free)	1800 419 7852
Customer Care Whatsapp No.	9810972573
Customer Care Email Id	customersupport@renewbuy.com

HDFC Ergo Health Insurance Grievance Redressal

HDFC Ergo health insurance is committed to serving their customers to their satisfaction by providing quick and fair service all the time. If you have any complaints, please feel free to get in touch with the HDFC Ergo Health Insurance grievance redressal at the below contact points:

24x7 Toll-Free Number: 1800-2700-700
Email Id: grievance@hdfcergo.com, cgo@hdfcergo.com

List of Nodal Officers

Click and download the PDF File

HDFC Health Insurance Ombudsman Details

You can approach the Insurance Ombudsman for higher level redressal if your complaint is not handled at the HDFC Ergo grievance. Below mentioned are the Insurance Ombudsman's contact details:

Toll-free number No. : 1800 4254 732
Email ID: complaints@irda.gov.in

HDFC Health Insurance Ombudsman Centers Details

Below mentioned are the HDFC health insurance ombudsman centres in India:

Ombudsman Office Details

Jurisdiction Of Office

(Union Territory, District)

AHMEDABAD - Shri Collu Vikas Rao

Office of the Insurance Ombudsman,

Jeevan Prakash Building, 6th floor,

Tilak Marg, Relief Road

AHMEDABAD – 380 001.

Tel.: 079 - 25501201/02/05/06

Email: bimalokpal.ahmedabad@cioins.co.in

Gujarat,

Dadra & Nagar Haveli,

Daman and Diu.

BENGALURU - Mr Vipin Anand

Office of the Insurance Ombudsman,

Jeevan Soudha Building, PID No. 57-27-N-19

Ground Floor, 19/19, 24th Main Road,

JP Nagar, Ist Phase,

Bengaluru – 560 078.

Tel.: 080 - 26652048 / 26652049

Email: bimalokpal.bengaluru@cioins.co.in

Karnataka.

BHOPAL - Shri R. M. Singh

Office of the Insurance Ombudsman,

Janak Vihar Complex, 2nd Floor,

6, Malviya Nagar, Opp. Airtel Office,

Near New Market, Bhopal – 462 003.

Tel.: 0755 - 2769201 / 2769202

Email: bimalokpal.bhopal@cioins.co.in

Madhya Pradesh

Chhattisgarh.

BHUBANESHWAR - Shri Manoj Kumar Parida

Office of the Insurance Ombudsman,

62, Forest park,

Bhubneshwar – 751 009.

Tel.: 0674 - 2596461 /2596455

Email: bimalokpal.bhubaneswar@cioins.co.in

Odisha.

CHANDIGARH - Mr Atul Jerath

Office of the Insurance Ombudsman,

S.C.O. No. 101, 102 & 103, 2nd Floor,

Batra Building, Sector 17 – D,

Chandigarh – 160 017.

Tel.: 0172 - 2706196 / 2706468

Email: bimalokpal.chandigarh@cioins.co.in

Punjab, Haryana (excluding Gurugram, Faridabad, Sonepat and Bahadurgarh), Himachal Pradesh, Union Territories of Jammu & Kashmir, Ladakh and Chandigarh.

CHENNAI - Shri Segar Sampathkumar

Office of the Insurance Ombudsman,

Fatima Akhtar Court, 4th Floor, 453,

Anna Salai, Teynampet,

CHENNAI – 600 018.

Tel.: 044 - 24333668 / 24335284

Email: bimalokpal.chennai@cioins.co.in

Tamil Nadu, PuducherryTown and Karaikal (which are part of Puducherry).

DELHI - Shri Sumeet Jerath

Office of the Insurance Ombudsman,

2/2 A, Universal Insurance Building,

Asaf Ali Road,

New Delhi – 110 002.

Tel.: 011 - 23232481/23213504

Email: bimalokpal.delhi@cioins.co.in

Delhi and following Districts of Haryana viz. Gurugram, Faridabad, Sonepat and Bahudurgarh.

GUWAHATI - Shri Somnath Ghosh

Office of the Insurance Ombudsman,

Jeevan Nivesh, 5th Floor,

Nr. Panbazar over bridge, S.S. Road,

Guwahati – 781001(ASSAM).

Tel.: 0361 - 2632204 / 2602205

Email: bimalokpal.guwahati@cioins.co.in

Assam,

Meghalaya,

Manipur,

Mizoram,

Arunachal Pradesh,

Nagaland and Tripura.

HYDERABAD - Shri N Sankaran

Office of the Insurance Ombudsman,

6-2-46, 1st floor, "Moin Court",

Lane Opp. Saleem Function Palace,

A. C. Guards, Lakdi-Ka-Pool,

Hyderabad - 500 004.

Tel.: 040 - 23312122

Email: bimalokpal.hyderabad@cioins.co.in

Andhra Pradesh, Telangana and Yanam and part of Union Territory of Puducherry.

JAIPUR - Shri Rajiv Dutt Sharma

Office of the Insurance Ombudsman,

Jeevan Nidhi – II Bldg., Gr. Floor,

Bhawani Singh Marg,

Jaipur - 302 005.

Tel.: 0141 - 2740363

Email: bimalokpal.jaipur@cioins.co.in

Rajasthan.

ERNAKULAM - Shri G Radhakrishnan

Office of the Insurance Ombudsman,

2nd Floor, Pulinat Bldg.,

Opp. Cochin Shipyard, M. G. Road,

Ernakulam - 682 015.

Tel.: 0484 - 2358759 / 2359338

Email: bimalokpal.ernakulam@cioins.co.in

Kerala, Lakshadweep, Mahe-a part of Union Territory of Puducherry

KOLKATA - Ms. Kiran Sahdev

Office of the Insurance Ombudsman,

Hindustan Bldg. Annexe, 4th Floor,

4, C.R. Avenue,

KOLKATA - 700 072.

Tel.: 033 - 22124339 / 22124340

Email: bimalokpal.kolkata@cioins.co.in

West Bengal, Sikkim Andaman & Nicobar Islands.

LUCKNOW - Shri. Atul Sahai

Office of the Insurance Ombudsman,

6th Floor, Jeevan Bhawan, Phase-II,

Nawal Kishore Road, Hazratganj,

Lucknow - 226 001.

Tel.: 0522 - 2231330 / 2231331`

Email: bimalokpal.lucknow@cioins.co.in

Districts of Uttar Pradesh:

Lalitpur, Jhansi, Mahoba, Hamirpur, Banda, Chitrakoot, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh, Jaunpur, Varanasi, Gazipur, Jalaun, Kanpur, Lucknow, Unnao, Sitapur, Lakhimpur, Bahraich, Barabanki, Raebareli, Sravasti, Gonda, Faizabad, Amethi, Kaushambi, Balrampur, Basti, Ambedkarnagar, Sultanpur, Maharajgang, Santkabirnagar, Azamgarh, Kushinagar, Gorakhpur, Deoria, Mau, Ghazipur, Chandauli, Ballia, Sidharathnagar.

MUMBAI - Shri Bharatkumar S. Pandya

Office of the Insurance Ombudsman,

3rd Floor, Jeevan Seva Annexe,

S. V. Road, Santacruz (W),

Mumbai - 400 054.

Tel.: 69038821/23/24/25/26/27/28/28/29/30/31

Email: bimalokpal.mumbai@cioins.co.in

Goa,

Mumbai Metropolitan Region

excluding Navi Mumbai & Thane.

NOIDA - Shri Bimbadhar Pradhan

Office of the Insurance Ombudsman,

Bhagwan Sahai Palace

4th Floor, Main Road,

Naya Bans, Sector 15,

Distt: Gautam Buddh Nagar,

U.P-201301.

Tel.: 0120 - 2514252 / 2514253

Email: bimalokpal.noida@cioins.co.in

State of Uttaranchal and the following Districts of Uttar Pradesh: Agra, Aligarh, Bagpat, Bareilly, Bijnor, Budaun, Bulandshahar, Etah, Kanooj, Mainpuri, Mathura, Meerut, Moradabad, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad, Firozbad, Gautambodhanagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal, Amroha, Hathras, Kanshiramnagar, Saharanpur.

PATNA - Ms Susmita Mukherjee

Office of the Insurance Ombudsman,

2nd Floor, Lalit Bhawan,

Bailey Road,

Patna 800 001.

Tel.: 0612-2547068

Email: bimalokpal.patna@cioins.co.in

Bihar,

Jharkhand.

PUNE - Shri Vinay Sah

Office of the Insurance Ombudsman,

Jeevan Darshan Bldg., 3rd Floor,

C.T.S. No.s. 195 to 198,

N.C. Kelkar Road, Narayan Peth,

Pune – 411 030.

Tel.: 020-41312555

Email: bimalokpal.pune@cioins.co.in

Maharashtra,

Area of Navi Mumbai and Thane

excluding Mumbai Metropolitan Region.

Quick Links

Pradhan Mantri Fasal Bima Yojana

The Pradhan Mantri Fasal Bima Yojana (PMFBY) aims to stabilise farmers' incomes so they can continue farming, to encourage farmers to adopt innovative and modern agricultural practices, and to guarantee the flow of credit to the agricultural sector if any of the notified crops fail due to natural disasters, pests, or diseases.

The insurance coverage under this plan is restricted to specific crops and agricultural risks associated with crop yield. Food crops, oilseeds, annual commercial crops, and annual horticultural crops are all on the list of notified crops. Additionally, it addresses every phase of the crop production cycle.

Key Details about Pradhan Mantri Fasal Bima Yojana (PMFBY)

Here are some key facts related to the PMFBY scheme launched by the government of India:

Year	Number of Farmers Enrolled (in Lakhs)
2018-19	577.7
2019-20	612.3
2020-21	613.6

Data has been sourced from the official website of PIB (Press Informational Bureau)

Features & Benefits of Pradhan Mantri Fasal Bima Yojana (PMFBY)

Many benefits fall under this crop insurance scheme. Let us take a look at them:

Comprehensive insurance protection against crop loss caused by unavoidable natural risks helps stabilise farmers' income and encourages the adoption of new techniques.
PMFBY offers uniform seasonality discipline and sum insured to farmers who are on loans and those who are not.
To make it easier for farmers to make claims against the total sum insured without any reduction, the provision of premium capping that caused the sum insured to be reduced is removed.

How to Enroll For Pradhan Mantri Fasal Bima Yojana (PMFBY)

The new programme automatically enrols loanee-farmers who have Kisan Credit Cards, also known as Kisan Credit Card holders, by requiring banks to deduct the premium and send it to the insurance companies. All other farmers can go to their local branch of a bank or an agent of the implementing agency to enrol in the programme by paying their share of the premium.

This crop insurance scheme is the one to be utilised by farmers since it has several benefits that can help farmers grow. You can easily log in to the PMFBY portal by going to the official website.

Risks Coverage Under Pradhan Mantri Fasal Bima Yojana (PMFBY)

Insurance coverage under Fasal Bima Yojana is restricted to some crops and agricultural risks associated with crop yield. It is important to note that this insurance is not available for every kind of risk. Given below are a few cases where farmers' risk will be insured.

Profit Losses For yield losses resulting from non-preventable risks like natural fire and lightning, storms, hailstorms, cyclones, and typhoons are covered.
A majority of the insured farmers in a notified area who have made financial preparations to plant but are prevented from doing so by unfavourable weather conditions will be eligible for indemnity claims up to 25% of the insured amount.
Loss or damage resulting from specific local risks, such as hail, landslides, and flooding that affect isolated farms in the notified area, would also be covered for some localised problems.

List of Insurance Companies Taking Part in PMFBY

Following is a list of the 18 insurance companies providing PMFBY scheme that safeguards the interest of farmers:

Agriculture Insurance Company
IIFCO Tokio General Insurance Co. Ltd.
Bajaj Allianz General Insurance Co. Ltd.
ICICI Lombard General Insurance Co. Ltd.
Bharti Axa General Insurance Company Ltd.
New India Assurance Company Oriental Insurance
Cholamandalam MS General Insurance Company Ltd.
Future Generali India Insurance Co. Ltd.
SBI General Insurance Shriram General Insurance Co. Ltd.
Royal Sundaram General Insurance Co. Ltd.
National Insurance Company Ltd.
HDFC Ergo General Insurance Co. Ltd.
Reliance General Insurance Co. Ltd.
Tata AIG General Insurance Co. Ltd.
United India Insurance Co.
Universal Sompo General Insurance Company

Farmers are the driving force of the Indian economy and it is important to keep their interests secured. On the occasion of Kisan Diwas, we wanted to share insight into how the government of India ensures that farmers are protected. We wish all the farmers a happy Kisan diwas!

Whole Life Insurance vs Term Insurance

Buying a life insurance policy has become important since awareness about the subject has increased. When you buy life insurance, term and whole life insurance offer the most comprehensive coverage. You can leave a cash benefit for your beneficiaries after you pass away with whole and term life insurance. Term life insurance is a less expensive, temporary option with a time limit. As long as the premiums are paid, whole life insurance, which is more expensive and builds cash value, remains in effect for the duration of the insured's life.

Term Insurance vs Whole Life Insurance: Overview

Term life insurance is straightforward, simple to comprehend, and reasonably priced, but it is not permanent.

On the other hand, whole life insurance never expires but is more expensive and complicated than term.

Term insurance is the most suitable policy for those who want to leave their loved ones with a financial safety net if they pass away. But that does not imply that everyone should choose the term life. For those who have long-term dependents or who require more complex financial planning, whole life insurance is the best option.

Difference Between Term Life Insurance and Whole Life Insurance

Here is the table that shows the difference between term life insurance and whole life insurance:

Whole Life Insurance	Term Life Insurance
Life-long policy	Specified term only
Higher premium value	Lower premium value
Cash value	No cash value
Appropriate for long-term insurance plus investment.	Appropriate for short-term insurance with Reasonable coverage.

Benefits of Term Life Insurance

Term life insurance is affordable and available to almost everyone, even if you have a pre-existing condition or are on a tight budget. It covers almost any type of death brought on by illness or accident. Term insurance is less expensive than other types of life insurance and can give your loved ones a financial safety net without complex taxes, premiums, or payout complications.

Benefits of Whole Life Insurance

As long as you continue to make premium payments to keep your policy active, whole life insurance never expires, allowing your beneficiaries to receive the death benefit payment regardless of when you pass away. Whole life insurance policies have a cash value that accrues interest over time and provides a guaranteed rate of return that increases at a fixed rate. You can access your cash value while alive, unlike your death benefit.

What’s the Best Life Policy for You?

It totally depends on your family, financial needs, and, most importantly, your life goals. So, choose a policy that suits you the best. A term life insurance policy might be a good choice for you if all you're looking for is an easy and affordable way to give your loved ones a safety net in case of your passing. However, a whole life insurance policy might be more appropriate for you if you make a high income or have long-term financial obligations.

Does Health Insurance Cover Infertility Treatment

Nothing brings greater joy than having children. However, infertility has deprived some couples of this happiness, and it has become one of the major health concerns among young Indian couples. Many affected couples investigate health insurance options in the hope that they will find one that will pay the cost of infertility treatment.

What is Infertility?

Infertility is a medical condition in which a couple cannot conceive even after one year of regular unprotected intercourse. There are two types of infertility, primary and secondary, and both men and women can suffer from this medical condition. Primary infertility is when you cannot conceive despite having unprotected sex for at least one year. On the other hand, secondary infertility is a condition in which you have conceived once but cannot do so again.

Causes of Infertility

Infertility can be due to various reasons. Check out some of the most common causes of infertility in people:

Smoking
Diabetes
Stress
Sedentary lifestyle/ obesity
Excessive alcohol consumption
Unhealthy eating habits
Irregular sleep patterns
Advancing the age of women
Women's reproductive diseases/conditions, such as PCOS, uterine fibroid, etc.
Men's reproductive illnesses/conditions, such as lower sperm count & quality, ejaculation issues, etc.
Pollution
Infections & tuberculosis
Genetic reasons
Frequent use of emergency contraception
Surgical abortion

Is Infertility Treatment Covered Under Health Insurance?

The cost of infertility treatment is usually not covered by most health insurance plans. However, various health insurance companies have launched health insurance plans that either cover infertility treatment or provide it as an add-on benefit.

Modern health insurance plans' coverage for infertility may vary from health insurance plan to health insurance plan, and some may only pay for certain types of infertility treatment. Therefore, it is good to check the level of infertility coverage before buying one, along with the inclusions and exclusions of a health insurance plan.

Some health insurance plans that cover infertility treatments may have longer waiting periods, expense capping or sub-limits. It is a good idea to compare different health insurance plans that cover infertility treatment to ensure you have the proper coverage and financial support.

Types of Infertility Treatments Covered Under Health Insurance

Below mentioned are some common infertility treatments that may be available as an add-on benefit or are covered under health insurance plans:

In vitro fertilisation (IVF): This process includes collecting the eggs from the ovaries and fusing them with the sperm in a lab setting to create an embryo. After that, the embryo is placed inside the uterus.
Intrauterine Insemination (IUI): In this process, sperm are inserted into the uterus in a lab setting during ovulation.
Gamete Intrafallopian Transfer (GIFT): This procedure entails combining the sperm and eggs in a lab dish before transferring the mixture into the fallopian tubes.
Intracytoplasmic Sperm Injection (ICSI): This technique includes injecting one sperm into one egg in a petri dish before placing the embryo inside the uterus.

List of IVF Treatment Procedures Covered Under Health Insurance

Below are the different types of IVF treatments covered under health insurance plans.

Infertility diagnosis only cover
Medication coverage (fertility drug prescriptions)
Full infertility insurance cover
Infertility diagnosis and limited fertility treatment cover

Key Points to Consider While Buying Health Insurance for Infertility Treatment

Infertility treatment costs are not always covered under a health insurance plan. We suggest checking the terms and conditions of your health plan. The following are some of the important things to consider while purchasing health insurance for infertility treatment:

Check whether the cost of fertility is covered or not.
Always check the eligibility criteria.
Always check the treatment covered under the health plan.
Check if any sub-limits clause is in the health plan or not.
Always check the waiting period for infertility treatment, as it may vary from insurer to insurer.
Check the health plan to see if prescribed medicines are also covered.
Check if any add-on rider is available to cover infertility treatment procedures.

Conclusion

In India, infertility has become a significant health issue. According to the Indian Society of Assisted Reproduction, around 10-14% of Indians, especially those who live in metropolitan areas, are affected by infertility. The need for a health insurance plan that covers infertility treatment has increased due to the high number of people affected by infertility. It would help if you remembered to compare health insurance plans that best meet your needs, as many health plans available in India include coverage for infertility treatment.

List of Diseases Covered Under Health Insurance

Health insurance has become an essential part of our life. Health insurance comes with many features and coverage benefits like pre and post-hospitalization, ambulance cost, room rent cost, etc. Every health insurance company has mentioned the list of diseases covered under their health insurance plan in the policy documents. So, if you buy a health plan, you should always look at the list of diseases covered under their health insurance plan. Below is the list of diseases commonly covered under health insurance plans in India.

What is the List of Diseases Covered Under Health Insurance?

The list of diseases covered under a health insurance plan may vary from plan to plan, from insurer to insurer. The diseases commonly covered under health insurance plans in India are given below:

High Blood Pressure

High blood pressure is commonly known as hypertension, is a dangerous condition that increases the risk of severe diseases like heart disease, stroke, and other cardiovascular problems. The course of treatment involves lengthy medication or surgery, which places heavy financial strain on many patients and their families. Most health insurance policies cover the cost of treating high blood pressure and the immediate complications caused directly.

Cataract

A cataract is an eye condition that causes blurred vision. Operating costs for cataract surgery can deplete a patient's financial reserves. Most health insurance policies cover the cost of cataract treatment. With the help of health insurance, you can improve your vision quality without worrying about the treatment cost.

Diabetes

Diabetes is a condition when a patient's blood sugar level is higher than normal. In most cases, there is no permanent cure for the disease, but if it is not prevented, it can lead to stroke, heart attack, kidney failure and many other serious problems. With the help of a health insurance plan that provides comprehensive coverage, a diabetic patient can get the necessary treatment without any financial pressure.

Cancer

Cancer is one of the most deadly diseases in the world. The advancement of technology in medical science has increased the chances of cures for various types of cancer, but the cost of these treatments is very high. Fortunately, many health insurance plans cover the cost of treatment for various types of cancer and help survivors financially.

Coronavirus

The coronavirus has affected almost everyone, and it is a highly contagious disease caused by the SARS-CoV-2 virus. The effects of Covid-19 can vary from the mild flu to potentially serious illnesses, including pneumonia and multiple organ failure. All health insurance companies must provide coverage for the COVID-19 disease in their health plans as it is mandatory by the insurance regulatory and development authority (IRDAI).

Dengue

Dengue is a disease caused by the bite of an infected mosquito. The Aedes mosquito species are responsible for spreading the dengue virus. The infection can be seriously complicated and lead to oophoritis, iritis and pneumonia if not treated promptly. All health insurance plans cover the cost of dengue treatment.

Critical Illness

Health insurance companies offer critical illness health plans to cover critical illnesses. These diseases are deadly as well as money and time-consuming. Buying critical illness health insurance can be an excellent way to cover various critical diseases like multiple sclerosis, cancer, paralysis, Parkinson's disease, myocardial infarction etc.

Disease That is Not Covered Under Health Insurance Plans

Certain diseases and medical conditions are not covered under the health insurance policy. Below mentioned are the disease that is not covered under health insurance plans:

Cosmetic Treatment
IVF Treatment
Self-inflicted Injuries

Conclusion

A health insurance plan covers many other diseases apart from the diseases mentioned above. The complete list of diseases covered under your health insurance policy is available to you in the terms and conditions of your policy. Health insurance protects you against medical crises and can be purchased at an affordable premium.

Health Insurance Protection Against Risks Related to Air Pollution

Air pollution is one of the world's most significant health risks today, especially in India. According to a Lancet report, air pollution was a factor in 12.5% of deaths in India, a number that cannot be ignored. It has been reported that around 63 Indian cities have poor air quality in the 100 most polluted places on Earth.

A medical emergency could occur anytime in this situation, where numerous health risks surround us. Also, medical costs are rising in the country at the speed of light. So, it is essential to have a health policy that covers it.

Air Pollution Statistics

The fact that will blow your mind is that air pollution is India's second largest health threat after malnutrition. Children exposed to poor air quality are more likely to develop chronic diseases later in life and have impaired brain development and cognitive abilities. In addition, if the healthcare system is expensive, who will bear the burden of health risks in the lives of our citizens? A comprehensive health plan is key to this issue.

Health Hazards Due to Air Pollution

High levels of air pollution can have several adverse health effects. Lung cancer, heart disease, and respiratory infections are all at increased risk because of it. Air pollution exposure, both short-term and long-term, has been linked to adverse health effects. People who are already ill are subject to more severe effects. The elderly, children and those in poverty are more vulnerable.

Importance of Health Insurance

Having a health plan is a must. Given below are some reasons to buy health insurance plans in India:

Lifestyle Changes: A health insurance plan not only aids in the early diagnosis of these conditions but also assists in securing financial security for the associated medical expenses.
Security: a family member in distress is not a good thing to see. A health policy that covers family members is important, and it eliminates the hassle of purchasing separate health insurance policies for each person.
Secured Savings: Health insurance prevents your savings from depleting due to medical expenses. Because medical emergencies can happen at any time, quality control can be costly, given the rising cost of healthcare.
Quality Treatment: Most medical insurance plans offer cashless services, allowing you to avoid paying for hospital bills out of pocket. The insurance company pays the hospital directly for the services rendered.
Cashless Treatment: you can also get cashless treatment at any of the network hospitals of your choice. The service is exquisite and allows you to avail of medical treatment without any hiatus.

What can People do to Protect Themselves?

Fighting against air pollution is an uphill task, and it is a challenge. However, you can opt for health coverage with several features to protect you in case you get diseases due to air pollution. And buying health insurance plans is easier than ever. You can search the internet and select the best health insurance plan that is perfect for you. Your health insurance plan should only be based on your needs and offer you the broadest possible coverage. Your ability to benefit from a medical insurance policy depends on how carefully you pick your plan.

FAQs

Q. How can I buy a comprehensive health plan?

A. You can visit the official website or RenewBuy to get your preferred medical plan. Buying online is the easiest and hassle-free process.

Q. Are pollution-related diseases covered in health insurance?

A. You will have to check the coverage of your health plan. Different plans have different coverage options, so checking your health policy documents is wise.

Q. I live in a polluted city; should I buy health insurance?

A. If you live in a polluted city, you need to buy a comprehensive health plan because the chances of getting caught by diseases are very high.

ULIP Vs Term Insurance: Which is Better for investment?

A safe & sound financial plan is a prerequisite to a happy and prosperous life, which is why we invest our minds, money, and soul into it. However, the question arises as to which we should choose: ULIP or Term Insurance? Both insurance products offer their pros and cons. Although each insurance plan has benefits and drawbacks, they all have the same objective. We purchase insurance to provide financial security for our loved ones and ourselves. The market offers a variety of insurance policies, depending on the policyholder's financial objectives. Let us understand both the insurances first.

What is a ULIP Plan

A unit-linked insurance plan is a type of insurance that has the components of insurance and investment. Even if you don't have a steady source of income, these ULIP plans can still help you see the benefits of your savings and reduce your tax burden.

Features of ULIPs

The premium you pay for this policy is split into two parts, with one portion going toward insurance coverage and the other being invested in your chosen funds. These funds then make investments in the stock market.
A ULIP policy is an investment cum insurance policy. So you can have growth in a single insurance plan.
To get reasonable market returns, it is wise to invest in long-term ULIPs.

How ULIPs Work?

In a unit-linked insurance plan, you are the master. Here, you have the flexibility to decide the amount of premium you wish to pay. The life insurance company will decide the minimum ULIP premium amount. Your premium is then invested in the investment fund of your choice. There are three different kinds of investment funds available.

What is Term Insurance?

A contract between the policyholder and an insurance provider is term insurance. If a policyholder passes away tragically, the insurance company will pay a certain sum to the insured person's family.

Term insurance is a type of life insurance that, in exchange for a premium, aims to provide financial support for your family in the event of your passing. All you have to do to obtain a life insurance policy is pay an affordable premium.

Features of Term Insurance

A term life insurance plan offers very high and extensive coverage. You can purchase covers that cost several crores.
When using the online term plan comparison process, another intriguing feature is the ability to select from a variety of flexible policy tenure options.
Several types of term insurance include increasing cover, decreasing cover, level cover, and TROP.

How Term Insurance Works

You have the freedom to select the tenure when purchasing the policy based on your age while buying and your specific insurance requirements. A term plan is a pure protection plan, unlike other life insurance policies that provide survival benefits or opportunities for investment and savings. Its main objective is to provide your family with the financial security they require while you are away. Your policy contract will be terminated if you fail to pay the premiums. Term insurance is suitable for people who need to safeguard their family interests.

The Verdict

Term insurance is a great insurance product that will ensure the safety of your loved ones, whereas ULIPs are a great way to have a return on investment and achieve your dreams, whatever they may be. Both policies fulfil different purposes. As a result, you shouldn't pick one over the other. Both of these should be included in your investment portfolio because they will not only help you safeguard your family's financial future but also enable you to build up a corpus for your retirement and other requirements in the future.

Nominee in Car Insurance

The nominee is the person who is nominated to receive the proceeds of your car insurance policy in case of your untimely death. The claim process is ensured smoothly by the declaration of a suitable nominee. You must buy or renew the Personal Accident (PA) plan and your base car insurance policy. In your absence, your nominee will benefit from your insurance plan. The nominee plays a vital role in your car insurance, especially when settling the claims or availing the benefits mentioned in the policy. The reasons you need to nominate a nominee for your car insurance policy are given below, along with other important information about nominees.

Who Can Be a Nominee for Your Car Insurance?

As per section 39 of, insurance Act 1938, the policyholder has the right to appoint a nominee in his car insurance policy. The nominee is the person who will receive the benefits of the insurance policy in case of the unfortunate demise of the policyholder.

Generally, a person names their spouse, children, parents or siblings as the nominee in the insurance. You can appoint a nominee while purchasing, renewing or changing the policy details during the term of the policy.

How to Appoint a Nominee to Your Car Insurance Policy?

With the introduction of digital technologies in the insurance industry, adding or changing a car insurance nominee has become faster and simpler. Now you can enrol someone without visiting the branch thanks to online tools like a website and mobile app. Below mentioned are the steps to add a nominee to your car insurance account:

Visit the official website of the insurance company.
Access your account by using your registered mobile number.
Select your car insurance policy and select "Add Nominee".
Enter the nominee's details such as Name, date of birth (DOB), and Relationship.
Then, press the "Proceed" button to add a nominee to your car insurance plan.

How to Change the Nominee Name of Your Car Insurance Policy?

To change the nominee of your car insurance policy, you need to follow the below-mentioned steps:

Visit the official website of the insurance company.
Access your account by using your registered mobile number.
Select your car insurance policy and click on "Edit".
Edit your nominee details.
Then, press the "Proceed" button to edit the details of your nominee.

Benefits of Adding Nominee to Your Car Insurance Policy

Below mentioned are some of the benefits of adding a nominee to your car insurance policy:

Receive claim benefit in your absence
Supporting the dependents

You are free to change your nominee at any time; You are not required to keep the same person in that position for the rest of the policy term. In some policies, you can choose more than one nominee, and each will receive the cash benefit equally or as per the percentage decided by the policyholder.

Conclusion

Anyone chosen by you can be appointed as a nominee in the car insurance policy, making them eligible to receive the policy's benefits in case of your death. Own Damage and Personal Accident Cover will pay for repairs in case your car is damaged and compensation for your demise.

As per law, it is mandatory to buy personal accident coverage when you buy or renew your insurance. If you have more than one vehicle, you only need to buy one PA cover, which will need to be ordered separately. By nominating a person for your car insurance policy, you avoid unnecessary hassle for the legal heir to prove that they are the rightful heirs to the policy and receive the required benefits or compensation without any issues.

Also, Read

Compare Car Insurance

Car Insurance Calculator

Car Insurance Claim Process

ICICI Lombard Health Insurance Customer Care

ICICI Lombard Health Insurance is one of the top general insurance providers in India. ICICI Lombard Health Insurance is a private company that was established in the year 2001. It is a joint venture between Toronto-based Fairfax Financial Holdings Limited and ICICI Bank, India's second largest bank. Recently in 2021, ICICI Lombard General Insurance merged with Bharti AXA Health Insurance Company. Moreover, ICICI Lombard has over 270 branches in India where customer service executives attend to customer queries related to buying a health plan, claim settlement, etc.

ICICI Lombard Health Insurance Customer Care Details

Below mentioned are the customer care details of ICICI Lombard Health Insurance:

Particular	Details
ICICI Lombard Health Insurance Customer Care	1800 2666, 86 55 222 666 (Chargeable)
HDFC Ergo Health Insurance Customer Care Whatsapp No.	7738282666
HDFC Ergo Customer Care Email Id	customersupport@icicilombard.com

ICICI Lombard Health Insurance Contact Details

Below mentioned are the contact details of ICICI health insurance:

Address:
Acko Health Insurance (Corporate Office)
ICICI Lombard House
414, P.Balu Marg,
Off Veer Sawarkar Marg, near Siddhivinayak Temple, Prabhadevi
Mumbai-400025.

Toll-Free Number: 1800 2666
Email Id: customersupport@icicilombard.com

ICICI Lombard Health Insurance Customer Care at Your Service

ICICI Health Insurance Customer Care assists customers with queries related to the below-mentioned topics:

Buying Process
Updating Policy Details
Claim Settlement
Documentation
Finding a Nearby Network Hospital
Booking Pre-medical Test
Other General Queries
Finding the Nearest ICICI Health Insurance Branch
Grievances

Customer Care Details of RenewBuy

Customers can buy a ICICI Lombard Health insurance plan through the RenewBuy.com official website and contact our customer service department for support. In the table below, we have mentioned the RenewBuy customer service details:

Particulars	Details
Customer Care No. (Toll-free)	1800 419 7852
Customer Care Whatsapp No.	9810972573
Customer Care Email Id	customersupport@renewbuy.com

Some Major Branches and their Addresses of ICICI Lombard Health Insurance

ICICI Lombard Health Insurance has more than 150 offices across India. Below mentioned are some of the branches of ICICI Lombard Health Insurance in major cities of India:

State Name	City Name	Contact Details
Delhi	Dilshad Garden	First Floor, Unit No. 101, Station Box at Dilshad Garden Metro Station, Dilshad Garden New Delhi- 110095.
Haryana	Gurgaon	12th floor, Tower D, Global Business Park,Mehrauli Gurgaon Road, Gurgaon 122 002, Haryana
Bihar	Patna	Second floor, Krishna Bhawan, above Axis Bank , near Dakbangalow road, Patna-800001, Bihar.
Assam	Guwahati	3rd floor, Office no 305 and 306, Kamkhya Tower, G.S road, Guwahati, District Kamrup Metropolitan, Pin code – 781005 Assam
Madhya Pradesh	Bhopal	5th Floor, Maple High Street, Opp. Aashima Mall,Hoshangabad road, Bhopal – 462026, Madhya Pradesh
Karnataka	Bengalore	9th floor, The Estate, 121, Dickenson Road M G road, Bengaluru-560042, Karnataka
Gujarat	Ahmedabad	Zodiac Square, 3rd Floor, Office Nos. 7- 9, Opp. Gurudwara, Bodakdev S.G. Road Ahmedabad - 380 054 Gujarat
Tamil Nadu	Chennai	Third floor, Unit No.684-690,Seethakathi Business Centre at Anna Salai ,Thousand lights ,Chennai- 600006,Tamilnadu
Kerala	Cochin	Second floor, MT Plaza, Kaloor Kadavanthara road, Kaloor Cochin,Ernakulam , District Ernakulam – 682017 Kerala.
Andhra Pradesh	Visakhapatnam	F-6, 4th floor, The Landmark, Sampath Vinayak Temple Road, Waltair Uplands, Vishakhapatnam, Andhra Pradesh –530 003

Customer Care Details of RenewBuy

Customers can buy a ICICI Lombard Health insurance policy through the RenewBuy.com official website and contact our customer service department for support. In the table below, we have mentioned the RenewBuy customer service details:

Particulars	Details
Customer Care No. (Toll-free)	1800 419 7852
Customer Care Whatsapp No.	9810972573
Customer Care Email Id	customersupport@renewbuy.com

Network Hospitals

Government Health Insurance Schemes in India

ICICI Health Insurance Grievance Reddresal

ICICI Lombard Health Insurance provides prompt and fair grievance redressal to its customers. But still if you are not satisfied with the services of ICICI Lombard Health Insurance, you can approach the Grievance Redressal Cell of ICICI Lombard Health Insurance. Complaints relating to the conduct of agents, brokers and other sales intermediaries fall within the category of complaints that should be reported immediately to the Compliance Department. One or more of the following issues may be the subject of these complaints:

Mis-selling
Rebating
Mis-representation
Vendor fraud
Forgery
Misappropriation of funds
Fraud
Theft
Lack of service
Fictitious policies
Commission schemes / sharing
Employee fraud

ICICI Lombard Grievance Redressal Address
ICICI Lombard General Insurance Co. Ltd.
Ground floor- Interface 11, Sixth floor- Interface 16,
Office no 601 & 602, New linking Road
Malad (West), Mumbai – 400064
Toll-free No. 1800-2666
Email-Id: customersupport@icicilombard.com

ICICI Health Insurance Ombudsman Details

If the policyholders are not satisfying with the response from the ICICI health insurance to your complaint then, You can conntect with the IRDAI Grievance call centre (IGCC) or insurance ombudsman centers.

Toll-Free no.: 1800 4254 732
Email ID: complaints@irda.gov.in

ICICI Health Insurance Ombudsman Centers Details

Below mentioned are the ICICI Lombard health insurance ombudsman centres in India:

INSURANCE OMBUDSMAN CENTRES
City Name	CONTACT DETAILS	JURISDICTION
Ahmedabad	Office of the Insurance Ombudsman, 2nd floor, Ambica House, Near C.U. Shah College, 5, Navyug Colony, Ashram Road, Ahmedabad - 380 014. Phone No.: 079-27546150 / 27546139 Fax : 079-27546142 Email : bimalokpal.ahmedabad@gbic.co.in	Gujarat, Dadra & Nagar Haveli, Daman and Diu. .
Bengaluru	Office of the Insurance Ombudsman, Jeevan Soudha Building,PID No. 57-27-N-19 Ground Floor, 19/19, 24th Main Road, JP Nagar, Ist Phase, Bengaluru - 560 078. Phone No.: 080-26652048 / 26652049 Email : bimalokpal.bengaluru@gbic.co.in	Karnataka
Bhopal	Office of the Insurance Ombudsman, Janak Vihar Complex, 2nd Floor, 6, Malviya Nagar, Opp. Airtel Office, Near New Market, Bhopal - 462 003. Phone No.: 0755-2769201 / 2769202 Fax : 0755-2769203 Email : bimalokpalbhopal@airtelmail.in	Madhya Pradesh Chattisgarh.
Bhubaneshwar	Office of the Insurance Ombudsman, 62, Forest park, Bhubneshwar - 751 009. Phone No.: 0674-2596461 /2596455 Fax : 0674 - 2596429 Email : bimalokpal.bhubaneswar@gbic.co.in	Orissa
Chandigarh	Office of the Insurance Ombudsman, S.C.O. No. 101, 102 & 103, 2nd Floor, Batra Building, Sector 17 – D, Chandigarh – 160 017 Phone No.: 0172-2706196 / 2706468 Fax : 0172-2708274 Email : bimalokpal.chandigarh@gbic.co.in	Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir, Chandigarh.
Chennai	Office of the Insurance Ombudsman,Fatima Akhtar Court, 4th Floor, 453 Anna Salai, Teynampet, CHENNAI - 600 018 Phone No.: 044-24333668 / 24335284 Fax : 044-24333664 Email : bimalokpal.chennai@gbic.co.in	Tamil Nadu, Pondicherry Town and Karaikal (which are part of Pondicherry).
Delhi	Office of the Insurance Ombudsman, 2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi – 110 002. Phone No.: 011-23239633 / 23237539 Fax : 011-23230858 Email : bimalokpal.delhi@gbic.co.in	Delhi.
Guwahati	Office of the Insurance Ombudsman, Jeevan Nivesh, 5th Floor, Nr. Panbazar over bridge, S.S. Road, Guwahati – 781001(ASSAM). Phone No.: 0361-2132204 / 2132205 Fax : 0361-2732937 Email : bimalokpal.guwahati@gbic.co.in	Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh, Nagaland and Tripura.
Hyderabad	Office of the Insurance Ombudsman, 6-2-46, 1st floor, "Moin Court", Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi-Ka-Pool, Hyderabad - 500 004. Phone No. : 040-65504123 / 23312122 Fax: 040-23376599 Email : bimalokpal.hyderabad@gbic.co.in	Andhra Pradesh, Telangana, Yanam and part of Territory of Pondicherry.
Jaipur	Office of the Insurance Ombudsman, Jeevan Nidhi – II Bldg., Gr. Floor, Bhawani Singh Marg, Jaipur - 302 005. Phone No. : 0141 -2740363 Email : bimalokpal.jaipur@gbic.co.in	Rajasthan.
Ernakulam	Office of the Insurance Ombudsman, 2nd Floor, Pulinat Bldg., Opp. Cochin Shipyard, M. G. Road, Ernakulam - 682 015. Phone No. : 0484-2358759 / 2359338 Fax : 0484-2359336 Email : bimalokpal.ernakulam@gbic.co.in	Kerala, Lakshadweep, Mahe-a part of Pondicherry.
Kolkata	Office of the Insurance Ombudsman, Hindustan Bldg. Annexe, 4th Floor, 4, C.R. Avenue, KOLKATA - 700 072. Phone No. : 033-22124339 / 22124340 Fax : 033-22124341 Email : bimalokpal.kolkata@gbic.co.in	West Bengal, Bihar, Sikkim, Jharkhand, Andaman & Nicobar Islands.
Lucknow	Office of the Insurance Ombudsman, 6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow - 226 001. Phone No. : 0522-2231330 / 2231331 Fax : 0522- 2231310 Email : bimalokpal.lucknow@gbic.co.in	Districts of Uttar Pradesh : Laitpur, Jhansi, Mahoba, Hamirpur, Banda, Chitrakoot, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh, Jaunpur,Varanasi, Gazipur, Jalaun, Kanpur, Lucknow, Unnao, Sitapur, Lakhimpur, Bahraich, Barabanki, Raebareli, Sravasti, Gonda, Faizabad, Amethi, Kaushambi, Balrampur, Basti, Ambedkarnagar, Sultanpur, Maharajgang, Santkabirnagar, Azamgarh, Kushinagar, Gorkhpur, Deoria, Mau, Ghazipur, Chandauli, Ballia, Sidharathnagar. .
Mumbai	Office of the Insurance Ombudsman, 3rd Floor, Jeevan Seva Annexe, S. V. Road, Santacruz (W), Mumbai - 400 054. Phone No. : 022-26106552 / 26106960 Fax : 022-26106052 Email : bimalokpal.mumbai@gbic.co.in	Goa, Mumbai Metropolitan Region excluding Navi Mumbai & Thane.
Noida	Office of the Insurance Ombudsman, Email :bimalokpal.noida@gbic.co.in	State of Uttaranchal and the following Districts of Uttar Pradesh: Agra, Aligarh, Bagpat, Bareilly, Bijnor, Budaun, Bulandshehar, Etah, Kanooj, Mainpuri, Mathura, Meerut, Moradabad, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad, Firozbad, Gautambodhanagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal, Amroha, Hathras, Kanshiramnagar, Saharanpur.
Pune	Office of the Insurance Ombudsman, Jeevan Darshan Bldg., 2nd Floor, C.T.S. No.s. 195 to 198, N.C. Kelkar Road, Narayan Peth, Pune – 411 030. Phone No. : 020-32341320 Email :bimalokpal.pune@gbic.co.in	Maharashtra, Area of Navi Mumbai and Thane excluding Mumbai Metropolitan Region.

Health Insurance Without Medical Checkups

The cost of medical treatment is increasing day by day due to the high inflation rate in the country, and treatments are becoming more advanced and technology-driven. Nowadays, more and more people are suffering from various diseases due to poor lifestyles, and it is challenging for most of them to get quality medical care due to financial constraints. This is why people buy health insurance plans to get the best possible medical treatment for themselves in a medical emergency.

Health insurance provides you health coverage against any medical emergency during the policy term. To buy health insurance plans, health insurance companies may ask you to submit your medical history on the application form to analyze the risk they are taking. In most cases, people are unaware of any of their ailments, and even if they are aware, they may hide this information so that their application cannot be rejected or increased in their premium.

What is a Pre-screening Medical Checkup?

Health insurance companies may need to know about the medical history of the customer so that health insurance companies can be aware of illnesses and injuries suffered by customers. Your medical history can be used to predict future diseases that may affect you. This is why many health insurance companies require you to undergo several medical tests before buying a health insurance plan.

Why Are Such Medical Check-Ups Required in Health Insurance Plans?

Pre-medical checkups are required for one of the following situations:

Age

Pre-entrance health checkups are required by health insurance companies for people age 46 or older. People are generally considered to be in good health by the age of 45, but once they get older, medical problems begin to emerge. If you are over 45 years of age, many health insurance plans require you to undergo a pre-entrance health check-up. Some health plans do not require a pre-entrance medical check-up until the customer is 55 or 60 years old.

High Sum Assured

The risk for the health insurance company increases if the sum insured is higher because the claim amount automatically gets higher. Pre-entrance medical checkups are mandatory in case of a high sum insured amount. For example: If the sum insured amount is more than INR 10 lakhs, then a pre-entrance health checkup is mandatory for the applicant.

Medical Condition

The health insurance company may ask you to undergo a pre-screening medical checkup before offering you a health plan if you mention that you have an adverse medical condition on the offer form.

Health Insurance Without Medical Checkups

People used to avoid health insurance because they think they have to undergo pre-screening medical checkups. Below are the reasons why they avoid medical checkups:

People avoid pre-entrance medical checkups; even these medical checkups provide them valuable information about their health.
People used to avoid health insurance plans with pre-medical health checkups as they were afraid of being diagnosed with a medical condition that would result in a higher health insurance premium amount.
Many Health insurance companies only pay the 50% cost of the pre-entrance medical checkups; that's why people usually avoid health plans with medical checkups.

Best Health Insurance Plans Without Medical Checkups

Many health insurance companies offer various health plans that do not require medical checkups upto the age of 50 to 55 years. Below mentioned are some of the best health insurance plans without medical checkups:

Health Insurance Plan	Company Name	Coverage Benefits	Required Medical Checkup
Care Plan	Care Health Insurance	Annual health Checkup Emergency Ambulance Daycare Treatments	No
Star Health Senior Citizen Red Carpet	Star Health Insurance	Ambulance Charges All Daycare Procedure Pre and Post-Hospitalization	No
Niva Bupa Health Companion	Niva Bupa Health Insurance	AYUSH Treatment Daycare Treatments Pre and Post-hospitalization	No
Aditya Birla activ assure diamond plan	Aditya Birla Health Insurance	Domiciliary Hospitalization Vaccinaiton Expense Hospital Daily Cash	No
HDFC Optima Restore	HDFC Health Insurance	Cataract Treatment Domiciliary Treatment Daycare Treatment	No
Reliance Health Gain	Reliance Health Insurance	Domiciliary Hospitalization Ambulance Cover Cumulative Bonus	No

Disclaimer - We D2C Insurance Broking Private Limited (“RenewBuy”) does not endorse any specific insurance company or insurance product offered by any insurer

Disclosures at the Time of Buying Health Insurance

Never think that if you disclose your medical conditions in the proposal form while applying for a health insurance plan, you will be spared the pre-entrance medical test. Health Insurance companies disclose in the policy document that a health insurance company may ask you to undergo a pre-screening medical test when buying health insurance as people try to hide their critical medical condition to avoid a high premium amount. Moreover, it is not the right thing to do for the following reasons:

If the health insurance company discovers your non-disclosure, they will cancel your health policy.
The health insurance company may deny your claim during a medical emergency.
You may also lose the cumulative benefits offered under the health policy.

Conclusion

Your medical history should be fully disclosed when buying a health insurance plan to avoid any complications or stress throughout the claims process. To prevent claim rejection and policy cancellation, you should always reveal your medical history when obtaining a health insurance plan.

Although some health insurance plans do not require pre-entrance medical examinations, these plans offer only limited coverage benefits. Therefore, it is mandatory to undergo a pre-screening medical test if you want a large sum insured or comprehensive health insurance.

Health Insurance Can Be The Best Christmas Gift

Since 2020, despite months of lockdown and social isolation, the pandemic has been raging and making things difficult. Even though Christmas is almost here and the virus is evolving rapidly, you can't let your defences down. But you can take all the necessary steps and get a family health insurance plan to safeguard your finances in case of a medical emergency. This year Christmas is much more than just decorating, hosting a lavish dinner for your loved ones and celebrating the holiday. Being careful and planning thoroughly will help you avoid unforeseen situations.

As we all know, there are many reasons why the weather around Christmas can make you sick. Additionally, it is not uncommon for hospital bills to pile up during the holidays due to illness or unforeseen accidents. So, buying a good health insurance plan for your family can be an ideal Christmas gift to help you have a stress-free Christmas and help your family lead a healthy life.

Benefits of Health Insurance on this Christmas

Below mentioned are the benefits of buying a health insurance for your family on this christmas:

Expensive Medical Treatment: Nowadays, the majority of ailments are treatable due to significant advancements in medical science. But so has the cost of high-quality medical treatment. A simple procedure today can run you thousands of rupees. So it is better to use a health plan to safeguard your money.

Incidence of Diseases: Accidents and illnesses often come without notice. The chances of getting into an accident increase, especially during winters due to foggy conditions. People also become sick more frequently because of the cold. Additionally, a sedentary and stressful life increases your susceptibility to various kinds of diseases. Hence a family insurance plan is imperative apart from maintaining a healthy diet and exercise routine.

Low Premiums: The market is currently saturated with several health insurance companies offering a wide range of health plans and each health plan comes with its own unique features. As a result, you can easily choose a plan that best meets the demands of your family and your budget.

Tax Benefits: You will also get tax benefits under section 80D.

Things to Keep in Mind While Choosing Health Insurance as a Gift this Christmas

The holiday season is a great time to purchase a family insurance plan because health insurance companies frequently provide great discounts and additional benefits. However, take into account the following:

Coverage Benefits and Premium amount
Network Hospitals
Reputation of the Health Insurance Company
Claim Settlement Ratio
Availability of the Add-on Riders
Shorter Waiting Period
Lifetime Renewability Option
Exclusions
Hassle-free Claim Process
Compare Different Health Plans

Conclusion

There are many options available to you today when purchasing a health insurance plan. Hence, before you buy a health insurance plan for yourself and your loved ones, it is important to compare the various options and do some research. As the year draws to a close and the temperature drops, the risk of getting sick increases. That's why getting health insurance should be your first priority. So, the best Christmas gift you can possibly present is the right health insurance plan.

Disclaimer: The information published in this article is for reader′s reference only. Content of this
information is to provide an overview of your health insurance needs and should not be relied
upon for personal, medical, legal or financial decisions and you should consult an appropriate
professional for specific advice. The makes no representations about the suitability, reliability,
timeliness, and accuracy of the information, services, or any other items mentioned on this
subject for any purpose whatsoever.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana is one of the three social security programs the Government of India announced. PMSBY is an accident insurance scheme that provides one year of accidental death and disability coverage with annual renewal. This policy helps the underprivileged and low-income section of society with a minimum premium cost of INR 12 per annum. Pradhan Mantri Suraksha Bima Yojana provides an amount of INR 2 lakh to the nominee for the accidental death of the policyholder and INR 1 lakh for the permanent total disability of the policyholder.

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

The Government of India has launched an accident insurance scheme called Pradhan Mantri Suraksha Bima Yojana (PMSBY). This social security scheme targets the low-income people of the country as PMSBY comes with a low premium amount, unlike many other health insurance policies sold by private organizations.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides coverage for full and partial disability and death. The registered bank account of the policyholder will be used to deduct the insurance premium of INR 12. Anyone between 18 to 70 years old can benefit from PMSBY by providing their Aadhaar card as a Know Your Customer (KYC) document.

Features and Benefits of Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme

The PMSBY scheme allows low-income individuals to protect themselves from adverse circumstances that may result in death or disability. The features and benefits of the pm Suraksha Bima Yojana are listed below:

Features of the PMSBY Scheme	Benefits of the PMSBY Scheme
A low premium amount, i.e. INR 12.	Accident insurance covers
The nominee will get the sum amount in case the policyholder dies.	The nominee can avail of the claim amount of INR 2 Lakh
Auto-debit facility is available for premium deduction.	No worries about the regular payment
Option to choose yearly renewability or long-term policy.	Easy renewal process.
Tax Benefits.	Section 80C deduction and Section 10(10D) of the Income Tax Act states that the Sum Insured of INR 1 lakh is not taxable.

Coverage of Pradhan Mantri Suraksha Bima Yojana (PMSBY):

In the below table, we have mentioned the coverage benefits of PM Suraksha Bima Yojana (PMSBY):

Coverage	Benefits
Accidental death	INR 2 lakhs (given to nominee)
Permanent total disability	INR 2 lakhs to the policyholder
Permanent partial disability	INR 1 lakh to the policyholder

Exclusions Under Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The policyholders are covered under Pradhan Mantri Suraksha Bima Yojana in case of death and disability. However, there are certain exclusions regarding the cause of death and the type of disability. The following are exclusions under the PMSBY scheme:

Suicidal death
Non-permanent disabilities (partial disabilities without an irrecoverable loss) are not covered under Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana (PMSBY)

To avail of PMSBY, you have to fulfil certain conditions. Here is a list of such eligibility requirements.

The minimum age requirement is 18 years.
The maximum PMSBY age limit is 70 years.
Interested potential policyholders should have an active savings bank account.
Applicant’s bank account should be integrated with their Aadhaar card.
If the Aadhaar details are not linked with the mentioned bank account, a copy of the card should be sent along with the application.

Banks Participating in Pradhan Mantri Suraksha Bima Yojana (PMSBY):

Below mentioned is the list of banks that are a part of the Pradhan Mantri Suraksha Bima Yojana (PMSBY):

Axis Bank
Allahabad Bank
Bank of Maharashtra
Bank of India
Canara Bank
Bharatiya Mahila Bank
ICICI Bank
IDBI Bank
Corporation Bank
Dena Bank
Central Bank
Federal Bank
HDFC Bank
Kotak Bank
South Indian Bank
IndusInd Bank
Kerala Gramin Bank
Punjab National Bank
Oriental Bank of Commerce
Punjab and Sind Bank
State Bank of India
UCO Bank
State Bank of Hyderabad
United Bank of India
State Bank of Travancore
Syndicate Bank
Vijaya Bank
Union Bank of India

Read more: Ayushman Bharat Yojana

Documents Required to Be a Part of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Below is the list of documents that you need to submit to be a part of the Pradhan Mantri Suraksha Bima Yojana (PMSBY):

Duly filled application form
Aadhar Card
Bank account details

Enrollment and Registration Process for Pradhan Mantri Suraksha Bima Yojana

You can enrol yourself by visiting any affiliated bank or insurance firm associated with PMSBY. The Pradhan Mantri Suraksha Bima Yojana form, popularly known as the PMSBY form, can be downloaded from the government's Jan Suraksha website and is available in different languages like English, Hindi, Gujarati, Bengali, Marathi, Oriya, Tamil, Telugu.

The registration process can be initiated through the relevant Internet banking service or by calling the toll-free number of the onboarding company.

How can you activate the PM Suraksha Bima Yojana scheme using the SMS facility?

Receive activation SMS.
Reply "PMSBY Y" in the activation SMS.
Receive a message acknowledging the receipt.
The bank will manage the processing information from the savings account’s back end.

How to use the Internet banking feature to activate the PMSBY scheme online.

Sign in to your internet banking account.
Click on Insurance
Determine the account that will be used to pay the premium amount
Verify and validate the information.
Download the receipt and make a note of the provided reference number.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme Claim Process

Below mentioned is the claim process of the Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme:

The policyholder or nominee should contact the bank or insurance provider where the policy was purchased to file a claim.
Obtain and complete the claim form. It will contain information like name, address, phone number, hospital details, etc. You can download the PMSBY claim form for free from the Jansuraksha website. It is available in multiple languages, such as Telugu and Punjabi, are supported by the form.
Submit the filled PMSBY claim form along with the relevant documents.
The insurance company will verify the details.
Once the verification is done, the claim amount will be transferred into the given bank account.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme Renewal

You can renew the Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme by enabling the auto-debit facility. This will result in the renewal of PMSBY and automatic debit of premium from your bank account, and the PMSBY plan will be automatically renewed. The PMSBY policy term runs from June 1 to May 31. Therefore, the policy should be renewed before the end of May. If you decide not to renew, you must send a cancellation request to the concerned bank.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) Toll-Free Number

Pradhan Mantri Suraksha Bima Yojana (PMSBY) customer care number is 1800-180-1111/1800-110-001. You can get the state-wise toll-free number on the PMSBY website:

State Name	Name of the Bank	Toll-Free Contact Number
Andman & Nicobar Island	State Bank of India	1800-345-4545
Andhra Pradesh	Andhra Bank	1800-425-8525
Assam	State Bank of India	1800-345-3756
Arunachal Pradesh	State Bank of India	1800-345-3616
Bihar	State Bank of India	1800-345-6195
Chhattisgarh	State Bank of India	1800-233-4358
Chandigarh	Punjab National Bank	1800-180-1111
Dadra & Nagar Haveli	Dena Bank	1800-225-885
Delhi	Oriental Bank of Commerce	1800-1800-124
Daman & Diu	Dena Bank	1800-225-885
Haryana	Punjab National Bank	1800-180-1111
Gujarat	Dena Bank	1800-225-885
Goa	State Bank of India	1800-2333-202
Lakshadweep	Syndicate Bank	1800-4259-7777
Karnataka	Syndicate Bank-SLBC	1800-4259-7777
Himachal Pradesh	UCO Bank	1800-180-8053
Jharkhand	Bank of India	1800-345-6576
Madhya Pradesh	Central Bank of India	1800-233-4035
Kerala	Canara Bank	1800-425-11222
Meghalaya	State Bank of India	1800 - 345 - 3658
Odisha	UCO Bank	1800-345-6551
Maharashtra	Bank of Maharashtra	1800-102-2636
Manipur	State Bank of India	1800-345-3858
Nagaland	State Bank of India	1800-345-3708
Mizoram	State Bank of India	1800-345-3660
Punjab	Punjab National Bank	1800-180-1111
Sikkim	State Bank of India	1800-345-3256
Puducherry	Indian Bank	1800-4250-0000
Telangana	State Bank of Hyderabad	1800-425-8933
Rajasthan	Bank of Baroda	1800-180-6546
Uttar Pradesh	Bank of Baroda	1800-102-4455 / 1800-223-344
West Bengal and Tripura	United Bank of India	1800-345-3343
Tamil Nadu	Indian Overseas Bank	1800-425-4415
Uttrakhand	State Bank of India	1800-180-4167

Pradhan Mantri Suraksha Bima Yojana (PMSBY) FAQs

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

Ans. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme launched by the Government of India. It aims to provide affordable personal accident insurance coverage to individuals aged 18 to 70 years.

How does PMSBY work?

Ans. Under PMSBY, eligible individuals can enrol by paying a nominal annual premium. The scheme provides accidental death and disability coverage. In the event of accidental death or total permanent disability, a fixed sum insured is paid to the insured person or their nominee.

Who is eligible to enrol in PMSBY?

Ans. Any Indian resident between 18 and 70 can enroll in PMSBY. The individual must have a savings bank account and provide the required self-certification of good health to join the scheme.

What does PMSBY provide the coverage?

Ans. PMSBY provides coverage for accidental death and disability. In the unfortunate event of the insured person's death due to an accident, a sum insured of Rs. 2 lakh is payable to the nominee. In the case of total permanent disability, the same amount is paid to the insured person.

What is the premium amount for PMSBY?

Ans. The annual premium for PMSBY is Rs. 12 per person. The premium is deducted directly from the insured person's savings bank account through an auto-debit facility.

How can one enroll in PMSBY?

Ans. Individuals can enrol in PMSBY through designated banks or insurance companies. They must fill out the application form and submit it with the premium amount. The enrollment period is usually from 1st June to 31st May of each year.

Can one join PMSBY at any time during the year?

Ans. No, enrollment for PMSBY typically runs from 1st June to 31st May. Enrolling at the beginning of the scheme period is advisable to avail of the benefits for the entire year.

Can an individual have multiple PMSBY policies?

Ans. No, an individual can have only one PMSBY policy. Duplicate enrollments are not allowed.

What happens if the premium payment is unsuccessful?

Ans. The policy will lapse if the premium payment is unsuccessful due to insufficient funds or other reasons. To continue the coverage, the insured person must renew the policy and pay the premium within the specified period.

Is PMSBY renewal automatic?

Ans. No, you need to renew your policy annually by paying the premium.

Do I need a medical checkup for PMSBY?

Ans. No, there's no medical test required for enrollment.

Can I claim from both PMSBY and another insurance policy?

Ans. Yes, PMSBY benefits are over and above any other insurance coverage you might have.

What documents are needed for a claim under PMSBY?

Ans. Claim form, policy document, FIR, death certificate (in case of death), disability certificate (for disability), etc.

How long does it take to get the claim amount?

Ans. The claim settlement process typically takes 30-45 days.

Is there a customer care number for PMSBY?

Ans. Yes, you can call 1800 266 9966 for any questions or assistance.

History and Evolution of ULIPs in India

The financial products, ULIPs or Unit Linked Insurance Plans, are blended. With ULIPs, you can simultaneously meet the requirements for a reliable life insurance policy and grow your investment portfolio to cover future expenses such as retirement, children's college tuition, medical bills, and child marriage, among other plans.

UTI first offered ULIPs in 1971 as a valuable financial tool with guaranteed extra coverage. However, due to high upfront fees and additional fees levied by distributors and agents, its acceptance gradually became hollow.

Evolution of ULIPs in India

Over the years, there have been numerous changes to the Indian investment market. Since they were first introduced ten years ago, ULIP plans have changed like any other investment instrument. The ULIP plans have evolved in the modern era and now include many cutting-edge features. Let's talk about the evolution of ULIPs right now.

Before 2010

Due to high front-load costs and other fees, ULIP Investment's popularity declined after it was introduced to the market. The plan was also frequently misrepresented as a three-year savings plan. The customers were given incorrect information about the lock-in period when they were informed that they would have to pay premiums for a maximum of three years. To achieve good ULIP returns, long-term investment in ULIP plans is necessary.

Between 2010-2015

As soon as the Insurance Regulatory and Development Authority of India, or IRDAI, realised that ULIPs were being missold to consumers, they put forth a set of regulations. These rules were implemented to guarantee that investors would receive better returns. As a result, ULIP costs were generally restricted in September 2010, and the lock-in period was extended to five years.

From 2015 Onwards

In 2015, there were some significant changes to the costs related to ULIPs. The morality fees and the costs of managing the funds were now capped. After that, investors found ULIPs to be more alluring and appealing.

Ulips Today

Despite a rocky beginning, ULIP plans are now very well-liked because they provide high returns over the long term. The product is being redesigned to be more efficient. Investors are beginning to invest in ULIPs as they become more aware of the concept and more specific about what it is. The wealth amassed over time with the aid of ULIP can be used for long-term objectives like retirement planning.

Why Choose ULIPS

With the ULIP plan's investment component, you can get insurance and build a sizable fortune. Do you still need to figure out the benefits of a ULIP? These ideas are beneficial.

Flexible Investment Options: You can alternate between investing in stocks, bonds, and balanced funds, depending on your level of risk tolerance. In addition, top-up plans let you increase the amount you contribute to your savings.

Dual-Benefit: India's first financial product to offer investment and life insurance protection through a single investment is a unit-linked insurance product or ULIP. As a result, you can protect your future without buying separate investments and insurance plans.

Tax Benefits: You can deduct taxes from the returns you receive at maturity under Section 80C of the Income Tax Act. An investor may receive up to INR 150,000 annually for their ULIP investments. Similarly, under Section 10D of the Income Tax Act, the returns you receive when your ULIP policy matures are tax-free. Additionally, Section 10 (10D) of the Income Tax Act exempts the sum received by the nominee following the insured's death from taxation.

Bottom Line

Financial planners typically advise keeping investments and insurance separate (ie term plan for insurance coverage and mutual fund for insurance). For most investors, this is the best course of action. For "evolved" investors, who can navigate the confusing array of charges and fees, ULIP is still a good product.

Disclaimer: The information published in this article is for reader′s reference only. Content of this information is to provide an overview of your life insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

Make health insurance a New Year 2023 Gift

With the promise of a new beginning, happiness is in the air as the new year approaches. Health insurance is one of the most thoughtful gifts to give this New Year. In 2020, more Indians bought health and life insurance than in the previous five years. Considering the uncertainties of life and one's health during the current coronavirus outbreak, consider giving each other health insurance. Even if a health insurance policy is not at the top of your list of things to wish for, it is probably one of the best gifts you can give.

In addition to the risks associated with COVID-19, sedentary lifestyles and easy access to processed foods have led to an increase in the number of lifestyle diseases affecting young people. People in their 30s and 20s are now more often developing chronic diseases, including serious ones affecting the kidneys, lungs and heart. In light of this circumstance, buying a health insurance policy is more important than ever as a source of backup funds.

For example, a family health insurance plan can guarantee that you and your loved ones have financial protection against conditions like diabetes, high blood pressure, cancer, etc. Instead of those same old traditional gifts this year, consider health insurance for your loved ones by determining their insurance needs and securing them financially with online health insurance. Remind your loved ones how important it is to be protected by health insurance.

Benefits of Protecting Your Family with Health Insurance this New Year

Buying health insurance provides many benefits to the policyholder, including hospitalization costs, treatment costs, ambulance services costs, and more. When one has comprehensive health insurance, they can avail of all-around protection without draining their finances. Below mentioned are some of the benefits of a comprehensive health insurance plan:

No pre-medical test is required
Lifelong Renewability option
Option to pay your premium in instalments
Covered the cost of daycare treatments, AYUSH Treatments, etc
Second opinion option
Preventive health checkup
Tax-benefits

Policyholders get these benefits in return in the form of savings on renewal and other things. A person who is physically unfit may also find it difficult due to the strict standards set by the insurance industry, as the insurance provider may reject their application or postpone it for some time. Hence, it is always a good idea to include healthy habits in your health insurance plan.

Conclusion

New Year's resolutions are the best way to start a year full of ambition. It doesn't matter if you don't fulfil each and every one of them; What matters is that you do your best to make it happen. Think about adding health insurance to your list of goals, as it is a smart idea and a way to protect your family's finances. Add this to your 2023 New Year's resolutions list and see how far you can take it. I wish you a wonderful new year!

Term Insurance Tax Benefits

Saving the future of loved ones after a demise or reducing the burden of medical expenses in case of a health emergency is one of the most boasted advantages of different types of insurance plans. But an insurance plan also offers one of the significant yet underrated advantages, i.e. Tax Benefits. Shelling out thousands of rupees every year to pay taxes becomes even more painful when one realizes that the money could have been invested efficiently to make its potential utilization to make the future financially independent.

Especially the new tax-payers looking for intelligent ways of saving tax and, at the same time, wish to make the right investment choices to have a financially abundant future; buying term insurance policies is the right option to do so. Moreover, term insurance policies save your tax and money, which might get wasted on unforeseen unfortunate incidents.

However, more than having a term insurance plan is required. The crux of having the right tax-saving strategy is to be insightful about the right plan, precise amount, and the time to buy a policy, as these three factors determine the amount one can save from taxes.

Term Insurance and its Benefits

The most crucial role of term insurance is to provide the death benefit to the policyholder's nominee. The death benefit is the sum assured amount guaranteed under a policy and paid to the named beneficiaries if the policyholder dies during the policy tenure. This death benefit can be used to cover income loss If the policyholder is the family's only breadwinner. It can also be used to pay off debts and meet other financial obligations.

Besides death benefits, term insurance also offers various tax benefits to the policyholder. According to the Income Tax Act of 1961, any policyholder is eligible for tax benefits. Term insurance policies often provide customers tax deductions under Section 80C of the Income Tax Act of 1961, along with further deductions up to INR 1.5 Lakhs. Policyholders can also avail of exemptions under Section 10(10)D if they receive any amount as part of their insurance policy's maturity benefits.

Tax Benefits under section 80C

Section 80C of the Income Tax Act allows you to claim a tax deduction for the premium you pay for your term plan. This includes premiums paid for yourself, your spouse, and any dependent children you have. Section 80C allows you to claim a maximum tax benefit of INR 1.5 lakhs. Following are the conditions to avail of term insurance tax benefits under Section 80C include:

If term plans purchased on or after April 1, 2012, are eligible to give you a tax benefit of up to 10% of the total sum assured.
If you have purchased your term plan before March 31, 2012, you can get a tax deduction of up to 20% of the sum assured amount.
In case you are suffering from a condition that is specified under Section 80DDB or a disability that is listed under Section 80U, then the tax benefit limit increase from 10% to 15% of the total sum assured amount.

Tax Benefit under section 80D

Section 80D allows a deduction on the premium paid for health insurance. But many insurance providers offer a term plan with surgical care coverage, critical illness coverage, etc. If you buy your term plan along with these additional riders, you can only avail of the term insurance tax benefit under this section 80D.

Tax Benefits under section 80D

Age	Premium Amount		Max. Limit of Benefits 80D
	For Self, Spouse, and children (dependent)	For Parents
Covered individuals under 60 years	INR 25K	INR 25K	INR 50K
Parents above 60 years	INR 25K	INR 50K	INR 75K
Both you and your parents above 60 years	INR 50K	INR 50K	INR 1L

Tax Benefits of Term Insurance under Section 10 (10D)

Under section 10 (10D), a person can also claim for the tax on the returns. This means the death benefits given to the nominees or the maturity amount given is exempted from all taxes.

But this is not valid for the following:

If anyone received any amount under "Section 80DD or 80DDA".
If anyone received any amount under the "Keyman Insurance Policy".
The tax benefit will be at most 10% of the sum assured if the term plan is issued on or after April 1, 2012.

Note:

Keyman insurance is described as an insurance policy in which the employer is both the proposer and the premium payer, the life to be insured is that of the employee, and the benefit is paid to the employer in the event of a claim.

Income Tax Benefit under Section 10 (10D)

Issue Date	Maturity Amount (tax benefit)	Condition
Before April 1st, 2003	Exempted	No Condition
Any	Exempted	Death benefit to the nominee
April 1st, 2003 to March 31st, 2012	Premium paid exceeds 20% of sum assured amount	Taxable
On or after April 1st, 2012	Premium paid exceeds 10% of sum assured amount	Taxable
April 1st, 2002 to March 31st, 2012	Premium paid exceeds 20% of sum assured amount	Exempted
On or after April 1st, 2012	Premium paid exceeds 20% of sum assured amount	Exempted

Term Insurance Riders Tax Benefits

Life insurance companies offer various types of term insurance riders to enhance the coverage of your term plan. However, they offer benefits that go beyond enhancing the coverage i.e. tax benefit. Here are some ways that term insurance plan riders can enable you to receive additional tax benefits.

Critical illness rider makes you eligible for tax deduction under section 80D
TROP rider makes you eligible to save money under section 80C

Conclusion

A term insurance plan provides life cover and ensures tax benefits, making it a valuable tax-saving tool. Term plans are one of the best ways to protect oneself. At the same time, it's critical to understand the laws while claiming tax or filing returns thoroughly. Year after year, you should keep updated on the Income Tax Act changes.

Health Insurance for People Below Poverty Line

Government health insurance schemes are the best way to get financial protection, especially for those who cannot afford to pay high premiums for medical insurance plans. People below the poverty line cannot buy health insurance plans since they cannot afford to pay high premiums for various reasons. However, the government of India ensure to alleviate the burden of high medical bills by offering many health insurance schemes.

Health Insurance for Poor

Receiving high-quality medical care should be independent of your financial situation. Access to secondary and tertiary healthcare is something that everyone should have. Health insurance schemes can help with this. Most people believe that paying for health insurance is expensive. This is untrue, though. There are numerous health insurance plans available for those living in poverty.

To give health insurance coverage to low-income persons and those who are uninsured. The government has inaugurated the flagship National Health Protection Scheme for people below the poverty line. It will benefit approximately ten million impoverished and economically disadvantaged households. The national scheme gives annual coverage of INR 5 lakhs per household.

Health Insurance Plans for People Below Poverty Line

There are many health insurance plans for people below the poverty line introduced by the Indian government. Let us take a look at the following health insurance schemes for poor people:

Awaz Health Insurance Scheme: The Kerala government started this health insurance scheme for migrant workers. The initiative started in 2017 and aimed at 5 lakh inter-state migrant labourers working in Kerala. Awaz Health Insurance provides INR 15000 in health insurance coverage and INR 2 lakh in death insurance coverage.
Aam Aadmi Bima Yojana: Under this health yojana, the government will provide up to INR 30,000 coverage for a mere INR 200 premium. The yojana supports 48 distinct professions, primarily ones relating to fishing, carpentry, and waving.
The Employees State Insurance Scheme: The primary goal of the Government of India's ESI scheme is to protect employees from certain health-related contingencies, such as permanent or temporary disability, illness, death due to an occupational disease or injury, which reduces the employee's ability to earn a living or results in income loss.
Mahatma Jyotiba Phule Jan Arogya Yojana(MJPJAY): Jyotiba Mahatma One such health insurance programme developed by the Maharashtra government is Jan Arogya Yojana. Initially known as the Rajiv Gandhi Jeevandayee Arogya Yojana, the government changed this program's name on April 1, 2017. The primary goal of this coverage is to give policyholders with yellow or orange ration cards access to cheap, high-quality medical insurance. MJPJAY is an excellent initiative by the Maharashtrian government to provide affordable health insurance.
Bhamashah Swasthya Bima Yojana: A medical insurance programme designed exclusively for those living in rural parts of the state of Rajasthan is called the Bhamashah Swasthya Bima Yojana. In addition to the previously indicated group, recipients of the Bhamashah Yojana may also be recipients of the Rashtriya Swasthya Bima Yojana and the National Food Security Act.
Mukhyamantri Amrutam Yojana: In 2012, the Gujarati government introduced the Mukhyamantri Amrutum Yojana to benefit underprivileged citizens. Families in the lower middle class and those on the verge of poverty are eligible for this insurance. This programme gives a 3 lakh rupee annual family floater coverage.
West Bengal Health Scheme: The West Bengal state government employees are eligible for this medical insurance scheme. It was launched in 2008 and provided the employee and their family with an amount guaranteed of INR 1 lakh. In some circumstances, the plan covers OPD treatments and surgery costs.
Rashtriya Swasthya Bima Yojana (RSBY): A health insurance programme called the Rashtriya Swasthya Bima Yojana (RSBY) was created especially for Indians who work in the country's unorganised sectors. The unorganised sector employs over 93% of the entire labour in the nation.

Bottom Line

Even though our nation is thriving, there is a serious number of people below the poverty line that needs to be taken care of. These insurance schemes are one way to do it. It is essential to throw light on these government health schemes to spread awareness about the benefits to the poor. The many BPL health insurance programmes can significantly improve how well-off households handle a medical emergency.

Car Insurance Add-Ons For A Safe Journey

Car insurance is a must for all vehicle owners to ride on Indian roads. Although it keeps you and your vehicle safe, the primary form of insurance, there are many instances where things go out of control, and your motor insurance will not cover the same. This can lead to a huge financial and emotional loss, and that is where the add-on plans come into play.

Add-on covers provide your vehicle with additional security along with your primary motor insurance policy. It enables you to deal with unforeseen circumstances like automobile accidents, engine problems, and other difficulties. Let us look at the various add-on covers you can buy for your vehicle when planning a long road trip.

List of Best Car Insurance Add-On Covers

There are various add-on covers available in the market that you can buy for your vehicle. However, all of them won’t come in handy. We have a curated list of the best car insurance add-on covers to make your choice easier.

Zero Depreciation Cover: A car insurance policy with zero depreciation coverage aids in defending your vehicle against all physical harm without taking depreciation into account. The compensation is obtained after a standard depreciation deduction, even though a typical motor insurance policy protects you against losses accruing if your automobile is damaged or stolen when you submit for a claim settlement.

Engine Protection Cover: The cost of repairs or damage if the engine, the beating heart of your automobile, is damaged is covered by the engine protection cover, an add-on rider in insurance plans.

Roadside Assistance Cover: If the covered vehicle breaks down, help services are guaranteed by this add-on coverage. Towing to the closest garage is one of the services offered, along with on-site repairs, critical replacement help, fuel delivery, and aid with flat tyres. Therefore, roadside assistance cover is the best add on covers.

Tyre Damage Cover: A cost-effective insurance option is to purchase the tyre protection add-on function. This add-on cover will cover the cost related to any malfunctioning tyre. It is an important add-on, especially when going on a long road trip that will be hectic for your car tyres.

Consumable Cover: Consumables are necessary goods that must be renewed after use since they cannot be recycled. These include engine oil, lubricant, brake fluid, gearbox fluid, grease, bearings, nuts, bolts, and things like air conditioner gas.

Passenger Cover: On a long road trip, it is possible to get injured in a road accident or anything related. The policy's accident benefit is only available to the driver; the passengers are on their own. However, this coverage covers the passengers' medical costs, gives disability insurance, and provides financial support in a fatal automobile accident.

How to Buy Car Insurance Online?

The official website of the insurance provider and "RenewBuy.com" is where you may purchase a new motor insurance policy. The steps involved in getting new motor insurance coverage are as follows:

Buy From RenewBuy

Go to RenewBuy's official website.
Select "Car Insurance" from the menu.
Complete the form.
Choose the best car insurance policy by comparing available options.
Click "Buy Now."
You'll see the plan specifics and information on the extra passengers in a pop-up.
Make the online payment, and the policy documents will be sent to your registered email address.

Buy From the Insurer's Official Website

Visit the insurance company's official website and click on the "Car Insurance" section.
Choose the car insurance policy.
Complete all the necessary fields.
Click the Buy button.
Make the payment now.
The insurance provider will email you a copy of the policy paperwork.

Bottom Line

Driving on the road can be dangerous at times, and it is important to be prepared for the worst. Buying car insurance add-ons will enhance your coverage as well as your safety. To buy the best car insurance, compare motor insurance online and choose accordingly.

Disclaimer: The information published in this article is for reader′s reference only. Content of this information is to provide an overview of your motor insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

Why do Indians Prefer to Buy Life Insurance Over Mutual Funds for Investing?

Investing is a powerful method to put your money to work for you and develop wealth. But, most of us get influenced by our fellow associates when it comes to investing and end up making a bad investment due to a lack of wisdom and knowledge. Understanding your wants and needs is important before investing in any instrument. Like, many Indians prefer to buy life insurance for investment purposes for a simple reason; safety. But the fact is that there is much more to explore other than that.

Indian people come from a mindset that has long held that investing in something safer rather than riskier assets like equities, debts, etc., will be a good idea. Each of these products has certain advantages and disadvantages. As a result, the best selection is ultimately determined by your life objectives, income, risk tolerance, family duties, etc. This article discusses two of the most popular and favoured investing vehicles: life insurance and mutual fund investments.

Life insurance Plans

These policies provide life insurance and a death benefit to help your loved ones in your absence. Several life insurance plans provide diverse advantages, such as term, whole life insurance plans, endowment plans, unit-linked investment plans, and so on.

People consider life insurance an investment since specific plans provide rewards if the policyholder survives the term, and if not, claim money is given to dependants.

Mutual Funds Plans

A mutual fund is a sort of plan that helps you increase your money using market-linked investing strategies. They are seen as a wise investment for long-term financial goals such as education, property purchase, or company start-up. Mutual funds carry the risk of a volatile market. Even though it leads to good returns, the risk is there.

Also, many hidden fees and taxes reduce the profits of your returns, and it can be a major drawback for someone who wants to invest in mutual funds.

Things to Keep in Mind Before Investing

Before you choose to invest, whether in life insurance or mutual funds, keep the following things in mind:

Returns: A life insurance plan used for investing is not only expensive, but it also does not guarantee returns on investment that are comparable to those of mutual funds. You may optimise your profits without relying on a single fund for growth in addition to the fund diversification option that a mutual fund offers.

Liquidity: Any cash-value life insurance policy, which includes all permanent life insurance plans, can be regarded as a liquid asset. It is important to understand the liquidity options available to you before buying life insurance. Except ELSS, one can withdraw money from mutual funds within a year if we're talking about liquidity in mutual funds.

Risk Tolerance: Knowing how much risk you are comfortable with before investing is important because while specific investment alternatives may provide more significant returns than others, they may also expose you to more danger.

Investment Timeframe: You may estimate how long it will take you to reach your investing goals once you've established your plan and goals. Whether you are setting short-term or long-term investment objectives, you must be aware of the timing of your investment. Your financial future may be at risk if you don't know your investing time period.

How to Select?

Both products have different offerings. It is like comparing a mango and an apple. Life insurance safeguards your family, while mutual funds enable asset accumulation. The best option could be a good mix of the two. The mutual fund will enable you to meet your short- and long-term goals, and whole life insurance will ensure protection from untimely death.

Importance of Health Insurance

We live in an era where health threats are increasing daily. A serious medical emergency can leave a person with a huge financial hole and, most likely, cost more than their savings. In such situations, the importance of health insurance has become a necessity for everyone. Health insurance provides financial protection to the policyholders against the costs arising out of any medical emergency. As we know, the inflation rate in our country is very high, due to which the medical treatment cost is skyrocketing. Therefore, not buying a comprehensive health insurance plan can cost you financially in case of medical emergencies. So, we have made a list of a few points that will help you to understand the importance of a health insurance plan.

Importance of Health Insurance Plan In India

Below is some points that will explain the importance of health insurance plans in India:

Lifestyle Changes:
Our lifestyle has changed a lot in the last few decades. We now need to travel frequently, have little time to take care of our health, participate in less physical activity, and often ignore the early warning signs of health problems that could become serious health problems in the future. Hence, health plans have become important today as they cover a wide range of medical procedures and provide the best medical facilities in renowned hospitals and other essential health services.
Rising Healthcare Expenses:
Healthcare costs are already very high, and it is predicted that they will continue to climb in the future due to increased medical inflation. Therefore, buying a health insurance plan is important to safeguard your finances against the rising cost of health insurance.
Tax Benefits:
A policyholder can claim a tax deduction of up to INR 50K for the premium of a health plan purchased for their parents under Section 80D of the Income Tax Act (Senior Citizen).
Protect Your Savings:
Sudden illness can cause extreme physical and mental stress. In addition, if you cannot cover the cost of treatment, your burden will increase significantly. No one wants to be denied high-quality medical treatment due to a lack of resources. The opportunity to protect your savings and accelerate your recovery adds to the importance of health insurance.

Benefits of Health Insurance

Below mentioned is the list of coverage benefits offered under health insurance plans:

Cashless hospitalization
Offer Coverage to all the family members
In-patient hospitalization
Out-patient hospitalization
Domiciliary Hospitalization
AYUSH Treatment
Tax Benefits
No Claim Bonus
Free Medical Checkups
Coverage for Coronavirus
Daycare Treatment

Best Health Insurance Plan In India

Many health insurance companies in India offer various health insurance plans, but finding the best health plan is a daunting task. Hence, RenewBuy has put together a list of the best health insurance in India in the table below:

Individual Health Insurance Plans

Individual Health Insurance Plans	Coverage Benefits	Network Hospitals
ManipalCigna LifeTime Health Plan	Restoration Coverage outside India Mental Care	6500+
HDFC Optima Restore Plan	Domiciliary Hospitalization Pre and Post Hospitalization Cataract	13000+
Care Plan	Organ Donor Cover Ambulance Cover Domiciliary Hospitalization	16500+
Care Advantage	Organ Donor Auto Recharge Daycare Treatment	16500+
Niva BUPA Health Reassure	Emergency Ambulance Accommodation Cash Benefit Day Care Treatment	7600+

Family Health Insurance Plans

Family Floater Health Plans	Coverage Benefits	Network Hospitals
ICICI Health Shield	Restoration Coverage outside India Mental Care	6500+
HDFC Optima Secure Plan	Emergency Air Ambulance All Daycare Treatment Organ Donor Expense	13000+
Care Plan	Organ Donor Cover Ambulance Cover Domiciliary Hospitalization	16500+
Care Advantage	Organ Donor Auto Recharge Daycare Treatment	16500+
ManipalCigna ProHealth Prime	Daycare Treatments Domiciliary Treatment Road Ambulance	6500+

Senior Citizen Health Insurance

Senior Citizen Health Insurance Plans	Plan Coverage Benefits	Network Hospitals
Niva Bupa Senior first Plan	Daycare Treatment AYUSH Treatment Organ Donor	7600+
Care Health Senior Plan	No pre-policy medical checkups Ambulance expenses Domiciliary expenses	16500+
Aditya Birla Activ Care Plan	Daycare expenses Ambulance expenses Health check-up	5700+
TATA AIG MediSenior	140 Daycare Treatments Pre and post hospitalization Organ Donor Expense	7000+
Star Health Senior Citizen Red Carpet	Daily Hospital Cash All Daycare Expenses Emergency Air Ambulance Domiciliary hospitalization	12000+

Critical Illness Health Insurance

Critical Illness Health Insurance Plans	Plan Coverage Benefits	Eligibility Criteria
Niva Bupa CritiCare Plan	20 Critical Illness Covered Hospital Daily Cash Lifetime Renewability	7600+
Care Critical Illness Plan	32 Critical Illness Covered Dialysis Cover Annual Health Checkup	16500+
Star Criticare Plus Plan	Daycare treatments Ambulance expenses Non-allopathic Treatment Covered	12000+
ManipalCigna Lifestyle Protection Critical Care	30 Critical Illness Covered Online Wellness Program Coverage for open Heart Surgery	6500+
HDFC Ergo Critical Illness Platinum Plan	15 Critical Illness Covered Lifetime Renewability Coverage for paralysis	13000+

Conclusion

Today, having health insurance is a necessity and not a luxury for each of us. You can read the above-mentioned facts carefully, which clarifies the importance of health insurance plans in India. It will now become easier for you to understand the need to make a wise early-life investment in a health insurance plan.

Coronavirus BF.7 Variant in India

There have been reports of yet another virulent coronavirus subvariant BF.7 detected in India just as we were beginning to believe that the days of the coronavirus were over and that we could finally say goodbye to COVID restrictions. According to news sources, a severe wave of COVID-19 cases is reportedly in China. According to media sources, 4 cases have been found in India.

What is Covid-19 BF.7 Variant?

The coronavirus BF.7 variant is a sub-lineage of the Omicron variant of BA.5. It can potentially infect people because it is highly contagious, has a short incubation period, and reinfect previously infected individuals. There is a high chance of doing or affecting those who have not been vaccinated.

Coronavirus Omicron Subvariant BF.7 Cases In India

In Gujarat Biotechnology Research Center, the first case of this severely contagious strain was detected earlier in October. There are now 4 cases in India, with 3 cases in Gujarat and 1 in Odisha. As per the representatives of the Gujarat state health department, the three Omicron BF.7 cases were recorded between July and November of this year. The 4 patients received home isolation care and made full recoveries.

In a Covid-19 review meeting chaired by Union Health Minister Mansukh Mandaviya on Wednesday, officials said that although there has not been a general increase in the number of cases, continuous surveillance is still necessary to keep track of the emergence of new variants. Moreover, the minister urged people to follow Covid-appropriate protocols like vaccination and wearing masks in crowded areas, etc.

Covid-19 BF.7 Variant Symptoms

There are currently only a few incidents of the BF.7 COVID variant in India. The government has said that to protect themselves from the virus, residents should follow the guidelines issued by the Government of India. In India, only four cases have been detected, of which three are from Gujarat and one from Odisha. At this time the strongest defense against these viruses is vaccination.

Similar to the previous variants, this one also has symptoms like congestion in the throat and fatigue. The significant symptoms noticed are:

Sore Throat
Loose Motion
Cough
Fever
Fatigue
Runny Nose
Headache
Stomach Pain

There will be a small number of persons who has shown the following symptoms:

Vomiting
Diarrhea

Is Coronavirus Omicron Subvariant BF.7 More Dangerous Than Previous Strains?

As per a study, the BF.7 variant of coronavirus has 4.4-higher neutralization resistance than the original virus. This means that people have to take booster shots of vaccine as the antibodies from previous vaccination shots are not enough against this variant of coronavirus.

Coronavirus Omicron BF.7 Precautions

Experts estimate that because Coronavirus Omicron BF.7 has a lower mortality rate than other coronavirus strains, the number of hospitalizations will not be as high as during previous coronavirus outbreaks. That doesn't mean that BF.7 variant has no reason to be concerned. So, everyone should follow the COVID-19 SOPs to prevent infection. Below mentioned are the precautions that we need to follow:

Maintain proper hygiene.
Always wear a mask.
Wash hands frequently.
Use sanitizer.
Must take your vaccine booster shot.
Avoid touching or coming in contact with any person, whose immunity is very low.
Maintain social distancing.
Always greet one another from a distance.
If you believe you have Omicron BF.7 symptoms, you should see a doctor right away.

Coronavirus Omicron BF.7 Vaccine

Covaxin, Covishield and Sputnik-V are Omicron BF.7 vaccines. People who have already received both doses of either of these vaccines may be given booster doses if you are eligible. Those who have not yet received the COVID-19 vaccine should do so as it will boost their immunity and aid in the fight against Omicron BF.7. According to scientists, every Indian needs to take a booster dose to prevent this strain of Coronavirus Omicron BF.7 variant.

Life Insurance Tax Benefits

Life insurance policies help you secure your family’s financial future by providing a sum of money in case of your premature demise. However, a life insurance plan has more to it. One of the benefits of buying life insurance is saving on taxes. In addition to maturity/death benefits, life insurance contracts qualify for tax deductions under Sections 80C and 10(10D) of the Income Tax Act of 1961. In this article, we will discuss the tax benefits of life insurance. To understand the process better, let us first understand the meaning of income tax.

What is Income Tax?

An individual, business, or another person who earns net income is subject to income tax, a type of direct tax. According to the Income Tax Act of 1961, the Government of India collects income tax in India. The funds received by the government are used to cover costs associated with infrastructure, development, other public services, and other similar expenses required to carry out the duties and obligations of the government necessary to operate a nation.

The amount subject to taxation varies according to the individual's annual income and the income tax slab applicable to that individual. Income tax is currently one of the most important government funding sources. However, there are a few ways by which you can save on taxes and buying life insurance is one of them.

Life Insurance Tax Benefits

The majority of us are aware that payments made for a life insurance policy qualify for a tax deduction under Income Tax Act Section 80C. So, when you buy life insurance, you will save on your tax, and these benefits are mentioned under the Income Tax Act of 1966. Let us dive into the benefits of life insurance under section 80c and section 10(10D) of income tax to get a clear view of the benefits that you will receive after buying the best life insurance policy for yourself. Let us look at different sections under the income tax act to understand the tax benefits you will get when you buy the best life insurance.

Section 80C: This provision allows you to deduct life insurance premiums paid for you, your spouse, or your kids from your taxable income. You will be able to deduct a maximum of 1.5 lakhs.
Section 10(10D): If certain requirements are completed in accordance with Section 10(10D) of the Income Tax Act, life insurance policy returns are tax-free.
Section 10(10A): When you retire, a third of the income you get from a pension plan is tax-free.
Section 80CCC: Tax advantages are available for pension/retirement insurance payments up to INR 150,000.
Section 80DD: Up to INR 75,000 in premiums for dependents with disabilities are tax deductible annually. A bigger deduction of INR 1,000,000 is available if the defendant has a severe impairment.

Tax Benefits Under Section 80C

The Income Tax Act of India contains Section 80C, which lists several investments and expenses not subject to income tax. It permits a maximum annual deduction from an investor's taxable income of INR 1.5 lakh. Currently, this programme provides tax exemption for annual premiums of up to 10% of the entire value insured of the insurance policy. Before April 1, 2012, premiums up to 20% (of the total guaranteed) were eligible for tax exemption under Section 80C deduction.

Tax Benefits Under Section 80CCC

The amount spent on a new insurance purchase or payments made toward the renewal or continuation of an existing policy are included in the Section 80CCC exemption limit. The insurance for which the money was paid must offer a pension or a periodic annuity to qualify for this exemption. When read in conjunction with Sections 80C and 80CCD(1), Section 80CCC places a cap on the total exemption amount at INR 1,50,000 per year.

Tax Benefits Under Section 10(10A)

A portion of your Pension Accumulation Plan's money may be commuted if you have one. Pension commutation refers to taking a portion of it as a lump payment. Your pension's commuted value is free from taxes under Section 10(10A). Simply put, you receive tax benefits on the amount you are permitted to take, which is 60% of the maturity amount.

Tax Benefits Under Section 10(10D)

The Income Tax Act's Section 10 (10D) contains regulations specific to tax deductions on claims, such as maturity and death benefits, which include all kinds of bonuses from life insurance policies. All forms of life insurance are eligible for tax deductions under this, and the sum claimed has no upper limit.

Terms and Conditions

The premium paid for any one year throughout a life insurance policy purchased between April 1, 2003, and March 31, 2012, may not exceed 20% of the sum guaranteed.
The premium paid for life insurance plans bought after April 1, 2012, can be at most 10% of the amount guaranteed.
All claims, including those for maturity benefits, death benefits, and bonuses, are not deductible from income.

Tax Benefits Under Section 10(10DD)

According to Section 10 (10D) of the IT Act, 1961, a person may benefit from the tax-exempt status on the lump amount promised and accumulated premium (if any) obtained through their term life insurance policy claim, which is the maturity or death benefit. This exemption is available for a variety of life insurance claims and also applies to payments from unit-linked insurance plans that, at maturity or in the event of an early withdrawal, have an aggregate premium of less than INR 2.5L in a fiscal year.

Income Tax Slabs for FY 21-22

Here are the latest tax slabs introduced by the government of India.

Income Tax Slab	New Regime Income Tax Slab Rates FY 2021-22
Income Tax Slab	(Applicable for All Individuals & HUF)
Rs 0.0 – Rs 2.5 lakh	NIL
Rs 2.5 lakh – Rs 3.00 lakh	5% (tax rebate u/s 87a is available)
Rs 3.00 lakh – Rs 5.00 lakh	5% (tax rebate u/s 87a is available)
Rs 5.00 lakh- Rs 7.5 lakh	10%
Rs 7.5 lakh – Rs 10.00 lakh	15%
Rs 10.00 lakhs – Rs 12.50 lakh	20%
Rs 12.5 lakhs – Rs 15.00 lakh	25%
> Rs 15 lakh	30%

Final Thoughts

Besides keeping your family financially protected, buying a life insurance plan can help you save on taxes. It is a great product to keep you financially safe and sound. If you are looking for a life insurance plan for your family, you can buy it online. Buying life insurance online is a simple and hassle-free process, saving time.

Republic Day Special: Learn How to Invest and Prepare for a Healthier Life

Buying health insurance on Republic Day ensures a healthier life for yourself and your family. Many of us need to understand how much health insurance is important in today's times. The constitution of India specifies some fundamental duties. Just like that, it is a fundamental duty of a family member to ensure the best health of the family members. That is the reason why buying health insurance is of utmost importance. Today, we will talk about the importance of health insurance and how it can help us. However, let us understand the importance of Republic Day first.

Significance of Republic Day

Since 1950, India has commemorated January 26 as Republic Day, and the Indian Constitution was established on this date, 1950. It's significant to remember that India gained independence from British domination on August 15, 1947, which is commemorated as Independence Day in India. However, the Indian Constitution was initially ratified on November 26, 1949. But it wasn't until January 26, 1950, or the day the Indian Constitution went into force, that this vast nation was integrated, and its many diverse cultural traditions were brought together.

Benefits of Health Insurance

Below are a few health insurance benefits:

Tax Benefits: Under Section 80D of the Income Tax Act, a policyholder may claim a tax deduction of up to INR 50,000 for the premium of a health plan they purchase for their parents.
Medical expenses: Even though healthcare expenses are currently quite expensive, rising medical inflation is expected to cause them to rise even more in the future. Getting a health insurance plan is crucial to protect your money from the growing expense of health insurance.
Cashless treatment: If you have insurance, you can receive treatments without paying cash since your insurance provider will cooperate with different hospital networks.
No Claim Bonus: If the insured does not submit a claim for any type of treatment over the preceding year, they will get this bonus element.
Protect Your Savings: Extreme physical and emotional stress might be brought on by a sudden illness. Additionally, your load would greatly grow if you cannot pay for the expense of therapy. Nobody wants to be prevented from receiving top-notch medical care because of a lack of funds. The potential to safeguard your funds and hasten your recuperation increases the significance of health insurance.

How to Buy Health Insurance Online

It's not easy finding the ideal health insurance plan that offers you efficient coverage. It requires in-depth investigation, careful analysis, and knowledge of your demands. Before choosing a comprehensive insurance coverage that works best for you, remember these important measures!

Through Insurer Website

Go to the official website of the health insurance company.
Tap on the “Health Insurance” tab. Choose your desired health insurance plan.
Fill in the required details such as Name, DOB, Mobile Number, etc.
Pay the insurance company and they will send the policy document to your registered email address.

Through RenewBuy

Visit the official website of RenewBuy.
Tap on the “Health Insurance” tab.
Compare health plans and select your best health plan.
Click on the “Buy Now” button.
Make online payment and the policy documents will be sent to your registered email address.

Conclusion

Every Indian smiles as Republic Day is celebrated, and we all enjoy interacting with our friends and neighbors. Additionally, purchasing a health insurance plan is essential to protect your and your family's health on Republic Day.

West Bengal Health Scheme

The Central and State Governments of India from time to time launch health welfare schemes for the underprivileged section of society. The West Bengal Health Scheme (WBHS) is an example of this type of health welfare scheme. Health insurance is a way of providing financial protection in case of an unwanted medical condition that requires hospitalization. Health insurance coverage provided by welfare schemes enables people to manage their medical costs better. Read the below section to know more about the West Bengal Health Scheme (WBHS).

What is West Bengal Health Scheme (WBHS)?

West Bengal Health Scheme (WBHS) is a state-level health insurance welfare scheme. It was started in 2008. However, in 2014, it underwent a revamp and became known as West Bengal Health for Cashless Medical Treatment Scheme for all employees and pensioners. The scheme allows eligible individuals to avail of cashless medical treatment at hospitals in a specified list, commonly known as empanelled hospitals and health care organizations (HCOs). Those who are eligible can avail of cashless treatment of INR 1 Lakh.

Features and Benefits of the West Bengal Health Scheme (WBHS)

West Bengal Health Scheme (WBHS) scheme offers various benefits to its policyholders. Below mentioned are the features and benefits of the West Bengal Health Scheme (WBHS) scheme:

Cashless Treatment
OPD Treatment
Hospitalization in non-empanelled hospital
Out-of-State Hospitalization

Cashless Treatment: The beneficiary can avail of cashless treatment in the empanelled hospital up to Rs.1 lakh. If the cost exceeds the cap, the beneficiary is responsible for paying any additional charges on the bill.
OPD Treatment: The policyholder can get reimbursement for the OPD treatments as per the waiting period and the other terms and conditions of the WB health scheme.
Hospitalization in a non-empanelled hospital: If the beneficiary has received medical treatment in a non-empanelled hospital, a fixed amount of the total bill will be reimbursed per the scheme's terms and conditions.
Out-of-State Hospitalization: If the treatment is received in a hospital located in any other state, the expenses can be paid as long as the hospital is designated as an empanelled hospital.

Click here to know more about the Chief Minister Comprehensive Health Insurance Scheme

Key Benefits of the Updated West Bengal Health Scheme (WBHS)

There are more than 1000 medical procedures covered under the West Bengal Health Scheme (WBHS). The table given below is about the type of procedure offered under the scheme and the extent of cover.

Benefits	Cover
Specialized surgeries	Up to 12 days
OPD and minor surgeries	1-day
Major surgeries	7 to 8 days,
Laparoscopic or endoscopic surgeries	3 to 4 days
Normal deliveries	3 to 4 days

Benefits of West Bengal Health Scheme Offered to IAS, IFS and IPS officers

The Indian Administrative Service (IAS), Indian Forest Service (IFS), and Indian Police Service (IPS) officers received certain benefits under the West Bengal Health Scheme (WBHS):

Benefits for IAS Officers

IAS officers and their families can be a part of this scheme, but it is optional.
They should not be a part of any CGHS (central government health scheme).
They can avail of facilities per the all India service rule act, 1954.

Benefits for IPS Officers

They can be a part of this scheme, but it is optional for them.
They can avail of facilities per the all India service rule act, 1954.
Officers who are already a part of any CGHS (central government health scheme) cannot be part of this scheme.

Benefits for IFS Officers

They can be a part of this scheme, but it is optional for them.
They can avail of facilities per the all India service rule act, 1954.
Officers who are already a part of any CGHS (central government health scheme) cannot be part of this scheme.

List of Diseases Covered Under the West Bengal Health Scheme

The WB health scheme covers 1014 medical treatments. You can check the complete list of covered diseases under the WB health scheme by clicking here.

OPD Treatment Diseases List

The WB health scheme covers various OPD treatments. The West Bengal Health Scheme OPD treatment list is available here. Below mentioned is the list of OPD treatments covered under the West Bengal health scheme:

Tuberculosis
Endodontic Treatment (Root Canal Treatment)
Rheumatoid Arthritis
Systemic Lupus Erythematosus (LUPUS)
COPD (Chronic Obstructive Pulmonary Disease)
Neurological disorder/Cerebrovascular disorders
Malignant Malaria
Crohn’s Disease Heart disease
Insulin-dependent diabetes (Type-2 Diabetic Melitas is not considered as insulin-dependent diabetes)
Malignant diseases
Renal failure
Hepatitis B/C and other liver diseases
Injuries caused by accident (including animal bite)
Thalassaemia/Bleeding orders/Platelet disorders

Click here to know more about the Mahatma Jyotiba Phule Jan Arogya Yojana

West Bengal Health Scheme Exclusions

WB Health Scheme does not cover you for the following expenses:

Non-medical treatments
Cosmetic surgeries

Eligibility Criteria For West Bengal Health Scheme

The eligibility criteria for joining the west bengal health scheme are listed below.

The West Bengal health scheme is aimed towards state government employees, retired government personnel, and their families.
People who chose to participate in this WB Health Scheme under the Medical Allowance are also eligible.
All India Services officers and pensioners are eligible for this scheme.
The family members covered under the West Bengal Health Scheme include the beneficiary's spouse, parents, dependent children, and dependent siblings.

West Bengal Health Scheme (WBHS) Enrollment Process

The process of enrollment and registration can be started by visiting the website of West Bengal Health Department. From there, you can choose to enroll as a government employee, government pensioner, grant-aided college or university beneficiary, or grant-aided college employee. Below mentioned are the steps to enroll yourself into the West Bengal Health Scheme (WBHS):

Visit the official website of West Bengal Health Scheme.
Click on the “Online Enrollment” section and select government employees.
Check the Yes box if you have a PRAN/GPF number, and then enter the details. If you do not have the details, check the NO box and choose Non-GPF.
Enter details like birth date, and residential district. Save the information needed to register in the WB Health Portal, then click the next button to continue.
Enter details like name, mobile number, address, employee number, office details, family details.
Upload photograph and signature.
Enter details of the beneficiary and head office.
Save the details and make a print out of the report.

How to Download WB Health Scheme (WBHS) Application Form?

Application forms for the Wealth Bengal Health Scheme (WBHS) are available for download on the official website.

For Govt. Employees

Visit the West Bengal Health Scheme official website
Go to the “Download” section
Select ‘Employees’ from the “Select Category”
Download the required form

For the State Govt. Pensioners

Visit the West Bengal Health Scheme official website
Go to the “Download” section
Select “Pensioner” from the “Select Category”
Download the required form

West Bengal Health Scheme (WBHS) Empanelled Hospitals

Below mentioned is the complete list of West Bengal Health Scheme (WBHS) Empanelled Hospitals:

The Calcutta Medical Research Institute
Susrut Eye Foundation
Mission of Mercy Hospital
R N Tagore International Institute of Cardiac Sciences
Nightingale Hospitals
Desun Hospitals and Heart Institute
BM Birla Heart Research Centre
Apollo Gleneagles
Medica Super-specialty Hospital
Ruby General Hospital

Click here to know more about the Ayushman Bharat Yojana (PMJAY)

West Bengal Health Scheme (WBHS) Claim Process

West Bengal Health Scheme (WBHS) provides cashless treatment. Hence, if the cost of the treatment is less than the specified package then the beneficiary need not pay the hospital bill as the treatment will be covered as per the scheme. If the cost exceeds the cap specified in the allocated treatment package, the beneficiary and the hospital will be responsible for paying the additional costs billed; There can be no claim for coverage. Below mentioned is the claim process for West Bengal Health Scheme (WBHS):

Submit your west bengal health scheme cashless card at the time of admission at the hospital.
The hospital will send an authorisation request to the Government Authorized Agency (GAA).
GAA will verify the details and approve the request.
The hospital will send the treatment bill to the GAA after the treatment along with the required documents such as doctor’s certificate, medical report, discharge summary, etc.
GAA will verify the sent documents and transfer the amount to HCO.

West Bengal Health Scheme (WBHS) Contact Details:

Below mentioned are the contact details of West Bengal Health Scheme (WBHS):

Email id: support.wbmedicalcell@nic.in
Contact Number: (033)2254-4123/(033)2254-4034

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Care Health Insurance

HDFC Ergo Health Insurance

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Union Budget 2023 Highlights

Finance Minister of India (FM) Nirmala Sitharaman presented the Union Budget in Parliament on February 1 2023. From the perspective of each industry, there were many expectations for Budget 2023. Let us take a look at the impact of this Union Budget on insurance industries.

Union Budget 2023 at Glance

Below mentioned are the details of the union budget 2023:

Particular	Description
Union Budget 2023 date	February 1st, 2023
Union Budget 2023 presenter	Nirmala Sitharaman (Finance Minister)
Location of union budget 2023 presentation	The Parliament House in New Delhi
Union budget 2023-24 timings	11: 00 AM

Union Budget 2023-24 Highlights

The government of India has provided insurance coverage to 44.6 crore people through the PM Suraksha Bima and PM Jeevan Jyoti Yojana.
This Union Budget 2023 has limited the income tax exemption from payment of very high-value insurance plans to better target tax discounts and exemptions.
For life insurance policies (other than ULIPs) issued on or after April 1, 2023, only those plans whose aggregate premium exceeds INR 5 lakh will be tax-free. The tax exemption for the amount received on the death of the covered person is unaffected by this. Also, it will not apply to insurance policies issued before March 31, 2023.
The maximum deposit amount for the Senior Citizen Savings Scheme would rise from INR 15 lakhs to INR 30 lakhs. The Monthly Income Scheme cap was increased to INR 9 lakhs and INR 15 lakhs for joint accounts.

Our CEO Mr Balachander Shekhar has also reacted to Union Budget 2023-24, “The government rightly said that our digital infrastructure is unmatched. And this digital power needs to be harnessed more so that job creation, which is one of the primary focuses of the government, is fulfilled. The increase of capital investment outlay by 33% to Rs 10 lakh crore is a great step; this is the third year in a row that the government has increased the capital investment outlay. Increasing the capex outlay is in line with the government’s vision of creating ample job opportunities for the youth, providing a strong impetus to growth, fiscal consolidation and strengthening macroeconomic stability.

With tax rebates for people with income up to 7 lakhs, the middle class will now have more liquidity. This is a great step as personal finance could see a boost from this move. There will be increased investments across personal finance segments, including insurance. The economy is expected to benefit from liquidity, which in turn will help boost the GDP.”

In the latest tax regime, people earning up to INR 7 lakhs annually will not have to pay any personal income tax as the income tax exemption limit has increased from INR 5 lakhs to INR 7 lakhs.

Old Tax Regime vs New Tax Regime

According to Finance Minister Nirmala Sitharaman, the new tax regime will be the default tax regime. However, individuals will also have the option to pay taxes under the old regime as well. Those with annual income above INR 7 lakhs must choose wisely between the new and old regimes as the income tax exemption limit has been increased from INR 5 lakhs to INR 7 lakhs.

New income tax slabs

0- INR 3 lakhs: Nil
INR 3 lakhs to 6 lakhs: 5%
INR 5 lakhs to 9 lakhs: 10%
INR 9 lakhs to 12 lakhs: 15%
INR 12 lakhs to 15 lakhs: 20%
Above ₹15 lakhs: 30%

Old income tax slabs

0 to INR 2.5 lakhs: Nil
INR 2.5 lakhs to INR 5 lakhs: 5%
INR 5 lakhs to INR 7.5 lakhs: 15%
INR 7.5 lakhs to INR 10 lakhs: 20%
Above INR 10 lakhs: 30%

Conclusion

As per the final budget for FY2023, anyone with an annual income of INR 7 lakhs will not have to pay any personal income tax. To save more on taxes, you can buy health or life insurance plans from RenewBuy.com. Here is the process to buy a health or life insurance plan from “RenewBuy.com”:

To Buy Health Insurance

Visit the official website of RenewBuy.
Click on the “Health Insurance” tab.
Fill out the form that shows on the next page.
Compare health plans and select your desired plan.
Click on the “Buy Now” button
A pop-up will show you the plan details and the additional rider information.
Click on the “Proceed to Buy” button.
Make online payment and the policy documents will be sent to your registered email address.

To Buy Life Insurance

Visit the official website of RenewBuy.
Scroll down and click on the “Life” section.
Fill in the required information such as DOB, Gender, etc.
The next page will show you the Life Insurance policy in India offered by various insurers”.
You can choose one of them and proceed with the payment.
Once the payment is done, the policy document will be shared with you at your registered Email ID.

Our mobile application lets customers buy an insurance policy from RenewBuy POSP advisors.

Mukhyamantri Chiranjeevi Swasthya Bima Yojana

Mukhyamantri Chiranjeevi Yojana was inaugurated by the Chief Minister of Rajasthan Mr Ashok Gehlot, and it was launched in the year 2021. Chiranjeevi Yojana Rajasthan is a government health insurance scheme that provides cashless health insurance up to INR 50 lakh to permanent residents of Rajasthan.

What is Mukhyamantri Chiranjeevi Yojana?

The government of Rajasthan launched the Mukhyamantri Chiranjeevi Yojana to offer health insurance plans worth INR 50 lakhs to particular sections of the society that might not be financially independent. This health plan covers more than 1,576 medical procedures. In addition, insured individuals are free to visit any public or private hospital to take medical treatments.

Highlights of Mukhyamantri Chiranjeevi Yojana

The below table shows the highlights of Chiranjeevi Yojana Rajasthan:

State	Rajasthan
Launched by	Mr Ashok Gehlot, Chief Minister, Rajasthan
Sum Insured Amount	Up to INR 50 Lakh
Network Hospitals	all government hospitals and some private hospitals

Mukhyamantri Chiranjeevi Yojana Rajasthan Eligibility Criteria

Below mentioned are the eligibility criteria for Mukhyamantri Chiranjeevi Yojana Rajasthan:

To avail the benefits of this scheme applicants have to pay Rs 850 every year.
Applicants must be from below poverty line families.
Candidates must be a permanent resident of Rajasthan.

Benefits of Mukhyamantri Chiranjeevi Swasthya Bima Yojana

Chiranjeevi Yojana Rajasthan provides financial assistance to all the residents of Rajasthan in case of medical emergencies. Take a look at the benefits of this plan, which are listed as follows:

Mukhyamantri Chiranjeevi Swasthya Bima Yojana offers cashless treatments to the residents of Rajasthan in the registered network hospitals.
Mukhyamantri Chiranjeevi Yojana offers a sum insured of INR 50 Lakhs.
Chiranjeevi Yojana Rajasthan offers coverage for more than 1576 medical tests.

Salient Features of Chiranjeevi Swasthya Bima Yojana

Below mentioned are the salient features of mukhyamantri chiranjeevi swasthya bima yojana:

Health insurance for all the families that come under BPL, NFSA, and SECC.
Beneficiaries of Ayushman Bharat Mahatma Gandhi Rajasthan Swasthya Bima Yojana (ABMGRSBY) can get coverage under the scheme.
Mukhyamantri chiranjeevi swasthya bima yojana offers free coverage to Small/marginal farmers and Contractual workers.
People who do not come under the eligible category can also get insured by paying a nominal premium of INR 850 per year.
Chiranjeevi Bima Yojana covers Covid-19 treatment and hemodialysis.

Mukhyamantri Chiranjeevi Yojana Registration Process

Residents of Rajasthan can register themselves under Mukhyamantri Chiranjeevi Swasthya Bima Yojana by following the below mentioned steps:

Visit the official website of Chiranjeevi Swasthya Bima Yojana.
Fill the registration form.
Submit the registration form.
Applicants will get the Login credentials after successfully submitting the registration form.
Login with the help of a user ID and password.
Click on the application form of the Mukhyamentri Chiranjeevi Swasthya Bima Yojana and fill it.
Submit the application form and take a print out of it.

How to apply online for Mukhyamantri Chiranjeevi Swasthya Bima Yojana Rajasthan?

Given below are the steps to apply online for Mukhyamantri Chiranjeevi Swasthya Bima Yojana Rajasthan:

Log in with your login credentials (user Id and password)
Enter the asked information
Open the dashboard
Fill the online Mukhyamantri Chiranjeevi Swasthya Bima Yojana form
Click on the “Submit” button
Download and print the application form

Document Required for Mukhyamantri Chiranjeevi Swasthya Bima Yojana Registration:

Below mentioned are the documents required for Mukhyamantri Chiranjeevi Swasthya Bima Yojana:

Passport Size Photo
Bank Account Statement
Address proof
Income Certificate
Aadhar Card
Ration Card

How to check the Status of Mukhyamantri Chiranjeevi Swasthya Bima Yojana Online?

To check the status of the application form for Mukhyamantri Chiranjeevi Yojana. Follow the below mentioned steps:

Submit the application form, and then it will be verified by the authorities
You will get a link, and by clicking on the link you can check the status of the request
In case of application get rejected, you will get a notification on your Status

Contact Information

Below mentioned are the contact details for the Mukhyamantri Chiranjeevi Swasthya Bima Yojana:

Nodal Officer

Shri Pankaj Sharma (Dy. Director)

Rajasthan State Health Assurance Agency

Email Id: chiranjeeviyojana@rajasthan.gov.in
Office Address: Old RTDC Building, Hotel Swagatam Campus, Opp. Railway Station, Jaipur, Rajasthan-302006

How Does LIC Help You Provide Tax Benefits?

Let’s start with the harsh truth, “Everyone wants to earn more but no one wants to pay more taxes.” You might look for different options available for tax deductions. In the list of many, LIC is a prominently known and most credible source of providing you with large tax benefits on various life insurance policies. The policies provided work as the best investment, risk coverage, and security options and help you with tax benefits under section 80C of the Income Tax Act, of 1961.

LIC of India offers various types of life insurance policies that offer multiple benefits to policyholders. Customers can compare and buy a suitable life plan from LIC endowment plan, LIC term plan, LIC whole life plan, LIC pension plan, LIC ULIP plan, LIC micro insurance plan, and LIC health plan. The policies also offer attractive tax benefits that you might not be aware of.

Reading this article will help you start with tax planning, and investment to save your earnings from tax deductions. Be ready to avail yourself of the tax benefits and enjoy other advantages of LIC insurance plans.

Here’s the pick:

As per the Budget 2023 proposes, any income received from insurance policies issued on or after 1st April 2023 (except for ULIP) having an aggregate annual premium exceeding Rs. 5,00,000 in a year, will be taxable.

Tax Benefits Offered by LIC Plans:

The policyholders can avail of tax deductions for the premiums paid and benefits received under an LIC policy. When you pay an amount in the name of the premium, the tax deductions are available upto an extent. For the benefit received, whether the death or maturity benefits from an LIC policy, some tax exemptions are applicable. After comparing different life insurance policies as per your needs, you can select the most suitable one to gain the tax benefits of LIC policies. Let’s learn about the LIC tax deductions and exemptions in detail:

Tax Deduction Offered On LIC Insurance Policies Under Section 80C:

If you buy any policy and pay a premium, that paid premium will be allowed as a deduction from your taxable income. The highlights include-

If you select to pay a premium towards a life insurance policy issued on or before 31st March 2012 in the name of self or spouse or child or HUF (Hindu Undivided Family), then a tax deduction of up to 20% shall be eligible for the actual capital sum assured or actual premium paid (whichever is less).

In case, you select to pay a premium towards a life insurance policy issued after 1st April 2012 in the name of self or spouse or child or HUF), then tax deduction of up to 10% shall be eligible for the actual capital sum assured or actual premium paid (whichever is less).
In case, you select to pay a premium towards a life insurance policy issued on or after 1st April 2013 in the name of any person with a disability/ severe disability under the section 80U or suffering from a disease specified under the section 80DDB, then tax deduction of up to 15% shall be eligible for the actual capital sum assured or actual premium paid (whichever is less).

Any contribution made towards a deferred annuity plan to keep a deferred annuity in the name of self or spouse or child is eligible for deduction but only if the provision does not offer a cash payment to the customer or else the annuity is eligible for tax deductions.

Tax Deduction Offered On LIC Insurance Policies Under Section 80CCC:

A tax deduction is provided to the individual who pays the insurance premium from their taxable income in the above annuity plans highlighted under section 80C promises them the payment of pension in the later year.

Tax benefits on LIC premiums paid under 80 C or 80CCC can be availed by self or HUF.

The total amount of deduction under 80C or 80CCC can be claimed on an amount up to one lakh fifty thousand rupees.

Tax Deduction Offered On LIC Insurance Policies Under Section 80D:

Tax deduction on LIC insurance policy under section 80D covers the health plans. Any premium paid towards LIC’s Jeevan Arogya or LIC’s Cancer Cover Plan would be eligible for tax deduction.

Upto Rs. 25,000 is allowed as a deduction if you paid a policy for self or spouse or child. If you are above 60 years, then the amount increases by Rs. 5000, and a deduction of up to Rs. 50,000 is available.

Tax Deduction Offered On LIC Insurance Policies Under Section 80DD:

The tax benefits on LIC insurance premium paid under section 80DD is allowed when a person deposits a certain amount for the maintenance of a handicapped person. The deduction from total income up to Rs. 75,000 is allowed. In case the disability is severe then the limit is increased up to Rs. 1,00,000.

Tax Exemption Offered On LIC Insurance Policies Under Section 10 (10 D):

Any death claim or maturity benefit received by a policyholder is eligible for tax exemption under section 10 (10 D) of the Income Tax Act. The tax exemptions highlighted under this section are-

The tax benefits are only applied if the main insurance policy is not issued under section 80 DD or as a keyman insurance policy.

Any sum received under an insurance policy issued on or after 1st April 2003, is eligible for tax exception up to 20% of the actual sum assured.
Any sum received under an insurance policy issued on or after 1st April 2012, is eligible for tax exception up to 10% of the actual sum assured.
Any sum received under an insurance policy issued on or after 1st April 2013, is eligible for tax exception up to 15% of the actual sum assured, only if the disability is listed under section 80U or 80DDB.

In order to claim maximum benefits, you need to consider a few key points-

The maximum deduction allowed as the exemption is Rs. 1,50,000.
Rs. 1,50,000 is the combined maximum limit of deduction under sections 80C, 80CCC, and 80CCD of the Income Tax Act, 1961.

What Are The Chances Of No Exemption Of Tax Benefits?

Any money received from a matured life insurance policy, where the premium paid is more than 10% or 20% of the sum assured, is fully taxable and does not allow any exemption in tax benefits.

How Much TDS Benefit Do You Get On LIC Policy?

If you receive an amount of more than Rs. 1,00,000 that is not covered under Section 10 (10D) of the Income Tax Act, 1961, then a TDS @1% will be deducted by the policy payer. If you receive an amount less than Rs. 1,00,000, no TDS shall be deducted but the full amount will be taxable. You can also file a claim on the TDS deducted from your ITR.

5 Best LIC Policies For Tax Benefits:

LIC provides different policies for tax benefits as per the demand of the customers. You might get puzzled to understand the tax benefits you can avail yourself from different LIC policies. Here are the best LIC plans list to seek tax benefits-

LIC Jeevan Umang:

LIC Jeevan Umang policy available under section 80C of the Income Tax Act, 1961, offers dual benefits including earnings as well as savings for the secured future of your family. This is a non-linked and with profit life insurance plan with 100 years of coverage. You can get the tax benefits as death amount, maturity amount, as well as survival benefit amount.

LIC Jeevan Labh:

LIC Jeevan Labh policy is available under sections 80C and 10 (10 D) of the Income Tax Act, 1961, which offers with profit, non-linked, and participating endowment plan. Here you need to pay a premium for a certain period of time. You can expect tax benefits, loan benefits, death benefits, and maturity benefits to meet the needs of the policy payer.

LIC New Jeevan Anand Plan:

Being the highest-selling policy of all time, LIC Jeevan Anand Plan stands as the best policy option for middle-class families. Listed under section 80C of the Income Tax Act, of 1961, this policy provides tax benefits on premiums paid, risk coverage, saving facilities, double death benefits, and a lump-sum amount on maturity.

LIC Jeevan Tech-Term Plan:

This is non-linked and pure protection “Online Term Assurance Policy” that provides financial benefits to the family in case of the unfortunate demise of the policy payer. You can opt for LIC Jeevan Tech Term plan for up to 40 years and from an online mode. This plan doesn’t include any maturity benefits and coverage is only provided on risk.

LIC Jeevan Amar:

This is a pure-term plan launched by LIC in 2019. LIC Jeevan Amar doesn’t offer any type of returns but provides financial assistance to the family in case of the unfortunate demise of the insurer. This is a non-linked and non-participating plan that provides financial security and stability to the family.

Final Words:

LIC is one of the most trusted life insurance companies in India, having the strongest customer base. It is not a metaphor to say that you can save a big amount with LIC to gain tax benefits. Not only, do they help you to save your hard-earned money but also provide you and your family with financial security. You can choose from the various plans and select the one that fits best for your saving and investment plans.

Once you purchase a suitable LIC life plan, you can go to the LIC customer portal login and manage your policy online, like LIC premium payment, LIC policy status check, and track LIC claim status. In case any assistance is needed at any stage, you can directly connect with the LIC customer support team.

If you want assistance while buying a LIC life insurance policy, connect with the nearest LIC agent or search for a life insurance agent nearby using RenewBuy Advisor Connect.

Revolutionising Motor Claim Processing through AI-Based Solutions for General Insurance Companies

As the world becomes increasingly digitized, more and more industries are moving their operations online. The insurance industry is no exception, and companies are beginning to realize the benefits of digitalizing their Claims services.

This paradigm shift in digital based claim services is witnessed across all the three key categories of Insurance- Health, Life and Motor. In the Motor Insurance category, General Insurance companies are offering streamlined and efficient motor claims, through digitization. In the motor insurance category, the use of AI-based motor claim assessment is revolutionizing the way motor claims are processed.

At RB Info Services Pvt. Ltd., we offer AI-based, motor claim assessment services to General Insurance companies, providing a faster, more accurate, and more efficient way of assessing motor claims. Our state-of-the-art platform utilizes cutting-edge technology to automate and simplify motor claim process, resulting in faster claim resolution and reduction in administrative costs for clients.

Our platform analyses motor claims data and makes accurate assessments, our cutting-edge technology enables to identify patterns and trends; flagging motor claims that may require further investigation or have a higher risk of fraud. This results in reduction of fraudulent motor claims and makes the process reliable and transparent for consumers. Our digital motor claim services are designed to offer a seamless experience to both insurers and claimants. The user-friendly interface allows claimants to submit motor claims easily and securely, while our advanced algorithms and data analytics enable insurers to quickly and accurately assess motor claims.

Our platform offers a wide range of features and benefits for General Insurance companies, which include:

Automated Claims Processing: Our platform automates many of the time-consuming and repetitive tasks involved in the motor claim process, such as data entry and document processing. This reduces the workload on claims adjusters and allows them to focus on complex cases.
Real-time analytics: It provides real-time data analytics, allowing insurers to track motor claims data and identify trends and patterns. This data can be used to improve claim management processes and make informed business decisions.
Mobile accessibility: Our mobile-friendly platform allows claimants to easily submit motor claims from their smartphones or tablets. This feature improves customer convenience and satisfaction, ultimately leading to increased customer loyalty and retention.
Fraud detection: It uses advanced algorithms and data analytics to detect potential instances of fraud. This reduces the risk of fraudulent motor claims being paid out, saving on the costs for general insurance companies.
Improved accuracy: It uses machine learning algorithms to analyse motor claims data, resulting in more accurate assessments. This reduces the risk of incorrect motor claims assessments and ultimately saves cost of General insurance companies.
Enhanced customer experience: Our AI-based claim assessment services leads to faster motor claim resolution and a more efficient motor claims processing system, resulting in a better customer experience for claimants.

Our platform is customized to meet specific needs and requirements of General Insurance companies, ensuring that our clients receive a tailored solution that best fits their business needs. Our team of motor claim experts work closely with General Insurance companies to ensure that our platform meets their specific needs and requirements. With our digital motor claims services, General Insurance companies can streamline their motor claim processes, reduce costs, and ultimately improve customer satisfaction and retention.

At RB Info Services Pvt. Ltd., our team of AI-based claim experts bring a unique combination of technical qualifications and decades of experience in motor assessment to the table. Our team members have over 20 years of experience in the insurance industry and have worked with a wide range of clients to assess motor claims accurately and efficiently. Our experts are equipped with the knowledge and skills to use our platform effectively; ensuring that the claims are processed efficiently and accurately.

Partnering with RB Info Services Pvt. Ltd. means working with a team of experienced professionals who provide the best possible AI-based claim assessment services to our clients. Our team is committed to staying up to date with the latest technology and industry trends, ensuring that our clients receive the most accurate and efficient service possible. This newfound efficiency will allow the General Insurance Companies to take on more customers and expand their business.

Health Insurance Companies Toll Free Numbers

Health insurance has become essential nowadays as it provides financial protection to customers in case of medical emergencies. In today's fast-paced world, time is of the essence, and having access to the right resources and support when we need it most is vital. Toll-free numbers are one resource that can help us reach health insurance companies quickly and easily.

Health insurance companies provide various services, including customer support, claims processing, and policy-related information. Toll-free numbers enable you to access these services efficiently and quickly without additional costs.

General Requirements for Health Insurance Toll-Free Numbers

When you call on the toll-free number of any health insurance company, you can expect to speak to a customer service representative who can assist you with various issues. Some common reasons people call their health insurance companies include:

Policy Information: You can connect with the customer care team of any health insurance company through toll-free numbers to get any information regarding any health insurance policy, such as coverage, benefits, and premium amount.
Claims: You can call the toll-free number to get information on the status of a claim or to file a new claim.
Renewal: You can call the toll-free number to renew your health policy, and the customer care executive will help you renew your health plan.
Buy Health Plan: You can call the toll-free number to buy a new health insurance plan, where a customer care representative will help you buy a new one.
Search Network Hospital: You can call the toll-free number to find nearby network hospitals where policyholders can get cashless treatment.
Revise Existing Policy: You can also update the information of your existing health policy by calling the toll-free number of any health insurance company.
Billing Issues: You can call the toll-free number to get information about your billing, such as payment options, due dates, and amounts owed.

Network Hospitals

What is Niramaya Health Insurance?

List of Health Insurance Companies and Its Toll-Free Numbers

Below, we have mentioned the List of Health Insurance Companies and Its Toll-Free Numbers:

Health Insurance Company Name	Toll-Free Number
Acko Health Insurance	1800 266 2256
Aditya Birla Health Insurance	1800 270 7000
Bajaj Allianz Health Insurance	1800 209 5858
Care Health Insurance	1800 102 4488
Cholamandalam MS Health Insurance	1800 208 5544
Go Digit Health Insurance	1800 258 4242
Zuno Health Insurance	1800 12000
Future Generali Health Insurance	1800 220233
HDFC Ergo Health Insurance	022 6242 6242
ICICI Lombard Health Insurance	1800 2666
IFFCO Tokio Health Insurance	1800 103 5499
Kotak Mahindra Health Insurance	1800 266 4545
Liberty Health Insurance	1800-266-5844
Magma HDI Health Insurance	1800 266 3202
ManipalCigna Health Insurance	1800 102 4462
Niva Bupa Health Insurance	1860 500 8888
National Health Insurance	1800 345 0330
Navi Health Insurance	1800 123 0004
New India Assurance Health Insurance	1800 209 1415
Oriental Health Insurance	1800118485
Raheja QBE Health Insurance	1800 102 7723
Royal Sundaram Health Insurance	1600 345 8899
SBI Health Insurance	1800 11 1109, 94491 12211
Star Health Insurance	1800 425 2255
TATA AIG Health Insurance	1800 266 7780
Universal Sompo Health Insurance	1800 200 4030
United India Health Insurance	1800 209 7777 / 1800 209 7800
Reliance Health Insurance	022 4890 3009

Conclusion

Toll-free numbers provided by health insurance companies are a valuable resource for customers who require assistance with their health insurance policies, claims or any other related issues. These numbers provide a direct and toll-free way of accessing customer care support, making it easy for customers to manage their health insurance policies and receive prompt and efficient assistance.

Disclaimer:

Health Insurance Buying Guide: From Choosing to Claiming

Buying health insurance is not a luxury but a necessity. Especially in India, where the average medical inflation (14%) [1] is double the retail inflation (6.50%) [2]! During the fiscal year of 2021, health insurance coverage was provided to approximately 514 million individuals throughout India. Out of this total, around 75% of Indians were enrolled in the Indian government health insurance schemes, while individual health insurance plans covered the lowest number [3].

Evidently, as a developing nation, while India does face the challenge of providing healthcare at an affordable premium, another concern is the awareness about the need, choice, and maintenance of health insurance for individuals and their families. Queries like ‘What is health insurance?’, ‘Which is the best insurance health policy?’, ‘How much health insurance premium should I pay?’ inundate the internet. Even if one has health insurance, they might be concerned about the best way to renew health insurance to avail of offers/discounts. Or not sure that if they are not satisfied with their health insurance provider, they can switch the company using the health insurance portability feature.

These are what we discuss in this guide on health insurance, where we cover the entire journey from consideration and purchase to the renewal of health insurance. We’ll also look at how to make the right claims for health insurance. And lastly, our recommendations on where to get the best deal on your health insurance.

But before we start our journey, let’s kick off by clarifying the definition of health insurance.

Health Insurance - Definition

Health insurance is a type of insurance coverage that helps to cover the cost of medical and surgical expenses incurred by an individual. It is provided by private firms or government organisations in return for a recurring or lump sum fee (commonly termed premium).

There are different types of health insurance, such as individual health insurance, family health insurance, group health insurance, and government-sponsored health insurance. It is important to choose the right type of health insurance based on one's individual needs and budget to ensure adequate coverage and financial protection in the event of illness or injury.

Buying a Health Insurance

Many understand the importance of insurance in our lives, but few understand its nuances. Buying insurance is not child’s play, and with the presence of so many insurance companies offering various plans for each insurance, it has become more confusing, if nothing else. Out of all the insurance policies, one policy that everyone must have in the present times is that of health insurance. Thus, the things to keep in mind when buying Health Insurance become all the more important.

Inflation in medical expenses is growing exponentially, and that too every year, and thus, getting the best treatment can become unaffordable sometimes. This is why a health insurance policy is needed. In medical insurance, too, there are several kinds of plans available, and thus, one has to understand their exact requirements to know which plan will suit them the most. However, with the umpteen options available, there are some basic guidelines and things to keep in mind when buying a Health Insurance policy.

Things to keep in mind While Buying Health Insurance

Ascertain Requirements

The medical requirements of the family members and their age must be considered when buying health insurance for the family. A young couple planning to have a baby need to consider the maternity bills, whereas some need to take care of the requirements of the ageing parents. Lifestyle diseases are on the rise; thus, a sufficient cover keeping in mind the inflation, must be chosen.

Sum insured must be chosen wisely, keeping several factors in mind and also accounting for rising medical costs.

Coverage of Pre-Existing Diseases

Most health insurance policies do not cover any pre-existing diseases from the date of policy inception and have a waiting period of 2-4 years for certain listed treatments like piles, fissures, gall bladder stone surgery, cataract, etc. This implies that there will be no coverage if there is any hospitalisation during the waiting period for any pre-existing diseases. Some plans also have a waiting period to provide maternity cover, and thus, young couples should be careful about this clause.

However, some plans also cover pre-existing diseases, maybe with a co-payment or a slightly higher premium.

When choosing a medical insurance policy, one must choose a policy with a low waiting period. Also, if you have an existing health plan where you have completed the waiting period, do not forget to port the same when changing policies or insurers!

Network of Hospitals

The biggest advantage of buying a health insurance plan is that one can get treated in hospitals without paying huge bills from their own pocket. The cashless treatment is only available to the insured from one of the network hospitals of the insurance company.

This makes it imperative to choose a policy with many network hospitals, including the one close to the house with good medical facilities and the one that is preferred for being treated.

Sub Limits

Some health insurance policies have a sub-limit on the room rent, ICU charges, doctor fees, etc. which is predefined as a percentage of the total coverage. For example, if you have a health plan of INR 5 lakhs with a room rent capping of 1%, then your hospitalisation coverage will be provided for rooms to INR 5000 per day. Suppose you choose to stay in a room where the rent is more than INR 5000 per day. In that case, the remaining amount will not be covered. All other expenses will also be deducted from the total billing on a pro-rata basis, even though the total billing might be way lower than the coverage limit!

However, there are some health plans which have no sub-limits. Thus, if you have a health plan of INR 5 lakhs and your hospitalisation expenses are INR 1.5 lakhs, then the entire amount will be paid, irrespective of the amount of room rent you choose!

Thus, you need to opt for a plan with higher sub-limits or no sub-limits at all so that you can choose the type of room you prefer to stay in your choice of the hospital!

Add on Covers

Each insurance policy for health has the option to opt for add-on covers and riders. These optional coverage options can be availed by paying an extra premium. One must know about all the options available and choose the ones they think will be used.

Options like riders for critical illness are the ones that can be opted for as they can come in handy if needed.

Renewability

Policies can have an age limit till which they provide coverage. It is known that there are higher chances of falling ill later in life. Thus, a policy with maximum age coverage is the ideal choice. There are also options to buy family floater policies to cover their dependent parents.

Most health plans are lifetime renewable plans, and these must be the first choice when buying health insurance for the family.

No Claim Bonus

No Claim Bonus is a clause that one must check in their health insurance policy. In some policies, it can be an annual free health check-up and some shopping vouchers, whereas in some, it can be an increase in the sum insured for every claim free year.

The No Claim Bonus comes in handy in that year when your hospitalization bills suddenly shoot up and so choosing a plan with a healthy no-claim bonus is a good practice!

Restore Option

The restore option is offered by many insurance companies in their health insurance policies. Under this option, paying an extra premium can restore the sum insured if it is exhausted and hospitalisation is needed again. Thus, if you have a policy of Rs. 5 lahks and the bill is Rs.3 lakh, it will be paid under the policy. Now, if due for some reason, the insured is hospitalised again after 6 months and the bill again is 3 lakhs, it will be paid by the company as the sum insured will be reset to 5 lakhs after the first 5 is exhausted.

The restore option comes in handy for someone who has some problem and might need frequent hospitalisation and also for those who have a family floater policy.

Having a clear understanding of the policy concerning the inclusions and the exclusion is essential to get the best out of it. While selling, some aspects cannot be disclosed and thus, one should compare policies and understand the fine print.

There are many options available today when buying a health insurance policy. One must compare all and see which suits their requirements the most. Policies can be compared online on insurance aggregator websites, which help to compare easily. The importance of a good medical insurance policy is only understood when there is a need to file a claim, and sometimes, realising the mistakes then can be too late. Thus, one should be careful and use the above points to buy a good policy.

With these critical considerations of your health insurance requirements and offerings by various health insurance companies in India, you can choose the one best suited for you. Now as you buy it and go along paying the premium (while hoping no medical emergency befalls), you should pay some attention to evaluating your existing health insurance coverage. Below we discuss the main factors to consider.

Evaluating an Active Health Insurance

It is quite common for policyholders to end up availing of health insurance in India without prior research or understanding of the benefits and regrets later. This happens mainly due to carelessness or persuading pressure from the insuring companies. It also leads to complete dissatisfaction among the individuals willing to terminate or dump the policy in the long run. However, the first question that comes to our mind is: Is it possible to dump our policies before the expiration of the tenure?

The answer is YES!

However, there are several procedures involved. One must also understand the amount of return will not be as it was promised during the proposal.

Pressure from insuring companies

Approximately 60% of the policy bearers are unsatisfied with the policy benefits offered by health insurance, with a greater percentage of people being above 60 years of age. The primary reason for dissatisfaction with health insurance in India results from policies bought without prior research. This also happens in case the policyholder buys an insurance under the pressure of an acquaintance or agent who fails to put both the pros and cons on the table.

Room rent sub-limits

Room rent sub-limits refer to the maximum value an insurer has to pay for room rent. For example, for a policy of 4 lakhs, INR availed 20 years ago, charging 1% of room rent every day will be subject to 4000 INR charged every day. If this occurs, search for alternative health insurance cover for the best is better.

Unexpected renewal hikes

Renewal hikes are also one of the important reasons for dissatisfaction by people, mostly belonging to the group of senior citizens. In many cases, the premium of renewed health insurance plans surge manifolds which crosses the expected annual premium value. Sometimes, it becomes unaffordable for the policyholder to continue the premium leaving the policy bearers with no choice but to let it lapse. It is highly recommended to the policyholders that any surge in the annual premium rates that crosses the pre-settled or expected value must be monitored and terminated when not convenient for them.

Expected refund in case of No-claim Bonus

People are solely advised to opt for the best health insurance that suits their needs completely. However, if unsatisfied, premiums covered under health insurance plans terminated within a certain period of time can be refunded by the insuring company, provided the terms and conditions are followed wisely. Though the sum cannot be completely refunded, much of the amount depends on the period within which it is being claimed and prior claims of benefits made in history. Policyholders who have not made any claim of policy benefits within the tenure of the policy can successfully claim a refund while dumping the health insurance policy.

The refundable amount, however, depends on two factors-

Free look period: Any health insurance plan can be dumped or suspended within a free look period. The free look period is the time interval of less than a month (approximately 15 days) after buying the policy, within which the policyholder can successfully avail of the maximum refundable amount. Apart from the stamp charges and the administration fees, the insuring company returns the entire sum of the premium submitted.

Within The First Year Of Policy: In case a policy bearer wishes to dump the health insurance policy and expects a refund of a certain amount of the premium, it is best to terminate within the first few months. With the increase in the policy period, the percentage of refundable money keeps on decreasing. The amount refunded by the insurer within the first month of the policy is greater than that returned after 3 months, which is again greater than the one refunded within 6 months. After 6 months, generally, no amount will be refunded.

Co-Paying alternatives

Co-paying can eat a huge chunk of the health insurance policy. It is mostly stated for certain diseases, surgeries, and conditions which is not completely covered by the insuring company and might lead to a huge amount subjected to payment by the policyholder.

The health insurance coverage provided by the insuring companies always comes with a set of rules and regulations. This also includes clauses and conditions for terminating and suspending a health insurance policy before its expiration. Such conditions should be checked twice before signing the proposal. However, the policyholder should double-check the benefits in the first place and agree to the policy only if it suits his/her needs completely.

Now, say the health insurance assessment tells you that despite your insurance provider being good, th health insurance you have purchased may not be enough. Then you can upgrade your health insurance!

Upgrading an Active Health Insurance

Health insurance is vital. It protects against medical costs arising from hospitalisation, diagnosis, and treatments. With an average cover ranging between Rs. 2 lakhs to Rs. 5 lakhs, it serves as a financial cushion in times of medical emergencies. Yet very often, policyholders find this amount inadequate to meet emergencies. Rising inflation has pushed the cost of medical treatments to skyrocket high. Actual expenses may far exceed your existing health insurance coverage. Thus, the policyholder may have to shell out the difference from his pocket, which defies the very purpose of health insurance.

So, here we will discuss all you need to know about upgrading your existing Health Insurance Coverage.

Enhancing your sum assured with a super top-up plan

Super top-up plans have stemmed from a policyholder’s needs which enhances their existing sum assured to meet the rising cost of medical care. A super top-up plan is typically an add-on plan that could be purchased over and above your basic health coverage. An easy and cost-effective policy lets you upgrade your existing health insurance coverage. to meet the expenses.

By buying a super top-up plan, the additional cover that you would receive is paid out only if your expenses have crossed a pre-determined limit known as the “deductible or threshold limit”.

Deductible and threshold limit - how does the policy work?

Super top-up plans work around a deductible or threshold limit. Specified at the time of purchase of your super top-up plan, it is that amount over and above which the super top-up plan would entertain your claims. So, you would typically need a basic health insurance policy for expenses below the threshold limit.

Look at this example: Let us consider a health insurance policy with a basic sum assured of Rs. 2 Lakhs. A super top-up policy of Rs. 10 Lakhs is purchased to enhance this cover. At the time of purchase, it is pre-determined that the deductible or threshold limit is Rs. 2 lakhs. Let us look at three scenarios to understand how claims would be paid out in such a case.

Scenario 1: A claim of Rs. 2 lakhs due to hospitalisation

The claim amount would be paid out from the regular health insurance policy. The super top-up policy does not kick in as:

The amount is well within the scope of the base health insurance policy,
The threshold limit for the top-up to kick in has not been reached.

Scenario 2: A claim of Rs 8 lakhs arises due to hospitalisation

In such a scenario, it is obvious that the base health plan with a cover of Rs. 2 lakhs would not be adequate. The existing base health policy would provide cover as per its terms for Rs. 2 lakhs. The super top-up plan kicks in once the bills exceed the pre-decided threshold limit of Rs. 2 Lakhs, up to the sum assured amount.

So, in this case, the balance amount (8lakhs-2 Lakhs) of Rs. 6 lakhs would be paid by the super top-up plan.

Scenario 3: A claim of Rs. 12 Lakhs

Where the claim amount is higher than the regular policy and the super top-up policy put together, a certain amount would have to be borne by the policyholder. As in the scenario, in the claim of Rs. 12 lakhs, Rs. 2 lakhs would be taken care by the regular policy. The super top-up policy would settle claims up to Rs 10 lakhs.

So, the balance amount of Rs. 8 lakhs is taken care of by the super top-up policy. The remaining Rs. 2 lakhs would have to be borne by the policyholder.

The cost factor

The most cost-effective option is a super top-up policy when you want to upgrade your existing health insurance coverage. Instead of purchasing another new policy, top-up policies are far easier and hassle-free. Premiums are far more affordable in comparison to a regular health policy. The premium you would be paying depends upon the deductible decided upon.

Buying from another insurer: Super top-up plans need not have to be bought from the same insurer as the basic health policy. You could buy both from different insurers.
Individual and family floater plans: Super top-up plans could be bought as an individual plan or as a family floater plan covering spouses and children.
Super top-up plan Standard Waiting Period: A super top-up policy's waiting period and exclusions are similar to a regular policy. Policies come with a 3- 4 year waiting period for pre-existing ailments coverage.

Designed to meet the increased costs of medical care, super top-up plans work towards upgrading your existing health insurance coverage. So, when inflation pressures are high, you could upgrade your existing health plan to ensure it covers you adequately. Once you are aware of all you need to know about upgrading your existing Health Insurance Coverage, it is much easier for you to opt for a plan.

There you go with what all you need to assess and upgrade the coverage when your health insurance is still active. Next, whether you avail a claim or not, your health insurance is going to expire as it comes with a duration limit – typically in a year. In that case, if you don’t renew your health insurance timely, it will lapse. Meaning you will lose all the coverage, benefits and discounts you were getting from your insurance provider. This is critical to understand as the gap between lapse and renewal of health insurance could mean falling in a medical emergency without a safety net.

Below we lay out the situation and solution to deal with the lapse in a health insurance policy.

Dealing with a Health Insurance Lapse

A health insurance policy comes with a fixed tenure. Normally, this tenure is for a period of one year. But what to do when a health insurance policy lapses? Nowadays, health insurance plans come with longer durations as well. There are plans which you can buy for a continuous period of two or three years by paying the two-year or three-year premium at once. These long-term plans not only eliminate the hassle of annual renewals but also lower the premium cost too because there are premium discounts for choosing longer durations. However, even in the case of long-term health plans, renewals are required when the policy duration comes to an end. Your health insurance policy lapses if you do not renew the plan on time.

Let’s find out what to do when a health insurance policy lapses and how it affects the policyholder.

What is a lapse in a Health Insurance Policy?

If the health insurance policy is not renewed before the policy expiry date, the policy will lapse. A lapse of the policy means termination of health insurance coverage. If the health insurance policy lapses, the available coverage under the plan comes to an end. In case of a claim in a lapsed policy, the insurance company does not pay a single penny as the cover has stopped.

What to do when a Health Insurance Policy lapses?

If your health insurance plan has lapsed, you should pay the renewal premium as soon as possible to renew the plan with existing coverage benefits.

Grace Period Renewal

There is a grace period in health insurance plans. This period allows the payment of renewal premiums after the policy has lapsed. Most health insurance plans offer a grace period of 30 days. If the policy has lapsed, but you pay the renewal premium during the grace period, you can restart the policy. The continuity benefits of reduction in the waiting period and no claim bonus would be applicable in such a policy that was renewed during the grace period.

Though a grace period is allowed for reviving a lapsed health insurance policy, the grace period does not allow coverage. If any claim occurs, the company will not pay any benefits even when the policy is in the grace period.

Why a Health Insurance lapse should be avoided?

It is always better to renew the health insurance plan before it lapses. A lapse should be avoided because of the following reasons –

No coverage in the interim period

There is no health insurance coverage in a lapsed policy. These expenses could burn a hole in your pockets given the high medical costs.

Portability

A lapse prohibits your ability to port to a different company. If you want to change your health plan because of any service issue or better coverage features or any other reason, you lose the ability if the health insurance policy lapses. The request of porting should be made 45 to 60 days before the policy expiry date and not after the expiry of the policy period.

Renewal benefits

If the policy is not renewed during the grace period, you lose the renewal benefits of your existing health insurance plan.

Waiting period

In case of a lapse, you lose the continuity benefits of the waiting period on pre-existing diseases. The reduced waiting period for pre-existing illnesses and other treatments. You would, then, have to buy a fresh health insurance policy with a fresh waiting period of two to four years or as defined by the underwriter.

Limited scope of new policy

If you are a senior citizen, you might find new health plans to have a limited scope of coverage than your lapsed health insurance plan. Even for others, your new ailment might not be covered under the pre-existing clause, which would have otherwise been so in your previous plan.

Lifelong renewability

Moreover, lifelong coverage is allowed only if the policy is renewed without a break. If the policy is not renewed within the grace period, you might not find a health insurance plan for your age.

No claim bonus

Even the accumulated no-claim bonus for not claiming in the previous years would be lost if the policy is not renewed on time.

Steps to ensure that you do not lapse your Health Insurance Plan next time

Update your email id and phone number accurately with the insurer and update the same in case of a change, so that you do not miss renewal calls, emails, etc.
You can also create a standing instruction on your account, credit card, etc., so that the renewal gets automatically processed even if you are busy or out of the country or unable to pay within the grace period. This way, you can never miss your renewal lifelong!

How to Renew Lapsed Health Insurance Policy?

However, if your health plan has not been renewed and has lapsed beyond the grace period, all you need to do is buy a fresh plan. Since the same cannot be renewed now, you can either continue the same plan with your earlier insurance company by simply paying the premium and undergoing a pre-medical check-up if the lapse is more than 6 months or compare and then buy a fresh health insurance plan for yourself which suits your needs the best.

With the technology on our side, there is no excuse for missing renewal payments. It can be done seamlessly through net banking, phone banking, app banking, etc., and just with the click of a button.

So, far we know the best practices for buying, evaluating, and renewing health insurance. It’s time to touch upon health insurance claims - as, however, unpleasant - is an integral part of the health insurance journey. We don’t wish it comes to that but if it does, below is what you need to do to avail the features, benefits, and coverage of all the health insurance premiums you paid.

Claiming Health Insurance

Typically, in a health insurance claim, the insurer asks the insurance provider to make the treatments covered by their policy available in accordance with the insurer's needs. This further resolves the issue of selecting the kind of health insurance claim that would offer the greatest medical benefit. The claimant then has the choice of making a cashless claim or a reimbursement claim.

Cashless Claim

In this case, the relevant insurance company will be liable for paying the hospital's bill for any expenses incurred following the insured's medical treatment. Because of the insurance company's relationships with hospitals, submitting a claim for medical care through them is generally secure. Hence, the patient is spared the discomfort of having to withdraw cash in an emergency.

However, in order for the claim process to go well, one must ensure that all of the terms and conditions of the health plan are carefully reviewed and accepted before filing a claim for any type of health insurance.

Reimbursement Claim

In contrast to a cashless claim, where the insurance company has impaneled hospitals, a reimbursement claim allows the insurer to select any hospital for the medical treatment, even if it is one that is not on the insurance company's list of approved hospitals. Yet, in this case, the insured must cover all associated medical costs before requesting reimbursement. To make use of this specific claim, you must give the insurance provider all necessary paperwork, including the first invoices. They may only continue with the payment of the accumulated medical invoice after confirming the documents in accordance with their own company's policy.

Nonetheless, the insurance provider has the right to reject the claim if, for whatever reason, the essential treatment does not fall under the purported insurance or is not covered by it.

Therefore, reading the terms and conditions of any claim process before submitting it is advised.

Most commonly, there are standards established to ensure health insurance. There are too many documents needed when applying for health insurance. This serves as an assembly for proofs for the application. Luckily, digitization has reduced the amount of paper shifting and made things easier for applicants.

Even with the use of technology, one must still submit these documents in order to complete the task. Typically, below is the set of documents one should be ready with in order to avail of healthcare insurance.

Health Insurance Claim Documents

1. Age proof: The first and foremost requirement while buying health insurance. It can be a-

Voter ID Card
Pan Card
Aadhaar Card
Driving License
Passport
Birth certificate

2. Identity proof: This is necessary for documenting the records, which will further benefit the coverage offered to the insured.

Voter ID Card
Passport
Aadhaar Card
Driving License

3. Address Proof: Your health insurance company will send various communications on your postal address. You can also submit any of the following for verification:

Ration card
Driving license
Passport
Rent agreement if applicable
PAN Card
Aadhaar Card
Utility bills like electricity bill, telephone bill, etc.

4. Passport-size photographs (on insurer's demand)

5. Medical reports (on insurer's request)

6. Proposal form duly filled in and signed

*Disclaimer: the documents mentioned above are pointed in general. Sometimes the insurer may have different document requirements. Therefore, the list may vary.

Securing your health means securing your future, and having health insurance further solidifies your take on life as you venture well-armored. Health is wealth. So, choose your healthcare policy now and get insured for life.

Health Insurance Claim Process

The procedure to avail cashless claim for a health insurance policy includes the following steps:

Contact the insurance help desk at the hospital.
Verify the identity by providing the ID card provided by the insurer.
Once the verification process gets completed, the hospital provides a pre-authorization form to the insurance provider.
The insurer then reviews the submitted documents and processes the claim according to the terms and conditions of the policy.
Some health insurance companies also provide a field doctor to make the hospitalization process easier for the insured.
Once the formalities are completed, the claim is settled as per the terms and conditions of the policy.

With that, we are at the last leg of our journey to understand the life cycle of health insurance in India. Aware and motivated, we hope you are ready to buy health insurance for yourself and your loved ones. You can buy health insurance both online and offline. Given the hectic routine of daily life, it’s convenient to do so online. But even in online health insurance purchases, you have two options: either buy directly from the insurance company website or from the insurnace comparison website like RenewBuy.

RenewBuy offers a stop solution to all your queries, comparison, and service required to help you throughout your health insurance journey. From expert advice on picking the right health insurance, availing the attractive deals on premiums, assisting in a smooth claim process, and more. Below mentioned are the steps to buying the best health insurance plan in India with RenewBuy.

Visit the official website of RenewBuy.
Click on the “Health Insurance” tab.
Fill out the form that shows on the next page.
Compare health plans and select your desired plan.
Click on the “Buy Now” button
A pop-up will show you the plan details and the additional riders' information.
Click on the “Proceed to Buy” button.
Make online payment, and the policy documents will be sent to your registered email address.

Key Takeaways

There you go with the end-to-end view of the health insurance journey in India. Buying health insurance can be one of the smartest decisions you can make for yourself and your family. In today's day and age, lifestyle and environmental changes have led to a complete shift in people's health dynamics. Although the medical infrastructure in the country and the world keeps improving, the treatments and facilities cost much higher. Having health insurance by your side takes off all your worries about any kind of financial pressure, and you are free to choose the best treatments for yourself and your loved ones.

Cyber Jagrukta and Its Importance in the Insurance Industry

Cyber Jagrukta Divas, or Cyber Awareness Day, is celebrated on the first Wednesday of every month in India. As we know, India is one of the fastest-growing nations in technology and digitization. The Government of India has implemented several programs and schemes to raise awareness of cyber security among citizens. But as technology advances, the threat of cybercrime becomes a big concern. A proper cyber security framework is needed in every sector, like insurance.

Now, let us talk about the insurance sector.

With the increasing use of digital technologies in the insurance industry, cyber threats have become a significant concern for insurers. The insurance sector contains a massive amount of personal and financial data of its customers, making it a prime target for cyber attacks. The Cyber Jagrukta initiative can raise awareness about cyber security risks among insurers and their customers.

What is Cyber Jagrukta?

The Ministry of Electronics and Information Technology, Government of India, announced the Cyber Jagrukta Project to promote safe online conduct and increase public awareness of cyber security issues. The effort aims to inform people about the risks of cybercrime and help them take necessary security measures to protect their data and online identity.

Objective of Cyber Jagrukta Divas?

Cyber Jagrukta Divas aims to raise awareness of the value of using safety precautions on the internet and digital devices. The purpose of the day is to motivate people to become more knowledgeable about the dangers posed by cyber threats and to take precautions to protect themselves and their private information.

Why is Cyber Jagrukta Important in the Insurance Industry?

The insurance industry is highly data-driven as insurance companies store huge amounts of data of customers, including medical records and financial information. Cyber attacks on insurers can result in massive data breaches, leading to significant financial losses and reputational damage to the insurance company.

The importance of cybersecurity awareness and education has increased due to the surge in cyberattacks in the insurance industry. The Cyber Jagrukta effort may be crucial in helping insurers and their clients become more aware of cybersecurity dangers. Cyber Jagrukta can contribute to developing a more secure online environment in the insurance sector by informing insurers and their customers about the dangers of cyber-attacks and the best techniques to protect against them.

Benefits of Cyber Jagrukta in the Insurance Industry

Below mentioned are some of the benefits of Cyber Jagrukta in the Insurance Industry:

Raising Awareness: Cyber Jagrukta can help raise awareness among insurers and their customers about cybersecurity risks, making them more aware of the potential threats and best practices to safeguard against them.
Risk Management: The rising awareness of cyber security threats has allowed insurance companies to take necessary steps regarding cyber security to protect themselves and their customers from potential cyber-attacks.
Compliance: The Cyber Jagrukta initiative can help insurers stay compliant with various cybersecurity regulations and standards, ensuring they meet the necessary security requirements.
Customer Trust: By implementing robust cybersecurity measures and promoting cybersecurity awareness, insurers can build trust with their customers, enhancing their reputation and brand image.

Cyber Security Tips

Below mentioned are some of the top cybersecurity tips:

Update your software and operating system
Use anti-virus software
Use strong passwords
Do not open e-mail attachments from unknown senders
Do not click on the links in e-mails from unknown senders or unfamiliar websites
Avoid using unsecured WIFI networks in public places

Conclusion

Cyber Jagrukta is an important initiative which can help insurance companies to raise their awareness about cyber security risks and take necessary measures to protect their data. Insurance companies should participate in Cyber Jagrukta to increase their cyber security awareness, strengthen their cyber security measures and reduce cyber security risks. By participating in Cyber Jagrukta, insurance companies can protect their data, prevent financial loss and reduce reputational damage.

Baisakhi: Drive Your Worries Away with Commercial Vehicle Insurance

Baisakhi is an important festival celebrated in India, particularly in Punjab, which marks the beginning of the harvest season. While the festival is traditionally associated with agriculture, it is also a time when people come together to celebrate with food, music, and dance. However, it's also important to remember that this is the time when we maximize the use of heavy motor vehicles such as trucks, tractors, etc. As such, it's crucial to secure your vehicles with commercial vehicle insurance to have the necessary coverage to protect yourself and your vehicle.

Buy Commercial Vehicle Insurance on this Baisakhi

As we know, Baisakhi is the beginning of the harvest season, and it is essential to buy or renew your motor insurance at the earliest. Because while using any vehicle, some faults may occur while using it. Hence, with commercial vehicle insurance, you do not have to worry about protecting yourself in case of damage or injury to a third party while driving. And on top of that, it is mandatory to have commercial vehicle insurance in India.

And on top of that, it is mandatory to have commercial vehicle insurance in India. Moreover, you may also consider comprehensive coverage, which provides protection for your own vehicle in the event of theft, fire, or other types of damage.

Top Commercial Vehicle Insurances in India

There are many factors to consider when selecting the right commercial vehicle insurance policy. You must consider coverage limits, deductibles, and premium amounts but also the reputation of the insurance company and customer service and claims settlement ratio. Hence, we prepared a list of the top 10 companies providing commercial vehicle insurance in India, which you can buy on this Baisakhi.

Company Name	Plan Name
Chole MS General Insurance	Chole MS Commercial Vehicle Insurance
Universal Sompo General Insurance	Universal Sompo Commercial Vehicle Insurance
Magma HDI General Insurance	Magma HDI Commercial Vehicle Insurance
New India General Insurance	New India Commercial Vehicle Insurance
Oriental General Insurance	Oriental Commercial Vehicle Insurance
Reliance General Insurance	Reliance Commercial Vehicle Insurance
SBI General Insurance	SBI General Commercial Vehicle Insurance
Acko General Insurance	Acko Commercial Vehicle Insurance
Go Digit General Insurance	Go Digit Commercial Vehicle Insurance
IFFCO TOKIO General Insurance	IFFCO TOKIO Commercial Vehicle Insurance

Conclusion

Baisakhi is a time for celebration and joy, not only for the human race but also a time of worship for the vehicle one owns. Whether a new or an old vehicle, getting it insured is of utmost importance, as it leads to mental peace. With so much to offer, RenewBuy has a gamut of extensive plans on its platform that help you secure your commercial vehicle.

Get to Know Everything About IRDAI

Read every detail regarding the regulator of the Insurance Industry, IRDAI, which is responsible for the protection of all the interests of policyholders, efficient settlement of all genuine claims, and sustainable development of the insurance industry.

Overview:

You must have heard about IRDAI if you plan to buy an insurance policy or are already a policyholder with any insurance company in India. You, as a policyholder, are looking for the best fix for your issue regarding insurance claims, insurable interest, or related. When nothing works out the right way, the autonomous body IRDAI is responsible for aiding you with the most suitable solution with all the transparency and legitimacy in the system. Keep reading this article as you will get to know the full form of IRDAI and every significant detail and its functioning.

What is IRDAI?

The Insurance Regulatory and Development Authority of India is the full form of IRDAI or IRDA. It is a standalone and autonomous body that regulates every single aspect and operation of the insurance industry in India. IRDAI is liable to protect the interests of the policyholders having general insurance or life insurance, also responsible for developing the insurance industry in India.

History and Establishment of IRDAI:

The insurance industry in India has been ingrained since 1818, but by that time, the functioning was dominated by foreign companies. After an extended period, in 1973, the general insurance business was nationalized. By then, the Indian Insurance sector was protected. In 2000, IRDA was set up as a legal body under IRDA Act-1999 following the proposal of the Malhotra Committee. This allowed foreign companies to invest up to 26% in the Indian Insurance industry; later on, the limit was increased to 49%, which expanded the development of the insurance sector. Over the years, IRDA has protected the insurance industry from discriminatory practices and the policyholders' rights.

Objectives of IRDAI:

The insurance market in India is vast; hence, becomes an urgent need for a regulatory body that oversees all the operations and protects the people's interests. The key objectives of forming IRDAI are-

To protect the interests of the policyholders.
The constant growth of the insurance industry.
Speedy settlement of genuine claims to exclude any insurance fraud.
Ensure an effortless grievance redressal mechanism.
Take adequate actions when necessary to protect the level of laws.
Promote the fairness and transparency of laws to build the trust of policyholders.

Organizational Setup of IRDAI:

IRDAI is a ten-member body that is timely appointed and regulated by the Government of India. The head office of IRDA is in Hyderabad, ensuring insurers' financial development and stability. The key organizational setup of IRDAI is-

One Chairman (For 5 years or maximum age of 60 years)
Five whole-time members (For 5 years or maximum age of 62 years)
Four part-time members (not more than 5 years)

All the members are supposed to work as a team, not individually, to perform any operation in the insurance industry. Mr Debasish Panda took charge as the current chairman (as of April 2023) of IRDAI influential from 13 March 2022, appointed by the Government.

How does IRDAI Work?

As the key statutory body in the insurance industry, IRDAI plays a significant role in ensuring that the rules and regulations are clear and in favour of the consumers buying the policies of any insurance company. IRDA is responsible for bringing necessary amendments to secure the interests of the policyholders. Also, provides the necessary solution in case of disputes.

Key Responsibilities of IRDAI:

Other than protecting policyholders' interests and maintaining the insurance industry's standards, other crucial functions of IRDAI are listed under Section 14 of the IRDA Act-1999. Let's go through the powers that IRDA Act allows to the authority-

IRDAI holds the authority to issue registration certificates/licenses to the insurance companies and regularly takes care of the renewal, suspension, cancellation, modification, or re-issuance of the certificates/licenses per the rules and regulations.
Protects the interests of the policyholders and related concerns like assigning the policy, nominations, settlement of claims, surrender value, and protecting the terms and conditions mentioned in the contract.
Grants the registration certificates to new insurance companies to operate in India.
Adheres to the requisite qualification and takes care of the necessary training of the insurance intermediaries and agents.
Due to the numerous insurance companies present in the market, IRDAI clarifies the code of conduct of the surveyors and loss assessors.
IRDAI regularly oversees the functioning of the insurance companies and conducts continuous audits to prevent any damage to the policyholder's rights.
Adequately forms a management system that promotes the efficiency of the insurance business.
Regularly enforces the necessary fees and regulates investment of funds by insurance companies.
Continuously regulates and controls the rates, advantages, and terms & conditions the insurers offer.
Trains the insurers and insurance intermediaries in maintaining the account books and records. Also, assesses how the final accounts should be maintained.
IRDAI ensures that the claim of the policyholder is only allowed if the claim falls outside the coverage or contradicts the terms mentioned in the contract.
IRDAI also supervises Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4) for their control and operations.
Adjudication of any disputes that may arise between the insurer and intermediaries or insurer intermediaries.
Specifies the percentage of standard premium income of the insurer to finance schemes.
Regulates the fund investment of insurance companies and maintains their margin of solvency.
Determines the percentage of life insurance business and general insurance business to be undertaken by the insurer that aids the equal development of both the rural and social sectors.
Maintains the standard of the insurance industry so that people looking to buy a policy may find it reliable and trustworthy.

Benefits of IRDAI:

As every industry needs discipline and a code of conduct to function correctly without any damage to the system, for the same cause, there was an urgent need for the establishment of IRDAI to regulate the finance and insurance industry. The primary benefit of the Insurance Regulatory and Development Authority is that it strictly maintains the efficient operation of the overall insurance market, ensuring that the rights and interests of the policyholders are protected. Hence, IRDAI ensures fair practices for the sustainable development of the insurer and policyholder.

Types of Insurance Regulated by IRDAI:

The insurance sector is broadly categorized into two sections, first, Life Insurance and second, Non-life insurance, also known as General Insurance. The following are the successive types of the two categories-

General Insurance:

IRDAI has listed around 34 non-life insurance companies in India. The following are the types of non-life insurance or general insurance plans offered by the companies-

Health Insurance
Motor Insurance
Home Insurance
Fire Insurance
Travel Insurance
Gadget insurance

Life Insurance:

Around 24 life insurance companies are listed under IRDAI, which offers various types of life insurance policies to consumers. We have listed the most common types of life insurance plans available in India:

Allowance of Electronic Format of Insurance Policies by IRDAI:

The IRDAI encourages the electronic format of your insurance policies to make the system more flexible and operations transparent. If you want to convert your insurance policies into electronic format, you will be delighted that IRDAI has allowed electronic conversion to reduce the hassle. All existing life insurance, general insurance, health insurance, and annuity policies can be converted into digital format. You need to raise a request to the insurance company registered under IRDAI or the insurance repository to allow the necessary changes.

What are the Unique Rights of IRDAI?

As mentioned in section 14 of the IRDA Act 1999, the authority plays a vital role in the insurance industry's regulations, management, development, and promotion. Let's have a glance at the unique rights of IRDAI-

Forming and simplifying all the codes of conduct and rule and regulations in the insurance industry.
Assessing the ongoing operations of an insurance company.
To levy reasonable charges to perform the purpose of the act.
Regulate the maintenance of margin solvency.
Ensure that accurate information has been passed on about the products and services.
Takes care that the Government is doing everything to ensure uniformity and accountability in the insurance sector.
Furnish all the documents, returns, statements, and other government demands.
In case of any disputes between the insurer and intermediaries, IRDAI can step in as an adjudicator.
Control and regulate the terms and rates where TAI cannot interfere.
Has the power to control the other professional organizations that are involved in the business of insurance and reinsurance. Also, IRDAI decides the percentage of income that the organizations will receive from the insurance companies.

Grievance Redressal Mechanism of IRDAI:

Consumer satisfaction is essential for any industry to grow. The insurance industry also offers a facility where consumers can connect and express their experiences or file a complaint to gain a suitable solution. A grievance is a vital communication that expresses the consumer's or policyholder's dissatisfaction regarding any policy or towards the insurance company when they find a lack of action of a specific law or feel cheated. The efficient grievance redressal mechanism of IRDAI ensures that the consumers are dealt with fairly by all means with an open mind and transparency.

The consumer reaches the insurance company to express dissatisfaction; if not heard, this can further reach the consumer forum. The following is the Grievance Redressal Mechanism of IRDAI for the expression of discontent-

Step 1: Reaching the Insurance Company:

The first step is to reach the insurance company as the IRDA mandates their grievance cell. The contact details must be listed in the policy document or brochure. You can directly make a call, write a mail or letter to the address given. If in case, you are still waiting for a response to your complaint within 15 days; you can reach out to the company's regional or central office to state that your concern still needs to be addressed. Now, you need to wait for 30 days after filing the complaint. If you still do not get a positive response, you can raise your concern to IRDAI.

Step 2: Approaching IRDA:

To protect the rights of the policyholders, the IRDA has formulated a grievance redressal mechanism. You can directly approach IRDAI via the alternative channel "Bima Shikayat- IRDAI Grievance Call Centre" to lodge complaints and track the status of the same. Another portal called "Bima Bharosa- Integrated Grievance Management System (IGMS)' is formed where prospects can file complaints per pre-defined rules. You can reach out to IGMS through www.igms.irdai.in and register your complaint. After your complaint, IRDA follows up with the concerned insurance company to check the status. If you do not get a solution, we recommend you go for an insurance ombudsman.

Step 3: Filing to an Insurance Ombudsman:

You must be wondering what an insurance ombudsman is. An insurance ombudsman is a non-judicial arbitrator appointed by the Government of India for the individual policyholder to settle their complaints in a court system most cost-effectively and efficiently. A person themself, their legal heirs, or nominees can file a complaint to an insurance ombudsman of their territory regarding their grievance against any insurer. The policyholder can reach the insurance ombudsman within 12 months of the dispute in the following conditions:

He/she has first reached the insurance company with the complaint and-

They have rejected the dispute raised.
Not resolved it to your satisfaction or have yet to acknowledge within 30 days.
The claim's value, including all expenses, is at most 30 lakhs.

The insurance ombudsman will work as a mediator and arrive at a fair solution based on the facts. If you are satisfied with the settlement, the ombudsman will inform the insurance company to comply with the terms within 15 days. If the settlement doesn't work for the complainant, the ombudsman will pass an award within 3 months after receiving all requirements and will be binding upon the insurance company. Once the award is passed, the insurer needs to comply with the award passed within 30 days. The decision of the insurance ombudsman is final and binding.

Step 4: Consumer Forum:

When you are not satisfied with the settlement of the insurance ombudsman, the consumer forum is your next stop to settle your grievance. A consumer forum is a district court where you prepare for the hearing of your case with the help of a lawyer. There's no need to pay any additional charges or fees to the forum for filing your complaint. You can reach a consumer forum only within 2 years of your grievance filing date. The claim amount decides the correct consumer forum for the hearing of your case. If your claim amount is up to 20 lakhs, the forum at a district level will help you; if the claim amount is above 20 lakhs and up to 1 crore, the forum at a state level will help you. If the claim amount is above 1 core, then the National Forum will play the part.

How Does IRDAI Benefit the Insurers?

As a regulator of the insurance industry, IRDA oversees all the activities for the sustainable development of insurers. IRDA works to bring all the Indian and foreign insurers in the same tune to make the insurance market competitive enough. Also, IRDA plays a vital role in insurers excluding any monopoly in the market while focusing on a higher level of integrity and transparency in the system.

How Does IRDAI Benefit the Customers?

In 2002, the IRDA passed a resolution called IRDA (Protection of Policyholder's Interests). By then, the IRDA is responsible for making every single effort and monitoring all the terms, operations, and functioning of the insurance industry, insurers, agents, and intermediaries. The sole purpose of IRDA is to ensure that the interests of the policyholders are safeguarded from the very first start of buying the policy to the time of settlement of the claims. If the policyholders are not satisfied with the settlement at the company level, they can directly reach IRDA with the help of a grievance redress mechanism.

New Rules and Guidelines by IRDAI for Health and Mediclaim Insurance:

After the outbreak of Covid-19, every individual is aware of having health insurance for themself and their family. With time, healthcare costs are rising rapidly; hence, health insurance is becoming necessary for everyone to get quality care. For the betterment of insurers and policyholders, IRDAI launched some new rules and guidelines for health and medical insurance in 2020. This set of rules is enforced from 1 April 2021. You can have a look at these updated IRDA guidelines below-

Rejection of Claims:

If the policyholder has continuously renewed the policy for at least 8 years without any break or lapse, the insurer cannot reject the health insurance claim. These 8 years will be considered the moratorium period. The insurer cannot reach out to IRDAI for rejection of the claim except in the case of fraud or malfunctioning or the claim falls under the exclusion of a health insurance policy.

Telemedicine Inclusion:

With the rise of digitization, the IRDAI has allowed policyholders to seek online consultations from qualified doctors without worrying about high consultation fees. To protect the interests of the policyholders, insurers are forced to introduce "Telemedicine Consultation" to their health insurance policies.

Claim Settlement:

The insurer must settle the claim amount within 30 to 45 days after the policyholder submits the necessary documents. If it fails to do so, the insurer will pay the interest on the amount of the claim.

Check the best life insurance companies that "RenewBuy" has picked for you.

Bottom Line:

We are sure that by now you know what IRDAI is and what are the decisive roles of IRDAI in the insurance industry. With the everchanging requirements, it becomes vital to implement the terms that fulfil the expectations of both the insurers and policyholders. To keep the pace of quality and sustainable growth of the insurance industry in line, IRDAI encourages new insurers in the market. By eliminating frauds and mishappening in the insurance market, the IRDAI plays a vital role in strengthening the economy of the Nation.

Top 10 Life Insurance Companies in India

The competition in the insurance industry is constantly rising. Different features and multiple offers make choosing the right insurance company to buy a plan difficult. We have shortened the hassle for you and picked the top 10 life insurance companies in India.

Are you here after your parents or friends suggested purchasing life insurance to save taxes? Or possibilities are that you are searching for a life cover to beat the uncertain instances of your life. It’s better to be prepared with the safeguards in advance. Life insurances cover the risk of premature death by backing up your family, covering the risk of living too long, and allowing you ample savings.

IRDAI has listed 24 life insurance companies in India, each with various advantages and feature plans. Some companies offer high coverage at a low cost, whereas some have high premiums to bear. This might puzzle you to compare and choose the best insurance plan that fits your needs. Some vital factors can help you decide on the right life insurance company to buy a plan. Continue reading this article to learn about the top 10 life insurance companies in India and guide you in choosing the best life insurance company.

What is Life Insurance?

Life insurance is an agreement between the insurance company and the policyholder (who pays the premium) that promises to pay the death benefits (a certain amount) to the policyholder's family after the unfortunate demise within the policy tenure. Life insurance policies are also considered a way of growing wealth in the long run as you get the maturity benefits mentioned in the policy term.

How to Choose the Best Life Insurance Company?

It can be daunting for you to scroll through a long list of companies available in the market. Each company claims to be the best, then how do you choose one that fits your needs? We have made the process simpler by providing you with some key parameters that you can consider to minimize the risk of unfulfilled promises. Here are the factors that you can consider-

Claim Settlement Ratio (CSR)

The claim settlement ratio significantly influences the trust you can show in a life insurance company. Simply put, the claim settlement ratio indicates the total claims settled by the company against the total claims raised in a year. Always consider a company with a high CSR to exclude the hassle when the time comes.

Solvency Ratio

A company's solvency ratio helps you measure its capacity to bear long-term debt obligations and financial health. The companies with higher solvency ratios have a strong capacity to settle the claims. IRDAI mandates a minimum of 150% solvency ratio for insurance companies.

Dedicated Customer Support

Good customer support decides the friendliness and accountability of an insurance company towards its people. You can consider factors like how easy it is to reach them and how patiently they listen to your concerns. How long do they take to devise a suitable solution for your issue? Remember, transparent communication reflects good business practices and will make the processes easy.

Market Reputation

To better understand the actual market reputation of a company, check the reviews and ratings available online. Some might be manipulated for marketing purposes, but we are sure you will identify the genuine ones.

Availability of Optimal Plans

Each company offers unique plans and benefits to its customers. First, check the list of plans and additional benefits. Don’t forget to check for riders. Then select a company with plans at an efficient cost that fit your requirements.

Top 10 Life Insurance Companies in India with Highest CSR

We, “RenewBuy”, created a list of the top 10 life insurance companies in India in 2023 based on the claim settlement ratio (as per the annual report published by IRDAI 2021-22).

Sr. No.	Name of Insurance Company	Claim Settlement Ratio
1	Max Life Insurance	99.34%
2	Bharti Axa Life Insurance	99.09%
3	Exide Life Insurance	99.09%
4	Aegon Life Insurance	99.03%
5	Bazaz Allianz Life Insurance	99.02%
6	Kotak Mahindra Life Insurance	98.82%
7	Life Insurance Corporation of India	98.74%
8	Reliance Nippon Life Insurance	98.67%
9	HDFC Life Insurance	98.66%
10	Tata AIA Life Insurance	98.53%

Disclaimer: We do not endorse any specific insurance company or insurance product any insurer offers. This list illustrates different life insurance companies available in India based on the highest Claim Settlement Ratio. It has been sourced from the annual report of IRDAI 2021-22.

Brief Introduction to the Top 10 Life Insurance Companies with High CSR in India 2023

Max Life Insurance

Established in 2001, Max Life Insurance is a top life insurance company. The company is an 80:20 venture between Max Finance Services and Axis Bank, forming India's largest non-bank private sector life insurer.

Max Life offers policies on both online and offline modes dealing in linked, participatory, and non-participatory products. With the chief goal of providing consumers financial stability, the company provides comprehensive policies, including life cover, child insurance, long-term savings, health covers, annuity, and pensions. As per the annual report 2021-2022 published by IRDAI, Max Life Insurance excels in the list of claim settlement ratios with a rate of 99.34%.

Bharti Axa Life Insurance

Founded in 2006, Bharti Axa Life Insurance Company is a 51:49 joint venture between Bharti Enterprises and AXA. Bharti AXA sells a wide range of life insurance and general insurance plans, including life cover, child education plans, and saving plans. With a high claim settlement rate of 99.09%, Bharti AXA is leading the insurance market across India.

Exide Life Insurance

Exide AXA commenced in 2001 as one of the most trusted insurance companies in India. The company runs multiple channels like corporate agency, broking, Bancassurance, and direct channels to regulate the services. Exide Life Insurance is a non-government and commercial life insurance company known for its long-term customer relationships. Over 15 lakh users trust the company to buy comprehensive insurance policies categorized into savings, protection, life covers etc., for its strong protection and saving solution plans. The company also has a high claim settlement ratio of 99.09%.

Aegon Life Insurance

Aegon life insurance company is a venture between Dutch Aegon N.V. and Times Group that commenced in 2008. The company has a good consumer base in the market by helping them make better life decisions with term insurance plans, saving and investment plans, child plans, and ULIPs. The company follows a direct-to-customer approach to help its consumers reach their experts as efficiently as possible and has a CSR of 99.03%.

Bajaj Allianz Life Insurance

Bajaj Allianz life insurance company is a regulized government insurance provider established in 2001. This company is a joint venture between Bajaj Finserv Limited and Allianz SE. Bajaj Allianz offers comprehensive life insurance plans such as Term Plans, Savings Plans, Investment plans, ULIP, Health & Care Plans, Retirement Plans, Child Insurance Plans, Group Insurance Plans, and Micro Insurance Plans. The company is widely trusted by its customers for its innovative products and satisfactory services. Bajaj Allianz secured 5th position with 99.02% in the top 5 companies of high CSR.

Kotak Mahindra Life Insurance

Kotak Mahindra is a private life insurance provider founded in 2001 and has a spread customer base of around 45.4 million. The company offers a wide range of insurance plans, including rural, term, saving & investment, child, and retirement plans at a nominal price. The plans are created by considering the Indian society and their classified needs to provide them maximum protection. It has recently launched a short-time insurance product named Kotak Protect India for customers under 35. Kotak Mahindra has a claim settlement ratio of 98.82%.

Life Insurance Corporation of India

Life Insurance Corporation of India is the most comprehensive government body regarding saving and investments. Moreover, LIC is considered the number one choice in India when considering buying an insurance plan established in 1956. The government targets to offer different plans that can help the diversified sector of India, including the rural and urban sectors. The company meets customer expectations and has a record of securing over 250 million life insurance. The claim settlement ratio of LIC is 98.74% and ranks in the 7th position in the highest CSR list.

Reliance Nippon Life Insurance

Reliance Nippon Life Insurance is considered one of the top insurance companies in India, established in 2001 as a joint venture of Reliance Capital and Nippon Life. The company has gained a broad customer base of over 10 million. The company provides life insurance products targeted at individuals and groups, including retirement, protection, child, health, financing, and saving. The company's extensive services rewarded it with winning the Best Digital Customer Experience Award of the Year in 2021. The company has a claim settlement ratio of 98.67%.

HDFC Life Insurance

HDFC Life Insurance is a joint venture between Housing Development Finance Corporation Ltd. and Abrdn and commenced the business in 2000. While offering multiple plans in different categories, including life cover, protection plans, pension schemes, women’s plans, child plans, retirement, and health. Optional riders are also available for the customers. Considering some terms, the company promises to settle the claim in a single day. HDFC Life Insurance has a good claim settlement ratio of 98.66%.

Tata AIA Life Insurance

Started in 2001, Tata AIA is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. The company's diverse product portfolio offers general insurance for automobile, home, personal accidents, travel, energy, marine, casualty, property, and finances. The company deals with individuals, organizations, and corporate insurance buyers online and offline. With a claim settlement ratio of 98.53%, Tata AIA successfully secured a place in the top 10 life insurance companies in India.

Why RenewBuy is the Best Company to Buy Life Insurance?

The information provided above has made it easier to align you with the top insurance companies in India. But, this is even more challenging to go through a long list of plans and select the optimal one for your financial expectations. It would be best if you had expert assistance in the process, and our experts at RenewBuy can guide you through the process anytime. The key reasons for you to consider us are as follows:

IRDAI Certified
Get Insured by a leading Insurer
Discounted Premiums
Compare Various Health Plans in Just a few Clicks
Simple & Easy Buying Process
24x7 Claim Assistance

Steps to Buy the Best Life Insurance with RenewBuy

Quick compare and buy the best life insurance policy with RenewBuy in the simple steps mentioned below:

Visit our website and click on the “Life Insurance” tab from the header menu.
Then, click on the “View Plans” button.
Enter the required information.
Compare and pick the best premium plans from the list provided.
Once the payment is made, you will get your policy documents on your registered email ID.

To make the life insurance buying process more convenient, connect with one of our RenewBuy POSP advisors and buy the best-suited life insurance plan as per your needs.

Final words

No matter your objective, whether to save money for long-term goals, protect your family from any financial emergencies, or just save taxes, the right plan with the right company makes you ever-ready for all situations. We have provided a list of the top 10 insurance companies per the high claim settlement ratio to make the selection process easier for you. These companies are efficient when it comes to successfully meeting consumer expectations.

If you still feel stuck while selecting one suitable insurance company that fits your financial goals, RenewBuy can help. Connect with one of our experts at 'RenewBuy' website and get extensive support to make a sound decision.

Disclaimer:

Gift a Health Insurance Plan to Your Mom this Mother’s Day

Mother's Day is a special occasion that celebrates the hard work and dedication of mothers everywhere. And every year we gift our mother something like flowers and candles on this day. But, these gifts for your mother are not to be frivolous as they will only last for a few days and weeks. But this year, we can appreciate our mothers by taking care of their health by buying them the best possible health insurance plan. As we know, healthcare costs are rising every day, and having adequate health insurance can provide peace of mind to your moms and other family members.

Several types of health insurance plans are available, including individual plans, group plans, and government-sponsored health insurance schemes like Ayushman Bharat Yojana, Aam Admi Bima Yojana, Chief Minister Comprehensive Health Insurance Scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY), etc. Each type of plan has unique benefits and features, so it's essential to research to determine which plan is best for your mother's needs.

Why Health Insurance is Important for Your Mother?

Having personal health insurance for your mother can be very beneficial as it acts as a financial security for your mother. By purchasing a health insurance policy for your mother, you can ensure the best medical facilities and treatment for her in times of need. All you have to do is pay your premiums regularly, and you can save a considerable amount in potential healthcare costs.

Factors to Consider Before Buying Health Plan For Mothers

Below are the several factors to consider while choosing a health insurance plan for your mother:

Coverage: Ensure the plan covers the services and treatments your mother needs, such as doctor visits, prescription medicines, and hospitalization.
Cost: Consider the monthly premium, deductible and out-of-pocket expenses associated with the plan. Make sure the premium fits your mother's budget.
Network Hospitals: Check to see if your mother's preferred doctors and hospitals are in the company's network hospitals.
Reputation: Always check the reputation and customer reviews and ratings of the health insurance company to ensure that it is a reliable and trustworthy option.

Best Health Insurance Plans for Mothers

Below we have mentioned some of the best health insurance plans that you can consider buying for your mother this Mother’s Day:

Health Insurance Plans for Young Mothers

Health Insurance Plans	Eligibility & Sum Insured	Key Benefits
Care Joy Maternity Plan	Entry Age: 18 Years to 65 Years Sum Insured: 3 and 5 Lakhs	Maternity Cover No Claim Bonus Daycare Treatment
Star Women Care Plan	Entry Age: 18 Years to 75 Years Sum Insured: 5 Lakh to 1 Crore	No Born Baby Cover No Claim Bonus Organ Donor
HDFC Ergo My Health Women Suraksha	Entry Age: 18 Years to 75 Years Sum Insured: 3 Lakh to 1 Crore	Maternity Cover Preventive Health Checkup New Born Baby Cover
Cholamandalam Sarv Shakti Plan	Entry Age: 18 Years to 65 Years Sum Insured: Up to 2 Crore	39 Critical Illnesses Covered Personal Accident Cover Cancer Screening benefit
New India Asha Kiran Mediclaim Policy	Entry Age: 18 Years to 65 Years Sum Insured: 2 Lakh to 8 Lakh	Emergency Ambulance Hospital Daily Cash Orgon Donor Expense
Bajaj Allianz Women Specific Critical Illness Plan	Entry Age: 18 Years to 75 Years Sum Insured: 2 Lakh to 8 Lakh	Child Education Benefit Cataract Treatment No Claim Bonus

Health Insurance for Old-Aged Mothers

Health Insurance Plans	Eligibility & Sum Insured	Key Benefits
Star Senior Citizen Red Carpet Plan	Entry Age: 60 Years to 75 Years Sum Insured: 1 and 25 Lakhs	Room Rent Cataract ICU Charges
Care Senior Citizen Plan	Entry Age: 61 Years to No Limit Sum Insured: 3 Lakh to 10 Lakhs	Cataract Cover No Claim Bonus Organ Donor
Niva Bupa Senior First	Entry Age: 61 Years to 75 Years Sum Insured: 5 Lakh to 25 Lakhs	Cataract Cover No Claim Bonus Organ Donor

Conclusion

Setting aside just one day to cherish mothers is not enough. However, Mother's Day lets you make a special, thoughtful, and beautiful gesture and show your mom how much she means to you. And there is no better way to do that than by gifting one of the best health insurance plans you can choose from. This is especially recommended if your mother is a housewife or unaware of health insurance's benefits.

Upcoming Electric Cars in India 2023

As the world acknowledges the need for sustainable transportation, electric cars have emerged as a promising solution to reduce carbon emissions and combat climate change. India, a country grappling with air pollution and dependence on fossil fuels, is slowly moving towards electric mobility. With a focus on creating an eco-friendly transportation ecosystem, several automakers are gearing up to launch exciting electric car models in India.

As a result, the sales of electric cars in 2022 grew by over 211% compared to sales in 2021. This article will delve into the details of some of the most anticipated upcoming electric cars in the Indian market that will showcase transformative potential.

Upcoming Ev Cars In India 2023

Below we have mentioned the list of upcoming ev cars in India:

Tata Altroz EV

Tata Motors, a leading Indian automobile manufacturer, is all set to introduce the electric version of its popular hatchback, the Tata Altroz. The Altroz EV is expected to combine the Altroz's sleek design and spacious interiors with advanced electric technology. Although specific details regarding its range and performance are yet to be confirmed, industry insiders anticipate a range of approximately 250-300 kilometres on a single charge. With Tata's expertise in electric vehicles, the Altroz EV aims to provide Indian consumers with an eco-friendly and efficient mobility option.

Maruti Suzuki Wagon R EV

Maruti Suzuki, India's largest car manufacturer, is venturing into the electric vehicle segment by introducing the Wagon R EV. Building upon the success of the conventional Wagon R model, the Wagon R EV is expected to provide practicality, affordability, and eco-friendliness. While specific details about its range and features are yet to be unveiled, Maruti Suzuki's expertise in small car manufacturing suggests that the Wagon R EV will be a reliable and efficient electric car option for Indian consumers seeking an eco-friendly urban mobility solution.

Hyundai Kona Electric (Facelift)

The Hyundai Kona Electric has already made its mark in the Indian market, applauded for its impressive range, practicality, and premium features. In the coming years, Hyundai is expected to launch a facelifted version of the Kona Electric, incorporating updates and improvements. While specific details about the facelifted model remain undisclosed, industry speculations hint at design enhancements and potential improvements in range and technology. The Kona Electric's crossover styling, long electric range, and advanced features will likely maintain its popularity among Indian consumers who prioritize style, functionality, and eco-consciousness.

MG ZS EV (Facelift)

MG Motor India entered the Indian market with the launch of the MG ZS EV, an electric SUV that received positive reviews for its features, performance, and value proposition. MG Motor is expected to introduce a facelifted version of the ZS EV in the year 2023. The facelifted model will likely feature design changes to give it a refreshed look, along with potential improvements in range and technology. With its spacious interiors, practicality, and appealing features, the MG ZS EV aims to attract environmentally-conscious Indian consumers who prioritize style and functionality in their electric vehicles.

Hyundai IONIQ 6

The Hyundai IONIQ 6 is a highly anticipated electric car that is expected to make its way to the Indian market. The IONIQ 5 is part of Hyundai's dedicated electric vehicle lineup and represents the brand's commitment to sustainable mobility. The Hyundai IONIQ 6 is an exciting addition to the upcoming electric car lineup in India. With its futuristic design, spacious interior, impressive performance, and advanced technology, the IONIQ 5 aims to attract environmentally-conscious consumers who value style and sustainability. As Hyundai continues to emphasize its commitment to electric mobility, the IONIQ 6 is poised to significantly impact the Indian electric vehicle market and contribute to the country's sustainable transportation goals.

Haima Bird Ev1

The Haima Bird EV1 is an electric vehicle produced by Haima Automobile, a Chinese automaker. The Haima Bird EV1 is a compact electric hatchback that aims to provide an affordable and efficient electric transportation solution. The Bird EV1 is equipped with a lithium-ion battery pack that provides it with a specific range on a single charge. The range can vary depending on driving conditions, battery capacity, and other factors. The Bird EV1 features a compact and aerodynamic design with a hatchback body style. It may have a modern, streamlined appearance, sleek lines, and stylish elements. It's important to note that the features and specifications mentioned above are general descriptions, and specific details may vary depending on the model and market.

Maruti eVX

Maruti eVx is an upcoming electric car from India's largest car manufacturer Maruti Suzuki. Maruti Suzuki showcased a new concept at the Auto Expo 2023 in Delhi called the eVX, which stands for 'Emotional Versatile Cruiser' and sets the benchmark for Maruti's electric direction in India. The eVX concept previewed a mid-size electric SUV and was designed and developed by Suzuki Motor Corporation in Japan. Maruti eVX is powered by a dual electric motor setup that uses a 60kWh battery pack with a claimed range of 550km on a single charge. It measures 4,300mm in length, 1,800mm in width and 1,600mm in height.

Estimated Price List of Upcoming Electric Cars in India

Below mentioned are the Estimated Price list of Upcoming Electric Cars in India:

Company Name	Car Name	Estimated Price	Expected Launch Date
Tata Motors Limited	Tata Altroz EV	INR 12 Lakhs	January 2025
Maruti Suzuki India Limited	Maruti Suzuki Wagon R EV	INR 8.50 Lakhs	January 2026
Hyundai Motor India Limited (Hmil)	Hyundai Kona Electric (Facelift)	INR 25 Lakhs	July 2023
MG Motor India	MG ZS EV (Facelift)	INR 21.99 Lakhs	September 2023
Hyundai Motor India Limited (Hmil)	Hyundai IONIQ 6	INR 65 Lakhs	April 2025
Haima Automobile	Haima Bird Ev1	INR 10 Lakhs	June 2023
Maruti Suzuki India Limited	Maruti eVX	INR 25 Lakhs	April 2025

Upcoming Electric Cars in India 2023 FAQs

Question: What are some of the upcoming EV cars in India?

Answer: Some anticipated electric cars for 2023 in India were:

Tata Altroz EV
MG ZS EV Facelift (2023 model)
Hyundai Kona Electric (2023 model)
Renault Kwid EV
Nissan Leaf (2023 model)
Audi e-tron GT
BMW i4
Mercedes-Benz EQS

Question: What is the expected price range of these upcoming electric cars?

Answer: The price range of upcoming electric cars in India can vary depending on the brand, model, and variant. Electric vehicles are more expensive than their conventional counterparts due to the cost of batteries and other electric drivetrain components. However, with technological advancements and increased adoption, prices have been gradually decreasing. The expected price range for upcoming electric cars in India in 2023 could start around INR 8 lakhs to INR 1 crore, depending on the vehicle's segment, features, and brand.

Question: What are these upcoming electric cars' expected range or mileage?

Answer: The range or mileage of electric cars depends on various factors, including the vehicle's battery capacity, efficiency, driving conditions, and driving style. Here are some expected ranges for upcoming electric cars in India:

Tata Altroz EV: Expected range 250-300 kilometres.
MG ZS EV (Facelift): Expected range 350-400 kilometres (WLTP cycle).
Hyundai Kona Electric: Expected range 400 kilometres (WLTP cycle).
Renault Kwid EV: Expected range 200 kilometres.
Nissan Leaf: Expected range 270-380 kilometres (WLTP cycle).
Audi e-tron GT: Expected range 400 kilometres.
BMW i4: Expected range 400 kilometres.
Mercedes-Benz EQS: Expected range 600 kilometres (WLTP cycle).

Niramaya Health Insurance Scheme

Niramaya Health Insurance Scheme is a pioneering initiative launched by the Ministry of Social Justice and Empowerment in India to meet the healthcare needs of persons with disabilities. The scheme aims to provide comprehensive and affordable health insurance coverage to persons with specific disabilities, including autism, cerebral palsy, mental retardation and multiple disabilities.

By offering financial support for medical treatment, therapy, and rehabilitation, the Niramaya scheme ensures that persons with disabilities can access quality healthcare services without facing exorbitant costs. This article explores the key features, benefits, and impact of the Niramaya Health Insurance Scheme in promoting inclusive healthcare for persons with disabilities.

Highlights of the Niramaya Health Insurance Scheme

Below mentioned are some of the major highlights of the Niramaya Health Insurance Scheme:

Particulars	Specifications
Eligible Individuals	All PwDs
Coverage Amount	Up to INR 1 Lakh
Transportation Cost	Covered
Pre-medical Tests	Not Required
Claim Type	Reimbursement
Scheme Availability	PAN India

Key Features of the Niramaya Health Insurance Scheme

The Niramaya Health Insurance Scheme aims to address the financial burden faced by individuals with specific disabilities and their families by providing them with accessible and affordable healthcare services. It offers a valuable safety net and helps improve access to medical treatment, therapy, and rehabilitation for persons with disabilities in India. Below mentioned are the Key Features of the Niramaya Health Insurance Scheme:

Insurance Coverage: The scheme provides health insurance coverage up to INR 1 lakh (subject to change) per annum on a floater basis. The coverage includes medical expenses for hospitalization, therapy, rehabilitation, and pre-existing conditions. The exact coverage and benefits may vary depending on the insurance provider.
Premium and Enrollment: The premium for the scheme is subsidized by the government, and the beneficiaries need to pay a nominal amount as their share. The enrollment process involves submitting relevant documents, including a disability certificate and proof of age, to the insurance provider.
Empanelled Hospitals: The scheme has a network of empanelled hospitals and healthcare providers across India. Beneficiaries can receive cashless treatment at these empanelled hospitals for covered medical expenses.
Renewal: The Niramaya Health Insurance Scheme's insurance coverage must be renewed annually. The beneficiaries need to ensure timely renewal to continue availing of the benefits.

Benefits of the Niramaya Health Insurance Scheme

The Niramaya Health Insurance Scheme is a comprehensive health insurance program for persons with disabilities (PwDs) in India. The scheme provides several benefits to its beneficiaries, including:

Health coverage: Niramaya offers annual health insurance coverage of up to INR 1 lakh for individuals with disabilities. This coverage helps meet the costs of medical treatments, hospitalization, surgeries, and therapies.
Wide coverage: Niramaya covers a broad range of disabilities, including blindness, low vision, hearing impairment, locomotor disabilities, mental illness, autism, cerebral palsy, and multiple disabilities. This inclusive approach ensures that individuals with diverse disabilities can benefit from the scheme.
Pre-existing disease coverage: The scheme provides coverage for pre-existing disabilities, which is a significant advantage for individuals who may have disabilities before enrolling in the scheme. This ensures the continuity of healthcare services and supports individuals in managing their existing conditions.
Rehabilitation services: Niramaya covers medical expenses and extends coverage to rehabilitation services. This includes the cost of assistive devices, prostheses, orthopaedic appliances, corrective surgeries, and therapies required for the well-being and functional improvement of persons with disabilities.
Affordable premiums: The premiums under the Niramaya scheme are highly affordable, making it accessible to a wider range of individuals with disabilities. This allows individuals from economically disadvantaged backgrounds to avail themselves of health insurance benefits.
Portability: The scheme offers portability, enabling beneficiaries to access medical services across a network of recognized hospitals and medical facilities throughout India. This feature especially benefits individuals needing to travel or relocate within the country.
Easy enrollment: The Niramaya Health Insurance Scheme enrollment process is relatively straightforward. Beneficiaries need to provide relevant documents certifying their disability, and they can then enroll in the scheme through the designated authorities.

Eligibility of Niramaya Health Insurance Scheme

All PwDs with valid disability certificates and at least one of the disabilities listed in the National Trust Act of 1999 are eligible to apply for the scheme. To be eligible for the Niramaya Health Insurance Scheme in India, individuals must meet the following criteria:

Disability Certification: The individual should possess a valid disability certificate from a competent medical authority. The disability should fall under any of the recognized categories, including blindness, low vision, hearing impairment, locomotor disabilities, mental illness, autism, cerebral palsy, and multiple disabilities.
Age Limit: There is no upper age limit for enrollment in the scheme. Both children and adults with disabilities can apply for coverage.
Residence: The scheme applies to residents of India only. The individual should be a citizen of India with valid proof of residence.
Income Criteria: The Niramaya Health Insurance Scheme is designed to benefit individuals from economically disadvantaged backgrounds. As such, there is an income criteria to determine eligibility. To qualify for the scheme, the individual or their guardian must provide proof of an annual income of less than INR 3 lakhs (subject to state-specific variations).

Niramaya Health Insurance Scheme Revised Benefit Chart on Reimbursement Basis only applicable from April 2022

Section	Subsection	Detail	Sub Limit	Overall Limit Of Section
1.	Overall Limit of Hospitalization			55K
	A	Corrective Surgeries for existing Disability including congenital disability	40K
	B	Non-Surgical/ Hospitalization	15K
2.	Overall Limit for Out Patient Department (OPD)			19K
	A	OPD treatment includes medicines, pathology, diagnostic tests, etc.	15K
	B	Dental Preventive Dentistry	4K
3.	Ongoing Therapies to reduce the impact of disability and disability-related complications			20K
4.	Alternative Medicine			4K
5.	Transportation costs			2K
Total Coverage for a Person: INR 1 Lakh

Niramaya Health Insurance Scheme Enrolment Process

Various state governments in India implement the Niramaya Health Insurance Scheme, and here is the enrollment process for the scheme:

Gather Required Documents: Collect the necessary documents for enrollment. These commonly include:

Valid disability certificate
Proof of residence (such as an Aadhaar card, voter ID, or ration card)
Income certificate or proof of annual income (usually less than Rs. 3 lakhs)
Identity proof (such as an Aadhaar card, voter ID, or PAN card)
Passport-size photographs

Visit the Enrollment Centre: Locate your nearby Niramaya Health Insurance Scheme enrollment center. This information can usually be found on the official website of the Niramaya Health Insurance Scheme.
Fill out the Enrollment Form: Download it from the official website. Fill in the required details accurately and completely. The form typically includes personal information, disability details, income information, and contact details.
Submit the Application: Submit the completed enrollment form and the supporting documents to the enrollment center. The officials at the center will review the application and verify the provided information.
Application Fee: Pay the application fee as per your PWD category. We have mentioned the details below:

Pwd Category	Enrolment Fee (In INR)	Required Documents
Below Poverty Line (BPL)	INR 250	Disability certificate (self-attested) issued by the Government authority BPL card Address Proof
Non-BPL	INR 500	Disability certificate issued from the Government authority (self-attested) Address Proof Income certificate of (self-attested)
PwD with Legal Guardian (Other than natural parents)	Free	Disability certificate(self-attested) issued by the Government authority. Legal Guardian Certificate issued from the Local Level Committee constituted under section 13 of The National Trust Act, 1999 Address Proof

Application Processing: The concerned authorities will process the enrollment application. This may involve verification of the disability certificate, income certificate, and other relevant documents. The processing time can vary, but it is typically a few weeks.
Issuance of Health Insurance Card: Once the application is approved, a health insurance card will be issued to the eligible beneficiary. The card will contain relevant details such as the policy number, coverage amount, and validity period.
Avail Health Insurance Benefits: The beneficiary can access the Niramaya Health Insurance Scheme benefits with the health insurance card. This includes reimbursement of medical expenses and coverage for rehabilitation services.

Niramaya Health Insurance Scheme Claim Process

Niramaya Health Scheme offers a simple and straightforward claim process where you can only opt for reimbursement claims. Below we have mentioned the claim process of the Niramaya Health Insurance Scheme in detail:

Download the claim form from the website.
Fill in all details and attach the necessary bills with it.
Send it to the RAKSHA Health Insurance TPA for approval.
Submit the form within 30 days of treatment or discharge from the hospital.

Contact persons of Raksha TPA (Oriental Insurance Co.)
Ms Surbhi 8588844651

S.No	Employee	Email Id	Contact No.
1.	Mr Ashok Narwat	ashok.narwat@rakshatpa.com	7838151524
2.	Mr Mridul Singh	mridul.singh@rakshatpa.com	8860612186

To avail of a cashless treatment in the hospital, you can buy a health insurance plan from any of the private health insurance companies in India such as:

Documents Required for Niramaya Health Insurance Scheme Claim Settlement

UDID Card No./Enroll No. under UDID
Disability Certificate
Copy of Niramaya card
Original Prescription Documents
All original bills of Medicine / Hospital / Therapy fee / Doctor fee / Conveyance etc.,
Original Reports
Complete bank details of Beneficiary: Name of Account Holder / Account No. / Bank Name / Branch (City & State) / IFSC Code

Niramaya Health Card Renewal Online Procedure

Below mentioned is the renewal process for Niramaya Health Insurance Scheme:

Guardians of PwD must bring the required documentation while renewing their Niramaya Health Scheme to the nearest Registration Organization.
The RO will verify the documents and their validity.
The RO will select the renewal link on the Niramaya website.
At this stage, beneficiaries must pay the renewal cost of INR 250 for non-BPL beneficiaries and INR 50 for BPL beneficiaries. However, no fees are associated with the renewal process for PwD with legal guardians.
The policy will be renewed for another year after successful payment.

Niramaya Health Insurance Conclusion

The Niramaya Health Insurance Scheme was established under the National Trust Act of 1999 to provide health insurance to PwDs. The plan provides insurance coverage of up to INR 1 lakh, which must be renewed annually after the financial year. The beneficiary will have to pay an enrollment fee of Rs 250 for disabled coming below the poverty line. The fee is INR 500 for people with disabilities who are above the poverty line. For PWDs below and above the poverty line, the renewal health insurance premium is Rs 250 and Rs 500, respectively.

Niramaya Health Insurance Frequently Asked Questions (FAQs)

Niramaya Health Insurance is a health insurance product offered by the central government of India to provide health coverage to people who are suffering from mental retardation, autism, cerebral palsy, and multiple disabilities.

What does Niramaya Health Insurance cover?

The Niramaya Health Insurance covers medical expenses related to hospitalization, surgeries, doctor consultations, diagnostic tests, medications, and sometimes preventive care, etc.

How can I purchase Niramaya Health Insurance?

To purchase Niramaya Health Insurance Scheme, Visit your nearby Niramaya Health Insurance Scheme enrollment centre. Fill out and submit the enrollment form along with the required documents. Officials will review the application and documents. If everything is fine, pay the application fees and download your Niramaya health card from the official website.

How do I claim Niramaya Health Insurance?

To claim Niramaya Health Insurance, you will typically need to follow the below-mentioned procedure:

Download the claim form from the website.
Fill in all details and attach the necessary bills with it.
Send it to the RAKSHA Health Insurance TPA for approval.
Submit the form within 30 days of treatment or discharge from the hospital.

Are pre-existing conditions covered under Niramaya Health Insurance?

Yes, Niramaya health insurance policies can be renewed annually. Below we have mentioned the renewal process of the Niramaya Health Scheme:

Guardians of PwD must bring the required documentation while renewing their Niramaya Health Scheme to the nearest Registration Organization.
The RO will verify the documents and their validity.
The RO will select the renewal link on the Niramaya website.
At this stage, beneficiaries must pay the renewal cost of INR 250 for non-BPL beneficiaries and INR 50 for BPL beneficiaries. However, no fees are associated with the renewal process for PwD with legal guardians.
The policy will be renewed for another year after successful payment.

Are pre-existing conditions covered under Niramaya Health Insurance?

Yes, pre-existing conditions are covered under Niramaya Health Insurance.

Cyber Jagrukta: A Step Towards A Secured Insurance Industry

With the expansion of digitization across the globe, cyber security is at stake. The government is taking every possible step to spread awareness to the individuals. To accomplish the same, the Ministry of Home Affairs initiated the celebration of Cyber Jagrukta Diwas or Cyber Awareness Day, on the first Wednesday of every month. The main objective is to create awareness and sensitize internet users through seminars, quiz competitions, interactive sessions, creative studies, and more.

What is Cyber Jagrukta?

The Cyber Jagrukta Project was introduced by India's Ministry of Electronics and Information Technology to encourage responsible behaviour online and raise public knowledge of cyber security issues. The initiative aims to educate individuals about the dangers of cybercrime and assist them in implementing the appropriate security measures to safeguard their data and online identities.

Why is Cyber Jagrukta a matter of Concern?

Did you know that between 2016 and 2018, India ranked second among the countries affected by cyber-attacks? Since then, cyber-attacks have globally increased by 125% through 2021. No industry, including the government or the private, remains safe from cyber threats, and the insurance industry also has not remained untouched. Moving your eyes to the recent incident of 2023, the Insurance Information Bureau of India (IIB) has faced a cyberattack, and the data it holds may have been compromised, as informed by the sources.

No wonder buying insurance online has become more accessible with the fast-growing technology and digitization. With the same, cyber threats are also at their peak. Any cyber breach can cause financial losses and reputational damage to the insurance industry and the individual. How do you keep yourself informed while buying insurance among the rising threats, and how do you safeguard your personal information and financial data? Cyber Jagrukta is a highly contributing resource to promote necessary security measures about cyber security to both insurers and the insured.

How Does Cyber Jagrukta Help?

Cyber Jagrukta has been proven as a game changer in the landscape of cyber attacks observed. The training helps businesses form a powerful defensive weapon that spreads consciousness and reduces risk. Cyber Awareness can help in such a way

Improves overall password security
Reduce the cost of phishing
Every ready human and tech asset to deal with cyber attacks
A clear understanding of required security measures.
Companies having regular security awareness programs reduce the risks of cyber threats
Reduces the security related issues
A better understanding of cyber rules and regulations
A company practising cyber awareness regularly builds trust among its partners and customers.

How to Beat a Cyber Threat?

The government has observed that 60% of cybercrime complaints are financial fraud related. To create a secure online environment for insurance buyers and sellers, the following cyber security tips can beat a cyber threat.

Keep your systems and software updated regularly
Enable two or multi-faced authentication for any transaction of a secured login
Avoid using dictionary passwords, and use a strong one.
Do not fall into any emergency action trap
Update your antivirus software
Be cyber-socially aware
Do not click on malicious links shared on social media
Visit authorized websites only

How to Report a Cyber Threat?

In any unfortunate case, if you are trapped in a cyber threat, the government has offered a safety number to be more cyber-safe. The government has introduced National Cyber Crime Helpline Number 1930. You can also file a formal complaint on www.cybercrime.gov.in within 24 hours of the fraud.

In the End

Cyber Jagrukta is an initiative that has helped businesses and customers raise awareness and avoid risk. Or, in the most uncertain cases, if a person meets any threats, cyber security helps to take safety actions before it's too late. Investing in online insurance or financial activity can only cause damage once you ignore the risks. Cyber Jagrukta plays the part here of keeping you informed about cyber security measures, risk management, and strengthening actions.

So, let's get risk insured with Cyber Jagrukta.

Choosing Between ICE and EV Engines: Making an Informed Decision

Introduction

In the world of automotive engineering, the question of which engine to choose, be it an internal combustion engine (ICE) or an electric vehicle (EV), has attracted significant attention. As society becomes more aware of environmental impact, the decision between ICE and EV engines becomes important. This article aims to comprehensively analyze both types of engines, highlighting their pros and cons to help you make an informed decision while buying your next vehicle.

Internal Combustion Engines (ICE)

ICE has been the dominant engine technology in the automotive industry for over a century. These engines burn fossil fuels such as gasoline or diesel to generate power. Here are some key points to consider when evaluating ICE engines:

Performance and Range: ICE engines are known for their power and long-range capabilities. They offer quick acceleration and high top speeds, making them suitable for those who enjoy spirited driving and long-distance travel.
Refueling Infrastructure: Gasoline and diesel fueling stations are readily available in most areas, making it convenient to refuel ICE vehicles. The widespread infrastructure ensures you can find fuel almost anywhere, reducing the worry of running out of power.
Maintenance and Cost: ICE engines require regular maintenance, including oil changes, filter replacement, and periodic tune-ups. These maintenance procedures and fuel costs contribute to the overall ownership expense of ICE vehicles.
Environmental Impact: ICE engines have improved in terms of emissions control, but they still contribute to air pollution and greenhouse gas emissions. Burning fossil fuels releases carbon dioxide (CO2) and other pollutants, which affect climate change and air quality.

Electric Vehicles (EV)

With increasing concern for the environment and advances in battery technology, electric vehicles have gained significant popularity in recent years. Here are some key factors to consider when evaluating EVs:

Environmental Impact: EVs produce zero tailpipe emissions, making them attractive to those seeking green transportation options. Using electricity, which can be generated from renewable sources, allows EVs to reduce greenhouse gas emissions and improve air quality.
Fuel and Maintenance Costs: The operating cost of EVs is lower than that of ICE vehicles. The cost of electricity is generally lower than that of gasoline or diesel, resulting in lower fuel expenses. In addition, EVs have fewer moving parts, thereby reducing maintenance and repair costs over time.
Range and Charging Infrastructure: One of the primary concerns with EVs is their limited range compared to ICE vehicles. However, advances in battery technology have greatly improved range, and charging infrastructure is expanding rapidly. Public charging stations and home charging solutions make charging an EV convenient, although longer journeys may still require careful planning.
Performance and Driving Experience: EVs provide instant torque and smooth acceleration while providing a pleasant driving experience. While they can't match the top speeds of some high-performance ICE vehicles, EVs excel in low-end acceleration and provide a quieter and more relaxed ride.

Conclusion

Choosing between an ICE and an EV engine depends on a variety of factors, including personal preferences, driving habits, and environmental considerations. ICE engines offer a long-established infrastructure, high performance and range but contribute to air pollution and high operating costs. On the other hand, EVs offer a green alternative with lower emissions, lower operating costs and a quieter driving experience.

As technology advances and infrastructure improves, EVs become a more viable option for a wider range of consumers. Ultimately, your decision should be down to your preferences, considering the benefits and limitations of both engine types and your budget.

How to take care of your car during monsoons

Monsoons can be challenging for car owners, with heavy rains, waterlogging, and potential damage. It is crucial to take proactive measures to protect your vehicle during this season and be prepared for any claim settlement process that may arise. This comprehensive guide will explore essential tips and best practices for caring for your car during the monsoons. Additionally, we will discuss how to navigate the claim settlement process effectively, ensuring a smooth and successful resolution in case of any damages.

Preparing Your Car for the Monsoons

Below we have listed a few things through which we can prepare our cars for the monsoon season:

Regular Maintenance and Inspection

Follow the manufacturer's recommended maintenance schedule to keep your car in top condition.
To ensure optimal performance, prioritize checking the brakes, tires, wipers, lights, and fluid levels.
Inspect the engine, filters, and belts for any signs of wear or damage.

Tires and Traction

Verify that your car's tires have sufficient tread depth to maintain traction on wet roads.
Check tire pressure regularly, as fluctuations may occur with temperature changes.
Consider switching to specialized rain tires for better grip and handling in wet conditions.

Windshield Wipers and Fluids

Inspect the wiper blades for wear and tear, replacing them if necessary.
Ensure the windshield washer system is properly functioning, and keep the washer fluid reservoir filled.

Protecting the Electrical System

Examine the battery, wiring, and electrical connections for signs of corrosion or loose connections.
Apply a protective coating to exposed electrical components to safeguard them from moisture.

Proper Drainage and Cleaning

Clear the drainage channels around the windshield, windows, and sunroof to prevent water ingress.
Regularly clean the floor and trunk drain holes to avoid clogging.
Clean the undercarriage to remove mud and debris that can cause corrosion.

Innovative Practices During the Monsoons

Below are some of the practices that we should follow during every monsoon season:

Parking Precautions

Park your car in a covered or elevated area to protect it from waterlogging and potential damage from overflowing drains.
Avoid parking under trees to reduce the risk of falling branches.

Driving with Caution

Slow down and maintain a safe distance from other vehicles to prevent accidents and skidding.
Avoid sudden manoeuvres and use your headlights and hazard lights appropriately.
Stay vigilant for areas prone to waterlogging and choose alternative routes if necessary.

Regular Cleaning and Waxing

Wash your car regularly to remove dirt, grime, and salt deposits that may accumulate during the monsoon.
Apply a coat of wax to protect the paintwork from moisture and prevent rusting.
Pay attention to cleaning the wheels and tires to remove mud and debris

Air Conditioning and Ventilation

Regularly check and clean the air conditioning vents and filters to prevent mould and bacterial growth.
Use the air conditioning system to maintain a dry cabin, reducing the chances of condensation and fogging.

Navigating the Claim Settlement Process

We have detailed the entire claim settlement process through which you can navigate yourself to the claim process from start to finish:

Understanding Insurance Coverage

Review your car insurance policy to understand the coverage provided during monsoon-related damages, such as floods, waterlogging, or accidental damages.
Ensure you have comprehensive insurance coverage that includes such scenarios.
Familiarize yourself with the claim settlement process outlined by your insurance provider.

Prompt Reporting and Documentation

In case of any damage to your car during the monsoon, immediately inform your insurance provider.
Document the damage by taking photographs and making a detailed note of the extent of the damage.
Maintain a record of all communication with the insurance company, including dates, names, and reference numbers.

Filing a Claim

Follow your insurance provider's instructions for filing a claim accurately and provide all the necessary documentation and evidence.
Complete the claim form thoroughly, including a detailed description of the incident, your contact details, and policy information.
Attach the supporting documents, such as photographs, repair estimates, and relevant invoices.

Coordinating with the Insurance Adjuster

Cooperate with the insurance adjuster assigned to your claim, providing them with all requested information and access to inspect the vehicle.
Be prepared to answer any questions or provide additional evidence as requested.
Maintain a professional and courteous demeanour throughout the process.

Choosing a Reliable Repair Shop

Research and select a reputable repair shop specialising in car repairs and has experience handling insurance claims.
Obtain repair estimates and communicate with the repair shop regarding the process and repair timeline.

Follow-Up and Claim Settlement

Regularly follow up with the insurance company to stay informed about the progress of your claim.
Once the claim is approved, coordinate with the repair shop to schedule the repairs and ensure timely completion.
Review the settlement offer provided by the insurance company, ensuring it covers all necessary repairs and expenses.

Claim Support for Motor Insurance From RenewBuy Claim Support Team

Customers can get guidance and solutions for motor insurance claims, providing comprehensive services tailored to their needs. Our experienced team assists in policy review and mis-sellings, claim denial, sub-standard claim settlement, and third-party claims etc.

Policy Review and Mis-selling

RenewBuy helps you identify any mis-selling in your motor insurance policy and help you rectify the situation.

Claim Denial Assistance

The claim assistance team of RenewBuy will assist you in case of your claim denial. We will build a strong case on your behalf to challenge wrongful claim denials.

Sub-standard Claim Settlements

RenewBuy helps you with your sub-standard claim settlement. We will assess and negotiate on your behalf and settle your loss appropriately.

Third-Party Loss or Damages

RenewBuy helps you file a claim against those responsible for your loss or damage.

Legal Dispute Resolution

RenewBuy provides you with end-to-end assistance in case of any legal dispute, and we will help you resolve complex motor insurance-related disputes.

Conclusion

Taking care of your car during the monsoon season is vital for its longevity and performance. By following the maintenance tips outlined in this guide, you can reduce the risk of damage and preserve the value of your vehicle. Additionally, understanding the claim settlement process and how to do it effectively can help you speed up the resolution of any damages that may occur during the monsoon. Remember to document any incidents, report the loss to your insurance provider immediately, and maintain open communication throughout the process. Being prepared and proactive can protect your car and ensure a successful claim settlement process.

Is It Worth To Be An Insurance Agent?

An Insurance Agent: More than a Broker

When we all look for multiple earning sources while doing a regular 9 to 5 job, becoming an insurance agent can be rewarding as part-time and full-time employment as well. Selling insurance may seem a challenging task at first instance for anyone out there, but if you get adequate training, something other than an unrestricted working schedule is what you can expect. An insurance agent job is now more than a convincer and become an innovative and dynamic field attracting people from all walks of life. Let’s discuss in detail whether being an insurance agent is worth it.

Who is an Insurance Agent?

Insurance agents are licenced professionals working as intermediaries between one or multiple insurance companies and the customer to offer a broader range of insurance products that complements the customer’s financial needs. The insurance agents make the insurance purchasing process easier by all means. They ensure that the policy buyer gets the best coverage to stay protected against any uncertainties of life for a great price. Also, an insurance agent assists the clients in filling out the forms, being responsible when settling claims, and informing the customers about any changes or updations regarding the policy and multiple roles.

Who is a POSP Advisor?

Insurance is a rapidly growing market in India, and after Covid-19, there’s been a boom in people purchasing life insurance, general insurance, or health insurance policies. To advance the process and give the career of an insurance agent credible growth in the country, IRDAI developed a new model for insurance distribution in 2015. The Point of Sales Persons (POSP) is the new phrase that reflects a trained and licenced insurance-selling individual. To become a POSP advisor, an individual must undergo basic training and certification, enabling them to sell pre-determined insurance products to their customers.

Functions of an Insurance Agent

If you are aspiring to become an insurance agent in India, except for selling life insurance, general insurance, health insurance, term insurance, motor insurance or other policies, there are multiple responsibilities that you will deliver. Let’s look into the key functions of an insurance agent in India.

Reaching New Business: The primary function of the insurance agent is to solicit prospective clients and procure new business. This includes closing the sales.

Protect the Existing Clients: With new customers, insurance agents must conserve their existing customers with the company's policies by ensuring that they duly submit their premiums and prevent the policies from lapsing.

Assist the Clients in Choosing the Suitable Policy: A POSP advisor should listen to the insurance needs of the customers and help them get one suitable insurance policy (whether health, term, motor, or endowment) from multiple options available in the market.

Enquire the Risk: Get all the necessary information that helps you evaluate the risks related to policy terms and conditions and help the client claim the risk accordingly.

Preparation of Required Documentation and Processes: An insurance agent should assist the client in collecting the prospect documentation per the terms and conditions of insurance policies and inform them about the importance of appointing the nominee. This helps eradicate future ambiguities.

Eligibility Criteria to be an Insurance Agent

As determined by IRDAI, some basic requirements make an individual eligible to become an insurance agent.

Educational Qualification: Minimum of 10th class
Age: At least 18 years of age
IRDAI Certification: Qualify the certification process set by the Insurance Regulatory and Development Authority of India (IRDAI)
State license: Qualify for the state-level exam to claim a license

Anyone who wants to start their career as an insurance agent or, say, a POSP advisor needs to fulfil the eligibility criteria mentioned above. Thus, if you are 18 or above and completed your 10th, no matter whether you are a housewife, a fresher, a student, part-time or full-time employment seeker, you qualify to start your training process to become an insurance agent.

Types of Career as an Insurance Agent

Being a life insurance agent can be exciting as you will be your own boss and gain an expanded income potential. An insurance agent has different career opportunities and paths and can provide you with the following job titles.

Insurance Agent: The primary duty of an insurance agent is to sell policies by visiting individuals, organizations, or various firms that need life insurance or general insurance policies within their budgets. They sell life insurance and other policies and play a significant role in taking responsibility for unforeseen events.
Insurance Advisor: An insurance advisor basically provides financial advice to clients in retirement planning, life threat planning, risk protection, and risk management. They ensure that the customers are aware of the terms and conditions, taxes and liabilities. Intermediation and sales are also included in their roles.
Customer Service Representative: The firm job of the customer relationship manager is to make a bridge between the life insurance company and the policy buyers. A representative regularly communicates with the clients, creates new prospects, and other customer service obligations. So the insured doesn’t approach the competitors.
Insurance Analyst: An insurance analyst generally analyses different insurance policies and practices to ensure possible consequences for life insurance companies and the insured.

It’s your choice to choose whether to work with a life insurance agency or be an independent entrepreneur. The jobs mentioned above are independent and commission based, which is higher in the first year of policy inception and then reduced, and the life insurers decide the commission permittable.

Worth of Becoming an Insurance Agent

The career choices you have never considered can be the best decisions ever. If you are considering being a POSP advisor or insurance agent, the first thought that strikes your mind is whether or not it is worth becoming an insurance agent. Here you get your answer, as the job is filled with multiple perks.

Helping People

While doing your job, remember that you are making a big difference by helping people secure their life and belongings most efficiently. The job is not only a way of settling your day-to-day expenses, but your actions keep your community safe and protected.

An Expanded Career Opportunity

Working 9 to 5, you may wonder what else you can achieve in life that can help you improve your and others lives. You can become a POSP advisor as a part-time opportunity or can be a full-time employee with any life insurance company. No matter the effect of recession and inflation, the need for insurance will never end.

Be Your Own Boss

Once you become an insurance agent, you become your own boss by acquiring the freedom you always sought in a 9 to 5 job. Whether an independent insurance agent or with any insurer, you select personal freedom that most jobs lack.

Expanded Earning Potential

As most jobs are tied up with a fixed salary, insurance agents are free to expand their earning capabilities to a good level. You can sell as many insurance policies per the requirements of the individual and make money on each policy sold.

Learning and Professional Development

A life insurance agent has opportunities for continuous learning and development, rather professional or personal. You work on your soft skill, including communication and problem-solving, and technical skills, including analysis and software specialization. Also, you are updated with the latest industry trends, regulation changes and new insurance products.

Stability and Job Security

No matter when you plan to switch to a job, you are always concerned about security. Doesn’t matter the automation in every industry; nothing can replace the need to buy insurance and the right guidance. The insurance industry provides stability and job security, including life insurance.

How Much Does an Insurance Agent Make?

Since the earnings of an insurance agent are totally commission-based, the pay can vary significantly depending on the insurance policies sold and insurer to insurer. Each insurance company has their own guidelines for their insurance agents, determining the commission percentage on a policy sold. There’s a different percentage of selling life, health, motor, renewals, claim assistance, etc.

Benefits of Becoming an Insurance Agent with RenewBuy

You can become a POSP advisor with RenewBuy by just following a simple process with zero investment. An insurance agent sells customers different POS and Non-POS insurance products and earns benefits accordingly. After analysing the requirements and selling insurance, you can gain the following benefits with RenewBuy.

Free POSP certification under IRDAI guidelines
Attractive monthly pay-outs
Digital passbook to track your business
Dedicated relationship manager support

Steps to Become an Insurance Agent at RenewBuy

RenewBuy offers the partner POSP advisors a good commission on each policy sold. Becoming an insurance agent or POSP advisor at RenewBuy is possible by following the simple steps mentioned below.

Create Account

Create an account by visiting our official website or downloading the RB partners application. Just provide the required information, and you are ready to go!

Document Submission

Submit the required documents as asked, including Aadhaar Card, PAN Card, 10th certificate, etc.

Verification

The quality check team at RenewBuy will asses and verify all the details provided.

Online Training & Examination

Your training 5 days process will begin online. After that, you must qualify for an examination to acquire the various certifications. Congratulations, you are a POSP advisor now and can Start Selling Insurance!

Bottom Line

Multiple insurance jobs in various insurance companies can help you gain a secured career in insurance. An insurance agent has a continuous earning resource and can pursue bigger objectives. While you get an authorised license to sell insurance policies from a definite insurer or different direct-to-customer insurance companies. Understanding an insurance agent's roles and responsibilities makes it worth being an insurance agent. When you know the awesome perks of insurance jobs, become an insurance agent today!

What are the Benefits of an Insurance Advisor?

Insurance is essential for financial planning, protection against unforeseen circumstances and providing peace of mind. However, navigating the complex insurance world can be overwhelming and confusing for many individuals. This is where an insurance advisor comes in. An insurance advisor is a knowledgeable professional who provides expert guidance and personalized advice to individuals to help them make informed decisions about their insurance needs. This article will explore the benefits of having an insurance advisor and why their services are invaluable in today's complex insurance landscape.

Benefits to Become an Insurance Agent

When it comes to understanding the complex world of insurance, having the guidance and expertise of an insurance agent can make all the difference. Insurance agents are professionals who help individuals and businesses find the right insurance policies to meet their unique needs. The section below will elaborate on the important benefits of working as an insurance agent and how their services can streamline the insurance process while providing peace of mind.

Expertise and Knowledge

The primary advantage of working with an insurance advisor is their expertise and knowledge. Insurance policies can be complex, containing various terms, conditions and exclusions that can be difficult for the average person to understand. Insurance advisors have in-depth knowledge of the insurance industry and keep themselves updated with the latest trends and regulatory changes. They can analyze your situation, assess your needs and recommend the best insurance products to meet your needs. With their expertise, you can make well-informed decisions and avoid potential pitfalls or gaps in coverage.

Time and Cost Savings

Partnering with an insurance agent can save you valuable time and money. Instead of researching insurance options yourself or contacting multiple insurance companies, an agent is a one-stop shop for all your insurance needs. They do the important work for you, comparing policies, getting quotations and negotiating terms on your behalf. This streamlines the insurance process, saving you time and effort. Furthermore, agents strive to find the best coverage at competitive rates, maximizing your cost savings without compromising the quality of your insurance coverage.

Personalized Advice

Insurance advisors provide personalized advice tailored to your specific needs. They take time to understand your financial goals, lifestyle and risk tolerance before recommending insurance options. Unlike online platforms or direct insurers, insurance advisors provide a human touch and personal approach. They consider your circumstances and offer recommendations tailored to your needs and budget. Whether you need coverage for your family, home, business or investments, an insurance advisor can guide you through the process, helping you find the most suitable policies that provide adequate protection.

Comprehensive Coverage

Insurance advisors can help you get comprehensive coverage by assessing your risks and identifying potential gaps in your insurance portfolio. They can evaluate your existing policies, such as auto, home, or health insurance, and determine if you have adequate coverage or if additional policies are necessary. By taking a holistic view of your insurance needs, an insurance advisor can ensure that you get the right protection for all aspects of your life, thereby reducing the risk of being underinsured or over insured.

Claims Assistance and Advocacy

Dealing with insurance claims can be a difficult and time-consuming process. Insurance advisors are your advocates during claims settlement, providing valuable help and support. They understand the intricacies of the claims process and can guide you through the necessary steps, ensuring that your claim is properly documented and submitted. In the event of a dispute with the insurance company, an advisor can represent your interests and negotiate on your behalf, maximizing the chances of a fair settlement. Having an insurance advisor with you can reduce stress and speed up the claims process, allowing you to focus on recovery and rebuilding.

Ongoing Support and Review

Insurance needs to evolve over time, and reviewing and updating your coverage regularly is important. An insurance advisor provides ongoing support and periodic reviews to ensure that your insurance portfolio aligns with your changing circumstances. They can help you deal with life events such as marriage birth of a child and recommend adjustments to your policies accordingly. Having a trusted advisor who understands your specific situation can give you peace of mind knowing that your insurance coverage is up to date and best suited for your current needs.

How to Evaluate Your Current Insurance Advisor?

If you already have an insurance policy and are looking to buy a new policy, you must re-evaluate your current insurance advisor or insurance agent to check whether he is up to the mark or not. Also, you need to check whether your current insurance advisor is doing his best to find the best insurance policy per your needs or just selling you random insurance policies. Here are a few points to judge that you have a good insurance advisor:

Your advisor should ask multiple questions to know your requirements
He/she will recommend various insurance policy options to choose from
He/she will try to find comprehensive and budget-friendly plans
Your insurance advisor will help you get the most out of coverage
Your advisor needs to be patient while solving all your queries and giving an explanation

Conclusion

In a complex and ever-changing insurance landscape, the benefits of an insurance advisor are clear. Their expertise, personalized advice, comprehensive coverage, claims assistance, and ongoing support make them invaluable allies when it comes to dealing with the intricacies of insurance. By working with an insurance advisor, you can make well-informed decisions, obtain the proper coverage, and have peace of mind knowing that your financial well-being is protected. Remember to consider the value of professional guidance in the field of insurance - let an insurance advisor be your trusted partner in securing your future.

Why do You Need a Health Insurance Advisor?

In today's complex healthcare landscape, understanding health insurance plans and making the right decision can be challenging. That's where a health insurance advisor comes in. A health insurance advisor is a professional who specializes in understanding the details of health insurance plans and helps individuals make informed decisions. This article will explain why you need a health insurance advisor and what benefits they provide.

Need for a Health Insurance Advisor

A health insurance advisor can be a valuable resource when it comes to navigating the complex world of health insurance. Here are a few reasons why you might consider working with a health insurance advisor:

Expertise and Knowledge

Health insurance policies can be complicated with many terms, conditions and coverage options. Understanding the complexities of these policies requires in-depth knowledge and expertise. A health insurance advisor understands the healthcare system, insurance regulations, and the latest industry trends. They stay updated about changes in the insurance landscape and can guide you through the maze of policies, ensuring that you make well-informed decisions.

Personalized Guidance

Everyone's healthcare needs are unique. A health insurance advisor takes time to understand your specific needs, budget and preferences. They evaluate your medical history, current health conditions, and anticipated healthcare needs. Based on this information, they recommend insurance plans best suited to your circumstances. This personalized guidance helps you choose a policy that provides adequate coverage and meets your specific healthcare needs.

Time and Effort Savings

Researching health insurance options can be a time-consuming and overwhelming process. A lot of effort is required from comparing different policies to understanding complex terms. You delegate this responsibility to an expert by hiring a health insurance advisor. They do everything for you, saving you valuable time and effort. They narrow down the options, explain the details, and provide a concise selection of suitable policies for you to choose from.

Cost Savings

Health insurance advisors are well-versed in identifying cost-saving opportunities. They analyze your healthcare needs and budget constraints to find the best value for your money. They assess the deductible, co-pays and out-of-pocket maximum amount. You can find a plan that balances coverage and affordability by using their knowledge.

Access to a Wide Range of Options

Health insurance advisors can access a broad spectrum of insurance providers and policies. They are not tied to any specific company or plan, allowing them to recommend multiple options that best suit your needs. Instead of being limited to a select few, you can explore a wide range of policies and providers. This expands your possibilities and increases your chances of getting a plan that meets your needs.

Assistance with Claims and Issue Resolution

Dealing with health insurance claims and resolving issues can be a cumbersome process. A health insurance advisor can help you navigate the claims process, ensure timely reimbursement, and resolve any disputes that may arise. Having an advisor can reduce stress and solve any insurance-related problems.

Ongoing Support

Your healthcare needs may change over time, and so should your insurance coverage. A health insurance advisor provides ongoing support, periodically reviewing your policy to ensure it still meets your needs. They stay informed about new plan offerings and can recommend adjustments or alternative policies if your circumstances change. This ensures you always have the most suitable coverage for your growing healthcare needs.

It is important to note that while a health insurance advisor can provide valuable guidance, you should also research and consider your circumstances before making any decisions. Additionally, check whether the advisor is licensed, experienced, works independently, or is affiliated with specific insurance companies to ensure unbiased advice.

Benefits of Connecting to RenewBuy Health Insurance POSP Advisor

Below mentioned are some of the benefits of connecting to RenewBuy POSP advisor of Health Insurance:

Expert Advice
24x7 Assistance
Discounted Premiums
Access to a Wide Range of Options
In-person Consultations

Conclusion

A health insurance advisor provides valuable expertise, personalized guidance and saves time. They help you deal with the complexities of health insurance policies, saving you effort and money. With their help, you can make informed decisions, find the most appropriate coverage, and ensure ongoing support for your healthcare needs. Consider consulting a health insurance advisor to simplify the process and gain peace of mind regarding your health insurance decisions.

Do You Need a College Degree to Be an Insurance Agent?

Time changes, but the need for insurance in one’s life cannot be replaced. No matter where we are or what we do, we’ve always heard that insurance is an individual's best protection and investment tool. In the Indian Insurance Industry, where about 23 life insurance companies continuously develop their products to fit an individual’s personalized needs, it becomes difficult for a person to compare and choose the best plan from many.

As an insurance agent, this is where you play your crucial role. An insurance agent is an experienced individual who understands clients’ needs and suggests one optimal plan to them in many. The job is exciting as well as rewarding at the same time. Are you fascinated by this career opportunity and wondering what degree you need to become an insurance agent? Let’s discuss all the requirements and processes in detail.

Who is An Insurance Agent?

The insurance industry is one of the major industries where millions of money is invested in the market. The insurance industries offer prospective clients various life insurance and general insurance policies. To sell these policies, they need their representatives, an Insurance Agent or POSP advisor, thus, the role of an insurance agent is crucial. They are the middleman between an insurer and customer and are responsible for communicating and understanding the customers' needs and offering them a suitable life insurance or general insurance product. You need adequate training and licensing to sell insurance we are going to explain further.

What Do I Need to Become an Insurance Agent in India?

To become an insurance agent and sell life, and general insurance policies, you must need certain skills

Good communication skills
Excellent listening ability
Selling and marketing ability
People skills to expand network
Analyse customer's needs to offer suitable insurance plan
Follow up and convert the leads

Basic Requirement to Become An Insurance Agent

Every career requires some basic qualifications, the insurance industry has also set up some restrictions to allow an individual to become an insurance agent in India. Regardless of whether you want to become an insurance agent with a particular insurance company or be an independent insurance broker, the basic requirement of becoming an insurance agent is the same.

Education: An individual who has his/her secondary education (10th Grade) certificate from a recognized board is eligible to become an insurance agent.
Age: You must have to be of at least 18 years of age to be eligible to become an insurance agent in India and sell life insurance or general insurance policy of any insurance company.
Pre-Licensing Requirements: You need to register through the official website of the Insurance Regulatory and Development Authority of India (IRDAI) and go through a compulsory training process for licensing. Or you can also contact agencies like Direct to Customer Consulting Services Pvt. Ltd. “RenewBuy” to inquire about their pre-licensing process.
Examination: The IC38 is the basic examination an individual needs to qualify to be an insurance agent in any insurance company. This objective examination varies in difficulty level depending on the insurance you want to sell, such as life insurance, general insurance, health insurance or motor insurance, etc.
Licensing: Once you qualify for the Insurance Regulatory Examination, prepare the documents as specified by the insurance company or agency. The documents can include identification certificates, photographs, education certificates, exam scoreboards, and others as per the requirements. You must submit a specified fee and forward your application to IRDAI for approval. Once verified, you will receive your insurance agent licence.
Sell the Policies: Now, you are eligible to sell life insurance or general insurance policies per the allowance of the license.

Do I Need a College Degree to Be An Insurance Agent?

No, having a college degree to be an insurance agent is not a prerequisite. But while it’s not a necessity, having a degree may improve your chances of becoming successful as an agent and open good career opportunities further. Since, from a homemaker, fresher, to a regular employee working in a good position have chances to be an insurance agent and expand their earning opportunities, a good degree can add up value to your performance.

One can opt for different career opportunities as an insurance agent, and requirements vary as per various life insurers available in the insurance market.

What Kind of Training is Required to Become an Insurance Agent?

An insurance agent can belong to different educational backgrounds. To become a POSP advisor or an insurance agent, a secondary education (10th grade) certificate is required, and different insurers may require a higher education certificate, depending on the role. Most states require to complete a pre-licensing training course. The Insurance Regulatory and Development Authority of India (IRDAI) has a specified training and examination module for an individual who wants to become a POSP advisor or an insurance agent/broker.

Anyone qualifying for the basic requirements to become an insurance agent can take the training and appear for the examination. This training module takes a few hours to complete and covers major topics related to the state insurance examination. During the training, the aspirant learns about insurance ethics, different insurance policies, state laws, and basic selling strategies.

How Long Does it Take to Become an Insurance Agent?

Depending on the state insurance licensing process, it can take a few days to complete the training, appear in the examination, and allot an insurance license. Different insurers offer free or discounted material to study for licensing exams. If you want to sell multiple insurance products like life insurance, health insurance, general insurance, or any other, you must take multiple pieces of training and qualify for the examinations. Depending on the insurance agent's examination level, online courses can take around 20-25 hours to complete.

Final Words

One can become a life or general insurance agent with mandatory training and a licensing examination. While it is not necessary to have a college degree to become an insurance agent, having one adds value and opens multiple opportunities in insurance. You just need to check with the state laws and basic requirements to enter the insurance agent gateway.

Want to learn more about how you can become a POSP advisor with RenewBuy, connect with us over our website or download our handy mobile application.

Exploring the Career as an Insurance Agent in India

Insurance is essential to modern life, providing financial protection against various risks and uncertainties. In India, the insurance industry has grown rapidly in recent years due to increasing income, increasing awareness about insurance benefits and favorable insurance policies. As a result, a career as an insurance agent in India can be lucrative and rewarding for those with the right skills and mindset.

A career as an insurance agent in India can be very rewarding. Insurance agents in India are responsible for selling different types of insurance policies, such as life insurance, health insurance and motor insurance. They usually work for insurance companies, but some may also be self-employed. In this article, we will explore the various aspects of the career of an insurance agent in India, including the job requirements, salary, growth prospects, and challenges faced by agents in the industry.

Job Requirements for Insurance Agents in India

The job of an insurance agent in India involves selling insurance policies to individuals and businesses and helping clients choose the policies that best meet their needs and budget. To be successful in this career, an insurance agent must possess several essential skills, including:

Sales and Marketing Skills: Insurance agents must be able to identify potential customers, explain the benefits and features of various insurance policies, and persuade clients to purchase policies.
Communication Skills: Insurance agents must have excellent communication skills to interact effectively with clients, explain complex insurance products in simple terms, and address any queries or concerns that clients may have.
Networking Skills: Insurance agents must build and maintain a strong network of clients and business contacts, which requires effective networking skills and establishing long-term relationships with clients.
Analytical Skills: Insurance agents must analyze the needs of clients and recommend the most appropriate insurance policies based on the client's requirements.
Organizational Skills: Insurance agents must be organized, detail-oriented, and able to manage multiple tasks simultaneously, such as processing insurance applications, collecting premiums, and maintaining records of policies sold.

In addition to these essential skills, insurance agents in India must also be licensed by the Insurance Regulatory and Development Authority of India (IRDAI). To obtain an insurance agent license, an individual must pass an exam and meet certain educational and training requirements.

Salary and Commission for Insurance Agents in India

The earnings of an insurance agent in India depend on the commission they receive on policies sold. The commission rates vary by the insurance company and policy type but typically range from 5 to 15% of the premium paid. Successful insurance agents in India can earn a significant income, especially if they build a large and loyal customer base.

The salary and commission structure for insurance agents in India is typically performance-based, meaning agents who sell more policies earn higher commissions and salaries. However, the earnings of an insurance agent also depend on factors such as the insurance company they work for, the region they work in, and their level of experience and expertise.

For instance, insurance agents who work for large insurance companies in urban areas may earn higher salaries and commissions than those who work for smaller companies in rural areas. Similarly, experienced insurance agents specialising in niche areas such as health or life insurance may also command higher salaries and commissions than general insurance agents.

Growth Prospects for Insurance Agents in India

The insurance industry in India is growing rapidly, with the sector expected to reach a market size of US$ 222 billion by 2026, according to a report by the India Brand Equity Foundation (IBEF). This growth is driven by rising disposable incomes, increasing awareness of the benefits of insurance, and favourable government policies.

As a result, the career prospects for insurance agents in India are favourable, with ample opportunities for growth and advancement. Insurance agents who perform well and build a strong customer base can progress to higher positions, such as sales managers, branch managers, or even regional or national sales heads. Some insurance agents may also choose to become independent brokers or start their own insurance agencies.

Challenges Faced by Insurance Agents in India

While the career prospects for insurance agents in India are promising, the job also comes with its own set of challenges. Some of the key challenges faced by insurance agents in India include:

Intense Competition: The insurance industry in India is highly competitive, with many insurance companies and agents vying for the same pool of customers. This intense competition can make it difficult for insurance agents to stand out and build a loyal customer base.
Regulatory Changes: The insurance industry in India is subject to frequent regulatory changes, which can impact the products and services offered by insurance companies and agents. Keeping up with these changes and adapting to them can be challenging for insurance agents, especially those who need more resources and support.
Limited Product Offerings: While the insurance industry in India is growing rapidly, the range of products and services offered by insurance companies still needs to grow compared to other markets. This can make it difficult for insurance agents to meet their client's diverse needs, especially those requiring specialized insurance products.
Lack of Awareness: Despite the growing awareness of insurance benefits in India, a significant portion of the population is either uninsured or underinsured. This lack of awareness can make it difficult for insurance agents to reach potential customers and convince them of the importance of insurance.
Ethical Concerns: The insurance industry in India has been marred by instances of unethical practices such as mis-selling, misrepresentation, and non-disclosure of terms and conditions. These practices can damage the reputation of insurance agents and the industry as a whole, undermining customers' trust in insurance products.

Conclusion

In conclusion, a career as an insurance agent in India can be a lucrative and rewarding one for those with the right skills and mindset. Insurance agents in India play a crucial role in providing financial protection to individuals and businesses and also contribute to the growth and development of the insurance industry in the country.

While the job of an insurance agent in India comes with its own set of challenges, the career prospects for insurance agents are favourable, with ample opportunities for growth and advancement. To succeed in this career, insurance agents must possess essential skills such as sales and marketing, communication, networking, analytical, and organizational skills.

Furthermore, insurance agents in India must also be licensed by the IRDAI and abide by ethical standards and best practices to build trust with clients and establish a strong reputation in the industry. With the right skills, training, and dedication, a career as an insurance agent in India can be professionally and financially fulfilling.

How to File Income Tax Return for Insurance Agent in India?

As an insurance agent in India, filing your income tax return can seem like a daunting task. The process can be cumbersome, especially if you are not well-versed in tax laws and regulations. However, it is important to file your income tax return correctly and on time to avoid penalties and interest. In this article, we will guide you through the process of filing your income tax return as an insurance agent in India.

Step 1: Gather all necessary documents

The first step in filing your income tax return is to collect all the required documents. As an insurance agent in India, you will need to collect the following documents:

Form 16: This form is issued by the insurance company you work for and reports the total amount of commissions you earned during the tax year.
Business Expenses: As an insurance agent, you may have incurred expenses related to your business, such as travel expenses, office supplies and marketing expenses. You must keep track of these expenses throughout the year and collect all receipts and invoices to support them.
Deductions: You may be eligible for deductions related to your business, such as home office expenses, business use of your vehicle, and health insurance premiums.
Personal Information: You must provide personal information such as your PAN (Permanent Account Number), Bank account details, address, and date of birth.

Step 2: Determine Your Filing Status

Your filing status is determined by your marital status on the last day of the tax year. As an insurance agent in India, you can be single, married or head of household. Determining your filing status correctly is important because it will affect your tax liability.

Step 3: Calculate Your Income

To calculate your income as an insurance agent in India, you must add all the commissions you earned during the tax year. You may also need to include any other sources of income, such as interest income or rental income.

Step 4: Calculate Your Deductions

As an insurance agent in India, you may be eligible for deductions related to your business. Some common deductions include home office expenses, business use of your vehicle, and health insurance premiums. You should consult with a tax professional to determine your eligible deductions.

Step 5: Determine Your Tax Liability

Once you have calculated your income, you must determine your tax liability. The tax liability is the amount of tax you must pay to the government. You can use online income tax calculators to determine your tax liability. It is important to note that insurance agents must pay advance tax if their tax liability exceeds INR 10K in a financial year.

Step 6: File Your Tax Return

After determining your tax liability, you can file your tax return. In India, you can file your tax return online or by email. You can use the government's e-filing portal to complete your return if you file online. If you file by mail, you must complete Form ITR-1 and mail it to the Income Tax Department. The last step is to file your income tax return. You can also take the help of a Chartered Accountant or a Tax Consultant to file your Income Tax Return. Make sure you file your income tax return before the due date to avoid penalty. Tips for Filing Income Tax Returns for Insurance Agents in India

Keep all your documents organized and in one place to avoid any last-minute rush.
Use online tax calculators to determine your tax liability.
File your income tax returns before the due date to avoid penalties.
Seek the help of a tax consultant or a chartered accountant if you have any doubts or queries.
Ensure that you pay your taxes on time to avoid legal consequences.

Step 7: Pay any Taxes Owed

If you owe taxes, you must pay them by the tax deadline. In India, the tax deadline is usually 31st July every year. If you fail to pay your taxes on time, you may be subject to penalties and interest.

Step 8: Receive your refund (if applicable)

If you have overpaid your taxes, you will receive a refund from the Income Tax Department. You will receive your refund within 120 days of filing your return.

Step 9: Keep Copies Of Your Tax Return And Supporting Documents

Keeping copies of your tax return and supporting documents for at least six years is important. This will help you if the income tax department ever audits you.

Conclusion

Filing income tax returns can be complicated, especially for insurance agents who need to be well-versed in tax laws and regulations. However, by following the steps outlined in this article, you can ensure that you file your tax return correctly and avoid any penalties or interest. It is important to consult a tax professional or refer to the government's e-filing portal to ensure you follow the correct guidelines applicable to your location and situation. Filing your income tax return on time will not only help you avoid penalties and interest but also contribute to the growth of the country.

How Long Does it Take to Become an Insurance Agent?

Becoming an insurance agent in India is a relatively simple process that requires minimal time investment. However, the exact time it takes to become an insurance agent in India can vary depending on various factors, including the type of insurance you want to sell, the organization you work for, and your circumstances. This article will give you an overview of the process and time taken to become an insurance agent in India.

The Process of Becoming an Insurance Agent in India

The process of becoming an insurance agent in India involves the following steps:

Step 1: Eligibility Criteria

The first step to becoming an insurance agent in India is ensuring you meet the eligibility criteria. To be eligible to become an insurance agent in India, you must be at least 18 years old, have a minimum educational qualification of 10th class and have a valid PAN card.

Step 2: Choose the type of Insurance

The next step is to choose the type of insurance you want to sell. In India, there are two types of insurance agents: life insurance agents and general insurance agents. Life insurance agents sell life insurance policies, while general insurance agents sell policies related to health, motor, fire and other types of insurance.

Step 3: Training and Certification

Once you decide what type of insurance you want to sell, you will need to undergo training and certification. Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body that oversees the insurance sector in India. It mandates that all insurance agents undergo a mandatory training program and pass an exam to become licensed.

Step 4: Obtaining a License

After completing the training program and passing the exam, you can apply for an insurance agent license from IRDAI. The application process involves the submission of various documents such as your educational qualification, identity proof and address proof.

Step 5: Join an Insurance Company

The last step is to join an insurance company or any insurance broker company as an agent. Once you get your license, you can apply to join an insurance company or insurance broker company as an agent. The company will provide you with the necessary training and support to start selling insurance policies.

Time Takes to Become a RenewBuy POSP Advisor in India

The time takes to become RenewBuy POSP Advisor in India can vary based on various factors. The following are the approximate timelines for each step of the process:

Step 1: Eligibility Criteria - 1 day
To meet the eligibility criteria, you must have a minimum educational qualification of 10th standard and a valid PAN card. It usually takes a day to obtain a PAN card.

Step 2: Choose the type of Insurance - 1 day
Choosing the type of insurance you want to sell is a personal decision and can be done in a day.

Step 3: Training and Certification - 1-2 weeks
RenewBuy has a separate app for training and study material, i.e., “RenewBuy Partners” for Insurance Agents, where they can go and study with the help of videos, podcasts and learning paths. This entire training process will be completed within 10 to 14 days i.e. 1-2 weeks. After the training is complete, you will need to pass an exam to become licensed. The exam can be taken online, and results are usually announced within a week.

Step 4: Obtaining a License - 1-2 weeks
After you have completed the training program and passed the examination, you can apply for an insurance agent license from the IRDAI. The application process can take anywhere from 1-2 weeks.

Step 5: Join an RenewBuy Insurance Company - 1 weeks
Once you have obtained your license, you can join RenewBuy insurance company as a POSP Advisor. RenewBuy insurance company will provide you with the necessary training and support to start selling insurance policies. The joining process can take only 1 week.

Conclusion

Becoming an insurance agent in India is a relatively simple process that requires minimal time investment. By following the steps mentioned above, you can become a licensed insurance agent and start selling insurance policies in a matter of weeks. It is important to note that although the process of becoming an insurance agent may be quick, success in the industry requires hard work, dedication and a commitment to providing the best possible service to your clients.

Insurance Advisor Career Opportunities

Insurance advisors play an important role in the insurance industry. They are responsible for guiding and advising customers on various insurance policies and helping them choose the right insurance plan. In this article, we will provide an overview of the job description of an insurance advisor, including their responsibilities, skills, qualifications, and salary.

Insurance Advisor Job Description

The primary responsibility of an insurance advisor is to assist clients in selecting the right insurance policies that meet their needs and requirements. Insurance advisors work with clients to understand their insurance needs, explain various policy options, and help them make informed decisions. They also provide ongoing customer support, including claims management, renewals and policy changes.

Responsibilities of an Insurance Advisor

The following are the typical responsibilities of an insurance advisor:

Understanding Client Insurance Needs: Insurance advisors work closely with clients to understand their insurance needs and requirements. They ask questions about the customer's financial situation, lifestyle and risk tolerance to determine the appropriate level of coverage.
Explaining Policy Options: Insurance advisors explain various policy options to the customers. They provide information about the benefits, features and costs of each policy to help customers make an informed decision.
Recommending Appropriate Coverage: Insurance consultants recommend suitable coverage options based on the needs and requirements of the customer. They help customers choose the right level of coverage to protect their assets and manage risks.
Managing Client Relationships: Insurance advisors work to build and maintain strong relationships with clients. They provide ongoing customer support, including claims management, renewals and policy changes.
Staying up-to-date with Industry Trends: Insurance advisors stay up-to-date with the latest industry trends and regulation changes. They attend training sessions and seminars to enhance their knowledge and skills.

Skills and Qualifications of an Insurance Advisor

The following are the typical skills and qualifications required to become an insurance advisor:

Good Communication Skills: Insurance advisors must have excellent communication skills to explain complex policy options to clients and build strong relationships with them.
Strong Analytical Skills: Insurance advisors must have strong analytical skills to assess client needs and recommend appropriate coverage options.
Sales Skills: Insurance advisors must have strong sales skills to persuade clients to purchase insurance policies.
Attention to Detail: Insurance advisors must pay close attention to detail to ensure that clients receive the appropriate coverage and that policies are accurately documented.
Customer Service Skills: Insurance advisors must have excellent customer service skills to support clients and address any concerns or issues they may have.
Education and Certification: To become an insurance advisor, one must have a minimum of a high school diploma. However, most insurance companies prefer candidates with a bachelor's degree in business, finance, or a related field. Additionally, insurance advisors must obtain the necessary licensing and certification to sell insurance policies in their state.

Salary of an Insurance Advisor

The salary of an insurance advisor can vary based on various factors, including their experience level, location, and organization. According to Payscale, the average salary of an insurance advisor in India is around INR 3,50,000 per annum. However, experienced insurance advisors can earn more than INR 10,00,000 annually.

Benefits of Working with RenewBuy

Below mentioned are the benefits of working with RenewBuy:

Free POSP Certification
Attractive Monthly Payouts
Dedicated Relationship Manager Support
No Investment Required
Dedicated Application for Partners

Conclusion

Insurance advisors play an important role in the insurance industry. They are responsible for helping customers choose the right insurance policies that meet their needs and requirements. Insurance advisors must have excellent communication and analytical skills, strong sales skills, attention to detail, and a commitment to providing outstanding customer service. If you are interested in pursuing a career in the insurance industry, then becoming an insurance advisor can be a rewarding and lucrative career option.

How to Crack IRDAI Exam for Becoming Insurance Advisor?

The insurance sector is one of the fastest-growing sectors in the Indian economy. The Insurance Regulatory and Development Authority of India (IRDAI) is the governing body that regulates the insurance industry in India. Moreover, the Insurance industry offers great career opportunities to the upcoming candidates, i.e., to become an Insurance Advisor. To become an insurance advisor in India, one must get an IRDAI license by passing the IRDAI exam. The exam is conducted online and consists of multiple-choice questions. This article will discuss how to clear the IRDAI exam to become an insurance advisor.

Understand the Exam Pattern

The first step to crack the IRDAI exam is understanding the exam pattern. The exam consists of 50 multiple-choice questions and lasts 60 minutes. The passing mark for the exam is 35 out of 50, and there is no negative marking for incorrect answers. The exam covers various insurance-related topics, including insurance products, regulations, and practices.

Study the Syllabus

Once you understand the exam pattern, the next step is to study the syllabus. IRDAI exam covers various topics related to insurance:

Principles of insurance
Insurance products
Regulations and guidelines
Insurance marketing and sales
Insurance claims and settlement
Ethics and customer service

You must study each topic in detail and understand the key concepts and principles. Make sure to cover all the topics mentioned in the syllabus to ensure you are well-prepared for the exam.

Use Study Material

To crack the IRDAI exam, you must use study material that covers all the topics mentioned in the syllabus. Various study materials, including books, mock tests and online courses, are available online. You can also find study material provided by IRDAI on their website.

It is essential to choose study material that is reliable and covers all the topics of the syllabus. You should also look for study materials that include practice questions and mock tests to help you prepare for the exam.

Take Mock Tests

Taking mock tests is an excellent way to prepare for the IRDAI exam. Mock tests simulate the actual exam, giving you an idea of the exam pattern and the type of questions that will be asked. Taking mock tests will also help you identify your strengths and weaknesses and focus your study efforts accordingly.

There are various mock tests available online, and you can choose from them that best suits your needs. Make sure to attempt multiple mock tests and analyze your performance to identify the improvement areas.

Revise and Practice

To crack the IRDAI exam, you need to revise and practice regularly. Revising the studied topics will help you retain the information better, and practicing questions will help you apply the concepts you have learned.

Make a study schedule and set aside time for revision and practice. Focus on topics you find difficult and practice questions related to those topics. You can also join study groups or online forums to discuss topics and get help from other candidates.

Stay Updated

The insurance industry in India is constantly evolving, and it is essential to stay updated with the latest developments and regulations. Subscribe to industry publications and websites and follow IRDAI on social media to stay updated with the latest news and developments.

Being updated with the latest developments will help you answer questions about current trends and practices in the insurance industry. It will also demonstrate your commitment to the industry and your willingness to learn and grow.

Tips to Crack IRDAI Exam

IRDAI exam is challenging, but it is not impossible to crack. If you are willing to put in the time and effort, you can definitely crack the exam. By adopting these tips, you can increase your chances of success.

Here are some additional tips that may be helpful:

Use online resources to supplement your studies. You can also connect with RenewBuy.com to get the proper guidance and study material to help you prepare for the IRDAI exam.
You can also attend workshops or seminars on insurance from RenewBuy. These events can be a great way to learn about the insurance industry and the IRDAI exam.
Connect with other insurance professionals. Talking to other insurance professionals can help you gain insights into the industry and the exam.

Moreover, RenewBuy provides you with the opportunity to become the POSP advisor of RenewBuy and earn a handsome commission and be your own boss.

Conclusion

Cracking the IRDAI exam to become an insurance advisor requires dedication, hard work, and a thorough understanding of the exam pattern and syllabus. By following the steps mentioned in this article, you can prepare effectively for the exam and increase your chances of success.

Remember to study the syllabus, use reliable study material, take mock tests, revise and practice regularly, and stay updated with the latest developments. With the right preparation and a positive attitude, you can crack the IRDAI exam and embark on a rewarding career as an insurance advisor in India.

Is Being a Life Insurance Agent a Good Career Choice?

Choosing a career path can be very difficult for any individual as it is one of the most important decisions for any individual. This decision not only impacts their financial future but also their lifestyle and overall well-being. One career path often overlooked is becoming a life insurance agent. Very few people in India know about this opportunity to become a life insurance agent. In this article, we will explore the pros and cons of being a life insurance agent and help you determine whether it is a good career choice for you.

Pros of Being a Life Insurance Agent

Below mentioned are some of the pros of becoming a life insurance agent in India:

Flexibility: One of the most important benefits of being a life insurance agent is the flexibility of the job. You can set your own schedule and work from home, allowing you to spend more time with your family and pursue other interests.
High Earning Potential: Life insurance agents can earn a high income. The more policies you sell, the more commission you can earn. Many life insurance companies also offer bonuses and incentives for meeting sales goals.
Positive Impact: As a life insurance agent, you can positively impact people's lives by helping them secure their financial futures. You will provide them with the peace of mind that comes with a life insurance policy.
Professional Growth: Being a life insurance agent can provide you with numerous opportunities for professional growth. You will have access to ongoing training and development programs that can help you enhance your skills and knowledge.
Job Security: The insurance industry is always in demand, which means that there is a constant need for life insurance agents. As long as people need insurance policies, there will be job security for life insurance agents.

Cons of Being a Life Insurance Agent

Below mentioned are some of the cons of being a life insurance agent in India:

Commission-Based Income: One of the biggest downsides of being a life insurance agent is that your income is commission-based. You must sell policies to earn an income. This can be stressful, especially when you are just starting in the industry.
No Guarantees: Even if you are a successful life insurance agent, there are no guarantees that you will continue to be successful in the future. Market conditions can change, and people's needs and priorities can shift, affecting your sales.
Challenging Work: Being a life insurance agent is a challenging job. It requires excellent communication skills, sales skills, and the ability to handle rejection. You will need to be able to explain complex policies to clients and deal with their objections and concerns.
High Competition: The insurance industry is highly competitive, and there are many insurance agents vying for the same clients. You must work hard to stand out from the competition and attract clients.
Regulatory Requirements: To become a life insurance agent, you must meet specific regulatory requirements, including obtaining a license from the state where you plan to work. You must complete pre-licensing courses and pass an exam to obtain your license.

Is Being a Life Insurance Agent a Good Career Choice?

The answer to this question depends on your interests, skills, and goals. If you enjoy helping people and have excellent communication and sales skills, becoming a life insurance agent could be a good career choice for you. The job allows you to set your own schedule, work from home, and earn a high income.

However, if you do not enjoy sales or are uncomfortable with the idea of working on a commission-based income, there may be better choices than being a life insurance agent for you. Additionally, if you are not willing to put in the effort to continuously learn and develop your skills, you may struggle to succeed in the competitive insurance industry.

How to Become a Life Insurance Agent?

If you have decided that becoming a life insurance agent is the right career choice for you, here are the steps you need to follow:

Obtain a License: To become a life insurance agent, you must obtain a license from the state where you plan to work. The requirements for obtaining a license vary from state to state, but generally, you will need to complete pre-licensing courses and pass an exam.
Choose a Company: Once you have obtained your license, you must choose a company to work for. Look for a company that aligns with your values and offers the training and support you need to succeed.
Attend Training: Most insurance companies provide training to their agents. Attend all the training sessions your company offers to enhance your skills and knowledge.
Build Your Network: As a life insurance agent, your success will depend on your ability to build a network of clients. Attend networking events, contact family and friends, and use social media to connect with potential clients.
Stay Up-to-Date: The insurance industry is constantly evolving, and staying up-to-date with the latest developments and regulations is essential. Subscribe to industry publications and websites and attend industry events to stay informed.

Conclusion

Being a life insurance agent can be a rewarding career choice for those with the right skills and mindset. The job provides flexibility, a high earning potential, and the opportunity to impact people's lives positively. However, it is a challenging job and requires excellent communication and sales skills and the ability to handle rejection and uncertainty.

If you are considering becoming a life insurance agent, take the time to research the industry and understand the pros and cons. Talk to other agents and attend industry events to understand the job better. If you decide to pursue a career as a life insurance agent, be prepared to put in the effort to continuously learn and develop your skills and always stay up-to-date with the latest developments in the industry. With the right mindset and dedication, being a life insurance agent can be a fulfilling and lucrative career choice.

What is an Insurance Advisor?

An insurance advisor is a professional who helps individuals and companies navigate the complex world of insurance. In India, the role of an insurance advisor is regulated by the Insurance Regulatory and Development Authority of India (IRDAI). This article will explain what is an insurance advisor in India, the qualifications required to become one and the services they provide.

What is an Insurance Advisor in India?

An insurance advisor in India is a licensed professional who advises individuals and companies on insurance products and services. Insurance advisors work for insurance companies, insurance brokers or independent agents. Their primary role is to help customers understand their insurance needs and recommend products that best suit them.

Insurance advisors in India deal with various insurance products, including life, health, motor, etc. They are responsible for explaining the terms and conditions of insurance policies to customers and helping them understand the policies' coverage, exclusions and limitations.

Qualifications Required to Become an Insurance Advisor in India

To become an insurance advisor in India, you must meet specific qualifications and be licensed by IRDAI. The essential qualifications to become an insurance advisor in India are as follows:

Age Requirement: You must be 18 years old to become an insurance advisor.
Educational Qualification: You must have completed a 10th-standard education from a recognized board.
Training: You must complete a pre-licensing training program approved by IRDAI. The training program covers various insurance-related topics, including insurance products, regulations, and practices.
Exam: You must pass an online exam conducted by IRDAI. The exam consists of 50 multiple-choice questions and the exam lasts 60 minutes. The passing marks for the exam are 35 out of 50.
Background Check: You must undergo a background check by the police authorities to ensure you do not have a criminal record.

Services Provided by Insurance Advisors in India

Insurance advisors in India provide a wide range of services to their clients. Some of the services provided by insurance advisors are as follows:

Assessing Insurance Needs: Insurance advisors help clients assess their insurance needs by analyzing their financial situation, lifestyle and risk profile. Based on their assessment, they recommend insurance products that best suit their needs.
Finding the Right Insurance Products: Insurance advisors help customers find the right insurance product by explaining the features, benefits and limitations of different insurance policies. They also help customers compare insurance policies from different insurers to find the best policy for their needs.
Claim Assistance: Insurance advisors assist customers by explaining the claim process and helping them fill out the necessary forms. They also liaise with the insurer to ensure that claims are processed promptly and efficiently.
Policy Renewal: Insurance advisors inform customers when their insurance policies are due for renewal and assist them in renewal. They also help the customers understand the changes in any policy terms and conditions that have occurred since the last policy period.
Policy Review: Insurance advisors periodically review their clients' insurance policies to ensure they are up-to-date and continue to meet their needs. They also provide recommendations on necessary policy changes based on changes in the financial status or lifestyle of the customer.

Benefits of Working with an Insurance Advisor in India

Working with an insurance advisor in India provides several benefits, including:

Expert Advice: Insurance advisors have the expertise and knowledge to help clients make informed decisions about their insurance needs. They can provide clients with recommendations on insurance products that best suit their needs and budget.
Time-Saving: Insurance advisors save clients time by handling the research, paperwork, and claims process on their behalf. This allows clients to focus on their personal and professional responsibilities without worrying about the complexities of insurance.
Cost Saving: Insurance advisors can help clients save money by finding the best insurance products at competitive prices. They can also help clients avoid unnecessary insurance products that may not be suitable for their needs.
Peace of Mind: Insurance advisors provide clients with peace of mind by ensuring their insurance needs are met and they have the right coverage. This gives clients the confidence to pursue their personal and professional goals without worrying about unexpected events.

Related Article: Benefits of an Insurance Advisor

Conclusion

An insurance advisor in India is a licensed professional who advises and guides individuals and businesses on insurance products and services. Insurance advisors help customers assess their insurance needs, find the right insurance product, assist with claims, and periodically review policies to ensure they continue to meet their needs.

To become an insurance advisor in India, you must meet specific qualifications and be licensed by IRDAI. Working with an insurance advisor offers many benefits, including expert advice, time savings, cost savings and peace of mind. If you want insurance products and services in India, consider working with an insurance advisor to meet your insurance needs.

How To Become Health Insurance Agent

Health Insurance Agent: An Overview

Are you looking for a career opportunity unaffected by the recession or economic downturn? Insurance is one of the industries growing rapidly today. Mentioning of insurance, health insurance has become a crucial need in the present to gain quality healthcare and other hospital facilities. We have realised the need for health insurance during COVID-19 for ourselves and our families. Since there’s been a rise in health insurance demand, this opens the door for extended career opportunities for you as a health insurance agent.

This article includes the essential information to help you become a health insurance agent, including requirements and processes.

Who is a Health Insurance Agent?

A health insurance agent works with a particular insurance company or an agency to sell health-related insurance products. They play a vital role in helping individuals, families, and businesses understand the policy terms and features and choose one according to their financial and medical needs. From policy selection to premium payment and claiming quality healthcare coverage, a health insurance agent helps the policyholders stay financially secure and healthy. A health insurance agent typically receives the commission on each policy they sell. They have a profound knowledge of different health insurance plans, including individual, group, family, and others.

Requirements and Qualifications to Become a Health Insurance Agent

An individual with sole dedication and interest in becoming a health insurance agent or advisor needs a clearer understanding of becoming one. We have provided you with the necessary information.

You must be 18 years of age or above.
Completed education up to at least class 10th.
Valid Aadhaar Card and PAN Card, proof of age, and address.
Undergo training as specified by IRDAI.
Appear and qualify for the IC-38 exam conducted by IRDAI to sell various insurance products.

What Does a Health Insurance Agent Do?

A health insurance agent has a comprehensive understanding of the medical plans. They help individuals and groups save time and money by simplifying the process of buying health insurance. Some of the specific duties and responsibilities of a health insurance agent include

Assess the Needs of Customers: Health insurance agent works closely to communicate with customers and assess their health and financial needs. Based on the assessment, they recommend health insurance plans at the most affordable price that will provide adequate coverage and healthcare assistance when required.

Explaining Plan Options: The health insurance agents completely understand the different types of products and explain the features and benefits to the customers. This helps the customers to find a suitable option, extend the policy benefits, and make an informed decision.

Enrolling Customers in Plans: After comparing the costs of different health insurance plans from various health insurance companies, they determine premiums, deductibles, and other add-ons. This way, they help customers to fix a premium cost within their budget and enrol them into health plans. The enrollment process involves documentation, answering queries, and completing all required paperwork.

Further Assistance: After the enrollment, the health insurance agents provide ongoing support to the customers clarifying the queries, assistance in the claim process, and resolving any issue regarding the coverage.

Attracting New Clients: A health insurance agent needs to expand the clientele by connecting with new customers. It’s necessary that you understand their needs, provide them with suitable health insurance products and ensure they do not reach your competitor.

How to Become Health Insurance Agent

You must be delighted after get to know the vital role of a health insurance agent in the life of an individual. Once, you meet the specified eligibility criteria specified by the Insurance Regulatory and Development Authority of India (IRDAI), here are the four steps you can follow to become a health insurance agent.

Educational Qualification: A secondary level (10th grade) certificate is required to qualify for applying to become a health insurance agent but if you have a college degree in business, finance, or a related field is a plus. This can help widen your job opportunities and enhance your career.

Pre-licensing Training: To get the license of a health insurance agent in India, you need to go through the pre-licensing training as mandated by IRDAI. The requirements differ from state to state, so you can also consider researching for your state’s requirements to qualify for a health insurance agent. You can also connect with an insurance company or a consulting agency to learn about their pre-licensing process. Choose a reputed insurance organization to ensure the credibility of the training programme.

Qualify for the Insurance Examination: Once you complete the pre-licensing training and gain the required knowledge related to insurance, policies, terms, and regulations, you need to qualify the Insurance Regulatory Examination conducted by IRDAI. The examination is objective and requires a definite qualifying score.

Obtain a License: Once you qualify the examination, you can apply for a health insurance license. Prepare the documents as required by the insurance agency or insurance company where you want to work. Your application will be forwarded to IRDAI for processing, and the license is allotted to you after the approval. You are now eligible to sell insurance in India.

Why Become a Health Insurance Agent with RenewBuy?

You can join D2C Consulting Services Pvt. Ltd. “RenewBuy” to sell health insurance products to customers. You can do this by becoming a POSP advisor with us. Here’s your answer to why you should work with RenewBuy.

Zero Investment: With zero investment, you can start your journey as a health insurance agent.

Attractive Pay-Out: Your earning potential is increased by the number of policies you sell, not the number of hours you work. Sell more, and earn an attractive payout.

Make a Difference: As a health insurance agent, you help individuals and their families stay financially protected from any health emergencies, which is invaluable support.

Digital Support: Whether you want to work full-time or part-time, you have the flexibility to work from anywhere and get support anytime. We have a handy mobile application for our POSP advisors which helps them track their business and get dedicated customer support.

How to Become a Health Insurance Agent with RenewBuy?

All you have to do to become a Renewbuy POSP Life Insurance Advisor is to take the following actions:

Make an account: Visit the official RenewBuy website or download the RB Partners App, then register for an account by providing personal information.

Submission of Documents: Provide your KYC documents, including your Aadhaar card, PAN card, 10th-grade diploma, etc.

Verification: The verification of the documents is done by the RenewBuy Quality Check Team.

Online Education and Testing: Start training, finish the certification and exam processes for the health insurance products, and start selling.

Final Words

With all the information provided above, we have made it simple to understand how to become a health insurance agent with an insurance company or insurance consulting agency or work independently. If you meet the eligibility criteria, you just need to appear for the compulsory 15 hours training process by IRDAI, which is not much to invest in. Register yourself today and become a certified health insurance agent to gain multiplied benefits.

Process of Becoming A Life Insurance Agent

Becoming A Life Insurance Agent

Are you or someone you know planning to become a life insurance agent? Starting a career as a life insurance agent can be challenging, but it is rewarding as a whole. Once you know how to get there, things will be easier. Being an insurance agent is a rewarding career opportunity for freshers and working professionals. But if you wonder, “What is the process of becoming a life insurance agent?” By the end of this article, you will explore the process of joining a life insurance company as an agent. Learn how you can join RenewBuy and contribute towards saving people’s lives and their families.

What is a Life Insurance Agent?

Life insurance agents help customers select the right insurance product for their life, financial, motor, and health insurance needs. Their role doesn’t end here, but they are responsible for explaining the premiums, coverage, and terms and conditions of the policy. While working independently or with a life or general insurance company, an insurance agent represents the company, their products, and benefits and assists them afterwards. A life insurance agent can sell various insurance policies, including endowment plans, term plans, ULIP, retirement plans, money-back plans, or any other depending upon the needs of an individual.

As an independent insurance agent, you can work on your own conditions and earn potential income. Sounds like a dream career opportunity? Learn the complete process of becoming a life insurance agent or become a POSP advisor with RenewBuy.

Types of Insurance Advisors

Since the finance industry is booming, career opportunities are expanding more than ever. You can explore the career choices mentioned below.

Internal Insurance Sales Agent

As an internal insurance sales agent, you are appointed to work full-time with any life insurance company and become their representative to sell their insurance products. You are responsible for capturing new and old clients so they don’t switch to competitors.

Captive Insurance Agent

This kind of insurance agent sells only one selected product of one insurance company under a contract. They acquire full knowledge of the product and assist the customers in buying it depending on their personal needs. The insurance agent receives a fixed salary, variables, and benefits.

Independent Agent/ Point of Sales Person

The Insurance Regulatory and Development Authority of India (IRDAI) permits the life/ general insurance companies and intermediaries to appoint individuals as Point of Sale Persons (POSP) to sell insurance. As a POSP, you can sell multiple insurance products from different insurance companies. The IRDAI licenses these POSPs so they can sell various insurance products to their customers.

Eligibility Criteria to Become a Life Insurance Agent in India

The eligibility criteria can defer insurer to insurer, but the basic criteria are mentioned below to become an insurance agent in India.

Education: The applicant needs to have a secondary education (10th grade) certificate.

Age: The applicant must complete 18 years of age.

IRDAI Certification: Complete training and certification mandated by IRDAI.

State License: Qualify a state-level of exam to get a license to sell state-regulated policies.

What is the Process of Becoming a Life Insurance Agent?

If knowing about different insurance policies catches your interest, and you want to gain in-depth knowledge and pursue it as a career, then becoming a life insurance agent is your right choice. The easiest way to become a life insurance agent is to complete your training course and get a POSP certification. We have explained the process of becoming a life insurance agent in simple words, check it out.

Decide what kind of insurance agent you want to become: Before starting your career as an insurance agent, you must ensure that you are sure about the career choice and decide what insurance product you want to sell. You can decide by visiting different opportunities at different life insurance agencies or brokers and select one per your qualifications and interests.

Meet educational qualifications: A high school degree is enough to become an insurance agent, but having a college degree can help you in sales and establish a trusted relationship with customers. You can also go through the state-related licensing guidelines to assist the customers efficiently. Whether you want to sell life insurance or general insurance, it is vital that you meet the basic eligibility criteria and restrictions.

Take an insurance license exam: To get a license, you need to qualify for a pre-licensing exam and sell insurance products, like whole life insurance, health insurance, or accidental insurance. First, log in to the insurer’s website and provide the necessary details. Before appearing for the exam, it is necessary to complete a training module available online. After completing training, you can apply for an exam and qualify for it. This exam evaluates your knowledge of insurance products, guidelines, and policies. The exam is objective, and you need to require at least 17 marks out of 50. Furthermore, you can enhance your knowledge using online resources, like tutorials, e-books, online courses, etc.

Apply for a license: Once you qualify for the exam, apply for a life insurer broker license. You need to prepare necessary documents like identification proof, educational certificates, exam scorecards, and others as required by the insurance broker or insurance company. Submit the application and fees, and forward your application to IRDAI. Once approved, you can sell insurance policies legally in India.

Become an Insurance Agent with RenewBuy

RenewBuy offers attractive benefits and career development opportunities for partnered POSP advisors or insurance agents. You just need to follow the below-mentioned steps

Create Account: Visit the official website of RenewBuy, or you can download the handy mobile RB Partner Mobile Application and create your account. Provide the required information.

Document Submission: Submit all the required documents for KYC as Aadhaar Card, PAN Card, 10th passing certificate, etc.

Document Verification: RenewBuy quality team verifies all the documents.

Online training and examination: Your training process will start, pass the pre-licensing exam for various products and start selling.

Final Words

The process of becoming a life insurance agent is very simple once you meet the basic eligibility criteria. You must complete the training process, pass the IRDAI examination, and gain the certifications to sell various insurance policies. Whether a fresher, homemaker, retiree or working individual, working as an insurance agent increases your monthly earning with attractive payouts and gives you the advantage of working for yourself. Also, this provides you with the facility of working from anywhere. No more waiting, start your journey as a RenewBuy POSP advisor now!

How to Become a Successful Life Insurance Agent?

Insurance Agent: An Overview

Insurance is a competitive industry with great room for growth and revenue. Whether you are a newcomer or an experienced insurance agent, the scope of learning and development never stops. You are the only key between an insurance company and the customers for every update; hence, expertise in your job is important. Some significant implementations can help you become a successful POSP advisor and set you apart as a top-performing insurance agent. In this blog, we’ll discuss how to become a successful life or general insurance agent and have a rewarding career.

What is a Life Insurance Agent?

A life insurance agent or a POSP advisor is a licensed professional working with an insurance company or insurance consulting firm to sell their products on behalf of the company. They directly interact with the individuals, understand their financial needs, life objectives, and suggest the right insurance product as the best solution.

As an insurance agent, you are selling the most expensive things that people can’t even touch in the form of insurance, like, term insurance, life insurance, health insurance, investment policies, etc. To succeed in the insurance industry, you must gain product knowledge and implement the right strategy with changing market objectives. That’s why we, ‘RenewBuy’, have created this resource to help insurance agents find the right path to be successful.

Requirements to Be A Life Insurance Agent

We understand whether you are a newbie to the life insurance industry or an experienced professional, the industry is full of enormous challenges. Selling insurance takes a lot of determination and hard work. To succeed in this fast-paced industry, having product knowledge isn’t enough; you require some qualifications and skills to develop.

Basic Qualifications

Say, you want to become a successful life insurance agent or POSP advisor; there are some basic eligibility restrictions that you need to fulfil

You must be of 18 years of age or older.
Basic educational qualification of at least secondary level (10th Grade) is compulsory, and additional degrees or certifications in marketing, finance, or business will be beneficial.
Appear in the pre-licensing training mandated by IRDAI and qualify for the examination to claim the insurance license.

Required Skills

The following skills are required to become a successful life insurance agent.

Honesty: Like it or not, the salesperson in India has a bad repo. They are only considered for convincing and selling. But, the job of an insurance agent revolves more around the trust you develop and how you sell. Obviously, you must have seen many insurance agents have short careers selling life insurance or general insurance. Why? The first rule is selling the truth, which brings higher client retention. Make honesty and transparency a part of your day-to-day business operations.

Resilience: If you get anxious by rejection, then being an insurance agent may not be a suitable career option. You must be prepared to hear a no more often and have great patience to achieve success in this industry.

Excellent Communication: Insurance might seem too technical for a lame person. So being a representative of a particular life insurance company or a policy, you need to explain the terms and options to comprehend easily. This opens the doors of success for you.

Good Listener: The client is the sole of your business, so you must put the client first. To do that, you need to patiently listen to the clients, understand their prospective needs, and provide them with a suitable solution.

Networking Skill: Networking is not everyone’s cup of tea, and you need to know that before starting your career as a life insurance agent. Remember, building a solid network is important to succeed as an insurance agent. So be comfortable asking your friends, colleagues, and family for referrals. You can also connect with other insurance agents that will give you a chance to discuss your day-to-day challenges and make it easy to solve them.

Problem-Solving: Every individual has reasons to buy or deny insurance. The major point is whether you enjoy coming up with a creative solution to the problems and providing them with your product as one of the solutions. If yes, then insurance agent is the right career for you.

Willingness to Learn: Continuous learning is the best way to master any career. The best insurance agents learn about different insurance products and industry techniques daily and provide tailored suggestions to policyholders.

Secrets of a Successful Life Insurance Agent

Let’s consider you have the skills mentioned above to be a successful insurance agent. If not? Don’t worry; you can develop them with time and practice while selling insurance. Being an insurance agent can be an excellent career opportunity for you. Here are the secrets you can adopt to become successful as a life insurance agent.

Strong Network is Your Key: Networking is crucial and the number one secret to succeed as an insurance agent. You can participate in different events and local networking groups and join professional organizations and industry conferences to connect with other agents. You can also schedule sessions with financial advisors and potential clients to grow your network.

Understand the Target Audience: Knowing your target audience, their goals, and expectations help you mould your marketing strategy and choose the right insurance product. You can consider their age, financial goals, and life milestones to suggest the correct plan category and then decide to select one suitable option from multiple life insurance companies.

A “No” is Another Chance: While working as an insurance agent, you need to face rejection daily and do your job with a smile. Each ‘No’ brings you closer to a chance of someone saying ‘Yes’ as you self-evaluate yourself and try to give better results next time.

Exceptional Customer Service: Your relationship with your client should be personal and not sound transactional. Ensure you provide strong customer support during client onboarding, financial consultation, and ongoing support whenever needed. Be responsive and available to listen to their queries to build trust and loyalty. Excellent customer service helps build new relationships. Do not over-promise; tell the truth upfront to win your client’s trust.

Stay Up to Date with Industry Trends: With the changing needs of the customers, every industry evolves. Stay informed with the latest trends, new products, regulations, and emerging customer needs in your industry. You can participate in learning and development opportunities to stay ahead of the curve from your competitors as a life insurance agent.

Develop a Sales Strategy: When everything else you need is in place, developing a solid sales strategy is all you need as an insurance agent. Make a plan that specifies the target market, audience needs, sales approach, and goals. You can also use the latest technology to boost your sales resources.

Product and Technical Knowledge: Having exceptional product knowledge will help you align with the customer’s needs and close sales in no time. Understand the tax, legal and technical terms of the product and explain them clearly to your clients.

Be Active- Don’t Wait, Take Initiative: What makes an insurance agent preferable is that they take the initiative and keep their customers updated on any policy updations. This helps build trusted relationships, keep informed about the changing situation of policyholders and address them before they become big issues.

Become a POSP Advisor with RenewBuy

All you have to do to become a RenewBuy POSP Life Insurance Advisor is to take the following actions:

Make an account: Visit the official RenewBuy website or download the RB Partners App, then register for an account by providing personal information.

Submission of Documents: Provide your KYC documents, including your Aadhaar card, PAN card, 10th-grade diploma, etc.

Verification: The verification of the documents is done by the RenewBuy Quality Check Team.

Online Education and Testing: Start training, finish the certification and exam processes for the various insurance products, and sell life or general insurance products.

Get Started Now!

Hence continuous learning and understanding the evolving needs of your customers is the best secret to success. The insurance industry is challenging but can be immensely rewarding. Following the tips, you can develop the mindset necessary to become a successful life insurance agent or POSP advisor. Depending on your customers' needs, you can sell different insurance products like ULIPs, term insurance, whole life cover, group insurance, and others. Know how to become a PSOP advisor with RenewBuy and earn a good income with zero investment. Connect with us now.

As An Insurance Agent, Should I Become A Financial Advisor?

Introduction

The curve of your career depends upon the decision you make and the path you choose to continue. Over the decade, the finance and insurance market has grown enormously. While working as an insurance agent for a long time, you may wonder what other career opportunities you can grab. If you have done your homework (in-depth research), a financial advisor is something; you find yourself familiar with. You are reading it here, finding an answer to whether you should jump for upgradation as a financial advisor and take your insurance agent career to the next level.

Insurance Agent and Financial Advisor: What’s the Difference?

Financial planning is a major aspect of everyone’s life. Some are good at taking their own decisions, and some require help from a financial expert. People also reach an insurance agent to know different savings, investment, and refund options available in the form of insurance policies. Being an insurance agent, you may enjoy explaining and assisting your clients with investment-related policies. Do you want to make a recurring profit throughout your life without depending on the sale of the insurance policy? If you answer yes, then considering a financial advisor as a career option can benefit you. Before going ahead, understand that not all insurance agents are financial advisors and vice versa.

What is an Insurance Agent?

As an insurance agent, you are the intermediary between a general or life insurance company and the client to sell insurance policies depending on the financial needs and life milestones of the customers. The insurance agent has a vast knowledge of insurance policies and expertise in suggesting a suitable plan that complements the clients' financial goals.

What is a Financial Advisor?

A financial advisor is a person who provides financial and investment advice to an existing or a new client to help them make wise financial decisions. They help people to identify high-potential investment opportunities and manage their portfolios. The first role of a financial advisor is to consider the financial goals of an individual. Later on, they use their knowledge about the investment market, economic trends, and regulations to make the right investments for insureds.

Is It Worth Switching to a Financial Advisor?

The career as an insurance agent is limited upto selling insurance policies, while as a financial advisor, you can open the doors to extended career opportunities in India. At the same time, you can suggest and sell insurance policies from different life insurance companies like term insurance, group insurance, investment plans, life insurance, retirement plans and others. The opportunities for insurance advisors are open, as anyone needing financial advice and planning can contact them. The worth of becoming a financial advisor can be discussed as

Employment Options: A financial advisor can join private or public firms, freelance, or be privileged to work from anywhere. They can manage their working hours best with their lifestyle and household demands to balance between personal and professional life. The following employment opportunities are available as a financial advisor

Job/self-employed advisor
Fee-only advisor
Commission only advisor

Unlimited Income Potential: An insurance advisor earns based on the commission on the policy sold, and a financial advisor has a great potential for earning from different job roles. The business is based on new and recurring business opportunities depending on networking. Initially, you will have to start from scratch while building your client base; later on, you can earn well.

Flexibility: If you can guide your clients with transparency and help them make profitable decisions, you will ultimately earn the flexibility to work in your preferred hours. You can schedule your client meetings as per your allowances.

An Ideal Path to Build Start-Up: While the licensing and certification process is cheap, the chances to take your career to high levels are bright. Once you decide to switch from insurance agent to financial advisor, you can start your own business as an entrepreneur or work part-time along with your 9-5 job. The profits are worth the investment.

Niche Opportunities: The career as a financial advisor has different directions to opt for. Working with a firm, you can choose what products you are comfortable with while advising your clients (like investment, retirement, estate planning, education planning, etc.). You can make your career in the following

Budgeting
Tax planning
Estate planning
Insurance
Saving and investing
College planning
Retirement planning

What Makes You Qualified to Be A Financial Advisor?

Every financial advisor is different. If you are working as an insurance agent, accountant, or analyst, you have great chances to develop the traits of a financial advisor and succeed. A financial advisor helps their clients with short-term and long-term goals like, budgeting, investment and saving, estate planning, retirement planning, and taxes; the following traits make you eligible to choose a financial advisor as a career opportunity.

Excellent Communication and Interpersonal Skills: The key to a career like a financial advisor or POSP advisor, or insurance agent lies in building and expanding the network with people. You need to maintain the relationship with your clients, and hence you need to be able to build common ground with them. After understanding their financial requirements, you must carefully explain all the financial jargon to the clients to help them make an informed decision. Remember, Retaining is as important as building new relationships.

Stress Management: A financial planner plays a vital role in managing the client’s portfolio, which majorly affects their future goals. Hence, you need to have the capacity to manage the pressure and stress, perform at exceptionally high levels, and avoid financial disasters (as much as possible).

Analytical Skills: Each client has a different financial portfolio and hence requires a different level of planning. As a financial planner, you must have strong analytical and problem-solving skills to help your clients.

Enthusiasm: Your success becomes much more obvious when you love your job. You will plan the uncertain future of your clients and help them grow their wealth while making a profitable deal. Hence, it is essential to have passion while playing your crucial role as a financial planner or advisor.

Organizational Skills: Time allocation is a golden trait that helps the financial advisor grow the clientele and income potential. Time management and organizational skills ensure the financial advisor serves their client well.

Can I Become Financial Advisor Without a Degree?

Becoming an insurance agent with any life insurance company or insurance consulting agency like RenewBuy doesn’t require any higher education degree. An individual with the following basic eligibility requirement can become a POSP advisor or an insurance agent

He/she is 18 years or above.
He/she has a secondary-level (10th-grade) educational certificate.
He/she has attended the pre-licencing training by IRDAI and qualified for the Insurance Regulatory Exam.
He/she has a license certified by IRDAI to sell a particular insurance category, whether life, general, group, or other.

The role of a financial advisor is significant in planning the whole finances of an individual. Hence, one needs excellent knowledge of finances, economics, and taxes. Some companies may ask for a graduation certificate, while some may require a Master’s Degree in Finance. Every insurance or consulting company has different eligibility criteria; hence, you should carefully review the job description and requirements. All financial advisors need to register with the Security and Exchange Board of India (SEBI), and you can choose to become any of these two types of financial advisors.

Fee-Only Financial Advisor: The following requirements are necessary

Register as a financial advisor or RIA with SEBI.
Certifications such as Chartered Wealth Manager by the National Institute of Securities Markets (NISM).
CWM certification by AAFM India.

Commission-Only Financial Advisor:

Insurance Regulatory Examination as mandated by the IRDAI (IRDAI IC 38)
Chartered Wealth Manager by the National Institute of Securities Markets (NISM)
CWM certification by AAFM India.

Final Words

You can start your journey with a direct-to-customer insurance consulting private limited as RenewBuy by partnering as a POSP advisor or insurance agent. Once you gain insurance product knowledge, you can get a good educational degree in finance, statistics, business, etc., and switch to start your career as a financial advisor. Remember that a financial advisor has more crucial responsibilities than an insurance agent selling life insurance or general insurance policies. Your work and perseverance can lead you to become a successful financial advisor. By now, we are sure that you must have got your answer to your question.

Learn how RenewBuy can help you take your first step and start your journey as a POSP advisor.

Difference Between POSP Advisor And Insurance Agent

Becoming an Insurance Agent and POSP Advisor in India

The insurance industry is on the rise as people recognise the necessity of insurance in their life. In 2015, the Insurance Regulatory and Development Authority of India (IRDAI) developed a new model for insurance distribution. This model gave birth to the Point of Sales Persons (POSPs) in the insurance industry. The insurance agents and POSP advisors have eased the insurance transactions and provided excellent customer support helping clients make informed financial decisions. But how does a POSP advisor differ from a traditional insurance agent? Reading further, you will get an answer to the question and can decide to become a POSP advisor or an insurance agent.

Difference Between POSP Advisor And Insurance Agent

The primary difference lies in the products a POSP advisor and an insurance agent can sell and earn profits. If you prefer to become an insurance agent, you can market and sell customizable insurance policies and provide assistance. In comparison, a POSP advisor can sell only basic and pre-underwritten insurance products and operate on a transactional level. Look at the other major differences between a POSP advisor and an insurance agent.

Qualifications & Training

According to the Insurance Regulatory and Development Authority of India (IRDAI), to become an insurance agent or POSP advisor, an individual must be at least 18 years of age and have a minimum education qualification of a 10th-grade certificate or equivalent examination. One needs to appear for 15 hours of training for the POSP advisor conducted by the insurer and 25 hours for the insurance advisor as mandated by IRDAI. An examination is conducted to check the knowledge and allot the license.

What Can They Sell?

A POSP advisor can sell simple, pre-underwritten insurance products that provide complete protection and tax benefits. They can sell different insurance policies by various insurance companies, like health insurance, motor insurance, term plans, retirement plans, and others. At the same time, an insurance agent can only sell one type of insurance product affiliated with their company and tailor-made solutions for their customers. They have the right to sell and assist the policyholder with complex and high-risk products.

Target Customer Base

A POSP advisor caters to clients looking for simple insurance products like two-wheeler insurance, general, and others. At the same time, the demand for an insurance agent is mainly for complex and customized products.

Area of Operation

As a POSP advisor, you sell, renew, and provide service regarding insurance policies directly to their clients. While an insurance agent is responsible for multiple executions, like marketing and selling an insurance product, providing guidance to customers, and offering personalised solutions depending on customers' needs.

Compensation Structure

Both POSP advisors and insurance agents earn from the commission model on the policies sold. The commission structure for each product or service sold differs from insurer to insurer.

Validity of Certificate

The certificate received by a POSP advisor is valid for 3 years, while an insurance agent can use the certificate until they surrender the insurance company.

Area of Operation

The POSP advisors are expanded up to large geographical including, urban, suburban, rural, and metro cities. They can reach out to verified customers who need simple insurance products. A POSP advisor is also equipped with digital equipment to make a sale. An insurance agent mainly targets large and middle-cap cities where there is a need for complex and customized insurance products. Since the product has higher commissions, they focus on selling high-quality products rather than counting numbers.

Benefits of Becoming a RenewBuy POSP Advisor

You can join D2C Consulting Services Pvt. Ltd. “RenewBuy” to sell POS and Non-POS financial products, which include a vast portfolio of different insurance and finance products suitable per the needs of various customers. Here’s your answer to why you should work with RenewBuy.

Zero Investment: You can start your journey as a POSP advisor with zero investment.

Attractive Pay-Out: Your earning potential is increased by the number of policies you sell, not the number of hours you work. Sell more, and earn an attractive payout.

Digital Support: Whether you want to work 9 to 5 or part-time, you have the flexibility to work and get support anytime. We have a handy mobile application for our POSP advisors which helps them track their business and get dedicated customer support.

Work From Anywhere: Becoming a RenewBuy POSP advisor is a great opportunity for freshers, housemakers, retirees, and anyone seeking a part/full-time job, as they can work from anywhere in the country, deciding your working hours. While looking for a work-from-home job, RenewBuy offers attractive benefits to their POSP advisors.

Be Your Own Boss: You have all the flexibility to work at your convenience and allowances, no supremacy.

Simple Steps to Become a RenewBuy POSP Advisor

You must follow the steps below to become a RenewBuy POSP advisor.

Create Account: You can visit RenewBuy's official website or Download RB Partners App and create an account by providing personal details.

Document Submission: Submit the required KYC documents such as an Aadhaar Card, PAN Card, 10th passing certificate, etc.

Document Verification: RenewBuy Quality Check Team conducts the document verification process.

Online Training and Examination: Once verified, get started with the training process, qualify for the exam, get certification for various insurance products, and start selling.

In The End

While both insurance agents and POSP advisors contribute to the development of the insurance industry of India, they have distinct roles and responsibilities to deliver. You can easily understand the abovementioned differences and choose a career that aligns with your skills and interests. Becoming a POSP insurance agent in India is easy and convenient with RenewBuy. Unlock the financial opportunities by joining RenewBuy as a POSP advisor.

How Do I Convince Someone To Become An Insurance Agent

Insurance Agent As A Career Opportunity: Overview

Life insurance in India has come a long way in the last two decades. With the born of several general or life insurance companies, career opportunities are on the rise more than ever. But people don’t wake up in the morning and decide to become a POSP advisor or an insurance agent. They do it after thorough research about the opportunities lying in the insurance industry. Undoubtedly, the job role of an insurance agent is challenging but rewarding and opens the path of unlimited opportunities for an individual. How?

Only a few people are aware of them. So, how can you convince someone to join the insurance industry and choose to become an insurance agent as a career? We, RenewBuy, are a D2C Consulting Services Pvt. Ltd. who welcome a homemaker, fresher or someone looking for a part-time or full-time work from home opportunity. We are providing you with the authentic reasons why someone should choose to become an insurance agent or POSP advisor. You can use these reasons to convince someone to become an insurance agent.

Reasons To Convince Someone to Become An Insurance Agent

Being an insurance agent is one of the best career opportunities for each and every. But not everyone is going to believe you on it. Here are some of the primary facts you can use when convincing someone to become an insurance agent next time.

An Opportunity For All

No matter whom you are going to convince to become an insurance agent, whether a homemaker, a retiree, a full-time working individual, or someone looking for part-time job opportunities, it is an ideal career fit for all. If they have a passion for networking and sales, the basic requirement is to be 18 years of age and have a secondary-level education (10th-grade) certificate to appear in training, qualify for the exam, and gain certification. You are all set to sell insurance.

The Whole New Way Around

If the person you are convincing considers an insurance agent a salesperson job only. Enlighten them about the vast career opportunities lying in the career. Tell them that gone are the days when insurance agents were merely salespersons who used to sell products and get a commission. Today, agents are going through different upliftment and development training to transition to a level that opens the path to different career opportunities for them as financial advisors or analysts. They can consider insurance agents a full-time career opportunity if they are passionate and driven agents.

Job Security

People are only concerned about their job security. One of the strongest reasons you can give someone is that the insurance industry has job security compared to other industries, as the demand for various insurance products will remain high. As long as insurance remains, the need for an insurance agent will be in place. Hence, there will always be numerous opportunities for individuals to get employment.

Potentially High Pay

The insurance industry offers a good pay scale to sustain a good lifestyle. Since the pay is commission-based, it depends on the capability of an individual to sell policies and earn a good exponential income. By the time you become good at cracking the deal, there are hefty chances that you will earn a significant income of around six figures.

Flexibility

The job of an insurance agent offers greater flexibility in working and scheduling your meetings at your convenience. While an individual as a full-time insurance advisor has good chances to become successful and earn good profits, working part-time has its own benefits. You have flexible work hours to enjoy life, spend time with your family or plan an outing.

A Profession for Human

Apart from monetary benefits, the insurance agent or POSP advisor job will weave some real-life incidents and experience the joy of helping people and their families. The person you are convincing will be helping families, widows, and children in their challenging times. The policies an individual purchases build a strong financial backup that their family can utilise. Hence, a RenewBuy POSP advisor or insurance agent will contribute to families, society, and the country at large.

Range of Products

Not everyone who is working loves their job. It is important that you become their strength when they enter the industry as an insurance agent or POSP advisor. Tell them that the product range is expanding more than ever, including life, term, whole-life, health, motor, ULIP, and others. Hence, according to their interest, they can choose one or many products to sell and offer something unique to help their clients cater to their financial needs.

Adequate Training

Tell them that they are not going to be any random insurance agent but will go through training mandated by the Insurance Regulatory and Development Authority of India (IRDAI). So they need more confidence to sell an intangible product, a training program helps them to understand insurance products and a professional approach to selling insurance. This will help increase productivity and prove to them that they are in the best profession.

Develop Broad Skills

While working in the insurance industry, they develop countless skills that help them in their careers to grow and excel. While working, they can work on their hard and soft skills like communication, problem-solving, analytical skills, research, and organizational skills.

Be Your Own Boss

Point out to them that being an insurance agent can be the best step they can take ahead to be their own boss. No need to report or answer anyone, gain full flexibility and unlimited income potential to become financially independent.

Zero Investment Career

Tell them that while they will run their business, the opportunity comes with zero investment. They just need time, effort, and a smartphone with internet connectivity to open unlimited earning potential.

Help Them Become An Insurance Agent Today!

Explaining the perks of becoming an insurance agent or POSP advisor with a D2C Consulting Services Pvt. Ltd. RenewBuy, you are helping them to open a whole new world of opportunities. Insurance agents are committed to protecting families against any unexpected events or critical illness observed. They now have a valid reason for choosing an insurance agent as a career. Congratulations to you!

Want to know more about how you can become a POSP advisor and sell different insurance policies of general or life insurance company? Connect with RenewBuy and get started with your rewarding career.

Which is the Best Insurance Company to Join As An Agent in India?

Best Insurance Company to Join As An Insurance Agent: Introduction

Whether you are starting your career as an insurance agent or looking for better opportunities in your current role, you always want to work with the best insurance companies in India. The drive to achieve growth leads you to better opportunities in life. Multiple factors can affect your decision when choosing the best general or life insurance company to join. The factors that will always remain on the top are the commission structure, training and assistance, product range, flexibility, and company reputation. In this blog post, we will assist you in making an informed decision and choosing one of the best insurance advisors RenewBuy, to join as an insurance agent in India.

Reasons Why You Should Join RenewBuy As A POSP Advisor

RenewBuy is a D2C Consulting Services Pvt. Ltd. that welcomes an individual with basic eligibility and requirements to become a POSP advisor. At RenewBuy, we offer multiple POS and NON-POS products from general and life insurance companies that an insurance agent can sell and earn a good commission. But why should you consider working with RenewBuy as a POSP advisor? Here’s the answer to all your whys:

Commission Structure

The first and foremost factor we consider while selecting an insurance company is the commission structure. We at RenewBuy offer various products from different insurance companies, including term plans, whole-life, ULIPs, pension plans, health plans, motor plans, investment plans, and others. We offer a prime commission of up to 30% on the life or health policies you sell. The commission rate increases with the increase in premium rates. We also offer attractive incentives and bonuses for top-performing agents.

Training & Support

To familiarize the POSP advisor or insurance agent with our products, we provide excellent training and support, whether fresher or experienced, to improve their knowledge and skills and boosts their confidence as an agent. To do the same, we offer our agents online modules, training programs, mentorship sessions, and regular feedback. We also have a grievance redressal mechanism to enhance dedicated customer service.

Variety of Products

RenewBuy POSP advisors sell multiple insurance products in POS and NON-POS categories from different general and life insurance companies suitable to the customers' financial interests. This offers flexibility to the POSP advisors or insurance agents to sell the products of their optimum interests, which helps them increase the cross-sell and upsell policies to your customers. POSP advisors can work from home part-time or full-time per their suitability and preferences.

Reputation

We have been serving as a D2C Consulting Services Pvt. Ltd. since 2015 in India. Our insurance products have served the diverse Indian demographics in the rural land of Andaman & Nicobar to the beautiful peaks of Kashmir. We maintain an excellent relationship and support with our partners and customers. Our agents and advisors trust us, and we take pride in strong brand value, recognition, and partner satisfaction.

Extended Consumer Base

We offer insurance plans from more than 35 insurers at an affordable price and an excellent commission rate. Our strong advisor network consists of a family of over 100K POSP advisors who trust and work with us with all their loyalty. Our consumer base has crossed four million and expanding daily.

PAN India Presence

We have a PAN India presence and are spread across 750+ cities in India, reaching every possible individual. One looking for an insurance policy can get instant quotes from an insurance company in a few seconds.

Smart Tech Solutions

We offer a handy mobile application to our POSP advisors working with us that helps them simplify their process in one place and avoid the hassle of paperwork and reminders. Hence, as an insurance agent, you can work from home or anywhere in the country and get 24X7 dedicated relationship manager support. You also get your digital passbook to track your business and boost your earnings.

Start Your Journey As RenewBuy POSP Agent

You can start your journey as a RenewBuy POSP agent with zero investment and earn a stable income. Follow the steps mentioned below

Sign Up: Visit RenewBuy’s official website or download RB Partners App and create your account by filling in the details asked.

Document Submission: You need to submit the KYC documents like Aadhaar Card, PAN Card, education certificate (10th-grade), etc.

Training & Examination: Once our quality check team verifies the documents, you must go through the 15 hours of training and appear in a 45 minutes examination to qualify.

Get Certified: If you pass the examination, you must sign the agreement and get your IRDAI-verified POSP certification to sell insurance policies.

In The End

Once you join RenewBuy as a POSP advisor, you can explore alternatives and pursue extensive career opportunities. Except for the reasons mentioned above, you can consider flexibility, stability, and compensation as the factors affecting your choice of joining the best insurance company as an agent in India. Before making a final decision, look into the products, commissions, services, and reviews of different insurance companies or consulting firms. Wait no more! Learn more about RenewBuy POSP advisor and sell general and life insurance products.

Can I Sell Insurance Policies From Multiple Insurance Companies

Selling Policies From Multiple Insurance Companies: An Overview

Starting your professional journey as an insurance agent means you act like the financial GPS for individuals navigating the twists and turns of their lives. Traditionally, most agents tie up with a single insurance company and offer its exclusive range of insurance policies.

But have you ever felt the itch to spread your wings and sell insurance policies from multiple insurance companies? You're not alone. Many agents want to do so. However, not all of them know if they can sell policies from multiple insurers.

Let’s address this burning question, ‘Can I sell insurance policies from multiple insurance companies?’ in an insightful manner.

In this article, we simplify the process and decode the rules to help you diversify your offerings. Let's get started with knowing another crucial aspect related to this concept.

Can All Agents Sell Insurance Policies From Multiple Insurance Companies?

Certainly, the opportunity exists for agents to market policies from various insurance companies. However, there are limitations in alignment with the guidelines laid out by the Insurance Regulatory and Development Authority of India (IRDAI). Here’s what the IRDAI rule says:

Life insurance agents are permitted to register with a maximum of three life insurers. Likewise, both standalone health insurance agents and general insurance agents are restricted to registering with only three standalone health insurance companies and general insurance companies, respectively.

This takes us to the next important question that might be arising in your mind:

Can You Sell Insurance Policies from Multiple Insurance Companies?

Yes, you can sell insurance policies from multiple insurance companies through the Point of Sales Persons (POSP) model introduced by the IIRDAI in 2015. Unlike agents, POSP advisors have the flexibility to offer policies from various insurance companies based on the specific needs of their customers.

If you're curious about who qualifies as a POSP and how to become one, continue reading.

What are POSP Advisors?

A POSP or Point of Sales Person is an IRDAI-certified insurance agent who has the advantage of offering insurance policies from different insurance companies in India to their customers. They have a license code that allows them to sell different types of insurance policies - both life and general insurance, at a time.

Know more: What is the Difference Between A POSP Advisor and Insurance Agent?

What are the Qualifications for Becoming a POSP Advisor?

Becoming a POSP advisor requires you to possess a set of qualifications outlined by the IRDAI, including the following:

Requirement	Description
Education	You must have a secondary school (10th grade) certificate.
Age	You must have completed 18 years of age to be eligible for this role.
Certification	You are required to undergo training and qualify in the examination to obtain certification from the IRDAI.

Recommended Read:

How to Become a RenewBuy POSP Advisor?

If you want to become a POSP advisor, you can join hands with RenewBuy, a venture under D2C Consulting Services Pvt. Ltd. Once you become a RenewBuy POSP advisor, you're on the right track to selling a diverse range of insurance policies from both life insurance companies and general insurance companies across India.

Read this guide on how to become an advisor for more details.

By now, you might have already thought of looking into the process of becoming an insurance agent. The prospect of selling policies from multiple insurance companies is alluring for many reasons. In the end, it all comes down to your decision to start and grow your career in this field.

Here's a quick overview of what you need to know:

The IRDAI allows POSP advisors to sell insurance policies from multiple companies.
To become a POSP advisor, you need a secondary school (10th) certificate, must be 18 years old, and must complete certification through training and examination.
Insurance agents looking to switch life insurance companies can do so by surrendering their license with the existing company, returning the appointment letter, and obtaining a relieving letter or No Objection Certificate (NOC). Once this process is complete, they can apply to work with other insurance companies.

Connect with RenewBuy to become a POSP advisor. This opens doors to selling a wide array of insurance products, including life insurance, term insurance, group insurance, investment plans, motor insurance, and health insurance. Diversify your portfolio to cater to varied customer needs and ultimately enhance your earning potential.

इंश्योरेंस एजेंट परीक्षा के बारे में जानें

बीमा एजेंट परीक्षा: एक अवलोकन

प्रतिस्पर्धा और बेरोजगारी के युग में सही करियर चुनना एक कठिन काम है। एक बार जब आप तय कर लेते हैं, तो विशेष नौकरी के लिए तैयारी करना महत्वपूर्ण होता है, जो आपको साक्षात्कार में सफल होने में और बेहतर प्रदर्शन करने के लिए तैयार होने में मदद करेगा। बीमा उद्योग भी किसी अन्य करियर विकल्प की तरह पेशेवर और प्रमाणित बीमा एजेंटों की मांग करता है। ये एजेंट सामान्य या जीवन बीमा कंपनियों और पॉलिसीधारकों के लिए अधिकतम लाभ अर्जित करने के लिए बीमा पॉलिसियां बेचते हैं। बीमा एजेंट या POSP सलाहकार बनने के लिए, किसी व्यक्ति को IRDAI बीमा परीक्षा की तैयारी करनी होगी, उपस्थित होना होगा और अर्हता प्राप्त करनी होगी।

लेकिन बीमा एजेंट परीक्षा क्या है और आप इसके लिए कैसे अर्हता प्राप्त कर सकते हैं? हम बीमा एजेंट परीक्षा के बारे में सभी विस्तृत जानकारी प्रदान करने जा रहे हैं। सारी जानकारी एकत्रित करने के लिए आगे पढ़ें।

भारत में बीमा एजेंट परीक्षा क्या है?

भारत में बीमा एजेंट या POSP सलाहकार बनने और विभिन्न बीमा पॉलिसियां बेचने के लिए, आपको भारतीय नियामक और विकास प्राधिकरण (IRDAI) द्वारा निर्दिष्ट बीमा नियामक परीक्षा में शामिल होना होगा। इस बीमा परीक्षा को IC 38 परीक्षा के रूप में जाना जाता है। यदि आप इस परीक्षा के लिए अर्हता प्राप्त कर लेते हैं और बीमा एजेंट बन जाते हैं, तो आप एक बीमा कंपनी से जीवन या सामान्य या स्वास्थ्य पॉलिसी बेच सकते हैं। लेकिन यदि आप IC 38 परीक्षा के लिए अर्हता प्राप्त करते हैं और POSP सलाहकार बन जाते हैं, तो आप कई बीमा कंपनियों से कई बीमा पॉलिसियां बेचने के पात्र हैं। चुनाव केवल आपका है.

बीमा एजेंट बनने के लिए योग्यता क्या है?

IRDAI बीमा परीक्षा में शामिल होने के लिए निम्नलिखित बुनियादी पात्रता मानदंड और योग्यताएं आवश्यक हैं। यदि आप बुनियादी पात्रता प्रतिबंधों को पूरा करते हैं तो आप बीमा परीक्षा में उपस्थित हो सकते हैं और प्रमाणपत्र प्राप्त कर सकते हैं।

आयु: 18 वर्ष या उससे अधिक.

शैक्षिक योग्यता: किसी मान्यता प्राप्त विश्वविद्यालय से माध्यमिक विद्यालय (10वीं कक्षा) का प्रमाण पत्र।

वैध पहचान प्रमाण: पैन और आधार कार्ड, आयु का प्रमाण और पते का प्रमाण।

इसके बारे में और जानें: कौन से गुण आपको एक अच्छा बीमा एजेंट बनाते हैं?

IRDAI IC 38 बीमा परीक्षा के लिए पंजीकरण प्रक्रिया

IRDAI द्वारा विनियमित IC 38 बीमा परीक्षा के लिए पंजीकरण करने के लिए, सबसे पहले, आपको यह तय करना होगा कि आप किस बीमा कंपनी या बीमा परामर्श कंपनी, जैसे 'RenewBuy', या किसी अन्य के साथ काम करना चाहते हैं और बीमा पॉलिसी बेचना चाहते हैं। पंजीकरण फॉर्म में सभी आवश्यक विवरण प्रदान करके किसी भी पसंदीदा सामान्य या जीवन बीमा कंपनी के साथ नामांकन करें। पूछे जाने पर आपको मामूली पंजीकरण शुल्क का भुगतान करना पड़ सकता है। एक बार जब आप शुल्क का भुगतान कर देंगे और फॉर्म जमा कर देंगे, तो बीमा कंपनी आपको परीक्षा के लिए पंजीकृत करने की प्रक्रिया शुरू कर देगी।

उसके बाद, आपको भारतीय बीमा नियामक और विकास प्राधिकरण (IRDAI) द्वारा निर्धारित प्रशिक्षण से गुजरना होगा। IRDAI ने POSP सलाहकार बनने के लिए 15 घंटे का प्रशिक्षण मॉड्यूल और बीमा एजेंट बनने के लिए 25 घंटे का प्रशिक्षण मॉड्यूल निर्धारित किया है।

बीमा एजेंट परीक्षा की तैयारी कैसे करें?

IRDAI बीमा परीक्षा में बैठने का पहला विचार आपको डरा सकता है, लेकिन IRDAI बीमा परीक्षा की अवधारणाओं और कार्यक्रमों को पढ़ने से आपको राहत की सांस मिलेगी। बीमा परीक्षा की तैयारी करना काफी सरल और आसान प्रक्रिया है। पहला कदम IRDAI द्वारा निर्धारित प्रशिक्षण के लिए उपस्थित होना है। यह प्रशिक्षण आपको बीमा की विभिन्न अवधारणाओं को समझने में मदद करता है और इसके महत्व के बारे में ज्ञान प्रदान करता है, यह उन पॉलिसियों से संबंधित शर्तों को समझने में भी आपकी सहायता करता है जिन्हें आप बेचना चाहते हैं। आईआरडीए बीमा परीक्षा प्रशिक्षण के दौरान निम्नलिखित चिंताओं पर चर्चा की जाती है

बीमा की अवधारणा
बीमा की आवश्यकता एवं उद्देश्य
बीमा के सिद्धांत
बीमा दस्तावेज़ीकरण
बीमा बाज़ार और चैनल
शिकायत निवारण तंत्र
बीमा से जुड़ी प्रमुख शर्तें
आप बीमा कैसे बेच सकते हैं
ग्राहक सेवा
ग्राहकों की जरूरतों के मुताबिक पॉलिसियां

अपने चुने हुए करियर विकल्प के अनुसार POSP सलाहकार या बीमा एजेंट के लिए 15 या 25 घंटे का प्रशिक्षण लेते हैं। एक बार जब आप प्रशिक्षण पूरा कर लेते हैं, तो आप बीमा परीक्षा में बैठने के लिए तैयार होते हैं।

बीमा एजेंट परीक्षा प्रश्न पैटर्न

IRDAI बीमा परीक्षा ऑनलाइन आयोजित की जाती है, और परीक्षा में शामिल होने के लिए आपको निकटतम IRDAI-प्रमाणित परीक्षा केंद्र पर जाना होगा। बीमा परीक्षा में 50 वस्तुनिष्ठ प्रश्न होते हैं। IRDAI बीमा परीक्षा के लिए अर्हता प्राप्त करने के लिए कुल राशि का 40% आवश्यक है। यदि हासिल हो जाता है, तो आपको बीमा पॉलिसी बेचने के लिए अपना आईआरडीए प्रमाणपत्र प्राप्त होगा। IRDAI बीमा परीक्षा के 5 दिनों के भीतर परिणाम घोषित करता है।

यहां बीमा परीक्षा में पूछे गए नमूना प्रश्न दिए गए हैं।

जीवन बीमा योजना के तहत आत्महत्या के लिए कवरेज प्रदान किया जाता है

पॉलिसी खरीद का एक वर्ष
नीति पुनरुद्धार का एक वर्ष
ऊपर के दोनों

यूलिप निम्नलिखित में से किस सुविधा की अनुमति देते हैं?

टाप अप
आंशिक निकासी
प्रीमियम पुनर्निर्देशन
ऊपर के सभी

एक बीमा सलाहकार को निम्नलिखित अभ्यास का पालन करना आवश्यक है

तथ्य खेजना
वित्तीय उत्पादों का ज्ञान
आपत्ति निपटान
ऊपर के सभी

असाइनमेंट को बीमा अधिनियम 1938 की धारा _____ के तहत परिभाषित किया गया है

जीवन बीमा पॉलिसियों के लिए कौन सा सिद्धांत अद्वितीय है?

सोच-विचार
समझौता और प्रस्ताव
उबेरिमा फ़ाइड्स
ऊपर के सभी

IRDAI बीमा परीक्षा में सफल होने के लिए युक्तियाँ

IRDAI परीक्षा चुनौतीपूर्ण है, लेकिन इसे पास करना असंभव नहीं है। यदि आप समय और प्रयास लगाने के इच्छुक हैं, तो आप निश्चित रूप से परीक्षा में सफल हो सकते हैं। इन टिप्स को अपनाकर आप अपनी सफलता की संभावनाएं बढ़ा सकते हैं। यहां कुछ अतिरिक्त सुझाव दिए गए हैं जो सहायक हो सकते हैं:

अपनी पढ़ाई को पूरा करने के लिए ऑनलाइन संसाधनों का उपयोग करें। IRDAI परीक्षा की तैयारी में मदद के लिए उचित मार्गदर्शन और अध्ययन सामग्री प्राप्त करने के लिए आप RenewBuy.com से भी जुड़ सकते हैं।
आप RenewBuy से बीमा पर कार्यशालाओं या सेमिनारों में भी भाग ले सकते हैं। ये आयोजन बीमा उद्योग और IRDAI परीक्षा के बारे में जानने का एक शानदार तरीका हो सकते हैं।
अन्य बीमा पेशेवरों से जुड़ें। अन्य बीमा पेशेवरों से बात करने से आपको उद्योग और परीक्षा के बारे में जानकारी हासिल करने में मदद मिल सकती है।

आप तैयारी करने और प्रशिक्षित होने के लिए ऑनलाइन उपलब्ध मॉक टेस्ट में भाग ले सकते हैं। इसके अलावा, RenewBuy आपको POSP सलाहकार बनने और एक अच्छा कमीशन अर्जित करने और अपना खुद का बॉस बनने की अनुमति देता है।

अंततः

हमें उम्मीद है कि आप IRDAI बीमा परीक्षा के पात्रता मानदंड और परीक्षा संरचना से पूरी तरह परिचित हैं। बीमा परीक्षा का मुख्य उद्देश्य यह सुनिश्चित करना है कि बीमा एजेंट या पीओएसपी सलाहकार बीमा बेचने के लिए अच्छी तरह से योग्य और प्रशिक्षित है। बिना IRDAI लाइसेंस के वे बीमा नहीं बेच सकते। यदि आप RenewBuy POSP सलाहकार के रूप में काम करना चाहते हैं, तो हम आपको अच्छे बीमा परीक्षा परिणाम प्राप्त करने में मदद करने के लिए पर्याप्त प्रशिक्षण प्रदान करते हैं।

Fancy Registration Number: Availability, Process, Fees, and More

Fancy (VIP) Number Plate for Your Vehicle: An Intro

Purchasing a vehicle is a long-term commitment, and getting a fancy number plate or VIP registration number is another great way to make a statement. Fancy number plates add a personal touch to your vehicle and define your personality to the ones seeing it. Where the fancy number plate uplifts the appeal of the vehicle, it also makes it look unique. Do you feel a number is lucky for you and want to use it on your vehicle? Well, the government has made it possible to do so.

But how do you get fancy number plates? You are not alone in wondering about this question. The process differs from the general vehicle registration process. In this article, we have explained every single detail about fancy number plates to help you get one for your vehicle.

What is a Fancy Registration Number?

When you register a vehicle at your concerned RTO office, they allot any random number to your vehicle. A fancy registration number or VIP car number combines special alphabets and numbers to flaunt the distinct personality of your vehicle. Instead of allowing these unique number plates to random vehicle owners, the Transport Department monetizes them. The government arranges an online auction to register these numbers and use the fund attained for further development.

To get a general registration number for your vehicle, you need to visit the RTO office and submit an application with applicable documents and fees. But the process is quite different to get a fancy registration number. We will learn it in this article.

Why do People Want Fancy Registration Numbers?

Under the Motor Vehicles Act, it is mandatory to register every vehicle at the concerned RTO office. For people, bike and car are more a dream than an ordinary asset. At times, they want to add exclusiveness to their vehicles and have unique identities. For such cases, the government allows a custom number plate to distinguish a person’s car or motorcycle from others on the road. A VIP number is considered a ‘Status Symbol’ among the people in society.

Decoding the Numeral Significance of Fancy Vehicle Number

We have seen many vehicles having fancy number plates like 0007, 9999, 0005, 0008, and others. A fancy number plate is paired with some alphabets and state codes. We always wonder what these combinations represent. Let’s decode the numeral significance of the fancy number plates.

Any number plate or vehicle registration number is categorized into the following parts:

1st Part: Two Alphabets: The first two letters of the vehicle number plate represent the state or region where the vehicle is registered to the respective RTO. If the vehicle is registered in Haryana, then the vehicle is assigned the state code HR.

2nd Part: Two Numbers: These numbers represent the RTO district code where the vehicle is registered. For a vehicle registered in Gurugram RTO has HR 26/ HR 98 on their number plates.

3rd Part: 4 Numerics: This is the important part of the vehicle registration number that defines that the vehicle is ordinary or belongs to a special category. The combination of numbers can be of 4 digits or less that can be bought at a Regional Transport Office in an auction. These unique combinations are called fancy numbers.

4th Part: Country Code: This part of the fancy vehicle registration number indicates IND, the country code of India. This recent development took place to stop the illegal activities of individuals.

Various Colors in Vehicle Number Plates

The colour of a number plate is a very common element that you usually notice. However, you may not be aware of what the different colours of a vehicle number plate indicate. Let’s look into the details of each colour of a number plate

Colour	Significance/ Used by
White with Black Font	Private Vehicle
Yellow with Black Font	Commercial Vehicle (Taxi or Truck)
Blue with White Font	Foreign Delegate
Black with Yellow Font	Private Commercial Vehicle (available for rent)
Green	Electric Vehicle
Red	Indian President or State Governor
Rising Arrow	Military Personnel (state code is replaced by manufacturer year)

Each vehicle, including the VIP registration number plates, should fit the HSRP (High-Security Registration Plate) guidelines. Hence, no matter what number you choose and what category your vehicle belongs to, the layout of the vehicle will always match the standards set by the Central Motor Vehicles Act of 1989.

Let’s look into the charges you must pay to acquire a fancy number plate.

Fees and Registration Charges of Fancy Vehicle Number

Fancy registration numbers like 0001, 9999, and 7777 are rare, and you need to pay a good amount to get a customized number plate. Are you wondering what the 0001 number plate price is? How much do you need to spend to get a 0007 number plate?

The cost of registering the unique number plate differs state-wise. Besides the registration charges, car owners need to deposit a specific amount to reserve the number. The amount you pay is not final but may vary depending on bidding. Let’s look into the charges to reserve the fancy number plate of a non-transport vehicle.

Category	Fancy Numbers	Booking Amount
Super Elite	0001	Rs. 5 Lakh
Single Digit	0002, 0007, 0009	Rs. 1.5 Lakh
Single Digit	0003 to 0006, 0008	Rs. 1 Lakh
Double Digit	0010, 0011, 0022, 0033, 0044, 0055, 0066, 0077, 0088, 0099, 0100 and 786	Rs. 75,000/-
Others	0012 to 0021, 0023 to 0032, 0034 to 0043, 0045 to 0054, 0056 to 0065, 0067 to 0076, 0078 to 0087, 0089 to 0098, 0111, 0200, 0222, 0300, 0333, 0400, 0444, 0500, 0555, 0600, 0666, 0700, 0777, 0800, 0888, 0900, 0999, 1000, 1111, 2000, 2222, 3000, 3333, 4000, 4444, 5000, 5555, 6000, 6666, 7000, 7777, 8000, 8888, 9000, 9999	Rs. 50,000/-

The amount mentioned above is valid to get a fancy registration number from Haryana State Government. However, the amount is not final and depends upon the bidding. If you lose out to another party during the bid, the advance amount made is reimbursed.

Checking the Availability of Fancy Registration Number in India

To check the availability of your preferred number, you need to know which fancy number is up for sale. Specific numbers from 0001 to 9999 are generally unavailable and reserved by the state transportation authorities. The normal vehicle registration process cannot allot these VIP vehicle numbers, but there’s a separate state registration process to block a fancy registration number. To check the availability of a fancy registration number in India, follow the given steps

Visit the official website of ‘mParivahan’.
Scroll down to ‘Vehicle Related Services’ and click on ‘Fancy Number Allocation’.
A new page will open. Sign up as a new public user and select the state and RTO name.
The new window displays the list of available fancy registration numbers you can select from.
Once you have found the ideal registration number for your vehicle, you can proceed with the registration process. You need to participate in the online bid to receive a fancy registration number.

Process to Apply for Fancy Vehicle Number

There’s no need to visit the RTO office for a VIP registration number since the state government only accepts online applications. You need to follow the two-step process to apply

(i) Complete online registration

(ii) E-Auction process

Let’s understand the first step of the application for fancy vehicle numbers to proceed with the registration process. Follow the given steps

Start by registering yourself on the official Ministry of Road Transport and Highway (MoRTH) website or mParivahan portal.
Complete the signup process to create a public user account.
You will see the list of available fancy vehicle registration numbers.
Pick your preferred fancy vehicle number.
Now, pay the registration fee and charges for the vehicle number.
Place a bid on the e-auction.
Depending on the bidding results, you will have to pay the charges. If you lose the bid, the fancy number plate charges will be reimbursed to your account.
Upon successfully acquiring a fancy vehicle number, you receive the allotment letter.

You have purchased the vehicle number of your choice. Why not gain the motor insurance of your choice and attain maximum safety?

E-Auction of Fancy Registration Numbers

By here, you are well aware of the registration process for VIP vehicle numbers. Once you have blocked the desired number, follow the steps below to e-auction the fancy registration number.

Once you register as a public user on the Ministry of Road Transport and Highways official website, you get the Unique Acknowledgement Number (UAN).
Pay the registration fee (non-refundable) and the reserve price (refundable) of the fancy number.
Block the ideal fancy vehicle number.
The registration window is open for three days from the start of the auction. You can complete the bid within the next two days.
You can increase the bid amount by multiples of Rs. 10,000. For example, the earlier price of the bid was Rs. 2 Lakh, the next bidding price will be Rs. 2.1 Lakh, Rs. 2.2 Lakh, and so on.
Upon a successful bid, you get the information via email and SMS on your registered contact details.
Deposit the bidding amount online within 5 days and claim the bid. If you fail to do so, it is considered that you have surrendered the fancy vehicle number.
After the successful payment, an allotment letter is issued to you, valid for the next 90 days after receiving it.
Within the time period, acquire a physical number plate or else the ownership of the number will be cancelled if you miss the deadline.

Processing Time to Get Fancy Vehicle Number

After you have blocked the fancy registration number and paid the required amount, the registration process usually takes 3 days to complete. Later on, the next two days are allotted for bidding. Hence, it requires 5 days from the day of registration to complete the bidding process. Once you receive the allotment letter, you have 90 days to start the registration process at the concerned RTO and get a physical number plate.

Remember, the processing time to get the fancy vehicle number highly depends on your location and demand for that number. If there’s a high demand, the processing time is extended. In such cases, you can visit your concerned RTO office.

Fancy Registration Numbers Owned by Indian Celebrities

Indian celebs, including B-town actors/actresses, sportspersons, and businessmen, are crazy about their cars and motorbikes collection. They own the most extensive vehicle numbers to make their cars look extraordinary. They sometimes have the same fancy number plates for multiple vehicles like cars, vanities, or motorbikes. Let’s check out our favourite Indian celebrities owning attractive fancy registration numbers.

Indian Celebrities	Fancy Registration Number
Amitabh Bachchan	2
Shahrukh Khan	555
Sanjay Dutt	4545
Neil Nitin Mukesh	2277
Shahid Kapoor	700/7000
Ranbir Kapoor	8
Amir Khan	0007/007
Salman Khan	2727
Akshay Kumar	900
K. S. Balagopal	0001
Yuvraj Singh	3333
M.S. Dhoni	7

Conclusion

Having a fancy registration number is an enthusiasm for vehicle owners. It depends upon the capability of the vehicle owner how much they want to spend on acquiring such a number plate. The whole process to get a fancy registration number is full of high spirits. We have explained the full registration and auction process to get a VIP registration number. But when you win the auction and get your favourite vehicle registration number, don’t forget to protect your vehicle with the right motor insurance.

Where getting the VIP number plate can take around a month, we, RenewBuy POSP advisors, can help you get or renew your vehicle insurance in minutes. Making the insurance simple and accessible to add extended protection to your vehicle.

Fancy Registration Number FAQs

What does the VIP number plate mean?

VIP number plates are a special combination of alphabets and numbers generally considered in high demand rather than any other normal registration number.

What is the benefit of VIP car number?

A VIP car number attracts people’s attention to your vehicle and makes it stand out. This is the reason people spend lakhs to get a fancy registration number.

What is the price of VIP number plate 9999 in India?

Generally, the price of VIP number plate differs state by state. But the general price for VIP number plate 9999 in India may be from Rs. 2 Lakh to Rs. 3 Lakh.

What is the benefit of a high-security number plate (HSRP)?

The high security number plates have snap-on locks. The HSRPs are made up of aluminium and consist of hot-stamped Chromium, with a 10-digit PIN and an attached hologram. These number plates can not be changed or removed easily due to their unique construction.

Is car number lucky?

It is the perception of some people to have a specific number on their vehicle. If you consider a number lucky, you can arrange it to your vehicle number plate.

Is 7 a lucky number for vehicles?

The number 7 is generally considered lucky in most cases. As per numerology, the number 7 is the smallest prime number, and people who harness the number 7 are considered intellectual.

How long can it take to book a fancy vehicle number?

Generally, the registration and auction process is completed within 5 days. After receiving the allotment letter, you must register the vehicle number within 30 days of issuance.

What are the most costly number plates?

The following fancy number plates have the highest bidder, making them the most costly.

0001 number plate price: Rs. 5 Lakh
0007 number plate price: Rs. 1.5 Lakh
0005 number plate price: Rs. 1.5 Lakh
0008 number price: Rs. 1 Lakh

*Note that the price of fancy number plates may vary from state to state. You can check the right price by visiting the official website of the state transport department.

What are the eligibility criteria to get a fancy vehicle number?

However, no specific eligibility conditions apply to get a fancy vehicle number. You are required to cover the associated costs, advance payments, and any monetary liabilities according to your choice of number.

Can I transfer my fancy number from one vehicle to another?

If you purchased a new vehicle, you can transfer your fancy number to another vehicle from the old one. However, the transfer is governed by the approval of the competent authority, and you must also provide an additional processing fee.

Can I keep my number plate even if I sell my car?

Yes, you can keep your fancy number plate if you're selling a car or scrapping one. You will need to submit Form V317 to inform the Regional Traffic Office authorities that the plate has to be removed from your vehicle.

How Much Tax Benefits We Can Claim With Life Insurance Policy?

How much tax benefits we can claim with Life Insurance policy?

The tax benefit on premium paid for a life insurance policy is an important additional advantage of life insurance. One should, therefore, understand all aspects of claiming this tax benefit in order to avoid losing it.

Section 80C and Section 80D of Income Tax Act entitles specified taxpayers to claim deduction for the entire amount paid to the insurance company for specified insurance schemes.

Deduction under Section 80C

If an individual has paid an insurance premium to insure his/her own life or the life of his/her spouse or child, such premium payments are eligible for deduction under Section 80C of the Income Tax Act. The deduction is allowed irrespective of the child being dependent or independent, minor or major, married or unmarried. Both an individual and a Hindu Undivided Family (HUF) can claim this deduction under Section 80C.

Tax deduction under Section 80C of the Income Tax Act, 1961, allows exemption up to INR 1.5 lakh per annum.

To claim deduction under Section 80C, following points to be considered:

Premium paid should not exceed 20% of the sum assured for policies issued prior to 01 April 2012
Premium paid should not exceed 10% of the sum assured for policies issued after 01 April 2012
Premium paid should not exceed 15% of the sum assured for policies issued after 01 April 2013, covering the life of an individual with a disability referred to under Section 80U or a disease referred to under Section 80DDB

“Sum assured” is the minimum amount assured under the policy to the survivor. This amount does not include premium which has been agreed to be returned or any payment of bonus on the policy.

Further, there is a minimum lock-in period for policy to retain tax benefit under section 80C. The policy holder is required to hold the life insurance policy and pay the premiums regularly for a minimum number of years as specified in Section 80C in order to retain the tax benefit claimed.

In case of single premium life insurance policy, 2 years from date of commencement of policy
In case of ULIPs, at least 5 years, for which premium has been paid, from start of policy
In case of any other life insurance policy, at least 2 years, for which premium has been paid, from start of policy
In case of any other life insurance policy, at least 2 years, for which premium has been paid, from start of policy

According to the Section 80C(5), an individual cannot claim the benefits under the Section 80C in the following scenarios:

Policyholder surrenders his/her policy voluntarily or
Policy is terminated by the insurer before a predefined time limit, on failure to pay the dues (i.e. premiums)

This means that no deduction will be allowed for the premium paid for the year in which the policy is surrendered/terminated and the deductions claimed in earlier years for premium paid, if any, will be considered as his income in the financial year in which the policy is surrendered or terminated and taxed accordingly.

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D). Also, covered here are policies taken after 1 April 2013, on the life of a person with a disability or a disease specified under Sections 80U and 80DDB respectively, where the amount received on maturity is tax-free provided the premium paid does not exceed 15% of the sum assured.

Deduction under Section 80D

Section 80D of the Income Tax Act, 1961 allows tax benefits on health insurance premium. So, if your life insurance plan has health-related inbuilt or add-on cover such as Critical Illness Rider, Surgical Care Rider, Hospital Care Rider, etc. you can avail tax benefits.

To claim deduction under Section 80D, following points to be considered:

Maximum limit on premiums: Tax deduction can be only availed for an amount up to INR 25,000
Maximum limit on Life Insurance premiums paid for your dependent parents: One can avail an additional tax deduction benefit of INR 25,000/- if paying premiums for health insurance policy in your parent’s name
Maximum limit on Life Insurance premiums paid for dependent senior citizens: One can avail tax benefit on the same to an amount up to INR 30, 000 if paying premiums for a health insurance plan in your senior citizen parent’s name

How can you avail this benefit?

One can claim deductions for premiums paid towards health insurance policies of:

Yourself (assesses)
Your spouse
Your dependent children
Parents (whether dependent or not)

To conclude, a life insurance plan helps lower your taxable income by giving you tax-free deductions.

Mistakes To Avoid While Purchasing A Life Insurance Policy

Mistakes to Avoid While Purchasing a Life Insurance Policy

A life insurance policy helps you ensure financial stability to your family in your absence after your death. It may even allow you to lead a comfortable retired life.
Buying life insurance coverage is a decision that requires careful planning. Quite naturally, it is a time-consuming process. To certain people, a decision in this regard can take even months. You do not want to make any mistake because it concerns your loved ones.
In order to make your loved one’s feel secured one must take care of certain things before purchasing a life insurance policy. Avoid below mentioned six mistakes while taking a life insurance plan and secure your family’s future in your absence.

1. Evaluate your insurance needs

This is the first thing you should do when you get an insurance quote. Evaluate the kind of protection you and your loved ones need. If you are unable to do it on your own, request help.

2. Don’t forget to Compare the plans

Always recommended to share your requirements to your advisor in order to get various quotes for an analysis and comparison. The more the choices the more it will be helpful for you to choose one which helps you suffice your requirements.

3. Don’t procrastinate

Know that insurance is not for the elderly or for the middle-aged. It should be there with you from the time you start earning. Taking insurance when you are young and healthy allows you to enjoy lower premiums. Remember, insurance premium always goes up as one grows old. Add to it your health concerns. This kind of protection at a later stage in life is not for the budget conscious. Start protecting yourself at the earliest.

4. Don’t fall for lower premiums

Budget has the final say when buying something. Insurance is not an exception in this regard. Certain companies may misquote lower premium to attract customers. When a company advertises low-priced policy, it excludes numerous benefits. Be willing to spend a bit. Read the coverage well before opting one. Always choose a reputed insurance agency with a high claim-settlement ratio.

5. Don’t avoid riders

It is a mistake that happens because of budget-consciousness. People avoid optional coverage because of the additional cost involved. But it does more harm than good. For instance, you add accidental death coverage to your existing policy. The change will drain your budget. But it will protect your family if you die or will be helpful in case of disability.

6. Don’t ask for paybacks but value honest advice from your advisor

Share your requirements with advisor to get the apt plan for yourself. It is always advisable to get a good consultation from advisor and not swooned away with the paybacks from them. It's important to remember that these payouts are the only source of earning for the agent. Also, it’s important to remember that these payouts are coming from the commissions which are part of charges in the same plan you are buying.
Make sure that you are reading the fine print. Skimming the details may hurt you in the form of hidden costs and other additional charges. If you are unable to understand the clauses in one go, ask your insurance advisor to explain the same. Even then, it is the consumer’s responsibility to stay informed in all aspects. Insurance providers are businesses, not non-profit organizations. Protect yourself and your loved ones with multiple life insurance policies. But make sure that you can pay the premium.

How of Buying Life Insurance Policy Under MWP Act?

What is the Married Women Property Act (MWP Act) in Life Insurance Plan?

It’s a general belief that the main objective of taking a life insurance policy is to ensure the well-being of the family or help dependent family members and maintain the same living standard of living in case of any unforeseen events or after earning a member’s death.

However, the truth is that merely buying a life insurance cover alone will not necessarily ensure that your loved ones get the insurance amount after your death. There is a possibility that the term life insurance claims money may never reach your nominee or the beneficiary. Your relatives or people may owe your money (also called creditors) in your absence. In this reference, an individual can ensure that the sum assured is passed on to the wife and children by taking a term insurance plan under the Married Women Property (MWP) Act.

What is the Meaning of the MWP Act?

Under this act, Section 6 highlights: "A policy of insurance effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, or of his wife and children, or any of them, shall ensure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interests so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate.

The MWP Act was enacted in 1874 in India, keeping in mind women's rights and security due to the social prejudices (no proper protection for women's assets) prevailing in the country. This act was a landmark movement towards protecting the property rights of women. Later, in 1923, this law was amended to include insurance policies, which further protected women's rights.

How does MWP Act Protect the Family?

The term policy under the purview of the MWP Act will be considered as a trust. Only trustees will have control over the policy, including servicing, receipt of the benefit amount. In case of a death claim, the trustees receive the policy proceeds and can only be claimed by trustees. It cannot be claimed by creditors, relatives or form a part of the will (estate of the proposer). The trust shall be holding the claim proceeds for the benefit of the wife and child(ren), thereby securing the wife, children, or dependent's financial situation. The beneficiaries (wife and children) do not change once mentioned in the policy throughout the term. Once the policy is issued, no one can exercise control over the benefit amount in the insured's demise, except the insured's wife and children.

Who Should opt for MWP Act?

It is appropriate for all businessmen, salaried individuals with loans or liabilities, and people who want to protect their wife/children from creditors/relatives who might have fraudulent intentions.

Any married man (including a widower and a divorcee) residing in India (except Jammu and Kashmir) can benefit under this Act. In the case of widower and divorcees, they can name their children as beneficiaries.
Any married woman can also buy a policy under this Act, in her name & name her children as the beneficiaries. However, if a woman gets a policy under the MWP Act, the husband will not gain anything from the policy, and this will be considered a separate asset.

The beneficiaries can be any one of the following:

The wife alone
The child/children alone (both natural and adopted)
Wife and children together or any of them

The policy can also be a named policy, where the name of the wife and children is mentioned in the plan. Or as a class by not mentioning the names. One can mention the policy's benefits as specific percentages to each beneficiary or as equal amounts.

How to Buy Term Insurance Policy Under the MWP Act?

The process is straightforward. It can be done by filling in an MWP addendum while applying for insurance. One does not need to create a settlement deed or a trust separately.

An individual can also avail of the plan online under MWP Act. When buying the policy online, in the application form, one can view the statement: "I would like to buy this policy under Married Women's Property Act (1874)"'

Select the option "Yes" and once selected, enter the beneficiary and trustee details, e.g. the beneficiary name, relationship, date of birth, and benefit share (in %). An individual can only choose his wife/child/children as beneficiaries. He/she can add multiple beneficiaries. Further, any addition or changes in the policy's endorsement under the MWP Act is not allowed at a later stage which means that even the husband (the insured) cannot change the beneficiaries of the policy.

Summary

A link between the life insurance policies and the MWP Act is an important step towards protecting women's rights while providing much-needed protection to one's family. The MWP Act in Life Insurance ensures that the sum ensured goes safely to the dependents after policyholder safety of dependents even if the personal finances are in crises. To conclude, to secure your wife's and children's future, an individual needs to buy life insurance with the MWP Act.

Tax Benefits of Life Insurance Policy - You Need to Know

What are the Tax benefits of Life Insurance policy?

Life insurance policies are useful tax planning tools as the policyholder is eligible for tax benefits under the Income Tax Act 1961 (Act) of India. Among the multiple modes for saving tax, life insurance is one of the most effective tax planning instruments.

To highlight, there are two types of income tax benefits available to individuals concerning the savings being made in the Life Insurance policies:

Deductions

Exemptions

80C/80CCC

Benefit is available to Individual assessee and the Hindu Undivided Family (HUF) assessee.
- In case of individual assessee - Himself/herself, spouse, children of such individual
- In case of HUF assessee - any member of HUF
If the amount of premium paid in a financial year for a policy is in excess of 20% of the actual capital sum assured, then, deduction will be allowed only for premiums upto 20% of the sum assured.
For insurance policies issued on or after 01 April 2012, tax deductions are applicable of the amount of premium paid in a financial year is 10% of the sum assured (15% of actual capital sum assured in case of person with severe disability or specified ailment).
Section 80CCC - Maximum amount of deduction that an assessee can claim under Sections 80C, 80CCC will be limited to INR 150,000.
For life insurance policies issued before 31st March 2012, deductions are applicable if the amount of premium paid in a financial year is 20% of the sum assured amount of the policy.

Section 80C(5) - if the insurance policy holder voluntarily surrenders his policy or in case the policy is terminated before 2 years from the date of commencement of policy, then the insured will not receive any benefits on the premium paid, offered under Section 80C of Income Tax Act.

10 (10D)

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 01 April 2012 and 20% of sum assured for policies issued before 01 April 2012, any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D).

Also, included are policies taken after 01 April 2013, on the life of a person with a disability or a disease specified under Sections 80U and 80DDB respectively, where the amount received on maturity is tax-free provided the premium paid does not exceed 15% of the sum assured.

For insurance policies issued on or after 01 April 2012, exemption would be available for policies where the premium payable for any of the years during the term of the policy does not exceed 10% of the actual capital sum assured.

However, there are few exceptions:

Sum received under Section 80DDB, or
Sum received under a Keyman Insurance Policy, or
Sum received other than as death benefit under an insurance policy which has been issued on or after 01 April 2003 and if the premium payable in any of the years during the term of the policy does not exceed 20% of the sum assured.

80D

Benefit is available to Individual assessee and Hindu Undivided Family assessee.
- In case of individual assessee - Himself/herself, spouse, dependent children and parents of such individual
- In case of HUF assessee - any member of HUF
Qualifying amounts under Section 80D for self, spouse and dependent children is upto INR 15,000/- and additional deduction upto INR 15,000/- for the parents. However, a higher amount of upto INR 20,000/- is permitted for parents, if they are senior citizens. Assessee can make any payment on account of preventive health check-ups upto INR 5,000 within prescribed overall limit.

80DD

Premiums paid for disabled dependent are eligible for deduction up to INR 50,000 every year.
A higher deduction of INR 75,000 shall be allowed, where such dependent is a person with severe disability.
If life insurance is issued on or after 01 April 2013, in the name of any person suffering from a disability as mentioned in section 80U or suffering from an ailment as referred in section 80DDB, the maximum deduction is up to 15% of the sum assured.

Any maturity amount of life insurance policy or bonus amount received by the beneficiary of the policy in c

To clarify any doubts, the premium paid towards a life cover taken with any insurer that is approved by the Insurance Regulatory and Development Authority of India (IRDAI) is eligible for a Section 80C deduction.

Further, the different types of Life Insurance that help you save tax are as follows: -

Term Plan (pure risk cover)
Unit-linked insurance plan, ULIP (Insurance + Investment opportunity)
Endowment Plan (Insurance + Savings)
Money-Back (Periodic returns with insurance cover)
Whole Life Insurance (Life coverage to the life assured for entire life)
Child’s Plan (For fulfilling your child’s life goals like education, marriage, etc.)
Retirement Plan (plan your retirement and retire gracefully)

So, before finalising any life insurance policy, it is imperative to understand the latest information about the various tax-saving instruments under the sections in the Income Tax Act through agents or premium calculators.

Why Every Working Woman Needs a Life Insurance?

Advantage of Having an Insurance Policy For A Working Women

We live at a time when women are no less than men in any aspect. Earlier, people used to believe that women are not equal to men. Men are always one step ahead and superior to women. But gradually the time has changed, and simultaneously, people have become more liberal. Now, most of the women are working and compete with men in every sector. In every profession, they work shoulder to shoulder with men. They contribute to the family; meet children's needs to get a better future. They take care of the whole family, but it is always neglected when it comes to taking care of herself. Some women do not want to take responsibility for financial planning though they earn for their family. A woman is most valuable for her family, as she takes care of the home and office. She needs to steady and fit.

Every working woman needs life insurance to secure their life in a better way. If you are a working mother without life insurance, this article will help you know which is the best life insurance plan for you. As you will come to know the advantages and the benefits of it. Let's get started,

Benefits of Having Life Insurance for Every Working Woman:

1- Financial Protection:

When you are an earning member and share financial responsibilities with your beloved husband, you should not compromise your health, especially when you can pay the insurance premium. Having an insurance provider, your financial support for your future, and you can have peace too. The insurance assists you and your family both. God forbid if something happens to you, your family will be protected, and you will also get financial help.

2- Help You in Savings:

Many of us tend to save money in the jar or a piggy bank. Especially females have this habit. So instead of putting money in your jar, you can invest in insurance. The small and petty investment will give you minimal returns, but life insurance can give you more. Life insurance is always suitable for the short term and long term both.

3- Provide You Coverage on Critical Illness:

Day by day, medical becomes very costly, and it is unbearable for the middle class and lower middle class. Diseases will not give you any intimation. So be prepared for the worse. If anyone in your family has serious health issues and critical conditions, you will need a significant amount for that. If you have critical illness insurance or some health insurance, the insurance will cover it. If God forbid if a patient dies and has term insurance, then the family will get the insured amount according to the policy. This will be the financial support to your family in a critical condition.

4- Savings for Retirement:

Do not depend on your husband's income in old age. With the growing inflation rate, it isn't easy to run the family single handily. With one person's savings, it will be tough for you both to live a stable life. So, a woman should also have insurance, which will provide them with the financial support they need post-retirement.

Types of Life Insurance Plans that You Might Consider:

Term Life Insurance Plan
Endowment Life Insurance Plan
Critical Disease Coverage Plan

Conclusion

Now you can understand how important it is to have an insurance plan in your life. It is your life; do not depend on others. When you are working and independent of bearing your expenses, why not secure your future?

So, without any second thought, consult your insurance advisor today and take suitable insurance to ensure your valuable life in a better way.

Recommended Read: How Life Insurance Can Protect Your Family?

Best Reasons Of Why A Working Women Should Have A Life Insurance Policy

Best Reasons of Why Working Women Should Have A Life Insurance Policy

Life insurance gives compensation either after a specified policy period or death of the policyholder. The person taking the life insurance generally makes periodic payments to keep the life insurance policy coverage and this type of policy is perfect for working women. Working women are often contributors to family income or are self-sufficiently earning their living.

Following are reasons why working women should have life insurance coverage:

Best Reasons for Life Insurance Policy

Personal Financial Security

Working women earn a living for themselves and are financially independent in the 21st century. This means that a life insurance policy is a perfect way for them to get compensation after a period which ensures their financial security. Women are becoming empowered in today’s world, and one of the means of power for women anywhere in the world is financial security.

Financial Security for the Family

Various Life Insurance Options & Plans

There are different types of insurance policies that are suitable for of working women at various income levels in society. Benefits of life insurance plans vary from insurer to insurer, and each woman can choose the plan suitable for her and her family. Some of the options include term life insurance, whole life insurance, indexed universal life insurance, variable plans, and other plans that offer various levels of coverage.

Old Age Security – Retirement Benefits

Life insurance policies are fixed term life insurance policies. This means that till the time working women are earning, they can keep paying premiums of the policy and after the term limit is over, they get the compensation of the policy. Mostly it is at a later stage usually during their retirement. Many working women are looking at taking life insurance policies because of their retirement benefits.

Wealth Creation

Health Expense Coverage

Now a days life insurance plans come with various types of benefits. Many types of plans include critical illness cover as well as hospital expense benefits. Healthcare costs are on the rise and a small health problem can really damage the savings for many women. Healthcare benefits in these plans help working women get protection against healthcare costs which is a major reason why life insurance is important for working women.

Tax Benefits

Loans on Life Insurance

Fines on Fancy Number Plate

Fancy Registration Number Plate for Your Vehicle

For many vehicle owners, a car or motorbike is more a way of reflecting living status rather than a mode of transport. To step up and make their vehicles look extraordinary, they prefer various customizations and getting a fancy registration number is one of the options. The fancy number plate personalizes the vehicle and makes it look unique. Regional Transport Offices across the country issue these vehicle registration numbers. But issuing a fancy registration number is more challenging than the regular registration number of a vehicle. There are certain norms to follow when you attach a registration plate to your vehicle, or else you end up paying huge penalties from the government.

This article will help you understand the guidelines for a registration number and brief you about the charges applicable if you don’t comply with government norms.

Guidelines for Vehicle Registration Number Plate

The Central Motor Vehicles Act, 1989, specifies the provisions for issuing the registration number or the fancy registration number plate for a vehicle plying on the roads. Every Indian citizen is entitled to follow the regulations mentioned below.

Clear and specified display of a licensed number plate on the front and rear side of the vehicle.
The car number plate and the font should be in the pre-determined size only, as mentioned below

For two and three-wheelers: 200×100 mm

Light motor vehicles/ passenger cars: 340x200 mm or 500×120 mm

Medium /heavy commercial vehicle: 340×200 mm

Font of car number plate: 65x10 mm with a 10 mm space between the number and alphabet.

All the alphabets should be in English font, while the numerals should be in Arabic numerals.
No art, picture, character, names, or stickers are allowed on the number plate.
The vehicle owner needs to bid in the auction to issue a VIP number plate, whether online or offline.
The Regional Transport Department of India allows the following colour and combinations.

Vehicle Type	Colour of Number Plate	Font Colour
Private Vehicle	White	Black
Commercial Vehicle (Taxi or Truck)/ Temporary Registration	Yellow	Black
Foreign Delegate	Blue	White
Private Commercial Vehicle (available for rent)	Black	Yellow
Electric Vehicle	Green	White

Why Does Government Levy Penalty on Fancy Number Plates?

Many people want to use the curved font or write stylish names or designations on the number plates to look different from the crowd. But the government of India strictly prohibits such steps. If you are caught breaching the laws, heavy penalties are levied. Why?

Well, it is the sole responsibility of the government to maintain vehicle law and order across the country. If you use a fancy number plate with a different font (irregular), it becomes difficult for the authorities to read the text and track the vehicle in the case of mishappenings. Hence, using the prescribed guidelines for the registration number plate is mandatory.

Moreover, the government recognizes the concern of having fancy registration number plates and reserves the right to allot customized or VIP numbers from 1 to 9999. To allot these number plates with different number combinations requires a definite registration charge. Every state government allot a fancy registration number by conducting an online or offline auction. Hence, the vehicle owner must pay heavy penalties when a registration number doesn’t follow the pre-set guidelines.

Different Charges by the Government on Fancy Vehicle Numbers

If a vehicle owner is caught driving a car with a number plate that does not imply the norms specified by the Government of India, then a challan is issued to you, and you need to pay the fine as specified under the Central Motor Vehicle Act, 1989. Generally, RTO fines an amount of Rs. 1,000/- but the amount may vary state-wise.

Some states also have strict guidelines and may suspend your license if caught a fancy number breaching the provisions even after repeated warnings.

Also, breaking the law can land you in trouble when applying for an insurance claim.

Is it Mandatory to Have an HSRP for a Fancy Number Plate?

Before looking into whether it is mandatory to have an HSRP number plate, let’s walk through a quick intro to what is an HSRP registration number plate.

According to the number plate regulations of the Central Motor Vehicle Act, 1989, all vehicle registration number plates, including fancy number plates, must be equipped with HSRP to ensure consistency and top-notch security. This helps the vehicle owner to exclude any further difficulty and penalties regarding the number plates. The High-Security Number Plate (HSRP) is a number plate made of aluminium and fixed onto the vehicle with chromium-based non-removable snap-on locks. These number plates have a hot stamped chromium-based Ashoka Chakra hologram in blue colour on the top left corner.

The HSRP has a unique 10-digit PIN, a combination of vehicle engine and chassis numbers, which ensures easy vehicle identification in case of theft. Before the implementation of HSRP, it was easy to remove/replace a number plate and used to make tracking the vehicle difficult. With an HSRP, the stolen vehicle can be scanned and tracked using the CCTV installed on the roads.

Bottom Line

Personalizing a car number plate with a fancy registration number attracts people. It represents your personality, but it may also levy significant fines if it does not comply with the provisions made by the government. You must follow the prescribed format and process to issue a registration number set by the government. So, consider the government norms next time you think of having a fancy number plate written BOSS, BOYS, etc.

In addition, with a fancy number plate, you also need to safeguard your vehicle with suitable car insurance. Car insurance provides you coverage against theft, fire, accidents, and other misfortune situations. You can directly connect with motor vehicle insurance companies or contact D2C Consulting Services Pvt. Ltd., like RenewBuy. Our POSP advisors will help you buy or renew your motor insurance in minutes.

Sukanya Samriddhi Yojana (SSY): SSY Scheme Eligibility, Interest Rate, and Tax Benefits

Sukanya Samriddhi Yojana (SSY): An Overview

Sukanya Samriddhi Yojana (SSY) was launched on January 22, 2015, under the ‘Beti Bachao, Beti Padhaao’ campaign. The scheme addresses the issue of rising female foeticide and declining girl-child ratio in India. By investing in the child insurance plan, the parents can systematically plan the future of their girl child.

This article discusses the Sukanya Samriddhi Yojana (SSY) features, benefits, eligibility criteria, and application process for the scheme.

What is Sukanya Samriddhi Yojana (SSY)?

Sukanya Samriddhi Yojana (SSY) is a savings-oriented scheme jointly run by the Ministry of Women & Child Development, the Ministry of Health & Family Welfare, and the Ministry of Human Resource Development. Parents or legal guardians can open a Sukanya account for a girl child aged 10 or below in a private or public sector bank.

The parent can deposit a minimum of Rs. 250/- to a maximum of Rs. 1.5 Lakh annually towards the Sukanya Samriddhi Yojana (SSY). Interest is compounded on the amount deposited under the Sukanya Yojana at a fixed interest rate annually. The scheme ensures a financially secure future for a girl child.

The tenure of the Sukanya Samriddhi Yojana (SSY) is 21 years and can be prematurely closed in case of marriage after the girl child completes 18. The investor can use the Sukanya Samriddhi Yojana (SSY) calculator to calculate the total maturity and investment amount while purchasing or during the tenure.

Sukanya Samriddhi Yojana (SSY) Highlights

The following are the key highlights of the SSY scheme you can consider when planning to buy Sukanya Samriddhi Yojana (SSY) for your girl child and secure her future.

Sukanya Samriddhi Yojana Features	Particulars
Account Type	Small Savings Scheme
Interest Rates	8% annually (revised quarterly)
Minimum Deposit Amount Annually	Rs. 250/-
Maximum Deposit Amount Annually	Rs. 1.5 Lakh
Maturity Span	21 years
Investment Period	Till 15 years from the date of account opening
Tax Benefits	Upto Rs. 1.5 Lakh annual
Available Centers	25 banks and post offices

What are the Objectives of Sukanya Samriddhi Yojana (SSY)?

Sukanya Yojana helps parents build sufficient funds and secure a bright future for girls in India. Here are the primary objectives of the Sukanya Samriddhi Yojana (SSY)

Demolish the gender discrimination in India
Ensure the protection and survival of the girl child
Empower the girl child and promote higher participation
Encourage the girl child to gain quality education
Streamline a path to equal opportunities for girls
Provide a financial cushion for girls and their parents

What are the Eligibility Criteria of Sukanya Samriddhi Yojana (SSY)?

The Sukanya Samriddhi Yojana (SSY) is crafted for the development of a girl child. A parent or guardian is required to consider the following eligibility criteria to apply for Sukanya Samriddhi Yojana (SSY).

Age: The girl child must be 10 years or younger to be eligible for Sukanya Samriddhi Yojana (SSY). Also, a grace period of 1 year is provided, which extends the application period for the SSY scheme, making a girl child upto 11 years eligible for the scheme purchase.

Who Can Apply for SSY Scheme?: Biological parents or legal guardians can open and operate a Sukanya Samriddhi Yojana (SSY) account in the name of the girl child. After the girl child turns 18, she can operate her Sukanya Samriddhi Yojana (SSY) account by herself after submitting the required documents.

How Many SSY Accounts Can I Open?: Only one SSY account in the name of the girl child is allowed. A person having twins or two girl children can open two different SSY accounts. At most, two accounts are allowed to operate. Third Sukanya Samriddhi Yojana (SSY) account is only allowed for one girl child and later-born twin girl children or vice versa. Take the help of the Sukanya Samriddhi Yojana (SSY) calculator to calculate the total savings and interests.

What are Sukanya Samriddhi Yojana (SSY) Benefits?

An Indian girl residing within the country throughout the scheme tenure (for 21 years) is considered the Sukanya Samriddhi Yojana (SSY) beneficiary. The parent opens and manages the Sukanya account until the girl child turns 18. If the depositor exceeds the maximum limit of Rs. 1.5 Lakh annually, then there’s no interest on the amount, but the depositor has the right to withdraw the exceeding money anytime.

Let’s examine the Sukanya Samriddhi Yojana (SSY) benefits and how they impact a girl's life and the family that is connected to her.

Highest Interest of SSY: Compared to other Small Savings Schemes currently running in India, the Sukanya Samriddhi Yojana (SSY) provides the highest interest rate and maximum returns. The government revises the interest rate every quarter and annually adds to your previous Sukanya Samriddhi Yojana (SSY) investment. This way, the investor can increase the investment by multiple times.

Tax Benefits under Sukanya Samriddhi Yojana (SSY): Sukanya Samriddhi Yojana (SSY) helps save taxes, and the guardian/ parents can claim tax benefits upto Rs. 1.5 Lakh under section 80C of the Income Tax Act, 1961.

Guaranteed Maturity Benefits: Your girl child receives a lump sum maturity amount upon Sukanya Samriddhi Yojana (SSY) maturity. This amount includes total investment and interest accumulated on the definite interest rate.

Long-term Financial Security with Sukanya Yojana: The Sukanya Samriddhi Yojana (SSY) focuses on securing the two major milestones of a girl’s life: education and marriage. Once the SSY Yojana account matures after 21 years or pre-mature due to marriage after 18 years, the accumulated amount becomes an asset for financial stability during marriage, education, and entrepreneurship. Also, parents can withdraw 50% of the total amount to finance the education of the girl child only after submitting the proof of admission.

Flexible Investment: The legal guardian or the biological parent can deposit any amount ranging between Rs. 250/- to Rs. 1.5 Lakh as per their financial capabilities and preferences. The Sukanya Samriddhi Yojana (SSY) calculator can calculate the estimated investment, profits, and yearly interest rate.

What are the Important Features of the Sukanya Samriddhi Yojana (SSY)?

The Sukanya Samriddhi Yojana (SSY) 's main objective is to achieve the girl child's financial security. Look at the features of the Sukanya Yojana that make it a unique child plan:

Easy Account Operation	The parent can reach the nearest public sector bank or authorized post office to open a Sukanya Samriddhi Yojana (SSY) account in the name of the girl child anytime before she turns 10. When the girl turns 18, she can own the rights to operate the SSY account after submitting the required documents to the dedicated bank or post office.
Policy Tenure	The total time period of Sukanya Samriddhi Yojana (SSY) is 21 years from the date of opening of the account. The depositor (parent or guardian) must deposit money only for 15 years. The account matures after the completion of 21 years, and the girl child receives the accumulated amount, including the interest.
Irregular Deposits	When the Sukanya Samriddhi Yojana (SSY) account is opened, the parent must submit a minimum of Rs. 250. Later, they can deposit a minimum of Rs. 250/—to Rs. 1.5 Lakh within one financial year of the SSY.
Revival	The account is considered default if the parent or guardian fails to deposit the minimum amount of Rs. 250/- in any financial year. However, the Sukanya Samriddhi Yojana (SSY) account can be reactivated after paying the minimum amount and required penalty as applicable.
Withdrawal	To finance the education of the girl child, the parent can withdraw upto 50% of the outstanding amount at the end of the financial year. Partial withdrawal under the SSY scheme is only allowed after the account holder (girl child) turns 18 or has passed 10th grade, whichever is earlier.
Account Closure	The Sukanya Samriddhi Yojana (SSY) account can be closed after the completion of the maturity period, which is 21 years from the date of account opening. At the time of account closure, the outstanding amount with the interest is payable to the account holder.
Premature Closure	Closure of the SSY account before the completion of 21 years is possible in the following cases- Marriage of the account holder is only after the completion of 18 years, provided the guardian needs to submit the declaration duly signed along with proof of age confirming that the applicant is not less than 18 on the date of marriage. Or, On the unfortunate demise of the SSY account holder, the outstanding amount and interest are paid to the depositor after submitting the death certificate. Or, The girl no longer remains an Indian resident during the Sukanya Yojana tenure. In such cases, it is required to inform the authority within one month of such status change. Or, On a life-threatening medical emergency with the girl child or the death of the depositor, the account can be prematurely closed upon presenting the relevant documents. Or, After 5 years of Sukanya Yojana or any time after presenting a valid reason in front of the authorities.
Mode of Payment	Online payment Demand draft Cash Cheque mode
Lock-in Period	Whichever is of the below is earlier: 21 years from the account opening date Marriage after completing 18
Convenient Transfer	Sukanya Yojana account can be easily transferred from one state to another and banks to post offices and vice versa.

Know more about the top 10 life insurance companies in India. Check the claim settlement ratio of life insurance and general insurance companies to make an informed decision.

What is Interest Rate of Sukanya Samriddhi Yojana (SSY)?

Currently, the interest rate of Sukanya Samriddhi Yojana (SSY) for quarter 2 (July to September) is set to 8% annually, the highest interest rate among all Small Savings Schemes.

The government regularly reviews and revises the Sukanya Samriddhi Yojana's (SSY) interest rate quarterly.
Interest is compounded on the amount deposited and credited to the account balance at the end of every financial year.
No interest is provided in case the girl no longer remains an Indian citizen (becomes NRI).

Let’s look at the Sukanya Samriddhi Yojana (SSY) interest rate from its inception to give you a better vision and help you gain maximum benefits for your child.

Scheme Period (Quarterly)	Interest Rate (in %)
03/12/2014 to 31/03/2015	9.1
01/04/2015 to 31/03/2016	9.2
01/04/2016 to 30/09/2016	8.6
01/10/2016 to 31/03/2017	8.5
01/04/2017 to 30/06/2017	8.4
01/07/2017 to 31/12/2017	8.3
01/01/2018 to 30/09/2018	8.1
01/10/2018 to 30/06/2019	8.5
01/07/2019 to 31/03/2020	8.4
01/04/2020 to 31/03/2023	8.0
01/04/2023 to 30/06/2023	8.0
01/07/2023 to 30/09/2023	8.0

How Does Sukanya Samriddhi Account Work?

Sukanya Yojana is a long-term scheme like any other child plan oriented to provide an opportunity to invest and secure the future of the girl child. Let’s understand the Sukanya Samriddhi Yojana (SSY) with an example.

Say, Mr. Lalwani purchased the Sukanya Samriddhi Yojana (SSY) for his daughter, Inaya, when she turned 5. The Sukanya Samriddhi Yojana works as:

Mr. Lalwani will have to make contributions for 15 years in one-time annual amounts or instalments until Inaya turns 20.
Once the 15 years are completed, contributions for the next 6 years (between 16 and 21) are voluntary, but the interest will be calculated based on the previous amount.
The SSY account will mature after 21 years when Inaya completes 26.
In case, Inaya gets married after 18 years, Mr. Lalwani can opt for premature closure of Sukanya Samriddhi Yojana.
When Inaya turns 26, Mr. Lalwani or Inaya herself can withdraw the entire amount with the compounded interest. Partial withdrawals are also permitted to fund the education of the girl child.

Let’s see how the investment grows during the 21-year period of the Sukanya Samriddhi account.
Say, Mr. Lalwani invested 1 Lakh every year for 15 years.

Annual Investment Amount- Rs. 1 Lakh
Interest Rate- 7.6%
Investment Tenure- 15 years

Year	Deposit Made	Previous Balance	Interest Amount	Investment Value
1	Rs. 1,00,000	Nil	Rs. 7,600	Rs. 1,07,600
2	Rs. 1,00,000	Rs. 1,07,600	Rs. 15,777.60	Rs. 2,23,378
3	Rs. 1,00,000	Rs. 2,23,378	Rs. 24,576.72	Rs. 3,47,955
4	Rs. 1,00,000	Rs. 3,47,955	Rs. 34,044.60	Rs. 4,82,000
5	Rs. 1,00,000	Rs. 4,82,000	Rs. 44,232	Rs. 6,26,232
6	Rs. 1,00,000	Rs. 6,26,232	Rs. 55,193.64	Rs. 7,81,426
7	Rs. 1,00,000	Rs. 7,81,426	Rs. 66,988.32	Rs. 9,48,414
8	Rs. 1,00,000	Rs. 9,48,414	Rs. 79,679.52	Rs. 11,28,094
9	Rs. 1,00,000	Rs. 11,28,094	Rs. 93,335.16	Rs. 13,21,429
10	Rs. 1,00,000	Rs. 13,21,429	Rs. 1,08,028.56	Rs. 15,29,458
11	Rs. 1,00,000	Rs. 15,29,458	Rs. 1,23,838.80	Rs. 17,53,297
12	Rs. 1,00,000	Rs. 17,53,297	Rs. 1,40,850.60	Rs. 19,94,148
13	Rs. 1,00,000	Rs. 19,94,148	Rs. 1,59,155.28	Rs. 22,53,303
14	Rs. 1,00,000	Rs. 22,53,303	Rs. 1,78,851	Rs. 25,32,154
15	Rs. 1,00,000	Rs. 25,32,154	Rs. 2,00,043.72	Rs. 28,32,198
16	Nil	Rs. 28,32,198	Rs. 2,15,247	Rs. 30,47,445
17	Nil	Rs. 30,47,445	Rs. 2,31,605.88	Rs. 32,79,051
18	Nil	Rs. 32,79,051	Rs. 2,49,207.84	Rs. 35,28,259
19	Nil	Rs. 35,28,259	Rs. 2,68,147.68	Rs. 37,96,407
20	Nil	Rs. 37,96,407	Rs. 2,88,526.92	Rs. 40,84,934
21	Nil	Rs. 40,84,934	Rs. 3,10,455	Rs. 43,95,389

The total maturity value of this investment made under Sukanya Samriddhi Yojana (SSY) will be Rs. 43,95,389.

* The above rates may vary depending on the changing interest rates, and we suggest you use the SSY calculator to get an estimate for your personal requirements.

What is Sukanya Samriddhi Yojana (SSY) Calculator?

The Sukanya Samriddhi Yojana (SSY) calculator is an easy way of calculating the total interest on the amount deposited. The Sukanya Samriddhi Yojana (SSY) calculator evaluates the interest accrued on the initial investment amount and subsequent contributions made yearly until maturity.

As per the estimated amount calculated by the Sukanya Samriddhi Yojana (SSY) calculator, the parent can plan to make informed decisions for the important events of their girl child. The SSY calculator is easily available online and handy to use.

You need to provide the following details on the asked places.

Enter the initial deposit towards the SSY scheme
How much yearly investment are you going to make under the Sukanya Samriddhi Yojana (SSY)
Age of girl child when starting the SSY account
Starting date of the Sukanya Samriddhi Yojana (SSY)

The SSY calculator applies the current interest rate and provides the total investment amount, interest amount and maturity value at the end of 21 years.

What are Sukanya Samriddhi Yojana (SSY) Withdrawal Rules?

After 21 years, on the Sukanya Samriddhi Yojana (SSY) maturity, the depositor or the account holder can withdraw the principal amount deposited along with interest on maturity. The following rules are applicable for Sukanya Samriddhi Yojana (SSY) account withdrawal:

To withdraw the amount on Sukanya Samriddhi Yojana (SSY) maturity, the applicant must submit the following documents: An application form for the withdrawal, valid identity proof, address proof, and citizenship documents.
To utilize the Sukanya Samriddhi Yojana (SSY) amount to fund the admission fee of the education institute, the girl child should complete 10th grade or 18 years (whichever is earlier). In such cases, the admission letter or fee receipt must be submitted. The parent can withdraw a maximum of 50% of the previous year’s available balance. The Sukanya Samriddhi Yojana (SSY) amount withdrawal is possible in one time lump-sum amount or max 5 instalments.
Premature withdrawal under Sukanya Samriddhi Yojana (SSY) is allowed if the child turns 18 and gets married. The parent/ legitimate guardian needs to submit the application one month before or after 3 months of marriage, along with the age proof of the SSY account holder (girl child).

Sukanya Yojana Prematurity Rules

The Sukanya Samriddhi Yojana (SSY) account is liable to provide prematurity benefits under the conditions when

The girl turns 18 and gets married.
The girl child no longer remains an Indian citizen.
Unfortunate demise of the girl child.
If the SSY account has remained active for at least 5 years, further discontinuation is requested.

What are Sukanya Samriddhi Yojana (SSY) Tax Benefits?

Below are the tax benefits of the Sukanya Samriddhi Yojana (SSY):

Tax exemption of up to Rs. 1.5 lakh during a financial year on the deposit made by the depositor under Section 80C of the Income Tax Act of 1961.
Section 10 (10D) of the Income Tax Act, 1961, allows the tax exemption on the interest accumulated on the amount.
The maturity amount and the amount received at the time of withdrawal are liable to provide tax benefits.

What is the Application Process of Sukanya Samriddhi Yojana (SSY)?

The following steps must be followed to open a Sukanya Samriddhi Yojana (SSY) account.

Step 1: Visit the nearest branch: The parent or guardian can directly visit the nearest public bank or post office branch to collect the Sukanya Samriddhi Yojana (SSY) application form.

Step 2: Submission of required documents: Duly fill out the Sukanya Yojana form with the necessary information and submit it to the authority along with the following documents

Birth certificate of the girl child
Address proof of the applicant's parent or legal guardian
Photo ID of the applicant parent or legal guardian
KYC documents like PAN or Voter ID
Medical certificate in case of twin or multiple children born
Any other document, as requested

Step 3: Deposit the amount: Pay the first deposit to activate the Sukanya Yojana account in any preferable mode in cash, cheque, online, or demand draft. The depositor can submit an amount from Rs. 250/- to Rs. 1.5 Lakh.

Step 4: Account activation: After successfully verifying the details provided, a Sukanya Samriddhi account will be activated in the name of the girl child. The depositor receives a passbook for this account to keep the record.

Look for the best life insurance policies offered by life insurance companies to secure your family.

Open a Sukanya Samriddhi Yojana (SSY) Account in a Post Office

The government allows the applicants to open a post office Sukanya Samriddhi Yojana (SSY) account for their child. To apply for a Sukanya Samriddhi Yojana (SSY) post office, the parent/guardian needs to follow the simple steps given below

Visit the nearest post office branch and request a Sukanya Samriddhi Yojana (SSY) account opening form.
Fill out the form with the required details. If you already have a savings account in the post office, mention your account number.
Provide the name of the girl child in the ‘Name of Applicant’ section and select ‘Sukanya Samriddhi Yojana (SSY)’ as the chosen option.
Specify the account type and account holder type, and provide the initial deposit amount you wish to start the Sukanya Samriddi account with (min. Rs. 250/-).
Submit the necessary documents, including your ID proof, address proof, PAN card, birth certificate, and other necessary documents as required by the post office authority.
Sign at the end of Page 1 to authorize all the information.
Provide the nomination details in the nomination section. If the applicant needs to be literate, the signatures of two witnesses are required.

Open a Sukanya Samriddhi Account Through the Bank

To open a Sukanya Samriddhi account in the listed bank, the parent/ guardian can follow the given steps

Offline Process

Visit the nearest bank branch in person and request the Sukanya Samriddhi Yojana (SSY) application form.
Provide all the required details along with the documents for verification.
Once the officials verify all the documents, they will approve the application.
You will receive the confirmation details on your registered mobile number.

Online Process

To complete the application process online, visit the official website and download the Sukanya Samriddhi Yojana (SSY) application form.
Duly fill and submit the form along with the other required documents.
You will receive a confirmation email or SMS.

Which Banks are Included in the Sukanya Samriddhi Yojana?

The parent or legal guardian can reach the following banks from the list below to open a Sukanya Samriddhi Yojana (SSY) account (SSY account).

Allahabad Bank	Vijaya Bank
Andhra Bank	Oriental Bank of Commerce
Axis Bank	Punjab National Bank
Bank of India	Punjab & Sind Bank
Bank of Baroda	Syndicate Bank
Bank of Maharashtra	State Bank of India
Canara Bank	UCO Bank
Corporation Bank	United Bank of India
Central Bank of India	Union Bank of India
Dena Bank	ICICI Bank
Indian Overseas Bank	Indian Bank
IDBI Bank

How to Transfer Sukanya Samriddhi Yojana (SSY) Account from the Post Office to the Bank?

In case you wish to transfer the Sukanya Samriddhi Yojana (SSY) post office (SSY) account from the to the listed bank, you can follow the given steps

Visit the post office where your current Sukanya Samriddhi Yojana (SSY) post office account is active and inform the executives about the transfer.
The officials provide the form for the transfer that you need to fill out and submit along with the passbook and KYC documents.
The post office executive will review your request and discontinue the current SSY account.
Next, visit the bank branch where you want to transfer and continue the Sukanya Samriddhi Yojana (SSY) account.
Fill out the application form with the necessary documents, including self-attested KYC documents.
Once the officials process the transfer request, you receive the confirmation request and a new passbook upon successful completion.

How to Pay Sukanya Samriddhi Yojana (SSY) Post Office Account Payment?

The Indian post office has digitized its services to improve customer experience. Now, you can make online payments to the Sukanya Samriddhi Yojana (SSY) post office account using the IPPB mobile application. Follow the given instructions for a successful Sukanya Samriddhi Yojana (SSY) post office payment.

Download the IPPB mobile application on your mobile phone and log in to your IPPB account.
Transfer the required sum from the bank to the IPPB account you wish to submit.
Choose the ‘Sukanya Samriddhi Yojana (SSY)’ account under the DOP product option.
Provide the customer ID and SSY account number.
Next, the depositor should choose the amount to be deposited with the duration of instalments.
The user is notified once the amount is transferred.

How to Check Sukanya Samriddhi Yojana (SSY) Account Balance?

Individuals can check their Sukanya Samriddhi Yojana (SSY) account balance and other details online and offline. Keep reading further to discuss the process.

Online Process to Check Sukanya Samriddhi Yojana (SSY) Account Balance

When you open a Sukanya Samriddhi Yojana (SSY) account with a bank, you receive an account number and login credentials to use and check the Sukanya Samriddhi Yojana (SSY) account balance online. Follow the below steps

Open the Internet banking portal of the bank approved to log in to your SSY account.
Enter your login credentials.
Next, on the homepage, you can find the Sukanya Samriddhi Yojana (SSY) account balance and details.

Some banks do not provide the online portal option to check SSY account balance; in that case, one must opt for the offline method.

Offline Process to Check Sukanya Samriddhi Yojana (SSY) Account Balance

To check the Sukanya Samriddhi Yojana (SSY) balance offline, you must visit the dedicated post office or a bank branch where the SSY account is running. To know, you need to

Update your passbook
Collect your bank statement

If the distance is an issue for you, transfer your Sukanya Samriddhi Yojana (SSY) account to the nearest bank that is registered with RBI and approved for the SSY scheme.

Key Points to Remember about the Sukanya Samriddhi Yojana (SSY) Scheme

Before you open Sukanya Samriddhi Yojana (SSY) post office or bank account after calculating the interest rate with Sukanya Samriddhi Yojana (SSY) calculator, the following key points are important to consider.

A minimum of Rs. 250 and a maximum of Rs. 1.5 Lakh of deposit is allowed in a year. If the parent deposits below the minimum amount, the account will be considered default.
The ‘Account Under Default’ is eligible for the interest until maturity, but a penalty of Rs. 50 per year is applied to regularise the account within 15 years of opening.
Deposits exceeding Rs. 1.5 Lakh does not qualify to earn interest, but the depositor can withdraw the amount anytime during the year.
The deposits are required for the first 15 years; later, the deposits are voluntary. However, the Sukanya Samriddhi Yojana (SSY) account continues to earn interest until maturity, even if no deposits are made.
The interest stops once the account completes 21 years (maturity period) from the account opening date.

What is the Difference Between PPF and Sukanya Samriddhi Yojana (SSY)?

Planning your investment is the most important decision you can make. Before committing to a long-term investment under a life insurance plan, term insurance plan, or child plan, you must compare and understand the different options available.

In case of investment made under the child plan, like Sukanya Samriddhi Yojana (SSY) or, PPF or any ULIP plan available, it is important to understand the working process. The PPF is also a government-initiated scheme but more of a retirement plan, whereas Sukanya Samriddhi Yojana (SSY) is a small savings scheme aiming at the welfare of a girl child. Let us analyse the differences and benefits for a better understanding.

Parameters	Public Provident Fund	Sukanya Samriddhi Yojana (SSY)
Rate of Interest	7.1% compounded yearly	8.0% compounded yearly
Eligibility	Any Indian resident	Girl child below 10
Annual Deposit	Min: Rs. 500/- Max: Rs. 1.5 Lakh	Min: Rs. 250/- Max: Rs. 1.5 Lakh
Tax Benefit	Upto Rs. 1.5 Lakh	Upto Rs. 1.5 Lakh
Policy Term	15 years	21 years
Partial Withdrawal	After 15 years	Upon the child completing 18 years and getting married or higher education
Loan Availability	Yes	No
Nomination	Required	Required

What is the Difference Between Child Mutual Fund and Sukanya Samriddhi Yojana (SSY)?

Child plans are the best way to secure your child’s future and give them financial freedom to accomplish their dreams. You may find it confusing when deciding between a child mutual fund and the Sukanya Samriddhi Scheme to invest in. Let’s discuss the key differences and clear your doubts.

Parameters	Child Mutual Fund	Sukanya Samriddhi Yojana (SSY)
Eligibility	Child under 18 years	Girl child below 10 years
Account Opening	Parent or guardian	By parent or legal guardian
Account Per Family	No restriction	Max 2 accounts Max 3, in case of twins/ triplet girl child
Lock-in Period	5 years	18 years
Return on Investment	Depends upon the market performance of the funds	Fixed by the government and reviewed quarterly
Risk	Higher	No risk

Sukanya Samriddhi Yojana (SSY) is one of the best investment options to earn guaranteed benefits and secure the future of your girl child. While the Sukanya Samriddhi Yojana (SSY) scheme is specially designed for the girl child, you can invest in a Child Mutual Fund without gender restrictions and earn higher returns. Experts suggest investing in both plans to earn maximum benefits.

*Want to secure the future of your family when you no longer will be receiving monthly income? Learn more about the profitable options available.

Final Words

The main objective of Sukanya Yojana is to make Indian girls financially independent. A parent can invest a part of their income for upto 21 years and earn compounding benefits.

Other than that, many child plans, term plans, and ULIP plans are available to start investment and make your child’s future a no-stress job. If you want to earn risk-free high returns in small savings, then the SSY scheme is the best investment plan.

Want more detailed information on Sukanya Samriddhi Yojana (SSY) or other child plan options available to invest and secure your child’s future? Quickly connect with one of our POSP advisors and buy a suitable plan for your girl child in minutes.

*Learn about how you can become an insurance agent in India.

sukanya samriddhi yojana FAQs

How many years do you need to pay for Sukanya Samriddhi Yojana (SSY)?

The maturity period of Sukanya Samriddhi Yojana (SSY) is 21 years, but deposits are only required for upto 15 years only. Between 16 and 21 years, it is voluntary to pay any deposits. However, the interest accrues on the previous investments made.

What is Sukanya Samriddhi Yojana (SSY) for girl children?

Launched as a part of the ‘Beti Bachao, Beti Padhao’ campaign, Sukanya Yojana is a small savings scheme. A parent or a legal guardian can open an SSY account in the name of a girl child less than 10 years of age. The main objective of the central government is to meet the educational and marriage expenses of the girl child.

What is Sukanya Yojana 1000 per month?

The Sukanya Yojana is one of the best child investment and saving plans where the parent can invest Rs. 1000 per month or more/ less for the next 15 years and earn a good return. For more information on the returns, refer to the table above, where we have mentioned the interest and maturity value after 21 years.

Who can invest in Sukanya Samriddhi Yojana (SSY)?

A person having a girl child under 10 years old can apply for the Sukanya Samriddhi Yojana (SSY). The minimum deposit amount is Rs. 250/- and Rs. 1.5 Lakh in a year. You can use the Sukanya Samriddhi Yojana (SSY) calculator to calculate the maturity value after 21 years.

What happens if I pay fewer or more deposits in Sukanya Samriddhi Yojana (SSY) account?

In case a person pays less than the minimum deposit of Rs. 250/- within a financial year, the account becomes default and needs an activation. To activate the SSY account, the depositor must pay an additional Rs. 50 as a penalty.

If the deposits made are over Rs. 1.5 Lakh, no interest is paid on the additional money above Rs. 1.5 Lakh, but you can withdraw the excess amount anytime in a year.

How can I pay the amount in Sukanya Yojana?

Online and offline payment methods are available to deposit the money under Sukanya Yojana. One can pay the amount in Sukanya Samriddhi Yojana (SSY) via online payment, demand draft, cash, or cheque.

What details are provided in the Sukanya Samriddhi Yojana (SSY) passbook?

The passbook for a Sukanya Samriddhi Yojana (SSY) post office or bank account contains essential details related to the account holder and the account. The details include the account opening date, DOB of the girl child, account number, name and address, and the deposit record. All the records of transactions are fed into the passbook, which helps track the interest, outstanding payments, and all financial activities.

Does the SSY scheme come under EEE exemtion?

Yes, the SSY yojana is eligible for EEE exemption under Section 800 C of the Income Tax Act, 1961.

Is an NRI girl child eligible for the Sukanya Samriddhi Yojana (SSY)?

Currently, the government has yet to make any official communication regarding the issue, and hence, the NRI girl child still needs to be covered under the SSY scheme. Only an Indian resident girl child is eligible for the Sukanya Samriddhi Yojana (SSY) account; if she moves out of India, her SSY account will be closed.

What happens to the SSY account if the depositor dies?

After the demise of the depositor, the account holder can withdraw the money deposited so far. Or she can withdraw the amount after completing the maturity period with the accrued interest.

Can I take a loan against SSY Yojana?

No, neither the depositor nor the account holder can avail of the loan under the SSY scheme. You can look for the option of a loan against PPF.

Can I transfer my Sukanya Samriddhi Yojana (SSY) account?

Yes, you can transfer your post office SSY account to one bank or one authorised bank to another. The Sukanya Yojana account is a scheme launched by the central government and is valid throughout India.

How to become a life Insurance Agent?

Amidst the rising uncertainties abound, the role of a life insurance agent emerges as a symbol of financial security for individuals and families alike. As individuals increasingly recognize the importance of safeguarding their loved ones and assets, the demand for skilled and empathetic life insurance agents continues to rise.

Becoming a life insurance agent is often driven by a desire to make a meaningful impact on people's lives, assuring them a secure future through suitable life insurance plans. This profession serves as an avenue to cultivate relationships based on trust and long-term commitment.

The journey to become a life insurance agent can open doors to a career that goes beyond mere financial transactions. It is an opportunity to support your clients during critical life moments, offering your clients peace of mind in the face of unforeseen circumstances.

In this post, we'll guide you through various aspects of becoming a life insurance agent, exploring why people are drawn to it and how it can be a fulfilling and rewarding career choice. Let’s start with the basics.

What Does a Life Insurance Agent Do?

Before you step into the world of insurance and become a life insurance agent, understanding the core responsibilities of the role is paramount. A life insurance agent acts as a financial guide, helping individuals and families understand the complexities related to life insurance coverage. Here's a closer look at the key responsibilities that define your day-to-day tasks in becoming a life insurance agent:

Licensing and compliance

Before you start selling life insurance plans, you must obtain the necessary licenses. Staying abreast of industry regulations and compliance requirements is a crucial aspect of the job to ensure ethical and legal practices.

Client consultation

Your journey begins with understanding the unique needs and financial goals of your clients. This is where you need to ask about their personal and financial circumstances through thoughtful consultations, identifying areas where life insurance can provide invaluable protection.

Policy recommendations

Since you have a deep understanding of various life insurance products, your role involves presenting tailored policy recommendations. This includes explaining the features, benefits, and potential risks associated with each policy to help your clients make informed decisions.

Relationship building

Beyond transactions, successful life insurance agents build lasting relationships. Cultivating trust and being a reliable source of support establishes a foundation for long-term partnerships with clients.

Continuous learning

The insurance landscape is dynamic, with policies and regulations evolving. A commitment to ongoing education is vital, ensuring you remain well-informed about industry trends and can provide up-to-date advice to your clients.

Eligibility Criteria to Become a Life Insurance Agent

Here are the key eligibility requirements you must fulfill if you aspire to become a life insurance agent:

Age requirement

You should be at least 18 years old. This criterion ensures that individuals entering the profession have attained the legal age to engage in contractual agreements and responsibilities.

Educational qualifications

A minimum educational qualification for completing Class 10 is required. While this threshold ensures a basic level of education, it underscores the inclusivity of the profession, making it accessible to a diverse range of individuals.

Documentary requirements

To validate your identity and comply with regulatory standards, you must have a valid Aadhaar and PAN cards. These documents establish your identity and contribute to the transparency of the insurance industry.

Training program

As part of the eligibility process, you must undergo a mandatory training program specified by the Insurance Regulatory and Development Authority of India (IRDAI). This training will equip you with the necessary knowledge and skills to navigate the complexities of the insurance landscape.

IRDAI certification

Post the completion of the training program, you need to obtain an approved certification - a testament to your competence and compliance with the regulatory standards set by the governing body.

Read more about the process of becoming a life insurance agent here.

Who Can Become a Life Insurance Agent?

The attraction of becoming a life insurance agent extends to a diverse range of individuals, breaking traditional barriers and welcoming those from various walks of life. While specific requirements may vary, the inclusivity of this profession is evident. Here are some categories of individuals who can become a life insurance agent:

Homemakers with their valuable life experiences and interpersonal skills
Retired individuals who are adept at understanding the financial concerns of their peers
Self-employed professionals, such as freelancers or entrepreneurs,
Students while pursuing their education and laying the groundwork for a promising career
Professionals with a background in financial services or consulting

Also Read: Do You Need a College Degree to Become a Life Insurance Agent?

Why Should You Become a Life Insurance Agent?

Becoming a life insurance agent is not merely a professional choice but a decision to make a positive impact on the lives of others. Here are a few compelling reasons why you should consider this as your career:

To make a difference in people's lives

As a life insurance agent, you get the opportunity to provide individuals and families with financial security and peace of mind. Your guidance can be instrumental in helping them go through life's uncertainties and challenges.

Flexibility and independence

The profession of a life insurance agent comes with a certain level of flexibility and independence that is often sought after. You can manage your own schedule, maintain a healthy work-life balance, and have the freedom to shape your career on your terms.

Unlimited earning potential

The compensation structure for life insurance agents often includes both commissions and bonuses. This opens the door to unlimited earning potential correlated to your efforts and success in meeting your clients’ needs.

Diverse growth opportunities

The insurance industry offers a myriad of opportunities for growth and specialization. Whether you choose to focus on a particular demographic, product line, or market segment, diverse pathways within the field cater to your interests and expertise.

Continuous learning and development

The nature of the life insurance landscape ensures that your career remains intellectually stimulating. Continuous learning opportunities through mandatory training programs and self-driven education keep you at the forefront of industry trends.

Long-term relationships

Beyond transactions, a career as a life insurance agent allows you to build lasting relationships with your clients. Becoming a trusted advisor fosters a sense of loyalty and makes a positive impact on your clients' lives.

The Next Important Read: How to Become a Successful Insurance Agent?

Is Becoming a Life Insurance Agent a Good Career Choice?

As you go through the steps to become a life insurance agent, it's natural to think about whether this career path is a good fit for you. Let's explore some key considerations to help you assess whether becoming a life insurance agent is a wise and fulfilling career choice:

If the idea of making a positive impact on people's lives resonates with you, then a career as a life insurance agent offers a unique opportunity for service. Guiding individuals and families toward financial security can be deeply fulfilling and personally rewarding.
The compensation structure for life insurance agents includes commissions and bonuses, which can provide a pathway to substantial earnings.
Life insurance agents enjoy a level of independence when it is about work. You can manage your schedule and strike a balance between work and personal life.
If you value building genuine connections and relationships, the role of a life insurance agent provides ample opportunities.

Ultimately, whether becoming a life insurance agent is a good career choice depends on your personal values, goals, and aspirations. Take the time to reflect on what you find fulfilling in a career, and consider how this career prospect aligns with your vision for professional success and personal satisfaction.

Recommended Read: Pros of Being a Life Insurance Agent

Can A Life Insurance Agent Sell Policies from Multiple Insurers?

Like other professionals, life insurance agents also seek avenues to enhance their offerings and cater to the diverse needs of their clientele. The desire to expand sales and provide comprehensive solutions drives them to explore the opportunity of representing multiple insurers. Wondering if this is possible?

Yes, the framework for selling insurance policies from multiple insurers is governed by regulations set forth by the IRDAI. According to the guidelines, life insurance agents can be registered with up to three life insurers. However, a significant shift occurred with the introduction of the Point of Sales Persons (POSP) model in 2015.

Under this framework, a POSP advisor gains the flexibility to sell insurance policies from multiple insurance companies, aligning with the diverse needs of their customers. These advisors hold a distinctive license code that grants them the authority to sell various types of insurance policies simultaneously, spanning life and general insurance categories. This approach also addresses the limitations on the number of insurers a life insurance agent can represent.

You May Like to Read: POSP Advisor Vs. Insurance Agent: All You Need to Know

How Soon Can You Become a Life Insurance Agent?

It mainly depends on the process involved in becoming a life insurance agent, which includes the following steps:

Steps	Details
Step 1: Fulfilling the eligibility criteria	Age requirement: Minimum 18 years old Educational qualification: Minimum 10th class Mandatory document: Valid PAN card
Step 2: Choosing the type of insurance	Decide between becoming a life insurance agent or a general insurance agent Life insurance agents sell life insurance policies General insurance agents handle health, motor, fire, and other insurance types
Step 3: Undergoing training	Undergo mandatory training and certification regulated by IRDAI Training is specific to the chosen type of insurance (life or general) Successful completion of an exam is required for licensing
Step 4: Obtaining a License	Apply for an insurance agent license from IRDAI after completing training and passing the exam Submission of documents, including educational qualifications, identity proof, and address proof
Step 5: Join an insurance company/insurance aggregator/broker	Apply to join an insurance company or an insurance broker company as an agent The chosen company will provide the necessary training and support for initiating the sale of their insurance policies

Also Read: How Long Does It Take to Become a Life Insurance Agent?

Become a RenewBuy POSP Agent in Four Simple Steps

On the journey to become a life insurance agent, selecting the right company to align your aspirations with is a crucial first step. The company you choose will shape your professional trajectory and play a pivotal role in providing the necessary resources and support for your success.

Amidst the competitive landscape, finding the ideal company can make all the difference in propelling your career forward. Want the best one for your growth? Look no further than RenewBuy.

RenewBuy is a leading name in the Indian insurance sector, revolutionizing how individuals perceive and engage with insurance services. As an innovative insurtech platform, RenewBuy leverages cutting-edge technology to simplify and enhance the insurance buying and selling experience. It is a trusted name for both policy buyers and agents because of its commitment to transparency, customer-centricity, and a comprehensive range of insurance products.

The best part is - you can become a RenewBuy POSP advisor in four simple steps:

Visit RenewBuy's official website or download the RB Partners App to create your account, providing the necessary personal details.
Complete the process by submitting essential KYC documents, including your Aadhaar card, PAN Card, and 10th passing certificate.
Get your documents verified by the RenewBuy Quality Check team to ensure accuracy and compliance.
Dive into the online training modules, pass the examination, and obtain certification for various insurance products. That’s it!

Life Insurance Policy - Unfolding Myths & Understanding Facts

Misconceptions spread like wildfire on anything and everything that we come across. Life insurance is not an exception. For instance, opting for a scheme here is the best way to avoid taxes; everyone says. This prompts people to go for the lowest premium they can avail. And they deprive themselves of the amazing protection a higher amount can offer.

Life insurance does offer tax benefits. But that is just one among its many rewards. Its ultimate goal is to protect you in the instance of death or any other unexpected financial emergency.

Given below are some other common myths that are related to this protective coverage scheme.

Life insurance drains my budget

The statement may appear true for someone with a tight budget. But that is not an excuse to devoid your family of the protection that it deserves. You can go for a term insurance. It has the lowest amount as premium among all its schemes. But the life cover your family can receive in your absence is ten times higher.

Life insurance comes to effect only after my death

A life insurance policy keeps your family financially secured when you are not around. But that is not its only objective. The schemes are designed in such a way as to help you live in peace for your family’s future. Taking a life insurance policy ensures you live a comfortable retired life. Some policies also take care of your sky-rocketing medical bills.

My employer has insured me

Your employer does insure you. The company has your best interest in mind. It needs you to stay healthy and productive all through the year. But it is cancelled the moment you change your job. For this reason, it is highly recommended that you take a personal insurance. It gives you the support you need during a financial crisis.

Insurance is for people above 30

Youngsters in general shy away from taking insurance policies. They are of the view that it is for people above 30 years of age. But the truth is the opposite. Death never considers age or gender when it decides to call someone. The earlier you take a policy, the safer the future of your loved ones will be. Choose from among the galore of schemes your choice company has to offer. Save to have a comfortable retired life or pursue your dream of buying a new home; all without compromising your life cover.

I am too old to get insurance

It is true that the older you are, the more limited your choices are in the market. You will also have to pay a higher premium if you are a senior citizen. But you can insure yourself or your loved ones if you choose to do so.

Choosing a suitable policy is a daunting task

Life insurance schemes are there in plenty. But a term insurance is sure to be the ideal choice for many. It lets you determine the term and the amount of coverage you need. If you die within the stipulated time, your family receives the benefit of your concern for them.

Consult a well-established life insurance agency before making that final choice. And take an informed decision.

Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)

The Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) is India's landmark social welfare initiative to eradicate poverty and unemployment in rural areas. Enacted in 2005, it guarantees a minimum of 100 days of wage employment per year to every rural household whose adult members volunteer to do unskilled manual work.

The MNREGA has played a vital role in transforming the lives of millions of people by providing employment opportunities, enhancing livelihoods and empowering rural communities. This comprehensive article explores important aspects of MNREGA: objectives, implementation, impact, challenges and prospects.

What is MGNREGA or Mahatma Gandhi NREGA?

The MNREGA, or Mahatma Gandhi NREGA, is a scheme in which the government provides guaranteed minimum employment to the rural population of India. MNREGA scheme helps poor people to get work and earn livelihood to meet the needs of their family.

Under the MNREGA or NREGA scheme, every rural family in India should be provided at least 100 days of paid work in a year. Therefore, MNREGA scheme provides the right to work and earn livelihood to rural families. Such families can demand work from the government and then get paid for their work.

How Does MGNREGA or Mahatma Gandhi NREGA Work?

MNREGA, also known as the Mahatma Gandhi National Rural Employment Guarantee Act, operates through a well-defined process to ensure effective implementation of the programme. MNREGA is a demand-driven programme, which means that work is provided to families based on their request and availability of funds.

The scheme aims to provide a minimum of 100 days of wage employment annually to eligible rural households, giving priority to the marginalized sections of the society such as Scheduled Castes (SC) and Scheduled Tribes (ST). Here is an overview of how MGNREGA works:

Registration and Job Demand: Eligible families register with the local Gram Panchayat and submit a job demand application, specifying the type of work they wish to do.
Job Allocation and Worksite Planning: In consultation with villagers and local authorities, the Gram Panchayat identifies suitable projects and allocates work to registered families.
Wage Payment and Social Audit: Wages are paid directly into the workers' bank accounts within 15 days of work completion. Social audit is conducted to ensure transparency and accountability in the utilization of funds.

Objectives of Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)

Below are the Objectives of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA):

Create employment for unskilled physical labour for at least 100 days.
Panchayat Raj Institutional Strengthening
Proactively promoting social inclusion
Empowering women
Ensuring livelihood security

Eligibility Criteria for Mahatma Gandhi NREGA Scheme

MNREGA applies to rural areas of all Indian states. Its administration is in the hands of the Central Government. The eligibility criteria of the NREGA scheme are as follows:

Applicant should be an Indian citizen
Applicant should have an age of more than 18 years
Applicant should be ready to do unskilled work

Entitlements to Eligible Rural Individuals

Legal rights are given to eligible persons who enroll under MNREGA scheme in rural areas. These rights ensure that such persons get decent jobs and minimum wages for their labour. The rights allowed under Mahatma Gandhi NREGA scheme are as follows:

Right to a Job Card
Right to Demand and receive work within 15 Days
Right to Unemployment allowance
Right to Plan and Prepare a Shelf of Projects
Right to Obtain Work within a radius of 5 Km
Right to Worksite Facilities
Right to Notified Wage Rate
Right to receive wage within 15 Days
Right to Time-Bound Redress of Grievance
Right to Conduct Concurrent Social Audits of all MGNREGA expenses

Coverage Under MNREGA

The MNREGA or Mahatma Gandhi National Rural Employment Guarantee Act scheme covers various activities under which a person can seek employment. The Union Ministry of Rural Development specifies these activities and includes the following:

Rural sanitation projects
Agricultural and allied activities
Watershed works
Livestock related Works
Irrigation and Flood management works
Rural drinking water projects
Fisheries and coastal areas related works
Construction of Anganwadi centres, etc

What is the NREGA Job Card?

An NREGA Job Card, also known as an NREGA JC, is an official document issued by the local Gram Panchayat to individuals who have registered under the NREGA scheme. It is an identification card and contains important information such as the NREGA registration number and applicants' details. The NREGA job card acts as documentary evidence of a person's eligibility and allows individuals living in rural households to apply for work through the local Gram Panchayat. Additionally, the card serves as proof of identity and can be conveniently used for Know Your Customer (KYC) purposes at banks and post offices, which is necessary for opening bank accounts.

How to Apply for Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) Job Card?

To get NREGA job card under Mahatma Gandhi NREGA scheme, persons of 18 years of age or above can register themselves and apply. Applicants should submit their registration application to the Gram Panchayat of their rural area any time throughout the year. Specific documents from a predetermined list will be required during the application process. These documents include:

Photo of the applicant
Name, age and gender
Village name
Gram Panchayat name
Block name
Category of the applicant
Signature or Thumb impression of the applicant

The Verification of documents will be done within 15 days of application submission. Once the verification is done, the Gram Panchayat will issue NREGA job cards to the eligible persons. The NREGA job card is valid for five years, after which it must be renewed with the Gram Panchayat.

Challenges and Future Prospects

Despite its many achievements, MGNREGA faces several challenges that require attention and continuous improvement:

Delayed Wage Payments: Timely payment of wages remains a persistent challenge, and delayed payments can demotivate workers and affect their livelihoods.
Leakages and Corruption: There have been cases of corruption and leakages in the utilization of funds, which requires strict monitoring mechanisms and transparency measures.
Limited Skill Development: The MNREGA mainly focuses on unskilled manual labour, and there is a need to increase skill development opportunities to enable workers to access better job prospects.

Benefits of Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)

The Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) provides many benefits to rural communities in India. Some of the major benefits of MNREGA scheme are as follows:

Employment Opportunities: MNREGA guarantees a minimum of 100 days of wage employment per year to rural households, providing a reliable source of income and reducing unemployment.
Poverty Alleviation: By providing employment and income support, MNREGA helps reduce poverty and improve the livelihoods of rural families.
Asset Creation: MNREGA emphasizes the creation of durable community assets such as roads, water conservation structures and irrigation facilities, which contribute to long-term development and infrastructure improvements.
Women Empowerment: The scheme promotes women's participation in rural employment, empowers them economically and socially and reduces gender inequalities.
Social Inclusion: MNREGA targets marginalized sections of the society, including Scheduled Castes (SC) and Scheduled Tribes (ST), promoting social inclusion and reducing socio-economic disparities.
Environmental Conservation: MNREGA encourages activities like afforestation, soil and water conservation and renewable energy promotion, contributing to environmental sustainability and natural resource management.
Skill Development: The scheme provides an opportunity to unskilled workers to gain experience and develop new skills, enhancing their employability and future prospects.
Transparency and Accountability: MNREGA incorporates social audit and grievance redressal mechanisms to ensure transparency, accountability and effective utilization of funds.
Rural Infrastructure Development: Through the creation of rural infrastructure assets, MNREGA improves connectivity, access to services and overall development in rural areas.
Seasonal Employment Stabilization: MNREGA reduces the vulnerability of rural workers to seasonal unemployment and provides a stable income throughout the year.

Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) Payment Process

The NREGA scheme payment process is quick and straightforward. Once the payment is calculated, the payment will be transferred to the beneficiary's bank account. In some cases, if the beneficiary does not have a bank account, they can easily open an account with the help of NREGA job card. Sometimes, the Gram Panchayat may also make payments in cash, but this may happen only if there are very few banks or post offices in a particular area.

Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) APP

The NREGA app helps users to check details and latest updates about MNREGA scheme in their Gram Panchayat. You can check the details given below through the app:

Details about work in gram panchayat
Details of work under the MGNREGA scheme
Total payout made by each gram panchayat (by the government)
New work details
New scheme details

Conclusion

The Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) is a transformative scheme that has significantly benefited rural communities in India. By providing employment opportunities, poverty alleviation, wealth creation and empowering the marginalized sections of the society, MNREGA has played an important role in improving the livelihood and welfare of rural families. The scheme's focus on social inclusion, environmental protection, skill development and rural infrastructure development has contributed to sustainable development and inclusive growth. As India strives for rural development and poverty alleviation, MNREGA is a powerful tool to achieve these objectives and create a more equitable and prosperous society.

List of Some Other Important Government Schemes

Aam Aadmi Bima Yojana

Sukanya Samriddhi Yojana

Niramaya Health Insurance Scheme

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Chief Minister Comprehensive Health Insurance Scheme

Pradhan Mantri Suraksha Bima Yojana

Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) FAQs

What is MGNREGA?

Ans. The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is a government scheme in India that aims to provide a guarantee of 100 days of wage employment in a year to rural households.

Who is eligible for NREGA?

Ans. Any rural household whose adult members are willing to do unskilled manual work can apply for MGNREGA.

How can one apply for NREGA?

Ans. Individuals can apply for MGNREGA by registering at their local Gram Panchayat office. The registration process typically involves filling out an application form or submitting a written application on plain paper.

What kind of work is provided under NREGA?

Ans. MGNREGA provides a range of works related to rural development, including activities like water conservation, land development, road construction, irrigation, afforestation, and more. The nature of work depends on the needs and priorities identified at the local level.

How are wages determined under MGNREGA?

Ans. The wages under NREGA are determined by the central and state governments. The rates may vary across states and are revised periodically.

How are wages paid to MGNREGA workers?

Ans. The wages are directly transferred to the bank accounts of the MGNREGA workers within 15 days of completing the work. This ensures transparency and reduces the chances of corruption.

Are there provisions for monitoring and grievance redressal under MGNREGA?

Ans. Yes, MGNREGA has provisions for social audits, which involve independent audits conducted by civil society organizations and citizen groups to monitor the implementation of the program. Grievance redressal mechanisms are also in place to address any complaints or issues raised by workers or beneficiaries.

Is MGNREGA a demand-driven program?

Ans. Yes, MGNREGA is a demand-driven program, meaning that work is provided based on the requests made by registered households and the availability of funds.

What is the role of Gram Panchayats in MGNREGA?

Ans. Gram Panchayats play a crucial role in the implementation of MGNREGA. They identify and plan suitable projects, allocate work to registered households, maintain records, and ensure transparency and accountability in the utilization of funds.

Solvency Ratio: Meaning, Types and How it is Calculated

Solvency Ratio: An Overview

Life insurance companies offer various life insurance policies to safeguard the financial stability of your loved ones against any unfortunate event. More than 20 life insurance companies are active in the insurance market, and no two are alike. Several factors make an insurance company stand out in the crowd, like various types of plans, low premium cost, attractive risk cover, death benefits, additional riders, and more.

But, before purchasing from a life insurance company, the question an insurance seeker should consider is whether your insurer will be able to settle your claim if the day really comes. And how do you judge it?

The solvency ratio can help the insurance seeker ensure that the insurer is trustworthy, reputable, and sound in providing financial support to loved ones in urgent hours. Read further to know more about the solvency ratio, how it is calculated, and why it is important to consider.

What is the Solvency Ratio in Insurance?

When an individual purchases life insurance, the insurer promises to pay the nominee a pre-determined sum in case of any unfortunate event with the policyholder. On considering the regular mortality rate in a year, the company can easily manage the expenses when paying the claims. But in odd conditions like natural disasters, floods, earthquakes, tsunamis, etc., the number of claims submissions will be higher due to the damage caused.

To ensure that the life insurer is eligible and can bear the claims, the inflow, outflow, and liability of the company are measured, which is termed the Solvency Ratio.

In simple words, the solvency ratio is a metric to assess the financial health of the company to pay debts and meet other financial obligations, both long-term and short-term. Keep this in mind while buying an insurance policy that the company with a high solvency ratio have a higher tendency to meet its financial obligations.

To make the judgement easy, the IRDAI has mandated all insurance companies to maintain a minimum solvency ratio of 1.5 to excess assets over liabilities, termed the Required Solvency Margin.

* Get to know the key terms in life insurance.

How to Calculate the Solvency Ratio?

The simple way to calculate the solvency ratio of a company is to divide the company’s operating income (after eliminating the taxes) by the company’s debt liabilities. The formula of the solvency ratio is

Solvency Ratio = (Net Income + Depreciation) / All Liabilities (short-term & long-term)

Types of Solvency Ratio

Financial professionals evaluate the financial soundness of a life insurance company with the four types of solvency ratios.

Debt-to-Assets Ratio

Debt-to-assets ratio calculates the debt of an insurance company in comparison to its total assets or earnings. The following formula is used to calculate the debt-to-asset ratio of the company.

Debt-to-Assets Ratio = Debt / Assets

A debt-to-asset ratio of more than 1.0 indicates that a business may struggle to pay its debts.

Interest Coverage Ratio

The interest coverage ratio assesses how the company covers its interest payments, which highly depends upon the debts. One can use the mentioned formula to calculate the interest coverage ratio.

Interest Coverage Ratio = Earning before Interest and Taxes / Interest Expenses

Companies with an interest coverage ratio of 1.5 or less may struggle to gain funding from lenders.

Equity Ratio

The equity ratio indicates the extent of the finances of the company to determine if it can pay debts. The equity ratio decides the financial picture of the company after paying off all the outstanding amounts. Use the given formula to calculate the equity ratio of the company.

Equity Ratio = Total Shareholder Equity / Total Assets

A High equity ratio shows that the company uses a minimum of debts to finance its expenses.

Debt-to-Equity Ratio

A debt-to-equity ratio determines the total debts of the company to their equity or earnings. The formula used to calculate the debt-to-equity is

Debt-to-Equity Ratio = Total Outstanding Debt / Total Equity

A low debt-to-equity ratio implies that the company has low debts against its outstanding shares.

Why is the Solvency Ratio Important in Life Insurance?

When you buy a type of life insurance plan, whether a term plan, ULIP plan, whole life plan, retirement plan, endowment plan, or any other, you sign a legal contract in which the life assured agrees to pay a decided amount known as a premium. In return, the insurer promises to pay a sum assured in case of any unfortunate event.

If the insurer becomes insolvent/ bankrupt, they might be unable to pay the assured sum when required. In such conditions, the family of the insured may struggle financially.

Hence, to ensure the financial well-being of your family in an hour of urgent need, it is important to look for the solvency ratio of the life insurance company. A higher solvency ratio indicates that a company has adequate assets available to cover its liabilities and is better positioned to pay off its debts over time.

* Learn more about types of life insurance plans and their benefits.

How can I find the Solvency Ratio of an Insurance Company?

Since the solvency ratio is an important metric to measure the financial strength of the company, accuracy is crucial. The solvency ratio of a company may fluctuate over time, hence, consider the latest information available. You can find and compare the solvency ratios of the different life insurance companies from the following sources

Insurance Company Official Website
IRDAI List

Insurance Company Official Website

To get a clear picture of solvency ratio, you can get in touch with the insurance company to get information related to their finances. To check it online, you can directly go to their official website and visit the investor relation section to learn about its solvency ratio.

IRDAI List

The IRDAI releases an annual report highlighting the key metrics of the life insurance and general insurance companies. You can find important data related to the solvency ratio and claim settlement ratio to compare and assess the financial performance of the company. Here’s the updated list of the solvency ratios of all the life insurance companies.

Life Insurance Company	December 2021	March 2022
Aditya Birla Sun Life Insurance Co. Ltd.	1.94	1.88
Aegon Life Insurance Co. Ltd.	2.89	3.33
Ageas Federal Life Insurance Co. Ltd.	3.14	3.12
Aviva Life Insurance Co. Ltd.	2.32	1.82
Bajaj Allianz Life Insurance Co. Ltd.	6.04	5.81
Bharti AXA Life Insurance Co. Ltd.	1.67	1.62
Canara HSBC Life Insurance Co. Ltd.	2.74	2.82
Edelweiss Tokio Life Insurance Co Ltd.	1.90	2.11
Exide Life Insurance Co. Ltd.	2.02	2.17
Future Generali India Life Insurance Co. Ltd.	1.50	1.83
HDFC Life Insurance Co. Ltd.	1.90	1.76
ICICI Prudential Life Insurance Co. Ltd.	2.02	2.04
IndiaFirst Life Insurance Co. Ltd.	1.61	1.65
Kotak Mahindra Life Insurance Co. Ltd.	2.66	2.73
Max Life Insurance Co. Ltd.	2.07	2.01
PNB MetLife India Insurance Co. Ltd.	1.80	2.09
Pramerica Life Insurance Co. Ltd.	3.86	4.04
Reliance Nippon Life Insurance Co. Ltd.	2.30	2.35
Sahara India Life Insurance Co. Ltd.	9.23	6.75
SBI Life Insurance Co. Ltd.	2.09	2.05
Shriram Life Insurance Co. Ltd.	2.06	2.05
Star Union Dai-ichi Life Insurance Co. Ltd.	1.86	2.00
TATA AIA Life Insurance Co. Ltd.	1.79	1.96
LIC of India	1.77	1.85

Read more about the top 10 life insurance companies in India.

Bottom Line

Solvency ratio is one metric to check the financial ability of the insurance company and meets short-term and long-term debt obligations. However, only the solvency ratio doesn’t give the whole picture, and you need to look at the finances from a holistic viewpoint before selecting a life insurance company. You can look for their customer services, organisational set-up, liquidity ratio, claim settlement ratio, and other measures to make an informed decision before investing.

We at RenewBuy take charge to help you make wise decisions regarding the well-being of your loved ones in your absence. Our POSP advisors can assist you while you are looking to buy insurance from a reliable or general life insurance company.

FAQs

Question: How important is it to measure the solvency ratio?

Answer: Solvency ratio is an important metric to consider for an insurance seeker as it helps determine the internal and external equities and assess their business capital.

Question: Which solvency ratio is better, high or low?

Answer: A high solvency ratio is better as it indicates that the insurance company is able to fulfil its debt obligations in the long run. A low solvency ratio indicates that the company may not be able to pay you out the claims when you or your family needs it.

Question: What is the difference between solvency ratio and liquidity?

Answer: The solvency ratio refers to the company’s ability to meet the debt obligations in the long run, while liquidity indicates the ability to pay short-term bills and debts, sell existing assets and raise cash when needed.

Question: What are good solvency ratios?

Answer: A solvency ratio differs from industry to industry. In the insurance sector, the IRDAI supervises all the insurance companies and mandated to maintain a minimum solvency ratio of 150% (minimum excess assets over liabilities), termed the Required Solvency Margin.

Disclaimer:

Is Life Insurance for Financial Security or Savings?

Life insurance is considered one of the most secure and safest ways to provide financial security to family against any type of financial emergencies. Since the coverage is enhanced, so is its premium. Term insurance plans and insurance for savings are two different products which caters to different life insurance needs of their customers.

Term insurance is a plan valid for a specific period and offers death benefit to the nominee in the event of the death of insured. The coverage is available for the limited term of premium payment years. This means that if the policyholder survives the insured period, the policy lapses as there is no maturity benefit.

On the other hand, insurance for savings provides death benefit along with income benefit (cash account that is exempted from any taxes). It has a cash value feature that acts as a tool for investment. Cash accumulated over time can be used or retained at the sole discretion of the policyholder. The cash can even be used for premium deduction or saved for retirement. The only concern for customers buying insurance for savings is the high premium.

Let us look at the other differentiating factors of the two types of insurance plans. The details are as follows:

Insurance for Protection

Insurance for Savings

Tenure

Fixed tenure
Flexible tenure at times applicable till the insured reaches 100 years

Death

Provides death benefit in case of demise of the insured within the term period
Provides both death and maturity benefit to the insured

Risk covered vs Savings

Does not offer any survival benefits or maturity returns like of other life insurance plans
Offers survival benefits or maturity returns along with death benefit in case of death

Flexibility

Surrendering/opting out of a term insurance policy is much simpler than surrendering an insurance policy with savings element in it
If the insured stops paying the premium, the benefits of the policy terminates and the policy lapses
Plans are renewable and offer an option to convert the policy into an endowment plan for the same sum assured with an increase in the premium
Maturity benefit is provided only if the insured completes the entire tenure of the policy or death benefit gets triggered in case of death
If the insured surrenders or bring a close to the policy mid-term, he/she will not be able to recover the entire saving portion of the policy, as only the premium amount is paid back to the insured, that too, after the certain deductions, called surrender value<

Premium Amount

Affordable plans that provide higher coverage at a minimal cost (though the premium at the time of buying keeps on increasing with age)
Beneficial for those individuals who want to cover their family's financial security post their lifetime
High premium amount for coverage compared to term insurance
Generally offer low returns, between 5-7% (which is further reduced in case the policyholder surrenders the policy)
Costs related to administration, too, reduce the returns

Tax Benefit

Eligible for tax benefits under section 80C of the Income Tax Act
Eligible for tax benefits under section 80C of the Income Tax Act; yields tax-free income when the maturity claim is paid

Thus, the key criteria for choosing an insurance policy should be the life cover requirement that stems from the financial planning exercise. As per the current life stage and investable income, one can avail both types of insurance policies. As one plan provides the benefit of investment return and life protection, the other secures the financial future of the loved ones by paying a minimal premium.

So, if one plans to cover only death risk, gain tax benefit and cannot afford to pay high premiums, they should consider investing in term insurance. However, a life insurance policy with savings element should be the priority if one wants to create an investment corpus along with a life cover.

Group Life Insurance Policy Vs Regular Insurance Policy. Which Is Better?

In this competitive era, every person runs towards success, which may end up with financial loses, even life. Only the insurance contract is the gateway to get back the loss. The birth of the first Indian life insurance company was in the year 1870. Since that time, it has been appreciated by the users as it offers mental relaxation and financial assistance. Might be, you are already an insured person with the regular insurance policy plan. Did you ever try other insurance plans? Might be, nope. Let's try a group life insurance policy that is also an insurance policy but is somehow different from the regular one.

What is the difference between group life insurance policy versus the regular Life Insurance policy?

About Regular Insurance Policy

A regular life insurance policy is a settlement between the insurance company with the clients where insurer gives a guarantee to the insured person to compensate for the loss of his life in return for payment of particular premium. The person whose name, has written in the agreement will receive the specific sum from the insurance company in the case if the insuree becomes dead.

About Group Life Insurance

As the name depicts, it is valid for a group of persons. Group insurance is a type of insurance plan in which some members or employees are getting insured under a single master insurance policy. To grab a group life insurance policy, there should be a group which may be any.

To clarify this statement thoroughly, let's differentiate the both terms below:

A regular insurance plan is valid for a single person only while for a group insurance plan, there should be a group only, which may consist of doctors, teachers, members of cooperative banks, lawyers, etc.
In the case of regular life insurance, the entire premium should be paid by only that person who has insured accordingly the documentation while in group insurance, the entire members of a group should pay the premium. No single person is eligible to pay the whole premium.
Life Insurance plan is expensive than group insurance that is not permissible even by the middle class families.
Those people who are considered uninsurable under regular insurance plan can get enrolled in group insurance group insurance.
The number of premiums paid through the group superannuation method will get returned to the employees or a group of people during the retirement period. This option is not valid in case of regular Life Insurance as only the insured amount pays if the insuree gets dead. In the above example, if the insuree of the group insurance gets dead, then the amount will be paid to his or her family member.
Employer or business owners can take this plan for their employees. This will be the motivating factors for the employees as the amount paid by the employer on behalf of their employees, will give them the job and financial support. In this case, employers can also offer this amount as their retirement benefits.

Conclusion

Both insurances plan all the best, but accordingly, the needs of the user. If you have never considered getting insurance with other people, regular life insurance plan is worthy for you while if you think that you are unable to pay a significant amount of premium every year or month as the case may be, then the group life insurance plan will be the best for you.

When you want to choose the best one only, you must go with group life insurance as you have to pay a minimum insurance premium along with getting guaranteed that your amount will come back to you either during the maturity of the policy or once you died, then to your family member.

Ladli Laxmi Yojana

Ladli Laxmi Yojana is a flagship scheme initiated by the Government of Madhya Pradesh to promote the welfare and empowerment of the girl child. It was launched in April 2007 as a part of the “National Ladli Laxmi Scheme”. The Ladli Laxmi Yojana aims to address gender inequality, promote education, and ensure economic security for girls. Ladli Laxmi Yojana offers financial assistance and various incentives to families with daughters. This article explores the key features, benefits, and impact of Ladli Laxmi Yojana, shedding light on how it plays a pivotal role in transforming the lives of young girls and fostering gender equality.

Objectives of Ladli Laxmi Yojana

Q: How many Life Insurance companies are providing life insurance in India?

There are currently 24 life insurance companies licensed by the IRDAI to sell life insurance plans in India.

Q: Does life insurance cover death caused due to accident?

Accidental death is covered by most life insurance policies. However, it is necessary to check the policy documentation to see if death by accident is specifically excluded.

Q: Is there a grace period in life insurance policies?

Yes. If a policyholder forgets to pay the premium, the life insurance policy provides a 30-day grace period to pay the premium.

Q: What If the nominee of the life insurance policy dies between the policy tenure?

You can make a new nominee in this situation. If you don't, your insurance company will make you the new nominee of the policy by default.

Ladli Laxmi Yojana was introduced as a response to the prevailing gender disparity in India, where the birth of a girl child is often viewed as a financial burden due to social and cultural factors. The scheme seeks to combat this mindset and promote the value and importance of the girl child. Its primary objectives include:

Ladli Laxmi Yojana encourages girl's education.
Ladli Laxmi Yojana provides financial support for education-related expenses, ensuring girls can access quality education without financial constraints.
Ladli Lakshmi Yojana aims to challenge gender stereotypes and empower girls by providing opportunities and resources to thrive in all aspects of life.
Ladli Lakshmi Yojana provides monetary assistance and creates a savings fund to secure the future of the girl child.
Ladli Lakshmi Yojana creates a positive attitude toward girl childbirth among the public.
Ladli Lakshmi Yojana discourages child marriages by providing them with education expenses.

Eligibility Criteria for Ladli Laxmi Yojana

To avail of the Ladli Lakshmi Yojana, you need to follow the following steps:

Eligibility Criteria for Parents

Should be a resident of Madhya Pradesh
Unable to pay income tax
Should have a maximum of 2 girl children (except if the 2nd child is twin or triplets)

Eligibility Criteria for Girl Child

Should born after 1st Jan 2006
Should be registered with the nearby Anganwadi centre

List of States Implemented Ladli Laxmi Yojana

Below are the states that implemented the Ladli Laxmi Yojana:

Ladli Yojana, Haryana
Delhi Ladli Yojana, Delhi
Bhagya Laxmi Yojana, Uttar Pradesh
Dhan Lakshmi Yojana, Chhattisgarh
Ladli Lakshmi Yojana, Goa
Lakshmi Ladli Yojana, Jharkhand

Highlights of Ladli Laxmi Yojana

Below, we have mentioned some of the highlights of the Ladli Laxmi Yojana:

Features	Details
Launched by	State Government of Madhya Pradesh
Launched in	2007
Managed by	Department of Women & Child Development, MP
Application Fees	Free of Cost
Beneficiaries	Girl children belong to the weaker section
Application Submission	Within 1st year of birth of a girl child Within 1st year of adoption of a girl child Parent's death within five years of girl child
Benefits of the Scheme	National Saving Certificate of INR 1,18,000 in the name of girl child INR 2K to the girl child on her admission to the 6th class INR 4K to the girl child on her admission to the 9th class INR 6K to the girl child on her admission to the 11th class INR 6K to the girl child on her admission to the 12th class INR 1 Lakh of Ladli Laxmi Fund
Additional Financial Benefits	INR 200 to the girl child between 11th and 12th class INR 25K in instalments INR 12K in 1st year INR 12K in final year Madhya Pradesh government will pay the whole course fee of the girl child in higher education

Key Features and Benefits of Ladli Laxmi Yojana

Ladli Laxmi Yojana offers a range of features and benefits designed to support the holistic development of the girl child. Some of the key features include:

Financial Assistance: Under Ladli Lakshmi Yojana, the MP government provides financial assistance to families with girl children. This assistance is provided at various stages, such as at the girl's birth, during her education and as she grows into adulthood.
Incentives for Education: Ladli Laxmi Yojana encourages girls to pursue education by providing them incentives like scholarships and other educational materials. This helps reduce the financial burden on families and promotes the importance of education for girls.
Savings Fund: Ladli Laxmi Yojana sets up a savings fund for the girl child, which accumulates over time. This fund is available when the girl becomes an adult to help her pursue higher education, start a business or meet other financial goals.
Marriage Assistance: To reduce the financial burden associated with wedding expenses, Ladli Laxmi Yojana provides financial assistance through a lump sum or fixed deposit for the girl's marriage. This helps families manage wedding costs and promotes responsible financial planning.
Awareness and Outreach Programs: Ladli Laxmi Yojana runs awareness campaigns and outreach programs to educate communities about the importance of the girl child. These initiatives challenge social norms, promote gender equality and encourage positive attitudes towards girls' empowerment.

Exclusions of Ladli Laxmi Yojana

There are some limitations to the Ladli Laxmi Yojana. Below are some of the exclusions of Ladli Laxmi Yojana:

If the girl child stopped her education or dropped out of school.
If the girl child is married before the legal age of 18 years.
If the parents do not opt for the family planning option after the birth of the second child.

Application Process for Ladli Laxmi Yojana

The application process for Ladli Laxmi Yojana may vary slightly depending on the state in which you are applying. However, here are the steps involved in applying for the Ladli Laxmi Yojana:

Visit the official website of the Ladli Lakshmi Yojana.
Click on the “Apply” tab from the top right corner.
Fill in the “application form” provided by the website.
Upload all the required documents.
Click on the "Submit" button.
Once the verification is done, the application will be approved, and the girl child can get the benefits of the Ladli Laxmi Yojana.

Required Documents for Ladli Laxmi Yojana Scheme

Below mentioned are the documents required to avail of the Ladli Laxmi Yojana scheme are as follows:

Income Proof of Parents
Residence proof
Ladli Laxmi Yojana form to be filled by parents
ID Proof of the parents
Education proof
Date of Birth proof of the girl child
Proof of Family Planning opted for by parents
Bank Account Details such as account number, IFSC code, etc.

You may also want to know some of the best child insurance plans

Conclusion

Ladli Laxmi Yojana has emerged as a transformative scheme that aims to empower the girl child and promote gender equality in India. Through its comprehensive approach of providing financial assistance, incentives for education, insurance coverage, and savings funds, the scheme has made a significant impact on the lives of thousands of girls and their families.

Ladli Laxmi Yojana has created a pathway for girls to realize their full potential and contribute to society. The scheme's success lies in its ability to bring about positive changes not only at the individual level but also at the community and societal levels. Ladli Laxmi Yojana continues to expand its reach and impact, and it serves as a beacon of hope for a more inclusive and equal society where every girl can thrive and fulfil her dreams.

Some Other Government Schemes in India

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Mahatma Jyotiba Phule Jan Arogya Yojana - MJPJAY

What is Ladli Laxmi Yojana?

Ladli Laxmi Yojana FAQs

Ladli Laxmi Yojana is a government scheme initiated in India to promote the welfare and empowerment of girl children. It aims to address gender inequality, promote education, and ensure economic security for girls.

Who is eligible to apply for Ladli Laxmi Yojana?

The eligibility criteria may vary slightly from state to state. However, in general, families that fulfil the following criteria are eligible:

The girl child should be a resident of the state where the scheme is implemented.
The family should fall under the specified income criteria or economic status set by the respective state government.
The scheme typically applies to the first two girl children in a family.

Is there any age limit for the girl child to be eligible for Ladli Laxmi Yojana?

The age limit for eligibility may vary depending on the state. In some states, the scheme is applicable from the birth of the girl child, while in others, it may be applicable from a certain age, such as 1 year or 5 years. It is advisable to refer to the specific guidelines of your state to determine the age limit.

Can I apply for Ladli Laxmi Yojana if I have more than two girl children?

Generally, Ladli Laxmi Yojana applies to the first two girl children in a family. However, it is best to refer to the guidelines of your respective state to confirm the specific rules regarding the number of eligible girl children.

Is Ladli Laxmi Yojana available in all states of India?

Ladli Laxmi Yojana is not available in all states of India. However, it has been implemented in several states, such as Madhya Pradesh, Rajasthan, Uttar Pradesh, and Delhi, among others.

Book My HSRP Online: High Security Number Plate Application Process, Price, and Details

High Security Registration Plate (HSRP) for Vehicles: An Overview

A few years back, vehicle owners were free to carry fancy vehicle numbers and customized number plates as per their color, font, and language preferences. These different number plates were difficult to identify by the RTO officials and tough to track in case of any irregular activity. To enhance transparency and singularity in the number plate system, the Ministry of Road Transport and Highways (MoRTH) amended the Central Motor Vehicle Act, 1988 and introduced HSRP in 2005. After the amendment, having an HSRP number plate for old and new vehicles and a color coded sticker became mandatory from 1 April 2019.

Vehicles sold after April 2019 will receive high security number plate (HSRP) from the dealer’s end. The key goal of these HSRP number plates is to identify any illegal activity related to vehicles. The government applies heavy penalties if you are caught driving a vehicle without a high security number plate. Reading this article will help you learn about HSRP meaning, significance, prices, status of HSRP, and every relevant detail.

What is an HSRP Number Plate?

The HSRP meaning is high security registration plate. The HSRP number plates are made up of aluminium sheets with a laser identification system and laminated with the reflected sheet. The high security number plate is attached to the vehicle using at least two non-usable snap-on locks. To remove the HSRP number plate, one needs to break the lock, prohibiting the re-use of the plate. The only way to install the number plate is to issue a new one after removing the previous one.

Key Elements of HSRP Number Plate

All the HSRP number plates issued by the different RTO offices have the same font size and dimension. Also, these high-security number plates are electronically linked to the vehicles, so re-use is impossible. The key elements of HSRP number plates are

A chromium-based hot-stamped Ashoka Chakra hologram in blue color to avoid forged incidents. This hologram measures 20 mm in length and 20 mm in width, located on the upper left corner of the plate.
A unique 10-digit Permanent Identification Number (PIN) is engraved through the laser technology on the lower left corner of the HSRP plate.
The first two alphabets of the registration number reflect the State code, the following two digits denote the district code DTO or the dedicated RTO and a unique alpha-numeric identification number (unique registration number of the vehicle) coated with a sheet written INDIA at 45-degree angle.
The International Registration Identification Code “IND” is branded below the Ashok Chakra holo gram for national identity and standardisation.

What are Color Coded Stickers?

In addition to the HSRP number plate, a color coded sticker is required on the windscreen of the vehicle. These color coded stickers identify the fuel type and Bharat stage of the vehicle. The nominal cost for buying a color coded sticker is Rs. 100, that can be purchased with the HSRP or separately anytime. The third registration plate color coded sticker contains the following information

Registration number
Registering authority
Date of first registration
Laser-branded permanent identity number

The color coded stickers on the vehicles are defined as

Color Code	Bharat Stage Vehicle	Fuel Type
Light blue	BS III and IV	Petrol and CNG vehicles
Orange	BS III and IV	Diesel vehicles
Grey	BS III and IV	Other vehicles
Light blue with green strip	BS VI	Petrol and CNG vehicles
Orange with green strip	BS VI	Diesel vehicles
Grey with green strip	BS VI	Other vehicles

Why is it Mandatory to Have an HSRP?

The rising vehicle-related crimes and theft made it difficult for the Indian government to recognize and track vehicles if the number plate was replaced or tampered with. Moreover, the old registration number plates were made of number stickers, which were easy to manipulate. The key objective of mandating a high security registration plate (HSRP) was to make it easy to track a stolen vehicle using the Automatic Number Plate Recognition (ANPR) technology-enabled CCTV installed. Also, many vehicle owners were using customized/ fancy number plates, which were difficult to track in case of any mishap.

After using high security number plate (HSRP), all the vehicle data is digitized and easily tracked by the Indian transport department or local RTO authorities, which helps the government to minimize the forges. The color coded stickers help the officers identify the vehicle fuel type and years of vehicle usage, easing the traffic police to identify which vehicle is old or outdated and can no longer be used on the road.

Who Needs to Install HSRP Number Plate?

As per the regulation mandated by MoRTH, every old or new vehicle is required to have an HSRP number plate. The vehicle purchased after April 2019 already has the high security number plate HSRP installed. The vehicle owners can replace the old vehicle registration plate with the new high secured one to avoid any legal complications. So, the people who bought the vehicles before April 2019 need to replace their vehicle number plates with HSRP number plates.

Benefits of HSRP

All vehicle owners need to understand the HSRP meaning and its significance to avoid any legal restrictions while driving in India. The brief discussion of HSRP benefits mentioned below will give you a better understanding of why the Indian government has made it mandatory to have HSRP number plate.

Standardization: The unique construction of the HSRP number plate helps maintain the uniformity of the vehicle number plates across the nation.

Minimise Vehicle-Related Crimes: The high security feature of the HSRP number plate restricts criminals from removing or duplicating the vehicle number plates and reduces the possibility of illegal or fake activities. The unique manufacturing of the HSRP plates makes it easier to identify the authorities of anything unusual.

Easy Tracking: The HSRP can be easily tracked through the Laser Identification Recognition System. The HSRP contains a unique identification code that can be read by the ANPR enabled cameras installed on the roads, enhancing transparency and allowing the RTO authorities to track the vehicles easily and investigate the crimes.

Digitization of Data: All the HSRP number plates are electronically designed and contain vehicle information. These databases allow the RTO to access the vehicle information such as chassis and engine number, owner information, and other vital information.

Authorized Installation: The authorized vehicle dealers and vendors only have the authority to allot the HSRP vehicle number plate. To distribute the HSRP number plate, the vehicle dealer needs to provide vehicle details like chassis number, vehicle number, registration number, PUC certificate, etc.

Readable Font and Unique Style: Before HSRP, vehicle owners used to tamper with the number plates using their choice of colour, font, and stylish names, making it difficult to read the registration number and identify the vehicles. The HSRP contains the same font and style, making it easy for the RTO personnel to read and identify the vehicle.

List of States Where You Can Apply for the Online HSRP Application Process

Not every state has the online facility of ‘Book My HSRP’ to avail of the high security number plate. For different states, different portals work where you can apply for HSRP booking online.

State	Website to Visit
Delhi	Book My HSRP
Haryana	Link Utsav
Maharashtra	Maharashtra Transport Department
Karnataka	Karnataka Transport Department
Telangana	Link Auto Tech
UP	Book My HSRP

HSRP Booking Process Online

The online application services for HSRP are available at Book My HSRP portal, where you can apply for an HSRP number plate. However, vehicle owners in other states where the online application is unavailable must visit the nearest Regional Transport Office (RTO) or reach an authorised vehicle dealer where HSRP number plates are provided.

To book the HSRP online in India, you can follow these steps

Step 1: Official Website: Browse the official website of ‘Book My HSRP’.

Step 2: Booking Details: Provide the required vehicle booking details like vehicle registration state, registration number, chassis number, and engine number. Enter the captcha to submit the information.

Step 3: Book Appointment Slot: Choose the nearest number plate installation centre around you and book your appointment at a suitable date and time.

Step 4: Verify Details & Payment: You get the booking summary of the “Book My HSRP” regarding the HSRP of your vehicle. Verify all the details and make the required payment.

Step 5: Download the Receipt: Upon the successful payment, you get the payment receipt in PDF format. Once the high security number plate (HSRP) is ready, you will get a notification on your registered contact details.

Home installation of HSRP is now possible at your current location. You can check whether the home installation facility is available at your location using the official Book My HSRP portal. The authorities deliver your HSRP to your home, or you can reach the preferred installation location to get it installed. In case, any emergency occurs, you can reschedule or cancel your HSRP appointment using the Book My HSRP website.

Apply for Color Coded Stickers

In case you already have HSRP installed onto your vehicle and only require color coded sticker, you can visit the authorised portal ‘Book My HSRP’. Once you open the website, follow the below mentioned process.

Visit ‘Book My HSRP’ portal and click on the ‘Only Color Sticker’ available on the homepage.
Provide the details of the state where the vehicle is registered, registration number, chassis number, engine number, front laser code, and rear laser code.
Verify the captcha code and tap on ‘click here’.
Next, select the preferred location for the color coded sticker installment and convenient appointment location.
Confirm the booking summary and pay the required amount. Download the payment receipt for future reference.

HSRP Number Plate Price

The price of HSRP number plates differs across the Indian states. The government has yet to fix a universal price for all the states. The HSRP price may vary depending on the vehicle type and category. The average HSRP price for two-wheeler is approximately Rs. 400, while it may reach or cross Rs. 1,100 for four-wheelers. One needs to pay an additional Rs. 100 for a color-coded sticker.

Differences Between HSRP and Normal Number Plates

The old number plates used earlier were made of simple metal, and the registration number was printed on it, which tended to be damaged easily or tampered with. The main cause making it difficult to track the vehicles, which gave birth to a maximum number of vehicle-related crimes. In 2019, when the government mandated using HSRP number plates, the vehicle data was digitized and standardized, and tracking became easy.

Beyond this, the major differences between DSRP and normal number plate are mentioned below

HSRP is made up of aluminium and contains two tamper-proof snap-on security locks. Hence, it prohibits the reuse of number plates once removed. Whereas in the case of the normal number plate, the removal and reuse were easy.
The design and font style are identical for all vehicles, emphasising standardization, transparency and easy readability. Whereas the old number plates were easy to customise, making it difficult to read or track the vehicle.
The chromium-based Ashok Chakra hologram in blue is a new and unique identifier. The old number plates didn’t have any, and vehicle owners used to add their personalised names, designations, or font styles to stand out in the crowd.
The new HSRP number plates have color coded stickers which distinguish the different vehicle types and classes. The color coded sticker was absent on the old number plates.
The PIN is laser encoded, making it easy to identify and track using the ANPR enabled cameras installed.

Process to Check the Status of HSRP Application

After you apply for the HSRP number plate on ‘Book My HSRP’, your application may take some time to process. During this period, you can check the Status of HSRP to remain in the loop regarding your application. Here are a few simple steps you can follow to check the status of HSRP.

Visit the official website of Book My HSRP.
On the homepage, click on the ‘Track Your Order’ present at the top.
Enter the required information, including the order number and vehicle registration number. Click on ‘Search’ after verifying the captcha.
The status of HSRP is reflected on the screen.

Once you know the status of HSRP, you can estimate the time when the HSRP number plate is prepared, and you can get it installed in time.

Duplicate HSRP Number Plate Online

The vehicle owners need to get a duplicate HSRP number plate in case of theft or damage of the front, rear, or both HSRP plates. The online process has made it simple to avail of a duplicate HSRP using the ‘Book My HSRP’ portal. However, online facilities are available in very few states, and in other states, vehicle owners must visit their nearest RTO or authorized centres to get a duplicate HSRP number plate.

Follow the given process to issue a duplicate HSRP number plate.

Visit the official Book My HSRP website.
On the homepage, click on the ‘Replacement Booking’ tab.
Enter the required details like vehicle registration state, registration number, chassis number, and engine number.
Verify the captcha and submit the application by hitting ‘click here’.
Choose the preferred location to make an appointment and book your slot.
You get a booking summary and payment options. Review all the details and proceed to make a payment.
Once the payment is done, you get the receipt. Save it for future reference.

Process to Cancel HSRP and Apply for a Refund

Emergencies can occur anytime. In case you are stuck and cannot reach the authorised centre at the appointed time and date, you can reschedule your HSRP booking. Or, if you do not want to continue with the HSRP process, cancel the HSRP booking. You can do it by visiting the ‘Book My HSRP’ website. Once you open the ‘Book My HSRP’ portal, click on the ‘Cancel HSRP’ tab available on the homepage. You must enter the required details, like vehicle registration and order numbers. Confirm the captcha code and click on the ‘Search’ tab. Once done, you can cancel your online HSRP booking, and a refund will be initiated.

Secure Your Vehicle with HSRP and Motor Insurance

Where HSRP helps track your vehicle and brings transparency to the transport system, vehicle insurance safeguards you and your vehicle against any damages. Valid vehicle insurance, like third-party insurance, stand-alone, and comprehensive insurance policies, has customizable features and financially protects you and third-party vehicle owners.

You can contact different vehicle insurance companies or D2C Consulting Services Pvt. Ltd. to buy car or bike insurance online. Connect with RenewBuy POSP advisor and get expert assistance to buy or renew vehicle insurance.

Final Words

The introduction of HSRP has brought transparency into the vehicle tracking system and eased up the process for the RTO authority. The HSRP emphasized the standardization of vehicles across the nation and enhanced safety. The tamper-proof design prohibits the reuse of the HSRP number plate, reducing vehicle crimes.

All vehicles purchased before April 2019 must apply for HSRP number plate booking and color coded sticker. You can apply for HSRP by reaching your nearest RTO or an authorized vehicle dealer.

FAQs:

Question: What is the meaning of HSRP?
Answer: The HSRP means a high security registration plate made of aluminium and fixed using two tamper-proof snap-on locks. The HSRP has a unique identification number, a chromium-based Ashok Chakra hologram on the top left corner, laser-branded 10-digit permanent identity number on the bottom right corner. Moreover, the HSRP contains the alpha-numeric registration number hot-stamped film applied over them with IND acronyms.

Question: How can I get high security number plate in Haryana?
Answer: The Book My HSRP or online HSRP facility is available only in a few states, including Uttar Pradesh, Uttarakhand, Himachal Pradesh, Orissa, Delhi, Daman and Diu, and Andaman and Nicobar Islands. If you live in any other state, visit your dedicated RTO office.

Question: If I am caught without HSRP on the vehicle, how much of a fine do I need to pay?
Answer: If the vehicle owner doesn’t have an HSRP attached to the vehicle, then a fine of Rs. 5,000 to Rs. 10,000 is charged for not having an HSRP installed.

Question: What is the benefit of high security number plate (HSRP)?
Answer: A HSRP has a laser identification feature that helps track the vehicle more effectively and prevent any vehicle-related theft. Also, HSRP encourages the standardization of vehicle number plates.

Question: How do I replace my vehicle's HSRP plate?
Answer: If the front, rear, or both HSRP plates are damaged or lost, you need to apply for the replacement of the HSRP plate. To the replaced HSRP plate, you can reach the authorised dealer.

Question: Can I apply for HSRP number plate from a location other than the one where my car was registered?
Answer: You can apply for an HSRP number in the state where your vehicle is registered. If you move to another state, register your vehicle to the new RTO and then apply for HSRP number plate.

Question: Where can I apply for HSRP installation and color coded stickers in Haryana?
Answer: The Haryana Transport Department has the entire authority to issue and install the HSRP and color coded sticker on the applicant’s vehicles. Also, you can visit government government-authorised portal https://hsrphr.com/ to apply for the HSRP number plate.

Question: What is the warranty period of the HSRP number plate?
Answer: The warranty period of the HSRP number plate is 5 years in case of any manufacturer dislocation. However, the warranty claim is not entertained in the following cases

Rubbed/ scratched/ wiped with detergents, alkaline solutions, disinfectants, etc.
Damage during fitment by the dealer
Accidental breakage or partial damage
Any additional screw or drill made to the number plates
Bent or warp number plates

Question: Do I need an HSRP number plate for my electric vehicle?
Answer: Like any other vehicle running on Indian territory, electric vehicles also need HSRPs.

All About NITI Aayog: Formation, Structure, and Key Initiatives

Introduction to NITI Aayog

India needed a new surge of thoughts to grow as an economically strong nation. The formation of NITI Aayog was proposed by bringing a resolution to the Union Cabinet and came into effect on 16 February 2015 via a notification of the Cabinet Secretariat. NITI Aayog was launched as the replacement of the Planning Commission, the previous agency of the Government of India established in 1950 to supervise the social and economic development of the country. The Prime Minister of India is the chairman of the Governing Council of NITI Aayog, comprising representatives from all the states and union territory ministers.

This article discusses all about NITI Aayog, its functions, and how NITI Aayog has transformed India so far.

What is NITI Aayog?

NITI Aayog was formed on January 1, 2015, to better serve the needs and aspirations of people, emphasising the idea of Maximum Governance and Minimum Government. The full form of NITI Aayog is the National Institution for Transforming India. It is the premier policy think tank of the Indian government, providing inputs for different programmes and policies. NITI Aayog gives directional and strategic people-driven input to central, state and union territory governments with a shared vision of National priorities and shapes the country's economic growth.

The NITI Aayog is important in constructing strong states that will help create a dynamic and strong nation. The key objective of NITI Aayog is to give a directional approach to India and advance research and innovation.

Formation of NITI Aayog

NITI Aayog was formed with the primary focus on the deliverables and outcomes to help India emerge as the major economy in the world. The NITI Aayog creation is majorly divided into two hubs:

Team India Hub: Encourages the participation of Indian States with the Central Government.

Knowledge and Innovation Hub: Evolve and promote the Think Tank capabilities of India.

The evolution of NITI Aayog encourages people's participation in the equal growth and development of the administration and the country. This could only be possible with the institutional changes in administration and effective strategy shift. The NITI Aayog worked as a revolutionary institution fostering to provide a common platform for all states to get together and work cooperatively.

NITI Aayog Structure

The composition of the NITI Aayog comprises the full-time and part-time participation of the following

NITI Aayog Chairman/ Chairperson: The Prime Minister of India

NITI Aayog Vice-Chairman/ Chairperson: Appointed by the Prime Minister

Governing Council: Chief ministers of each state and Lt. Governors of Union Territories of India.

Regional Council: to address particular issues affecting more than one state. The regional council is summoned by the chairperson, consisting of chief ministers of states and Lt. Governors of India. The chairperson or his/her nomination leads the council.

Special Invitees: The nomination of the chairperson consisting of eminent experts in an area and specialists with a particular domain knowledge.

The full-time organizational framework includes

Chairperson
Vice-Chairperson
Full-time members
Part-time members; max 2 members from the foremost universities, innovative organizations, and research organizations on a rotational basis.
Ex Officio Members: max 4 members of the Council of Ministers, nominated by the Chairperson.
Chief Executive Officer: appointed by the Prime Minister of India for a fixed tenure. The CEO holds the rank of Secretary to the Government of India.

7 Pillars of Effective Governance by NITI Aayog

The NITI Aayog forms the required strategies and follows the below-mentioned effective governance principles.

Pro-People Orientation: to satisfy societal and individual aspirations while planning societal strategies or initiatives.

Proactiveness: Forecasting and responding to citizens’ needs in the first place.

Citizen Participation: To encourage democracy within the nation and increase the participation of every citizen while formulating strategies.

Equality: Create an open platform for everyone for every opportunity, especially our youth, due to their innovative mindset.

Inclusivity: Respect and give equal opportunities to all people irrespective of caste, creed, and gender.

Empowering: Especially women in all aspects of life.

Transparency: Making the government visible and responsive to the people.

Objectives of NITI Aayog

NITI Aayog works with the following key objectives

To foster the active participation of states in National development priorities and strategies.
To encourage structured cooperative initiatives from all the states representatives and recognise that strong States make a strong Nation.
To develop the strategies right from the village level and progressively instil them at the higher level of government.
To ensure that the concept of national security is incorporated into economic strategies and policies formed.
To provide attention to those sections of the society who could more efficiently benefit from the national economic progress.
Timely design of the strategic and long-term policies, programmes, and initiatives prioritising national development. Monitor and evaluate the progress. Make the innovative improvements or corrections needed in the current or upcoming programmes.
Recognize and encourage partnerships between like-minded think tanks and other educational institutions.
To create a collaborative community of national and international experts and other partners.
To focus on technology upgradation and ensure the maximum capacity while implementing an initiative.
To emphasise the other important activities focusing on the national development agenda and the above objectives.

Features of NITI Aayog

As the dominant statutory body for developing strategic policies and initiatives, NITI Aayog contains an efficient state-of-the-art resource centre with the necessary human skills and technological upgradation that enable it to act actively to deal with unforeseen issues.

The following departments are the key to the successful implementation:

An attached office, Development Monitoring and Evaluation Organisation (DMEO),
An autonomous body, National Institute of Labour Economics Research and Development (NILERD)
A flagship initiative, Atal Innovation Mission (AIM)

All the departments work cohesively to successfully plan and implement the policies and initiatives, keeping the development of people and Nation at the forefront. The activities of NITI Aayog can be divided into the following four sections:

Policy and Programme Framework
Cooperative and Competitive Federalism
Monitoring and Evaluation
Think Tank and Knowledge and Innovation Hub

The following are the primary features of NITI Aayog:

A platform for the resolution of state and national issues.
Ease up the access to and sharing of information.
Maximum governance across the public and private sectors.
Formulate the policies from the village level and incorporate them progressively at the higher levels of government.
Build a central governing body with the equal participation of all the states and union territories.
Encourage partnerships between national and international like-minded Think Tanks.

Various Verticals of NITI Aayog

NITI Aayog doesn’t work alone, but some supportive bodies or verticals ensure the organisation's adequate working. NITI Aayog has the following verticals

Administration and Support Units,
Agriculture and Allied Sectors,
Communication and Social Media Cell,
Data Management and Analysis and Frontier Technologies
Economics and Finance Cell
Education
Governance and Research
Governing Council Secretariat and Coordination
Industry-I
Industry-II
Infrastructure-Connectivity
Infrastructure-Energy
Micro, Small and Medium Enterprises
Natural Resources and Environment, and Island Development
Project Appraisal and Management Division
Public–Private Partnership
Rural Development
Science and Technology
Social Justice and Empowerment, and Voluntary Action Cell
Social Sector-I (Skill Development, Labour and Employment, and Urban Development)
Social Sector-II (Health and Nutrition, and Women and Child Development)
State Finances and Coordination
Sustainable Development Goals
Water and Land Resources

Cells Under NITI Aayog

The following cells are present in the organisational formation of the NITI Aayog.

Circular Economy Cell
Communication
Library
North East Forum
Voluntary Action Cell

Mission of NITI Aayog

Below mentioned is the mission launched by NITI Aayog for the sustainable growth of the states and nation.

Aspirational Districts Programmes: Launched in January 2018 to transform the 112 most under-developed districts. The programmes ensure inclusive growth of all with the maxim of– “Sabka Saath Sabka Vikas aur Sabka Vishwas”.

Mission LiFE: To develop simple acts in their daily lives contributing to climate change.

State Support Mission: An umbrella initiative for every state to recognize its strength, define its objectives, and develop strategies to achieve the same.

Total Meetings Held By NITI Aayog

By now, the autonomous body has conducted 8 meetings with a shared vision of national priorities and strategies.

First Meeting	8 February 2015
Second Meeting	15 July 2015
Third Meeting	23 April 2017
Fourth Meeting	17 June 2018
Fifth Meeting	15 June 2019
Sixth Meeting	20 February 2021
Seventh Meeting	7 August 2022
Eight Meeting	27 May 2023

How NITI Aayog Has Transformed Planning in India?

The inception of NITI Aayog in January 2015 has changed the picture of the fundamental nature of planning in India. The transformation can be highlighted as

Policy Making Revolution: NITI Aayog provides relevant technical advice to the States and Centre while planning and designing strategic and long-term policies for the Government of India.

Bottom-up Approach: NITI Aayog focuses on achieving sustainable development goals in its policy-making process using a bottom-up approach. While NITI Aayog ensures that all the people living in the most rural or urban areas benefit from the policies and initiatives launched.

Efficient Coordination Among Departments: NITI Aayog offers a central platform to resolve inter-sector and inter-departmental issues to speed up the implementation and development.

Advanced Technology: NITI Aayog has taken the initiative to develop a nationwide blockchain network named ‘IndiaChain’.

Maximum Digitization: NITI Aayog focuses on technological upgradation and extending the capacity for implementing plans and initiatives.

Strong Management: NITI Aayog introduced the required technical training and occupations to solve the underlying issues in India using technology.

3 Major Plans/ Documents Launched by NITI Aayog

NITI Aayog has launched 3 documents highlighting the three major roadmaps:

Vision: A long-term visionary plan that comprises and highlights the overall goals and objectives of the country for the next 15 years.
Strategies: A 7-year plan divides the vision into two parts and lays down the roadmap of development for the next 7 years.
Action Agenda: Further divides the strategies into two parts and states the tasks and targets to be achieved in the next 3 years.

Success of NITI Aayog

After the NITI Aayog replaced the Planning Commission in 2015, it launched initiatives and programmes that have shown immense success. Within a few years, the success of NITI Aayog can be easily understood as

Innovation and Entrepreneurship: NITI Aayog focuses on innovation and increasing entrepreneurial collaboration with national and international experts.

Cooperative Federalism: Working with the states and national governments, the NITI Aayog keeps the national agenda at the centre of all the strategies and initiatives formation.

Agricultural Development: Food being the first necessity of every person, agricultural development becomes the major area to focus on and requires most of the development. The very first meeting of the governing council held on 8 February 2015, discussed the major initiatives for agricultural development.

Digitization: NITI Aayog recognized that to walk along with the changing landscape of technology, digitization in India was the first need. NITI Aayog has taken the necessary steps to improvise and expand the digital network across all the states and districts in India.

Global Recognition: NITI Aayog is developing initiatives and opportunities for Indian and international entrepreneurs. Also, India invests in foreign goods to increase its share in foreign currency, ultimately strengthening the Indian currency.

Major Initiatives Taken by NITI Aayog

Mentioned are the initiatives and programmes launched by the NITI Aayog.

Aspirational District Programme
SDG India Index
SATH Project
Composite Water Management Index
Health Index
Atal Innovation Mission
School Education Quality Index
Agriculture Marketing And Farmer Friendly Reform Index
District Hospital Index
Good Governance Index
Strategy for New India at 75
India Innovation Index
Women Transforming India Awards
Women Entrepreneurship Platform (WEP)
e-AMRIT Portal
'Methanol Economy' programme

Final Words

NITI Aayog replaced the Planning Commission to facilitate and empower the developmental requirements of good governance. NITI Aayog encourages the maximum participation of the states and union territories in formulating programmes and initiatives that support the overall growth and development of the nation. NITI Aayog works with the most transparency and takes every step to be the most responsive to the people of India. All the part-time or permanent members of the governing council only focus on the delivery, outcome, and accountability.

FAQs Related to NITI Aayog

Question: What kind of body is NITI Aayog?
Answer: The NITI Aayog is a non-constitutional and non-statutory executive body of the Indian government formed in January 2015.

Question: How is the NITI Aayog different from the Planning Commission?
Answer: The Planning Commission, formed in March 1950, was designed to make five-year plans in India. In January 2015, the NITI Aayog replaced the planning commission and formed an advisory body or think-tank of the Indian government at the central level.

Question: What is NITI Aayog full form?
Answer: The full form of NITI Aayog is the National Institution for Transforming India. The Prime Minister of India heads the NITI Aayog.

Question: Who is the CEO or Chairman of NITI AAayog?
Answer: The Prime Minister of India is the head or chairman of the NITI Aayog. Mr Naredra Damodar Das Modi is the current CEO of the NITI Aayog.

Question: What are the seven pillars of the NITI Aayog?
Answer: The seven pillars of NITI Aayog are

Pro-activity,
Pro-people,
Participation,
Empowering,
Inclusivity,
Equality, and
Transparency.

Question: What are the 5 elements of Sustainable Development Goals launched by NITI Aayog?
Answer: The Sustainable Development Goals is a programme launched by NITI Aayog targeting the actions over the next 15 years. The 5 elements where the most development is required are: people, planet, prosperity, peace and partnership.

Term Insurance vs Life Insurance

Life insurance is an essential financial tool that provides protection and financial security to individuals and their families. When considering life insurance options, two primary categories stand out: term insurance and life insurance. While both types offer valuable benefits, they differ significantly in terms of coverage, duration, premiums and suitability for different stages of life. This article aims to shed light on the differences between term insurance and life insurance, helping readers make informed decisions when choosing the most suitable option for their needs.

Brief Explanation of Term Insurance Plan and Life Insurance Plan

Before moving on to term vs life insurance, let us give a brief overview of term insurance plans and life insurance plans:

Term Insurance

Term insurance is a pure risk protection plan that provides death benefits to the family of the policyholder in the event of his death. Term insurance is the most affordable life plan that can be purchased for a fixed period of time. Term insurance covers various events such as death, critical illnesses and all types of disabilities.

Life Insurance

Life insurance is a great tool to protect your family's future. Life insurance provides death, maturity and survival benefits that provide comprehensive protection to you and your family. Life insurance also helps you meet your long-term goals and take care of your post-retirement life. Traditional life insurance has slightly higher premiums than term insurance plans.

Highlights of Term Insurance vs Life Insurance

The below-mentioned table illustrates the difference between term insurance vs life insurance:

Parameters	Term Insurance	Life Insurance
Coverage	Death Benefit Only	Death, Maturity and survival Benefit
Premiums	Low and Affordable	Comparatively High Premium Rates
Maturity benefit	No Maturity Benefit	Covered
Death benefit	Covered	Covered
Term	10 years to 35 years	5 years to 40 years
Loan Facility	Not Available	Available
Flexibility	Not Flexible	Very Flexible

Term Insurance vs Life Insurance in Detail

In term insurance, if the insured person dies during the policy term, the insurance company is responsible for paying the death benefit amount to the nominee or beneficiary. However, if the policyholder survives the term, no maturity benefit will be paid.

On the other hand, life insurance plans, such as whole life insurance, provide the dual benefits of protection and investment for the entire life of the policyholder. The maximum age limit in these schemes is usually 100 years. Additionally, whole-life plans allow cash accumulation throughout the policy term.

What to Choose: Term Insurance or Life Insurance

Choosing between term insurance and life insurance depends on various factors, including financial goals, budget, stage of life and personal circumstances. Here are some ideas to help make an informed decision:

Financial Needs
Assess your financial needs and the purpose of life insurance. Let's say you need coverage for a specific period of time, such as until your children become financially independent or until your mortgage is paid off. In that case, term insurance can be a suitable and cost-effective option. If you want lifetime protection and want to build cash value over time, life insurance may be more suitable.
Budget
Consider your budget and affordability. Term insurance generally offers lower premiums, making it more accessible to individuals with limited financial resources. Life insurance premiums are higher but remain the same throughout the lifetime of the policyholder.
Future Financial Obligations
Evaluate your future financial obligations and long-term goals. If you anticipate needing coverage beyond a specific period, term life insurance may be a better choice for you. Life insurance can also serve as an investment and savings tool, accumulating cash value that can be used during your lifetime.
Combination Approach
In some cases, a combination of both term insurance and life insurance may be appropriate. This approach involves purchasing a term insurance policy to meet specific short-term needs and purchasing a short life insurance policy to provide lifetime coverage and cash value accumulation.

Conclusion

Term insurance and life insurance are different options that cater to different needs and financial situations. Term insurance provides affordable protection for a fixed period of time, making it suitable for individuals with specific short-term financial responsibilities. Life insurance provides comprehensive lifetime coverage with an investment component, offers cash value accumulation and serves as a tool for long-term financial planning.

When choosing between term insurance and life insurance, it is essential to assess your financial goals, budget and future obligations. Consider your need for coverage period, affordability and desire for cash value accumulation. In some cases, a combination approach using both types of insurance to meet different needs may be appropriate.

Benefits of Life Insurance

Life in today's world is full of uncertainties, so financial security is important to live a stress-free and peaceful life. Life insurance plans offer various benefits through which policyholders can protect their loved ones from unexpected events. That is why life insurance is considered one of the most important financial tools for any person. This article will highlight the benefits of life insurance plans to help readers make informed decisions.

What Makes Life Insurance a Crucial Part of Financial Planning?

Life insurance offers many benefits that make it an integral part of effective financial planning. For individuals starting their own families, it becomes essential to acknowledge the importance of securing a stable future for their loved ones. It also helps in financial planning as it organizes your income and expenses and helps individuals establish a solid roadmap for their goals and achievements. Additionally, life insurance serves as a valuable tool for retirement planning.

One of the most crucial benefits of life insurance is creating a stable fund for your loved ones at an affordable premium. If you buy life insurance at an early stage, it will help you to get the maximum benefits of life insurance.

Benefits of Life Insurance

A life insurance plan offers various benefits to policyholders to protect their loved ones. But remember, each person's financial needs are different, so it's important to analyze the benefits of life insurance and how they will affect you and your loved ones.

Financial Security: Although life insurance provides various benefits, financial security and peace of mind are the most significant among them. By buying life insurance, you will ensure your family will not have to compromise due to financial burdens in your absence. It will help them by taking care of their financial liabilities.
Income Replacement: Life insurance can be necessary for those who are the sole earners in the family. It can serve as an income replacement tool for the primary earners of the family. For example, in your absence, your family's daily needs, such as education costs, utility bills, etc., can still be met.
Future Planning and Education of Children: Life insurance secures the future of your children by creating a financial safety net for their education. It helps them by paying the expenses related to their tuition fees, books and other educational expenses. This ensures that they can pursue their education even in your absence. It provides a way to invest in their future and guarantees that their educational goals will not be compromised.
Wealth Creation: Life Insurance helps individuals in wealth creation or building a corpus. Life insurance not only provides you with life cover but also invests your premium amount in multiple investment options so that you can create good wealth or corpus in future.
Maturity Benefit: Life insurance also helps individuals with savings that can be used in a liability or debt settlement. When life insurance matures, it provides the total sum assured to the policyholder as a maturity benefit, which can help the policyholder protect the future of their loved ones.
Tax Benefits: Life insurance provides several tax benefits that can help individuals save on their income tax liabilities by the end of the financial year. The premiums paid towards life insurance policies are eligible for a tax deduction under Section 80C of the Income Tax Act (ITA) of 1961. This means that the annual premium payment of up to INR 1.5 lakhs can be deducted from the gross income, resulting in a reduction of the tax amount payable. Moreover, the maturity benefits received from life insurance policies are exempt from taxation, as per Section 10(10D) of the ITA.
Funeral and Final Expenses: Funeral and burial costs can be significant, placing an additional burden on grieving family members. Life insurance coverage can help alleviate these expenses, ensuring loved ones can adequately honour and remember the deceased without financial strain.
Policy Loans and Withdrawals: Life insurance policies with a cash value component allow policyholders to borrow against the accumulated cash value. Policy loans can be a valuable source of funds for various needs such as medical expenses, home repairs, or even starting a business. Withdrawals can also be made to supplement income during challenging times.

Conclusion

Life insurance is a versatile financial tool that offers many benefits. From providing financial security and protection to wealth creation, estate planning and facilitating liquidity during emergencies, it plays a vital role in comprehensive financial planning. Life insurance not only protects the future of loved ones but also provides mental peace and emotional well-being. By understanding the diverse advantages of life insurance and tailoring coverage to individual needs, individuals can effectively protect their financial well-being and leave a lasting legacy for generations.

IRR In Insurance

Internal Rate of Return (IRR): An Overview

While investing in insurance or any financial product, the first thing an investor needs to be aware of is its internal rate of return, known as IRR. IRR is a financial measure that determines the expected return or profitability of the investment. But what is the formula of IRR? How do we calculate IRR? What is the significance of IRR in insurance?

This article discusses the core concepts of IRR, its relevance to investors, methods to calculate IRR, and its real-world applications.

What is IRR Full Form and IRR Definition?

Internal Rate of Return (IRR) is a metric used for capital planning by investors. IRR aids in comparing potential investments by quantifying their internal profitability, allowing for a more informed decision-making process.

By calculating IRR, the investor determines the annual discount rate, meaning that the net present value of the investment equals zero. The higher internal rate of return (IRR) reflects the higher investment profit.

In short, the IRR is the expected return rate when the net present value (NPV) of cash investment during an investment period equals the present value of cash profits. In the insurance industry, the IRR value ensures that the loss of liquidity during the investment period is worth it.

“IRR serves as a comprehensive indicator, considering the time value of money and providing a percentage representing the internal profitability of an investment.”

Key Points to Know About Internal Rate of Return (IRR)

When the investors are trying to find out and compare investment options with some related characteristics, the investment with the highest IRR is preferred in the first place.
The calculation of IRR is the same as NPV, except that IRR sets the NPV equal to zero.
Internal rate of return (IRR) is used to analyze capital budgeting projects to get a clear picture of potential annual return rates over time.
In a company, the calculating IRR helps identify which capital project to use for investment.

How do You Calculate the Internal Rate of Return (IRR)?

Before calculating IRR, let’s understand the basic terms to simplify the calculation. Suppose you have bought insurance or want to invest in any project.

When you pay an amount or a premium in the name of the policy, it stands for a negative cash flow, known as outflow.

Similarly, when you receive an amount or a payout/ benefit after a certain period, it is known as the positive cash flow, called inflow.

When you apply a discount on these cashflows at a definite rate and add them up, you get the Net Present Value. IRR (Internal Rate of Return) is the discounting rate which sets the NPV of a whole cashflow stream (outflow + inflow) to zero.

NPV = 0 = Present value of negative cash flow + Present value of positive cash flow

To calculate the internal rate of return, you can use the given methods:

Use the financial calculator available online to calculate the IRR value.
With IRR Excel method.
Pen-paper method

IRR Calculation Using Finacial Calculator

To calculate the IRR value online using a financial calculator, you must provide an estimated value of the investment you plan to make and year-wise cash flow. Follow the given steps to calculate IRR

Open the IRR calculator available online.
Enter the initial investment amount and year-wise investment cash flow in chronological order.
Click on the ‘calculate’ button.
The calculator uses the basic calculation formula and reflects the estimated internal rate of return for your investment.

IRR Calculation Excel

Follow the given steps to use IRR in Excel formula to calculate IRR rate of return.

Enter your investment cashflow stream in a table. Make sure the list is in chronological order.
Clearly determine the investment period. This investment period specifies the number of cashflows.
Calculate the interest rate per period.
Use the IRR formula in Excel, which you can find by clicking on the formula insert (fx) icon to calculate the Internal Rate of Return.

A positive IRR indicates that your investment in a plan generates a return greater than the interest rate. While a negative IRR represents that your investment generates a return less than the interest rate.

Compute IRR Using Pen-Paper Method

Use the given is the formula to calculate the IRR (internal rate of return) manually

IRR = [∑(CFn * (1 + r)n)]/∑(CFn)

Where;

CFn = Cash flow for period n

R = Rate of return

N = Number of cash flows

While using the above equation for IRR, remember that

You arrange the cashflows in increasing order (negative to positive).
Calculate the cumulative cash flow.

How to Use IRR Calculation Formula for Insurance Investment?

Say you have bought an insurance plan. The premium you pay is called the negative cash flow, and the payouts you are supposed to receive at a definite period are called the positive cash flow. Below, we mention an IRR rate of return example

Ramesh buys X (life insurance or any other investment) plan. He pays a lumpsum premium of Rs. 10,000 and receives two payouts: Rs. 5,250 after one year and Rs. 5,512 after two years of investment. Hence,

Negative cash flow (outflow) = Rs. 10,000 (not discounted since it is at present)

Positive cash flow (inflow) = Rs. 5,250 + Rs. 5,512 (need to be discounted since it is in the future estimate)

NPV = 0 = – PV of Rs 10000 + PV of Rs 5250 + PV of Rs 5512 = – 10000 + 5250 / (1 + IRR) 1+ 5512 / (1 + IRR) 2

The estimated IRR in the above example will be 5%.

* The above example is just a representation of how you can calculate the IRR.

You can use the IRR in Excel or pen-paper method and compare different insurance plans to calculate the estimated IRR return value for different premiums and frequencies.

Understanding the Difference Between IRR and ROI

Return of Investment (ROI) helps the investor to measure the total growth of the investment, from start to finish. Investors can easily assess the annual growth rate using the given formula IRR internal rate of return.

IRR = Current/ Future Expected Value – Beginning Value / Original Value X 100

ROI is an exceptional tool to measure the outcome of every investment within a year. However, the ROI isn’t that helpful for long-term investments. Meanwhile, the IRR is the expected compound annual rate of return on any investment.

Investment Based on IRR

The IRR internal rate of return provides a guideline to help investors evaluate whether to proceed with investment in a project or not. Per the IRR rule, if the IRR in a project is greater than the cost of capital, the project or investment can be considered.

On the other hand, if the IRR return is lower than the cost of capital, you can consider dropping your investment.

Limitations of IRR

If you only go with the numbers, say an IRR of 30%, you cannot identify if it’s the IRR of 30% for 10,000 or IRR of 30% for 1,00,000. Hence, if you compare two projects only by measuring the IRR, the investment decisions may be highly affected.

Another important point about IRR is that it assumes all the positive cash flows of the project will be reinvested at the same rate as the project. It totally neglects the cost of capital of the company.

Final Words

When you buy an insurance policy with any life insurance company, IRR is an important tool to judge your investment with regular outflows and inflows. Use the IRR formula to estimate your returns from regular investment plans like

Unit Linked Insurance plans
Mutual Funds SIPs
National Pension Schemes

We have mentioned IRR formula and IRR calculation methods useful for the investor while buying an insurance policy from any life insurance company. While investing in a company project, calculating IRR return help invest their capital strategically.

For a better understanding, we suggest you connect with a financial advisor who can help you evaluate the IRR and ROI of your investment and increase your return over a year.

IRR Related FAQs

What is IRR in simple terms?

In simple terms, the IRR stands for internal rate of return, which is the discount rate that turns net present value (NPV) of an investment equal to zero. The IRR helps an individual in capital budget calculation and decide which project or investment is worthwhile and ranking them.

What are the issues associated with IRR?

The internal rate of return (IRR) underestimates the actual dollar value of comparable investments. It does not take into account the negative cashflows.

When do you know if IRR is acceptable?

If the IRR value is greater than or equal to the hurdle rate (the minimum required rate of return), then it is acceptable.

When should the IRR not be used?

IRR (internal rate of return) should not be used to compare projects of different duration since it doesn’t consider the cost of capital.

Why does IRR decrease over time?

Since IRR measures the total return over time, it considers the time value of money. Long-term investments decrease the IRR. Hence, it is advisable to calculate the internal rate of return for shorter investments.

What is the difference between NPV and IRR?

The NPV calculates the dollar value of the project, while the IRR calculates the estimated percentage return of a project to create.

Bharat Number Plate

The Bharat series number plates are a new series of vehicle number plates starting with the letters "BH" for vehicles in India. The Ministry of Transport, Government of India, launched the Bharat number plate (BH Number Plate) series in 2021 to make the vehicle registration process seamless and create a unified system for vehicle owners. Understanding the BH Number Plate system is crucial for vehicle owners and authorities as it brings forth a transformative change in how vehicles are registered and tracked in the country. This article explores the BH Number Plate system in detail, discussing its features, benefits, implementation process, and impact on vehicle registration in India.

What is the BH Number Plate Series in India?

The BH Number Plate system is a nationwide initiative to create a standardized vehicle registration system using QR code-based number plates. It was introduced by the Ministry of Road Transport and Highways (MoRTH) in collaboration with the National Informatics Centre (NIC). The system replaces the conventional number plates with technologically advanced QR code-based plates, improving efficiency, security, and ease of vehicle identification.

Eligibility Criteria of BH Number Plate Series (Bharat Number Plate Series)

Below mentioned are the specific group of individuals who can apply for the BH Number Plate Series (Bharat Number Plate Series):

Defence sector personnel
Administrative services employees
Bank employees
Central and State Government employees
Private company employees with offices in more than four states or union territories
Road tax on the vehicle must be paid
Vehicles should have a pollution under control (PUC) certificate

Features of BH Number Plate Series (Bharat Number Plate Series)

The main aim of creating the BH Number Plate Series (Bharat Number Plate Series) is to save the time and energy of the citizens from the inconvenience of transferring their vehicle registration each time they move from one state to another. Hence, we have mentioned some of the features of the BH Number Plate Series (Bharat Number Plate Series):

It applies only to non-transport vehicles.
It eliminates the requirement of re-registering a vehicle when moving to a different state.
It saves time, effort, and paperwork associated with the re-registration process.
The system is valid nationwide, ensuring consistency across the country.
The number plate design is similar to a standard license plate, featuring black fonts on a white background with the license number format that differs.

BH Number Plate (Bharat Number Plate) Format

The BH number plate (Bharat number plate) series format consists of registration year (YY), BH (Bharat series), 4-digit registration number and XX (indicates vehicle category). For example, the format appears as "23BH 2222XX". This means that "23" is the year of registration, "BH" is the India series, "2222" is the registration number, and "XX" is the vehicle category.

BH Number Plate (Bharat Number Plate) Online Application Process

Below are the steps that you need to follow to apply for BH Number Plate (Bharat Number Plate) Online:

There are two options available for the procedure. First, access the Ministry of Road Transport and Highways (MoRTH) vehicle portal and log in to start the process. Alternatively, you can get assistance from an automobile dealer who can fill out Form 20 on the Vahan portal on your behalf.
Private sector employees working across more than four states or Union Territories (UTs) must submit Form 60, their employment ID, and a work certificate as proof.
The State Authorities verify the eligibility of the vehicle owner.
You must select the "BH" series type during the application process.
Ensure you submit the necessary documents, such as the Working Certificate (Form 60) or a copy of your official ID card.
The Regional Transport Office (RTO) approves the BH series.
Finally, you must pay the applicable fee or motor vehicle tax online.

Benefits of BH Number Plate (Bharat Number Plate)

BH Number Plate (Bharat Number Plate) offers various benefits to vehicle owners in India. Below, we have mentioned some of the benefits of the BH Number Plate (Bharat Number Plate):

Simplified Vehicle Registration: The main benefit of the BH number plate is its streamlined vehicle registration procedure. Individuals who often relocate due to work commitments can conveniently avoid the inconvenience of re-registering their vehicles when moving to a different state or city. This results in time, effort, and paperwork savings.

Nationwide Validity: The BH number plate is valid across the country. It allows vehicle owners to freely drive their registered vehicles in any state or union territory, eliminating the requirement for additional permits or re-registration.

Cost Savings: The BH number plate system eliminates the necessity for vehicle re-registration, resulting in cost savings for vehicle owners. Re-registration typically incurs fees, taxes, and documentation charges, which can accumulate substantially. However, these expenses are minimized or eliminated with the BH number plate.

Disadvantages of BH Number Plate

Here are some of the disadvantages of the BH Number plate:

Limited Eligibility: The use of BH number plates is limited to certain categories of people, including government employees, members of the defence forces, bank employees and individuals employed by private companies with offices in multiple states or union territories. Therefore, not all vehicle owners can avail the benefits associated with the BH series.
Exclusion of Transport Vehicles: The BH number plate is specifically designated for non-transport vehicles, excluding transport vehicles such as buses, taxis, and trucks. This restriction narrows down the range of convenience offered by BH number plates.

Cost of BH Number Plate (Bharat Number Plate) Series

In the below table, we have shown the price breakdown for the BH number plate:

Invoice Cost	Motor Vehicle Tax (% Of The Invoice)
Upto INR 10 lakhs	8%
Between INR 10 lakh to INR 20 lakhs	10%
More than INR 20 lakhs	12%

Please note: You need to pay a 2% less charge for electric vehicles and a 2% extra charge for diesel vehicles., For private vehicle owners, the road tax for the BH number plate will be charged for two years or in multiples of two (4,6 and 8).

Challenges and Future Developments

Implementing the India number plate system has its challenges. These include the need for nationwide adoption, ensuring the availability of scanning technology and addressing concerns related to data privacy and security. However, these challenges can be overcome with proactive measures and collaboration among stakeholders. Future developments of the India number plate system may include advanced features such as real-time tracking, integration with intelligent transportation systems and interoperability between different states.

Conclusion

The Bharat Number Plate System marks a significant leap forward in vehicle registration and tracking in India. This brings standardization, security and traceability to the forefront, benefiting vehicle owners and law enforcement agencies. QR code-based number plates streamline registration processes, enhance data management and strengthen the safety ecosystem. With the successful implementation and widespread adoption of the India Number Plate System, India is set to see a more efficient and advanced vehicle registration system. This transformational initiative paves the way for a seamless future in which vehicle identification and tracking contributes to safer roads, better law enforcement and a technologically empowered transportation landscape in the country.

BH Number Plate (Bharat Number Plate) FAQs

What is the BH Number Plate?

Ans. The BH Number Plate, or the Bharat Number Plate, is a vehicle registration system implemented in India. It aims to simplify the vehicle registration process and provide a uniform number plate design nationwide.

Can I transfer my vehicle registration to a BH Number Plate (Bharat Number Plate)?

Ans. No, you cannot transfer my existing vehicle registration to the BH number plate (Bharat number plate) because the BH number plate (Bharat number plate) can be obtained only through new registration.

Can I sell my BH series registration?

Ans. The BH series registration will not transfer to the new owner. The new owner will need to follow the regular vehicle registration process of the respective state.

Can I use the BH number plate for commercial vehicles?

Ans. The eligibility criteria for using the BH number plate for commercial vehicles may vary depending on the specific regulations set by the relevant transport authorities. It is advisable to consult the State Transport Department or the Ministry of Road Transport and Highways (MoRTH) for information regarding commercial vehicle registration under the BH number plate series.

What is the importance of the BH series?

Ans. The BH series is a specific series of number plates allocated to vehicles registered under the Bharat Number Plate system. It helps identify vehicles registered under this system.

Do I need to re-register my vehicle if I have a BH number plate and move to a different state?

Ans. One of the advantages of the BH number plate system is that it eliminates the need for re-registration when relocating to a different state. You can freely drive your vehicle with a BH number plate in any state or union territory without requiring additional permits or re-registration.

Is BH Series registration applicable only for four-wheelers?

Ans. No, BH Series registration is applicable for both two-wheelers and four-wheelers.

BH number series are only restricted to any state?

Ans. No, BH number plates are not restricted to any state as the BH represent “Bharat”.

Is the BH number plate series only for govt employees?

Ans. The BH number plate series is for people with transferable jobs as employees of central and state government departments, PSUs departments, defence personnel and private sector companies with offices in at least four states or UTs. It applies only to non-transport vehicles, and only eligible candidates can apply for the same.

What is the format of Bharat Number Plates?

Ans. The format of the Bharat Number Plate appears as "23BH 2222XX", where 23 represents the year, BH represents Bharat, 2222 represents the registration number, and XX represents the vehicle category.

Know How Life Insurance Can Protect Your Family

Whether you are young or old a life insurance is a must for everyone. A life insurance cover protects your family in times of crisis. Despite the benefits, only 10% of the Indians are up for life insurance. Life insurance is not considered as a good form of investment in India. Rather than this, people prefer investing their sum in mutual funds, stocks, FDs, etc. Life is unpredictable. When you are the only earning member of your family then it becomes very important for you to secure your family’s future. Even if you die an untimely death your family expenses, debts, and other stuff can be managed.

Benefits Of Having A Life Insurance Policy

Family can be cared for after your death

The best part of life insurance is that it looks after your family’s finances after you're gone. When your family is entirely dependent on you then life insurance is a much-needed thing. You must have wanted your kids to receive the best of education but for that they require money. After you are gone your life insurance is going to be their financial support. You must have a partner whose needs are on the priority list too. Therefore, here is your life insurance looking after every kind of bills even after you are dead.

Payment of debts

Maybe during your lifetime, you must have applied for a home loan, car loan, education loan, loan on credit cards, etc. But after your death, you leave your family behind in their time of crisis. As everyone is unemployed therefore none is going to pay the debt for them. If you make the right decision and happen to select the right set of insurance policy then it is going to cover all your family’s debts after your death.

Purchase life insurance at a young age against a cheap price

Not every young lad is in requirement of a life insurance policy. A person won't even require one when they are already dependent on their parent’s. But there are young lads who have a family to feed or it might be so that they have taken an education load along with their parents. In that, you can consider making a purchase of a life insurance policy. If you are single then the coverage costs for you would be lower. Insurance agents will try to sell you the wrong policy. So, beware of that. You can approach a financial planner to analyze and evaluate your current financial status. Estimating the cost of your assets an insurance policy can be purchased. Even if you are not married but there will be dependent on you like your parents and siblings. The best part about getting life insurance at a young age is you are hale and hearty and your family health conditions are not that bad. If this is the case then you can receive great insurance policy rates.

Business is paid heed to

Life insurance policies take proper care of your family as well as your business. When you own a business with partners and you die an untimely death then your partners can enter into a buy and sale agreement. They will purchase your share of the business against a sum and hand it over to your family. But none of your family members will receive a stake in your business. Two types of life insurance policies are available for business owners namely a term insurance policy and a life insurance policy. You are already aware of the death benefits provided by these insurance policies. At the same time, they help to strengthen your family’s financial position after your death.

Insurance policies safeguard your family for a specified period of time. It can be for 10, 20 and 30 years. The policy would be paid out to your family members during that period of time and only if you die. The insurance policy will expire at a particular period. If you are still alive during that time then your family receives none. An investment cum protection plan provides you with a particular sum of money as soon as the term of the insurance is served. This sort of plan does provide you with protection, but you cannot expect the cover to as high as other plans.

Gift Health Insurance to Your Sister on this Bhai Dooj

Bhai Dooj, a festival celebrated to honour the special bond between brothers and sisters, provides an opportunity to express love and gratitude. While traditional gifts like sweets, clothes and accessories are usually exchanged, why not consider them a unique and valuable gift this year? This Bhai Dooj, consider gifting health insurance to your sister – a gesture that goes beyond material possessions and shows your care for their well-being. In this article, we will explore the importance of gifting health insurance, its benefits and how it can provide long-term protection to your loved ones. Embrace the spirit of Bhai Dooj by choosing a gift that can protect your sibling's health and future.

Significance of Health Insurance Gifting

Gifting health insurance holds significant importance in today's world. Here are some key reasons why health insurance gifting is highly significant:

Importance of Health Insurance
Health insurance is crucial in today's uncertain times, offering financial protection against rising medical expenses. It ensures that individuals can access quality healthcare without facing exorbitant costs, easing the financial burden during medical emergencies.
Gifting Health Insurance: A Thoughtful Gesture
Gifting health insurance on Bhai Dooj symbolizes your concern for your sister's well-being. It shows your commitment to her health and provides them with a valuable asset that can be utilized during unexpected medical situations. Gifting health insurance gives them a sense of security and peace of mind, knowing they are protected against unforeseen medical expenses.
Expression of Care and Love
Gifting health insurance shows your sister that you genuinely care about their well-being. It is a thoughtful gesture that shows your concern for her health and happiness, highlighting the depth of your relationship.

Benefits of Health Insurance

Health insurance can provide numerous benefits to your sister. Here are some of the key benefits of gifting health insurance this bhai dooj:

Comprehensive Coverage
Health insurance covers various medical expenses, including hospitalization, doctor consultations, diagnostic tests, surgeries, medication, etc. It ensures that your sibling receives medical care without worrying about financial constraints.
Cashless Treatment Facility
Most health insurance policies offer a cashless treatment facility, allowing policyholders to avail of medical services without making upfront payments. This feature eliminates the need for immediate out-of-pocket expenses during emergencies, making healthcare more accessible and hassle-free.
Pre and Post-Hospitalization Expenses
Health insurance covers not only hospitalization costs but also pre and post-hospitalization expenses. It includes expenses such as diagnostic tests, consultations, medications, and follow-up appointments, ensuring comprehensive coverage throughout treatment.
Additional Benefits
Apart from basic medical coverage, health insurance often offers additional benefits like maternity coverage, coverage for specific illnesses, ambulance services, preventive care, and wellness programs. These additional benefits enhance the overall healthcare experience and provide added value to the policyholder.

Choosing the Right Health Insurance Policy

If you need help understanding how to choose your sister's health insurance plan. Below mentioned points will help you in this process:

Assessing Coverage Needs
Before gifting health insurance, assessing your sister’s specific healthcare needs is essential. Consider their age, existing medical conditions, family medical history, and lifestyle to determine the appropriate coverage amount and policy features.
Researching Insurance Providers
Conduct thorough research on reputable insurance providers to ensure you choose a reliable and customer-centric company. Look for insurers with a strong claim settlement record, good customer reviews, and a vast network of hospitals and healthcare providers.
Comparing Policies
Compare health insurance policies based on coverage, premiums, waiting periods, exclusions, and policy terms. Consider factors such as co-payment requirements, sub-limits, and the policy's renewal process to make an informed decision.
Seek Expert Advice
If you need clarification on the intricacies of health insurance, seek advice from RenewBuy’s POSP Advisor. They can guide you through the process, help you understand policy terms and conditions, and assist you in selecting the most suitable health insurance plan.

Conclusion

This Bhai Dooj, move beyond traditional gifts and consider the invaluable present of health insurance for your sibling. Gifting health insurance offers them financial protection, peace of mind, and access to quality healthcare. Remember to evaluate their healthcare needs, research insurance providers, and compare policies to choose the most suitable plan. This thoughtful gesture reflects your love and concern for your sibling's well-being, demonstrating the true essence of the festival. Gift health insurance on this Bhai Dooj and contribute to their long-term health, happiness, and security.

Government Life Insurance Schemes in India

The Indian government is dedicated to ensuring the financial security of its citizens, particularly those with lower incomes, by offering a diverse range of life insurance schemes. In this article, we will delve into the different life insurance schemes provided by the government and examine how they can positively impact you and your family. We will provide an overview of these government insurance schemes, which directly or indirectly fall under the life insurance category, explaining their benefits and significance.

What is Government Life Insurance Schemes?

The government of India launched government life insurance schemes for its citizens. They have launched several government insurance schemes to improve coverage for specific group populations. Many of these schemes have been launched due to the limited availability of life insurance in the country, especially in rural areas.

At their core, government life insurance schemes are sponsored by state or central governments and are intended to provide financial protection to individuals and their families in the event of unexpected death. These government insurance schemes generally offer affordable premiums while providing adequate coverage, ensuring that individuals from all walks of life have access to life insurance. By availing of these schemes, individuals and their families gain a sense of reassurance, knowing they are financially protected in the event of an unfortunate occurrence.

List of Government Life Insurance Schemes in India

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) PMJJBY is a government insurance scheme that offers one-year term life insurance coverage (renewable). It provides a death benefit to the nominee in case of the insured's death. The scheme is available to individuals aged 18 to 50 and can be enrolled through participating banks.

Highlights of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Launched in	2015
Insurance Provided By	LIC and Other General Insurers
Eligibility Criteria	Minimum: 18 Years Maximum: 50 Years
Premiums Paid	INR 330 per annum
Sum Assured	INR 2 Lakh

Pradhan Mantri Suraksha Bima Yojana (PMSBY) PMSBY is an accident insurance scheme offered by the Indian government. It provides accidental death and disability coverage at an affordable premium. This government insurance scheme is open to individuals aged 18 to 70 and can be availed through participating banks.

Highlights of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Launched in	2015
Insurance Provided By	Banks and Other General Insurers
Eligibility Criteria	Minimum: 18 Years Maximum: 70 Years
Premiums Paid	INR 12 per annum
Sum Assured	INR 1 Lakh \| INR 2 Lakh

Atal Pension Yojana (APY)
APY is a pension scheme introduced by the Government of India to provide a regular income after retirement. It is aimed at the unorganized sector and offers fixed pension amounts based on the contribution made by the individual. The scheme is available to individuals between the ages of 18 to 40.

Highlights of Atal Pension Yojana (APY)

Launched in	2015
Eligibility Criteria	Minimum: 18 Years Maximum: 40 Years
Contribution Period	Min. 20 Years
Premiums Paid	Upto INR 1K per month
Monthly Pension	Upto INR 5K

Pradhan Mantri Vaya Vandana Yojana (PMVVY)
PMVVY is a pension scheme for senior citizens aged 60 years and above. It provides a regular pension income for a period of ten years. The scheme offers guaranteed returns and is administered by the Life Insurance Corporation of India (LIC).

Highlights of Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Launched in	2017
Insurance Provided By	LIC
Eligibility Criteria	Minimum: 60 Years Maximum: No Limit
Investment Amount	INR 1.5 Lakh to INR 15 Lakh
Pension Amount	INR 1K \| INR 10K

Aam Aadmi Bima Yojana (AABY)
AABY is a social security insurance scheme targeted at rural landless households. It offers life and disability coverage to the primary breadwinner of the family. The scheme is administered through various state governments and provides financial support to the insured and their families in case of death or disability.

Highlights of Aam Aadmi Bima Yojana (AABY)

Launched in	2007
Insurance Provided By	LIC
Eligibility Criteria	Minimum: 18 Years Maximum: 59 Years
Premiums Paid	INR 200 per annum paid by the state and central government
Sum Assured	INR 30K \| 37.5K \| 75K
Documents Required	Aadhaar Card, Age Proof, Address Proof, Bank Account Details, Income Certificate, and Occupation Proof

Janashree Bima Yojana (JBY)
JBY is a group insurance scheme for people below the poverty line. It provides life insurance coverage at an affordable premium. Various state governments implement the scheme and offer financial protection to the insured's family in case of the insured's demise.

Highlights of Janashree Bima Yojana (JBY)

Launched in	2000
Insurance Provided By	LIC
Eligibility Criteria	Minimum: 18 Years Maximum: 60 Years
Group Size	Minimum 25 members
Premiums Paid	INR 200 per individual
Sum Assured	INR 30K \| 37.5K \| 75K

Pradhan Mantri Jan Dhan Yojana (PMJDY)

The Government of India launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) to provide financial assistance to individuals who lack access to banking services. This scheme was launched in the year 2014, and additionally, it provides life and accident insurance coverage to insured persons.

Highlights of Pradhan Mantri Jan Dhan Yojana (PMJDY)

Launched in	2014
Eligibility Criteria	Any Indian Citizen

Conclusion

These are some of the prominent government life insurance schemes in India, designed to provide financial security and support to individuals and specific target groups in different circumstances. Ensuring that individuals from diverse socio-economic backgrounds can access the advantages offered by these government-driven initiatives is of utmost importance. Investing in a government-term insurance plan enables systematic savings. It provides crucial financial security in the event of an untimely death, assisting and safeguarding the dependents of the insured individual. It is advisable to check the eligibility criteria and terms and conditions of each scheme before opting for coverage.

Human Life Value Calculator

Protecting the financial well-being of our loved ones is a top priority for many of us. Life insurance is important in ensuring their financial security in the unfortunate case of our untimely demise. It is necessary to assess the economic value of our lives to determine the appropriate coverage amount. This is where the Human Life Value (HLV) calculator is needed. In this article, we will explore the significance of a Human Life Value calculator, how it works, and why it is an essential tool in the life insurance planning process.

What is Human Life Value?

Human life value (HLV) is the present value of an individual's future income, expenses, liabilities and investments. This is the amount of money that would be required to secure the lives of your dependents through term insurance in case you are no more. The HLV number is usually taken to understand how much money will be required to safeguard the financial interests of your loved ones. It is an essential thing that helps you determine the right amount of life insurance coverage you need.

What is a Human Life Value Calculator?

A Human Life Value Calculator is an online financial tool designed to estimate the economic value of a person's life based on various factors such as age, income, expenses, future financial goals, and inflation rate. It considers the potential future earnings and financial contributions an individual will make in his or her productive years.

Determining the Human Life Value

The process of calculating Human Life Value involves several key factors:

Income and Expenses: The Human Life Value Calculator considers the individual's current income and projected future income growth. It also keeps track of living expenses, including daily expenses, loan repayments and any other financial obligations.
Future Financial Goals: The HLV calculator considers a person's future financial goals, such as funding their children's education, buying a home, or planning for retirement.
Inflation: Inflation is an important factor in assessing the value of human life. The calculator considers the impact of inflation on future expenses and income to ensure accurate estimates.
Remaining Productive Years: The calculator analyzes the remaining years of the individual's productive working life to determine the overall economic value.

How is Human Life Value Calculated?

Calculating HLV is a complex process considering several factors such as age, income, expenses, liabilities and investments. The following formula is used to calculate HLV:

HLV = (Present Value of Future Income) - (Present Value of Future Expenses) - (Present Value of Future Liabilities) + (Present Value of Future Investments)

Present Value

The Present value is the value of future cash flows in today's Rupees. It considers the time value of money, meaning money today is worth more than the same amount in the future.

Future Income

Future income is the amount of money a person is expected to earn in the future. It considers factors such as salary, bonuses and other sources of income.

Future Expenses

Future expenses are the expenses an individual is expected to incur in the future. It considers factors such as living expenses, education expenses, and other expenses.

Future Liabilities

Future liabilities are the debts an individual is expected to pay in the future. It considers factors such as mortgage payments, car loans, and other debts.

Future Investments

Future investments are the investments an individual is expected to make in the future. It considers factors such as savings, retirement plans, and other investments.

Why is a Human Life Value Calculator Important?

A Human Life Value (HLV) calculator is important for the below-mentioned reasons:

Accurate Coverage: A human life value calculator helps determine the appropriate coverage amount needed to protect the financial future of dependents. It ensures that the insurance coverage adequately compensates for lost income, covers outstanding debts, and meets the future financial goals of the insured.
Avoiding Underinsurance: Underestimating the coverage amount can leave dependents financially vulnerable. The Human Life Value Calculator provides a realistic assessment, helping individuals avoid the risk of being underinsured.
Informed Decision-Making: By using the Human Life Value Calculator, individuals gain a clear understanding of their financial value and the impact their absence has on the financial stability of their family. This information helps them to make informed decisions regarding life insurance coverage.
Financial Planning: The Human Life Value Calculator serves as a valuable tool for financial planning. It helps individuals identify gaps in their existing financial strategies and create a more comprehensive plan to achieve their long-term financial goals.
Customized Solutions: The Human life value calculators consider individual circumstances, allowing customized calculations. This ensures that the life insurance plan is tailored to the specific needs and financial circumstances of the insured.

Conclusion

The Human Life Value Calculator is an essential tool for determining the appropriate life insurance coverage needed to protect the financial future of dependents. By considering various factors such as income, expenditure, financial goals and inflation, it provides a realistic assessment of an individual's economic worth. With the help of this tool, individuals can make informed decisions and secure the financial well-being of their loved ones.

When considering life insurance, it is highly recommended to consult RenewBuy’s POSP advisor, who can guide you using the Human Life Value Calculator and help you choose the right coverage for your specific needs.

Differences Between Term Insurance & Life Insurance Policy

What are the Differences Between Term Insurance and Life Insurance?

Before knowing the differences between Term Insurance and Life Insurance, we need to define both and the associated terminologies to better understand their differences.

Term Insurance:

Term Insurance policy provides life cover for a specific period. In other words, if the insured expires within the stipulated time of the policy, the nominee gets the death benefit. In exchange, the insured needs to pay a monthly premium to the insurance company during the term, which is why it is called Term Insurance.

Life Insurance:

A life insurance policy provides a sum of money on the demise of the policyholder or after a certain amount of time. The money assured by the insurer on the demise of the insured is called Death Benefit. In contrast, the amount of funds guaranteed after completing the policy term is called Maturity Benefit. Life Insurance also includes the premium amount to be paid to the best life insurance company, which in most cases is monthly.

Premium:

A premium is the amount of money an individual or business pays for a policy that serves as an income for the insurance companies. The premium also serves as a liability for the insurer to provide coverage for claims made against the policy.

Maturity Date:

Maturity Date is when the policy's tenure is completed when a specific amount of money called the Maturity Claim amount is settled. The amount is paid if the policy has been appropriately continued, i.e., all due premiums have been paid on time.

Term Insurance Vs Life Insurance:

Both Term insurance and Life Insurance have their advantages and limitations, and hence it is essential to validate them both before choosing the right kind of policy. Some opt for both, based on their requirements.

We need to consider the below details to differentiate between the insurance policies.

Flexibility: Most consider Term Insurance to be more flexible than Life Insurance as surrendering term insurance is comparatively more straightforward than life insurance. The insured has to wait for the entire tenure of the policy to avail of the benefits, while in term insurance, the policyholder has the flexibility to terminate the policy at any point in time. Upon completion, term insurance policyholders can also convert their policy into the endowment plan.
Premium Amount: The premium amount is relatively higher in life insurance, as the policy offers both death and maturity benefits. In the case of term insurance, they are affordable and provide higher coverage since they cover only death benefits. Interestingly, many opt for life insurance as they are ready to pay additional money to avail of maturity benefits. The term insurance is best suited for those who cannot afford to pay the premium for a longer time.
Savings: Life insurance is more pro-savings than term insurance. Life Insurance policyholders through the maturity benefit can save a substantial amount of money, while it does not apply to term insurance policyholders.
Tax Benefit: Both the term insurance and life insurance policyholders are eligible for tax benefits. Term insurance policyholders are eligible for tax exemptions under section 80C and 80CCC and section 10D. For life insurance policyholders, the sum assured to the nominee in case of death of insured is tax-free, while on maturity, the amount of money will be taxed at a marginal rate.

Conclusion:

Life Insurance is considered best for investors as it helps them with their investment planning. However, experts suggest that one should avail both life insurance and term insurance at the same time to have life protection for the family as well as investment returns.

Top LIC Schemes for Senior Citizens in 2024

Securing Golden Years: Top LIC Schemes for 60+ Years Old

Retirement is not the end of the road; it's the beginning of a new journey. All we wish for is financial stability in the golden years of life. Investment is a major concern for an individual, whether it's a young age, child future security, retirement planning, or someone planning a stress-free life for their parents. In the list of more than 20 life insurance companies, LIC of India has the most prominent customer base in the insurance market, ensuring the well-being of their customers with pocket-friendly life insurance policies.

From the different types of LIC life insurance plans, such as LIC term plan, LIC child plan, LIC endowment plan, LIC ULIP plan, LIC whole life plan, and LIC group plans, the LIC retirement plans have been trusted since the last six decades. LIC schemes for senior citizens provide a regular, stable income and enable them to live their post-retirement lives without stress.

Benefits of LIC Plan for Senior Citizens

As the calendar flips its pages and we step into 2024, the financial security of our senior citizens becomes even more critical than ever due to changing lifestyles and rising health concerns. Besides ensuring a regular income in post-retirement years, the LIC senior citizen policy offers some core benefits.

LIC plans for senior citizens also offer life insurance protection. In simple words, in case of an unfortunate demise of the policyholder, the dependents receive financial assistance.
LIC senior citizen policy offers regular payouts through annuities or pensions. Hence, even if the policyholder stops receiving the salary every month, they can receive a fixed amount to live on their own terms.
Premium paid towards LIC schemes for senior citizens are eligible for tax exemption under Section 80C of the Income Tax Act, 1961. Hence, you can also reduce the tax liabilities while paying the premiums.
LIC senior citizen policy offers flexibility in choosing the premium payment option. For financial convenience, the policyholder can pay the premium on an annual, half-yearly, quarterly, or monthly basis as a regular or limited premium.
Some LIC senior citizen policies offer the facility to avail of loans against the policy, which helps to reduce the financial burden without surrendering the policy.
LIC schemes for senior citizens remove uncertainties from the policyholder and the family's lives. Ultimately, this reduces the stress and brings happiness to the home even after the retirement of the policyholder.
The fund secured from the LIC senior citizen policies may support the health and well-being of the policyholder in their golden years.

Top LIC Schemes for Senior Citizens in 2024

Choosing the right Life Insurance Corporation (LIC) plan tailored specifically for senior citizens is essential to beat post-retirement complexities and ensure a worry-free life. Let's delve into the world of life insurance tailored for elders and explore the top 5 LIC plans for senior citizens in 2024.

1. LIC Jeevan Akshay VII - Your Instant Annuity Companion

Imagine having a steady income flow right after retirement. Jeevan Akshay VII makes this dream a reality. Jeevan Akshay VII is an immediate annuity plan with added customization, ensuring a fixed income for life. Seniors can choose from various annuity options, ensuring a fixed income tailored to their unique needs and preferences. LIC Jeevan Akshay VII is one of the most preferred LIC plan for senior citizens.

Key Features:

Immediate annuity
Guaranteed fixed income
Pension plan

Eligibility Criteria:

Entry Age- 25 years to 85 years

Minimum Investment- Rs. 1.5 Lakhs

2. LIC Pradhan Mantri Vaya Vandana Yojana (PMVVY) - Government-Backed Assurance

LIC Pradhan Mantri Vaya Vandana Yojana (LIC PMVVY) is a government-backed scheme designed exclusively for senior citizens. LIC PMVVY offers attractive interest rates and a regular pension, making it a good option for those seeking high returns with minimal risk. One can buy PMVVY online and offline, depending on suitability and ease.

Key Features:

Government-backed Scheme
High Returns
Regular Pension

Eligibility Criteria:

Entry Age- 60 years - No Limit

Minimum Investment- Rs. 1.5 Lakhs (Monthly Pension Mode)

3. LIC Varishtha Pension Bima Yojana- Secure a Lifelong Income Stream

LIC Varishtha Pension Bima Yojana is specially designed to provide senior citizens with an immediate annuity. The policyholder is allowed to make a single payment and start receiving the annuity payouts immediately. If the policyholder is diagnosed with a critical illness, they can avail of surrender value and use it to fund their medical treatment.

Key Features:

Government-backed plan
Single immediate annuity plan
Lifelong income

Eligibility Criteria:

Entry Age- 60 years - No Limit

Minimum Investment- Rs. 1.5 Lakhs

4. LIC New Jeevan Shanti - Single & Joint Life Deferred Annuity

LIC New Jeevan Shanti is another popular plan suggested for senior citizens. LIC New Jeevan Shanti is a single premium deferred annuity plan. This means the policyholder can make a one-time lump sum payment, and after the chosen period, the policyholder starts receiving the payouts. This way, the LIC plan for senior citizens can secure a lifelong income stream.

Key Features:

Single premium deferred annuity
Death benefit of 105% times the purchase price
Surrender value

Eligibility Criteria:

Entry Age- 30 years - 79 years

Minimum Investment- Rs. 1.5 Lakhs

5. LIC Saral Pension Yojana - Plan to Retire at 40

LIC Saral Pension Yojana fulfils the post-retirement needs of the policyholder. This LIC plan for senior citizens is a standard immediate annuity plan approved by the IRDAI. After a single premium payment, the policyholder can receive an immediate annuity. LIC Saral Pension plan comes up with two annuity options.

Key Features:

Single-life and joint-life annuity options
100% return of purchase price
Loan facility

Eligibility Criteria:

Entry Age- 40 years - 80 years

Minimum Investment- Depends on minimum annuity

6. LIC SIIP Plan

LIC SIIP Plan comes up with the dual benefit of Saving and Suraksha under a single plan. The plan is suitable for the policyholders to make long-term investments that can be utilized during their golden years. The plan also offers guaranteed additions at the end of certain policy years. LIC SIIP plan is available for both online and offline purchases.

Key Features:

Unit-linked plan
Investment and life cover
4 fund options

Eligibility Criteria:

Entry Age- 90 days - 65 years
Minimum Investment- Rs. 40,000 (Yearly Mode)

Choosing A Path to Stress-Free Retirement

Stepping into retirement should be a joyous occasion, free from financial worries. The top LIC plans for senior citizens in 2024 are not just financial instruments; they are keys to unlocking a worry-free and fulfilling retirement. Whether it's an immediate annuity, lifelong coverage, or a blend of insurance and savings, LIC has curated plans to cater to diverse needs.

Conclusion

Selecting the right LIC plan for senior citizens is a personal journey, but it's crucial to align your choices and post-retirement requirements. We have discussed one of the best LIC schemes for senior citizens in 2024 with their key benefits and features. To buy a LIC for senior citizens, you can directly visit the nearest LIC branch, connect with the LIC customer support team, or buy the plan online from the official website (www.licindia.in).

Before making a purchase decision, we advise you to consult with LIC agents or financial advisors, who can provide valuable insights to help you make informed decisions. Find an LIC agent or life insurance agent near you on RenewBuy Advisor Connect.

Confused? Which LIC plan for senior citizens is best for you or your parents? Connect with RenewBuy POSP Advisors to compare and buy an LIC plan for above 60 years in minutes.

Atal Pension Yojana (APY)

Retirement planning is an important aspect of financial well-being, ensuring that individuals can maintain their standard of living even after they stop working. However, millions of individuals in India, especially those working in the unorganized sector, need access to formal pension schemes. The Government of India launched the Atal Pension Yojana (APY) in 2015 to address this gap and provide a social safety net. APY aims to provide a sustainable pension income to individuals in the unorganized sector, enabling them to live a dignified life during their golden years. In this article, we will explore the details and benefits of Atal Pension Yojana, including eligibility criteria, contribution structure, government co-contribution, portability, withdrawal options and the broader impact of the scheme on the Indian population.

What is Atal Pension Yojana (APY)?

Atal Pension Yojana (APY) is a government-backed pension scheme administered by the Pension Fund Regulatory and Development Authority (PFRDA). It was launched to provide a defined pension to individuals working in the unorganized sector who are not covered under any formal pension scheme. APY helps bridge the gap in retirement planning by encouraging individuals to contribute to their pension fund during their working years, thereby ensuring a regular income flow after retirement.

Atal Pension Yojana (APY) Eligibility Criteria

Atal Pension Yojana (APY) is available to all Indian citizens between the ages of 18 and 40. Individuals must have a valid savings bank account and provide their Aadhaar card as proof of identity to enrol in the scheme. The scheme is open to everyone, regardless of occupation or employment status. Broad eligibility criteria make APY accessible to many of the Indian population.

Key Features of Atal Pension Yojana (APY)

The government of India established the Atal Pension Yojana to provide guaranteed monthly pension to all Indians after the age of 60. Here are some key features of APY:

It targets the poor, underprivileged and the workers in the unorganized sector. It is regulated by the PFRDA (Pension Fund Regulatory and Development Authority) through the NPS (National Pension System) structure.
It provides the scheme subscribers a guaranteed minimum monthly pension of INR 1K to INR 5K (in multiples of INR 1K) per month.
The Indian government is committed to safeguarding the minimum pension amount. If pension contributions fall short of generating the anticipated returns to fulfil the minimum guaranteed pension, the government will allocate the required funds to bridge the gap.
If the returns on pension contributions surpass the expected returns for the minimum guaranteed pension, the excess amount will be credited to the subscriber's account throughout the contribution period. Consequently, this will enhance the scheme's benefits to the subscribers by increasing their accumulated funds.

Benefits of Atal Pension Yojana (APY)

The Atal Pension Yojana has significantly impacted retirement planning in India, especially for individuals in the unorganized sector. Some of the key benefits and impacts of APY are as follows:

Financial Inclusion: APY has extended the benefits of formal pension schemes to a large section of the population who were previously excluded from such schemes. It has facilitated financial inclusion and provided a social safety net to those working in the unorganized sector.
Retirement Security: By encouraging regular contributions to the pension fund, APY ensures that individuals have a reliable income source during their retirement years. This income can be used to cover living expenses, health care costs, and other essential needs.
Savings Culture: APY promotes a savings culture among individuals in the unorganized sector, fostering the habit of long-term financial planning. By contributing to the scheme, customers develop the discipline of saving and investing in their future, which can positively impact their overall financial well-being.
Government Contribution: Government co-contribution to APY subscribers' accounts significantly enhances their pension corpus. This co-contribution encourages individuals to actively participate in the plan and build a more adequate retirement fund.
Tax Benefits: APY contributions are eligible for tax benefits under section 80CCD of the Income Tax Act. This provides additional financial incentives for individuals to join the plan and save for their retirement.
Social Security: APY contributes to the overall social security of the nation by ensuring that individuals in the unorganized sector have a reliable pension income. It reduces the burden on the government to provide financial assistance to retired persons, promoting self-reliance and independence.

Atal Pension Yojana (APY) Monthly Contribution Chart

Atal Pension Yojana (APY) is a pension scheme supported by the Government of India to ensure the financial stability of individuals during old age. The subscriber's age at the time of enrollment determines the monthly contribution and desired pension amount for this scheme. Below is a detailed analysis:

Enrollment Age

The monthly contribution depends on what age you join the Atal Pension Yojana (APY):

If you join between 18 and 40 years old, the contribution varies based on the chosen pension amount.
If you join after the age 40, you must make higher contributions.

Pension Amount

APY offers different pension amounts: INR 1K, INR 2K, INR 3K, INR 4K, and INR 5K per month. You can choose the pension amount you desire at the time of enrollment.

Monthly Pension (INR)	Age of Enrollment	Monthly Contribution (INR)
1K	18	42
1K	35	181
2K	18	84
2K	35	362
3K	18	126
3K	35	543
4K	18	168
4K	35	724
5K	18	210
5K	35	904

Government Co-Contribution

For those who join the scheme between the ages of 18 to 40 years and are not covered under any statutory social security scheme, the Government of India will pay 50% of the subscriber's contribution or INR 1K per annum (whichever is lower) for 5 years.

Payment Modes

Subscribers will choose the mode of payment as per their convenience, as it can be done monthly, quarterly or half-yearly. Contributions are usually auto-debited from the customer's bank account.

Atal Pension Yojana (APY) Withdrawal Process

While the initial provision of Atal Pension Yojana (APY) allowed withdrawals only after reaching the age of 60 years, the withdrawal process has been slightly modifications:

Now, if you reach the age of 60, you have the option to exit the scheme and receive the full annual pension. To start this process, you need to visit your bank and submit an application for pension withdrawal.
In exceptional circumstances, such as terminal illness or death, it is possible to exit the scheme before reaching the age of 60. In case of your death before the age of 60 years, your spouse will be entitled to receive the pension. If you and your spouse die, the nominee you appoint will receive the pension payment.

Penalties for Late Payments of Contribution

In case of delayed payments, the Atal Pension Yojana (APY) imposes the following penalty charges every month:

For monthly contributions up to INR 100, a penalty of INR 1 will be levied.
If the monthly payment ranges between INR 101 and INR 500, a penalty of INR 2 will be imposed.
Contributions falling within INR 500 and INR 1K per month will be subject to a penalty of INR 5.
If the monthly payment exceeds INR 1K, a penalty of INR 10 will be charged.

Key Things to Remember About the Atal Pension Yojana (APY)

Atal Pension Yojana (APY) is a government-backed pension scheme that provides financial security to individuals during their old age. Here are some key things to know about the scheme:

Eligibility: APY is open to all Indian citizens aged between 18 to 40 years. Individuals must have a valid savings bank account and provide their Aadhaar card as identity proof.
Contribution Structure: Subscribers contribute a fixed amount to their pension fund, which is determined based on their age at the time of enrollment and desired pension amount. This scheme offers five monthly pension slabs ranging from INR 1K to INR 5K.
Government Co-contribution: The government provides co-contribution to eligible APY subscribers. It co-contributes 50% of the subscriber's contribution or INR 1K per year (whichever is lower) for a period of 5 years for those who joined the scheme between 2015 and 2019.
Minimum Guaranteed Pension: APY ensures the subscribers a minimum guaranteed pension amount. If the actual return on contributions falls short, the government will provide the necessary funds to make up that shortfall.
Withdrawal Options: Initially, withdrawals from APY were limited to individuals above 60 years of age. However, modifications have been made to this, and now subscribers can opt for full annuitization of their pension when they reach the age of 60 years. In exceptional circumstances, such as terminal illness or death, premature withdrawal is advisable.
Portability: APY offers portability, allowing subscribers to continue their contributions and receive their pension even if they move to another part of the country. Subscribers can also change their bank accounts or contribution frequency if required.
Nomination and Family Benefit: APY subscribers must provide details of a nominee who will receive the accumulated pension amount in case of the death of the subscriber. If the subscriber dies before the age of 60 years, the spouse is entitled to receive the pension. After the subscriber's and spouse's demise, the accumulated amount is passed on to the nominee.
Impact and Benefits: APY has significantly impacted retirement planning in India, especially for individuals in the unorganized sector. It promotes financial inclusion, retirement security and a savings culture. Additional benefits of the scheme are government co-contribution, tax benefits and overall social security.

Conclusion

The Atal Pension Yojana (APY) has emerged as a vital initiative in India's quest for comprehensive social security. APY addresses the long-standing retirement planning issue in this population segment by providing a formal pension scheme to individuals working in the unorganized sector. The scheme's affordability, flexibility, and government co-contribution make it an attractive option for millions of Indians seeking to secure their financial future. As APY continues to gain traction and awareness, it is expected to have a lasting impact on the lives of individuals, empowering them to retire with dignity and financial stability. With the government's support and the participation of individuals, APY paves the way for a more inclusive and secure retirement landscape in India.

Some Other Government Schemes in India

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Mahatma Jyotiba Phule Jan Arogya Yojana - MJPJAY

Government Life Insurance Schemes

Atal Pension Yojana FAQs

Who is eligible to join the Atal Pension Yojana?

Ans. Any Indian citizen between 18 and 40 years old can enrol in APY.

How can I enrol in the Atal Pension Yojana?

Ans. You can visit your nearest bank or financial institution to enrol in APY. They will guide you through the registration process and help you complete the necessary forms.

Is an Aadhaar card mandatory for APY enrollment?

Ans. Yes, providing your Aadhaar card is mandatory for APY enrollment as it serves as proof of identity.

How are the contributions determined in APY?

Ans. The contribution amount in APY depends on two factors: the age of the subscriber at enrollment and the desired pension amount. The scheme offers five pension slabs, and the contribution amount varies accordingly.

Is there any government co-contribution in APY?

Ans. Yes, the government provides a co-contribution to eligible APY subscribers. The government co-contributes 50% of the subscriber's contribution or INR 1K per year (whichever is lower) for a period of 5 years for those who joined the scheme between 2015 and 2019.

Can I increase or decrease my monthly contribution to APY?

Ans. Yes, you can increase or decrease your monthly contribution in APY. However, any changes must be made within the scheme's prescribed limits and guidelines.

At what age can I start receiving the pension under APY?

Ans. The pension under APY can be received once you reach the age of 60.

Can I withdraw from the Atal Pension Yojana before the age of 60?

Ans. Yes, in exceptional circumstances such as terminal illness or death, early withdrawal is allowed. However, specific conditions and procedures apply, and the accumulated corpus may be transferred to the nominee or spouse.

Is the pension amount fixed in APY?

Ans. No, the pension amount in APY varies based on the contribution amount, age of entry, and the selected pension slab. The scheme offers five monthly pension slabs ranging from INR 1K to INR 5K.

10. Can I transfer my APY account to another bank?

Ans. APY offers portability, allowing subscribers to transfer their accounts to another bank or financial institution. This ensures subscribers can continue contributing and receive their pension even if they relocate.

Life Insurance vs Mutual Fund

With increased financial knowledge and awareness, everyone becomes concerned about planning for the future and securing financial stability. To do this, two popular options often come to mind: life insurance and mutual funds. Life insurance protects your loved ones in the event of your demise, while mutual funds offer opportunities for long-term wealth creation. Both options have unique features and benefits but serve different purposes. This article will explore the differences between life insurance and mutual funds, exploring their respective characteristics, advantages, and considerations. Understanding these distinctions allows you to make informed decisions based on your financial goals, risk tolerance, and circumstances.

What is Life Insurance?

Life insurance is a financial product designed to provide financial protection and security to individuals and their families in case of the death of the insured person. It serves as a safety net, ensuring that loved ones are financially supported and can maintain their living standard despite losing the insured person's income.

Types of Life Insurance

The primary purpose of life insurance is to provide a death benefit to the beneficiaries named in the policy. Different types of life insurance policies are available, including term life insurance, whole life insurance, and universal life insurance.

Term Life Insurance: This is the simplest and most affordable type of life insurance. It provides coverage for a specific term, typically ranging from 10 to 30 years. If the insured person dies during the policy term, a lump sum death benefit is paid to the beneficiaries. However, if the insured person survives the term, no payout occurs.
Whole Life Insurance: This type of insurance provides coverage for the entire lifetime of the insured person. It offers a guaranteed death benefit and also includes a cash value component that accumulates over time. Premiums for whole life insurance are typically higher compared to term life insurance.
Unit-Linked Investment Plan (ULIP): A type of life insurance plan that offers a combination of investment and insurance. In a Unit-Linked Investment Plan, your premium will be partially used for risk cover and investment in a fund. The cash value of the policy will vary from the current net asset value of the invested fund.
Child Plan: A Child plan is a type of life insurance plan designed to secure your child's financial needs in the future. Child insurance is a combination of savings and investment plans. This gives you the benefit of investing in a child plan immediately after birth and the option to withdraw the savings when the child becomes an adult. Some child insurance policies waive future premiums if the policyholder dies, and the policy continues till maturity.
Money Back Insurance Plans: The Money-back insurance plans offer a percentage of the sum assured amount at regular intervals during your policy term. And, If you survive the policy term, you will get the remaining sum assured and accrued bonuses on maturity. But in case of the death of the policyholder before the policy term, the beneficiaries will get the entire sum assured amount in instalments.
Retirement Plan: The Retirement insurance plan is a type of life insurance plan in which you will get a lump sum amount after retirement. It helps you live a comfortable and stress-free life after retirement. You can secure your post-retirement life financially with the help of retirement planning, as it provides you with regular income even after you stop working and helps you live a stress-free life after retirement.

Benefits of Life Insurance

Life insurance offers several benefits to individuals and their families:

Financial Protection: Life insurance provides a financial safety net for dependents, ensuring they can cover living expenses, mortgage payments, education costs, and other financial obligations in the event of the insured person's death.
Estate Planning and Wealth Transfer: Life insurance can play an important role in estate planning by providing liquidity to cover property taxes, loans and other expenses. This allows the smooth transfer of assets to beneficiaries without selling valuable assets.
Tax Benefits: Life insurance allows you to deduct up to Rs. 1.5 lakh in life insurance premiums under section 80C of the Income Tax Act. In many cases, life insurance death benefits are tax-free. Additionally, specific life insurance policies, such as whole life insurance, offer tax-deferred growth of the cash value component.

What are Mutual Funds?

Mutual funds are investment tools that pool money from multiple investors to invest in a diversified portfolio of securities such as stocks, bonds, and other assets. They are managed by professional fund managers who make investment decisions on behalf of the investors. Mutual funds allow individuals to participate in the financial markets with relatively small investments and benefit from professional management and diversification.

Benefits of Mutual Funds

Mutual funds offer several benefits to investors. Below mentioned are some of the benefits of Mutual Funds:

Diversification and Professional Management: Mutual funds create diversified portfolios by combining investments from multiple individuals, effectively spreading risk across various securities. Professional fund managers use their expertise and research capabilities to make informed investment decisions.
Liquidity and Flexibility: Mutual funds allow investors liquidity by allowing them to buy or sell shares at the net asset value (NAV) on any business day. This makes it easy for investors to access their money when needed, unlike certain investments like real estate or fixed deposits.
Potential for Long-Term Growth: Mutual funds offer the possibility of long-term capital growth. By investing in different securities and benefiting from the overall performance of the markets, investors can aim for growth over time.

Essential Things to Consider before investing in any of the options: Life Insurance or Mutual Funds

The following points should be considered before choosing any product, be it life insurance or mutual fund:

Goals and Vision

With a goal or vision, you can decide on what to opt for, as a blueprint exists. The goal will help you to make a blueprint and invest according to your needs and best fit. Life insurance plans are also an important part of an investor as they cover the financial security of dependent family members.

You can only decide what to choose with a goal or a vision. A goal or a vision will help you create a blueprint and invest per your needs. Life insurance plans are also an important part of an investor as they offer the financial security of the dependent family members. Mutual funds are a good option to meet your short or long-term goals, whether buying a house, starting a venture or pursuing higher studies.

Risk

Risk plays an important role in financial planning as the options and subcategories to be chosen depend entirely on the investor's risk appetite. Investors with a low-risk appetite can go ahead with life insurance, while investors with a high-risk appetite can go for mutual funds. However, in most cases, having a life insurance plan is good as it does not risk losing investment.

Similarly, in mutual funds, investors can choose between debt, equity-based or hybrid funds as per their risk profile and investment needs. In mutual funds, returns are better commensurate with risk when discussing mutual funds.

Returns

In general, life insurance plans are not for investment purposes. But with changing times, insurers have started offering combo plans with insurance and investments in a single plan.

Nevertheless, it is often seen that such market-linked schemes promise different returns than mutual funds. Therefore, this automatically makes mutual funds a better option, as the premium for such schemes has proven to be very expensive. Opting for separate investment and insurance plans is the best way to earn efficient returns at lower costs.

Merits, Demerits, and Risks Associated With Mutual Funds

Mutual funds are investment options to generate income for short or long-term purposes. These returns may be in the form of dividends, stock gains, coupon payments or capital appreciation, which are reflected in the net asset value (NAV) of the fund. Using mutual funds, investors can quickly diversify their portfolios, aiming to maximize their investment returns and minimize overall portfolio risks. However, it's important to note that investing in mutual funds carries inherent risks.

Merits, Demerits, and Risks Associated With Life Insurance

Life insurance generally offers lower returns than mutual funds but also carries less risk. Life insurance policies have specific features and add-ons that make them attractive to investors. These features include tax-free insurance benefits and tax-deferred growth dividends. It is possible to borrow against the policy, but doing so will reduce the death benefit and cash surrender value. However, one significant drawback and concern with life insurance plans is that they tend to have high premiums, making it challenging for them to compete with the returns offered by mutual funds.

Difference Between Life Insurance and Mutual Funds

The table below shows the difference between Life Insurance and Mutual Funds:

Point of Difference	Life Insurance	Mutual Funds
Meaning	A protective scheme that ensures the future financial stability of your family in the event of your absence.	An investment instrument that enhances your wealth through investments linked to the market.
Goals	An essential component of your financial portfolio that safeguards the financial future of your dependents, parents, or children.	A rewarding investment that helps you achieve long-term financial objectives such as education, property purchase, starting a business, etc.
Risk	Involves lower risk than mutual funds and provides a guaranteed death benefit.	Involves higher risk as it does not guarantee returns and does not offer a death benefit.
Returns	Offers lower returns due to the absence of guaranteed returns.	Offers higher returns due to fund diversification.

Conclusion

A comprehensive financial plan includes the inclusion of both mutual funds and life insurance. This is because mutual funds can generate the necessary returns and growth to help investors achieve their financial goals. At the same time, life insurance coverage ensures that in the event of the investor's unfortunate demise, their dependent family members will be protected from financial hardship. Many financial experts and professionals consider the combination of both ideal options. However, the choice of specific mutual funds and life insurance policies is subjective and varies among investors due to various factors that come into play.

Find How New Motor Vehicle Act Will Increase Insurance Premium

India is a country where not many are serious about traffic rules and tend to violate them resulting in sever road accidents every day. Drivers till recent days have never been serious about the traffic rule violations so in order to curb this move the ministry of road transport and highway jointly with the Insurance Regulatory and Development Authority of India (IRDA) have proposed a new amendment in motor vehicle act.

Recently, the government of India has introduced the latest amendment in motor vehicle act. This new amendment in the motor vehicle act has increased the penalties of traffic violations by multi-fold times. This revised motor vehicle act aims to decrease the number of road accidents caused due to irresponsible driving. The new riles of motor vehicle act focuses for stringent actions against traffic rule violators. Now the traffic violators would soon be dealing not only with higher traffic violation penalties but will also face the impact of motor insurance premium increase. These insurance rate increase proposed by the IRDA, the apex insurance regulatory body in India, is towards building a full-proof plan to bring in new rules of motor vehicle act in order that aims at bringing positive change in the Indian road safety scenario and similarly change the outlook of Indian Drivers.

The latest amendment in motor vehicle act 1988 has introduced stricter punishments for traffic offenses i.e. now you cannot get away by paying petty penalties not only this the IRDA has also proposed to use the historic record of traffic violation as a parameter for the insurance rate increase. This joint move by the IRDA and government is all set to change the perception of Indian drivers towards driving as it will discourage traffic violators from rash-driving, over speeding and encourage drivers having good driving sensibilities.

The linking of traffic violation historic database with motor insurance rate increase is a step ahead towards adopting global traffic practices and will encourage further innovative ideas in this sector. The IRDA has set up a nine-member committee that is responsible to develop a road-map and submitting recommendations, methodologies for the implementation and development of the framework.

This nine-member committee of IRDA has been given a timeframe of 2 months within which they have to submit the entire road-map, a framework of the proposed idea and submit in-depth research associated with it. With the latest amendment in the motor vehicle act 1988, India has only witnessed increased penalties related to traffic violations but if the proposed changes are incorporated then the revised motor vehicle act will surely incorporate the linking of traffic violations with insurance premium increase.

For the proposed changes the nine-member IRDA committee will be implementing this pilot project in the capital city – Delhi. However, the committee is still working on the insurance premium increase rate. The insurance rate increase is a new way forward as India is about to witness change and this model is to be created from scratch as there is no reference model available. Therefore, the committee will be able to put forth the premium pricing by carrying out the in-depth study of the traffic violation data. To make research simpler the e-challan system initiated by the government shall help them in collecting valid data regarding the entire details of traffic violations pertaining to a particular driver.

Though the proposed change will be difficult to implement as correlating traffic violation data with the motor insurance premium is a tedious task as a lot of data will be required to set the premium pricing model. However, in the long run this move will create a positive impact on customer behaviour. This proposed new amendment in motor vehicle act will reward and promote good driving behaviour amongst vehicle owners. Currently, the motor insurance premium is related to the vehicle make, car model and engine variant but the proposed amendment shall prove beneficial in changing the perception of vehicle drivers and make the roads a safe place to drive. This move shall promote good driving and offer discounts on motor insurance premium to drivers who have no record of traffic violation.

To conclude, it is important to note that once this proposed amendment comes into effect then the smallest traffic violation shall impact the motor insurance premium. Thus, this change will differentiate good drivers from persistent traffic violators and shall reward them accordingly. So, to sum it up if the proposed linking comes into effect the policyholders will have to be extra cautious about their driving skills else any violation shall create a big hole in their pockets.

Benefits of the MGNREGA Scheme

The MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) scheme, introduced by the Government of India, focuses on providing employment opportunities and improving the livelihoods of rural households. Here are some key benefits of the NREGA scheme:

1. Employment Generation: One of the MNREGA scheme's key benefits is creating employment opportunities for rural households. It ensures that every rural household whose family members volunteer to do unskilled manual work should get 100 days of guaranteed employment within a year. NREGA will assist in reducing the poverty and unemployment in the rural areas.

2. Relief From Poverty: By providing employment opportunities, the MGNREGA scheme will assist in reducing poverty in rural areas. It ensures that every household in rural areas must get a regular income, directly improving their living standard and reducing the dependency on irregular income.

3. Skill Enhancement: The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme focuses on providing opportunities for unskilled workers, which will allow them to develop and enhance their skills. With their participation in various projects like afforestation, water conservation and road construction, workers will gain practical experience. They may learn new skills that will be utilized for the future employment opportunities NREGA offers.

4. Infrastructure Development: The Mahatma Gandhi NREGA scheme contributes to rural infrastructure development. MNREGA scheme supports the development of assets like roads, canals, ponds and irrigation facilities. The NREGA scheme provides employment, increases connectivity and agricultural productivity, and boosts overall development.

5. Women Empowerment: The MNREGA scheme also focuses on empowering women by ensuring their participation in rural development. MGNREGA promotes gender equality by mandating that at least one-third of the beneficiaries be women. MGNREGA aids in increasing the economic status of women and their power to make decisions within the households.

6. Environmental Conservation: The Mahatma Gandhi NREGA scheme promotes sustainable development by organizing activities related to environmental conservation. It focuses on projects like soil erosion control, water conservation and afforestation. These initiatives will help save natural resources, restore ecological balance, and reduce the effects of climate change.

7. Social Inclusion: The MGNREGA scheme focuses on providing equal access to marginalized groups of society, including Scheduled Castes (SCs) and Scheduled Tribes (STs). It ensures that these vulnerable groups have equal access to employment and are not discriminated against in any way.

Conclusion

Ultimately, the NREGA scheme is vital in rural development, poverty alleviation, skill enhancement and environmental sustainability. It empowers rural households and contributes to the comprehensive growth of rural areas in India.

Insurance Claims for Your Flood Damaged Cars

Insurance Claim for Flood Damaged Vehicles: An Introduction

Luckily you can schedule your meetings and control your diet per your suitability, but the bad news is that you can’t control natural disasters like floods, earthquakes, and hailstorms. Monsoon season brings alarming situations in major parts of the country. With the damages caused to the houses, flooding can also cause severe damage to vehicles. What if your car is stuck in the middle of the flood? You can’t even predict the extent of damages caused. The cost of repair and maintenance will be beyond comprehension. What will you do in such a situation?

Recently, cyclone Michaung hit Tamil Nadu’s Chennai, and severe damages are recorded. The smart ones have already anticipated the situation and secured their cars with vehicle insurance. But the question is, does your car insurance cover the flood damage? How much compensation can you expect from the company? How to file a claim for a car damaged by a flood? Reading this article, you will find all the answers to your questions. Stay with us!

What is Vehicle Insurance?

Under the Motor Vehicle Act of 1988, it is mandatory to have vehicle insurance for all vehicle owners, whether commercial or personal. Vehicle insurance is an agreement between the vehicle insurance company and the vehicle owner where the owner pays the premium, and the motor insurance company compensates for the loss and damage caused to the vehicle.

How Can Car Insurance Help You?

Car insurance works as a financial protection shield for you and your vehicle in case of accidents, theft, or other mishappenings beyond your control. Car insurance can also cover the injuries caused to you, your passenger, the vehicle, and other drivers (in case of an accident with another uninsured vehicle). Depending on the type of vehicle insurance you choose, your car is insured against natural calamities like floods and storms. It also covers the damages from accidents, fire, theft, man-made calamities, etc. These incidents can oppressively impact vehicles, causing damage to their machines, electrical systems, innards, and other critical factors. Repairing or replacing such vehicles can be a significant financial burden for owners. Car insurance claims can provide you with financial relief during similar situations.

Type of Vehicle Insurance in India to Purchase

There are two types of vehicle insurance available in India that a motor owner can purchase to receive the benefit under the cover.

Third Party Car Insurance: Third-party insurance is the basic requirement to drive a vehicle legally in India. This type of car insurance covers any legal liability to a third party when a mishap is caused by your vehicle. A police official asks for third-party insurance and checks whether it is active or not. If found inactive, you have to face penalties.

Comprehensive Car Insurance: As the name suggests, this kind of insurance provides comprehensive coverage to the third party and the damages caused to your car. Including protection against third-party liabilities, it also covers damages to your vehicle caused by natural calamities like floods, thunderstorms, etc. Depending on the terms and conditions of the comprehensive car insurance, it typically covers repairs, replacements, or reimbursement for flood-related damages. You can increase the comprehensive coverage by choosing add-ons like engine protectors, accessories covers, zero depreciation, etc.

Additional Considerations to Claim Flood Damage Car Insurance

While selecting a car insurance policy for flood damage, you need to consider the following points:

Policy Coverage: Understand the extent of coverage, including repair cost, replacement value, and deductibles, before making a car insurance policy purchase for flood damage.

Add-On Covers: Some add-on covers can be included in the policy against specific risks, like engine protection covers, hydrostatic lock covers, consumable covers, zero depreciation covers, etc.

Claim Process: Clearly understand the claim process and steps involved, including documentation requirements and timelines for filing claims.

24X7 Road Assistance: Emergency can occur without a prompt, and if you are stuck anywhere due to rain or flood, anytime roadside assistance should be included in the policy you purchase, including towing service or fuel assistance, etc.

What Types of Flood Damages Are Covered Under Car Insurance?

In India, where accidents, heavy rainfall, or natural calamities like floods are more common, having car insurance coverage against flood damage is crucial. During the monsoon season, different parts of India observe heavy rain and cyclones, causing great damage to property, vehicles and people. We are well aware of the waterlogging conditions and the heavy downpour caused by Cyclone Michaung in Chennai. People who have vehicles are desperately looking for what is covered under their vehicle insurance and what is not. Let’s look into the categories of damages covered under car insurance

Partial or total car engine damage caused by sweeping water into the car engine.
Malfunctioning or entire damage of gearbox caused by ingestion of flood water.
Short-circuit, malfunctioning, damage to electric or electronic parts of the car.
Damage caused to the car interior, including dampness, seats, carpet, and other soft furnishings.
Any compromise with the structural integrity of the car and safety features.

Is Your Car Covered for Flood Damage?

If you have purchased comprehensive car insurance, you can claim the coverage caused by floodwater. Besides the fact that comprehensive coverage typically provides coverage against a range of perils, including flood damage, it is important to understand the terms and conditions or any exclusions while purchasing a plan. To get detailed information regarding the coverage and claim exclusions, you can connect with one of RenewBuy POSP advisors. There are the following exclusions that you need to consider

Waiting Period: Some insurance policies offer a waiting period of 15 to 30 days from the date of purchase of the policy. During this, no benefits can be claimed. Considering the waiting period before purchasing or adding flood damage coverage to the policy is important.

Policy Limitations: The comprehensive policies provide coverage against flood damage, but certain exclusions may apply in emergencies. Such as the damage caused by gross negligence, driving in prohibited areas, or driving through submerged areas when a warning is issued.

Depreciation: The concept of depreciation is applied to flood damage claims. The insurance considers the age and condition of the vehicle when determining the amount of reimbursement.

Deductibles: There are some deductible amounts specified in the policy that you need to consider while assessing the overall impact on the vehicle. This means the total reimbursement amount may be less than the replacement or repair cost.

How Can I File a Claim for Cars Damaged By Flood?

If you live in an area prone to flooding, even if you have taken all the precautions, the chances of damage to your vehicle are high. We can see that amid heavy rain due to Cyclone Michaung, the city has observed submerged localities and floating cars. You can file the claim for cars damaged by flood water. Here’s the complete process you need to follow.

Checklist Before Making a Flood Damage Insurance Claim

You need to consider some critical points before making a car insurance claim for flood damage.

If your car is submerged in water, do not switch on the ignition or start to turn on the car
Disconnect the battery and tow your car to the garage
Don’t try to start the car even after the water diminishes. Wait for a few hours.
Check the breaks for their functionality, chances are the water has affected the brake discs, lines, and pads, etc.
File a car insurance claim instantly.

Process for An Insurance Claim for Flood Damaged Vehicle

The first essential thing to claim car insurance for flood damaged cars is to have comprehensive car insurance. The car insurance claim process for flood damage varies significantly depending on the motor insurance company you choose and the policy you purchase. The general process includes the following steps

Inform the Concerned Insurance Company: Most motor insurance companies have a dedicated helpline or claim support department you can reach out to. Inform as soon as possible about the damage to your car. Provide them with the necessary information like policy number, date and time of the incident, with brief details about the damage.

Collect Claim Details: Once you register the claim, the customer executive expert will provide you with a claim support reference number. You can use this to know about the claim settlement status.

Gather Evidence: Make sure you capture pictures and videos of the damaged car from different angles. This will help you support your claim.

Fill Out the Claim Form: You can fill out the car insurance claim form online or on paper at the nearest RTO office. Carefully fill out all the required information about the incident and the damage that occurred.

Keep the Documents Hands-On: Along with the claim form, you need to submit some necessary documents, such as a vehicle registration certificate, driving license, police report, or any other papers required by the insurer.

Vehicle Inspection: Once you submit the claim, the insurance company will arrange the inspection within 24 hours by sending a surveyor or representative. The surveyor assesses the extent of damage, estimates the repair costs, and determines the compensation amount.

Claim Settlement: The insurance company reviews the claim and the mentioned damages to determine the reimbursement amount based on the policy coverage and deductibles.

Repair Process: Once the claim is processed, you can start with the repair process at an authorized network garage or workshop. Make sure you thoroughly inspect the repair and pay the cost. If you have bought a cashless car insurance policy, the motor insurance company directly settle the bills with the network garage.

Final Documentation: Sign the final set of documents and get your car back through delivery.

Which Motor Insurance Company is Best to Buy a Plan for Claim Car Insurance for Flood Damage

You can consider the following motor insurance providers to avail of a hefty claim in case of car damage due to flood.

HDFC Ergo Car Insurance

Policy Benefits:

100% Claim Settlement Ratio
6700+ Cashless Network Garages
24X7 Roadside Assistance

Go Digit Car Insurance

Policy Benefits:

Super Simple Claims
25% Off on Premiums
Attractive Add-on Covers

ICICI Lombard Car Insurance

Policy Benefits:

Doorstep Cashless Repairs
5700+ Cashless Network Garages
265 Support Branches

Liberty General/Car Insurance

Policy Benefits:

Zero Documentation
5500+ Cashless Network Garages
Roadside Assistance

Royal Sundaram Car Insurance

Policy Benefits:

98.4% Claim Settlement Ratio
Vehicle Replacement Value Plus
Affordable Insurance Premium

How Much Car Insurance Amount Can You Expect for Flood Damage?

The compensation for car insurance for flood damage depends upon the condition and the year of the car used. Basically, if you are going to file a car insurance claim for flood damage, you can expect an insured declared value for a brand new car upto 95% of the showroom value of the car. The insured declared value (IDV) depreciates by around 10 per cent every year.

Summing Up

Reading here, you must have understood that claiming car insurance for flood damage is not difficult as it may seem. You cannot predict what the rainy season brings, but you can surely be prepared for the worst scenarios with the right motor insurance. Are you finding it difficult to select one motor insurance or already have one and are looking for renewal or claim process assistance? Connect with RenewBuy POSP experts and get expert advice. We guide you through the entire process, from selecting the right motor insurance from the best motor insurance company to filing a claim for car damage due to a flood. Let’s connect to know more about car insurance for flood damage!

How To Store Driving License & RC Book In Digilocker?

How to Store Driving License & RC Book in Digilocker?

With the new amendments made into the traffic rules as per the Motor Vehicle Amendment Bill of 2019, there has been an implementation of a large number of changes in the traffic rules. Many people have been heavily penalized for not obeying the traffic rules or for not carrying their driving license and other necessary documents while driving.

Many times, people are facing these types of problems as they do not carry a valid driving license or other valid documents necessary while driving. According to a circular that has been issued by the Ministry of Road Transport and Highways (MoRTH) in December 2018, the necessary documents like driving license, RC Book (Registration Certificate), Insurance, etc. can be shown to the Traffic Department by the help of electronic media through the Digilocker application.

What is the Digilocker Application?

The Digilocker app is a part of the Government's Digital India initiative and is available both on web portals and on mobile applications. The Digilocker is a digital locker where you can store all your necessary documents and can use them whenever necessary. It uses the technology of Cloud Computing and all the citizens are given a storage space of 1GB for storing their documents. The Digilocker app can be linked with your mobile phone number and your Aadhar card as well. It enables you to Digilocker store the digital format or scanned format of your necessary documents and thus eliminates the need to carry your physical documents with yourself to all places.

Documents which can be stored on Digilocker App

Here is a list of documents that can be stored on the Digilocker app.

Driving License and Registration Certificate
Your educational certificates
Insurance policy documents
Birth certificates, Income certificates, and caste certificates
Dependency certificates, Marriage certificates, etc.

Working procedure for Digilocker Application

The Digilocker application can be operated in a simple manner. As a first step, you need to get a Digilocker account and then sign to the account.

To sign up into your Digilocker application, your mobile phone number will be first authenticated by an OTP being sent to you. This OTP is then followed by a username and password and your Digilocker account is created. After the creation of the Digilocker account, your account can be linked you’re your Aadhar number for availing the services.

Storage of Driving License and RC book in Digilocker

Let us check out the step-by-step procedure for the storage of driving license and RC book in the Digilocker.

In the first step, you will have to visit the web portal Digilocker. Gov.in and sign up into your Digilocker account using your mobile phone number.
Then as said earlier, an OTP would be provided and your connection would be secured using username and password.
In the next step, you will be instructed to enter a four-digit MPIN. This MPIN is quite useful as the Digilocker application will prompt for providing MPIN for all activities performed.
After logging in to the application, you can have some information on the icons and explore the entire application.
You must link your Aadhar number with your Digilocker app. Without linking your Aadhar number, the Digilocker app will not permit you to load your documents.
After the linking of Aadhar, you have to access the "Pull Partner Documents" section. This will enable you to perform many activities such as the addition of your DL.
On selection of “Addition of DL”, you will be instructed to fill in your Driving License Number and some other details like “Son/Daughter/Wife of”.
The application will get connected to the Driving license number in a minute and the document will be reflected in the Digilocker app in 10 minutes.
For the storage of the RC book also, you need to follow the same procedure and obtain an MPIN. Then you can select the document to be uploaded and fill the necessary details.
The copy of your Driving license and RC book which is stored in the Digilocker app is digitally signed by the Ministry of Road Transport and Highways (MoRTH) and is legally accepted.
Once, your document has been fetched and linked, then you will be able to find your document in the “Issued Documents” section and can re-use them later when required.

Benefits of storage of Driving License and RC book in Digilocker app

The major advantage of the storage of Driving License and RC book in the Digilocker app are as follows:

By the storage of driving license and RC book in the Digilocker app, the use of physical documents will be reduced. You can easily share the authenticated digital certificates with other departments as well and this will reduce a lot of overhead involved in administration.
The digital Driving License and RC book which are stored in the Digilocker app can be easily authenticated by scanning the QR code on the documents or by the use of the QR scan facility on the mobile app of Digilocker.
Having documents on Digilocker will be a great help for authorities to tap the owner in case of any emergency.

Hence, with the onset of new and stringent traffic rules, you cannot afford to take the risk of not carrying your required documents with yourself every time. But with the Digilocker app, you need not to get into the hassles of carrying physical documents; you can just get your digital documents and show them whenever necessary.

IRDAI Has Planned to Link Your Insurance Premium with Traffic Violations. How will it affect?

In the upcoming times, violation of traffic rules can be really expensive as the IRDAI (The Insurance Regulatory and Development Authority of India) along with the Government’s co-ordination is planning to link traffic violations directly with your motor insurance premium. On 6th September, the IRDAI has issued an order according to which the insurance providers have to undertake a pilot project in New Delhi to implement this escalation of insurance premiums.

The IRDAI has also set up a working group consisting of 9 members that will monitor or examine a particular system exhibiting the link of motor insurance premium and violations of traffic rules. The major intent behind this new change in rules is to reduce the number of accidents occurring on the roads daily and a change in the behavior of the drivers.

Terms of Reference For IRDAI Working Group

The major terms of reference for the working group appointed by IRDAI are mentioned below.

The working group will provide a framework by which the traffic violations can be linked with motor insurance premium.
The working group will study the international practices that are associated with this topic and will suggest the practices that are feasible in India.
This group will suggest the modality for implementing a pilot project in New Delhi for the implementation of this new change in rule.
The working group will carry out an evaluation of the current point system which is used for keeping track of traffic rules violations in different states of the country. The working group aims at creating a standard point system for tracking traffic rule violations all over India.
The working group appointed by IRDAI will develop data fields which are needed to be implemented in violations of traffic rules and will be used as a rating factor in motor insurance.
This group will also suggest methods by which access to the history of a traffic violation for each vehicle can be obtained and this data can be transferred from the authorities of enforcement to the IIBI (The Insurance Information Bureau of India) database.

Effects of Changes In Traffic Rules and Linking Insurance Premium with Traffic Rule Violation

With the implementation of the Motor Vehicles Amendment Act on 1st September 19, there have been many changes in laws related to the violation of traffic rules and regulations. In New Delhi, the drivers and the owners who were involved in violation of traffic rules were being issued e-challan by the Automated Traffic Enforcement. As per the new laws, if a vehicle is being driven on the roads without a license then a fine of Rs. 2000 would be imposed along with an imprisonment of 3 months. This will be the punishment for committing the offense for the first time. Later on, on the repetition of the offense, the amount of fine would be Rs. 4000 and an imprisonment of 3 months.

With these changes in-laws, people are quite stressed and have started taking traffic rules very seriously. A large number of vehicle owners and drivers are renewing their lapsed insurance policies and this has turned as a great business opportunity for the insurance providers.

Now, with the implementation of the rule of linking motor insurance premium with traffic rule violation; vehicle owners and drivers are going to be even more stressed. They are already paying high premiums and getting policies renewed or paying fines and the situation would be even worse with motor vehicle insurance premium being linked with a traffic rule violation. A small activity of rash driving or violating traffic rules can increase the premium of motor insurance and no one wants to bear additional expenses unnecessarily. This will be an expensive offense for the rash drivers who tend to ignore traffic rules. However, the number of accidents on Indian roads will decrease significantly with this change as it will reduce the number of rash drivers.

The working group appointed by IRDAI will submit its final report within two months and then the procedure for implementation is planned to begin. With this new traffic rule in the picture, let us hope to have an increased number of responsible drivers in the country.

LIC Policy Benefits

Understand the LIC Policy Benefits

Established in 1956, LIC of India is the only government-backed life insurance company in India. Since its inception, Indians have trusted the LIC of India to plan their financial goals and secure their families. No doubt, LIC of India caters for the individual needs of its customers by providing different types of life insurance policies. The company offers a diverse range of insurance products, including life insurance, term insurance, pension plans, money-back plans, health plans, child plans, endowment plans, and whole life plans. This article discusses the LIC benefits in detail to help you make an informed decision.

Benefits of LIC Insurance Policies

Every type of life insurance policy offered by LIC of India comes with certain benefits that help individuals and their families attain financial security against any uncertainties of life. Before buying a LIC life plan, everyone should check the LIC policy details and plan their finances accordingly. Below are the key points on how LIC policies can be beneficial to an individual:

Secure Your Loved Ones: The key purpose of a life insurance policy is to beat the uncertainties of life and secure the family from any financial outburst in case the sole breadwinner is no more. The customers can choose from LIC term insurance plan, LIC endowment plan, LIC whole life plan, etc. The death benefit received can be used in multiple ways to cover immediate financial expenses or outstanding debts.

Saving Corpus: The investment plans, ULIP, and savings plans offered by LIC help policyholders save a good corpus over time. They can grow their wealth by investing in a diversified portfolio and gain a hefty life cover.

Tax Benefits: Investing in LIC insurance policies can provide tax benefits to reduce the financial burden. The LIC policyholders can primarily file for tax deductions on the premium paid towards the LIC policy under Section 80C of the Income Tax Act, 1961. The maturity or death benefits received are eligible for tax exemption under Section 10 (10D). Hence, people prefer buying life insurance plans to avail of LIC tax benefits.

Online Services: With the digital expansion, LIC of India provides online services to its customers and agents, making the processes efficient and handy. By logging in to the LIC customer portal, the customers can manage their policy online, like checking LIC policy status, LIC premium payment, etc., with a few clicks.

Enhance Coverage with Suitable Riders: The riders can save a policyholder from significant life risks at a minimal cost. LIC of India offers the option to add riders and enhance the base coverage at the time of LIC policy purchase or anytime during the policy term. The customers can select from LIC Accidental Death Benefit Rider, LIC Accidental Benefit and Disability Rider, LIC Critical Illness Rider, and more.

Life Stage Planning: Every individual has unique life needs and financial requirements. LIC of India offers life insurance plans that customers can customize to fit their financial needs and ensure a life without financial contingencies. Based on your needs, compare and choose a life plan from LIC child plan, LIC retirement plan, LIC savings, or other to plan the major life milestones.

Availability of Loans: In times of urgent need, the LIC policy can help you avail of loans and back up your finances. The major advantage is that you do not need to follow the traditional loan process and can avail of the loan against the issued LIC policy.

Assured Benefits: When it comes to insurance, Indians have trusted the LIC of India in the very first place. People have a sense of security while purchasing any LIC policy. The company has maintained the trust by fulfilling its promises defined under the LIC policy.

Flexibility: LIC of India offers extended flexibility to its customers and allows them to pay the premium that suits their cash flow. Depending upon their financial suitability, the customers can choose from annual, half-yearly, monthly, and quarterly premium payment modes. This way, you remain stress-free about any financial strain.

LIC Benefits for Specific Criteria

An adult man or woman can buy an LIC life insurance policy for self or their child, depending upon the plan terms and conditions. The elemental benefits of LIC policies are the same for all, but LIC of India offers certain benefits under specific criteria. Let’s have a look at them in detail.

LIC Benefits for Women: Some LIC life policies offer additional benefits like a relaxation in premium cost, etc., especially for women policyholders.

Smoker & Non-Smoker Benefits: If an individual maintains a good lifestyle and doesn’t smoke, the life insurer gets an LIC term insurance plan at the standard non-smoker rate.

Medical or Non-Medical Plan: Depending upon the policy terms and conditions, the policyholder can get a life cover without any prior medical check-up.

Profitable or Non-Profitable Plan: In case you buy a profit-based plan, some bonuses are declared after a specified period. The policyholder receives the bonus with the amount as defined in the LIC policy.

Keyman Insurance: LIC of India also offers keyman insurance to a corporation to protect against the financial loss caused by the uncertain demise of an important company member.

How to Check LIC Policy Benefits?

You can only invest in an LIC policy once you check and compare LIC benefits in different circumstances. To get detailed information on LIC terms and conditions, you can directly visit the official website of LIC of India or reach out to the nearest LIC branch to get LIC benefits details. Let’s understand how to check LIC benefits to make an informed decision.

Online Method to Check LIC Benefits

Visit the official website of LIC of India.
Go to the products option on the top menu bar and select the suitable LIC plan type from endowment, pension, whole life, term assurance, micro insurance, health plan, or others.
Click on the required plan you want to check.
Select ‘Sales Brochure’; a PDF will display all the details with LIC benefits. Read all the information carefully.

Offline Method to Check LIC Benefits

To check LIC policy benefits in person, visit the nearest LIC customer zone and get expert assistance. Or else, you can find an LIC agent or life insurance agent nearby to discuss

LIC policy benefits and compare plans as per your needs and requirements. You can also connect with LIC customer support and get instant support.

Bottom Line

LIC of India is one of the most trusted life insurance companies in India offering various types of life insurance policies that perfectly complement the financial goals of individuals. From safeguarding your family to helping you create good wealth, LIC policies are crucial in planning an individual’s life stages. Moreover, with LIC e-services, the LIC policyholders can compare and buy a plan and track the policy status online.

Looking for expert assistance to buy an LIC policy? RenewBuy Advisor Connect can help you find an LIC agent or life insurance agent near your location.

Frequently Asked Questions

What are the benefits of LIC?

Depending upon the type of LIC of India policies, the policyholder can gain a hefty life cover and saving & investment benefit. Some LIC policies also offer tax benefits.

Is LIC really beneficial?

LIC of India has a wide range of life insurance plans for a diversified customer base. If you buy a LIC term insurance plan, you can be stress-free about any uncertainties in life as your family remains financially protected in your absence.

What is LIC maturity benefit?

In case the life assured survives the policy term, and the life insurance policy is in force, the LIC of India offers ‘Sum Assured on Maturity’. Depending upon the policy, a reversionary bonus and a final additional bonus are also provided as defined in the policy term.

How can I know my LIC policy benefits?

To know LIC policy benefits, you can visit the official website of LIC of India and read the brochure of the LIC plan. You can also reach the LIC branch or LIC agent to get detailed information.

What is Sum Assured in Life Insurance?

Life insurance, much like a sophisticated gadget that sits on our shelves, is a product widely adopted yet seldom understood in its entirety. Imagine having a powerful smartphone with incredible capabilities. Do you fully comprehend all its features?

Just as a smartphone conceals its complex features behind a sleek exterior, life insurance policies often cloak their true strength within the concept of sum assured. In terms of life insurance, sum assured is that hidden gem – the secret sauce that transforms a policy from a mere piece of paperwork to a robust shield of financial protection.

Sum assured plays a pivotal role and acts as the foundation for the entire edifice of protection. Whether you're a policyholder or someone buying life insurance for the first time, understanding sum assured meaning is a key to unlocking the true potential of your insurance coverage. Let’s get into the details.

What is Sum Assured?

To put it simply, sum assured represents the amount that the beneficiaries of a life insurance policy will receive in the event of the policyholder’s demise during the policy term. You can also consider it as the face value of your life insurance policy. The assured sum acts as a safety net for your loved ones when they need it the most.

You should also know that:

Sum assured reflects the financial commitment your insurer makes to ensure that your family's financial needs are met in your absence.
It outlines the guaranteed amount your beneficiaries will receive, ensuring a stable financial foundation in the event of your passing.
The type of life insurance policy you choose (a term life insurance policy, whole life insurance, or any other variant) directly impacts the determination of sum assured.
Your age, health condition, lifestyle choices, and other risk factors play a pivotal role in determining the sum assured. Insurers assess these factors to gauge the level of risk associated with your coverage.
Sum assured isn't a one-size-fits-all metric. It can be customized based on your financial goals, obligations, and the lifestyle you wish to secure for your dependents.
The premiums you pay for your life insurance policy are intricately linked to the sum assured. Understanding how these two elements correlate helps you balance between affordability and the level of coverage you desire.

If you have purchased health insurance, you might have heard of sum insured. Let’s find out how it is different from sum assured meaning.

Sum Assured vs. Sum Insured: Differences

Parameter	Sum Assured	Sum Insured
Definition	The amount payable to the nominee on the insured's death during the policy term	The specified amount the insurance company commits to pay in case of a covered event (e.g., death, illness, accident)
Usage	Commonly associated with life insurance policies	Used in various insurance types, including health insurance.
Focus	Primarily focuses on life insurance coverage	Extends to a broader spectrum of insurance categories
Calculation	Influenced by factors like age, health, lifestyle, and policy type	Determined based on the perceived risk associated with the insured event and the type of insurance.
Payout	Assures a specific amount to beneficiaries upon the insured's death	Provides a predetermined payout for covered events as specified in the policy
Flexibility	May be customizable based on individual needs and policy type	Subject to the terms and conditions of the specific insurance policy

Also Read: Top Benefits of Life Insurance

How is Sum Assured Related with Policy Premium?

One of the critical aspects of any life insurance policy is the correlation between the sum assured and the policy premium. The premium you pay is not arbitrary but is intricately linked to the sum assured. Let's explore how these two elements are interconnected:

Risk assessment

Insurers evaluate the risk associated with providing coverage based on factors such as age, health, and lifestyle. The higher the sum assured, the greater the potential financial risk for the insurance company. Consequently, policies with higher sum assured often entail higher premiums to offset this increased risk.

Coverage extent

Sum assured directly influences the extent of financial coverage your policy offers. A higher sum assured translates to more significant financial protection for your beneficiaries. As a result, policies with elevated coverage amounts typically come with higher premiums, reflecting the increased benefits provided.

Customization

Your choice of life coverage allows for customization based on your financial goals and obligations. However, it's essential to strike a balance between the desired coverage and your budget. While a higher sum assured offers enhanced protection, it also means a higher premium. This is where evaluating your financial capacity can help ensure that your policy remains comprehensive and affordable.

Premium modes

The frequency at which you pay your premiums (premium modes) can also impact the overall cost. Policies often offer options like annual, semi-annual, quarterly, or monthly premium payments. Choosing a more frequent premium mode may result in slightly higher overall payments compared to less frequent options.

Policy type and features

Different types of life insurance policies have varied features which can influence the premium structure. For instance, term life insurance policies, that focus solely on death benefits, may have a different premium structure compared to whole life or endowment policies that accumulate cash value over time.

Review and adjustments

As your life circumstances change, reviewing your sum assured and overall coverage periodically is essential. Adjusting the coverage can impact your premium, ensuring your policy remains aligned with your evolving financial needs.

How to Choose the Right Sum Assured in Life Insurance?

Selecting an adequate sum assured is a crucial decision related to buying a life insurance policy Here's a guide to making an informed decision in this aspect:

Evaluate your financial needs

Begin by assessing your current and future financial obligations. Consider factors such as outstanding debts, mortgage, education expenses, and the standard of living you wish to maintain for your dependents. The chosen sum Assured should cover these needs and provide a financial cushion.

Factor in inflation

Since life insurance is a long-term commitment, the changing inflation rates can erode the purchasing power of money over time. This is why you need to choose a sum assured that takes into account potential future increases in living costs. This will ensure your coverage remains relevant over the years.

Consider your income and lifestyle

Your income level and lifestyle play a significant role in determining the appropriate sum assured. A higher income may necessitate more substantial coverage to maintain the current standard of living for your family. Additionally, you may need to consider any future lifestyle aspirations or changes when deciding on the coverage amount.

Recommended Read: Things You May Not Know About Life Insurance

Check Outstanding debts and liabilities

It is also important to account for any outstanding debts, loans, or financial liabilities when determining the sum assured. The goal is to ensure that your loved ones will not be burdened with financial obligations in your absence and that the selected coverage is adequate to settle these commitments.

Consider family structure and dependents

The number of dependents and their financial needs can also redefine the sum assured meaning for you. For instance, if you have young children, their education and upbringing costs should be factored in. Similarly, you need to consider the ongoing financial requirements of elderly dependents, if any.

Understand your policy type

Different policy types offer varying features and benefits. This is where you need to understand the specifics of the life insurance policy you choose, whether it's term life, whole life, or an endowment plan. Each type may have different considerations when determining the appropriate sum assured.

Consider your long-term financial goals

Another important aspect is factoring in your long-term financial objectives when determining the sum assured. Whether it's saving for your children's education, building a retirement fund, or leaving a legacy, your life insurance coverage can play a pivotal role. Choose a sum assured that addresses immediate needs and aligns with your broader financial aspirations.

Seek professional advice

Consult with an insurance advisor to gain insights into your specific situation. A qualified professional can help you navigate the complexities, understand potential risks, and guide you in selecting the right sum assured that aligns with your unique circumstances.

6 Factors That Affect Sum Assured

Factor	Description
Age	The age of the policyholder influences the risk assessment and hence, potential adjustments in sum assured selection.
Income level	Current income level serves as a foundational element in determining life cover.
Health and lifestyle	Health conditions and lifestyle choices impact insurability and the cost of insurance.
Number of Dependents	The number, ages, and financial needs of dependents can influence sum assured selection.
Policy type	Different policy types with varying features and premium structures influence the coverage calculation process.
Premium Affordability	The policyholder's ability to afford premium payments ensures a balance with the desired sum assured.

Now, let’s take you toward another aspect of sum assured selection.

How Much Sum Assured is Enough?

At this point, it's crucial to recognize that the ideal sum assured varies from person to person, reflecting unique financial circumstances, goals, and responsibilities of each individual. What might be sufficient for one may not align with the needs of another.

Factors such as age, income, family structure, and long-term aspirations contribute to this individualized decision-making process. Therefore, when determining the right sum assured, it's essential to assess your specific situation in detail, considering both immediate needs and future financial goals.

What is a Sum Assured Calculator and Should You Use It?

A sum assured calculator is an online tool that allows you to determine the appropriate coverage amount for your life insurance policy. Here's why you can consider using it:

It utilizes algorithms for accurate and tailored calculations.
You can consider specific details to provide a personalized recommendation.
It can streamline the complex process and save time.
You can consider immediate needs and long-term goals for a holistic view while using the sum assured calculator.
It can empower you to make informed choices about sum assured selection based on your goals, needs, and income.

While a sum assured calculator is a valuable guide, it's advisable to complement its insights with advice from a trusted insurance advisor for a comprehensive understanding of your life insurance needs.

FAQs

Is sum assured and maturity value the same thing?

No, they are distinct. Sum assured is the guaranteed amount payable upon death, while maturity value is the amount paid when the policy reaches its maturity date, covering accrued bonuses if any.

Explain sum assured with an example.

Suppose you choose a sum assured of Rs. 25,00,000. Your beneficiary will receive this amount upon your demise during the policy term.

How is sum assured calculated?

Sum assured calculation considers factors like age, health, lifestyle, and policy type. Insurers use these details to assess risk and determine the amount that will be paid upon the insured's death.

Can I increase the sum assured selected while buying life insurance?

Any insurers allow you to increase your sum assured over time, typically during specific policy anniversary dates. This is subject to the insurer's terms and conditions, and a medical examination may be required.

What is the minimum sum assured I can select?

The minimum sum assured varies among insurers and policies. It's influenced by factors like the type of policy and the insurer's guidelines. Typically, insurers set a floor amount to ensure the coverage remains meaningful and effective.

For tailored life insurance solutions and expert guidance, connect with our trusted advisors here.

Insurance Ombudsman

The insurance world is very complex, filled with complex terms, complicated policies and sometimes frustrating encounters with unpredictable situations. In this confusion, the Insurance Ombudsman can be a saviour for the policyholders. This unbiased custodian of policyholders' rights is your advocate, a champion against unfair practices and the voice of justice when disputes arise.

Understanding the Role of the Insurance Ombudsman

The Insurance Regulatory and Development Authority of India (IRDAI) established the Insurance Ombudsman. The Insurance Ombudsman provides a faster and cheaper platform to resolve disputes between insurance companies and policyholders. The insurance ombudsman empowers policyholders to seek redressal of grievances related to:

Claim settlements and rejections.
Policy issuance and renewal issues.
Misleading or false information provided by the insurance company.
Delays in processing claims or payments.
Unfair terms and conditions within the policy.
Misleading advertising and marketing of insurance products.

Key Features of the Insurance Ombudsman

Below, we have mentioned the key features of the Insurance Ombudsman:

Accessibility: The Ombudsman is available to all policyholders, irrespective of their claim amount or location. Complaints can also be filed online, through post, or in person at designated offices.
Cost-effectiveness: Filing a complaint with the Ombudsman is free, making it a viable option for policyholders who need more financial resources to seek legal recourse.
Time-bound Process: The Insurance Ombudsman mandates a time-bound resolution process, with most cases being disposed of within 3 months. This ensures quick resolution for policyholders who often face financial difficulty due to insurance issues.
Informal and Fair: The Insurance Ombudsman is informal and avoids the complexities of legal proceedings. Both sides can present their case, ensuring a fair and transparent process.

Powers of Insurance Ombudsman

The Insurance Ombudsman has two main functions: conciliation and award-making. The organization takes care of customers’ complaints about any issue against the services provided by any insurance company. These issues include:

Any partial or complete rejection of claims
Disputes involving paid or due premiums
Disputes regarding the policy wording
Delays in claims resolution
Despite receiving the premium payment, the insurance paperwork relating to the policy has yet to be issued.

List of Insurance Ombudsman Offices in India

Below-mentioned is the list of Insurance Ombudsman available in India:

State	Insurance Ombudsman Office Address	Telephone No.	Email ID
Ahmedabad	Jeevan Prakash Building, 6th Floor, Tilak Marg, Relief Road, Ahmedabad-380001	Tel.: 07927546139/150	Email: bimalokpal.ahmedabad@ecoi.co.in
Bengaluru	Jeevan Soudha Building, PID No. 57-27-N-19, Ground Floor, 19/19, 24th Main Road, JP Nagar, 1stPhase, Bengaluru-560078	Tel.: 080-26652048/49	Email: bimalokpal.bengaluru@ecoi.co.in
Bhopal	Janak Vihar Complex, 2nd Floor, 6, Malviya Nagar, Opposite Airtel Office, Near New Market, Bhopal-462003	Tel.: 0755-2769200/201/202 Fax: 0755-2769203	Email: bimalokpal.bhopal@ecoi.co.in
Bhubaneshwar	62, Forest Park, Bhubaneswar-751009	Tel.: 0674-2596461/455 Fax: 0674-2596429	Email: bimalokpal.bhubaneswar@ecoi.co.in
Chandigarh	SCO No. 101, 102 & 103, 2nd Floor, Batra Building, Sector 17 – D, Chandigarh-160017	Tel.: 0172-2706196/468 Fax: 0172-2708274	Email: bimalokpal.chandigarh@ecoi.co.in
Chennai	Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet, Chennai-600018	Tel.: 044-24333668/24335284 Fax: 044-24333664	Email: bimalokpal.chennai@ecoi.co.in
Delhi	2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi-110002	Tel.: 011-23232481/23213504	Email: bimalokpal.delhi@ecoi.co.in
Guwahati	Jeevan Nivesh, 5th Floor, Nr. Panbazar Over Bridge, S.S. Road, Guwahati-781001(Assam)	Tel.: 0361-2632204/2602205	Email: bimalokpal.guwahati@ecoi.co.in
Hyderabad	6-2-46, 1st floor, “Moin Court”, Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi-Ka-Pool, Hyderabad-500004	Tel.: 040-67504123/23312122 Fax: 040-23376599	Email: bimalokpal.hyderabad@ecoi.co.in
Jaipur	Jeevan Nidhi – II Bldg., Ground Floor, Bhawani Singh Marg, Jaipur-302005	Tel.: 0141-2740363	Email: Bimalokpal.jaipur@ecoi.co.in
Ernakulam	2nd Floor, Pulinat Building, Opposite Cochin Shipyard, MG Road, Ernakulam-682015	Tel.: 0484-2358759/2359338 Fax: 0484 – 2359336	Email: bimalokpal.ernakulam@ecoi.co.in
Kolkata	Hindustan Building, Annexe, 4th Floor, 4, CR Avenue, Kolkata-700072	Tel.: 033-22124339/340 Fax: 033 – 22124341	Email: bimalokpal.kolkata@ecoi.co.in
Lucknow	6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow-226001	Tel.: 0522-2231330/331 Fax: 0522-2231310	Email: bimalokpal.lucknow@ecoi.co.in
Mumbai	3rd Floor, Jeevan Seva Annexe, SV Road, Santacruz (W), Mumbai – 400054	Tel.: 022-26106552 / 26106960 Fax: 022-26106052	Email: bimalokpal.mumbai@ecoi.co.in
Noida	Bhagwan Sahai Palace, 4th Floor, Main Road, Naya Bans, Sector 15, District Gautam Buddh Nagar, UP-201301	Tel.: 0120-2514250/252/253	Email: bimalokpal.noida@ecoi.co.in
Patna	1st Floor, Kalpana Arcade Building, Bazar Samiti Road, Bahadurpur, Patna- 800006	Tel.: 0612-2680952	Email: bimalokpal.patna@ecoi.co.in
Pune	Jeevan Darshan Building, 3rdFloor, CTS No. 195 To 198, NC Kelkar Road, Narayan Peth, Pune-411030	Tel.: 020-41312555	Email: bimalokpal.pune@ecoi.co.in

When to Approach the Insurance Ombudsman?

Suppose you are facing an issue with your insurance provider regarding your claim rejection or claim delay. In that case, you can escalate it to the Insurance ombudsman in the below-mentioned circumstances:

If your complaint was initially lodged with your insurance provider, but it was either rejected, unanswered for 30 days or not adequately resolved.
Your complaint pertains to your life insurance coverage.
The value of your life insurance claim should be under INR 30 lakhs.

To file a complaint with the Insurance Ombudsman, you must submit a written complaint in a prescribed complaint form. You can submit the complaint in person or through a letter, fax, or email. However, if you choose to submit the complaint via email, attaching a hard copy of the complaint is mandatory. It's important to note that you must file the insurance claim within one year of the insurer's rejection. Furthermore, the ombudsman will not handle a court case or consumer forum already dealing with the same complaint.

Process For Lodging A Complaint With Insurance Ombudsman

Below, we have mentioned the process to file a complaint with the insurance ombudsman:

Connect with the nearest Insurance Ombudsman office.
Send a hard copy of the complaint to the Insurance Ombudsman to file your complaint using the procedure for complaints. Moreover, You can also send your grievance via fax or email.
The complaint must contain all appropriate information, such as details on the policy issue, the paid and unpaid premiums, the complaint in detail, the actions the insurance company took, etc. To the Insurance Ombudsman office in your area.
After registering your complaint to the insurance ombudsman, you must fill out P-II and P-III forms.
Then, you need to mail these documents along with your complaint to the Insurance Ombudsman.
Once the Ombudsman will get all the documents, they will announce a hearing date.

Types Of Complaints That The Insurance Ombudsman Will Accept

The Insurance Ombudsman can handle a wide range of complaints related to life insurance policies with a claim value of up to INR 30 lakhs. Here's a breakdown of the types of complaints typically accepted:

Claim rejection: If your insurance company has rejected your claim, you can seek the Ombudsman's intervention.
Partial claim settlement: Even if your claim is partially settled, but you believe the amount is inadequate, the Ombudsman can help.
Delays in claim settlement: If your claim settlement is unreasonably delayed, you can file a complaint.
Unfair claim terms or conditions: If you believe the claim terms or conditions are unfair or ambiguous, the Ombudsman can review them.
Mis-selling of policies: If you were misled or misinformed about a policy before purchasing it, the Ombudsman can investigate.
Non-disclosure of policy terms: If the insurer fails to disclose important information about the policy, you can file a complaint.
Unfair policy terms and conditions: If you believe certain policy terms are unfair or unreasonable, the Ombudsman can assess them.
Premium disputes: If there are disagreements regarding premium payments or charges, the Ombudsman can mediate.
Poor customer service: If you've experienced rude or unresponsive customer service from the insurer, you can file a complaint.
Misrepresentation of information: If the insurer provides false or misleading information about the policy or claim process, it can be addressed by the Ombudsman.
Delay in policy issuance or renewal: Failure in issuing or renewing your policy can be investigated by the Ombudsman.

Settlement Process With Insurance Ombudsman

The settlement process with the Insurance Ombudsman typically unfolds in the following steps:

Get a complaint form from the Ombudsman's website or office and fill it out correctly.
Attach the required documents like policy documents, claim rejection letters, correspondence with the insurer, etc.
Submit the complaint by mail, fax, or email (with a paper copy attached).
The Ombudsman's office will acknowledge receipt of your complaint and assign it to a designated officer.
This Ombudsman officer will investigate the whole case.
The Ombudsman officer will review both sides of the case, including your complaint, the insurance company's response, and any supporting documents.
Both parties are typically bound to comply with the Ombudsman's recommendation unless there are valid reasons for objection.
If mediation fails, the Ombudsman may decide to dismiss the complaint, refer it to another forum (court, consumer forum), or issue binding instructions to the insurance company.
The case will be closed once the complaint is resolved and both parties are satisfied.

Conclusion

The Insurance Ombudsman is important in empowering policyholders and ensuring a fair and balanced insurance market. By understanding its functions, limitations, and potential for improvement, we can strengthen this important protection for policyholders, ensuring they get the protection and justice they deserve in the complex world of insurance.

Insurance Ombudsman FAQs

What is the Insurance Ombudsman?

Ans. The Insurance Ombudsman is an independent authority established to resolve disputes between policyholders and their insurance companies. This body aims to offer a quick, cost-effective, and impartial way to address grievances related to life insurance policies with claim values up to INR 30 lakhs.

What types of complaints can I file with the Ombudsman?

Ans. You can file complaints about various issues, including:

Claim settlement: Claim rejection, partial settlement, delays, unfair terms, etc.
Policy issues: Mis-selling, non-disclosure of information, unfair terms, premium disputes, etc.
Service issues: Poor customer service, misrepresentation of information, delays in policy issuance or renewal, etc.

What are the eligibility criteria for filing a complaint with the Ombudsman?

Ans. To file a complaint:

Your grievance must be related to a life insurance policy.
The claim value should be under INR 30 lakhs.
You must have already filed a complaint with your insurance provider and received an unsatisfactory response (rejection, no response within 30 days, or inadequate resolution).
You must file the complaint within one year of the claim rejection.

How do I file a complaint with the Ombudsman?

Ans. You can file your complaint in person, by mail, fax, or email (with a paper copy attached) to the designated office of the Insurance Ombudsman. You can also download the complaint form from their website.

What happens after I file my complaint?

Ans. The Ombudsman will review your complaint and, if necessary, request additional information from you and the insurance company. They will then try to reach an amicable settlement through mediation. If mediation fails, the Ombudsman may issue a recommendation or dismiss the complaint.

Are there any fees involved in filing a complaint with the Ombudsman?

Ans. There are no fees for filing a complaint with the Insurance Ombudsman. The services are completely free for policyholders.

What if I need legal advice?

Ans. You can seek legal advice at any stage of the process if necessary.

Where can I find more information about the Insurance Ombudsman?

Ans. You can find more information on the website of the Insurance Regulatory and Development Authority of India (IRDAI): https://irdai.gov.in/ombudsman

Importance of Life Insurance

Life insurance is an important component of a comprehensive financial plan. It provides financial security and peace of mind to individuals and their loved ones in the event of unexpected circumstances or the untimely death of the policyholder. In this article, we will explore the importance of life insurance and how it protects your financial future.

Why Do You Need a Life Insurance?

Life insurance is a crucial financial tool that provides numerous benefits and a safety net for individuals and their loved ones. Here are some key reasons why you need life insurance:

Financial Protection for Loved Ones: The primary purpose of life insurance is to provide financial protection to your loved ones in case of your death. The death benefit received from a life insurance policy can help replace lost income, cover living expenses, pay off debts, and meet future financial goals. This ensures that your family members are not burdened with financial difficulties during an already emotionally challenging time.
Debt and Liability Management: Life insurance can help manage debts and liabilities. It ensures that your outstanding debts, such as mortgages, loans, or credit card balances, are covered even if you pass away. This prevents your family from being saddled with financial obligations and helps protect their financial stability.
Education and Future Goals: Life insurance can play a significant role in funding your children's education or other future goals. The death benefit received from a life insurance policy can be used to cover educational expenses, ensuring that your children have access to quality education regardless of the circumstances.
Supplementing Retirement Income: Certain types of life insurance, such as cash value policies, can serve as a means to supplement retirement income. The cash value component of these policies grows over time and can be accessed during your lifetime through policy loans or withdrawals. It offers additional savings and financial security during your retirement years.
Estate Planning and Inheritance: Life insurance can be used as an estate planning tool to leave a financial legacy for your beneficiaries. The death benefit received from a life insurance policy can provide an inheritance for your loved ones, ensuring their financial well-being and helping them achieve their own life goals.

Importance of Life Insurance

Life insurance holds vital importance and is considered essential for many reasons. The value of life insurance varies depending on the specific needs and goals of policyholders. Be it basic life coverage or savings-focused purposes, the following highlights the importance of life insurance:

Unexpected Death of Family’s Breadwinner: Imagine the sudden absence of a family breadwinner. This will be really tough emotionally, but the financial consequences could be devastating. There may be a larger mortgage to pay, children's education costs will still be there, and everyday needs will be more challenging to meet. But this is where life insurance comes in. It acts like a financial protector. It provides a lump sum amount that eases immediate financial worries and secures the family's future.
Long shadow of illness: A critical illness can destroy health and financial stability. Medical bills have piled up, sources of income have diminished, and concerns about medical expenses have increased. Life insurance, with its critical illness riders, provides a vital lifeline. It provides funds to cover medical expenses, ensuring the best possible care without worrying about financial stress.
Unfulfilled Dreams: Every parent dreams of providing their children with the best education, a secure future and a foundation for success. But the uncertainties of life can cast doubt on these aspirations. However, life insurance acts as a silent promise. This ensures your children's dreams are fulfilled, even if you are not physically present. It secures their education, protects their future aspirations, and allows them to chase their ambitions confidently.
Unexpected Debt: Unfortunately, debt is a part of life, and sometimes, unexpected circumstances can leave a staggering burden. It could be unplanned medical expenses, educational loans or unexpected business losses. Life insurance can reduce this burden. It pays off outstanding loans, frees your loved ones from financial worries and allows them to grieve without financial distress.
Unbreakable legacy: Life insurance can leave a lasting legacy beyond immediate financial support. This allows you to secure your spouse's financial well-being after retirement or even raise money for travel experiences or special events for your loved ones. In this way, your love and care transcends your presence, leaving a trail of blessings and fulfilling your deepest desires.

Conclusion

Life insurance is not a luxury but a necessity in today's uncertain world. Life insurance protects your loved ones financially, manages debts and liabilities, secures educational aspirations, ensures business continuity, supplements retirement income, facilitates estate planning, and provides peace of mind. Is necessary. It offers a comprehensive solution to safeguard your financial future and the well-being of those who depend on you. Its financial security allows you to face the future confidently, knowing that your family's financial well-being is safeguarded.

It's essential to assess your insurance needs, consider your financial goals, and consult with our POSP Advisor to buy the right life insurance policy for your specific circumstances. By taking action today and securing a life insurance policy, you are making a responsible and wise investment in your future and the future of your loved ones.

Importance of Life Insurance FAQs

Why is life insurance important?

Ans. A: Life insurance is important because it provides financial protection for your loved ones in case of your death. It ensures that they are taken care of financially and can maintain their standard of living.

How does life insurance help manage debts?

Ans. Life insurance can help manage debts by providing funds to pay off outstanding obligations such as mortgages, loans, and credit card balances. It prevents your family from being burdened with financial liabilities after your passing.

Can life insurance help with educational expenses?

Ans. Yes, life insurance can help with educational expenses. The death benefit received from a life insurance policy can be used to cover the costs of your children's education, ensuring that their educational goals can be met even if you're no longer there to provide for them.

Is life insurance important for business owners?

Ans. Yes, life insurance is crucial for business owners. It can help with business continuity by providing funds to cover business debts, facilitate a smooth ownership transition, or even provide a buyout for the deceased owner's shares.

How do I determine the right life insurance policy for my needs?

Ans. It's important to assess your insurance needs, consider your financial goals, and consult with a trusted insurance professional. They can help you understand the different types of life insurance policies available and guide you in selecting the one that best aligns with your specific circumstances and objectives.

Know all about the New Traffic Rules & Violations In India

Know All About The New Traffic Rules & Violations In India

The Union Cabinet approved some changes in Motor Vehicle Amendment Bill, which was pending for approval in Rajya Sabha at 16th Lok Sabha term-end. The proposals are based on the suggestions of transport ministers from 18 states and further concluded by the standing committee of the parliament.

You can be penalized for jumping the red light, hindering emergency vehicles, driving without a helmet or driving without the seat belt on, caught without insurance certificate or pollution check, over speeding, improper or obstructive parking, etc. Rules violation can be any while driving. Don’t get surprised if you are stopped by the police and overcharged on a traffic rules violation. The new traffic rules bill says a lot about amendments done on it. The approval on traffic rules bill aims to tackle the pertaining road safety issues. Some strict provisions have been proposed for some offenses like- drunk driving, rash driving, over speeding or overloading, etc.

New penalty amounts under Motor Vehicles Amendment Act, 2019 from September 1

Scenarios	Old fines (INR)	Revised fines (INR)
Violation of Roads Regulation	N/A	500 to 1,000
Disobedience of orders of Authority and refusal to share information	500	2,000
Unauthorized use of a Vehicle without a Driving license	1,000	5,000
Driving without license	500	5,000
Driving without Vehicle Insurance	Fine of INR 1,000 and/or punishment of up to 3 months	INR 2,000 and/or imprisonment up to 3 months for the first offence and fine of INR 4,000 and/or imprisonment up to 3 months for the second offence.
Driving Despite Disqualification	500	10,000
Over Speeding	400	INR 1000 - INR 2,000 for light motor vehicles, INR 2,000 - INR 4,000 for medium passenger or goods vehicles and impounding of driving license for second/subsequent offence.
Dangerous Driving	N/A	Imprisonment of 6 months to 1 year and/or fine of INR 1,000- INR 5,000 for first offence and imprisonment up to 2 years and/or fine up to INR 10,000 for second offence.
Drink & Driving	N/A	Imprisonment of up to 6 months and/or a fine of up to INR 10,000 for the first offence and imprisonment of up to 2 years and/or a fine of INR 15,000 for the second offence.
Driving when mentally or physically unfit to drive for	INR 200 for the first offence, INR 500 for the second/subsequent offence	First offence - INR 1,000 and second/subsequent offence - INR 2,000
Offences relating to accident	N/A	Imprisonment of up to 6 months and/or a fine of up to INR 5,000 for the first offence and imprisonment of up to 1 year and/or fine of up to INR 10,000 for the second offence.
Speeding or Racing	N/A	Imprisonment of up to 1 month and/or fine up to INR 500 for first offence and imprisonment up to 1 month and/or fine up to INR 10,000 for second offence.
Seizing other's vehicle forcefully without any lawful authority	500	5,000
Causing obstructions in free-flowing traffic	50	500
Traveling without Ticket	200	500
Driving without helmet	100	1,000 and disqualification of driving license for 3 months
Driving without seatbelts	100	1,000
Oversized vehicle rule	N/A	5,000
Not giving way to emergency vehicles	N/A	10,000
Overloading in 2 wheeler	100	2,000 and disqualification of the license of 3 months
Offences by juveniles	N/A	Guardian deemed guilty- a fine of 25000 INR, 3 years imprisonment, cancellation of vehicle registration & will go under juvenile trail
Offences related to accidents	N/A	5,000/ imprisonment of upto 6 months

Source: Transport Ministry's press release

Apart from proposing heavy violation charges on the rule-breaker, the amendments done in new traffic violation bill aims to strengthen the public transport and will ultimately help to curb the corruption. Never ever fulfil any illegal monetary demand made by traffic police or try to bribe them.

In case if any challan is issued to you, ensure that it contains the following details-

Name and Address of the court
Date of trial
Details of the violation
Vehicle details
Name of the Challan Officer
Place and time details where the incident has happened
Name and address of the offender

Apart from all the revised Traffic Violation fines, the law is also expected to make new motor registration process a little easy. Reduction in human interference and computerization of licence can help in identifying multiple and fake issued licences in the market. At the same time, carrying driving related documents in digilocker is a good option and is accepted legally in India. It will be enough and will save you from carrying physical documents along.

Note* More articles and information on vehicle insurance at RenewBuy & RTO at RTO articles.

Using Mobile Phone While Driving Still The Top Traffic Violation

Driving With Mobile Phone Still The Top Traffic Violation

How happy are we when we get the driving license and are finally able to drive on our own? But, how often do we imagine that the ride might actually prove fatal or even worse, might cost us our lives? Probably never! Texting or calling while driving is one of the biggest violations of safety precautions. That one phone call or that one urgent message might do a lot more harm than we think! On the contrary, this is exactly what happens. Using mobile while driving is one of the most offensive traffic violations as a few seconds of diverted consciousness can not only put you in danger but also cost someone else their life. Even after innumerable warning, preaching, and change in rules, the drivers are still found using a mobile phone while driving, which has led to a continuous rise in the rate of accidents. One of the prime measures taken is the implementation of traffic violation fines for talking on the phone while driving. The increase in the number of such accidents only points a finger to the irresponsibility of most of the drivers.

Traffic Violation Rule And Fine For Using Phone While Driving

Traffic violation has always been a hot topic among daily commuters. Where a number of them do not think twice before complaining about the traffic discipline, most of such people come out irresponsible themselves. Among the major cases of traffic violation reported, driving without helmets on, driving without license and texting and driving happen to bag the top ranks in India. To put a halt and raise awareness for the same, the government had not only implemented strict laws but also modified the ones already existing. There is a fine for using a mobile phone in any form, whether it be calling, texting, or other use while driving. Under the Motor Vehicles Act of 1988, Central Motor Vehicle Rules of 1989, and State Motor Vehicle Rules, a penalty is imposed on the violator under Section 177 and Section 184. Section 177 states that if caught using a mobile phone while driving, for the first offence, a fine of Rs 100 will be levied against the violator, while a repeated offence will be treated with a fine of Rs 300. However, over the years, the increasing dependency on mobile phones have only contributed to a consistent rate of such cases reported.

Are Teenagers And Youngsters More Prone To Texting And Driving?

The present generation is well aware of the technological advancements and are completely dependant on the smartphones for the slightest thing required. With better data plans and talk time, the smartphone users have practically got glued to the small screens which has lead to potential addiction. Such is the addiction among the curious youths, that they automatically try to respond to texts and phones whenever the phone beeps. Whether it is meant for business or offices, or a harmless and comforting text back to the best friend, the few seconds of unconsciousness while driving can bring the doom within a blink of the eye. On the contrary, most of the elders are yet to get addicted to the small screens even today, which is why, such a traffic violation is reported more among teens than the adults.

However, irrespective of the age, a traffic violation fine of 1000 INR is levied for using a mobile phone while driving. Not to mention, the driving license is suspended for approx. three months. The guilty is also sent a show cause notice from the RTO and he/she might also be subjected to court hearing. Reasons and Consequences of Using Phone While Driving

The reasons for traffic violation are many. From driving without a licence to using phone while driving, there are innumerable reasons for accidents and carelessness; some of which are:

While using a mobile phone while driving, one may not notice road signs and take the wrong way. This might result the driver in losing track of the path, entering the wrong path, missing a U-turn, etc.
Many unskilled drivers who drive without a proper driver license or training might not be careful enough to follow the traffic rules and blatantly use the mobile phone while driving. In this case, the driver initially held for using phone while driving, might eventually be booked for driving without license. Thus, necessary traffic violation fines shall be levied.
Most of the accidents also result from improper maintenance of speed or lanes because of using a mobile phone while driving.
Talking on phone while driving results in compromised focus on the road which means the driver has umpteenth probability of losing track of nearby cars.

Conclusion

With increased number of transport services, the roadways of the metropolitan cities are always found brimming with more cars than the space would allow. Where traffic remains a major problem in today's life, the number of traffic violation cases reported keep on rising with each passing day. Even though we all know the consequences, we often think that one reply, or one call might not do the harm; and this is where we are wrong!

Death Benefit in Life Insurance

Life insurance is an important financial tool to protect individuals and their families from the uncertainties of life. The death benefit is a fundamental component of a life insurance policy that provides financial protection to loved ones in case of the insured's demise. In this article, we'll take an in-depth look at the concept of the death benefit, exploring its importance, how it works, and factors to consider when determining its value.

What is the Death Benefit in Life Insurance?

Death benefit refers to the amount of money paid to the beneficiaries on the death of the insured person. It acts as a financial safety net, intended to fill the void created by loss of income and provide support during difficult times. The primary purpose of the death benefit is to ensure that beneficiaries' financial needs are met and they can maintain their quality of life.

For example, when you buy a life insurance policy that offers death benefits, you protect your family in the event of your untimely demise. The death benefit represents the amount of money that your chosen beneficiaries will receive from your life insurance policy. This benefit is generally tax-free and can support your loved ones financially during challenging circumstances.

The value of the death benefit is determined by the Sum Assured of the policy, which is the coverage amount you choose when purchasing the life insurance policy. The sum insured may be fixed or variable, depending on your specific policy type.

Types of Death Benefit

There are two types of death benefits offered in life insurance. Below, we have mentioned both the death benefits in details:

Term Insurance Death Benefit: Term life insurance provides coverage for a specific period of time, usually 10 to 30 years. If the insured dies within the policy term, the death benefit is paid to the beneficiaries. However, no death benefit is provided if the insured survives the term.
Life Insurance Death Benefit: Life insurance provides coverage for the duration of the insured's lifetime. As long as the premium is paid, the death benefit is guaranteed. Permanent life insurance also accumulates a cash value component over time, which can be used during the lifetime of the insured.

Taxation of Death Benefit

The beneficiaries' death benefit is usually tax-free. This tax-free nature of the death benefit ensures that the entire amount can be used for its intended purposes. However, there may be exceptions in some situations, such as when the policy is owned by a business or is covered by the insured's property. It is advisable to consult a tax professional to understand the specific tax implications in your jurisdiction.

What is Covered Under Death Benefit?

It is important to understand the situations in which beneficiaries are eligible to receive the sum assured as a death benefit in a life insurance policy. Here are some scenarios to consider:

If the insured individual passes away due to natural causes or health-related issues covered by the life insurance plan.
In case of death resulting from an accident, with the condition that the person was not intoxicated at the time of the accident.
If the insured person commits suicide, the death benefits may be provided, but only if the suicide occurs at least one year after the policy was purchased.

What is Not Covered Under Death Benefit?

There are specific things where the beneficiary may not be able to receive death benefits. Here are some examples.

If the policyholder suicide within the first year of the life policy.
If the policyholder dies due to hazardous activities or self-inflicted injuries.
If the policyholder dies due to a sexually transmitted disease, such as AIDS.
If the policyholder dies due to drug or alcohol abuse.
If the policyholder dies due to natural disasters like earthquakes or tsunamis.

It is important to thoroughly understand the terms and conditions of a life insurance policy before buying one to ensure that your beneficiaries will receive the death benefits.

How Does Death Benefit in Life Insurance Payout Work?

The payout process for the death benefit in life insurance typically involves several steps. Here's an overview of how it generally works:

File a Claim to the Life Insurance Company
Submit the documents and wait for the completion of the verification
Life Insurance company will check and verify the documents
Beneficiaries will choose a payout method
The life Insurance company will disburse the death benefit to the policyholder's beneficiary

Conclusion

The death benefit in life insurance represents an important aspect of financial planning, providing essential support to loved ones when the insured passes away. Understanding its importance, types, and the factors influencing its determination empowers individuals to make informed decisions while selecting and managing their life insurance policies. By securing an appropriate death benefit, individuals can ensure the financial well-being of their beneficiaries and grant them peace of mind during challenging times.

Death Benefit in Life Insurance FAQs

What is a death benefit in life insurance?

Ans. The death benefit is the sum of money paid to the beneficiaries of a life insurance policy upon the death of the insured individual. It serves as financial protection and support for the insured's loved ones.

Who receives the death benefit?

Ans. The death benefit is paid out to the beneficiaries designated by the assured individual when purchasing the life insurance policy. Beneficiaries can be individuals, such as family members or friends, or entities like trusts or charities.

Is the death benefit taxable?

Ans. In most cases, the death benefit is not subject to income tax. It is typically received tax-free by the beneficiaries. However, there may be exceptions depending on specific circumstances, such as when the policy is owned by a business or included in the insured person's estate. It is recommended to consult with a tax professional to understand the tax implications in your jurisdiction.

What happens if the insured commits suicide?

Ans. In the event of suicide, life insurance policies typically have a suicide clause. This clause states that the death benefit will not be paid if the insured individual commits suicide within the first years after policy issuance. However, after this period has passed, the death benefit is generally paid out, even in the case of suicide.

Can the death benefit be changed or updated?

Ans. Yes, the designation of beneficiaries and the death benefit amount can usually be changed or updated during the insured's lifetime. Reviewing and updating beneficiary designations as needed is advisable to ensure they align with the insured's current wishes and circumstances. Contacting the insurance company or agent is typically necessary to make such changes.

Benefits of Term Insurance

Term insurance is the most affordable type of life insurance that provides financial protection to the insured's family in case of the policyholder's unfortunate death during the policy term. Term insurance protects your family and provides various benefits to the policyholder, such as tax benefits. So, in this article, we will explore the benefits of term insurance and why it can be an ideal choice for your family's financial well-being.

What is a Term Insurance Plan?

Term insurance is a pure and simple form of life insurance that acts as a pure protection plan. Its primary objective is to provide basic life cover to protect your family. In the unfortunate event of the untimely death of the insured person, the policy guarantees a predetermined sum assured as a death benefit to the family.

You must pay the premium amount to avail of the term life policy. You can choose the premium payment mode and frequency as per your preferences. Paying your premium on time is important to maintain your term policy coverage. As the sole breadwinner of your family, term insurance becomes essential to ensure their financial security in the event of your absence.

Benefits of Term Insurance

Term insurance offers several benefits, making it a popular choice for individuals seeking life insurance coverage. Here are some key benefits of term insurance:

Affordable Premiums

One of the primary benefits of term insurance is its affordability. Term insurance plans generally have lower premiums than other life insurance plans. This makes it accessible to many individuals, including young professionals, newlyweds, and those on a budget. With term insurance, you can secure a significant coverage amount without straining your finances.

Financial Protection for Dependents

The primary purpose of life insurance is to provide financial protection to your dependents in case of your death. Term insurance provides a substantial death benefit to your beneficiaries if you die during the policy term. This benefit can help compensate for lost income, cover living expenses, repay debts and secure the future of your loved ones.

Customizable Coverage Amounts

Term insurance policies offer the flexibility to choose the coverage amount that suits your family's needs. You can determine the appropriate coverage based on factors such as your income, outstanding loans, future financial goals and the needs of your dependents.

Term Insurance Tax Benefit

Life Insurance Companies offer various types of term insurance plans through which policyholders can avail of tax benefits on maturity benefits and premiums paid for life insurance. Term Insurance offers various tax benefits that you claim under sections 80D, 80D, and 10(10D) of the Income Tax Act of 1961.

Return of Premium Option

Term insurance plans provide life coverage to the nominee or beneficiary in case of the unexpected death of the assured person. These plans do not offer any maturity benefits on completion of the policy term. However, you can receive maturity benefits if you choose the Term Return of Premium Plan (TROP). With this option, you will have to pay a higher premium, but if you survive the policy term, the plan will refund the entire premium amount you paid.

Whole Life Cover

Term insurance plans provide coverage for the whole life of the policyholder. You can even extend your insurance policy term to 99 or 100 years of age. By buying these whole life insurance plans, policyholders can financially secure their dependents for their whole lives.

Benefits of Buying a Term Insurance Plan Early in Life

Purchasing a term insurance plan early in life offers numerous benefits that can significantly impact your financial well-being and that of your loved ones. Here are the key benefits of buying a term insurance plan early:

Lower Premiums: A primary benefit of buying term insurance early is the opportunity to secure a lower premium. Insurance companies typically consider age, health and lifestyle factors when setting premiums. By obtaining coverage at a younger age, when you are generally healthy, you can lock in lower premium rates for the policy term. This can save you money in the long term.
Longer Coverage Duration: Buying term insurance early allows you to opt for a longer coverage period. Term insurance policies can provide coverage for 10, 20, 30 years or even more. By purchasing a policy early, you can secure coverage for a significant portion of your life, providing comprehensive protection during important life stages, such as starting a family, paying off debt, or building wealth.
Financial Security for Dependents: Term insurance is primarily designed to provide financial security to your dependents during your untimely death. By purchasing a term insurance plan early, you ensure that your loved ones are protected financially from an early stage.
Coverage Despite Health Changes: As we age, our chances of developing health problems increase. By purchasing term insurance ahead of time, you can secure coverage while you remain in good health, regardless of any health changes in the future. This ensures that your existing term insurance policy will remain in force even if health conditions arise later in your life and will provide the necessary coverage.
Flexibility and Customization: Purchasing term insurance early gives you more flexibility in customizing your coverage. You can choose the coverage amount, policy term and additional riders or benefits based on your specific needs and financial goals.

Conclusion

Term insurance offers a range of benefits that make it an attractive choice for individuals seeking affordable and effective life insurance protection. Its affordability, customizable coverage, and flexibility in addressing specific needs make it valuable for ensuring your loved ones' financial security. By choosing term insurance, you can enjoy peace of mind, knowing that your family will be financially protected in the face of life's uncertainties. Consult with our RenewBuy’s POSP Advisor to explore term insurance options and find the policy that best suits your unique needs and circumstances.

Benefits of Term Insurance FAQs

What are the benefits of term insurance?

Ans. Term insurance offers several benefits, including affordability, flexibility in coverage amount and duration, financial protection for dependents, peace of mind, supplemental benefits through riders, convertibility options, and tax efficiency in estate planning.

How is term insurance affordable?

Ans. Term insurance is generally more affordable compared to other types of life insurance. The premiums for term insurance policies are lower because they provide coverage for a specific term without any cash value component or investment element.

Can I customize the coverage amount and duration in term insurance?

Ans. Yes, term insurance allows you to customize the coverage amount and duration based on your specific needs. You can choose a coverage amount that suits your financial obligations and select a term length that aligns with your goals.

How does term insurance provide financial protection for dependents?

Ans. Term insurance ensures that if the insured person passes away during the policy term, their beneficiaries will receive a death benefit payout. This payout can help replace lost income, cover living expenses, pay off debts, and secure the dependents' financial future.

Does term insurance provide any additional benefits?

Ans. Term insurance policies can offer additional benefits through riders. These riders can include features such as critical illness coverage, disability benefits, or accidental death benefits, providing extra financial protection in specific circumstances or events.

Does term insurance provide any maturity benefits?

Ans. Typically, term insurance plans do not provide any maturity benefits or returns if the insured survives the policy term. However, Term Return of Premium (TROP) plans are available, and you can receive a refund of the premiums paid if you survive the policy term. Still, the premiums for such plans are usually higher.

Eligibility for Term Insurance

Term insurance is the purest form of life insurance that provides financial protection to your loved ones during your untimely demise. It provides a simple and easy way to secure your loved ones financially, even after death. However, specific requirements and factors must be considered for term insurance eligibility. In this article, we will explore the eligibility criteria for term insurance and highlight the key factors that insurance companies consider while evaluating applicants.

What is Term Insurance?

Term insurance is also known as term life insurance. A term insurance plan is a simple and affordable life insurance plan that provides financial protection to your family in case of sudden demise. A term insurance plan pays the policyholder's nominee a predetermined amount if the policyholder dies within the policy tenure.

Term Insurance is designed to offer financial protection to the policyholder's beneficiaries in the event of the insured person's death during the policy term. Unlike permanent life insurance policies like whole life insurance, term insurance does not offer maturity benefits or investment components.

Who Should Buy Term Insurance?

Term insurance is suitable for various individuals with specific financial needs and goals. Here are some following categories of people in which term insurance can be a beneficial choice:

Individuals with Dependents: For those who have dependents, such as a spouse, children, or ageing parents, who depend on your income, term insurance can provide financial protection to support them in case of your untimely demise. Death benefits can compensate for lost income, cover living expenses, pay off debts and ensure that your loved ones are financially secure.
Breadwinners: If you are the sole income earner in your family, in such a situation, term insurance can be vital to safeguard the financial well-being of your family. This ensures that even if you are no longer with them, your loved ones can maintain their lifestyle, pursue their education and meet their long-term financial goals.
Parents with Young Children: Term insurance can benefit parents with small children. This can help cover childcare costs, education expenses, and other financial responsibilities that may arise in the future. Choosing a term consistent with your children's anticipated period of financial dependence may be beneficial.
People with Mortgage: If you have a mortgage or any other substantial debt, term insurance can provide coverage to pay off those liabilities in case of your death. This ensures that your family will not have to face the burden of mortgage payments or other debts, allowing them to retain home ownership and achieve financial stability.
Newlyweds: You have more financial responsibilities when you're married or have a spouse. If your partner depends on you for support, it's important to have a way to keep them financially secure during difficult times. Choosing an individual or group term insurance plan can protect your partner and give them the money they need should something happen to you.

Eligibility Criteria for Term Insurance

To buy a term insurance plan, you should know its eligibility criteria. The eligibility criteria may vary from insurer to insurer and plan to plan. But here are some common parameters that remain the same for all the term insurance plans:

Age Eligibility

Age is an important factor when it comes to term insurance eligibility. Most insurance providers have minimum and maximum age limits for applicants. The minimum age requirement is generally 18 years, while the maximum age may vary from insurer to insurer. Generally, the maximum age limit is between 65 and 75 years, although some insurers may offer coverage beyond this range. It is important to note that the premium rates may increase with age, so purchasing term insurance at a younger age is beneficial and affordable.

Health Requirements

Health plays an important role in determining eligibility for term insurance. Insurance companies assess the applicant's health condition to evaluate the risk level. The primary factors considered include medical history, pre-existing conditions, current health status, and lifestyle choices such as smoking and alcohol consumption. Typically, insurers require applicants to undergo a medical examination to assess their health condition accurately.

Sum Assured

Sum assured is the maximum benefit the insurance company will pay out in case of the assured death. While there are no specific eligibility criteria related to the coverage amount, it is essential to consider your financial needs and the insurer's guidelines. Choosing a coverage amount that aligns with your financial responsibilities and goals.

Policy Tenure

The policy term or policy tenure is another important aspect of term insurance eligibility. Insurance providers typically offer different term options, such as 10, 20, or 30 years. Eligibility for a specific policy term depends on the applicant's age and the insurer's guidelines. While selecting the policy term, it is important to consider your financial obligations and the objective of the insurance coverage.

Occupation and Income

Some life insurance companies consider the applicant's occupation and income when determining term insurance eligibility. Some high-risk occupations, such as firefighters or pilots, may have specific requirements or higher premiums due to the nature of their work. Similarly, income can also be a factor as it helps insurers evaluate the applicant's financial stability and ability to pay premiums.

Lifestyle Choices

Insurers often evaluate an applicant's lifestyle choices and habits to assess eligibility for term insurance. Factors such as smoking, alcohol consumption, and participation in hazardous activities can impact the risk profile. Individuals who smoke or have a history of substance abuse may face higher premiums or limited coverage options. However, leading a healthy lifestyle can positively influence eligibility and even lead to lower premium rates. It is important to disclose accurate information about your lifestyle choices during the application process to avoid any complications in the future.

Documents Required to Buy Term Insurance Plan

To buy a term insurance plan, you will typically need to provide the following documents:

Identity Proof: You must submit proof of your identity, such as a copy of your passport, Aadhaar card, driving license, or PAN card.
Address Proof: You must provide proof of your residential address, which can be a utility bill, bank statement, ration card, or rental agreement. The document should display your name and address.
Age Proof: To validate your age, you must submit a document such as a birth certificate, passport, school leaving certificate, or PAN card.
Income Proof: Some insurance companies may require income-related documents to assess your financial eligibility and determine the coverage amount. This can include salary slips, income tax returns, bank statements, or Form 16.
Medical Reports: Depending on the sum assured and your age, the insurance company may ask for medical reports. This can include a medical examination, blood tests, urine tests, and other diagnostic reports. These reports help the insurer evaluate your health condition and determine the premium rates.
Photographs: You may be required to provide passport-sized photographs for identification purposes. The number of photographs needed can vary based on the insurer's requirements.
Nominee Details: You must provide information about the nominee who will receive the death benefit in case of your demise. This includes the nominee's name, relationship with you, age, and contact details.

Conclusion

Term insurance offers a straightforward and affordable way to protect your loved ones financially. By understanding the eligibility criteria and factors that insurers consider, you can make informed decisions when purchasing term insurance. Age, health condition, coverage amount, policy term, occupation, income, and lifestyle choices are key factors that can influence eligibility and premium rates. It is advisable to compare policies from different insurers, consider your specific needs, and consult RenewBuy’s POSP Advisor. By securing term insurance early and meeting the eligibility requirements, you can ensure the financial security of your loved ones in the face of life's uncertainties.

Eligibility for Term Insurance FAQs

Who should buy a term insurance plan?

Ans. A person with specific financial needs and goals should buy a term insurance plan. Here are some following people who should buy a term insurance plan:

Individuals with Dependents
Sole Earner of the Family
Parents with Young Children
Newlywed

What is the minimum age requirement to be eligible for term insurance?

Ans. The minimum age requirement can vary among insurance companies, but generally, individuals must be at least 18 years old to be eligible for term insurance.

Is there a maximum age limit for term insurance?

Ans. Most insurance companies set a maximum age limit for term insurance eligibility. This limit can vary but is typically around 65 to 70 years of age.

Can I buy term insurance if I have pre-existing medical conditions?

Ans. You can still be eligible for term insurance even with pre-existing medical conditions. However, the insurance company may require additional medical underwriting, and the premium rates may be higher.

Are smokers eligible for term insurance?

Ans. Yes, smokers are generally eligible for term insurance. However, smoking is considered a risk factor, and smokers often have to pay higher premiums compared to non-smokers.

Do I need to undergo a medical examination to be eligible for term insurance?

Ans. The requirement for a medical examination can vary depending on factors such as your age, sum assured, and the insurance company's policies. Sometimes, a medical examination may be required to assess your health condition and determine the premium rates.

Can NRIs (Non-Resident Indians) purchase term insurance?

Ans. Yes, many insurance companies offer term insurance plans for NRIs. However, the specific eligibility criteria and documentation requirements may vary among insurers.

Life Insurance Add-on Riders

Life insurance is a vital financial tool that provides a safety net for your loved ones in the event of your untimely demise. It offers financial protection, ensuring that your family's needs are taken care of and that they can maintain their standard of living even in your absence. However, can you further enhance the benefits and customize your life insurance coverage through add-on riders? Life insurance add-on riders are additional features or benefits you can attach to your base life insurance policy to cater to specific needs and circumstances. In this article, we will explore some of the most common and valuable add-on riders available in the market today.

What are Life Insurance Riders?

Life insurance riders are optional add-on benefits that are used to enhance the basic coverage of a life insurance policy. You can add these optional riders to your coverage by paying some additional premium. These add-on riders help you get coverage for life events that your standard life policy doesn't.

Some Common Add-on Riders Offered by Life Insurance Plans

Life insurance riders can cover various scenarios, such as critical illnesses, disabilities, accidents, and other specific needs. They offer policyholders the flexibility to customize their policy based on individual requirements. Here are some common types of life insurance riders:

Accidental Death Benefit Rider

Accidents can happen at any time, and they can have a severe financial impact on your family. Accidental Death Benefit Rider provides an additional sum assured in case of death of the policyholder due to an accident. This rider ensures that your beneficiaries will receive an additional payout if your death results from an accident, providing enhanced financial protection during such unfortunate events.

Critical Illness Rider

A critical illness can significantly impact your finances, as it often involves high medical expenses and loss of income due to the inability to work. The Critical Illness Rider provides a lump sum payment if you are diagnosed with a specified critical illness, such as cancer, heart attack, stroke, or kidney failure. This rider helps cover medical costs, get specialized treatment and maintain financial stability during critical illness.

Disability Income Rider

Disability can be devastating for anyone, and it can lead to loss of income and increased expenses due to medical treatment and rehabilitation. A Disability Income Rider provides a regular income source if you become disabled and cannot work. This rider ensures you can continue to meet your financial obligations and maintain your lifestyle, even if you cannot earn a regular income.

Waiver of Premium Rider

In the unfortunate event of disability or critical illness, the waiver of premium rider can be highly beneficial. This rider waives future premium payments if you become disabled or critically ill, allowing your life insurance coverage to continue without financial burden. This ensures that your policy remains active and your beneficiaries receive the intended benefits, even if you cannot pay the premium.

Income Benefit Rider

An income benefit rider provides a source of additional income to your family along with the death benefit. It pays regular income to your beneficiaries over a specified period, such as 10 or 20 years, after your demise. This rider helps your family manage their daily expenses, maintain their lifestyle and plan for the future without the burden of lump sum payments.

Family Income Benefit Rider

Family Income Benefit Rider is designed to provide regular income to your family in the case of your death. Instead of a lump sum payment, this rider pays a predetermined monthly or annual income for a specified period. This ensures that your family's financial needs are met long-term, helping them maintain their lifestyle and cover ongoing expenses.

Return of Premium Rider

The Return of Premium (ROP) rider returns the premium paid during the policy term if you survive the policy term. This rider offers a unique feature where you can get back the total premium paid, excluding any additional fees or charges. ROP rider can be an attractive option for those who want life insurance coverage but also want a refund of the premium at the end of the policy term.

Child Term Rider

Child Term Rider provides life insurance coverage for your children. It provides sum assured in the case of the death of the child, thereby ensuring that parents get financial support to handle the emotional and financial effects of such a devastating loss. This rider can be added to your life insurance policy, providing comprehensive coverage for the entire family.

Long-Term Care Rider

The Long-Term Care Rider is an add-on rider that protects long-term care expenses, including home health care, nursing home care and assisted living. This rider is beneficial for individuals who foresee a potential need for long-term care services in the future.

Benefits of Life Insurance Riders

Life insurance riders offer several benefits to policyholders, providing added protection and flexibility to their life insurance coverage. Here are some key benefits of life insurance add-on riders:

Enhanced Coverage: Add-on riders allow policyholders to customize their life insurance policies to meet their specific needs. Individuals can enhance basic coverage by adding riders, providing additional financial protection for various circumstances.
Tailored Protection: Each add-on rider is designed to address specific risks or situations. By selecting the appropriate riders, policyholders can ensure that their life insurance coverage aligns with their unique requirements. This tailored protection can provide peace of mind and financial security.
Tax Benefits: You can get additional tax benefits by adding optional riders to your life insurance policy. You can get tax benefits on premiums paid for life insurance riders under section 80C of the Income Tax Act.
Cost-Effective: Life Insurance Add-on riders are a cost-effective way to enhance your basic life insurance coverage by paying some extra premium amount.

Conclusion

Life insurance add-on riders provide the opportunity to enhance the benefits of your base policy and customize your coverage to meet specific needs. Whether protecting against accidents, critical illnesses or disabilities or providing additional income, these riders can provide valuable financial support during challenging times. By carefully considering your needs, you can create a comprehensive life insurance plan that provides you and your loved ones with the desired level of protection and peace of mind.

Life Insurance Add-on Riders FAQs

What are life insurance riders?

Ans. Life insurance riders are optional to your base life insurance policy and provide additional benefits and protection for a small extra premium. Think of these as enhancing your existing coverage to meet specific needs.

Why should I consider adding add-on riders to my life insurance policy?

Ans. Add-on riders can customize your life policy to fit your unique needs and provide vital protection against unforeseen events. They can cover critical illnesses, accidental death, income loss, and more, offering peace of mind for you and your loved ones.

Do I have to pay an additional premium for life insurance add-on riders?

Ans. Add-on riders usually require additional premium payment on the base life insurance policy. The cost of the rider depends on the type of rider, the coverage amount and the age and health of the insured.

What are some common types of life insurance add-on riders?

Ans. Common types of life insurance add-on riders include:

Accidental death benefit riders
Critical illness riders
Disability income riders
Waiver of premium riders
Term conversion riders
Accelerated death benefits riders
Return of premium riders
Family income benefit riders
Child term riders

Can I customize my life insurance coverage with multiple add-on riders?

Ans. Yes, you can customize your life insurance coverage by selecting multiple add-on riders that suit your needs.

Can I add or remove add-on riders from my life insurance policy after purchase?

Ans. Yes, you can add or remove add-on riders after purchasing a life insurance policy, depending on the specific terms and conditions of the insurance provider. Some insurance companies may allow you to add or remove riders during the policy term, while others may have restrictions or require additional underwriting.

Tips For Driving Through Floods

Floods are one of the major problems faced by everyone. Doesn’t matter where you are living, whether in flood prone area or in a parched state, but you must be prepared and careful while driving through floods. Driving through floods is not so easy. Also, few people cannot handle the stress of driving, where there are big chances of drowning in the water. One should avoid driving through floods but in case it is necessary, or you are stuck in floods, you should know the tips for driving through floods.

Below are the tips for driving through floods which everyone should keep in mind before going out during rains or floods:

Don’t Start Engine If Drowned in Water

This has been noticed in the past that people are in a habit of starting their vehicle’s engine again and again, even if the engine is totally drowned in the water which is a wrong practice. One should not restart the engine immediately. Water into the engine could seriously damage the engine. The repair cost for all such damages is very expensive and in case if you have not secured your engine by taking engine protection cover along with your vehicle insurance policy, you have to bear the damage loss from your own pocket. In case if water has entered into the engine, it’s better to switch off the car and push the car out of the water to avoid any further damage, instead of trying to re-start the engine. Alternatively, if you have any knowledge about the engines and carrying appropriate tools along with you, just remove the spark plugs or injectors and turn off the engine to expel extra water from the cylinders, before you start the engine.

Keep Moving

During heavy rains there are chances of water lodging or even floods, so in case flooding situation has arisen, try not to stop in water and keep moving while taking care of your driving. It is advisable that to keep the momentum on, try to not accelerate rapidly or don’t brake too hard. As if your car stuck in the standing water, there are chances of water to enter into the vital parts of your car that could be problematic. Also, while driving in water, make sure that you are using a lower gear like first or second gear depending on the speed of your car.

Pump Brakes

Once you’ve successfully crossed the water during floods, don’t forget to pump the brakes of your as this will help to push out extra water that may have accumulated in your car. Water in the brakes will automatically hinder the proper usage of brakes. This action is highly recommended as this issue is prevalent on cars with drum brakes.

Now you know the main tips for driving through floods. So, keep these tips in mind while driving through floods and stay safe.

Documents Required for Term Insurance

Securing a term insurance policy to protect your loved ones in case of unexpected events is an important step towards financial stability. Term insurance is a popular and cost-effective life insurance option that provides financial protection to your family. When applying for term insurance, it is essential to be ready with the required documents to ensure a smooth application process. Don't worry, this article will shed light on the documents required for term insurance so that you can confidently begin your journey towards a secure future.

Personal Identification Documents

The initial step in applying for term insurance is providing personal identification documents. These documents establish your identity and help the insurance company verify your background. The following documents are commonly required:

Identity Proof:

Passport,
Driver's license,
Aadhaar card (in India)

Address Proof:

Utility bills,
Bank statements,
Rental agreements,
Voter ID cards

Age and Date of Birth Verification

Age plays a crucial role in determining the premium amount for term insurance. To establish your age and date of birth, you will need to provide the following documents:

Birth Certificate
Passport

Income and Employment Proof

Term insurance coverage is based on an individual's income and earning capacity. Providing proof of income and employment helps the insurance company assess your financial eligibility. The following documents may be required:

Income Proof

Salary slips
bank statements
Form 16
Audited financial statements
Income tax returns
Profit and loss statements

Employment Proof

Employment verification letters
Appointment letters
Employee ID cards
Business registration certificates or licenses

Medical History and Health Documents

As term insurance involves assessing the applicant's health risk, medical history and health-related documents are crucial. The following documents are typically required:

Medical Examination Reports
Medical Records
Family Medical History
Lifestyle Habits

Documents Required to Buy a Term Insurance

Below are the documents required to buy a term insurance plan:

Identity proof	Aadhaar Card
	Passport
	PAN Card
	Voter ID Card
	Form 60
Address proof	Electricity and Water bills for the last 2 months
	Pension Payment Orders for Retirees
	Property Tax Receipt
	Municipal Tax Receipt
	Accommodation letter from the state or central government, PSU, or any financial institution
Medical Proof	Past and recent medical records
Income Proof	Salaried Employees	- Last 3 months' salary slips - Form 16 - Income Tax Return (ITR) for 2 years
	Self-Employed Individuals	- Income Tax return (ITR) for 2 years - Audited balance sheet - Profit & loss account of 2 years - Form 26 AS

Documents Required for Term Insurance Claim Process

The nominees for the policy will require the following documents during the term insurance claim process:

Death Reason	Documents Required
The death happened due to a medical condition	Duly filled claim form
	Original policy document
	Death certificate of the policyholder
	Nominee’s ID proof
	Medical records
	Doctor or physician statement
In case of accidental death claims	Original copy of Police Inquest Report
	Original copy of FIR
	Other required documents for the term insurance claim process include ID Proof, Original death certificate, cancelled cheque, etc.

Importance of Documents While Buying Term Insurance

When purchasing term insurance, the importance of providing accurate and relevant documents cannot be underestimated. These documents prove the beneficiary's identity, financial capacity, health status and information. Below, we have mentioned some of the points that will show you the importance of documents while buying term insurance:

Establishing Identity and Background Verification

A primary reason for submitting documents when purchasing term insurance is to establish identity and conduct background verification. Insurance companies must verify the authenticity of an applicant's identity to prevent fraud and ensure that the policyholder is eligible for coverage. Plus, it also builds trust with the insurance provider.

Financial Eligibility Assessment

Documents related to income and employment play an important role in determining the financial eligibility of individuals seeking term insurance. These documents give insurers information about the applicant's financial stability and ability to pay premiums. Insurance companies can evaluate an applicant's income level, stability, and ability to meet policy obligations.

Assessing Health Risk and Premium Determination

Documents related to medical history, medical test reports and lifestyle habits are necessary to assess the health risk of the applicant and determine appropriate premium rates. Insurance companies analyze these documents to evaluate pre-existing medical conditions and lifestyle factors that may affect mortality.

Beneficiary Designation and Policy Payout

The documents are important in designating beneficiaries and ensuring a smooth policy payout process. By providing accurate and updated beneficiary information, applicants ensure that policy benefits are directed to the intended recipients in the event of their death. This prevents delays, disputes and confusion during the claim settlement process.

Legal Compliance and Regulatory Requirements

Insurance is regulated, and insurance companies must follow legal and regulatory requirements. Insurers ensure compliance with these rules by collecting and verifying the necessary documents. This helps prevent fraudulent activities, maintain transparency and protect the interests of policyholders and insurance companies.

How to Buy a Term Insurance Plan

You can buy a term insurance plan from the insurance company’s official website and “RenewBuy.com”. Below are both the buying processes of term insurance plans:

Buy from the official website of the insurance company

Visit the insurance company’s official website and click on the “Term Insurance” tab.
Select the desired plan.
Fill in all the required information, such as name, mobile number, annual income, occupation, etc.
Click on the “Buy Now” button.
Make payment.
The insurance company will send the policy documents to your email address.

Buy from “RenewBuy.com”

Visit the official website of RenewBuy.
Click on the “Life Insurance” tab.
Fill out the form that shows on the next page.
Compare term insurance plans and select your desired plan.
Click on the “Buy Now” button
A pop-up will show you the plan details and the additional rider information.
Click on the “Proceed to Buy” button.
Make an online payment, and the policy documents will be sent to your registered email address.

Conclusion

Applying for term insurance requires submitting the necessary documents supporting your application. These documents tell your identity, age, income, health condition and beneficiary details. Preparing the required documents simplifies the application process, ensuring a seamless experience. Before applying for term insurance, you should check with the specific insurance company about their document requirements, as they may vary slightly.

Documents Required for Term Insurance FAQs

Do the required documents differ for different term insurance companies?

Ans. Yes, specific document requirements may vary slightly between companies. Always refer to your chosen insurer's website or ask their representative for an accurate list.

How many copies of each document should I submit?

Ans. Usually, one photocopy of each document is sufficient. However, checking with your insurer for their specific needs is best.

Can I submit my documents online?

Ans. Several insurance companies now offer online application platforms where you can upload your documents electronically. This is a convenient and fast option, so check if your chosen insurer provides it.

What happens if I miss a document or it's not in the required format?

Ans. Inform your insurance agent immediately. Depending on the missing document, they might allow you to submit it later or suggest alternatives. Missing crucial documents, however, may delay your application processing.

Are there any alternative options for proof of identity if I don't have a PAN Card or Aadhaar Card?

Ans. Yes, you can use your Voter ID, passport, or driver's license as alternative identity proof.

What if I don't have recent utility bills for proof of address?

Ans. Bank statements, rental agreements, or even your passport with your current address can be accepted as proof of address.

Do I need salary slips as income proof even if I'm self-employed?

Ans. If you're self-employed, you should submit business documents, income tax returns, or bank statements showcasing your income flow.

What medical tests might be required?

Ans. The type of medical tests needed depends on your age, health history, and chosen policy amount. Common tests include blood tests, urine tests, and chest X-rays.

Maturity Benefits in Life Insurance

Life insurance provides financial security and peace of mind to individuals and their families. While most people are familiar with the death benefit component of life insurance, fewer are aware of the potential benefits that can be realized during their lifetime. Maturity benefits in life insurance policies provide a unique opportunity to reap the benefits of long-term financial planning. This article will shed light on the concept of maturity benefits, explore how they work, and highlight their importance in securing a prosperous future.

What are the Maturity Benefits in Life Insurance?

Maturity or survival benefit is the return provided to the policyholder if he survives the policy term. Unlike traditional life insurance, where payments are made to beneficiaries upon the insured's death, maturity benefits ensure that the policyholder himself can enjoy the financial benefits.

Maturity benefits are usually associated with endowment plans, money-back policies and some types of whole-life insurance. These policies combine life insurance coverage with a savings or investment component, allowing policyholders to build a corpus over time. On maturity of the policy, the accumulated funds and any applicable bonuses or returns are paid to the policyholder.

Types of Life Insurance Plans that Offer Maturity Benefits

Several types of life insurance plans offer maturity benefits. These plans combine life insurance coverage with a savings or investment component, allowing policyholders to build a corpus over time. Here are some common types of life insurance plans that provide maturity benefits:

Term Insurance Return of Premium (TROP): Term return of premium or TROP is a type of term insurance plan that returns your premiums as maturity benefits if the policyholder survives the policy tenure.
Money Back Policies: Money-back policies are life insurance plans that provide periodic payouts during the policy term, in addition to the maturity benefit. Under a money-back policy, a percentage of the sum assured is paid out at regular intervals as survival benefits.
Saving Plans: A saving plan is a type of life insurance plan that helps you grow your retirement amount by providing you with maturity benefits. You can use this maturity benefit to maintain your lifestyle after retirement.
Unit-Linked Investment Plans: Unit-linked insurance plans are a type of life insurance policy that combines insurance coverage with investment options. ULIPs offer maturity benefits based on the performance of the underlying investments chosen by the policyholder. The value of the investment fund determines the maturity benefit at the end of the policy term.

Benefits of Maturity Benefits in Life Insurance

Maturity benefits in life insurance policies offer several key advantages to policyholders. Let's explore some of the significant benefits:

Financial Security: Maturity benefits provide a lump sum payout, which can serve as a financial safety net or be utilized to meet various life goals such as funding higher education, buying a home, or starting a business.
Goal-Based Savings: Life insurance policies with maturity benefits enable individuals to save systematically towards specific financial objectives. These policies instil financial discipline and help policyholders accumulate funds over the policy term.
Tax Benefits: Maturity benefits from life insurance policies often come with tax advantages. In many countries, the maturity amount received is tax-exempt under specified conditions, ensuring that policyholders can maximize their returns.
Bonus Additions: Depending on the policy, the insurer may declare annual bonuses or terminal bonuses, which are added to the maturity amount. These bonuses enhance the policy's overall value and boost the final payout.
Flexibility in Payout Options: Policyholders may have the flexibility to choose how they receive the maturity benefits. They can either opt for a lump sum payment or select periodic instalments to provide a steady income stream during retirement.

Factors Influencing Maturity Benefits

Several factors influence the maturity benefits in life insurance policies. Policyholders must understand these factors to make informed decisions and maximize the potential returns. Here are some key factors that can affect maturity benefits:

Policy Term: The duration of the policy plays a crucial role in determining the maturity benefits. Longer policy terms often result in higher payouts due to the compounding effect of savings and investment returns.
Premium Amount: The premium paid towards the policy influences the maturity benefits. Higher premiums contribute to the policy's cash value growth, thereby increasing the eventual payout.
Bonus Rates: The bonus rates declared by the insurance company can impact the maturity benefits significantly. Higher bonus rates translate into greater returns and a larger maturity amount.
Investment Performance: In some life insurance policies, the savings component is invested in various instruments such as bonds, equities or government securities. The performance of these investments directly affects the maturity benefit. Positive investment performance can lead to higher returns, while negative performance can lead to lower payouts.
Surrender Charges: If the policyholder decides to surrender the policy before maturity, surrender charges may be applicable. These charges reduce the maturity benefits received by the policyholder.

How Do You Avail Maturity Benefits In Life Insurance?

You can avail of maturity benefits if you have duly paid all the premiums. So, below, we have mentioned the process of getting maturity benefits in life insurance:

The insurance company will send you a policy release form around one month before the policy maturity date.
You have to fill out the form with the signatures of 2 witnesses.
Then, you need to submit the form along with the required documents.
Finally, the insurance company verify the form and documents and transfer the maturity amount to your bank.

Conclusion

Maturity benefits in life insurance policies offer a unique opportunity for policyholders to reap the rewards of their long-term financial planning. They provide financial security, goal-based savings, and tax advantages. The flexibility in payout options allows policyholders to tailor the benefits to their specific needs. However, it is essential to carefully evaluate and understand the terms and conditions of the policy before purchasing to ensure it aligns with your financial goals and expectations.

To make the most of the maturity benefits, starting early and choosing a policy with a suitable term and coverage is recommended. Regularly reviewing the policy's performance and staying updated with any changes or additions made by the insurer is also crucial. Consulting with a qualified financial advisor can provide valuable insights and guidance in selecting the right life insurance policy with maturity benefits.

Maturity Benefits in Life Insurance FAQs

What are maturity benefits?

Ans. Maturity benefits are a lump sum or series of payments you receive if you outlive the term of your life insurance policy. This amount typically includes the total premiums you paid plus any bonuses or accrued interest, depending on the policy type.

Do all life insurance policies offer maturity benefits?

Ans. No, not all do. Term life insurance, for example, purely provides death benefits and has no maturity value. However, most whole life, endowment, and unit-linked insurance (ULIPs) offer maturity benefits.

When do I receive the maturity benefit?

Ans. You receive the benefit when the policy reaches its maturity date, which is the end of the specified term.

How can I use the maturity benefit?

Ans. You can use the maturity benefit money for various purposes, such as:

Retirement income: Supplement your retirement savings.
Education expenses: Fund your children's or your own education.
Debt repayment: Pay off existing debts like mortgages.
Major purchases: Invest in a dream home, car, or other large expenses.
Emergency fund: Build a financial buffer for unexpected events.

Are there tax implications on maturity benefits?

Ans. Tax treatment of maturity benefits can vary depending on the type of policy and location. It's best to consult with a tax advisor for specific guidance.

Eligibility for Life Insurance

Life insurance is a crucial financial tool that provides protection and financial security to individuals and their families. However, applicants must meet certain eligibility criteria set by insurance companies to obtain a life insurance plan. These criteria are designed to assess the risk associated with insuring an individual and determine the premium rates. In this comprehensive guide, we will explore the eligibility requirements for life insurance, helping you understand the factors that insurers consider when evaluating applicants.

What is Life Insurance?

Life insurance is a contract between the policyholder and the life insurance company. In exchange for regular premium payments, the life insurance company offers a lump sum payment as a death benefit to the named beneficiaries on the death of the assured person, or if the assured survives the policy term, he will receive a lump sum as a maturity benefit. Life insurance is designed to provide financial protection and support to the policyholder's loved ones in case of their death.

Age Requirements for Life Insurance

Age is an essential factor in determining eligibility for life insurance. Life insurance companies usually set minimum and maximum age limits for applicants. Specific age requirements may vary between insurers, but the following age ranges are commonly seen:

Minimum Age Requirement: The minimum age for life insurance usually ranges from 18 to 21 years.
Maximum Age Requirement: The maximum age for life insurance varies depending on the insurer and the type of policy. It typically ranges from 75 to 85 years. Applicants beyond the maximum age limit may have limited policy options or face higher premiums.

Health and Medical Conditions for Life Insurance

Health plays an important role in determining life insurance eligibility. Insurers assess an applicant's health and medical history to evaluate the risk of providing coverage. The following factors are considered:

Medical Underwriting: Applicants may be required to undergo a medical underwriting process, which involves answering detailed health-related questions and providing medical records.
Pre-existing Medical Conditions: Life insurance companies consider pre-existing medical conditions, such as heart disease, diabetes, cancer, or any chronic illness. These conditions' severity, stability, and treatment influence eligibility and premium rates.
Medical Examinations: In some cases, insurers may require applicants to undergo medical examinations, including blood tests, urine tests, and physical measurements. The results help insurers assess a person's overall health and identify any underlying health risks.
Smoking and Tobacco Use: Smoking and tobacco use have a significant impact on life insurance eligibility. Smokers generally face higher premiums due to the associated health risks. Some insurers may offer preferred rates for non-smokers.

Lifestyle Factors for Life Insurance

Apart from health, certain lifestyle factors are also considered when determining eligibility for life insurance. These factors help insurers assess the overall risk profile of the applicant. The following lifestyle factors are commonly assessed:

Occupation: Certain high-risk occupations, such as mining, aviation, or deep-sea diving, may affect eligibility and premium rates. Hazardous or physically demanding jobs may be subject to additional scrutiny.
Hobbies and Activities: Engaging in risky hobbies or activities, such as extreme sports, skydiving, or mountaineering, can impact life insurance eligibility. Insurers assess the level of risk involved in these activities and may adjust premiums accordingly.
Foreign Travel: Regular travel to high-risk or politically unstable countries may affect eligibility. Insurers consider the frequency and duration of foreign travel when assessing an applicant's risk profile.

Financial Considerations for Life Insurance

While health and lifestyle factors are important, financial considerations also play a role in determining life insurance eligibility. Insurers evaluate the financial stability of the applicant to ensure that they can pay the premiums. The following factors are usually considered:

Income: Insurers may require applicants to provide proof of income to determine their ability to pay the premiums. This could include salary slips, income tax returns, or bank statements.
Debt and Financial Obligations: Existing debts, such as mortgages, loans, or credit card debt, may be considered when evaluating eligibility. Insurers assess the applicant's debt-to-income ratio to ensure the policy's affordability.
Coverage Amount: The desired coverage amount may influence eligibility. Insurers may have a maximum coverage limit based on an applicant's income or financial situation.

Family History for Life Insurance

Family medical history can also affect life insurance eligibility. Insurers may inquire about the health conditions and longevity of the applicant's immediate family members, such as parents or siblings. Certain genetic conditions or a family history of early illnesses may increase the risk of coverage.

Conclusion

Various factors determine eligibility for life insurance, including age, health, lifestyle, financial considerations and family medical history. Insurance companies evaluate these factors to assess the risk associated with insuring an individual and set appropriate premium rates.

It is important to note that eligibility criteria may vary between insurers, and it is advisable to consult our RenewBuy’s POSP Advisors to understand the specific requirements and available options. By understanding the eligibility requirements for life insurance, individuals can make informed decisions when seeking financial protection for themselves and their loved ones.

Eligibility for Life Insurance FAQs

Who is eligible for life insurance?

Ans. Eligibility for life insurance varies among insurance companies and policy types. Generally, individuals who are adults (usually 18 years or older) and meet the insurer's age requirements can apply for life insurance. However, eligibility also depends on factors such as health, lifestyle, occupation, and financial stability.

Can people with pre-existing medical conditions get life insurance?

Ans. Yes, individuals with pre-existing medical conditions can often obtain life insurance. However, the eligibility and premium rates may be influenced by the severity and stability of the condition, treatment history, and overall health. Some conditions may result in higher premiums or exclusions for specific health-related events.

Are smokers eligible for life insurance?

Ans. Yes, smokers are generally eligible for life insurance. However, smoking is considered a risk factor that can increase premiums due to the associated health risks. Insurers often classify applicants as smokers or non-smokers, and smokers typically pay higher premiums compared to non-smokers.

Can seniors or elderly individuals get life insurance?

Ans. Yes, seniors or elderly individuals can typically obtain life insurance. However, eligibility and policy options may vary based on the insurer and the applicant's age. Some insurers may have maximum age limits for certain policies, and older applicants may face higher premiums due to increased mortality risk.

Do I need a medical examination to qualify for life insurance?

Ans. Not all life insurance policies require a medical examination. Some policies, such as simplified issue or guaranteed issue policies, may have minimal or no medical underwriting and rely on health-related questions instead. However, for traditional policies or higher coverage amounts, insurers may require a medical examination to assess an applicant's overall health and identify any underlying health risks.

Does my financial situation affect my eligibility for life insurance?

Ans. Yes, your financial situation can impact life insurance eligibility. Insurers may consider factors such as income, debts, and financial obligations to assess your ability to pay the premiums. Your desired coverage amount may also be influenced by your financial situation.

Documents Required for Life Insurance

Life insurance provides financial protection to individuals and their loved ones. However, certain documents are usually required to complete the application process to buy a life insurance policy. These documents help insurers assess an applicant's eligibility, determine coverage amounts, and set premium rates. This article will provide a comprehensive guide on the required documents for life insurance, helping you understand what to gather and prepare when applying for a life insurance policy.

Personal Identification Documents

When applying for life insurance, you must provide personal identification documents to verify your identity and establish your eligibility. These documents may include:

Proof of Identity

Valid passport
Government-issued identity card

Proof of Age

Birth certificate
Passport
School leaving certificate
Driving license

Proof of Residence

Utility bills (electricity, water, gas)
Bank statements
Rental agreement or property ownership documents

Financial and Income Documents

Life insurance companies evaluate your financial status and income to determine the appropriate coverage amount and premium rates. The following documents are usually required to assess your financial standing:

Income Proof

Salary slips or payslips (for salaried individuals)
Income tax returns (ITR) or Form 16
Business financial statements (for business owners)
Audited financial statements (for high coverage amounts)

Bank Statements

Recent bank statements showing regular income deposits
Statements from investment accounts or fixed deposits
Proof of other assets, such as real estate or securities

Employment Verification

Employment letter or offer letter
Employment contract
Proof of business ownership (for self-employed individuals)

Medical History and Health Documents

Medical examination reports (if required by the insurer)
Pre-existing health condition disclosure forms
Prescription history
Hospitalization records (if applicable)

Beneficiary Designation and Legal Documents

Life insurance policies allow policyholders to designate beneficiaries who will receive the proceeds upon the policyholder's death. The following documents may be required for beneficiary designation and legal purposes:

Beneficiary Information

Full name, date of birth, and contact details of the beneficiaries
Relationship proof (if non-family members are designated)

Power of Attorney

Power of Attorney documents (if applicable)
Designation of a person authorized to act on your behalf

Lifestyle and Habits

Certain aspects of your lifestyle and habits may affect your life insurance application. Insurers often request information and supporting documents related to:

Smoking and Tobacco Use

Smoking declaration form
Nicotine or cotinine tests
Proof of smoking cessation (if applicable)

Alcohol and Substance Use

Alcohol consumption declaration
Substance abuse history disclosure

Hazardous Activities

Declaration of participation in dangerous hobbies or occupations
Documentation related to extreme sports, aviation, etc.

Documents Required for Life Insurance

Below mentioned is the list of documents that are required to apply for a life insurance policy:

Duly filled Proposal Form
Photograph of the Assured Person (Adhaar Card, Voter ID Card, Passport, etc.)
Age Proof of the Assured Person
Photo Identity Proof of the Assured Person
Address Proof of the Assured Person
Medical Examination Report of the Assured Person
Income Proof of the Assured Person
PAN Card of the Assured Person

Documents Required for Life Insurance Maturity Claims

You will have to submit the following documents for life insurance maturity claims:

Original Policy Document
Duly filled Policy Discharge Form
Bank Account Details
Photo ID Proof of the policyholder

Documents Required for Life Insurance Death Claims

Below is the list of documents that are required for life insurance death claims:

Duly Filled Claim Form
Original Policy Documents
Photo ID Proof of Nominee
Death Certificate issued by local authority
Bank Account Details of Nominee
Medical Records
Attending Physician’s Statement
Treating Doctor’s Statement

Documents Needed for Life Insurance Rider Claims

You should have to submit the following documents for a life insurance rider claim:

Original/Copy of FIR
Doctor’s Report
Original/Copy of Postmortem Report
Original/Copy of Police Inquest Report
Other Documents (if required)

How to Buy a Life Insurance Plan

You can buy a life insurance plan from the official website of the life insurance company and “RenewBuy.com”. Below, we have explained both the buying processes of life insurance plans:

Buy from the official website of the insurance company

Visit the insurance company’s official website and click on the “Life Insurance” tab.
Select the desired plan.
Fill in all the required information, such as name, mobile number, annual income, occupation, etc.
Click on the “Buy Now” button.
Make payment.
The insurance company will send the policy documents to your email address.

Buy from “RenewBuy.com”

Visit the official website of RenewBuy.
Click on the “Insurance” tab.
Then, click on the “Life Insurance” button.
Fill out the form that shows on the next page.
Compare Life insurance plans and select your desired plan.
Click on the “Buy Now” button
A pop-up will show you the plan details and the additional rider information.
Click on the “Proceed to Buy” button.
Make an online payment, and the policy documents will be sent to your registered email address.

Conclusion

Several required documents need to be submitted to obtain a life insurance policy. These documents establish your identity, verify your financial status and provide important information to insurers. By being prepared in advance and gathering the necessary documents, you can streamline the application process and ensure a smooth approval process for your life insurance policy. Remember to consult RenewBuy's insurance advisor to understand the specific documentation requirements of your chosen life insurance company. With the right documentation, you can protect your loved ones with the financial protection provided by a life insurance policy.

Documents Required for Life Insurance FAQs

What documents are typically required when applying for life insurance?

Ans. The specific documents required may vary depending on the insurance company and the type of policy being applied for. However, common documents include proof of identity, proof of age, proof of residence, income proof, bank statements, medical history, and beneficiary information.

Why is proof of identity necessary for life insurance?

Ans. Proof of identity is required to verify the applicant's identity and prevent fraud. It ensures that the policy is being issued to the correct person and helps establish the applicant's eligibility for insurance coverage.

How do I provide proof of age for life insurance?

Ans. Proof of age can be provided through documents such as a birth certificate, passport, school leaving certificate, or driver's license. These documents help the insurer confirm the applicant's age and determine the appropriate policy terms.

Why is income proof required for life insurance?

Ans. Income proof is necessary for assessing the applicant's financial capacity to pay the premiums and determine the coverage amount. It helps insurance companies evaluate the risk of insuring the applicant and set appropriate premium rates.

What type of income proof is acceptable for life insurance?

Ans. Acceptable income proof may include salary slips or payslips for salaried individuals, income tax returns or Form 16 for self-employed individuals, and business financial statements for business owners. The specific requirements may vary among insurance companies.

Why do life insurance companies ask about smoking and alcohol habits?

Ans. Smoking and alcohol consumption can impact an individual's health and increase the risk of certain medical conditions. Insurers inquire about these habits to assess the applicant's health risks accurately and determine the appropriate premium rates for the policy.

What is beneficiary information, and why is it needed?

Ans. Beneficiary information refers to the details of the individuals who will receive the life insurance proceeds upon the policyholder's death. This information is required to designate the beneficiaries and ensure that the insurance proceeds are distributed as intended.

Now Pay 10,000 Rupees Fine for Not Letting the Ambulance Pass

Pay a 10, 000 rupees fine for not letting the Ambulance Pass

Just like many other countries in the world, obstructing the path of the ambulance on the road is a serious and punishable offense. An emergency vehicle which is running on the road and authorized to respond to an emergency. Ambulance, fire brigade, police PCR van, Rescue vans come under this category. These vehicles are equipped with a siren and flashing lights on the roof. They seem to ride on the road with high speed. They are intended to do so to respond to any emergency.

In our day to day commutation to our office, we witness a scene where an ambulance driver is struggling hard to go through the traffic and mess created by us. Negligence of Indian drivers on speeding ambulance is generally seen and found to be a major concern in our country. It is also found that even once the ambulance got freed from the mess and the congestion, motorists speed up and mercilessly try to make good use of the space created by the ambulance. This makes the situation even worse and tends the speeding vehicle chasing behind in trouble and leading to an accident. Sad, but true Indian’s have a mindset that the Ambulances take unnecessary advantage of the authority. So, the motorists chase the ambulance like anything.

The concern was already raised to the transport ministries for an action. If we compare Indian roads with roads abroad, it is found that the roads always have an extra space in between two lanes. Broader roads always help other vehicles to make some gaps when required. That’s why the ambulances abroad get ample space by other vehicles when required.

We need to understand the value of life and act sensitively in order to save someone’s life. It is important for us to take care of the following things:

Never park in front of a parked ambulance
Always move to the left and or side your vehicle or come to complete stop
At the signal, if an ambulance ask for way from behind, do the same, move front, move to left and stop
Do not tailgate an ambulance it’s a crime.
Do not panic with the siren and jam the road while stopping your motor in midways
Do not try to speed up or try to run it
Do not use the space as lead-blocker and speed behind the ambulance

Examining the emergency services in India, the laws governing them are split under separate heads. Moreover, the penalty for obstructing the movement is quite meager with no stringent penal consequences. Ambulances or other emergency vehicles are allowed to jump the red light traffic signal at intersections. As per Indian Law, SO439 (E,) dated 12th June 1989- Section 118 of the Motors Vehicles Act, 1988 (59 of 1988), says in point 10 that every driver shall on the approach of a fire service vehicle or of an ambulance allow it free passage by drawing to the side of the road. Penalty- Motorists obstructing the way of emergency vehicles will be fined Rs 2,000 apart from facing legal action, according to the Delhi Traffic Police. Also, the extreme right lane, on roads having three or more lanes, will be used by emergency vehicles while they are attending to a call.

According to recent news from an authentic source, not giving a path to life; (hindering the way of the ambulance) is violating the traffic rule and the guilty have to pay a penalty of 10, 000 INR. This rule is in accordance with the amended motor vehicle bill, which got a nod by Union Cabinet on June 24th, 2019. The bill also includes several other amendments like imposing fine on drink and drive has been increased from Rs. 2000 to 10000, speeding on the restricted area has moved beyond Rs. 500 to 5000, not wearing the seat belt have been increased from 100 to 1000.

Be a responsible citizen, follow the traffic rule and give way to the ambulance.

Note* Explore more articles and information on Responsible Driving.

Health Insurance Tax Benefit

Health insurance is necessary to protect your well-being and manage your medical expenses. Also, it offers financial protection and medical insurance tax benefits to help individuals and families pay premiums and health care expenses. The availability of medical insurance tax benefits can reduce the financial burden and encourage people to buy more health insurance plans. This comprehensive guide will explore medical insurance tax benefits, eligibility, and the impact of recent updates on tax law.

Health Treatment for Specific Disease

In India, individuals can avail of tax benefits for medical treatment expenses incurred on specific diseases through Section 80DDB of the Income Tax Act. Here are the details regarding tax benefits for medical treatment of specific diseases:

Section 80DDB Deduction: Under Section 80DDB, individuals can claim a deduction for medical expenses incurred on treating specified diseases for themselves, their dependents, or their parents. The deduction amount varies based on the individual's age and disease.
Specified Diseases and Deduction Limits: The specified diseases include conditions like cancer, neurological disorders, chronic kidney disease, etc. The deduction limits range from INR 40K to INR 1 Lakh, depending on the individual's age.

Tax Benefits Under Health Insurance For Senior Citizens

Tax benefits under health insurance for senior citizens in India are designed to provide financial relief and encourage the elderly to secure adequate healthcare coverage. Here are the key tax benefits available to senior citizens:

Additional Deduction for Senior Citizens: Senior citizens (60 years and above) can claim an additional deduction of up to INR 50K for health insurance premiums paid under Section 80D.
Deduction for Medical Treatment of Senior Citizens: Senior citizens who do not have health insurance plans can still claim a deduction of up to INR 50K for medical expenses incurred on themselves or their spouse under Section 80DDB.

Health Insurance Premium Tax Deduction

Individuals and Hindu Undivided Families (HUFs) in India can claim a tax deduction on health insurance premiums paid under Section 80D of the Income Tax Act. Here are the key details regarding the health insurance premium tax deduction:

Eligibility for Premium Tax Deduction: Under Section 80D of the Income Tax Act, individuals and Hindu Undivided Families (HUFs) are eligible to claim a deduction for health insurance premiums paid for themselves, their spouses, children, and parents.
Deduction Limits: The deduction limits under Section 80D vary based on the insured individual's age and coverage type. As of the 2024-25 financial year, the maximum deduction allowed is:

INR 25K for individuals and their families (NR 50K for senior citizens).
An additional INR 25K (INR 50K for senior citizens) for premiums paid for parents.

Preventive Health Check-up: Individuals can also claim a deduction of up to INR 5K for expenses incurred on preventive health check-ups for themselves, their spouse, children, and parents. This deduction is within the overall limit mentioned above.

Health Insurance Tax Deductions: In a Tabular form

Here's a tabular representation of the health insurance tax deductions available in India:

Tax Deductions	Individuals and HUFs	Individuals and HUFs (Senior Citizens)
Deduction under Section 80D for Health Insurance Premiums	Up to INR 25K per financial year	Up to INR 50K per financial year
Additional Deduction for Health Insurance Premiums for Parents	Up to INR 25K per financial year for parents below 60 years of age	Up to INR 50K per financial year for senior citizen parents
Deduction for Preventive Health Check-up Expenses	Up to INR 5K per financial year	Up to INR 5K per financial year

Conclusion

Medical insurance tax benefits in India provide a valuable opportunity for individuals and families to manage healthcare costs while securing comprehensive coverage effectively. Taxpayers can significantly reduce their tax liabilities by availing deductions for health insurance premiums, preventive health checkups and medical treatment expenses. Staying informed about recent updates in tax laws and maintaining proper documentation can ensure that individuals can make the most of health insurance tax benefits.

Health Insurance Tax Benefits FAQs

Who can claim health insurance tax benefits?

Ans. Individual taxpayers and Hindu Undivided Families (HUFs) can claim these benefits.

What is the maximum deduction limit for individuals under 60 years old?

Ans. You can claim up to INR 25K for premiums paid towards your own, your spouse's, and your dependent children's health insurance.

What is the maximum deduction limit for senior citizens (aged 60 and above)?

Ans. Senior citizens can enjoy a higher deduction limit of Rs. 50,000 for premiums paid towards their own, their spouses', and their dependent children's health insurance.

Can I claim additional deductions for my parents if I'm a senior citizen?

Ans. Absolutely! As a senior citizen, you can claim an additional deduction of INR 50K per parent if you insure them and they are also senior citizens (aged 60 and above).

Are there any deductions for preventive health check-ups?

Ans. Yes, you can claim up to INR 5K for expenses incurred on preventive health check-ups for yourself, your spouse, and your dependent children. This includes crucial tests like blood sugar, cholesterol, and blood pressure screenings.

Which type of health insurance plan should I choose to maximize my deductions?

Ans. Opt for comprehensive plans that cover hospitalization, outpatient expenses, diagnostic tests, and preventive care. This allows you to utilize the entire deduction limit effectively.

What documents do I need to keep for claiming deductions?

Ans. Maintain receipts and invoices for your health insurance premiums and preventive health check-up expenses. These are essential for filing your tax returns and claiming your deductions.

Does the type of health insurance policy affect my deductions?

Ans. Yes, certain types of policies, like critical illness or accident insurance, may not be eligible for tax deductions under Section 80D. Always choose a policy that falls under the scope of this section.

Accidental Death Benefit in Life Insurance

Life insurance is a crucial financial tool that provides financial security to individuals and their families. It offers financial protection against the uncertainties of life, ensuring that loved ones are taken care of in case of the policyholder's demise. While traditional life insurance policies provide coverage for death due to natural causes, many insurance providers also offer additional benefits to address accidental deaths. One such benefit is the Accidental Death Benefit (ADB) in life insurance. In this article, we will delve into the details of the Accidental Death Benefit, how it works, its importance, and the factors to consider when opting for this coverage.

What is Accidental Death Benefit (ADB) in Life Insurance?

Accidental Death Benefit (ADB) in Life insurance is an optional rider that can be included in a life insurance policy. It provides an additional payout or a separate sum assured to the nominee/beneficiary if the policyholder dies due to an accident. This benefit is over and above the base life insurance coverage and offers an extra layer of financial protection.

How does Accidental Death Benefit work?

Accidental Death Benefit pays a lump sum amount to the nominee/beneficiary in case of accidental death of the policyholder. In Accidental Death Benefit, accidents are covered under this rider, including road accidents, accidents related to fire, or any other event defined in the terms and conditions of the policy.

Accidental Death Benefit payout is an addition to the regular death benefit provided by the base life insurance policy. For example, if the sum assured in an Aadhaar life insurance policy is INR 50 lakh, and the accidental death benefit coverage is INR 10 lakh, the nominee/beneficiary will receive a total payout of Rs 60 lakh in the event of accidental death.

Eligibility Criteria for Accidental Death Benefit Rider in Life Insurance

Below are the eligibility criteria for accidental death benefit rider in life insurance:

Parameters	Eligibility
Minimum Entry Age	18 Years
Maximum Entry Age	65 years
Sum Assured	Minimum - Same as base policy’s sum assured Maximum - Depends on the life insurance plan
Premium Payment Term	Same as the policy tenure
Premium Paying Mode	Same as the policy mode
Coverage Period	Same as the base life policy term

Why Do You Need an Accidental Death Benefit?

Accidental Death Benefit (ADB) in Life Insurance provides additional financial protection to individuals and their families through life insurance policies. Let's explore the importance of Accidental Death Benefits in life insurance:

Enhanced Financial Protection: Accidents can occur unexpectedly and have devastating consequences. Accidental Death Benefit ensures that your loved ones get additional financial support to help them deal with the financial difficulties caused by your sudden demise due to an accident.
Coverage for Non-Natural Causes: Life insurance policies generally cover death due to natural causes such as illness or old age. However, accidents can happen at any age, and they are often the leading cause of death for young individuals. Accidental death benefit fills the gap by providing coverage specifically for accidental death, regardless of the age of the policyholder.
Affordability and Ease of Acquisition: Accidental Death Benefit rider is available at a meagre cost. Policyholders can add an accidental death benefit rider to an existing life insurance policy by paying some extra premium amount.
Easily Accessible: Generally, every life insurance company provides an accidental death benefit rider as optional coverage to the customers, which makes it accessible to individuals who want to enhance their life insurance coverage by paying some additional premium amount.

Factors to Consider when Opting for Accidental Death Benefit

Below are the factors to consider while adding an accidental death benefit to the life insurance policy:

Additional Cost: Adding an Accidental Death Benefit rider to your life insurance policy will add an additional premium. The cost of an ADB rider depends on various factors such as age, occupation, health condition and your chosen coverage. Evaluating the premium cost and determining whether the additional coverage justifies the expense is important.
Exclusions and Waiting Periods: Like any life insurance policy, accidental death benefit coverage also comes with certain exclusions and waiting periods. These exclusions may include deaths resulting from self-inflicted injuries, drug abuse, participation in dangerous activities, or acts of war.
Consider Your Lifestyle and Occupation: Your lifestyle and occupation can affect the relevance and importance of accidental death benefit riders. This rider may be more relevant if you have a high-risk occupation or engage in activities that increase the likelihood of accidents, such as extreme sports or frequent travel.
Evaluate Existing Coverage: Before adding an Accidental Death Benefit rider to your life insurance policy, evaluate your existing life insurance policies, including group life insurance provided by your employer. Some employers may offer accidental death coverage as part of their group life insurance, so assessing whether additional coverage is necessary is important.

Inclusions of Accidental Death Benefit Rider in Life Insurance

Accidental death benefit riders cover various types of accidental deaths, such as:

Traffic Accidents
Airplane Crashes
Fire-Related Accidents
Falls
Firearm Accidents

Exclusions Under Accidental Death Benefit Rider

Some of the key exclusions of the accidental death benefit rider include:

Self-inflicted Injuries
Suicide
Participation in civil commotion, riots, war or rebellion
Death/disability after 180 days of the accident
Drug overdose or alcohol abuse

Conclusion

Accidental death benefit in life insurance provides valuable add-on coverage that financially protects your loved ones in case of accidental death. It offers additional payments in addition to the base life insurance coverage, providing increased financial security during difficult times. When considering Accidental Death Benefit coverage, evaluating the cost, coverage limits, exclusions, waiting periods, and relevance of the coverage based on your lifestyle and occupation is important. By carefully assessing your needs and understanding the policy terms, you can make an informed decision about including accidental death benefits in your life insurance policy.

Accidental Death Benefit in Life Insurance FAQs

What is an Accidental Death Benefit (ADB) in life insurance?

Ans. Accidental Death Benefit, also known as Accidental Death and Dismemberment (AD&D) insurance, is an optional coverage that can be added to a life insurance policy. It provides an additional payout if the policyholder dies due to an accident.

How does Accidental Death Benefit work?

Ans. Suppose the policyholder's death is classified as an accident. In that case, the Accidental Death Benefit pays out a lump sum amount in addition to the regular death benefit provided by the base life insurance policy. The payout is made to the designated beneficiary or nominee.

What types of accidents are covered under the Accidental Death Benefit?

Ans. The specific types of accidents covered under Accidental Death Benefit can vary depending on the policy and insurance provider. Common covered accidents include car accidents, falls, drowning, fires, and other unexpected events outlined in the policy terms and conditions.

Can Accidental Death Benefit be added to any life insurance policy?

Ans. Accidental Death Benefits can usually be added to both term life insurance and permanent life insurance policies. However, the availability of this coverage may vary between insurance providers, so it's important to check with the specific insurer.

Are there any exclusions with Accidental Death Benefit coverage?

Ans. Some common accidental death benefit exclusions include self-inflicted injuries, suicide, participation in hazardous activities, war, or acts of terrorism.

Does Accidental Death Benefit require a medical examination?

Ans. In many cases, Accidental Death Benefit does not require a separate medical examination. However, the insurance provider may ask about the policyholder's health history during application.

Critical Illness Rider in Life Insurance

Life insurance is one of the most essential financial tools for individuals to protect their loved ones during their untimely demise. It provides a financial safety net, ensuring that beneficiaries are cared for when the policyholder cannot provide for them. While traditional life insurance policies primarily cover the death benefit, many insurance providers offer additional riders to enhance coverage. One such rider is the Critical Illness Rider, which provides financial protection in the event of a critical illness. In this article, we will explore the details of the Critical Illness Rider, how it works, its importance and the factors to consider when choosing this coverage.

What is the Critical Illness Rider in Life Insurance?

The Critical Illness Rider is an optional add-on rider that provides a lump sum payment if the insured is diagnosed with any critical illness. These illnesses generally include major health conditions like cancer, heart attack, stroke, kidney failure, organ transplant, or other critical illnesses as defined in the policy. This rider is designed to provide financial support to policyholders during a serious health crisis, helping them deal with medical expenses, rehabilitation costs, loss of income and other related financial burdens.

How does the Critical Illness Rider in Life Insurance work?

Critical Illness Rider provides a lump sum payment when a policyholder is diagnosed with a covered critical illness. The funds or amount can be used at the policyholder's choice to cover medical treatment, seek specialized health care, modify living arrangements, or meet any other financial needs arising from the illness.

Which Diseases Are Covered Under the Critical Illness Rider in Life Insurance?

Critical illness riders cover a broad list of critical diseases. But, this list of diseases can vary from insurer to insurer. Below is the list of critical diseases that are covered under critical illness rider in life insurance:

Heart attack
Cancer
Paralysis
Major organ transplant
Stroke
Kidney failure and many more

Eligibility Criteria for Critical Illness Rider in Life Insurance

Below are the eligibility criteria for critical illness rider in life insurance:

Parameter	Eligibility
Minimum Entry Age	18 Years
Maximum Entry Age	65 Years
Sum Assured	Depends on the amount the policyholder chooses
Waiting Period	90 days
Survival Period	30 days
Coverage Period	Same as the policy term
Premium Payment Term	Regular pay or limited pay
Premium Payment Mode	Same as that of the base policy

Importance of the Critical Illness Rider in Life Insurance

The importance of Critical Illness Rider in life insurance is significant because it provides an additional layer of financial protection during times of severe illness. Here are some key reasons why the Critical Illness Rider is important:

Financial Protection: Critical illnesses can be economically devastating. They often require expensive medical treatments, surgeries, medications, and special care. The Critical Illness Rider ensures that policyholders can access the funds needed to cover these costs, reducing the financial burden on them and their families.
Flexibility to Address Unique Needs: The lump sum payment from the Critical Illness Rider provides flexibility to the policyholder. They can use this amount as per their circumstances and needs. This may include paying medical expenses, getting a second opinion, exploring alternative treatments, or making lifestyle adjustments during recovery.
Access to Quality Healthcare: Critical illnesses generally require special medical treatment and care. The amount from the Critical Illness Rider can help policyholders afford the best available healthcare options, including getting second opinions from renowned specialists or advanced treatments that may not be covered by regular health insurance.
Coverage for Unforeseen Medical Conditions: Critical Illness Rider provides coverage for a wide range of specific illnesses such as cancer, heart attack, stroke and organ failure. It provides protection against potentially devastating medical conditions that can have long-lasting physical, emotional and financial consequences.

Factors to Consider when Opting for the Critical Illness Rider

There are several important factors to consider when considering the Critical Illness Rider in life insurance. These factors will help you determine if the rider suits your needs and ensure that you make an informed decision. Here are the key factors to consider:

Coverage: Each critical illness rider may have its own set of covered illnesses. It is essential to carefully review the policy terms to understand the specific critical illnesses covered and any exclusions or waiting periods associated with the rider.
Cost and Premiums: Critical Illness Rider comes at an additional cost to the base life insurance premium. The premium amount for this rider depends on various factors such as the age of the insured, health history, sum assured and coverage period. It is important to assess the affordability of the premiums and ensure that they fit within your budget.
Standalone or Rider: Critical Illness Rider can be purchased as a standalone policy or as a rider to an existing life insurance policy. If you already have a life insurance policy, it may be more cost-effective to add a rider rather than purchasing a separate policy. Evaluating the options and consulting with an insurance professional can help determine the most appropriate option for your specific situation.
Limitations and Exclusions: Like any life insurance plan, the Critical Illness Rider may have certain limitations, exclusions, waiting periods or pre-existing condition clauses. It is important to understand these factors to ensure that the coverage meets your expectations and is tailored to your health condition.

Conclusion

Critical Illness Rider in life insurance provides an invaluable layer of financial protection during serious illness. It offers policyholders a lump sum payment on diagnosis of a covered critical illness, allowing them to address medical expenses, seek specialized care and reduce the financial burden of the illness.

Adding a critical illness rider to a life insurance policy allows individuals to protect their financial health, preserve their life insurance benefits, and provide financial protection to themselves and their loved ones. When considering this rider, it is important to carefully review the coverage, payment structure, premiums and any limitations or exclusions to ensure they fit your needs and circumstances.

Critical Illness Rider in Life Insurance FAQs

What is a Critical Illness Rider?

Ans. A CI Rider is an optional add-on to your life insurance policy that pays out a lump sum benefit if you are diagnosed with a covered critical illness. This can help you manage medical expenses, loss of income, and other living costs while battling the illness.

What critical illnesses are typically covered?

Ans. Coverage varies by policy and rider, but common critical illnesses include:

Heart attack
Stroke
Cancer
Kidney failure
Liver failure
Major organ transplant
Paralysis
Multiple sclerosis
Blindness

How much does a CI Rider cost?

Ans. The premium for a CI Rider depends on several factors, including your age, health, the chosen sum assured, and the specific illnesses covered. Generally, younger and healthier individuals pay less.

Does a CI Rider affect my life insurance death benefit?

Ans. No, the CI Rider is separate from your life insurance death benefit. If you are diagnosed with a covered critical illness, you will receive the CI Rider benefit in addition to any death benefit payable to your beneficiaries upon your death.

What happens if I recover from a critical illness?

Ans. Many riders allow you to keep the CI Rider benefit even if you recover from the covered illness. However, some have conditions like surviving a certain period after diagnosis.

Is a CI Rider always worth it?

Ans. It depends on your individual circumstances and needs. Consider factors like:

Your overall health
Your financial situation
Your family history

What should I ask my life insurance provider about a CI Rider?

Below mentioned are the things that you need to ask to your life insurance provider:

The exact critical illnesses covered
The amount of the benefit payout
Any waiting periods or exclusions
The impact on your overall life insurance premium
Whether the rider benefit affects your future insurability

Cash Value in Life Insurance

Life insurance serves as an important financial tool for protection and planning. In addition to the death benefit it provides, some types of life insurance policies also accumulate cash value over time. This cash value component adds a unique dimension to life insurance and offers a variety of benefits to policyholders. In this comprehensive guide, we'll look in-depth at cash value in life insurance, explore its characteristics, discuss its potential uses, and highlight factors to consider when taking advantage of this valuable asset.

What is the Cash Value in Life Insurance?

Cash value is a feature of life insurance policies. It represents the portion of the policy's value that the policyholder can access during their lifetime. Unlike term life insurance, which provides coverage for a specific period, permanent life insurance provides lifetime protection and cash value accumulation.

How is Cash Value Accumulates?

Cash value accumulation occurs through a combination of premium payments made by the policyholder and the investment performance of the underlying assets of the policy. A portion of the premium is allocated to the cash value, which grows over time. The life insurance company invests these funds to generate returns, usually in bonds, stocks or other financial instruments. Cash value growth is typically tax-deferred, meaning policyholders are not taxed on the growth unless they withdraw or borrow money against it.

Benefits of Cash Value in Life Insurance

Cash value in life insurance offers several benefits to policyholders. Here are some key benefits:

Tax Benefits: One of the primary advantages of cash value is its tax treatment. Cash value growth is tax-deferred, allowing policyholders to accumulate wealth without immediate tax consequences. Additionally, policyholders can access the cash value through policy loans or withdrawals on a tax-free basis up to the amount of premiums paid.
Access to Funds: Cash value provides a source of accessible money that policyholders can use during their lifetime. This can be valuable in times of financial need or to take advantage of investment opportunities. Policyholders can borrow against the cash value at a relatively low-interest rate, using the policy as collateral. It provides a flexible and convenient source of funds without requiring a credit check or approval from a financial institution.
Supplemental Retirement Income: The cash value in life insurance can be an additional source of income. Policyholders can withdraw funds from the cash value to supplement their retirement savings. Policyholders can create a tax-efficient retirement income stream by strategically managing withdrawals and loan repayments.
Heritage Planning: Cash value can also serve as a tool for legacy planning. Policyholders can pass the accumulated cash value to their beneficiaries, leaving them with a tax-free inheritance. This can be particularly beneficial to individuals with substantial assets, as it can help reduce estate taxes and ensure wealth preservation across generations.
Policy Flexibility: Cash value adds flexibility to life insurance policies. Policyholders can use the cash value to adjust their coverage, pay premiums, or maintain coverage during periods of financial hardship. It provides financial security and adaptability, allowing policyholders to modify their policies to suit changing needs and circumstances.

Factors to Consider in Cash Value in Life Insurance

Policyholders should consider several important factors when considering cash value in life insurance. These factors can significantly impact the growth and utilization of the cash value component. Here are the key factors to consider:

Premiums: Life insurance policies with cash value features typically have higher premiums than term life insurance policies. Policyholders need to carefully evaluate their budget and determine if the premium payments are affordable in the long run.
Investment Performance: The cash value growth depends on the performance of the underlying investments chosen by the insurance company. When evaluating a policy, policyholders should consider the insurance company's investment track record and financial stability.
Policy Loans and Withdrawals: Borrowing against the cash value or withdrawing reduces the death benefit and can impact the policy's long-term performance. Policyholders should clearly understand the terms, interest rates, and repayment requirements associated with policy loans. Please repay a policy loan or excessive withdrawals to avoid the policy's lapse or incurring taxes.
Policy Surrender: If policyholders decide to surrender their policy, they typically receive the cash value minus any applicable surrender charges. Surrendering the policy early in its lifetime may result in a lower cash value due to these charges. It's important to carefully assess the financial implications before surrendering a policy.
Professional Advice: Given the complexities and long-term nature of life insurance policies with cash value, seeking guidance from a qualified financial advisor or insurance professional is advisable. They can provide personalized advice based on individual circumstances and help policyholders make informed decisions.

Conclusion

Cash value adds a layer of financial flexibility and potential growth to permanent life insurance policies. It offers policyholders tax advantages, access to funds, supplemental retirement income, and legacy planning opportunities. However, it's crucial to consider factors such as premiums, investment performance, policy loans, withdrawals, and surrender charges when utilizing cash value. By understanding its features and seeking professional advice, policyholders can make the most of this valuable asset and integrate it effectively into their financial plan.

Cash Value in Life Insurance FAQs

What is the cash value in life insurance?

Ans. Cash value is a feature in certain permanent life insurance policies. It is a savings component within the policy that accumulates over time. A portion of the premium payments is allocated towards the cash value, which grows on a tax-deferred basis. Policyholders can access the cash value through policy loans or withdrawals, providing them with a source of funds for various purposes.

How does cash value in life insurance grow?

Ans. Cash value in life insurance grows through a combination of factors. A portion of each premium payment is allocated towards the cash value, which accumulates over time. The cash value may also grow through investment returns, as insurance companies invest the cash value funds in various assets such as bonds, stocks, or money market funds. The growth rate of the cash value depends on factors such as the policy's interest crediting rate, the insurance company's investment performance, and any associated policy expenses.

Can I withdraw money from the cash value in my life insurance policy?

Ans. Yes, policyholders can typically access the cash value through policy loans or withdrawals. Policy loans allow you to borrow against the cash value while keeping the policy in force.

Is the cash value in life insurance taxable?

Ans. The cash value in a life insurance policy grows on a tax-deferred basis. This means that policyholders do not have to pay taxes on the cash value growth as long as it remains within the policy. However, if the policy is surrendered or cancelled, any cash value above the total premiums paid may be subject to taxation.

What happens to the cash value when I die?

Ans. When a policyholder dies, the death benefit is typically paid out to the beneficiaries named in the policy. The death benefit is usually tax-free. In addition to the death benefit, any remaining cash value within the policy may or may not be paid out to the beneficiaries, depending on the policy's terms.

What happens to the cash value if I cancel my life insurance policy?

Ans. If you cancel your life insurance policy, you may have the option to receive the accumulated cash value. However, cancelling a policy before it reaches maturity can result in surrender charges or penalties imposed by the insurance company. Surrender charges are typically higher in the policy's early years and decrease over time.

Documents Required for Learning Driving License - Apply Online

Learning Driving License

A valid Driving License is a legal requirement for driving a motor vehicle in India. Driver's license is issued by the competent authority of any State/Union territory and is valid throughout the Indian Union.

Anyone who wishes to drive a motor vehicle must first obtain a learner's license to learn how to drive. This is a temporary licence valid for up to 6 months only. After that, one needs to clear a driving test to obtain a permanent license.

Learning Driving License Eligibility:

Learning License Age:

For driving a vehicle with gear: 18 years
For driving a motorcycle without gear and with permission of the guardians: 16 year

Conversant with Traffic rules & regulations

Documents Required for Driving Licence:

3 copies of the applicant's recent passport size photograph
Proof of residence (Any one of the below - Original and one self-attested photocopy)
Voter ID
Life Insurance Policy
Passport
Electricity/Water/Telephone Bill
Ration Card
Aadhar Card
Income Tax Returns
Proof of Age (Any of these – Original and 1 self-attested photocopy)
Birth Certificate
School Certificate
Passport
PAN Card
Proof of Citizenship

Must Read: How to buy the best motor Insurance in 2021?

Learning Driving License charges in India:

Rs.30/- (for Normal Category) to Rs.90/- depending on the Category.

The applicant has to go in person to the nearest Transport Zonal Office based on his/her address details and the above-mentioned essentials.

How to Apply for Learning Licence?

👉 An applicant needs to fill the following forms –

Application-Cum-Declaration for Physical Fitness
Form Of Application For The Grant Or Renewal Of Leaner's Licence

👉 They have to get the original documents and forms verified by the authority.

👉 The applicant needs to sit for the Learner Test:

The test includes 10 multiple objective type questions
Duration: 10 minutes
Topics: Road signs, Traffic rules & Regulations
Minimum marks to qualify: 6

👉 Application-Cum-Declaration for Physical Fitness:

Form of Application For The Grant Or Renewal Of Leaner's Licence
They have to get the original documents and forms verified by the authority.
The applicant needs to sit for the Learner Test:
- The test includes 10 multiple objective type questions
- Duration: 10 minutes
- Topics: Road signs, Traffic rules & Regulations
- Minimum marks to qualify: 6

On qualifying for the Learner Computerised Test, the applicant is issued a Learning License by the concerned authority. After that, the learner can drive a motor of the same Category (as applied) with a person issued a permanent license. The learner must use a red coloured alphabet "L" on their vehicle to ensure safety for pedestrians.

Do's and Don'ts while applying for a learning license online:

Do's:

Read the form carefully and fill in the details with caution to avoid errors.
Carry your original documents while going for the test.
Attach a copy of the learner's license with the documents while applying for a driving license.

Don't:

Attach fraudulent documents with the application as it can cause legal and penal actions.
Drive without a valid license holder while driving the car while you have only a learner's license.

If the applicant is unable to quality, they can take up the test again after 7 days. The learner can apply for a permanent license after a minimum of 30 days from issuing a learning license.

Once you have your permanent driving license, always remember to follow the traffic rules. Drive carefully and remember to renew car insurance online or by meeting the insurance agent in person. Happy Driving!

Grace Period in Life Insurance

Life insurance provides financial security and peace of mind to policyholders and their beneficiaries. This ensures that the policyholder's loved ones are cared for in the event of his death. However, policyholders need to understand the terms and conditions of their life insurance policies, including the grace period. In this article, we will explore the concept of the grace period in life insurance, its importance, guidelines for policyholders, and common questions related to this provision.

What is the Grace Period in Life Insurance?

The grace period is the period after the premium due date, during which the policyholder can make premium payments without the risk of policy lapse. It provides a safety net for policyholders who may have difficulty paying their premiums on time due to unexpected circumstances or financial constraints.

Importance of the Grace Period in Life Insurance

The grace period holds significant importance for policyholders in various ways:

Continuation of Coverage: The grace period ensures the policyholder's coverage remains intact even if they miss the premium due date. This is especially crucial in life insurance, as the financial security of beneficiaries depends on the policy's active status.
Flexibility for Policyholders: Life is unpredictable, and unforeseen circumstances can arise, making premium payments on time difficult. The grace period allows policyholders to manage their finances and make the required payment without facing immediate policy termination.
Avoidance of Reapplication: If a policy lapses or is terminated due to non-payment, reinstating the policy may require additional underwriting, resulting in higher premiums or even denial of coverage. The grace period helps policyholders avoid this inconvenience by allowing them to catch up on missed payments and maintain continuous coverage without needing reapplication.

Length of the Grace Period in Life Insurance

The duration of the grace period can vary depending on the terms and conditions specified in the life insurance policy. Commonly, grace periods range from 30 to 31 days from the premium due date. Policyholders must review their policy documents or contact their insurance provider to determine the exact length of the grace period applicable to their policy.

Premium Payment during the Grace Period

Policyholders can pay overdue premiums during the grace period to keep their policy in force. If the premium is paid within the grace period, the policy remains active without impacting the death benefit or other policy provisions. It's important to note that the premium payment made during the grace period is considered late and may incur late payment fees or interest charges as outlined in the policy.

Coverage and Limitations during the Grace Period

While the policy remains in force during the grace period, it's essential to understand the limitations and conditions that apply:

Death Benefit Coverage: If the policyholder passes away during the grace period, the death benefit is typically paid out to the beneficiaries, minus any overdue premium payments. The full death benefit is paid if the premium is paid within the grace period.
Coverage Restrictions: Some insurance policies may impose certain restrictions during the grace period. For example, coverage for specific riders or policy enhancements may be temporarily suspended until the premium payment is made. Reviewing the policy provisions to understand any limitations that may apply during the grace period is crucial.

Late Payments beyond the Grace Period

The policy may lapse or be terminated if the premium is not paid within the grace period. In such cases, the life insurance coverage ends, and the policyholder and beneficiaries lose the financial protection the policy provides. However, it's essential to note that the exact consequences of non-payment beyond the grace period can vary depending on the policy and its specific terms.

Reinstatement: Some life insurance policies allow for reinstatement within a specific timeframe after the grace period. Reinstatement typically requires payment of the overdue premium, any applicable interest or fees, and possibly providing evidence of insurability. It's crucial to contact the insurance provider to understand the reinstatement options and requirements if the grace period is exceeded.
Loss of Coverage: If the grace period expires without the premium payment, the policy may be terminated, and the coverage ceases. In such cases, the policyholder and beneficiaries can no longer access the death benefit or other policy provisions. It's important to take necessary action to maintain coverage if it is still desired before letting the grace period expire.

Communication with the Insurance Provider

When policyholders anticipate difficulty making premium payments, it's crucial to maintain open communication with the insurance provider. Insurance companies understand that life circumstances may change and may be willing to work with policyholders to find alternative solutions or provide guidance. Contacting the insurance provider as soon as possible can help explore options such as adjusting the premium payment schedule, modifying the policy, or discussing potential grace period extensions.

Is the Free Look Period in Life Insurance the same as the Grace Period in Life Insurance?

No, the Free Look Period and the Grace Period in life insurance are different. They are two different things that serve different purposes and provide different benefits to policyholders.

Free Look Period

The Free Look Period in life insurance is a specific timeframe allowing policyholders to review their newly purchased life insurance policy and decide whether to keep it or cancel it without any financial penalties. During this period, typically 10 to 30 days from the policy's delivery date, policyholders have the right to examine the policy, understand its terms, and assess whether it meets their needs and expectations. If the policyholder decides to cancel the policy within the Free Look Period, they are entitled to a full refund of any premiums paid.

Grace Period

On the other hand, the Grace Period is a provision that applies after the premium due date has passed. It provides a specific period, usually 30 to 31 days, during which a policyholder can make a premium payment without the risk of immediate policy termination. If the premium is paid within the Grace Period, the policy remains in force, and coverage continues without interruption.

Free Look Period vs Grace Period in Life Insurance
Particular	Free-Look Period in Life Insurance	Grace Period in Life Insurance
Definition	The Free Look Period in life insurance is a specific timeframe allowing policyholders to review their newly purchased life insurance policy and decide whether to keep it or cancel it without any financial penalties.	The Grace Period is a provision that applies after the premium due date has passed. It provides a specific period, usually 30 to 31 days, during which a policyholder can make a premium payment without the risk of immediate policy termination.
Time Period	10 to 30 Days	30 to 31 Days
Option for Policy Change	Yes	No
Financial Penalty	No	Yes
Initial Review of Policy	Yes	No
Late Payment of Premium	No	Yes

Conclusion

The grace periods in life insurance provide policyholders with a valuable opportunity to maintain coverage and avoid immediate policy termination in case of missed premium payments. It is essential for policyholders to understand the length, guidelines and limitations of the grace period to make an informed decision and ensure the continued protection of their loved ones.

Grace Period in Life Insurance FAQs

Can I use the grace period every month if I can't pay my premium on time?

Ans. The grace period is designed to provide temporary relief for unforeseen circumstances. It is intended to be used as something other than a regular extension for premium payments. While it can be utilized occasionally, making timely premium payments is crucial to avoid potential lapses in coverage.

Can I make partial premium payments during the grace period?

Ans. The ability to make partial premium payments during the grace period depends on the insurance company's policies. Some companies may accept partial payments to keep the policy in force, while others may require the full premium amount. It's crucial to contact your insurance provider for specific guidelines regarding partial payments during the grace period.

What happens if I miss the grace period?

Ans. You must make the premium payment before making the premium payment to avoid lapsing, bringing, or being terminated. This means the coverage will end, and you and your beneficiaries will no longer have access to the death benefit or any other policy provisions. Act promptly and communicate with your insurance provider if you anticipate missing the grace period.

Can the grace period be extended?

Ans. Generally, the grace period is a fixed duration specified in the life insurance policy. However, life insurance companies may consider extending grace periods in exceptional circumstances, such as natural disasters or prolonged personal emergencies. It's crucial to contact your life insurance provider as soon as possible to discuss your situation and explore potential options.

Survival Benefit in Life Insurance

Life is unpredictable, and being financially prepared for unforeseen circumstances is crucial for responsible financial planning. Buying life insurance is vital in offering financial assistance to individuals and their families during the policyholder's demise. However, what happens if the policyholder survives the policy term? This is where survival benefit comes into play.

Survival benefit in life insurance ensures that the premium paid by policyholders will not be wasted. This article will delve into the details of survival benefits in life insurance, highlight their benefits, and provide guidance on choosing a policy that maximizes the benefits of this feature.

What is the Survival Benefit in Life Insurance?

Survival benefit or maturity benefit means that the policyholder will receive monetary benefits if he survives the policy term. Standard life insurance policies only offer a death benefit, ensuring financial security for beneficiaries after the policyholder's death. However, with changing needs and evolving insurance practices, survival benefits have emerged to address the concern of policyholders surviving the policy term.

Survival benefits in life insurance provide a lumpsum amount to the policyholder if they survive the policy term. This amount is pre-determined at the time of policy purchase. It is based on factors such as premium paid and policy-specific terms and conditions set by the insurance provider.

Importance of Survival Benefits in Life Insurance

Survival benefits offer comprehensive benefits to policyholders, making it an important feature to consider when choosing a life insurance policy. Following are the reasons why you should consider buying life insurance with survival benefits:

Achieving Life Goals: Survival benefits can serve as a valuable financial resource to meet various life goals. The payout received after the policy term can be used strategically to meet aspirations and provide a step towards a more prosperous future.
Regular Income: Survival benefits help in better financial planning. Policyholders can choose regular payouts of survival benefits in a stable income stream, providing stability and facilitating effective budgeting and financial management.
Retirement Income: Survival benefits can be beneficial in retirement planning. The payments received can become a reliable source of retirement income to supplement other sources such as pensions or investments. This contributes to making life after retirement more comfortable and financially secure.
Savings and Life Cover: Survival benefits make the policy more beneficial as policyholders get insurance coverage and can also save for the future. These accumulated savings provide financial support and a safety net during unexpected circumstances.

Factors To Considеr Whеn Opting For Life Insurance with Survival Benefit

Policyholders need to consider several factors while buying a life insurance policy with survival benefits to make an informed decision:

Policy Tеrm: Always check the policy term before buying any life insurance policy to know when your survival benefits will be paid. Choosе a policy tеrm as per your financial goals you want to achiеvе.
Payout Intеrvals: Assess the available payout options for survival benefits and determine which option best suits your financial requirements. Consider factors such as immediate financial needs, long-term financial planning, and income sustainability when selecting the payout method.
Add-on Riders: Explore different add-on riders the policy offers. Riders, such as critical illness coverage or disability benefits, can enhance the overall value and protection the policy provides.
Financial Stability of the Insurance Provider: Always check the financial stability and reputation of the life insurance company before buying a policy. Look for established insurers with a strong track record in honouring claims and providing reliable customer service.

Payout Options for Survival Benefits

Life insurance policies with survival benefits typically offer multiple payout options, including:

Lump Sum Payment: This option allows the policyholder to receive the entire survival benefit as a lump sum. It provides immediate access to significant money, which can be used for various purposes such as loan repayment, major expenses, investments or estate planning.
Regular Income Payments: Policyholders can choose to receive survival benefits through regular income payments over a specific period. This option provides a steady flow of income, which can supplement retirement funds, cover ongoing expenses, or ensure financial stability in the long term.
Combination of Lump Sum and Income Payments: Some policies offer a combination of both lump sum and income payments. This allows policyholders to receive a portion of the survival benefit as a lump sum while the remaining amount is distributed as regular income payments over a predetermined period.

Conclusion

Survival benefits in life insurance have changed how individuals perceive life insurance policies. They provide policyholders with additional financial protection and peace of mind. By offering payments to individuals whose life insurance policy term has been completed, survival benefits ensure that the premium paid does not go to waste. When you consider life insurance options, carefully evaluate the benefits of survival benefits, explore available payment options and consider your personal financial goals and needs.

Survival Benefit in Life Insurance FAQs

What is a survival benefit in life insurance?

Ans. A survival benefit in life insurance is the amount that life insurance companies pay to the policyholders if they survive the policy tenure.

Which types of life insurance policies offer survival benefits?

Ans. Survival benefits are offered in whole-life insurance, endowment plans, and money-back policies. They are not typically available in term life insurance policies.

When is the survival benefit paid out?

Ans. The survival benefit is typically paid out at the end of the policy term if the policyholder is still alive. Some policies may offer the option to receive the benefit in lumpsum or as an income stream over a specified period.

Are there any tax implications for receiving a survival benefit?

Ans. The tax implications of receiving a survival benefit can vary depending on your country and the specific type of policy. The payout may be tax-free in some cases, while it may be subject to income tax in others. It is recommended to consult with a tax advisor to understand the specific tax implications of your situation.

What factors should be considered when choosing a life insurance policy with survival benefits?

Ans. Policyholders need to consider the following factors while choosing a life insurance policy with survival benefits:

Policy Tenure
Payout Interval
Add-on Riders
Financial Stability of the Insurance Company

Waiver of Premium Rider in Life Insurance

Life insurance purchase has become essential for everyone. It offers financial protection to families after the policyholder’s death and helps them to fulfil their goals and dreams at every stage of life. Life insurance provides financial protection and some other additional coverage benefits, such as a waiver of premium rider, which waives off all the remaining premiums of the policy if the policyholder becomes physically disabled).

In this article, we will delve into the details of the waiver of premium rider in life insurance, how it works, its importance, and the factors to consider when opting for this coverage.

What is Waiver of Premium Rider in Life Insurance?

The Waiver of Premium Rider in life insurance is an optional add-on that can be added to a life insurance policy. It protects the policyholder from the financial burden of premium payment in case of disability or critical illness. If the policyholder meets the eligibility criteria specified in the policy, the rider waives the obligation to pay the premium, ensuring that the coverage remains in force during challenging times.

How Does the Waiver of Premium Rider Work?

The waiver of premium rider is designed to provide policyholders with financial protection in the event of disability or critical illness by waiving future premium payments. Here's how it generally works:

Policy Activation: When purchasing a life insurance policy, the policyholder can add this rider to their coverage by paying an additional premium.
Eligibility Criteria: To activate the waiver of premium rider, the policyholder must meet specific eligibility criteria outlined in the policy, which covers the occurrence of total and permanent disability or the diagnosis of a critical illness as defined by the insurance provider.
Premium Waiver: Once the policyholder fulfils the waiting period and meets the eligibility criteria, the waiver of premium rider comes into effect. The insurance company will waive all future premium payments required for the base life insurance policy. This ensures the policy remains in force and the coverage continues without interruption.
Continuation of Coverage: Once this rider is active, the policyholder is not required to make premium payments.
Benefit Payment: While the policyholder is not required to pay premiums, the insurance company will continue to provide the full benefits specified in the original life insurance policy. In case of the policyholder's death, the designated beneficiaries will receive the death benefit as outlined in the policy. This rider does not affect the benefit payout.

Eligibility Criteria of Waiver of Premium Rider

Below are the eligibility criteria to buy a waiver of premium rider in life insurance:

Parameter	Eligibility Criteria
Entry Age	18 to 65 Years
Maximum Maturity Age	70 Years
Sum Assured	Minimum - Same as life policy’s sum assured Maximum - May vary from policy to policy
Coverage Period	Same as the life policy tenure
Waiting Period	90 Days
Premium Payment Term	Same as the life insurance policy term
Premium Payment Mode	Same as the premium payment mode of the base policy

Benefits of adding Waiver of Premium Rider in Life Insurance

Purchasing the waiver of premium rider for your life insurance policy has several advantages.

Provides Financial Security: You can provide financial security for your loved ones by adding a Waiver of Premium rider to your life insurance policy. This will ensure your policy remains active in case of a critical illness or injury that prevents you from working.
Safeguards Against Uncertainties: Life insurance protects your family in case of your demise, and the premium rider waiver protects you from life's uncertainties. If you meet with accidents, experience permanent disability, or suffer from a severe illness, all future premium payments are waived.
Prevents Policy Lapse: Life insurance policies generally lapse if you cannot make premium payments due to illness. However, adding a waiver of premium rider can prevent your policy from lapsing, ensuring continued coverage.
Tax benefits: Adding the waiver of premium rider to your life insurance plan can grant you tax benefits under Section 80C of the Income Tax Act, 1961. The premium paid towards the rider is also eligible for tax exemption under the old tax regime.

Exclusions under the Waiver of Premium Rider

Exclusions in a waiver of premium rider may vary from one insurance company to another. However, here are some standard exclusions under these riders:

Self-harmed injuries
Suicide
Congenital infection/diseases
Alcohol or substance abuse
Injury due to hazardous profession
Injury due to adventure sports
A nuclear accident caused by radioactive contamination
Pre-existing disability or medical condition
HIV/AIDS
War, breach of law, civil unrest or involvement in violent acts.

Conclusion

Waiver of premium rider in life insurance is a valuable feature that provides policyholders protection and peace of mind during challenging times. By waiving premium payment in the event of disability or critical illness, this rider ensures continuity of coverage. It secures the required financial security for the policyholder and his beneficiaries. When considering life insurance options, carefully evaluate the benefits and eligibility criteria of the waiver of premium rider.

Waiver of Premium Rider in Life Insurance FAQs

What is a waiver of premium (WoP) rider in life insurance?

Ans. It is an optional add-on to a life insurance policy that waives future premium payments if the policyholder becomes disabled or critically ill. It ensures that the policy remains in force, providing continued coverage without the need to pay premiums.

What does the waiver of premium rider cover?

Ans. The specific coverage of the rider depends on the policy terms and conditions set by the insurance provider. Generally, it covers total and permanent disability or the diagnosis of specified critical illnesses. The disabilities or critical illnesses covered and any exclusions are outlined in the policy.

How does the waiver of premium rider work?

Ans. The rider becomes effective when the policyholder meets the eligibility criteria and fulfils any waiting periods. The insurance company then waives all future premium payments required for the base life insurance policy, ensuring continuous coverage. The rider remains active until the policyholder no longer meets the eligibility requirements or the policy reaches its termination point.

What are the benefits of adding the waiver of premium rider?

Ans. Adding this rider offers several benefits, including:

Continued coverage during disability or critical illness.
Peace of mind, knowing that the policy remains active without premium payments.
Enhanced value for money by ensuring premiums are not wasted during disability or critical illness.

Is the Waiver of Premium rider available for all life insurance policies?

Ans. The availability of this rider may vary among insurance providers and policy types. It is typically offered as an optional rider that can be added to your life insurance policy for an additional premium.

Are any exclusions or waiting periods associated with the Waiver of Premium rider?

Ans. Yes, waiting periods or exclusions may be associated with this rider. Waiting periods must pass from the onset of disability or critical illness before the rider becomes effective. Exclusions may include pre-existing conditions or specific disabilities/illnesses not covered by the rider.

Is the premium paid for the Waiver of Premium rider tax-deductible?

Ans. The premium paid for the rider may be eligible for tax benefits under Section 80C of the Income Tax Act, 1961, depending on the prevailing tax laws and regulations. It is advisable to consult a tax professional or refer to the tax laws in your jurisdiction for specific information on tax deductions related to the rider.

Can the Waiver of Premium rider be added to an existing life insurance policy?

Ans. They can often be added to an existing life insurance policy. However, the availability and conditions may vary depending on the insurance provider and policy terms.

Nominee in Life Insurance

Life insurance provides financial security and peace of mind to individuals and their families. This ensures that the policyholder's loved ones are protected during his death. An important aspect of life insurance is the nomination process, where policyholders nominate a nominee.

In this article, we will take an in-depth look at the concept of nominee in life insurance, exploring the role and importance of making an informed nomination decision.

What is a Nominee in Life Insurance?

A nominee in life insurance is a person whom the policyholder chooses to receive the death benefit of the policy in case of his/her death. The nominee is entitled to receive the policy proceeds on the policyholder's death. The nominee can be a family member, spouse, child, relative, etc.

Purpose and Role of a Nominee in Life Insurance

The main objective of selecting the nominee in life insurance is to ensure a smooth and seamless transfer of the policy's death benefit. The nominee plays an important role in the claim settlement process, as they are responsible for initiating and completing the necessary paperwork with the insurance company. They represent the policyholder's interests while the insurer facilitates the efficient distribution of death benefits.

Types of Nominees in Life Insurance

When buying a life insurance policy in India, policyholders can make various types of nominees in life insurance. Below mentioned are the different types of nominees in life insurance in India:

Nominee Type	Definition
Individual Nominee	An individual nominee is a single person assigned to benefit from the life insurance policy.
Multiple Nominee	Policyholders can assign multiple nominees to receive the life insurance policy benefits. In this case, the policy benefit will be distributed between the nominees in the ratio specified by the policyholder.
Contingent Nominee	A contingent nominee is a person who will receive the life insurance policy benefit if the primary nominee dies before the policyholder.
Trust	Policyholders can assign a trust as a nominee of a life insurance policy if they want to distribute the benefits among multiple beneficiaries in a certain manner.

Importance of Nominating a Nominee

Nominating an individual in your life insurance policy is of paramount importance. Here's why:

Ensuring Smooth Settlement: By appointing a nominee, you simplify the claim settlement process for your loved ones. In the event of your demise, the nominee becomes the rightful beneficiary and can initiate the claim process, reducing delays and complications, if any.
Financial Security for Family: The nominee receives the death benefit, which provides the necessary financial security to your family members. The income can be used to meet immediate expenses, repay debts, cover funeral costs, or for the family's future needs.
Avoiding Legal Hassles: The claim settlement process can become complicated and time-consuming without a nominee in life insurance. Legal formalities such as obtaining a succession certificate or going through the probate process may be required. Designating a nominee removes these hassles and ensures easy transfer of the death benefit.
Clear Intent of Policyholder: The name of the nominee in your life insurance policy reflects your intention to distribute the death benefit. It removes ambiguity and helps prevent disputes among family members.

Difference Between Nominee and Beneficiary in Life Insurance

Below mentioned are the differences between nominee and beneficiary in life insurance:

Nominee	Beneficiary
A nominee is a person designated by the policyholder to receive the policy's benefit in case of the policyholder's demise.	A beneficiary is a person or entity entitled to receive the proceeds of an insurance policy or financial asset upon the policyholder's death.
The policyholder appoints the nominee during the policy's inception or through subsequent nomination updates.	The beneficiary can be designated by the policyholder or the owner of the financial asset.
The nominee's primary role is representing the policyholder's interests and facilitating the smooth transfer of the policy's death benefit.	The beneficiary is entitled to receive the policy's proceeds, which may include the death benefit, investment gains, or other financial assets.
The nominee's rights and responsibilities are typically limited to receiving the policy's death benefit and initiating the claims settlement process.	The beneficiary's rights may extend beyond the insurance policy and include ownership of financial assets or the right to make decisions regarding asset utilization.
The nominee's role is specific to life insurance policies and primarily associated with distributing death benefits.	The beneficiary can be named in various financial assets, such as life insurance policies, retirement accounts, investment accounts, and wills.
The nominee's responsibility ceases once the claims settlement process is completed and the death benefit is transferred to the beneficiaries.	The beneficiary's involvement may extend beyond receiving the proceeds, depending on the nature of the financial asset and any ongoing obligations or decisions related to it.

How do you Choose the Right Nominee in Life Insurance?

Selecting a suitable nominee requires careful consideration. Here are some essential factors to remember:

Relationship and Dependents: Consider your relationship with the potential nominee and their financial dependency on you. Spouses, children, or other dependents are commonly chosen as nominees, ensuring the financial well-being of those closest to you.
Trustworthiness and Responsibility: Choose a nominee you trust to handle the insurance proceeds responsibly. The nominee should be reliable, organized, and capable of managing the funds to benefit the intended beneficiaries.
Contingency Planning: It's wise to have a primary nominee and, if possible, a contingent nominee. The contingent nominee would come into play if the primary nominee predeceases you or cannot fulfil the responsibilities.
Age and Health: Consider the age and health of the nominee. If the nominee is elderly or has health issues, it may be prudent to have a younger contingent nominee who can manage the funds effectively in the future.
Communication and Consent: It is crucial to communicate with the nominee about their role and obtain their consent. Ensure they are aware of their responsibilities and are willing to fulfil them.

Updating the Nominee in Life Insurance

Life circumstances can change over time, which is why it is essential to review and update your nomination periodically. Consider updating the nominee in the following situations:

Marriage, divorce, birth of a child, or the demise of a nominee may necessitate a change in nomination.
Estranged relationships with the existing nominee may lead to the necessary nomination update accordingly.
Changes in your financial situation or evolving priorities may warrant reevaluating your nominee selection.
In the case of remarriage, you should review and update your nomination to ensure it aligns with your new family dynamics.

Reviewing and Keeping Nomination Records

Once you have nominated a beneficiary, it is crucial to keep the nomination records safe and easily accessible. Follow these practices:

Maintain Updated Records: Always keep a copy of the nomination form, policy document, and related correspondence. Inform your family members about the existence of these documents.
Inform the Nominee: It is essential to communicate with the nominee and inform them about their role in the life insurance policy.
Periodic Review: Regularly review your nomination and update it as needed. This ensures that your nomination reflects your current intentions and meets the needs of your loved ones.

Conclusion

Naming a nominee in your life insurance policy is an important step to ensure the financial security of your loved ones. This simplifies the claim settlement process, provides clear intent regarding distributing the death benefit, and reduces legal complexities. Consider your choices carefully, review and update your enrollment periodically, and keep essential records in order. By doing so, you can ensure that your life insurance policy serves its intended purpose of providing financial security and peace of mind to your beneficiaries.

Nominee in Life Insurance FAQs

What is a nominee in life insurance?

Ans. A nominee in life insurance is an individual chosen by the policyholder to receive the policy's death benefit in the event of the policyholder's demise. The nominee is entitled to claim the policy proceeds.

Who can be nominated as a nominee?

Ans. The policyholder can nominate a family member, spouse, child, relative, or even a trusted friend. Some insurance policies also allow for the nomination of charitable organizations or trusts.

Can I change the nominee in my life insurance policy?

Ans. Yes, most life insurance policies allow the policyholder to change the nominee at any time during the policy term. This can be done by submitting a written request to the insurance company using the prescribed form or through online policy management portals, if available.

Can I have multiple nominees in my life insurance policy?

Ans. Depending on the insurance company and policy terms, it may be possible to have multiple nominees for a single life insurance policy. The policyholder can allocate the death benefit among the nominees in specified percentages or ratios.

What if I don't nominate anyone in my life insurance policy?

Ans. If no nominee is designated in the policy, the insurance company usually follows a standard procedure to determine the rightful beneficiary. This may involve legal procedures, such as obtaining a succession certificate or going through the probate process, which may delay the claims settlement process.

Is the nominee entitled to the entire death benefit?

Ans. The nominee is entitled to the death benefit unless the policyholder specifies otherwise. The proceeds will be distributed accordingly if the policyholder has allocated the death benefit among multiple nominees or beneficiaries.

Free Look Period in Life Insurance

People in India do not know life insurance policies properly because the awareness about insurance is deficient. Sometimes, the buyer may have regrets about purchasing a life insurance policy. To overcome this situation, life insurance companies offer a free-look period for customers to review and access the policy by reading the terms and conditions. In this article, we will explore the concept of the free-look period in life insurance, its importance, guidelines for policyholders, and common questions related to this provision.

What is a Free Look Period in Life Insurance?

The free look period in life insurance is a specified time provided to policyholders after purchasing a life insurance policy. During this period, policyholders have the right to review the policy, assess its terms and conditions, and decide whether to keep or cancel it without any financial penalty. The free look period protects policyholders and allows them to check their policy details carefully.

Importance of Free Look Period in Life Insurance

The Free Look Period holds significant importance for policyholders in several ways:

Evaluation Timeframe: Life insurance policies can be complex for any policyholder and might have questions or concerns arising after the purchase. The Free Look Period allows policyholders to review the policy documents thoroughly, understand the coverage, and get clarifications from the life insurance provider.
Informed Decision-Making: Life insurance is a long-term commitment, and policyholders must ensure that the policy they have bought is per their financial goals and objectives. The Free Look Period helps policyholders assess whether the policy meets their needs, offers the desired coverage, and provides value for their investment.
Financial Protection: The Free Look Period acts as a safety net for policyholders. It ensures that they have an opportunity to identify any differences or misunderstandings in the policy terms during the early stages. If policyholders discover that the policy does not meet their expectations, they can cancel it and seek alternatives without financial repercussions.

Duration of the Free Look Period

The duration of the free look period varies depending on the life insurance provider. As per IRDA, the free look period should be 15 days (30 days in the case of electronic policies) from when the policy is issued to the policyholder. Reviewing the policy documents or contacting the insurance provider to determine the exact duration of the free look period applicable to the specific policy is necessary.

Policy Cancellation and Refunds

During the free look period, if a policyholder cancels the policy, life insurance companies are entitled to pay a full refund of the premium paid. The cancellation process generally involves notifying the life insurance provider in writing, clearly expressing the intention to cancel the policy within the free look period. The insurance company will refund the premiums paid through the original payment method upon cancellation.

Utilizing the Free Look Period

To make the most of the Free Look Period, policyholders should consider the following guidelines:

Review Policy Documents: Read carefully all the terms & conditions, exclusions, and riders associated with the policy. Pay close attention to the coverage benefits, premium amounts, and additional benefits or features. If you have any doubts or questions, Contact our RenewBuy’s POSP insurance advisors.
Seek Professional Advice: Consult with RenewBuy’s POSP advisors or trusted individuals who can provide objective guidance. They can help evaluate the policy, considering your financial goals, risk tolerance, and specific needs. Their financial expertise can assist you in making an informed decision during the Free Look Period.
Compare Policies: If you have doubts about the suitability of the purchased policy, explore other insurance plans available in the market. Compare different policies, coverage levels, premium amounts, and customer reviews to ensure you make the best choice for your circumstances. It is important to note that the Free Look Period is specific to the policy you have purchased and does not apply to other policies you may be considering.

Conclusion

The Free Look Period in life insurance is a valuable provision that allows policyholders to review their policy, seek clarifications, and make an informed decision. It is a safeguard, ensuring that policyholders have adequate time to assess their life insurance policy coverage, terms, and conditions. By utilizing the Free Look Period effectively, policyholders can gain confidence in their policy choices and secure financial protection for themselves and their loved ones.

Free Look Period in Life Insurance FAQs

Can the Free Look Period be extended?

Ans. Generally, the Free Look Period is a fixed duration specified by law or regulation. It can only be extended up to the timeframe mentioned in the policy or mandated by the jurisdiction. It is crucial to know the specific Free Look Period applicable to your policy and make any decisions within that timeframe.

Does the Free Look Period apply to all types of life insurance policies?

Ans. The Free Look Period is a standard provision in most life insurance policies, including term life, whole life, and universal life insurance. However, reviewing the policy documents to confirm the availability and duration of the Free Look Period for the specific policy you purchased is essential.

Can the insurance company deny a refund during the Free Look Period?

Ans. The insurance company is generally obligated to provide a full refund of premiums if the policy is cancelled within the Free Look Period. However, certain conditions, such as deducting administrative fees or charges, may apply. It is crucial to carefully review the policy documents or consult with the insurance provider to understand the specific refund policy during the Free Look Period.

Can the Free Look Period be waived or omitted?

Ans. Insurance companies may waive or omit the Free Look Period. This typically occurs when policies are purchased as a group or through an employer-sponsored plan. Reviewing the policy documents or contacting the insurance provider to determine if the Free Look Period applies to your specific policy is essential.

Why does IRDA allow free look period cancellation?

Ans. The benefit of a free look period is cancelling the insurance policy and claiming the refund amount from the provider. The free look period provides time for the policyholders to review the insurance policy's terms and conditions thoroughly.

Features of Life Insurance

Know the Life Insurance Policy Features

You must have your personal reasons to buy an insurance policy. Whether it be to ensure the financial security of your family when you will not be around or are looking for ways to diversify your investment and ensure the guaranteed benefits or possibilities are that you want to buy a life insurance policy to save on taxes. There are many reasons, but the main agenda is to ensure financial security and peace of mind during the financial hiccups.

No doubt, there are a bunch of life insurance benefits depending on the type of life insurance policy you choose. But buying a life insurance is not that easy, you need to understand the important terms and features of life insurance policy in detail to help you make better buying decisions.

This article discusses the key features of life insurance policy in easy to understand language to help you buy a life insurance policy.

What is a Life Insurance Policy?

In simple words, life insurance is a financial contract between an individual and a life insurance company. The life insurer provides a pre-defined lump sum amount in exchange for the premium paid towards the life insurance policy. Buying a life insurance policy is one of the best options to gain financial security against life risk and build wealth to complete life goals. Let’s look at the features of life insurance policies in India.

Important Features of Life Insurance Policy

The features of a life insurance policy are the underlying characteristics and components that provide financial protection to the life assured and their beneficiaries. Let’s look into them in detail.

Life Coverage

Life coverage is the primary feature of life insurance policy for which a policy is purchased. When you buy a life insurance plan, the life of the insured is protected against any life risk. In case of death of the insured, the life insurer pays a lump sum amount to the nominee. The life coverage amount is determined by the sum assured and the premium paid towards the policy.

Life Insured

The life insured is an individual whose life is covered/ secured under the life insurance plan. On the death of the life insured, the beneficiary/ nominee gets the defined amount as the death benefit.

Definite Sum Assured

Sum assured is the coverage (pre-defined amount of money) a life insurance company pays to the listed nominee in case of death of the life insured during the policy term. You can select a suitable sum assured amount depending on you and your family members' current and future needs. The company evaluates your risk appetite and issues the policy.

Issued in the Name of Policyholder

A life insurance policy is issued in the name of the policyholder who purchases the policy and pays the premium amount. Depending on the type of life insurance plan, the policyholder can be an individual, family, or a business.

Flexible Premium Payment

The life insurance company offers premium payment options per the financial suitability of the policyholder. They can pay the premium on a regular or one-time payment basis. In the regular premium payment mode, monthly, quarterly, half-yearly, or yearly premium payment options are available. Under a single premium payment mode, all the premium is paid in a single lump sum amount.

Choose the Policy Term

Policy term is the duration of the life insurance policy during which a life insured is covered. The policyholder has the flexibility to choose the policy tenure.

Nominee of Choice

A nominee is a person who is eligible to receive the benefits in case the life assured loses their life during the policy tenure. Under Section 39 of the Insurance Act, 1938, the policyholder may nominate one or more nominees to receive the benefits in his/her absence.

Death Benefit

If the life assured passes away before the policy maturity date or during the policy term, the nominee gets the predefined sum assured as the death benefit on raising a claim. To prevent the claim rejection, ensure that all the policy terms and conditions are satisfied.

Maturity Benefit

The maturity benefit is the amount the policyholder draws when the policy matures. The maturity benefit can fulfil many life goals, like buying an asset, planning your retirement, funding your child higher education, etc. Note that not all the policies offer maturity benefits.

Survival Benefit

Survival benefit is the amount paid to the policyholder if they survived a predefined period during the policy term. The survival benefit can be utilised to fund short-term goals or meet any unexpected obligations.

Saving and Investment Benefits

Many life insurance policies offer a combination of life insurance coverage and investment benefits to protect life and grow wealth. These policies usually have long-term investment benefits and offer market-linked returns.

Claim Settlement

Claim settlement is the process when the nominee or the policyholder wants to avail of the benefits defined under a life insurance policy. To ensure that you will get your claim settled without any hassle, you can check the claim settlement ratio of life insurance companies before purchasing a plan.

Optional Riders

The riders are the add-on benefits a policyholder can avail to enhance the base policy coverage. These add-on riders can be availed at the time of policy inception or anytime during the policy anniversary by paying an extra premium. Some popular riders are Accidental Death Benefit Rider, Accidental and Permanent Disability Rider, Waiver of Benefit Rider, Critical Illness Rider, etc.

Tax Benefits

Under Section 80C of the Income Tax Act, 1961, the policyholder can avail of tax benefits of upto Rs. 1.5 Lakhs on the premium paid towards life insurance policies. Also, the benefits received are tax exempted under Section 10 (10D) and Section 80D of the Income Tax Act.

Loan Facility

A loan facility is one of the essential features of life insurance policies. Some policies allow you to avail of loans against it after completing a specific period. Note that you cannot avail of loans under the term insurance policy.

Surrender Value

The life is uncertain. In any emergency, you can surrender your policy even before the maturity, or the policy term is over. The surrender value depends upon the amount you pay and is decided by the life insurance company.

Cash Value

Cash value is the accumulated amount generated when you pay premiums towards a life insurance policy for a longer period. The cash value offers several features: you can borrow against it, pay regular premiums, etc.

Grace Period

The grace period is an important feature of life insurance policy that allows the policyholder to pay the premium without penalty, even if the premium due date is missed. During the grace period, the policy remains enforced, and all the benefits are active. If the policyholder cannot pay the premium within the grace period, the life insurance policy lapses and all the benefits are ceased.

Policy Revival

Life insurance companies offer the feature of policy revival, during which the lapsed policy can be revived, and all the benefits can be resumed. For life insurance policy revival, the policyholder needs to pay all the outstanding premium amount from the first unpaid premium date with an interest, where the life insurance company defines the interest rate.

Free Look Period

After the life insurance policy purchase, a free look period is offered to the policyholder. The policyholder can review all the terms and conditions during the free look period. If they are not satisfied, they can return the policy and receive the premium amount paid after deducting any charges.

Conclusion

Life insurance policy features are important to consider before purchasing a plan so that you can handle the complexities when you require the defined benefits. To ensure the maximum financial security and savings from the life insurance plan, make sure that life insurance benefits align with the financial needs of you and your loved ones.

The earlier you plan to buy life insurance, the better coverage you can avail at a reasonable cost. We suggest you to take assistance from a professional advisor or life insurance agent. Find an insurance advisor near your location from RenewBuy Advisor Connect.

Frequently Asked Questions

What are the features of life insurance?

The life insurance policy offers the family financial support in case of the policyholder's uncertain demise during the policy term. Besides the life risk cover, life insurance also provides maturity, survival, and tax benefits, per the selected policy.

What are common types of life insurance plans offered?

The policyholder can select any of the suitable plans from the following types of life policies:

Term life insurance
Whole life insurance
Endowment Plan
Unit Linked Insurance Plan
Retirement plan
Child plan

Can I buy life insurance rider without buying a base policy?

Riders are only the add-on benefits and can be availed under the base life insurance policy by paying an additional nominal premium. You buy the life insurance policy first, then choose suitable riders to enhance benefits.

What is the validity of life insurance policy?

The validity of life insurance policy is defined at the time of policy inception, say 5 to 30 years. The validity of the policy remains until the policyholder outlives the period. If the policyholder dies, the policy ends after paying the eligible benefits to the policyholder.

How does term life insurance work?

Term life insurance provides financial coverage for a certain period. During this period, in case of the death of the life insured, the nominee gets the benefits.

NAV in ULIP

NAV in Unit Linked Insurance Plan (ULIP)

Do you want to make a smart investment and have gone through various life insurance types available? Are you still unsure what plan you should pick to invest in? Then, consider investing in Unit Linked Insurance Plans (ULIPs).

ULIPs are the financial vehicle combining the benefits of life risk cover and investment, which will help you ensure the financial protection of your family against life uncertainties and provide market-linked benefits just like a mutual fund.

What is NAV in ULIP?

In ULIP, a part of your premium secures the life risk cover, and the remaining is invested in various market-linked instruments. You can choose your investment based on the expected return and risk appetite. The policyholder can switch between the funds and make partial withdrawals. Also, the policyholder can gain tax benefits on the premiums paid and benefits received.

Once the investment period is completed, you receive returns based on the fund value. The amount received depends on the NAV of the units invested at the time of the inception of the policy. Let’s understand the concept of NAV to determine the returns.

Understand the Concept of NAV

NAV refers to the Net Asset Value, which is the value of total holding assets after deducting the liabilities and expenses. The value of NAV per unit helps the investor track the fund performance. To better under the concept of NAV, you need to understand the basic functioning of Unit Linked Plans.

In ULIP, several investors pay premiums for a ULIP. You are one of them contributing to the ULIP value. The investor then collects the amount and invests the whole amount into various market-linked instruments.

Now, to divide the returns among all the investors, the insurer divides the accumulated amount into small units with a face value. The value of each unit is known as the Net Asset Value or NAV of the ULIP. Each investor gets a specific number of units depending on the fund invested.

The value of NAV changes daily per the market experience of the fund's assets. If the fund performs well, the NAV increases and vice versa.

How is NAV in ULIP Calculated?

The net asset value is calculated daily after deducting any expenses. The formula to calculate NAV in ULIP, as mentioned

NAV = (Value of Current Assets + Market Value of the Investment Held by the Fund) – (Value of Current Liabilities and Provisions) / Total number of units on the evaluation date

NAV indicates the market value of the units in a fund. The following factors are included for accurate results when calculating NAV in ULIP.

Step 1: Add up all the value of investments made by the fund, including stocks, bonds, and short-term and long-term assets held.

Step 2: Subtract all liabilities, such as operating expenses, etc.

Step 3: The obtained value is now divided by the total number of units issued by the fund.

Here, you get the NAV of each fund issued.

Example of NAV Calculation

Let’s understand the workings of the net asset value (NAV) formula with the following example.

Say a life insurance company XYZ issues a ULIP to the investors. Two investors, A and B, have invested in the plan.

Investor A paid Rs. 80,000, while Investor B paid Rs. 60,000 to buy the ULIP plan offered.

After deducting the applicable charges from the total value of the investment, let’s consider the remaining investment amount becomes Rs. 79,500 for Investor A and Rs. 59,600 for Investor B.

The total fund for the investment in a market fund is Rs. 1,39,100. This amount is called Net Investment Value.

Say the insurer decides the face value of each unit of Rs. 10 on the first day of investment.

This way, the total number of units invested is 1,39,100/10 = 13,910 units. So, the units held by Investor A and Investor B are in the following way

Investor	Fund Investment	Invested Units
A	Rs. 79,500	7,950
B	Rs. 59,600	5,960

Say the investment brings profit, increasing the fund net value to Rs. 1,70,000. The new NAV ULIP will be Rs. 1,70,000/ 13,910 = Rs. 12.22.

Now, the investor's profit will be in the following way

Investor	Fund per New NAV	Outstanding Investment
A	7,950 X 12.22	Rs. 97,271.2
B	5,960 X 12.22	Rs. 72,831.2

Why is it Important to Check NAV in ULIP?

NAV is the fundamental element to measure the market value of the ULIP fund invested. By calculating NAV, the investors can track the market performance of the ULIP.

If the ULIP performs well, the NAV value increases over time. The calculation of NAV helps determine the profit their investment has made over a definite time.

Checking NAV history when buying a ULIP can help make better investment decisions. You can know the potential return you can secure while investing in a ULIP within a predetermined period.

Based on the performance of the funds, you can make the fund switches and change the fund allocation if required.

What if NAV in ULIP Doesn’t Perform Well?

There might be chances that, due to the market volatility, the NAV of a ULIP may not perform well. The daily value of your NAV may reduce in such conditions.

When the fund is not aligned with your risk appetite, and you do not meet the return expectations, you can change your ULIP asset allocation. You can opt for premium redirection or a fund-switching option.

Conclusion

Hence, Net Asset Value (NAV) is the per unit value of the investment fund after deducing any liabilities and expenses. Note that the NAV calculation in ULIP is on a daily basis. Hence, you can track the performance of your investment and make decisions to manage your returns at the right time to yield maximum benefits.

In case you need expert assistance while selecting the right ULIP plan based on the NAV performance, connect with one of our professional RenewBuy POSP Advisors, who will help you make wiser decisions.

Frequently Asked Questions

What is NAV meaning?

The NAV means the current market value of each unit of fund. Based on the NAV, you can calculate the total value you will get based on the number of units you want to redeem/withdraw.

What is the Net Asset Value formula in ULIP?

The formula used to calculate the NAV in ULIP is

NAV = (Value of Current Assets + Market Value of Investments Held) – (Value of Current Liabilities and Expenses) / Total Number of Units on the Date

What is NAV value in insurance?

Net Asset Value in insurance stands for the per-unit value of an asset, deducting the value of any liabilities or expenses on an investment fund.

When can investors calculate the NAV on an investment?

The prices of market instruments keep changing throughout the day. Hence, the investors can only calculate the NAV of mutual funds or ULIP after closing the stock market on a particular day. They cannot calculate NAV in mutual funds or ULIPs during market hours.

How can I calculate the total fund value using NAV?

To calculate the total fund value of your investment, you can use the following formula:

Total fund value = NAV X Total Number of Units

Ladli Behna Yojana

The Ladli Behna Yojana (LBY), launched in 2023 by the Madhya Pradesh government, is a unique and ambitious social welfare scheme to empower women and foster their financial independence. This scheme transcends a simple cash transfer program, offering a multifaceted approach to address critical issues faced by women in the state. Let us delve into the intricacies of LBY, exploring its objectives, benefits, eligibility criteria, implementation process and potential impact on the lives of women in Madhya Pradesh.

Statistics: As of May 21, 2024, more than 1.25 crore women have successfully registered themselves to gain the Ladli Behna Yojana benefits. (Source)

Ladli Behna Yojana: Monthly Financial Benefit to Women

Madhya Pradesh Ladli Behna Yojana was launched on 5 March 2023 by the ex-chief minister Shivraj Singh Chouhan on the occasion of Narmada Jayanti. It is an initiative to promote the welfare of women.

Under Mukhyamantri Ladli Behna Yojana, all eligible women of Madhya Pradesh, regardless of their religion or caste, will receive a financial assistance of INR 1250 monthly.

Highlights of Ladli Behna Yojana

Below are the highlights of Ladli Behna Yojana:

Beneficiary: Married Women of Madhya Pradesh

Particulars	Ladli Behna Yojana
Starts on	05 March 2023
Beneficiary	Married Women of Madhya Pradesh
Nodal Department	Department of Women and Child Development, Madhya Pradesh
Applying Procedure	Through the Ladli Behna Yojana (LBY) Scheme Form

What is the Need for Ladli Behna Yojana?

Madhya Pradesh, despite progress in development, still faces challenges such as gender inequality, high dropout rates among girls and limited access to education and employment for women. Recognizing these issues, the state government envisioned LBY as a catalyst of change.

Objectives of Ladli Behna Yojana (LBY)

Laadli Behna Yojana (LBY) goes beyond just providing financial assistance and includes multiple objectives to empower women in Madhya Pradesh.

Financial Empowerment: Ladli Behna Yojana (LBY) aims to provide eligible women with monthly financial assistance, boosting their economic independence and enabling them to pursue their aspirations.
Education Promotion: The main focus is to encourage girls' education. By financially supporting families with girls, Ladli Behna Yojana (LBY) encourages continued education, potentially leading to higher educational attainment and better life prospects.
Increased Girl Child Enrollment: The Ladli Behna Yojana aims to encourage families with girls to continue their education through financial assistance, tackling potentially high dropout rates and boosting educational achievement.
Higher Educational Opportunities: By providing additional financial support for higher education, the Ladli Behna Yojana aim to encourage girls to pursue vocational training, college degrees or further study, opening the doors to better career opportunities.

Also Check: Ladli Laxmi Yojana

What are Ladli Behna Yojana Benefits?

The Ladli Behna Yojana has significantly impacted the lives of countless girls and their families across India. Here are some of the key benefits and impacts of the scheme:

Financial Assistance: Eligible women will get a transfer of INR 1K to the bank account on the 10th of every month. This provides critical financial support for meeting daily needs, healthcare, education, and personal well-being.
Increased Enrollment and Retention: The scheme has led to a significant increase in the enrollment of girls in schools. Financial assistance provided under the Ladli Behna Yojana has helped families overcome economic barriers and encouraged them to send their daughters to school.
Empowerment and Gender Equality: The Ladli Behna Yojana is vital in promoting gender equality by empowering girls and providing them with equal opportunities. By supporting their education, the scheme enables girls to acquire knowledge, skills, and confidence, empowering them to pursue higher education, fulfil career aspirations, and contribute to society.
Reduction in Child Marriage: One of the significant impacts of the scheme is the reduction in child marriage rates. By encouraging families to delay the marriage of their daughters, Laadli Brahmin Yojana has helped tackle the social issue of child marriage and encouraged girls to complete their education before entering married life.
Improved Socio-Economic Status: The financial assistance provided by the scheme has helped families overcome financial constraints, thereby improving their socio-economic status. By investing in their daughters' education, families have seen long-term benefits of increased employability, higher incomes and improved quality of life.
Awareness and Attitude Shift: Ladli Behna Yojana has also played an important role in creating awareness about the importance of educating girls and changing social attitudes. The scheme's awareness campaigns and sensitization efforts have helped challenge traditional beliefs and stereotypes that hinder girls' education. This has resulted in a positive change in attitudes, with more families recognizing the value of investing in their daughters' education.
Enhanced Future Prospects: The Ladli Behna Yojana has opened doors of opportunities for girls, enabling them to pursue higher education and explore diverse career paths. The scheme has enhanced their future prospects by equipping them with education and skills, leading to greater economic independence and empowerment.
Reduction in Gender Disparities: Through its focus on empowering the girl child, the Ladli Behna Yojana has contributed to reducing gender disparities in education and society. The scheme has paved the way for a more inclusive and equitable society by breaking down barriers and providing equal opportunities.

Who Can Apply for Ladli Behna Yojana?

Families must meet certain eligibility criteria to avail of the benefits of the Ladli Behna Yojana. While the specific requirements can vary across states, Here are the eligibility criteria for Ladli Behna Yojana:

Female applicants should be a resident of the Madhya Pradesh.
Female applicants should be married (including widow, divorced, abandoned).
The annual family income should be less than INR 2.5L.
The entry age and exit age should be between 21 to 60 years.
She should not be an income taxpayer.

Also Check: Sukanya Samridhi Yojana

Required Documents for Registration under the Ladli Behna Yojana

The following are the documents required for registration under Ladli Behna Yojana (LBY):

Aadhar Card
Ration Card
Samagra ID
Resident Proof of Madhya Pradesh
Income Certificate
Passport size photograph
Bank Account Details
Birth Certificate (may require)
Marriage Certificate (may require)
Divorce Certificate (may require)
Destitution Certificate (may require)

How to Apply for Ladli Behna Yojana?

The Ladli Behna Yojana (LBY) registration process can be completed online or through designated Gram Panchayats. Here's a breakdown of both methods:

Online Registration

Visit the official LBY website.
Click on "New Registration": Register yourself on the portal by providing basic details like name, Aadhaar number, and mobile number.
Fill out the application form with information about yourself, your family, and eligible girl children.
Upload all the required documents like an Aadhaar card, bank details, income certificate, etc.
Once everything is filled and uploaded, submit the application form.
You can track the status of your application using the reference number generated upon submission.

Registration through Gram Panchayat

Visit your nearest Gram Panchayat and go to the concerned department handling LBY registrations.
Collect the LBY application form from the Panchayat officials.
Fill out the form and attach documents.
Submit the application form along with documents to the Panchayat officials.
Receive an acknowledgement receipt for your application submission.

How to Check Ladli Behna Yojana Status?

You can check the status of your Ladli Behna Yojana application by following the below steps:

Visit the “Ladli Behna Yojana” official website.
Click on the “Status” button from the home page.
Then, you must enter some required information, such as your application number or name.
After entering the information, submit it.
The next page will show you the status of your Ladli Behna Yojana application.
It will indicate the status of your application, whether it is approved, pending, or rejected.

Conclusion

The Ladli Behna Yojana has emerged as a powerful tool for empowering women and promoting their education and welfare. By providing financial assistance, raising awareness, and incentivizing education, the scheme has made significant strides in combating gender discrimination and fostering gender equality. The positive impacts of the Ladli Behna Yojana can be seen in the increased enrollment and retention of girls in schools, the reduction in child marriage rates, and the overall socio-economic upliftment of families. As India progresses towards a more inclusive society, initiatives like the Ladli Behna Yojana continue to play a crucial role in transforming the lives of girls and shaping a brighter future for the nation.

Ladli Behna Yojana FAQs

Question: Can I apply for Ladly Behna Yojana online?

Answer: Yes, you can apply for Ladli Behna Yojana online on web portal cmladlibahna.mp.gov.in.

Question: When did Ladli Behna Yojana started?

Answer: Ladli Behna Yojana started on 28 January 2023 by the Madhya Pradesh Government.

Question: What is the Ladli Behna Yojana end date?

Answer: The last date of Ladli Behna Yojana application first phase was 20 August 2023.

Question: How much money is paid under Ladli Behna Yojana?

Answer: Under Ladli Behna Yojana, the eligible women receive INR 1250 every month.

Question: Is the KYC mandatory for Ladli Behna Yojana?

Answer: Yes, KYC is mandatory to proceed with the Ladli Behna Yojana application.

Question: How to do Ladli Behna Yojana KYC?

Answer: The applicant can do e-KYC of Ladli Behna Yojana in the Samagra Portal, by following the given steps:

Visit the Samagra portal (samagra.gov.in) and login with Samagra ID.
Enter the Aadhaar Number and verify it with an OTP.
Enter your mobile number and verify with OTP.
If the applicant details such as name, date of birth, gender, matches with the Aadhaar Card, your Aadhaar Card e-KYC is successfully completed.
The application is sent to local body for approval on mismatch of information.

Question: Where can I check the Ladli Behna Yojana KYC status?

Answer: You can check Ladli Behna Yojana KYC status on Samagra Portal.

Question: How can I check Ladli Behna Yojana amount status?

Answer: To check the Ladli Behna Yojana status of received amount, follow the given process:

Go to the official portal.
Click on the ‘Application Status’ tab.
Enter your application number/ Samagra ID.
Verify the OTP received on the registered mobile number.
Your amount status is reflected on screen.

Question: How to check Ladli Behna Yojana list?

Answer: Once the application is processed, the Ladli Behna Yojana final list of beneficiaries is released. You can check it by following the given steps:

Visit the official website of the Mukhya Mantri Ladli Behna Yojana.
Go to ‘Final List’ option on the navigation bar.
Verify your mobile number by entering the OTP received.
You can check the name on Ladli Behna Yojana final list.

Question: Where can I apply for Ladli Behna Yojana?

Answer: You can apply for Ladli Behna Yojana from the following place:

Seva Kendra
Panchayat Office
Anganwadi Center
Online

Question: Is there a caste or religion requirement?

Answer: No, LBY is open to all eligible women, regardless of caste or religion.

Question: Can an unmarried woman apply for Ladli Behna Yojana?

Answer: No, unmarried woman cannot apply for Ladli Behna Yojana.

Question: How can I register for LBY?

Answer: You can register online at the official LBY website or through your designated Gram Panchayat.

Question: What is the expected impact of LBY?

Answer: LBY aims to empower women financially, promote girl-child education, and foster social transformation.

Question: What is the amount of the monthly financial support?

Answer: You will get INR 1250 per month.

Traffic Fines & RTO Challans: List of Traffic Fines

Traffic Fines and Challans In India

Indian roads are considered to be the deadliest. To curb the rising rate of road accidents, riders on road need to play their important roles and responsibilities. Road rules and regulations in India are designed and amended time to time as per the provisions of the Motor Vehicle Act, 1988. Various provisions of the act are enforced by the Motor Vehicle Department. Every state has a Regional Transport Offices (RTO) to carry out the various activities and functions as laid out in the Motor Vehicle Act.

Despite of rules and regulations, accidents do happen due to traffic violations. Recently, there has been increase in fines for traffic violations.

Here is a list of Traffic Fines and Challans in India

Documents-related offences

Offences	Maximum amount of RTO fines/punishment	Section
Allowing your vehicle to be driven by another person who does not hold a valid driving license	INR. 5000 and/or imprisonment for up to three months	3 r/w 180 of the Motor Vehicle Act
Driving without a valid driving license	INR. 5000 and/or imprisonment for up to three months	3 r/w 181 of the Motor Vehicle Act
Driving without valid motor insurance	INR.2000 and/or imprisonment for up to three months	130 r/w 177 of the Motor Vehicle Act
Not carrying all the valid documents as stated in the Motor Vehicle Act while riding	INR. 500	130 (3) r/w 177 Motor Vehicle Act
Driving without valid permit	INR.2000 to INR. 10000	130 r/w 177 of the Motor Vehicle Act
Vehicle without registration certificate	INR. 2000	39 r/w 192 of the Motor Vehicle Act
Driving without valid vehicle fitness certificate	INR. 2000 to INR. 5000	130 r/w 177 of the Motor Vehicle Act

Driving - Related Offences*: Traffic Fines and Challans in India

Offences	Maximum amount of RTO fines/punishment	Section
Allowing a person without license to drive your vehicle	INR. 1000	5 r/w 180 of the Motor Vehicle Act
Vehicle driven by minor (below 18 years of age)	INR 500	4 r/w
Reckless or negligent driving	INR 1000	177 of Motor Vehicle Act
Driving without seat belts	INR. 1000	138 (3) CMVR
Driving two-wheeler without helmet	INR. 1000 and scrapping of license for three months	129 r/w 177 of Motor Vehicle Act
Hazardous driving or riding over the speed limit	INR. 1000 and/or imprisonment up to six months	184 of Motor Vehicle Act
Driving against one way	INR. 100	2 RRR r/w 177 of the Motor Vehicle Act
Reversing without caution	INR. 100	17 (i) RRR 177 Motor Vehicle Act
Not keeping the vehicle to the left side of the road while driving	INR. 100	66 r/w 192 Motor Vehicle Act
Tripling on two-wheeler	INR. 100	128/177 pf Motor Vehicle Act
Driving on footpath	INR. 100	RRR 177 of the Motor Vehicle Act
Intentional disobeying of lawful directions	INR. 500	132/179 of the Motor Vehicle Act
Driving under the influence of drugs/alcohol/ any other intoxicating substances	INR. 10000 and/or imprisonment for up to six months	185 of Motor Vehicle Act
Mobile usage while driving	INR.1000	184 of Motor Vehicle Act
Road accident involving a minor	INR. 1000	184 of Motor Vehicle Act
Not giving way to emergency vehicle	INR. 10000	194E of Motor Vehicle Act

Offences related to number plates, vehicle light and traffic signals: RTO Traffic Fines and Challan in India

Offences	Maximum amount of RTO fines /punishment	Section
Driving the vehicle with offensive number plates	INR. 100	CMVR 105 (2) (ii) 177 of the Motor Vehicle Act
Displaying number plate as ‘applied for’	INR. 4500	39/192 of Motor Vehicle Act
Improper horn usage	INR. 100	CMVR 105 (2) (ii) 177 of the Motor Vehicle Act
Driving without horn	INR. 100	119 (1)/177 CMVR
Improper usage of vehicle lights	INR. 100	CMVR 105 (2) (ii) 177 of the Motor Vehicle Act
Using high beam when it’s not needed	INR. 100	112 (G) A DMVR 177 of Motor Vehicle Act
Disobeying sign board	INR. 100	22 (b) RRR 239 MMVR 177 Motor Vehicle Act
Jumping signal	INR. 1000 and scrapping of license for three months	121 RRR 177 Motor Vehicle Act
Not giving signal while taking turn	INR. 100	119/177 Motor Vehicle Act

However, it’s important to note that RTO fines may differ from state to state. Mumbai traffic police fines may vary from Bangalore RTO fines. If we take the example, ‘using mobile phone while driving’ is an offence for which Mumbai RTO fines INR. 200, Bangalore RTO fines INR. 100 and Pune RTO fines INR. 100. RTO fines can be paid online using RTO challan (called as e-challans) online.

Conclusion

For every effort that is made by the traffic police department and RTOs, it’s important to abide by the rules and regulations for the road safety and avoid paying hefty RTO fines. Follow the rules of RTO Traffic Fines and Challan in India and drive safe.

FAQ:

1. How can I check my challan online in Bihar?
You need to go to the official website of parivahan and go to the challan details to check your challan online.

2. How can I check my traffic fines in India?
Visit the website of your state's transportation department and go to the e-challan payments section to check traffic fines in India.

3. How do I pay Challan using Paytm?
You can follow these steps below to pay your traffic challan using Paytm:

Open the Paytm mobile app on your smartphone, and find "Challan" and click on it.
Choose "Traffic Authority"
Enter the necessary information, such as the vehicle number, the challan ID or number, etc.
To view the fine amount, click "Proceed."
Select your preferred method of payment from credit card, debit card, Paytm wallet, Paytm postpaid, UPI, and net banking.
You'll be informed once the payment has been made once you've finished it.

Ayushman Bharat Health Account (ABHA Card)

Ayushman Bharat Health Account (ABHA Card) is an unprecedented initiative launched by the Government of India under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PMJAY). This transformative scheme aims to provide financial security and affordable healthcare to millions of vulnerable individuals and families nationwide.

The ABHA health card is the gateway to various healthcare benefits, including cashless treatment and hospitalization services. In this comprehensive article, we will explore the key features, benefits, eligibility criteria and impact of Ayushman Bharat Health Account (ABHA Card) on the lives of countless individuals who previously lacked access to quality healthcare.

ABHA Health Card: Highlights

This table shows the crucial details related to the online application for the Ayushman Bharat Health Account (ABHA digital health ID).

Scheme	Ayushman Bharat Health Account (ABHA Card)
Launched On	27 September 2021
Launched by	Ministry of Health and Family Welfare
Website	healthid.ndhm.gov.in
App	NDHM Health Records/ABHA Mobile App (PHR)
Application fee	Free of cost
Documents necessary	Aadhaar card/driving licence/PAN card

What is an ABHA Card (Ayushman Bharat Health Card)?

Abha Card (Ayushman Bharat Health Card) is a health card that provides a digital health ID to all the citizens of India to help them access their past and present medical records. ABHA Card was launched in the year 2021, and it has a 14-digit identification number that can be used from anywhere in India. Thus, you can access your health information across India without any geographical barriers.

Ayushman Bharat Digital Mission Highlights

Ayushman Bharat Digital Mission Insights	Overall
ABHA Created	54,99,70,127
Health Records Linked	34,10,40,474
Verified Facilities on HFR	2,30,692
Verified Healthcare Professionals	2,47,494

Why Should you have an Ayushman Bharat Health Account (ABHA Card)?

You should create an Ayushman Bharat Health Card (ABHA card) as it eliminates the inconvenience of carrying physical medical reports and the difficulty of managing and organizing your medical history. With an ABHA digital health ID card, all your medical information is securely stored in a centralized location. Consequently, you can easily provide your ID number to medical professionals, such as doctors and insurers, who can review your medical records quickly.

Eligibility for Ayushman Bharat Health Account Card (ABHA Card)

To get an Ayushman Bharat Health Account Card (ABHA Card), you need to be eligible for it. Below mentioned is the eligibility criteria for the Ayushman Bharat Health Account Card (ABHA Card):

You should be an Indian Citizen.
You should have a valid Aadhar card.

Benefits of Ayushman Bharat Health Account (ABHA Card)

The Ayushman Bharat Health Account (ABHA Card) offers several benefits that contribute to its effectiveness in providing healthcare access. These benefits include:

The ABHA Card ensures that eligible beneficiaries can access a wide range of healthcare services, irrespective of their socio-economic status or geographical location.
The ABHA Card allows beneficiaries to keep all their medical records on one digital platform.
The ABHA Card is portable across all empanelled hospitals and healthcare providers nationwide. This allows beneficiaries to seek treatment anywhere in India, ensuring continuity of care even when they are away from their place of residence.
The Ayushman Bharat Health Account (ABHA Card) platform is secured and encrypted with a vigorous encryption system. So you don’t have to worry about your data leakage. The ABHA platform is entirely safe and secure.
The ABHA Card covers various medical treatments and procedures, including hospitalization expenses, pre and post-hospitalization costs, diagnostics, and medication, under PMJAY. The coverage extends to both pre-existing conditions and new illnesses.
The ABHA Card incorporates a robust health data management system that facilitates collecting, storing, and analysing health-related data. This data can be utilized for research, policy formulation, and evidence-based decision-making to improve the overall healthcare ecosystem in India.

What are the Documents Required for ABHA Card Registration?

You need to submit the following information for ABHA ID.

Mobile number
Aadhar number
Driving Licence number (only for generating an enrollment number)

Ways to Create Your ABHA Card

You can avail your ABHA Health ID card online in the following ways:

Through the official website (healthid.ndhm.gov.in).
Through the ABHA mobile application (PHR).

How to Create ABHA Card Through the Official Website?

The process of creating your Ayushman Bharat Health Account number (ABHA Card) is simple and can be completed in approximately 10 minutes. Here are the steps to follow:

Visit the official NDHM website or download and open the ABHA mobile app.
Click on the tab named "Go to create my ABHA number.
Provide your driving license, Aadhaar, or PAN number as requested.
An OTP (One-Time Password) will be sent to the registered mobile number. Which has to be entered.
Next, you will be asked to enter your mobile number and receive another OTP on your phone to verify it.
Once your mobile number is confirmed, a National Health Authority form page will appear. Fill in your personal details such as name, age, gender, email ID, etc.
After submitting your responses, you can download your ABHA ID. You can then use these credentials to log in and access all the services offered under ABHA.

How to Download ABHA Digital Health ID Card Online?

Once you have completed the registration process, you can easily download your ABHA digital health ID card by following these two simple steps:

Option 1

Visit the official NDHM website or open the ABHA mobile app.
Log in to your account (if you have already created one).
Look for the option to download your ABHA health card and click on it to initiate the download process.

Option 2

Go to the PlayStore on your mobile device and search for the ABHA mobile app.
Download and install the ABHA app.
Log in to the app using your credentials.
Once logged in, navigate to the section where you can download your ABHA card.
Follow the steps to download your ABHA digital health ID card.

Conclusion

Ayushman Bharat Health Account (ABHA Card) has emerged as a transformational initiative in the Indian healthcare landscape. By providing financial security and affordable access to quality healthcare services, the ABHA Card has positively impacted the lives of millions of individuals and families. It addresses the long-standing issue of affordability and availability of health care, especially for the weaker sections of society. Moving forward, it is important to continue expanding the reach and impact of the ABHA Card to ensure that more individuals and families across the country can benefit from this landmark healthcare initiative.

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Ayushman Bharat Health Account (ABHA Card) FAQs

What is an ABHA Card?

Ans. The ABHA Card is a digital health ID card provided under the Ayushman Bharat Health Account scheme, which stores your comprehensive medical information in one place.

How can I obtain an ABHA Card?

Ans. You can obtain an ABHA Card by registering through the official NDHM website or by downloading and using the ABHA mobile app.

Is there any fee associated with getting an ABHA Card?

Ans. No, obtaining an ABHA Card is free of cost. There are no charges involved in the registration or card issuance process.

What documents do I need to register for an ABHA Card?

Ans. You will need either a driving license, Aadhaar card, or PAN card to complete the registration process for an ABHA Card.

Can I use the ABHA Card across India?

Ans. Yes, the ABHA Card can be used across India at any healthcare facility or hospital that is part of the Ayushman Bharat network.

Can I link my family members to my ABHA Card?

Ans. Yes, you can link your family members, including spouses and children, to your ABHA Card to access their healthcare information easily.

How secure is the ABHA Card in terms of my personal medical data?

Ans. The ABHA Card ensures the privacy and security of your medical data by implementing robust encryption and strict data protection measures.

Can I update my medical information on the ABHA Card?

Ans. Yes, you can update your medical information on your ABHA Card by logging into your account and making the necessary changes.

How can healthcare providers access my medical information through the ABHA Card?

Ans. Healthcare providers can access your medical information by using your ABHA Card's unique ID number and verifying it through authorized channels.

Can I use the ABHA Card to avail of cashless treatment?

Ans. Yes, the ABHA Card enables cashless treatment for eligible beneficiaries under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PMJAY) scheme.

What benefits do I get with an ABHA Card?

Ans. With an ABHA Card, you can access various healthcare services, track your medical history, receive personalized health recommendations, and avail cashless treatment under PMJAY.

Can I use the ABHA Card for insurance claims?

Ans. Yes, you can use your ABHA Card to streamline insurance claims by providing accurate and up-to-date medical information to the insurers.

Is the ABHA Card applicable only to specific age groups?

Ans. No, the ABHA Card applies to individuals of all age groups, including infants, children, adults, and the elderly.

What should I do if I lose my ABHA Card?

Ans. If you lose your ABHA Card, you can report it immediately to the NDHM helpline or through the ABHA mobile app to prevent unauthorized access to your medical information.

Can I access my ABHA Card offline?

Ans. No, the ABHA Card is a digital card that requires an internet connection to access and update your medical information.

Sukanya Samriddhi Yojana Calculator

Are you planning to secure your daughter's future through the Sukanya Samriddhi Yojana (SSY) scheme? If so, it is essential to understand the potential return on your investment. To simplify your financial planning, the Sukanya Samriddhi Yojana Calculator provides a convenient tool to estimate the maturity amount. This comprehensive guide will explore the features, benefits, and usage of the SSY calculator.

Understanding Sukanya Samriddhi Yojana:

Sukanya Samriddhi Yojana is a government-backed savings scheme in India launched to empower parents or guardians to save for their girls' education and marriage expenses. The scheme offers attractive interest rates, tax benefits and long-term savings options, making it ideal for individuals seeking financial security for their daughters.

What is the SSY Premium Calculator?

Consider this your financial crystal ball for the SSY scheme. You enter your desired investment details, and it predicts what maturity amount your daughter's account can reach. It considers essential factors such as:

Annual Investment Amount: Choose your annual contribution within Rs. 250 - Rs. Range of Rs 1.5 lakh.

Girl's Age: Enter your daughter's current age for the remaining investment window.

Interest Rate: The calculator shows the current SSY interest rate (as of today, 7.6%) or allows you to find out possible rate changes in the future.

Investment Tenure: 21 years is the fixed maturity period, but the calculator shows the impact of starting early.

Beyond the Numbers: Unique Features of the Calculator

Not all calculators are created equal. Here's what sets it apart:

Multiple Scenarios: Play with different investment amounts and starting ages to find the perfect fit for your financial goals.

Estimating future value: Imagine the potential impact of interest rate fluctuations on your daughter's future corpus.

Comparative Analysis: Compare investment strategies to make decisions about maximum returns.

User-friendly interface: The calculator is simple and intuitive, even for non-finance experts.

Unlocking the Benefits of the SSY Premium Calculator:

Informed investment decisions: Check how minor adjustments to your contributions can significantly impact the final amount.

Realistic goal setting: Set achievable financial goals for your daughter's future needs, such as marriage or higher education.

Early Planning Benefits: Starting early and understanding the power of compound interest can build a corpus for your daughter.

Peace of mind: Gain confidence knowing you are taking proactive steps to save your daughter's financial future.

Who Can Use This Sukanya Samriddhi Yojana Calculator?

The Sukanya Samriddhi Yojana (SSY) Calculator can be utilized by anyone interested in investing in the SSY Scheme and wants to check the maturity amount of their investment. In particular, the following individuals may benefit from using the calculator:

Guardians or Parents: Parents or guardians who want to plan and save for their girl's future education and marriage expenses can use the SSY calculator to determine the returns on their investments. This helps them to set specific financial goals and make informed decisions about their contributions.

Potential Investors: People looking to invest in Sukanya Samriddhi Yojana can use the premium calculator to understand the growth of their investment in the long run. This allows them to evaluate the return and benefits of the plan and make an informed investment decision.

Financial Advisors: Professionals or financial advisors can use the SSY calculator to help their clients with financial planning. They can give accurate estimates and projections based on the customer's investment amount and prevailing interest rates.

Existing Sukanya Samriddhi Yojana account holders: People who already have an SSY account can utilize the premium calculator to track the growth of their investments and assess the impact of making additional contributions. This will help them to adjust their savings strategy and stay on track to meet their financial goals.

It is important to note that the calculator provides estimates and projections based on the input data. The actual maturity amount may vary based on changes in the interest rates and other factors. For precise and up-to-date information, consulting with financial advisors or authorized institutions is advisable.

It is essential to note that the SSY premium calculator provides projections and estimates based on input data. The maturity amount may vary depending on the interest rate changes and other factors. For accurate and updated information, it is advised to consult financial advisors.

How can an SSY calculator help you?

An SSY calculator can be beneficial in various ways:

Financial Planning: SSY Calculator permits you to plan your investments fruitfully by providing an estimated maturity amount. By inputting factors like interest rate, tenure, annual contributions and initial deposit, you can check the potential growth of your investment. This will help you set specific financial goals for your daughter's work, marriage, and education.

Estimating Maturity Amount: The SSY premium calculator gives you an estimated figure of maturity amount based on the data. This helps you understand the ROI and evaluate the effectiveness of the SSY plan in meeting your objectives. This enables you to make an informed decision about the savings required and the period required to reach your target.

Comparison of Scenarios: The SSY premium calculator ensures you to compare different scenarios and checks how changes in the contribution interest rates, tenure and amount can affect the maturity amount. This assists you in evaluating the best investment strategy that suits your goals and financial responsibilities. You can check the plan that best suits your needs by experimenting with different inputs.

Decision Making: The SSY calculator empowers you to decide about your SSY investments. This clarifies the outcomes of your contributions and lets you evaluate the impact of different investment options. With the aid of the calculator, you can select the optimal contribution amount, tenure and investment strategy that best suits your financial situation and goals.

Tracking progress: If you already have a Sukanya Samriddhi Yojana account, the calculator can aid you in tracking the progress of your investments over time. By registering your contributions periodically and adjusting the tenure, you can track the growth of your savings and ensure you are on track to meet your objectives.

Overall, an SSY calculator is a valuable tool for decision-making, goal setting, financial planning and tracking the progress of your Sukanya Samriddhi Yojana investment. It gives you a clear understanding of the outcomes of your contribution, aiding you in securing your daughter's future.

How Does The SSY Calculator Work?

The Sukanya Samriddhi Yojana (SSY) calculator works based on the following key factors:

Initial Deposit: Enter the amount you want to deposit while opening the Sukanya Samriddhi Yojana account. This is the starting contribution you need to make towards the scheme.

Annual Contribution: Check the amount you want to contribute annually towards the SSY account. The minimum contribution is INR 250, and the maximum is INR 1.5 lakh. You can input the desired annual contribution amount based on your financial capabilities.

Tenure: Enter the desired time for your SSY account. The scheme lasts 21 years or until the girl child reaches 18, whichever is earlier. Enter the number of years you want to keep for the account opening.

Interest Rate: Provide the interest rate prevailing at the time of calculation. The government determines the interest rate for the Sukanya Samriddhi Yojana scheme, which is subject to revision occasionally. Using the latest interest rate is vital to get an accurate calculation.

Once you enter these details, the SSY calculator uses a formula to estimate the maturity amount based on the compound interest calculations. The formula considers the interest rate, tenure, annual contribution, and initial deposit to check the future value of your investment.

The calculator examines compounding, meaning the interest earned each year is added to the principal amount, and the subsequent interest is calculated depending on the new total. This makes your investments grow faster over time.

After processing the data and executing the necessary calculations, the Sukanya Samriddhi Yojana (SSY) calculator provides a lump sum of the maturity amount. This estimate assists you in understanding the potential returns on your investment and plans your savings accordingly. It is vital to check that the SSY calculator gives estimates and projections based on assumptions and input data. The actual maturity amount may vary depending on changes in interest rates and other factors. Nonetheless, it is advisable to consult financial advisors or authorized institutions for the accurate and latest information regarding Sukanya Samriddhi Yojana investments.

How Can I Use The Corpus Accumulated From SSY Contributions?

The money collected from Sukanya Samriddhi Yojana (SSY) contributions can be used for various purposes related to your daughter's marriage expenses and education. Here are some ways you can use the corpus:

Education Expenses: The SSY corpus can be utilized to meet your daughter's education expenses, including education trips, uniforms, school supplies, books and tuition fees. It can assist you in covering the costs of primary, secondary, and higher education with undergraduate and postgraduate degrees.

College and University Fees: This fund can be used to pay for college admission, examination, and other educational charges. It can give financial assistance for your daughter's vocational or professional courses, enabling her to pursue her desired career path.

Skill Development: This money can be invested in vocational training courses or skill development programs that enhance your daughter's employability and career prospects. This may include enrolling in specialized programs, certifications, or workshops in her areas of interest.

Marriage Expenses: SSY funds can finance your daughter's wedding expenses, including the marriage ceremony, venue booking, decoration, catering, clothes, jewellery and other related costs. This can help reduce the financial burden associated with wedding preparations.

Higher Studies Abroad: If your daughter wants to pursue higher education abroad, the accumulated amount can be utilized to meet her international education expenses. This may include tuition fees, accommodation, travel expenses, cost of living and other related charges.

Entrepreneurial Ventures: SSY funds can be used to support your child's entrepreneurial aspirations. It can provide the initial capital to start her own business. This can assist her to become financially independent and fulfill her dreams.

Other Financial Needs: This fund can also be utilized for any other financial need or emergency that may come in the future. It can be a safety net to cover expenses, medical emergencies or unexpected circumstances.

Planning and allocating Sukanya Samriddhi Yojana funds judiciously is vital, depending on your daughter's needs and preferences. Make sure you have a clear understanding of the expenses you want to cover and make decisions to make the most of the money saved.

Sukanya Samriddhi Yojana Calculator FAQs

1. Q: What is an SSY calculator?

A: An SSY calculator is an online tool that helps individuals estimate the maturity amount of their investments in the Sukanya Samriddhi Yojana scheme. It considers factors like initial deposit, annual contributions, tenure, and interest rate to provide an approximate projection of the future value of the investment.

2. Q: How can I use the SSY calculator?

A: To use the SSY calculator, you must input details such as the initial deposit, annual contribution amount, desired tenure, and prevailing interest rate. The calculator will then process this information and provide you with an estimate of the maturity amount.

3. Q: Is the SSY calculator accurate?

A: The SSY calculator provides estimates and projections based on the input data and assumptions. While it can give you a good idea of the potential growth of your investment, the actual maturity amount may vary based on changes in interest rates and other factors. For precise and up-to-date information, consulting with financial advisors or authorized institutions is advisable.

4. Q: Can I use the SSY calculator for an existing SSY account?

A: Yes, you can use the SSY calculator to track the progress of your existing SSY account. By entering your current contributions and adjusting the tenure, you can monitor the growth of your savings and estimate the maturity amount based on the calculator's projections.

5. Q: Can I compare different scenarios using the SSY calculator?

A: Yes, the SSY calculator allows you to compare different scenarios by adjusting factors like the annual contribution amount, tenure, and interest rate. This helps you assess how changes in these variables can impact the maturity amount, allowing you to make more informed investment decisions.

6. Q: Is the SSY calculator applicable only to Indian residents?

A: Yes, the SSY calculator is specifically designed for individuals interested in investing in the Sukanya Samriddhi Yojana scheme, which is available to residents of India. It may not apply to individuals residing outside India.

7. Q: Can the SSY calculator provide information on tax benefits?

A: The SSY calculator focuses on estimating the maturity amount of the investment and does not provide specific information on tax benefits. It is advisable to consult with financial advisors or tax professionals to understand the tax benefits associated with the Sukanya Samriddhi Yojana scheme.

8. Q: Why is age important when using the SSY calculator?

A: Age is an essential factor when using the SSY calculator because it determines the eligibility to open an SSY account. The scheme is available for girl children who are ten or younger at the time of account opening. Age also affects the tenure of the account and the maturity period.

9. Q: Can I use the SSY calculator if my daughter's age is above 10 years?

A: No, the SSY calculator is primarily designed to estimate the maturity amount of investments made for girl children who are ten years of age or younger. If your daughter's age is above ten years, it is advisable to consult with financial advisors or authorized institutions to understand other investment options suitable for her.

10. Q: Can I adjust my daughter's age in the SSY calculator?

A: The age of the girl child is a fixed factor in the SSY calculator and cannot be adjusted within the calculator itself. The calculator assumes that the girl child is within the eligible age range specified by the Sukanya Samriddhi Yojana scheme.

11. Q: How does age impact the tenure of the SSY account?

A: The SSY account has a tenure of 21 years or until the girl child reaches the age of 18, whichever is earlier. The age of the girl child when opening the account determines the duration for which the account will remain active before maturity.

12. Q: Can I extend the tenure of the SSY account beyond 21 years?

A: No, the tenure of the SSY account cannot be extended beyond 21 years. Planning your contributions and investment strategy to achieve your financial goals within the specified tenure is essential.

13. Q: Can the SSY calculator estimate the maturity amount if my daughter is close to the age limit?

A: The SSY calculator can estimate the maturity amount even if your daughter is close to the age limit. By entering the current age of your daughter and the desired tenure, the calculator can provide an approximate projection of the future value of your investment.

14. Q: Can the SSY calculator account for changes in my daughter's age over time?

A: The SSY calculator assumes a fixed age for the girl child throughout the investment. It is important to note that any changes in your daughter's age after opening the account will not be reflected in the calculations provided by the calculator.

15. Q: Is the SSY calculator result guaranteed?

A: The SSY calculator provides an estimated maturity amount based on the current interest rate offered by the scheme. Keep in mind that interest rates are subject to change.

16. Q: What are the benefits of investing in the Sukanya Samriddhi Yojana?

A: The SSY scheme offers several advantages, including:

Tax Benefits: Investments in SSY qualify for tax deductions under Section 80C of the Income Tax Act.
Attractive Interest Rates: The SSY currently offers competitive interest rates compared to other savings schemes.
Long-Term Security: Provides a safe and secure way to save for your daughter's future.

Top 10 Pension Plans in India: Invest Wisely, Retire Comfortably

Top Pension Plans in India: To Secure Your Golden Years

Year by year, you’ve been working hard throughout your career, continuously earning and saving for the future. But, reality may strike anytime while you sit and calculate the numbers – will you have enough to complete your bucket list and truly enjoy your retirement years? Are you confident your savings will sustain you through the golden years? Not sure?

When it comes to retirement planning, you’re not alone in worrying about a stress-free retirement life. It’s a concern that resonates with countless individuals across India. Still, not many can plan efficiently for a financially secured retirement. We have prepared a list of the top 10 pension plans in India that will work as pillars of your retirement strategy and offer a structured approach to building a retirement corpus, ensuring peace of mind.

What are the Pension Plans in India?

Pension plans are a type of life insurance plan providing financial coverage for your old age. The right pension plan may work as a financial tool, serving stability and security after retirement.

In simple words, you deposit a certain amount of your income into the pension scheme through a lump sum investment or regular premium payment over a period. After completing the policy tenure, you receive a fixed income during your retirement days.

When it comes to pension plans, we often consider them a responsibility of our workplace. But getting covered under a pension scheme individually is more of our responsibility. Where you invest regularly during your employment years and develop a financial corpus that you can utilize once you retire. Let’s look into the list of best pension plans in India.

How Pension Plan Becomes Your Retirement Buddy?

Contribution: Individuals and employers regularly contribute money to the pension plan.
Investment Growth: The pension fund invests these contributions in various assets to grow over time.
Compounding: The invested money grows exponentially, generating returns on both the principal and accumulated interest.
Tax Benefits: Pension contributions often qualify for tax benefits, allowing retirement savings more effectively.
Retirement Payouts: Upon retirement, the accumulated funds are converted into a regular income stream post retirement.

List of Top 10 Pension Plans in India 2024

Here are some of the best pension plans available in the Indian market to invest and strengthen your golden days financially:

Life Insurance Company Name	Pension Plan in India	Type of Pension Plan	Entry Entry Age	Premium Payment Term	Minimum Annuity (Annually)
Max Life Insurance Company Limited	Max Life Smart Guaranteed Pension Plan	Non-linked Non-participating Individual/ Group annuity	30 - 85 years	Single premium payment	Rs. 12,000 approx
HDFC Life Insurance Company Limited	HDFC Life New Immediate Annuity Plan	Non-linked Non-participating Immediate annuity	18 - 99 years	Single premium payment	Rs. 10,000 approx
HDFC Life Insurance Company Limited	HDFC Life Saral Pension	Non-linked Non-participating Individual immediate annuity	40 - 80 years	Single premium payment	Rs. 12,000 approx
Tata AIA Life Insurance Company Limited	Tata AIA Life Saral Pension Plan	Non-participating Individual Immediate annuity	40 - 80 years	Single premium payment	Rs. 12,000 approx
Tata AIA Life Insurance Company Limited	Tata AIA Life Fortune Guarantee Pension	Non-linked Non-participating	30 - 85 years	Single/ Regular/ Limited payment	Rs. 12,000 approx
Bajaj Allianz Life Insurance Company Limited	Bajaj Life Guaranteed Pension Goal	Deferred & immediate annuity	30 - 85 years	Regular/ Limited payment	Rs. 12,000 approx
ICICI Prudential Life Insurance Company Limited	ICICI Pru Guaranteed Pension Plan	Deferred & immediate annuity	30 - 85 years	Single premium payment	Rs. 12,000 approx
Kotak Mahindra Life Insurance Company Limited	Kotak Lifetime Income Plan	Non-linked Non-participating Immediate annuity plan	18 - 99 years	Single premium payment	Rs. 12,000 approx
IndiaFirst Life Insurance Company Limited	IndiaFirst Life Guaranteed Annuity Plan	Savings deferred annuity plan	45 - 80 years	Limited premium payment	Rs. 12,000 approx
Life Insurance Corporation of India	LIC New Jeevan Shanti Plan	Non-linked Non-participating Deferred annuity plan	30 - 79 years	Single premium payment	Rs. 12,000 approx

*Disclaimer: RenewBuy does not endorse any specific insurance company or insurance product offered by any insurer.

Brief Details of the Best Pension Plans in India

Let’s look at the best pension plan details to clearly understand how the plan benefits you during your retirement years.

Max Life Smart Guaranteed Pension Plan

Max Life Smart Guaranteed Pension Plan is a great way to secure guaranteed income as long as you live. In addition, depending on the variant you choose, you can receive the next 5 years annuities as a lump sum in advance. Once you purchase the policy, the annuity rates are guaranteed for the lifetime of the annuitant.

Features & Benefits:

Option for return of premium on death
Enhance the annuity amount with the top-up premiums
Receive your income on a yearly, half-yearly, quarterly, or monthly basis
No medical examination for the issuance of the annuity plan

HDFC Life New Immediate Annuity Plan

HDFC Life New Immediate Annuity Plan streamlines a regular source of income to live your post-retirement life on your own terms. The single premium paying plan has multiple annuity options to cater to your needs. Also, the annuitant receives higher annuities for a large purchase price.

Features & Benefits:

Receive annuity as long as the annuitant or the spouse is alive
Return of purchase price on death or critical illness
Guaranteed annuity rates for lifetime
Receive annuity payouts on a monthly, quarterly, half-yearly or annual basis

HDFC Life Saral Pension

HDFC Life Saral Pension allows the annuitant to choose their own purchase price or the annuity amount they want after retirement. The plan provides single and joint life annuity options to secure your spouse under one plan. This way, you ensure a regular source of income for a lifetime. No medical examination is required to buy the plan.

Features & Benefits:

Joint life feature for both partners
Policy surrender on the diagnosis of critical illness
Avail of policy loan to fulfil your liquidity needs
Return of purchase price option on death

Tata AIA Life Saral Pension Plan

With the Tata AIA Life Saral Pension Plan, you are guaranteed a regular income during the second inning of your life. You can choose the option of a single or joint-life annuity. Also, the plan provides the death benefit depending on the option selected. If the annuitant, the spouse, or the children are diagnosed with a critical illness, they can surrender the policy after six months from the date of policy commencement.

Features & Benefits:

Flexible annuity options to meet your financial needs
Receive annuity payout at selected mode
Return of purchase price option
Avail of loan under the policy

Tata AIA Life Fortune Guarantee Pension Plan

Tata AIA Life Fortune Guarantee Pension Plan offers immediate annuity on single and joint life. The annuitant can utilize the regular income benefit to manage their expenses post-retirement. The nominee receives the applicable death benefits depending on the annuity option selected. Tax benefits can be availed under the premium paid and benefits received as per applicable tax laws.

Features & Benefits:

Multiple annuity options
Increase savings with the high purchase price
Increase annuity through top-up premiums
Attach riders to enhance the benefits

Bajaj Life Guaranteed Pension Goal

Bajaj Life Guaranteed Pension Goal is a non-linked, non-participating annuity savings or pure risk plan for individuals and groups. The annuitant receives guaranteed regular income throughout life as per the annuity amount guaranteed at the policy inception. The policyholder can also increase the annuity through a top-up premium option.

Features & Benefits:

Return of purchase price on death or surrender
Available for individual and group
Start receiving annuities per your requirement
Guaranteed additions on deferred annuities

ICICI Pru Guaranteed Pension Plan

Launched by ICICI Prudential Life Insurance Company, the Guaranteed Pension Plan is one of the best options to secure a second source of income after retirement. By choosing the immediate annuity option under the policy, you can convert your savings into a source of immediate income.

Features & Benefits:

Guaranteed lifelong annuity
Option to choose your retirement date
Early return of purchase price option
High purchase price option

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan is an immediate annuity plan that guarantees a regular source of income for the annuitant throughout the lifetime. The annuitant can choose the flow of income at which they want to receive the annuities. The annuity rates decided at the time of policy inception remain fixed and will not change with the varying market conditions.

Features & Benefits:

6 annuity options to choose from
Guaranteed annuity rates for lifetime
Higher annuity rates for a higher premium
Discount on high premiums

IndiaFirst Life Guaranteed Annuity Plan

IndiaFirst Life Guaranteed Annuity Plan is designed to guarantee an income throughout the life of the annuitant. By purchasing the plan, you safeguard your family in case of uncertain death or in case you are diagnosed with a critical illness.

Features & Benefits:

Life increasing annuity
Life annuity with return of purchase price on death or critical illness.
5 different annuity options
Lifetime benefit on paying a limited premium

LIC New Jeevan Shanti Plan

LIC New Jeevan Shanti Plan is a deferred annuity plan to secure your post-retirement by ensuring a reliable income stream throughout your life. No contribution limits exist; hence, an individual can invest more and secure higher annuities upon retirement. The annuitant can also avail of loans under the policy.

Features & Benefits:

Lifetime annuity on one time payment
Incentive for higher purchases
No medical examination
Tax-deferred growth

**The pension plans mentioned above are shortlisted based on the high annuity rates.

Basis of Selection of the Top 10 Pension Plans in India

The table below highlights the premium income generated by the life insurance companies as per the annual report 2022-23 of IRDAI.

S. No.	Life Insurance Companies	Annual New Business Premium (Rs. in Crores)
1	Max Life Insurance Company	25,341.91
2	HDFC Life Insurance Company	57,533.42
3	Tata AIA Life Insurance Company	20,503.50
4	Bajaj Allianz Life Insurance Company	19,461.43
5	ICICI Prudential Life Insurance Company	39,932.78
6	Kotak Life Insurance Company	15,320.46
7	India-First Life Insurance Company	6,074.53
8	Life Insurance Corporation of India	474,668.14

How Much Should You Save for Your Post-Retirement?

Retirement planning is a crucial step in the life of an earning individual. Where an individual can opt for multiple investment options, buying a pension scheme is one of the most reliable ways to streamline a regular income source. But the question arises: how much money is sufficient to save for your retirement?

In general, saving at least 15-20% of your income for retirement days is recommended. But the right amount of retirement corpus depends on factors like age, income, lifestyle, inflation, and financial goals. Here are some key measures you can consider while deciding on retirement amount:

Evaluate your retirement goals: Define what lifestyle you want to maintain in your retirement. Ask yourself what hobbies you want to pursue, house rent, healthcare expenses, etc.
Decide on when you want to retire: Some pension plans come with the flexibility of deciding your retirement date. This helps you accumulate the required amount of corpus over the years. Also, ensure that you plan for a longer retirement so you have sufficient funds.
Calculate inflation: While calculating inflation, don’t miss out on the impact of inflation on your retirement corpus. Adjust your savings and investment strategies accordingly to cover your retirement expenses throughout the years you live.
Calculate retirement expenses: Make an estimate of future expenses depending on the lifestyle you wish during your retirement. Remember that the costs of healthcare or other essentials rise over time, so the expenses should include those costs.
Identify income sources: Determine all your income sources, investments you have made, pension plans or government schemes, PF, annuities, etc. This will help you calculate the flow of money and how much more you will need. You can start investing in mutual funds, stocks, or ULIPs that offer good returns over time.

Wrapping it Up

Investing in a pension plan is crucial to ensure financial stability during your retirement. We have provided you with the list of the top 10 pension plans in India that you can consider investing in 2024 and saving a good amount of money to live a stress-free retirement. Different plans offer different options, so individuals customize their plans to meet their needs.

You can explore these pension schemes and compare their features, costs, and payout structure. In case you need expert assistance to understand terms and conditions better, connect with a life insurance agent nearby with the help of RenewBuy Advisor Connect.

* Disclaimer: The information provided here regarding insurance products, companies, and other schemes is for general informational purposes only and is subject to change according to the insurer's terms without prior notice.

Frequently Asked Questions

What is the difference between participating and non-participating pension plans?

Participating pension plan allows policyholders to share in the investment risk of the plan, receiving bonuses or dividends based on performance. Non-participating plans do not involve sharing risks or rewards with policyholders; they receive predetermined benefits.

Which pension plan is best in India?

The definition of the best pension plan in India varies depending on the individual needs of an individual. Some of the best plans that an individual can opt for are:

Max Life Smart Guarantee Pension Plan
HDFC Life New Immediate Annuity Plan
Tata AIA Fortune Guarantee Pension
Bajaj Allianz Life Guarantee Pension Goal
LIC New Jeevan Shanti Plan

How to calculate pension funds in India?

To calculate a pension fund, start by determining the regular contributions made by the individual or employer and estimate the interest earned. The next factor is the annuity rate offered by the pension provider and the duration of pension payments based on retirement age and life expectancy. Using these details, you can calculate the total pension fund you will receive after retirement.

How much money is a good pension amount?

A good pension amount should replace around 70-80% of your pre-retirement income. For example, if you earned ₹10 lakh annually before retirement, aim for a pension that provides ₹7 to ₹8 lakh per year during retirement.

Do I need a pension plan even if I have a provident fund account?

Yes, having a provident fund account is not enough to back your finances after retirement. Calculating inflation, the money received from a PF will not be sufficient to cover future expenses. Investing in an annuity plan will help manage healthcare or unexpected expenses after your retirement.

What are the best pension plans in India with a single premium?

You can select any of the following pension plans in India with a single premium to invest and streamline a regular payout at the time of retirement.

Max Life Smart Guaranteed Pension Plan
HDFC Life New Immediate Annuity Plan
HDFC Life Saral Pension
Tata AIA Life Saral Pension Plan
ICICI Pru Guaranteed Pension Plan

Can I purchase more than one pension plan?

Yes, you can purchase multiple pension plans from different life insurance companies per your financial requirements.

How to get 50,000 pension per month in India?

To get Rs. 50,000 per month, you must invest in high-risk and low-risk instruments as early as possible in your 20s or 30s. You can also consider investing in the National Pension Scheme (NPS), which ensures good returns after retirement.

How can I calculate my retirement corpus?

You can use a pension calculator to calculate your retirement corpus. Just provide the essential details like the present cost of living, inflation rate, retirement age, and expected number of years to live post-retirement.

What tax benefits are available under a pension plan?

The premiums paid towards a pension plan are eligible for tax exemption of up to Rs. 1.5 Lakh under Section 80C of the Income Tax Act, 1961.

Section 80C Deductions

Income Tax Deductions Under Section 80C

While working hard to earn a comfortable income, we never want to slip into the grip of taxation. But when the tax season rolls around, we panic to save as much tax as possible. What if we tell you there's a way you can reclaim some of that hard-earned money? Or, if you already are a taxpayer, you can increase your investments to save on taxes payable.

That's where Section 80C is designed to offer you the power to save on taxes while boosting your savings. But how does Section 80C help you save taxes? What are the investment options under Section 80C? This blog discusses Section 80C deductions in detail.

What is Section 80C of the Income Tax Act 1961?

Section 80C of the Income Tax Act, 1961 highlights various expenditures and investments that an individual can make to save taxes on their total income. You can claim a maximum deduction of Rs. 1.5 Lakhs from the total taxable income while filing your annual income tax return (ITR).

Who is Eligible to Get Tax Benefits under Section 80C?

Section 80C deductions apply only to individual taxpayers and Hindu Undivided Families (HUFs). Other businesses, corporate bodies, partnerships, and firms cannot avail of tax exemption under Section 80C.

Let’s understand how an individual benefits from Section 80C deductions with an example.

Assume you earn a gross total of Rs. 7,00,000 as a taxable income during 2022-23. Now, in the next assessment year, 2023-24, you will have to estimate and pay the applicable taxes on the income. If you invest Rs. 1,00,000 of this income in one or more investment instruments as listed under Section 80C of the Income Tax Act, 1961, your total taxable income becomes Rs. 6,00,000.

Eligibility Criteria for Section 80C Deductions:

Who can save on taxes: An individual or HUF (Hindu Undivided Family)

How much can you save: A max of Rs. 1.5 Lakhs per financial year

Where can you contribute: Life insurance premiums, ULIP plans, Provident Fund (PF), National Saving Certificates, ELSS schemes, Sukanya Samriddhi Yojana, tax saving FDs, tuition fee for child education, and home loan repayment.

Lock-in Period: Applicable for investments like PPF, ELSS, and ULIP

What are the Subsections Under Section 80C?

There are several subsections of Section 80C to make it easier to identify different investment plans and avail of Section 80C deductions. Let’s have a look at all these subsections and applicable deductions in the following table:

Section Under Income Tax Act,1961	Investment Options for Deduction	Maximum Deduction
Section 80C	Investment in Unit Linked Insurance Plan (ULIP), Equity Linked Saving Scheme (ELSS), Provident Fund (PFs), Life insurance premiums, Home Loan principal, SSY, and NSC	Rs. 1.5 Lakhs
Section 80CCC	Pension fund contribution	Rs. 1.5 Lakhs
Section 80CCD (1)	Pension made towards Government-backed schemes, like National Pension Scheme, Atal Pension Yojana, etc.	Employed Individuals: 10% of the basic salary + DA Self-employed Individuals: 20% of the total income
Section 80CCD (1B)	Payment made towards NPS	Rs. 50,000 (outside the deductions made under Section 80CCE)
Section 80CCD (2)	Employer's contribution to NPS	Central Government Employer: 14% of the basic salary + DA) Other Employers: 10% of the basic salary + DA
Section 80CCE	Overall deductions under Section 80C, 80CCC, and 80CCD(1)	Rs. 1.5 Lakhs

How to Avail Tax Deductions Under Section 80C?

An individual can initiate the following investments to avail of Section 80C benefits:

Investing money into different assets as listed under Section 80C and getting it back after a definite period of time
Save taxes on spending like home loans, tuition fees for children, etc

Let’s understand the nature of the investment made and the details under different investment assets:

Investment Option	Nature of Investment	Interest Rate	Minimum Lock-in Period	Assured Return	Risk Associated
Equity Linked Savings Scheme (ELSS)	Equity mutual fund	12% - 15% approx	3 years	No	High
Unit Linked Insurance Plan (ULIP)	Life insurance + investment	8% - 10% per annum approx. as per market conditions	5 years	No	Moderate to high
Capital Guarantee Plan	Life cover + investment	5% - 18% per annum	5 years	Yes	Low
National Pension Scheme (NPS)	Retirement	8% - 10% per annum	3 years	No	High
Life Insurance	Life insurance + investment	Rate varies plan to plan	Varies plan to plan	Yes	Low
National Savings Scheme (NSC)	Long term fixed income	7.7% per annum	5 years	Yes	Low
Public Provident Fund (PPF)	Long-term fixed income/ Retirement	7.9% per annum	15 years	Yes	Low
Tax Saving Fixed Deposits	Long-term debt	5.5% - 7.75% per annum	5 years	Yes	Low
Senior Citizen Savings Scheme (SCSS)	Long-term debt	8.60% per annum	5 years	Yes	Low
Sukanya Samriddhi Yojana (SSY)	Long-term investment	8% per annum	When the girl child turns 21 or upon marriage after 18, whichever is earlier	Yes	Low

* The information provided above is intended for general informational purposes only and may change without any prior update.

** The interest rate under ULIP and ELSS depends on the market performance.

Tax-Saving Investments Under Section 80C Deduction

An individual can choose from the following tax-saving instruments eligible for Section 80C deduction:

Life Insurance Policies

Section 80C tax deductions are available against the life insurance policies purchased for self, spouse, dependent child, etc.
The premiums paid towards the life insurance policies are eligible for tax deductions of up to Rs. 1.5 Lakhs under Section 80C of the Income Tax Act, 1961.
Additionally, the returns or tax benefits received on a life insurance policy are tax exempted under Section 10 (10D) of the Income Tax Act.

Public Provident Fund (PPF)

Any deposits made towards Public Provident Funds (FDs) are eligible for tax deduction under Section 80C.
Under such investment, an investor can claim up to Rs. 1.5 Lakh deductions under Section 80C of the Income Tax Act, 1961.
Any voluntary contribution to the PPF is eligible for Section 80C tax deduction.

Employee Provident Fund (EPF)

The funds deposited towards EPF are eligible for tax deductions of a maximum of Rs. 1.5 Lakhs under Section 80C.
The benefits received from the EPF, including the interest, are eligible for tax deductions 80C.
The employees who have continued their service for at least 5 years are eligible for tax exemption under EPF.

Equity Linked Saving Scheme (ELSS) Funds

The fund invested towards ELSS gets a tax deduction of up to Rs. 1.5 Lakhs under Section 80C.
ELSS comes with a mandatory lock-in period of 3 years, during which the investor cannot withdraw the contributions.

National Savings Certificates (NSC)

The government-initiated tax saving instrument, NSC, helps you save on taxes a maximum of Rs. 1.5 Lakhs every financial year under Section 80C of ITA.
The interest earned (calculated semi-annually) under NSC is eligible for tax deduction under 80C.
The maximum maturity period of NSC is 5 to 10 years.

Sukanya Samriddhi Yojana (SSY)

SSY is a government-initiated savings scheme specially designed to meet the financial needs of a girl child.
Under this scheme, the individual can avail of a maximum of Rs. 1.5 Lakhs tax deductions under Section 80C.
Also, the interest earned is eligible for tax exemption.

Unit Linked Insurance Plans (ULIPs)

Unit linked insurance plan is an insurance cum investment plan offering good long-term returns.
Premiums paid towards the ULIPs are tax exempted under Section 80C of the Income Tax Act, 1961.
Investors can avail of tax benefits of up to Rs. 1.5 Lakhs on the invested amount.
The returns earned under ULIPs are tax exempted under Section 10 (10D) of the Income Tax Act.

Tax Savings Fixed Deposits

Both banks and post offices offer tax-saving fixed deposit schemes that allow tax deductions under Section 80C of the Income Tax Act.
These FDs have a lock-in period of at least 5 years, where the individual can enjoy fixed returns.
The deposits made towards FDs are eligible for tax deduction under Section 80C.
The returns under FDs of a 5-year lock-in period are eligible for tax exemption.

NABARD Rural Boards

The National Bank for Agriculture and Rural Development offers Rural Bonds that are eligible for tax deductions.
An investor can avail of tax benefits of up to an amount of Rs. 1.5 Lakhs under Section 80C of the Income Tax Act, 1961.

Infrastructure Bonds

If an investment of at least Rs. 20,000 is made towards infrastructure bonds, then the investor can enjoy a tax deduction.
A maximum of Rs. 1.5 Lakhs tax benefits are available under Section 80C of the Income Tax Act, 1961.

Senior Citizens Savings Scheme (SCSS)

An individual at the age of 60 is eligible to contribute towards the Senior Citizens Savings Scheme (SCSS). Tax benefits are allowed under Section 80C for Senior Citizens.
The investment made towards SCSS with a minimum lock-in period of 5 years is eligible for tax benefits of up to Rs. 1.5 Lakhs under Section 80C.

Expenses Eligible for Section 80C Tax Deduction

Other than the abovementioned investment options, some expenses made during the year can also provide tax benefits under Section 80C.

Deduction Under Section 80C for Home Loan

The repayment made towards the home loan EMIs is eligible for deduction under Section 80C, fulfilling the following conditions:

Tax exemptions can be claimed only after the completion of property construction.
The tax exemptions are not provided if the property is transferred within 5 years of purchase.

Section 80C for Registration Charges and Stamp Duty

While investing in a property, the stamp duty and registration charges are a major expense. However, the investor can claim the tax deductions under Section 80C limit.

Rebate Under Section 80C for NRI

If the NRI invests in life insurance policies, repays children's tuition fees, principal repayment on loans, ULIP, and ELSS, etc., they can avail of the tax deduction under Section 80C.

Deduction Under Section 80C for Tuition Fees

During a financial year, an individual paying any fee towards the education of their child can claim up to Rs. 1.5 Lakhs under Section 80C.

How Much Deduction Allowed Under Section 80C?

The Government of India has set limits for deductions under Section 80C. From all the investment options mentioned above, an individual can claim a combined benefit of up to Rs. 1.5 Lakhs under Sections 80C, 80CCC, 80CCD (1). However, the investor can increase the total deduction amount by Rs. 50,000 under Section 80CCD. Also, the investment of up to Rs. 50,000 towards NPS could help you with the additional tax savings under Section 80CCD (1B).

How to Claim Section 80C Deductions?

To claim tax benefits under 80C, the investor must fill in ITR-1, which contains a detailed breakup column specifying various sections of the Income Tax Act. You can claim the following common deductions under Section 80C, 80CCC, and 80CCD (1):

Life insurance policy premium
Repayment of principal amount of housing loan
Investments made in PPF, EPF, and VPF
Deposits made under ELSS of mutual funds
Investments in schemes like Sukanya Samriddhi Yojana, NSC, SCSS, etc.

Bottom Line

Section 80C of the Income Tax Act works as a tax saviour for salaried employees in India. Not only does it provide tax-saving benefits, but also builds a sufficient corpus with long-term investments. These deductions benefit individuals and families and help economic growth and development.

For more details on how to save on taxes under Section 80C, you can consult a professional tax advisor.

Frequently Asked Questions

Is Section 80C applicable to senior citizens?

Senior Citizens Savings Scheme (SCSS) is one of the most efficient options for senior citizens to invest and gain tax benefits under Section 80C.

Is Section 80CCC a part of Section 80C?

Deductions made under 80CCC are a part of overall deductions under Section 80C. Combining all the exemptions under Section 80C, 80CCC, and 80CCD, an individual can save up to Rs. 1.5 Lakhs on taxes in a financial year.

How to save tax apart from Section 80C?

Apart from Section 80C, the investor can gain tax benefits under Section 80D, 80DD, 80DDB, 80E, 80EE, 80G, 80GG, 80GGA, 80GGC, 80TTA, and 80RRB.

How do you calculate Section 80C tax deduction?

To calculate the tax deduction under 80C, the investor needs to understand what investments qualify for the deduction and up to what extent. Remember, the combined benefits of multiple investments can be up to Rs. 1.5 Lakhs per year.

What investment options fall under Section 80C?

Some common eligible investments and expenses under Section 80C are as follows:

Unit Linked Insurance Plans (ULIPs)
Provident Fund contributions
National Pension System (NPS)
Equity Linked Saving Schemes (ELSS)
Tuition fee for two children
Home loan principal repayment

Can I invest in multiple investment schemes to avail of a tax exemption of Rs. 1.5 Lakhs each?

No, regardless of investment made under a number of policies, an investor can only claim a maximum of Rs. 1.5 Lakhs in a financial year of combined benefit under Section 80C of the Income Tax Act, 1961.

Are donations eligible for tax exemption under Section 80C?

No, donations towards specific institutions and firms are not eligible for gaining 80C benefits instead of under Section 80G.

Public Provident Fund (PPF) Account

The Public Provident Fund (PPF) is a popular long-term investment and savings scheme started by the Government of India. It was introduced in 1968 to encourage individuals to create a retirement fund and accumulate wealth over time. This comprehensive guide will explore everything you need to know about the Public Provident Fund (PPF).

What is the Public Provident Fund (PPF)?

The Public Provident Fund is a savings scheme set up by the Government of India to encourage individuals to save for the long term. It is regulated by the Ministry of Finance and administered by designated banks and post offices nationwide. PPF provides individuals with a safe and reliable opportunity to invest and grow their savings for 15 years.

Importance of Public Provident Fund Account (PPF Account)

The Public Provident Fund (PPF) account is important in personal finance and long-term savings. Here are some key reasons why a PPF account is essential:

Secure and Stable Investment
Attractive Interest Rates
Long-Term Wealth Creation
Tax Benefits
Flexibility in Contributions
Loan and Partial Withdrawal Facility
Retirement Planning
Transferability and Nomination

Key Features of a PPF Account

The key features of a public provident fund scheme (PPF Scheme) are listed as follows:

Interest Rate of PPF	7.1% per annum
Tax Benefit	Up to INR 1.5 lakh under Section 80C
Risk Profile	Offers guaranteed, risk-free returns
Minimum Investment Amount	INR 500
Maximum Investment Amount	INR 1.5 lakh per annum.
Tenure	15 years

Eligibility for PPF (Public Provident Fund) Account

Any person who wants to invest in a PPF account must be an Indian citizen. A person can have only one PPF (Public Provident Fund) account but can open another account in the name of a minor. HUFs and NRIs are not eligible to open a PPF account. But, if there is an existing PPF account in their name, it will remain active till completion.

Benefits of the Public Provident Fund (PPF)

You can get a wide range of benefits under the Public Provident Fund (PPF). Below are some of the benefits of a PPF account:

Attractive Interest Rate: Currently, PPF accounts offer a compelling 7.1% interest rate compounded annually, significantly higher than most savings accounts.
Tax Benefits: Your investment is eligible for tax deduction up to a limit of INR 1.5 lakh under Section 80C of the Income Tax Act. Additionally, the interest earned and maturity amount are entirely tax-free.
Long-Term Investment: With a maturity period of 15 years (extendable in blocks of 5 years), PPF encourages disciplined savings and promotes a long-term perspective on wealth creation.
Loan Facility: After completing 3 years of investment, you can avail of a loan against your PPF balance for specific purposes, offering financial flexibility in times of need.
High Security: Government backing ensures the safety of your investments, minimizing risk and providing peace of mind.
Partial Withdrawal: Partial withdrawal is permitted from the seventh financial year. The amount of withdrawal is limited to 50% of the balance at the end of the fourth year preceding the year of withdrawal.
Nomination Facility: PPF accounts provide the option to nominate one or more individuals who will receive the corpus in the event of the account holder's demise.
Transferability: PPF accounts can be transferred from one authorized bank or post office to another or from one individual to another, subject to certain conditions and procedures.

Comparison of Public Provident Fund (PPF) with Other Investment Options

When considering investment options, it is essential to compare the Public Provident Fund (PPF) with other alternatives to make an informed decision. Let's compare PPF with some commonly considered investment options:

Fixed Deposits (FDs): PPF offers higher interest rates than FDs and the added benefit of tax deductions and tax-free returns.
National Savings Certificate (NSC): While NSC offers a similar tenure and government backing, PPF provides greater flexibility regarding contributions and withdrawals.
Employee Provident Fund (EPF): EPF is an employer-employee contribution-based retirement scheme, whereas PPF is a self-contributory scheme open to all individuals.

Public Provident Fund (PPF) Tax Benefits

Tax Deductions: Contributions made to PPF accounts are eligible for tax deductions under Section 80C of the Income Tax Act, up to INR 1.5 lakh per financial year.
Tax-Free Interest and Maturity Amount: The interest earned on PPF and the amount received at maturity are both tax-free, making PPF a highly tax-efficient investment option.

How to Open a PPF Account?

You can open a Public Provident Fund (PPF) account in two ways, i.e., online and offline. Below, we have explained both processes in detail:

Online Account Opening Process

Visit the provider's website and go to the online PPF account opening section.
Fill out the online PPF account opening form.
Enter your personal details, nominee details, and preferred contribution mode.
Upload the scanned copies of required documents like PAN card, Aadhaar card, address proof, and photographs.
Complete the e-verification process and make the initial deposit through Internet Banking.
If everything is in order, your PPF account will be activated, and you'll receive your account details online.

Offline Account Opening Process

You can open a PPF account at designated branches of authorized banks, post offices, or online banking platforms.
Ensure you have the following documents available:

Identity proof
Address proof
Passport-sized photograph

Collect an account opening form (Form A) from the bank or post office.
Fill out the form with your personal details, nominee information, and preferred contribution mode.
Submit the completed form along with the required documents and initial deposit to the bank or post office representative.
Once the document is verified, your PPF account will be activated. You'll receive a passbook containing your account details.

Withdrawal Under the Public Provident Fund (PPF) Scheme

Withdrawal from your PPF account is a simple task, but it is necessary to understand the rules and implications before taking any decision. Here are the details of withdrawal options in the PPF scheme:

Maturity withdrawal after 15 years
Extension of 5 years to extend the account for further contribution
Partial withdrawal is allowed after 6 years

Process of Withdrawal from PPF Account

PPF account offers two types of withdrawal: partial withdrawal and maturity withdrawal. In the below section, we have explained both the withdrawal processes in details:

Partial Withdrawal

Download or collect the PPF withdrawal form (Form C) from your bank or post office.
Fill out the form with your account number, withdrawal amount, reason for withdrawal, and nominee details.
Attach your PPF passbook and other required documents.
Visit your PPF account branch and submit the completed form with the documents to the bank or post office representative.
Your request will be processed and verified. Upon approval, the withdrawal amount will be credited to your bank account linked to the PPF.

Withdrawal at Maturity

Duly Fill and Submit Form C or Form 2 (depending on your bank's requirement) along with your PPF passbook to the bank or post office representative.
Your account will be closed upon withdrawal, and the amount will be credited to your linked bank account.

Conclusion

The Public Provident Fund (PPF) is an excellent investment option for individuals looking for long-term savings, stable returns and tax benefits. With its attractive interest rates, tax exemptions and flexibility in deposits and withdrawals, the PPF scheme offers a safe and reliable investment opportunity for both salaried individuals and self-employed professionals. By investing in a PPF account, you can achieve financial stability, build a retirement corpus and enjoy tax benefits. Avail this government-backed investment scheme and start the journey towards financial security and wealth creation with PPF. Start investing today and secure your future tomorrow.

Public Provident Fund (PPF) FAQs

Who can open a PPF account?

Ans. Any resident Indian, including minors through their guardians.

Where can I open a PPF account?

Ans. Authorized branches of banks, post offices, and some online banking platforms.

What documents are required?

Ans. Identity proof, address proof, photograph, and initial deposit amount.

Can I have more than one PPF account?

Ans. You can have only one PPF account, but you can open one for a minor.

How often can I contribute to my PPF account?

Ans. As many times as you want within the financial year, the total contribution cannot exceed INR 1.5 lakh.

What is the minimum and maximum investment in a PPF account?

Ans. You can invest INR 500 per year, up to a maximum of INR 1.5 lakh annually.

When can I make partial withdrawals?

Ans. After completing 6 years from account opening, once per year.

What is the penalty for partial withdrawals?

Ans. Interest earned on the withdrawn amount is forfeited.

What happens to my account at maturity?

Ans. You can withdraw the entire amount or extend the account in a block of 5 years.

Is the interest earned on PPF taxable?

Ans. No, the interest income and maturity amount are tax-free.

Are contributions to PPF eligible for tax deductions?

Ans. Yes, up to INR 1.5 lakh under Section 80C of the Income Tax Act.

Can I nominate someone for my PPF account?

Ans. Yes, nominating a beneficiary ensures smooth funds transfer in case of death.

Can I transfer my PPF account to another bank or post office?

Ans. Yes, you can quickly transfer your account without affecting your balance or maturity date.

What happens if I don't contribute to my PPF account for a year?

Ans. Your account becomes inactive, but you can revive it by paying a penalty along with your next contribution.

National Pension Scheme: Eligibility, Benefits, Returns, and More

Envision this as a part of your future - you're nearing retirement age, and the thought of relying solely on your savings or pension seems daunting. With the cost of living rising steadily, you feel concerned about maintaining your standard of living at that age, let alone fulfilling the dreams of living those golden years of life.

If this sounds relatable, you are not alone. Planning for retirement has become more crucial than ever in these challenging times. With longer life expectancies and uncertain economic conditions, relying solely on traditional pension plans or savings may not suffice to maintain a comfortable lifestyle during retirement. This is where the National Pension Scheme (NPS) emerges as a game-changer.

As Indians, we're often bombarded with various financial schemes and investment options promising a secure future, especially when it comes to retirement planning. Amidst this sea of choices, the National Pension Scheme (NPS) stands out as a reliable option for retirement planning. NPS is designed to provide a safety net for your golden years and offers a straightforward way to build a retirement corpus.

In this blog post, we'll cover the fundamentals of the NPS scheme, breaking down complex jargon into easily understandable concepts. Let’s get started.

What is National Pension Scheme?

National Pension Scheme (NPS) is a government-sponsored voluntary pension scheme introduced in 2004 by the Pension Fund Regulatory and Development Authority (PFRDA). It aims to provide retirement income to Indian citizens and ensure financial stability during their post-retirement years. It also aims to provide retirement benefits to individuals across various sectors, including public, private, and unorganized sectors, excluding armed forces personnel.

Here are a few other aspects related to the NPS scheme you should know:

NPS initially targeted Central Government employees and later expanded its reach to encompass employees from all sectors, including public, private, and unorganized sectors. This inclusivity ensures that individuals from diverse employment backgrounds can avail themselves of the benefits offered by the scheme.
The scheme encourages individuals to invest in a pension account at regular intervals throughout their employment tenure. These contributions accumulate over time, forming a corpus that serves as a source of income during retirement.
Upon retirement, subscribers can withdraw a certain percentage of the accumulated corpus, providing financial support during the initial phase of retirement. The remaining amount can be utilized to provide a monthly pension post-retirement.
Central government employees who joined service on or after January 1, 2004, are mandatorily covered under the National Pension Scheme.
All Indian citizens can invest in NPS scheme voluntarily, irrespective of whether they are working in the private or unorganized sectors.

What are the Benefits of National Pension Scheme?

NPS scheme offers a range of benefits that make it an attractive retirement planning option. These include:

Attractive returns

While the equity allocation portion of the NPS investments may not guarantee returns, the scheme typically offers substantially higher returns compared to traditional tax-saving investments like the Public Provident Fund (PPF). It can provide the potential for significant wealth accumulation over the long term. Moreover, you get the flexibility to switch fund managers if dissatisfied with the performance. This ensures greater control over your investments.

Risk assessment

NPS incorporates prudent risk management measures to safeguard investors' interests. There is a cap on equity exposure between 75% and 50%, depending on your age, with a gradual reduction in this allocation as you approach retirement age. This strategy helps stabilize the risk-return equation, shielding the corpus from market volatility while harnessing the potential of equity markets for higher returns.

Regulated framework

The PFRDA regulates NPS contributions and scheme’s working with stringent investment norms and regular performance reviews. Fund managers are subject to continuous monitoring by the NPS Trust to ensure transparency, accountability, and adherence to prescribed investment guidelines. This oversight instills confidence among investors, assuring them of the safety and integrity of their investments.

Flexibility to invest for retirement

Subscribers can contribute to the NPS fund anytime during the financial year and adjust their subscription amounts as per their financial capabilities. Moreover, subscribers have the autonomy to choose their preferred investment options, ranging from equity to fixed-income instruments, based on their risk tolerance and investment objectives.

Tax benefits

National Pension Scheme tax benefits are meant for employees and self-employed individuals contributing to the scheme (detailed information given below).

Who Should Invest in the National Pension Scheme?

The following table answers this commonly asked question in detail:

Investor Profile	Description
Salaried professionals	Individuals working in public, private, and unorganized sectors seeking to save for retirement systematically
Self-employed individuals	Entrepreneurs, freelancers, and self-employed professionals looking for a customizable retirement savings plan
Long-term investors	Investors with a growth-oriented mindset and a willingness to withstand market fluctuations for higher returns
Tax-conscious Investors	Individuals keen on optimizing their tax planning strategies and leveraging deductions on NPS contributions
Risk-averse Investors	Investors seeking a balanced approach to wealth accumulation with a gradual reduction in equity exposure over time
Government employees	Central and state government employees seeking to supplement their pension benefits with tax-efficient savings

What are the National Pension Scheme Tax Benefits?

The tax benefits associated with the NPS scheme are multifaceted, offering a range of advantages that enhance its appeal as a retirement planning tool. Let’s find out more.

Tax Benefit Type	Description
Employee Tax Benefits for Self-Contribution	Up to 10% of pay (Basic + DA) under Section 80CCD(1), subject to a maximum of Rs.1.5 lakh under Section 80CCE Up to Rs.50,000 under Section 80CCD(1B), along with the overall limit of Rs.1.5 lakh under Section 80CCE
Employee Tax Benefits on Employer Contributions	Employer's contribution for an employee up to 10% of salary (Basic + DA) or 14% of salary if made by the Central Government under Section 80CCD(2) (beyond the 1.5 Lakh limit under 80CCE)
Tax Benefits for Self-Employed Individuals	Tax deduction of up to 20% of gross income under Section 80CCD(1), subject to the Rs.1.5 lakh limit under Section 80CCE Tax deduction of up to Rs.50,000 under Section 80CCD(1B), along with the Rs.1.5 lakh limit under Section 80CCE.
Tax Benefits on Partial Withdrawal from NPS Scheme Account	Partial withdrawals from NPS eligible for tax exemption up to 25% of self-contribution, subject to conditions prescribed by PFRDA under Section 10(12B)
Tax Benefit on Annuity Purchase	Tax exemption on annuity purchase or superannuation at 60 years under Section 80CCD(5) Subsequent annuity income taxed under Section 80CCD(3)
Tax Advantages on Lump Sum Withdrawal	Tax exemption on 60% of accrued NPS funds upon reaching 60 years or superannuation under Section 10
Corporate/Employer Tax Deduction	- Employer contributions to employee NPS accounts are deductible up to 10% of employee's salary (Basic + DA) as Business Cost from the P&L account under section 36(1)(iv)(a)

What are the NPS Scheme Withdrawal Rules After 60 Years?

Subscribers aged 60 years or above can withdraw up to 60% of their total NPS corpus as a lump sum upon retirement. They must invest the remaining 40% of the corpus in an annuity plan.
The new NPS scheme guidelines allow subscribers to withdraw the entire corpus without purchasing an annuity plan if it is less than or equal to Rs 5 lakh. Withdrawals up to the specified limit are tax-free for subscribers.
If the corpus exceeds Rs 10 lakh, the tax-free withdrawal limit is Rs 6 lakh, and the remaining amount must be used to purchase an annuity plan.
While lump sum withdrawals are tax-free, annuity income is taxable based on the individual's income tax bracket.

What are the Early Withdrawal or Exit Rules of the National Pension Scheme?

Premature exit

In case of a premature exit from the National Pension Scheme before reaching the age of superannuation or turning 60, you need to use at least 80% of the subscriber's accrued pension corpus to purchase an annuity. However, if the total corpus is less than or equal to Rs. 2.5 lakh, you can withdraw 100% of the corpus as a lump sum.

In the event of subscriber's death

In the unfortunate event of the subscriber's demise, the entire accrued pension corpus (100%) will be disbursed to the subscriber's nominee or legal heir.

Equity Allocation Rules Related to the National Pension Scheme

NPS scheme offers various investment schemes, including Scheme E, which primarily invests in equity.
Subscribers are allowed to allocate a maximum of 50% of their investment towards equities within the NPS.
Two investment options are available:

Auto Choice	This option determines the risk profile of investments based on the subscriber's age. Typically, older subscribers have a more stable and less risky investment allocation.
Active Choice	Subscribers can choose specific investment schemes and allocate their investments accordingly, allowing for customization and diversification.

** Within the National Pension Scheme, subscribers also have the flexibility to modify their pension scheme or switch fund managers if they are dissatisfied with the performance. This feature is applicable to both Tier I and Tier II accounts, providing them the freedom to tailor their investment strategies and optimize their retirement savings.

More About National Pension Scheme Eligibility

Any person meeting the following eligibility criteria can enroll in the National Pension Scheme:

He/she must be an Indian citizen, whether resident, non-resident, or a Non-Resident Indian (NRI).
Age should fall within the range of 18 to 70 years.
He/she must adhere to the KYC norms outlined in the application form.
He/she should possess the legal capacity to enter into a contract as per the Indian Contract Act.

**Overseas Citizens of India (OCI), Persons of Indian Origin (PIOs), and Hindu Undivided Families (HUFs) are not eligible to participate in NPS.

How Do You Open an NPS Account to Start Investing?

Offline Process

Locate a PoP registered with the Pension Fund Regulatory and Development Authority (PFRDA). This includes banks and other financial institutions.
Obtain a subscriber form from your nearest PoP and fill it out with accurate details.
Submit the filled subscriber form along with KYC documents. If you are already KYC-compliant with the bank, you can skip this step.
Make the initial investment, which should not be less than Rs. 500 or Rs. 250 monthly or Rs. 1,000 annually.
The PoP will issue you a Permanent Retirement Account Number (PRAN) along with a sealed welcome kit containing a password on successful completion of the process. A one-time registration fee of Rs. 125 is applicable for this process.

Online Process

Visit the eNPS portal at enps.nsdl.com.
Link your PAN, Aadhaar, and mobile number to your NPS account for authentication purposes.
Complete the registration process by validating your details using the One-Time Password (OTP) sent to your registered mobile number.
After successful registration, a PRAN will be generated, which you can use for NPS login and account management.

What are the Types of NPS Accounts?

The National Pension Scheme offers two types of accounts: Tier I and Tier II. Each account serves distinct purposes and comes with its own set of features and regulations. The following table covers a detailed comparison of the two account types:

Particulars	NPS Tier-I Account	NPS Tier-II Account
Status	Default	Voluntary
Withdrawals	As per the regulations	Permitted
Tax exemption	Up to Rs. 2 lakh in a year (Under Section 80C/80CCD)	Rs. 1.5 lakh for government employees; None for others
Minimum contribution to open the account	Rs. 500	Rs. 1,000
Minimum regular contribution	Rs. 500 per month or Rs. 1,000 in a year	Rs. 250
Maximum NPS Contribution	No limit

More About NPS Scheme Interest Rate

The NPS scheme offers a dynamic interest rate based on the performance of its underlying assets. Unlike traditional fixed-income products, the return accrued upon retirement cannot be predetermined. This is because NPS operates as a market-linked product, allowing subscribers to invest in a diverse range of assets, including equity, government debt, corporate debt, and alternative assets.

Once you have selected the desired asset allocation, your NPS contributions will be invested in specific schemes targeting four asset classes. This strategy aims to optimize returns over the long term while aligning with the subscriber's risk tolerance and investment objectives.

What are the Benefits of Using an NPS Calculator?

Here are some of its key benefits:

Accurate retirement planning

An NPS calculator can provide accurate projections of the retirement corpus based on various parameters such as your age, income, contribution amount, and investment tenure. This enables you to set realistic retirement goals and determine the required investments/contributions to achieve them.

Customized investment strategy

You can assess the impact of varying NPS contributions and investment periods on your retirement corpus. This will help you devise a customized investment strategy tailored to your financial objectives and risk tolerance.

Better understanding of tax implications

NPS calculators often include tax calculations, helping you understand the tax benefits associated with their contributions. This includes deductions available under sections 80C, 80CCD(1), and 80CCD(1B) of the Income Tax Act.

Comparison of investment options

You can compare potential returns and retirement corpus generated by different investment options within the NPS, such as various fund choices and asset allocations. This facilitates informed decision-making regarding fund selection and portfolio diversification.

Assessment of retirement readiness

You can evaluate your readiness for retirement by estimating the retirement corpus and monthly pension income generated by the NPS. This allows for adjustments in NPS contributions and investment strategies to bridge any shortfalls and achieve financial security in retirement.

NPS vs. ELSS: A Detailed Comparison

When comparing the National Pension Scheme (NPS) with the Equity Linked Savings Scheme (ELSS), several factors come into play, each influencing the suitability of these investment options for different individuals. Let's delve into a comprehensive comparison:

Parameter	NPS	ELSS
Investment Type	Primarily diversified mix of asset classes: equities, government bonds, corporate bonds	Predominantly invests in equities or stocks
Lock-in Period	Longer lock-in period until retirement or age 60	Relatively shorter lock-in period of 3 years
Risk and Returns	Relatively lower market risk with a diversified portfolio	Higher market risk with concentrated equity exposure
Tax Benefits	Tax benefits under Section 80C; additional benefits under Section 80CCD(1B)	Tax benefits under Section 80C
Withdrawals	Partial withdrawals after the lock-in period, portion reserved for annuity	Complete withdrawal after 3-year lock-in period
Control and Flexibility	Limited flexibility with restrictions on withdrawals and annuity purchases	More control and flexibility in managing investments

Steps to Login to Your NPS Scheme Account For The First Time

Follow these simple steps to log into your National Pension Scheme account for the first time:

Obtain your PRAN

You need a 12-digit Permanent Retirement Account Number (PRAN) to login. If you haven't already, submit the required documentation on the NSDL website or at the Point of Presence (POP) service providers to obtain your PRAN.

Visit NSDL CRA portal

Reach out to the official portal of NSDL CRA.

Enter details

Enter your PRAN, date of birth, new password, confirm the password, and the captcha provided. Once you've filled in all the required details, click on the submit button.

Generate IPIN

Once you submit these details, you will get an Internet Personal Identification Number (IPIN), which you can use to log into the NSDL portal.

Access eNPS Page

Enter your PRAN and IPIN on the subsequent page to access your NPS scheme account securely.

FAQs

Question: How can I contact NPS customer care?

Answer: You can contact NPS support using the following details:

Toll-free number for registered NPS subscribers having PRAN

1800 222 080

Question: Which user ID do I need for NPS account login?

Answer: The user ID required to access the eNPS-NSDL website is your PRAN, provided upon registration for the NPS account.

Question: How much pension will I get from the National Pension Scheme?

Answer: The monthly pension you will receive from the NPS scheme is calculated based on the asset classes you've invested, the investment duration, and the regular contribution amount. You can determine the monthly pension and assess potential tax benefits using an online NPS Calculator.

Question: What is the NPS interest rate?

Answer: The NPS interest rate refers to the return earned on investments made within the NPS scheme. This rate is variable and depends on the performance of the assets comprising the NPS portfolio.

Disclaimer: The information provided here regarding insurance products, companies, and other schemes is for general informational purposes only and is subject to change according to the scheme’s terms without prior notice.

Pay as Per Your Driving Pattern; IRDA Planning Telematics-Based Insurance Premium

Telematics Based Insurance Premium

It is mandatory for all the vehicles plying on Indian roads to be insured as per the Motor Vehicles Act, 1988. In India, a comprehensive car insurance policy pricing is done based on various factors. Some of the factors that are considered for risk assessment in pricing mechanism are car’s make and model, fuel type, vehicle age, owner driver’s occupation, age, location and driving history etc. This existing mechanism based on general statistics and vehicular data makes newly qualified and young drivers pay more for car insurance premiums. Now that IRDAI (Insurance Regulatory and Development Authority of India) is planning to introduce telematics-based insurance policies, pricing of policies would take more driver-centric approach. Let’s take a look at this concept in detail, where you can pay as per your driving pattern; since IRDA planning telematics-based insurance premium.

What is telematics insurance?

Telematics insurance policies are the ones that are priced based on the driving pattern as indicated by a smart device fitted on to your car. ‘Telematics’ or ‘black-box’ is a small and smart device that is fitted to your car that records distance, speed of your car and tracks your car’s movement. With the help of this device you can prove yourself as a safe and cautious driver.

How does telematics insurance work?

Working of the telematics insurance policies are quite simple. A black box installed in your car tracks the movements through GPS system and provides enough data for insurance companies to assess your driving pattern and style. Installed telematics box acquires driving data on real time basis though sensors and transmits those data via wireless medium. Black box or telematics box measures various aspects that helps in pricing of the policy. Some of the things that insurance companies take in to consideration while pricing the telematics insurance policies are:

Location you travel
The speed at which you drive on different kinds of roads
The distance travelled by you or total mileage
The time of day and night you drive
Monitoring of braking and cornering through motion sensor
Types of roads that you frequently travel

With all this information, insurance companies can assess the risk of comprehensive driver profile and pricing will be done accordingly. With this standardised and transparent system of pricing, as a vehicle owner you can clearly assess your driving performance in each category as you will have access to the data. With this, you can improve your driving score to get the car insurance policy at an attractive and lowered rate of premium. This simply means, the premium payment for your car insurance will be completely based on your own driving pattern.

How does this concept affect your premium?

The telematics-based car insurance premiums are completely technology driven. It is a technology that demonstrate the ability of owner driver and responsibility that he shows behind the wheels. Let’s say, you are not a frequent traveller on dangerous roads, then premiums charged for you are lower relatively. You can also reduce your premium by reducing your night travels. Risk assessment and premium calculation will be based on your driving pattern as recorded by the telematics box installed to your car. That means, it is a standardised concept that rewards safe driving with lower car insurance premium. These policies are particularly suitable for inexperienced, newly qualified and young drivers.

Pros and Cons of telematics car insurance policy

Telematics insurance is based on real-time data assessed by the clever device that takes more standardised and accurate approach of pricing the car insurance policy. With this, you pay for your current driving behaviour rather than making payments based on mere statistics and vehicular parameters. This can also help to minimise the fraud and estimate accident damages accurately in case of an accident. Every concept has its own challenges and cons. being a digitalized concept, there is risk of data protection and high cost of devices can outweigh the potential benefit of premium savings.

Now, that Indian Insurance Regulator IRDAI is going through the final reports on telematics insurance, premium payments will be based on your driving pattern when the product comes on floor. This may also improve and better overall driving behaviours of people.

Conclusion

As IRDAI is planning to introduce this standardised digital product in car insurance space, pricing of policies would become more accurate as the risk is assessed based on real time data. However, to get the full benefit of any car insurance policy, it’s important to shop around, research and compare to arrive at the best suitable policy. Telematics-based insurance premium may certainly help people save on yearly car insurance cost. It can actually help you to save money to be a better driver and pay as per your driving pattern; as IRDA planning telematics-based insurance premium.

Section 80D of Income Tax Act: Significance, Eligibility and Deductions

Tax Benefits Under Section 80D

Before getting into Section 80D details, find an honest answer to the question: how do you bear expenses on medical bills and regular check-ups? Dig into your savings and borrowing loans? If your answer is not included here, you surely made an intelligent decision buying a health insurance plan.

Health insurance can protect your savings and safeguard you from the burden of loans. Other than that, while the tax season is around, you realize there's more to health insurance than just medical coverage. While safeguarding your well-being, it's also a valuable asset in your tax planning. The Government of India has introduced Section 80D of the Income Tax Act, 1961, offering you deductions and benefits that could significantly lighten your tax burden.

But what exactly does Section 80D entail? How can you maximize its benefits while ensuring comprehensive health coverage for yourself and your family? Reading this blog, learn key details of Section 80D, its deductions, benefits, and more to make informed decisions about your tax and investment planning.

What is Section 80D of the Income Tax Act?

Section 80D of the Income Tax Act, 1961 allows individuals to claim tax benefits of up to Rs. 25,000 in a financial year. These deductions are available under health insurance plans and critical illness plans purchased for self, spouse, dependent children, and parents. For senior citizens aged 60 and above, the tax deduction limit under Section 80D increases to Rs. 50,000 annually.

These tax deductions claimed under Section 80D are over and above the benefits Section 80C deduction limit. This means the taxpayers can claim extra Rs. 25,000/50,000 benefits in addition to the Rs. 1.5 Lakhs of deductions claimed.

Who is Eligible for Section 80D Deduction?

Both individuals and Hindu Undivided Families (HUFs) can gain tax benefits under Section 80D. Other entities like corporations, partnerships, firms, and businesses cannot claim the deductions under this section of the Income Tax Act, 1961.

Which Deductions Are Allowed Under Section 80D?

An individual or HUFs can claim tax deductions for the following expenses under Section 80D of the IncomeTax Act, 1961:

Health insurance premiums paid for self, spouse, children, and parents
Medical expenses incurred for senior citizens (when they do not have individual health insurance)
Payment made towards preventive health check-ups
Contribution made to any government health insurance scheme

Section 80D: Tax Deductions on Medical Insurance and Expenses

Self, Spouse & Children: Rs. 25,000
Parents below 60 years: Rs. 25,000
Parents above 60 years: Rs. 50,000
Preventive Health Check-ups: Rs. 5,000
For Disabled Dependent (40% <Disability>80%): Rs. 75,000
For Disabled Dependent (Disability > 80%) : Rs. 1,25,000

For a better understanding, let’s look at the total tax deductions you can claim under Section 80D of the Income Tax Act, 1961 as of FY 2022-23.

Individuals Covered Under Insurance	Premium Paid		Total Tax Deduction under Section 80D	Preventive Health Checkups Allowed
Individuals Covered Under Insurance	For self & family	For parents	Total Tax Deduction under Section 80D	Preventive Health Checkups Allowed
Individual and family (all below 60 years)	Rs. 25,000	-	Rs. 25,000	Rs. 5,000
Individual, family and parents (all below 60 years)	Rs. 25,000	Rs. 25,000	Rs. 50,000	Rs. 5,000
Individual and family (below 60 years) Parents (above 60 years)	Rs. 25,000	Rs. 50,000	Rs. 75,000	Rs. 5,000
Individual, family and parents (all above 60 years)	Rs. 50,000	Rs. 50,000	Rs. 1,00,000	Rs. 5,000
HUFs and NRI Members	Rs. 25,000	Rs. 25,000	Rs. 25,000	Rs. 5,000
Members of HUF (a member is above 60 years)	Rs. 50,000	Rs. 50,000	Rs. 50,000	Rs. 5,000

* The deduction of Rs. 5,000 for preventive health check-ups falls under the overall deduction limit of Rs. 25,000/ Rs. 50,000. The term ‘family’ includes only the spouse and dependent children.

What are Preventive Health Checkups Under Section 80D?

Preventive health checkups are generally frequent medical examinations conducted to identify the illness at the early stage and minimize the concerned risk factors. In 2013-14, the preventive health checkup deduction was introduced by the Government of India to encourage individuals to be more aware of their changing health conditions.

You can enjoy the tax benefits on the preventive health check-up expenses for yourself, spouse, dependent children and parents. Under Section 80D of the Income Tax Act, a tax deduction of Rs. 5,000 per financial year is allowed towards preventive health check-ups within the overall limit of Rs. 25,000 for individuals and Rs. 50,000 for senior citizens.

Let’s understand the tax deduction for preventive health check-ups with an example:

Ramesh wants to cover himself (38), his wife (35), his children (8 and 5), his father (67), and his mother (64) under health insurance. He pays Rs. 32,000 to buy a family floater health insurance plan and pays Rs. 55,000 for the medical insurance for his parents. Moreover, he pays Rs. 12,000 for the family health check-ups and Rs. 10,000 for his parents’ checkups.

Now, the maximum tax deduction under Section 80D can be availed in the following manner:

Expenses for Self, Spouse, and Children:

Health premium insurance cost: Rs. 32,000 (maximum deduction applicable is Rs. 25,000)

Preventive health check-ups cost: Rs. 12,000 (maximum deduction applicable is Rs. 5,000)

Total expenses for family = Rs. 44,000

→ Total deduction for family applicable under Section 80D= Rs. 25,000, including preventive health check-up deductions

Expenses for Parents (Senior Citizens):

Health premium insurance cost: Rs. 55,000 (maximum deduction applicable is Rs. 50,000)

Preventive health check-ups cost: Rs. 10,000 (maximum deduction applicable is Rs. 5,000)

Total expenses for parents = Rs. 65,000

→ Total deduction for parents applicable under Section 80D= Rs. 50,000, including preventive health check-up deductions

Hence, Ramesh can avail of a total annual deduction of Rs. 75,000 under Section 80D of the Income Tax Act.

Section 80D Deductions for Senior Citizens

Under Section 80D, the medical expenses for senior citizens who do not have a health insurance policy issued are eligible to claim tax deductions of up to Rs. 50,000 per financial year. However, if a senior citizen already has health insurance issued, these deductions are not applicable.

For example, Sharad spends Rs. 55,000 on his parents' medical expenses. He can avail of the tax deductions under the following conditions:

Case I: Parents do not have health insurance

Sharad can claim a tax deduction of Rs. 50,000 per financial year under Section 80D.

Case II: Parents have health insurance issued (purchased by Sharad)

Sharad can claim a tax deduction of Rs. 50,000 per financial year under Section 80D.

Case III: Parents have health insurance issued (paid by self)

Sharad cannot avail of any tax deduction, but parents can file for the same.

How do Tax Savings Under Section 80D Work?

Let’s understand how an individual can save on taxes under Section 80D in different cases:

Case I: Suresh, a 45-year-old advisor, buys a health insurance policy to cover himself, his wife, and his children. He pays an annual premium of Rs. 19,000 towards the policy and spends Rs. 4,500 for his family's preventive health check-ups.

This way, he can claim tax deductions of Rs. 19,000 + Rs. 4,500 = Rs. 23,500 in total under Section 80D.

Case II: Jayesh, a 35-year-old, pays Rs. 15,000 annually for a health insurance policy premium. This health insurance covers his wife, himself, and his children. He also purchased health insurance for his parents (58 and 55 years respectively) and paid an annual premium of Rs. 20,000. In addition to that, he pays Rs. 5,000 for the annual preventive health check-ups.

Hence, when filing for deductions, he can claim Rs. 15,000 + Rs. 20,000 + Rs. 5,000 = Rs. 40,000 in total under Section 80D.

Case III: Ratan, a 48-year-old accountant, buys health insurance that covers him, his spouse, and his child. He pays a Rs. 29,000 annual premium towards the policy. In addition to that, he also pays Rs. 55,000 for the medical treatment of his parents, aged 78 and 73 (who are not covered under any health insurance). He spent Rs. 6,600 for the annual preventive health check-ups.

Now, under Section 80D limit, he can save on taxes of Rs. 25,000 + Rs. 50,000 = Rs. 75,000 in total.

Payment Modes Allowed Under Section 80D

The following modes of payment are available to avail of tax deductions under Section 80D.

Expenses

Mode of Payment

Maximum Tax Deduction Allowed

Health insurance premiums

All modes of payment except cash

Rs. 25,000 for self, spouse, and children

Rs. 50,000 for family or parents aged 60 or above

Preventive health checkups

All modes of payment (including cash, credit card, debit card, cheque, and online mode of payment)

Rs. 5,000 for family or parents

What’s Not Covered Under Section 80D?

While paying your premiums under a health insurance policy, there are certain key points that can prevent an individual from claiming tax deductions under Section 80D. These include the following:

The premiums paid in cash towards a health insurance policy are not eligible for tax deductions.
Premiums paid towards the health insurance policies for siblings, grandparents, uncles, and aunts are not eligible for tax benefits under Section 80D.
The premiums paid towards group health insurance by an employer are not eligible for tax deductions under Section 80D.
The service tax and cess amount added to health insurance premiums are not included under the Section 80D deduction list.

Section 80D Deductions for Multi-Year Health Insurance Policies

Instead of buying or renewing health insurance every year, many prefer buying multi-year health insurance to avail of a long-term policy discount offered by life insurers. In such conditions, an individual pays a lump sum premium and can avail of proportionate tax deductions under Section 80D of the Income Tax Act.

For example, Madan pays a total of Rs. 60,000 when purchasing a 3-year health insurance policy. He can claim Rs. 20,000 per financial year as a tax deduction under Section 80D of the Income Tax Act, 1961.

Other Benefits Under Section 80D

Section 80D of the Income Tax Act is further divided into subsections to maximize the tax deductions under different categories. Let’s have a look at them further so you can claim further tax deductions.

Deductions Under Section 80DD (Treatment of a Dependent with Disability)

Under Section 80DD of the Income Tax Act, an individual can claim a tax deduction of up to Rs. 75,000 per financial year on the medical expenses incurred on the cost of treatment of the dependent person with disability. Dependents can be either parents, siblings, children, or spouses.

In case of a severe disability of 80% or more, an individual can claim a tax deduction of Rs. 1,25,000 per financial year. However, the taxpayer needs to submit a medical certificate of disability issued by the Medical Board of the Central or State Government while filing the income tax returns.

Additionally, if an individual has purchased a LIC policy or a scheme from any other insurer to maintain the health of the dependent person with a disability, they can claim a tax deduction under Section 80DD.

Deductions Under Section 80DDB (Treatment of Specified Illness)

In case of a specified illness or ailment diagnosed, an individual claims the tax deduction of up to Rs. 40,000 under Section 80DDB on the medical expenses incurred on the treatment of self, spouse, children, siblings, or parents. For the special illness treatment of senior citizens, one can claim a tax deduction of Rs. 1 Lakh per financial year.

Critical Illness Coverage Under Section 80D

Medical emergencies are uncertain, but being prepared for them may help you minimize the burden on your pocket. In case you do not have health insurance, you will bear the expenses in case you are diagnosed with cancer, stroke, or cardiac arrest.

This is why people prefer adding a critical illness rider to stay financially secure when buying a life insurance policy. Premiums paid towards such riders are eligible for tax deduction under Section 80D of the Income Tax Act, 1961.

How to Claim Deduction under Section 80D?

Claiming the tax deductions under Section 80D of the Income Tax Act is quite simple if you have valid records of medical treatments, proof of preventive health check-ups, and receipts for paying insurance premiums. You can provide proof to your employer or claim the deductions directly while filing Income Tax Returns.

Bottom Line

Reading it here, you must be clear on Section 80D tax deductions, 80D limits, and other benefits. As detailed above, you can claim the tax deductions under section 80D over and above the benefits claimed of Rs. 1.5 Lakhs under Section 80C of the Income Tax Act, 1961.

Buying health insurance safeguards your finances and enables you to avail of hefty tax benefits for medical expenses incurred under self-insured or dependent senior citizens.

For more details on the tax deduction limit under Section 80D, we suggest you get professional help from a tax advisor.

Frequently Asked Questions on Section 80D

Who can claim deductions under Section 80D?

Individuals who have purchased a health insurance policy covering themselves, their family, and their parents can avail of tax deductions under Section 80D.

What is the Maximum Limit of Section 80D?

The maximum limit for claiming tax benefits under Section 80D is in the following manner:

Medical expenses incurred for individuals and family: Rs. 25,000
Medical expenses incurred for senior citizens: Rs. 50,000
Preventive health check-ups for each: Rs. 5,000

Can we claim 80C and 80D both?

Yes, you can claim tax deduction under Sections 80C and 80D of the Income Tax Act.

What is the maximum Section 80D deduction limit?

Individuals can claim a tax deduction of Rs. 25,000 every financial year under Section 80D. The tax deduction limit for parents below 60 years is Rs. 25,000. For senior citizens/ parents of 60 years or above, the limit of tax deduction is Rs. 50,000.

Can I claim 80D and 80DD together?

You can claim deductions under Section 80D and Section 80DD together if they meet the required eligibility criteria. Remember that you can claim the expenses towards health insurance under Section 80D, while the expenses incurred for treating a disabled dependent can be claimed under Section 80DD.

Can I claim an 80D deduction for my parents-in-law?

No, in-laws (dependent or not) are not included in the tax deduction under Section 80D.

Can I avail of the tax deduction for my group health insurance policy?

No, you cannot avail of tax benefits under your group health insurance policy under Section 80D.

What is the difference between Section 80C and 80D?

Let’s understand the difference between Section 80C and 80D in the table below:

Parameters	Section 80D	Section 80C
Significance	Avail of tax deduction benefits on health insurance premiums paid for self, family and parents and expenses incurred under preventive health check-ups	Avail of tax deductions on different tax-saving investments such as ULIPs, PPF, life insurance premiums, EPF, etc.
Maximum Tax Deduction Limit	Up to Rs. 25,000 (individual and family) + Rs. 50,000 (parents)	Up to Rs. 1.5 Lakh
Scope of Tax Benefits	Lower	Higher

What types of health insurance plans are eligible for deductions under Section 80D?

The following health insurance plans are eligible for deductions under Section 80D:

Individual health insurance (covers individuals)
Family floater health insurance (covers self and family)
Senior citizen health insurance (covers individuals 60 years or above)
Critical Illness Insurance (coverage for specific illnesses and ailments)
Preventive health check-up plans (coverage for preventive health check-ups)

Public Provident Fund (PPF) for Tax Savings

Public Provident Fund (PPF) is a popular investment option in India that offers attractive returns and tax benefits. It is a long-term savings scheme launched by the Government of India to encourage individuals to save for retirement while enjoying tax benefits. In this article, we will explore the taxation aspects of PPF as a tax-saving investment.

Tax Benefits of Public Provident Fund (PPF)

Public Provident Fund (PPF) offers several tax benefits to individuals, making it an attractive investment option for tax planning. Let's explore the key tax benefits of Public Provident Fund (PPF) for Tax Savings:

Tax Deduction under Section 80C: Investments made in the Public Provident Fund (PPF) account are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. The maximum deduction allowed under section 80C is INR 1.5 lakh per financial year. This means that the amount invested in the PPF account up to the maximum limit can be deducted from the taxable income, thereby reducing the tax liability.
Contribution Limits for Tax Deduction: The minimum annual contribution required to keep a PPF account active is INR 500, and the maximum is INR 1.5 lakh. Any amount deposited within this limit is eligible for tax deduction under section 80C. Additionally, account holders can contribute to their PPF account in a lump sum or multiple instalments.
Tax-Free Interest and Maturity Amount: The interest earned on the PPF account is tax-free. The interest rate is set by the government and is compounded annually. The interest rate was around 7.1% annually. The interest earned on the PPF account is exempt from income tax and is not considered taxable income.

Understand Tax Savings Under PPF through Example

Suppose your annual income is INR 9 lakhs. Your tax benefits, with or without deductions under section 80C exclusive to PPF, will be as follows:

Income	With deductions	Without deductions
INR 9 Lakhs	INR 9 Lakhs	INR 9 Lakhs
Exempted income	INR 7 Lakhs	INR 7 lakhs
Taxable income	INR 2 Lakhs	INR 2 Lakhs
Deductions u/s 80C	INR 1.5 Lakhs	-
Income tax (@ 10%)	INR 5,000	INR 20,000
Cess (@ 3%)	INR 800	INR 800
Net tax	INR 5,800	INR 20,800

So, as per the new income tax regime, investing in the Public Provident Fund (PPF) scheme, you can save INR 15,000 in income tax every year.

Conclusion

The Public Provident Fund (PPF) is a reliable and tax-efficient investment option for individuals looking to save for the long term and avail of tax benefits. With its competitive interest rates, government backing, and flexibility in contributions and withdrawals, PPF remains a popular choice among investors. By understanding the features, tax benefits, and account management aspects of PPF, individuals can make informed decisions to maximize their tax savings and build a secure financial future. It is advisable to consult with a financial advisor to determine the suitability of PPF based on individual financial goals and circumstances.

PPF for Tax Savings FAQs

How much can I invest in PPF for tax benefits?

Ans. You can claim tax deductions under Section 80C up to a maximum of INR 1.5 lakh per year for your own PPF contribution, your spouse's PPF contribution, and contributions to minor children's PPF accounts.

Can I invest more than INR 1.5 lakh in my PPF account?

Ans. Yes, you can invest up to INR 1.5 lakh per year to qualify for tax deductions and additionally contribute up to another INR 1.5 lakh without claiming tax benefits.

Are there any limits on the amount of tax I can save through PPF?

Ans. The amount of tax saved depends on your tax bracket and the amount you invest. However, the maximum deduction you can claim under Section 80C for PPF is INR 1.5 lakh.

How can I claim tax deductions for PPF contributions?

Ans. You can claim deductions while filing your income tax return by mentioning your PPF investment amount in the designated section for Section 80C deductions.

What happens to the tax benefit if I withdraw my PPF account prematurely?

Ans. Withdrawing your PPF account before maturity will negate the tax benefits received earlier, and you may also have to pay additional taxes and penalties.

Can I open a PPF account specifically for tax benefits?

Ans. While the tax benefit is an important benefit, PPF also offers guaranteed returns and long-term wealth creation. Consider your overall financial goals when making investment decisions.

Income Tax

Understanding the Basics of Income Tax in India

Income tax is one of the major sources of revenue generation for the government, playing a key role in the continuous growth and development of the Indian economy. The Government of India directly taxes the incomes and profits earned by individuals, HUFs, and businesses. When many know what income tax is and how it works, it can still be complex for others.

Read this article to understand the concept of income tax, how to file income tax returns, and what tax slabs and tax regimes are.

What is Income Tax?

Income tax is the direct tax the central government imposes on the income earned during a financial year. Based on the income tax slab, the individual must pay income tax as governed under the Income Tax Act, 1961 provision.

Taxes are mainly of two types: direct tax and indirect tax. The tax levied directly on income earned is a direct tax, and income tax is one of them. Depending on the income tax slab and rates, an individual is charged. Also, the tax rates increase with the rise in income.

Who Are Liable to Pay Income Tax?

As per the Income Tax Act, 1961, taxpayers are classified into various categories, and the tax rates for each are different. The basic category of taxpayers is:

Individuals (those below 60 years, between 60 and 80 years, and above 60 years of age)
Hindu Undivided Family (HUF)
Firms/ companies
Body of Individuals (BOI)
Association of Persons (AOP)
Local authorities
Artificial judicial person

Criteria of Taxable Income

The income tax is levied on all types of income, including the following:

Head of Income	Nature of Taxable Income
Income from salary	Earned from salary and pension
Income from capital gains	Surplus income from the capital asset sale, including house property, lands, bonds, equities, ULIP plans, mutual funds, shares, jewellery, and more
Income from house property	House property rent income (not used for business or professional purposes)
Income from business and profession	Income from self-employment (individuals, businesses, freelancers, contractors, etc.) Income earned by professionals (CA, doctors, lawyers, tuition teachers, etc.)
Income from other sources	Interest earned from government securities, savings bank account, bonds Income from fixed deposits, lottery wins, horse races, dividends, rental income, gifts received

How Does Income Tax Work in India?

Each taxpayer in India is taxed differently depending on their income. The companies have a fixed tax rate calculated on their tax profits. The individuals, HUFs, BOI, AOP, etc., pay taxes based on their income. The people's income is grouped into blocks, generally known as tax slabs. Each tax slab has a different tax rate. With the increase in income, the tax rates also increase.

If you are a taxpayer, you will have to pay taxes for the financial year (2023-24) in the assessment year (2024-25). The income tax payable also depends upon the income tax slab you choose.

Old tax regime
New tax regime

Income Tax Rates Under Old Tax Regime

Under the old tax regime, the income tax rates were divided into 3 slabs of 5%, 20%, and 30% for different income brackets. Furthermore, those who have continued with the old tax regime can claim deductions from allowances like Leave Travel Concession, House Rent Allowance, and others.

The income tax slab rates for individuals below 60 years of age are as mentioned below:

Income Range	Income Tax Rate	Payable Income Tax
Up to Rs. 2.50 Lakhs	0	No tax
Rs. 2.50 Lakhs to Rs. 5 Lakhs	5%	5% of your taxable income
Rs. 5 Lakhs to Rs. 10 Lakhs	20%	Rs. 12,500 + 20% on income above Rs. 5 Lakhs
Above 10 Lakhs	30%	Rs. 1,12,500 + 30% on income above 10 Lakhs

For individuals 60 years or above and those above 80 years of age have different tax slabs and tax rates. However, taxpayers can claim deductions for the tax-saving investments made under Sections 80C to 80U.

Income Tax Rates Under New Tax Regime

Budget 2020-21 introduced the new tax regime, providing taxpayers with more concessional tax rates. As per the best financial suitability and investment preferences, the taxpayers can choose between the new tax regime or continuing with the old tax regime when filing ITR.

The income tax slab rates under the new tax regime for Financial Year 2022-23 (Assessment Year 2023-24) are as follows:

Income Range	Income Tax Rate
Up to Rs. 2.50 Lakhs	0
Rs. 2.50 Lakhs to Rs. 5 Lakhs	5%
Rs. 5 Lakhs to Rs. 7.5 Lakhs	10%
Rs. 7.5 Lakhs to Rs. 10 Lakhs	15%
Rs. 10 Lakhs to Rs. 12.5 Lakhs	20%
Rs. 12.5 Lakhs to Rs. 15 Lakhs	25%
Income above Rs. 15 Lakhs	30%

In Budget 2023, the income tax slabs under the new tax regime are revised for the Financial Year 2023-24 (Assessment Year 2024-25) as follows:

New Tax Regime FY 2023-24 (After Budget)		New Tax Regime FY 2022-23 (Before Budget)
Income Range	Income Tax Rate	Income Range	Income Tax Rate
Up to Rs. 3 Lakhs	0	Up to Rs. 2.50 Lakhs	0
Rs. 3 Lakhs to Rs. 6 Lakhs	5%	Rs. 2.50 Lakhs to Rs. 5 Lakhs	5%
Rs. 6 Lakhs to Rs. 9 Lakhs	10%	Rs. 5 Lakhs to Rs. 7.5 Lakhs	10%
Rs. 9 Lakhs to Rs. 12 Lakhs	15%	Rs. 7.5 Lakhs to Rs. 10 Lakhs	15%
Rs. 12 Lakhs to Rs. 15 Lakhs	20%	Rs. 10 Lakhs to Rs. 12.5 Lakhs	20%
Income above Rs. 15 Lakhs	30%	Rs. 12.5 Lakhs to Rs. 15 Lakhs	25%
		Income above Rs. 15 Lakhs	30%

Most deductions and exemptions are not allowed if the taxpayer opts for the new tax regime. However, the following deductions and exemptions are available under the new tax regime:

Transport allowance for a specially-abled person
Perquisites for office purposes
Contribution made by the employer towards NPS
Daily allowance
Conveyance allowance incurred as part of employment
Deduction on income from family pension
Exemption on voluntary retirement

Taxpayers Based on Residential Status

Income tax is levied depending on the residential status of the taxpayer. As per the Income Tax Act, an individual can be divided into the following categories based on the residential status:

Non-resident (NR)
Resident and ordinarily resident in India (ROR)
Resident other than an ordinary resident in India (RNOR)

Nature of Income	Residential Status
Nature of Income	NR	ROR	RNOR
Income originating in India	Taxed	Taxed	Taxed
Income received in India	Taxed	Taxed	Taxed
Income considered to originate in India	Taxed	Taxed	Taxed
Income considered to be received in India	Taxed	Taxed	Taxed
A business or a profession set up controlled in India but accruing outside India	Not Taxed	Taxed	Taxed
All other income (not related to India)	Not Taxed	Taxed	Not Taxed

What is Income Tax Act, 1961?

Passed in 1961, the Income Tax Act is the main legislation that governs all income tax provisions, tax rates, and applicable tax deductions. It was enacted on September 13, 1961. The law has made many amendments due to changing economic situations and conditions.

The Income Tax Act performs the following functions:

Defines and outlines important provisions of income tax
Set applicable tax rates
Prescribes rules and regulations for the calculation and payment of taxes
Takes control of administration and enforcement of income tax laws
Specify the limits for tax exemption, deductions, and limits to determine the tax obligations

How is the Income Tax Collected?

The Income Tax Department collects the direct tax on behalf of the Government of India primarily in the following manner:

Tax Deducted at Source (TDS): Employers deduct the tax from your monthly salary before you receive it.
Tax Collected at Source (TCS): Businesses collect tax from their customers and pass it to the government.
Voluntary Payment by Taxpayers: Taxpayers can make voluntary income tax contributions to designated banks through advanced tax or self-assessment tax.

The Central Board of Direct Taxes (CBDT) administers direct tax laws through the Income Tax Department. Also, CBDT is responsible for policy regulation and tax planning.

Terminology of Income Tax Calculation in India

The major terms related to income tax are important to understand. Some of them are mentioned below:

Previous Year

As per the income tax rules, the previous year is the financial year that begins on 1st April of the current year and ends on 31st March of the next year. This is the year when the income is earned. No matter which month you’ve started to earn, the financial year ends on the 31st of March. Hence, you must start tax planning in advance each financial year.

Assessment Year

The assessment year is a one-year period that starts immediately after the financial year. During the assessment year, taxpayers must evaluate their total income earned in the financial year and pay taxes. For better understanding, the income earned for FY 2023-24, the assessment year will be AY 2024-25.

Assessee

An assessee is an individual or group who assesses his/her income and is liable to pay tax as per the Income Tax Act. The assessee can be an individual, HUF, partnership firm, company or association of persons, etc.

How to Calculate Income Tax on Your Own?

Individuals can calculate their income depending on the nature of their earnings. Various tax deductions from Section 80C to 80U can be utilized to deduct the tax liability from their gross salary. Also, salaried individuals can get eligible exemptions on the various allowances as applicable. Follow the given guidelines to calculate the tax payable on your income:

List down all your incomes from various sources - be it salary, rental income, interest/ profit earned, capital gains, etc.
Remove the income that is exempted under the law
Claim all the applicable deductions under every source of income, like:

The standard deduction of Rs. 50,000 from the salary income (if applicable)
Municipal taxes from rental income
Business-related expenses from your business turnover, etc.

Make a list of all the eligible exemptions under each category of income, like capital gains, etc.
Claim applicable deductions on the salary income, considering the Section 80C, 80D, 80TTA, 80TTB, etc.
The amount left is your taxable income. Check the updated income tax slab; you will get your income tax payable.

If you do not want to go ahead with the manual method, take the help of an income tax calculator available on a reliable website. An income tax calculator calculates the estimated amount of income tax you owe. The calculator considers your income, applicable tax slab, deductions, and exemptions to calculate your tax liability.

Filing for Income Tax Return

All eligible taxpayers must file income tax returns online except for the following individuals listed:

Taxpayers aged 80 and above are not required to file income tax returns.
Those with annual income below Rs. 5 Lakhs and not claiming a refund need not file a tax return online.

When filing an income tax return is mandatory, deadlines to file a tax return are also prescribed. Individual taxpayers need to file income tax returns before 31 July, immediately following the concerned financial year.

E-Filing of Income Tax Return

Income tax e-filing is more convenient and secure. The Income Tax Department has made it easier for taxpayers to pay their taxes, file income tax returns, TDS returns, etc., through various methods, including:

E-filing 2.0 portal
E-pay tax
TIN-NSDL

Individuals prefer e-filing income tax so they do not need to deal with the lengthy paperwork and time-consuming processes. They can securely log in to the website and effortlessly file for returns. The taxpayers should first register at www.incometax.gov.in. Once done, they can log in to the website and file for ITR.

Pro Tip: To make e-filing your income tax return efficient, keep your Permanent Account Number (PAN), Tax Deduction or Tax Collection Number handy while processing your e-tax payments.

Income Tax Return (ITR)

An Income Tax Return (ITR) is a document that taxpayers submit to the Income Tax Department annually to declare their various income sources and claim applicable deductions and exemptions. The government has prescribed ITR forms for taxpayers to file their income tax returns.

As per the suitability of your income and type of employment, the taxpayer can select the appropriate ITR form and file for the income tax return. Find the ITR form list below:

Income Tax Return (ITR) Form	Applicable Individuals
ITR-1 (SAHAJ)	Individuals with regular income from salary, interest, and house property income Agricultural income of not more than Rs. 5,000 and with a total income of upto Rs. 50 Lakh
ITR-2	Income from other than any business or any other proprietorship
ITR-3	Income from any business, profession, or capital gains
ITR-4 (SUGAM)	Individuals, HUFs, and firms gaining Income from presumptive sources like business or profession
ITR-5	Income from Limited Liability Partnerships (LLPs) or partnership firms, non-resident individuals, AOPs, BOIs, and foreign companies
ITR-6	Companies other than claiming exemption under Section 11
ITR-7	Individuals and companies gaining income from charitable and religious trusts, political parties, scientific research institutions, university, college, or other institution

What if I Miss Filing My Income Tax Return on Time?

There are certain major consequences that individuals will have to face if they miss filing income tax return before the due date. Some of the crucial repercussions are listed below:

To carry forward losses for future years is denied
The process of claiming refunds is delayed
Difficulty in processing home loans
Liable to pay a late filing fee of upto Rs. 10,000 under Section 234F
The interest amount is applicable under Section 234F if the taxes are due as of 31 July

Documents Required for Income Tax Filing

Several documents are typically required for income tax filing, depending on your source of income. Here's a list of essential documents:

W-2 Forms: Details your wages, salary, and withheld taxes from your employer(s)

1099 Forms: Types of income you may have received throughout the year, such as freelance income, interest, dividends, retirement distributions, etc.

1098 Forms: Details the interest paid on loans (if any mortgages)

Receipts for Deductions: Receipts or records for any deductible expenses, such as medical expenses, business expenses, charitable contributions, etc.

Investment Statements: Statements from your investment accounts

Property Tax Records: Statements of property taxes paid during the tax year

Health Insurance Statements: Form 1095-A, B, or C, which verifies your coverage for the year

Bank Statements: Useful for verifying income, especially if you have interest-bearing accounts.

Previous Year's Tax Return: To ensure accuracy and consistency in your filing.

Additionally, certain tax situations may require additional documentation, so consulting with a tax professional is beneficial.

Income Tax Refund FY 2023-24

You are eligible to claim an income tax refund if you have paid more in taxes than your income tax liability calculated based on income, deductions, and credits for a financial year. Several variables, including your filing status, income level, deductions, and credits, can impact the amount you receive back from the government.

For example, if the income tax liability for the FY 2023-24 is Rs. 35,000, but the employer deducted Rs. 40,000, you can request a refund for the excess Rs. 5,000.

In other cases, if you forgot to declare your tax-saving investments and were charged for accounting for your deductions, you can file for income tax refund.

Tips for Avoiding Common Income Tax Filing Errors

Here are some practical tips for individuals and businesses to avoid common errors during income tax filing:

1. Keep Accurate Records: Maintain organized records of all income, expenses, deductions, and credits throughout the year. This can include receipts, invoices, bank statements, and other financial documents.

2. Use Reliable Assistance: Consider using reputable tax preparation software or hiring a professional tax preparer to help ensure accuracy and compliance with tax laws. Pay special attention to calculations and ensure all necessary schedules and attachments are included.

3. Double-Check Information: Before submitting your tax return, carefully review tax forms and information for accuracy. Check names, social security numbers, filing deadlines, and other personal details to ensure they match official records.

4. Report All Income: Make sure to report all sources of income, including wages, salaries, tips, interest, dividends, and any income from freelance work or self-employment. Failure to report income can lead to penalties and interest charges.

5. Keep Copies of Tax Returns and Documents: Make copies of your completed tax returns and supporting documents for your records. This can be helpful in case of an audit or if you need to reference past tax information.

6. Be Aware of Common Errors: Common tax filing errors, such as mathematical mistakes, incorrect filing status, and missing signatures, can be pitfalls during tax processing.

How to Save Income Tax?

Tax planning is crucial to reduce income tax liability. A taxpayer can do this by investing in tax-saving instruments. Certain deductions can be claimed from the total computed income under Section 80C to 80U of the Income Tax Act. Some of the major tax-saving instruments are:

Tax-Saving Instruments	Type of Investment	Applicable Deduction/ Exemption	Maximum Investment Per Annum
Employee Provident Fund (EPF)	Retirement savings scheme	Section 80C	Rs. 1.5 lakh
Public Provident Fund (PPF)	Long-term investment scheme	Section 80C	Rs. 1.5 lakh
Equity Linked Savings Scheme (ELSS)	Mutual fund	Section 80C	Rs. 1.5 lakh
National Pension System (NPS)	Voluntary retirement savings scheme	Section 80CCD(1) and Section 80CCD(2)	Rs. 1.5 lakh
Tax-saving Fixed Deposits (FDs)	Fixed deposits	Section 80C	Rs. 1.5 lakh
Sukanya Samriddhi Yojana (SSY)	Savings scheme	Section 80C	Rs. 1.5 lakh
National Savings Certificate (NSC)	Savings scheme	Section 80C	Rs. 1.5 lakh
Life Insurance Premiums	Life coverage and savings	Section 80C and Section 10 (10D)	Rs. 1.5 lakh
Health Insurance Premiums	Health cover	Section 80D	Rs. 25,000 Rs. 50,000 (for senior citizens)
Home Loan Principal Repayment	Long term investment	Section 80C	Rs. 1.5 lakh

Pro Tip: It's essential to assess your financial goals, risk tolerance, and investment horizon before choosing tax-saving instruments.

Bottom Line

Understanding income tax is crucial for every taxpayer, whether you're an individual or a business entity. We've explored various aspects of income taxation, including its significance, calculation methods, and essential documents required for filing. By leveraging deductions, exemptions, and tax-efficient investment options, taxpayers can optimize their tax outcomes while ensuring compliance with applicable tax laws and regulations.

Whether you aim to minimize tax liability, maximize refunds, or strategically invest for the future, we recommend seeking professional guidance before deciding.

Frequently Asked Questions (Answer the public)

1. What is income tax?

Answer: Income tax is a tax levied by the government on the income of individuals,HUFs, and businesses within its jurisdiction.

2. How is income tax calculated?

Answer: Income tax is calculated based on various factors, including your total income, deductions, credits, and tax brackets determined by the government.

3. What are tax deductions?

Answer: Tax deductions are expenses that are subtracted from your total income, reducing the amount of income subject to taxation.

4. How can I file my income tax return?

Answer: You can file your income tax return through online platforms provided by government agencies or manually by mail.

5. What is the deadline for filing income tax returns?

Answer: The deadline for filing income tax returns for FY 2023-24 (Assessment Year 2024-25) is 31 July 2024.

6. Are there any tax credits available to reduce my income tax liability?**

Answer: Yes, various tax credits, such as the Earned Income Tax Credit (EITC), Child Tax Credit, and Education Credits, can help reduce your income tax liability.

7. Can I amend my income tax return if I made a mistake?

Answer: Yes, you can file an amended income tax return using Form 1040-X to correct errors or change your original tax return.

8. Are income tax rates changing in 2024?

Answer: No changes are made to the income tax slab rates in Interim Budget 2024 for both old and new tax regimes.

9. How is income tax calculated on salary?

Answer: Income tax on salary is calculated by considering gross salary, exempt allowances, and standard deductions under Section 80C. Tax is then calculated based on applicable slabs and rates. Tax deducted at source (TDS) is subtracted from salary by employers. Professional tax may also apply.

10. When does income tax send notice?

Answer: Income tax notices are issued for reasons such as non-filing of returns, income discrepancies, or TDS mismatches. Scrutiny assessments verify return accuracy, while Section 143(1) intimations address errors. Notices under Section 148 reopen assessments for undisclosed income. Non-compliance with tax laws may also prompt notices. Responding promptly is crucial to avoid penalties.

11. Which income regime is better?

Answer: Deciding which tax regime is better depends on individual financial investments and preferences. The old regime offers deductions and exemptions under various sections, while the new regime offers lower tax rates without deductions. Those with substantial tax-saving investments may benefit from the old regime, while those preferring lower investments may opt for the new regime. We advise you to consult with a tax advisor to help make an informed decision based on personal finances and goals.

12. Which income tax regime is better for senior citizens?

Answer: Under the new tax regime, the tax rates for all taxpayers, including individuals, HUFs, and senior citizens, are the same.

13. How to check income tax refund status?

Answer: Follow these steps to check your income tax refund status:

1. Visit the income tax department's website.

2. Navigate to the refund status section.

3. Enter necessary details, such as your PAN and assessment year.

4. Submit the information accurately.

5. You should be able to view the status of your income tax refund on the screen in the text reflecting "Refund Sent," "Refund Processing," or "No Refund."

Alternatively, you can check your income tax refund status by logging in to your account on the income tax department's e-filing portal.

Section 10 of Income Tax Act: Eligibility, Allowances, and Exemptions

Section 10 of the Income Tax Act: To Reduce Your Tax Liabilities

Section 10 of the Income Tax Act acts as the liberator for salaried individuals who fall under the tax-paying slab. It outlines various types of income that are not taxable in India. Hence, taxpayers can significantly reduce their tax liability on various sources of income.

From allowances for house rent and medical expenses to perks for education and travel, many opportunities await exploring. All these exemptions fall under different subsections of Section 10 of the Income Tax Act, 1961. Continue reading; we'll get all the important details about Section 10, its inclusions, exemptions, and benefits to the individuals.

What is Section 10 of the Income Tax Act?

Section 10 of the Income Tax Act is a provision that lists all those exemptions that a taxpayer can claim while paying income tax after getting the benefits/returns. These exemptions focus on various income sources that are not a part of your total income.

Features of Section 10 Exemptions

The following are the significant features of Section 10 of the Income Tax Act of 1961:

1. Comprehensive Coverage: Section 10D ensures that not just one but multiple sources of income generated provide sufficient relaxation while calculating income tax. This includes the sum assured, any bonuses received, and maturity proceeds.

2. Protection Across Life Stages: From the initial investment phase to the maturity or surrender of the policy, Section 10D provides consistent tax exemption, offering financial protection and peace of mind throughout the life journey of the policyholder.

3. Income from Reinvestment: If the policyholder chooses to reinvest the maturity proceeds in another life insurance policy, the income generated from such reinvestment remains tax-free under Section 10D, ensuring uninterrupted tax benefits for prudent financial planning.

Who can Claim Tax Exemptions Under Section 10D?

Depending upon the age of an individual, the tax exemption limit under Section 10 of the Income Tax Act, 1961 is mentioned as follows:

Age of Individual	Maximum Tax Exemption
Below 60 years	Rs. 2.5 Lakhs per fiscal year
60 - 80 years	Rs. 3 Lakhs
Above 80 years	Rs. 5 Lakhs

The higher tax exemptions of 3 Lakhs and 5 Lakhs are provided to Indian residents only.

Income Tax Exemptions Under Section 10

House Rent Allowance
Leave Travel Allowance
Pension Scheme
Encashment of Leaves
Gratuity Income
Income Under VRS
Perquisites
Agricultural Activities
Life Insurance Policy
Sukanya Samriddhi Yojana

What are Exemptions Under Section 10?

All the subsections specifying various forms of tax exemptions under Section 10 of the Income Tax Act, 1961 are listed below:

Section 10 (1): Earnings Through Agricultural Activities in India

Indian farmers, individuals, or Hindu Undivided Families (HUFs) earning their livelihood from agricultural activities get tax relief under Section 10(1). The following type of income through agriculture is eligible for exemption:

Income from the farm produce sale
Rent or income generated from agricultural land
Income derived from agricultural operations, such as producing, raising, or maintaining the land.

Section 10(2): Income Derived as a Member of a HUF

Under Section 10 (2), any income or profits made from the business or investments as a member of a Hindu Undivided Families (HUFs) will be tax-exempted under the following cases:

The profit share or income is paid to the member from the total income made by the family.
The income is generated from business activities carried out by the impartible belonging to the family.

* Remember any interest earned through this income derived as a member of HUF is fully taxable.

Section 10 (2A): Tax Exemption on Profit Share Received as a Co-owner of a Partnership Firm

Section 10 (2A) offers a tax exemption on profits share received by each partner from a partnership firm under the following circumstances:

The partnership firm is taxed as per the provisions of the Income Tax Act, 1961.
Each shareholder should receive the same proportion of profit as mentioned in the partnership firm.
The tax exemptions for each partner will be limited to their income as a co-owner or shareholder of the firm.

Section 10 (3): Tax Exemption on Income from Eligible Awards Due to Outstanding Contributions

Section 10 (3) offers tax exemptions to the monetary awards and grants received from the Central or State Governments for outstanding contributions to literature, arts, science, and sports.

Section 10 (4): Tax Exemption on Income Made by an NRI from India

Under Section 10 (4), a Non-Resident Indian (NRI) can claim full tax exemption on the income made from their investments or savings account in India meeting the following conditions:

Income from the interest earned from rupee-denominated bonds and securities specified by the Government of India (GOI).
From income earned from the redemption of such securities and bonds.
Any interest income earned by non-resident from their money deposits in Non-Resident External accounts in any bank.

Section 10 (4) is categorized into the following subsections:

Sub-sections Under Section 10 (4)	Tax Exemption
Section 10 (4B)	On the interest income earned on notified savings certificates issued by the GOI
Section 10 (4C)	On the interest income earned by non-resident individuals or Foreign Companies on certain Rupee Denominated Bond issued outside India between 17/09/2018 and 31/03/2019
Section 10 (4D)	On specified funds in respect of income attributable to a non-resident holding or the investment division of an offshore banking unit
Section 10 (4E)	Income accrued from the transfer of non-deliverable forward (NDF) contracts entered into by a person with an offshore banking unit (OBU) located in the International Financial Services Centre (IFSC)
Section 10 (4F)	The royalty income of a non-resident incurred by leasing an aircraft or ship to an International Financial Services Centre (IFSC) unit. The unit has commenced its operations on or before 31 March 2024 and is eligible for deduction under Section 80LA
Section 10 (4G)	Any income earned by a non-resident from a portfolio of securities, financial products, or funds managed or administered by any portfolio manager under certain conditions
Section 10 (4H)	Came into effect from the assessment year 2024-25. Tax exemption to non-residents or IFSC units on the transfer of shares of domestic companies engaged in aircraft leasing business in IFSC under certain conditions

Section 10 (5): Tax Exemption on Leave Travel Concession Offered to Salaried Individuals

Under Section 10 (5) of the Income Tax Act, 1961, a salaried individual can claim full tax exemption on the LTA received under their salary. The benefits are extended to the dependent family members, including spouses, parents, children, and siblings travelling within India. The individual can claim benefits under the following circumstances:

The exemption is eligible for travel expenses for air, rail, and road transportation.
Available for the upcoming travel of employees.
The exemption will not be available for the employees if they are not travelling with their families.

Section 10 (6): Exemption on the Income Received by an Individual Working Abroad as an Indian Representative

An individual working outside India as a representative of India or a dignitary/ employee visiting India as a foreign representative of a company/ state can claim the tax exemption under Section 10 (6). The individuals can claim tax exemption if:

They work in an embassy/ Indian High Commission/ Indian mission/ consulate or commission.
Visiting India on a business as a foreign state or company representative.
The foreign company is not engaged in any business or trade in India.
The foreign employee stays in India for a period of 90 days only.
The remuneration of an employer should not be deducted from the income of a foreign employer.

Section 10 (7): Tax Exemption on Allowances and Perquisites Paid by the Government of India

Under Section 10 (7) of the Income Tax Act, 1961, an employee can claim tax exemption on all the allowances and perquisites paid by the Government of India for furnishing its services outside India. These benefits are eligible for Indian citizens working as a government employee.

Section 10 (10A): Tax Exemption on Gratuity Benefits

The gratuity benefits received by government employees are tax exempted.

Section 10 (10BC): Tax Exemption on the Remuneration Received by Victims of Disaster

The tax exemptions are applied to the compensation amount received by the victims of the disaster or their legal heirs from the State/ Central Government or local authority.

Section 10 (10C): Tax Exemption on Voluntary Retirement or Termination Benefits

The money received by a government employee at the time of voluntary retirement or termination is tax exempted under Section 10 (10C) of the Income Tax Act, 1961. The maximum exemption amount is Rs. 5 Lakhs.

Section 10 (10CC): Tax Exemption on Perquisites Paid by an Employer

Some employers bear the taxes for non-monetary benefits or prerequisites offered to their employees. In such conditions, since the employer has already paid taxes, it becomes tax-free in the hands of the employees.

Section 10 (10D): Tax Exemption on Life Insurance Policy Payouts

Under Section 10 (10D) of the Income Tax Act, 1961, the benefits, including maturity, survival, death, or bonus payout received from a life insurance policy, are fully exempted from tax. The following criteria are applicable to receive the benefits:

Life insurance policies are issued after 1st April 2012, and the premium paid is not more than 20% of the sum assured.
Life insurance policies are issued before 1st April 2012, and the premium paid does not exceed 10% of the sum assured.
Life insurance policies on the life of a person with a disability as specified under Section 80U and 80DDB.

What’s New in Union Budget 2023

As per the new Union Budget 2023 (which will continue from 2024-25), the maturity amount of the life insurance policy issued after 1st April 2023 will be exempt from tax in the following manner:

For a ULIP policy, the total premium paid is up to Rs. 2.5 Lakhs.
For other insurance policies, the total premium paid is up to Rs. 5 Lakhs.

Note: The tax benefits under Section 10 (10D) of the Income Tax Act, 1961 are applicable under the old tax regime.

Section 10 (11): Tax Exemption on Payment from Statutory Provident Fund

Under Section 10 (11), the income and interest incurred from the contribution of employee provident fund is tax exempted.

Section 10 (11A): Tax Exemption on Payment from Sukanya Samriddhi Yojana

Any amount, including interest and withdrawals made from an account of Sukanya Samriddhi Yojana, is fully exempt from tax.

Section 10 (13A): Tax Exemption on House Rent Allowance

Under Section 10 (13A) of the Income Tax Act, 1961, a salaried employee can receive an allowance on the house rent paid, which is exempted from tax. The HRA exemptions are limited to the minimum of the following:

The actual HRA received by the employee
For employees residing in metro cities: 40% of the basic salary, and for employees residing in non-metro cities: 50% of the basic salary
The rent amount paid after subtracting 10% of their salary

Section 10 (14): Exemption on Special Allowances Received

Employers can offer their employees certain allowances to support their expenses. Section 10 (14) exempts such allowances at the time of tax calculation. These allowances can be incurred while the employee is performing his duties. This section is further divided into the following sub-categories:

Subsection of Section 10 (14)	Allowances	Allowance Specifications
Section 10 (14) (i)	Daily allowance	To meet the daily expenses
	Travel allowance	To meet travel expenses during official visits
	Uniform allowance	For employees who need to purchase or maintain their uniforms
	Academic or research allowance	To encourage research, academic or training pursuits in employees
	Helper allowance	To hire a helper to perform daily duties
	Conveyance allowance	To cover transportation expenses while travelling for official work
Section 10 (14) (ii)	Children education allowance	Rs. 100 per month for a maximum of two children
	Tribal area allowance	In case of posting to tribal or scheduled areas, Rs. 200 is paid in addition
	Compensatory field area allowance	Employees working in the border areas, are allowed Rs. 2,600 per month
	Border area allowance	For armed personnel and ranges, an allowance of Rs. 2,00 to Rs. 1,300 per month is offered
	Special compensatory allowance	If working in a snowbound/ hilly/ high-altitude area, an allowance of Rs. 3,00 to Rs. 7,000 will be offered
	Counter insurgency allowance	Individuals from the armed forces living away from their homes receive a monthly allowance of a limit of Rs. 3,900
	High active field area allowance	Members of the armed forces receive an allowance of up to Rs. 4,200 per month
	Island duty allowance	Armed force members posted in Andaman & Nicobar Islands and Lakshadweep Group of Islands are eligible to receive an allowance of up to Rs. 3,250 per month

Section 10 (15): Tax Exemption on Income Earned from Interest on Investments

Individuals earning income from interests are exempted from tax under Section 10 (15) of the Income Tax Act, 1961. The types of income and exemptions are listed as:

Sub-sections Under Section 10 (15)	Type of Income Earned	Individuals Eligible for Tax-Exemption
Section 10 (15) (i)	Exemption on interest earned from sum assured, maturity amount of certain bonds, securities, and certificates	All taxpayers
Section 10 (15) (iib)	Interests earned from capital investment bond (notified before 1st June 2001)	Individuals and Hindu Undivided Families (HUFs)
Section 10 (15) (iic)	Interest earned on relief bonds	Individuals and HUFs
Section 10 (15) (iid)	Interest on bonds purchased in foreign exchange (notified before 1st June 2001)	NRI or Indian individuals who received it as a gift from an NRI individual
Section 10 (15) (iii)	Interest earned from securities	Securities issued by the Central Bank of Ceylon
Section 10 (15) (iiia)	Interest earned from deposits with the scheduled bank with the approval from RBI	Incorporation of a scheduled bank abroad
Section 10 (15) (iiib)	Paying off the interest Nordic Investment Bank	Nordic Investment Bank
Section 10 (15) (iiic)	Interest payable to the European Investment Bank for granting the loan between the bank and the central government	European Investment Bank
Section 10 (15) (a)	Interest earned on loan from a local authority or government (before 1st June 2001)	Assets that have lent money from sources outside India
Section 10 (15) (b)	Interest earned on industrial undertaking in India/ loan agreement (before 1st June 2001)	Recognized foreign financial institutions
Section 10 (15) (c)	Interest earned on industrial undertaking outside India on raw materials, machinery, or components (before 1st June 2001)	Assesses who have committed to pay such money
Section 10 (15) (d)	Interest rented by specified institutions in India (money borrowed before 1st June 2001)	Assesses who have committed to pay such money
Section 10 (15) (e)	Interest received (where rates are approved) from other financial institutions outside India under the loan agreement (before 1st June 2001)	Assesses who lent money as a part of such loan agreement
Section 10 (15) (h)	Interest earned from Indian industrial undertaking on funds raised in foreign currency under specific loan agreements from sources outside India (before 1st June 2001)	Assesses who lent money as a part of such loan agreement

Learn more about how much money you can save under Section 80C and Section 80D of Income Tax of India, 1961.

Documents Required to Claim Section 10 Exemption

The following documents are required to claim tax exemption under Section 10 while filing for an income tax return.

Income tax login credentials
PAN card
Aadhaar card
Bank statement/ passbook
Relevant documents of various incomes

Final Words

Section 10 of the Income Tax Act discusses the exemptions a salaried Indian citizen can claim under certain earnings and interests from multiple sources. The taxpayer individual or a member of HUFs can claim such exemptions and maximize their tax savings.

Now, when you know all the subsections and tax benefits under Section 10, you can get sufficient tax relief. However, we advise you to consult a tax professional before filing a claim under this section.

Frequently Asked Questions

Question: Is HRA fully exempted under Section 10?

Answer: Even though the HRA (House Rent Agreement) is a part of your salary, it is not fully taxable. Depending upon the structure of the salary, a part of the House Rent Allowance (HRA) is exempt from tax under Section 10 (13A).

Question: Do I need to pay tax on the maturity proceeds of the life insurance policy?

Answer: Under Section 10(10D) of the Income Tax Act, 1961, the maturity proceeds of your life insurance policy are exempted from tax if the premium paid is not more than 10% of the sum assured in any year.

Question: Can I avail of tax benefits under Section 10 if I select new tax regime?

Answer: No, you can not claim tax exemption under Section 10 if you have selected the new tax slab. As per Union Budget 2020, the new tax regime has lower tax rates than the previous ones.

Question: Is the amount received as LTA tax exempted under Section 10 of the IT Act?

Answer: Under Section 10 (5) of the Income Tax Act, 1961, the leave travel allowance is exempted from tax. Note that only expenses from travelling via bus, air, rail, etc., are covered, not the expenses for hotels or food.

Question: What tax exemptions fall under Section 10 (10A)?

Answer: Section 10 (10A) of the IT Act, the amount received by a retiring employee as a commuted value of his/her pension, is exempted from tax. The commuted value is the lump sum payment made by an employer in the form of a pension that would be paid to the retired employee every month.

Question: When can I avail the benefits of Section 10(10D)?

Answer: To avail of the benefits of Section 10(10D), you need to be an EPF member aged 58 years or 50 years for a reduced pension.

Question: Is special allowance taxable for salaried employees?

Answer: Yes, salaried employees are entitled to pay taxes on the special allowances. These allowances are paid on a monthly basis and are further categorized into various forms.

Question: What is Section 10?

Answer: Section 10 of the IT Act provides exemptions on the total income from multiple sources. It includes a long list of subsections that outline multiple sources of income excluded from the tax. The most common exemptions are:

Agricultural income
House rent allowance
Medical allowance
Life insurance premium
Gratuity
Tuition fee
Leave travel allowance
Children education allowance
Donation to charity
Home loan repayment

Question: What is Section 10A of the Income Tax Act?

Answer: Under Section 10 (10A) of the Income Tax Act, the commuted value of a pension received by a government employee is exempt from tax.

Question: What is Section 10(26) of the Income Tax Act?

Answer: Under Section 10(26), the individuals belonging to the Scheduled Tribes in Tripura, Manipur, Nagaland, Mizoram and Arunachal Pradesh are eligible for the tax exemptions.

PPF Calculator

Public Provident Fund (PPF) is a popular long-term savings scheme in India that offers attractive returns and tax benefits. To determine the potential growth of your investments in a PPF account, it is essential to use a PPF calculator. In this comprehensive guide, we will explore what a PPF calculator is, how it works, its benefits, and step-by-step instructions on using it to calculate PPF returns accurately.

What is a PPF Calculator?

A PPF calculator is a digital tool designed to estimate the future value of your PPF investments, taking into account factors like:

Investment Amount: Enter your planned annual contribution or monthly instalments.
Investment Period: Specify the duration you intend to invest, typically 15 years, with the option to extend in 5-year blocks.
Interest Rate: The calculator uses the current PPF interest rate (as of February 14th, 2024, it's 7.1%) or allows you to input a different rate for future projections.
Frequency of Contributions: Choose between monthly, quarterly, or yearly contributions for a more accurate picture.

How Can a Public Provident Fund (PPF) Calculator Help You?

A digital PPF calculator helps you calculate the potential returns on investments made in a PPF account. It helps you to estimate the maturity amount deposited in the Public Provident Fund (PPF) account for a specific period. It is entirely based on the principal amount, interest rate and investment tenure. PPF calculators are available on various platforms, such as online calculators and mobile applications, making it easy for individuals to make accurate calculations.

Formula Used to Calculate PPF

The universal formula used to calculate PPF is given below:

F = P [({(1+i) ^n}-1)/i]

This formula represents the following variables:

I stands for Rate of Interest
F stands for Maturity of PPF
N stands for Total Number of Years
P stands for Annual Installment

Let us understand this with an example: Ram deposits monthly INR 10,000, i.e., INR 1,50,000 yearly, in his PPF account for 15 years at an ROI of 7.10%. So, as per the universal formula of PPF, i.e., F = P[((1+i)n-1)/i]:

F= 1,50,000[({(1+0.071)^15)-1}/0.071]* (1+0.071) =INR 40,68,209.

Benefits of Using Public Provident Fund (PPF) Calculator

PPF calculator offers various benefits to its customers. Below are the benefits of using the PPF calculator in detail:

Time-Saving: Manual calculations can be complex and time-consuming. The PPF calculator simplifies the process by automating calculations, saving time and effort.
Free of Cost: Using PPF Calculator is totally free of cost for any individual. That means they can use the calculator as many times as they want.
Accuracy: The Public Provident Fund (PPF) calculator uses predefined formulas and algorithms to ensure accurate calculations. By removing human errors, individuals can trust the results provided by the calculator.
Flexibility: PPF calculators allow individuals to adjust the calculation parameters per their investment capabilities. They can change the investment amount, tenure, and interest rate, which helps them explore different investment scenarios and make informed decisions.
Projection of Future Returns: The PPF calculator provides individuals with a clear estimate of the growth in their investments over time. This helps in assessing the suitability of PPF as a long-term investment and financial planning.

How to Choose the Right PPF Calculator?

There are many options available in the market for calculating the Public Provident Fund (PPF), such as online and mobile apps. Here are the key factors to consider when choosing your calculator:

Reputable Source: Choose a calculator from a credible financial institution, website, or mobile app known for accuracy and data security.
Functionality: Go for a calculator offering flexible input options for various contribution frequencies, durations, and interest rate assumptions.
Additional Features: Some calculators offer advanced features like partial withdrawal simulations, historical interest rate trends, and tax impact estimates.
User Interface: Choose a calculator with a user-friendly interface that's easy to navigate and understand.

How to Use Public Provident Fund (PPF) Calculator?

Using a Public Provident Fund (PPF) calculator is a simple and easy process. Here's a step-by-step guide on how to use a PPF calculator:

Choose a calculator from a reliable source like a bank, financial website, or reputable app.
Enter your information, such as investment amount, investment period, interest rate, and frequency of contribution.
Click the "calculate" or "submit" button to see the results.
The calculator will display the maturity amount, year-wise breakdown, and the total interest you will earn over the investment period.

Conclusion

A Public Provident Fund (PPF) Calculator is a valuable tool that helps individuals assess the potential growth of their investments in a PPF account. By accurately estimating the returns, individuals can make informed decisions, set realistic financial goals, and plan for a secure financial future. With the right knowledge and tools, individuals can make the most of their PPF investments and achieve long-term financial success.

PPF Calculator FAQs

What are some reliable sources for PPF calculators?

Ans. Below are some of the reliable sources for PPF calculators:

Reputable banks like SBI, HDFC, and ICICI offer calculators on their websites and mobile apps.
Government websites like the National Savings Institute (NSI) offer basic calculators.

What features should I look for in a PPF calculator?

Ans. Some of the features of PPF calculators are:

Accuracy
Flexibility
Partial withdrawal simulations
Tax estimates
User-friendly interface

Are the maturity amount and interest earned guaranteed?

Ans. No, the results are based on the current interest rate, which can change.

Do I need to consider taxes in the calculation?

Ans. Most calculators don't include tax automatically. Consult a financial advisor for a personalized tax impact assessment on your PPF returns.

Can I rely solely on the calculator for my financial planning?

Ans. The calculator is a great tool, but it doesn't replace professional financial advice. Consider your individual goals, risk tolerance, and overall investment portfolio when making financial decisions.

Can I transfer my PPF account from one branch to another?

Ans. Yes, you can transfer the account to another office or branch.

7. Do I have to pay any fees to use PPF Calculator?

Ans. No, PPF Calculators are totally free of cost. You don’t have to pay any charges for using it.

PPF Interest Rate

The Public Provident Fund (PPF) is a popular long-term investment scheme offered by the Government of India. One of the major factors that significantly impacts the growth of PPF investments is the PPF interest rate. In this comprehensive article, we will explain in detail the PPF interest rate, its historical trends, and factors affecting your PPF investment.

What is the PPF Interest Rate?

PPF interest rate is the rate at which the government calculates and compounds interest on investments made in PPF accounts. The Finance Ministry determines it and is subject to amendment from time to time. Interest is compounded annually and is credited to the account at the end of each financial year.

Historical Trends of PPF Interest Rate

The PPF interest rate has seen fluctuations over the years. Historically, interest rates have shown both upward and downward trends, primarily influenced by economic factors and government policies. It is important to understand historical trends to understand the potential returns on PPF investments.

Financial Year	PPF Interest Rate Trend (in % p.a)
1st January 2024 – 30th March 2024	7.10%
1st October 2023 – 31st December 2023	7.10%
1st July 2023 – 30th September 2023	7.10%
1st April 2023 – 30th June 2023	7.10%
1st January 2023 – 30th March 2023	7.10%
1st October 2022 – 31st December 2022	7.10%
1st July 2022 – 30th September 2022	7.10%
1st April 2022 – 30th June 2022	7.10%
1st January 2022 – 31st March 2022	7.10%
1st October 2021 – 31st December 2021	7.10%
1st July 2021- 30th September 2021	7.10%
1st April 2021 - 31st July 2021	7.10%
1st January 2021 - 31st March 2021	7.10%
1st October 2020 – 31st December 2020	7.10%
1st July 2020 - 30th September 2020	7.10%
1st April 2020 - 30th June 2020	7.10%
1st January 2020 - 31st March 2020	7.90%
1st October 2019 - 31st December 2019	7.90%
1st July 2019 - 30th September 2019	7.90%
1st April 2019 - 30th June 2019	8.00%
1st January 2019 - 31st March 2019	8.00%
1st October 2018 - 31st December 2018	8.00%
1st July 2018 - 30th September 2018	7.60%
1st April 2018 - 30th June 2018	7.60%
1st January 2018 - 31st March 2018	7.60%
1st October 2017 - 31st December 2017	7.80%
1st July 2017 - 30th September 2017	7.80%
1st April 2017 - 30th June 2017	7.90%
1st January 2017 - 31st March 2017	8.00%
1st October 2016 - 31st December 2016	8.00%
1st July 2016 - 30th September 2016	8.10%
1st April 2016 - 30th June 2016	8.10%

How is the PPF Interest Rate Calculated?

PPF interest compounded every year. The formula to calculate PPF interest is F=P[({(1+i)^n}-1)/i], where:-

F stands for Maturity Amount
P stands for Annual Installment
N stands for Number of Year
I stands for Interest Rate/100

Public Provident Fund (PPF) Calculator

PPF calculator is an online digital tool through which you can check the future value of your PPF investments. If you invest in a Public Provident Fund Scheme, you would like to know how your investment will grow over the investment period. So, the PPF calculator calculates year-wise PPF returns based on the contributions to your PPF account.

Factors Affecting PPF Interest Rate

There are several factors that influence the PPF interest rate, which include:

Economic Conditions: Current economic conditions, such as inflation rate, GDP growth and fiscal policies, play an important role in influencing the PPF interest rate. In times of high inflation, interest rates are higher to provide actual returns to investors.
Government Policies: The monetary and fiscal policies of the government influence the interest rates of the PPF Scheme. Changes in government policies, such as liquidity management measures or focus on specific sectors, can affect the PPF interest rate.
Market Conditions: The performance of financial markets and the cost of government borrowing also affect the PPF interest rate. If the government needs to borrow from the market at higher rates, it may impact the interest rates on PPF.

Comparison of PPF Interest Rate with Other Investment Options

In the table below, we have shown a comparison of PPF interest rates with other investment options:

Investment Options	Interest Rate	Investment Tenure
Public Provident Fund	7.1%	15 years
Sukanya Samriddhi Yojana	8.2%	21 years from the date of opening of the account or upon the marriage of the account holder, whichever is earlier
National Saving Certificate (NSC)	7.7%	5 years
Post Office Time Deposit Account	7.5%	5 years
Tax Saver Fixed Deposit	3.5-7.5%	5 years

Conclusion

PPF interest rate is important in determining the growth of investments made in PPF accounts. Understanding its historical trends and the factors influencing it and employing effective strategies can help individuals maximize their returns. By staying informed and making informed decisions, investors can harness the potential of PPF as a reliable long-term investment option and meet their financial goals.

PPF Interest Rate FAQs

What is the current PPF interest rate?

Ans. The current PPF interest rate is 7.1%.

How often is the PPF interest rate reviewed?

Ans. The rate is reviewed quarterly by the Ministry of Finance.

Can the future PPF interest rate be predicted?

Ans. No, future revisions depend on various economic factors and are unpredictable.

Can I get tax benefits on the interest earned?

Ans. Yes, PPF offers "EEE" status, meaning the interest earned is exempt from taxes.

How does inflation affect my returns?

Ans. The fixed-rate might not always outpace inflation, potentially eroding purchasing power.

What are the liquidity limitations of PPF?

Ans. There's a 15-year lock-in period with limited withdrawal options, impacting accessibility.

Where can I find a reliable PPF calculator?

Ans. Numerous online calculators are available from banks, financial websites, and the government.

Should I consult a financial advisor?

Ans. Yes, they can help personalize your investment strategy based on your goals and risk tolerance.

Steps to Take Right After a Car Accident

Indian roads are one among the deadliest. As per reports, there are more than 1.5 lakh people dying in road accidents in India. Even being a careful driver, there are chances of experiencing this terrifying moment without any fault of yours. Not just physically, car accidents can leave you emotionally shattered. However, there are important steps to take right after a car accident, if you end up facing such unexpected situation. No matter how major or minor the accident is, making step-by-step move can actually help. Keeping yourself calm is the first and foremost requirement this time of distress. Here are the steps to take right after a car accident.

Check on You and Your Co-Passenger’s Well-Being

Even if the accident is minor, check for injuries and well-being firstly. Instead of getting into the unnecessary fight with other people involved in the accident, its better stay cool and take the initiative in the right way. Make sure you and other people involved in the accident are ok. If there are any physical injuries or someone is critical or killed, immediately call up for medical help. If the condition is severe, do not try to move the injured person. In case there is no injury, you can continue with checking the physical damage to the car and the third- party vehicle involved in the accident.

Stay There and Keep Your Vehicle Away from Traffic

Ensure to never leave the place of accident unless you are done with all the procedures. If you leave the accident place without checking on the third party’s situation, you may have to face serious criminal charges. If you can move your vehicle, keep your vehicle and you away from traffic without disrupting other people travelling on the road. In case vehicle is not in a movable position, then turn on the hazard lights and leave it there with the warning triangle beside the car, but you can get to safe place.

Call/Inform the Police and Report the Accident

Be it a severe accident or a minor one, it is important to contact the police. If you are not in a position to call, you can also ask any eyewitness over there to make a call on your behalf. Reporting the event is a legal requirement if the damage and an injury is severe. Police officers will make a note of things after careful inspection/investigation. However, it’s important to take their name, badge number and other relevant details

Exchange Essential Information

Ensure to exchange the essential information such as name, contact information, insurance information, diver license number of all the drivers involved in the accident, co-passenger details (if they are injured), license plate number and other basic information required related to the vehicles involved in that event.

However, it’s better to avoid discussing the fault. Admitting something in hurry intentionally or unintentionally can make you responsible for the legal liability.

Document the Unfortunate Event

To defend yourself, it is important to document each and everything related to the accident. Hence, as soon as the police officers arrive, note the responding officer’s name and badge number. Ensure to take a copy of incident report made by police. Take pictures of vehicles involved showing the damages caused. Take pictures of injuries also. Talk to eye witnesses and cordially obtain their details like name and contact information. Documenting the event helps you with clear picture of the accident, and for the personal accident insurance claim too later.

Notify Your Insurance Company and Place the Claim

If the accident involves damages, physical injury or death, and you need to raise a claim, call your insurance company to report the unfortunate event. Once the claim intimation is done, your insurance company official will assist you on further processes involved. You may have to submit the written request or fill up a claim request form along with necessary documents and bills. Now, that every auto insurance provider is offering cashless facility, getting the auto insurance claim processed is a simple and easy process. You can check for network garages to avail the cashless facility from your insurance company.

Conclusion

In a nutshell, unfortunate events like accidents can have a long-lasting impact, both physically and emotionally. Such terrible situations may leave you in a position to take irrational decisions at the moment of accident if you are not prepared for it. Keeping yourself calm and following the steps to take right after a car accident can help you in this extremely stressful situation.

Tax: Basics, Types, Tax Rates, and Tax Filing in India

Understanding Taxes in India

Taxes are one of the inevitable sources of earnings for the Indian government. The Indian Tax System is a well-structured framework determining different types of taxes on earning individuals and entities depending on their range and sources of income. Neglecting tax obligations can have serious consequences for the taxpayers, from missed savings opportunities to applicable penalties.

But, with a little knowledge and proactive planning, individuals can navigate the complex concept of taxes. Further in this article, we discuss the key concept of tax, its types, updated tax rates, and the essentials of tax planning and preparation.

What is Tax?

Tax is the mandatory contribution to the Government of India made by individuals or organisations falling under the tax slab – whether local, state level or national. Taxes are one of the major sources of revenue generation for the government to boost India's economy. Further, the government provides the best facilities and infrastructure to the citizens.

The Indian tax system is well structured into three major federal structures: central government, state government, and local municipal bodies. The tax collected by the government is further used to produce income for various business projects, enhance the economy of India, and raise the living standards of its citizens.

Payment of taxes at the defined tax rates levied by the Indian government is compulsory, and any failure to do so is punishable by law.

What are the Different Types of Taxes Applicable in India?

On a broader outlook, two types of taxes apply to Indian citizens or organizations– direct and indirect taxes. The implementation of both types of taxes differs in nature. Let’s look at some of the main types of taxes levied by the Indian government:

Direct Tax	Indirect Tax	Other Tax
Income Tax	Goods & Services Tax (GST)	Entertainment Tax
Securities Transaction Tax	Sales Tax	Professional Tax
Wealth Tax	Custom Duty	Property Tax
Gift Tax	Value Added Tax (VAT)	Education Cess
Corporate Tax	Octroi Tax	Registration Fees
Capital Gains Tax (CGT)	Service Tax	Toll Tax

What is Direct Tax?

Direct tax is the tax levied by the Indian government directly on the taxpayer (corporate or non-corporate). The payable taxes depend on the overall income of the taxpayer. Those with higher income or valuable assets are liable to pay more taxes. It is to be noted that these types of taxes are not transferable to any other entity or individual. The Central Board of Direct Taxes (CBDT), governed by the Department of Revenue, is responsible for formulating assessment policies and collecting direct taxes.

What are the Different Types of Direct Taxes?

The following direct taxes are levied on the eligible taxpayers in India.

Income Tax Act

The Income Tax Act, of 1961, outlines the comprehensive set of rules and regulations upon which the Income Tax Department levies, functions, and collects taxes. Being the direct tax, the taxpayer pays a definite percentage of their income based on their income tax slab.

The Income Tax Act also outlines the tax benefits taxpayers can avail of on life insurance premiums and fixed deposits. The new tax regime was announced in Budget 2023, and the tax slab and rates were updated to provide maximum benefits to the taxpayer.

Securities Transaction Tax (STT)

Securities transaction tax is a tax charged on purchasing and selling securities, like stocks, equities, mutual funds, or recognized stock exchanges in India. Being the direct tax, the STT is levied directly on the transaction value of securities. The STT is governed by the

Securities Transaction Tax Act, which entails various types of securities and applicable tax rates.

Wealth Tax Act

The wealth tax is levied on the net worth of an individual or entity. Individuals with a net worth of more than 30 lakhs (as of FY 2014-15) must pay wealth tax at a rate of 1% on the net worth exceeding Rs. 30 lakhs. Individuals having an income of more than 1 crore per annum are liable to pay a surcharge of 12%.

Gift Tax Act

The gift taxation rules are listed under Section 56 (2) (vi) of the Income Tax Act. According to the Gift Tax Act, any gift received with or without consideration of more than Rs. 50,000 in a financial year is added to your ‘income from other sources’ and is taxed as per the tax slab. The gifts from the family members and local authorities are exempted from tax.

Corporate Tax

The corporate tax is levied on the income made by a company registered in India. Domestic and foreign companies are liable to pay corporate tax as per the provisions of the Income Tax Act. The current corporate tax in India is 30% for companies registered in India and 40% for foreign companies. However, companies can avail of various deductions and exemptions to reduce tax liabilities.

Capital Gains Tax (CGT)

Any profits earned from the sale of ‘capital assets’, such as bonds, stocks, real estate, or other investments, are listed under the ‘income from capital gains’. The taxes are levied on such income in the financial year in which the transfer of assets is completed. The rate of CGT depends upon the type and holding period of assets. The CGT rate on short-term capital gains is 15% (when STT is applicable), and for long-term capital gains is upto 20%.

What is Indirect Tax?

The government levies indirect taxes on the goods and services the taxpayers consume. The indirect taxes are not directly levied on the income or revenue generated within a financial year but are imposed on the products and intermediaries at the time of sale of the product. The indirect taxes can be passed from one individual to another. The different types of indirect taxes may include service tax, excise tax, VAT, customs duty, etc.

What are the Different Types of Indirect Taxes?

The following indirect taxes are levied on the eligible taxpayers in India.

Sales Tax

Sales tax is the charge levied on the customer to consume goods and services. Simply, it is the percentage of the retail price of the goods or services purchased or utilized. The retailer of the goods or the service collects the tax at the time of sale and remits it to the government.

Goods and Service Tax (GST)

GST is an indirect tax that has replaced many taxes in India, like excise duty, VAT, etc. The GST is a consumption-based tax levied on the supply of goods and services. GST is applied to every point of sale, including intra-state sales.

Service Tax

The service tax is applicable to the services provided by the companies in India. The service tax announced is only applicable to service-based companies (not goods) on a monthly or quarterly basis. The current service tax rate in India is 15%.

Excise Duty

Excise duty is applicable on all the goods manufactured in India. The government of India collects taxes from the manufacturers of goods. The excise duty is also applicable to the entities receiving manufactured goods by employing people to transport goods from the manufacturer to them. If the excise duty is not paid on time, the moving of goods is restricted from where it is produced.

Value Added Tax (VAT)

VAT is the commercial tax applicable on certain goods at all supply chain stages, from manufacturer to retailer/ dealer to customer. The VAT levied on goods sold in the state is only decided by the state government.

Custom Duty & Octroi

When any goods are imported from outside India, customs duty applies to them irrespective of the medium, whether it be air, sea, or land. The custom duty ensures that all goods entering India are taxed and paid for. In the same way, octroi is charged on the goods crossing the state border.

What are the Advantages and Disadvantages of Different Taxes in India?

Since paying tax is mandatory for those who are eligible for it and, at the same time, very crucial for the growth and development of the country. However, there might be some advantages and disadvantages of different types of taxes. Some of them are mentioned below:

Direct Tax		Indirect Tax
Pros	Cons	Pros	Cons
No or lower taxes for lower-earning individuals	Calculation, record keeping, and management	Collected at the time of sale	Higher burden for low-income individuals
Direct payment reducing the potential risks	High rates may affect the investment potential of the customer	Less effect on the future decisions	Complex to understand the tax amount applicable
Remains unaffected by spending habits		Adjusts to consumer changing spending habits

Why is it Important to Pay Taxes?

An individual filing for taxes on time can avail of many benefits listed below:

The taxpayers who have paid more taxes than the eligibility can simply file for the tax returns.
At the time of obtaining a loan for the purchase of a home, vehicle, or for medical purposes, the bank requires income tax returns from the last 3 years. Based on the details, the bank decides whether to sanction the loan and the right amount.
While applying for a VISA, certain countries are required to submit income tax return receipts to process. This is mandatory to ensure that individuals can care for themselves in a foreign country.
Income tax returns work as proof of the income of an individual from salary and other income sources.
If an individual has faced losses in a financial year, they can carry it forward to the next year and claim for the losses.
From a business perspective, if a person applies for taxes timely, they can apply for government tenders.
The taxpayers can file for any due refunds from the IT Department.
Self-employed individuals can also file for compensation in case of an accidental disability.
For higher income brackets, individuals can apply for life insurance with high coverage.

Learn about what tax exemption you can claim under Section 10

What Tax Regimes Can I Opt for to Pay Taxes in India?

Depending on the investment choices of the taxpayer, they can select from the old tax regime and the new tax regime. The tax slabs and rates for each slab are applicable in the following manner:

New Tax Regime FY 2023-24		Old Tax Regime
Income Range	Income Tax Rate	Income Range	Income Tax Rate
Up to Rs. 3 Lakhs	0	Up to Rs. 2.50 Lakhs	0
Rs. 3 Lakhs to Rs. 6 Lakhs	5%	Rs. 2.50 Lakhs to Rs. 5 Lakhs	5%
Rs. 6 Lakhs to Rs. 9 Lakhs	10%	Rs. 5 Lakhs to Rs. 10 Lakhs	20%
Rs. 9 Lakhs to Rs. 12 Lakhs	15%	Above 10 Lakhs	30%
Rs. 12 Lakhs to Rs. 15 Lakhs	20%
Income above Rs. 15 Lakhs	30%

* The income tax rates are subject to change every year and announced before the starting of next financial year by the Ministry of Finance.

How is Tax Calculated in India?

In India, taxes are calculated based on the individual's income and the tax rates set by the government. The Indian tax system follows a progressive structure, which means that the tax rate increases as income increases. Here's a general overview of how tax is calculated in India:

1. Income Classification: The first step is to classify your income into various categories. The major sources of income are typically categorized into five heads:

Income from salary
Income from house property
Profit and gains from business or profession
Capital gains
Income from other sources

2. Deductions and Exemptions: After determining your total income from all sources, you can claim deductions under Sections 80C to 80U of the Income Tax Act to reduce your taxable income. These deductions can include expenses like investments in certain savings schemes, insurance premiums, education loan interest, and donations to eligible charitable institutions.

3. Tax Slabs and Rates: Once deductions are applied, the remaining income is subject to tax at eligible tax rates, depending on the individual's age and income level. India has a slab-based tax system, with different tax rates for different income ranges, which are updated timely.

4. Calculation of Tax Liability: The total tax liability is calculated after applying the applicable tax rates to the taxable income. Additionally, a cess is levied on the total tax payable to fund specific government initiatives.

5. Applying Rebates and Credits: Individuals may be eligible for rebates or tax credits under certain circumstances. For example, individuals with a total income below a specified threshold may be eligible for a rebate under Section 87A of the Income Tax Act.

6. Payment of Taxes: Finally, taxpayers must pay their taxes to the government within the specified due dates. This can be done through various modes such as online payment, physical payment at authorized banks, or through tax deducted at source (TDS) for certain types of income.

You can also use a tax calculator to make the tax calculation process more convenient. We suggest you consult a tax professional or refer to the latest tax guidelines issued by the Income Tax Department for accurate information and guidance.

Learn about what tax exemption you can claim under Section 10 (10D).

How do We File for Taxes in India?

Filing taxes in India involves several steps, and the process can vary depending on your income sources, deductions, and other factors. Here's a general guide on how to file taxes in India:

1. Gather Required Documents: Before you begin filing your taxes, gather all necessary documents for tax filing, including:

Form 16 (for salaried individuals)
Form 16A/16B/16C (for income from other sources)
Bank statements
Investment proofs (such as receipts for insurance premiums, mutual funds, etc.)
Details of any other income sources

2. Choose the Right Form: Select the appropriate income tax return (ITR) form based on your income sources and eligibility. The different types of ITR forms cater to various categories of taxpayers, including individuals, Hindu Undivided Families (HUFs), companies, and more.

3. Prepare Your Tax Return: Fill out the selected ITR form accurately and completely. Provide details of your income, deductions, and tax payments for the relevant financial year. Many taxpayers opt to file their taxes electronically using the tax e-filing portal provided by the Income Tax Department.

4. Calculate Your Tax Liability: Once you've filled out the necessary information, calculate your tax liability using the applicable tax rates and deductions. The Income Tax Department provides tax calculators and tools to assist taxpayers in determining their tax liability.

5. Verify and Submit Your Return: Review your tax return carefully to ensure accuracy and completeness. While e-filing taxes, you may need to digitally sign the return using a digital signature certificate (DSC) or electronically verify it using Aadhaar OTP, net banking, or other methods. If filing a physical return, sign and submit it along with any required documents to the designated income tax office.

6. Receive Acknowledgment: After successfully filing your tax return, you will receive an acknowledgement from the Income Tax Department. This acknowledgement serves as proof that your return has been filed. Keep it safe for future reference.

7. Monitor Tax Refund Status (if applicable): If you are eligible for a tax refund, you can track the status of your refund online through the Income Tax Department's website. Depending on various factors, refunds are typically processed within a few weeks to months after filing.

8. Pay Any Remaining Tax Due: If you have any outstanding tax liability after considering deductions and tax payments, ensure timely payment to avoid penalties and interest.

9. File Revised Return (if necessary): If you discover any errors in your original tax return after filing, you can file a revised return within the prescribed time limit to rectify the mistakes.

Final Words

Filing taxes may seem tough for a beginner, but it can be a manageable process with the right knowledge and guidance. You can easily file your taxes by understanding the tax slab rates, tax filing steps, and documents required.

Remember, timely and accurate tax filing ensures compliance with the law and helps you take advantage of available tax deductions and credits, ultimately reducing your tax burden.

If stuck, don't hesitate to contact a tax advisor or financial planner for guidance tailored to your specific needs and circumstances.

Frequently Asked Questions

What is tax in simple words?

Tax is a mandatory charge levied by the government on the earning individuals and organizations to collect the revenue to develop infrastructure and facilities. The government incorporates the applicable penalties if the taxpayer fails to pay taxes.

What is the full form of tax?

Taxation is the full form of tax. Taxation refers to the process by which governments impose charges on individuals, entities, or transactions to raise revenue for public expenditures and to develop the economy of the nation.

What is India’s tax rate?

As per the budget announced in 2023, the new tax rates for FY 2023-24 for every earning individual are as mentioned:

New Tax Regime FY 2023-24
Income Range	Income Tax Rate
Up to Rs. 3 Lakhs	0
Rs. 3 Lakhs to Rs. 6 Lakhs	5%
Rs. 6 Lakhs to Rs. 9 Lakhs	10%
Rs. 9 Lakhs to Rs. 12 Lakhs	15%
Rs. 12 Lakhs to Rs. 15 Lakhs	20%
Income above Rs. 15 Lakhs	30%

Can tax regime be changed?

Yes, the taxpayer can switch between the old and new tax regime every financial year while filing for ITR. Even if an individual has opted for the new or old tax regime throughout the year, the taxpayer can change the regime at the time of tax filing. Individuals or businesses can only switch between the regimes once in their lifetime.

How to file income tax return?

Here are the simple steps for filing the income tax return:

Visit the income tax e-filing website
Register or login to the website
Select the ‘File Income Tax Return’ option from the menu
Enter the required details
Select the filing mode as ‘online’
Choose from the applicable status from the list
From the ITR Forms available, select the appropriate
Select the suitable reason for filing ITR
Submit the bank account details and other information
Tax computation summary
Proceed for e-verification
Submit the ITR

What tax deductions can I claim?

The taxpayer can claim the following deductions as per the applicability of their income and investment types:

Premiums falling under Section 80C, 80CCC, 80CCD(1)
Premium paid for medical and health insurance (under Section 80D)
Retirement contributions
Deduction on higher studies loan
Donations under Section 80G
Saving account interest
Health savings account (HSA) contributions
Stamp duty and registration
Preventive health checkups
House rent deduction

Which tax is applicable on interstate sales?

Goods and Services Tax (GST) is applicable to the interstate supply of goods. Both Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) are applicable as per the nature of supply.

Will tax be deducted every month?

Only TDS is deducted every month by the employer when making the payment to the employee, as per Section 192.

How are taxes calculated?

Taxes are calculated based on various factors such as income level, type of income, deductions, credits, and tax rates determined by the government.

What are the different types of taxes?

The taxes are categorized into two major categories- direct and indirect tax, which cover various types of taxes in India, including income tax, sales tax, property tax, corporate tax, excise tax, and estate tax, among others.

Why do we pay taxes?

Taxes are paid to finance government operations, infrastructure, public services, and social welfare programs.

What will happen if I don't pay taxes?

Failure to pay taxes on time may result in penalties, fines, legal action, and, in extreme cases, imprisonment.

How can I reduce my taxes?

Taxpayers can reduce their tax liabilities through various methods, such as claiming deductions and credits, contributing to retirement accounts, and utilizing tax planning strategies.

Where do taxes go?

Taxes paid by the citizens in India are allocated towards various government expenditures, including education, healthcare, defence, infrastructure, social security, and other public services.

What is the difference between tax avoidance and tax evasion?

Tax evasion is the illegal act of deliberately avoiding paying taxes owed, often by falsifying information or hiding income. Tax avoidance, on the other hand, is the legal practice of arranging one's financial affairs to minimize tax liability within the boundaries of the law.

Tax Savings Under Section 10 (10D): Exemptions & Payouts

Section 10 (10D) of Income Tax Act, 1961

Individuals choose to invest their money under various investment schemes and instruments to diversify their income in later years. But when the time comes, and they start receiving benefits, do they need to pay taxes on the benefits received?

The Government of India introduced Section 10 under the Income Tax Act, 1961 to provide significant relief on the income and benefits earned from various sources. Among various provisions included under Section 10, Section 10 (10D) plays a major role in providing financial relief to policyholders.

Besides considering the tax deductions under Section 80C and 80D for premium payment for life and health insurance policies, you can invest in various types of life insurance plans and ULIPs to gain tax relaxation on the payouts/ benefits you or your beneficiaries receive.

Further in this article, we discuss what is under Section 10 (10D), its limit, and how it benefits an investor for various life insurance policies benefits.

What is Section 10 (10D)?

Section 10 (10D) of the Income Tax Act, 1961, specifies the taxability under which the lump-sum payment received on various life insurance claims at the time of death, maturity, survival, or surrender are subject to tax-exemption. The exemption also applies to the accrued bonuses.

Individuals, including salaried or non-salaried individuals, associations, Hindu Undivided Families (HUFs), bodies of persons, trusts, foreign companies, and others, can claim these exemptions.

What is Section 10 (10D) Limit?

Before the Finance Act 2023 amendment, there was no cap on the amount of annual premium paid in any year during the policy term (except for ULIPs). This meant the total benefits received from the life insurance policy/ policies were fully tax-exempted under Section 10 (10D).

Through the Finance Act 2023 amendment, CBDT issued the guidelines on tax exemption under Section 10 (10D) for the policies issued on or after April 1, 2023. As per the latest guidelines, the benefits received from the life insurance policies (ULIPs excluded) are withdrawn from the exemption if the total premium payable in any tax year during the policy/ policies tenure is more than Rs. 5 Lakhs (except for the amount received on the death of the policyholder).

Hence, the income from such non-exempt policies is considered income from other sources and fully taxable. If the policyholder invests in multiple insurance policies, the tax exemption is available only to the policy/ policies where the aggregate premium does not exceed Rs. 5 Lakhs.

Additionally, 10 (10D) section tax exemption also applies to Unit Linked Insurance Plans (ULIPs) returns when the total premium paid is less than Rs. 2.5 Lakhs in a financial year. The maturity proceeds and premature withdrawal received are tax exempted under certain terms and conditions.

What is the Section 10 (10D) Example?

Say, Mr Bansal invests in life insurance plan(s) and nominates his son as the nominee.

Case I: Policy/ policies are purchased before April 1, 2023, and the aggregate premium is less/ more than Rs. 5 Lakhs

After certain years, Mr Bansal passed away due to an accident. His life insurer then disbursed the death benefit to his son. Such a payout is considered under an income for his family. Hence, the amount is tax-exempt under Section 10 (10D) of the Income Tax Act, 1961.

When Mr Bansal survives the maturity date, the maturity benefits received are fully tax-exempt under Section 10 (10D).

Case II: Policy/ policies are purchased on or after April 1, 2023, and the aggregate premium is less than Rs. 5 Lakhs

The death or maturity benefits received under such a case remain fully tax-exempt under Section 10 (10D).

Case III: Policy/ policies are purchased on or after April 1, 2023, and the aggregate premium is more than Rs. 5 Lakhs

In case of death, the death benefits received under the term life insurance policy are fully tax-exempt under Section 10 (10D), irrespective of the total premium amount payable.

In case of maturity benefit, Mr Bansal can select high premium paid policy/ policies (aggregate premium limit is Rs. 5 Lakhs). These policy/ policies will be tax-exempted. And the benefits received from the remaining policy/ policies will be taxable.

Eligibility to Avail Section 10 (10D) Benefits

The following conditions are required to qualify for the tax exemptions under Section 10 (10D) of the Income Tax Act, 1961.

An individual can claim an exemption under Section 10 (10D) of the Income Tax Act for the death and maturity benefit received, including the incentives or bonuses.
All kinds of claims made under life insurance policies issued before April 1, 2023, are eligible for tax deductions with no maximum limit on the amount of life insurance coverage.
Both Indian and international life insurance companies can avail of tax benefits under Section 10 (10D) of the Income Tax Act of 1961.
The payouts received under a Keyman Life Insurance Policy are not eligible for the tax exemptions.
If a life insurance policy is purchased between April 1, 2003, and March 31, 2012, the yearly premium or monthly payments paid in a given year throughout the policy tenure should be less than 20% of the sum assured.
The premium amount limit of the life insurance plans bought on or after April 1, 2012, should be 10% of the sum assured.
For the policy purchased on or after April 1, 2013, the life insurance premium in any year during the policy tenure should not exceed 15% of the cash value.
For the policy purchased on or after April 1, 2023 (other than ULIPs), the total life insurance premium does not exceed Rs. 5 Lakhs in any year during the policy tenure and is tax-exempt.

Except for the above, the individuals meeting the following criteria are included under the life insurance coverage:

Individuals with an ailment or developmental disability are listed under Section 80U of the Income Tax Act, 1961.
The individual suffering from any specific ailment or disease defined under Section 80DDB.

What is Section 10(10D)?

- Section 10(10D) deals with tax exemptions on income received from life insurance policies

Eligibility:

Individuals, HUFs, BOPs, non-salaried individuals, associations, trusts, foreign companies, and others
Policies issued on or after April 1, 2003

Premium Limit:

- Policies issued on or after April 1, 2023 (other than ULIPs) are withdrawn from exemption if the aggregate premium exceeds Rs. 5 Lakhs in any year during the policy term (except for the amount received on the death of the person).

What are the Requirements Under Section 10 (10D) for Maturity Returns Benefits?

To gain the tax exemption on the maturity return benefits under Section 10 (10D), the following requirements must be met:

The benefit must be paid upon the death of the policyholder.
No benefits should be obtained for an insurance policy issued under Section 80 DD(3) of the Income Tax Act.
The policy should not be the Keyman Insurance Policy.
The benefits should not be obtained under a group insurance policy issued by the company for their employees.
The benefits are not obtained from retirement or annuity payout.
The insurance policies purchased between April 1, 2003 and March 31, 2012, should have a total annual premium cost of less than 20% of the sum assured.
For the policies purchased on or after April 1, 2012, the monthly premium amount should not exceed 10% of the sum assured.
The annual insurance rate payment cannot exceed 15% of the insurance policy cover.
For the policy issued on or after April 1, 2013, the benefits are the same, where the person is covered for life under the following:

Meeting the criteria for a serious handicap under Section 80U.
Ailments and issues are covered under Section 80 DDB.

If the maturity benefit received is not tax exempted under Section 10 (10D), then it will be subject to tax deduction at source (TDS) in accordance with the following provisions:

10% TDS for the maturity value approved (when PAN is provided).
20% TDS for the maturity value approved (when PAN is not provided).

For the life insurance policies issued on or after April 1, 2023, the aggregate premium payable in any year during the tenure of the policy/ policies should be less than Rs. 5 Lakhs (excluding the ULIPs and except the amount received on the death of the assured).

What Tax Exemptions Are Available Under Section 10 (10D)?

The policyholder can avail of tax exemptions under Section 10 (10D) of the Income Tax Act, 1961, if levied with the following conditions:

The premium paid in a single year for the policies purchased between April 1, 2003 and March 31, 2012, should not exceed 20% of the insurance cover.
For the policies purchased on or after April 1, 2012, the annual premium amount should not exceed 10% of the insured amount.

Exclusions Under Section 10 (10D)

Some insurance claims and payments are considered under the exclusion under Section 10 (10D) of the Income Tax Act, 1961. These include:

Any amount received under the Keyman Insurance Policy.
The payouts received by the beneficiaries under Section 80 DD (3) or 80 DDA (3) are not exempt under Section 10 (10D).
The payouts are not eligible for the tax exemptions under Section 10 (10D) if the premium exceeds 20% of the sum assured for the policies purchased between April 1, 2003 and March 31, 2012.
If the premiums exceed 10% of the sum assured during any year throughout the policy term where the policy is purchased after April 1, 2012, no tax exemptions are allowed under Section 10 (10D).
For the policies purchased on or after April 1, 2023, the tax exemption is withdrawn if the aggregate premium payable in any policy year during the term of such policy/ policies exceeds Rs. 5 Lakhs (except the benefits are received on the death of the person).

What is TDS for Life Insurance Policies?

The tax deduction at source (TDS) for life insurance policies is applicable under the following conditions:

Any income amount received from the payment made towards the life insurance policy is liable for 5% TDS if the amount is more than Rs. 1 Lakh in a financial year.
The receiver gets the maturity amount after deducting 5% TDS only if the maturity amount exceeds Rs. 1 Lakh.
If the payee doesn’t submit the PAN, then the rate of TDS deduction becomes 20%.
Additionally, the TDS is also deducted from the bonus amount received.
Any sum received as maturity benefit, surrender value, and death benefit (including the bonuses) is exempted under Section 10 (10D) and is not liable for TDS.
For any amount less than Rs. 1 Lakh, TDS is applicable. However, you can claim for TDS while filing an ITR.

Tax Liability Under Section 10 (10D) for Single Premium Policy

The maturity amount received under a one-time premium insurance policy isn’t eligible for tax exemption under Section 10 (10D). However, if the minimum sum assured is ten times the premium payable to the policy, the maturity amount received is tax-free.

What are the Tax Exemptions Under Section 10 (10D) for ULIP Plans?

With the Financial Bill 2021, the tax exemptions under Section 10 (10D) for ULIPs were amended. Section 10 (10D) allows the tax exemptions for unit-linked insurance policies (ULIPs) in the following manner:

The amendments are effective for the ULIPs purchased on or after February 1, 2021.
For the ULIPs purchased after February 1, 2021, exceeding an aggregate annual premium of Rs. 2.5 Lakhs are excluded to gain benefits under Section 10 (10D).
The fifth provision specifies that if a single individual pays the premium for multiple ULIPs, they can apply for tax deductions only if the collective annual premium limit is Rs. 2.5 Lakhs.
ULIPs that do not qualify for exemptions remain the same except for the death claims.
The calculated premium includes top-up premiums, riders, GST, and rider loading.
As per the amendments, the ULIP plans will be categorized as capital gains, and all the maturity gains, surrender value, or partial withdrawals are taxed as capital gains only.
Despite the premium threshold, the applicable death benefits remain tax-exempted.
Existing policies are eligible for tax exemption except for the specified scenario outlined in the amendments.

Final Words

An insurance policy covers you and your family from unforeseen events in life and allows you to enjoy the tax benefits on the annual premium and the benefits received. The policyholder can avail of tax advantages under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

As per the latest Finance Act, 2023, if the aggregate premium payable exceeds Rs. 5 Lakhs for the policies issued on or after April 1, 2023, the life insurance policies are eliminated from the exemption (excluding the amount received on the death of the insured person).

We suggest you understand the policy terms and exemptions before applying for the exemption or take assistance from a tax and investment advisor.

Frequently Asked Questions:

Question: What is under Section 10 (10D)?

Under Section 10 (10D), a person can enjoy tax exemptions on the sum assured received as death and maturity benefits from their life insurance policy.

Question: Is Section 10 (10D) applicable to the New Tax Regime?

The policyholder can avail of tax benefits on the payout received under Section 10 (10D) for both old and new tax regimes.

Question: Do I need to submit any documents to claim exemption under Section 10 (10D)?

No specific documents are required to avail the exemptions under Section 10 (10D). For TDS details, Form 16 is required from the side of the employer.

Question: What is the upper limit for tax exemption on gratuity under Section 10 (10D)?

Under Section 10 (10D), the taxpayers can avail up to Rs. 20 Lakhs as tax exemption on gratuity.

Question: How is Section 80C different from Section 10 (10D) income tax?

Under Section 80C, the policyholder can claim a tax deduction of up to Rs. 1.5 Lakhs for life insurance premiums paid in a financial year. Section 10 (10D) provides tax exemption on the payout received as a death or maturity claim, including the accrued bonus.

Question: Who is eligible for Section 10(10D) income tax benefits?

Any individual or Hindu Undivided Family (HUF) receiving proceeds from a life insurance policy is eligible for benefits under Section 10(10D).

Question: What types of life insurance policies are covered under Section 10(10D)?

Section 10(10D) covers proceeds from all types of life insurance policies, including endowment policies, term insurance policies, and unit-linked insurance plans (ULIPs).

Question: Are there any conditions to claim benefits under Section 10(10D)?

Yes, to claim benefits under Section 10(10D), the premium paid for the life insurance policy should not exceed 10% of the sum assured for policies issued after April 1, 2012.

Question: Are there any exceptions to the tax exemption under Section 10(10D)?

Yes, if the policyholder surrenders the policy before the completion of the lock-in period or if the premium paid exceeds the prescribed limits, the exemption under Section 10(10D) may not apply.

Question: How should I report the life insurance proceeds under Section 10(10D) while filing income tax returns?

You can report the life insurance proceeds exempt under Section 10(10D) in the tax return form under the exempt income section.

Question: Can I claim Section 10(10D) benefits for policies issued outside India?

Yes, Section 10(10D) benefits can be claimed for life insurance policies issued outside India if they fulfil the conditions specified under the Income Tax Act.

A Complete Guide to NPS Login (Including NSDL & KFintech Process)

In India, retirement planning has long been a challenge, especially for those outside the government sector who lack pension benefits. The National Pension System (NPS) was introduced to bridge this gap and provide financial security to all citizens. This scheme aims to build a society where everyone can access retirement benefits, regardless of profession. It's a structured framework backed by the government, designed to empower individuals to build a secure financial future.

You can think of the NPS as a personal vault where you deposit funds over the years, ensuring that you have a substantial nest egg waiting for you when the time comes to bid farewell to the workforce. The next question you might have in mind is - How will you get access to this vault?

This is where the NPS login process comes into the picture. As an NPS subscriber, you need to understand how to monitor, manage, and optimize your retirement savings using your login credentials. In this guide, you will learn about the steps involved in NPS login.

More About NPS Registration

Before you get into the details of NPS login, you need to understand the initial step: NPS registration.

Just like signing up for any online service, registering for the National Pension System sets the groundwork for accessing your retirement savings. To begin your journey with NPS, you'll need to undergo a straightforward registration process. Here are the generic steps involved:

Online Registration Method

Step 1: Select NPS Applicant Type

Firstly, identify your applicant type, which could be a government employee, corporate subscriber, or individual subscriber. This classification helps streamline the registration process and ensures that your NPS account aligns with your circumstances.

Step 2: Provide Personal Details

Furnish the necessary personal information, including your name, address, date of birth, father's name, PAN number, etc. These details are crucial to verify your identity and setting up your NPS account.

Step 3: Enter Bank Account Details

Input your bank account particulars, including the account number, bank name, branch, and IFSC code. This information facilitates contributions and withdrawals to and from your NPS account.

Step 4: Nominate a Beneficiary

Nominate a beneficiary who will receive the accumulated amount in the event of your demise. This ensures that your hard-earned savings will be disbursed according to your wishes.

Step 5: Opt for Tier-II Account

Decide whether you wish to open a Tier-II account in addition to the default Tier-I account. While Tier-I accounts are mandatory and focus on long-term retirement savings, Tier-II accounts offer flexibility for short-term investments and withdrawals.

Step 6: Select Pension Fund Manager

Choose from the available pension fund managers who will oversee the investment of your contributions. With many options available, you can select the manager that best aligns with your investment objectives and risk tolerance.

Step 7: Allocate Investment Ratio

Indicate the ratio in which you wish to allocate your contributions among various securities. This step allows you to customize your portfolio based on your financial goals and risk preferences.

Offline Registration Method

If you prefer the traditional route or have limited access to online facilities, you can opt for the offline method to register for NPS. Here are the generic steps involved:

Obtain the NPS registration form from the nearest NSDL (National Securities Depository Limited) office or Point of Presence (PoP). This form serves as the primary document for initiating your NPS registration offline.
Along with the filled registration form, ensure you have a recent passport-sized photograph and a cheque or demand draft for the initial contribution amount.
Visit the nearest NSDL office or PoP authorized to process NPS registrations and submit your filled registration form and the necessary documents in person.
Present your completed registration form, photograph, and initial contribution cheque or demand draft to the designated authority at the NSDL office or PoP. Ensure all information provided is accurate and up-to-date to avoid any delay in processing your registration.
You will get a PRAN (Permanent Retirement Account Number) by the NSDL on successful submission of your registration form and documents. This unique identification number serves as your identity for accessing and managing your NPS account.

Your offline NPS registration process is complete with the allocation of your PRAN. You can now utilize this PRAN for NPS login.

How to Proceed with NPS Login?

Once you have your PRAN handy, accessing your E-NPS account becomes easier. You can log in to your NPS account through multiple channels, including:

NSDL NPS portal
KFintech portal
Your internet banking account

Let’s cover the steps involved in each of these login channels.

NPS Login Through NSDL NPS Portal

Visit the official NSDL NPS portal at: https://enps.nsdl.com/eNPS/NationalPensionSystem.html.
Click ‘Login with PRAN/IPIN’.
If you already have your PRAN and password ready, enter them into the required fields and click ‘Submit’ on the login screen to access your E-NPS account.
If you are proceeding with NPS login for the first time, create a new password by following these additional steps:

Again, visit the official NSDL NPS portal at:
https://enps.nsdl.com/eNPS/NationalPensionSystem.html.
Click ‘Login with PRAN/IPIN’.
Click ‘Reset Password’ to generate a new password.
Provide your PRAN, date of birth, new password, confirm password, and enter the captcha. Then, click ‘Submit’.
You will receive an OTP on your registered mobile number. Enter this OTP to confirm your new password.
Now, you can log in to your E-NPS account using your PRAN and the new password.

By following these NSDL NPS login steps, you can access your E-NPS account and manage your retirement savings.

NPS Login Through KFintech NPS Portal

If you prefer using the KFintech NPS portal for NPS login, here are the steps involved:

Visit the official KFintech NPS portal at https://nps.kfintech.com/.
Click ‘Login’ button and select the ‘Existing Subscriber’ option.
At the login screen, input your PRAN, password, and Captcha code to proceed with E-NPS login.
If you're attempting to log in for the first time or need to reset your password, follow these additional steps:

On the official KFintech NPS portal (https://nps.kfintech.com/), click ‘Login’ button and select ‘Existing Subscriber’.
On the login screen, click ‘Generate/Reset password’.
Enter your PRAN, date of birth, Captcha, and OTP sent to your registered mobile number.
Set a new password for your account.
With your new password created, you're now ready for NPS login through the KFintech portal.

NPS Login Through Internet Banking

Accessing your e-NPS account through Internet banking - a convenient feature many banks offer. It allows you to manage your NPS account from the comfort of your home. Here's how you can utilize this facility:

Log in to your Internet banking account using your credentials. Ensure you access your bank's official website for a secure connection.
Once logged in, look for the NPS page or section within your Internet banking portal. Banks typically have a dedicated area for pension system services, making it easier for you to find all the information related to your NPS account.
Through the NPS section, you can check your account details, contribute to your NPS account, and select investment schemes. The platform allows you to perform multiple actions related to your NPS account, including viewing your account balance, updating nominee details, and more.

FAQs

Question: When can I login to NPS after successful registration?

Answer: After successfully registering for the NPS scheme, you can log in to your account as soon as you receive your PRAN. The steps vary depending on the method of NPS login you choose (via eNPS portal, KFintech NPS portal, or Internet banking).

Question: Can I contribute to NPS without login?

Answer: Yes, you can contribute to your NPS account without logging in, thanks to the eNPS portal's feature that allows for direct contributions. You can also use the NPS mobile app for contributions without logging into your account.

Question: Can I open an NPS account anytime?

Answer: Yes, you can open an NPS account anytime throughout the year. The scheme is designed to be a flexible and accessible retirement savings scheme, allowing individuals to join at their convenience. There are no specific time restrictions or deadlines for opening an NPS account.

A Comprehensive Guide to PRAN Number in NPS

If you have already started planning for retirement, you've likely encountered the National Pension System (NPS). With its enticing market-linked returns and tax advantages, NPS has firmly cemented its place as a cornerstone of retirement strategies followed by Indians. In 2023, the NPS reached an impressive 17 million subscribers (Source), reflecting its growing popularity among individuals seeking to secure their financial futures. But amidst this vast network of contributors, how does the NPS effectively manage and identify each participant? The answer lies in the Permanent Retirement Account Number or PRAN.

PRAN number is a unique identifier for every subscriber and facilitates seamless management of their accounts. In this comprehensive guide, we will cover the significance of PRAN in detail.

What is a PRAN Number in NPS?

PRAN number is a 12-digit alphanumeric code assigned to every NPS subscriber on enrollment. It ensures seamless identification and administration of their pension accounts and is crucial for accessing and managing NPS contributions. As a subscriber, you can also use it to monitor investment performance and secure your financial well-being in retirement.

Think of PRAN as your unique digital identifier within the NPS framework, akin to your Aadhaar card. It serves as a digital footprint, enabling the efficient tracking and management of your retirement savings journey. With PRAN, you gain access to a host of online services and resources provided by the NPS authority.

You should also know that:

Your PRAN number remains consistent across both Tier 1 and Tier 2 accounts within the NPS. These accounts serve distinct purposes, each catering to different aspects of your financial planning journey.
The Tier 1 account represents the core of the NPS, offering a default option with a fixed lock-in period up to 60 years. The contributions here are eligible for tax deductions under applicable regulations. While the lock-in period ensures disciplined savings for your retirement years, it also signifies the commitment to building a robust financial cushion for the future.
The Tier 2 account provides a voluntary savings avenue. Unlike the Tier 1 account, contributions to Tier 2 do not offer tax benefits. However, the flexibility afforded by this account is unparalleled, allowing subscribers to withdraw funds at their discretion without any restrictions or penalties.

How to Get a PRAN Number?

You can get a PRAN number by following the straightforward process facilitated by the National Pension System (NPS). Here're the generic steps to obtaining your PRAN:

Before proceeding with the PRAN application, ensure that you meet the eligibility criteria for NPS enrollment. Generally, any Indian citizen between the age of 18 and 65 can join the NPS.
Identify a Point of Presence (POP) authorized by the Pension Fund Regulatory and Development Authority (PFRDA) to facilitate NPS enrollment. POPs include banks, financial institutions, and other intermediaries.
Visit the selected POP and request an NPS registration form. Fill out the form accurately, providing essential details such as personal information, contact details, and nominee details.
Submit Know Your Customer (KYC) documents as per the requirements specified by the POP. Typically, this includes identity proof, address proof, and a recent photograph. Ensure that the documents are valid and up-to-date.
Choose a Pension Fund Manager (PFM) from the options provided by the POP. Additionally, specify your preferred investment choice— Active Choice or Auto Choice—based on your risk tolerance and investment objectives.
Make the initial contribution towards your NPS account as per the minimum amount criterion. The POP will facilitate the payment process and ensure your contribution is credited to your NPS account.
Upon successful registration, you will receive a PRAN acknowledgment containing your unique 12-digit PRAN number. This number serves as your digital identity within the NPS ecosystem and is essential for accessing your pension account.

You can then utilize the PRAN number to access account statements, contribution history, and investment performance tracking.

How to Apply for a PRAN Number Online?

You can also apply to open NPS accounts online across the country. Designated Central Recordkeeping Agencies (CRAs), namely the NSDL (National Securities Depository Limited) and Karvy, facilitates online NPS registration. These platforms serve as trusted portals for initiating NPS enrollment.

Here are the steps involved:

Steps to Apply for a PRAN Number Using Aadhaar

Begin the NPS KYC process by opting for Aadhaar OTP authentication.
Await and then enter the Aadhaar OTP sent to the mobile number linked with your Aadhaar card.
The Aadhaar database will automatically fetch your demographic details and photograph.
Fill all the mandatory fields accurately during the online registration process.
Prepare a scanned signature in .jpg/.jpeg format, adhering to the specified file size range of 4kb to 12kb.
If you prefer to use a different photo from the one fetched from Aadhaar, upload a scanned photo as per the specified guidelines.
Choose your preferred payment method from debit/credit card or internet banking options.
Transfer funds to your NPS account via the designated payment option.

Steps to Apply for a PRAN Number Using PAN

Ensure you possess a valid PAN card before applying for PRAN.
As an eNPS subscriber, confirm that you hold an account with one of the empanelled banks authorized for KYC verification.
During the PRAN registration process, choose the bank where you hold an account for KYC verification purposes.
Ensure that the name and address provided during PRAN registration match the details held in the records of the selected bank for successful KYC verification.
If any discrepancies arise during KYC verification and the selected bank rejects the request, promptly contact the bank to resolve the issue to prevent rejection of your PRAN application.
Fill out all mandatory fields accurately in the online registration form for the PRAN application.
Prepare scanned copies of your photograph and signature in .jpeg or .jpg format, ensuring each file falls within the specified size range.
Utilize online banking services to make the required payment.

Documents Required to Apply for a PRAN Number

Here's a list of documents you'll need when applying for a PRAN number:

Proof of Identity (POI) such as Aadhaar card, PAN card, passport, voter ID card, or driver's license
Proof of Address (POA) which could include Aadhaar card, passport, utility bills (electricity, water, gas, telephone), bank statement, or rent agreement
Proof of Date of Birth (DOB), such as Aadhaar card, birth certificate, passport, or school leaving certificate
Scanned photograph in .jpeg or .jpg format with a file size ranging between 4kb and 12kb for online submission
Scanned signature in .jpeg or .jpg format with a file size ranging between 4kb and 12kb

How to Check PRAN Card Status?

Typically, PRAN cards are generated and dispatched within 20 days of the CRA – Facilitation Centre receiving the completed registration form.

If you haven't received your PRAN card within the expected timeframe, you can reach out to the associated nodal office for assistance in tracking the status of your PRAN card. Alternatively, you can check the status of your PRAN card online by visiting the CRA website at http://www.npscra.nsdl.co.in.

Once on the CRA website, locate and click ‘Track the status of the PRAN Card’ option. This will direct you to the relevant page where you can input your details to track the status of your PRAN card.

How to Reactivate PRAN Number?

Keeping your PRAN number active is crucial for maintaining your NPS account. Failure to deposit the minimum contribution of Rs 1,000 can result in your account being frozen or blocked. However, reactivating your PRAN is easy using the following steps:

Deposit the minimum contribution amount of Rs 1,000 to reactivate your NPS account. You can do this via the eNPS portal or by visiting your nearest bank or Point of Presence (PoP).

If you prefer to make your contribution online, follow these steps:

Step 1: Visit the eNPS portal.

Step 2: Navigate to the ‘National Pension System’ section and select ‘Contribution’.

Step 3: Enter your PRAN number and date of birth, choose your NPS subscriber type, and select your OTP mode (SMS or Email). Click on ‘Verify PRAN’ to proceed.

Step 4: Enter the desired contribution amount and complete the transaction.

After the payment is made, the CRA will process your transaction. You will receive a confirmation email, and your NPS account will be unfrozen.

How to Earn Money Online without Investments for Students

How to Earn Money Online without Investments

In today's digital age, students have a lot of opportunities to earn money online without any investment. Even if you want to gain work experience, support your education expenses or earn extra cash, various paths are available. This guide will provide strategies and actionable tips to start making money online as a student, with no upfront investment required.

Become an Advisor:

While becoming an advisor does not directly mean earning money without investment, the career path offers flexible work options and high earning potential. Many roles are commission-based, meaning your income is directly tied to the services and value you provide to clients. This can be especially attractive if you are motivated and enjoy exceeding expectations.

Freelancing Platforms:

Freelancing platforms like Freelancer, Fiverr, and Upwork offer a range of online job options. As a student, you can grasp your skills in virtual assistance, social media management, coding, graphic design, and content writing to provide services to clients worldwide. Create an attractive profile, showcase your skills and start bidding on the projects that suit your expertise.

Online Tutoring:

If you are an expert in a particular subject, consider online tuition as a way to make money online. Websites like VIPKid, Chegg, and Tutor.com connect tutors with learners looking for academic help. You can tutor in subjects like science, math, and languages or even provide help with exam preparation. Establish a schedule, set competitive rates and provide high-quality tutoring services from the comfort of your home.

Affiliate Marketing:

Affiliate marketing allows you to earn a commission by promoting the products or services of other companies. You can join the affiliate programs of popular e-commerce platforms like Flipkart and Amazon or affiliate networks like CJ Affiliate and ShareASale. Create content, such as product reviews or recommendations, and add your unique affiliate links. When someone purchases through your link, you earn a commission.

Online Store or Dropshipping:

If you have an entrepreneurial spirit, think about starting an online store or engaging in dropshipping. Platforms like Etsy, WooCommerce, and Shopify allow you to sell products online without inventory. You can source products from suppliers, create an attractive online store, and market your products through digital advertising and social media.

Put your typing skills to the test:

If you're an accurate and fast typist, consider transcription jobs. Most companies need to convert audio or video recordings to text, and platforms like Rave or Scribie connect you with such opportunities. Earn while honing your typing skills – a valuable asset in the digital age.

Conclusion:

Earning money online without investment has become accessible to students. You can begin a rewarding online earning journey by using your passion, skills and the power of the Internet. Even if it's affiliate marketing, content creation, tutoring, or freelancing, there are many options to explore. Remember, persistence, dedication and willingness to learn are the keys to achieving success in online earning. Start exploring these opportunities today and pave your way to financial freedom as a student.

How to Earn Money Online without Investments FAQs

Q: Can I earn money online without any investment?

A: There are various legitimate ways to earn money online without initial investments. However, it's essential to manage your expectations. While some methods can provide a decent income stream, others offer smaller supplemental earnings. The key is to find opportunities that align with your skills and interests and be patient as you build your online presence and income potential.

Q: What are some popular ways to earn money online without investments?

A: Here are some popular options:

Freelancing: Offer your skills and services on Upwork, Fiverr, or Freelancer.com. This could involve writing, editing, web design, graphic design, virtual assistance, or other skills.
Content creation: Start a blog, YouTube, or social media channel and build an audience. Once you have a following, you can explore monetization options like advertising, affiliate marketing, or sponsored content.
Online surveys and microtasks: Participate and complete microtasks on platforms like Swagbucks, Prolific, or Amazon Mechanical Turk. While the earnings per task are usually small, they can add up over time.
Virtual tutoring or teaching: If you have expertise in a particular subject, you can offer online tutoring or teaching services on platforms like Preply, Cambly, or VIPKid.
Online data entry or transcription involves typing information from audio or video recordings or entering data into online forms. While not the most exciting work, it can be a good option for those with strong typing skills and attention to detail.

Q: Are there any risks involved in earning money online?

A: Unfortunately, yes. Some scams and schemes promise easy money online but often involve misleading information or require upfront investments. Research any opportunity thoroughly before engaging, and be wary of anything that sounds too good to be true.

Q: What tips can help me succeed in earning money online?

A: Here are some tips to increase your chances of success:

Focus on building your skills and expertise. The more valuable your skills are, the higher your earning potential.
Be patient and consistent. Building an online income takes time and effort. Keep going even if you don't see results immediately.
Provide excellent customer service. Whether freelancing or creating content, always strive to deliver a positive experience for those you work with.
Stay up-to-date with the latest trends. The online landscape constantly evolves, so adapt your approach and explore new opportunities as they emerge.

Q: Are there any online jobs that don't require a lot of experience?

A: Several online jobs are beginner-friendly! Here are a few to consider:

Data entry specialist: Assist companies by entering data into online forms or spreadsheets.
Customer service representative: Provide online customer support via chat or email for various businesses.
Online transcriptionist: Listen to audio recordings and transcribe them into written text.
Test website usability: Help improve websites by testing them for functionality and user experience.

Safe Driving Tips For Senior Citizens

As we age, our mental and physical abilities change. Some of the changes include a slow response time, problem in hearing, loss in vision and loss of physical flexibility. However, this does not necessarily mean it’s time to give up driving. All it means is that it’s time to be a little more cautious on the roads.

Here are some safe driving tips that the elderly can follow:

Drive at a moderate speed; neither too fast, nor too slow

Avoid driving at night and during rush hours

Maintain adequate distance from the vehicle in front so that there is enough time to use your brakes in case the driver makes a sudden stop

Keep the windshield and mirrors clean for better visibility

Take familiar routes and do not drive long distances, far away from home

Always wear your seatbelt and avoid talking on the mobile phone while driving

Don’t drive alone

Do not drive after taking medicines that make you drowsy

Do not drive when you are feeling tired or sleepy

Always keep plenty of time in hand when leaving for your destination

Avoid driving in unfavorable weather conditions

Have your vision and hearing tested at regular intervals.

Carry your driving license, RC and vehicle insurance It is not only mandatory by law but also important as it has your contact details which may come handy in case of an emergency.

And in the end, always remember, there may come a time when the body may not allow you to drive, and that’s perfectly okay. It’s a sign of aging gracefully!

NREGA Job Card

The Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA), also known as NREGA, started in 2005 and is a flagship program of the Government of India that provides 100 days of wage employment annually to any rural household whose adult member voluntarily registers and requests work. This scheme aims to reduce poverty and increase livelihood security in rural India. An important part of the NREGA ecosystem is the NREGA Job Card, which facilitates access to the benefits offered under the scheme. This comprehensive article explores the importance of the NREGA Job Card, its features, benefits and its impact on rural India.

Understanding the NREGA Job Card

The NREGA Job Card serves as a unique identity document for the beneficiaries under the MGNREGA scheme. It is issued to rural families who have applied for employment under the program. The job card contains important details of the cardholder, including their name, photo and address. It serves as proof of registration and facilitates work allocation and wage payment.

Eligibility for MGNREGA Job Card

The NREGA Job Card empowers rural families in India by guaranteeing 100 days of wage employment in a year. NREGA does not discriminate based on factors like caste, religion, social status, or land ownership. Any rural household meeting the age and residence criteria can apply. Here are the details of who is eligible for the NREGA job card:

Residence: You must belong to a rural household in India.
Age: Your age should be between 18 and 60 years.
Disability: Individuals with disabilities are not excluded and can register under NREGA. They may be offered suitable work options based on their abilities.
Government Employees: Government employees or those drawing regular salaried income are not eligible for NREGA employment.

What Information Does the MGNREGA Job Card Contain?

The MGNREGA Job Card displays essential details of the registered household, including:

Household name and address
Names of all adult members (aged 18-60 years) eligible for work
Job card number
Father's/husband's name (optional)

It also includes space for recording details of employment offered, days worked, and wages earned under the MGNREGA scheme.

Role and Benefits of the NREGA Job Card

The NREGA Job Card plays a pivotal role in the implementation of the MGNREGA scheme, offering several benefits to rural households:

Employment Opportunity: The NREGA job card enables beneficiaries to access employment opportunities provided under the MNREGA scheme. It serves as a record of work done and helps track the number of days worked by the cardholder.
Wage Payment: The MGNREGA job card facilitates the timely payment of wages to workers. The wages for the work done under the MGNREGA scheme are directly credited to the bank account linked with the job card.
Social Security: The MGNREGA job card provides socio-economic security to rural households by ensuring regular income and reducing their vulnerability to poverty.
Empowering Women: The NREGA Job Card is issued in the name of the adult female household member, promoting women's empowerment and financial inclusion.
Transparency and Accountability: The NREGA job card helps maintain transparency in allocating work and wage payment. It enables beneficiaries to monitor their work records and ensures accountability in implementing the scheme.

Registration and Application Process for NREGA Job Card

The NREGA Job Card is a gateway to guaranteed employment opportunities under the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) scheme in India. This guide simplifies the application process, empowering you to register and access appropriate benefits.

Eligibility for NREGA Job Card

All rural households in India are eligible to apply for an NREGA Job Card, irrespective of landholding status or social category.

Required Documents for MGNREGA Job Card

Proof of residence (e.g., ration card, electricity bill)
Identity proof for all adult members of the household (aged 18-60 years) (e.g., Aadhaar card, voter ID)
Two passport-sized photographs (optional)

Steps to Apply For the NREGA Job Card

Local Gram Panchayat: visit your nearest Gram Panchayat office, which is the village council responsible for NREGA implementation.
Meet the Gram Rozgar Sahayak (Employment Assistant): Obtain an NREGA Job Card and express your interest in registering.
Complete the Application Form: The Gram Rozgar Sahayak will provide you with an application form. Fill it out accurately, ensuring all details of adult household members are included.
Document Verification: The Panchayat authorities will verify the documents you submitted.
Job Card Issuance: After successful verification, you will be issued an official NREGA Job Card containing details of your registered household.

Additional Information for MGNREGA Job Card

The application process is entirely free of cost.
You can also download the application form online from the official NREGA website (https://nrega.nic.in/) and submit it at the Gram Panchayat office.
Biometric verification using Aadhaar might be implemented in some areas during registration.

Challenges and Improvements after NREGA Job Card

While the NREGA Job Card has been helpful in empowering rural households, some challenges remain to be tackled:

Delayed Payments: In some cases, beneficiaries face delays in receiving their wages. This issue should be resolved promptly to ensure timely payment and prevent worker hardships.
Awareness and Outreach: The lack of awareness about the MNREGA scheme and job cards in rural communities remains challenging. Efforts should be made to increase awareness and ensure maximum reach of eligible beneficiaries.
Grievance Redressal: It is important to set up an efficient grievance redressal mechanism to address the issues and concerns raised by the beneficiaries quickly. This will help in increasing the effectiveness and accountability of the NREGA scheme.
Skill Development: Emphasis should be placed on providing rural workers with skill development and training opportunities. This will increase their employability, and they can find sustainable livelihood options beyond the MNREGA scheme.

Empowering Rural Communities

The NREGA Job Card plays a crucial role beyond just guaranteeing employment. It empowers rural households by:

Promoting Social Inclusion: The NREGA scheme ensures equal opportunities for all registered households, regardless of caste, religion, or gender.
Enhancing Livelihood Security: The guaranteed income provides much-needed financial stability to rural families, allowing them to meet basic needs and invest in their future.
Facilitating Rural Development: The NREGA scheme often involves creating and maintaining rural infrastructure, contributing to the overall development and sustainability of villages.

Conclusion

The NREGA Job Card is a powerful symbol of empowerment and social inclusion in rural India. By understanding its purpose, benefits, and application process, eligible households can actively participate in the NREGA scheme and secure their right to guaranteed employment and a dignified livelihood. Remember, the NREGA program and Job Card empower individuals and communities, paving the way for a more prosperous and equitable future for rural India.

NREGA Job Card FAQs

Who can apply for an NREGA Job Card?

Ans. Any rural household in India, irrespective of caste, religion, or land ownership, can apply if they have at least one adult member (aged 18-60 years) who wants to work under NREGA.

What documents are required to apply for an MGNREGA Job Card?

Ans. Proof of residence (e.g., ration card, electricity bill) and identity proof (e.g., Aadhaar card, voter ID) for all adult members of the household.

Where do I apply for a NREGA Job Card?

Ans. Visit your local Gram Panchayat office, which is the village council responsible for NREGA implementation.

Is there a cost involved in obtaining an NREGA Job Card?

Ans. No, the application process for an NREGA Job Card is entirely free.

What information does the NREGA Job Card contain?

Ans. The NREGA Job Card displays details like household name, address, names of adult members, job card number, and space to record work details (days worked, wages earned).

Is there a time limit for using the MGNREGA Job Card?

Ans. No, the MGNREGA Job Card remains valid throughout the year and can be used to request work under NREGA whenever needed.

Does having a NREGA Job Card guarantee employment?

Ans. While the NREGA Job Card registers you for employment, it doesn't guarantee immediate work. You need to express interest and accept available NREGA projects.

What are the benefits of possessing an NREGA Job Card beyond employment?

Ans. In some states, NREGA Job Cards might offer access to scholarships, priority housing schemes, or microfinance initiatives.

How do I request work under NREGA after obtaining a Job Card?

Ans. Inform the Gram Rozgar Sahayak (employment assistant) at the Panchayat about your interest in available projects.

How are work projects allocated?

Ans. Authorities consider skill sets, physical abilities, and individual preferences while allocating work from the available NREGA scheme.

What happens once I accept a work project?

Ans. Details like project name, start date, and wage rate are recorded on your NREGA Job Card.

How are wages paid under MGNREGA?

Ans. Wages are typically disbursed directly to the bank accounts of registered household members or through post offices.

What if I lose my NREGA Job Card?

Ans. Report the loss to the Gram Panchayat immediately. They can issue a duplicate NREGA Job Card after verification.

Where can I find more information about NREGA and the Job Card?

Ans. Visit the official NREGA website (https://nrega.nic.in/) or contact the NREGA helpline at 155224.

Who should I contact if I have any concerns or complaints about NREGA or my Job Card?

Ans. You can contact the Gram Panchayat authorities designated NREGA officials or use the NREGA helpline for assistance.

Surrender Value in Insurance: Meaning, Calculation and Important Do’s & Don’ts

Surrender Value in Insurance: Meaning and Calculation

Your financial needs may change anytime. The policy you bought a few years ago may not meet your current or future goals. Or maybe, you are striving through a financial crisis and decide to encash your life insurance policy to sustain. Different circumstances may lead you to surrender your policy harshly and invest elsewhere.

But is it the right thing to do? Is there any benefit applicable if you surrender your policy in mid of the policy term? What is surrender value meaning? Let us dig deep and discover about surrendering your life insurance policy.

What is a Surrender Value in Insurance?

Life insurance is a long-term commitment. Surrendering life insurance means you no longer need the insurance company's services and want to terminate the contract. Upon surrendering your life insurance policy before maturity, you will be paid out the surrender value of the policy.

Surrender value in life insurance, refers to the amount the life insurance company pays you back when you decide to terminate your policy before the maturity date. Upon surrender, the company calculates the surrender value based on the type of the policy, the number of premiums paid, policy duration, and other factors. Surrender value is paid only after the policy has been active for a specified period, say 3 to 5 years (per the policy terms).

Surrender charges are applicable at the time of policy surrender. As per the IRDAI mandate, the life insurance company cannot levy any charges if the policy is surrendered after completing five policy years.

How to Calculate Your Life Insurance Surrender Value?

The ideal way to calculate the surrender value of life insurance is by using the surrender value calculator. You can use the surrender value calculator on an insurance company's website. Using surrender value is reliable and provides an estimate of what amount you will receive in your hands after the applicable deductions (if any). You must provide basic information like policy type details, premium amount, policy tenure, and personal details. Upon submission, your policy's surrender value will be reflected.

Surrender Value Calculation Key Metrics

Cash Value Accumulation: Premium paid, including interest or investment gains

Surrender Charges: Applicable feed deducted from cash value

Policy Loans and Outstanding Debts: Subtracted from the cash value (if any)

Adjustments for Unpaid Premiums: Deducted from the surrender value

Policy Terms and Conditions: Varies from insurer to insurer mentioned in the contract

What are the Types of Surrender Value?

Here are the two types of surrender value in insurance:

Guaranteed Surrender Value (GSV)

The guaranteed surrender value is the minimum amount a life insurer pays to the policyholder upon surrendering the policy. It is predetermined that is mentioned in the policy brochure and is payable after completing 3 policy years. Usually, it is the sum of the total premium paid, excluding the first policy year premiums. Remember, the GSV does not include any bonuses or premiums paid to the rider.

Special Surrender Value (SSV)

Special surrender value is paid over and above the GSV and depends upon multiple factors, such as total sum assured, total premium paid, policy term, and applicable bonuses. However, to understand the special surrender value of a life insurance policy, you need to know the paid-up value.

Suppose a policyholder doesn’t pay the premium after a certain period. In this case, the policy converts to a paid-up policy, and the sum assured reduces to the total premium paid. Upon surrendering a paid-up policy, a special surrender value is paid to the policyholder by estimating the paid-up value and surrender value factor.

Do You Need to Surrender Your Life Insurance Policy?

You might decide to stop paying your life insurance premiums if you have unpaid debts or dependents who require financial support or find a better investment alternative. However, the need for life insurance could return in the future. Consequently, term insurance is crucial if you want to ensure the long-term financial security of your loved ones.

Surrendering life insurance is a decision that depends on your personal circumstances. But before you surrender the policy, think twice whether you will gain from it or not. There are certain key points that you need to consider before surrendering a life insurance policy.

Things to Ensure Before You Surrender Your Policy

Here is the checklist of do’s and don’ts before surrendering your life insurance policy:

Do's	Don'ts
Review Policy Terms	Rush Into Decision
Take time to understand the terms, conditions, and implications of surrendering the policy	Don't make hasty decisions without fully understanding the consequences
Contact Your Insurance Provider	2. Ignore Communication
Reach out to your insurance provider to discuss your intention to surrender your policy and inquire about the surrender process	Don't neglect to inform your insurer about your decision to surrender your policy or fail to respond to their queries
Assess Surrender Value	3. Forget About Alternatives
Understand the surrender value of your policy, which may differ based on the policy's duration and premiums paid	Don't overlook exploring other options such as policy loans, partial withdrawals, or converting the policy to a paid-up policy
Complete Required Forms	4. Miss Payment Deadlines
Fill out any necessary surrender forms accurately and submit them to your insurer within the specified timeframe	Don't forget to pay any outstanding premiums or loans, as this may affect your surrender value or policy status
Seek Professional Advice	5. Disregard Tax Implications
Consider consulting a financial advisor or tax expert to understand the financial implications of surrendering your policy	Don't overlook potential tax consequences associated with policy surrender, which may vary based on your individual circumstances

If you decide to surrender life insurance, ensure that your other life insurance and investment returns will cover the living costs for your family members.

How to Surrender Your Policy?

Remember, not all insurance policies offer surrender value, so you need to go through the terms and conditions of the policy. While endowment or ULIP plans may offer surrender value, term plans may terminate on surrender with no surrender value. Surrendering your life insurance policy differs slightly depending on the life insurance provider. However, you can follow the typical steps to cancel your life insurance policy:

Fill out the surrender form and inform the company about your desire to cancel your insurance coverage.
Send the form by mail to your insurance company, and keep a copy of it in the same place as the mail receipt. These records provide evidence that you filled out and mailed the form.
Once the insurance company receives the request, they will process your policy surrender request.

Documents Required to Surrender Term Insurance Policy

The following documents are required to surrender the term insurance policy:

Surrender form
ID proof
Original policy document
Bank account details
Any additional forms or declarations

Final Words

By now, you are well aware of surrender value meaning, types of surrender value, and how you can surrender your policy. Once you surrender life insurance, you and your nominee will no longer be covered with the policy benefits.

Consider what other life insurance options you need to have in place before surrendering any policy, as well as any fees or other consequences, before starting the process.

* Disclaimer: Any information provided here regarding insurance products, companies, and other schemes is for general informational purposes only and is subject to change according to the insurer's terms without prior notice.

Frequently Asked Questions

Question: What is surrender value meaning?

Answer: Surrender value is the amount a life insurance company pays when a policyholder terminates the policy before its maturity.

Question: How is surrender value calculated?

Answer: The surrender value is calculated after subtracting the surrender charges and the loan balance from the total cash value of the life insurance policy.

Question: What is the surrender value formula?

Answer: The formula of surrender value is the total premium paid till the date of surrender minus surrender charges levied by the insurance company.

Question: What is the surrender value of the investment?

Answer: The surrender value of an investment is the total amount the investor will receive if they want to access the available cash value of the policy.

Question: What is the difference between surrender value and cash value?

Answer: The cash value of a life insurance policy represents the savings component of the policy that accumulates interest.

The surrender value is the actual amount of money you receive at the time of policy termination. The surrender value is calculated after deducting the surrender charges imposed by the life insurer from the existing cash value.

Question: How can I avoid surrender charges?

Answer: As per IRDAI guidelines, you can avoid surrender charges if you surrender the policy after 5 years of its issuance.

Question: Is surrender value tax-free?

Answer: No, the surrender value is not tax-free as it is considered an income from other sources, and tax benefits are not applicable.

Income Tax Login

In today's digital age, the Income Tax Login portal has revolutionized how taxpayers in India interact with the income tax department. The online platform provides a convenient and efficient way to file tax returns, track refunds, and manage various income tax-related tasks. This comprehensive guide will delve into the details of the Income Tax Login portal, explaining how to access it, its key features, and how taxpayers can utilize its functionalities to streamline their tax-related activities.

Understanding the Income Tax Login Portal

The Income Tax Login portal, also known as the e-Filing portal, is an online platform provided by the Income Tax Department of India. It is a centralized hub for taxpayers to manage and fulfil their income tax obligations. The portal offers various services and features designed to simplify and expedite various tax-related processes. Taxpayers must register and create a unique user ID and password to access the portal.

The Official Platform: The Income Tax Department of India utilizes the e-filing portal (https://eportal.incometax.gov.in/) for the electronic filing of income tax returns.
User Types: The portal caters to individuals, companies, Hindu Undivided Families (HUFs), and other entities with different login options and functionalities.

How to Register and Login to the Income Tax Portal?

To utilize the services offered by the Income Tax Login portal, taxpayers must first complete the registration process. Here are the steps to register and login:

Registration Process

Visit the official Income Tax e-Filing website.
Click on the "Register Yourself" option.
Select the appropriate user type (Individual, HUF, Company, etc.) and click "Continue."
Fill in the required details, including PAN (Permanent Account Number), name, date of birth, and contact information.
Choose a user ID, password, and security question-answer combination.
Enter the captcha code and click "Submit."
An activation link will be sent to the registered email address upon successful registration.

Visit the Income Tax e-Filing website.
Click on the “Login” button from the top right corner.
Enter your user ID (PAN/ AADHAAR/ Other User ID), password, and captcha code.
Click the "Continue" button to access your portal.

Key Features and Functionalities of the Income Tax Login Portal

The Income Tax Login Portal offers a wide range of features and functionalities. Let's look at some of the highlights:

Taxpayers can file their income tax returns using the portal. This eliminates the need for physical paperwork and allows a more convenient and error-free filing process.
Users can select the appropriate tax form, enter the required details, and submit the return electronically.

Taxpayers can access their tax credit statement (Form 26AS) through the income tax login portal. It provides a consolidated view of taxes paid, TDS (tax deducted at source) details and other tax-related information.

The Income Tax Login portal enables taxpayers to track the status of their income tax refund. Users can see whether the refund has been processed, the payment method used, and the amount refunded.

Taxpayers can make online tax payments through the income tax return login portal. It offers various payment options, including net banking, debit card, credit card, and NEFT/RTGS.

The ITR login portal allows users to register and utilize a Digital Signature Certificate for secure and authenticated transactions.

Users can apply for a new PAN (Permanent Account Number) or TAN (Tax Deduction and Collection Account Number) through the portal.

The ITR Login portal facilitates secure communication between taxpayers and the income tax department.

The Income Tax Return Login Portal provides access to various forms, utilities and tools to assist taxpayers in their tax-related activities. These include tax calculators, return preparation software, and various downloadable forms.

Tips for Efficiently Using the Income Tax Return Login Portal

To make the most of the ITR Login portal, here are some tips:

Keep your login credentials secure and confidential.
Regularly update your contact information to ensure timely communication.
Stay informed about the latest updates and notifications issued by the income tax department.
File your tax returns well before the due date to avoid last-minute rush and potential technical glitches.

Conclusion

Income Tax Login Portal has revolutionized how taxpayers interact with the Income Tax Department in India. By understanding the login process, using the functionalities available on the e-filing portal, and following the information mentioned, you can easily navigate the income tax login process and fulfil your tax obligations. The online platform promotes transparency, reduces paperwork and ensures a more seamless experience for taxpayers. By effectively leveraging the Income Tax Login Portal, taxpayers can fulfil their income tax obligations more quickly and efficiently.

Income Tax Login FAQs

What are the different ways to log in to the Income Tax e-Filing portal?

Ans. Below are the ways to login into your income tax e-filing portal:

PAN/TAN: This is the most common method. Enter your Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN).
Aadhaar OTP: If you have linked your Aadhaar card with your PAN, you can use a one-time password (OTP) received on your registered mobile number.
Digital Signature Certificate (DSC): Primarily used by companies and entities for secure login.

I forgot my password. How can I reset it?

Ans. Click the "Forgot Password" link on the login page and follow the instructions. To receive a password reset link, you must provide your PAN and registered email address or mobile number.

My ITR login portal is locked. What can I do?

Ans. If you enter incorrect credentials multiple times, your account might lock temporarily. Wait for 30 minutes and try again. Alternatively, use the "Forgot Password" method to reset your credentials.

Can I access the e-filing ITR login portal without registering?

Ans. You can access certain functionalities like challan status inquiries or downloading pre-filled return forms without registering. However, filing income tax returns and other core functionalities require login.

Is it safe to use the e-filing Income Tax Login portal?

Ans. The portal utilizes security measures to protect user data. However, it's crucial to:

Use a strong and unique password.
Access the ITR portal only through secure internet connections.

What are the benefits of filing returns electronically?

Ans. Below are the benefits of using e-filing ITR Login portal:

Convenience
Accuracy
Faster processing
Paperless

What happens if I make a mistake in my return after submission?

Ans. You can revise your return electronically within a specific timeframe, typically before the assessment year ends. The revised return replaces the filed initial one.

How long does it take to receive a refund after filing my return?

Ans. Processing times for refunds can vary depending on several factors. However, you can track the status of your refund through the e-filing portal.

MGNREGA List: A Roadmap to Rural Employment and Development

The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) stands as a ray of hope, promising 100 days of guaranteed wage employment a year to rural citizens. To avail the benefits of this scheme, it is necessary to have MNREGA job card. But where do you find this prestigious list and how do you understand its implications? This comprehensive guide highlights the intricacies of the MNREGA list, empowering you to administer the program effectively.

In this article, we will learn about the MNREGA list, its importance and how it has changed the lives of millions of people in rural India. Furthermore, we will discuss some important aspects of MNREGA that you should know about. Let's dive in!

Understanding the MGNREGA List:

The MNREGA list, often known as the job card list, serves as a registry of individuals eligible to participate in the scheme. It includes essential details such as:

Name of Job Card Holder: This identifies the person authorized to seek employment under MNREGA.
Father/Husband Name: This serves as an additional verification measure.
Job Card Number: This unique identifier is important for registration and availing benefits.
Category (SC/ST/Other): This classification ensures inclusive participation and caters to the needs of marginalized communities.
Addressing: It facilitates effective communication and targeted program implementation.

Access to MNREGA list:

There are two primary ways to access the MNREGA list:

Through Gram Panchayat: Your local Gram Panchayat, Gram Parishad, maintains a physical copy of the job card list. You can request to see the list by visiting the Panchayat office.
Online Portal: The official MNREGA website (https://nrega.nic.in/) provides a user-friendly platform to access the list. By entering your village, city and state, you can search the list and download it for reference.

Beyond the List: Utilizing the MGNREGA Program:

Possessing a Job Card empowers you to

Register for work: Contact your gram panchayat or local employment assistant to register for the available MNREGA projects.
View available work: MNREGA website and Gram Panchayat notice boards display information about ongoing and upcoming projects around you.
Claim Wages: Once you have completed your assigned work, you can claim your fair wages through a transparent and accountable system.

Remember:

The MNREGA list is a dynamic document, and new individuals can be added throughout the year.
It is important to update your job card with any changes in address or family details to ensure smooth access to the program.

Conclusion:

The MNREGA list serves as a gateway to economic empowerment and social security for rural communities in India. By considering its purpose and harnessing the resources available, you can unlock this transformative program and contribute to building a more inclusive and prosperous society.

Whether you are seeking employment or interested in understanding the impact of MNREGA, the MNREGA list is a valuable resource. Stay informed, actively participate and contribute to the inclusive development of rural India.

NREGA List FAQs

1. What is the MGNREGA list?

The MGNREGA list, also known as the Job Card List, is a registry of individuals eligible to participate in the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme in India. It includes details like name, address, and job card number.

2. How do I find the MGNREGA list?

You can access the MGNREGA list in two ways:

Visit your local Gram Panchayat: They maintain a physical copy of the list.
Search online: Use the official MGNREGA website (https://nrega.nic.in/) by entering your state, district, and village details.

3. What information is included in the MGNREGA list?

The MGNREGA list typically contains the following information:

Name of the Job Card holder
Father's/Husband's name
Job Card number
Category (SC/ST/Others)
Address

4. Who is eligible to be on the MGNREGA list?

Indian citizens residing in rural areas and above 18 years of age are generally eligible to apply for a Job Card and be included in the MGNREGA list.

5. How do I register for the MGNREGA list?

Contact your local Gram Panchayat or Rozgar Sahayak (employment assistant) to inquire about the registration process in your area.

6. What are the benefits of having a Job Card?

A Job Card allows you to:

Register for work under MGNREGA projects.
View available work in your village.
Claim guaranteed wages for completing assigned work.

7. How often is the MGNREGA list updated?

The MGNREGA list is dynamic, and new individuals can be added throughout the year.

8. What happens if I lose my Job Card?

Inform your Gram Panchayat immediately. They can help you apply for a duplicate Job Card.

9. Can I check the MGNREGA list online on my phone?

Yes, you can access the MGNREGA website (https://nrega.nic.in/) on your phone and search for the list using your location details.

10. Is the MGNREGA list the same as the ration card list?

No, the MGNREGA list and the ration card list are separate documents serving different purposes. The MGNREGA list focuses on rural employment, while the ration card is for accessing subsidized food grains.

Tools To Carry On A Long Drive

Long drives and weekend road trips are what many people look forward to for a refreshing break from their hectic schedules. While we all know how important it is to carry the important documents like Driving License, RC and Vehicle Insurance papers, here is a list of some essential tools that would come handy during a long drive:

Mini toolkit

A mini toolkit that comes with your vehicle must be carried at all times. It has a multi-head screwdriver which will keep you prepared in times of need.

A spare tyre

Make sure you carry a spare tyre while you are out on a trip. Not just the tyre, you would also need to carry a screw jack and an iron. Without these two you will not be able to put your tyre to use.

Flat tyre inflator & sealant

In case. you have a flat tyre in the middle of your journey and the nearest garage is far away, an inflator and sealant would come handy for a quick fix.

Jumper cables

You might need these in case your battery dies away, so do drop these in your tool kit before starting your journey

Seat belt and window cutter

Though we hope that you may never need this on your trip, it is still advisable to carry this in a case of emergency.

A mini fire extinguisher

A mini fire extinguisher should always be carried for added safety in case of a mishap.

Light flares

These would come handy, especially if you are off roading. In case you are stuck with a flat tyre and you do not have any sealant left then light flares can be used as signals to attract people’s attention and get help.

A flashlight

Just in case you have to work on your car at night, a flashlight is what you will look for. Also, it would be wise to carry spare batteries in case the current one gets discharged. You can even carry an emergency light when on a journey, but remember to keep them charged.

Navigation tool

A navigation tool is of utmost importance, especially when you are travelling on unknown roads. Set your destination and it will guide you through.

Abha Card Login

The Ayushman Bharat Digital Mission (ABDM) has started a new era of healthcare management in India. At its core is the Abha Card, a digital health ID that empowers individuals to manage and share their health information electronically and securely. This comprehensive guide will help you with the Abha Card Login Portal, including how to access it, its benefits, and how beneficiaries can utilize its functionality to maximize their benefits and improve their overall well-being.

Understanding the Abha Card Scheme

The ABHA card, or Ayushman Bharat Health Account (ABHA) card, is a 14-digit unique ID health card. It acts as a virtual address, allowing you to share your medical records with healthcare providers securely and conveniently, eliminating the need for physical copies and reducing the risk of data loss or manipulation.

How Do You Register and log in to the Abha Card Portal?

Beneficiaries must register and log in to the Abha Card portal to access the services and benefits provided by the Abha Card Scheme. Below, we have mentioned the processes of registration and login of Abha Card:

Abha Card Registration Process

Visit the “Abha Card” official website.
Click on the "Registration" or "Sign Up" option.
Fill in the required details, including personal information, contact details, and Aadhaar card number.
Choose a unique username and password.
Complete the registration process by following the on-screen instructions.
After the successful registration, an Abha Card will be issued to the beneficiary.

Abha Card Login Process

Visit the official website of “Abha Card”.
Click on the “Login” link.
You can login either with your Mobile Number or Abha Number.
Enter the required information and the correct captcha.
Then, click on the “Next” button.
The screen will show you your Abha Card login portal, and you can avail of the benefits.

Abha Card Login Methods

Once you have an ABHA Card, you can log in to your ABHA account using two primary methods:

Mobile Number: Enter your registered mobile number associated with your ABHA Card, and the system will send you a one-time password (OTP) for verification.
ABHA Number: You can enter your 14-digit ABHA Card number directly, and the system will prompt you for a CAPTCHA verification code.

Accessing the Abha Card Login

You can access your Abha Card Login page in multiple ways. Below, we have mentioned the available options to access the ABHA Card login page:

Official ABHA website
ABHA App

Benefits of Abha Card Login

The ABHA Card offers several advantages, including:

Improved Access: Access your health information anytime, anywhere, from any participating healthcare provider.
Enhanced Security: Securely store and control your health data with complete privacy.
Reduced Paperwork: Eliminate the need to carry and manage physical medical records.
Empowerment: Take charge of your health and make informed decisions with readily available data.

Conclusion

The Abha Card Login Portal has changed the way how beneficiaries access and utilize the benefits provided by the Abha Scheme. Beneficiaries can efficiently manage their benefits, track entitlements and access relevant resources by registering and logging in to the portal. By effectively using the Abha Card login portal, beneficiaries can maximize their benefits and stay informed about updates.

Abha Card Login FAQs

How do I log in to my ABHA account?

Ans. You can log in using two primary methods:

Mobile Number
ABHA Number

What is the Abha Helpline number?

Ans. Beneficiaries can call the Abha Helpline number, i.e., 1800 114477, for assistance.

What security and privacy should the beneficiary consider regarding the Abha card login portal?

Ans. Below are the things that beneficiaries should consider regarding the Abha Card Login portal:

Use strong passwords or PINs.
Be cautious when sharing your ABHA number or address.
Review privacy settings regularly.

Do I need to pay to use the ABHA Card?

Ans. Creating and using the ABHA Card is totally free.

Can I have multiple ABHA Cards?

Ans. No, you can have only one ABHA Card, as it has a unique 14-digit ID.

NPS Tier 1 & Tier 2: Definition, Contributions, Returns, and More

National Pension System (NPS), being a government-sponsored retirement savings scheme, is designed to help individuals build a financial cushion for their golden years. It offers a structured approach to long-term savings, with contributions made during the working years accumulating to provide a steady income post-retirement.

What sets this retirement scheme apart is its two-tiered structure – Tier 1 and Tier 2 – each with its unique features and benefits. Understanding the nuances of these tiers is essential for individuals looking to chart a course towards financial stability in their golden years.

In this complete guide, we will cover NPS Tier 1 & Tier 2, their definitions, contributions, and more. Whether you're a seasoned investor or a newcomer planning for retirement, knowing about NPS Tier 1 and 2 in detail can help you make informed decisions.

What is Tier 1 and Tier 2 in NPS?

These are two types of NPS accounts, each serving distinct purposes within the NPS framework. Despite sharing similarities in structure and fund schemes, a Tier 1 account is needed to open a Tier 2 account. You should also know that:

Tier 1 NPS account is primarily tailored for retirement savings. You can open this account with a minimum contribution of ₹500. The scheme allows for withdrawal of up to 60% of the total accumulated amount post-retirement. You need to use the remaining 40% to purchase annuities to get a steady monthly income in the form of a pension.
In contrast, NPS Tier 2 is an open-access account with a minimum investment threshold of ₹1000. Whenever you opt for withdrawals from this account, it will typically take around three days to transfer funds from the trustee's bank account to your bank account.
Unlike Tier 1, Tier 2 allows subscribers to withdraw the entire corpus as a lump sum or opt for multiple withdrawals without any limit.

While Tier 1 and Tier 2 NPS accounts share some functionality, their differences are apparent, catering to diverse financial needs and goals. Before these fundamentals, let’s get into the finer differences between NPS Tier 1 &. Tier 2.

NPS Tier 1 vs. Tier 2: Detailed Comparison

The distinction between Tier 1 and Tier 2 NPS accounts lies in their operational characteristics and associated benefits. Here's a detailed comparison to help you understand which investment account suits your financial objectives better.

Mandatory contributions

Tier 1 necessitates at least one annual contribution, whereas Tier 2 does not impose such obligations and offers flexibility in payment schedules. Consequently, Tier 2 allows account holders to skip contributions in lean financial periods and use the contributed funds anytime, as in the case of a savings account.

Eligibility

Tier 1 is accessible to any Indian citizen aged between 18 and 65, granting them a Permanent Retirement Account Number (PRAN) upon application. Conversely, eligibility for Tier 2 mandates subscribers to open an NPS Tier 1 account first.

Lock-in period

While NPS Tier 1 funds remain locked until you reach 60 years of age, Tier 2 imposes no such restriction, enabling withdrawals at any time.

Tax benefits on contribution

NPS Tier 1 contributions are eligible for tax deductions of up to ₹1.5 lakhs under Section 80CCD (1) and an additional ₹50,000 under Section 80CCD (1B). In contrast, Tier 2 does not provide tax benefits on contributions (detailed below).

Taxation on withdrawal

Upon maturity, NPS Tier 1 withdrawals are tax-exempt, whereas Tier 2 withdrawals will be added to your overall income and are subject to taxation at your applicable income tax slab rate.

Despite these disparities, both NPS Tier 1 and Tier 2 share similarities, including uniform fund management charges and access to various asset classes such as equity, corporate debt, government securities, and alternative investment funds.

Eligibility Criteria to Open NPS Tier 1 Account

Here's a breakdown of who qualifies to open NPS Tier 1 account:

Indian Citizenship

NPS Tier 1 accounts are open to Indian citizens, regardless of residency status. This includes residents, non-residents, and Non-Resident Indians (NRIs).

Age requirement

The minimum age to open an NPS Tier 1 account is 18 years, ensuring accessibility to young individuals keen on initiating their retirement planning journey. As of August 2021, the maximum age limit for opening an account stands at 70 years. However, subscribers have the option to defer account activation until the age of 75.

Steps to Open NPS Tier 1 Account Online

Visit the official e-NPS portal and register as a user.
Enter the required information and await the OTP sent to your registered mobile number
Verify the OTP to successfully log in to your account.
Select the option for opening a Tier 1 account.
Choose from a selection of eight fund managers to oversee your investments.
Decide your preferred asset allocation strategy by selecting either the ‘active’ or ‘auto’ mode.
Complete the nomination process by specifying the share of your accumulated savings for each nominee, ensuring clarity in the event of unforeseen circumstances.
Alongside the registration form, upload the necessary Know Your Customer (KYC) documents to verify your identity and address.
Make an initial contribution of a minimum of Rs. 500 to finalize the registration process and activate your NPS Tier 1 account.

Documents Required to Open NPS Tier 1 Account

Proof of your identity
Proof of your address
Proof of your date of birth
Duly filled registration form

Withdrawal Rules Related to NPS Tier 1 Account

Scenario	Lump Sum Withdrawal	Annuity Requirement
On Retirement	Up to 60%	Mandatory for 40%
Before Maturity	20%	Mandatory for 80%
On Demise	Full amount	No requirement to buy annuity

In conclusion, the power to shape a brighter tomorrow lies in informed decision-making and proactive planning. NPS scheme is a hope for millions of Indians seeking a secure future. By carefully selecting NPS Tier 1 & Tier 2 accounts, you can build a robust retirement savings strategy.

FAQs

1. Which is better - NPS Tier 1 or Tier 2?

Answer: The suitability of NPS Tier 1 or Tier 2 depends on your financial goals and preferences. Tier 1 is tailored for retirement savings with tax benefits but has restrictions on withdrawals. On the other hand, Tier 2 offers more flexibility for withdrawals but lacks tax benefits associated with retirement savings. Choosing between them requires considering long-term financial planning, liquidity needs, and tax implications.

2. Is NPS Tier 1 tax free?

Answer: Contributions to NPS Tier 1 are eligible for tax benefits under Section 80CCD(1) of the Income Tax Act, subject to specified limits. However, withdrawals from Tier 1 are taxed as per the prevailing tax laws. While investments in Tier 1 enjoy tax benefits, the taxation aspect upon withdrawal depends on the chosen annuity option and your tax bracket.

3. Is NPS Tier 2 good or bad?

Answer: The assessment of NPS Tier 2 as good or bad depends on your financial objectives and preferences. Tier 2 offers flexibility in withdrawals without the constraints of a lock-in period, making it suitable for short to medium-term savings goals or emergency funds. However, it does not provide tax benefits for contributions. Therefore, you should evaluate their liquidity needs, investment horizon, and tax implications to determine whether NPS Tier 2 aligns with your financial plans.

4. Should I opt for NPS tier 1?

Answer: Tier 1 offers tax benefits on contributions under Section 80CCD(1) of the Income Tax Act, making it advantageous for retirement savings. However, you should know that withdrawals from Tier 1 are restricted until retirement age and are subject to taxation. If you prioritize long-term retirement savings with tax benefits and are comfortable with the lock-in period, NPS Tier 1 could be a suitable option.

6. Is it mandatory to invest in NPS Tier 2?

Answer: No, investing in NPS Tier 2 is not mandatory. It is optional and you can open it if you already have a Tier 1 account.

Safe Driving Tips When Travelling With Kids

Having a kid changes your life completely. Though you have even more duties than before yet you fulfill them with more happiness and diligence. But there are certain activities which may seem troublesome like driving with kids in the car. So, here are some tips to make your drive with your kids a safe and enjoyable one:

Education

Educating your child beforehand will make your drive safer. Instruct them to buckle up their seat belt and keep their hands, legs, and head inside the car at all times.

Safety Awareness

Do not leave your children unattended in the car. And never leave the car keys with the kids.

Child proof locks

Your growing child is curious about everything and may end up unlocking the car door in the middle of the drive just out of curiosity. To avoid this, equip your car with proper child proof locks to ensure a safe ride.

Car seats for kids

If you are travelling with a toddler, it would be best if you buy a baby car seat. These are economical and provide proper support and comfortable seating for your kid. It has a safety belt and installing these is very easy. Car seat cum cot is also available in stores for infants.

Proper seating

Seat your child in the backseat. If you are driving alone with your kid then make sure that he or she can see you. Also, you can plan safe distractions for your kid such as music in low volume. This will make the drive fun for your kid.

Avoid traffic

Avoid roads with heavy traffic if possible because in case you are stuck in a traffic jam, the kids might get fussy and it’ll be troublesome for you.

Equip your car and educate your child from the very beginning to have a safe ride. Go for regular car maintenance checks to keep the vehicle in good condition and always carry important documents like RC, driving licence, car insurance policy papers, etc.

How to Earn Money at Home for Housewives?

For many housewives, the ambition to contribute to the family income while adjusting household responsibilities is a common aspiration. By happy chance, the digital age has opened up many opportunities for housewives to earn money from homes. In this article, we will find flexible and practical ways through which housewives can unlock their earning potential and achieve financial freedom. Let's look at the possibilities!

Unleash Your Hidden Talents:

Become a Work-From-Home Insurance Advisor: Becoming an insurance advisor gives housewives the opportunity to combine their natural talents with the flexibility of working from home. As an Insurance Advisor, you will connect with customers, understand their insurance needs and provide them the appropriate coverage options. By partnering with brokerage firms or insurance companies, you can access a wide range of insurance products including motor insurance, life insurance, health insurance and more.

Work-Life Balance & Flexibility: Fit your working hours around family commitments, create a schedule that balances your role as a homemaker.

Financial Freedom: Earn competitive income by offering personalized insurance solutions to customers.

Helping Others: Guiding families and individuals towards a secure future by educating them about insurance plans.

Continuous learning and development: Stay up to date on the insurance landscape, expanding your knowledge and expertise.

Content Creation: Do you have a knack for words or a knack for creating interesting visuals? Explore content creation!

Blogging: Share your passion or expertise on a specific topic through a blog. Build an audience, earn through advertising, affiliate marketing or by selling online courses.

Social Media Influencer: Become a social media savvy by creating engaging content for platforms like Facebook or Instagram. Partner with brands for promotions or sell your own handmade products.

Also Read: How to Earn Money Online without Investments?

Culinary Craftsman: Do you create delicious meals that leave your family wanting more?

Home-Based Catering/Bakery: Turn your cooking talents into a business. Bake cookies, cakes, or provide catering services for events. Promote your offering through local connections or social media..

Food Delivery Apps: Partner with apps like Zomato or Swiggy to deliver your home-made dishes to a wider audience. It's a flexible option that permits you to manage your workload around your domestic commitments.

Virtual Assistance: Provide Professional Support Remotely

Housewives can provide virtual assistance services to businesses or individuals from the comfort of their homes. Whether it's virtual assistance, content creation, social media management, scheduling appointments or managing emails. Platforms like Freelancer and Upwork offer dedicated sections for virtual assistant jobs, which allows you to showcase your skills and connect with clients looking for remote assistance.

Conclusion:

Earning money from home gives housewives the freedom, flexibility and space to contribute to the family income while managing responsibilities. By exploring pathways such as virtual assistance, online tutoring, blogging, online selling and freelancing, housewives can leverage their skills, passion and expertise to unlock their earning potential.

Remember, success in making money from home for housewives requires effective time management, continuous learning and dedication. Grasp the digital platforms available, market yourself effectively and provide value to your customers or clients. With assurance and dedication, housewives can achieve financial freedom while balancing their household responsibilities, empowering themselves in the process.

How to Earn Money at Home for Housewives FAQs

1. What skills do I already have that can help me earn money from home?

Housewives possess a treasure trove of transferable skills valuable in the remote work world! Here are a few:

Communication & Organization: You're a pro at keeping the household running smoothly! This translates to clear communication with clients and managing projects efficiently.
Time Management: Juggling family life is a masterclass in time management. You can leverage this skill to prioritize tasks, meet deadlines, and maintain a productive work schedule.
Problem-Solving & Adaptability: Faced with unexpected challenges at home? No problem! You're great at finding creative solutions and adapting to changing situations, both crucial for navigating the dynamic work-from-home environment.
Patience & Empathy: Being a homemaker often requires an abundance of patience and empathy. These qualities are valuable for roles like online tutoring, customer service, or coaching.

2. What are some work-from-home options that require little investment?

The beauty of working from home is that many opportunities require minimal upfront costs! Here are some ideas:

Content Creation: Share your expertise or passion through blogging, social media management, or creating online courses.
Freelancing: Offer your skills in writing, editing, graphic design, or virtual assistance on platforms like Upwork or Fiverr.
Online Tutoring: If you have a strong academic background, platforms like Vedantu or Chegg India connect you with students seeking guidance.
Selling Crafts or Homemade Products: Showcase your creativity by selling handmade crafts, baked goods, or other creations on platforms like Etsy or Flipkart.

3. How can I balance work-from-home responsibilities with household duties?

Finding balance is key! Here are some tips:

Create a Schedule: Dedicate specific times for work, family commitments, and personal time. Utilize a planner or calendar app to stay organized.
Embrace Productivity Tools: Explore to-do list apps, time management software, and communication platforms that streamline your workflow and save you time.
Communicate with Family: Discuss your work schedule with your family and delegate tasks when possible to create a supportive environment.
Set Boundaries: It's important to establish clear boundaries between your work and personal life to avoid burnout and ensure quality time for both.

4. Are there flexible work-from-home options available?

Absolutely! Many work-from-home opportunities offer flexible schedules:

Freelancing: Choose projects with flexible deadlines and manage your workload based on your availability.
Content Creation: Set your own content creation schedule and work at your own pace.
Online Tutoring: Many platforms allow you to choose your working hours and preferred student age groups.
E-commerce Businesses: Manage your online store and customer interactions at your convenience, allowing you to work around your family commitments.

5. Where can I find resources to learn new skills for work-from-home jobs?

The world of online learning is at your fingertips! Here are some valuable resources:

Online Courses: Platforms like Coursera, Udemy, and Skillshare offer a vast array of courses across various fields.
Free Tutorials & Workshops: Many websites and organizations offer free tutorials and workshops on topics relevant to remote work.
YouTube Channels: Find informative channels offering tutorials and tips on various digital skills and professions.
Government Initiatives: The Government of India offers Skill India programs to promote skill development and entrepreneurship for women.

How to Earn Money Online?

Proven Ways to Make Money Online in 2024 (Without Investment)

The Internet has made it available for anyone to earn income online from home. Here are some of the best ways to earn money online without any investment:

Become an Insurance Advisor

Are you looking for financial security while providing valuable guidance to others? Think about becoming an insurance advisor by working from home! This rewarding path allows you to leverage strong communication and social skills to educate customers about insurance plans and secure their financial well-being.

By getting an IRDAI PoSP license and collaborating with an insurance company, you can earn good commissions while enjoying remote work. This path allows you to contribute to the financial security of your family and others right from your home office.

Start a Blog

Create a blog on a specific topic you are passionate about. Create your posts with relevant keywords. Monetize your blog through sponsored posts, affiliate marketing, ads etc. It may take some time to start earning but blogging is one of the most viable online income streams.

Also Read: How to Earn Money Online without Investments?

Freelance Writing and Translation

Websites like PeoplePerHour, Freelancer, Upwork offer transcription, translation and writing jobs that you can apply for. Earn per word or project by submitting well-researched proposals to clients.

Teach Online Classes

Teach any of your hobbies, crafts or skills on platforms like Skillshare or Udemy. Create video courses on topics that interest learners. Courses can earn royalties on repeated sales over time.

Also Read: How to Earn Money at Home for Housewives?

Virtual Assistant Work

Provide services like bookkeeping to remote work professionals and small businesses, online research, computer tasks through platforms like FlexJobs, Fiverr and UpWork..

Online Selling: Turn Your Passion Into Profit

The rise of online selling has changed the way we sell and buy products. Launching an online store through a platform like eBay, Amazon, or Shopify allows you to sell and showcase your products to a wider audience. Whether you are talented for sourcing in-demand products, creating unique artwork, crafting handmade goods, the Internet provides a marketplace for your endeavors. Execute the effective marketing strategies and leverage social media to reach a global customer base.

Conclusion

The world of work is undergoing a digital revolution, and the power to earn money online is now a reality. This guide will assist you to explore the exciting possibilities to earn money online from home. Remember, the key to success lies in finding your strengths, continuously honing your skills, and actively promoting yourself in the marketplace.

How to Earn Money Online? FAQs

1. What are some easy ways to make money online?

There are several ways to make money online that require minimal upfront investment. Here are a few ideas:

Sell your skills: Offer freelance writing, editing, graphic design, or virtual assistant services on platforms like Upwork or Fiverr.
Turn your hobby into a hustle: Do you love crafting? Sell your creations on Etsy or other online marketplaces.
Be a social media whiz: Manage social media accounts for businesses or individuals, creating engaging content and building online communities.
Share your knowledge: Offer online tutoring in subjects you're passionate about on platforms like Chegg or Vedantu.

2. How can I make money online without leaving my house?

The beauty of online work is the flexibility! Here are some great work-from-home options:

Become a content creator: Start a blog or YouTube channel on a topic you're knowledgeable about and generate income through advertising, affiliate marketing, or selling online courses.
Teach from your couch: If you have a strong academic background, online tutoring platforms connect you with students seeking guidance.
E-commerce entrepreneur: Sell your own products or curated collections online through platforms like Shopify or Meesho.
Virtual Assistant: Assist busy professionals or entrepreneurs remotely with your organizational and administrative skills.

3. What are some online jobs that offer flexible hours?

Many online jobs offer flexible scheduling! Here are a few options:

Freelance writing/editing: Choose projects with flexible deadlines and manage your workload based on your availability.
Content creation: Set your own content creation schedule and work at your own pace.
Online Tutoring: Many platforms allow you to choose your working hours and preferred student age groups.
Social media management: Schedule posts and interact with followers at times that work best for you.

4. How can I learn new skills to make money online?

There are tons of resources available to help you develop new skills for online work! Explore:

Online courses: Platforms like Coursera, Udemy, and Skillshare offer a vast array of courses across various fields.
Free tutorials & workshops: Many websites and organizations offer free tutorials and workshops on topics relevant to remote work.
YouTube channels: Find informative channels offering tutorials and tips on various digital skills and professions.

5. What's the best way to make money online?

The "best" way to make money online depends on your skills, interests, and available time. However, some general tips include:

Identify your strengths: Capitalize on existing skills or consider learning in-demand skills for online work.
Focus on a niche: Become an expert in a specific area to attract more clients or build a loyal audience.
Market yourself effectively: Create a professional online presence and actively promote your services or products.
Be patient and persistent: Building a sustainable online income takes time and consistent effort.

All You Need to Know About Bima Sugam and Its Benefits

For many Indians, the idea of buying insurance might seem daunting. The process involves going through piles of paperwork, understanding complex terms and conditions, and trying to make sense of confusing benefits. Moreover, a sense of uncertainty and mistrust surrounding insurers, fueled by stories of mis-selling and unresolved claims also persists.

In a country where insurance penetration remains alarmingly low, hovering around a mere 5% of the GDP, the need for a transformative solution has never been more apparent. Recognizing these challenges, the Insurance Regulatory and Development Authority of India (IRDAI) has given the green light to a groundbreaking initiative: Bima Sugam. This is more like an online marketplace for all the insurance needs of an end-consumer, making insurance purchase easier and more transparent than ever before.

Want to better understand Bima Sugam meaning? Let’s start with the groundwork first.

Bima Sugam: A Game-Changing Insurance Marketplace

The IRDAI has taken a monumental step towards revolutionizing the Indian insurance sector with the approval of Bima Sugam. This pioneering initiative, set to reshape the way insurance policies are bought, sold, and serviced, marks a significant shift in the industry.

In a recent press note issued on March 22, 2024, IRDAI introduced the IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024. These regulations aim to establish a Digital Public Infrastructure, aptly named Bima Sugam, with the overarching goal of universalizing and democratizing insurance services.

The core objective of Bima Sugam is to empower and safeguard the interests of policyholders while striving towards the vision of ‘Insurance for all by 2047’. Through this innovative online marketplace, individuals across the country will have unprecedented access to a wide array of insurance products and streamlined processes for policy servicing and claims settlement.

In the following sections, we will dive deeper into the implications of Bima Sugam, exploring how this digital initiative paves the way for a new era of insurance accessibility, transparency, and customer-centricity in our country.

What is Bima Sugam?

Bima Sugam is akin to an e-commerce platform tailored specifically for insurance products. Bima Sugam will act as a centralized hub, aggregating offerings from various insurance companies, encompassing both life and non-life insurance policies, all under one virtual roof.

At its core, Bima Sugam aims to provide a seamless, end-to-end digital experience for policy buyers/policyholders, covering everything from initial policy purchase to renewals, claim settlements, portability, and grievance redressal.

The IRDAI articulates Bima Sugam's role as a one-stop solution for all insurance stakeholders. This inclusive approach will foster transparency, efficiency, and collaboration across the entire insurance value chain, benefiting customers, insurers, intermediaries, and agents alike.

Potential Benefits of Bima Sugam for Customers

Streamlined documentation

Traditionally, acquiring insurance policies involved filling in multiple forms and submitting documents, often facilitated by agents or brokers. However, Bima Sugam revolutionizes this experience by offering insurance policies in electronic format, sparing customers the hassle of maintaining physical documents.

With Bima Sugam, customers can benefit from more convenience and efficiency during the policy purchase process. The platform aims to streamline the entire process and eliminates the need for cumbersome paperwork.

This way, customers can expect to receive soft copies of their policies, conveniently accessible through an electronic insurance account. This digitalization will enhance accessibility and ensure policy documentation remains secure and easily retrievable whenever needed. Furthermore, Bima Sugam extends this digital convenience to both new and existing customers, highlighting its commitment to enhancing the overall insurance experience.

Reduced Insurance Premium

Bima Sugam is poised to alleviate the financial burden on policyholders. Traditionally, insurance web aggregators impose commissions on the sale of insurance products, driving up premiums for customers. However, with Bima Sugam facilitating direct sales between insurance companies and consumers, one can anticipate a reduction in intermediary commissions, ultimately translating to lower premiums for policyholders.

The regulatory framework surrounding Bima Sugam further reinforces this commitment to affordability. Proposals allowing insurers to offer discounts on premium rates for policies purchased directly through the platform signal a concerted effort to make insurance accessible to all segments of society.

While the finer details of the Bima Sugam platform are yet to be unveiled, its promise of affordability and accessibility sets a promising precedent for the future of insurance in India.

Consolidation of Insurance Policies in One Place

Bima Sugam can revolutionize how customers interact with their insurance policies, offering a unified platform for managing all their insurance needs. No longer do individuals need to juggle multiple policies separately. Instead, Bima Sugam provides a single window through which customers can effortlessly access and monitor all their insurance policies.

Within the Bima Sugam application or portal, customers can gain instant access to a comprehensive overview of their policies, spanning life, health, and non-life insurance. This consolidation simplifies policy management, eliminating the need to navigate through various platforms or paperwork.

Conclusion

From streamlining the purchasing process to consolidating policy management, Bima Sugam stands as a symbol of the transformative power of technology in the insurance sector. The platform can simplify the journey for customers, eliminating the need for paperwork, reducing premiums, and offering a comprehensive view of their insurance portfolio.

As we eagerly anticipate the official launch of Bima Sugam and the realization of its full potential, one thing remains abundantly clear: the future of insurance in India is poised for transformation.

OPD vs IPD Coverage in Health Insurance: Understanding the Key Differences

Understanding the Difference: OPD vs IPD

Health insurance is a must-have asset for individuals who want to stay financially protected against medical emergencies. COVID-19 was a wake-up call, and the demand for health insurance in India has shot up by 321% (Source). Are you protected with one?

Health insurance companies offer various features in a health insurance plan that maximize medical protection for policyholders. You may consider different benefits, including network hospitals, individual or family floater plan types, surgery expenses, etc. OPD and IPD coverage are another crucial features that your health insurance should provide.

But are you aware of OPD and IPD coverage and its unique benefits in healthcare? This article discusses OPD and IPD in detail, including the key differences and exploring how to leverage them to your healthcare advantage.

What is OPD Treatment?

OPD Full Form: Out Patient Department

OPD care is a medical facility within a hospital or a healthcare centre that covers the expenses of medical consultations, diagnosis, and treatment, where the patient's admission is not required. The doctor assesses the patient's condition, conducts the required diagnostic test, and consults for various treatments or medications without admitting the patient to the hospital. OPD care is generally conducted on a daycare basis.

What is Covered Under OPD Treatment in Hospital?

OPD treatment in your health insurance covers short-term visits to the doctor for regular health check-ups and treatments. The following are the advantages and coverage under OPD:

Doctor Consultation Fee: Covers the charges for visits to a physician or specialist for consultation.

Preventive Health Check-Ups: Schedule appointments for your regular health check-ups and diagnostic tests and get coverage. This makes it easy for the insured to be aware of diseases and take action on time. These also include pregnancy check-ups and paediatric treatments.

Minor Illnesses Covered: OPD treatment is the best way to get medical care for minor illnesses, injuries, and medical procedures that do not require hospitalization.

Follow-Ups: The post-surgical follow-ups after the medication, in case of chronic medical conditions like Diabetes, PCOS, infections, etc., are also covered.

How Can I Make an OPD Claim?

Generally, outpatient claims are reimbursement claims to retain all the bills after receiving the treatment. Below is the OPD claim resolution process that you can follow:

Receive the Consultation or Treatment: The patient undergoes the treatment, consultation, required diagnostic tests, or minor procedures as prescribed by the doctor.

Keep the Records: After paying the bills for the required procedures and medications, keep all the records safely, including bills, pharmacy expenses, invoices, prescriptions, and receipts.

Submit Claim: The insured should download or collect the claim form from the health insurer and submit it to the company with all the supporting documents. The insurer may require you to submit additional documents.

Evaluation of the Claim: The health insurance company reviews your claim form and verifies the supporting documents. They then evaluate the claim's eligibility per the policy's terms and conditions.

Claim Processing: Once your claim is approved, the health insurer will process the eligible reimbursement based on the policy coverage. The reimbursement is then transferred to your account or the hospital.

What is IPD Treatment?

IPD Full Form: Inpatient Department

The IPD is a medical facility where the patient needs to stay overnight for at least 24 hours or longer in a hospital or a healthcare centre. IPD care is required when the patient requires admission to treat severe medical conditions, diseases, or illnesses. During the IPD treatment, the doctor continuously monitors the patient and provides critical care.

What is Covered Under IPD Treatment in Hospital?

Major surgeries and complex medical procedures require inpatient care and hospitalization. Below are the coverages an insured can benefit from under IPD insurance coverage:

Hospitalization Costs: When the patient is hospitalized, IPD includes treatment costs, room charges, nursing expenses, diagnostic test charges, surgical interventions, operation theatre charges, surgeon fees, etc.

Intensive Medical Care: IPD treatment provides intensive care to the insured who require continuous treatment and monitoring for treating complex medical conditions. Their progress is assessed, and immediate care is provided for complications.

Pre and Post-hospitalization Expenses: Some IPD insurance under a health insurance plan covers pre and post-hospitalization expenses within a specific period.

Prescriptions and Medications: Depending on the policy terms and conditions, IPD insurance covers the cost of medicines and drugs prescribed during the hospital stay.

Post-Operative Care and Recovery: IPD covers the expenses incurred during post-operative recovery. Healthcare professionals closely monitor progress to ensure a steady and healthy recovery.

Important Read: Buy affordable cashless health insurance plans

What is the Process for IPD Claim Resolution?

Generally, two types of claims are raised under IPD treatment: cashless claims and reimbursement claims. Follow the below step-by-step guide to proceed with the IPD claim resolution.

Cashless Claim

Cashless claims are raised when the insured undergoes treatment at the network hospital. The insured can apply for an IPD cashless claim by following the given steps:

Receive the Treatment: After consulting with the doctor, get admitted to a network hospital for inpatient treatment. Notify the insurance company or the third-party administrator (TPA) before the hospitalization.

Pre-Authorization Process: The insurer then sends the authorization letter to the hospital outlining the specific coverage and upper limit.

Keep the Records: During your hospitalization, undergo treatment. Keep all the records, including hospital bills, reports, invoices, medical reports, discharge summaries, etc.

Initiate Claim: Fill out the claim settlement form and submit it with the required documents.

Review of Claim: The insurance company or the TPA verifies the claim for the applicable coverage.

Claim Processing: Once the claim is approved, the health insurer directly settles eligible claims with the network hospital. You will have to pay out of your pocket for expenses not covered under the policy.

Reimbursement Claim

The IPD reimbursement claims are raised when the insured undergoes the treatment at a non-network hospital or when the cashless claim facility is unavailable. In such instances, the insured needs to pay the bills from their pockets up front. Later, the claim is reimbursed by following the given steps:

Discharge From the Hospital: After receiving the required treatment, complete the discharge formalities and collect all the essential documents regarding the treatment summary.

Submit the Claim: Download and submit the duly filled claim form with the required documents to the health insurance company or TPA within the specified time limit as in the policy.

Claim Review: The health insurance company verifies the claim and assesses whether it complies with the terms and conditions of the policy.

Claim Processing: Depending on the policy coverage, the company reimburses the eligible expenses to the insured through a bank transfer or cheque.

OPD vs IPD: What’s the Difference?

Look at the difference between the OPD and IPD treatments in detail.

Basis	Outpatient Department (OPD)	Inpatient Department (IPD)
Definition	The department offers healthcare services to patients for short visits (who do not require admission to the hospital)	The department provides comprehensive medical care to the patients who are required admission to the hospital for a certain period
Coverage Offered	Doctor consultation, diagnostic tests, minor care and procedures, vaccinations, medication, preventive care	Surgery, intensive care, continuous monitoring, rehabilitation, hospitalization expenses, complex medical treatments,
Duration of Stay	Short duration visits	Admission ranges from a day to several weeks
Location	Conducted in outpatient clinic or doctor's office	Conducted within the hospital or healthcare facility
Cost	Comparatively low	Higher due to hospitalization and accommodation costs
Claim Process	Reimbursement claim	Cashless and reimbursement claim
Service Example	Regular check-ups with specialist Dental check-up Blood test X-rays Vaccination	Cataract surgery Knee replacement surgery Major surgery Organ transplant Complex medical conditions
Coverage Limitations	A limited number of visits allowed Defined reimbursement amount for different services	Based on the sum insured Sub-limit for defined expenses Comprehensive coverage
Access to Care	Appointment required	Hospital admission
Nature of Treatment	Routine or non-urgent check-ups	Critical (emergency and non-emergency) medical intervention
Treatment Intensity	Less intensive medical intervention	Extensive and specialized treatment
Waiting Period	No waiting period	May have a waiting period excluding the cases of group health insurance

Explore how health insurance saves on taxes.

What Factors Should I Consider While Choosing Between IPD and OPD Coverage?

Selecting IPD and OPD coverage in health insurance completely depends on your and your family's health requirements. Below are the factors that you can consider while choosing between IPD and OPD coverage with your health insurance plan:

Healthcare Requirements: Determine the current and future healthcare needs of your and your family. Minor health conditions that require health check-ups and consultations are preferred, as well as OPD coverage. If you or any of the family members has/ have severe illness or disease, leading to a high risk of needing admission to the hospital, IPD coverage is the better fit.

Budget: Decide how much you are willing to spend on health insurance. OPD coverage is comparatively cheaper than IPD coverage. Do you want to add additional benefits?

Coverage Limit: Critically review the coverage limits of the IPD and OPD. Ensure that the limits align with healthcare needs and financial suitability. Consider whether it covers pre-existing conditions, the risk factors depending on your lifestyle, whether preventive check-ups are allowed, the deductions and exclusions, and what extra perks are available.

Network Hospitals: Make sure to go through the network hospital list and healthcare providers' details. Confirm that you have a number of options available around you offering IPD and OPD cashless treatment.

Talk to an Expert: Comparing various health insurance plans and deciding what coverage is best for you can be overwhelming. We suggest you connect with a reliable insurance advisor.

Final Words

Selecting the right healthcare coverage is crucial, as you need to check various options, compare features, and find additional perks about your health insurance plan. Also, your plan must cover inpatient (IPD) and outpatient (OPD) treatments to provide the required medical care to you and your family. Understanding the differences between IPD and OPD is the first step you take to be aware of how you can benefit from your insurance.

If you need help from a reliable health insurance agent, RenewBuy Advisor Connect can help you find one near you.

Frequently Asked Questions:

What is the difference between IPD and OPD?

OPD coverage is beneficial for minor health issues that require regular health check-ups, consultations, preventive care, and daycare services cost-effectively. However, IPD coverage is essential for more severe and critical medical conditions that require intensive care, hospitalization, surgical procedures, and continuous monitoring.

Does health insurance cover both IPD and OPD care?

Most health insurance policies cover IPD expenses. However, you need to review for coverage for OPD expenses. Some health insurers offer OPD coverage as an add-on benefit and require extra premiums to add to the base policy.

Can I customize my health insurance plan to add IPD and OPD coverage?

Regular health insurance plans cover IPD treatments, while OPD coverage varies depending on the health insurance plan selected.

What is the difference between inpatient and outpatient treatment?

The key difference between inpatient and outpatient care is the requirement for hospitalization. To claim inpatient care, the patient needs to stay at the hospital for at least 24 hours. Hospitalization is not required for outpatient care.

How does IPD differ from OPD in terms of patient care?

In IPD, patients receive continuous care, including monitoring, medication, and procedures, often for serious conditions requiring hospitalization. In OPD, patients receive consultation, diagnosis, and treatment for less severe illnesses or conditions, typically without staying overnight.

How does insurance coverage vary between IPD and OPD services?

IPD coverage typically includes hospitalization expenses that require admission for more than 24 hours, while OPD coverage may include consultations, diagnostic tests, and prescribed medications that require short visits or daycare.

Online Work From Home Without Investment

In recent years, the concept of working from home has gained immense popularity. With advancements in technology and the rise of the digital economy, more and more individuals are looking for opportunities to work remotely and enjoy the flexibility it provides. This article will explore the possibilities of working online from home without investment.

Benefits of Online Work from Home Without Investment

Online work-from-home (WFH) opportunities require no upfront investment and offer many benefits. Here are the key benefits that make this style of working so attractive:

Flexibility and Work-Life Balance: Flexibility is the most important advantage of working online from home. Individuals can create their schedules while balancing their work commitments with personal obligations. This flexibility particularly benefits parents, caregivers, or individuals with additional education or hobbies.
Cost Savings: Working from home eliminates commuting expenses, such as transportation costs, fuel or public transportation charges. Additionally, individuals can save on expenses related to professional attire, food, and other expenses typically incurred in a traditional office setting. Over time, these savings can be substantial.
Expanded Job Opportunities: Online work from home provides access to many job opportunities. Geographic boundaries no longer restrict individuals; They can connect with employers or customers worldwide. This expanded access increases their chances of finding a role that matches their skills, interests, and career goals.
Increased Productivity: Working in a familiar and comfortable environment can increase productivity. Additionally, remote work often allows for better concentration and reduces the chance of interruptions, resulting in increased productivity levels.
Skill Development and Learning Opportunities: Online work from home often uses digital tools and platforms. By adopting remote work, individuals can increase their technical proficiency, develop digital communication skills, and become familiar with project management software and collaboration tools. These skills are increasingly valuable in today's digital landscape.

Why Consider the Insurance Industry for Work From Home?

While health insurance might not be readily available in every WFH role within the insurance industry, there are still several compelling reasons to explore this sector:

Industry Stability: The insurance industry is a well-established and growing sector, offering job security and potential for career advancement.
Remote Work Opportunities: The insurance industry increasingly embraces remote work models, which offer flexibility and a better work-life balance.
Skill Development: Many WFH roles in the insurance industry allow you to develop valuable skills in areas like risk management, data analysis, and customer service.
Competitive Salaries: The insurance industry offers competitive salaries for many WFH positions.

Work From Home Opportunities without Investment

Now that we have covered the importance of insurance coverage let's explore some avenues for online work from home that require little to no investment:

Become an Insurance Agent: Companies like RenewBuy.com provide a great platform to work from home without any investment. RenewBuy also offers comprehensive training programs to help you gain complete knowledge of each type of insurance. As a POSP advisor of RenewBuy, you can earn big money at home. All you need to do is reach out to potential customers, explain insurance policies and other financial products and assist them in making informed decisions to earn attractive monthly commissions.
Freelancing Platforms: Freelancing platforms offer various work opportunities across various industries. As a freelancer, you can showcase your skills and earn good money while working from home without any investment.
Insurance Data Analyst: If you have an analytical mind and enjoy working with numbers, this insurance data analyst job can be a great fit for you. You need to analyze data to assess risks, identify trends and prepare reports.
Content Writing and Editing: Many online companies and websites constantly need quality content writers and editors. Websites like ProBlogger, Freelance Writing Jobs, and MediaBistro provide content-related work. To secure regular writing work, you just have to create a strong portfolio and market your writing skills.
Insurance Customer Service Representative: These remote roles provide support and information to policyholders, handle enquiries, process payments and resolve claims. Strong communication and problem-solving skills are important. Many companies offer comprehensive training programs.
Virtual Assistance: Virtual assistants provide administrative support to individuals or businesses remotely. Tasks may include managing email, scheduling appointments, social media management, or basic bookkeeping. Websites like Remote. co, Zirtual, and Upwork provide virtual assistant job opportunities where you can find virtual assistant roles.
Online Surveys and Micro Tasks: Websites like Swagbucks, Amazon Mechanical Turk, and Clickworker offer opportunities to earn money online by completing surveys or microtasks. Although income may be relatively low, these platforms provide a way to earn extra income without investment.
Online Reselling: Start an online reselling business using online marketplaces like eBay, Etsy, or Amazon. You can get products from thrift stores, garage sales, or wholesalers and sell them online for profit. It requires minimal investment in inventory and can be a great way to generate income.

How to Start with Online Work from Home Without Investment?

To get started with online work from home in the insurance industry without any investment, consider the following steps:

Identify your skill and interest
Build an online presence
Explore online job platforms
Build a professional network
Prepare for virtual interviews
Maintain professionalism and discipline

Conclusion

Online work from home without any investment has become a viable and flexible option for individuals seeking employment in various industries. The benefits of flexibility, cost savings, expanded job opportunities, increased productivity, and skill development make it an attractive option for many.

To succeed in the online work-from-home landscape, remember to identify your skills and interests, build an online presence, explore job platforms, network, upskill, and maintain professionalism. Embrace the freedom and possibilities online work-from-home offers and unlock a world of opportunities without investment.

Online Work From Home Without Investment FAQs

What are some legitimate WFH jobs without investment?

Ans. Here are some of the examples of work from home jobs without investment:

Become an insurance agent
Content creation
Virtual assistant services
Online tutoring or teaching
Insurance customer service representative (phone or chat)
Testing websites and apps
Data entry and transcription
Online surveys and microtasks
Freelancing platforms (writing, editing, design, marketing)

How do I stay motivated and productive working from home?

Ans. You can stay motivated and productive working from home by following the below-mentioned steps:

Having a designated work area helps separate work and personal life.
Establish regular work hours and breaks to maintain structure.
Silence notifications, inform housemates about your work hours, and avoid multitasking.
Online communities and social media groups can offer support and motivation.

Can I make a good living working from home without investment?

Ans. Income potential varies depending on the job type, hours worked, and your skills. Dedication and hustle can build a sustainable income working from home.

Is health insurance available for WFH jobs without investment?

Ans. Not all WFH jobs offer health insurance. However, some established companies with remote work options, customer service roles, and freelancing platforms might offer benefits packages with health insurance options.

What are some additional things to consider when choosing a WFH job?

Ans. Below are the things to consider when choosing a WFH job:

Job description and responsibilities
Work hours and schedule flexibility
Pay rate and payment structure
Company reputation

Go Green While Travelling

Global warming is escalating at an alarming rate. This has persuaded many countries to take notable steps in order to reduce their carbon footprint. But it is important that we take steps at individual level too to save the environment.

Here are 10 steps that one can take while travelling to reduce individual carbon footprints:

Use the right fuel

One of the major causes of global warming is the emission of carbon dioxide from vehicles. Combustion of diesel and petrol releases carbon dioxide and other undesirable gases in the air. Using CNG (Compressed Natural Gas) as fuel releases lesser amount of carbon dioxide and is it is also lead-free. This makes CNG a more environment-friendly fuel.

Accelerate properly

Avoid putting down your foot on your accelerator permanently. Slight tapping will save your fuel and keep your vehicle in motion. Also, accelerating your vehicle all at once puts lot of pressure on the engine and hence more fuel is consumed leading to more pollution. Try accelerating gradually to save fuel and lower the carbon emission.

Switch to higher gears

While driving on highways at constant speed, it is better if you use the highest gear of your car. This will ensure a uniform motion for your car, leading to reduced fuel consumption.

Stick to speed limits

Driving slower or faster than the standard speed limit can land you in trouble. Not just legally, but also regarding the efficiency of your car. Driving slower than required will lead to more fuel consumption.

Check tyre conditions

Always keep your tyres inflated to the required limit. Proper inflation gives adequate balance and speed so your engine need not drag your vehicle and hence fuel consumption is economic.

Don’t over pack

It is smart to not overload your vehicle with unwanted stuff. Be smart while packing and pick only those things which you need in your trip. Heavier the vehicle, higher is the amount of fuel consumed to drag it.

Plan your trip

A planned trip reduces extra travel time and fuel combustion. Be aware of road conditions and plan your stops before starting.

Use Global Positioning System

Using a GPS device instead of paper maps makes it easy to spot your exact location. If you are using GPS, then you will not be lost and hence, you travel just the required path, eliminating extra fuel combustion.

Use litter bags

It is not cool to be a litter bug so be smart and always carry a waterproof litter bag in your car.

Take breaks

Take proper breaks to cool down your car engine. Overheating will lead to more fuel consumption and improper combustion.

Along with going green, getting a proper car insurance policy is important. Renewbuy's Car Insurance Premium Calculator helps you calculate your car insurance premium in seconds and helps you save more. Getting your vehicle insured will help you out of financial troubles due to car damage.

Types Of Fuel - High Octane vs. Normal Fuel

Type of fuel used in a vehicle is one of the major deciding factors of its overall performance on the road. Hence, there is always a lot of discussions on which type of fuel is the best for your vehicle.

Most people are under the impression that using high-octane fuel in their vehicle will lead to better performance. However, in reality, the performance is based on several other factors. While the type of fuel required by your engine is mentioned in your vehicle’s user manual, you can also go for a fuel change if you feel the need.

When do you need a high octane fuel?

Those engines, which have a compression ratio higher than 10:1, require high octane fuel. High octane fuel can withstand high temperature and pressure hence it does not detonate or knock, i.e. jerk and make noise, while starting or running.

This fuel prevents knocking sound from your vehicle and hence increases the life of the engine and makes your drive smoother. A high compression ratio engine can extract maximum power from high octane fuel. These are highly refined fuels and have lower CO2 emission. The higher octane variants available in India are RON 93 and 97 with few additives.

When do you need a low octane fuel?

Low octane fuel used is India is RON (Research Octane Number) value 91. It is required in a low compression ratio engine that is below 10:1 compression ratio. Due to this, the fuel required should have low ignition temperature and pressure and hence low octane fuel is used here.

Using high octane fuel for such vehicles will not help as it will not be able to extract desired power from the fuel, leading to wastage of fuel as well as money. If your vehicle’s user manual does not specify using a high octane fuel then it is advisable that you don’t use it except in-case of knocking.

Along with right fuel, it is also necessary that you buy proper motor vehicle insurance. Do remember to compare vehicle insurance before buying to get the best quotes on policy.

What is the Difference Between Life and General Insurance?

How Does Life Insurance Differ from General Insurance?

Financial planning is key to living a comfortable life, especially when you're the only breadwinner. But life can throw curveballs, like an unexpected accident, medical condition, or damage to your belongings. Imagine the medical bills piling up, and if the worst happens by losing your life to an accident, how will your family cope? Frightening enough! That's where insurance steps in.

At this point, there's a very common question people ask: life insurance or general insurance? Both sound helpful and significant, but they serve different purposes. Let's break down the confusion by helping you find the difference between life and general insurance so you can pick the right one for your needs.

What is Life Insurance?

In simple words, a life insurance policy is a life cover that offers financial assistance to the beneficiaries in case of an unfortunate event that occurred to the life assured during the policy term, such as the untimely demise or an accidental disability.

Depending on the policy selected, you may also get savings benefits. In return, you must pay a pre-determined premium per the selected premium payment frequency without fail. This way, you get ensured benefits at the time of exit of the policy for maturity or death.

Why is Buying Life Insurance Important?

Financial security is vital for you and your family to live a comfortable life. But you should also prepare for the most odd cases in life. Below are some of the reasons why buying life insurance is important for you:

Financial Protection for Your Loved Ones: The primary purpose of life insurance is to provide a financial safety net for your dependents in the event of your death. The death benefit paid out by the policy can help replace your income, cover living expenses, pay off debts, and fund future financial goals for your family.

Maintaining Financial Stability: Losing a primary income earner can significantly impact the financial stability of the family. Life insurance ensures that your loved ones can maintain their standard of living and meet ongoing financial obligations, such as mortgage or rent payments, utilities, and other day-to-day expenses.

Estate Planning: Life insurance can also play a critical role in estate planning by providing liquidity to cover estate taxes, administrative costs, and other expenses associated with transferring assets to heirs.

Peace of Mind: Knowing that you have a life insurance policy in place can provide peace of mind, knowing that your loved ones will be financially protected in the event of any unfortunate event that occurs to you. It allows you to focus on living your life to the fullest without worrying about the financial consequences for your family.

What is General Insurance?

General insurance is simply non-life insurance. It protects the insured against various risks and losses. With such policies, you cover different types of losses, including vehicle, travel, personal accident, health, and property.

General insurance has a shorter tenure than life insurance, which means you will have to renew the policy within certain years. It doesn’t offer life cover but provides financial assistance for covered instances.

Why Should You Buy General Insurance?

Non-life or general insurance becomes your valuable financial asset throughout different stages of life. While general insurance doesn’t cover the life risk, there are multiple benefits that you can get from buying one, including the following:

Protection Against Financial Loss: General insurance protects against risks resulting in significant financial losses. Whether damage to your property, liability claims or unexpected medical expenses, having the right insurance coverage can shield you from bearing the full financial burden of such events.

Compliance with Legal Requirements: In many cases, certain types of general insurance are mandatory by law to avoid potential penalties or legal consequences. For example, the law typically requires motor insurance to operate a vehicle on public roads. Similarly, mortgage lenders may require home insurance as a loan condition.

Peace of Mind: Protecting your home, vehicle, health, or liability exposures is a key aspect of planning a secure lifestyle. Insurance coverage can provide peace of mind, knowing that you're financially protected against unforeseen events like accidents, disasters, medical conditions, or lawsuits.

Risk Management: Instead of bearing the full brunt of a loss, policyholders pay a premium to the insurer, which assumes the risk in exchange for providing coverage. This allows individuals to protect their assets and manage risk by transferring the financial consequences of potential losses to an insurance company.

Key Differences Between Life and General Insurance

Both life and non-life insurance financially compensate the life assured and the dependents against the covered situations. There are significant differences between life and general insurance based on the below parameters:

Parameters	Life Insurance	General Insurance
Coverage	Covers the life assured against the risk of death and certain medical conditions, including critical illness, surgeries, etc.	Covers non-life assets, like houses, vehicles, health, natural or man-made disasters, theft, house, vehicle, etc.
Coverage	Upon maturity of the policy, the definite benefits are provided	Doesn’t offer any maturity benefit, but sometimes, no-claim-bonus (NCB) is available
Purpose	Work as a financial backup to the dependents in case of an unfortunate event with life assured	Provide financial compensation for any loss or damage to the covered entity
Purpose	A type of investment for the future (based on returns)
Compensation	The claim amount is referred to as ‘Sum Assured’ and is payable to you or the nominee at the time of exit on death or maturity	The claim amount is referred to as ‘Sum Insured’ and is payable at the time of any damage to the covered, as per the policy terms
Investment Benefit	Applicable (as per the policy selected)	Not applicable
Contract	Long-term plans	Short-term plans
Renewal	Doesn’t require renewal every year	Require renewal after certain years and intervals as required
Claim Process	For the death claim, the claim is made by the beneficiaries	The presence of the life assured is required while purchasing or making a claim for the policy
Claim Process	For maturity claim, the presence of the life assured is important
Premium Payment	Policyholders can opt for multiple premium payments from monthly, half-yearly, quarterly, or monthly (depending on the policy terms)	One-time premium payment at the time of policy purchase or renewal
Value of the Policy	Decided as per the buying capacity of the individual and can be adjusted further	The upper value depends upon the value of the asset at the time of purchase
Savings Component	Available	Not available
Beneficiaries	Anyone whom the policyholder nominates	In most of the cases, the policyholder is the beneficiary
Calculation of Premium	Based on the factors such as the insured's age, health, lifestyle, coverage amount, and policy type	Calculated based on the level of risk associated with the insured property or liability
Influencing Factors	Age Health Lifestyle factors Occupation Smoking status Coverage amount	Type of insurance Coverage limits Deductibles Location Past records
Tax Benefits	Premium and payouts qualify for the tax benefits	Not typically qualify for the tax benefits, except for the premium paid towards the health insurance

Important Read: To take a closer look, explore the features of life insurance and general insurance.

What Types of Plans are Covered Under Life and General Insurance?

As the name suggests, a life insurance plan can protect the nominated beneficiaries financially against any life risk of the assured. General insurance works as financial compensation for any risk associated with the coverage. However, life and general insurance are just umbrella terms covering multiple types of insurance plans. Look at the table below to understand what types of plans are covered under life and general insurance policies:

Types of Life Insurance Plans

Term Insurance: Term life insurance plans are pure protection plans. They offer comprehensive coverage at an affordable premium cost. If the life assured dies during the policy term, the nominated beneficiaries receive a lump sum payout.

Endowment Plan: Endowment plans provide the combined benefit of saving and life cover to the life assured. Upon the demise of the life assured during the policy term, the nominee receives the sum assured. Also, upon maturity of the policy, the life assured receives maturity benefits. Depending on the company's experience, the plan is also eligible for bonuses (if any).

Whole Life Insurance: With a whole life insurance plan, the life assured gets coverage for up to 99 years of age, i.e., the whole life. Under the plan, the death and maturity benefits are allotted to the nominee or the life assured.

Unit Linked Insurance Plan: ULIP plans provide the dual benefit of insurance and investment plans. This type of life insurance plan offers the opportunity to save and grow your wealth. A portion of your premium deposit goes towards insurance coverage, and the remaining goes towards the investment.

Money-Back Policy: Money back plans are more similar to endowment plans. The only difference is that these types of plans offer certain payouts at definite intervals. Upon the maturity of the policy, the policyholder receives monetary maturity benefits along with the bonuses.

Child Plan: Child plans provide you with the required corpus that can be used to fund the child’s future plans, including planning the child's education and marriage.

Retirement Plan: Retirement plans are also called the pension plans in India. These plans work as a source of income for the policyholders when they retire. When all the premiums are duly paid after the policy term, the plan provides regular income.

Types of General Insurance Plans

Health Insurance: Health insurance plans provide financial assistance to covered individuals during medical and surgical emergencies (planned or unplanned). Individual and family floater health plans are available as per the requirements. When a covered medical emergency occurs, you can reach any network hospital to get the cashless treatment benefit or apply for reimbursement.

Motor Insurance: Motor insurance provides the required financial compensation for any damage to your vehicle or the third party (other vehicle involved in the accident). In India, having third-party vehicle insurance is mandatory to drive legally.

Vehicle insurance also covers loss due to fire, damage, accidents, natural calamities, etc. Generally, two types of motor insurance are available: comprehensive motor insurance and third-party motor insurance.

Travel Insurance: If you are a frequent traveller, having travel insurance in place can save you from any potential loss due to baggage loss, delay or flight cancellation, accident, hospitalisation expenses, etc., during the trip.

Home Insurance: Home insurance protects the insured from any losses that occur to their home due to man-made or natural calamities.

Play Safe, Get Insured

Life and general insurance play a different and significant role in life. While life insurance becomes the financial safeguard for your family in case any uncertain event occurs to you during the policy term, it can also work as a savings asset (as per the plan selected). General insurance works as the saviour to fund if any damage occurs to the asset covered.

We have explained the difference between life and general insurance in detail, which you can refer to before deciding. While comparing, we have seen no winner, but both are equally important in one’s life. To make a more informed decision and explore different options in life insurance plans and general insurance plans, connect with a professional Advisor at RenewBuy.

Frequently Asked Questions

Question: What must I consider while choosing between life insurance and general insurance?

Answer: Insurance is a safety net for life, serving different purposes as required. Here are the key points to consider while deciding between life and general insurance:

Consider your financial situation and requirements in the present and future. This will help you allocate what you need to cover and how much sum assured is required.
Don’t overlook the premium, as it can be a financial liability if not chosen wisely. Depending on your financial situation and suitability, select a feasible amount that you can afford without straining your pocket.
Compare different insurance providers and plans. Carefully study the features and benefits of each.
Understand the terms and conditions to avoid any inconveniences in future.
Select a policy that is affordable to you.

Question: When should you opt for general insurance over life insurance (and vice versa)?

Answer: Knowing when to choose general insurance over life insurance, and vice versa depends on your specific needs and circumstances. Here's a simplified breakdown:

Key Role of Life Insurance:

Ensure a safety net for your loved ones against any life risk
Offer liquidity that can help in estate planning and work as a financial buddy in an emergency
Build a cash value over time to help in wealth creation

Key Role of General Insurance:

Protect your assets against any damage due to man-made or natural calamities
Manage liability and legal expenses incurred due to your action
Cover health care expenses and ensure quality medical care

Question: What is no claim bonus?

Answer: Most life insurance policies offer a no claim bonus facility, where policyholders receive rewards for not making claims in a year or certain years. This NCB benefit is provided in the renewal premium rates.

Question: Can I add riders to my insurance policies?

Answer: Yes, depending on the policy terms and conditions, the policyholders can add riders to their life or general insurance policy to enhance the coverage of the base policy. These riders can be added during the policy purchase or on any policy anniversary.

Question: Can I cancel or return my life insurance policy?

Answer: Yes, if you are not satisfied with the policy terms and conditions, you can change the details or return the policy to the corporation within the lock-in period allowed.

Question: What happens if I stop paying a premium to a life insurance policy?

Answer: If you do not pay the premium to the life insurance policy on time (even after the completion of the grace period) or do not pay after certain years; the policy lapses. You cannot avail of the benefits until you do not revive it.

Question: Can I purchase life insurance and health insurance together?

Answer: Life insurance and health insurance are two unique products that are purchased separately.

Question: Will I receive the maturity benefit from my term insurance policy?

Answer: The term insurance policy usually does not provide any maturity benefit. However, the sum assured is only paid upon the demise of the life assured during the policy term. In case the policyholder chooses the term plan with the return of premium option, and on surviving the whole policy term, the policyholder receives the total premium paid.

Question: What is the risk in an insurance policy?

Answer: In insurance terminology, the risk is defined as something harmful and unexpected happening to the covered. This might be the loss, damage, or theft of the covered belongings.

Question: How do I know which insurance policy is right for me, life insurance, or general insurance?

Answer: While confused about selecting between general and life insurance, consider the following key measures: assess your financial needs, family situation, and risk exposure.

Life insurance is preferred if you have dependents and want to ensure their financial stability even when you are not around. General insurance is essential for protecting assets and managing liabilities. We suggest you consider consulting an insurance advisor for personalized guidance.

Question: Which type of insurance is more affordable, life or general?

Answer: Affordability depends on certain factors, such as coverage amount, age, health status, and type of insurance. Generally, term life insurance is considered more affordable than whole life insurance, while general insurance costs vary based on the type of coverage and risk factors involved.

Disclaimer: The content published in this article is intended solely for the reader's informational purposes and should not be relied upon for personal, medical, legal, or financial decisions. It is advisable to seek advice from a qualified professional regarding specific concerns. The details provided regarding the plan are for reference purposes only. Please visit the insurer's website for the latest updates on the plan. The Company does not guarantee suitability, reliability, timeliness, or accuracy of the information, services, or any other aspects mentioned in this regard for any purpose. We do not endorse any particular insurance company or insurance product provided by any insurer.

What is Insurance?

Insurance is a financial instrument that protects against the risk of potential financial losses. It is a contract between the policyholder and an insurance company, where the policyholder pays a premium and agrees to cover the cost of a specified loss or damage that occurs.

The basic purpose of insurance is to spread risk across a larger group of policyholders. By pooling risks, the insurance company can bear the financial burden of potential losses and provide coverage to those who need it. In return, policyholders pay small premiums, which is much more manageable than bearing the entire cost of a major loss themselves.

How Does Insurance Work?

As mentioned above, insurance is a legal contract between the insured and the insurance company. The insurance policy document contains all the information about the terms and conditions on which the insurance company will be liable to pay the benefit amount to the insured or the policy nominee. Let us under “What is Insurance?” with an example:

Suppose Akshay bought a term insurance plan of 1 crore and nominated his wife as his nominee. The policy tenure was 20 years, and he suffered an unforeseen death during the policy tenure. In this case, the life insurance company will pay INR 1 crore to the nominee of the policy, and the term insurance policy will end. Akshay’s wife can use this amount to cover their financial obligations, pay out any remaining loans, and maintain her current lifestyle.

Types of Insurance in India

Below are some of the major types of insurance available in India. Each type of insurance serves specific purposes and provides financial protection to individuals, families, and businesses in different areas of life and livelihoods.

Life Insurance: Life insurance provides financial protection to the insured's family or beneficiaries in case of the insured person's death. It offers a variety of policies, such as term insurance, whole life insurance, endowment plans and unit-linked insurance plans (ULIPs).
Health Insurance: Health insurance covers medical expenses incurred by the insured person. This includes hospitalization expenses, doctor consultations, diagnostic tests, and other related costs. Health insurance plans can be individual or family floater policies that cover multiple family members.
Motor Insurance: Motor insurance, or vehicle insurance, covers damage or loss caused by a motor vehicle. It includes two types of policies: third-party liability insurance, mandated by law, and comprehensive insurance, which provides additional coverage for own damage, theft, and personal accidents.
Home Insurance: Home insurance covers the structure and contents of the home against risks such as fire, theft, natural disasters and other dangers. It provides financial security to homeowners and helps them recover from possible damage or loss.
Travel Insurance: Travel insurance covers various domestic or international travel risks. This covers medical expenses, trip cancellation or interruption, lost luggage, flight delays and other travel-related contingencies.
Personal Accident Insurance: Personal accident insurance provides coverage against accidental injuries or death. It compensates for medical expenses, disability and loss of income due to accidents. This insurance may be especially beneficial for individuals engaged in high-risk occupations or activities.
Critical Illness Insurance: Critical illness insurance provides a lump sum amount to the insured upon diagnosis of specified critical illnesses such as cancer, heart attack, stroke, kidney failure, or major organ transplant. The benefit amount can be used to cover medical expenses and other financial obligations during the treatment and recovery period.
Fire Insurance: Fire insurance provides coverage against damage or loss caused by fire-related incidents. This includes coverage for residential, commercial, and industrial properties. Fire insurance helps individuals and businesses recover from fire accidents and rebuild their lives or operations.
Marine Insurance: Marine insurance covers goods, cargo, and vessels involved in sea transportation. It protects against risks such as damage or loss of cargo during transit, accidents, theft, and natural calamities. Marine insurance is commonly used in international trade and shipping.
Crop Insurance: Crop insurance protects farmers against losses caused by crop failure, pests, diseases, drought or natural disasters. It helps farmers stabilize their income and recover from agricultural losses, thereby ensuring the continuity of agricultural activities.

Different Categories of Insurance in India

Insurance is divided into three main categories: life insurance, general insurance, and government-sponsored insurance. In the table below, we have mentioned all different types of insurance into three main categories:

Life Insurance	General Insurance	Government-Sponsored Insurance
Term Insurance	Health Insurance	Ayushman Bharat Yojana (PMJAY)
Term Return of Premium (TROP)	Motor Insurance	PMSBY
Zero Cost Term Insurance	Car Insurance	PMJJBY
Whole Life Insurance	Two-wheeler Insurance	Atal Pension Yojana
Savings Plan	Home Insurance	National Pension Scheme
Child Insurance	Travel Insurance	Janashree Bima Yojana
Endowment Plan	Business Insurance	West Bengal Health Insurance Scheme
ULIP Plan	Fire Insurance	Central Government Health Scheme (CGHS)
Money Back Insurance Plan	Marine Insurance	Mukhyamantri Amrutum Yojana
Pension Plans	Crop Insurance	Rashtra Swasthya Bima Yojana
-	Critical Illness Insurance	Mukhyamantri Chiranjeevi Swasthya Bima Yojana

List of Insurance Companies in India

In the table below, we have mentioned the complete list of insurance companies in India.

Life Insurance Companies	General Insurance Companies
Max Life Insurance	Acko General Insurance
Bandhan Life Insurance	Agriculture Insurance Company of India Limited
Bharti AXA Life Insurance	Bajaj Allianz General Insurance Company Limited
Life Insurance Corporation of India	Cholamandalam MS General Insurance Company Limited
Pramerica Life Insurance	ECGC Limited
Exide Life Insurance	Future Generali India Insurance Company Limited
Kotak Life Insurance	Go Digit General Insurance Limited
Reliance Nippon Life Insurance	HDFC ERGO General Insurance Company Limited
Bajaj Allianz Life Insurance	ICICI LOMBARD General Insurance Company Limited
PNB Metlife Life Insurance	IFFCO TOKIO General Insurance Company Limited
Aditya Birla Sunlife Insurance	Kotak Mahindra General Insurance Company Limited
TATA AIA Life Insurance	Kshema General Insurance Limited
HDFC Life Insurance	Liberty General Insurance Limited
Aviva Life Insurance	Magma HDI General Insurance Company Limited
ICICI Prudential Life Insurance	National Insurance Company Limited
Canara HSBC Life Insurance	Navi General Insurance Limited
Edelweiss Tokio Life Insurance	Raheja QBE General Insurance Co. Ltd.
India First Life Insurance	Reliance General Insurance Company Limited
Star Union Daichi Life Insurance	Royal Sundaram General Insurance Company Limited
Ageas Federal Life Insurance	SBI General Insurance Company Limited
SBI Life Insurance	Shriram General Insurance Company Limited
Future Generali Life Insurance	Tata AIG General Insurance Company Limited
-	The New India Assurance Company Limited
-	The Oriental Insurance Company Limited
-	United India Insurance Company Limited
-	Universal Sompo General Insurance Company Limited
-	Zuno General Insurance Ltd.

Benefits of Insurance in India

In a country like India, securing your financial future and protecting yourself from unexpected situations is important. This is where insurance emerges as a powerful tool, providing a range of benefits for individuals and families:

Financial Protection: Insurance protects you against medical emergencies, property damage, or unexpected events that affect your finances. It acts as a safety net and ensures you have the resources to recover and rebuild, whether from a serious illness or a natural disaster.
Investment Opportunities: Some life insurance policies in India, such as whole life insurance, have a built-in savings component. These plans allow you to accumulate wealth over time while providing life insurance.
Risk Management: Insurance plays an important role in managing and reducing risks. It allows individuals and businesses to transfer risks they cannot afford to an insurance company. Policyholders can avoid the potentially devastating financial consequences by paying relatively small premiums.
Improved Access to Healthcare: Health insurance plans in India are important in making quality health care more accessible. Covering hospitalization expenses, pre- and post-hospitalization costs and even preventive care, these health plans encourage individuals to seek timely medical treatment without worrying about the financial burden.
Investment Potential: Some life insurance policies in India offer a combination of protection and savings. These policies accumulate a corpus over time, providing a future financial safety net. They can be especially beneficial for long-term goals such as retirement planning or children's education.
Business Continuity: Insurance is essential for businesses as it helps ensure their continuity and survival. Business insurance policies cover risks such as property damage, liability claims, business interruption, and other potential perils. Insurance enables businesses to recover, rebuild, and continue operating by providing financial assistance in times of crisis.
Tax Benefits: The Government of India encourages insurance by offering tax exemption on premiums paid for certain policies. For example, health and life insurance premiums are eligible for tax deduction under sections 80D and Section10(10D) of the Income Tax Act. This makes insurance a tax-efficient tool for saving and planning for the future.
Economic Growth: The insurance sector significantly influences India's overall economic growth. It mobilizes savings and deploys them in productive investments. Insurance companies invest the premiums collected in various sectors, contributing to capital formation, infrastructure development and economic activities.

What are the Add-on Riders Offered in an Insurance Policy?

An add-on rider is an optional benefit that a policyholder can purchase alongside the base insurance policy to enhance the coverage benefits of the policy by paying some extra premium amount. Below are some of the popular add-on riders offered in Insurance Plans:

Life Insurance	Motor Insurance	Health Insurance	Travel Insurance
Accidental Benefit Rider	Engine Protection Rider	Critical Illness Rider	Personal Accident Rider
Waiver of Premium Rider	Zero Depreciation Rider	Personal Accident Rider	Sports Adventure Cover Rider
Income Benefit on Accidental Disability Rider	Roadside Assistance Rider	Hospital Cash Rider	Vehicle Insurance Rider
Critical Illness Benefit Rider	Invoice Protection Rider	Maternity Benefit Rider	Enhanced Medical Cover Rider
Guaranteed Insurability Options Rider	No Claim Bonus Protection Rider	Room Rent Waiver Rider	Cab Cover Rider

What are Some of the Must Have Insurance Policies in India?

Some insurance policies are crucial for financial security in India. Here are some insurance policies that everyone should buy:

Life Insurance: Life insurance is essential to provide financial security to your dependents in case of your untimely demise. This ensures that your loved ones are safe and can maintain their standard of living even in your absence. Term insurance, whole life insurance, and endowment plans are popular options for life insurance coverage.
Health Insurance: As we know, healthcare costs are increasing every day, so it is important to have a health insurance plan. Health insurance covers medical expenses, hospitalization, surgery, and other healthcare-related costs. It protects your savings from being depleted due to medical emergencies and ensures access to quality healthcare services.
Motor Insurance: Under the Motor Vehicles Act, your vehicle must have at least third-party liability insurance. However, it is advisable to opt for a comprehensive motor insurance policy that also covers damages to your vehicle. This protects you against financial losses due to accidents, theft, or damage to your vehicle.
Home Insurance: A home insurance policy protects your property, belongings, and valuables against risks such as fire, theft, natural disasters, and other perils. It provides coverage for the structure of your home and its contents, ensuring that you can rebuild or replace damaged or stolen items.
Personal Accident Insurance: Accidents can lead to disability or loss of income, affecting financial stability. Personal accident insurance provides coverage against accidental injuries, disability and loss of life. It provides financial assistance to cover medical expenses, rehabilitation costs, and compensation for disability or death due to accidents.
Travel Insurance: Travel insurance is important if you travel frequently, domestic or international. This covers medical emergencies, trip cancellations, lost luggage, flight delays and other travel-related contingencies. Travel insurance ensures peace of mind and financial security during your trips.
Critical Illness Insurance: Critical illness insurance provides a lump sum payment upon diagnosis of specified critical illnesses such as cancer, heart attack, stroke, kidney failure, or major organ transplant. It helps cover expensive treatments and medical expenses and provides financial support during recovery.
Professional Liability Insurance: Professionals such as doctors, lawyers, architects, and consultants should consider professional liability insurance. This insurance protects against claims of negligence, errors, or omissions in their professional services and covers legal costs, settlements, and losses arising from professional liabilities.

Tax Benefits of Insurance in India

Insurance policies in India offer a range of tax benefits that can help individuals and businesses save on their tax liabilities. Here are some of the key tax benefits of insurance in India:

Section 80D

Section 80D allows you to claim a deduction on premiums paid for health insurance for yourself, your spouse, dependent children and your parents (up to certain age limits).
The maximum deduction amount varies depending on your age and your parents’ age:

Up to INR 25K for yourself, your spouse, and your children.
Up to an additional INR 25K for dependent parents below 60 years old.
Up to an additional INR 50K for dependent parents above 60 years old.

Moreover, you can claim a deduction of up to INR 5K for preventive health checkups.

Section 80C

Under Section 80C of Income tax, you can claim a deduction for premiums paid on various life insurance policies, such as term insurance, whole life insurance, and Unit-Linked Insurance Plans (ULIPs).
The maximum deduction allowed under section 80C is INR 1.5 lakh per financial year. This limit is shared with other eligible investments, such as employee pension (EPF) contributions and public pension (PPF) investments.
There might be a minimum premium payment requirement or a limit on the sum assured to avail of the full deduction for life insurance premiums under Section 80C.

Section 10(10D)

This section offers tax exemption on the maturity benefit received from certain life insurance plans and the death benefit received from any life insurance policy.
However, certain conditions must be met to avail of this benefit. For instance, the maturity benefit from some ULIPs might be partially taxable if the investment tenure is less than 5 years.

Conclusion

Insurance is a fundamental financial tool that protects individuals, families, and businesses from risks and uncertainties. By understanding the different types of insurance and their benefits, individuals and organizations can make informed decisions to safeguard their financial well-being and secure their long-term goals.

What Is Insurance FAQs

What is the difference between a deductible and an exclusion?

Ans. The deductible is the initial amount you, the insured, are responsible for paying out of your pocket before the insurance company begins covering the costs in a claim. An insurance policy doesn't specifically cover an exclusion, no matter how much you pay in premiums or deductibles.

What happens if I cancel my insurance policy?

Ans. If you cancel your insurance policy, you may be entitled to a partial refund of your premium, depending on the terms of your policy and how long you've had it. However, you will also be left without coverage for the period you have cancelled.

How much does insurance cost?

Ans. The cost of insurance (premium) varies depending on several factors, including:

The type of insurance
The amount of coverage (sum assured)
The insured's risk profile (age, health, driving record, etc.)
The deductible (the initial amount you pay before the insurance kicks in)

What are the main types of insurance?

Ans. There are many insurance types, but some of the most common include:

Life Insurance
Health Insurance
Property Insurance
Liability Insurance
Business Insurance

Can insurance premiums increase over time?

Ans. Yes, insurance premiums can increase over time. This can be due to factors like inflation, changes in your risk profile (e.g., age, health), or increasing medical care costs.

What is the role of insurance companies in the economy?

Ans. Insurance companies play a crucial role in the economy by:

Providing financial security: They offer a safety net for individuals and businesses in case of unexpected events.
Facilitating investment: Insurance companies invest a significant portion of the premiums they collect, contributing to economic growth.
Risk mitigation: By pooling resources, they spread the risk of large losses, making it more manageable for businesses and individuals.

What is the purpose of insurance?

Ans. Insurance's primary purpose is to provide financial protection against various risks and uncertainties. It allows individuals and businesses to transfer the risk of potential losses or damages to the insurance company in exchange for a premium payment.

What are the tax benefits of insurance?

Ans. Many insurance products offer tax benefits to policyholders. For example, life insurance premiums and health insurance premiums can be claimed as deductions under the Income Tax Act in India. Certain insurance policies, such as endowment and unit-linked insurance plans, offer tax-advantaged investment opportunities.

How does insurance facilitate access to healthcare?

Ans. Health insurance is vital in providing access to quality healthcare. It covers the costs of medical treatments, hospitalizations, and other healthcare-related expenses, ensuring that individuals and families can receive the necessary medical care without facing significant financial constraints.

What are the benefits of having insurance coverage?

Ans. The key benefits of having insurance coverage include financial protection, risk management, access to healthcare, tax advantages, savings and investment opportunities, and business continuity. Insurance provides a safety net, allowing individuals and businesses to effectively manage their risks.

Car Accessories To Make Your Drive Comfortable

To some, a car is just a means of transport and to others; it’s their most loved possession. If you are a part of the latter group, here are – 6 amazing car accessories that you might want in your car to make your drive more comfortable:

GPS device

GPS is a simple touch and display device that is preloaded with maps. Adding a GPS device to your car will make your journey easier by guiding you to the destination that you set on the device.

Neck pillow

Your seat head rest is incomplete without this little neck pillow. Head-rest gives support to your head but the neck is partially supported by it. Therefore, this little yet effective accessory is a must in your car for a comfortable drive.

Air freshener

If you love your car and want others to love it as well then an air freshener is something your car should have. There are a lot of products in the market and hundreds of aromas to go for. Also, many of these are spill proof so you do not have to worry about the liquid spilling on the dashboard.

Seat covers

Seat covers provide comfort to the driver as well as others who ride in the car. Also, they protect the original covering and extend the life of the car seat.

Seat gap fillers

Everyone wants to own the slimmest phone possible but it turns out to be really painful when you drop the diet-freak phone in the gap between the seat and centre console. Not just phones, any small thing that falls in this gap is a problem to retrieve. The simple solution to the problem is seat gap fillers. They block the gap between the seat and centre console thus ensuring that nothing falls in this difficult-to-reach area.

Grip gel pads

The motion of the car keeps us going but as soon as the brakes are applied, all things on the dashboard make their way down. Grip gel pads are the perfect solution to the problem. Anything that you keep on these anti-skid gel pads does not slide off, be it your mobile phone, sunglasses or house keys.

So, if your car is missing any of these accessories then it’s time that you grab them to make your car more comfortable. And if you truly love your car then do remember to protect this loved possession of yours with a car insurance policy.

How to Earn Extra Income?

In today's fast-paced world, where financial stability and flexibility are of utmost importance, earning extra income has become the goal of many individuals. More than 60% of Gen Z and 50% of Millennials in India have an additional source of income. This shows how the future generation knows the importance of an extra source of income. So, if you want to pay off debt, save for a dream vacation, or achieve long-term financial freedom in today's time of rising inflation, it's important to have an extra source of income. This article presents a comprehensive guide on how to earn extra income and the benefits of having it.

Benefits of Having Extra Source of Income

Having an extra source of income offers numerous benefits that can positively impact your financial and personal life. Here are some key advantages:

Enhanced financial security
Enhanced financial stability
Financial freedom
Debt reduction
Increased savings and investment
Learn new skills and knowledge
Entrepreneurial Opportunities

Ways to Earn Extra Income

There are various ways to earn extra income, depending on your skills, interests, and available resources. Here are some popular methods to consider:

Become an Insurance Agent: Join RenewBuy and sell insurance to earn extra money. RenewBuy provides a fantastic platform for earning a good income with little effort. Their training programs also help you gain comprehensive knowledge of the insurance industry. To become a POSP Advisor, you just have to visit RenewBuy.com, click on the “Become an Advisor” button and enter your details. Our representatives will connect with you in some time.
Freelancing: Offer your skills and services as a freelancer in areas like writing, graphic design, web development, social media management, translation, or consulting. Platforms like Upwork, Freelancer, and Fiverr connect freelancers with clients seeking their expertise.
Online Surveys and Microtasks: Participate in online surveys or complete microtasks on platforms like Swagbucks, Amazon Mechanical Turk, or Clickworker. While the income may be relatively small, it can be a convenient way to earn extra cash in your spare time.
Starting a YouTube Channel: Creating your own YouTube channel is an incredible way to earn extra income through YouTube. It can be an effective way to earn extra income. For that, you need a subject and effective communication skills. You can make videos on various subjects, such as travel, food, daily vlogs, etc.
Selling in e-Commerce Website: Technology has made buying and selling of items simple. There are various e-commerce websites in India where you can start selling your products online. These websites help you reach a wider audience of customers by listing the products on websites such as Flipkart, Amazon, Myntra, etc. So, selling goods on e-commerce platforms is a fantastic way to earn extra money.
Tutoring and Teaching: Share your knowledge and skills by offering tutoring services in subjects you excel in or teaching language classes. You can provide in-person lessons or virtual tutoring through platforms like VIPKid or iTalki.
Photography and Videography: If you are passionate about capturing moments, offer your photography or videography services for events, portraits, or product shoots. Build a portfolio and market your services to potential clients.
Affiliate Marketing: Social media users with a large following can use affiliate marketing as a source of extra income. Using the power of social media, you can generate more revenue through affiliate marketing. An affiliate marketer advertises the goods of any business or brand. They must share the company’s website URLs on social media.
Online Consultation: You can earn extra income by providing online consultations. People with a degree or professional experience in a particular sector can do this. The consultations can cover various topics, including business, finance, social, and mental health issues. Entrepreneurs or individuals also seek advice from counsellors.
Content Creation: Start a blogging website or podcast channel and monetize it through advertising, sponsorships, or by creating and selling digital products like e-books, courses, or exclusive content.

Conclusion

Earning extra income can improve your financial condition and open up new opportunities by becoming an insurance advisor, freelancing, doing online surveys and microtasks, starting a YouTube channel, selling on an e-commerce website, tuition and teaching, and taking advantage of photography and videography, Affiliate marketing, online consulting, and content creation. Remember, earning extra income requires effort, dedication and a proactive mindset. Embrace the possibilities, take action, and begin the journey toward financial empowerment.

FAQs

How much extra income can I realistically earn?

Ans. The amount of extra income you can earn will vary depending on various factors, such as the method you choose, the time and effort you invest, your skills, and the demand for your services or products. Some methods may provide modest additional income, while others have greater earning potential. Setting realistic expectations and understanding that earning additional income may require consistent effort and time is important.

How much time do I need to dedicate to earning extra income?

Ans. The time commitment will depend on your chosen method and how much income you aim to generate. Some methods, such as freelancing or starting a side business, may require more time in the beginning to establish your presence and build a customer base. Others can be done in your spare time, such as participating in online surveys or renting out property. Assess your schedule and determine how many hours you can devote to your side income activities.

Are there any costs involved in earning extra income?

Ans. The costs of earning extra income can vary depending on your chosen method. Some methods, like freelancing or starting a business, may require initial investments in equipment, marketing, or website development. However, many methods can be started with minimal upfront costs.

Do I need specialized skills or qualifications to earn extra income?

Ans. The skills and qualifications required will depend on the method you choose. Some methods, like freelancing or tutoring, may require specific expertise or qualifications in a particular field. However, many methods allow you to leverage skills you already possess or can easily acquire. For example, renting out assets, participating in the sharing economy, or selling products online can be pursued with general skills and minimal training.

Can I earn extra income while working a full-time job?

Ans. Yes, many people earn extra income while still working full-time. This requires effective time management, priority setting and balancing both commitments. Choose methods that allow flexibility and can be pursued even during non-working hours. It's important to make sure that your side income goals don't interfere with your primary job and that you have the energy and focus needed to juggle both responsibilities.

How can I ensure the legitimacy of online income-generating opportunities?

Ans. While there are legitimate opportunities to earn income online, exercising caution and doing proper research is essential. Look for reputable platforms with positive reviews and a track record of paying users. Read user testimonials and reviews to gauge others' experiences. Beware of any opportunity that promises unrealistic earnings or requires upfront payment. Trust your intuition and thoroughly research any platform or opportunity before investing time or money.

How can I stay motivated and committed to earning extra income?

Ans. Staying motivated and committed to earning extra income can be challenging, especially when juggling multiple responsibilities. Set clear goals and make a plan to achieve them. Break your goals into small, manageable tasks and track your progress. Find ways to stay motivated, such as connecting with like-minded individuals, joining communities or forums related to your activities, or finding accountability partners. Celebrate milestones and reward yourself from time to time to maintain motivation.

5 Important Facts About A Newborn Car Seat

A newborn car seat is designed especially for the baby. It faces the rear end of the car to keep your baby safe and is suitable for newborns weighing 30 to 40 pounds and 30 to 35 inches tall. It is also available in a convertible variant where it caters to the needs of your growing child. However, an infant car seat ensures more safety than a convertible. The harness strap of a convertible car seat tends to be too long and will not cater to the needs of the infant. It is thus safer to use a newborn car seat.

The car seat must be installed correctly /Correct Installation of Car Seat

Its a very important factor that all parents must keep in mind. Usually one can’t figure out whether the seat has been installed properly or not. Hence to avoid any mishap, make these easy checks to see if the job is done correctly or not:

First and foremost, you need to check that you have bought the right seat for your child.
The infant must face the rear end.
Shake the seat to check if it is properly set or not. A properly installed seat will stay fixed.
Check whether the straps are comfortably secured.

These pointers will help keep your baby safe during the course, and you could drive your vehicle peacefully.

Careful with the winter wardrobe

If your baby is wearing a heavy winter jacket or a snow jacket, then the car seat straps may not fix tightly against the child’s body. The extra slack due to the winter wear could imply that the child is not sitting properly. In such a case, its better the child wear minimal clothes. When dressed in a thinner jacket or just indoor clothes, we suggest that you put a blanket on the baby to keep him/her warm and safe.

Preferably not a used car seat

You may consider buying a pre-owned car seat as it is cheap, but in most cases, it would compromise the effectiveness of the car seat. The seat could have been in any previous accident, or the previous owner had not been taking proper care of the car seat hence selling it. If either of them is the case, the seat wouldn’t be durable and will not serve the purpose.

Car seat must be chosen according to the weight of the child

Car seat must be chosen according to the weight of the child. Ensure that you are choosing the seat according to the weight of your baby as it ensures the safety of your child. Carefully read the instruction manual provided by the manufacturer before buying any car seat.

The car seats have an expiration date

Somewhere on the car seat, you have an expiry date mentioned. Note it somewhere, so that you know for how long it would last. Another drawback expired car seat brings with itself is that the plastic of the seat tends to wear down, and this makes the seat unsafe. Hence we do not advise using old car seats.

Why infant car seats are needed

It is mainly for the safety of your child. It reduces the risk of injury during accidents by 70% to 85% and death rate of infants by 40%. Given the increase in the rate of accidents on roads, it is better safe than sorry.

Difference Between Old and New Tax Regime: Which One and How to Choose?

In India, individuals are required to pay government taxes depending on their annual income level. Budget 2020 introduced a new tax regime, which changed the existing tax regimes.

Where the old tax regime offered extended tax benefits for investments made throughout the year, the new tax regime simplified the tax rates but excluded tax exemptions and deductions.

However, taxpayers can select between the old and new tax regimes before the start of the new financial year. Understanding the difference between old and new tax regimes helps make an informed decision and save on taxes. This article will help you by showing the comparison between new and old tax regimes.

Introduction to New Tax Regime

The new tax regime in India represents a significant shift in the income tax system, aiming to simplify tax compliance and reduce the burden of tax planning. The new tax regime was introduced under Budget 2020, revising the tax rates on salary brackets and eliminating more of the exemptions and deductions possible under the old tax regime.

The new tax regime has been in effect since 1 April 2020. Later, the Budget 2023 suggested some revisions to introduce a better tax structure. Currently, the new tax regime has been designated as the default tax regime; however, taxpayers can opt for the old tax regime if they want to use it.

Key Advantages of New Tax Regime

Simplified Tax Slabs

Opting for new tax regime avails you reduced tax rates on different income tax slabs while you have to give up on various deductions and exemptions.

New Tax Regime Income Slab	New Tax Regime Tax Slab Rates
0 - Rs. 3 Lakhs	Nil
Rs. 3 Lakhs - Rs. 6 Lakhs	5%
Rs. 6 Lakhs - Rs. 9 Lakhs	10%
Rs. 9 Lakhs - Rs. 12 Lakhs	15%
Rs. 12 Lakhs - Rs. 15 Lakhs	20%
Rs. 15 Lakhs & Above	30%

Tax Rebate Limit Increased

The new tax regime has increased the tax rebates for income up to Rs. 7 Lakhs, which was Rs. 5 Lakhs in the old tax regime. This implies that individuals with an annual income of up to Rs. 7 Lakhs won’t pay taxes.

Default Selection

The new tax regime is set to default for the new financial year starting in FY 2024. If you wish to continue with the old tax regime, you will have to select it specifically.

Standard Deductions

For Salaried Income: The standard deduction of Rs. 50,000 remains applicable as allowed under the old tax regime. Hence, while calculating the tax-free income, you can subtract Rs. 50,000 from the gross, resulting in a total of Rs. 7.5 Lakhs of tax-free income.
For Family Pension: Individuals receiving a family pension from the government or a private organization are eligible for a deduction of Rs. 15,000 or ⅓ of the pension, whichever is lower.
No LTCG Benefit: The new tax regime does not offer Long-Term Capital Gains (LTCG) benefits on debt funds invested after 31 March 2023.
Higher Leave Encashment Exemption: The leave encashment exemption limit for non-government employees has been increased from Rs. 3 Lakhs to Rs. 25 Lakhs.
Reduction in Surcharge for High Net Worth Individuals: The surcharge charges for those with an annual income of more than Rs. 5 Crores are cut down to 25%, while previously it was 37%. This change lowers the tax rates from 42.74% to 39% for the high net worth individuals.

Introduction to Old Tax Regime

The old tax regime in India refers to the traditional income tax system that was in place before the introduction of the new tax regime. Under the old regime, the taxpayers have the option to claim deductions under various sections of the Income Tax Act, such as Section 80C for investments in specified instruments like Provident Fund, PPF, ELSS, etc., Section 24 for home loan interest, and Section 80D for health insurance premiums.

Also, the benefits payouts received are exempt from tax under Section 10 (10D) of the Income Tax Act, 1961.

The old tax regime has five tax slabs with a limit of 0% to 30% rates.

Key Advantages of Old Tax Regime

Here’s the list of key features of the old tax regime slabs:

Old Tax Regime Slabs

The table below shows the applicable tax slab rates as per the different earning brackets of an individual:

Old Tax Regime Income Slab	Old Tax Regime Tax Slab Rates
0 - Rs. 2.5 Lakhs	Nil
Rs. 2.5 Lakhs - Rs. 5 Lakhs	5%
Rs. 5 Lakhs - Rs. 7.5 Lakhs	20%
Rs. 7.5 Lakhs - Rs. 10 Lakhs	20%
Rs. 10 Lakhs - Rs. 12.5 Lakhs	30%
Rs. 12.5 Lakhs - Rs. 15 Lakhs	30%
Rs. 15 Lakhs & Above	30%

Exemptions and Deductions Under Old Tax Regime

Taxpayers can claim deductions up to ₹1.5 lakh per annum for investments in specified instruments such as EPF, PPF, ELSS, NSC, SSY, life insurance premiums, repayment of the principal amount of a home loan, tuition fees for child education, and the 5-year FB scheme.
The premiums paid towards the health insurance policies for self, spouse, parents, and children can claim deductions under Section 80D of the Income Tax Act. A maximum of Rs. 25,000 deduction for self, children, and spouse, and Rs. 25,000 for parents is allowed. The premiums paid towards the health schemes for senior citizens are eligible for a deduction of upto Rs. 50,000.
Deduction of leave travel allowance.
Deduction of the actual amount of house rent allowance.
Standard deduction of Rs. 50,000 for salaried employees.
The interest earned from the savings account deposits under Section 80 TTA/ 90 TTB.
Donations made to specified funds and charitable institutions are eligible for deductions, subject to specified limits and conditions.

LTCG Benefits

The long-term capital gains (LTCG) benefits are available for debt investments.

Tax Rebate

The taxpayer gets a tax rebate on income of up to Rs. 5 Lakhs under Section 87A.

Comparison: New Tax Regime Vs Old Tax Regime

Since the new tax regime was introduced, there’s been a debate about which tax regime is better and what to choose. From a financial point of view, since every individual has a different set of financial goals and investment objectives, one tax regime may not be universally beneficial for all. It depends on income, available exemptions, and deductions.

Let’s have a look at how the taxes are calculated under the old and new tax regimes:

Say, a salaried individual under 60 years old with an annual income of Rs. 18 Lakhs. When no tax-saving investments were made within the financial year, the tax is calculated for FY 2024-25 as under:

Parameter	New Tax Regime	Old Tax Regime
Annual Income	Rs. 18 Lakhs	Rs. 18 Lakhs
Standard Deduction	Rs. 50,000	Rs. 50,000
Taxable Income	Rs. 17.5 Lakhs	Rs. 17.5 Lakhs
Tax Liability	Rs. 2.49 Lakhs	Rs. 3.51 Lakhs

Now, suppose the individual makes a total investment of 2 Lakhs, i.e., 1.5 Lakhs for investments under Section 80C of the Income Tax Act, and an additional Rs. 50,000 for the premium paid towards a health policy for parents above 60 under Section 80D. The calculated tax liability is available as follows:

Parameter	New Tax Regime	Old Tax Regime
Annual Income	Rs. 18 Lakhs	Rs. 18 Lakhs
Standard Deduction	Rs. 50,000	Rs. 50,000
Tax Saving Investments	NA	Rs. 2 Lakhs
Taxable Income	Rs. 17.5 Lakhs	Rs. 15.5 Lakhs
Tax Liability	Rs. 2.49 Lakhs	Rs. 2.88 Lakhs

* The above calculated taxes result from using the online income tax calculator. You can calculate the taxes according to your tax liability.

Which Tax Regime is Better to Choose: Old or New Tax Regime?

The best way to answer the above question is to identify your income level, consider the investments that you can make within a financial year, and determine which slab you lie in.

You can compare the old and new tax regimes based on your tax-saving liabilities and have your answer. The right approach is to choose the regime having the lower tax liability.

While the old tax regime involved more paperwork, the prescribed investment had to be declared within a specific period.

Critically consider the pros and cons of both new and old tax regimes and the overall tax benefits you can achieve. Use the income tax calculator to help you estimate the amount to make things easier.

Frequently Asked Questions

Can I claim 80C deductions under the new income tax system?

No, if an individual opts for a new tax regime, they cannot take advantage of the tax deductions and exclusions under Section 80C and Section 80D.

Does a salaried individual need to choose the tax system for every fiscal year?

For the financial year 2024-25, the new tax regime is considered the default option unless the taxpayer specifically opts for the old tax regime. As of now, switching from one tax regime to another within one financial year is not restricted.

Can I switch from old tax systems to new tax systems multiple times?

A salaried individual can opt for the applicable tax regime at the start of each financial year and even at the time of filing the income tax return. An individual with a business income has only one chance to opt for the tax regime; once you have chosen the new tax regime, you cannot switch back.

Do I need to file for taxes, even if my annual income is below Rs. 3 Lakhs?

Even if your income is below Rs. 3 Lakhs, you must file for an income tax return.

How do you calculate the surcharge on the income tax?

The surcharge is calculated on the tax charged and not on the income earned. Say you give 20% of tax on Rs. 10,000, which is Rs. 2,000. Then, a surcharge will be charged on Rs. 2,000 (if applicable). Below is the rate for the surcharge:

For income above 50 Lakhs, 10% surcharge is levied
For income more than 1 Crore, 15% surcharge is applicable
For income more than 2 Crores, 25% surcharge is charged

If my income is 7 Lakhs, how much tax do I have to pay?

As per the new tax regime, no tax is charged on income of up to Rs. 7 Lakhs.

Is the standard deduction applicable in the new tax regime?

Yes, the standard deductions are applicable under the new tax regime. A total of Rs. 50,000 is allowed for standard deduction from the total salaried income.

What deductions are allowed under the new tax regime?

The following deductions can be claimed under the new tax regime:

Standard deduction of Rs. 50,000
Home loan interest under Section 24B
Employer contribution made to NPS under Section 80CCD
Contributions made to Agniveer Corpus Fund under Section 80CCH
Deduction on family pension income

Can I avail of HRA benefits under the new tax regime?

The exemption for the house rent allowance (HRA) is not available under the new tax regime.

How do I switch from the old tax regime to the new tax regime?

Taxpayers can choose between the old and new tax regimes at the start of each financial year or while filing their income tax returns. Based on their income slabs and investment preferences, opt for the preferred regime while filing taxes.

Will the new tax regime save me more money compared to the old regime?

Gaining benefits from the tax regime depends on various factors, including your income, deductions, exemptions, and individual tax planning. Some taxpayers may find the new tax regime more beneficial, while others may prefer the old regime.

Benefits of Yoga

In today's fast-paced, constantly changing world, yoga has emerged as an icon of holistic well-being. It offers transformative solutions to our physical, mental, and emotional challenges. Beyond a series of physical postures, yoga is a comprehensive lifestyle approach that harmonizes body, mind, and spirit, enhancing a sense of overall well-being.

What is Yoga?

Yoga, an ancient practice originating in India, is a holistic approach to physical, mental and spiritual well-being. It combines a series of asanas (asanas), controlled breathing techniques (pranayama), and meditation to create a harmonious balance between body and mind.

Basically, yoga is a physical exercise and a way of life that promotes mindfulness, self-awareness, and inner peace. Through the practice of yoga, individuals can develop a deeper connection with themselves, find greater clarity, and develop a sense of overall well-being.

Benefits of Yoga

As the practice of yoga has gained global recognition, the scientific community has also taken a keen interest in exploring its numerous health benefits. Here are some of the ways in which yoga can transform your life:

Better Physical Health: Yoga involves various asanas and activities that target different muscle groups to improve flexibility, balance, and overall physical strength. Regular exercise can also improve heart health, respiratory function, and the risk of chronic conditions like high blood pressure and diabetes.
Stress Reduction and Mental Well-being: The mindfulness and meditation aspects of yoga profoundly affect mental health. This practice can help reduce symptoms of anxiety, depression and stress, promoting a sense of calm and inner peace.
Yoga for Weight Loss: Some yoga asanas, such as power yoga and vinyasa flow, can be highly effective for weight loss. These dynamic, high-intensity styles of yoga not only burn calories but also help build muscle, boost metabolism, and develop a stronger mind-body connection, which can support overall health and wellness goals.
Improved Flexibility and Mobility: One of the hallmarks of yoga is the ability to improve flexibility and range of motion. By practicing yoga asanas regularly, individuals can experience increased joint mobility, reduced muscle tension, and improved posture, leading to greater ease of movement and reduced risk of injury.
Improved Respiratory Function: Yoga helps control breathing techniques (pranayama), improves lung capacity, increases oxygen intake, and promotes better respiratory health. This may be particularly beneficial for individuals with respiratory problems or those wishing to improve their respiratory fitness.
Improves Sleep Quality: Yoga's calming and restorative nature can positively affect sleep quality. A combination of physical postures, controlled breathing, and meditation can help individuals relax both the body and mind, leading to better sleep and improving overall rest and recovery.

Yoga For Weight Loss

In the ever-evolving landscape of weight management, yoga has emerged as a powerful and holistic solution. Beyond just a physical practice, yoga offers a comprehensive approach to achieving and maintaining a healthy weight, blending the principles of mindfulness, breath control, and strategic movement.

Benefits of Yoga for Weight Loss

The versatility of yoga as a weight loss tool lies in its multifaceted approach to overall well-being. Here are some of the major ways yoga can help in your weight loss journey:

Calorie Burning and Metabolic Boost: Certain styles of yoga, such as power yoga, vinyasa flow and Ashtanga, are particularly effective at burning calories and boosting metabolism. These dynamic, high-intensity exercises involve a series of flowing postures that engage multiple muscle groups, leading to increased calorie expenditure during and after the workout.
Muscle Building and Toning: Many yoga asanas, especially those that involve isometric holds and resistance-based movements, can help build and tone muscles. This increased muscle tissue increases overall physical strength and contributes to a higher resting metabolic rate, allowing the body to burn more calories even when at rest.
Stress Management and Emotional Regulation: Yoga's emphasis on meditation and breath control profoundly affects stress management and emotional well-being. By reducing levels of the primary stress hormone cortisol, yoga can help reduce the negative effects of stress-induced overeating and emotional eating, which can be major hindrances to weight loss efforts.
Better Appetite Regulation: Certain yoga asanas, such as those focused on the core and abdominal area, may help improve digestion and control appetite by stimulating the vagus nerve, which plays a key role in the body's hunger and satiety signals.
Enhanced Mind-Body Connection: Yoga's holistic approach encourages a deeper connection between mind and body, helping individuals become more attuned to their physical sensations, emotional states, and hunger cues. This increased self-awareness can lead to more conscious and intuitive eating habits that support sustainable weight management.

Yoga Asanas for Weight Loss

To maximize yoga's weight loss benefits, choosing the right styles and sequences that suit your specific goals and fitness level is important. Some popular yoga styles that are particularly effective for weight loss include:

Power Yoga is a dynamic, fast-paced practice that combines strength-building poses with cardio-like movements, resulting in a high-intensity workout.
Vinyasa Flow is a fluid, breath-synchronized practice that combines postures into a continuous, flowing sequence involving the entire body.
Ashtanga Yoga is a traditional, physically demanding practice in which a set sequence of postures is followed, building heat and strength.

Conclusion

As the world grapples with the challenges of modern life, the practice of yoga has become increasingly relevant and valuable. Incorporating yoga into your daily routine can unlock a world of physical, mental and spiritual benefits, empowering you to live a healthier, more balanced and more fulfilling life.

Whether you're new to yoga or an experienced practitioner, a journey of self-discovery and personal growth awaits you. Embrace the transformative power of yoga and move toward a more harmonious and vibrant existence.

Benefits of Yoga FAQs

How does yoga improve flexibility?

Ans. Yoga poses involve stretching and lengthening muscles, increasing your range of motion. As you hold poses and transition between them, your flexibility gradually improves.

Can yoga help me build strength?

Ans. Yes! Many yoga poses target specific muscle groups, and holding them against gravity builds strength. Yoga also improves core strength, which is essential for good posture and stability.

Is yoga good for stress relief?

Ans. Absolutely! Yoga combines physical postures, breathing exercises, and meditation. Focusing on your breath and movement helps quiet the mind and reduce stress hormones.

Can yoga help me sleep better?

Ans. Yoga's relaxation techniques can promote better sleep. Combining physical activity and stress reduction can help you fall asleep faster and sleep more soundly.

Does yoga improve heart health?

Ans. Yoga can benefit your heart in several ways. Certain poses can improve circulation, and focusing on deep breathing strengthens your cardiovascular system.

Is yoga good for weight management?

Ans. While not solely for weight loss, yoga can be a helpful tool. Some styles involve a more vigorous flow, which burns calories and potentially aids weight management.

Can yoga help with back pain?

Ans. Yoga poses targeting core strength and improving flexibility can help alleviate back pain. Yoga can also improve posture, which further reduces strain on the back.

Is yoga suitable for beginners?

Ans. Definitely! Many yoga classes cater to beginners, offering modifications for poses. There are also various yoga styles with varying intensity levels, so you can find a practice that suits your fitness level.

What are some things to consider before starting yoga?

Ans. If you have any pre-existing medical conditions, it's wise to consult your doctor before starting yoga. Choose a yoga style that interests you and find a qualified instructor to guide you safely.

How often should I practice yoga to see the benefits?

Ans. Even a few yoga sessions a week can yield benefits. Consistency is key, so find a practice schedule that works for you and gradually increase the frequency as you get stronger and more comfortable.

Benefits of Turmeric Milk

Turmeric, or Haldi, is a vibrant spice used in Indian cuisine and traditional medicine. It is renowned for its extraordinary health-promoting properties. When combined with milk, it forms a powerful mixture called turmeric milk or Haldi milk. This nutritious drink tastes very good and provides various benefits for overall health. In this article, we will learn about the advantages of haldi milk or turmeric milk if we include it in our daily routine.

Advantages of Haldi Milk or Turmeric Milk

Haldi milk, or turmeric milk, offers many advantages for overall health and well-being. Let's explore the key advantages of haldi milk in your daily routine:

Powerful Anti-Inflammatory Agent: Enriched with the goodness of curcumin, a powerful compound found in turmeric, haldi milk acts as an effective anti-inflammatory agent. Due to curcumin's ability to reduce inflammation in the body, regularly consuming turmeric milk can relieve inflammatory conditions like arthritis, joint pain and inflammatory bowel diseases.
Immunity Booster: One of the major benefits of haldi milk is its ability to strengthen the immune system. The presence of curcumin in turmeric milk boosts immune function, strengthening the body's defence mechanisms against infections and diseases. Regular consumption of turmeric milk can help reduce the common cold, flu, and respiratory illnesses, allowing you to maintain optimal health.
Antioxidant Powerhouse: Curcumin, the star ingredient in turmeric milk, is a powerful antioxidant that combats the harmful effects of free radicals in the body. By neutralizing these harmful molecules, turmeric milk or haldi milk protects against oxidative stress associated with chronic diseases like cancer and heart disease. By including turmeric milk in your daily routine, you can remain healthy for a long time.
Digestive Aid: Haldi milk has a rich history of being a soothing remedy for digestive issues. It helps maintain a healthy digestive system by stimulating bile production, which helps break down fats and enhance digestion. Furthermore, turmeric milk's gentle laxative properties can relieve occasional constipation, promoting regular bowel movements and a comfortable digestive experience.
Radiant Skin: The advantage of haldi milk is that it also reaches your skin. Curcumin's antioxidant and anti-inflammatory properties help with skin inflammation, acne, and other skin conditions. Regular consumption of turmeric milk can promote a healthy complexion, reduce the signs of ageing, and enhance your skin's natural glow. Say hello to a vibrant and youthful glow!
Mood Booster: Turmeric milk offers more than just physical benefits; It can also positively affect your mental health. Curcumin has been linked to improving mood and reducing symptoms of depression. By incorporating turmeric milk into your daily routine, you can experience a sense of calm and improve your overall mood, allowing you to face daily challenges with a positive attitude.
Joint Health and Flexibility: The anti-inflammatory properties of curcumin present in turmeric milk make it a valuable ally in promoting joint health and flexibility. Consuming turmeric milk regularly can help reduce joint pain, stiffness and swelling associated with conditions like arthritis. It supports better joint mobility, allowing you to engage in activities with greater ease and comfort.
Promotes Better Sleep: The soothing properties of haldi milk make it an excellent natural remedy to promote better sleep. It helps to relax the mind and body, reducing stress and anxiety. The presence of an amino acid called tryptophan in milk is helpful in inducing sleep and improving the quality of sleep.

Also Read: Benefits of Yoga

Conclusion

Turmeric milk, or haldi milk, has many health benefits that can enhance overall health. From its powerful anti-inflammatory properties and immunity-boosting effects to its positive effects on digestion, skin health, and mood, turmeric milk offers a holistic approach to wellness. Include this golden elixir in your daily routine and know the remarkable benefits of turmeric milk. Embrace the power of turmeric and experience a healthier, happier life.

Benefits of Turmeric Milk FAQs

What is turmeric milk?

Ans. Turmeric milk, or haldi milk, is a traditional drink mixing milk with turmeric powder. It is a popular drink in Indian and Ayurvedic traditions.

What are the benefits of haldi milk?

Ans. Haldi milk offers many benefits, including its anti-inflammatory properties, immune-boosting effects, antioxidant power, support for digestive health, glowing skin, enhanced mood, joint health, better sleep, and heart health. Potential cognitive benefits are included.

How does turmeric milk help with inflammation?

Ans. Turmeric contains curcumin, a compound with powerful anti-inflammatory properties. When consumed in the form of turmeric milk, curcumin helps reduce inflammation in the body, thereby providing relief from conditions like arthritis, joint pain and inflammatory diseases.

Can turmeric milk boost immunity?

Ans. Yes, turmeric milk has immunity-enhancing properties. Curcumin in turmeric helps enhance the immune system, strengthening the body's defence mechanisms against infections and diseases. Regular consumption of turmeric milk can reduce the frequency of common illnesses like colds, flu, and respiratory infections.

Is turmeric milk a good antioxidant?

Ans. Yes, turmeric milk is a powerful antioxidant. Curcumin neutralizes harmful free radicals in the body. It helps protect cells from damage, reduces the risk of chronic diseases, and promotes overall health.

How does turmeric milk support digestion?

Ans. Haldi milk helps digestion by stimulating bile production, which helps break down fats and enhance digestion. It also has mild laxative properties that relieve occasional constipation and promote regular bowel movements.

Can turmeric milk improve skin health?

Ans. Yes, turmeric milk can contribute to healthy skin. The antioxidant and anti-inflammatory properties of curcumin help deal with skin inflammation, acne and other skin conditions. Regular consumption of turmeric milk can promote a healthy complexion, reduce the signs of ageing and enhance the skin's natural glow.

Does turmeric milk help with sleep?

Ans. Yes, the soothing properties of turmeric milk may promote better sleep. It helps to relax the mind and body, reducing stress and anxiety. The amino acid tryptophan's presence in milk helps induce sleep and improve sleep quality.

Can turmeric milk benefit heart health?

Ans. Curcumin in haldi milk may have cardiovascular benefits. It may help maintain healthy cholesterol levels, reduce the risk of blood clot formation, and support overall heart health.

Is turmeric milk good for brain health?

Ans. Yes, turmeric milk can be beneficial for brain health. Curcumin's neuroprotective properties may help improve cognitive function, enhance memory, and potentially reduce the risk of neurodegenerative disorders like Alzheimer's disease.

A Complete Guide to Achieve Financial Independence

Picture this: You wake up in the morning but are not in a rush to reach your workplace. You sip your chai peacefully, knowing your bills are covered and your future is secure. This is what financial independence means in general - a concept that's like planting seeds today to reap fruits of freedom tomorrow.

Financial independence is basically being in a place where you don’t rely on a paycheck to survive. It's about having enough money saved or invested to cover your expenses. Imagine having the freedom to follow your passions, travel the world, or spend time with loved ones without worrying about money.

For many of us, financial independence is the ultimate goal because it means breaking free from the cycle of living paycheck to paycheck. It's about enjoying the peace of mind that comes with knowing you have enough savings and investments to support your lifestyle, both now and in the future. Irrespective of your life stage, the journey to financial independence is within reach, and this guide is here to help you every step of the way.

Let’s start with the basics first.

What is Financial Independence?

Financial independence represents a state wherein an individual is free from the necessity of active employment to live life. It signifies adequate financial resources to cover expenses and maintain living standards without relying solely on earned income.

In essence, achieving financial independence means assuming control over your financial destiny. It requires multiple income streams, managing expenditures, and investing money in the right way to establish a financial foundation.

The journey towards financial independence requires commitment and a strategic outlook. It requires setting clear financial objectives, defining comprehensive plans, and following them. Let us now dive deeper into the benefits of becoming financially independent.

Benefits of Financial Independence in Life

Attaining financial independence comes with multiple advantages that go far beyond monetary considerations. It serves as a cornerstone of a prosperous life. These include:

Freedom of Choice

Financial independence allows you to make choices based on personal preferences, not financial challenges. Whether it's pursuing a passion project, making a career change, or traveling the world, financial independence empowers individuals to follow passions aligned with their likes.

Reduced Stress and Anxiety

Liberating yourself from financial insecurity can help reduce stress and anxiety associated with money matters. With a solid financial foundation in place, you can enjoy peace of mind knowing that you can deal with unexpected expenses or economic downturns.

Work-Life Balance

Financial independence also enables you to set personal priorities over professional responsibilities and maintain a healthier work-life balance. Whether it's spending more time with family or pursuing personal development, financial independence gives the flexibility to allocate time according to individual preferences.

Opportunities for Personal Growth

When freed from the challenges, you can devote time and resources to personal growth and self-improvement. Whether it's pursuing further education, building new skills, or investing in personal development, financial independence provides the resources necessary for continual growth.

Enhanced Social Connections

Financial independence facilitates meaningful social connections and enriching experiences by providing the means to engage in social activities and build relationships. Whether it's hosting gatherings, participating in community events, or supporting charitable causes, it creates a sense of connection and belonging within your social circle and community.

Now, let’s cover the actionable part of how you can become financially independent.

7 Ways to Become Financially Independent

Set Clear Financial Goals

You can begin your journey towards financial independence by outlining clear goals. Whether it's creating an emergency fund for unexpected expenses, clearing debts, or saving for retirement, setting right objectives acts as a roadmap. This clarity can help you focus efforts and track your progress effectively.

For example, if your goal is to build an emergency fund, decide on a target amount, like three to six months' worth of living expenses. Having clear goals motivates you to take action and makes your path to financial independence more achievable.

Live Below Your Means

To get a better idea about this, imagine a lifestyle where financial decisions are rooted in wisdom. It requires a mindset of mindful consumption, where needs take over desires. By consciously opting for simplicity over excess, you can spend less and open doors to financial liberation.

This is where you need to practice mindful spending by distinguishing between your needs and wants, and prioritize fulfilling your needs first. Avoid unnecessary expenses by cutting down on non-essential purchases and seeking out more affordable options. This way, you'll have more money to save and invest, bringing you closer to financial independence.

Establish Multiple Income Streams

Relying solely on one income source can make you closer to financial uncertainties. Diversifying your income streams involves adding multiple alternative avenues other than your primary job to enhance financial stability.

This may include taking up freelance projects, engaging in part-time work, generating rental income from property investments, or planning for passive investments, such as stocks or mutual funds. This way, you can increase your earning potential and reduce the risks associated with dependence on a single income source.

Invest Wisely

While looking for financial independence, one of the most crucial tools is investment. It's not just about saving money but making it work for you.

Investing wisely involves investing your savings intelligently to build long-term wealth and secure financial independence. You need to educate yourself about various investment avenues like stocks, mutual funds, etc. This is how you can develop an investment portfolio matching your risk tolerance and financial objectives.

By spreading your investments across asset classes, you can also mitigate risk and maximize potential returns. With the right knowledge and approach, strategic investing can make the way towards a financially secure future, enabling you to achieve your long-term financial goals with confidence.

Prioritize Debt Repayment

Prioritizing debt repayment is similar to clearing the path ahead towards financial freedom. If you already have debt piled up against your income, you would feel bound to work for a paycheck. Therefore, you need to start by repaying high-interest debts, such as credit card balances, which can otherwise affect financial progress.

Besides, you can adopt a debt repayment strategy to pay off outstanding balances systematically. You can choose to pay off debts from smallest to largest or prioritize debts with the highest interest rates first. Whichever method you choose, consistency is key. You can reduce financial burdens and move towards financial independence one payment at a time by making regular payments and chipping away at your debts.

Build an Emergency Fund

Amidst life’s challenges, unexpected storms can arise to test your financial ability. However, with the right preparation, you can deal with any financial hurdle that comes your way. An emergency fund can serve as an anchor amidst such times, providing a safety net to shield against unforeseen expenses and financial hardships.

In terms of how big your emergency fund should be, you can aim to have enough savings to cover three to six months' worth of living expenses. This will ensure you have a buffer to fall back on during emergencies like medical emergencies, job loss, etc. Keep your emergency fund in a savings account or liquid investment, ensuring quick access when needed.

Plan for Retirement

As you journey through life, it's essential to map out your financial future, particularly when it comes to retirement planning. Planning for retirement is about securing a comfortable and stable future.

This will require you to begin early to benefit from the power of compounding and ensure long-term financial independence. You need to contribute to retirement accounts such as Public Provident Fund (PPF), National Pension System (NPS), or Employee Provident Fund (EPF) regularly, taking advantage of employer contributions and tax benefits to optimize savings.

By initiating early investments in these retirement options, you can build the way for a financially secure retirement.

Conclusion

Each step toward financial independence is a symbol of your commitment to shaping a brighter future. From understanding the essence of financial freedom to implementing practical strategies, this guide can light the path towards economic empowerment.

As you step on the ladder of financial independence, remember that every choice you make today shapes the trajectory of your future. With perseverance and a strategic outlook, you can overcome obstacles, seize opportunities, and realize your aspirations for a life of abundance, security, and freedom.

Achieve Financial Independence with RenewBuy

A practical path to financial independence is leveraging opportunities within the insurance industry. RenewBuy, as a trusted insurance distribution platform, allows individuals to earn more and secure their financial future by becoming a RenewBuy Partners/POSP Advisor. Here’re some of the perks of joining hands with RenewBuy:

As a RenewBuy POSP Advisor, you can earn commissions on every policy you sell. The more you sell, the higher your earnings.
RenewBuy offers comprehensive training programs to equip you with the necessary knowledge and skills. This ensures you can effectively understand and meet the needs of your clients, build a solid reputation, and increase your sales.
With access to a diverse portfolio of insurance products, you can cater to various client needs, enhance your marketability, and can generate income from different customer segments.
Over time, you can earn renewal commissions on existing policies as you build a loyal client base. This will create a stream of passive income and move you closer to financial independence.

By leveraging the opportunities we provide, you can increase your current earnings and build a sustainable income that supports your journey to financial independence.

Recommended Reads:

FAQs

Question: What does financial independence mean for a layman?

Answer: Financial independence means having enough savings, investments, and passive income to cover your living expenses without relying on a regular job or income. It's the freedom to make choices based on your desires and have the financial security to live life on your own terms without worrying about money. The definition of financial independence may also vary from person to person.

Question: How can I become financially independent?

Answer: Becoming financially independent involves a few key steps.

Assess your current financial situation and set clear goals.
Create a budget to track your income and expenses.
Start saving and investing consistently, focusing on building multiple income streams like investments, side hustles, or passive income.
Reduce debt and live below your means to accelerate your progress.
Stay disciplined and patient as you work towards your financial goals.

Question: Why do we need financial independence?

Answer: Financial independence can provide financial security and freedom. Without it, individuals can be vulnerable to unexpected financial hardships like job loss or medical emergencies. It can also allow them to pursue passions, travel, or spend time with loved ones without the money worries.

Question: Should youngsters consider financial independence to be a goal in life?

Answer: Starting early on the path to financial independence can set youngsters up for a secure and fulfilling future. The power of compounding means that the earlier you start saving and investing, the more time your money has to grow. Plus, achieving financial independence at a young age can open up opportunities to pursue passions, take risks, and enjoy life to the fullest without being tied down by a regular salary.

Question: How to become financially independent by the age of 40?

Answer: Becoming financially independent by 40 requires disciplined saving, investing, and pre-defined financial planning. You can start by setting clear financial goals and creating a detailed plan to achieve them. Similarly, you can maximize your income potential through career advancement or entrepreneurial ventures. While continuing your journey toward financial independence by 40, you need to stay focused, adapt to changes, and maintain a basic lifestyle.

Exploring the World of Part-Time Jobs: Finding Flexibility and Opportunity

In today's fast-paced world, part-time jobs have gained popularity as a flexible working arrangement, a source of additional income, or a gateway to diverse experiences. Part-time jobs offer many options, empowering individuals to cater to their various needs and aspirations. Whether you're a student, a professional seeking to boost your earnings, or an individual striving for a better work-life balance, part-time work puts you in the driver's seat. From traditional roles in retail and hospitality to contemporary opportunities in the gig economy, this article will delve into the world of part-time jobs, including those near you, work-from-home options, and online opportunities for students and professionals.

What are Part-time Jobs?

Part-time jobs are a form of employment where individuals work for fewer hours than what would be considered full-time. Part-time jobs generally involve working less than 40 hours per week, although the specific number of hours can vary depending on the employer and industry. Part-time jobs provide flexibility to individuals with other commitments, such as students, parents, or individuals pursuing other interests or responsibilities. Part-time work can be found in various industries, including retail, hospitality, customer service, health care, education, etc.

Benefits of Part-Time Jobs

As we all know, the job market has significantly shifted in the post-COVID-19 era, with remote and hybrid jobs gaining popularity. However, full-time work, often perceived as the most secure and well-paid choice of employment, may only sometimes be the best fit for everyone. With its unique advantages, part-time work is increasingly attractive to individuals at certain stages of life. Below are some of the key benefits of part-time jobs:

Part-Time Jobs: The Benefits of Flexibility: Part-time jobs offer various benefits, such as flexibility in scheduling, the ability to pursue other interests or commitments, and the opportunity to gain experience in different industries. Many part-time jobs allow individuals to choose their preferred working hours, making balancing work and personal life more manageable.
Part-Time Jobs Near Me: Exploring Local Opportunities: There are many places to explore when searching for part-time jobs near your location. Start by checking community centres and newspapers for postings. Additionally, online platforms and job search engines often offer filters to help you find part-time positions in your area. Popular industries for part-time work include retail, hospitality, customer service, tutoring, and health care.
Work-from-Home Part-Time Jobs: Embracing Remote Opportunities: The rise of remote work has opened up many work-from-home part-time job opportunities and made them viable and reliable. These roles allow individuals to work from the comfort of their homes, saving time and money on commuting. Typical work-from-home part-time jobs include virtual assistants, data entry, content writing, graphic design, online tutoring, and customer support. Online freelancing platforms and job boards are excellent resources for finding remote, part-time work.
Online Part-Time Jobs for Students: Balancing Work and Studies: Online jobs offer flexibility and convenience, perfectly tailored to the unique schedules of students seeking part-time employment. Online tutoring, content writing, transcription, social media management, and virtual internships are popular options that allow students to earn income while managing their academic commitments. Many companies specifically offer part-time positions that understand and respect student schedules, providing valuable learning experiences.
Online Part-Time Jobs from Home: Maximizing Convenience: Part-time jobs from home provide an excellent opportunity for individuals who prefer the comfort and convenience of working remotely. These jobs eliminate geographical constraints and allow individuals to work for companies or clients from different locations. Freelancing, content creation, online surveys, affiliate marketing, and e-commerce are just a few examples of online part-time work that can be pursued from the comfort of home.

Types of Part-Time Jobs in India

Various part-time job opportunities in India cater to various skill sets and interests. Here are some common types of part-time jobs in India:

Become an Insurance Agent: RenewBuy allows you to become an insurance advisor (POSP Advisor) and earn unlimited monthly commissions. To earn attractive monthly commissions, you must reach out to potential customers, sell financial products, and help them make informed decisions.
Content Writing and Blogging: Writing articles, blog posts, website content, or social media content for businesses and publications.
Online Tutoring: Providing academic tutoring in math, science, languages, or test preparation through online platforms.
Data Entry and Transcription: Entering data into spreadsheets or systems, transcribing audio or video recordings, and performing clerical tasks remotely or in person.
Freelance Graphic Design and Illustration: Creating visual designs, logos, illustrations, or digital artwork for clients on a project basis.
Social Media Management: Managing social media accounts, creating content, scheduling posts, and engaging with the audience on behalf of businesses.
Event Hosting and Emceeing: Hosting events, conferences, or shows and serving as a master of ceremonies (MC) to engage the audience and facilitate the program.
Photography and Videography: Capturing photos or videos for events, weddings, portraits, product shoots, or promotional content.
Fitness Instructor or Personal Trainer: This position involves leading fitness classes, providing personal training sessions, or teaching specialized workouts like yoga, Zumba, aerobics, or martial arts.
Virtual Assistance: Assisting clients remotely with administrative tasks, email management, appointment scheduling, travel arrangements, and online research.
Delivery Services: Working for food delivery platforms, courier services, or e-commerce companies to deliver packages or meals to customers.
Retail Sales and Customer Service: Assisting customers in retail stores, handling cash transactions, providing product information, and ensuring a pleasant shopping experience.
Part-Time Teaching: Working as a part-time teacher or lecturer in educational institutions, coaching centres, or tutoring centres.
Data Analysis and Market Research: Analyzing data, conducting surveys, or assisting with market research projects for businesses or research organizations.
Pet Care and Dog Walking: Taking care of pets, offering pet-sitting services, or walking dogs for pet owners.

Conclusion

Part-time jobs have become integral to the modern workforce, offering individuals the flexibility and convenience they desire. Whether you are looking for part-time work near your location, work-from-home options or online opportunities for students and professionals, the diverse range of part-time jobs available ensures something for everyone. Embrace the world of part-time work, find the options that best suit your needs, and unlock potential for personal and professional growth.

Part-time Jobs FAQs

Are there any tax implications for part-time jobs?

Ans. Yes, you will likely need to pay taxes on your part-time earnings. For specific tax requirements, consult a tax professional or refer to our income tax page for a better understanding of income tax.

What are the benefits of working part-time?

Ans. Some of the benefits of part-time jobs are:

Flexibility
Additional income
Networking
Freedom to choose working hours

What are some downsides of part-time jobs?

Ans. Low income and fewer benefits are the most common disadvantages of part-time jobs. Part-time employees are not eligible for corporate health insurance, paid vacation, or other perks offered to full-time employees.

What kind of part-time jobs are available?

Ans. There are various types of part-time jobs available in India. Below is the list of part-time jobs available in India:

Become an Insurance Advisor
Content Writing and Blogging
Online Tutoring
Social Media Management
Part-time Teaching
Photography and Videography
Fitness Trainer

How many hours are expected in a part-time job?

Ans. The number of hours varies depending on the role and employer. Typically, this is between 10 and 20 hours per week, but some positions may offer more or less than this.

How can I find a part-time job?

Ans. You can find part-time jobs in the following ways:

Online job boards
Networking
Direct contact

What should I prepare for in a part-time job interview?

Ans. Be prepared to discuss your availability and scheduling flexibility. Highlight skills and experiences relevant to the position and demonstrate your enthusiasm for the opportunity. Remember to ask questions about the job, schedule, and growth prospects.

What are some valuable skills for part-time jobs?

Ans. Communication, teamwork, customer service, problem-solving, and time management are all in high demand for part-time positions.

8 Tips For Driving Safely In Snow

Patience is the keyword when driving in snow, and one needs to be very cautious while driving. Fatal accidents happen due to unnecessary speeding in the snow. Unsafe driving in the snow causes a significant number of deaths every year. Over confident driving skills especially in the snowy winters can put one in the hospital or even worse.

Your car does not make you invincible in the snow

This is to all those over confident four-wheel drivers who think that no harm can come to them. A four wheeler sends the required amount of torque to each of the tyres which provide extra traction to move forward in snow. That, however, does not ensure that you can come to a quick stop after racing down the snow. So, it is better to slow down to avoid any fatal accidents.

Do not follow the vehicle in front of you too closely

This is an important precaution. You must be cautious or if you are not very confident about your winter driving, maintain the distance between you and the car in front of you. This will ensure that you do not bump into the car in case it is facing some problem and is abruptly slowing down.

Tyres

Having the right tyres for snow driving is important. As winter sets in you must change your tyres as a precautionary measure. One should have a 6/32 -inch deep dread tyre for appropriate snow traction.

Get your vehicle ready in time

It is important that you make the required changes in your vehicle before winter sets in; stock your car with a winter survival kit, replace your old tyres and windshield wipers if they are old. Ensure that your oil tank is full so that you can stay warm inside your car if you get stuck or are stranded anywhere.

Do not rush to your destination.

It is important that you take a lot of time in hand before getting out to work. Trips in snowy winter take longer time than otherwise.

Electronic Stability Control

This technology works like magic in most cases and saves you from a fatal skid. But if this cannot save you then nothing can. 2012 onwards all cars are provided with Electronic Stability Control system.

See and be seen as well

If it has been too long that you have changed your windshield wiper, then you need to change it for the coming winter. It is important to see clearly while driving through the snow. At the same time keep your headlights and rear lights on even during the day. A snowy or overcast day lowers visibility, so it is important that you are seen by other cars as well.

Drive only if necessary

Do not drive in the snow unless it is extremely important. If you have the option of staying at home, then do so.
Enjoy the snow and drive safe!

How to Avoid Heat Waves?

As global temperatures rise, heat waves have become familiar and dangerous, posing significant risks to human health and the environment. Over long periods, extreme temperatures can have serious consequences, ranging from heat exhaustion and heatstroke to increased stress on the electricity grid and water resources.

Confronted with this escalating challenge, we must equip ourselves with practical strategies to combat and mitigate the impacts of heat waves. By understanding the science behind these events and adopting a comprehensive approach to heat wave preparedness, we can safeguard our well-being and contribute to the resilience of our communities.

Understanding Heat Waves

A heat wave is a prolonged period of excessively hot weather, often accompanied by high humidity and minimal nighttime relief. These events are primarily driven by climate change, the urban heat island effect, high-pressure systems, and reduced evaporative cooling.

Climate Change: The ongoing global warming trend, primarily attributed to human-induced greenhouse gas emissions, significantly contributes to the increased frequency, intensity, and duration of heat waves worldwide.
Urban Heat Island Effect: Densely populated urban areas with extensive impervious surfaces, such as concrete and asphalt, absorb and retain heat more effectively, leading to higher temperatures than surrounding rural areas.
High-Pressure Systems: Persistent high-pressure systems that create stable, cloudless conditions can trap heat and prevent the dispersal of hot air, resulting in prolonged heat waves.
Reduced Evaporative Cooling: Drought conditions and soil moisture depletion can limit the natural cooling effect of evaporation, exacerbating the intensity of heat waves.

Who’s Most at Risk from Heat Waves?

Heat waves can be dangerous for everyone's health. In particular, infants, children, pregnant women, and the elderly are most vulnerable to heatstroke. As we know, too much heat can cause dehydration and can be very dangerous or even fatal. Children suffer more during heat waves because they depend on adults to protect them from the heat. Additionally, pregnant women are also at greater risk as extreme heat and dehydration can increase the risk of low birth weight, premature birth and even stillbirth. Pregnant women may be negatively affected and go into early labour, as well as develop gestational diabetes and high blood pressure.

Ways to Avoid Heat Waves

Effectively managing the risks of heat waves requires a multidimensional approach that addresses individual actions. Here are some key strategies to help you stay safe and comfortable during these challenging periods:

Stay Hydrated

Drink plenty of water throughout the day, even if you don't feel thirsty.
Avoid sugary, caffeinated, or alcoholic beverages, as they can contribute to dehydration.
Keep a water bottle with you, and try to sip water regularly.

Dress for the Heat

Wear lightweight, loose-fitting, and light-coloured clothing for better air circulation.
Choose breathable fabrics like cotton or linen over synthetic materials.
Protect your head and eyes with a wide-brimmed hat or cap and UV-blocking sunglasses.

Seek Cooler Environments

Spend as much time as possible in air-conditioned spaces like your home, office, or public buildings.
If you don't have access to air conditioning, visit cooling centres or community facilities that provide relief from the heat.
Use fans, open windows, and curtains/blinds to create cross-ventilation and block direct sunlight.

Adjust Your Schedule

Plan outdoor activities and errands for the cooler parts of the day, typically in the early morning or evening.
Avoid prolonged exposure to the sun during the hottest hours, usually between 11 am and 3 pm.
Consider working from home or adjusting your work schedule to minimize time spent in the heat.

Monitor Your Health

Be aware of the signs of heat-related illness, such as fatigue, dizziness, headaches, and muscle cramps.
Check on vulnerable individuals, like the elderly, young children, and those with pre-existing medical conditions.
Seek medical attention promptly if you or someone you know experiences severe symptoms.

Protect Your Home

Ensure your home is well-insulated to prevent heat from entering and cool air from escaping.
Use energy-efficient appliances and LED light bulbs to minimize heat generation indoors.
Install awnings, shades, or reflective window coatings to block direct sunlight.
Maintain and regularly service your air conditioning system.

Stay Informed and Prepared

Monitor weather forecasts and heat wave advisories to stay informed about impending high-temperature events.
Create an emergency plan and assemble a preparedness kit in case of power outages or other disruptions.
Familiarize yourself with local emergency response protocols and resources.

Conclusion

By implementing these comprehensive strategies, you can significantly increase your ability to cope and adapt to the challenges posed by heat waves. Remember, staying safe during these events is not just about individual actions but also about fostering strong community networks and advocating for systemic changes that build long-term resilience.

As the world grapples with the growing impacts of climate change, the importance of heat wave preparedness cannot be underestimated. By taking proactive steps to protect ourselves and our loved ones, we can ensure that we emerge from these challenges stronger, more resilient and better equipped to withstand the climate changes that lie ahead.

FAQs

What are the main health risks associated with heat waves?

Ans. The main health risks associated with heat waves include:

Heat exhaustion includes heavy sweating, dizziness, fatigue, and nausea.
Heat strokes include high body temperature, confusion, and loss of consciousness.
Dehydration

Which groups are most vulnerable to heat-related health issues?

Ans. The groups most vulnerable to heat-related health issues include:

Older adults
Young children and infants
People with chronic medical conditions
People who work or exercise outdoors for prolonged periods.

How can I prepare my home for a heat wave?

Ans. To prepare your home for a heat wave, you can:

Ensure your air conditioning unit is properly maintained and functioning efficiently.
Install window coverings like blinds, curtains, or reflective film to block heat from entering.
Use fans to increase air circulation and leverage cross-ventilation.
Insulate your home to prevent heat from penetrating.
Identify cooling centres or public spaces you can visit if your home becomes too hot.

What should I do during a heat wave if I don't have air conditioning?

Ans. If you don't have access to air conditioning during a heat wave, you can:

Spend time in air-conditioned public spaces like libraries, malls, or community centres.
Use fans to improve air circulation and create a cooling effect.
Take cool showers or baths to lower your body temperature.
Limit time spent in direct sunlight and avoid strenuous outdoor activities.
Stay hydrated by drinking plenty of water and avoiding alcohol and caffeine.
Check on neighbours, friends, and family members vulnerable to heat-related illness.

Disclaimer: The details, facts, or figures given here are intended solely for the reader's informational purposes and should not be relied upon for personal, medical, legal, or financial decisions. Please visit the insurer's website for the latest updates. We do not endorse any particular insurance company or insurance product provided by any insurer.

How to Check Chief Minister Ladli Behna Yojana Payment Status?

What is Ladli Behna Yojana?

Ladli Behna Yojana is a state-level welfare scheme focused on empowering married women. Announced by the former Chief Minister Shivraj Singh Chauhan on January 28, 2023, the scheme targets providing financial assistance and strengthening the economic independence of the women. The ultimate aim of the Ladli Behna Yojana is to improve the health and nutrition levels of women and dependent children across the state.

Specifications of Ladli Behna Yojana

Ladli Behna Yojana benefits married women residing in Madhya Pradesh regardless of caste or religion. Here are the highlights of the Ladli Behna Yojana:

Type of Scheme	State Level
Beneficiaries	Married Women (Widowed/ Divorced/ Abandoned)
Monetary Benefit	Rs. 1250
Frequency	Monthly
Minimum and Maximum Entry Age	21 to 60 Years
Caste and Community	No bar
Requirements	Samagra ID Aadhaar Card Mobile Number Self-linked DBT Bank Account
Family Income Limit	Below Rs. 2.5 Lakhs Yearly
Application Process	Ladli Behna Yojana Application Form

Who Are Not Eligible to Benefit From Ladli Behna Yojana?

The following are the ineligibility criteria of Ladli Behna Yojana:

Unmarried women
Married women below 21 years of age
Self/ family combined annual income is more than Rs. 2.5 Lakhs
Self/ family member paying taxes
Self/ family member employed as Government/ State government employment
Self/ family member receiving a pension after retirement
Self/ family member is present/ former MP, MLA, Chairperson, Vice President, Director, or Member of State/ Central Government

Ladli Behna Yojana Application Form 2024

Eligible women can reach the nearest Gram Panchayat, Ward Office, or Campsite to get the Ladli Behna Yojana form. Before obtaining the Ladli Behna Yojana, the beneficiary should prepare for the following:

Samagra ID of family/ Member
Complete the Aadhaar e-KYC on the Samagra Portal
Get ready a bank account Aadhaar linked and DBT activated

Upon submission of the duly filled Ladli Behna Yojana form, an online application number is disbursed to the beneficiary. The applicant can use this number to track the application status and payment status of the applicant.

How to Check Chief Minister Ladli Behna Yojana Payment Status?

Once the beneficiary's name is found on the Ladli Behna Yojana list, they will receive the payments on their registered bank account. The beneficiaries can check the Ladli Behna Yojana payment status by following the given steps:

Step 1: Visit the official website of Ladli Behna Yojana (https://cmladlibahna.mp.gov.in/).

Step 2: Click the ‘Application and Payment Status’ option on the navigation bar.

Step 3: Enter the Ladli Behna Yojana application number or Samagra ID.

Step 4: Enter the CAPTCHA and click ‘Send OTP’.

Step 5: Verify the OTP received on your registered mobile number and click ‘Search’.

Upon successful login, you can see the Ladli Behna Yojana payment status on the screen. The payment status reflects all the instalment details disbursed to the beneficiary.

Learn how you can benefit from various government schemes in India.

What are the Challenges and Opportunities of Ladli Behna Yojana?

The state has taken a commendable step to make women financially independent through Ladli Behna Yojana. This scheme will push the women and encourage their decision-making role at the family level. However, there are certain challenges and opportunities linked with Ladli Behna Yojana. Let’s discuss them to have a better understanding of the working of Ladli Behna Yojana.

Challenges of Ladli Behna Yojana:

The scheme requires robustness and transparency in the system to identify and verify the eligible beneficiaries.
Ensuring timely and regular transfer of funds to the bank accounts of the beneficiaries can be challenging.
Continuous monitoring is required to evaluate the implementation and effectiveness of the scheme on the needed female lives.
It is difficult to spread awareness regarding the scheme on the ground level to sensitize eligible women and encourage them to apply for Ladli Behna Yojana.

Opportunities of Ladli Behna Yojana:

Coordination with other state- or central-level programs to increase the scope of the benefits
Effectively cater for the changing needs of women and girls
Maximum usage of digital platforms and technologies to enhance the effectiveness of the scheme

Explore Sukanya Samriddhi Yojana for the welfare of your girl child.

How Long Will Ladli Behna Yojana Last?

As of now, Ladli Behna Yojana is a continuous scheme and will last until further notice from the state government. The government is accepting the Ladli Behna Yojana application in phases. The eligible women continue to receive benefits from the Ladli Behna Yojana until the following scenarios:

The beneficiary becomes ineligible due to a change in income or family status
The beneficiary starts gaining benefits from a similar state or central-level scheme
The beneficiary dies or changes residential address other than Madhya Pradesh

Conclusion

The entire Ladli Behna Yojana process is free of cost. The yojana specifically focuses on the sustainable improvement in the health and nutrition of women and their dependent children. So far, the scheme has received more than 1.25 crore applications. The government has successfully sent 10 instalments to the bank accounts of the married women residing in Madhya Pradesh.

* Disclaimer: The details, facts, or figures given here are intended solely for the reader's informational purposes and should not be relied upon for personal, medical, legal, or financial decisions. Please visit the insurer's website for the latest updates. We do not endorse any particular insurance company or insurance product provided by any insurer.

Frequently Asked Questions

Where can I find Ladli Behna Yojana form?

You can find the Ladli Behna Yojana form at the nearest Gram Panchayat, Ward Office, or Campsite.

Can I check the Ladli Behna Yojana application status online?

Yes, using your Ladli Behna Yojana application number or Samagra ID, you can check the Ladli Behna Yojana application status online on the official website.

How can I download a Ladli Behna Yojana receipt?

When you log in to the Ladli Behna Yojana portal using your application number or Samagra ID, you will see the application status on the screen. You can download the application receipt here.

How to find the name in Ladli Behna Yojana list?

The Ladli Behna Yojana list of eligible candidates is published on the official website of Ladli Behna Yojana in the ‘Final List’ section. Once the list

Who is eligible to benefit from Ladli Behna Yojana?

All married women, including widowed, divorced, and abandoned between the ages of 21 and 60, can benefit from the Ladli Behna Yojana. However, they should be permanent residents of Madhya Pradesh.

Can more than one woman from a family apply for Ladli Behna Yojana?

A family consists of a husband, wife and children. Women in a joint family can apply for the Ladli Behna Yojana.

How to Check Ladli Behna Yojana Status?

Check Ladli Behna Yojana Status

Ladli Behna Yojana is a government initiative launched by the Madhya Pradesh government on 28 January 2023. The yojana is specially launched to provide financial assistance to married women with an annual income of less than INR 2.5 Lakhs. The scheme accepts applications in phases, and over 1.25 crore applicants have applied for the Ladli Behna Yojana so far.

Every month, the government releases the Ladli Behna Yojana list of eligible women who will receive the coming instalment. As per the name listed, the financial help of Rs. 1250 is transferred to the bank accounts of the applicants.

But how will you check the status of your Ladli Behna Yojana application to determine whether you are eligible to receive the amount? This article answers all your questions related to the Ladli Behna Yojana status check for application and payment.

Purpose of the Ladli Behna Yojana

The main purpose of launching the Ladli Behna Yojana in Madhya Pradesh is to promote the economic independence of women in the state. This ultimately strengthens the decision-making role of a woman in the family. Besides that, below are the purpose of launching the Ladli Behna Yojana:

Promote Gender Equality: To promote gender equality in the state by promoting women's empowerment and enhancing the quality of life for women.

Financial Support: The Ladli Behna Yojana provides financial assistance to women of the state. The monetary support can be used for multiple purposes, such as healthcare, children's support, education, etc.

Skill Development: With money in hand, women can start small businesses at their level, which will help them become financially independent and make decisions independently.

Housing Assistance: Eligible women living in the Kaccha house will receive financial assistance to construct the Pacca house. The government has launched the Ladli Behna Awas Yojana for this purpose.

Learn more about the government schemes in India.

Why Should You Check Ladli Behna Yojana Status?

The applicant should check the Ladlu Behna Yojana status timely to keep track of the following:

Check the Eligibility: When you check the Ladli Behna Yojana application status, you can see whether your application has been approved or rejected. In case of rejection, you can find the mistakes or requirements and provide them.

Keep Track of the Final List: When you check the Ladli Behna Yojana list on the official website, you can check whether your name is available. If your name is available but you have not received the payment, you can raise a request for consideration.

Details about the Transactions: Checking the Ladli Behna Yojana payment status helps you understand the total amount received from the Yojana. This increases transparency and helps them make important financial decisions whenever needed.

Explore about Janani Suraksha Yojana.

How to Check Ladli Behna Yojana Application Status?

Applicants who have filled out the Ladli Behna Yojana application form should check for their registration status. They can do it easily with Registered Women User Login using the application number by following the given steps:

Step 1: Visit the official website of Ladli Behna Yojana.

Step 2: Select the ‘Application and Payment Status’ option from the navigation bar.

Step 3: Enter ‘Ladli Behna Application Number/ Samagra ID’.

Step 4: Provide the CAPTCHA and click on ‘Send OTP’.

Step 5: Verify the OTP received on your registered mobile number and click ‘Search’.

Step 6: Here, you will see the Ladli Behna Yojana status, whether approved or rejected.

You can also see the Ladli Behna Yojana payment status, including all the transactions made to date, in case of any payment received.

How Can I Check the Ladli Behna Yojana List?

The MP government regularly releases the Ladli Behna Yojana list, which consists of eligible women who will receive the next instalment. By following the given steps, you can check the list of Ladli Behna Yojana:

Step 1: Go to the official website of Ladli Behna Yojana at https://cmladlibahna.mp.gov.in/.

Step 2: Select the ‘Final List’ option on the main bar.

Step 3: Enter your mobile number.

Step 4: Enter the CAPTCHA and click on ‘Receive OTP’.

Step 5: An OTP will be sent to your mobile phone. Enter it and click on ‘Verify OTP and Proceed’.

Step 5: You will get the details if your name is on the list.

How to Check Ladli Behna Yojana Recent Instalment Status?

To check whether you have received the Ladli Behna Yojana payment or not, you can check the status using the given steps:

Step 1: Visit the official website of Ladli Behna Yojana.

Step 2: Select the ‘Application and Payment Status’ option from the navigation bar.

Step 3: Enter ‘Ladli Behna Application Number/ Samagra ID’.

Step 4: Provide the CAPTCHA and click on ‘Send OTP’.

Step 5: Verify the OTP received on your registered mobile number and click on ‘Search’.

Step 6: Here, you will see the Ladli Behna Yojana instalment status of all the past transactions.

Bottom Line

By checking Ladli Behna Yojana status regularly, you can keep track of all your transactions and financial assistance received. To check the status, you need to have your application number or Samagra ID ready. Also, ensure you have the registered mobile number, as an OTP is sent to you every time.

The scheme has served lakhs of women so far, empowering them to make financial decisions. The government has transferred 12 instalments, and the people await the 13th in June 2024.

FAQs:

How do I get the instalment amount for Ladli Behna Yojana?

Ladli Behna Yojana monthly instalments are sent to the bank accounts of the beneficiaries whose names are on the final list.

How much financial assistance is provided under Ladli Behna Yojana?

The government provides financial assistance of Rs. 1250 monthly to eligible women under Ladli Behna Yojana.

How many instalments of Ladli Behna Yojana have been disbursed to date?

Since Ladli Behna Yojana is a continuous beneficiary scheme. As of 22 May 2024, 12 instalments have been disbursed to the bank accounts of the beneficiaries.

Can I check Ladli Behna Yojana status by myself?

Yes, by using your Ladli Behna Yojana application number or Samagra ID, you can check the Ladli Behna Yojana status by yourself. You just need to go to the Ladli Behna Yojana official website.

Where to check the final list of Ladli Behna Yojana?

The final list of beneficiaries of the Ladli Behna Yojana is available on the official website every month. Only applicants whose names are on the list receive the next instalment amount.

What do I need to check Ladli Behna Yojana status?

If you want to check Ladli Behna Yojana status online, you need the application number or Samagra ID number.

Who can check Ladli Behna Yojana status?

Anyone having some important information can check the status of Ladli Behna Yojana:

Samagra ID or Application number (to login)
Mobile number (to verify the OTP)

Five Safety Rules That You Must Be Aware Of While Driving

Vehicles have made our lives easy, convenient and comfortable. But with the rapid increase in road accidents, it becomes a necessity to educate the masses about the safety rules while driving. It is always better to remain a little cautious and follow traffic rules lest you should repent later. To make it easier for you, we bring to you five safety rules that you must be aware of while driving.

Do Not Drink and Drive

Alcohol causes blurred vision and loss of consciousness. It also lowers blood pressure levels and causes other impairments which can prove fatal while you drive. Hence drinking and driving is a serious offence and is punishable by law. So, just in case you get caught drunk while driving, there are chances of you getting fined. The fine is up to Rs 10,000 or up to six months of imprisonment or sometimes, both.

Never Disobey Traffic Signals

One of the main causes of road accidents is not following traffic signals. You must stop when the light is red. Breaking this rule is an offence and the government is trying to make the punishment harsher by elevating the fine from Rs 5000 to Rs 15000. It also came into effect as an attempt to lower down the rate of road accidents caused by jumping a red light. Besides the fine, drivers might lose their driving license for one month.

Avoid Distractions

You need to be cautious and aware while driving. You should stay away from distractions like cell phones while you drive. Avoid multitasking and concentrate on your driving. Do not call or text your friends or even eat while driving. If you are exhausted and drowsy, it is best to shift your plan for the next day and rest. You should use your cell phone only when there is an emergency.

Always Wear Your Seat Belt

Accidents for not wearing a seat belt are quite common in India. Most people do not find it necessary to tie their seat belts. But wearing your seat belt should be the first thing to do when you sit in the driver's seat. Studies prove that people not wearing seat belts are 30 times more ejected out of their cars while compared to the ones wearing it. Wearing a seat belt will save you from any fatal accident if you ever land up in one.

Maintain a Safe Distance And Keep Your Speed Within The Limit.

It is always advised to keep a safe distance from the vehicle to avoid any clash or slam if the car in front suddenly turns or stops. If you maintain the two-second rule, that is staying at least two seconds away from the vehicle in front of you will save you from accidents.

Driving within the speed limit is always recommended. Speed limits vary from state to state and you must follow them. Hazardous speed on the roads is punishable by law. A person caught over speeding is likely to be fined and can also face imprisonment.

Ensure your safety on the road and make the roads a safe place to drive!

Heart Diseases: Symptoms, Reasons, and Prevention

Heart Diseases: An Introduction

Studies published by THE LANCET Regional Health Southeast Asia have shown that heart (cardiovascular) diseases (CVD) are one of the leading causes of death and disability worldwide and in India (Source).

The heart continuously pumps blood enriched with oxygen, carbon dioxide, and nutrients throughout the human body, which fuels it. Any problem delivering the fuel affects the whole system and its functioning. Heart diseases, including narrow or blocked blood vessels, can lead to attacks, strokes, and other medical conditions. Diagnosis and prevention measures taken at the right time may reduce the significant risks caused by heart diseases.

In this article, you will learn more about heart disease types, causes, symptoms, and prevention.

What are Heart Diseases?

Heart disease is any condition affecting the regular structure and functioning of the heart and blood vessels. These may affect the heart and/ or the blood vessels partially or majorly. A person suffering from heart disease can be both symptomatic and asymptomatic.

Heart diseases may affect people of all ages, sexes, and socioeconomic levels. The following issues with heart or blood vessels may lead to heart (cardiovascular) diseases:

Blood vessel narrowing
Heart or blood vessel problems present from birth
Misfunctioning of heart valves
Heart muscle disease
Irregularity of heartbeats (arrhythmias)

Key Points:

Cardiovascular or heart disease is the leading cause of death globally.
Heart diseases are a group of heart conditions that include malfunctioning of the heart, blood vessels, heart failure, and valve disease.
Heart diseases cannot be cured completely but prevented or treated by adopting healthy lifestyle choices, medication, and/ or surgery.

What are the Types of Heart Diseases?

Different cardiovascular problems fall under the umbrella of heart disease. Some of them you may be born with, or some you may develop during your lifetime. Look at the different types of heart diseases in detail below:

Heart Rhythm Disorder (Arrhythmia): This is when the heart beats too slowly, quickly, or irregularly compared to a normal rate. The condition leads to blood flow disruption.

Symptoms: Palpitations, dizziness, shortness of breath, chest pain.
Risk Factors: Heart tissue damage, high blood pressure, congenital heart defects, stress, caffeine, and medications.

Heart Valve Diseases: Valvular heart disease causes damage or defects in any of the four heart valves, leading to valve stenosis (narrowing), valve regurgitation (leakage), and valve prolapse.

Symptoms: Fatigue, shortness of breath, irregular heartbeat, swelling of feet or ankles.
Risk Factors: Rheumatic fever, infections, age, congenital defects.

Congenital Heart Defects: When a person is born with a heart problem, including conditions such as a valve defect, a hole in the wall of the lower or upper chamber of the heart, or a missing heart valve.

Symptoms: Cyanosis (bluish skin), shortness of breath, poor infant feeding, delayed growth.
Risk Factors: Genetic factors, maternal diabetes, infections during pregnancy.

Heart Failure: It is a serious condition when the heart becomes weak or damaged. Heart attacks and high blood pressure generally cause heart failure.

Symptoms: Shortness of breath, fatigue, swollen legs, rapid heartbeat.
Risk Factors: Previous heart attack, high blood pressure, diabetes, obesity.

Coronary Artery Disease (CAD): CAD leads to the narrowing or blocking of the heart arteries and valves (atherosclerosis) due to plaque buildup. This condition reduces blood flow and affects blood functioning.

Symptoms: Chest pain (angina), shortness of breath, heart attack.
Risk Factors: High cholesterol, smoking, diabetes, high blood pressure, obesity.

Cardiomyopathy: When the heart muscle fails to pump the blood to the heart, leading to heart failure. The most common types of cardiomyopathy involve dilated, hypertrophic, restrictive, and arrhythmogenic right ventricular dysplasia.

Symptoms: Breathlessness, swelling of the legs, fatigue, irregular heartbeats.
Risk Factors: Genetic factors, heart tissue damage from a previous heart attack, long-term high blood pressure, chronic rapid heart rate.

Myocardial Infarction (Heart Attack): When the blood flow of the heart is blocked/ disrupted due to blood clot causing damage to a part of the heart muscle.

Symptoms: Severe chest pain, shortness of breath, nausea, and sweating.
Risk Factors: High blood pressure (Hypertension), high-level cholesterol, diabetes, obesity, smoking.

Pericardial Disease: When infection or inflammation is developed in the pericardium (a sac that surrounds the heart). The condition may lead to diseases such as pericarditis, pericardial effusion, and constrictive pericarditis.

Symptoms: Sharp chest pain, fever, weakness, difficulty breathing when lying down.
Risk Factors: Infections, autoimmune diseases, after heart surgery or heart attack.

Aortic Disease: Misfunctioning of the main artery carrying blood from the heart to throughout the body.

Symptoms: Severe chest or back pain, shortness of breath, difficulty swallowing.
Risk Factors: High blood pressure, genetic conditions like Marfan syndrome, and atherosclerosis.

How are Heart Diseases Diagnosed?

Heart disease diagnostic tests may differ depending on the signs and symptoms the person is experiencing. Heart specialists use a combination of diagnostic methods to accurately diagnose heart diseases, assess their severity, and determine the best course of treatment for patients. Some of the diagnostic tests are as follows:

Clinical Evaluation	Medical history Family history of heart disease Assessment of symptoms Previous medical conditions
Physical Examination	Listening to heart sounds Checking blood pressure and pulse Assessment of signs of heart failure (swelling in the legs, jugular venous distention, etc.)
Diagnostic Tests	Electrocardiogram (ECG or EKG) to measure electrical activity Echocardiogram uses ultrasound waves to create images of the heart Stress tests Blood tests using Troponin, BNP or NT-proBNP, Cholesterol and lipid profile
Imaging Studies	Chest X-ray Cardiac CT scan Cardiac MRI Nuclear Cardiology
Invasive Procedures	Coronary angiography Cardiac catheterization Electrophysiology study (EPS)
Specialized Tests	Holter monitor Event monitor Tilt table test

What are the Signs and Symptoms of Heart Disease?

Different symptoms may indicate heart disease in different individuals. Some of the heart conditions may cause no symptoms in persons. The common signs and symptoms of heart disease may include:

Shortness of breath
Sweating
Racing heartbeat
Dizziness/ lightheadedness
Unconsciousness
Heaviness or discomfort in the chest
Neck pain
Heartburn or ingestion
Exhaustion
Difficulty sleeping
Problem in working out
Fever
a choking sensation

Early Signs of Heart Disease

Early signs of heart disease are:

Chest pain
Swelling in legs
Fatigue
Shortness in breath
Fainting or dizziness

Reasons that Can Lead to Heart Diseases

In an individual, there might be different reasons leading to heart disease. Sometimes, genetic factors can also be the reason. :

Health Conditions

High blood pressure
High cholesterol levels
Diabetes
Autoimmune and inflammatory diseases
Chronic kidney conditions
Metabolic syndrome
Obesity
Low supply of oxygen and nutrients to the heart
Irregular heartbeat
Age factors
Leaky heart valves

Lifestyle Choices

Eating a diet high in saturated fats, salt, and carbohydrates
Less or no physical activity
Too much alcohol consumption
Exposure to smoke
Taking too much stress or anxiety level

Risk Factors You Cannot Control

Sex: For a woman, the risk of heart disease changes over time.

Age: The older you get, the higher the risk of heart disease.

Medical History: Family history affects the risk of heart disease.

Personal Conditions: Heart disease may be caused due to poor accessibility to healthy food, safe drinking water, medical services, and social services.

Ethnicity: Certain ethnic groups, such as African Americans, Hispanics, and South Asians, have a higher risk of heart disease and heart attacks.

Possible Heart Disease Prevention and Treatment

Heart disease treatment completely depends on the cause and type of damage to the heart and/ or the valves. However, from a medical point of view, certain medications suggested by healthcare experts and preventive measures can save you from life-threatening effects. Some of the preventive measures of heart disease are:

Changes in Lifestyle Habits:

Low-fat intake
Low salt diet
Regular exercise
Practice good sleep habits
No smoking

Surgery and Other Procedures:

Coronary artery bypass surgery
Valve repair or replacement
Coronary angiography
Repair surgery
Device implantation
Laser treatment
Maze surgery

Other Preventive Measures:

Eating a balanced diet
Control blood pressure
Get a cholesterol test
Manage diabetes
Maintain a healthy weight
Practice good hygiene
Quit/ avoid smoking habits
Limiting alcohol intake
Exercise regularly

Individuals experiencing any of the above-mentioned heart conditions for a long time need to visit a heart specialist and get diagnostic tests and treatment. Depending on the severity of the heart disease, the specialist can suggest heart surgery, a heart-healthy diet, a heart transplant, etc.

Heart diseases may bring financial burden to your pocket. So we suggest you stay protected against comprehensive health insurance that keeps you stress-free and focused on heart disease treatment.

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FAQs

What are the 4 heart problems?

The 4 heart problems are:

Coronary Artery Disease (CAD)
Heart failure
Abnormal heart rhythms (Arrhythmias)
Valvular heart disease

What are the common heart diseases?

Common heart problems are:

Heart failure
Coronary heart disease
Heart attack
Valvular disease
High blood pressure
Abnormal heart rhythms (Arrhythmias)
Congenital heart disease
Difficulty in heart squeezing and relaxation

What are the four types of heart failure?

The following are four types of heart failure:

Heart failure with reduced ejection fraction: The heart's left ventricle is weakened and has difficulty pumping out enough blood to meet the body's needs.
Heart failure with preserved ejection fraction: During the resting phase of the cardiac cycle, the heart's left ventricle becomes stiff and has difficulty relaxing and filling with blood.
Heart failure with mid-range ejection fraction: This category includes heart failure patients with an ejection fraction that falls between the range of reduced and preserved ejection.
Right-Sided Heart Failure: The right ventricle struggles to pump blood to the lungs for oxygenation, leading to symptoms such as swelling in the legs and abdomen, and fluid retention.

Are heart diseases curable?

Heart diseases are impossible to reverse and require lifetime medication and monitoring. To relieve heart problem symptoms, you can follow certain procedures and make necessary lifestyle changes.

Can I lower the risk of heart problems?

You can lower your risk of heart disease by maintaining a healthy diet, staying physically active, managing stress, quitting smoking, and maintaining a healthy weight. Controlling conditions such as high blood pressure, high cholesterol, and diabetes would also help.

What is a healthy diet for heart health?

A heart-healthy diet includes plenty of fruits, whole grains, vegetables, lean proteins (fish and poultry), and healthy fats (olive oil and avocados). It also limits saturated and trans fats, cholesterol, and sodium.

What is a stroke, and how is it related to heart disease?

A stroke occurs when blood flow to a part of your brain is blocked or reduced, depriving brain tissue of oxygen and nutrients. Certain types of strokes can be related to heart disease.

What is High Blood Pressure (Hypertension)?: Signs, Causes, and Treatment

High Blood Pressure: A Wake-Up Call

As per the research conducted in India between 2017-18, about 57.5% of the respondents reported the issue of raised blood pressure as defined by the normal fasting glucose test. (Source)

Blood pressure is the force applied against the wall of your arteries when blood flows across them. It measures how much blood passes through your blood vessels and its resistance. At times, the force of blood pushing through the vessels may be high or low compared to normal. When the pressure is consistently too high or too low, an individual may experience high or low blood pressure. Consider high blood pressure a wake-up call.

This article covers the basics of high blood pressure, including symptoms, reasons, diagnosis, and treatment.

What is High Blood Pressure?

Narrow blood vessels (arteries) create resistance to blood flow throughout the body. When the resistance is too high, high blood pressure can develop. Normal blood pressure is below 120/80 mm HG. When the blood pressure reading is 120 - 130/ 80 mm HG, it is considered the elated blood pressure.

High blood pressure (hypertension) is a condition when the pressure in the vessels is above 130/80 mm HG. Hypertension is quite common, and you may not notice any symptoms. Early detection is important to save an individual from severe or life-threatening health issues.

* Key Facts about High Blood Pressure

When the blood pressure reading is above 130/80 mm HG.
Can develop severe heart-related conditions, including heart attack, heart stroke, heart failure, and kidney failure.
Two types of high blood pressure: Primary and Secondary
Healthcare provider carries out Aldosterone Test, Chloride Blood Test, Blood Pressure Test, and Renin Test based on the symptoms and severity experienced by the individual.

How is Hypertension Different from Normal Health Conditions?

Increased blood pressure for a short period or developed due to a medical condition or any medication is not an issue. It can drop to normal blood pressure when the condition recovers, or the medication stops. The individual may or may not experience any major health issues.

However, when high blood pressure or hypertension stays for a long time, it may cause damage to the arteries, making it harder for the heart to work. The individual can lead to severe heart diseases, including heart attack, heart stroke, heart failure, and kidney failure.

Blood Pressure Chart

Blood pressure is measured in millimetres of mercury (mm HG). In typical medical terms, blood pressure measurement has two parts: systolic pressure, which is the highest number of heart pressure readings when the heart contracts, and diastolic pressure, which is the lower number of blood pressure readings between heartbeats (when the heart rests between the beats).

Example:

For blood pressure reading: 120/80 mm HG
The systolic pressure is 120 mm HG
The diastolic pressure is 80 mm HG

The table below shows the blood pressure readings and understanding by a healthcare provider:

Blood Pressure Category	Systolic (mm HG)	Diastolic (mm HG)	Concerns
Typical	< 120	< 80	Healthy
Elevated (hypertension)	120 - 129	< 80	Rising and can be controlled
Stage 1 (hypertension)	130 - 139	80 - 90	No other heart risk factors
Stage 2 (hypertension)	140 or higher	90 or higher	Other heart risk factors
Hypertensive crisis	180 or higher	120 or higher	Dangerous: Seek urgent medical care

What are Different Types of High Blood Pressure?

Two main types of high blood pressure exist: primary and secondary high blood pressure.

Primary Blood Pressure:

Common type of blood pressure
Develops over time as an individual gets older

Secondary Blood Pressure:

Caused by a health condition
Develops due to the use of certain medication
Relieves when the necessary treatment is done, or the medication stops.

What are the Signs and Symptoms of High Blood Pressure?

Generally, there are no symptoms in most people developing high blood pressure; that is why it is called a silent killer. However, people with very high blood pressure (180/120 or above) can experience the below signs and symptoms:

Severe headache
Difficulty in breathing
Nausea
Vomiting
Blurred vision and other vision changes
Chest pain
Dizziness
Anxiety
Confusion
Buzzing in the tears
Nosebleeds
Abnormal heart beats

Symptoms of High Blood Pressure in Females

In women, different hormonal factors can lead to increased blood pressure. In different conditions like pregnancy, menopause, or using birth control pills, the female can experience the following symptoms:

Headaches
Abdominal pain
Swelling
Change in vision

How is High Blood Pressure Diagnosed?

Diagnosing high blood pressure at the right time can prevent the risk of developing severe health diseases. Your healthcare provider may check the blood pressure readings in normal conditions and can also use different diagnostic tests:

Aldosterone Test
Chloride Blood Test
Blood Pressure Test
Renin Test

What are the Risk Factors and Causes of High Blood Pressure?

Certain changes or effects of medication on the body can lead to high blood pressure. In some cases, a person may be born with specific genetic features causing health conditions. The following can work as a risk factor for developing high blood pressure:

Essential (Primary) Hypertension Causes	Secondary Hypertension Causes
Genetic abnormalities	Kidney disease
Age factors (mostly those above 64)	Congenital heart defects
Race (Black American adults, etc.)	Obstructive sleep apnea
Obesity (high in weight)	Medications effects
High alcohol consumption	Underactive or overactive thyroid
Sedentary lifestyle	Use of illegal drugs
Diabetes/ metabolic syndrome	Chronic consumption of alcohol
High sodium intake	Endocrine tumors
Smoking	Lupus

What are the Complications of High Blood Pressure in the Body?

Untreated high blood pressure may damage the blood vessels and body organs, leading to health complications, including:

Coronary artery diseases
Stroke
Heart attack
Kidney disease or kidney failure
Complications during pregnancy
Eye damage
Vascular dementia
Peripheral artery disease
Aneurysm (bulge of blood vessel)
Metabolic syndrome
Changes in memory or understanding levels

What are High Blood Pressure Treatments?

Some of the possible high blood pressure treatments that can be implemented are as follows:

Home Remedies and Changes in Lifestyle to Lower High Blood Pressure:

Eating a healthy or low-salt diet
Keep a healthy weight
Being physically active
Get enough potassium
Limit alcohol
Quit tobacco
Reduce and manage stress

Suggested Medications to Lower Blood Pressure Levels: The healthcare provider may recommend certain medications when the blood pressure level is high and cannot be controlled using lifestyle changes. Some of the common medicines recommended to control hypertension are:

Angiotensin-converting enzyme (ACE) inhibitors
Angiotensin II receptor blockers (ARBs)
Calcium channel blockers
Diuretics (water or fluid pills)

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FAQs

Is 160/100 high blood pressure?

Yes, blood pressure level of 160 or above on top and 100 or higher on the bottom indicates high blood pressure in stage 2.

How can I bring my BP down quickly?

If you are experiencing complications due to high blood pressure, contact your healthcare provider immediately. If you have high blood pressure without complications, ask your doctor for stress reduction.

Is high blood pressure genetic?

High blood pressure can be genetic or hereditary, but lifestyle choices are crucial.

What is a high blood pressure diet?

A person with high blood pressure can implement the given dietary changes:

Whole foods rich in nutrients and low in sodium
Fruits
Vegetables
Whole grains
Lean proteins
Healthy fats while limiting salt

Viklang Pension Yojana: Eligibility, Benefits, and Application Process

Viklang Pension Yojana For Monthly Pension Benefits

The Government of India keeps launching different schemes and programs to support the citizens financially, be it abled or differently-abled. Some schemes are designed to benefit salaried employees after retirement, while others are for non-government employees.

Viklang Pension Yojana, or Disability Pension Scheme, is another government-aided pension scheme providing financial assistance to persons with disability. This article focuses on the eligibility criteria, benefits, application process, and more.

What is Viklang Pension Scheme?

Viklang Pension Scheme is launched by the central government to offer a monthly pension benefit for the specially-abled citizens of India. Different state governments also contribute to the pension fund under this scheme.

Depending on eligibility and state government policy, a beneficiary might receive a monthly pension between Rs. 500 and Rs. 3,000. The central government of India transfers the eligible amount directly to the bank account of the beneficiary every month through the DBT process.

List of States That Provide Viklang Pension Scheme

Below listed states offer Viklang Pension Scheme:

Haryana
Uttar Pradesh
Delhi
Gujarat
Rajasthan
Madhya Pradesh
Andhra Pradesh
Bihar
Uttarakhand
West Bengal
Arunachal Pradesh
Chattisgarh
Tamil Nadu

* You can visit the Punarbhava Portal and check whether your state is providing Disability Pension Scheme benefits or not.

Key Points:

Persons with 40%, 60%, or above disability are the ideal applicants (varies per state regulations).
Applicants should belong to the economic status of below the poverty line.
The person with disability should not be a government employee or taxpayer.
Different states offer different Viklang Yojana amounts based on the type and severity of the disability.
PwD between 18 and 59 years of age can apply for the Divyang Pension Scheme.

Why Should You Apply for Divyang Pension Yojana?

Financial assistance is crucial for a person with a disability to improve their standard of living so their financial needs can be fulfilled. By applying for Viklang Pension Yojana, an eligible individual can secure the following benefits:

Monthly Pension: Based on the type of the disability and its severity, the individuals receive a fixed monthly financial support.

Continuous Medical Assessment: Since the severity of disability conditions may change over time, the individual receives an ongoing assessment to check eligibility.

Enhanced Support: Those with severe disabilities receive enhanced assistance in the form of equipment, healthcare benefits, therapies, and employment support.

Renewal Options: Initially, the Viklang Pension Yojana is valid for six months. Later on, the individuals can renew it for the next six months.

Government Service Benefits: The beneficiaries can benefit from government-backed healthcare services.

Skill Development Programs: Various skill development programs are organized to empower the beneficiaries and train them on their employability.

Eligibility Criteria for Viklang Pension Yojana

The central government has set the following eligibility criteria that individuals must meet to apply for the Disability Pension Yojana:

Parameters	Specifications
Residential Status	Permanent resident of an Indian state from where they apply
Age	18 to 59 years
Disability	40%/60% (vary as per the state guidelines)
Economical Status	Below the poverty line
Overall Annual Income	Rural area: Rs. 46,080 Urban area: Rs. 56,460

Who Is Not Eligible to Apply for Viklang Pension Yojana?

The following individuals are not eligible to apply for the Viklang Pension Scheme:

Those who fail to prove or provide valid documents verifying their disability.
Applicant/ any family member is in a government job.
Applicant/ any family member is an income taxpayer.
Those who are already availing of benefits from any other pension scheme.
Applicant owning a two-wheeler or three-wheeler.

Special Disability Categories for Disability Pension Scheme

Viklang Pension Scheme provides the benefits to the beneficiaries who have the following types of disabilities categories:

Physical Disabilities: A person may have temporary or permanent physical disabilities with physical movement in the form of stamina, skill, or mobility. The individual may acquire the disability from birth or later in life.

Visual Impairments: A person may have complete or partial blindness. The visual impairment can be in one or both eyes. The person may have been born with the impairment or has acquired it later in life due to an injury or disease.

Hearing Impairments: An individual can have hearing impairment in one or both ears from birth or acquire it later due to an accident or disease. The hearing impairment can be moderate to severe and requires equipment or strategies related to hearing/ speech.

Intellectual Disabilities: The absence of the intellect that an individual requires to live a normal life, such as difficulties with self-care, safety, etc.

Multiple Disabilities: Persons with disabilities have various physical and mental issues that become an obstacle to living a normal life and make them dependent on others.

What is the Application Process for the Divyang Pension Yojana?

A person with disabilities can apply for Viklang Pension online and offline modes by following the below steps:

Online Process of Applying for Divyang Pension Yojana:

Visit the official website of the State Viklang Pension Scheme.
Click ‘Disabled Pension’.
Click ‘Apply Online’.
Enter the applicant's personal details, like bank or state details.
Select the type of disability and fill in other important details.
Upload the necessary documents.
Click ‘Submit’.

Online Process of Applying for Divyang Pension Yojana:

Eligible candidates should reach the District Social Welfare Department Office.
Request an application form for Viklang Pension Yojana.
Fill out the form carefully and attach all the applicable documents.
Submit the completed form at the office.

Documents Required to Fill Viklang Pension Yojana Form

An applicant must submit the following documents to apply for the Viklang Yojana:

Certificate of disability (issued by public or private healthcare centre)
Proof of age (birth certificate or 10th mark sheet)
Proof of Income
Proof of residence (Aadhaar Card, Voter ID Card, Ration Card)
DBT activated bank passbook
Passport size photo
Caste certificate
Mobile number

Bottom Line

Viklang Pension Scheme 2024 is a great initiative by the central government to provide financial assistance to persons with disabilities and empower them to take a step towards an inclusive society. The amount of financial assistance may vary state by state, based on the contribution and severity of the disability. However, the deserving applicant can get an amount ranging from Rs. 500 to Rs. 3,000, depending on the state policy.

Frequently Asked Questions

How to Check Disability Pension Scheme Status?

You can check the Disability Pension Scheme status by visiting the official website and providing your application number.

What is the age limit for Divyang Pension Yojana?

Disabled individuals between 18 and 59 years of age can apply for the Divyang Pension scheme.

Is Divyang Yojana taxable?

Since the Viklang Pension Yojana is only available for applicants having an economic status below the poverty line, the scheme benefits are not taxable.

What is the amount provided by the Divyang Pension Yojana?

The Divyang Pension amount varies according to state policy and guidelines, depending on where the applicant is residing and the type and level of disability.

Heart Attack: Causes, Symptoms, and Treatments

As per the latest data published by the National Crime Records Bureau (NCRB), heart attack cases have increased by 12% in 2022, which counts to over 32,457 individuals who died due to heart attack in 2022 alone. (Source)

The heart is one of the most important organs keeping the body functioning. It is a little larger than the size of a fist and pumps blood all over the human body through the circulatory system. The heart needs a good blood supply to function adequately. When the blood-carrying coronary artery is blocked for any reason, the individual may experience pain in the chest that may lead to a heart attack.

Reading this article, you will learn about heart attack symptoms, reasons, and possible treatments.

What is Heart Attack?

A heart attack, also known as myocardial infarction, is an extremely dangerous heart disease that occurs when the coronary artery carrying blood to the heart narrows due to the build-up of plaque. Due to the narrowed artery, the heart doesn’t receive sufficient blood flow, resulting in a lack of oxygen.

As a result, a part of the heart muscle begins to die, leading to the risk of heart attack. It’s a life-threatening medical emergency requiring immediate treatment.

What Exactly Happens During the Heart Attack?

A heart attack happens when the blood flow to a part of the heart is blocked or reduced compared to the normal blood supply. The continuous disruption damages that part of the heart muscle. When the condition is not treated for long, the muscle dies from lacking blood, making the heart struggle to pump, which causes deadly effects.

Types of Heart Attack

You may have heard various terms referring to the types of heart attack cases. The most common types of heart attack are:

Type	Conditions
STEMI (ST-Elevation Myocardial Infarction)	Where a coronary artery is completely blocked
NSTEMI (Non-ST-Elevation Myocardial Infarction)	Where a coronary artery is narrowed enough to reduce the blood flow to the heart
MINOCA (Myocardial Infarction with Nonobstructive Coronary Arteries)	No blockages in the main coronary arteries
Coronary Artery Spasm	Contraction of the heart arteries

Heart Attack Symptoms

The signs and symptoms of heart attack may vary in different individuals, including mild or severe. Many people may feel pain in their chest; others may feel discomfort, squeezing heaviness or crushing pain. Some of the common symptoms may include:

Chest pain (angina)
Shortness of breath or trouble breathing
Trouble in sleeping
Nausea and vomiting
Anxiety
Feeling light or dizziness
Discomfort that spreads to the shoulder, arm, back, neck, jaw, or sometimes the upper belly
Cold sweat
Palpitations (experiencing the irregular heartbeat)

In comparison to men, the signs and symptoms of heart attack may differ in women, ranging from brief or sharp pain in the neck, arm or back.

Note: Some heart attacks are sudden, but people may have experienced the warning signs or any symptoms hours, days, or weeks in advance.

Potential Risk Factors and Causes of Heart Attack

A heart attack is caused by artery blockage due to plaque buildup from deposits, cholesterol, or other substances. When plaque ruptures (breaks), blood clots are formed immediately, leading to a heart attack.

The risk factors for the heart attack can be both genetic (you are born with) and acquired (caused by self activities).

Genetic Risk Factors	Acquired Risk Factors
Inherited high blood pressure (hypertension)	Acquired high blood pressure (hypertension)
Inherited low levels of HDL cholesterol, high levels of LDL cholesterol	Acquired low levels of HDL cholesterol, high levels of LDL cholesterol
Family history of heart disease	Cigarette smokers
Older men and women (age above 65)	A lot of stress
Women after menopause	Too much alcohol consumption
Type 1 diabetes	Sedentary lifestyle
Any auto-immune condition	Struggling with obesity
Any auto-immune condition	Type 2 diabetes

Tests to Diagnose Heart Attacks

Based on the symptoms experienced by the individual, the healthcare provider will perform different examinations and diagnostic tests, including the following:

Diagnostic Test	Recorded Measures
Physical Test	Abnormal sounds in your lungs Fast or uneven pulse Blood pressure examination
Electrocardiogram	Look for heart damages
Blood Test	Heart tissue damage
Coronary Angiography	Blood flow through the heart
Echocardiography	Structure of heart or surrounding heart vessels
Stress Test	Response of the cardiovascular system to external stress performed in a controlled clinical setting
Heart CT Scan or Heart MRI	High-quality images of the heart and vessels
Nuclear Heart Scan	Find affected areas of the heart

Management and Treatments of Heart Attack

The main agenda of treating a heart attack is to restore the blood flow to the affected part of the muscle as soon as possible and prevent the risk. This is possible in a variety of ways depending on the severity of the heart attack. Certain medications and treatments are as follows:

Medications: Your healthcare professional may advise you to take some medications, including:

Aspirin
Blood clot-breaking drugs
Blood thinners, like antiplatelet and anticoagulants
Pain relievers
Medicines to cure blood pressure
Beta-blockers
Nitroglycerin

Supplementary Oxygen: Those having trouble breathing receive supplemental oxygen and ongoing medications. This provides sufficient oxygen and removes the strain on the heart.

Common Procedures: Common procedures to treat heart attacks include:

Angioplasty to remove the plaque from the blocked artery
A stent is inserted into the artery to keep it open after the angioplasty
Heart bypass surgery to reroute the blood around the blockage
Heart valve repair or replacement surgery to repair or replace the leaky valves
A pacemaker implant beneath the skin to maintain a normal heart rhythm
A heart transplant, when there’s permanent damage to the tissue of the heart due to a heart attack

How to Prevent Heart Attack?

A heart attack may be life-threatening to an individual. But if you have been diagnosed with any of the symptoms of a heart attack, taking precautionary steps can reduce the risk. It’s never too late to take preventive measures, which include:

Follow a heart-healthy diet low in fats, cholesterol, and salt
Switch to a healthy lifestyle that includes lots of heart-healthy habits
Don’t smoke
Maintain healthy weight
Get regular exercise
Maintain stress
Maintain medical conditions like high blood pressure, diabetes, etc.
Take medications to improve heart health
Schedule a regular checkup with a healthcare provider

Heart attack is a severe heart disease that has become one of the major causes of death globally. While the heart attack symptoms may be visible in some individuals, they may reflect no or mild symptoms in others. Hence, it is also called the silent killer. People having a heart attack should call for emergency medical support immediately. The sooner you get treated, the better your chances of a speedy recovery.

Once you face the symptoms, it may require frequent doctor visits and medications. To provide financial support during such severe medical conditions, health insurance purchased at the right time may work as a boon. Want to know what benefits you can avail of with a comprehensive health insurance policy and which is the best health policy to opt for? Immediately connect with one of our professional RenewBuy POSP Advisors.

Frequently Asked Questions

What is the main cause of a heart attack?

The cause of heart attack may differ from person to person depending on their lifestyle and inherited diseases. However, coronary heart disease is one of the leading causes of heart attacks.

How do you know you are having a heart attack?

Different individuals may experience different symptoms of heart attack. The initial symptoms may include chest pain, tightness, pain, squeezing, or aching. The pain may spread to the shoulder, back, arm, jaw, or sometimes the upper belly.

What is the first aid for a heart attack?

If you think a person is having a heart attack, let him relax. After the doctor's consultation, you can take the medicine nitroglycerin. First of all, you should call for emergency help.

What are the early symptoms of heart attack?

Early symptoms of heart attack may include:

Light-headedness
Sickness in stomach
Trouble in breathing
Pain in one or both arms, stomach, neck, or jaw
Discomfort in the middle of your chest

What are the benefits of angioplasty after a heart attack?

Angiography for heart attack may save the life of an individual. The major benefit of angiography is that the blood starts flowing to the heart again quickly, relieving the chest pain and shortness of breath.

What happens to the feet before a heart attack?

There are no such symptoms in feet. But in the case of any cardiovascular disease, you may feel some symptoms due to reduced blood flow:

Swelling in the feet and/ or ankles
Foot sores with slow recovery
Weak pulse in one or both foot
Slow growth of the toenails
One foot is colder than the other

What are the signs of a heart attack?

Common signs of a heart attack include chest pain or discomfort, pain in the arm, back, neck, jaw, or stomach, shortness of breath, cold sweat, nausea, and lightheadedness. If you experience these symptoms, seek medical help immediately.

What are the risk factors for a heart attack?

The risk factors for heart attack include high blood pressure, high cholesterol, smoking, diabetes, obesity, sedentary lifestyle, family history of heart disease, age, and chronic stress.

What is the difference between a heart attack and cardiac arrest?

A heart attack occurs when oxygen-rich blood flow to part of the heart is blocked. Cardiac arrest happens when the heart suddenly stops beating due to electrical malfunctions. Sometimes, a heart attack can cause cardiac arrest.

What is a silent heart attack?

A silent heart attack has no obvious symptoms, or they are so mild they are often mistaken for other conditions. It's diagnosed later when tests reveal heart damage.

Do women experience different heart attack symptoms than men?

Yes, women are more likely to experience symptoms like nausea, shortness of breath, and back or jaw pain rather than the typical chest pain.

What lifestyle changes are required to reduce the risk of a heart attack?

To reduce the risk of heart attack, an individual may make the following lifestyle changes:

Adopt a heart-healthy diet rich in fruits, vegetables, and whole grains
Exercise regularly
Maintain a healthy weight
Quit smoking
Limit alcohol intake
Manage stress effectively

Does chest pain always indicate a heart attack?

No, chest pain is not always a sign of a heart attack. Chest pain can also be caused by conditions like heartburn, muscle strain, or anxiety. However, it's important to seek medical consultation from a healthcare provider.

Lung Diseases

Lung diseases include several conditions that affect the lungs, which are essential organs responsible for breathing and gas exchange. These diseases can interfere with the functioning of the lungs, causing various health problems. As per the latest Global Burden of Diseases Report, 2017, lung disease is a major problem in India, accounting for 15.69% of global chronic respiratory diseases and 30.28% of all global deaths due to chronic respiratory diseases. India has the highest number of COPD (chronic obstructive pulmonary disease) cases in the world at 55.23 million. This comprehensive article not only provides information about the different types of lung diseases, their causes, symptoms, diagnosis, and treatment but also emphasizes the importance of prevention strategies, empowering you to take control of your health.

What are Lung Diseases?

Lung diseases are medical conditions that affect the lungs, the organs responsible for breathing. They can disrupt the normal functioning of the lungs, causing difficulty breathing and reducing the supply of oxygen to the body. Lung diseases can be acute or chronic and affect any part of the respiratory system, including the airways, lung tissue, blood vessels, and the pleura (the layer surrounding the lungs).

Types of Lung Diseases

Lung diseases include various conditions that affect the lungs and respiratory system. Here are some of the major types of lung diseases and their symptoms:

Chronic Obstructive Pulmonary Disease (COPD): COPD is a group of progressive lung diseases, primarily consisting of chronic bronchitis and emphysema. Long-term breathing problems and poor airflow characterize these conditions. The primary cause of COPD is long-term exposure to substances that irritate and damage the lungs, most commonly cigarette smoke.

Symptoms

Persistent cough with mucus
Shortness of breath, especially during physical activities
Wheezing
Chest tightness

Asthma: Asthma is a chronic condition in which breathing becomes difficult due to the inflamed and narrow airways. Allergies, physical activity, cold air, or stress may trigger it.

Symptoms

Shortness of breath
Chest tightness or pain
Wheezing
Coughing, especially at night or early in the morning

Lung Cancer: Lung cancer can develop in any part of the lung. Typically, it affects the main part or close to the alveoli. It is one of the most common and severe types of cancer.

Symptoms

Persistent cough
Coughing up blood
Shortness of breath
Chest pain
Unexplained weight loss

Pulmonary Fibrosis: Pulmonary fibrosis causes scarring of the lung tissue, making it difficult for the lungs to function properly. Its cause is often unknown, but it may be related to prolonged exposure to certain toxins, medical conditions, or radiation therapy.

Symptoms

Shortness of breath
Dry cough
Fatigue
Unexplained weight loss
Aching muscles and joints

Pneumonia: Pneumonia is a bacterial infection of the alveoli that causes inflammation in one or both lungs. The alveoli can fill with fluid or pus, causing cough with phlegm or pus, fever, chills, and difficulty breathing.

Symptoms

Chest pain when breathing or coughing
Confusion or changes in mental awareness (in older adults)
Cough, which may produce phlegm
Fatigue
Fever, sweating, and shaking chills

Tuberculosis (TB): Tuberculosis (TB) is a highly contagious infectious disease that primarily affects the lungs. The bacteria that cause tuberculosis spread through tiny droplets released into the air through coughs and sneezes.

Symptoms

Persistent cough lasting more than three weeks
Coughing up blood
Chest pain
Unintentional weight loss
Fatigue
Fever and night sweats

Pulmonary Embolism: A pulmonary embolism is a condition characterized by a blockage in one of the pulmonary arteries in the lungs. In this condition, blood clots travel to the lungs from the legs or other body parts.

Symptoms

Shortness of breath
Chest pain that may become worse when you breathe deeply or cough
Cough, which may produce bloody or blood-streaked sputum
Rapid or irregular heartbeat

Pulmonary Hypertension: A condition in which high blood pressure affects the right side of the heart and the arteries in the lungs. It also causes damage to the pulmonary arteries (small lung arteries) and capillaries as they become narrow and sometimes blocked.

Symptoms

Shortness of breath.
Tiredness.
Feeling faint or dizzy.
Chest pain (angina)
Racing heartbeat (palpitations)
Swelling (oedema) in the legs, ankles, feet or tummy (abdomen)

Causes and Risk Factors of Lung Diseases

There are many causes of lung diseases, but there are few that contribute majorly to developing lung diseases in the human body. Below, we have some of the common factors that contribute to the development of lung diseases:

Smoking: The leading cause of many lung diseases, including COPD, lung cancer, and emphysema.
Exposure to Pollutants: Long-term exposure to air pollution, chemicals, and dust can damage the lungs.
Infections: Bacterial, viral, and fungal infections can cause pneumonia and tuberculosis.
Genetics: Certain lung diseases, like cystic fibrosis and some types of asthma, have a genetic component.
Occupational Hazards: Jobs that expose workers to harmful substances, such as asbestos, silica, and coal dust, increase the risk of lung diseases.
Chronic Conditions: Conditions like rheumatoid arthritis or lupus can increase the risk of lung disease.

Symptoms of Lung Diseases

While symptoms can vary based on the specific disease, common signs of lung diseases include:

Persistent cough
Shortness of breath
Wheezing
Chest pain or tightness
Chronic mucus production
Coughing up blood
Fatigue

Who is at risk for Lung Diseases?

Lung diseases can affect anyone, but certain factors increase the risk of developing these conditions. Understanding these risk factors can help prevent and early detection of lung diseases. Here are the key risk groups and contributing factors:

Smokers and Former Smokers
Passive Smokers
People living in urban areas with high levels of air pollution
Industrial Workers who are exposed workers to harmful substances
People exposed to grain dust, animal dander, pesticides, and fertilizers
People with a family history of lung diseases
People with weak immune systems
Older Adults are more susceptible to lung diseases
Young children are more vulnerable to respiratory infections
People with a sedentary lifestyle are more prone to lung diseases.
People who do excessive alcohol consumption
Individuals frequently suffering from respiratory infections
People not vaccinated against preventable respiratory infections
People living at high altitudes
People with chronic stress can lead to lung disease

Diagnosis of Lung Diseases

Diagnosing lung diseases includes various assessments. In the below section, we have mentioned some of the common diagnostic tests involved in diagnosing lung diseases:

Medical History: Assessment of symptoms, smoking history and family history of lung disease.
Physical Examination: Checking oxygen levels and assessing general health.
Imaging Tests: Chest X-rays, CT scans, and MRIs to visualize the lungs.
Pulmonary Function Tests (PFTs): Spirometry and other tests to measure lung capacity and airflow.
Blood Tests: To check for infections and other conditions.
Sputum Tests: Analyzing mucus to identify infections or cancer cells.
Biopsy: Removing a small sample of lung tissue for examination under a microscope.

Common Treatment for Lung Diseases

Treatment for lung diseases depends on the specific condition and its severity. Common treatment options include:

Medications

Bronchodilators
Steroids
Antibiotics
Antiviral Drugs
Antifungal Drugs

Oxygen Therapy
Pulmonary Rehabilitation

Breathing Techniques
Psychological Counseling
Nutritional Counseling
Lung Exercise

Surgical Procedures

Lung Transplant
Lobectomy
Pleurodesis

Lifestyle Changes

Smoking Cessation
Healthy Diet
Regular Exercise
Avoiding Pollutants

Prevention of Lung Diseases

Preventing lung diseases involves several strategies to reduce risk factors and promote lung health:

Quit smoking
Avoid passive smoke
Use protective gear, such as masks and other protective equipment
Get vaccinated for influenza, pneumonia, and other respiratory infections.
Maintain good hygiene
Regular hand wash
Regular health check-Ups

Conclusion

Lung diseases include various conditions that can significantly impact a person's quality of life. Understanding the different types of lung diseases, their causes, symptoms, and treatment options is important for effective management and prevention. Individuals can protect their lung health and improve overall well-being by adopting healthy lifestyle habits, avoiding risk factors, and seeking timely medical intervention.

Lung diseases FAQs

What are lung diseases?

Ans. Lung diseases are a broad category of disorders that affect the lungs and respiratory system, impairing their function. They can range from infections and genetic conditions to chronic diseases and cancer.

What are the most common types of lung diseases?

Ans. The most common types include:

Chronic Obstructive Pulmonary Disease (COPD)
Asthma
Lung cancer
Pulmonary fibrosis
Pneumonia
Tuberculosis (TB)
Pulmonary embolism

What causes lung diseases?

Ans. Lung diseases can be caused by various factors, including:

Smoking
Air pollution
Occupational hazards (e.g., exposure to asbestos, silica)
Infections (bacterial, viral, fungal)
Genetic predisposition
Autoimmune diseases
Lifestyle factors (e.g., poor diet, lack of exercise)

Who is at risk for developing lung diseases?

Ans. Risk factors include:

Smoking or exposure to secondhand smoke
Long-term exposure to air pollution or workplace hazards
Family history of lung diseases
Pre-existing respiratory conditions
Weakened immune system
Age (very young or older adults)
Chronic illnesses such as diabetes or heart disease

What are the common symptoms of lung diseases?

Ans. Symptoms vary by disease but often include:

Persistent cough
Shortness of breath
Wheezing
Chest pain or tightness
Chronic mucus production
Coughing up blood
Fatigue

How can I tell if my cough is related to a lung disease?

Ans. A cough that persists for more than three weeks and is accompanied by other symptoms like shortness of breath, chest pain, or coughing up blood may indicate lung disease and should be evaluated by a healthcare professional.

How are lung diseases diagnosed?

Ans. Diagnosis typically involves:

Medical history and physical examination
Imaging tests (e.g., chest X-rays, CT scans)
Pulmonary function tests (e.g., spirometry)
Blood tests
Sputum analysis
Biopsy (if needed)

What tests are used to measure lung function?

Ans. Pulmonary function tests (PFTs) such as spirometry are commonly used. These tests measure lung volume, capacity, rates of flow, and gas exchange.

How are lung diseases treated?

Ans. Treatment depends on the specific disease and its severity. Common treatments include:

Medications (e.g., bronchodilators, steroids, antibiotics)
Oxygen therapy
Pulmonary rehabilitation
Surgical procedures (e.g., lung transplant, lobectomy)
Lifestyle changes (e.g., smoking cessation, diet, exercise)

Can lung diseases be cured?

Ans. Many lung diseases, such as asthma and COPD, are chronic and cannot be cured, but they can be managed effectively with proper treatment. Some conditions, like pneumonia or pulmonary embolism, can be treated and resolved.

How can lung diseases be prevented?

Ans. Preventive measures include:

Quitting smoking and avoiding secondhand smoke
Reducing exposure to air pollutants and occupational hazards
Maintaining good hygiene to prevent infections
Getting vaccinated against flu and pneumonia
Leading a healthy lifestyle with regular exercise and a balanced diet

Are there any vaccinations available for lung diseases?

Ans. Yes, vaccinations can prevent certain lung diseases. The flu vaccine and pneumococcal vaccine can help prevent respiratory infections that can lead to more severe lung conditions.

How can I manage living with a chronic lung disease?

Ans. Effective management includes:

Following the prescribed treatment plan
Regularly monitoring and reporting symptoms to your healthcare provider
Participating in pulmonary rehabilitation programs
Adopting a healthy lifestyle (e.g., diet, exercise)
Avoiding triggers (e.g., allergens, pollutants)

What lifestyle changes can help improve lung health?

Ans. Below are some of the lifestyle changes that can improve lung health:

Quit smoking and avoid secondhand smoke
Exercise regularly to strengthen respiratory muscles
Eat a balanced diet rich in fruits and vegetables
Stay hydrated
Practice good hygiene to prevent infections
Avoid exposure to pollutants and allergens

Can children develop lung diseases?

Ans. Children can develop lung diseases such as asthma, bronchitis, and pneumonia. It's crucial to monitor their symptoms and seek medical care promptly.

Are lung diseases hereditary?

Ans. Some lung diseases have a genetic component, such as cystic fibrosis and certain types of asthma. Family history can increase the risk of developing these conditions.

When should I see a doctor about my lung health?

Ans. See a doctor if you experience:

Persistent cough lasting more than three weeks
Shortness of breath
Chest pain
Wheezing
Coughing up blood
Unexplained weight loss

How do I find a specialist for lung diseases?

Ans. You can find a pulmonologist (lung specialist) by:

Asking for a referral from your primary care physician
Checking with your health insurance provider
Searching online directories from reputable medical organizations

How to Reduce Body Heat?

It is common for the body to overheat in hot weather, but it can be very dangerous and cause various diseases. High body heat is also known as heat stress, which results from dehydration and heat exhaustion. If not managed properly, it can cause life-threatening heat stroke. Therefore, it is very important to understand how to reduce body heat to maintain overall health and well-being. This article explores effective strategies and tips for staying cool and preventing overheating.

Understanding Body Heat

Understanding how the body regulates temperature is not just a fascinating process. It's a crucial step in taking control of your health. The human body maintains an internal temperature of approximately 98.6°F (37°C) through thermoregulation. When the body's temperature rises, sweating and increased blood flow to the skin help dissipate heat. However, high ambient temperatures, vigorous exercise, dehydration, and certain medical conditions can overwhelm these mechanisms, leading to heat stress. By understanding this process, you can take control of your body's temperature and prevent heat-related illnesses.

Signs and Symptoms of High Body Heat

Recognizing the signs and symptoms of high body heat is crucial for taking timely action. Common symptoms include:

Excessive sweating
Red, hot, and dry skin
Rapid heartbeat
Muscle cramps
Nausea or vomiting
Headache
Dizziness or fainting
Confusion or disorientation

If you experience these symptoms, it is important to take immediate steps to cool down and, if necessary, seek medical attention.

Effective Ways to Reduce Body Heat

There are various ways to reduce body heat that can help keep your body cool in heat waves. Here are some of the effective ways to reduce body heat:

Stay Hydrated: Water is essential for regulating body temperature. When you sweat, you lose fluids that should be replenished to prevent dehydration. Drink plenty of water throughout the day, especially in hot weather or after physical activity. Aim to drink at least 8-10 glasses of water daily. Additionally, consuming beverages containing electrolytes can help maintain the body's salt balance, which is important for hydration.
Wear Light and Breathable Clothing: Clothing is important in managing body heat. Wear light, loose-fitting and breathable clothing such as cotton or linen. These materials allow air to circulate and help wick away moisture, keeping you cool. Avoid dark colours that absorb heat and choose light-coloured clothes that reflect sunlight.
Take Cool Showers or Baths: A cool shower or bath can provide instant relief from intense body heat. Cold water helps reduce the core body temperature and relax the skin. Try soaking your feet in a basin of cold water for extra cooling or wiping your body with a wet cloth.
Use Fans and Air Conditioning: Fans and air conditioning are effective tools for creating a cool environment. Use ceiling fans, portable fans, or air conditioning to circulate air and lower indoor temperatures. If you don't have access to air conditioning, consider going to public places like malls, libraries, or community centres that provide cool environments.
Apply Ice Packs or Cold Compresses: Applying ice packs or cold compresses to pulse points such as wrists and neck can help reduce body heat. These areas have blood vessels close to the skin; Cooling them can lower the body temperature.
Stay Indoors During Peak Heat: The sun's rays are strongest between 10 am and 4 pm. During these hours, try to stay indoors or in shady areas to avoid exposure to extreme heat. If you must go outside, wear a wide-brimmed hat, sunglasses, and sunscreen to protect yourself from the sun.
Eat Light and Refreshing Foods: Some foods can help cool down the body. Choose light, hydrating, and refreshing foods like fruits (watermelon, cucumber, oranges), salads, and yoghurt. Avoid heavy, spicy, and fatty foods, which increase body heat and cause discomfort.
Practice Yoga and Breathing Exercises: Breathing exercises and yoga can help regulate body temperature and reduce stress, which can contribute to overheating.
Avoid Strenuous Activities: Avoid strenuous activities like exercise and running, which can increase your body temperature during hot weather. If you want to do these activities, do them in the early morning or late evening. Take frequent breaks, stay hydrated, and listen to your body.
Use Natural Remedies: Several natural remedies can help reduce body heat. Aloe vera, known for its cooling properties, can be applied to the skin to soothe it and reduce heat. Herbal teas made with mint, coriander, or hibiscus can also provide a cooling effect when consumed.

Home Remedies to Reduce Body Heat

There are various home remedies through which you can reduce your body temperature. Here are some of the best home remedies to reduce body heat:

Dip your feet in cold water
Eat fruits and vegetables that have high water content
Consume peppermint
Use Aloe Vera
Consume Amla
Consume buttermilk or curd
Take cold showers

Long-Term Strategies for Managing Body Heat

Below are the long-term strategies for managing body heat that are also important, especially if you are prone to heat stress.

Maintain a Healthy Weight: Excess body weight can increase body heat, as fat is an insulator. Maintaining a healthy weight through a balanced diet and regular exercise can help improve thermoregulation and reduce the risk of overheating.
Adapt Your Living Space: Modify your home to create a cooler environment. Use curtains or blinds to block direct sunlight, especially during peak hours. Consider using reflective window film to reduce heat gain. Planting trees or installing an awning can provide shade and keep your home cooler.
Monitor Your Health: Some medical conditions and medications can affect the body's ability to regulate temperature. If you have conditions such as hyperthyroidism, diabetes, or heart disease, or if you are taking medications that affect thermoregulation, consult your healthcare provider for personalized advice on managing body heat.
Educate Yourself and Others: Awareness and education about heat stress and its prevention is key to staying safe. Learn about the risks and symptoms of heat-related illnesses and share this knowledge with family and friends. During heat waves, check on vulnerable individuals such as the elderly, children and people with chronic diseases to ensure they stay cool and hydrated.

Conclusion

Tackling the challenges of high temperatures and heat waves requires a multi-pronged approach. By understanding the science behind body heat regulation, adopting practical cooling techniques, and making lifestyle adjustments, you can control your body temperature and enjoy greater comfort and well-being even in the hottest conditions. Additionally, long-term strategies such as maintaining a healthy weight, optimizing your living space, and acclimatizing to hot weather can help improve your body's ability to deal with heat. By following these tips and being mindful of your body's signals, you can stay cool and enjoy the warm weather safely.

FAQs

What are the main causes of excessive body heat?

Ans. The main causes of excessive body heat include:

Hot environmental temperatures, such as during heat waves or in hot climates
Strenuous physical activity and exercise
Certain medical conditions, such as fever, hyperthyroidism, or dehydration
Side effects of certain medications
Hot flashes, often experienced by menopausal women

What are some effective ways to lower body temperature quickly?

Ans. Some quick ways to lower body temperature include:

Applying ice packs to the neck, wrists, or groin area
Taking a cold shower or bath
Drinking cool hydrating fluids like water or electrolyte-rich sports drinks
Wearing lightweight, loose-fitting, and breathable clothing

How can I reduce body heat quickly?

Ans. The quickest way to reduce body heat is to drink cold water.

How can dietary changes help reduce body heat?

Ans. Certain dietary choices can help lower body heat:

Eat fruits and vegetables like watermelon, cucumber, mint, and citrus fruits
Avoid heavy, high-calorie meals that require more energy to digest
Drink plenty of water and stay hydrated
Avoid intake of alcohol and caffeine

What are the dangers of not managing excessive body heat?

Ans. Failing to manage excessive body heat can lead to a range of heat-related illnesses, including:

Dizziness
Headache
Nausea
Fatigue
Heat stroke
Dehydration and electrolyte imbalances

Benefits of Coconut Water

Coconut water is a drink that never goes out of trend despite various other nutritious drinks in the market. One beverage in the health and wellness world has emerged as a superstar: coconut water due to its refreshing taste and hydrating properties. Coconut water is the clear liquid found in green coconuts. Recently, it has gained global popularity as a natural, healthy drink rich in essential nutrients. It also offers many health benefits, from hydration and electrolyte balance to heart health. This article explores the myriad benefits of coconut water and why it has become a staple in health-conscious diets worldwide.

Nutritional Profile of Coconut Water

Coconut water is rich in nutrients that provide a variety of vitamins, minerals, and antioxidants and has relatively low calories. A typical 240 ml serving of coconut water contains the following:

Calories: 45-60
Carbohydrates: 10-12 grams
Sugars: 8-10 grams
Protein: 0.5-2 grams
Fat: Less than 1 gram

Coconut water is also rich in essential electrolytes, including:

Potassium: 634 milligrams
Sodium: 266.3 milligrams
Magnesium: 63.4 milligrams
Calcium: 60.9 milligrams
Phosphorus: 20 milligrams

Because of these nutrients, coconut water is excellent for hydration and replenishment, especially after physical activity or during hot weather.

Hydration and Electrolyte Balance

Coconut water can hydrate the body quickly and effectively. It has high water content, which, combined with electrolytes, makes it an excellent drink to maintain the body's hydration levels:

Refill Electrolytes: Electrolytes play an important role in maintaining the body's hydration levels, muscle function, and nerve signalling. During hot weather or intense exercise sessions, the body loses electrolytes through sweat. Coconut water contains essential minerals like potassium, sodium, magnesium and calcium, which help to replace lost electrolytes and maintain optimal body functioning.
Natural Hydration: Coconut water is a natural drink with low calories. Its low sugar content and mild sweetness make it pleasant to taste. It's a refreshing option for a boost of hydration without the extra calories or chemicals.

Heart Health

Coconut water improves heart health by supporting healthy blood pressure and improving cholesterol levels.

Blood Pressure Regulation: Coconut water contains potassium, a well-known electrolyte that regulates blood pressure. Potassium intake helps counteract the effects of sodium, which can contribute to high blood pressure. Coconut water helps normalize blood pressure levels and reduces the risk of heart disease by maintaining a balance between potassium and sodium.
Cholesterol Management: Coconut water has a positive impact on cholesterol levels. It helps reduce LDL (bad) cholesterol and increase HDL (good) cholesterol, making the heart healthy.

Digestive Health

Coconut water is also beneficial for the digestive system. Its natural enzymes and high fibre content help digestion and promote gut health.

Improving Digestion: Coconut water contains bioactive enzymes like catalase, acid phosphatase, diastase, peroxidase, dehydrogenase, and RNA-polymerase. These enzymes can help digestion and metabolism, increasing overall digestive function. Drinking coconut water can help reduce common digestive problems like indigestion and acid reflux.
Preventing Constipation: Coconut water has a high fibre content, which helps promote regular bowel movements and prevent constipation. It also supports a healthy digestive system by ensuring smooth digestion and regularity.

Weight Management

Due to its low-calorie and high-nutrient content, coconut water can be a valuable addition to a diet for those looking to manage their weight.

Low in Calories: Coconut water is a low-calorie drink, making it an excellent choice for staying hydrated without consuming excessive calories. It is also a refreshing and satisfying alternative to sugary drinks like soda and fruit juices.
Satiety and Appetite Control: Coconut water have natural sugars and fibre. Consuming coconut water gives you the feeling of satiety and reduces overall calorie intake. Adding coconut water to your diet may help control your appetite and support your weight management goals.

Antioxidant Properties

Coconut water is rich in antioxidants, which help protect the body from oxidative stress and free radical damage. Free radicals are unstable molecules that can damage cells and contribute to chronic diseases and ageing.

Fighting Oxidative Stress: Coconut water contains antioxidants, such as vitamin C, which help neutralize free radicals and reduce oxidative stress. This can protect cells and tissues from damage and support overall health and well-being.
Supporting Skin Health: Antioxidants play a crucial role in skincare. Coconut protects the skin from damage from UV rays and pollution. It helps prevent premature ageing and promotes a youthful complexion.

Boosting Immunity

Coconut water contains several nutrients and compounds that support a healthy immune system and help the body fight infections and diseases.

Rich in Nutrients: Coconut water is a good source of vitamins and minerals essential for immune function, including vitamin C, potassium and magnesium. These nutrients help strengthen the immune system and support the body's natural defence mechanisms.
Antimicrobial Properties: Coconut water has been found to have antimicrobial properties, which can help protect against harmful bacteria and viruses. Its natural compounds, such as cytokines and lauric acid, contribute to its ability to fight infection and support overall immune health.

Supporting Kidney Health

Coconut water has positively impacted kidney health, particularly in preventing and managing kidney stones.

Preventing Kidney Stones: Kidney stones form when minerals and salts crystallize in the kidneys. Coconut water may help prevent kidney stones by reducing the formation of crystals and stones. Its high potassium content helps dissolve salts and minerals that can cause kidney stones, making it a natural remedy for maintaining kidney health.
Promoting Kidney Function: Regular consumption of coconut water can aid the kidneys' overall functioning by promoting hydration and flushing out toxins. It helps keep the kidneys healthy and reduces the risk of kidney-related problems.

Enhancing Exercise Performance

Coconut water can be an alternative to commercial sports drinks for athletes and fitness enthusiasts because it has hydrating and energy-boosting properties.

Rehydration and Recovery: The electrolyte content of coconut water makes it an effective rehydration drink after intense physical activity. It helps replenish lost fluids and electrolytes, reducing the risk of dehydration and aiding recovery.
Boosting Energy Levels: The natural sugars in coconut water provide a quick energy source, making it an excellent choice for an energy boost during or after exercise. Its light and refreshing nature can help maintain performance and stamina.

Promoting Healthy Skin and Hair

Coconut water can enhance skin and hair health when used externally.

Hydrating the Skin: Coconut water can be a natural toner to hydrate and refresh the skin. Its hydrating properties help retain the skin's moisture, making it soft and supple. Due to its antimicrobial properties, applying coconut water to the skin can also help reduce acne and blemishes.
Nourishing the Hair: Coconut water can be a natural rinse to promote healthy, shiny hair. It helps hydrate the scalp, reduce dandruff and strengthen hair. Regular use of coconut water on hair can improve its texture and overall health.

Conclusion

Coconut water is not just a trendy drink; It is a nutrient-rich elixir that offers a variety of health benefits. From hydration and electrolyte balance to heart health, digestive aid, and beyond, coconut water is a versatile and natural choice for enhancing overall health. Its unique combination of vitamins, minerals, antioxidants and other bioactive compounds makes it an excellent addition to a healthy lifestyle. Whether you want to improve your hydration, support your heart, boost your immunity, or nourish your skin and hair, coconut water provides a refreshing and beneficial solution. Embrace the power of coconut water and experience its countless health benefits.

Benefits of Coconut Water FAQs

What Nutrients Are Found in Coconut Water?

Ans. Coconut water is packed with essential nutrients that contribute to its health benefits. It contains:

Electrolytes: Potassium, sodium, magnesium, calcium, and phosphorus.
Vitamins: Vitamin C and B vitamins.
Minerals: Iron, zinc, manganese, and selenium.
Amino Acids: Essential for muscle repair and overall health.
Antioxidants: Compounds that help neutralize free radicals and reduce oxidative stress.

How Does Coconut Water Help with Hydration?

Ans. Coconut water is highly effective for hydration due to its high water content and rich electrolyte composition. It replenishes the body’s fluids and electrolytes lost through sweat, making it an excellent choice for staying hydrated, especially after exercise or during hot weather.

Can Coconut Water Improve Heart Health?

Ans. Yes, coconut water can support heart health in several ways:

Regulating Blood Pressure
Cholesterol Management

Is Coconut Water Beneficial for Digestive Health?

Ans. Absolutely. Coconut water contains bioactive enzymes that aid digestion and improve gut health. It can help alleviate indigestion acid reflux and promote regular bowel movements due to its fibre content, preventing constipation.

Does Coconut Water Have Antioxidant Properties?

Ans. Yes, coconut water is rich in antioxidants, such as vitamin C, which help combat oxidative stress by neutralizing free radicals. This can protect cells from damage, support overall health, and contribute to a youthful appearance.

Can Coconut Water Boost Immunity?

Ans. Coconut water contains nutrients and compounds that support a healthy immune system, including:

Vitamin C: Boosts immune function.
Antimicrobial Properties: Natural compounds like lauric acid and cytokines help fight off infections and harmful microbes.

Pneumonia: Understanding the Symptoms, Causes, and Treatments

Pneumonia has become a significant problem in India due to the increasing prevalence of respiratory diseases in modern society. According to the National Institutes of Health (NIH) report, India has 23% of the global pneumonia cases, with fatality rates between 14 and 30%. This disease is most dangerous for children below five years of age, older people over age 65, and people with health problems or weakened immune systems. This comprehensive article will give detailed information on Pneumonia overview, symptoms, causes, risk factors, diagnosis, treatment, etc.

Key Points to Remember

Pneumonia is an infection of the lungs that can cause mild to severe illness in people of all ages.
India has 23% of global pneumonia cases, with a fatality rate between 14 to 30%.
It is the leading cause of death due to infection in children younger than 5 years of age worldwide.
Those at high risk of pneumonia include older adults, the very young, and people with underlying health problems.
Quit smoking, have a healthy diet, and exercise regularly to help you tackle pneumonia.

What is Pneumonia?

Pneumonia is a severe lung infection that causes air sacs in one or both lungs to swell. These air sacs can fill with fluid or pus, causing symptoms such as cough, fever, chills, and difficulty breathing. Pneumonia can range from mild to life-threatening and affects people of all ages. However, it is dangerous for infants, young children, older people, and people with weakened immune systems.

Types of Pneumonia

There are various types of pneumonia, and doctors must take more accurate and effective treatment strategies for the affected individuals. Here’s an overview of the major types of pneumonia:

Bacterial Pneumonia is caused by bacterial pathogens, such as Streptococcus pneumoniae, Haemophilus influenzae, and Staphylococcus aureus. It often follows a viral infection or weakened immune system. Symptoms include fever, cough, chest pain, and difficulty breathing. It typically requires antibiotic treatment.
Viral Pneumonia is caused by viruses, including influenza, respiratory syncytial virus (RSV), and SARS-CoV-2 (the virus that causes COVID-19). Its symptoms resemble bacterial pneumonia but may include additional respiratory symptoms such as nasal congestion and sore throat. Antiviral medications may be prescribed, but supportive care is often the primary treatment.
Atypical Pneumonia is caused by atypical pathogens such as Mycoplasma pneumoniae, Chlamydia pneumoniae, and Legionella pneumophila. Symptoms include mild fever, headache, and cough, but the illness can be more severe. Depending on the causative agent, specific antibiotic treatment is required.
Aspiration Pneumonia occurs when foreign substances such as food, fluids, or stomach contents are inhaled into the lungs. It is common in individuals with swallowing disorders, neurological conditions, or impaired gag reflexes. Symptoms include cough, fever, and difficulty breathing. Treatment often involves addressing the underlying cause and antibiotic therapy.
Healthcare-associated Pneumonia (HCAP) develops in individuals who have recently had exposure to healthcare, such as hospitalization, nursing home stay, or dialysis. It is caused by more resistant pathogens, including Pseudomonas aeruginosa and methicillin-resistant Staphylococcus aureus (MRSA). It requires prompt recognition and targeted antibiotic treatment.
Community-acquired Pneumonia (CAP) occurs in individuals without recent exposure to health care. It is caused by various bacterial, viral, and unusual pathogens. The specific causative agent determines the symptoms and treatment approach. Vaccination against common pneumonia-causing pathogens, such as Streptococcus pneumoniae, may help prevent CAP.

Causes of Pneumonia

Various pathogens, including bacteria, viruses, fungi, and mycoplasma, can cause pneumonia. Each type has different modes of transmission, symptoms, and treatment.

Bacterial Pneumonia

Common Cause: Streptococcus pneumoniae
Other Bacteria: Haemophilus influenzae, Legionella pneumophila, Mycoplasma pneumonia, and Staphylococcus aureus
Transmission: Inhalation of airborne droplets from a cough or sneeze or spread from other parts of the body during or after illness (e.g., influenza)

Viral Pneumonia

Common Cause: Influenza viruses
Other Viruses: Respiratory syncytial virus (RSV), coronaviruses (including SARS-CoV-2), adenoviruses, and parainfluenza viruses
Transmission: Inhalation of respiratory droplets, direct contact with an infected person, or touching contaminated surfaces

Fungal Pneumonia

Common Cause: Fungi from soil or bird droppings
Common Fungi: Histoplasma, Coccidioides, and Cryptococcus
Transmission: Inhalation of fungal spores, typically in some geographic regions with specific environmental conditions

Mycoplasma Pneumonia

Common Cause: Mycoplasma pneumoniae
Transmission: Spread through respiratory droplets in close-contact settings like schools or military barracks

Symptoms of Pneumonia

Symptoms of pneumonia can vary widely depending on the type of pathogen causing the infection, the patient's age, and overall health. Below are the symptoms of Pneumonia:

Cough
Fever
Shortness of Breath
Chest Pain
Fatigue
Nausea, Vomiting, or Diarrhea
Confusion
Muscle Pain

In infants and young children, symptoms might be less specific and can include:

Rapid breathing or difficulty breathing
Grunting or wheezing sounds
Poor feeding
Lethargy or irritability

Risk Factors of Lung Diseases

Below are the factors that can increase the risk of developing pneumonia in the human body:

Weak immune systems
Recent Respiratory Infection
Chronic Diseases such as asthma, COPD, heart disease, and diabetes
Smoking
Alcohol Abuse
Exposure to Pollutants
Crowded Living Conditions

Diagnosis of Pneumonia

Diagnosing pneumonia typically involves a combination of medical history, physical examination, and diagnostic tests.

Medical History and Physical Exam

Review symptoms, recent illnesses, and potential exposure to pathogens.
Lungs are checked with a stethoscope for abnormal sounds like crackles or wheezing.

Diagnostic Tests

Chest X-ray
Blood Tests
Sputum Test
Pulse Oximetry
CT Scan
Bronchoscopy

Treatment for Pneumonia

The treatment of pneumonia depends on the type, severity, and the patient’s overall health. Below are some common treatments that are used to treat Pneumonia:

Bacterial Pneumonia

Antibiotics are the primary treatment for bacterial pneumonia.

Viral Pneumonia

Antiviral Medications and other supportive care such as fluids, body rest, etc.

Fungal Pneumonia

Antifungal Medications to treat fungal infections.

General Supportive Treatments

Oxygen Therapy for low blood oxygen levels.
Pain and Fever Reducers such as acetaminophen, ibuprofen and paracetamol.
Intake of adequate fluid to loosen mucus.

Prevention for Pneumonia

Preventing pneumonia involves several strategies, such as:

Vaccination

Pneumococcal Vaccine
Influenza Vaccine
Other Vaccines

Hygiene Practices

Hand Washing
Respiratory Etiquette

Lifestyle Changes

Quit Smoking
Healthy Diet and Regular Exercise
Avoiding Sick Contacts

Environmental Measures

Clean Living Spaces
Air Quality Control

Conclusion

Pneumonia is an important health concern that requires prompt diagnosis and appropriate treatment to prevent complications. Understanding the causes, symptoms, risk factors, and prevention strategies can help protect individuals from this potentially life-threatening infection. Vaccinations, good hygiene, a healthy lifestyle, and avoiding known risk factors are crucial steps in reducing the incidence and severity of pneumonia. If symptoms of pneumonia arise, seeking medical attention promptly can ensure effective management and recovery.

Pneumonia FAQs

What is pneumonia?

Ans. Pneumonia is an infection that inflames the air sacs (alveoli) in one or both lungs. These air sacs may fill with fluid or pus, causing symptoms such as cough, fever, chills, and difficulty breathing.

What causes pneumonia?

Pneumonia can be caused by various pathogens, including bacteria, viruses, fungi, and mycoplasmas. Streptococcus pneumoniae is a common bacterial cause, while influenza and respiratory syncytial virus (RSV) are viral causes.

What are the common symptoms of pneumonia?

Ans. Common symptoms of pneumonia include:

Cough, which may produce greenish, yellow, or bloody mucus
Fever, sweating, and chills
Shortness of breath
Chest pain that worsens with deep breathing or coughing
Fatigue and muscle pain
Nausea, vomiting, or diarrhea

How is pneumonia diagnosed?

Ans. Pneumonia is diagnosed through:

Medical history and physical examination
Chest X-ray to confirm infection and check the extent of lung involvement
Blood tests to identify the type of infection and white blood cell count
Sputum test to analyze mucus for pathogens
Pulse oximetry to measure oxygen levels in the blood
CT scan or bronchoscopy in severe or unclear cases

How is pneumonia treated?

Ans. Treatment depends on the cause of pneumonia:

Bacterial pneumonia
Viral pneumonia
Fungal pneumonia

Can pneumonia be treated at home?

Ans. Mild cases of pneumonia can often be treated at home with rest, fluids, and prescribed medications. Severe cases may require hospitalization, especially with significant breathing difficulties or other health complications.

How can pneumonia be prevented?

Ans. Pneumonia can be prevented through:

Vaccinations
Good hygiene
Healthy lifestyle
Environmental measures

Who is at higher risk for pneumonia?

Ans. People at higher risk for pneumonia include:

Infants and young children
Older adults (65+)
Smokers
Individuals with chronic diseases (e.g., asthma, COPD, heart disease)
People with weakened immune systems (e.g., HIV/AIDS, cancer treatment, organ transplants)
Those with recent respiratory infections like influenza

How does pneumonia affect children?

Ans. Children, especially those under five years old, are more susceptible to pneumonia. Symptoms may include rapid breathing, wheezing, difficulty feeding, and lethargy. Vaccination and prompt medical attention are key to preventing and treating pneumonia in children.

How does pneumonia affect the elderly?

Ans. In elderly individuals, pneumonia symptoms may be less obvious, including confusion or delirium, weakness, and reduced appetite. The elderly are at higher risk for complications; vaccination and early treatment are particularly important.

How long does it take to recover from pneumonia?

Ans. Recovery time varies depending on the severity of the pneumonia, the patient's overall health, and the type of pathogen. Mild cases may resolve in a week or two, while more severe cases can take several weeks or months to recover fully.

Can pneumonia recur?

Ans. Yes, pneumonia can recur, particularly in individuals with chronic lung diseases, weakened immune systems, or other risk factors. Preventive measures, such as vaccination and managing underlying health conditions, can help reduce the risk of recurrence.

When should I see a doctor if I think I have pneumonia?

Ans. You should see a doctor if you experience symptoms such as:

Persistent cough with greenish, yellow, or bloody mucus
High fever and chills
Shortness of breath
Chest pain when breathing or coughing
Severe fatigue or muscle pain
Confusion (especially in older adults)

Recognize The Signs Of Car Engine Damage

To ensure your car runs well you need to keep your engine in check. It is, of course, the heart of your car and you need to take good care of it. The engine keeps giving us signs of its gradual deterioration before falling apart completely. We must be aware of such signs, and one needs to be very conscious. Repairing a car engine is a very costly affair, hence its best that we keep a look out of the early signs of damage. Given below are some of the indications that our car engine gives us at such times:

Indications of a Faulty Engine

Engine light

When you start your vehicle, the engine lights on your dashboard glow. If you observe them not glowing, then understand there is a problem you must act upon. There are designated sensors in your car to which these lights are connected that determine whether your car engine is working perfectly or not. You might want to keep a look out for the "Check Engine" lamp, as it can indicate a multiple number of problems.

Smoke signal warning

Smoke emission can occur from the front of the car or the back. In both cases, it is not a good sign. Blue smoke emission indicates that oil from the engine is escaping and mixing with the fuel. In this case, you need to repair damaged seals.

If it is white smoke emission, then it indicates that the coolant of your car is mixing with the fuel and causing such emission. You need to check your car before any problem of overheating takes place.

The legendary oil patch

If you see that your vehicle is leaving behind oil patches whenever it is parked somewhere, it means that you have a leaky engine and you might want to patch up the problem quickly.

A dead engine in winter

It is a common site that every car engine freezes on a winter morning. However, giving it some time to start should make it purr like a kitten. If this doesn’t happen, then it could imply that there could be a crack in the cylinder casing due to the pressure variations caused by the change in temperature.

The squeak

The squeaking of your engine indicates that there is something wrong with the bearing of your engine. It needs to be replaced as fast as possible.

A hydraulic block

When your engine starts up without any problem, but it suddenly stops working, it means that there is some problem with the hydraulics of your engine. In this case, your car would need a maintenance check.

Overcoming the problem

The cost of car engine replacement is extremely high and not easily affordable to many. You can check these tips that may be helpful to you:

Use the right kind of oil for your engine as recommended by the manufacturer. Oil it according to given recommendation.
Do not overlook oil leaks in your engine.
Do not ignore any problem in your cooling system.
Be careful when you are driving through the stagnant water as it tends to destroy the motor.

Keep these signs in check and you can surely improve the lifecycle of your vehicle’s engine.

Kidney Disease: Causes, Symptoms, Treatment, and More

Kidney disease, often referred to as the silent killer, has become a growing global health concern that affects millions of people worldwide. Despite its prevalence, awareness and understanding of kidney disease remain low. The kidneys help maintain overall health by filtering waste products. Due to damage or impairment of the kidneys, these essential functions are compromised, leading to severe health complications and, in many cases, life-threatening conditions.

According to the Global Burden of Disease Study 2017, Chronic Kidney Disease (CKD) is one of the leading causes of death globally. This statistic underscores the urgent need for greater awareness, early detection, and effective management of kidney disease to prevent its progression and improve quality of life.

Understanding kidney disease is not only meant for those directly affected but also for caregivers, healthcare professionals, and the general public. Early diagnosis and intervention can significantly slow the progression of the disease, enhance patient outcomes, and reduce the burden on healthcare systems.

In this comprehensive guide, we will cover the causes, symptoms, and treatment options for kidney disease, providing you with the knowledge necessary to recognize the signs and take proactive steps toward maintaining kidney health. Before we get into the disease’s details, let’s cover the function of kidneys.

How Do the Kidneys Work?

Kidneys perform several vital functions essential for maintaining overall health. Located on either side of the spine, just below the rib cage, these bean-shaped organs are roughly the size of a fist. Despite their relatively small size, the kidneys play a critical role in filtering and purifying the blood, ensuring the body's internal environment remains stable and balanced. Here’s a closer look at how the kidneys work:

The primary function of the kidneys is to filter waste products from the blood. Each kidney contains a million tiny nephrons, where filtration begins. They allow water, salts, glucose, and waste products to pass into a tubule while retaining larger molecules like proteins in the bloodstream.
As the filtered fluid, known as filtrate, passes through the tubule, the kidneys selectively reabsorb essential substances back into the bloodstream. These substances include water, electrolytes, and nutrients.
Simultaneously, the kidneys secrete additional waste products and excess ions into the tubule.
The kidneys also regulate electrolyte levels ( sodium, potassium, and calcium) by adjusting their reabsorption and excretion.
Kidneys eliminate waste products generated by metabolic processes in the form of urine and prevent their buildup in the blood.

What is a Kidney Disease?

Kidney disease refers to conditions that impair your kidneys' ability to clean your blood, remove excess water, and regulate blood pressure. Given the kidneys' critical roles in filtering waste, balancing electrolytes, producing hormones, and regulating blood pressure, any compromise in their function can lead to health issues.

Kidney disease can be acute, occurring suddenly, or chronic, developing over time.

Kidney Disease Symptoms

While some individuals may experience no symptoms in the early stages, others may notice subtle changes that indicate a decline in kidney function. Common symptoms of kidney disease include:

Changes in urination in terms of frequency or difficulty in urinating
Swelling in the ankles, legs, face, or other parts of the body
Persistent fatigue, weakness, or lack of energy
Insomnia or disrupted sleep patterns
Nausea and vomiting
Shortness of breath
Hypertension, often difficult to control with medication
Loss of appetite or sudden weight loss
Muscle cramps, particularly in the legs

Common Causes of Kidney Disease

Kidney disease can stem from various factors, including underlying health conditions, genetic predispositions, and lifestyle choices. Understanding the common causes can help individuals take preventive measures and mitigate their risk of developing kidney problems.

Here are some prevalent causes of kidney disease:

Uncontrolled or poorly managed diabetes
High blood pressure (Hypertension)
Polycystic Kidney Disease or PKD (a genetic disorder characterized by the growth of numerous fluid-filled cysts in the kidneys)
Urinary tract obstruction in the form of kidney stones, tumors, or enlarged prostate glands
Frequent or poorly treated kidney infections
Autoimmune diseases like lupus and autoimmune vasculitis
Certain medications like (NSAIDs), antibiotics, and certain chemotherapy drugs
Heavy alcohol consumption
Smoking

Types of Kidney Disease

Kidney disease encompasses a range of conditions that can affect the structure/function of the kidneys. The following table covers some of the most common types of kidney disease:

Type of Kidney Disease	Description	Possible Causes
Acute Kidney Injury (AKI)	Sudden and often reversible loss of kidney function	Severe dehydration, infection, injury, certain medications
Chronic Kidney Disease (CKD)	Long-term condition characterized by gradual loss of kidney function	Diabetes, high blood pressure, glomerulonephritis, polycystic kidney disease
Glomerulonephritis	Inflammation of the glomeruli, the filtering units in the kidneys	Infections, autoimmune diseases, chronic conditions
Polycystic Kidney Disease (PKD)	Genetic disorder characterized by growth of numerous cysts in the kidneys	Genetic mutations, inherited in an autosomal dominant or recessive pattern
Kidney Stones (Nephrolithiasis)	Hard mineral and salt deposits that form in the kidneys	Dehydration, certain diets, obesity, certain medical conditions
Urinary Tract Infections (UTIs)	Bacterial infections affecting the kidneys, ureters, bladder, or urethra	Bacterial invasion, poor hygiene, urinary tract abnormalities
Renal Cysts	Fluid-filled sacs that can develop in the kidneys	Benign, may require treatment if large or complex
Kidney Cancer	Cancer originating in the cells of the kidney	Genetic predisposition, smoking, obesity, exposure to certain chemicals
Hypertensive Nephropathy	Kidney damage caused by chronic high blood pressure	Chronic hypertension, damage to blood vessels in the kidneys

How to Diagnose a Kidney Disease?

Diagnosing kidney disease involves a combination of medical history review, physical examination, laboratory tests, and imaging studies. Here are the key steps in diagnosing kidney disease:

Medical history and physical examination review (including any existing health conditions, family history of kidney disease, medications, and lifestyle factors)
Blood tests to evaluate kidney function and detecting abnormalities in blood chemistry.
Urinalysis to assess kidney function and detect abnormalities such as proteinuria (protein in the urine), hematuria (blood in the urine), and urinary sediment.
Imaging studies, such as ultrasound, CT scans, or MRI to visualize the kidneys and assess their structure, size, and presence of abnormalities such as cysts, tumors, or obstructions
Kidney biopsy to obtain a tissue sample for microscopic examination

More About Kidney Disease Treatment

Treatment for kidney disease aims to slow its progression, manage symptoms, and prevent complications. The specific approach to treatment depends on the type and stage of kidney disease, and individual health factors.

Here are common treatments for kidney disease:

Treatment	Description
Lifestyle Modifications	- Balanced diet low in sodium, phosphorus, and potassium - Protein intake limitation - Fluid intake monitoring - Regular physical activity - Smoking cessation and alcohol limitation
Medications	- Blood pressure medications (ACE inhibitors, ARBs) - Diuretics - Phosphate binders - Erythropoiesis-Stimulating Agents (ESAs) - Cholesterol-lowering medications
Dialysis	- Hemodialysis - Peritoneal dialysis
Kidney Transplant	Surgical implantation of a healthy kidney from a donor to replace failed kidneys
Treatment of Underlying Conditions	Management of diabetes, hypertension, and autoimmune diseases to prevent further kidney damage
Supportive Care	Dietary counseling, symptom management, emotional support, and patient education

FAQs

Can kidney diseases be cured?

While some forms of kidney disease can be managed or slowed in progression with treatment, most chronic kidney diseases are not curable. However, early detection and intervention can help preserve kidney function and improve quality of life. In cases of last-stage kidney disease, kidney transplantation may offer a cure, providing a new, healthy kidney to replace the failed ones.

What are the first signs of kidney disease?

The early stages of kidney disease may present with subtle symptoms or no symptoms at all. However, common signs to watch for include changes in urination patterns, swelling in the ankles or face, fatigue, difficulty sleeping, weakness, and elevated blood pressure. If you experience any of these symptoms, consult a healthcare professional for evaluation and testing.

What is the suggested diet for kidney disease patients?

For kidney disease patients, a suggested diet typically involves:

Limiting sodium intake to help control blood pressure and reduce fluid retention
Monitoring protein consumption to lessen the workload on the kidneys
Restricting phosphorus and potassium intake to manage electrolyte balance
Including high-quality protein sources like poultry, fish, and eggs
Incorporating fruits and vegetables low in potassium, such as apples, berries, and cabbage
Drinking plenty of water within recommended limits, unless advised otherwise by a healthcare professional
Working closely with a registered dietitian to create a personalized meal plan tailored to individual needs and stage of kidney disease.

Is kidney disease hereditary?

Yes, kidney disease can have a hereditary component. Certain genetic conditions, such as PKD, are inherited and can lead to kidney problems. Additionally, a family history of kidney disease may increase an individual's risk of developing kidney problems. However, not all kidney diseases are hereditary, and environmental factors and lifestyle choices also play significant roles in kidney health.

How long can someone live with kidney disease?

The life expectancy of someone with kidney disease varies depending on the type and severity of kidney disease, overall health, treatment adherence, and access to medical care. With proper management, early detection, and treatment, many people with kidney disease can live long and fulfilling lives. However, in cases of advanced kidney disease or end-stage renal failure, life expectancy may be significantly reduced without interventions such as dialysis or kidney transplantation.

Janani Suraksha Yojana: Features, Benefits, and Application Process

In a nation where economic inequality is alarmingly high, getting good healthcare support during pregnancy and delivery time is not easy for all. While healthcare facilities and experts are easily accessible in the developed cities, the population living in underprivileged areas and villages still struggle to get good care and safe childbirth.

“As per the Special Bulletin on Maternal Mortality in India 2018-20, the Maternal Mortality Ratio (MMR) estimate for India is 97. (Ref: SRS_MMR_Bulletin_2018_2020)

As per the Sample Registration System (SRS) Statistical Report 2020, the Infant Mortality Rate (IMR) was 28 deaths per 1000 live births, and the Under 5 Mortality Rate (U5MR) was 32 per 1000 live births in 2020. (Ref: https://pib.gov.in/PressReleasePage.aspx?PRID=1861710)”

The Government of India keeps bringing initiatives to reduce the maternal and child mortality rate and, in a row, has sponsored the Janani Suraksha Yojana Scheme under the National Rural Health Mission (NHRM) to address these issues and provide a facility for institutional deliveries.

Let’s look at the Janani Suraksha Yojana scheme in detail.

What is Janani Suraksha Yojana?

Janani Suraksha Yojana (JSY) is a health scheme introduced by the Government of India to address the dual challenges of maternal mortality and financial barriers to healthcare access. The scheme is a significant initiative to reduce maternal and infant mortality rates. JSY focuses on providing financial assistance to underprivileged pregnant women and encouraging them to shift from home births to institutional deliveries.

So far, the Janani Suraksha Yojana scheme has effectively promoted safe motherhood of pregnant women residing in economically disadvantaged rural and urban areas and ensured good health of mothers and children during childbirth.

What Are the Objectives of the Janani Suraksha Yojana?

Janani Suraksha Yojana is driven to achieve many milestones to improve mother and child health in India. The main objectives of JSY are highlighted below:

Reduce Maternal Mortality: By promoting institutional deliveries and ensuring skilled care during childbirth, Janani Suraksha Yojana aims to decrease maternal deaths and complications related to pregnancy and childbirth.

Reduce the Infant Mortality Rate (IMR): Health during pregnancy and health conditions at the time of delivery impact the baby. Janani Suraksha Yojana aims to provide pre- and post-natal care to the mother, which ultimately improves the health of the child.

Increase Institutional Deliveries: Home deliveries are risky and can lead to crucial conditions if not handled carefully. To shift to institutional deliveries, Janani Suraksha Yojana incentivizes pregnant women. Thus, JSY ensures access to safe delivery practices, skilled healthcare professionals, and emergency obstetric care.

Improve Access to Maternal Healthcare: The scheme focuses on enhancing access to antenatal, intranatal, and postnatal care services, especially for women from marginalized and economically disadvantaged backgrounds.

Provide Financial Support: Janani Suraksha Yojana offers cash assistance to pregnant women upon institutional delivery, eradicating financial barriers and encouraging them to seek timely and appropriate maternal healthcare.

Empower Women: JSY prioritizes the maternal health and well-being of pregnant women from underprivileged areas, which empowers them to make informed decisions about their reproductive health.

Enhance Newborn Care: In addition to maternal health, Janani Suraksha Yojana also emphasizes essential newborn care interventions, ensuring the well-being and survival of newborns during the critical early stages of life.

Eligible and Requirements to Apply for Janani Suraksha Yojana

Pregnant women should adhere to the following eligibility criteria and restrictions to be eligible to apply for the Janani Suraksha Yojana:

Below Poverty Line (BPL) Category: The scheme mainly aims to empower pregnant women from underprivileged rural and urban areas.

Relaxation for SC and ST Category: For the SC and ST category, any pregnant woman, including Non-BPL, can gain the benefits of JSY.

Age Restriction: Pregnant women 19 years of age or older are eligible to register and receive benefits under Janani Suraksha Yojana.

Number of Live Births: Pregnant women with a maximum of two live births can benefit from JSY. A woman with three or more children cannot receive the incentives.

Place of Delivery: The pregnant woman registered to gain benefits under the Janani Suraksha Yojana should give birth to the child in a government hospital or selected private clinics. If the delivery happens at home, Rs. 500/—should be given as an incentive.

In Low-Performing States: Pregnant women residing in low-performing states who deliver in government health centres, state hospitals, or accredited private institutions are eligible for benefits.

Availability of Janani Suraksha Yojana

Janani Suraksha Yojana is available in all the states and UTs with a special focus on the low-performing states. Pregnant women can benefit from JSY by giving birth to the child in the following places:

All the sub-centres
Primary health centres
Rural hospitals
Community health centres
District and sub-district hospitals
Accredited hospitals
Hospitals under medical colleges
Municipal corporation hospitals
Government granted hospitals
Corporation hospitals

How Much Do I Get if I Register for Janani Suraksha Yojana?

Janani Suraksha Yojana is a big step taken by the government to provide financial assistance and benefits to pregnant women, ASHA workers, and healthcare professionals. If registered for the JSY scheme, the following assistance is provided:

Cash Assistance: Pregnant women and ASHA receive cash incentives and important maternal healthcare services. The amount they receive varies depending on where they live.

For Low Performing States (LPS):

Rural Area
Pregnant Woman Package	ASHA Package	Total
Rs. 1,400	Rs. 600	Rs. 2,000
Urban Area
Pregnant Woman Package	ASHA Package	Total
Rs. 1,000	Rs. 200	Rs. 1,200

For High Performing States (HPS):

Rural Area
Pregnant Woman Package	ASHA Package	Total
Rs. 700	Rs. 200	Rs. 900
Urban Area
Pregnant Woman Package	ASHA Package	Total
Rs. 600	Rs. 200	Rs. 800

Financial Assistance for C-Section Deliveries: If the pregnant woman requires a C-section delivery and finds no government doctors, they get the financial help of Rs. 1,500 that can be utilized to hire a private expert to perform the delivery at a hospital.

Compensation for Family Planning Treatment: If a woman opts to undergo a Tubectomy or Laparoscopic Surgery for family planning, she receives compensation under the family welfare scheme.

What Are Janani Suraksha Yojana Benefits?

By registering under the Janani Suraksha Yojana scheme, the following maternal and child healthcare benefits can be availed:

Check-Ups During Pregnancy and Safe Delivery: Pregnant women registered under the Janani Suraksha Yojana can have three check-ups, allowing for early detection and management of pregnancy-related complications. They are encouraged to have childbirth in a hospital or accredited clinic to ensure a safe delivery.

Access to Skilled Care: By promoting institutional deliveries, the JSY ensures pregnant women can access skilled healthcare professionals, including doctors, nurses, and midwives, who provide comprehensive maternal and newborn care services.

Reduction in Maternal Mortality: By encouraging institutional deliveries and improving access to skilled care, Janani Suraksha Yojana aims to reduce maternal mortality rates and prevent pregnancy-related complications.

Postnatal Care: The JSY scheme emphasizes postnatal care for both mothers and newborns, including breastfeeding support, immunizations, and monitoring for any postpartum complications.

Support and Training to Healthcare Workers: Healthcare workers who help women with safe deliveries are recognized and appreciated for their hard work. Also, the birth attendants in villages called ‘Dai’ are trained to improve their skills to make childbirth safer.

Financial Help for Weaker Sections: Financial support is offered under the Janani Suraksha Yojana, depending on the family's financial status. Also, if a woman needs C-section delivery and a healthcare specialist is absent, funds are provided for a private expert.

Support Family Planning: Family planning is also encouraged under the Janani Suraksha Yojana.

How to Apply for Janani Suraksha Yojana Online?

Eligible pregnant women can enrol on the Janani Suraksha Yojana scheme and avail of the benefits by following the given steps:

Step 1: Go to the official website of Janani Suraksha Yojana. Click the ‘Apply Online’ option to access the e-registration form.

Step 2: For offline registration, download the form from the website. To do so, go to the ‘Download Offline Form’ option and select your preferred language to download the form.

Step 3: Fill out the required information in the fields, such as the name of the pregnant woman, address, and other details.

Step 4: Double check all the information to avoid the chances of rejection.

Step 5: Attach all the supporting documents mentioned in the registration form.

Step 6: Once you have checked all the information, click ‘Submit’ to complete the online registration process. For offline submission, fill out the form and all the documents and submit them at the ASHA or Anganwadi Centre.

Step 7: In case of online submission, a code is generated that you need to save for future reference and know the status of the JSY application process.

Step 8: Once the application is reviewed, the JSY card is sent through post or to ASHA workers.

What Documents are Required to Apply for Janani Suraksha Yojana?

Prepare the below documents to get the benefits of Janani Suraksha Yojana:

Aadhaar card
Proof of address
Delivery certificate
BPL ration card
Bank details of the woman
Mobile number
Passport sized photograph

How to Avail Benefits Under Janani Suraksha Yojana?

The general process to avail of the benefits of Janani Suraksha Yojana can include the given steps:

1. Registration and Enrollment: Pregnant women must register for JSY at the nearest government health facility or designated registration centres. During registration, provide necessary personal details and undergo an assessment of eligibility criteria.

2. Antenatal Check-ups: After registration, pregnant women are encouraged to attend regular antenatal check-ups at the designated healthcare facility to monitor any complications and ensure appropriate medical care.

3. Completion of Delivery in Healthcare Facility: To qualify for Janani Suraksha Yojana benefits, the pregnant woman must deliver her baby to a government-approved healthcare facility centre.

4. Verification and Documentation: After the delivery, healthcare providers verify the delivery and complete the necessary documentation, including filling out JSY claim forms. During the process, the delivery details, including the date, place, and mode of delivery, are recorded for verification purposes.

5. Claim Submission: The completed Janani Suraksha Yojana claim forms and relevant documents are submitted to the appropriate authorities or designated offices responsible for processing JSY claims. These documents typically include proof of the woman's identity, proof of registration under JSY, delivery-related documents, and any other required paperwork.

6. Verification and Approval: The concerned authorities verify the submitted JSY claims to ensure compliance with program guidelines and eligibility criteria. Once verified, the claims are approved for processing.

7. Disbursement of Benefits: Upon approval, the cash assistance or benefits under the Janani Suraksha Yojana are disbursed to the eligible woman through the designated mode of payment. The payment mode can be a direct bank transfer or cash payment at the healthcare facility.

8. Postnatal Follow-up: After receiving JSY benefits, postnatal follow-up care is provided to the mother and newborn to monitor their health and well-being. This helps address any postnatal complications and provides necessary support and guidance.

* Note that the process can vary depending on the state’s rules and regulations.

What is the Impact of Janani Suraksha Yojana?

There has been a good impact of Janani Suraksha Yojana since its launch, including the below key developments:

1. Increased Institutional Deliveries: According to government reports, JSY has significantly increased institutional deliveries in India, indicating the program's success in promoting skilled care during childbirth.

2. Reduction in Maternal Mortality Rate (MMR): There’s been a decline in maternal mortality rates in states where the Janani Suraksha Yojana has been effectively implemented.

3. Improved Access to Antenatal Care: JSY has been instrumental in improving access to antenatal care services for pregnant women, leading to increased utilization of antenatal check-ups and essential maternal health interventions.

4. Financial Empowerment of Women: Cash incentives provided through Janani Suraksha Yojana have helped raise financial barriers to institutional delivery, especially for marginalized and economically disadvantaged women.

5. Community Awareness and Engagement: JSY has fostered community awareness about the importance of maternal and child health, encouraging families to prioritize institutional deliveries and access timely healthcare services.

Final Words

Janani Suraksha Yojana has shown good results in reducing the maternal and infant mortality ratios in India. It has also been a lifeline for many pregnant women belonging to underprivileged communities and areas, enabling them to avail of multiple healthcare facilities during and after the pregnancy. JSY has also played a vital role in empowering women to make informed decisions related to their health and family planning.

* Disclaimer: The content published in this article is intended solely for the reader's informational purposes and should not be relied upon for personal, medical, legal, or financial decisions. It is advisable to seek advice from a qualified professional regarding specific concerns. The details provided regarding the plan are for reference purposes only. Visit the official website for the latest updates on the plan. The Company does not guarantee the suitability, reliability, timeliness, or accuracy of the information, services, or any other aspects mentioned in this regard for any purpose.

Frequently Asked Questions About Janani Suraksha Yojana

What amount is provided under the Janani Suraksha Yojana?

The JSY scheme provides Rs. 1,400 (rural) to Rs. 1,000 (urban) as monetary help for institutional delivery in low-performing states and Rs. 700 (rural) and Rs. 600 (urban) for high-performing states. For home delivery, Rs. 500 is provided as financial help.

What is the main aim of the Janani Suraksha Yojana?

The key objective of Janani Suraksha Yojana is to shift from traditional childbirth to institutional childbirth and reduce maternal and infant mortality rates. The scheme also focuses on providing healthcare facilities during pregnancy and financial assistance after childbirth.

Can a woman below 19 years of age apply for the Janani Suraksha Yojana?

No, only a pregnant woman of 19 years or above can register for the Janani Suraksha Yojana.

How to check Janani Suraksha Yojana application status?

Follow the given instructions to check the status of the Janani Suraksha Yojana:

Visit the official website of Janani Suraksha Yojana.
On the homepage, click the option to ‘Check the Application Status’.
A new window will appear, and you must enter your registration number.
Verify the captcha code and click on the search button.
Now, the Janani Suraksha Yojana application status will appear on the screen.

Does Janani Suraksha Yojana provide any assistance with after-delivery care?

Yes, Janani Suraksha Yojana ensures that the registered beneficiaries receive postnatal care and financial assistance during and after pregnancy for the better health of mother and child.

Do ASHA workers also get financial assistance under JSY?

Yes, ASHA and equivalent healthcare workers are incentivized to promote institutional deliveries and maternal healthcare.

Can women living in urban areas apply for Janani Suraksha Yojana?

Yes, pregnant women living in urban areas can also apply for JSY.

Which states are termed low-performing under the Janani Suraksha Yojana?

The following states are listed under the low-performing states:

Jammu and Kashmir
Assam
Uttar Pradesh
Bihar
Madhya Pradesh
Jharkhand
Orissa
Chattisgarh
Rajasthan

In the case of the death of the child after receiving the financial benefit, are JSY benefits provided for the next delivery?

Yes, proper records of the death should be maintained, and financial assistance can be gained for the next child's birth.

Who is eligible for Janani Suraksha Yojana?

Pregnant women of 19 years or above from Below Poverty Line (BPL) families in rural and urban areas can benefit from the JSY scheme. The benefit is available for up to two live births.

How can I register for Janani Suraksha Yojana?

You can register at your nearest Anganwadi Centre (AWC) or government health facility with the help of an Accredited Social Health Activist (ASHA) worker.

Can I get JSY benefits for a third child?

Generally, Janani Suraksha Yojana is for up to two live births only. However, there might be exceptions in some states. We suggest you check with your local health authorities for more details.

Things You Must Not Forget To Keep In Your First Aid Kit

First aid kits are a necessity whether it comes to cars or household. At the time of an accident, administering the right medication is a must to the victim. It keeps the consequences in control and manageable which can otherwise aggravate. Hence, having a well-equipped first aid kit is mandatory in every household and even in cars or when we set out for trips.

Given below are a few things that you should not forget to keep in your first aid kit.

First Aid Kit Manual

Every first aid kit comes with a manual where all the necessary instructions regarding the arrangement of first aid kit as well as a few steps for elementary medication for common accidents and ailments are listed. They are very useful for the users, especially for those who have little knowledge about giving proper medication.

Antiseptic Creams and Liquid

Antiseptic creams and lotions are very commonly used in every household when it comes to treating minor cuts and burns. Use of antiseptic creams and lotions over the affected area makes it germ-free and hence prevents the growth of infection. In the case of a major cut, it is necessary to put some antiseptic lotion over the cut before going to the doctor.

Adhesive Bandages

Germs multiply, and infections can spread if a cut is left uncovered. So it is wise to cover the affected area with an adhesive bandage. They are available in all shapes and sizes. Use a larger one for a bigger wound and a smaller one for a minor wound or scratch.

Cotton Wool

Keeping a sterilised cotton wool in a first aid kit can be very used to dress a wound. It can also be used to cover an injury in the absence of a bandage. They can also be used to apply antiseptic lotions over the cut.

Pain Relief Sprays

Muscle sprains are a common ailment among us especially when we are travelling a long distance. It restricts our movement and can sometimes be very painful. Pain relief sprays and gels can be kept in a first aid box for instant relief from muscle cramps or sprains. Instant cold packs and heating pads can also be stored in the kit for better results.

Nail trimmers and Tweezers

We never know when a hangnail can appear. So nail trimmers are also a necessary first aid item for chewing the hangnail to get rid of any infection before it spreads. It can also be used to trim ingrown nails, which is a very painful condition. You can use Tweezers to remove any sharp objects from a wound or stingers left behind by bees.

Thermometers and Fever Medications

Fever is a common ailment in every household. However, if the temperature is mild, the medication can be done at home whereas, if its high, visiting a doctor is necessary. Thermometers can be used to check body temperature at regular intervals. The further actions can be taken likewise.

So now that you have a list of all the items that should be kept in a first aid box, quickly arrange one for yourself too so that you act wisely and use them during emergencies.

Arrhythmia | Irregular Heartbeat: Causes, Symptoms, and Treatment

Cardiac arrhythmia, or abnormal heart rhythms, occurs when there is a problem with the functioning of electric impulses that travel through the heart. Atrial fibrillation, the most common type of heart arrhythmia, affects about 1.6 million Indians annually. (Source)

While cardiac arrhythmia affects individuals regardless of age, early detection and treatment may restore the quality of life. Individuals may take it for granted initially, resting or speeding up the heart rate. An abnormal heartbeat for a long time may affect the daily life of an individual, leading to a possible cause of heart disease. Reading this article, you will learn about arrhythmia, its symptoms, and possible treatments.

What is Arrhythmia?

Arrhythmia occurs when the heart rhythm is abnormal, whether beating too fast, too slow, or irregularly. It happens when the electrical impulses that regulate the heartbeat don’t function properly and can lead to mild to severe heart diseases. A normal heart rhythm is important as it supplies your body with nutrients and oxygen through the blood it pumps.

How is Arrhythmia Different from Normal Health Conditions?

Arrhythmia is caused by disruptions in the heart's electrical system. Unlike a normal, steady heartbeat, which can be caused by exercise, medications, caffeine, or stimulations, arrhythmia can lead to symptoms like palpitations and dizziness. It requires special diagnosis and treatment, while a normal heart rhythm is regular and doesn't cause such issues.

What are the Types of Arrhythmia?

Different individuals may experience different symptoms, categorising it into the following types of arrhythmia:

Tachycardia	Fast heartbeat (heart rate > 100 beats a minute)	Atrial Fibrillation	Episodes of rapid, uncoordinated heartbeat due to chaotic heart signalling
		Atrial Flutter	More organised heartbeat than Atrial Fibrillation
		Supraventricular Tachycardia	Episodes of a pounding heartbeat (start and stop suddenly)
		Ventricular Fibrillation	Rapid and disorganised rhythm of the heartbeat
		Ventricular Tachycardia	Rapid and irregular heart rate
Bradycardia	Slow heartbeat (heart rate < 60 beats a minute)	Sick Sinus Syndrome	Heart rate switches between too slow and too fast
Bradycardia	Slow heartbeat (heart rate < 60 beats a minute)	Conduction Block	Skipped beats or slowed heartbeats

What are Arrhythmia Symptoms?

In some cases, arrhythmia can be silent, which means a person can experience no symptoms at all. During the physical examination, the doctors may spot arrhythmia. However, the arrhythmia symptoms may include:

Palpitations (experiencing skipped, fluttering, or racing heartbeat)
Pounding in chest
Dizziness/ feeling lightheaded
Shortness of breath
Chest pain or tightness
Weakness or fatigue (feeling very tired)
Sweating or fainting
Anxiety
Blurry vision
Rapid heartbeat
Slow heartbeat
Low blood pressure

What are the Causes of Arrhythmia?

The following are the reasons that can cause irregular heartbeat (arrhythmia) in individuals:

Delay or blockage of the electrical signals
Changes or damage in the heart issues caused by changes in the blood flow
Excessive stress or strain
The imbalance of fluids and electrolytes (such as sodium or potassium) in blood
Hormonal imbalance
Natural pacemaker developing irregular rhythm
Another part of the heart controls the heartbeat
Heart disease
The healing process after heart surgery
Infection or fever
Certain medications including, high blood pressure medicine
Excessive use of alcohol, tobacco, caffeine, or exercise
Diabetes
Issues with the thyroid glands
High blood pressure
COVID-19 infections
Sleep apnea
Coronary heart disease

What are the Risk Factors of Arrhythmia?

The risk factors that may cause irregularity in heartbeat (arrhythmia) are:

Age: Older people have more chances of developing heart diseases, including arrhythmia.

Inheritance: Your chances of arrhythmia are higher if any of your close family members have had the disease in the past.

Lifestyle: Excessive use of alcohol, tobacco, and recreational drugs can lead the heart to beat faster, causing the risk of arrhythmia.

Thyroid Disease: An overactive or underactive thyroid gland can raise the risk of irregular heartbeats.

Coronary Artery Disease: Inherited or acquired heart diseases, like heart failure, heart attack, heart valve disease, etc.

High Blood Pressure: High blood pressure affects the heart wall, making it stiff and thick, which can fluctuate the electrical signals travelling through the heart.

Previous Heart Surgery: Past heart surgeries or treatments related to heart diseases may lead to arrhythmia.

Medical Conditions: Electrolyte imbalance, congenital heart defects, sleep apnea, autoimmune diseases, etc.

Diagnosis and Tests for Arrhythmia

If you are experiencing irregular heartbeats or any of the above-mentioned arrhythmia symptoms, your healthcare provider may start examining your problem with a physical exam. To find the root cause of the arrhythmia, the following tests may be conducted:

EKG or ECG: An electrocardiogram is an instrument recording the electrical activity of your heart. The test is quick and painless.

Holter Monitor: The portable EKG is a small digital camera-sized instrument that measures the movement of electrical signals or waves through your heart.

Event Monitor: When the symptoms are not repeated, and last a few minutes, the healthcare provider may suggest you wear these for about a month. You can activate them when you experience a symptom and record the reading.

Stress Test: The stress test examines the pressure that your heart can bear before experiencing irregular heartbeats.

CT Scans and MRI: The healthcare provider may use imaging methods like CT scans and cardiac MRI to examine the structure of the heart chambers and assess the heart's functioning. They then determine whether there is any heart tissue damage or scar causing arrhythmia.

Echocardiogram: The healthcare providers use ultrasound to check your heart muscle and valves.

Electrophysiology Study: The healthcare provider records the electrical activity of your heart to assess the reason behind the irregularity of the heart rhythm.

Head-up Tilt Table Test: Doctors use this test to check the reasons behind the difference in the heart rate and blood pressure. They tilt the body at different angles and determine whether the reasons for passing out are due to electrical, nervous, or vascular systems.

Complications Due to Arrhythmia

Based on the symptoms of arrhythmia, the following possible complications can develop in an individual:

Blood clots
Heart failure
Sudden cardiac death

Prevention Measures for Arrhythmia

An individual experiencing arrhythmia can make certain lifestyle changes to manage heart disease, including the following:

Quit smoking
Diet low in salt and saturated fat
Limit caffeine
Avoid alcohol
Make your daily life activity active by doing exercise or other activities
Maintain a healthy weight
Reduce or manage stress
Control of high blood pressure, high cholesterol and diabetes
Get a good amount of sleep

What are the Treatments for Arrhythmia?

The suitable treatment of arrhythmia depends upon whether it is initial stage or severe or a heart block. The healthcare professionals will analyse your condition to find the underlying causes and then suggest any of the following treatments for heart arrhythmia:

Suggested Procedures for Arrhythmia:

Catheter Ablation: Treats the specific heart cells causing the abnormal heart rhythms.
Cardioversion: A procedure where precisely controlled electric shock is given to your heart to reset the heartbeat into normal rhythm.

Medications for Arrhythmia:

Your healthcare provider may recommend medications based on the type of arrhythmia, medical conditions, and medical history.

Implanted Devices for Arrhythmia:

Pacemakers: A small battery-powered device is inserted under the skin of the collarbone and connected to the heart. The pacemakers produce electric signals through thin and highly durable wires to do the work of the natural pacemaker and help the heart beat in a regular rhythm.
Implantable Cardioverter Defibrillators (ICDs): It is a device similar to a pacemaker that monitors your heartbeat and delivers an electrical pulse to the heart to reset the highly irregular heartbeat.
Cardiac Resynchronization Therapy (CRT): It treats heart failure caused by dyssynchronous contractions of the heart chambers.

Depending on the type and severity of the arrhythmia, you may experience mild or severe symptoms or not at all. Some may not require treatment, and others may require continuous medication and procedures. It’s important to see your healthcare provider if you notice any symptoms and diagnose the root cause behind them.

However, the journey of gaining medical treatment can be overwhelming, last for certain months/ years, and can strain you financially. To ensure peace of mind and be financially prepared for such conditions, get insured with a comprehensive health insurance policy.

Want to know which insurance policy should you select? Connect with our RenewBuy POSP Advisors to gain details and benefits covered under health insurance.

FAQs

Question: What is an arrhythmia caused by?

Answer: Arrhythmia is caused by the irregular functioning of electrical impulses that travel through the heart. The possible causes can be coronary artery disease, high blood pressure, diabetes, stress, excessive alcohol or caffeine, smoking, certain medications, and congenital heart defects.

Question: Is irregular heartbeat (arrhythmia) curable?

Answer: Harmless arrhythmia goes away on its own, and fatal arrhythmia needs consultation with the healthcare professional. After diagnosing the reasons, they can recommend possible required medications and therapies or surgeries.

Question: How is arrhythmia diagnosed?

Answer: Arrhythmia is diagnosed using tests like an electrocardiogram (ECG), Holter monitor, event monitor, stress test, or electrophysiological study to detect irregular heart rhythms.

Question: Is arrhythmia life-threatening?

Answer: Some arrhythmias are benign and manageable, but others can be life-threatening and require immediate medical intervention. It's important to consult a doctor for proper evaluation and treatment.

Question: What is the difference between arrhythmia and a normal heartbeat?

Answer: A normal and steady heartbeat is typically 60-100 beats per minute at rest. Arrhythmia involves irregular heartbeats, which can be too fast, slow, or irregular.

Question: Can arrhythmia occur in a healthy person?

Answer: Yes, arrhythmia can occur in healthy individuals due to factors like stress, caffeine, alcohol, or electrolyte imbalances, but the reasons behind irregularities should be checked by a doctor.

Coronary Heart Disease (CHD): Symptoms, Risk Factors, and Treatments

Coronary Heart Disease: An Introduction

Coronary Heart Disease (CHD) is one of the most common types of heart disease. In CHD, the main coronary arteries are affected, resulting in reduced or blocked blood flow. Hence, it is also known as coronary artery disease (CAD). The disease develops over many years, from childhood to adulthood.

As per the studies published by the National Library of Medicine, Indians are known to have the highest Coronary Artery Disease (CAD) rates. Indians are liable to get hospitalised 2-4 times more frequently due to the complications caused by coronary artery disease. (Published Article)

This article discusses coronary heart disease, including its symptoms, causes, prevention and possible treatments.

What is Coronary Heart Disease?

Our heart requires oxygen-rich blood to function like any other part of the body. The coronary arteries supply blood high in oxygen to the heart with small branches. Coronary Heart Disease (CHD) is when the coronary arteries become narrowed by fatty deposits (called plaque) within the innermost layer.

Over time, plaque buildup (fat, cholesterol, and other substances) can become so dense and thick that it can decrease or block blood flow and restrict the heart from getting enough oxygen and nutrient-rich blood. A significant decrease in blood flow to the heart can cause chest pain (called angina), and a complete blockage of the blood flow may cause a heart attack or damage to the heart tissue.

Key Facts:

Coronary heart disease is one of the most common heart diseases in India.
It is also known as coronary artery disease.
CHD affects the main blood vessel carrying oxygen-rich blood to the heart muscle.
The main reason for developing CHD is plaque buildup in the coronary arteries, making it narrowed or blocked.
Chest pain, shortness of breath, and fatigue are the major symptoms. While they may differ from person to person.
Smoking, high blood pressure, high cholesterol, and diabetes are the major risk factors.

How is It Different from Normal Health Conditions?

Coronary Heart Disease differs from normal health conditions in several significant ways, particularly in terms of its impact on the heart and overall cardiovascular system. Let’s understand some of the major differences with the help of the table below:

Parameters	Coronary Heart Disease	Normal Health
Arterial Health	narrowed or blocked	clear and flexible
Blood Flow	reduced or obstructed, leading to ischemia (reduced blood supply)	adequate to supply necessary oxygen and nutrients
Heart Function	difficulty in heart pumping	pumps efficiently
Symptoms	chest pain or discomfort, shortness of breath, fatigue, palpitations; in severe cases, heart attack	no symptoms related to reduced blood flow or heart function
Long-Term Outlook	when left untreated, CHD can lead to serious complications	positive, with a lower risk of developing heart-related complications

What are the Signs and Symptoms of Coronary Heart Disease?

Coronary heart disease (CHD) can be silent, from having no symptoms to severe chest pain. While for many individuals, the initial symptoms of CHD may include the following:

Chest pain (angina) that may feel like pressure, tightness, aching, or squeezing
Fatigue
Lightheadedness
Heartburn
Pain in jaw, shoulder, back, or arms
Shortness of breath
Feeling faint
Feeling sick (nausea)
Cold sweats

Potential Problems Coronary Heart Disease Can Cause

Coronary heart disease may cause the following complications in an individual:

Irregular heart rhythms (arrhythmia): When the heart doesn’t get enough blood, changes in heart signalling can occur, leading to irregular heartbeats.

Chest pain (angina): Chest pain is the initial symptom of CHD caused by narrowed arteries and a lack of oxygen-rich blood.

Heart failure: Narrowed arteries can cause pressure on the heart, making it stiff or weak and harder to pump blood.

Heart attack: Significant chance of heart attack if a blood clot is caused due to the plaque building blocking the blood flow.

Coronary Heart Disease Risk Factors

The build-up of plaque is the main cause of coronary heart disease and can take years to develop. Except for that, certain risk factors may play a major role in developing CHD, including:

Risk factors you can control:

Smoking
High blood pressure
Abnormal cholesterol
Obesity
Chronic kidney disease
Sedentary lifestyle
Excess stress
Unhealthy diet
Excessive alcohol consumption
Lack of exercise
Lack of sleep
Diabetes mellitus

Risk factors you cannot control:

Age
Birth sex (men are more prone to develop heart disease than women)
Family history

Other risk factors:

Obstructive sleep apnea
Increase in high-sensitivity C-reactive protein (hs-CRP)
High triglycerides (especially in women)
High levels of homocysteine
Preeclampsia during pregnancy
Other pregnancy complications
Certain autoimmune disorders

It is important to note that one risk factor may trigger another. An individual experiencing more than one risk factor is more likely to develop coronary heart disease.

How is Coronary Heart Disease Diagnosed?

Certain physical examinations and tests are performed to diagnose the coronary heart disease, including the following:

Blood Test: to assess the risk, presence, and severity of CHD

MRI and Scans: to measure different aspects of the heart and blood vessels to identify abnormalities

Electrocardiogram (ECG or EKG): to record the electrical activity of the heart and detect any irregularities in the heart rhythms and heart muscle defects

Stress Test: records the heart activities, including the breathing and blood pressure rates while exercising

Cardiac Catheterisation: to locate the narrowing, blockages, and other problems

Nuclear Scanning: to identify the healthy and damaged areas of the heart

What are Coronary Heart Disease Treatments?

At an early stage, when experiencing mild symptoms, coronary heart disease can be treated by opting for a healthy lifestyle and medications. Let’s look at the possible treatments of this disease:

Heart-Healthy Lifestyle:

Take a regular diet rich in vegetables, fats, proteins, whole grains, little or no added sugars
Having enough sleep of almost 7-9 hours
Regular exercise
No or moderate consumption of alcohol
Stress management

Medications:

After consulting with your healthcare provider, you can take the following medications, if necessary:

Antihypertensives to manage blood pressure
Statins to manage cholesterol
Antiplatelets to decrease blood clotting
Antihyperlipidemic to lower the lipids in the blood

Procedures:

Balloon Angioplasty: to create a bigger opening in the vessel to open the blocked area
Coronary Artery Stent: to open the blocked area and left in place to keep the artery open
Atherectomy: to cut away the blocked area
Laser Angioplasty: to vaporise the blockage
Coronary Artery Bypass: to create a bypass above and below the blocked area of a coronary artery

How to Prevent the Risk of Coronary Heart Disease?

The first thing to reduce the risk of coronary heart disease is to identify the risk factors and whether they can be controlled. Knowing about them and discussing them openly with your healthcare provider to monitor their effects regularly is beneficial. Follow the given instructions to reduce the risk of CHD:

Track your blood pressure and cholesterol levels so you can take essential steps to lower or control them on time.
Make a plan to quit smoking tobacco products
Make a weight control plan in case you are overweight
Keep the blood sugar level in control if diagnosed with diabetes mellitus
Lower/ control high blood pressure

Individuals are not aware that they have CHD until they experience any symptoms. The coronary heart disease symptoms include chest pain and having a heart attack. If you are 45 years or older, you should arrange a consultation with a healthcare provider on experiencing any of the symptoms.

Did you know many health insurance plans are available that cover expenses incurred under preventive health checkups? Connect with RenewBuy POSP advisors and get detailed information about the health plans in India covering various heart health conditions and keeping you financially secure against a medical emergency due to coronary heart disease.

Frequently Asked Questions

Will I have coronary heart disease if my parents have it?

Genetics are not always a surety of having coronary heart disease but can work as a risk factor. If one of the parents has premature CAD, then your chances of developing the condition are higher. We recommend you consult a healthcare professional about your history and possible complications.

What is coronary heart disease?

Coronary heart disease develops when the coronary arteries supplying oxygen-rich blood to the heart muscle are blocked or interrupted by plaque buildup.

Can coronary heart disease be treated?

The disease can be effectively managed by combining preventive measures and treatments, including lifestyle changes, medicine, and surgery. By identifying the symptoms of CHD at the right time, they can be reduced, and the functioning of the heart can be improved.

Can you live a long life with coronary heart disease?

Year after year, the build-up may increase and narrow the arteries slowly. Initially, it may cause mild to no symptoms but can develop severe.

What are the 3 types of coronary heart disease?

The types of CHD include:

Obstructive coronary artery disease
Nonobstructive coronary artery disease
Spontaneous coronary artery dissection

What are the main symptoms of coronary heart disease?

Common symptoms of CHD include chest pain or discomfort (angina), shortness of breath, fatigue, and sometimes, a heart attack. Some people may also experience pain in the arms, neck, jaw, or back.

What causes coronary heart disease?

The primary cause is the buildup of fatty deposits, or plaques, in the coronary arteries. The risk factors include high cholesterol, smoking, high blood pressure, obesity, diabetes, and a sedentary lifestyle.

How can I reduce my risk of coronary heart disease?

You can reduce your risk of coronary heart disease by adopting a heart-healthy lifestyle, such as:

Eat a balanced diet low in saturated fats,
Exercise regularly,
Avoid tobacco,
Limit alcohol,
Manage stress,
Regular check-ups with your doctor.

What are the complications of untreated coronary heart disease?

Untreated coronary heart disease can lead to serious complications such as heart attacks, heart failure, arrhythmias (irregular heartbeats), and sudden cardiac death.

National Pension Scheme (NPS) Calculator | To Calculate Your NPS Returns

NPS Calculator to Calculate Your Annuity

In the hustle and bustle of life, saving enough for your retirement becomes crucial, maybe in the early years or later. While investment choices may vary, the National Pension Scheme (NPS) is one of the most secure schemes.

NPS is a government-backed pension scheme where you can make voluntary investments and ensure financial stability in your golden years of life. During the process, the NPS calculator plays a significant role. How? It helps you get answers to some of the important questions related to NPS investments, like:

How much should I invest in NPS?
How many years will it take to accumulate enough corpus for your retirement?

Reading ahead, you will explore the NPS calculator, why you should use it, and how it works.

What is the NPS Calculator?

NPS calculator is an online tool that helps estimate the maturity amount you will receive in return for your NPS contributions. While calculating manually can be tough, the NPS pension calculator does it in seconds using a few personal details, such as your age, the amount you invest, years of employment, and expected retirement age. Based on these inputs, it calculates the maturity value of your investment and the pension amount post-retirement.

Using the NPS calculator, you can also calculate how much money you might save on taxes by investing in NPS and the tax-free lump sum payment you will receive. This simplifies the process of determining the potential growth of your investment.

How to Calculate NPS Returns Online?

You can calculate the NPS returns using an NPS calculator online and customize your pension allocation preferences. Just follow the simple steps given below:

Input your age.
Specify the amount you are willing to invest towards NPS.
Mention the retirement age. Some NPS calculators automatically set it to 60.
Provide the expected rate of return on the investment.
Decide on what percentage of the accumulated corpus you wish to receive as a pension.
Enter the expected pension return rate.

The NPS return calculator will show you the overall investment amount, estimated monthly pension, lump sum amount, and pension wealth based on the information provided.

Why Should You Use the NPS Calculator?

The NPS calculator plays a significant role in making an investment decision that will provide a sufficient corpus for retirement. Here are some of the vital reasons why you should use it:

Estimate the NPS Benefits: NPS calculator helps you estimate your retirement corpus and pension amount. This is a complex calculation that can be difficult to do manually. But with the calculator, you can do it in minutes.

Calculate the NPS Returns: The NPS return calculator computes the contribution returns based on the available fund options. You can also choose between aggressive, moderate, and conservative investment options based on your risk appetite. This option is only available with some NPS calculators.

Simplify the Calculation: Using it, you can make complex calculations easily and accurately with all convenience. Hence, your retirement planning becomes convenient and accessible.

Plan a Secured Retirement: The handy NPS calculator gives you a clear picture of retirement benefits, allowing you to plan your retirement better while keeping your goals in mind. This calculated amount includes different parameters, such as invested amount, maturity amount, lump sum amount, annuity, monthly pension, and tax benefits incurred over the years.

Compare the Scenarios: The calculator lets you compare various scenarios to see how contributions or retirement age changes affect your corpus. Thus, a clear estimation helps you set the required monthly investment.

Calculate the Tax Benefits: Based on the contributions made to NPS, the calculator reflects the potential tax savings and tax-free lump sum amount.

How Does the NPS Calculator Work?

The National Pension Scheme (NPS) calculator provides a predicted future value of your retirement corpus based on the information provided related to your investment. Here’s a simple break-down of how the NPS calculator works:

Phase	Key Measures	Descriptions
1. Input Details	Age	Your current age and the age at which you plan to retire
	Monthly/Annual Contribution	The amount you plan to invest regularly in the NPS
	Expected Rate of Return	The assumed annual return rate on your NPS investments
	Annuity Purchase	The percentage of the corpus you use to buy an annuity (regular pension) after retirement
	Annuity Rate	The assumed rate of return on the annuity purchased
2. Calculation Process	Accumulation Phase	The calculator uses the NPS calculation formula to estimate the total amount accumulated by the time you retire. It takes your regular contributions and the expected NPS return rate to project the growth of your investment over the years.
2. Calculation Process	Annuity Phase	The calculator then calculates the portion of your corpus that will be used to purchase an annuity and estimates the monthly or annual pension you would receive based on the annuity rate.
3. Calculated Output	Total Retirement Corpus	Finally, using the NPS pension calculation formula, you can see the estimated total amount accumulated by the time you retire.
	Lump Sum Amount	The portion of the corpus you can withdraw as a lump sum (up to 60% of the total corpus).
	Annuity Amount	It is the portion of the corpus used to purchase the annuity and the estimated pension amount you will receive.

Based on your requirements, you can modify inputs to see different scenarios and plan accordingly. To have a better understanding of how the NPS calculator computes the monthly income, have a look at the example below:

Say Mr Sehgal, a 24-year-old central government employee, makes a monthly contribution of Rs. 3,000 to the National Pension Scheme.

He plans to retire at 60; hence, in this case, the policy maturity matures when he turns 60.
He will contribute for the next 36 years until the scheme matures.
He expects an annual return on investment of 10% and an expected annuity return rate of 6%.
He chooses to allocate 60% towards the annuity.

Based on the above information, the NPS calculator projects the below pension corpus at retirement:

At the age of 60, the total investment made by Mr Sehgal over the years is Rs. 13 Lakhs.
The estimated maturity amount at retirement is Rs. 1.27 Crore.
The total return earned on the investment is Rs. 1.14 Crore.
Furthermore, the estimated lump sum in hand is Rs. 50.9 Lakhs.
The expected monthly pension is Rs. 38,176.
The pension wealth is Rs. 76.4 Lakhs.
The NPS pension calculator also calculates the total tax saved as Rs. 4,75,200.

* Disclaimer: The above figures are for reference purposes only and may vary based on the calculations and input provided.

What is the NPS Calculation Formula?

By investing in the NPS scheme, you can benefit from the different pension schemes, including LIC Pension Fund, Birla Pension Fund, HDFC Pension Fund, etc. All these fund providers offer NPS calculators to help you check NPS corpus and benefits. The calculator works on the following formula:

NPS Calculator Formula

A = P (1+ r/n) * nt

Where;

A = total amount

P = Principal sum

r = Interest rate per annum

t = Total tenure

n = Number of interest compounds

Who Can Use NPS Calculator?

Every eligible individual investing in the National Pension Scheme (NPS) can use the NPS calculator, including private sector employees, government employees, self-employed, and individuals nearing retirement. Year after year, the number of subscribers to the NPS scheme is increasing. In fiscal year 2023, the NPS had approximately 17 million subscribers (Source). You can use the NPS return calculator to accomplish the following two objectives:

Calculate the Investment Amount: Determine the future worth of your investment amount as the retirement corpus.
Set the Retirement Goal: Estimate the investment you need to make to achieve your retirement goals.

Below are the eligibility criteria for investing in NPS and require to use the NPS calculator:

Particulars	Specifications
Age	18 - 60 years
Other requirements	Fulfil Know-Your-Customer (KYC) guidelines

What is the NPS Interest Rate?

The investments made are market-linked. Hence, it doesn’t offer a fixed interest rate. The NPS returns depend on the market performance of the underlying asset. However, considering the past data, the NPS pension return range lies between 9% - 12% per annum. NPS is a good way to earn profitable returns compared to other investment options.

Using NPS Calculator for Income Tax Calculation

Besides providing the benefit of generating a retirement corpus, the investment towards the National Pension Scheme also affects your income tax calculation over the years. Here’s how:

Tax Deductions for Your Contributions
NPS Account Type	Tax Benefit Benefit (applicable Section)	Applicable Deduction	Total Deduction
Tier I	Section 80 CCD(1)	Up to 10% of your salary (Basic + Dearness Allowances)	Rs. 1.5 Lakhs
Tier I	Section 80 CCD(1B)	Extra Rs. 50,000	Rs. 1.5 Lakhs + Rs. 0.5 Lakhs = Rs. 2 Lakhs

You need to take into account that:

The total deductions on the NPS contributions cannot exceed your gross income.
When the employer contributes to your NPS account, they can avail of tax benefits under Section 80 CCD(2).

Tax Calculation for Withdrawal of NPS Benefits

Once the NPS matures, you can enjoy tax benefits on up to 60% of the corpus withdrawal.
The remaining 40% provides a regular income scheme, which is taxable as per the applicable tax slab.

NPS Calculator for Government Employees

You can also use the NPS pension calculator if you are a government employee. Have a look at how the NPS calculator benefits government employees:

Benefit	Descriptions
Clear Financial Planning	Allows government employees to plan their retirement savings effectively by estimating their retirement corpus.
Regular Contribution Tracking	Helps track regular contributions from both employee and employer, giving a comprehensive view of the total investment.
Future Fund Estimation	Provides an estimate of the total fund accumulated by retirement, helping set realistic retirement goals.
Tax Benefits Awareness	Shows potential tax savings under Section 80C and 80CCD, allowing employees to understand their tax benefits over the years.
Customizable Scenarios	Allows employees to input various scenarios (such as different contribution amounts and retirement ages) to see how changes affect their retirement corpus.

Final Words

To make your NPS returns calculation easy, you can use any NPS calculator available online from different fund managers. By providing simple details and specifying your retirement financial goals, you can quickly get a clear estimate of your retirement corpus, lump sum, and monthly pension amount.

If you use the NPS return calculator to plan your retirement investment, you can try and compare different combinations to find the most suitable one that provides an adequate retirement corpus.

Frequently Asked Questions on the NPS Calculator

Question: How to calculate NPS pension?

Answer: You can use the NPS pension calculator to estimate your pension amount based on the investment you made in the NPS.

Question: How is NPS calculated?

Answer: The contributions to NPS are generally made monthly, and accumulated corpus growth is calculated annually.

Question: Where can I find the NPS calculator?

Answer: The NPS calculator is available online on the fund managers' websites. It is absolutely free to use.

Question: How do you calculate NPS returns?

Answer: NPS returns are calculated using the compound interest formula, considering regular contributions, asset allocation, and average annual returns. For example, contributing Rs. 5,000 monthly over 30 years at an 8% return yields approximately Rs. 7,523,000.

Question: Is the NPS interest rate fixed?

Answer: No, NPS interest rates are not fixed but fluctuate with the market performance.

Question: What is the NPS annuity calculator?

Answer: The NPS annuity calculator estimates the amount you can receive after retirement upon investing in the National Pension Scheme. The monthly pension calculated depends on the investment amount and chosen annuity rate.

Question: What is the NPS calculator post office?

Answer: NPS calculator post office is a tool that helps you estimate the lump sum amount and monthly pension you will receive by investing in the National Pension Scheme by post office.

Question: How many NPS calculators are available?

Answer: NPS schemes are offered by many fund managers. Based on the fund manager you invest in, you can use the SBI NPS calculator, HDFC NPS calculator, ICICI NPS calculator, NPS tier 1 and tier 2 calculator, etc.

Question: What happens to my NPS after my death?

Answer: In case of the death of the subscriber, the nominee or legal heir receives 100% of the corpus amount.

Question: What is the current interest rate of NPS?

Answer: The NPS interest rates depend on the type of scheme and subscriber. You can look at past trends to get an idea of the expected return. The current NPS interest rate is market-linked and ranges from 9% to 12%.

Question: Can I use the NPS calculator for retirement planning?

Answer: Yes, anyone planning their retirement can use the NPS calculator to estimate their return on investment. This helps them determine their expected pension amount.

NPS Contribution: Vision to a Financially Secure Retirement

NPS Contribution to Building Post-Retirement Corpus

National Pension Scheme/ System (NPS) is a long-term voluntary investment plan governed by the Central Government and regulated by the Pension Fund Regulatory and Authority (PFRDA). Those who open an NPS account need to contribute regularly to generate enough corpus and streamline a regular source of income for retirement. Let’s understand the concept of NPS contribution, how to contribute, the charges applied, and more.

What is NPS Contribution?

NPS contribution is the regular deposits you or your employer make into the NPS account for long-term savings and to build a retirement corpus. You can start contributing to NPS when you are above 18 and work as an employee or a self-employed individual. Upon retiring, you can withdraw up to 60% of the corpus as a lump sum and utilise the remaining amount to gain regular pension benefits.

The accumulated retirement corpus depends on your investment, period, and rate of return. To gain more clarity on how much contribution you need to make towards NPS to gain a sufficient retirement corpus, use the NPS calculator, a handy tool to help you make better investment decisions.

Key Facts About NPS Contribution:

Begin contributing to NPS anytime between 18 years and 70 years.
When you turn 60, NPS matures. However, you can extend it to 70.
Start contribution to NPS with Rs. 500 only, with an annual limit of Rs. 1,000.
Gain tax benefits under Section 80C of up to Rs. 2 Lakhs per annum.
Add money in an NPS account using any of the available CRAs: CAMS NPS, protean NPS, and KFintech.
Maximum 3 withdrawals are allowed during the NPS tenure.
Invest upto 10% of the salary (basic and dearness allowance).

Why is it Important to Contribute to NPS?

NPS benefits are not limited to securing your financial future during your golden years. Taking steps ahead, the regular NPS contributions can bring multiple benefits to you, mentioned as:

Long-Term Savings: NPS is a systematic long-term investment scheme that grows your retirement fund through compounding. Your disciplined contributions to NPS allow you to accumulate a significant corpus for your retirement.

Flexible Investment: Under NPS, various investment options, such as equities, corporate bonds, government securities, and alternate funds, are available. To maximize the benefits of each option, you can choose one based on your risk tolerance and financial requirements.

Fund Withdrawal: You can withdraw your accumulated corpus in NPS partially before 60 or upon reaching superannuation without closing the account. However, a maximum of three partial withdrawals are allowed during the entire tenure of the NPS account.

Regular Income Post-Retirement: NPS ensures you remain financially secure during your golden years. The accumulated corpus can provide a lump sum and ensure a regular income stream, making you financially secure.

Tax Benefits: The contributions made in NPS are eligible for tax deductions for both employees and employers. The NPS contributions by employees gain tax deductions under Section 80CCD(1) and 80CCD(1B) of the Income Tax Act, while the contributions by employers gain tax deductions under Section 80CCD(2). In addition to this, the withdrawals are tax-exempt.

NPS Contribution Options Available

You can add contributions in NPS in two different accounts: Tier 1 and Tier 2. Both accounts serve different purposes and accomplish separate financial goals. A Tier 1 account is mandatory to open a Tier 2 account and start investment. Let’s understand how the contribution for Tier 1 and Tier 2 NPS works:

Parameters	NPS Tier 1 Contribution	NPS Tier 2 Contribution
Type	Primary account	Optional
Contributor	Both employer and employee Self-employed individual (voluntary)	Employee or self-employed
Intent of Contribution	Build retirement corpus (Long-term)	Get investment benefit (short-term)
Initial Contribution Amount (Account Opening)	Rs. 500	Rs. 1,000
Minimum Amount Per Contribution	Rs. 500	Rs. 250
Minimum Contribution Per Annum	Rs. 1,000	NIL
Minimum Frequency Per Annum	1	NIL
Flexibility to Withdraw	No	Yes
Nature of Contribution	Locked (until you turn 60)	No lock-in period
Tax Deductions	Yes (Under Section 80C), up to Rs. 2 Lakhs per annum	Not eligible

Who can Make Contributions to NPS?

Employers, employees, and self-employed individuals can add money to NPS account based on certain parameters mentioned below:

NPS Contribution by Employee

Salaried or self-employed individuals can contribute to the NPS account to save for retirement. Employees can contribute up to a certain percentage of their monthly salary. Let’s understand the NPS contribution and tax benefits applicable:

Income Tax Section for NPS Deduction	Description	Maximum Tax Deduction
Section 80 CCD(1)	Up to 10% of the salary (basic and dearness allowance)	Rs. 1.5 Lakhs per annum
Section 80 CCD(2)	Private employer contribution: up to 10% of the salary (basic and dearness allowance) For government employees: Up to 14%	-
Section 80 CCD(1B)	Self contribution	Rs. 50,000

NPS Contribution by Employer

As per the NPS rules outlined by PFRDA, government employees automatically receive NPS contributions from their employers. Private employers' contributions are optional. However, some organisations provide NPS contributions as part of their employee benefits program. Private employers may contribute 10% of the employee’s monthly salary, while for government employees, the cap is 14%. The employer contribution towards the NPS account is eligible for tax benefits under Section 80 CCD(2) of the Income Tax Act.

NPS Contribution by NRI

For a Non Resident Indian (NRIs) above 18 can, opening an NPS account and contributing to Tier 1 and Tier 2 accounts is admissible. They can add money to NPS accounts using NRE/ NRO bank accounts. The contributions differ for NRIs in the following manner:

Parameters	Tier 1	Tier 2
Minimum contribution per annum	Rs. 500	Rs. 6,000
Tax Benefits	100% tax-free maturity corpus Tax-free pre-mature withdrawals (amount < Rs. 1 Lakh)	Not eligible

How to Make NPS Contributions?

You can make NPS contributions online and offline based on your suitability and preferences. Once you open an NPS account, you receive a Permanent Retirement Account Number (PRAN) that you can use to make contributions to NPS online and offline.

Methods to Deposit NPS Online

Through CRA Portal

To monitor all the functioning, starting from registration, issuing PRAN, contribution, and other NPS activities, the PFRDA has appointed two Central Record Keeping Agencies (CRAs). You can make an NPS contribution to Tier 1 and Tier 2 accounts using any of the CRA systems in simple steps:

Simply create an account on a preferred CRA.
Receive your PRAN details and password.
Start your NPS contributions per your financial suitability.

Through eNPS Portal

If you have selected NSDL as your CRA, follow these steps to make NPS contributions online:

Go to the eNPS portal.
Select the ‘Contribute’ option.
Log in with your PRAN and password (provide important details and verify the Captcha).
Upon successful login, select the NPS account type, provide the amount to contribute, and make the required declarations before making the payment.
Once the payment is complete, the contribution should appear in your account.

Through Mobile Apps

You can also choose to make NPS contributions using handy mobile applications such as NSDL e-Gov and KFINTECH CRA by following the given instructions:

Download any of the preferred applications from the App Store or iOS Store.
Log in with your PRAN details and password.
Choose the ‘Contribute’ option.
Follow the provided instructions and make the payment.

Methods to Complete NPS Contribution Offline

By Visiting the Nearest POP/ POP-SP

To open or contribute to NPS, approach the nearest Point of Presence (POP)/ POP-SP or bank branch.
Receive and fill out the NPS contribution form.
Submit the form with relevant documents and amounts to the representative.
Receive the receipt for the confirmation.

Note: You can make the NPS contribution offline through cash, cheque, or DD.

Through the Nodal Office

Visit the nearest Nodal office authorised by PFRDA.
Fill out and submit the required form with relevant documents and the contribution amount.
The nodal officer then forwards the amount to the relevant Pension Fund Manager for further processing.

Where Can I Get the NPS Form?

The NPS contribution form is an important document you need to fill out and submit in case you want to make an NPS contribution offline. The form contains sections to provide important details about the NPS subscriber's personal information, NPS account number, contribution amount, PRAN details, and mode of payment.

You can easily obtain the NPS form from the nearest Point of Presence (POP) or download it from the NPS official website.

How can I Check NPS Contribution Statements?

It is important to track your NPS account regularly to make insightful investment decisions. You can easily check NPS contribution details online and offline.

Check NPS Contribution Statement Online

Through Official Website:

Visit the National Pension System Trust (NPS Trust) official website at https://www.npstrust.org.in/.
On the homepage, select the ‘View My NPS Holdings’ option.
You will be redirected to the NPS login page, where you can select your preferred CRA to log in.
Provide PRAN details, password, and other details (if required).
Click to get OTP or submit.
On successful completion, select the ‘Contribution’ section.
You will be able to access your NPS contribution statement.

Via Mobile Application:

Download the NPS mobile application.
Log in to your NPS account using your PRAN details and password.
Navigate to your Tier 1 or Tier 2 tab to view your total NPS balance.

Check NPS Contribution Statement Offline

Visiting the Branch:

Reach out to the Nodal Office or the intermediaries.
Connect with the representative and provide your PRAN details.
They will provide you with the NPS account details and statement.

Charges for Making NPS Contribution

To make NPS contributions online or offline, you must bear certain charges. These charges vary based on your contribution method, which may be through intermediaries, the NPS CRA platform, etc.

Let’s understand the various NPS contribution charges involved:

CRA Charges

Charge Type	NCRA	CCRA	KCRA
PRAN Opening Charges for Physical PRAN Card	Rs. 40	Rs. 40	Rs. 39.36
PRAN Opening Charges for ePRAN Card	Rs. 35	NIL	Rs. 39.36
PRAN Opening Charges for ePRAN Card with Email Kit	Rs. 18	Rs. 18	Rs. 4
PRAN Maintenance Cost (Annual)	Rs. 69	Rs. 65	Rs. 57.63
Charge Per Transaction	Rs. 3.75	Rs. 3.50	Rs. 3.36
Bank Account Verification Charges	Rs. 1.90	Rs. 2.00	Rs. 2.24

POP/ POP-SP Charges

Charges Type	Private Entity	Government Entity
Initial Registration	Min. Rs. 200 Max. Rs. 400	NA
Subsequent Transactions	0.25% of the contribution (min. Rs. 20 to Max. Rs. 25,000)
For Non-financial	Rs. 30
Persistency 6 Months Rs. 1000 Contribution	Rs. 1000 - Rs. 2,999: Rs. 50 per annum Rs. 3,000 - Rs. 6,000: Rs. 75 per annum Above Rs. 6,000: Rs. 100 per annum
e-NPS Contribution	0.20% of the contribution (min. Rs. 15 to Max. Rs. 10,000)
Exit/ Withdrawal Processing	0.125% of the corpus (min. Rs. 125 to Max. Rs. 500)

Pension Fund Charges

Charges Type	Slabs	Maximum IMF Fee
Investment Management Fees (IMF)	Up to Rs. 10,000 Cr	0.09%
	Rs. 10,001 - Rs. 50,000 Cr.	0.06%
	Rs. 50,001 - Rs. 1,50,000 Cr.	0.05%
	Above Rs. 1,50,000 Cr.	0.03%

Payment Gateway Service Charges (on eNPS Platform)

Mode of Payment	Rate per Transaction	Service Provider Charges
Debit Card	Free	NA
Credit Card	% of transaction value	0.75% of the transaction value + GST
UPI	Free	NA
Internet Banking	Flat rate	0

Important Guidelines and Process Regarding NPS Contribution

Look at the important guidelines and details about the NPS contribution:

Choose the official portals to make NPS contributions.
Keep your PRAN details handy.
Provide true details, like date of birth, etc.
You can make a payment using any preferred mode of payment. UPI payments are also acceptable.
There’s no maximum amount limit while making NPS contributions, based on your preferences.
You can contribute to NPS as many times a year as you want.

Final Words

Making regular NPS contributions is important to gaining financial freedom during their golden years and providing them with an ensured income. NPS is a secure and structured gateway to achieve a financially stable retirement. Contributing to NPS, you can gain certain benefits, including tax advantages, long-term savings, a flexible investment tool, and the option to withdraw NPS funds as required. Gain financial freedom by opening an NPS account with a reliable fund provider.

Frequently Asked Questions

Question: Can I increase the NPS contribution amount for the coming years?

Answer: Yes, increasing or decreasing your NPS contributions is flexible. Hence, based on your financial circumstances, you can increase the NPS contributions to boost your retirement corpus or decrease it whenever necessary, meeting the minimum annual requirements.

Question: Who can contribute to NPS?

Answer: Any Indian citizen between 18 and 65 can open an NPS account and start contributing. This includes salaried employees, self-employed individuals, and NRIs.

Question: Who is not eligible to contribute to NPS?

Answer: The individuals not eligible to make NPS contributions are:

Persons of Indian Origin (PROs)
Overseas Corporate Bodies (OCBs)

Question: How much do I need to contribute to NPS?

Answer: You can contribute to NPS as much as you want upto 10% of your basic salary with the minimum NPS contribution limit of Rs. 1,000 per annum for Tier 1 accounts and no such restrictions for Tier 2 accounts.

Question: Can I withdraw NPS contributions?

Answer: Yes, you can withdraw NPS funds made to your Tier 1 account under certain situations, such as specified medical emergencies, higher education, etc. You cannot withdraw complete NPS contributions until retirement, terminal illness, or death. The maximum number of withdrawals allowed is three during the whole tenure.

Question: Can I stop contributing to NPS?

Answer: When there’s no restriction towards contributing to NPS Tier 2 account, an NPS Tier 1 account requires a minimum annual contribution of Rs. 1000. If not done, your NPS account will freeze, and you will have to unfreeze it, paying minimum contribution amount and applicable penalty.

Question: Can I pay the NPS contribution by credit card?

Answer: Yes, you can make NPS contributions online using your credit card.

Question: Is it possible to change the NPS contribution amount?

Answer: Yes, you can change your contribution amount based on your financial suitability with a minimum annual NPS contribution limit of Rs. 1,000.

Question: What is the minimum contribution in NPS?

Answer: The NPS minimum contribution differs for Tier 1 and Tier 2 accounts in the following way:

NPS Minimum Contribution to Tier 1 Account Opening: Rs. 500
NPS Minimum Contribution to Tier 2 Account Opening: Rs. 1,000
NPS Minimum Contribution to Tier 1 Account: Rs. 500
NPS Minimum Contribution to Tier 2 Account: Rs. 250

Question: Is there any restriction to paying NPS contributions?

Answer: You can contribute to NPS as often as you like, monthly, quarterly, half-yearly, or annually. Alternatively, you can set up a Systematic Investment Plan (SIP) to make automated NPS contributions.

Question: How much time does it take to reflect the NPS contribution to my statement?

Answer: Your contribution to NPS can take some time to reflect in your NPS account statement. It takes two working days from the date of a successful transaction to make your NPS contribution visible.

Question: Can I add money to my NPS account before receiving my PRAN card?

Answer: Once your PRAN card is generated, you can start contributing to the NPS account whether or not the physical copy of the PRAN card has been received.

How to File Income Tax Return and Claim Your Tax Refund?

File Income Tax Return (ITR) in India

Filing your Income Tax Return (ITR) can seem overwhelming, especially when it involves a long list of forms and financial documents. You may have just received your Form 16 from your employer. You need to file your income tax return, but you have no clue where to start.

Worry not! We're here to simplify the ITR filing process for you. Whether you're a seasoned professional or someone filing a tax return for the first time, our step-by-step guide will walk you through everything you need to know to file your ITR confidently and accurately.

What is Income Tax Return Filing?

An ITR is a form used to declare income, deductions claimed, exemptions, and net income tax liability. As per the Income Tax Act, 1961, an individual under the age of 60 can file an ITR according to the defined tax slabs if part of their income is taxable.

You can choose from old and new tax regimes per your maximum suitability. You can file taxes for earning from sources such as salary, profit in business, property or house sale, dividend of capital gains, and interest earned. For extra tax paid in a year, you get a return from the Income Tax Department.

Types of ITR Forms in India

Different ITR forms are used to file ITR based on applicability and relevance. Here’s a brief about each type:

ITR Form	Used by	Source of Income
ITR 1 or Sahaj	Individuals with a total income of up to Rs. 50 Lakhs	Pension Salary One house property Other sources
ITR 2	Resident individuals or HUF	Except for income from business or profession
ITR 2A	HUFs and individuals having more than one house property	Salary income Long-term capital gains
ITR 3	Individuals and HUFs receiving interest, salary, bonus, or commission from a partnership firm	Proprietary business or profession
ITR 4 or Sugam	Professionals Businesses HUFs Undertakings with a total income of up to Rs. 50 Lakhs	Income under section u/s 44AD, 44ADA or 44AE Income from one house property Salary income Other Sources
ITR-4S	Individual HUFs Small business	All income falling under sections 44AD and 44AE
ITR 5	Co-operative societies Firms Artificial judicial persons Association of persons Local authorities Bodies of Individuals	All income
ITR 6	Any company registered under the Companies Act 2013 or the earlier Companies Act 1956	For tax deductions not claimed under Section 11
ITR 7	Political parties Religious or charitable trusts Colleges Universities Scientific research institution	Income that furnishes a return under the section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

Is It Mandatory to File Income Tax Return?

If your income is more than the basic exemption limit under the tax slab, you are liable to file an income tax return. The income tax rates are predecided for the taxpayers as per the income tax slabs updated every year. If you delay filing your returns, you will have to pay penalties, and it may also affect your chances of getting a loan or a visa.

Who Can File Income Tax Return?

As per the Income Tax Act, individuals or businesses falling under a certain income bracket should file for income tax returns. Below is the list of who can file ITR after factoring the deductions on the income as allowed under Section 80C to 80U and others under Section 10:

Individuals under 60 years of age with a total income of Rs. 2.5 Lakhs or more.
Senior citizens (aged 60-79) with an income limit of Rs. 5 Lakhs.
Super senior citizens (aged 80 and above) with an income limit of Rs. 5 Lakhs.
All registered companies generate income, whether they make a profit or not, throughout the year.
Those who want to claim an excess income tax deduction from their annual income.
Foreign companies benefit from transactions made in India.
A person claiming relief or deduction under Section 90 or 90A.
Individuals having assets or financial entities located outside India.
NRI earning more than Rs. 2.5 Lakhs in India in a single financial year.

Documents Required to File Income Tax Return

The following documents are required when filing your ITR:

Form 16
Form 16A and other TDS certificates
Form 26AS
Bank/ post office interest certificate
Capital gains
Details of foreign assets
PAN card
Aadhaar number
Bank account details
Donation receipts
Salary slips
Annual tax-saving investment proofs
Home loan statement (if applicable)

How to File an Income Tax Return?

You can file ITR online and offline channels based on suitability. Here are the step-by-step guide for filing your ITR:

Online Process

Visit the official website of the Income Tax Department India, for income tax e-filing.

Log in with your PAN number and password (new users can make a fresh account using their PAN card and other personal details).

Go to the ‘e-file’ tab on the dashboard and select the ‘Income Tax Returns’ option from the drop-down menu. Select the ‘File Income Tax Return’ option from the menu.

Select the Assessment Year as 2024-25 if you are filing for Financial Year 2023-24 and mode of filing as ‘Online’.

Select the applicant status: Individual, HUF, or others and click ‘Continue’.

Select a suitable ITR type (here, you must opt for the applicable ITR form).

Specify the reason for filing the ITR that is applicable to you.

Validate the pre-filled information, such as PAN, Aadhaar, DOB, contact details, etc. Also, provide your bank account details and other relevant information correctly. Confirm the summary and submit it after verifying all the details.

In case there’s a tax liability based on the computation, you can choose to pay now or later as per suitability.

In case there’s no outstanding tax liability and you are eligible for a refund, click preview and submit your return.

Click ‘Proceed to Validation’ and then verify the ITR.

E-verify your returns within 30 days of ITR filing. If you don’t do it, your return will stand ‘not filled’ at all. You can e-verify your ITR using Aadhar OTP, electronic verification code, or by sending a physical copy of ITR-V to CPC, Bengaluru.

Offline Process

Visit the e-filing page of the Income Tax Department India.
Select the ‘Download’ option available on the navigation bar.
Download the utility software (Zip file) and extract it in a different folder.
Select the relevant form and fill out the details.
Generate the form preview as an XML file and save it.
Recheck the details before calculating the final tax liability amount.
Go to the Income Tax Department website and log in using your PAN number and password.
Go to the ‘Income Tax Return’ option and choose the assessment year and ITR filing mode as ‘offline’.
Specify the tax filing type: original or revised return.
For submission mode, select the ‘Upload XML’ option and submit the ITR after selecting the correct verification code.

How to Check ITR Status Online?

Once you have finished filing your ITR and verifying it, the ITR status will be reflected as ‘processing’. Here’s how you can check the status of your income tax return filing online:

Without Login Credentials:

Go to the official website of Income Tax Return India.
Click on the ‘ITR Status’ tab.
You will be redirected to a page where you can enter your PAN number, ITR acknowledgement number, and captcha code.
Once verified, the ITR status is reflected on your screen.

Using Login Credentials:

Go to the official website of Income Tax Return India.
Log in using your login credentials.
Click on the ‘View Returns/ Forms’ option.
From the drop-down menu, select the income tax return and assessment year.
Once done, the ITR status is reflected on the screen.

Due Date for ITR Filing

Individuals filing for the tax return for the financial year 2023-24 can file ITR before the following dates to avoid any penalties:

Taxpayer Category	Due Date for Filing ITR
Individual/ HUF/ AOP/ BOI	31st July 2024
Businesses (requiring audit)	31st October 2024
Businesses (requiring transfer pricing report)	30th November 2024
Revised return	31 December 2024
Belated/ late return	31 December 2024

Penalty for Late ITR Submission

When you fail to pay ITR, the Income Tax Department may impose specific penalties against you. But if you continuously miss the deadlines, legal action may be against you. So we recommend you responsibly pay ITR, or else the following penalties may apply for late ITR submission:

Due Date for ITR Filing	Penalty (for income below Rs. 5 Lakhs)	Penalty (for income above Rs. 5 Lakhs)
Before 31 July	Nil	Nil
From 1 September to 31 December	Rs. 1,000	Rs. 5,000
From 1 January to 31 March	Rs. 1,000	Rs. 10,000

Avoid Common Mistakes While Filing ITR

Here are the common mistakes that you can avoid while filing your taxes:

Filling the Wrong Tax Form: Different ITR forms are available based on your source of income and ITR filing status. Visit the official website of the Income Tax Department to select the correct form.

Wrong Personal Information: Providing wrong personal details, such as false PAN card details, etc. can lead to a delay or rejection of processing income tax returns.

Incorrect Bank Account Details: Be careful while entering your bank details, such as account number, IFSC code, and other details, as incorrect information may delay the processing of the funds.

Not Disclosing All Income: Not disclosing your true yearly income is considered tax evasion and can result in heavy fines.

Not Declaring Deductions: Tax deductions can be claimed on different investments, savings, and expenses. When you declare all the eligible deductions, it may save you higher taxes.

Failing to E-Verify Your Return: Verification of the return is important within the prescribed time limit; otherwise, the return will be treated as invalid.

Not Filing the Return on Time: To avoid heavy penalties, submit your income tax return before the due date.

Hiding Capital Gains from Mutual Funds: Make sure to disclose your capital gains as they are applicable for short and long-term tax gains.

Final Words

With the proper guidance and a step-by-step approach, filing your ITR becomes easy and manageable. If you are filing ITR by yourself, ensure you gather the necessary documents, choose the correct ITR form, and follow the submission and verification steps. This will help you file your returns accurately and on time. By staying proactive about your tax responsibilities, you can avoid penalties and ensure a smooth financial year ahead. Remember, timely tax filing keeps you compliant with the law and helps you manage your finances better.

Frequently Asked Questions on ITR Filing

Question: Can I file income tax returns after the due date?

Answer: Yes, you can file the ITR after the due date. However, doing so carries a penalty of Rs. 1,000 to Rs. 10,000.

Question: Why should I file an income tax return?

Answer: Income tax is the major source of income for the government of India. Timely ITR filing helps with paying salaries, finding government projects, etc.

Question: What is the last date to file a tax return?

Answer: The last date to file ITR for the financial year 2023-24 is 31 July 2024 for individuals/ HUF/ AOP/ BOI (not requiring audit).

Question: How to file taxes with no income?

Answer: Filing taxes with no income is still important to comply with tax regulations. Here’s a quick guide:

Collect your PAN card and Aadhar card.
Access the Income Tax e-Filing portal using your PAN.
Select ITR-1 or ITR-4, indicating “No Income” in the income details section.
Enter personal details, and mark “No Income” for the financial year.
Complete the form and submit it online.
E-verify the return via Aadhaar OTP, net banking, or send a signed ITR-V to CPC.

Question: How should a beginner file a tax refund?

Answer: Filing a tax refund is straightforward for beginners. Follow the given steps for a smooth and hassle-free tax refund process:

Gather the necessary documents like PAN, Aadhaar, Form 16, and investment proofs.
Register on the Income Tax e-Filing portal and choose the appropriate ITR form (usually ITR-1 for salaried individuals).
Fill in your income details, tax payments, and deductions.
Claim your refund by ensuring correct TDS entries.
Submit the ITR form, receive the acknowledgement (ITR-V), and verify it electronically or by post.
Track your refund status on the e-filing portal or the TIN NSDL website.

Question: Can you file ITR without CA?

Answer: Yes, you can file your ITR without CA through the official website of the Income Tax Department of India.

Question: How to download an income tax return file?

Answer: Follow the given steps to download the income tax return verification form:

Log in to the official website of Income Tax Return India.
Click on the ‘View Returns/ Forms’ option.
Select the ‘Income Tax Returns’ option and select the year.
Select the acknowledgement number to download the ITR-V and click ‘Download’.
Once the file is downloaded, you can open it by providing the password. The password is your PAN number in lowercase letters, followed by your date of birth.

Example:

PAN Card: ABCDE1234F

Date of Birth: 09/12/2001

Password: abcde1234f09122001

Question: How to verify the ITR?

Answer: You can e-verify the ITR by generating OTP through Net Banking, ATMs, etc. Alternatively, you can send the printed and signed document to CPC Bangalore within 120 days of e-filing.

Question: What do I do if I have made a mistake while filing ITR?

Answer: In such cases, you can file for a revised return before 31 December of the assessment year.

Question: When will I get my income tax refund after filing ITR?

Answer: Usually, it takes 30-90 days to get the ITR refund.

Question: Can I file ITR without Form 16?

Answer: Yes, you can file an income tax return without Form 16.

Easy To Follow Tips To Handle Vehicle Breakdown

Your vehicle might be running smoothly this moment and refuse to move an inch in the next instance. It’s tough to predict a vehicle breakdown and understand when your car will stop functioning all of a sudden. However, you should be prepared for all such unforeseen situations and must keep yourself acquainted with the right tips to handle such situations:

Safety comes first

There’s nothing more than important than your safety. If you are in the driver’s seat, there's an additional responsibility on your shoulder. Make sure you take the right decisions and perform reasonable actions to save the co-passengers. Here’s a comprehensive list of tips you need to follow whenever there’s a vehicle breakdown!

1.Choose safe lanes

If your vehicle starts showing signs of disturbances, try moving towards the safe lane. Don’t keep on driving midway or in the middle of the highway. That increases possibilities of collision to a great extent. Make sure the warning lights get activated at the right time to make your fellow drivers aware of any sudden mishap.

2.Call for help

Breakdown assistance services are there to help you when you need them. Call them right away during a breakdown, and they will be there to rescue you. In the first step, they will inquire about your location. If you are on a highway, they might ask you the location markers to send alerts to the nearest vehicle. A majority of breakdown recovery service providers consider customer satisfaction their utmost priority, so when you associate with them during emergencies, they ensure the waiting time is as minimum as possible.

3.Evacuate the vehicle

Sudden breakdowns give rise to a panicky situation. However, you should keep your cool and abandon the vehicle if possible. It’s not at all safe to sit inside a car which has broken down in the middle of the road. You are always under the threat of getting run down by fast approaching vehicles. Try to get yourself and the co-passengers out of the car, and all of you can wait at the side of the main highway. Take your pets along with you and make sure you handle them well.

4.Don’t rely on self-help

Although the problems might be quite common and known to you, don’t rely on self-help efforts. It’s not wise to fix your car when it has stopped functioning all of a sudden. Call up the specialists, have patience, and wait for them to arrive. You can always extend a helping hand when they come to the spot.

5.Be safe

Keep yourself safe and protected while you are waiting for professional assistance to arrive at your location. Wait at a safe place, preferably at the side of the road. Don’t panic and run around frantically asking for help from every car that crosses your way.

Handle it well

These tips will help you deal with vehicle breakdown situations quite judiciously. Always keep the emergency contacts handy and call them during severe emergencies.

Brief Guide - Different Car Dashboard Lights Indicate

Mastering the art of driving a car is quite an achievement, but other than understanding the knack of steering and shifting gears, you also need to get acquainted with the different lights and signs of the dashboard.

ECU/ Engine Warning Light

The lighting up of the Engine Warning Light can indicate a major mechanical problem or even a faulty electrical sensor. This light can also accompany other unusual symptoms such as the car going into safe mode owing to lack of power or stuttering when you press the accelerator.

Oil Pressure Warning

This light illuminates when the oil pressure sensor identifies low oil pressure. Avoid the occurrence of severe engine damage by turning off the vehicle’s engine. You should also check whether the quantity of the oil level is at the right amount.

Hazard Warning Lights

If there is a problem with the vehicle, a driver activates these lights to warn other vehicles and motorists to be careful of your vehicle.

Brake System Alert

It warns you about a low brake fluid level. Any leaks, low brake lining and other issues should be addressed by a professional.

ABS Warning Light

When there is a problem with the anti-lock brake system (ABS), this light turns on. You won’t lose your brakes, but additional safety features will stop functioning properly.

Traction Control Light

Traction Control Light usually turns ON with the ABS light and implies that there is a fault in the system.

Airbag Warning Light

The Amber Warning light tells the driver that the passenger airbag is switched off manually. It may also indicate an issue with the entire airbag system and must be addressed at the earliest.

Turn Signal Lights

It's the most widely used and known indicator light. These lights are activated when the driver turns them on to indicate its fellow drivers a change in direction.

Open Doors Indicator

If the doors aren't closed properly, these indicator lights inform the driver about the same, soon after the car engine is turned on.

Temperature Warning Light

It makes the driver aware about engine overheating. It usually implies that the driver needs to stop the engine right away and should resume the journey only when the car engine is cooled down.

Tyre Pressure Monitor Warning Light

This light turns on when a puncture or deviation from the normal tyre pressure is detected. If it does, then you need to check your car’s rubber at the earliest.

Battery Charge Warning Light

A problem or malfunction with your vehicle’s electrical system triggers this warning light. Usually, it could be due to a faulty battery, faulty alternator or a bad connection in the engine bay.

Low Fuel Notification

If the fuel level goes very low, this light indicates that you need to refuel without any delay.

High Beam Light

When the driver turns on the high beam mode of the headlights, this light signal is activated. High beam light allows you to see the road clearly when there is no other source of lighting along the road, such as street lights.

These are just some of the major lights that spring to life on the dashboard to warn others and to indicate you the problems that can occur while you are busy driving on the road.

Checklist For Your Upcoming Bike Ride

Travel stories, especially road trips have become all the rage, and it is not surprising to see more and more people indulging in their road trip dreams. Whether you are planning for a one-day trip or a week-long trip, the anticipation, planning and excitement is not something that you can miss out! With more and more youngsters getting hooked on to the idea of road trips, it is common to see that the preferred vehicle is a bike. From solo trips to group rides, there is no dearth of options if one wants to experience and make some beautiful memories to last a lifetime.

Though a road trip on a bike sounds very exciting, there is a lot of planning involved to ensure that it all goes off without a hitch. The first and foremost thing to do is to prepare a checklist so that you will neither miss out on carrying anything important nor would you be burdened with carrying unnecessary things. So how do you decide what is required and what is not? Some of the factors that would help you in deciding are the duration of your trip, season, location, terrain, etc.

To make things easier for you, we have prepared a checklist so that you can keep it handy for your next upcoming bike trip.

The Right Bike

Since your bike is going to be your best friend throughout your journey, you need to ensure that you choose a bike which is comfortable. Rather than focusing on the looks of your bike, you need to focus on its various parts such as the handle, seat, engine, headlights, etc. All of these need to be in top shape.

Documents Holder

Use a waterproof pouch to store all the important documents such as your driving license, bike insurance, RC and pollution certificate and make sure all your document are updated and in accordance with the motor vehicle Act of India.

Riding Gear

Safety has to be your utmost priority which means that you need to have the proper riding gear: full faced helmet, riding gloves, comfortable jacket and pants, elbow and knee guards, rain gear (depending upon the season and location), balaclava and a pair of good riding boots.

Equipment

If you are planning a long bike trip, then you need to carry some essential equipment since you never know when your bike may break down.

Spark plug and fuses
clutch cable
basic tool kit
adjustable wrench
foot pump
accelerator cable
spare headlight and rear light bulb
adhesive for tube
duct tape
fuel can
engine oil
brake shoe and pad
pocket knife and scissors
front and rear tire tubes
tow rope

Miscellaneous Stuff

Apart from these, it's better to keep few items handy like a torch, first aid kit, personal medical kit, sufficient water bottles, energy bars, extra set of keys, power bank, night riding goggles, etc.

Here are some tips to keep in mind – use a saddle bag instead of a backpack, a physical map, enough cash, emergency contact numbers, don’t overeat and try to stick to simple and light meals, take a break as and when required, pack light and stay hydrated.

We hope this checklist will successfully help you in preparing for your upcoming bike trip!

Planning A Night Trip? Things To Keep In Mind To Avoid Accident

Planning a trip or a surprise long drive at night may seem no less than an adventure. Who won’t enjoy the light puffs of air with the quietude at night as you breeze through the streets when the rest of the world is sleeping? While it may seem a perfect idea to spend some time and rejuvenate yourself, there are several hazards that you must be aware of while driving at night. Here we bring to you few things which you should keep in mind to avoid any accident while driving at night.

Make sure your Car’s headlights and indicators are properly functioning and have got enough light reflectors on the rear end of the Car

Risky For People with Poor Vision and Young Drivers.

The distance which a driver can usually see generally during the day reduces at night. It also takes a little time for the eyes to adjust to the darkness after being in a lit up environment. Novice drivers do not have the experience to drive at night as it requires extensive training to spot objects at a distance and react accordingly. So, people with poor vision and novice drivers are recommended to avoid driving at night.

Follow the Speed Limit And Drive Responsibly

Speed limit sign boards are present after every three to five miles of the road. Watch for the indications and adjust your speed accordingly. In case the speed limit is not indicated, do not exceed 30 mph. In addition to this, be alert while you drive. Check your rear view and side mirrors often. Keep a check on your speed on rough and less maintained roads. Always look for flashes of lights especially at the sharp bends, descents and intersections.

Do not Drink And Drive

Drunk driving is an offence and is punishable by law. Besides alcohol, it is the best way to avoid any food which induces sleep and drowsiness. Plus, do not drive if you are fatigued. Driving at night requires a lot of caution, and you need to be alert every second. Fatigue and drowsiness reduce our ability to react in times of a hazard. Take adequate rest before you set out for driving. Moreover, drunk drivers have a habit of driving towards bright light, so avoid them.

Look Out For Animals On The Road

One should always drive slowly and with a lot of caution. The eyes of animals reflect the headlight, so they are easy to spot from a distance. If you fail to notice one, swerve your car with caution as abrupt changing of direction might save the animal, but it can injure you. Keep your wheel straight and apply your brakes firmly.

Drive Carefully On to the Side Of The Road

It is best to avoid drunk and rash drivers on the road. If you find drivers who are willing to overtake you, do not get into the spirit and compete with them. Allow them to overtake you.

Keep these tips and precautions before you a plan a trip in the night. Happy Driving!

New To Driver’s Seat? Here Are 7 Vital Aspects Of Driving

Learning how to drive is not everybody’s cup of tea. It takes a lot of patience and practice to master the skill of driving. This is especially true when you are driving in a country like India where road conditions, animals on road ignorant people, etc., can all make learning how to drive, a very daunting task. Whether you are learning how to drive a bike or a car, there are a lot of things that you need to keep in mind if you want to become a skilled driver. Most of these rules are just basic rules; however, we often end up ignoring the most basic rules itself.

If you are a new driver, then we suggest you go through this article in detail where we have explained seven vital aspects of driving that you should be aware of before you get yourself comfortable in the driver’s seat.

Know your Vehicle

The first and foremost point is for you to know your vehicle fundamental functionalities. Whether it is a bike or a car, you need to know its various parts such as where the accelerator, brakes, clutch and gear are, how to turn on/off the vehicle, lights, indicators, opening & closing fuel tank, how to adjust the seat, etc.

Documents

Without the proper vehicle documents, you could easily get into trouble with the traffic police and would have to pay fines unnecessarily. Keep the vehicle’s registration card, existing insurance papers, pollution certificate and your driving license handy with you whenever you are off on a drive.

Road and Traffic Rules

Ignorance is no excuse, It is not just enough to learn how to drive. You need to know about all the road and traffic rules so that neither do you cause any injury to other drivers nor get hurt by them plus nor end up paying fines due to violation of traffic rules Avoiding overtaking from the left, using indicators, following traffic signals, seat belts, etc., are some of the ground rules to follow.

Vehicle Maintenance

Along with learning how to drive, you should also know how to check essential parts of your vehicle and ensure that everything is in proper condition. Fuel capacity and tire air pressure and tire condition are most important aspects that you must check on a regular basis.

Make Way for Others

Since you are still a newbie, you need to make sure that you are giving way to others rather than hogging the whole road to yourself. Try to keep on the left side of the road so that faster moving vehicles can take the right lane and be on their way.

Safety Precautions

You need to educate yourself on various safety measures required while driving such as using the seat belt/helmet without fail, using parking lights, using low beam rather than the high beam, avoiding sudden brakes, over-speeding, etc.

Avoid Distractions

Last but not the least, stay away from distractions so that you can focus all your attention on driving. Distractions such as talking on the phone while driving, listening to music on high volume, eating, etc., should be avoided. On losing the concentration, your chances of running into another vehicle increases.

So, now that you are aware of these seven vital aspects of driving, we hope you master this skill efficiently and remain safe.

Smart Tips To Stay Safe On Indian Roads

There’s no denying the importance of safety for every individual. Especially, when it comes to Indian roads, effective safety tips and suggestions emerge as crucial necessities. India records innumerable road accidents every year. While most of them take place on Highways, the number of accidental deaths in busy lanes and streets isn’t quite less.

Poor maintenance of vehicles, lack of infrastructural facilities, disregard for pedestrians, and low awareness levels are some of the most crucial reasons for the alarming rise in cases of road accidents. However, one has to deal with these critical aspects and learn the art of staying safe. Check out the following tips that can turn out to be potential lifesavers!

1.Car safety

Whenever you are travelling by car or driving it, make sure you wear seat belts. No matter if you are sitting on the back or in the front, seat belts are essential must-haves. Front-seat occupants have to wear seat belts without fail as that’s illegal not to do so. Even if you think practically, seat belts have the potential to save your life from undesired accidents.

2.Distractions are dangerous

A majority of pedestrian accidents arise out of the irrational behaviour. What’s the need to talk on your mobile or check out messages while crossing the road or while driving? These actions are certainly not more important than your life. Distractions while driving, walking on the road, crossing an over-bridge, and boarding vehicles can prove to be fatal.

3.Say NO to alcohol consumption

Driving a car or crossing the road in a state of intoxication can be highly dangerous. It is like an open invitation to death or severe impairments. Your sense of balance, better sense, and vision stops working which leads to critical accidents. Steer clear of walking in the middle of the road or taking the driver’s seat, whenever you are under the influence of intoxicating beverages.

4.Wear helmets

Bikers should watch out their moves every time they ride their mean machines. Even if it spoils your captivating hairstyle, it is highly imperative to wear a helmet. Always take the helmet along with you whenever there’s a possibility of riding the bike. Most of the accidental deaths and bike catastrophes have occurred because riders didn’t care to wear helmets.

5.Cross the road carefully

Make sure you are attentive while crossing the road. Always keep the age old poem ‘Look to the right, look to the left, wait for green, and then cross the road’ in mind. Don’t receive calls or check out messages while crossing the road. Most importantly, taking selfies in the middle of the road is a strict no-no!

Be safe

These basic tips, suggestions, and guides will help you stay safe and protected. Always remember your safety is not only crucial to you, but also to the loved ones waiting for you at home at the end of the day!

Why Having Speed Limit Is Essential For Indian Drivers

Driving your favourite car can be a thrilling, exciting, and unique experience. However, it’s imperative to ensure that you do it in the best way. Safety always comes first, and it’s here that a majority of drivers are at fault. Driving the car at prescribed speed limits is a crucial necessity. Nothing is more important than your life and lives of people around your vehicle so drive safe at all times.

If we take a look at the Indian context, accidents on National Highways are unfortunately turning into a common phenomenon. Drivers are least bothered about their safety, driving regulations, and safety rules, which is surely putting lives at high risk. So, what is triggering such erratic behaviours and actions? Let’s take a look!

The Real Scenario

Since the driver is the person handling the car, it is imperative for him to develop a comprehensive understanding of certain aspects. Speed breakers and controllers are of paramount importance in this context. However, most of the Indian drivers just don’t seem to care!

According to reports of a market survey carried in almost 20 countries, nearly 90% of drivers believe in their exceptional driving skills. They consider themselves as low-risk, above-average drivers who can drive the vehicle at a greater speed than what is defined as the limit. No matter what the traffic rules or safety regulations say, these drivers will keep on driving at a speed which they think is correct endangering the lives of people around them.

Speed Limit is Important

If you have a car and drive it quite often, it’s high time to give importance to personal safety. There’s nothing more important than your life, right? So, how can you risk it just like that! Safety rules and specified speed limits are of huge importance. The following reasons will tell you why you need to observe and follow them on a regular basis:

1.Safety

Being safe is the first thing that you should care about and should be on your mind at all times. When you are driving your car at top speeds, you are risking your safety to a great extent. If there’s a companion or passenger, his or her precious life is also in danger. Quite naturally, you should be careful and follow the permissible speed limits. That will help you reach the destination safely.

2.Control over the vehicle

When you are crossing the prescribed speed limits, you tend to lose control of the vehicle. Quite a few fatal accidents on Highways and Expressways have occurred just because the driver failed to control the vehicle.

3.Smooth turns

By following the prescribed speed limits, you will get the opportunity to make smooth turns. Sudden jerks, turns, and actions can change the direction of the vehicle. If your vehicle is under control, you can easily manage these unexpected situations.

4.Perfect maintenance

The faster you drive, the more quickly your car parts quality gets downgraded. So, driving your car at a certain speed will reduce wear-and-tear, and your dream vehicle will deliver stunning performances for years to come.

Speed limits and driving regulations are highly crucial for Indian drivers, and these reasons explain it quite clearly. So, follow the rules properly and stay safe.

5 Best Bikes For Road Trip To Leh Ladakh

The serene locales of Leh Ladakh have a charismatic charm. One look at the snow-capped valleys, breathtaking views, scenic beauty, and you would fall in love with the place. If you are an avid traveller who loves to explore some of the stunning destinations in the country, this place is sure to be your paradise.

How about adding to the excitement and thrill?! Although there are quite a few ways to reach the destination, travelling by bike can be an entirely surreal experience. Planning a bike trip to Ladakh is an intensive process that involves some significant factors. Here’s a checklist you need to take a look at before you start:

Your Choice for Bike for Road Trip

You are planning a bike trip, and that explains why you need to choose the vehicle first. The road to Leh Ladakh isn’t smooth, and you might have to drive on rough terrains. Quite naturally, your choice of the vehicle will matter to a great extent, as you can’t afford to get stuck in the middle of the road. Breeze through these factors and know what all you need to consider before setting out!

Age of the vehicle: Gives a crystal clear idea of its performance and pressure withstanding capacity.

Odometer: Riders will come to know about the current performance modes.

Condition: Check whether the vehicle is fit and fine or a bit of servicing will do the needful.

Pillion: Is your tour partner going with you? Make sure your mean machine can carry two people.

Luggage: Does your vehicle offer enough storage space? If it doesn’t, it is not a good choice.

These factors and aspects will help you choose the vehicle. Once you start considering these points, you will come across these five different bikes for a thrilling Leh Ladakh trip!

Identifying the Best Bike for Ladakh Trip

Before you start packing the bags, make sure the vehicle is right there in front of you. Breeze through the suggested bikes and take your pick:

Royal Enfield

With a strong engine, heavy built, and 350 to 500cc power makes it the best option. Take a friend along, and the bike will offer unparalleled riding support.

Pulsar

200 to 220 CC engine power, a large fuel reservoir, and exceptional mileage makes Pulsar the ideal choice for avid travellers. Even if you wish to ride continuously, this vehicle will offer the desired support.

Fazer from Yamaha

Most of the adventure enthusiasts opt for Fazer and over the years, it has come out as a unique option for Leh Ladakh trips.

Hero Impulse

If it’s a solo ride and you don’t have a pillion rider, this vehicle might turn out to be the perfect partner. The comfortable riding posture won’t make way for fatigue even during a long journey.

Duke from KTM

When it’s a challenging terrain, you need the most powerful mean machine, and KTM Duke won't let you down in this regard.

Take your pick

Since now you know the vehicles that can fulfill your dream of setting on a Leh Ladakh bike trip, it’s time to choose the best and say Ciao!

Read more on road safety tips for two-wheelers here.

5 Things To Keep In Mind When You Ride Bikes In The Rain

For a bike lover, riding your bike through the lanes of your city during heavy rain may be a very thrilling experience. There is nothing like taking your best companion and zoom through the city with the gentle rains falling on you coupled with the soothing breeze. No wonder how thrilling it may be, one needs to be over cautious while riding in the rain. Here we list down five things which you should keep in mind while doing the same.

Always Wear a High Visibility Rain Jacket

Rain decreases visibility and so to avert perils on the road, it is best to wear a waterproof rain jacket of preferably bright colours. Colours like orange, fluorescent green and yellow are bright enough to make the rider noticeable even from a distance. Also make sure that the helmet you are using is anti-fog; has an electric defrost function and has a breath guard. Try the gear first before buying and make sure that you are comfortable with it so that it doesn't disturb you in any way.

Beware of Intersections

Mostly rains happen after a long period of heat and sun. And, so a lot of oil and dirt accumulates on the road. When these mix with the rain it makes the roads slippery. Riding through intersections are anyway a little risky and rain further aggravates the risk. Such slippery spots are not easy to notice while driving, so we advise you to lower the speed when you approach an intersection.

Look Out for Manholes and Puddles

Puddles are deceptive. They may be fun to splash through as you ride in the rain but you never know if it is a foot long pothole. Hence, try to avoid them and in case you cannot control your brakes then hold the throttle steady and keep your bike upright and do not touch the brake. Manholes are difficult to spot if the lanes are waterlogged. They are extremely perilous and the slightest carelessness can prove to be very fatal. Try and look out for manholes and yourself as far as possible from them.

Drive on the Dry Line

A shiny surface may be attractive and can make the rider keen to drive on it but that may be a result of the dust and oil accumulated on the road which on mixing with the rain may have turned to a shiny and slippery substance. So try to drive on a dry pavement as it renders superior traction and maneuverability.

Wear a Face Shield or a pair of Goggles

Face shield and goggles are a necessity even when it is not raining but mandatory when it rains. Face shields are used to keep dirt, dust and other particles away to eliminate chances of distracted driving. We recommend you to wear clear safety glasses instead of goggles as they fog less.

Besides these tips, it is needless to say that riding in the rain requires superior riding skills so don’t seek adventures with your bike if you are an amateur rider. Also, before setting out for a drive, don’t forget to check your two wheeler insurance status, so that just like you even your vehicle is protected.

7 Things You Must Avoid Doing On A Motorbike

Biking is all about being hyper vigilant. You need to be overly cautious to avoid accidents on the road. You cannot afford to get distracted for a second lest you should meet the possible dangers. Newbies, being more curious about their vehicles tend to be more prone to making mistakes. Here we bring to you seven common things that you must avoid doing on a motorbike.

Stalling

Stalling refers to the sudden stopping of your vehicle without a signal. This happens when the rider forgets to change to neutral while halting or depress the clutch. Bikes can also stall if the idle set too low or if the engine goes too slow for the bike’s speed and gear. Such a sudden halt may be dangerous for you and the vehicles that are at the back of you as they are unaware of your movement, and this might cause a fatal collision.

Inattention, Distraction and Speed

This is perhaps the most common cause of accidents. Every single second of your time on your bike must be spent with attention and caution. Keep your cool and refrain from distractions. Wear a face shield, goggles or glasses to keep dust particles at bay. Surpassing the speed limit can land you up in legal trouble or an accident. So, you must continually look for cars and drive responsibly.

Not Covering Your Clutch

The clutch and the brake must be covered with all your four fingers, to reduce the reaction time when we quickly need to use them. However, you can keep your hands off the brake when you are about to overcome an obstacle.

Forgetting to Cancel Turn Signals

Turn signals make the other vehicles aware of the turns that you are going to take. Most of us have the habit of forgetting to turn off indicators after taking a turn. Doing this sends out wrong information to the other fellow drivers on the road, and you might end up inviting trouble. Put a small beeper with the flasher unit. The beeper shall keep beeping till the flasher is turned off.

Not Wearing a Helmet

Helmets are a mandate when you take your bike out for a ride. Needless to say, they provide protection and can save our lives if we meet with an accident. Driving while not wearing a helmet is a punishable offence.

Tailgating

Following another vehicle too closely is known as tailgating. Keeping a safe distance between the vehicles are a must when you drive, even on a busy road. You should drive at least 2 seconds behind the vehicle in front of you. Your reflexes need some time to respond in case of an emergency. Hence, you might not get enough time to stop when there is a chance of collision.

Unsure about Direction

Sometimes we mistakenly enter a wrong corner and fuss about the way out. In such case, do not panic. You must look for visual clues that can give us the road’s direction and find your way out. Avoid making sharp unpredictable turns in case you are unsure about directions.

While you focus on safe driving, don't forget to check if your vehicle is protected with two wheeler insurance.

7 Things You Must Do Before You Start Riding a Motorbike

If you are buying your motorbike, then you must have been saving up for a long time. You must love your bike and cannot wait to start riding it. Even if someone has been sponsoring for your bike, it doesn’t change your love for riding them. Bikes are fuel efficient, and if you know to drive them well, they help you travel faster. However, in our excitement of waiting for the day we lay hands on our new bike keys, we tend to forget some necessary things that we need to do so that we can ride smoothly. Some tips are given below.

Buy a reasonable bike

You might already be having second thoughts about reading further down, but this is a crucial aspect that you need to remember. Your first bike is more like your practice bike. It will undergo a lot of wrecks as you are not an experienced rider yet. You learn your tricks using your first bike and then buy a better one. If you spend too much money on your first bike, then you have just wasted a lot of money unnecessarily.

Buy safety gear as well

You are a new learner, and it is evident that you will fall while learning. A motorbike moves much faster than a bicycle, and hence you end up hurting yourself more when you fall. If you are unable to buy all sorts of fancy gears, then you must at least have a full face helmet, a good jacket, good boots and gloves.

Your bike needs to be a comfortable one

It is important that for the sake of buying a cheap bike you do not buy an uncomfortable bike. It should have the right amount of power and displacement, comfort and also should not burn a hole in your pocket when you are buying it.

Familiarise yourself with the bike

Apart from learning how to ride your bike well, you need to know the various controls of your bike like the palm of your hand. It is a critical factor to consider if you want to become a pro in your biking.

Dust & Dirt are the Part of Bike riding

While riding you may have to face dirt, pollution and dust so that’s a part of bike riding, be prepared for these. There will be sudden rains, there will be splashes of mud on your clothes etc.

Get your bike insured

Compared to the money you had paid for your first bike, the performance levels of your bike are way better; so why go for insurance? Because without insurance you will not be allowed to ride on Indian roads it covers, to some degree, your medical treatment should you meet an accident. Thus it is a wise choice to buy insurance.

5 Driving Techniques To Learn For Becoming A Pro

Everyone wants to become a good driver, and we all know that it is not as easy as it looks. Many people learn driving but back out as they get too anxious while driving. It takes quite a while for people to master the art of driving smoothly on a very busy road, however, thorough knowledge of your car’s system could always help you in performing better. Given below are some simple techniques which can make driving easy for you and help you improve on it.

Brake correctly / Proper Brake Technique/Brake Technique You Must Know

It is one of the fundamental and essential driving technique. One has the general tendency to brake hard and fast when they come across an obstacle. You must not do this as it can cause skidding especially on a gravel road or a wet road. Do not brake hard unless an object suddenly appears in front of you. What you should rather do is, put some light pressure on the brake first and then gradually increase the pressure to bring your vehicle to a stop. This is what a seasoned driver would do.

Steering techniques

A pro steers the car smoothly and doesn’t indulge in any rash movements. Before turning your car slow it down and turn to avoid any accident. Do not accelerate unless you are sure that your car is straight onto the road. When you are steering, it is important that you keep both your hands on the outside of the wheel and your thumb is on the seam of the wheel.

Do not brake in case of a blowout

When the rear tyre blows out with a loud noise, our instinct is to press down on the brakes. However, do not do that; for if you have a car speeding behind you, it will come and slam into your vehicle and add to your misery. You can do the opposite, and gently press down on the accelerator. Your flat tyre acts like the anchor of a ship and will eventually bring your car to a standstill. Then you can get down to work on your tyre.

Fuel economy

To be a pro, you must know how to economise your fuel. The basics would be to maintain your car properly; your tyres must be in good shape, keep them inflated and maintain your car maintenance schedule. Apart from that, you need to be a smart driver and not a rash one. Do not crash down on your accelerator in your madness for speed. It will lead to unnecessary fuel loss. Press it gently. The best method would be to take about 15 seconds to accelerate your car to 15 mph. A sudden decrease in speed followed by sudden acceleration will lead to fuel loss.

Catch a skid in snow

Learning to catch a rear end skid in snow is a matter of pride. Most people are unable to grasp the concept of it, but if you can, then you are a pro. It comes with practice, but ensure you practice when the snow is clear for causing injuries to others.

However, it doesn't matter if you drive like an armature or a pro, just ensure you drive safely.

5 Things You Must Keep With You before a Bike Ride

A bike ride is extremely exhilarating. To make this experience worthwhile, one must pack light and only go for essential things required for the trip. It is important for you to have your route well mapped out along with hotels or motels to put up for the night in case it’s a long trip. Since you need to pack light, you need to pack smartly and efficiently. Following are some of the essential things you can put into your backpack the next time you are on a bike road trip.

A physical map

Carrying a map may sound old school given the present era of advanced technology. However, a physical map will save your day when you end up without any network service or take a wrong turn, or end up losing your phone. It is always better to have a physical map than being stranded somewhere. It won’t even take extra space in your bag. Nowadays specialised maps are available, especially for long bike trips. You can always avail them for your benefit.

A flat repair kit

One of the most important item on your packing checklist. It can save your day when you run over a nail on the highway, and your tire gives up. A can of 'fix a flat liquid' and a small air pump can easily save you from a lot of trouble, and you will be ready to hit the road again and make up for your lost time.

Also, add to this a toolkit that contains the essential wrenches and sockets that match the requirements of your bike. Thus, you now have the basic toolset that would help you if your bike suddenly breaks down.

Flashlight

Under circumstances of a vehicle breakdown in the night, it is best to have a flashlight handy to repair the damage. It is helpful even when you are camping under the stars.

Another essential thing to be added to this is your hazard light. It's useful when you are doing any repair in the night, and you don’t want any other vehicle slamming into you. If you keep a flashlight on it will make others aware of your presence.

Take a Bluetooth helmet communicator

Listening to just the sound of the wind on a bike trip especially after a hectic week can be very soothing. However, sometimes the tune of your favourite song can also turn out to be very pleasing. The Bluetooth helmet communicator helps you and your friends communicate with each other easily.

Battery pack

This is an incredibly useful thing if you are a passionate photographer. If you have the plan to click photos, then you need to recharge your battery periodically. Your battery dying before you reach the final destination will affect your trip pictures. It is advisable to keep your battery pack fully charged before you begin your trip.

Things not to carry during road trips

You do not need to carry a large trunk of clothes as its not beneficial. Pack only the essential things.
Do not carry anything that increases the weight of your luggage.

Pack up well and have a safe journey!

How Technology Can Ensure Road Safety In India?

With the huge increase in the number of vehicles plying on India’s roads, the number of cases of road accidents too has increased substantially. The Road Accident Sampling System, India (RASSI) database that studied 850 accident cases (May ’11 to Jun ‘14) found that almost 20% of the cases could have been avoided with the presence of just an ABS fitted into the car.

In India, we have a lot of safety features available on cars today. Some manufacturers have made safety features like ABS, EBD, and airbags standard across all their variants including the base models. You need to be certain that your car too has these features. If you are wondering what these terminologies mean, then you are at the right place.

Today, we will look at the key technologies that help ensure road safety and bring down accidents in India.

1. Anti-Lock Braking System (ABS)

Anti-Lock Braking System (ABS) comes in handy in case of braking suddenly or on slippery road conditions. Without ABS, when you brake hard or brake on a slippery surface, the tyres tend to lose grip and lock up. ABS prevents this situation from happening.

The wheel speed sensor of the ABS calculates the rotational speed of the wheels. This way, it optimises the braking speed of all the four wheels. When this is achieved, the wheels do not lock or lose grip with the ground surface. With ABS, you can continue steering the car the right way and reduce the braking distance significantly.

2. Electronic Stability Program (ESP)

The Electronic Stability Program (ESP) is usually observed in higher-end cars. While race drivers and professional drivers can turn off the ESP, typically it remains in an ‘always-on’ mode. It checks various parameters like acceleration, throttle position, the car’s turning angle, and steering angle.

It then decides whether the action that will happen due to the sum of these parameters will be similar to the action the driver is going to take. If not, then ESP takes over and takes interventional actions like braking one or more tyres, or reducing or redirecting power.

3. Electric Brake Force Distribution (EBD)

Coupled with ABS, Electric Brake Force Distribution (EBD) determines how much braking pressure needs to be applied to each of the four wheels. Various factors like loading, acceleration, and road conditions determine the braking pressure. It enhances the stopping power of the car and maintains vehicle stability at the same time. It also prevents the front wheel to take the most of the braking pressure and eliminates the chances of the vehicle skidding off the road.

To wrap up

You have to enable total road safety for your car, as well as other vehicles around you. Hence, when you buy a new car, instruct the salesman to go beyond the unwanted cosmetic accessories and elaborate on the safety system of your car. You must make certain that options like ABS, airbags, ESP and EBD aren’t merely upgradable options but made mandatorily available on your car.

Read more: Road Safety Tips for Two Wheelers

Motorcycle Boots and Why They Are Important

A real biker is one who not only invests time and money on his/her bike but also on the required protective gear. Having the right kind of riding gear is as important as having a good set of wheels. Riding gear comprises of a helmet, gloves, riding jacket, pants, and sunglasses and last but not the least, riding boots. Each of these items are equally important, so, it would be ideal to keep your personal riding gear ready at all times.

In this post, we would be discussing the motorcycle boots and why they are an important part of the riding gear. Let’s start by first finding out what exactly motorcycle boots are.

Motorcycle boots are footwear that you should preferably wear while riding your bike. There are different kinds of motorcycle boots depending upon the need/purpose. Motorcycle boots are made of thick leather having rubber soles and may also contain additional material such as plastic, metal, etc.

Types of Motorcycle Footwear

Motorcycle Touring Boots: These boots are ideal for those who are travelling for a short distance. The boots made of leather are perfect for protecting your toes, ankles, heels and shin. You can either opt for ankle-length boots or full-length ones.
Racing Boots: Made of leather, plastic, man-made composite materials and metal, these should be worn if you are riding on hard pavement. They usually have a height of about 10-14 inches and offer better protection.
Motocross Boots: These boots are much stiffer and are apt for off-road and all-terrain riding. With adjustable straps, motocross boots measure about 16 inches and reach up to your knees.

Why Are Motorcycle Boots Important?

A lot of us don’t realise that in a bike accident, most of the injuries affect foot and leg. In a collision or skid, the first thing you do is keep your foot down, and with no proper boots, there would be no grip leading to injury.

One of the most common injuries in a bike accident is ankle injury which you can prevent by wearing the right kind of motorcycle boots. If you don’t want your ankle to snap and lead to a fracture, then ensure that you are wearing right pair of motorcycle boots before you step out on a ride.

The boots provide adequate coverage and protection for your toes as well since the boots have hard edges keeping you safe from any open wounds.

Another benefit you get by choosing the right kind of motorcycle boots is protection from bad weather. No matter if the sun is blazing hot or it's raining, your feet will stay dry and protected always.

Few things that you must keep in mind before purchasing a pair of motorcycle boots: decide the purpose of the boots; do not buy them without trying (in the form of a small walk, bending, crouch, going up and down the steps). Do check the quality of the boots properly and make sure the grip is good enough to protect you from sand, oil, mud or water.

Make Your Motor-Biking Experience Smooth with These 5 Apps

Getting up on your bike and going on a long ride is no more just a matter of stress relief, a call of your travelling nature. Today travellers document their rides, turn it into a social cause, share pictures and videos on social media and also look back upon their rides in the future. It is much more than just a simple ride to relieve your stress. To cater to the needs of today technology has come up with a large number of interesting apps which are available online for free or for a small price. Check out some of these interesting apps below.

Dark Sky

Who would want to be caught up in the rain while out for a bike ride? But then again you do not know when the weather will suddenly turn windy or torrential rain starts pouring. This app helps you to know the weather of your exact location, down to the right minute and it is never wrong. You get every detail of the weather condition, which includes the humidity, visibility, wind direction and speed, etc. to help you plan your trip smartly.

Moto Map

Another app that allows you to find great routes and upload as well. Additionally, it helps you to track your progress while following a particular route, along with your speed metrics, distance and duration. You can also add your friends who have downloaded this app to track each other’s condition and show off during social gatherings. In addition to all this, the app also allows you to add your favourite playlist to make your ride musical.

Pirelli Diablo Superbiker

This app is for the racers and track junkies who love being on an adrenaline high and do not want to waste money on expensive equipments for data acquisition. This app tracks your laps and lap time, speed, lean angles, etc. This app additionally comes with an app feature that plots the outline of the course so that the visual learners can plot portions of the track based on the data given to them. This app is available for free on Android and iOS.

Road Trippers

It's a suitable app if you are planning your trip ahead of time or even if your trip is impromptu, you can rely on this app. It gives you a list of places of interest around the place where you are going. It will help you plan your entire trip. It also comes with rich descriptions of the destinations you want to travel to or the spots you want to visit. This app is a creation of roadtrippers.com, and if you are using it in combination with the site, then it becomes even more helpful.

Fuelly Gas Tracker

An app that helps you track your gas mileage and calculate your fuel expenses. The best part of this app is its social aspect. Users can share their fuel data, and one can also check it as per the bike model in use. It helps you to compare your bike with other similar bikes to make sure that your bike is performing well.

What You Must Check Before Buying A Helmet For Your Toddler

Safety for children is an essential aspect for any parent. A large number of children in India are fatally injured in road accidents every year. Wearing a helmet, while going on a bike ride is an important safety precaution that you must take. However, just wearing a helmet is not sufficient, it must cater to the requirements of your child else it will be useless where the safety of your child is concerned. Here are some points you must check while buying your child’s helmet.

How to find the perfect sized helmet for your toddler

Helmets come in various sizes. It is important that you choose the correct one for your child. To do this, you need to take the measurement of your child’s head size. Use a soft tape rule and measure the circumference of the head just an inch above the eyebrows. This measurement will help you in purchasing the right helmet as a loose or small sized helmet can be very uncomfortable for your child.

Vents

Before you put a helmet on your child's head, remember that it tends to get very hot in there, so you must check the number of vents present in the helmet. Bike styled helmets have more vents compared to skater styled helmets. If there are correct numbers of vents, it makes biking an enjoyable experience.

Construction of the helmet

Helmets come in two varieties; in mould and hard shell. The hard shell variety is more preferred for skating. Both types are well capable of protecting the head in case of a crash. The in-mould helmets are found to be more durable and lighter in weight with a large number of vents. The non-mould helmets can be purchased from any sports or bike shop, unlike the hard shell helmets that you can find in big box stores.

Design

Where kids and toddlers are concerned, the design of the helmet is equally important. If the helmet has an attractive design, it will ensure that your child never forgets wearing it while going out. This will add to his/her safety, and you can be relaxed about the security of your kid on the Indian roads.

Internal Adjust Systems in helmets

Some helmets, generally the high-end ones, come with this feature. They have an internal plastic cage that can adjust itself to fit the head of the child. The head shapes of children vary widely, so this system allows the helmet to adjust itself to all sizes which ensure further safety of your child. In a country like India where we prefer to reuse our materials multiple times, this would be a good choice.

How to Apply for Travel Insurance in India?

Travel insurance is one of the essential types of general insurance. It is mandatory to have travel insurance if you wish to travel abroad. Some countries don't even allow you to enter if you do not have a travel insurance cover in place. Thankfully, it is straightforward to get travel insurance online these days. You can do it instantly and save a lot of money in the process as well. Take a look at this article to know more.

How to get Travel Insurance?

You can get travel insurance in India in two ways:

Online: Your first option is to get travel insurance online. This is a modern and hassle-free way of getting travel insurance. All you have to do is compare and locate an insurance policy. Then, you need to enter your details and choose a suitable coverage amount. Once that is done, you will have to pay the premium online through a safe and secured channel. After that is done, the policy is issued, and you get the travel insurance cover effortlessly.
Offline: The other option is to get the plan offline through an insurance agent or by visiting the branch of your insurance provider. This is also a good option, but you have to wait for the office to open, and you may also queue up.

Whether you choose to get travel insurance offline or online, make sure you have good coverage before starting your journey.

Applying for Travel Insurance in India

To get travel insurance offline, the old-fashioned way, all you must do is visit the insurance provider's office or call your insurance agent. You have to fill in the application form and submit the documents physically. Then, you have to pay the premium through a cheque or in cash, and the policy will be issued to you.

The process is much quicker and simpler online. You can log in to the website or mobile app of your insurance provider and get the policy. You can also compare and get a suitable plan from the insurance provider’s website in the following manner:

Login: Start by logging in to the portal or mobile app of your preferences insurance provider.
Choose the type of cover: There are different types of travel insurance in India. You can buy a single trip cover or a multi-trip cover. You can buy an individual cover or a family protection cover. Decide on the type of travel policy you need and then choose suitable coverage.
Compare: If you do not have a prefered insurance provider, all you have to do is visit the insurance provider’s website and run a travel insurance comparison. It is a straightforward and quick process, and you can do it free of charge. When you compare, you find suitable plans at reasonable rates, and you also get to find the various insurance providers. To compare and locate the ideal cover and buy the travel plan after that.
Fill in your details: Next, you have to fill in your details, such as your name and age. You also have to mention the coverage amount you want, along with the coverage duration and your destination. Enter the correct details, as this will be checked later on during a claim.
Pay the premium: Pay and premium online, and the policy will be issued to you instantly. The payment is made online safely, so you need not worry about any security issues.

Follow these steps, and you can quickly get a travel insurance plan issued in your name.

Benefits of Buying Travel Insurance Policy:

Easy to get a visa: Many countries make it mandatory for you to have travel insurance before they issue a visa to you. One of the best travel insurance benefits is getting the visa more smoothly when the policy is already in place.
Covers missed flights and cancellations: Nothing ruins plans as much as missed or cancelled flights. You may miss your flight for several reasons that may range from traffic to mixed up calendars. A missed flight here may lead to missing a connecting flight somewhere else. Also, flights getting cancelled at the last minute can lead to many problems in your journey ahead. When you have a travel insurance plan, you will get compensated for all such losses, with which you can get another ticket even at the last minute.
Covers lost baggage and documents: A travel policy also covers lost baggage and belongings. Also, if you lose your passport or other important documents, the insurer will assist you and help you get temporary documents to complete your trip smoothly. This is a significant benefit of getting travel insurance coverage.
Health cover: And finally, you get a very beneficial health insurance cover under a good travel insurance plan. This is a crucial cover as you get to keep your health secured while travelling. As we all know, medical expenses in a foreign country can be exorbitantly expensive. This is why you need a health cover to ensure you get the necessary treatment if any medical emergency comes up while you are travelling. This is the essential travel insurance benefit, and you should indeed look to get it.

As you can see, these are some significant ways a travel insurance plan can be helpful for you. Go and get travel insurance online and keep your trip secured.

Conclusion:

The travel insurance benefits are of great use. So go ahead and get your policy before you board your plane and you will stay protected in many ways.

Budget : Impact on Insurance Sector- You Need to Know

The third Union Budget of the second regime of the Modi Government was presented on 1st February 2021. This budget had too many expectations given the economic struggle with the pandemic raging on since the last year. Therefore, the budget gave tremendous emphasis on increased expenditure across sectors to boost and revive the Indian economy. This fiscal spending increased the fiscal deficit target to 9.5% of the GDP (Gross Domestic Product).

To boost healthcare, an estimated allocation of about Rs.2 lakh crores was set, which included Rs.35, 000 for the COVID-19 vaccine. The Finance Minister also stressed further funds for the vaccine if needed.

Furthermore, in the insurance sector, some major reforms and tax changes were proposed in the Union Budget 2021. Here is how the budget has impacted the insurance industry –

Increase in FDI limit:

One of the major highlights for the insurance industry was the revision in the FDI limits. Against the prevailing limit of 49% FDI in insurance companies, the Finance Minister revised the limit to 74%, allowing more international funds to the insurance sector. This provision was made with the following conditions –

Most of the Board of Directors and key managerial employees would be resident Indians.
At least 50% of the directors should be independent directors.
A specific percentage of the profit should be allocated to the general reserve.

What does it mean for insurers?

An inflow of foreign funds would give insurance companies a capital boost enabling them to grow and expand. They would be able to launch innovative insurance solutions and price their policies more competitively.

What does it mean for consumers?

Consumers can expect better insurance products and lower premiums on their policies due to the increased competition in the market.

Disinvestment and IPO launch:

The LIC IPO is proposed to be launched in the financial year 2021-22 making LIC a listed life insurance provider. Moreover, the Finance Minister also proposed disinvestment is one general insurance company to privatize it.

What does it mean for insurers?

This IPO listing would bring in equity capital for LIC, thereby increasing its capital base. The capital inflow would help LIC offer increased and revamped products to customers and streamline its activities. The disinvestment in a general insurance company would give the managerial reins to private players that might boost the company's internal management and efficiency.

What does it mean for consumers?

Consumers can benefit from better services by LIC and the general insurance companies that would be privatized. Furthermore, the equity infusion in LIC might present customers with a better choice of policies.

Taxation on ULIPS:

In a rather unpleasant reform, the budget opened up ULIP returns to capital gains to bring in parity between ULIPs and mutual funds. According to the latest changes, ULIP policies, bought on or after 1st February 2021 where the premium paid is more than Rs.2.5 lakhs, would attract capital gains tax. Such plans' maturity proceeds would be subject to long-term capital gains similar to equity mutual funds.

Before the budget announcements were made, ULIPs fared better over mutual funds given their tax benefit. They provided tax exemption on premiums paid, death benefit, maturity benefit, and the switching between funds. On the other hand, equity mutual funds were subjected to long term capital gains tax if their returns exceeded Rs.1 lakh.

Though the other tax-saving aspects of the unit-linked insurance policy have been left unchanged, the taxation on maturity proceeds is a new directive. However, such a tax would be charged, only if the premium paid is more than Rs.2.5 lakhs in a financial year. If the premium is below this level, ULIPs will continue to enjoy the full tax-saving benefits.

If policyholders invest in multiple unit-linked plans, the aggregate premiums of all the plans would be considered for taxation purposes. If the aggregate premium exceeds Rs.2.5 lakhs, on policies sold on or after 1st February 2021, the capital gains tax would apply.

The tax implication is meant for new unit-linked policies. Existing plans will have no impact on the latest tax rule. They would continue to enjoy tax benefits on the maturity proceeds if the premium paid is within 10% (20% if the policy was issued on or before 31st March 2012) of the sum insured.

The death benefit, however, would continue to remain tax-free. Moreover, partial withdrawals and switching between funds would also not attract any form of taxation.

What does it mean for insurance companies?

The popularity of unit-linked plans might suffer a setback for insurers costing them a reduction in their premium collection numbers. Therefore, they would have to come up with other benefits that attract consumers to invest in ULIPs.

What does it mean for consumers?

Consumers who invested in high-ticket unit-linked plans might suffer the brunt of the new tax implication. They can escape from the tax liability if they limit their premiums to Rs.2.5 lakhs. Moreover, they should also understand that the tax would be applicable only if the capital gains exceed Rs.1 lakh. If the gains are below Rs.1 lakh, they can enjoy tax-exempt maturity proceeds.

These are the major changes in the Union Budget of 2021 with respect to the insurance sector. These changes are expected to increase the penetration of insurance as new capital is infused in insurance companies. Also, privatization might make the general insurance company profitable in years to come. As the insurance sector grows on the heels of these changes, the economy might get the recovery boost that it needs after the pandemic. Let’s wait and watch how the insurance industry embraces these changes.

5 places you can visit on your bike apart from Ladakh!

The bike riders fond of travelling are never tired of going on yet another long bike trip. If you are one of them, then you’ll be surprised by the options you have in India for indulging in best bike trips. Since Ladakh is the most hyped destination for long bike trips, it is not the only place to go. We have created a list of five places you can go to the next time you plan long bike trips along with some essential documents which you should have in place before you head for your trip.

Places to visit on bike apart from Ladakh

1. West Arunachal Pradesh

Are humbling landscapes your go-to place when it comes to travelling? Then Western Arunachal Pradesh is one of the best places you can visit on your next road bike trip. There are high chances of encountering unpaved roads and landslides through your bike journey. However, nature’s mesmerising beauty covers all of it. The ideal route for this road bike trip is Bhalupkong – Dirang – Bomdila – Tawang. The best riding season is March to May and October to November. You can expect to witness waterfalls, snow-covered roads in winters, mountain streams, terraced paddy fields, and a high altitude route for that pump of adrenaline rush.

2. Kerala

To have an unforgettable bike riding trip, you must not miss visiting Kerala. Kerala is a land of unique lighthouses, mesmerising beaches, and pristine greenery. In your long bike trip to Kerala, you will be spoilt for choices. To have the best bike trip in Kerala, you can start from Cochin and ride towards Southern Ghats and experience a range of wildlife. The rubber plantations and paddy fields will keep you engaged and motivated throughout your trip. A route to Southern Western Ghats, Kodaikanal will await you. From the famous tree plantation trek of Munnar district, you can continue your journey to Ooty. You can ride to a height of 2,000 m all your way to Nilgiri Hills and proceed towards Cochin. Eventually, you can ride towards the backwater of Kerala and conclude your trip with mouth-watering delicacies of the state.

3. Shillong- East Khasi Hills

Northeast India is one of the favourite routes for long bike trips among many travellers. You can start from Guwahati, a road leading to the spectacular capital of Meghalaya-Shillong. Experience the wettest places on earth and finally ride towards the scenic terrains of East Khasi Hills. Mawlynnong, the cleanest village in India, awaits you to offer living root bridges and refreshing waterfalls. The local cuisines and delicacies will add on to your experience and make it better. The paved roads will be a relief for you on your bike riding trip and make your adventure worthwhile.

4. Delhi to Ranthambore

A bike trip from Delhi to Ranthambore is a sort after destination for bike riders. Based on your endurance and time, you can include many destinations on this road bike trip. Beginning your journey from Delhi, you can ride towards Agra, travelling to Dausa and then Jaipur, reaching your final destination, Ranthambore. The ideal months to have a road bike trip on this route are from November to March. From clustered houses to barely populated land and rowdy roads, to serene streets, this long bike trip can give you the best experience of both worlds. The ideal destinations to include in this trip are Jaipur, Bikaner, Jaisalmer, Jodhpur, and Udaipur to represent the best bike trips you can have.

5. Delhi to Nainital

If you want to explore the real forest and concrete jungles on your road trip, then Delhi to Nainital route offers it all. Start your road bike trip from Delhi and ride towards Corbett. As soon as you enter the Ramnagar area of Uttarakhand, you will witness a beautiful landscape. Experience a delightful scene with fruit orchards arrayed on both sides of the street. Sharp-edged roads on this trip can give you a tough time; however, the beauty of the journey will keep you satisfied. The ideal route for this long bike trip should be from Delhi to Ramnagar, to Corbett, to Mukteshwar, concluding in Nainital. The ideal months are from October to April.

Must-have items to pack

Before heading to your bike riding trip, you must keep in check that you have got the required documents in place. Motor Insurance must be your priority when planning a bike riding trip. To have a cushion to keep you safe and covered on your trip is essential. RenewBuy offers a range of Motor Insurance plans at competitive prices. You can renew your insurance policy with RenewBuy in a couple of minutes if it has expired without any hassle. You must be wondering why Motor Insurance is required? A Motor Insurance covers your expenses when you encounter unforeseen circumstances on your bike trip. It decreases your liabilities and doesn’t leave a hole in your pocket by paying for the loss or damage of your vehicle. Your medical costs get covered in case you meet with a road accident on your trip. Be a wise traveller and ensure that you have the following documents in place:

Registration certificate
PUC Certificate
Insurance policy
Driving license
Photo identity proofs
Any other required inter-state permits

You can have a fantastic experience on your bike riding trip when you plan ahead of time, research about the places you are going to visit and look for secure accommodations. To keep you safe and free from stress, you must get a Motor Insurance policy. Buying a policy online is not only time saving but also cost-effective. You can choose from a range of policies available at RenewBuy from the comfort of your home.

Know Simple Ways to Build Strong Immunity in this pandemic

In these times of uncertainty when the most talked about virus around (COVID 19, Coronavirus) is changing its properties every other week and making all other defences and treatment against it weak, all one can rely upon is their own immune system.

We often see how in a season of flu and viral fevers there are people who get infected really soon and on the other hand, there are people who remain free from any such infections and germs very easily. The difference here is of the immune system of the person.

A good and healthy immune system will not only keep you protected and safe in such times of pandemic but will also provide you protection from other stronger and weaker infection causing germs which we are mostly exposed to.

What is the Immune System?

What really is this immune system? The immune system is a combination of cells and tissues which fight against the bacteria and parasites who try to make your body their home temporarily or permanently. It creates a wall against the many germs that we come in contact with. On the whole, this immune system does a commendable job at saving us from all the unwanted things that we would not want our bodies to go through.

Ways to Boost the Immune System

The idea of boosting the immune system is something that really attracts and tempts everyone but it still remains a very fleeting idea for many. The immune system is not a single entity and hence requires balance and harmony to work smoothly.

There is no such single formula that one can follow for boosting the immune system but a mix and combination of a few things which will help reach the goal.

1. Exercising

Your body needs the right amount of activity and rest in order to fight against the unwanted ones out there in the world. Giving your body the required amount of exercise is one of the healthiest ways to go about boosting ones immunity.
Yoga is considered to be a master in helping us release toxins, inhaling the required fresh air and hence increasing the body’s potential to fight. Yoga will not only boost the immune system but would give an individual a healthier inner and outer being.

A few yoga asanas which can help build the immune system are:

Tadasana (tree pose)
Bakasana (crow pose)
Kapalbhati
Anulom vilom

A good walk thrice or four times a week can also give one a good regulatory system owing to stronger immunity.

2. Foods

‘You are what you eat’ – read it too many times to take it to heart? But this is an absolutely reliable fact. We definitely become what we consume. A diet rich foods that make your inner strong will help you fight against all that your body does not need.

Some commonly available immunity boosting foods that all of us can include in our meals and diets are:

Citrus food items

Food items rich in Vitamin C produce white blood cells which are the disease fighting cells in the body. Loaded with antioxidants, they also help the body to be damaged from any radicals. Some common citrus food items that you can find in your kitchen are – lemon, oranges, kiwi, grapefruit and many more.

Yogurt

Being a strong probiotic, it helps in stimulating the immune system. Some fresh yogurt during the day can give you many benefits and also give you a healthy digestive system.

Garlic

Garlic has anti-bacterial and anti-fungal properties and also helps in fighting infections. A common member of every kitchen, garlic can contribute a lot to a healthy immune system.

Turmeric

Turmeric is known for its healing and medicinal properties. Its anti-inflammatory properties make it a great ingredient to build strong immunity.

Ginger

Ginger acts as a strong medicine to treat sore throat, nausea, inflammation etc.

Reduce the intake of sugars

Reducing the intake of sugars prevents one’s chances of being obese or overweight. Overweight and obese body anyway falls under high risk zone of heart problems which slowly gives a segue into many other problems.

3. Sleep

Getting enough sleep is essential for a good immune system. Sleep and immunity are closely tied. Getting a minimum of 6 to 7 hours of sleep becomes a necessity for your body for the body to have reduced stress hormones. For people with an inadequate sleep cycle can have a higher mortality rate.

4. Low stress levels

Stress is one such parasite of our lives which does not only eat away the peace of one’s mind but also slowly makes the body vulnerable and exposed to many unwanted guests.

5. Vitamins and nutrients

Apart from Vitamin C, other Vitamins which help the body build up a stronger immunity system includes Vitamin D, Zinc

Make sure to know that having a healthy immune system does a lot of work for your body but at the same time it is an unpredictable world out there and one can never be completely sure. Diseases should not become a reason for your life to come to a standstill. Life should definitely keep going on. Having health insurance for this protected feeling is always the way to go about it. We are sure that picking the right scheme for your family can get really stressful. Allow team RenewBuy to reduce that stress and pave your way to the best health insurance scheme available for you and your family.

Making minute yet significant lifestyle changes can award us with the greatest of the elixirs called immunity. A good and healthy immune system can prevent many great calamities that your body has to face.

Making some dietary alterations, staying hydrated, exercising moderately, having sufficient sleep and reducing those stress levels is the way to go to build up a powerful immunity system. Start today!

Related Article: Best Health Insurance Plans in India

Winter car care tips - Winter car maintenance tips you should know

Out of all the season, maintaining a car in winters becomes a crucial task.

In the winter season, the temperature fluctuates and gets relatively low, which poses a threat to mechanical machines like cars. The winters in India are a mixture of rain, snow, and dense fog. As a car owner, you should check through a complete winter car care checklist to keep your vehicle in its best condition. Winter car maintenance is not difficult, but it is essential. Some minute changes and car insurance can keep you going on the right track. Here are some tips for cars in cold weather.

Winter car care tips

1. The battery is central:

Battery is an important part of the car which gets affected with a change in temperature. It is necessary to ensure that it is working well to keep your car running. In older cars, the batteries may not function in winters as the temperature drops. Get it checked in time and replace it if needed.

2. Keep a check on tyres:

In winter, it becomes common for cars to skid when it rains, which is dangerous. It becomes a necessity for you to equip your vehicle with more grip. You can replace your car's smooth tyres with the ones which have a heavy grip. If you drive in an area that experiences snowfall, you should consider having chains on the tyres to avoid accidents. In winters, the pressure in tyres can be low often. Get a periodic check on the tyres to keep yourself and the car safe. Keep a close check on your car's tyres' condition and take them for service as per the requirement. Minor accidents caused due to skids can easily be covered by car insurance. Right car insurance can keep you safe from unforeseen expenses in winters. An insurance policy covers loss or damage in your car. It also keeps your hospitalization charges covered. You can find a range of car insurance policies at RenewBuy. They're available online at a competitive price at the comfort of your home.

3. Check the headlights and taillights:

Winter season comes with dense fog in India, especially in hilly and plain regions. Your sight can be obstructed by the fog and can lead to accidents. In such a situation, you must get fog lights installed in your car as they help in improving the visibility. In your winter car maintenance list, the lights should be an essential part.

4. Fuel your car the right way:

If you use your vehicle occasionally, you should frequently keep a check on the fuel tank in your winter car maintenance. If the temperature is shallow, it is likely for the fuel to freeze, causing problems in the car. To keep your vehicle in good shape, maintain a tank full of fuel in winters to keep it away from freezing.

5. Fix the windshield wipers:

In many areas during winters, one can face heavy rains which makes it essential to have windshield wipers in place. The wipers have a rubber that can easily get spoiled in winters. To avoid accidents and risky situations, keep the windshield wipers in place.

6. Cover the side mirrors:

For a better and controlled driving experience, having side mirrors in the palace is essential. In winters, keep the mirrors covered to avoid the snow from obstructing them. You can use a ziplock bag to cover the side mirrors.

7. Check the coolant and motor oil:

In low temperature, the coolant can go out of order and create trouble. As another tip for winter car maintenance, check if the concentration level of antifreeze in your car is correct. You can follow your manufacturer's recommendation for the ratio of water to coolant. To prolong your vehicle's life, you must consider changing the oil and filter before the winter season arrives.

8. Keep a check on the door and locks:

When the temperature hits low and freezes, ensure to lubricate the door locks, window seals, and hinges. For the mechanical and rubber part, silicone lubrication works very well. You can find them in cans in most of the stores which deal in car parts and services. Spray the doors and windows to keep them from freezing less on a cold winter morning.

9. Keep your car insurance in place:

Accidents are unforeseen episodes we all want to avoid. Yet, they're uncertain. To keep yourself prepared for the odd time, you must have a car insurance policy in place. You can choose from various options available at RenewBuy. Get an affordable car insurance policy for your vehicle and save yourself from running into financial mishappenings when you meet an accident. At RenewBuy, you can buy a policy in a couple of minutes which is safe and authentic. Also, you can renew your car insurance policy in no time. A wise driver's key to a happy and stress-free driving is a car insurance policy.

10. Check the floor mats too:

It is not wise to stack the mats on top of one another or use a thick mat. You may end up jamming the accelerator pedal to the floor. This can undoubtedly lead to catastrophic episodes. Mats can sound like a menial part of the car, but you must check them as winter car maintenance from time to time. Dry them out and keep them clean. If the mats are moist, they can cause hard frost to appear on the inside of the windshield and door glasses.

With that, we wrap up the essential tips for cars in cold weather. Keep your vehicle safe and ensured with a car policy to have a hassle-free experience. Winters can be a tricky season to drive, but you'll be good to go with all these tips.

Five Places You Can Travel To For A Short Road Trip

Short road trips are exciting and thrilling. They bring the best opportunity to explore the unknown lands and a traveller within us. Road trips bring freedom for you to customise your itinerary in real-time and lets you go an extra mile to an unexplored part of a new place. Let’s feed your hunger to travel by the following five best sites for a road trip that you can visit along with some safety guidelines.

Best places for road trips in India

1. Neemrana, Rajasthan

Dive into an ancient historical town Neemrana in Alwar district of Rajasthan on your next road trip. Neemrana is situated on the Delhi-Jaipur highway and is 122 km from Delhi and just 150 km from Jaipur. Visit Neemrana Fort-Palace, one of India’s oldest heritage resorts and a winner of the ''Certificate of Excellence, 2013'' award. Enjoy the heritage of Rajasthan at this fort with a cultural music event organised in the evening within the fort. Add a dash of delicious Indian cuisines to your short trip to Neemrana Fort-Palace.

2. Corbett National Park, Uttarakhand

Are you in love with nature, flora, and fauna? If yes, you must plan a short road trip to Corbett National Park, Uttarakhand. It is situated at 235 km from the national capital and gives an experience full of adventure and tranquillity. What makes Jim Corbett National Park a must-visit place? It is the fact that Jim Corbett is the oldest national park in India which was built to protect endangered Bengal tigers. So, you can spot a tiger on your next short road trip. Isn’t that amazing!

3. Taj Mahal, Agra

Agra needs no introduction. Agra undoubtedly is one of the sort-after places for a short road trip. It is home to one of the Seven Wonders of the world, Taj Mahal. Next time when you think of the best place for a road trip, do drive through one of the best roads, the 165 km long - 6 lane, Yamuna Expressway from Greater Noida to Agra.

4. Haridwar, Rishikesh, Uttarakhand

Haridwar, Rishikesh, Uttrakhand, situated at 470 km from Delhi is a rich heritage and pilgrimage site that calls you to have a short road trip. A road trip to Haridwar promises more than just a regular road trip. You can indulge here in various sports activities- white water rafting in the River Ganges, India's only bungee jumping, ziplining, rock climbing and camping. So this short road trip is apt to give you the adrenaline rush along with an experience of a pilgrimage.

5. Mussoorie, Uttarakhand

Our list of the best places for short road trips will be incomplete without touching the mountains. The Queen of Hills, Mussoorie, is situated at 322 km from Delhi via NH44. This picturesque hill station is 2005 mt high above sea level. Gaze at the green Doon Valley and white-capped Himalayan peaks. Mussoorie is a go-to place for travellers for a short road trip. A trip to the hills is best enjoyed when it is a road trip. The cold temperature of hills will give you much-needed relief from the scorching heat of the city.

Things to keep in check while on the road

Road trips bring with them uncertainty and unforeseen circumstances. Even before you plan a short road trip, you must check for all the tools and equipment needed to ensure your safety on the road. The most intelligent move before going on a road trip which you can make is getting your motor insurance done. Owing to the uncertainties of a road trip, motor insurance will give you the much-needed reliability in case you encounter a difficult situation. You can pick from the range of various motor insurance plans from RenewBuy. These plans are designed to make your road trips safer and better. In case of loss or damage of your vehicle, the motor insurance will take care of the expenses. The insurance will take care of your medical bills in case of an emergency. At RenewBuy, we understand your needs when it comes to insurance policies. You can renew your vehicle insurance policy with us. Get a range of plans to choose from which fits your requirements at the best price. Enjoy an effortless process that is easily accessible and saves your time and money when you buy insurance policy online with RenewBuy.

Lastly, here are some crucial tips for a safe road trip:

Don’t drink and drive
Adhere to the speed limit
Don’t use your mobile device while driving
Keep your vehicle roadworthy
Do a thorough pre-trip inspection of your vehicle
Always wear a seat belt in car or helmet on bike/scooter
Take short breaks in between to avoid fatigue
Plan your trip properly

Now when you know all the best places for road trips, do not forget to ensure your safety and security before you head out. All the road trips mentioned promises a thrilling adventure. Give yourself the much-needed get-away but also keep your motor insurance in place. At RenewBuy, get all the insurance policies with best plans at one place.

COVID-19 and Insurance: What do you need to know?

Since the past few months, a new member has been added to our families. In some houses in the form of conversations, in the form of panic in some and in others it is presented in its most powerful form as the virus. COVID – 19 is a novel virus which first left its impression in December 2019 in Wuhan, China. It is a severe acute respiratory syndrome effecting people of all ages but majorly people of age above 55 and the ones with a past medical history of any respiratory disorder, Diabetes, etc. In a matter of a few months it is now present in low or high numbers in almost all countries of this world. With infecting almost 29.3K* population and the death toll reaching up to 820K* (*September 2020) of the world and increasing, it is one of the largest pandemics that has hit the humanity. We all took a few months to properly understand the intensity of this situation and to responsibly act upon it.

This pandemic has proven to be more challenging because of lack of medical aids and resources in some parts of the country. Due to this low supply of the medical aids and facilities and still new ways and methods of the treatment, the prices of these facilities also touched the sky. On the other hand, due to a nationwide lockdown, with the national economy at stake many people are facing pay cuts and many are even losing their jobs. So how can one manage the sky high expenses of COVID treatment if one happens to contract the infection?

Here is when a health insurance comes to our rescue. But the next big question is Do health insurance companies cover COVID 19 treatment?

The good news is yes. Let us have a look at the new statements and policies released by IRDAI in relevance to this.

Insurance Regulatory and Development Authority of India (IRDAI) announced guidelines on CoVID-19 standard benefit-based health policy and individual Covid-19 standard health policy. Guidelines were issued for Corona Rakshak policy which is a standard benefit-based policy and Corona Kavach Policy, a standard health policy.

IRDAI has asked insurers to design products covering the treatment cost of coronavirus. It said “In order to provide need based health insurance coverage, insurers are introducing products for various specific diseases including vector borne diseases. For the purpose of meeting health insurance requirements of various sections, insurers are advised to design products covering the costs of treatment for Corona Virus.”

List of Features of COVID 19 cover by IRDAI

The minimum sum insured of the policy would be Rs. 50,000

The maximum sum insured of the policy would be Rs. 2,50,000.
The policy will be divided into three tenured – three and half months, six and half months and nine and half months.
The minimum entry age to avail the policy is 18 years and the maximum entry will be 65 years or more. A proposer with higher age can obtain policy for adult members of the family, without covering self.
The hospitalisation cost will include room, nursing, boarding expenses which is up to two per cent of the sum insured, capped at Rs 5,000 per day. It also covers consultants, surgeon, specialist fees, anaesthetist, medical practitioner, paid to the treating doctor, surgeon, or hospital directly. Operation theatre charges, surgical appliances, anaesthesia, blood, oxygen, medicines and drugs, costs towards diagnostics, and diagnostic imaging modalities are also covered.
The policy will cover ICU expenses up to five per cent of the sum insured. A sum of Rs. 2000 is fixed for the expenses incurred on road ambulance per hospitalisation. All day care treatment will also be covered by the policy.
Pre-hospitalisation medical expenses incurred will be admissible for 30 days. This will also include the cost of diagnosis. Medical expenses after hospitalisation following a claim, incurred for 60 days from the date of discharge will be included.
The premium for COVID-19 can be paid either monthly, quarterly, half-yearly or annually.

How Can RenewBuy Help You?

At this hour of need, many insurers are out there to sell their products in the best way possible. Allow us to help choose the right one for you which-

Doesn’t burn a hole in your pocket
Is an honest dealer
Provides maximum benefits

RenewBuy can help you compare various health insurances and guide through the process of choosing the right one for your need.

At severe times, all one needs to do is to make the right choices for the safety of you and your loved ones.

Related Article: Best Health Insurance Plans in India

The Novel Coronavirus: who are the most vulnerable?

The Novel Coronavirus: Who are the most vulnerable?

From an outbreak to an epidemic and ultimately becoming a pandemic, the novel Coronavirus is taking the world by storm! It is a large family of viruses that causes illness, that varies from the common cold to more horrific diseases like pneumonia, Severe Acute Respiratory Syndrome and others. This virus is the latest cause of panic throughout the world and was not identified until late 2019. Starting from China, the novel Coronavirus or Covid-19 has spread to over 100 countries and subjugated India as well. The Coronavirus in India is spreading sharply. China and Europe are the epicentres of this up surging, and unprecedented infection and manifold precautions are taken to stop the spread of this deadly virus, all around the globe.

The Coronavirus symptoms you should be looking out for

The primary signs of this infection are very similar to the flu like fever, cough, running nose. In more critical cases, the contamination leads to pneumonia, severe acute respiratory syndrome, also kidney failure and might even cause the death of the infected person. The main difference between the common flu and Coronavirus is the respiratory symptoms like shortness of breath and breathing difficulties.

Standard Recommendations for Prevention of the Coronavirus

For prevention against Coronavirus and to stop the spread of Covid-19 every person should cover their nose and mouth while sneezing or coughing
They should wash their hands regularly
Eat properly cooked eggs and meat
Stay at least one meter away from the person showing any signs of illness
Cover their mouth with a mask while taking care of the infected person
They should not touch their face too frequently
Must drink water after small intervals
They must avoid touching handles in public places, as much as they can
Avoid food or drinks that lowers immunity
Avoid going in public places
Try and stay in uncluttered places, without the rush and avert berths with crowds of people or international gathering and avoid unnecessary travel

Is There Any Medicine to Cure the Coronavirus?

Since it is a viral infection and not bacterial, it can’t be cured with any drugstore medicines; it can only be averted by having highly sanitized surroundings and strong immunity. There is no such thing as coronavirus medicine, there is no vaccine to cure you against the coronavirus (Covid-19) completely. However, there are several ongoing clinical trials that include both western and traditional medicines*.

Who is at high risk of pandemic illness with Coronavirus?

People with low immunity, especially infants and the older strata (50 and above) of the population, are more susceptible to the Coronavirus. Also, people with critical chronic medical conditions like any heart disease, diabetes, or lung disease are more prone to become the victim of Covid-19 and lose their life.

Coronavirus Update

With low numbers and then boosted by the COVID-19 infection wave, India observed a high curve from April to June and predictively been hit by another wave now. India has over 3.85 million active Coronavirus cases, with more than 67000 deaths and 2.97 million recoveries. According to the Govt. of India reports, the recovery rate has paced up to 3.5 times of active cases. The International statistics, 26,209,307 cases, are active, the USA on top with 6,291,032 cases, followed by Brazil and India at the third position on 03rd Sep 2020. To get the situation under control, the authorities in the nation have also started to conduct antibodies test in large numbers to calculate the virus's exposure in the population and if the masses have moved towards creating a herd immunity to fight the spread of the infection.

Russia has been the first country to register the first Coronavirus vaccine after conducting mandatory human trials. The first Coronavirus vaccine was given to a selected group at Russia, including President Putin's daughter.

Many countries have continued to keep their international borders sealed to contain the spread and improve the recovery. In contrast, some countries have started limited flights with utmost on-flight and airport precautionary measures. To float the country's badly-hit economic situation, India has begun to unlock the states for businesses and offices to work and function while taking the necessary precautions, such as mandatory masks, sanitizing the working areas, maintain social distances and no handshakes policy.

Covid-19 has continued to have a colossal impact, globally with people working from home, school and colleges shutting down and shifting to virtual online classes and online examinations and limited to no social festivities and celebrations. The arenas with international gatherings continue to be closed, limited travel with thermal detectors installed in the airports to detect the virus and prevent its carrier from spreading it further ahead. Every country is taking harsh measures, including India, to prevent any more damage and wait for the vaccines to be tested, approved, and then distributed so that the pandemic comes to an end and life can get to the old normal "new normal" situation.

*WHO will continue to provide updated information on its website as soon as clinical findings are available.

The article is just for information only and should not be construed as medical advice. For more details please visit below website or consult your doctor. In no case, the company or any of its employee or representative will be held responsible.

Sourced from: https://www.who.int/

Will Warmer Temperature Help Fight the Coronavirus?

With more than 1,00,000 cases worldwide and over thousands of deaths reported in March 2020, the whole world is enveloped in dread and confusion. There are a lot of questions around the coronavirus like- its symptoms, precautions, medicines, and many others.

Many have put the symptoms of corona on the same lines as the winter influenza, which again is a massive underestimation of this pandemic and its capabilities to cause harm and even fatality to humans. But the comparison and also some similarities with the common flu shed some light on a valid question, is the coronavirus weather dependent? Or, more importantly, will warm temperatures help in fighting the novel coronavirus? Will the arrival of warmer spring help in the containment of the disease and its transmission?

With all the data and studies until now, it is hard to say anything for certain. But it is expected on a general basis and the behaviour of viruses in context to temperature, that the arrival of the warm weather in the northern hemisphere may bring a level of a stall to the spread of coronavirus and the covid-19 disease. This is, though, no conclusion in itself and is more of an expectation based on the fact that viruses, especially the flu, spreads more vehemently in cold and dry weather.

The SARS epidemic of 2002-2003 also broke out in the winters and ended by July. But, the thing to note is that the number of cases peaked in the warmer month of May, and that gives out a solid perspective on the possibility that the containment was little due to the weather and mostly because of the healthcare intervention. Like the Coronavirus (covid-19), SARS (severe acute respiratory syndrome) was also caused by a type of coronavirus, and taking cues from the past outbreak does give us the idea that we should not expect the arrival of spring as the end of the novel coronavirus.

In the Indian context, the outbreak doesn’t seem to be as massive as China or Europe. A few experts are taking the current scenario in the narrative of whether the Novel Coronavirus is less transmissible in warmer conditions. Again, it turns out that it is too early to make any sort of solid assumption, and the number of cases in India is still far from its peak. One thing to be noted is that even if the virus is sensitive to heat and warmth, it will only affect its transmissibility through the surface, as in the half-life of the virus decreases several folds in conditions above room temperature. This virus can live up to 2-3 days on surfaces like plastic and steel, and an increase in temperature is likely to break the virus’s protein structure. But, when it comes to human transmission of the covid-19, which takes place through the exchange of droplets from coughing and sneezing, the change in weather and temperature will be of less to no significance.

Conclusion:

Irrespective of how the Novel Coronavirus behaves in warm conditions, the best precaution and chance of containment is through personal hygiene and more aggressive healthcare intervention. Washing hands often, using sanitizers or rubbing alcohol in palms, avoiding going in public places, and taking care of your coughing etiquette is the best way to ensure health and safety of yours and others around.

*Sourced from: www.mohfw.gov.in

What are some Myths about the Coronavirus (Covid-19)?

Coronavirus Disease or COVID-19, a hazardous virus that causes illness which spread through respiratory droplets. The symptoms start with a simple common flu, cough & cold leading to respiratory disorder causing serious illness. Having originated from the Wuhan City of China, it has confirmed cases of more than 1,00,000 people over 120 countries across 6 continents and is continuously spreading at very fast pace.

China lost over 3100 lives which have exceeded the toll of death from the erstwhile epidemic of SARS in the year 2002-2003. The WHO, i.e. the World Health Organisation has declared it a pandemic or a global health emergency. While there are several protective measures against coronavirus which are getting discussed and highlighted every moment, there are a couple of myths about COVID-19 which we need to be clear about. Let us see below:

Myth # 1: Taking a hot bath does not prevent the coronavirus disease

Truth: Taking a hot bath will certainly not stop you from getting infected from this disease. Your usual body temperature stays at 36.5°C to 37°C, irrespective of the temperature of the bath or a shower. The greatest way to have protection is by regularly cleaning your hands thereby eliminating the risk of viruses that may be on your hands and evade infection that may happen by touching your mouth, eyes, and nose.

Myth #2: Spraying chlorine or alcohol over the whole body kill the coronavirus?

Truth: Spraying chlorine or alcohol on the whole body would not kill viruses that have previously entered your body. Spraying such elements may be harmful. Remember, that both alcohol and chlorine, is useful to sanitize surfaces, but to be used under suitable approvals.

Myth #3: Vaccinations for pneumonia defend you against COVID-19

Truth: No. Vaccinations against pneumonia, do not give protection against coronavirus. The virus is new and very different from that it requires its own vaccine. Scientists are trying their best to invent a vaccine for the same. Also, it is recommended that one should not try something on your own and should consult doctor.

Myth #4: Can regularly rinsing your nose with saline help prevent coronavirus infection?

Truth: Not true. There is no proof that repeatedly rinsing your nose with saline will help in preventing this disease.

Myth #5: Coronavirus affects elder persons only

Truth: People of every age may be infected by a coronavirus as the infection is most likely to happen to someone with weaker immunity. Elder people, and persons with pre-existing medical diseases like diabetes, asthma, or heart disease, are more susceptible to become badly affected by the virus. WHO recommends individuals of all ages to take protection against coronavirus.

Myth #6: Are antibiotics are effective in stopping and treating coronavirus?

Truth: Taking antibiotics on own doesn’t suffice the purpose. It is strongly recommended that if you or somebody around you is showing symptoms of corona, must consult doctor at the earliest. One should not do anything on his/her own and maintain hygiene.

Myth #7: Can eating garlic help prevent infection with new coronavirus?

Truth: Garlic is healthy food that has a medicinal and antimicrobial property. Amid the current coronavirus outbreak, there is no proven evidence that garlic consumption has cured corona affected patient.

Myth #8: Face masks protect all against coronavirus

Truth: Healthcare workers usually use specialized face masks, to protect themselves from the infection. However, throwaway face masks are doubtful to provide such kind of protection. As these face masks do not fit clearly against the face and the virus droplets may still enter your mouth and nose. Similarly, small viral elements may enter directly through the face mask material. But, if somebody has cough or cold, wearing a face mask may help thereby protecting other people from getting infected. Additionally, wearing face masks may give an untrue sense of assurance and may lead to the other infection control habits getting overlooked, like hand hygiene.

A vital coronavirus update was given by WHO endorses that individuals who are taking care of anyone with suspected coronavirus, should wear a mask without fail. In such cases, wearing a mask only makes sense, if the person frequently washes their hands with an alcohol-based hand sanitizer or with soap and water. Also, a very important point here is while using a mask is that disposing the mask properly is as vital as using it.

Content Referred from: World Health Organization

Takeaways of PM Narendra Modi Speech on Corona Outbreak

To curb the fearful atmosphere due to Coronavirus pandemic, all the eyes were on PM Narendra Modi’s speech addressing the nation on 19th March 2020. The live telecast of speech which lasted for 30 minutes was a call for citizens participation in hearing out the actionable. He emphasized the urgency of the outbreak and shared the practices that need to be done to cure such a global situation. The whole world is going through a serious phase of crisis this time where health deterioration is leading to death. Whenever there is a situation of natural crisis, it is limited to a few countries or states. But this deadly calamity has put the entire world in a fearful situation.

Honourable Prime Minister Modi has been regularly talking to news channels and urging all the citizens not to panic in such outbreaking situation. But, safeguarding themselves by keeping in isolation.

Amid awareness and how to suppress the panic situation of a global outbreak, let us take you through the highlights of PM Modi’s speech, addressed to the nation on 19th March 2020-

Crisis Period-

PM Modi has compared the pandemic similar to the situation like World War I and II. He further shared that the situation is out of control because no vaccine or medicine has been developed yet. Looking at the prevailing outbreaking conditions in the world, many countries are adversely affected by such outbreak and India is monitoring the spread of the virus in these countries.

Call to action-

As the live speech was an address to the nation, PM Modi urged for an urgency to react and not just sit back and think that the situation is under control. He reminded about the consequences of the outbreak is affecting developing countries even.

Janta Curfew-

By practicing isolation and much avoided social gatherings, PM Modi has called for a ‘Janta Curfew’ on 22nd March 2020. Which means nobody should come out of their homes from 7 am till 9 pm on that day. Entire nation to remain indoors. However, people who are involved in critical services, such as medical professionals should come out and stay active to serve needy.

Inform People-

Hon. PM Modi requested citizens to call at least 10 people on a daily basis and inform them about following “JantaCurfew” religiously which will be a considerable preventive measure in preventing coronavirus.

Avoid going to hospitals for regular checkups-

PM has advised citizens to avoid visiting hospitals for regular checkups and cooperate medical officers at this point of time. If possible, consultation should be done over the phone.

Avoid unnecessary travelling-

The number of cases detected in India seems to be those who have come back from other countries. The international airports seem to be most contagious in such situation. Modiji has urged people to take precautionary to avoid unnecessary travelling until the situation is under control.

Covid-19 Economic Recovery Task Force is formed-

The government has set up an economic response task force to watch the implementation of economic resolutions in the nation. PM has reassured in his speech that there will be no scarcity of essentials like- food, milk, and medicines in the country and will be circulated in ample amount.

Be considerate and allow employees to work from home-

PM Modi has urged an economic uniformity towards salaried employees and domestic help. He has asked the employers not to deduct salaries for this duration. And let employees work from home so as to keep their families safe without affecting their monthly budget.

Avoid unnecessary buying and storage of ration-

Amid this pandemic situation, Modiji has requested citizens not to panic and end up doing unnecessary shopping of essentials for storage at home. But keep calm for handling the situation wisely.

Show Gratitude -

We are dependent on many people in our day-to-day survival and commutation. Prime minister appreciated the workforce of different sectors who are dedicatedly working day and night in hospitals, airports and railway stations and making people’s lives easy. To give gratitude for their dedication and work, Hon. Prime minister has requested the state and local authorities to blow a siren at 5 pm on 22nd March, which will be an indication for all the citizens to assemble in front of their front doors, windows, balconies and clap. It will be a sign of encouragement to the professionals who work with full dedication to serve the citizens.

Prime Minister Modi has been regularly taking on social media about the pandemic situation, urging people not to panic but handle the situation wisely. Let us come forward and altogether chalk out the mechanism to fight this deadly infection, together with by supporting #JantaCurfew.

Sourced:

Doordarshan National India Today Times of India

Best Ways To Earn Money Online

How To Earn An Extra Income Apart From My Job?

Dominating your income all times is somehow a frustrating task. Everyone has a dream to spend more on luxurious needs, to explore the world, to buy an expensive gift, having a big house and more. Can all be possible? Yup! All of your dreams can get possible if you increase your current income. But, how?

Well! Beyond than 70% of employees taking the assist of part-time job to fulfill their dreams, which are not possible with the income of your regular job. Don’t worry! You can always optout for the options of earning an extra income without interrupting your current one.

Why one need an extra source of Income?

To stand confidently in this inflationary period, earning extra money will help you to cater to your necessity and luxurious needs. Even, if you are earning a good amount, again, you can grab this option as you can save a lot of money to cater to future needs. It is a good option for homemakers who spend all their time at home only. Concisely, earning extra will never be a bad deal if the part-time job doesn’t disturb your current profession.

Even though there are several ways to earn extra money; you need to be conscious while choosing one for you. Let’s shed light on the top five options to make extra money:

Data Entry

You can opt for a data entry job in your part-time. It is a worthwhile task as you only need to have an excellent typing speed along with a little knowledge of the internet.

Online Blogging

If you are creative and have a good command on language, you can become a blogger where you can work under different companies to promote their goods and services.

Insurance Agent

If you find yourself competent to influence and guided others with your words, becoming an insurance agent will be highly valuable option for you. You need to know about the policy rules and regulation and find the interested clients to offer, and that’s it. Nowadays when things are getting digitalized, becoming insurance advisor is so easy and helps to work online.

Online Seller

Selling online is a trend now. To sell part-time, you need to post the products in the selling platforms as every sale will give you a commission as per rate decided. To decide which products to be sold is a tough job and needs a lot of efforts to choose the category.

Freelance Photographer

If you are a lover of photography, you can earn extra income by capturing photographs in your extra time. For this, you can consult with some agencies offering part-time photography opportunities.

Which profession to opt and why?

If you got puzzled after knowing the above part-time jobs, the best is an insurance agent as there is no hard and fast rule required to opt for an insurance agent as your career or part-time earning. But the perks enjoyed by the insurance advisor are massively high. By becoming POS certified agent of a Broking Insurance Entity, one can sell multiple insurances available with multiple companies under one single code.

It is rewarding and your earnings depend on the number of policies you make in a month. Generally, you work on a commission on every policy issued. It helps you to utilize your spare time in a fruitful manner and help you to earn monetary benefits. Traditional way of selling insurance is a cliché’ and time consuming. By becoming a Digital Insurance Agent, one can save a lot of time. As the entire process is online it doesn’t involve paper cost and helps in saving travelling cost as well.

Why Insurance?

Insurance is a process, there are different plans offered by insurance companies such as life insurance, term insurance, home insurance, health insurance, third party insurance and more. The core intention behind getting the insurance is to mitigate your risk to the insurance company and get all the lost money back. Insurance agents play an imperative role to get the process of insurance done most securely. How about enrolling for a profession which helps in spreading awareness into masses by educating them the benefits of insurance in their lives?

Why Mumbai Is The Most Car Congested City In India

Why Mumbai Has Become Most Car Congested City in India?

Despite the land area size being only 603.4 square km, Mumbai has topped all the other cities to become the most car-congested city in India as per a report by Times Of India. The financial capital has seen a rise in car density by 18% in only two years. This means that there is a total of 510 cars per kilometer. This figure is five times that of Delhi. Delhi has only 108 cars per km. These numbers automatically have lead to more traffic and more unauthorized parking.

Why Is The Car Density Of Mumbai So High?

The biggest reason why this problem has risen is the lack of road space. Mumbai has only 2000 kilometers of road space while Delhi has 28,999 kilometers of road space. From 2016 the number of cars per km, in Mumbai, has changed from 430 to 510, as per data received from Mumbai Transport Authority. This is due to the increase in number of registered private cars. Currently the number of registered private cars in Mumbai is 10.2 lakh. *Courtesy - TOI

Transport officials are alarmed by this growth rate. Besides the fact that the public transport growth is hampered, parking issues also witness a sharp growth. The lack of proper city planning in Mumbai is also a reason for massive traffic jams in the city. Some cities have detailed development plans, citing where to build the houses, roads etc. and consequently have lesser traffic issues.

How Has The Car Congestion Problem Risen?

RTO Mumbai says that the western suburbs have the most number of car registrations, over 5 lakh. While in the island city there are 3.3 lakh registered cars and an additional 1.7 lakh private cars in the eastern suburbs.

Besides this, officials also say that the number of high-end cars have also witnessed a rise in areas like Powai in the eastern suburbs. Next on the list for high-end car registration is Chembur.

Records also show that with rise in residential and commercial buildings, the car congestion has risen quiet a lot in Andheri and Goregaon areas. In areas like Kandivli, Bandra and Borivli people are now upgrading their cars for bigger cars, which in turn tend to occupy more road space. While the Colaba- Cuffe Parade also has quiet a high number of car population of residents as well as commercial vehicles.

A car dealer has quipped up on this topic saying that another reason for this problem is due to the ease of buying cars today. People from the age range of 18 to 35 can easily buy cars now on EMIs and with a down payment. This of course is a direct result of rise in standard of living of people. Hence ending up with almost 49% of road space occupied with such private own vehicles.

How To Tackle This Problem?

People in authority had suggested earlier to encourage people to use more and more public transport. This was seen as a way to control the car population in Mumbai. But since the problem of car congestion has risen so steeply in so short of a time, transport commissioners are now changing their suggestions.

A. V. Shenoy of Mumbai Transport Forum has indicated towards a need for a parking authority in the city. One, which can formulate new parking policies and keep check of unauthorized parking issues. He has also suggested imposing a congestion tax in areas of heavy traffic like the business hubs.

Experts say that the Maharashtra government is now focusing on setting up of metro rail corridors to ease up the traffic problem in Mumbai and also encouraging people to use more and more public transport. A panel, headed by additional commissioner of police for traffic, S Veeresh Prabhu and many other senior officers from transport authorities, has asked people’s suggestions in writing to help tackle the traffic situation. Also suggestions can be emailed to the traffic chief at addlcp.traffic@mahapolice.gov.in. This panel has also been tasked with setting up of a Mumbai Parking Authority.

Vehicle Warranty vs Regular Insurance. Which is better?

It is always wise to understand what coverage and protection we have for vehicle early than to be unfortunately surprised with anything later. Vehicle Warranty and regular car insurance are similar in the way of offering financial aid when faced in an unfortunate situation like repairs or accidents. But both are different from each other. Auto Insurance is something, which is mandatory, but that is not the case with vehicle warranty. One may or may not take a Vehicle warranty Regular Insurance not only helps financially for the vehicle but also gives financial support to the persons involved in the accident.

On the other hand, vehicle warranties help you to claim in case of repairs which are not caused due to external forces. It might be due to any false wiring or any manufacturing defects. These are usually valid for a specific period from the purchase and a specific number of miles coverage.

Vehicle Warranty vs Regular Insurance. Which is better?

Warranty is similar to a product and is usually given alongside the vehicle. When a customer faces a problem like some repair in the vehicle or some manufacturing defect, the vehicle warranty comes to use. It helps to fix the issue without any cost. Some vehicle warranties may be specific for a certain period or certain miles and might even cover only certain parts of the vehicle. So, make sure that you go through your warranty completely before purchasing it.

Car Warranty is of 2 different types:

New Warranty
Extended Warranty

New Warranty

It is usually purchased during the purchase of a new vehicle. Most common forms of this warranty come inclusive in the package along with the car and might have an approximate duration up to 10 years, with coverage of 100,000 miles. This warranty also has two segments in them:

Bumper to Bumper: It mostly covers electronics in the vehicle like the audio system etc.

Power Train: This covers any issues related to the engine or any transmissions.

Extended Warranty

Extended warranty is something that you could buy to extend the warranty of your owned vehicle, which might be your new vehicle or a used car. Your vehicle manufacturer generally gives warranties. In case if a repair, you are required to pay the deductible after which the warranty begins to pay out the rest.

But one has to keep in mind that your warranty does not do any coverage in case of wear and tear issues to the vehicle like that of brake pads, tires etc.

Regular Car Insurance

Regular car insurance helps you claim financial support in case of collision, any kind of accident, fore or even theft. These insurances not only help to fix the car but also provide other support like claims for the person affected in the accident etc.

Below listed are few coverages that are usually available over car insurance:

Liability coverage: It helps you to pay your hospital bills or the property damage caused by you in the accident.

Collision coverage: It helps you to pay for the repairs in your car caused due to a vehicle collision. The money would be claimed from whoever was at fault.

Comprehensive coverage: It helps you to pay for damages caused to your vehicle by external factors like fire, theft falling objects like trees, hitting animals like deer on high ways.

Uninsured or underinsured motorist coverage: It helps you to pay for damage caused by cars which are either not insured at all or comparatively less insured.

Medical payments coverage: It helps you to pay for medical bills not only for you but also to the co-passengers who were travelling with you during the accident. Need to take passenger cover

ADDITIONAL PROTECTION: ROADSIDE ASSISTANCE

As part of your insurance, you also have the option to opt for roadside assistance, which gives you added protection. This feature helps you during times of a car break down, or when your e-car is battery dead, or even a tire puncture. This facility of the insurance helps you tow your vehicle from anywhere to fix your vehicle when needy.

Coming to the conclusion, warranty vs Insurance- Which is better? It is ideal to have both to be on a safer side always.

Protecting Your Vehicle from Monetary Depreciation

Buying a car is an important investment in part of one’s life. Everyone desires to buy a new car, so it is also important to protect the new car from any threat. So, for this motor care insurance policy is very important. Besides this car service is also very important to safeguard your car.

Some steps that need to be done to Protect your Car from Monetary Depreciation

Car Maintenance

This is one of the most important steps in protecting your car and reducing its repair cost. The properly maintained car has high resale value and also helps in reducing damage costs. So basic car maintenance is necessary.

Car Insurance Policy

It is important to protect your car with the insurance policy. But the policy needs to be comprehensive. Choosing the right insurance policy is very important so that it may cover all your repair costs.

Return to Invoice add-on

This is the popular add-on in the insurance coverage policy, and it covers the gap between the actual value and the insured value of the car. So, in this case, you get the entire loss amount. This is important for protecting your car from monetary depreciation.

Extended Warranties

When one visits the showroom then the salesperson ensures you of extended warranties. So, one should know what the benefits are and to what extent the extended warranty is there. It will help to protect your financial interests.

Forms of Insurance

Insurance is of two forms one is closed loop and then is open loop form of insurance.

Closed Loop Insurance

In this, the car insurance provider has a tie-up with the car manufacturers. So, in this case, the car buyer gets immediate insurance when buying a new car.

Open Loop Insurance

In this, the car owner has to buy the insurance policy from the insurance company. In this lots of formalities need to be done like submitting the documents.

Maintenance of Servicing Schedule

It is good to regularly check your vehicle and undergo a series of tests to reduce any chance of damage. The requisite servicing needs to be done. It helps to resolve any risks at an earlier stage. So, car maintenance schedule is important.

Keeping a Car in Good Health

For this keeping, your car clean is very important. The better your car would be the highest will be its resale value. For this one needs to apply paint and keep its exterior and interior clean which lead to a car with the highest resale value.

Driving Properly

This is one important step that needs to keep in mind so as to protect your car against any damage. Any kind of collision damage can reduce its resale value and increase the cost of repairs. So, if any damage is there then going to a good repair shop and keep all the service receipts with you so that one can make use of it during car sale. This is necessary for protecting your car from monetary depreciation.

Properly Selecting a Website

Before buying a new car, one must properly select used car price evaluation site so that one can properly buy a car with high resale value. If you research well then you can get up to 70 percent of the resale value when selling the car. Choosing the right brand is very important in this.

Parking Car at a Suitable Place

If you have a garage, then it is good to park the car there. It helps in protecting it from any damage or threat and also from dust. Cover it properly to remain it clean, which helps to maximize the resale value of your car.

Keep the Paperwork

To get the good resale value this important step needs to be done. So you need to keep all your old receipts and invoices properly. It helps in reassuring people when you are selling your car, so this is important.

So, one can see that these steps are so necessary in order to protect your car from monetary depreciation. Following these tips is important and helps to reduce risk and damage cost. Though it is not much easy to maintain your car, yet one must know the benefit of it. It can get you a high resale value and also safeguard your car.

Top Five Tips That Will Help Car Drivers Prepare Their Cars for Summer

Top Five Tips That Will Help Car Drivers Prepare Their Cars for summer

India, being a tropical nation has an extended and consistent summer and it’s imperative to know how to prepare your car for summer. Unlike the pleasant North American and European summers, Indian summers are more or less an Indian summer is relentlessly hot and you can imagine how hot a car gets in the summer. If you live in any of the metropolitan or tier one cities in India, you will have to spend a significant amount of time in your car and require summer car care tips. Here are top five tips that will help car drivers prepare their cars for summer and hence will help in keeping car cool in summer.

Summer Car Care Tips for Hot Interior

This is the most important amongst the top five tips that will help car drivers prepare their cars for summer. First and foremost, in your endeavour to keeping car cool in summer, you need to protect your car from the scorching heat. To minimise the effects of the dry heat, one common summer car care tips is to stick one window shade on every window. Please remember the traffic rules regarding the usage of sun shade. Under any circumstance, you should not use them on the front windows. The sun shade on the driver seat will block your view. However, when the car is parked in the garage, it is advisable to stick the sun shades on the windows. The convenient summer car care tips are to look around at traffic signals and you will get the option to either buy stick on shades or foldable ones. You can also follow the summer car care tips and cool down your car more quickly by driving with the windows rolled down. The air will force out the hot air and allow the cool air to circulate and help keeping car cool in summer. However, as a summer car safety tips, this will not be a good idea if you are driving in a high polluted zone. You may also observe that in a few minutes, the air inside the car should reach the same temperature as the air outside. Additionally, the nature of summers in the northern part of India is dry with sporadic disturbance of fast winds and dust storms. Please note as a summer car safety tips, that this negatively impacts air filters and the way your car engine breathes. The air filter becomes ineffective to keep the dust and dirt out of the car engine. If the air passage to your car gets choked, it would result in your car consuming more petrol or diesel and a drop in the fuel mileage. Therefore, as an important summer car care tips is a reminder for regular maintenance or replacement of the car air filter. In India, for most brands, the air filter is not a very expensive part.

Summer Car Care Tips for Roasting Steering Wheel

Ideally, you should always park your car in a garage or and a sun shade for keeping car cool in summer. This will reduce the chance of the steering wheel getting overheated. Also follow the summer car safety tips and try not to touch the steering wheel with bare hands the moment you step into your car. You can also prevent your hands from burning with a small but effective trick. Remember the summer car care tips and turn the steering wheel upside down or 180 degrees before getting out of the car. In this way, the side of steering wheel you will have to touch first will be static in the shade and relatively cooler while you’re out.

Summer Car Care Tips for Stinking Seats

The sweltering and humid heat is much unpleasant for you and it is needless to mention how hot does a car gets in the summer. Sticking a dryer sheet onto the air conditioning is the solution as to get rid of the smell. When you switch on the air conditioning for keeping car cool in summer, you will get a refreshing smell. The leather seat covers might look superior, but they can get uncomfortable and smelly during summers. In India, remember the summer car care tips and consider placing a cloth or towel over the seats in order to curb excessive stinking. The towel or dry cloth will help keeping car cool in summer and also save you from extreme discomfort when you get into the car and land up in a really hot seat.

Summer Car Care Tips for Air Conditioner

If your car’s air conditioning is not functioning, try using a car fan for keeping car cool in summer. These are tiny fans that can be mounted anywhere and will force out hot air from the car and simultaneously create constant air circulation. It is a good idea to replace the air conditioning coolant replaced at least once a year. This is an important summer car care tips as over time, the air conditioners tend to get less effective. However, following the above summer car maintenance would keep the air conditioner operating better.

Summer Car Care Tips for Worn Out Tire

Be prepared for extra summer car maintenance or loose tires during the summers. In the hot summer months, you need to drive more often on sizzling roads. Remember the summer car safety tips that low inflated tires are also at risk, because the lack of air pressure puts the tires under increased loads. Fully inflated tires can also malfunction in a summer dust storm. Remember the summer car care tips and check your car tires and sustain the tyre pressure and summer car maintenance, as recommended by your manufacturer.

Note* Explore more articles and information on Car Insurance at RenewBuy.

Traveling By Road? Here Are 4 Essentials

Travelling by Road? Here are 4 Essential

Expensive plane tickets and crowded trains are a speed bump for travelers. Road trips are a better option for Travelling. You can go on road trips by car or a motorcycle. Travelling by road is perfect for those travelers who love adventure and uncertainty. The memories of a road trip will last you forever. Road trips can suit a variety of budgets. The uncertainty of the next pit-stop, next meal and where you will sleep is perfect chaos.

When you are Travelling by road here are 4 essentials:

Motor Insurance: Road trips have a variety of possible risks that need to be considered before investing in motor insurance. These potential risks of road trips are car insurance coverage out of state, accidents when the vehicle driven by someone and does the car insurance cover everybody in the car. Make sure to carry your motor insurance documents, driver’s license, and vehicle registration documents.

Each state has various motor insurance coverage limits. Usually, road trips last for long hours, so drivers take a turn to drive. If your car gets into an accident when driven by someone else and the driver have a valid driving license, the motor insurance company pays the damages within the coverage limit. The car insurance covers the insured person even you are not driving. Make sure to check the car insurance policy before leaving for your road trip. This is essential as car insurance policy is updated and need the insured person to stay up to date about the policies.

Google Maps: This is an essential part of a modern road trip. All you have to do is enter the start and final destination. With Google Maps, you will get an idea of the duration of the trip. With this web mapping service, you can add new stops to your trip that you did not plan to have. Make sure to have your main route from A to B set, but you can always add stops and directions as you go.

Google Maps are also helpful to see how the road curves ahead. This helps drivers to be aware of the route and will assist in maintaining safety. Also, Google Maps are available offline. The maps require an internet connection with mobile data or wifi to load the route. But, once the course of the path is loaded, there is no need for the internet to use Google Maps for Travelling by road. Also, this mapping service provides vehicular traffic information that helps the driver to avoid routes.

Entertainment: Road trips are long which entails a lot of sitting in your seat. With modern technology, there many options for road trip entertainment. When travelling by road, the entertainment options can be carried on an iPad. You can listen to audiobooks, podcasts, and music. But, make sure to download these entertainment media before leaving for the road trip. These media are available to stream, but it is hard to always have phone service on the road trip.

Travel journals are also very popular. Journals are great to make a note of the tiny details of the road trips. It is a perfect way to look back into the road trip and experience it again through the journal. You can also carry a camera to take photos of the scenic views outside your car’s window. Pictures are the best way to capture road trip moments. An instant Polaroid camera can also be used. These polaroid pictures can be added to the travel journal like a scrapbook.

Stay Safe: Explore the small country roads and get outside of the comfort zone but it is essential to be safe and sensible. One of the necessary safety measures for a road trip is to have vehicular insurance. Take advice from people for road trips, keep in touch with a friend and update them about your trip. Make sure to have sufficient water in the car at all times. Also, carry a liter or two of petrol in case of running out of fuel. Petrol stations are available on highways. But if you are looking to explore the countryside, make sure to carry extra petrol to reach the highway to fuel up and carry on with the road trip. These stations have food, water, and coffee for the travellers to refresh. But make sure to be safe in the petrol stations at night. Many unfortunate incidents occur at these stations.

In conclusion, when travelling by road, here are 4 essentials to look into. Have a fun time on the road trip but make sure to be safe. Make road trip memories that will last you a lifetime.

Is Your Car Protected Against Fire?

Vehicle fires are one of common type of car accidents which happen and their hazards are extremely deadly. Approach a vehicle fire always with a note of caution as you never know the extent to which the fire has impacted vehicle. Fire may be sparked due to collisions either with other vehicles or with some other poles or dead end roads, while some are mostly caused by the problems due to a car wiring system, fuel system or even some cigarettes remains left in the car, causing the engine to catch fire. Your best support system of defense is to have these check points in the vehicle checked out at every car service. How to make sure is your protected against fire? Below are listed a few key measures:

Preventive measure to make sure whether is your car protected against fire:

Drive Safely

Drive safely to avoid collisions. Collisions are the major cause of car fire. This could be avoided by driving cautiously. Do not drink and drive. Always be speculative about the possible potential hazards. Drive with in the regulated speed limits to ensure safe driving and maintain considerable distance between the vehicles which are ahead and behind you.

Car Cleanliness

It is very important to keep your car clean to avoid even the minimal chance of catching fire. Even a small amount of any kind of debris, be it paper or cigarette bits could trigger out a big disaster. Beware of the products you use inside a car, as most of the products these days are synthetic polymers which on over heat exposure could release toxic fumes which might even spin out some sort of fire.

Regular Maintenance

Regular maintenance is one of the easiest ways to avoid any car fire issues. This also helps you to save a lot more of expenses which usually happens post the impact. The maintenance is also considered to be far easy than what is expected and doesn't even take much time. A high level of inspection usually involves - opening the hood, giving it a look. The fuel lines are the part which requires maximum attention. So, observe deeply for the fuel injectors, whether they are in good state or not. The chances of impact are more with the vehicle getting older. So, it’s better to periodically schedule a regular maintenance for your vehicle. Also, while checking these, do check brake fluid, your coolant power, steering fluid and engine oil as well as antifreeze levels.

Car Battery Maintenance

A battery poorly maintained might also turn into a potential hazard for your vehicle. Hydrogen is released with constant charging which when mixed with the inflammable liquids and battery current in the engine can easily spin out a fire. Lucky us, maintaining a battery is not a tough nut to crack. We just need to ensure that there are no leaks or any fluid buildup near the battery.

Car Fire Extinguishers

Car fire extinguishers are different from the regular ones are strictly meant for a car fire. They are normally foam spray extinguishers or dry powder. These are the best of it as they can settle out all types of car fire.

Watch Out for Signs

There might be some warning signs like rapid changes in fuel or fluid levels or signs of an overheating engine or blown fuses. Take precautionary actions immediately when you notice any of these to prevent a fire.

Is your car protected against fire if followed the preventive measures? Yes. But you also need to go through the vehicles manual to look out for any additional safety measures to be taken while driving.

It is always advisable to take motor insurance for your vehicle as in cases like these the insurance comes hand in hand to support your need for the vehicle and helps you to fix the problem at the earliest. If you have a comprehensive car insurance policy, it covers you completely for any loss caused due to fire.

Avoiding Keyless Car Theft - Steps That Need to Be Taken

Avoiding Keyless Car Theft – Steps That Need to be Taken

Keyless car theft is a type of crime that is immensely growing these days. It is a theft where the thieves use some sort of devices to amplify the key signal and then take away your car. So, some necessary steps need to be taken to prevent this kind of car theft. Here are some steps that you need to take:

Lock Your Car Properly

You should properly lock the car like its doors and trunk to avoid this car theft. If the doors are not properly locked, then the thieves can use it to open the car.

Park Your car at a safer place

The car should be parked at a safer place to avoid this theft. It should be placed in a garage which can help to prevent this kind of theft.

Using a suitable signal blocking case

This is one of the most effective methods to prevent keyless car theft. You should have a suitable signal blocking case that blocks the signal from the key and so thieves cannot unlock your car.

Installing a CCTV camera

You can place a camera in the place where your car is being parked. This will help you keep your car safe. This technique is enough to prevent thieves from taking the car.

Having a motor car insurance

This is one of the most important things that you should do before buying a car. It ensures the overall safety and prevents from any mishap.

In case of theft the vehicle is considered as total loss and insurer pays full IDV. So, this way the cars are more secure.

The car insurance is car protecting insurance policy. As there is so much rise in car theft numbers so insurance is necessary. The car insurance is also of different types. There are many cars found using this keyless technique. This theft takes only a few seconds. So, protecting the car against this theft is very important.

Advanced Techniques to Avoid Keyless Car Theft Turning the key off

This advanced technology helps to prevent thieves from amplifying the key's signal. You can switch off your car key when a car is not in use and switch it on again. This is an effective method to protect your car.

Having a car alarm

This is needed for extra protection, but it can be costly too. There are different types of alarm so if you have it installed it can help to prevent this kind of theft.

Using a GPS tracking

This is the most common method used today. If your car has been stolen, then you can detect your car location using this software. Some cars are fitted with this kind of tracking device.

Problems with keyless technology

This technology is not much used in the car market. Because all criminals try to find a keyless car and they use various programming methods to take it.

Types of keyless car theft

It is a type of theft in which the signal amplification is done on the key to unlock its doors. In this the wireless transmitters are being used.

Signal jamming

It jams the signal that locks the car. In this, if the owners press the lock button then the car is prevented from locking.

Key programming

In this, the hacking software is being used by the thieves to unlock the doors and start the engine.

Keeping your car safely at home

It is very important to keep your keys safely. You should either keep it at a safer location in your home or in a tin container so as to block signals from the key.

Some of the many other things that you can do is checking for software updates so that the software can help you in protecting your car. There are so many technologies coming on that can help to prevent this keyless car theft.

So, you can see that how much technology is growing on so protecting your car is very important, you need to follow all the precautions to safeguard your car. The new technologies are coming to protect your car from these all thefts. The use of CCTV camera is very important and also new software is coming up to help to prevent these types of thefts. This means that you should be protective of your car from keyless car theft.

RC Book Lost? How to Get Duplicate RC Book/Smart Card

Did You Lose Your Vehicle’s RC?

During the process of buying your vehicle, one very important step is providing your dealer all the necessary documents for the Registration Certificate or your vehicle’s RC. As soon as the documentation is over in the RTO office, you will be able to walk away with your vehicle. But things do not end there. The RTO will send the RC book or Smart cards to the registered mailing address.

The RC books/Smart Card can take anywhere between a couple of days up to a month’s time to be delivered to the registered address. Once you do get, it is always of paramount importance to have the same with your vehicle. That is because it is the source of truth for your vehicle. It contains all the important information about your vehicle such as engine number, chassis number and so on. And more importantly, it is a document of proof that your vehicle is registered with RTO office.

But, what happens if you lose your Vehicle’s RC?

Most of the vehicle owners take extremely good care of their vehicles. But there are things, you need to take even better care of such as your vehicle’s documents like the insurance papers and the RC book/smart card. However, there are instances where one might lose their RC book/smart card. Does it mean the end of the world? Certainly not. There are a few protocols that you need to follow in the event if you lose your vehicle’s RC.

How to Get Duplicate RC

As soon as you realize that you lose your vehicle’s RC, it is important to get to the nearest police station and lodge a complaint. You would need to provide details such as your RC number, address, vehicle details and contact number in the complaint.
The police department would then issue a challan to you which reads, ‘RC Lost’.
Once you have the challan, you need to visit the RTO’s website and download Form 26.
You then need to print the same and duly fill it up.
In the event that your vehicle is still on a loan, your financer needs to sign the filled-up Form 26.
If your vehicle is still on loan, you would need to reach out to your financer and get a NOC or no objection certificate stating that they do not have any objections if the RTO issues you a duplicate RC book/smart card.
Along with the form, you would need to submit a copy of the vehicle insurance policy, a copy of your driving license and a copy of the emission test.
You would need to submit all of these documents to the authority responsible for registration.
Along with the forms, you would need to submit the fees for issuing a duplicate RC book/smart card.

The Smart Way to Get Duplicate RC

The process can be a bit overwhelming for a few individuals. To ensure that they do not miss out on any step which might force them to visit the offices again and again, here are a few steps. These will help you tackle the situation with ease and get your hands on the RC book/smart card at the earliest.

The easier way to handle the situation would be to create a folder and keep all the mentioned documents in it. You can even go ahead and label it as ‘Duplicate RC Request’.
It is better to get an affidavit from a registered notary stating that you have lost the RC card/book along with the details of the book. You can do the same on a stamp paper worth INR 20.
The folder (along with the documents in it) must be submitted to the superintendent of the concerned RTO office.
Post the verification of the documents, the superintendent will sign them.
You would then need to visit the ARTO or Assistant Regional Transport Office for ID proof verification and get the forms attested.
You would then need to pay the required fees and collect the receipt.
The next step would be to verify the documents again with the superintendent who would also sign the receipt.
Post this, you would need to submit the document at the required counter and get an acknowledgment of the same.
You can then expect the RC smart card at your registered mailing address.

It must be noted that the process might vary a bit from state to state, but it remains more or less the same. Also, you must keep the road tax receipt handy, since some states look for it as well.

Do you Know About Compensatory Damages in Insurance?

Birthdays are expensive!! You read that perfectly right! If it is your son’s or daughter’s birthday, isn’t it expensive for you!! Especially when your teenager crosses eighteen, it can be even more expensive. They are eligible to get license once they cross eighteen and all that they want is a vehicle. Teenagers consider a bike as a style statement amongst their peers. However, parents always consider their age before denying their much-loved gift. Otherwise, which parent does not want to provide their kids something what they really love? The road mishaps happening around with teenagers make parents skeptical of buying a bike to the youngsters. Although it is parents’ responsibility to teach road etiquettes to teenagers, no parents deny the fact that youngsters are not composed always as they are in front of their parents. After all, it is their teenage and we all have come across that age and know the impulsiveness specific to that period. Probably, that’s why, we worry more.

This happens with me as well and finally, I decided to buy my son a bike with all the promises along. But before going for it, I want to make sure neither he suffers someone else’s mistake, nor he victimizes someone else with his irresponsible driving. I immediately approached one of the insurance agents who has been suggesting me insurance policies from long time. He came up with vast and good information which I am going to share with you now. There is something called compensatory damages in insurance arena. Do you know about compensatory damages in insurance? If your answer is ‘No’, then let me explain.

Compensatory damages in insurance are usually awarded in civil court cases where a plaintiff gets hurt due to the negligence or misconduct of another party because of which there is a monetary loss and physical damage. It is mandatory that the plaintiff has to prove the incurred loss in order to get the compensatory damages. It is essential to attribute the damage occurred to the defendant and it is the plaintiff’s responsibility. The quantum of loss occurred has to be addressed by the jury and it is the role of a plaintiff.

Compensatory Damages Break Down

Many are often mistaken when it comes to compensatory damages as they start taking the punitive damages into consideration. Compensatory damages in insurance pay off over and above any physical loss or damage. It also means offering incentive coverage against repeating the activity that has potentially been the reason for plaintiff’s damage or loss. The usual comparison between the compensatory and punitive damages is quite debated on varied platforms especially in insurance industry. The advocates of tort reforms argue that huge losses above the actual loss incurred spur the total cost of healthcare. Compensatory damages are meant to compensate the plaintiff with decent money to cover the loss or damage caused by the defendant when the former files a lawsuit.

Compensatory damages can be categorized as two types

Actual Compensatory Damages

General Compensatory Damages

Actual compensatory damages are designed to offer necessary amount to the plaintiff to replace what was lost. It does not relate to any succeeding losses. They include the following elements:

Medical and hospital bills
Treatment costs
Ambulance charges
Cost of Medicines, hospital disposables and prescription drugs
Cost of nursing home care
Physiotherapy charges
Rehabilitation expenses
Domestic service charges
Medical equipment
Lost wages or lost employment income
Increased living expenses due to the incident
Transportation charges

However, it is the plaintiff’s responsibility to prove that the monetary value claimed is equal to the losses and damages suffered due to the incident.

General compensatory damages are those estimates of losses and damages not comprising of the actual money expended. Usually courts use the Multiplier method, which aggregates the damages by multiplying the total of actual damages with a number that signifies the damage’s seriousness in levels. Some courts use the Per diem method which attaches specific monetary value to each day the plaintiff suffers and sums the value of all days together. Seldom, courts use a concoction of these two ways to calculate general compensatory damages.

General Compensatory Damages Include the following Elements

Mental agony due to the incident excluding the damage and losses
Facial and physical disfigurement
Future medical costs
Future lost wages due to inability to work
Physical pain and suffering due to long-term
Loss of consortium
Inconvenience due to lessened quality of life
Loss of enjoyment in life due to the incident
Loss of opportunity

Compensatory damages in insurance are usually levied in medical malpractice lawsuits, often for hospital bills, medicinal expenditures, rehabilitation expenses and compensation for lost incomes due to the incident. Few of the compensatory damages are tricky to analyze. For instance, the value of lost salary will be higher for an influential resident of the society in comparison with someone who is poor or jobless. So, this information has to be gone through before you buy your young ones a mighty vehicle. After all, it is not necessary that every drive is hit worthy but being preventive is always safe.

Mediclaim for Senior Citizens

A piece of news in today's newspaper caught my attention and made me emotional! An old woman was killed by her own son over property disputes. This may not be a new thing to hear as we come across many such incidents in India with old parents and their children abandoning them. I immediately got my mother in my thoughts and I went to her room to peep in and she was in her sleep and seems comfortable. That sight gave me a sense of solace and I am sure she might have had many such sights while I was sleeping in my young years. The only thing that has changed is she has turned fragile with her health condition now and requires a lot of care to keep her in the condition in what she currently is. “Geriatrics” is the term used in developed countries for senior citizens treatment. It may be surprising but they have an exclusive wing for older people and majority of the citizens buy health insurance for senior citizens in those countries. Who will understand that an elderly person has the same right to live with all the privileges and comforts of food, clothing, shelter and health just as every other citizen in the country irrespective of their age?

What is a Mediclaim Policy?

In India, it is popularly known as Mediclaim policy for senior citizens. But what exactly is a Mediclaim policy? We are aware of the whopping expenditures one has to incur to get quality treatment in private hospitals given the kind of treatment available in government hospitals. To avoid paying huge hospital bills in the need of the hour, one may have a mediclaim policy which lets them afford good treatment when the need arises. More than anyone else, it is very essential for elderly people due to the spurge of lifestyle ailments.

Types of health insurance plans for senior citizens

Usually, there are two types of Mediclaim policies available in the insurance market.

Individual Plan: Majority of the policy seekers own this plan as the beneficiary would be only one individual and this individual will get the insurance coverage and reimbursement. Individuals with elderly parents should definitely prefer these type of policies since the chances of a claim increases with increasing age. Also, there are higher chances of the claim amount being higher for the elderly than the younger family members. As such, covering the health insurance needs of the elderly members in the family through an individual medicalim plan is a wiser and the more preferred option even though it might result in slightly higher premium expenses.

Family plan: There are insurance policies which allow all the members of a family to get medical insurance reimbursement to the sum insured. They can either share it or anyone can consume the entire amount depending on the necessity. It is very rare that all of the family members need an insurance claim. So, it suffices the health care needs of a young family.

Advantages of Mediclaim for Senior Citizens:

Financial independence: In a world where elderly people are treated as a liability and their necessities are treated as secondary, it is always better to stay financially independent at least for the medical expenditures as elderly people are vulnerable to decreasing health with years passing by.

OP health checkups in regular intervals: Any best health insurance for senior citizens would permit them to go for regular out-patient checkups. Regular health care would apparently keep elderly people safe against the impending health emergencies.

Vulnerability to illness with age: Very less people are fortunate enough to stay healthy even in their old age but majority of people fall prey to decreasing vigor in their old age. Hence, there are higher chances that one needs medical care in their old age.

Tax exemption: Senior citizens can get their taxes exempted for owning health insurance policies and this is one advantage that can save money for them.

Save your savings: All your savings throughout your life need to stay intact for running your life but they should not be spent on paying the medical bills which can exhaust the entire saved money.

Misconceptions about a Mediclaim Policy

Parents are too old for an insurance coverage: You will definitely find a good policy for your parents irrespective of how old are they. You can get a mediclaim policy even when your parents are above their 80s.

Existing Medical Conditions: No insurer would stop you from buying an insurance policy for your parents irrespective of the fact that they have considerable medical history of ailments. In fact, you get more advantage of an insurance policy when they have an existing health condition.

Reimbursement is a tedious task: Reimbursement has become lot more easier than the earlier days with the advent of online insurance websites. Even if they are little tedious, it is better to spend some time than paying huge medical bills. Preserve all the medical documents and submit them as proof and that’s it.

Don’t stay in guilt that you could not do enough to keep your elderly parents in a luxurious state. Just give them love and comfort in their old age by providing them a senior citizen health insurance in India. After all it is your turn to take care of your parents for all of that they have done for you to make you what you are today. It’s time to give them back!!

Transfer Car from One State to Another

It can be pretty strenuous of a task to transfer the car registration from one state to another. It is not quite often that people transfer their vehicles so it is justifiable that they are not well familiar with the procedure. As complicated and difficult it seems, it is a very hassle free process. The most important step of re-registering your vehicle to the state you are moving to is obtaining the No objection Certificate from the RTO where the vehicle is registered. The fact to be careful is that NOC has an expiry date and you should re-register your vehicle before that. To make the procedure easier for you, we provide to you the whole procedure step-by-step.

Step 1: Get a NOC from bank

In the case you have availed a loan to finance the car you own, you need to attain a no objection certificate from the bank. This is not at all hassling. You would just have to visit the bank with your original documents like address proof of new location and reason to transfer. After contemplating all your documents, the bank would provide to you the NOC which would be used to reregister the vehicle before its due date.

Step 2: Get a NOC from RTO where your car is registered

After attaining a NOC from the bank, next step would be getting a NOC from RTO where your vehicle is registered. For instance, if you are planning to move your vehicle from Delhi to Bombay you would have to approach RTO in Delhi to obtain a NOC. To get this done copy of NOC obtained from the bank would be submitted along with Form 27 and Form 28 and below listed documents

NOC application for interstate transfer.
Certificate of registration, insurance document, tax slip, and your current emission test certificate.
The original chassis imprint of the vehicle will also have to be submitted.
A few copies of CMV Form 28.
Also attain a NOC from the police department as well for speeding up the process. This will prove that you have no pending cases and you are eligible to continue with the process of making the transfer.

Step 3: Re-registering your vehicle in the new city

Once you are done transferring your vehicle to a new city or a state, you would have to visit RTO of the new city and re-register your vehicle. Most of RTO’s give you time of around 6 months to re-register your vehicle but make sure that you do it before NOC expires. You would just have to visit RTO which falls under your area with the documents listed below.

Original RC copy
Copy of car insurance.
Copy of the NOC you obtained from the bank, police department and the RTO.
Form 29-30 for re-registration.
Emission test certificate
Photo ID and local address proof.
Applicable fees like road tax, octroi charges.
Original chassis imprint of the vehicle.

Few days after submitting all the documents, you would be issued your registration number. This would become easier if you make it work through an agent. Also, there is no need to go through the hassle of re-registering your vehicle if you are temporarily moving. You can go on without re-registration for about a year.

Step 4: Refunding of Road tax

For instance, you have paid a lifetime road tax in the city your vehicle is originally registered to and you decide to move out all of a sudden, you need not worry about the refund. The process is really easy. After re-registering the car to the new city, you can easily file for a refund from the RTO; you originally registered your vehicle in. Following are the documents you would need for the funding procedure.

Road tax refund application.
RTO Form 16 which has been self-attested.
RC copy with new registration number.
Next, RC copy with old registration number.
Insurance certificate with new registration number.
Finally, Photo ID proof and proof of address.

After you submit all the required documents, both the RTOs- the old and the new registration handlers would contemplate whether the process of re-registration is complete or not. The RTO of original registration will then request for a CRTI, only on receiving of the CRTI will then initiate the process of refunding your road tax. The whole process is lengthy and could take up to 6 months for you to receive your refund.

Step 5: Cancellation of NOC if you do not move your vehicle

If for some reason you have decided against moving to another city, you will have to apply for the cancellation of your NOC. To do this, you will have to follow the steps mentioned below.

Obtain a NUC (Non Utilisation Certificate) of NOC from the RTO where you got the NOC initially - this certificate validates the reason for not continuing the process of transferring your registration and cancellation of the NOC.
Next, you have to get an Affidavit stating the reason and certifying that there is no misuse of the vehicle and you want to cancel the NOC.

If you are new to the interstate transferring of your vehicle, these above mentioned steps can be really helpful for you.

Top Road Assistance Tips

You wouldn’t want a flat tyre, an electrical fault or a mechanical defect to disrupt your amazing road trip. Would you? There may be times when your car breaks down in a dark alley. This is when you would be grateful for Roadside assistance, a service provided by insurance companies either with car insurance policies or as a standalone product.

Roadside assistance works like an insurance during breakdowns. When your car breaks down due to any factor in the middle of the journey, you would just have to call your insurance company and they would provide you with required assistance right then and there. The services under road assistance include towing services, battery jump start, spare key arrangement, Phone assistance, alternate transport, emergency fuel and minor repairing.

At times of such breakdowns and disruptions people tend to get intimidated. There is nothing to stress about. Roadside assistance comes to the rescue always. Let us go through some top road assistance tips that would help you go through such situations in a spectacular and fearless manner.

You must keep your insurance papers up to date

Before starting on any journey, make sure that all the documents and insurance papers are intact. For figuring out the best ways to seek help in trouble, it is better to go through inclusions and exclusions of your car insurance policy. It is better to be prepared beforehand than to be sorry after.

Don’t Panic

At times like these, it is natural for people to panic and overreact. But remember that this would not help you by any means in such a situation. Rather than panicking think of smart ways to get yourself out of the situation. Finding a way of fixing things than to grumbling about the situation is better.

Fuel up every time you see a petrol pump

Don’t wait for the fuel tank to become empty. Keep the tank full to avoid breakdowns in the future. Whenever you see petrol pump make sure that you fill your car with sufficient amount of fuel to last you the journey. This would reduce risks of emergencies.

Keep a specific destination in mind

Even if you go to an impromptu trip, make sure that you have a destination in mind to avoid all the hassles. Make note of the points such as time at which you intend to reach, how far your planned destination is and the number of pit stops you need to make. Most importantly, keep garage numbers and their addresses handy in case of emergencies. This is one of the top road assistance tips.

Don’t be hesitant to ask for directions

Whether you have GPS on your phone or not, whether you are confident about directions or not, never shy away from asking directions in case you are lost. No one knows it all, not even the driver. Being open and reliable to support would be beneficial to you rather than depending upon yourself.

Take breaks when needed

Reaching on time at the destination is important but making most of the trip is equally necessary. Beating yourself up without taking any break would do more harm to you than good. It would take away the essence of the road trip. Take a break when you feel like. Don’t worry about reaching the destination in time.

Alternative routes should be kept in mind

In case of situations like riots, rallies or closed roads you should always be open to alternative routes to avoid delays and hassles in the journey. Don’t let a compulsory detour in your journey damp your mood. In fact, it can add more charm to the road trip.

These above mentioned points are top road assistance tips that would prove helpful in situations where the car breaks down. The next time you would go for a road trip with your friends or family you would know what to do and what not to do. Make sure you plan everything before leaving for the trip. This would assure a hassle free and smooth trip. Even if after all the required precautions you still face such situations, then road assistance comes to immediate rescue.

Documents to Check When Buying a Used Car in India

A lot of thought goes into purchasing anything. You look for the best options available in a budget that suits your pocket. A few months ago, I was thinking of purchasing a car for myself. It had become hectic to take the metro and rage over dismal last mile connectivity that one faces even in the metro cities like Delhi. So, I thought of buying a used car- a viable option for the time being.

I vetted an awful lot of websites and garages to narrow down my purchase. Trust me, it was the easy part. The trickiest part was to know about the documents to check when buying a used car in India. To spare you from the trouble, here is a list that you must check when buying a used car.

Registration Certificate (RC)

One of the most important documents that need to be checked is the RC. It contains information about the car and certifies that the vehicle is registered with the Indian government. The Motor Vehicles Act 1988 makes it mandatory to get a motor vehicle registered with the government of India.

Not having the RC of a used car that you are about to purchase means that the vehicle is illegally held by the current owner. You want to avoid taking over an illegally owned car.

Verify the engine number and chassis number on the RC. Also, ensure that the owner shows you the original RC and not the DRC (duplicate copy of RC). There could be something suspicious if the owner is trying to sell off the vehicle with a DRC.

Insurance

An insurance is a mirror to the car’s condition. In case there is any claim against the insurance, you must inquire about it. The extent of damage caused and the type of damages that are covered by the current car insurance should also be noted. In case the vehicle is not insured, it is not advisable to buy an uninsured car.

You can, however, use it as a leverage to push the owner to decrease the price of the vehicle. It is not something that you should compromise on and when you decide to finally purchase the vehicle, immediately get a third-party insurance to secure your vehicle from any unforeseen damages.

Form 32 and 35

What are these forms? Form 32 is an application form for the transfer of ownership of a vehicle purchased or acquired in public auction whereas form no. 35 is for termination of an agreement of hire/ purchase/ lease/ hypothecation.

In case the previous car owner has taken a loan to purchase the car, it is important to have these forms. It ensures that the loan dues have been cleared and the entire amount has been paid off. To stay clear of any hassle after having purchased the vehicle, make sure that you have access to these forms.

Service Book

Service history of any vehicle speaks a lot about what the vehicle has gone through. It helps us get a fair assessment of the vehicle and gives a first-hand warning of any issues that could crop in the future.

How frequently the car got serviced, what parts need more maintenance and the average cost of maintenance- all these questions are important. You can get a fair idea by merely going through a service book.

Car Purchase Invoice

There is little need to say that this is one of the crucial documents to check when buying a used car in India. When one makes a purchase, an invoice is issued which acts both as proof of sale and a proof of ownership.

To eliminate even a minute chance of any foul play when buying used car, have a glance at the car purchase invoice. If the owner shows you the soft copy of the same, insist on getting a print out to keep it with you. It can come in handy in case someone contests the ownership. It would also be helpful when you get the vehicle transferred to your name.

Road Tax Receipt

A one-time payment made by the previous owner of the car, road tax receipt is one that can fetch penalty if it has not been paid by the owner. You don’t want to take that penalty. Therefore, it is advised that you demand a road tax receipt from the owner of the car. The tax varies from state to state. Different types of vehicles have different road tax, and for cars, road tax ranges from anywhere between two to eighteen percent.

Documents Required for Buying a Car in India

Automobile industry is one of the fast growing in the country. There's a huge demand for buying cars, and it is imperative that there are questions regarding documentation, and the best practices while buying a new car. The documents required to buy a new car in India while booking the car are:

Proof of nationality
ID proof
Address proof

Voter ID, school certificates, and passport, work as proof of nationality. Driving licence, PAN Card, Passport, and Aadhaar card work as ID Proof. Electricity bill, house purchase agreement, rent agreement in case one is a tenant, and ration card work as proof of address.

Checklist While You are Booking the Car

Getting the important details in writing is important while following new car booking process. The down-payment made, on-road price, delivery date, price, add-ons, and accessories, receipts, temporary RC, PUC, warranty cards, owner's manuals, details in case booking is cancelled or delayed are some of the must-have details in writing while booking a new car.

Vehicle Registration Formalities

Documents required to buy a new car in India have a second major part - the registration process. Vehicle registration must be done within 7 days of buying a new car. Some of the required documents are:

Form 20: among the indispensable documents required to buy a new car in India is the form 20, which is the application for the registration of the motor vehicle. it is also the document that, in duplicate, needs to be endorsed by the Registering Authority, and submitted to the financing bank, in case it is financed. Therefore, it is also the most important documents required to buy a car on finance.

Form 21: this is the sale certificate. The dealer or the car manufacturer will hand this over to you at the time of the purchase.
Form 22: the road-worthiness certificate is issued by the car manufacturer, and handed over to the customer when the dealer hands over the new car.
Attested copy of Valid Insurance Policy.
Identity and Address Proof of the owner, as while booking the car, are again required.
Challan receipt
Form 60 or 61 - PAN Card, whichever is applicable.
Chassis pencil print
Affidavit on a non-judicial stamp paper worth Rs. 3

The Insurance

Motor insurance is mandatory to drive a car on Indian roads. It is, thus, one of the mandatory documents required to buy a new car in India. While traditionally, insurance has been offered by the dealer only, with different coverage and offers while buying a new car. But competition has opened the insurance market and now one can apply individually as well by checking the policies online. There's no rule to book insurance only via a dealer, but there's a rule about having valid car insurance policy while registering a vehicle, and also while driving. Traffic police can issue a challan in case you are driving without a valid insurance policy. It is renewed every year, but best offers are available for new cars only.

New Imported Car Booking Process

Indian governments have consistently supported the indigenous manufacture of the automobiles. Importing an automobile carries a 165% of the CIF value on luxurious cars and 116% of the CIF value on bikes. Documents required to buy a new car in India that is originally imported also requires an additional custom clearance, which has several laws and rules related to it, like following metric systems (km/hr), being right hand drive, not having been bought before, and the manufacturer not having any plant in India among others.

Conclusion

Buying an automobile, have its own complications due to the various rules and laws. There's a process that needs to be followed to be sure that you are covered in case there are any mishappenings. One must be careful about the documents required to buy a new car in India. However, all the information is available online, and the dealers themselves are most helpful. What it means is that there's a greater freedom in buying a new car, be it with regards to choosing the dealer, getting the right pricing, the right insurance plan, finance, etc.

RTO Rules for Car Scrapping in India

Have an old car? Want to scarp your old car? There are so many things you must be aware off. As we all know that in India, car scrapping activity is not an organized one. All you have to do is to get in touch with some scrapyard folk or some local garage where you can easily get your old car scrapped. In a bid to curb pollution, the Indian government recently declared the scrapping of diesel vehicles that were older than fifteen years across the country. Streamlining an equivalent, the Society of Indian Automobile makers (SIAM) declared that the govt. has to adopt a policy to scrap previous vehicles so as encourage house owners.

In India, the scrapping policy ensures that more and more old cars get off the roads and people buy new cars. There are few parameters which needs to be considered before the policy goes into action, which includes the age of the vehicle, fuel type and the city where it is used, etc.

The government levies a “Green Tax” on vehicles which are older than 15 years in terms of pollution control. Once the incentive policy goes into action, it will be a win-win situation for both owners and manufacturers.

Process of Scrapping a Car

There is a certain process which you need to follow in order to scrap your old car.

Inform RTO
Prepare a bond (agreement on Stamp Paper) stating that this car is going off the road and will be scrapped.
RTO will give you a receipt in writing. Whereas at some of the places in India if you go to RTO office to surrender the RC Book, you will have to allow for RTO inspection of the vehicle before scrapping. Check with your RTO official about the scrapping process followed by them.

In order to get your old car scrapped from local car scrap dealer, there is a set process as per the RTO. You must ensure following things.

Your car must be scrapped in front of your eyes and you click some pics of your car along with the chassis number.
Ask a copy of id card of scrap dealer and mention that the car is being purchased for the purpose of scrapping only.
Keep all the papers with you in case if you need them in future.

What happen to Old Registration number of the vehicle

After following the RTO’s process, the registration number is free to use by anyone else. And this is how people gets an old registration number.
Inform your insurance company about the car scrapping, if in case your car insurance is valid. Else, no need to inform insurance company.
Your ID proof will be required by the scrap dealer in order to get a “challan” from the union of scrap dealers to cut the car.

RTO Rules for Scrapping and Deregistration of Vehicles:

First, the car owner has to write a letter to the authorized RTO informing them about the car scrapping.
The car owner will than surrender the original RC of the car along with the chassis number. The RTO will keep this as a record.
The scrap dealer’s confirmation on a letterhead with complete address is also required. The pictures of the scrap can be submitted at this time.
The vehicle owner should also submit an affidavit with the application for scrap and de-registration. The affidavit will mention that the car is not under any loan, insurance claims, or pending court cases. The affidavit will also confirm that the vehicle is not involved in thefts.

The RTO will verify the documents submitted and proceed with the next steps after it receives diligence reports from the traffic police and National Crime Records Bureau (NCRB). Verification is also done for the records maintained at the RTO office regarding sale or purchase of the car. If all records are found to be satisfactory, the car will be deregistered by the RTO.

Comprehensive Guide to Buy the Best Car Audio System

You are out for a drive and the AC is on full blast and you have your sunglasses on. Life is good, you feel like listening to some music and you crank up that audio system of yours, you hear nothing but static. The coveted music player in your car has gone bust, the trip is ruined, life is back to being sad again. This scenario can be avoided entirely if the entire purchase process would have been done with a tiny bit of research, here’s a comprehensive guide to buy the best car audio system.

Best Car Audio System in India

Pioneer DEH X9600BHS

Pioneer has been one of the biggest players in this game and also one of the best car audio systems in India. The DEH9600BHS allows for the integration of smartphones, a decent playback accepting most file formats. The major advantage of this player being, it doesn’t matter if you go up or down the price range in this music system, you will be the recipient of some the best quality sound in this business. With 200 watts of maximum power output and 80 RMS of continuous output, Pioneer takes ‘audio’ very seriously which is why you will not be disappointed if you put your money on this one.

Kenwood Excelon KD-X998

This Kenwood Excelon allows your sound to be customised almost endlessly which makes it one of the best cars audio systems that money can buy. There are some brilliant options that you can utilise to tune the sound, namely, the equaliser settings, the road conditions, the genre, etc. Kenwood’s high-fidelity output along with the smartphone integration makes for some brilliant options to work upon. Along with having a standard radio receiver, the Kenwood Excelon KD-X998 also gives user the option of playing songs from internet radio. We have not yet come to the best part though; its display is what makes it stand head and shoulder above other brands. The display is crisp, uncluttered and extremely legible, which makes reading the information very simple. The informative, interactive panel can be easily detached to prevent people from stealing the unit.

Sony MXGS810BH

One of the best car audio system brands for 2018 is without a doubt Sony. The highlight of this audio system is a 220watt built-in amplifier, that can bump up the sound to inaudible levels. It can play any audio format along with music that can be activated by voice commands given to Siri or Google. Another great highlight of this system is the built-in HD radio receiver. It transmits HD quality music along with traditional radio frequency, the metadata is embedded in the transmitted frequency which means when the DJ plays a particular song, it will display the name of the artist and any other information that comes with it. If you like a song that is playing, you can tag it and download it, with the help of iTunes. The endless playback options, be it CD, radio, Bluetooth, USB etc. coupled with the high-quality sound output makes this a great option to go for.

Sony XAV-AX100

Unitl now we have had a look at systems that one can interact with, by pressing buttons and tiny digital screens displaying the name of the song or artist. This music player from Sony, which also happens to be one of the best car audio systems for 2018, has a giant 6.1-inch touchscreen display that looks like a 2-din unit as it does not have a CD player. One can view traffic information, take calls, interact with the unit to choose the kind of music the person wants to play. This media player is one of the best systems one can find in the business.

Media players are just one part of the entire system, let's look at a speaker that can go with it, to complete the setup.

Infinity REF-9623ix 300W

The infinity delivers excellent sound while consuming very little power in the process. These 6”X9”, 3-way systems, have a pair of inbuilt tweeters that provide a brilliant overall sound at a very good price. Get a couple of these and team them up with any of the above-mentioned media players to have a great surround-sound experience, within the confines of your very own car.

Besides the media players and the speakers, it is also essential to have a look at the content that is played through these systems. It is very important to have file formats such as FLAC to get the best output in terms of sheer sound quality and reproduction of the music in general. Sound systems may seem complicated to set up, but once in place, rest assured it will make every trip that you go on an experience that is worth your time.

So, now you have a full Comprehensive guide to buy the best car audio system. Just hit the roads and enjoy your drive with music. And also ensure that your car insurance in place.

Things to Consider Before Lending Your Vehicle to Someone

It is a common practice to lend your vehicles to your loved ones or close friends, isn’t it? A lot of us do this on a regular basis. After all, what good is a vehicle if it cannot be used by the family in the time of need. Whether it is a medical emergency or for a short trip nearby. At times, you might even share the vehicle with a colleague.

While there is absolutely nothing wrong in sharing your vehicle with your loved ones, you must take a few precautions. As an owner, it is your responsibility to look after the following few factors before lending your vehicle to anyone. In fact, the simplest thing to do is pass on the responsibility so that your friend, relative, sibling or even colleague realizes the importance. So, there are certain things to consider before lending your vehicle to someone.

Before you hand on the keys, make sure you follow the below-mentioned steps to avoid any consequences that might arise later.

The first step before handing over the keys to someone is to verify if they have a valid driving license or not.
Before you hand over your keys, ensure that you have a copy of the registration certificate and any other necessary documents in the vehicle.
It might be helpful to find out where your vehicle might be driven in your absence.
It is important to find out the type of driver you want to lend your vehicle to. While some people are smooth drivers, others tend to push the limits of a vehicle. Being aware of the driving habits will help you decide if you need to lend your vehicle or not.
Do a quick inspection if all the electricals and important functions are working as expected.
Speak with the borrower and ask him not to let anyone else drive your vehicle.
A quick check on the odometer reading will offer you sufficient information. Whether the person adhered to the agreed upon limits or crossed them.
If you are aware of the driving history of an individual, consider the same before lending the vehicle as well. A person with a bad driving history might bring additional risk to the table.
Ensure that a vehicle insurance is always on the car, failing to do so will attract a lot of unwanted attention to your vehicle.

Keeping a vehicle insurance in your vehicle is important. For starters, a vehicle insurance will ensure that your vehicle can be driven legally on all the public roads. If your vehicle were to be involved with an incident, your policy would come into the picture and take care of all the damages.

The person driving your vehicle might have a separate insurance for their vehicle, but it is your policy that will come into the effect. This is despite the fact that the person driving your vehicle might be at fault. Thus, it is recommended to understand the person and their driving behavior.

In the unfortunate event that your vehicle meets with an accident, you will have to pay for the agreed upon deductible. Also, it might increase future premiums for your vehicle as well. Unless you are sure about the person you are lending your vehicle to, it is better not to lend.

Why Insurance Is Important?

The person whom you are lending your vehicle might be extra careful regarding your vehicle. however, that doesn’t always guarantee the safest results. There are other drivers on the road and their carelessness might affect your vehicle also.

Having a good vehicle insurance will ensure that your vehicle is covered against the most common issues that vehicle owners face. When you are on the lookout for a vehicle insurance, there are two primary ones that insurers usually offer. A third-party liability cover and a comprehensive plan.

A third-party liability plan is the bare minimum plan and offers coverage for damages or injuries to third-party individuals or properties. On the other hand, a comprehensive plan offers much better coverage for the premium that you pay. Apart from a third-party cover, it also adds own damage component. Your vehicle is also secure against man-made calamities and natural calamities.

If you do not already have a vehicle insurance, ensure that you purchase one. These are certain things to consider before lending your vehicle to someone.

IRDAI To Reduce Premiums For Car Insurance

The Insurance Regulatory and Development Authority of India (IRDAI) has notified the premiums for third-party liability cover of motor insurance. This is for the first time since 2011-12 that the premiums for all three categories of private cars have been reduced as compared to previous year’s.

According to the notification, the premium for cars with an engine capacity of 1,000-1,500 cc has been reduced by around 9% whereas the segment saw a rise of 40% last year. The premiums for cars below 1,000 cc engines have also reduced by 10% which was left unchanged last year.

Not only for four-wheelers, but two-wheelers have also seen a change in their premiums. While the premiums for two-wheelers with engine capacity of less than 75 CC has been reduced by over 20%, whereas the owners of motorcycles with capacity over 350 CC will see their third-party liability premiums double compared to last year.

Done mainly to sync the collected claims and premiums, this revision of premiums is an annual exercise done by IRDAI. This exercise is done based on the data submitted by the insurers on their loss experience.

“With own-damage premiums also reducing over the past few months due to higher discounts by insurers, it is a win-win situation for consumers," said Balachander Sekhar, Chief Executive Officer, RenewBuy.com.

The industry is expecting a fall in overall premiums to promote consumers who would otherwise just buy the mandatory third-party liability cover, will now buy comprehensive policies.

Compulsory PUC Will Make Insurance Buying Difficult

Going to buy an insurance policy for your vehicle, you may face problem if you do not have a valid PUC certificate as the Insurance Regulatory and Development Authority (IRDAI) has issued new directions to insurers making PUC certificate mandatory for renewal of insurance.

The directions are based on the Supreme Court’s judgment, directing the insurers to not renew motor insurance without a valid PUC certificate as it is mandatory as per the Central Motor Vehicles Rules 1989. Following the court order IRDAI has now issued a statement asking insurers to comply with the orders.

But according to the insurance experts this directive could mean denying vehicle insurance to policyholders which too is against the rules. They are of the view that if the insurers are mandated to renew motor insurance only if a valid PUC certificate is produced, they will have to deny third-party cover to those not having it which is a violation of the Insurance Act. Also, the additional requirement of PUC document may make it difficult to renew motor insurance online.

“Asking for PUC document takes away from making the insurance buying process seamless, something that online tech-enabled platforms like ours have enabled. Currently, we simply take vehicle details which can be obtained from the previous insurance copy or the vehicle registration certificate (RC) to renew the policy. Adding the requirement of a PUC certificate will make the process more manual and there is no way of validating the PUC,” said Balachander Sekhar, the co-founder and chief executive officer of an online insurance broking firm RenewBuy.com.

“We anticipate significant challenges given the low levels of PUC outside top 7-8 cities. More so for two-wheelers where more than 75% are uninsured and may hinder in bringing them into the insurance fold,” said Sekhar.

Also, the experts said the motor insurance is not limited to third-party cover. It also comprises own damage cover that insures the vehicle against theft or damage, and personal accident cover for the driver and passengers. They however suggested that there is a need to make some amendments to enable the people to get online verification of PUC as most of the people now buy the insurance policy online.

Government Validates Digital Driving License And RC

Taking yet another major step towards digitization, the government has made it legal for vehicle owners to carry digital copies of driving licence and RC. As per the advisory issued to state governments by the Ministry of Road Transport and Highways, the authorities will now have to accept vehicle documents when they are produced in digital format. The announcement came as a good news for vehicle owners who had long been demanding that the digital copies of vehicle documents be made valid.

What does it mean for vehicle owners?

For vehicle owners, this means that they won’t have to carry with them the physical papers, including driving license and RC, while driving. If the need arises, they can simply produce the digital version of documents. So, the next time a traffic police officer asks for your driving license, you can show the digital copy of your license on your phone. The original physical documents can be kept safely at home and there won’t be any fear of losing them.

However, this doesn’t mean that you can show a scanned copy of driving licence saved on your phone. You will have to use an online platform launched by the central government for this purpose.

How to use this facility?

In order to use this facility, you will need to upload your documents on DigiLocker, an online platform launched by the government. You will first need to download and install the DigiLock app and create an account on the same, for which you will have to verify your mobile number. Once the account has been created, you will need to provide the driving licence and RC numbers. The documents will be fetched directly from the central database connected with the Ministry of Road Transport and Highway. The entire process will be simple and the vehicle owners will be able to complete it within a few minutes.

Apart from DigiLocker, the documents can also be uploaded on mParivahan platform. A vehicle owner can produce digital copies stored on either of the two platforms.

What does it mean for authorities?

Digitization of vehicle documents is expected to help not just the vehicle owners but also law enforcement authorities. It will make it easier for the authorities to ensure the authenticity and genuineness of these documents. This, in turn, will make monitoring easier and more effective. Also, in case of an offence, there would be no need to seize the original documents. The authorities will be able to issue eChallans and impound the documents electronically on the online database. So it will be a win-win situation for both vehicle owners and law enforcement agencies.

Benefits for commercial vehicle owners

The move would help the owners and drivers of commercial vehicles such as the cabs, autos, trucks etc. In addition to driving licence and RC, the drivers of commercial vehicles are required to carry several other documents with them. Thanks to the digitization of vehicle documents, they will now be able to store all the documents digitally.

Carrying physical papers of vehicles, for both two wheeler and car owners, is a hassle. There is always a risk of papers getting lost or damaged. In case these papers are lost, the vehicle owners have to go through the arduous and time-consuming process of getting new papers. Thanks to the growing use of smartphones and reduced data tariffs, most vehicle owners carry smartphones these days. Therefore, using online platforms for producing digital copies of vehicle documents won’t be a hassle either.

In fact, DigiLocker platform will work offline as well. The vehicle owners will be able to produce digital documents even if they are not connected to the internet. These digital documents will also serve as an identity and address proof and the vehicle owners will be able to use them in other places as well. Thus, they will be able to do away with the need to carry identity proofs with them everywhere. Needless to say, the digitization of vehicle documents will go a long way when it comes to making the lives of vehicle owners easier.

Indian Government is aggressively pushing digitization across the country. These days, an increasing number of people use online platforms to pay money and avail various services. With this latest announcement, the government has taken another big step in the right direction.

Things To Know Before Becoming an Insurance Agent

Becoming an insurance agent is an easy task but succeeding is not an easy job. Though there is no qualification required to become an insurance agent, it takes a good quality to convince people to buy something and decent graduation to understand, calculate, foresee, and impress a prospective lead. If you know what to know before becoming an insurance agent, it would be much easier for you to penetrate the financial industry. This job often seems rosy as you are your own boss, earn a 5 digit income a month, flexible work schedules, etc. The majority of these may be true, but potential hard work is required to achieve all these.

Let us first understand the pre-requisites for becoming an Insurance agent:

Excellent Public Relations: There are incidents where less talkative people have become insurance agents, but it takes a lot of effort to succeed. Lively and vivid people tend to be more successful in this arena with excellent communication skills and public relations.
Network: The network plays a crucial role in an agent’s success. Those who have a good network or can build up a good network make up the most. Friends, family and extended family, acquaintances, or the general public can be the prospective leads. Smartness to get all of these sources in touch is essential.
Good Calculation skills: While selling a policy, the agent should do calculations and project the client’s financial condition after years. Good analytical skills should be an asset to the prospective agent, and this is the foremost thing to know before becoming an insurance agent.
Advisory Skills: All policy options available, the agent should suggest the customized option to the client. A quick understanding and the ability to advise the utility of a policy to a client considering their financial condition is the key to selling a policy.
Post Sales service skills: Once the sale is made, regular contact with existing customers helps build relations and gives a chance to cross-sell, hence a skill that will help maintain high retention of business. Once the above skills and conditions are loaded in a would-be agent, it is good, to begin with, but there are few other things one should know before becoming an insurance agent.
There is no salary: Being an insurance agent is not a salaried job. Remember, you can earn only commission for the policies you sell. The more policies sold, the more income you can generate and vice-versa. It is not the commission on top of a salary.
Don’t get ready for a fixed income.: Though you start reaping a decent commission, it is not fixed and keeps varying month on month. It just depends on your sales and hard work.
Learning is a continual process: As the policies keep changing with time and circumstances, your subject matter expertise is not static. You need to keep learning about the new inclusions constantly. So, there is no seniority kind of thing over some time.

This article is to acquaint you with the possible scenarios as it is always essential to go for groundwork before you get into a new thing. As we said, it is not rosy; becoming an insurance agent is not too difficult either with the skills mentioned above. A zeal for constant learning and the experience in handling people makes you competent enough over some time. Hope the article ‘The things to know before becoming an insurance agent’ clears your doubts and gets you started!!

Must read: 4 Qualities That Make a Good Insurance Agent.

Common questions people ask before becoming an Insurance agent:

What should I know before becoming an insurance agent?
What skills do you need to be an insurance agent?
Is an insurance agent a good career?
Do insurance agents make good money?
How do insurance agents get clients?
How do you successfully sell insurance?
What certifications do you need to sell insurance?
Do you need a degree to sell life insurance?
What is the commission for life insurance agents?

For the answer to all these questions, click here and connect with the RenewBuy expert team.

How Donating Blood Can Be Beneficial For You

Every year millions of lives are saved by blood transfusion. But to continue helping those people who are in need of blood transfusion, there is an immediate necessity to build an adequate blood bank. However, only a fraction of people eligible to donate blood actually do so. That's why various health organizations around the world have partnered to bring attention to the need of Donating Blood.

The World Health Organization (WHO) aims to encourage and promote voluntary blood donation. World Blood Donor Day (WBDD) celebrated on 14th June every year across the world is an opportunity to raise global awareness about blood donation. WBDD strongly encourage more people to donate blood at regular intervals. The event is an opportunity to thank voluntary blood donors for helping save lives.

World Blood Donor Day: An Overview

The WHO decided to assign one day every year to recognize volunteer blood donors and raise awareness about the importance of blood donation and named that day the “World Blood Donor Day”. The first WBDD was celebrated on 14th June 2004, and since then, this date became an occasion and celebrated all over the world.

Every year, a theme has been assigned for the WBDD, and for this year it is “Be there for someone else. Give blood. Share life.” The event aims to thank donors for their life-saving donations and to create wider public awareness about the need for regular donation. The event also serves as a way to encourage existing, and potential donors to donate blood at regular intervals, and provide adequate resources to provide quality donor care.

Benefits of Blood Donation

Not only, it’s a noble deed. But, there are a number of health reasons because of which you should also donate blood. On World Blood Donor day 2018, we tell you about the benefits of blood donation.

Improvement in Cardiovascular Health

Donating blood regularly is beneficial to prevent and reduce heart attacks and liver ailment. As per several studies, when there is a rise in the iron level in blood, it raises chances of heart diseases. Donating blood helps in reducing the iron level in the body, which can lessen the probability of heart attacks.

Stimulation of the Development of New Red Blood Cells

When we donate blood, our body starts replenishing the lost red blood cells. This helps in staying healthy and active.

Reduction in the Probability of Cancer Risks

According to a study, it is believed that increased level of iron in the body pave way to risks of ageing and cancer. People who donate blood at regular intervals are at lesser risks of cancers of lung, liver and stomach.

Donating Blood Helps in Burning Calories

This can make a lot of people happy. Donating blood can actually help you burn up to 650 calories. So, if you are overweight, it is highly recommended to donate blood from time to time.

Every time we donate blood, we can end up saving three lives. We don’t have to be a warrior to save someone. A simple act of kindness can also do wonders sometimes.

Kickstart Your Career in Insurance by Becoming Renewbuy Insurance Advisor

Starting a career requires careful consideration, especially with the current industry dynamics. The insurance sector is one such lucrative choice offering 360 opportunities for various skillsets. It involves roles like data scientists, underwriters, claims adjusters, and more.

The insurance industry features a major employment chunk for freshers and experienced individuals, with the expansive industry and continuously upcoming technologies. In addition, the insurance sector is among the stable and oldest industries dating back to 4000 BCE.

Reasons why people choose insurance as a career opportunity over other options?

Along with various career choices, insurance is a top career choice among individuals for the following reasons:

Versatile career options: Insurance offers different career paths depending on one’s skillset. As the sector is classified into three sectors namely health, life, and auto insurance, every sector features different roles. One can select from roles like actuary, claim examiner, claim adjuster, investigator, sales agent, and underwriter.

Challenging work: Although insurance policies are often looked at as a boring aspect working in insurance is totally the opposite. New technologies also find applications in the insurance sector, and there is no set day on the job. Every day offers new challenges.

Constant learning: Those who like to stay on trend can opt for an insurance job as it is a constant learning source. The insurance dynamics change as per changing industry trends and it spreads across various domains. Hence, a person needs to learn new things to stay on top. Insurance agents need to be aware of the legal and taxation rules along with other essential information.

Flexible work schedule: Certain roles in the insurance sector do not require a person to be constantly present at their desk 24 x7. Those individuals who love being on their feet can select positions requiring fieldwork, ultimately offering a better work-life balance.
360 industry presence: Global economies are dependent on insurance as their safety net. Insurance spreads across sectors, like construction, IT, healthcare, e-commerce, retail, aviation, transport, travel, electrical, etc.

Who are insurance advisors, and why do they play a major part in insurance?

As the insurance sector offers lucrative career options for those interested in the financial and investment sector, an insurance advisor is a famous role preferred by many individuals. An insurance advisor is known to provide suggestions and guidance to clients regarding a range of policies. They are the spokesperson for insurance companies and customers. These individuals are responsible for selling insurance products to clients and receive compensation from the insurance company as a commission.

What is the role of an insurance advisor?

Insurance advisors generate business for insurance companies and also support clients to get the best of their insurance policy. Hence, an insurance agent’s role is classified into two prominent categories:

Working for the company

An insurance agent or advisor works for a particular company and sells its products to a customer. They perform the following roles for a company as follows:

Generate business
Retain existing policies
Promote insurance brand or company

Working for the customers

Insurance policies are long-term commitments ensuring overall family well-being. Insurance agents need to be trustworthy and diligent in their work, ensuring clients benefit the most from their advice and expertise.

Considering these aspects, an insurance agent performs the following roles toward their customers:

Identifies customer goals
Analyzes the financial goals of the customers
Provides different claim options
Ensures insurance continuity
Supports clients with claim settlements

Along with suggesting policies as per client requirements and finding custom options, these representatives also resolve customer queries. They also educate customers about the nooks and corners of each policy. By consulting an insurance provider one can get a fair idea about taxes, current liabilities, and future investments through policies.

Hence, the insurance sector offers interesting career opportunities for professionals wanting to kickstart their career, for instance, an insurance advisor. For those looking to become an insurance advisor companies like Renewbuy provides lucrative opportunities for freshers and experienced professionals.

How to become a RenewBuy POSP advisor?

An insurance agent can sell insurance products from a particular company, however, a point of salesperson (POSP) can sell different products from various insurance companies ranging from life insurance to car insurance. Multiple individuals look for alternate income options. Becoming a RenewBuy POSP advisor can be beneficial as one can take it up as a part-time job.

Steps to becoming a RenewBuy POSP advisor

Step 1 Register with the RenewBuy Partner Program: An individual simply needs to visit the RenewBuy website and their ‘Become an advisor page.’ One has to enter their full name, email-id, mobile number, and Pincode.

Step 2 Upload essential documents: Once registered, a user has to upload necessary documents like a 10th passing certificate, Aadhar or PAN card, photograph, canceled cheques or bank details, and other essentials.

Step 3 Attend training: Once a user completes the registration and verification, they have to attend the online training offered by RenewBuy. The training duration involves 15 hours similar to other insurance companies.

The training program consists of five modules, each module requires an individual to invest almost 3 hours. An individual cannot move to the next module until they complete the first module. The syllabus for POSP training cover basic to advanced information related to insurance.

Step 4 Attempt the exam: Once an individual completes all five modules, they can appear for the POSP test. An individual can also refer study materials and reappear for the exam if they fail on the first attempt. RenewBuy allows an individual to reappear for an exam without paying any additional fees or training costs.

After passing the POSP exam, an individual is set to start selling different insurance products directly to customers.

Reason to choose RenewBuy over other insurance companies

RenewBuy is a leading insurance product platform featuring versatile insurance policies, right from health insurance, car insurance, motor insurance, and Mediclaim policies. Along with their extensive range of products from leading businesses, RenewBuy offers complete freedom to its POSP agents or insurance broker to earn as much as they require. Once a POSP agent understands customer requirements, they can guide them in purchasing their preferred product.

Advantages of becoming a RenewBuy POSP insurance agent

Given the product versatility and easy registration, the insurance policy platform offers the following benefits:

Zero hassle and 360 online procedures: After becoming a POSP insurance agent with RenewBuy, an individual can sell all the products offered by the company on their online platform. These involve a car, two-wheeler, health, life & travel insurance policies, all sold through online channels.

Versatile options: RenewBuy partners with a plethora of insurance providers, offering POSP agents opportunities to work for multiple insurance providers.

The company features more than 20 insurance companies with different products like motor insurance, life insurance, health insurance, and travel insurance.

Additional income: RenewBuy offers an easy way to generate additional income. An individual can do all this without affecting their regular job.

Zero Investment: The company ensures their POSP agents do not have to invest any amount to begin working with RenewBuy. An agent simply needs a smartphone with reliable internet connectivity. The entire process takes place online, hence, one does not have to invest any additional bucks.

Other advantages:

Zero investment business opportunity
Free POSP certification under IRDAI guidelines
Monthly attractive payouts
Digital passbook options to track your business
Dedicated relationship manager support

In addition, a person does not have to worry about extensive degree courses or training.

Eligibility process to become a POSP advisor

RenewBuy features a zero-hassle process to become a POSP advisor. The minimum educational qualification criteria to become a RenewBuy POSP advisor is a 10th pass. With such minimal qualifications, any individual can opt for a career as an insurance advisor.

Final thoughts

With such lucrative offerings and extensive options, RenewBuy is a top choice among individuals to kickstart their career in the insurance sector. The extensive opportunities available in the insurance sector can help individuals launch successful careers while helping people. Becoming a POSP agent with RenewBuy allows individuals to work from the comfort of their homes, all while ensuring a steady flow of income. With just 15 hours of training, an individual can become a POSP agent and begin selling policies and generating additional income.

In addition, these insurance brokers can also obtain extensive knowledge about different insurance products across multiple sectors. Minimal qualification requirements, zero investment, online process, and monthly payouts are why RenewBuy has become a top choice among individuals when selecting the right company to become a POSP agent.

RenewBuy.com Launched Its New Venture TravAssured

To cater the travelers travelling out of India, RenewBuy has officially launched its new venture with a name of TravAssured. TravAssured is the concierge of four services and is designed to address all the pain points associated with the international travel – be it connectivity, baggage safety, insurance or doctor consultation. The company has tied-up with leading service providers to offer the best facilities to its customers.

“It is a travel concierge product that assures complete peace of mind while you enjoy your holiday with friends or family. TravAssured will be distributed through thousands of travel agents and visa consultants spread PAN India.” Said Balachandra Sekhar, CEO of RenewBuy.com, while explaining about the product.

Further he said, “In spite of being a feature rich product, TravAssured is very price competitive and provides fantastic value for money to its consumer as well as an excellent earning opportunity for the travel agency. The entire booking mechanism is online with no paper work, providing a seamless experience to the re-seller and the customer.”

Disclosing about its service partners, he said “Underwritten by Bharti AXA General, this product is a powerhouse of features supported by industry’s leading service providers such as WORLDSIM, DoctorInsta & Tag8. The company is setting up a national distribution network of GSAs supported by own sales personnel to take this product to every nook and corner of India.”

He added, “Under one plan, the traveler will get all the facilities offered by our partners like WorldSim will provide a low-cost plan anywhere in the world with international SIM card & data plans. Tag8 will facilitate you with the tracking tag that will help you recover your baggage, passport and valuables in case of any loss. Insurance provider Bharti AXA General will insure you and your family against medical, accidental & dental contingencies during travel.” “We have added one more facility in the plan which will help customers to consult a doctor online by using your login ID on DoctorInsta, an online medical consultation tool.” He added.

Precautionary Road Signs for safety on Indian Roads

The proverb ‘Better Safe than Sorry’ is a golden rule which should be followed for road safety. It is better to be cautious while travelling on the road rather than being hasty and doing something that we may regret later. In order to help you drive safely, there are precautionary signs determined by the government.These signs are indicated in triangular boards. Disobeying these signs will not only lead to challans but may also lead to unfortunate accidents. One must also keep in mind that constant claims of your bike or car insurance policy might not be possible.

Here are the precautionary signs which you will frequently come across while travelling by road. Be aware of these signs and make it a point to obey them for your safety:

Things To Keep In Mind While Buying A Second-Hand Car

A second-hand car may cost you less but it is definitely not an easy task to choose one. Have a look at what our experts have to say to those looking forward to purchase one:

Decide your budget: This is the first step towards buying a car. Make sure that you set aside some funds for insurance while finalizing your budget.
Finalise the seller: You can buy a vehicle directly from the owner, a car dealer or through an online platform.
Check how old the vehicle is: Buying a well maintained used car that is less than 2 years old is almost as good as buying a new one. It is always a good option to look for cars that are comparatively not very old.
Examine the car: It is important to get the car that you are planning to buy checked from a mechanic or an expert. Keep the following things in mind while examining the vehicle:

Always take a test drive before finalising your vehicle
Check the engine to make sure that it is running smoothly
Car battery should not be very old and should be in good working condition
The tyres should be in good condition and not have too much of wear and tear
Make sure the charging point and music system is in good condition
Make sure the air conditioner and wipers are working properly
Check the outer body for dents and damages

Check the paperwork: Make a thorough check of the papers before finalizing your purchase. These include RC book, PUC certificate, Registration papers and car insurance

Examine the car thoroughly and be satisfied before you finally decide to bring your car home!

Petrol Vs Diesel Car: 5 Things To Consider Before Buying

While buying a car, one of the key decisions one has to make is to decide between a Petrol & Diesel vehicle. While there is no simple answer to this debate, the following points can help you reach a decision.

Difference Between Petrol and Diesel Car:

1. Cost of Petrol Vs Diesel Car:

The diesel variant of cars cost more than the petrol variant. For cars which cost less than 10 Lakhs, the showroom price between diesel and petrol variants differs from 1 to 1.5 Lakhs. The difference in the on-road price of petrol and diesel car variants will be even more. This is because the cost of registration for the diesel car is more than that of the Petrol car. The difference is about 1 to 3% depending on the cost of the vehicle and the State where it is purchased.

2. Petrol vs Diesel Mileage:

The mileage of the diesel engine car is more than that of a Petrol engine. A diesel engine does not need a spark plug and thus has higher compression. It makes the diesel engine utilise more fuel as compared to a petrol engine. The better mileage of a diesel engine makes it easy to cover the extra cost of the car paid initially, but with the increasing cost of cars, the time required to recover this cost has increased.

3. Petrol vs Diesel Car Price:

Since the last year, the prices of diesel and petrol have seen a big hike in India. In 2017, the diesel price was Rs. 55.94/- Per litre, which is now touching Rs. 74.00/- per litre. Whereas petrol was at Rs. 66.91/- which is now Rs. 82.16/- per litre. The above statistics show that the difference between both is reducing day by day, as last year the difference in both was Rs. 11 per litre, but now after one year, in 2018, the cost of diesel is just Rs. 8 less than that of petrol per litre and is further decreasing day by day. If this situation continues, soon we will see that there will be no price difference between Petrol and Diesel in the forthcoming years.

4. Petrol vs Diesel Car Performance:

Apart from the fact that diesel engines are more powerful than petrol engines, they also have higher torque, and hence they give a smoother drive. On the other hand, noise, and vibrations in diesel-driven cars are way higher than that of a petrol-driven car which is a big reason for concern. In petrol engines, the power developed is low due to the compression ratio, whereas in diesel engines, the power is more.

5. Petrol vs Diesel Car Maintenance Cost:

The maintenance cost of diesel cars is higher than petrol cars. This is because consumables like engine oil and spares used in diesel vehicles are more expensive. The resale value of a used diesel car is higher than that of a petrol car. However, the life of a petrol engine is more than a diesel engine.

Now that you have the pros and cons of both these vehicles hope you can choose the one that suits your requirements better.

Whichever vehicle you choose, make sure you are carrying all the documents, including your Car Insurance. To avoid confusion while buying car insurance, compare car insurance policies online before making a choice. You can check the car insurance quote online.

Policy Renewal Made Easy With Online Motorbike Insurance

In simple words, two-wheeler insurance offers security against the monetary obligation that is likely to be borne by you in the case of robbery, damage or third party damage/death caused by your means of transportation. However, WHY is it important?

Why one need Two Wheeler Insurance?

No financial pressure!

It provides you a financial shield in case of robbery or any harms caused by or to your vehicle!

Compulsory by law

A copy of a valid insurance policy should be with you, all the time.

No Claim Bonus

Not claiming your insurance will moreover earn you the No Claim Bonus that further increases your premium!

Peace of mind

In the worst case, you are not obligated to spend enormously on the maintenances of your motorbike.

Why to Renew Your Insurance?

Requiring an insurance plan is a great way of taking care of the expenditures you could suffer in case of own or third-party damage, which otherwise you would have to pay from your pocket. Besides this important point, there are a number of other benefits:

Easily transfer NCB
No Inspections, No Form-filling
Coverage against Bike damage or Robbery
Add-ons for extra protection

The Bike Insurance Renewal Procedure

Before you renew the policy, there are some things you need to consider. The process differs in case your previous plan is active or has expired:

What you need to do if your policy is active:

Negotiate your premium

First of all, be well aware of your plan and understand it completely. Remove features and exclude add-ons that you are sure you won’t use to cut down your cost!

Evaluate your cover

Bike insurance renewal helps you in comparing the cover against the other plans offered in the market. Browse through and choose one that goes well with your requirements!

Know your add-ons

Choose add-ons that are best suited to your requirements and include them in your plan. They might be an additional expense; however they enhance the policy benefits!

Correcting the incorrect information

During renewal, you can get previous errors corrected by offering the correct information, remember, correct details are important for faster claims!

What you need to do if your two wheeler insurance has expired?

Missed out on renewing your plan? Don’t be tensed; it’s natural because of the hectic schedules! Here’s what to do in that case:

Explore and compare the policies online that you wish to consider for the coverage and select
Fill up the simple form online and renew in just a few minutes without any inspection

Why Bike Insurance Cover is Necessary

Buying two wheeler insurance comes with several benefits, providing protection as well as coverage in the event of any emergency

Bike insurance is an insurance plan that offers protection from any liability or harm to an individual or property by your bike. Any damage to your bike incurred due to unexpected incidents like accidents, man-made or natural calamities will also be covered with an insurance.

Benefits:

Safeguards your two-wheeler:

The basic benefit of a two wheeler insurance is that it safeguards the vehicle from any harm incurred due to accidents - big or small. Even a small dent or paint re-touch would cause a substantial drain financially. Insurance helps deal with such expenditure at a negligible cost.

Cashless garage facility:

A two-wheeler which has been insured receives cashless garage services at different locations in case of any vehicular emergency which proves to be of great help to a customer.

Additional Coverage:

Insurance providers also provide additional offers such as various add-on covers which in turn provides all-inclusive and specific protection. These additional benefits are usually added to the current plan.

Peace of mind:

Having an insurance plan, helps you remain worry free as a plan offers financial protection against any sudden expenditures because of unexpected circumstances.

NCB (No claim bonus):

If, during the tenure of an insurance policy, the customer does not make a claim, insurers offer discounts and other benefits during insurance renewal.

Once a person purchases an two wheeler insurance policy, he/she has to however, make sure to renew the policy on time and be up to date, so as to avail maximum benefits and avoid fines or penalties. Most policies are renewable yearly but these days, multi-year bike insurance policies are also gaining popularity with policy terms of up to three years. In both cases, however, the plan has to be renewed or a new policy has to be bought on time.

Earlier, a lot of people avoided renewing their policies as it was time consuming and tedious. However, with online vehicle insurance, the process is now simpler and efficient.

Fuel Prices To Get Revised Daily: A Closer Look

The onset of next month is likely to bring a new change in the price rate of both Petrol and Diesel for the Indian citizens. The primary focus of the project is to revise the price of both petrol and diesel based on the change happening in the international market. It has been undertaken by three top most state-owned fuel retailers of the country, i.e., Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL).

For now, the price rates get revised on a fortnight basis, however, from May 1 Indian users would get to see a new change in the price rates each day. The project would initiate from Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh and as per the feedback received, it will later expand across all pumps in the nation.

Ways to avoid such fluctuations:

Although, international oil prices don't change much, still it affects the bank balance of a common man. Also, with the new mechanism in action, you will have to check the prices every day before getting your vehicle refuelled.

There are different ways to mitigate the impact of this sudden rise and fall in oil prices on your pockets:

Switch To Using Public Transport:

By using public transportation like metros, buses or rickshaws, you can quickly reduce the impact of price rise on your daily lifestyle. You can also start using bicycles as they are environment-friendly and would also keep you healthy.

Car Pools:

You can also use car pool facility offered by various carpooling companies across the country. These cab services are quite nominal and other than giving you simple means to travel anywhere in the country; they also help in saving of fuel and your money.

Switch Off Ignition:

If you find yourself stuck in a halted traffic for longer durations, switching off the engine is the best way to save fuel. When you switch the engine off, you not only save fuel but also help in keeping the environment pollution free.

Regular Maintenance/ Right Service at the Right Time:

Getting your vehicle serviced on a regular basis is a major factor in saving the fuel. When you maintain your vehicle properly, it ensures the longevity of vehicle and reduces the amount of money you spend on the fuel.

Even though the project is still in the pipelines, it would be interesting to see how the people react to it. And amidst the ongoing chaos of rising and falling of fuel prices, don’t forget to check your vehicle insurance premium policy. You can easily compare vehicle insurance online quotes offered by different insurers.

4 Tips To Tweak Your Old Car Easily

Owning your set of wheels is not just a matter of pride but over the years it becomes an emotional attachment as well. And because of this emotional and sentimental value, a lot of us prefer not to part with it even though it has had its fair share of wear and tear. But, we also know that with all those dents and dings, your car is not up to the mark whether in terms of fuel efficiency or performance.

If you are also one of those who is at the crossroads thinking whether to hold on to your vehicle or part with it, we have some good news for you! We are going to explain 4 easy tips that you can use to tweak your old car and have it as good as new. These tips are not only easy but are also quite affordable.

Pay Attention to the Tires

One of the main reasons why your car loses out on the power and performance is because of the tires. Over the years, your car tires have borne the brunt of the work, and you need to check their conditions on a regular basis. A tire without any grip on it is absolutely worthless on the roads. If you are changing the tires, then you need to ensure that the new tires are of supreme quality, if not, you would end up with bad tires in no time.

Spark Plugs

How many of you have even thought of checking those spark plugs? Not many, right? Well, spark plugs are one way of enhancing the performance as well as the fuel efficiency of your car because better and new spark plugs can give better combustion. They should be checked during your regular servicing. Though spark plugs are made of different materials, it is better to opt for Iridium spark plugs as they last for a much longer time. A word of advice would be to let your car mechanic handle this change rather than you doing it on your own.

Bushings

Just like spark plugs, you need to replace your vehicle’s rubber bushings as well. Over a period of time the rubber bushings break down, and this is not good for your car. An ideal solution would be to replace it with polyurethane bushings which are much stronger and will last longer than the rubber ones. Depending upon your budget, you can either buy a kit and replace all the bushings at the same time or do it one by one.

Engine Control Unit (ECU)

The engine control unit is responsible for adjusting the fuel/air ratio of the car’s engine ensuring that everything remains consistent irrespective of the temperature and air density. This is usually decided and programmed at the factory itself; however, you could reprogram your engine control unit. This would not only enhance the performance but can also give you better fuel efficiency.

There are a lot of other things too that you could try out such as installing a cold-air intake, regular changing of oil, installing a sway bar, etc., to breath new life into your old car.

5 Car Road Trips You Must Take With Your Friends This Monsoon

If you are bitten by the wanderlust bug, then road trips will perhaps be the most interesting medicine for you. To be out on road trip with your friends is a bonus. Your company makes the trip even more enjoyable. Monsoon trips are nothing but colourful. Everything suddenly seems alive, and it is the beauty of nature that calls out to you to take a road trip with your friends. Have a look at following places you could visit this monsoon.

Manali to Leh

This route tops the list. Its a rather calm route given the raging monsoons of India as Leh is a watershed region. However, be prepared to get transported to a world of fantasy when on this trip. The rugged terrain, lofty mountains, beautiful waterfalls will all take your breath away. You will be travelling and passing by some of the highest mountain passes and exotic valleys when on this route. In between the barren region, the presence of monasteries with fluttering flags is another unique aspect of this route. This route spans for about 480 km and remains open for five months only.

Visakhapatnam to Araku Valley

This road traverses for a distance of around 115 km. This region gets its monsoon rainfall between October to January so you can plan your trip here between October to March to enjoy the beauty of this region. Some interesting places to visit here are the Borra caves and the Tatipudi reservoir that falls on the way. The Bay of Bengal kissing the Eastern Ghats is a beautiful sight to behold. If you are a first-time traveller to this place, then be ready to get enthralled by the beauty of this location. The roads that lead to Araku valley are curvy, but gentle and contains a mystified beauty that everyone would enjoy.

Darjeeling to Gangtok

The distance between Darjeeling and Gangtok is close to about 100 km only, but you will be enjoying one of the best road trips with your friends with lots of beautiful memories to cherish. You will, of course, be travelling with the Kanchenjunga as your backdrop which is an added privilege. As you are going in the monsoons, expect overflowing greenery and loads of colourful flowers. The lush green environment, the clouds casting their shadows will keep you captivated throughout the ride.

Bangalore to Coorg

Another interesting experience for you will be this trip to Coorg, which is also called the Scotland of India. You will come across ginger, peppercorn and coffee plantation on both sides of the road when you travel and being the monsoons the beauty of your surroundings will take your breath away. The distance between the two places is about 250 km and hence makes it a must-visit travel destination.

Gangtok to Lake Tsomgo and Nathu-La Pass

Its a rather unexplored and one of the best road trip destination for you and your friends. The distance between the two places is about 50km to 55km long, and the Lake Tsomgo also called the Changu Lake falls on the way. This trip can be taken both in summers and monsoons. If you are visiting the place in monsoon, be prepared for seeing a blooming valley with beautiful wildflowers growing everywhere. On the contrary, in winters you can enjoy the frozen waterfalls on the way.
You must now pack your bags and get ready for one of these destinations or even try multiple ones if you wish. Happy Journey!

5 Tips You Must Know To Modify Car Interiors

Let’s admit, buying our dream car burns a hole in our pocket, how little it may be. And just in case it has been years that you are driving your car and want a change, the most economical way to brush away your boredom is to revamp your old car instead of buying a new one. Here are five cool tips that you may consider as you embark on changing your car interiors.

Upgrading Car Stereo System

If you are too bored of playing the old car stereo system that only plays audio via a pen drive or a CD, its high time you take a look at the new and advanced stereo systems that are available in the market. Several reputed brands like Sony, Woodman and Pioneer have come up with an LCD which allows you to play video along with the audio. The Woodman Luxury WMLX22 Android Double Din With Inbuilt GPS Navigation System & Screen Mirroring Car Stereo (Double Din) has features like touchscreen and steering wheel controls. Streaming audio is quite hassle free as you can do it via Bluetooth, SD or USB.

Adding a Mini and Portable Refrigerator

Make your long drives more enjoyable by adding this to your car. Modify your car by keeping a mini and portable refrigerator wherein you can store your favourite food and beverages. Tropicool is perhaps the most popular brand that offers a wide range of refrigerators suitable for cars.

Customised Steering Wheel

Jazz up your car interior by replacing your old steering wheel with a customised one. Install a customised steering wheel and escalate your driving experience by choosing from a plethora of brands like Grant, Momo, Sparco, B&I and Sherwood to name a few.

Plastic Spray Painting Car Interiors

Plastic painting is an easy technique to refurbish your car interiors without much fuss. It is known for its better adhering abilities, and they do not fade. Plastic spray painting tends to spread evenly over the surface, giving your car interior a nice smooth finish. You can also add glitters to your car interiors to add some bling to your favourite toy.

Upgrading Gear Knobs, Hand Brakes and Dash Board Function

Why use your same old gear knobs when there are a variety of options available in the market? You can choose from a wide selection of gear knobs ranging from leatherette ones to LED, from mahogany finish to your own customised one.

Hand brakes, also known as emergency brakes are used to keep your vehicle stationary. Refurbish your car by letting go of your old hand brake and install a customised one. You can also lend your car a brand new look by upgrading your dashboard by adding airbags, GPS, music system or performance gears.

Hope these few tips were useful in modifying your car interiors. So ride in style!

A Must Checkout List Of Pet Friendly Cars For Every Pet Lover

When planning to buy a car, a pet lover keeps in mind the comfort of the pet as well. We all love our furry/fluffy friends, but many times we are unable to understand whether the car that we plan to buy will be comfortable for them or not. We tend to get misguided and land up buying something that wouldn’t fully serve the purpose. Here is a checklist of pet-friendly cars. Have a look!

Mercedes-Benz E400 Wagon

This car will be very useful if you do not want to carry your dog’s kennel in the rear row seats for the journey you plan to take. This car comes along with a ‘deep boot tub option’ which can easily transport your pet. It also ensures that your naughty pet remains soiled all the time without damaging the interiors of the car.

Skoda Superb Estate

Skoda Superb Estate is one of the most pet-friendly cars as its comfortable for you and your pet both. It is extremely versatile and adaptable and also comes with a pet pack for your dog. It has a rear bumper protector that guards your pet. This car has a large boot capacity and can hold around 665 litres of cargo. It comes with a low loading sill, and it is long and flat for your pet to jump in quickly.

Citroen C3 Picasso

If you have a smaller sized pet, then this is your car. It has seating capacity for five and is extremely comfortable. It has a small window sill which is one of the best features for your pet. Mostly every pet loves the outside view, but the smaller sized one mostly miss out the fun because of their small stature.

This new car is perfect for a family of five and your pet dog. It is a new model in the Indian market and is one of the best sellers in the urban sector.

Nissan Titan Crew Cab

Nissan Titan Crew Cab has a very canine friendly interior as it incorporates a rear seat cargo organiser and folded benches. Such an arrangement allows you to transport your food to your dog without the fear of your food box getting overturned or eaten. Overall, this car gives your pet all the freedom that it could ever want.

Toyota Prius C

It is not possible for every owner to afford the costly and luxurious pet-friendly cars but that does not mean they love their pets any less. This car is a perfect answer for all such owners. It has great fuel economy and contains enough space to comfortably fit your dog, though it is considered a compact car. Moreover, it also has a large hatch door which makes jumping in and out of the car enjoyable for your pet.

Kia Soul

This car comes with a panoramic sunroof which makes it all the more fun for your furry friend. It looks extremely compact but has enormous space and headroom making it ideal for tall dogs. The rear hatch ensures that your dog can jump in and out of the car easily.

So, with this, we end our compilation of pet-friendly cars. We hope you choose the perfect car not just for yourself, but for your pet too. Have a safe and comfortable ride always.

Five Movies That Every Car Enthusiasts Must Watch

If you are a car enthusiast, you will love watching movies with a lot of action sequences involving cars. What can be better than lazing around on your weekends and indulging in watching your favorite movies? We bring out a list of 5 movies that you are surely going to love if you are a car lover.

Ronin

This 1998 action thriller, directed by John Frankenheimer is surely the first movie in every car lovers’ bucket list. The star cast of the movie includes Robert De Niro, Jean Reno, Natascha McElhone, Stellan Skarsgard, Jonathan Pryce and Sean Bean. It is about a team of ex-special operatives trying to steal a mysterious and highly guarded briefcase. You are surely in for a visual treat as you see your favourite stars zoom in through the streets of Paris and Nice, chasing each other driving Audi S8 D2, Peugeot 406, Peugeot 605s, a Mercedes-Benz W116, Mercedes-Benz 450SEL and the list goes on. The chase scenes enhanced by special effects look real. If you don’t trust our words, grab a DVD and give it a watch.

Gone in 60 Seconds

Gone in 60 Seconds is an American action film released in 2000. It includes a star cast of Nicolas Cage, Angelina Jolie, Giovanni Ribisi, and Delroy Lindo. It is particularly a heist drama, directed by Dominic Sena which centres around the plot of a former car thief who is forced to steal 50 cars to save his brother’s life. It is a loose remake of the HB Halicki film of the same name which released in 1974. Few of the expensive cars used in the movie include names of Aston Martin DB7, 1962 Aston Martin DB1, 1999 Bentley Arnage, 1964 Bentley Continental, 1959 Cadillac Eldorado, 1957 Chevy Bel Air Convertible, 1971 DeTomaso Pantera and others.

Bullitt

With the star cast of Steve McQueen, Jacqueline Bisset, Robert Vaughn, and Robert Duvall, this movie directed by Peter Yates was a humongous box office success. The car chase scenes through the city of San Francisco are undeniably one of the best and it continues to remain so. It is about a San Francisco cop tasked with protecting a mafia informant. Watching McQueen in his 1968 Mustang Fastback chase the goons in their Dodge Charger through the streets of San Francisco is something you wish never ends.

Vanishing Point

A 1971 American action road movie which stars Barry Newman, Cleavon Little and Dean Jagger, it is directed by Richard C. Sarafian. Kowalski, who works for a car delivery service takes delivery of a 1970 Dodge Challenger to take from Colorado to San Francisco. He takes up a challenge to deliver the car in less than 15 hours but ends up running into trouble with the highway cops.

The Fast And The Furious Series

A series of action films starring Hollywood giants like Vin Diesel, Dwane Johnson, Paul Walker, Michelle Rodriguez, etc. It revolves around illegal street racing and heists. All the movies in the series are insanely popular for its car chasing scenes.

So, stop waiting, grab a popcorn and have a great movie time at home!

Own A Bike? - DIY Tips To Clean It Effectively

We tend to become lazy when it comes to cleaning our bikes. The squealing chain and the balky shifting are conversations we all want to avoid, and for that to happen, it is necessary that we clean our bikes regularly. Moreover, a dirty bike can reflect a careless image of you, and we are sure you won’t like that. Have a look at some easy tips to clean your bike:

Clean your chain

The chain is an important component of your bike and hence requires special attention. However, before you begin to clean it, check for its condition. You can use greasepaint or any oil of your choice to clean and lubricate every part of the chain properly. Lightly coat every link and every side plate of your chain carefully and make sure that the chain rings are well lubricated. Also, ensure the cassette is well lubricated. You can also use a cloth to remove the grime settled on your chain links. After the lubrication, you will notice that the squeaking would vanish.

A bike bath

Wet your bike using a water spray or use a water hose for this purpose. It is necessary for removing the mud casing on certain parts of your bike. If you are using a hose, then you need to be careful that the water does not enter the bearings of your bike. For the next step, you can use warm water as it does the work faster. To do that, mix hot water in a bucket with any washing liquid or shampoo if you don’t have a washing liquid. Use a sponge or cloth or a brush to clean every part of your bike thoroughly. Clean the controls, tires, rims, frame, fork, shocks, but don't try cleaning the drive train as that will make your entire bike oily.

Rinse

Now you need to rinse your bike thoroughly and carefully. You can do this using a washcloth. It will take a lot of time, but it is safer than using a water hose. If you are in a hurry and want to complete the task quickly, then you can opt for the water hose. You need to be careful while using it. Take care that water does not squirt over the hubs, bottom bracket, headset or suspension seal.

Smaller parts need more attention

You can use a brush to clean the smaller areas like the crankset, under the fork, around the brakes and others. You will need to scrub the rims if you have standard brakes as it will keep them in the functional state always.

Drying

After rinsing your bike, to remove any soap deposition, you need to dry your bike. Use and wipe dry your bike completely. Once it dries, you can use a bike polish to give it that extra shine.

Lubricate

Lubricate the important joints of your bike like brake arms, rear derailleur, front mech, jockey wheel, etc. and you are good to go. You can use Finish Line Wet lubricant as it lasts for longer durations and you can use it on most of the moving parts of the bike.

Stuck In A Traffic Jam? Simple Tips To Avoid Them

Nobody wants to be a part of city jam, be it while going to your destination or returning from it. The problem is that if you are a city dweller you have to deal with constant jams most of the time. Avoiding such a situation is tough. It causes delays, and in most cases, we tend to miss important scheduled work planned for the day. However to avoid such delays, one can follow these simple tips:

Tips To Avoid Traffic Congestion

Avoid peak timings

You must have heard this advice from everyone, and yes this is the first and foremost lesson that one must keep in mind. It is the best you can do when you are living in a congested city. With the peak office hours beginning to show face, the traffic starts slowing down gradually. So try getting out a little earlier.

Map out alternate routes

Make sure you have an alternate route to your destination. If you cannot help running late during the peak hours, then the alternate routes are your only hope. Alternate routes tend to be less congested, but there are chances that they may be a little longer. However, that shouldn’t be a concern if we can skip the halted traffic saving time.

Keep up with the traffic

As much as you want to avoid the congestion, it is equally important that you do not add to the congestion. Be alert at lights. It is not the time to miss the change of signal light until someone honks you. Do not talk on the phone and then miss out on the signal. These little things tend to add to your delay and for others as well.

Use a two wheeler

During peak traffic congestion hours, your two-wheeler may be your saving grace. It takes minimal space, can be easily manoeuvred and you can quickly change lanes. It will help you reach faster to your destination. If you do not have a motorbike license you can always use your bicycle (provided you do not stay very far away from your workplace). Regular cycling has its health benefits.

Radio

When you are choosing your route to work, do not act on your intuition rather listen to the radio that airs out traffic status and conditions. In this manner, you can avoid any probable gridlock easily.

GPS system with live traffic updates

You can also use your cellphone GPS system to prevent traffic congestion instantly. You can quickly change routes when your GPS alerts you of congestion and thus avoid a delay.

Public transport

Using the subway or the city bus tends to save your time a lot. You may have a luxurious car, but it is better to leave your pride at home and take the tube (Metro) rather than getting late.

Something that you must keep in mind

Do not be the cause of congestion. Keep your vehicle in serviceable condition.
Do not slow down your vehicle to gawk upon some activity taking place on the road. You are slowing everyone down.
Do not merge lanes suddenly as you tend to slow the whole traffic flow.
Be alert at lights.

Be smart and skip the traffic! Happy riding folks.

Ways To Identify A Perfect Car For Your Family

Today cars have become more of a necessity than a requirement. Given the hectic schedule that we follow, it is the easiest mode of transportation. Having the correct car that suits everyone in your family and leaves no room for complaint is a must have thing. If you are planning a road trip, your car becomes your best aid.

Just hop on a car, and you are off. However, it is important to buy the correct type of car. A sports car may look good, but when you have a family to consider the following things must be kept in mind:

Factors That Make A Car The Perfect Family Car

Safety

Its one of the primary factor for consideration when buying a car. Ensure the damage resistance ability of the car before purchasing it. You can use sites like How Safe Is Your Car for testing the safety of the car. Various sites compile a rating on various aspects of the car; you can also consult.

Space

The car space is a vital factor among all families while buying a car. Most mothers prefer cars that come with a lot of space. A three-row seat car like SUV's or Vans is in much demand among large families. More car space ensures that you can comfortably stretch out in your car when out on long drives and it also leaves room for your pet to do the same as well.

A sliding rear seat

One of the extremely desired features in a three-row seat car. During a long drive, you would love being closer to your little one so, in such cases, this feature can come to your rescue.

Low fuel consumption

Another important requirement that we have in our mental checklist while buying a car. With the growing cost of fuel, our prime concern tends to be fuel economy. Before purchasing a car, always do a proper background check regarding the fuel economy of the car you intend to buy and once you are clear on all aspects, go for it.

Storage

Most cars have a large amount of storage space in them. But it is important that the storage space is good enough to cater to your needs. It must be easily accessible so that cleaning it up is easy in case of any spillage in the car.

Seats

The comfort and flexibility of the seats are very important. The seats must all be of the right size to avoid any future arguments. They should be easy to slide on as and when required. Folding of seats must be smooth too. You also need to check how many seats have ISOFIX points in them so that you can install child car seats accordingly.

Collision prevention system and reverse sensing system

When you are out on a vacation with your family, a case of warring siblings and cousins is not uncommon and it is a major distraction. In such situation technology is your only hope. These systems or the modern FCW systems come with automatic braking facilities and the stop the car before a collision. Hence these are perfect when the distraction in the car is too much.

There is nothing like ‘the perfect car’. All cars have their share of drawbacks. You need to have a checklist of your desired requirements and also do a background check before you step out for purchasing. Choose wisely and drive safe.

5 Motor Events In India Every Car Enthusiast Should Attend

Motor events in India are like a huge celebration for car enthusiasts. Organised throughout the year by different automobile bodies, there are a number of motor events where like-minded car lovers meet and take part in the racing events. Whether you are a participant, a spectator or hardcore car lover, you just cannot miss out on some of these mind-blowing motor events.

Since it is not possible for you to attend all the motor events happening in India, we have curated a list of 5 motor events which a car enthusiast like you should attend:

JK Tyre FMSCI National Racing Championship

At this event, car enthusiasts can feast their eyes on a number of different categories like superbikes, souped-up saloons, single seater racing cars, etc. This championship has seen the likes of Narain Karthikeyan, Armaan Ebrahim and other champions making their presence felt. This year the initial rounds would be held at KMC Circuit, Coimbatore with the finale at BIC Circuit, Greater Noida.

If you are becoming a part of this event, then JK Touring Cars, LGB Formula 4 and Euro JK 16 are the three categories that would surely get your hearts racing. The event is held usually in the month of April.

Volkswagen Motorsport

Seasoned car lovers would be familiar with the Volkswagen Motorsport which completed seven years in India successfully. This year it's the eighth season, wherein with the introduction of the new Ameo in the Indian market, they are also launching the Volkswagen Ameo Cup which would have 20 drivers on board competing against each other in Coimbatore, Chennai and Delhi. With a driver exchange program in place, the winner would have a chance to show off their skill/talent internationally as well.

Indian National Rally Championship

The Federation of Motor Sports Club of India (FMSCI) organises a series of rally racing dubbed under the moniker of Indian National Rally Championship. A point system determines the driver and co-driver champions, and with MRF as the title sponsor, this is one of the most sought after motor events in India.

Maruti Suzuki Desert Storm Car Rally

Next on our list is the Maruti Suzuki Desert Storm Car Rally event where the participants cover a distance of 2,600 km. They need to manoeuvre through different terrains which take them through the Thar Desert to mountainous Aravalli and finally to Rann of Kutch. This is one motor event in India which tests the driver’s skills on various terrains.

Himalayan Car Rally

One of the most challenging and toughest motorsports in India, it leaves you with an adrenaline rush like no other. This event has participants joining from outside India as well who need to cross the Himalayan terrain for finishing the rally.

Do remember that the events mentioned above are just a few of them. There are a lot more of them for you to attend in case you miss out on these.

Checklist For Buying New Two Wheeler / Bike

The practicality and convenience of using a two wheeler in crowded and narrow lanes have bolstered its sales considerably. If you are planning to buy a two-wheeler, check out the key points to consider:

1.Brand

A brand that combines style and convenience with practicality needs to be considered. The established brand will assure you the quality and high resale value. Moreover, the branded two wheelers are loaded with so many features that you can head out to anywhere and leave nothing behind. Honda, Yamaha, and Bajaj are three of the most popular manufacturers that you can consider.

2.Budget

Before buying a two wheeler, it is important to consider the budget. While scooters mostly cost around Rs. INR 45,000 to 70,000, bikes have a bigger price range with the Royal Enfield Continental GT going up to Rs 2 lakhs. A sports bike like the Suzuki Hayabusa retails for Rs 13-14 lakhs! The price for a model depends on the feature, technology, and cc capacity. So generally, a 150cc bike will cost less than a 350cc or 500cc Royal Enfield Bullet.

3.Mileage

Though many branded companies claim for improved mid- range performance, ultimately what matters is mileage. Mileage is nothing but the distance covered by the vehicle with one litre of fuel. On an average, a decent two-wheeler will be able to provide you with a mileage of 35-40 km/l, with scooters going as good as 50-55 km/l on the highways. However, don’t confuse daily commuting mileage will be slightly lesser.

4.Engine

Buying a two wheeler is not an easy decision. Hence, it is important to check the vehicle thoroughly. If you fire up the engine and notice that the noise and vibration levels can’t be managed or you feel a fair amount of vibes, then it’s better not to consider that motor bike.

The engine is always a bone of contention. In fact, by taking a test drive, you can come to know whether your motor bike can handle two overweight adults on board or not.

5.Safety features

Just like before buying a car, an individual needs to consider the safety kit that includes ABS, EBD, traction control, rear seats and radar based assistance system. Similarly, before buying a bike, there are certain safety features (engine immobiliser, brake system, anti-lock brake system, and disc brakes) that you need to think upon, as it saves the rider and the bike from any untoward incidents.

The decision to buy a two wheeler needs to be done after careful research and after factoring in your preferences. For starters, these are the essential points to be considered to make your decision easier.

8 Fun Facts Of Being A Professional Racer

Deciding on one’s career is not only one of the most important task but also the toughest. You would find almost everyone giving you suggestion on what career would be best for you. Becoming a doctor or an engineer is probably the oldest and the most common career choices; whether you want to become one or not! A majority of us tend to follow the crowd and make our careers in this field. However, there are a few of us who choose off-beat career paths like that of a professional racer.

Professional racing is a dangerous profession and must not to be taken lightly. The risks involved are too high, and not everybody can prepare themselves to take up such a challenging career. You need to be physically and mentally strong, and you need to live and breathe racing if you want to make your mark in this career. But it’s not just about sweating and toil; there are also some fun facts attached with this profession. Read on to find out what those facts are!

As a professional racer, the amount of money you make is way too good. Though the investments are high in this career, you can easily recover them because you earn a lot by taking part and winning in various competitions.
If you love travelling, then this is an ideal career choice. Professional racers don’t just stick to one place. They get to travel throughout the world to show off their racing skills. So along with shaping up your career, you get to travel and see the world as well.
A common aspect of being a professional racer is their love for different kinds of cars, and in this profession, they not only get to see automobile beauties but also a chance to drive those mean machines.
How many times have you revved up your car and busted for over-speeding? Well, professional racers are officially allowed to rev up their cars to whatever speed they want. It sure is an exhilarating feeling when you get to press your foot on that accelerator.
Who doesn’t love a good dose of attention? As a professional racer, there would be no dearth of attention with people clamouring to get your photographs and autograph.
Professional racers don’t have to be bothered about following the standard work hours of 9-5. They have the flexibility to choose when and where they want to work.
Working under a boss is not everybody’s cup of tea, and the profession gives you the freedom you seek. They are not answerable to anyone.
Another fun aspect of becoming a professional racer is the amount of fame and adulation that you get.

Professional racers get to live life in the fast pace, but it requires tremendous grit and determination to reach the top and enjoy all the things mentioned above.

Which Is better? CNG Vs Diesel Car

Let’s Check out How CNG Vs Diesel Car Perform on Different Parameters

With so many cars storming the market with its salient features, the dilemma remains the same: Should we go for a CNG or Diesel car? Let’s check out how these two variants perform on different parameters –

Mileage

The mileage of diesel car is more as compared to the CNG. A diesel engine requires a spark plug and thus offers higher compression. It makes the diesel car more fuel efficient as compared to the CNG version. A diesel car is a winner in this consideration. For a predominantly price sensitive India market, this can be a vital buying factor.

Service and Maintenance

Both CNG and diesel variants have their benefits and disadvantages here. While a diesel car has a major advantage of low fuel cost and better mileage, it’s expensive than CNG in terms of service and maintenance.

Hence it is important to buy a car with caution. Having a great mileage and cheaper fuel price is not sufficient, it is important to have a look at the overall running cost of the vehicle. If you want to run a car for the commercial purpose- diesel car can be the most preferred choice. A good rule of thumb is that if you are clocking over 400km a month, then a diesel car will be preferable.

Luggage Space

The hatchback oriented India market has to cope with the CNG kit installed in the boot space. This leaves very little room for putting luggage here.

Environment Friendly

CNG cars tend to be more environment-friendly than the diesel variant. The low exhaust emission of CNG might just be the solution we need to live in the pollution riddled urban cities of India. So, if you want to lower down your carbon footprint, we recommend you to go for a CNG version.

Lifespan

A CNG engine has a better lifespan as compared to the diesel variant. It can run smoothly up to 9-12 years without any hiccup. On the other hand, the diesel variant has a life span of 6 to 8 years.

Cost Recovery

People hesitate to buy a CNG engine thinking that it is costly. In actual reality, the cost of recovery of the additional cost incurred for a CNG engine is less as compared to the diesel engine. It means the users can recover the cost faster when he/she purchase CNG engine.

Availability

Diesel cars are more easily available in the market as compared to the CNG. After petrol, diesel is the most preferred fuel for cars. CNG from manufacturers tend to be rarer and is usually fitted as an after-market solution. Also, CNG refilling stations are few and far in between.

With so many diesel and CNG cars, hitting the market, it is important to understand and calculate what is the best choice? After all, it is a capital investment that can’t be recovered easily.

Check out answer to another question regarding Petrol Vs Diesel Car.

4 Benefits Of Becoming A Point Of Sale - POS

The penetration of insurance in India is quite low. And one of the key reasons for this is the lack of trained professionals who can be employed as agents or distributors. Be it for a simple product like motor insurance or travel insurance, or for a more complex insurance solution like ULIP, the mandate is that only a registered distributor can sell policies from a particular insurance provider.

This scenario is bound to change for the better with the introduction of POS for insurance. IRDAI, the governing body for regulating the insurance sector, has allowed a Point of Sale (POS) person to sell insurance policies. With little training and qualification needed to sell the simpler insurance products, POS can augment the existing insurance distribution workforce and add value to a higher volume of sales.

Let’s check out some of the advantages of becoming a POS for insurance sector:

1.Free up existing workforce to sell more complex products

The new arrangement works best for simpler products that do not have a lot of underwriting efforts to sell to the consumer. So motor insurance or travel insurance, whose terms are easy to understand and explain to the buyers, comes under the ambit of an insurance POS. This frees up the existing full-fledged distributors to sell more of the complex products like ULIPs and deferred annuity plans, thus providing dual advantages.

2.Multiple opportunities

Another advantage is that a POS can work for more than one insurance service provider. Earlier, distributors used to be associated with just one company. However now a POS can sell insurance products for multiple companies as long as he/she is aged 18 or above and has cleared 10th standard exams.

3.Range of products that can be sold by POS

The products listed by IRDAI that can be sold by a POS include pure term insurance plans (these may or may not have returns on the product), motor insurance, travel insurance, and non-linked endowment plans. The POS can sell those products that satisfy the below 3 norms –

1 – The plan is easy to understand and explain

2 – The plan states the investment benefits beforehand

3 – The plan benefits are fixed, non- fluctuating, and pre- defined

4.Ease of getting trained

Another key point that works in favor of such POS is that they can get trained either offline or online through a reliable financial product agency or insurance broker, and get started with building a full-fledged career

Initially, only the National Institute of Electronics and Information Technology (NIELIT) could certify trained POS. But this has been relaxed from February 7 this year. Now an insurer, broker, or intermediary in the business can train the POS. This will enable quicker onboarding of the POS sales people. These parties need to conduct a training of at least 15 hours and examine the candidate on an objective paper to certify the POS.

These benefits of becoming a POS will help in the insurance industry to reach a wider segment of people across India.

5 Best Car Models Whose Price Dropped Post-GST Implementation

GST (Goods and Services Tax) got implemented across India from July 1, 2017. It is proving to be a revolutionary tax reform. But it also has been little confusing for some people. As the majority of items prices have changed, it is interesting to see what difference it makes in the automobile industry. The impact is little more than marginal. We decode in the next section about five cars whose prices have dropped significantly.

While there has been a decline in the price of around 2.5% for cars less than four length metres with an engine capacity of less than 1.2-litre petrol, the fall for SUVs is much larger with 12%. SUVs have seen the biggest impact of GST implementation, while green cars are surprisingly kept out of GST benefits.

Let’s check out some of the popular models whose price has dropped:

Maruti Suzuki Alto

The popular hatchback from Maruti’s Stable had a positive impact after the implementation of GST. Prices have corrected between Rs 2,300 for its low range model to Rs 5,400 for its premier model.

Maruti Suzuki Baleno

The premier hatchback sedan by Maruti Suzuki has been a popular model for quite long. Currently, it has a big waiting list. The car price has dropped between Rs 6600 and Rs 13,100, and as many believe it will lengthen its already long waiting list.

Maruti Vitara Brezza

The fashionable and stylish Vitara Brezza has been a blockbuster since its launch. The sports utility vehicle has been on the wish list of many people. After the launch of GST, it has become more attractive. The car’s price has reduced by Rs 10,400-14,700.

Honda City

The evergreen and elite Honda City is little closer to your budget now. GST has been a good thing for the car as the price went down by around Rs 16,510 - Rs 20,005. The price drop has been more for its premier model compared to its base model.

Renault Duster

Nissan India had via a statement informed GST is a positive move for manufacturers as well as customers. The Nissan-Renault Alliance dropped Duster’s price by Rs 30,400 –Rs 1,04,700. Now you have no reasons for not visiting the wilds and the sands. Go outdoors with Duster and enjoy the ride.

Note – All prices are ex-showroom prices.

To sign off

As evident, the GST impact has heralded price movements across different manufacturers and different segments. However, make sure to check what will be the new on-road price based on this cut. For instance, in Maharashtra, this reduction is followed by a simultaneous rise in road tax. It means that the overall benefit becomes negligible eventually for the buyer in the state.

Let us know which car you feel would be perfect for your family especially post GST price drop.

5 Maintenance Myths You Can’t Ignore While Servicing Your Car

When it comes to servicing your dream vehicle, you get all sorts of innovative suggestions from leading dealerships and maintenance experts. It’s a nice gesture on their part, but the ultimate decision lies with you. Most of the times, you know some of the maintenance services aren’t required; still, you end up paying for them. Whether it’s a tire change, fuel system intervals, or engine maintenance, you should know what your car needs.

Identifying the myths

When it comes to car maintenance and cars, owners have to be careful about quite a few misconceptions and myths. There are certain rules and servicing regulations that owners are expected to follow. However, all of them aren’t relevant, and they need proper analysis and review. Here’s a list of the common car maintenance misconceptions you can ignore while taking your vehicle for servicing:

1.Changing filters

Car filters get contaminated at a rapid pace. However, you don’t need to install new ones each time you visit an auto body shop. Although the servicing experts will push you towards opting for a change, it might not be the right time. A bit of cleaning will serve the purpose, and you should go through the maintenance manual thus identifying the perfect time for filter change.

2.3000 miles/3month oil change

One of the major misconceptions about your car is that it requires oil-change after every 3 months or 3000 miles. However, that isn’t the right piece of information. You must follow the owner's manual given by your manufacturer to figure out what would be a good time to change your car fuel. Also, you must take into account the quality of oil suggested by the brand to avoid downgrading the performance.

3.Engine ‘tune-ups’ aren’t necessary

When it comes to servicing your car, you might come across the term ‘engine tune-ups.' Well, there’s nothing like tuning up your car engine. Let’s just say; it’s a stylish way of asking the owner to change spark plugs. Since these components determine engine operations to a great extent, you should ensure perfect servicing for them. Wait for the right time and then opt for this tune-up or periodic service!

4.Changing coolants

Car maintenance experts also suggest you replace coolants two times in a year. According to them, it prepares your vehicle for the changing seasons. However, this aspect is no longer relevant today. Modern-day cars have long-lasting fluids which deliver exceptional performances throughout the year. You can change the coolants whenever you feel they are going below the threshold and need refuelling. You need no specific periods to perform this task.

5.Fuel system clean-up

It’s true that your car’s fuel system needs a complete clean-up, but only when you face acceleration problems, low fuel economy, or power loss. Other than these situations, you simply don’t need to invest in additives to clean the fuel system.

Final thoughts

Your car is one of the prized possessions in your life, so ensuring perfect care for it is imperative. With these myths busted, we are sure you will be more vigilant towards the same giving your car a long-lasting life.

Best 5 Bikes In India Under Rs 1.5 Lakh

Purchasing a bike, when you don’t have any budget constraints is a piece of cake, but if you are someone who cannot exceed a certain limit, we are here to fix your problem by offering you some of the best bikes that come under the price range of 1.5 Lacs.

1)Yamaha YZF R15 V2.0

Price: Rs 1,14,241

With a 150cc engine that offers 40kmpl, the Yamaha YZF R15 V2.0 was the first sports bike launched in India and is still the most sought-after bike. It is the cheapest sports bike available and is high on looks as well as style. The soft suspension system absorbs the worst of bumps, and you can ride this bike at high speeds for long durations without feeling tired or worrying about the engine overheating.

2) Bajaj Pulsar RS200

Price: Rs 1,21,894

The Bajaj Pulsar RS200 comes with a 200cc engine. It's a great motorcycle for everyday commuting, as it provides the comfort as well as ergonomics of a sports bike. With bold looks, superior handling and chic features, this bike takes corners as well as bumps with the same ease.

3) Hero Karizma ZMR

Price: Rs 1,20,475

The Hero Karizma ZMR is certainly a force to reckon with. It's air-cooled, four-stroke, single cylinder OHC, fuel injected, 223cc engine comes with an oil cooler. It is superlative on the road, offers amazing performance and is value for money motorcycle.

4) Royal Enfield Classic 350

Price: Rs 1,32,705

With an upright riding posture, tank like body and powered by a single-cylinder, four-stroke, twinspark, 346cc engine, the Royal Enfield Classic 350 is quite a catch for many biker aficionados. It comes with a front telescopic suspension alongside the twin gas charged shock absorbers with 5-step adjustable preload, offering superior control and stability.

5) KTM Duke 200

Price: Rs 1,43,500

The KTM Duke 200 is powered by a single-cylinder 4-stroke liquid cooled 200cc DOHC engine. It is a complete sports bike that comes with all the extra torque above 6,000 revs to provide superior performance even at top speeds. It is a great option if you are looking for a thrilling experience at a cost-effective price.

All of the bikes mentioned above are superior in performance, score high in the looks department, show astonishing control on the road, and also give you a wonderful ride experience. What’s more is that they all come at a budget-friendly cost allowing you to enjoy the best of all worlds during your daily commute.

Experts Say - Why Investing In Vintage Cars Is A Bad Idea?

Everybody loves all things vintage, so it’s not surprising why people go weak in the knees when it comes to vintage cars. In India itself, hundreds of car enthusiasts are proud owners of vintage cars. Although many people tell you about the advantages of owning a vintage model, not many convey why investing in vintage cars is not such a good idea after all.

1.The High Price of Maintenance

Vintage cars give out an old-school charm as almost all are manufactured decades ago. Even though maintenance cost is high, yet car collectors beg, borrow and steal to lay their hands on vintage cars. The rarer or older the car, the more difficult it is to find experienced mechanics, and original spare parts. Even car manufacturers or showrooms no longer manufacture or supply these parts, so it gets all the more difficult.

2.A Causative Factor of Air Pollution

Vintage cars do seem to play their part in air pollution. As stated by many, these cars are mostly diesel-fueled vehicles that give out toxic emissions which adversely affect human health. The NGT (National Green Tribunal) had even banned the commuting of these vehicles on the roads, but the decision rolled back after facing opposition from these car owners.

3.Lack of Passion to Maintain these Vehicles

Vintage cars are a priceless possession, but you cannot own possessions like these with money alone. You need to have the passion for preserving the historical importance of these vehicles too. Demanding work hours and the rising cost of living leave you with very little time to spare. Without enough passion and will, the vintage cars may take a backseat, in the long run, making you regret about your investment at a later stage.

4.Special Permission to Drive These Cars

Owning a vintage car is one thing and attempting to drive these models on Indian roads is another. Owners of these vehicles need special permission from the higher authorities before driving these cars on the road. Apart from official permit, they also need to pay tolls and taxes.

5.Consumes Humongous Amounts of Fuel

Vintage and classic cars drink up a lot of fuel and can even use up to one litre of fuel for every two kilometers travelled. This again raises the expenditure of owning such a vehicle. Running costs of these vehicles need to be kept in mind.

The acquisition cost of a vintage car comes into play too. Obtaining a proper loan for these cars is tough. Usually, these loans come with a high rate of interest, so investing in a vintage car means tackling the burden of acquisition cost, labour and parts. You also need to take into account insurance besides paying proper attention to its storage as well.

Considering all of these factors make collecting vintage cars an expensive and time consuming hobby. If you are not going to put in proper effort and time to maintain this vehicle and keep it in top, working condition at all times, investing in one is a bad idea.

Govt. Of India Decides To Deny Driverless Cars, Impacts On Auto Industry

The automobile industry all over the world is warming up to the idea of driverless cars. After all, when on a drive, these cars take human emotions and errors out of the equation and so decrease the number of accidents taking place on the road. Driverless cars save up on travel as well as parking time and even drastically cut down greenhouse gas pollution.

This is why; substantial investment is made for their development and growth. According to experts, by the year 2020, there will be around 10 million self-driving cars hitting the road. However, this won’t be happening in India.

Why are Driverless Cars a No-No for India?

1.Issue of Unemployment

According to India’s Union Minister of Road Transport and Highways, Nitin Gadkari, India won’t see driverless cars traverse Indian roads as letting technology take over people’s jobs can raise the level of unemployment in the state. Since the government of India is focussing on creating more employment opportunities, the minister doesn’t think bringing driverless cars into the picture serves the purpose.

Although this does hold a certain amount of truth, especially for those people who are not equipped with any other skill or qualification, many individuals beg to differ. Providing greater access to skill development, education and employability training serve as better long-term solutions for the issue of unemployment rather than curtailing technological advancement.

2. Indian roads are Crowded

It has also been stated that the roads in India are overcrowded, disfigured by potholes and flocked by vehicles and animals alike. It is not an uncommon sight to witness vehicles zig-zagging haphazardly. Combine this with poor driving etiquette, and what we get is a risky scenario.
It will take years of training and conditioning, before India can think about driverless cars that come with little or no human intervention to zoom over its roads.

Will the Indian Government’s Decision Impact the Indian Auto Industry?

In many parts of the world, driverless cars are all the rage, but India is not likely to emerge as a primary adopter of this technology to take you to and from places. When one of the world’s largest economies that are also the world’s second most populous country stands against the entry of driverless cars, it does affect the sentiments of the Indian auto industry. It's because it comes with its share of economic and environmental implications.

Driverless cars also affect the auto insurance industry. Since driverless cars depend on technology, it decreases the chance of accidents. It's a great concept, but it may not be a good sign for insurance companies as insurance premiums rely on errors caused by the driver.

Ultimately, like two sides of a coin, there are positive and negative effects of introducing driverless cars. For now, the decision already seems to be made by the Indian government, but only time will tell whether it affects the country and the auto industry favourably or unfavourably.

Which Factor Should You Consider Before Replacing Your Bike?

A used bike buyer has a host of factors to check to ensure that the purchase is a wise financial decision. In addition to the other things, it is necessary to use a barometer to check the age of the bike. They have two options in front of them – the first one is the odometer reading and the second one is the age of the motorcycle.

What is a Better Factor in Determining Resale Value?

Usually, ads are placed for used bikes that show odometer reading as one of the highlights. This tangible number is expected to help a potential buyer to narrow down options and correlate the price with the value that can be derived from the bike.

However, odometer reading will not be a sole determinant here. The number of years of the motorbike too has considerable bearing on the sale price and its appeal to the buyer.

Now take a situation:

Seller 1 = A 2-year-old bike that has clocked 1,00,000 kilometres

Seller 2 = A 5-year-old bike that has clocked 50,000 kilometres

If you are a potential buyer which one of the two options in used bikes will you prefer (provided both are made available at the same price point)?

Let’s analyse and find out

1.Level of Care

The above two scenarios show multiple possibilities:

It may happen that seller 1 clocks a lot of kilometres in a short time due to the better level of care he uses to maintain his bike. However, this long distance covered at once would surely mean that there may be wear and tear on the bike that has happened. Hence you need to check past bike servicing reports to see if there was any major replacement done to the electronic parts or engine parts.

It may also happen that seller 2 may have used it sparingly, and has not cared well for it either. So while 50,000 kms will look like a better proposition, you will need a lot of repair work to be done after buying because of lack of timely care. Here you can ride the bike for yourself and see for anomalies like key start problems, weird noises, slow revving, or high fuel consumption.

2.Reliability

An odometer reading is historically proven to not be a very reliable model. There have been cases where mechanics have tampered the instrument to show a lesser number of kilometres than what it has driven in reality. It's usually done to bump up the resale value of the bike, and scrupulous buyers often fall into this trap.

If we talk about the years of the bike, it's hard to tamper with the manufacturing of the motorcycle. The RTO documentation can easily be verified to prove if it is genuine or fake.

If you are also confused between the two, take help of these pointers to figure out which of the two you would prefer using the most.

Check Out These Amazing Facts If You Love Bike Riding

“Riding a bike is an art- a thing that you do because you feel something inside”, said Valentino Rossi, a renowned professional motorcycle road racer. True indeed, for if you are a bike enthusiast you share a certain kind of romance with it.

Apart from riding it, you are always engaged in knowing several facts about bikes. Here we bring to you a few amazing facts, which you just can’t miss if you love bike riding.

Reitwagen was the first motorbike fueled by gas and built by Gottlieb Daimler and Wilhelm Maybach in the year 1885 in Germany.

Modern sports bike tyres do not contain natural rubber. Slick tyres give you a better grip in the wet terrains or roads than the threaded tyres.

Remember the jaw-dropping 65 feet motorcycle stunt in the movie, The Great Escape? Well, to disappoint you, Steve McQueen did not do the jump. American Triumph dealer, Bud Ekins did it in a single take!

Hayabusa, besides being the name of your favourite bike is also the name of a World War II Kamikaze fighter plane. Hayabusa is also the name of a Japanese Peregrine falcon. Also, Vespa means wasp and Cucciolo; the first Ducati means puppy. Funny right?

Gregory Dunham built the tallest bike in the Guinness Book of World Records. He rode it himself. The tires were 6 feet tall, and the bike was over 11 feet from the ground. It weighed 2.94 tonnes.

Actors Larry Wilcox and Eric Estrada from the 1970s TV cop series, CHIPS, rode Kawasaki Z1000s with BMW fairings. He also underwent an eight-week course to ride the bike. The motorcycles used in the 1970s cult film, Easy Rider, were later put on sale.

Many motorbike giants have started from modest backgrounds. Ducati initially made parts for radios whereas, Yamaha originated in the year 1887 as a piano manufacturer.

Suzuki established itself by making looms for the growing Japan’s silk industry. They later started an engineering firm manufacturing small cars and engines.

Suzuki made its first motorcycle in the year 1952 which was called Power Free. It was fitted with a two-stroke 36 cc engine and featured a double-sprocket gear system which allowed the rider to pedal without using the engine or shun the pedals and then use the engine.

The era of 1950s was the “golden age” for motorcycles. The use of bikes in several films like Rebels Without a Cause popularised these two-wheeled vehicles. The motorcycle industry was dominated by the United States and Europe throughout the 1960s until the Japanese manufacturers like Honda, Yamaha, Kawasaki and Suzuki rose to prominence.

Japanese toilet company, TOTO had launched a green motorcycle which runs neither on gasoline nor electric motor. It runs solely on biogas from livestock waste. The brand intends to raise awareness among customers “through the development of environmentally-friendly products”, said Kevin Fujita, a TOTO spokesperson.

Troubleshoot Your Car Heating Issues With Simple Effective Tips

After several years of efforts and savings, you have finally purchased the car of your dreams and are ready to take it for a ride. But, wait. Buying a car might sound difficult but maintaining it is even tougher. It’s important to take care of your car to ensure its durability and longevity. Not maintaining it properly, could lead to damaged parts, petrol tank problems, and mileage issues.

Overheating of your car is one such issue that can lead to turbulence in your vehicle and its performance. It can happen due to various reasons, and one should always be prepared for dealing with such issues. Follow these simple yet useful tips to troubleshoot the car heating issues:

Check the coolant present in the radiator. The coolant is essential to maintain the car and engine temperature and must function properly.
Make sure your car windows are tinted. Tint your windows with shades such as blue to maintain an optimum temperature inside your car.
Make sure you park your car in a shady area to avoid exposing it to harsh sunlight resulting in its overheating.
A sun shade or heat shade can be used to protect your vehicle from harmful ultraviolet rays. These shades are similar to a sunglass and are useful in protecting your car windows from harmful radiations of the sun.
Always monitor the temperature gauge on your car dashboard and make sure it always points towards the cool option.
You can also add an engine coolant to your car. An engine coolant helps in maintaining the temperature of both the engine and your vehicle.
Check your car battery and keep replacing them now and then. If your battery isn’t functioning properly, then it might cause the car to work more and get overheated.
Always make sure that your thermostat is working properly as that is the main component of your car and without which your car cannot function.
Oiling your engine is important as that not only acts as a lubricator but also helps in keeping the temperature under control.
Radiator fans are similar to normal fans which provide immediate cooling to your engine. Make sure it’s in a working condition, and you are getting it serviced on a regular basis.
Switch your air conditioning once in a while and open the windows to ensure better air circulation in the vehicle.
If your car gets overheated due to any reason, park your car aside and get your car checked at any service station.
You must never drive for too long especially when you observe any technical glitches with your vehicle. The right practice is to get it serviced and then drive.

Thus, by following and keeping in mind the tips mentioned above, one can avoid overheating of the car and ensure better functionality and durability of the vehicle.

Learn How Interest on Bike Loan Is Calculated

Be it women, students, or the urban traveller; a bike has become a necessity for many in India. The two-wheeler is an amazing vehicle to drive on the narrow roads, congested traffic areas, or in crowded marketplaces. At an average price of Rs 50,000 to Rs 70,000, two-wheelers aren’t very expensive to own. It is important to bring down the cost of the bike by knowing what goes behind the interest amount that is appended to your two-wheeler’s on-road price.

Interest is the price demanded by the lender to take the risk of lending money to a borrower. From a lender’s perspective, interest can be said to be a rent on giving money. For a borrower, it will be the cost he will have to pay to get the money. The interest rates for two-wheeler loans in India fluctuate between 13% and 27%, depending on various factors. It is important as a loan applicant to know about these factors so that you can present your profile in a better light and incur a lower rate of interest on your loan application and approval.

Here are some factors which determine the interest rate on your bike loan

1.Amount of down payment

A lender will consider lowering the interest rate if the amount of down payment is high. A bigger down payment indicates that the bank or NBFC (Non-Banking Financial Company) will have to take a lower risk by lending a smaller amount; hence the interest rate may go down.

2.Tenure of the loan

If you opt for a higher duration loan, the bank may typically charge a lower rate of interest. A bike loan usually carries 3-year and 5-year tenure. The higher the tenure of the loan, the lower the interest rate charged and vice versa.

3.Lender profile

A traditional banking institution like HDFC and ICICI will offer lower or standard interest rates. However, when you approach an NBFC, it might go a bit higher. It is the highest for an unregulated lender like P2P lenders.

4.Type of vehicle

Two-wheelers like scooters will incur a lower rate of interest. For luxury two-wheelers or superbikes, the interest rate will be higher, as the lender will be taking on more risk by lending greater amount to the borrower in the latter case.

5.Applicant's employment type

For an employed person, the rate of interest is lower than what is charged to a self-employed individual or a businessman. Since a salaried person is considered to have a stable income and surety of repayment, he is charged a lower interest rate.

To conclude

Interest rates on bike and two-wheelers are generally floating. Because of the depreciating nature of two-wheelers, interest rates are higher than what is charged on other consumer products. By carefully considering these factors, you can optimise the amount of loan and interest rate that you are offered by the bank.

Change Your Air Filter With These Smart DIY Tips

You might be thrilled to ride your mean machine, as it delivers unmatched performance every time you take it on the roads. However, it is crucial to understand and care for the auto parts, mechanical components, features, and properties that enable this performance boost. High-end auto parts manufactured with innovative technologies can turn a simple bike into a dream machine!

It’s here that owners need to realize the significance of effective maintenance. You shouldn’t wait for these parts to go useless as that will lead to severe inconvenience. Preventive servicing and maintenance is the key, and that will help you keep the vehicle in top shape.

Significance of Air Filters

The air filter in a two-wheeler is an important component of your vehicle. Dysfunctional air filters can affect the vehicle’s performance to a great extent, which creates the demand for replacements. You can check whether there’s room for servicing on the existing parts or would you have to go for a complete replacement. At times, the problem is severe, and you have to install a new air filter. Your efforts and time involved in the air filter replacement project will depend on the vehicle type. Even then, some of the smart DIY filter replacement tips can help you out!

1.Refer to Owner’s Manual

Before trying out the replacement process, make sure you take a look at the owner’s manual. If there’s something you need to know about the vehicle, it’s here that you will find those facts.

2.Identify the Filter Type

Air filters are of diverse types and have distinctive features. Before getting down to performing replacements, determine the type of the filter. Some of the standard options are:

Paper Air Filters
Foam Air Filters
Sponge-Type Air Filter

3.Gain Access

If you need to replace the component, you will have to get access to it first. Try removing the gas tank carefully and make sure you turn the petcock ‘off’. After removing the filter, it is imperative to keep the air box covered to prevent dust and dirt accumulation during prolonged exposure!

4.Installing it the Right Way

While putting the new air filter in, you have to check the air flow direction. If you see a rubber ‘o’ ring, position it in the suitable direction. The prime emphasis should always be on getting the orientation right. After installation, don't forget to place the cover on the top.

5.Final Touches

Your job isn’t complete, as a significant segment of the task is still left. Tighten the screws after placing the cover and perform the step in alternate motions. That will help you apply and adjust the cover pressure evenly.

Get, Set, Go

These steps and DIY tips will be quite useful whenever there’s an air filter replacement project. Your vehicle will deliver unparalleled on-road performance with a well- maintained air filter.

Top 5 Most Reliable Motorbikes Between 60k and 80k

If you are looking for a motorbike in India and your budget is beyond 50k, you can get some great models from top companies at your convenience. However, if you are ready to increase the price range till 80k, you will get the best in the market. Here is a compilation of the top 5 motorbikes between 60k and 80k for your ready reference.

1.TVS APACHE RTR 180:

Launched in 2007, and priced between 75k and 80k, it is still one of the best of the lot. The RTR or Racing Throttle Response gives a sporty vibe to the rider, and the design is simply mind-blowing. This 177.4cc bike comes with an anti-lock braking system in the higher variant which ensures safety for the rider. You would love the 177cc DTSi engine that can pull up a power of 17.03 bhp @ 8500 rpm. The bike is good to ride with an excellent air cooling system, a Wet Multi-Plate clutch, and 5-gear manual transmission system. The maximum speed limit is 124 kmpl.

2.HERO HUNK:

As the name suggests, you can get a blend of style and performance. Priced a little below than 75k, this motorbike gives the rider a great ride with a 149.2cc engine with a 14.4 bhp power output and 5 gears transmission system. The maximum speed limit is 107kmpl. Each of the two colour variants come with disc brakes in front which ensures safety for the rider as well.

3.BAJAJ PULSAR 180 DTSi :

You would love this bike that pulls up a power of 17.02 Ps @ 8500 rpm and 14.22 Nm @ 6500 rpm torque. There are 5-speed gears with Multi-Plate clutches and twin ignition system, and it comes with a 15L fuel tank. If you are looking for a fuel efficient bike with a strong, powerful engine, this one is for you! Buy it by paying a little more than Rs 70000 and impress your peers.

4.BAJAJ V12:

The 124.5cc bike returns a power of 10.50 bhp. At 55kmpl, it is one of the more practical options to choose if you are involved in daily commuting. Features like electric start and low fuel indicator make it a great urban travel option. The premium urban commuter bike retails for Rs 58,300 (drum brakes) and Rs 61,283 (disc brakes).

5.BAJAJ AVENGER STREET 150:

The 150cc bike returns an impressive mileage of 45 kmpl. With a power of 14.54 bhp @ 9000 rpm on a twin spark, 2 valve DTS-i engine with 5-speed gears, it is a great ride for the city as well as for highway trips. The Avenger 150 is available for purchase at Rs 78,368 (ex-showroom).

It is quite obvious that if you pay more, you get a better-featured bike that can add much to your style statement. However, if your budget can’t exceed 80k, you can check out these bikes for the best in class performance and sporty looks.

Checkout best Bikes under 1.5 Lacs you can use for daily commute here.

5 Tips To Maximise The Resale Value Of Your Bike

You may have had a lot of happy memories associated with your motorbike, but there will come a time where you will have to part way with it. It is right at this point that as a bike owner you would think of strategies to increase your vehicle’s resale value. Proper maintenance and servicing at regular intervals will keep the vehicles in top shape, thus fetching owners the best prices. Other than this, there are a few other tactics that can enhance the resale value of your bike. Let’s take a look at 5 such handy tips:-

Planning the resale process

If you are thinking of selling your bike, make sure you get the right price for it. Increasing your bike’s resale value is the first thing to do in this regard. Here are the top five tips that can fetch you the best price for your mean machine!

1.Paint Jobs

Even if you have used the motorbike for quite a few years, don’t let that show up in its appearance. Paint jobs are essential for remodelling your used bike thus appreciating its value to a great extent. Most importantly, paint jobs help you hide the actual age of the bike which is the key to attracting numerous customers.

2.Grips

Changing the grips will also work wonders. You can change the existing ones and put durable, comfortable, and long-lasting grips. That will not only increase the efficiency of the vehicle but also increase its saleability. Even though the buyer pays less for a used bike, he will surely check whether it is in perfect working condition. Make sure all the important parts are up and running along with the grips.

3.Oiling the Chain

Before you sell the bike, it is imperative to oil the chain and ensure it is in top shape. Every bike owner will want to get the best price for his vehicle. However, a neglected and unoiled chain will depreciate its performance as well as its price. Oiling doesn’t need to be a complicated process. You should be aware of the right tips and make sure it’s done in the right way!

4.Keep It Well

An unclean, cluttered, and dirty garage is certainly not the place for your vehicle. Make sure you find the right place for it, as that will prevent the accumulation of dust and grime. At times, improper storage affects the performance of your bike to a great extent. You have to keep it in a clean and functional space where it’s maintained well.

5.Check the Performance

If you are using your bike quite often, check its performance at regular intervals. That will give you an idea of the current state. Used bikes can get sold at quite high prices if you guide the buyer in the right way.

You don’t have to plan a complete revamp; a bit of maintenance and servicing will do the needful. Keep these essential tips in mind and increase your bike’s resale value soon!

10 Best Hacks To Organise Your Car

Organising your car and keeping it in order is tough, especially when you are a family that is always on the go. But don’t worry too much as there are a few inexpensive and hassle-free hacks that will help to keep your car in order at all times.

1. Keep a Car Trash Can Handy

Don’t let wrappers or empty bottles hover all over your space inside the car. You can conveniently and systematically hide this unwanted trash by putting it into a car trash can. Having a dedicated trash can will keep your car neat and clean.

2. Keep Your Backseat Free from the Mess

A backseat car organiser is a blessing, especially for those particularly long car rides with kids in tow. A car organiser comes with pockets for books, toys, snacks, games and treats. Using the same will keep your backseat clean and your kids busy.

3. Use Karabiners

Right from umbrellas to grocery bags to dry cleaning, these close and open hooks can hold anything and keep items fixed to one spot in the backseat.

4. A Dog Seat Cover

If you have a dog that loves travelling as much as you do, invest in a good dog seat cover. It will keep your back seat from wear and tear to a great extent, and also prevent fur from sticking to the upholstery.

5. Make Use of a Car Cooler

A car cooler is an excellent way to keep the drinks and snacks cold in your car. It also helps keep these food items from spilling over your car seats.

6. Make Your Car Emergency Kit

Store all daily use items like toothpaste, Band-Aids, pain relief medicine etc., in a proper kit. It will help you stay prepared for any emergencies. You can also keep this kit in your glove compartment for easy access.

7. You can Never Have Enough Tissues

Tissues are useful for anything and everything. You can store these tissues in a coffee cup after tweaking it a little bit. It ensures that tissues are always within an arm’s distance which makes it easy to carry around anywhere.

8. Make the Glove Compartment More Practical

Organise your car documents and receipts in an expandable, tabbed folder and keep it safe. Following this practice on a consistent basis will keep your paperwork structured and offer faster accessibility.

9. Handle the Junk in your Trunk

Keep collapsible bins in your trunk. You can accordingly arrange beach gear, groceries and other items systematically. You can prevent the bins from sliding from one place to the other by attaching the bristled part of Velcro tape to the bottom.

10. A Tray for your Daily Essentials

Keep chargers, coins, earplugs, sunglasses and other small items in acrylic trays just as you would do so for your office desk. It helps to keep your items in order without creating a ruckus.

These hacks are simple yet practical and are sure to be very useful in organising your car and keeping it functional in the right manner.

Experiencing Engine Noise In A Brand New Purchase?

Noises indicate if a machine or an engine is in ignition or not. But if your car starts making strange engine noises and they are sounds which you are not accustomed to, then it is wise not to ignore them. Here’s a list of some of these innocuous engine noises that would require a quick stop to the mechanic:

1.Squealing Noises

If you hear an unmistakable ear-splitting noise when accelerating, the cause is your fan belt. It can be caused by the fan belt becoming loose over time, belt slipping because of a worn pulley or the pulleys are loose and need tightening. A loose fan belt will not move at the same tempo as the pulleys, hence the squealing noise.

2.Knocking Noises

If your vehicle’s engine makes a series of knocking noises, it could be an indication of a serious problem. It could be a sign of a bad rod bearing- which has either worn out completely or is too loose. It's a serious job to replace and should only be repaired by a qualified professional. Also, it would be better if you don't use the car until it's thoroughly diagnosed and repaired.

3.Screeching Or Grinding Noises

If you hear a deep grinding noise, then the problem is in your brakes rather than the engine. If there’s a screeching noise when you apply the brakes, the chances are that the brakes have completely worn out. It is the sound of the metal grinding against the cylinder, which is an indication that it is time to replace the brakes.

4.Shrieking Sounds

If your car is producing a shrieking sound, there could be an issue with the serpentine belt. If the rubber has turned brittle and is completely worn out, it can lead to the production of such sounds. Fortunately, the repair is relatively simple and inexpensive. However, another reason for the noise could be a failing tensioner, which is a more serious problem and should be brought to the notice of a mechanic immediately.

5.Clicking And Tapping Sounds

An audible tapping, irregular piston firing, metal to metal friction or slap, or engine clicking noise could be due to many reasons. The most common causes of engine ticking are low oil, worn struts, worn fuel injectors or bad pushrods. These noises can be fixed easily by replacing the oil and checking the oil pressure or by even replacing the defective part.

These types of noises will help you better narrow down the possible culprits under the hood and then take further action based on this information. If you’ve figured out what’s wrong with your car-whether your car is vibrating, howling, fluttering, banging, or buzzing; it’s best to get it fixed by a trustworthy mechanic sooner than later.

What To Do If Your Vehicle's Fuel Economy Suddenly Drops Down?

Depreciating fuel economy or mileage is quite common in vehicles today. Every owner wants his dream vehicle to deliver outstanding mileage. However, that’s not the case always. Your car might start suffering from reducing fuel economy, which is a critical issue in its on-road performance.

Whether it’s delivering astounding ride experience or fulfilling your driving requirement, a good fuel economy will always be of paramount significance. Hence it is important that it doesn’t go down drastically in quick time.

Here are some quick hacks to follow whenever there’s a drop in your vehicle’s fuel economy:

1.Engine Check-Ups

The engine is the heart of the vehicle. Quite naturally, systematic and regular check-ups will be significant. As a smart vehicle owner, you should get the engine checked and tested by experts at regular intervals. That will help you keep a tab on its performance and functioning.

2.The Tyre Pressure

As a smart, ingenious, and efficient vehicle owner, you will surely want to make the most of your fuel. Even the last drop can be saved and utilised in the right way if you check the tyre pressure at regular intervals. Under-inflated tyres can lead to huge problems. They burn more fuel and can increase your tyres’ rolling resistance. Make sure the tyres are inflated in the right way and have perfect pressure.

3.Say No to ‘Idle’ Time

Keeping the vehicle idle for a minute or so can burn a lot of fuel at one go! No idle-zones have become the need of the hour as most of the vehicle owners are striving hard to achieve that. Stopping and restarting the vehicle can save fuel, optimise fuel efficiency, and increase your vehicle’s performance. All these factors together will surely prevent the fuel economy (FE) from dropping too low!

4.Cruise Control

Utilising the cruise control is another great way of optimising fuel efficiency. You can save a whopping 6% on your fuel consumption while driving on highways.

5.Clean Battery Cables

Cleaning the battery cables at regular intervals is of paramount significance. Corroded cables use alternators which can lead to increased fuel consumption. Perform regular engine check-ups and clean battery cables. That will surely improve your vehicle’s fuel economy as well as the performance.

6.Changing Air Filters

If you are taking your vehicle out on the road in dusty conditions, make sure the air filter is clean. These components need regular cleaning, and it is here that the owner needs to follow stipulated guidelines. Functional air filters increase and upgrade your vehicle’s performance and durability.

Final Thoughts

Your vehicle is one of the most precious and prized possessions in your life. Quite naturally, you will want it to deliver amazing performances. Reduced and depreciated fuel efficiency will affect the car in ways more than one. These tips and suggestions will always help you keep your vehicle ahead.

5 Key Differences Between A Petrol And Diesel Engine

In theory, petrol and diesel are quite similar. Petrol (i.e., gasoline) and diesel are both created from fractional distillation of petroleum from crude oil. One cannot mix or interchange Petrol and Diesel together as they have different chemical chains and other differences. Let’s look at a few fundamental differences between the two:

1.CONSISTENCY

Crude oil can be used to make different fuels depending on its consistency and is categorised into lighter and heavier components. The lighter portion is used to make Petrol which is why it has a lighter consistency. Diesel is made using the thicker portion, therefore, has a denser and an oily consistency.

2.TEMPERATURE DIFFERENCE

Petrol is removed from crude oil at a temperature of 40°C to 205°C whereas Diesel is produced by conducting a distillation process on crude oil between 200 °C (392 °F) and 350 °C (662 °F) at atmospheric pressure.

3.USAGE DIFFERENCE

If your car travel is not very substantial, then you can go for petrol. For longer and more frequent runs (like commercial carriers) diesel is a better option. As a rule of thumb if your total run doesn’t exceed 500km a month then you need to opt for petrol variant, otherwise get a vehicle with a diesel engine.

4.IGNITION PROCESS

Aside from chemical difference, petrol and diesel differ in how they are burned. Because Petrol has a low compression ratio, it utilises a spark plug to ignite the fuel, but Diesel doesn’t because it has a higher compression ratio.

Petrol engine:

A mixture of petrol and air is forced into the cylinder and is compressed. The mixture is ignited using a spark plug and made to explode which forces the piston up and gives your car the required power. The burned mixture is then forced out of the car as an exhaust.

Diesel engine:

Air is compressed inside a cylinder while diesel fuel is sprayed into it. The compression causes the diesel fuel to ignite, which pushes the piston upwards supplying the car with energy. The remaining burnt mixture comes out of the car as exhaust.

5.ENVIRONMENTAL EFFECTS

Diesel fuel does not contain any lead and emissions from regulated pollutants such as carbon monoxide and nitrogen oxide. However, diesel does create higher emissions of nitrogen oxides and particulate matter as compared to petrol cars, which are considered carcinogenic. Despite the fact that diesel provides better fuel economy, petrol burns cleaner than diesel; precisely the reason why diesel cars lack behind petrol cars in terms of usage.

To conclude

Both Petrol and Diesel come with their advantages and disadvantages. Even though diesel has more fuel efficiency and mileage than petrol, it’s costlier and often requires repairs which can be expensive. Hence, the better choice between the two fuels depends on the requirements and needs of the buyer as the differences between both the fuels are constantly evolving.

Read more on Which is better? Petrol Vs Diesel Car.

7-Seater SUVs In India Between 5-7 Lacs

Are you planning to change your car since you are in need of a bigger one now? Indians have always preferred hatchbacks over big cars, but recent trends show that the market for 7 seaters is clocking phenomenal growth.

Buying a 7 seater is an excellent choice for large families in India, but there exist a few difficulties too. 7-seaters are usually bigger than hatchbacks and take extra space to park which is a problem for people staying in a congested area. Sometimes it becomes difficult to ride on busy roads for the same reason. However, when you have more than five members in your family and wish to go out together, then a 7 seater is the best option for you.

What are the options you have?

Fortunately, there are still few of them available within the price range of 5-7 lakhs, an equivalent amount of a good hatchback. Here are few of them which you may check out before you take the final decision:

1.DATSUN GO+

: When the top end of the car retails at Rs 5 lakhs, you know you have a great cost effective option in hand. The Datsun Go+ sports a 1198cc engine mated to 5-speed manual gearbox with a front wheel drive. While the drive quality may not be premium, it certainly does the job for performance on the rugged terrains of India.

2.MARUTI SUZUKI ERTIGA

: If you are looking for a 7 seater at the price of a hatchback, this one is for you. Priced at around 6.22 lakhs, the Ertiga comes with an SHVS technology that ensures improved fuel efficiency. The front two rows are fit for adults whereas the last row is designed for kids. The mileage of the car is close to 25 km/l.

3.MARUTI SUZUKI EECO

: This MPV has one option in 7-seater and is backed by the efficient service network of Maruti. With an ARAI fuel efficiency of 15.1 km/l (petrol), it is a great option for commercial use and is also suitable for bigger families. Priced at 3.6 lakhs, it hits the sweet spot on the price factor too.

4.FORD ECOSPORT

: This one is a marvel from Ford which has made its mark in the category of compact SUV segment. This 5-speed manual geared car is the first from Ford to come with an Emergency Assist. The mileage is close to 20 km/l, and the price is within affordable range of 6.75 lakhs.

5.CHEVROLET ENJOY

: One of the best models from Chevrolet with a boot space of 200 litres and smart tech diesel engine, this car has a mileage of 18 km/l and a price close to 5 lakhs. Known as an economical car for large families in India, it has a kerb weight of 1330 kg. The fuel capacity is 50 litres and provides an excellent mix of comfort and style to the buyer.

With these choices, getting a roomy vehicle at a lower price point will be possible. Do write to us and let us know which one of these you will be finalising as your next purchase.

How Buying A Car Can Help You Establish Your Credit Score

When it comes to applying for car loans, prospective owners are often concerned about the proceedings. Buying a car and applying for a vehicle loan are two critical processes clubbed together. Quite naturally, potential buyers remain apprehensive about these procedures right from the beginning. Those trying to get loans will have important questions about their credit score like how the car purchase process can help them establish a strong credit history!

If you are one of those potential buyers looking for targeted answers, here’s a crisp and comprehensive guide for you! Take a look:

1.Paying debts on time

Establishing a good credit score isn’t that tough. All you need to do is pay debts on time and within stipulated periods. Failure to do so will lead to bad credit scores. The same principle applies to car purchase projects. You have to pay off the debts on your vehicle, and that will take your credit scores higher.

2.Review and attention

While applying for a vehicle loan, your credit reports and current scores will capture the attention of innumerable lenders. Proper review and assessment will take place where lenders will check out the credit history. It’s indeed a smart way of getting noted by prospective lenders. They will develop crystal clear ideas of the crucial factors and review your application.

3.Loan repayment periods

When you take an auto loan, you will have to meet repayment deadlines. Monthly loan repayments are necessary actions in this context, and it is here that you need to put positive efforts. Try to pay more than the stipulated amounts as that will increase and improve your credit score. The repayment period will also end quite soon, thus helping you build a remarkable credit history.

4.Knowing the nuances

Loan application, repayments, and credit scores are intertwined with each other. The perfect balance and camaraderie between borrowing and lending policies will work wonders. It’s here that both the parties need to delve deep into the nuances of the project and work in tandem to deliver positive results.

5.Cosigners are great partners

The right partners can help you reap the benefits of low-interest rates. If you are purchasing a car with a loan, make sure you get in touch with a cosigner and request the person to support you in the application process. A worthy cosigner will have impressive credit scores which will surely help you get the best rates. Most importantly, good credit scores from both ends will reduce interest rates on future loans as well.

The bottom line

If you are planning to take car loans and build a strong credit score at the same time, it is highly imperative to know the intricacies involved in the project. These factors will explain how buying your dream vehicle can add to your credit portfolio!

How SC's No PUC, No Insurance Renewal Verdict Will Impact

To have a firm control over rising menace of pollution, the Supreme Court of India has issued a landmark directive. According to this rule, no vehicle insurance will get renewed unless the owner shows PUC (pollution under control) certificate.

It is a small yet high impact step to fight environmental degradation caused by motor vehicles. It's also a much-needed step forward in our ongoing fight against pollution especially in big and highly populated cities such as Mumbai, Delhi, Bangalore, and Chennai

How is pollution harmful at multiple levels?

There are various elements in the motor vehicle exhaust emission like Carbon Dioxide, Carbon Monoxide, Nitrogen Oxides and Hydrocarbons. Cars release greenhouse gasses, for example, carbon dioxide that causes global warming. Some air particulate matter and pollutants from cars can put inside on soil and surface waters through which they come in the food chain; such substances can influence the reproductive, immune, and neurological and respiratory systems. Sulphur oxides and nitrogen oxides are main donors to acid rain that changes the pH of soils and waterways and can harm the organisms who depend on such resources.

Knowing the impact of the verdict

The exponential growth in the population of vehicles as well as the dominance of old automobiles on Indian roads causes the issue of inspection of PUC as a prime concern in India. We can see various aggressive initiatives carried out by the government to control pollution by introducing new emission rules and fuel quality improvements. With the same objective, the government has issued the “No PUC, No insurance renewal” mandate. In this way, all the vehicles would be under pollution control standards. Consequently, it will help the environment to stay healthy and pollution-free.

A high amount of smoke emitted from a diesel vehicle can be easily discerned by naked eyes which show that the health of engine is not okay and is throwing noxious gases and fumes in the air. Not only that, high smoke indicates that the vehicle is incapable of making use of the fuel efficiently and that can lead to more hydrocarbon emission and poor mileage. For such vehicles, it is necessary to check its PUC certificate so that we can rest assured that it is not harming the environment in any way.

What can we do to ensure its success?

So, this is an essential need to make every Indian follow this verdict to make environment healthy and sustainable. It will be a great move to check your motor vehicle at regular intervals for the emission levels recorded in the car. This way you can do your bit as a responsible Indian citizen and help to curb the alarming rise in motor vehicle pollution in the country.

Ways To Get Rid Of Strong Plastic Odour Of Newly Purchased Cars

Congratulations on buying a new car. Now, you would need to get rid of the unpleasant plastic odour from your vehicle so that you and your loved ones have a pleasant experience inside the car. So, if you too are looking to eliminate that strong plastic odour from your newly purchased vehicle, here are some tips to help you:

Use a deodorising spray

You can purchase a deodorising spray that is designed for vehicles. Spray the interiors of your newly purchased car liberally, and after some time you will notice that the odour has substantially reduced. If you are lucky, it will disappear altogether.

Remove all plastic coverings

You may want to retain the plastic covers to shield the upholstery and steering wheel from getting dirty. However, this will make it next to impossible to get rid of the strong plastic smell. So, open the car windows and strip the plastic carefully from every inch of your vehicle to minimise the foul odour.

Keep small containers of baking soda

Baking soda is renowned for being an excellent absorber of odours. So, strategically place containers of baking soda in your car. Those noxious odours will get absorbed, and you will end up with a clean, fresh-smelling car. However, you will have to use this method for several days, making sure that you keep replacing the baking soda every day. Otherwise, the odour will stay put.

Place Car Fresheners

Car fresheners can also help to reduce plastic odour from your new car. While the freshener will not mask the plastic odour completely, it will go a long way making it more bearable. Use a lemon fragrance freshener to ensure you have clean, fresh aroma wafting through your car.

Speed with Windows Down

Keep the windows down when you are out taking your car for a spin. It will help to ventilate the vehicle and get rid of strong odours lurking in the interiors. Of course, like most other methods, this too will take time to eliminate the plastic smell.

Bake Out the Plastic Odour

In India, there is no dearth of hot sun rays. So, this could be just the method you want to use. Leave your newly purchased car in the hot sun for several hours. However, do remember to roll down the windows a couple of inches so that the noxious smell can escape. Heating the interiors causes the chemicals to be released into the air, and then the cross ventilation pushes them out of the vehicle before the interiors reabsorb them.

Place Fresh Lemon Slices in Your Car

Lemon has a refreshing aroma, and by placing fresh lemon slices on the dashboard and other areas where the citric acid cannot cause damage will help to make the vehicle smell fresh and fruity. However, make sure you replace the slices every day, or the lemon will start to rot.

Do let us know if these tips were helpful in eliminating the strong plastic smell in your brand new car.

Manual To Automatic Transmission Gear Conversion

The gearbox of a manual transmission vehicle differs a lot from the new age AMT or fully automatic cars. The stick on a manual gear transmission shows 5-6 levels of gears with reverse and neutral. However, with an automatic, the stick or knob will have a drive (forward), a reverse, and neutral. The gear shift transmits automatically to the engine. For today’s driver with many choices, an automatic would be a far better option than the manual stick shift operation on a manual gearbox vehicle.

Quite naturally, you may be interested to know the intricacies of transforming your existing manual transmission car to an automatic transmission. Let’s take you through the advantages and disadvantages of getting this conversion carried out for your existing manual transmission vehicle.

Advantages of Converting from Manual to Automatic Transmission:

1. Better Manoeuvrability:

Off-road driving becomes easier with an automatic vehicle. As compared to the manual transmission, the amount of effort to drive the automatic vehicle smoothly will be far less. For highway cruising too, an automatic is found to deliver a better ride experience.

2. Less Driving Effort:

With an automatic, you need not have to use a clutch pedal. Also, you can do away with changing the gear stick in urban or crowded commuting conditions. The amount of effort saved on one leg (clutch pedal) and one arm (stick shift) will be an appealing proposition to convert from manual to automatic.

Disadvantages of Converting from Manual to Automatic Transmission:

1. Fuel Consumption:

Those who have already got their engine gearbox changed have reported a slight drop in fuel efficiency. If you are clocking more than 1000 km per month, this dip can be a costly change.

2. Cost:

The cost of procuring the parts, paying a highly experienced mechanic will be the single biggest factor in deterring car owners from going for this conversion process. Some of the crucial components that require updating, change, or reconfiguration include:-

Electrical wiring
Electrical Control System (ECU)
Gearbox console
Gear lever
Meter reading console
Driveshafts
Torque converter
Total Gearbox replacement
Flywheel
Linkages

The level of extensive change will put a huge cost strain. The usual price for getting this conversion done would be around Rs 80,000 to 1 lakh, which is almost the same as purchasing a new Tata Nano.

Must Read: How to apply for a driving license online?

To Conclude:

From a layman’s perspective, it would make more sense to go for a new automatic vehicle instead of converting your existing manual transmission vehicle to automatic. The factory-fitted version of a new automated car will continue to deliver its advantages without burning a hole in your pocket.

However, if you happen to be a hardcore auto enthusiast with a DIY streak, then the challenging conversion process will surely excite you. If you are looking to go ahead with the conversion, make sure that the mechanic is highly experienced. The conversion process itself is very complex and involves hundreds of parts that need to be tweaked or changed completely. It tests the expertise of even the most experienced mechanics. Hence the conversion needs to be carried out by an experienced professional who is well-versed with the complex operation.

Do Stickers On Your Car Affect It’s Resale Value?

A lot of factors have to be taken into consideration before we decide on which car to buy. From budget to brand to fuel efficiency, every factor plays a vital role. One such factor that a lot of people look at is the resale value of the car that they are buying. A majority of us often end up changing our car after a couple of years, and that is when the resale value factor comes to the foreground.

Though it's hard to say goodbye to something that you have cherished over the years, this is an inevitable step where you have to let go of your existing car and make space for a new one. While trying to sell your car, you would notice that there are a number of factors that determine the resale value of your car. Depending upon the kind of work you have done on the interiors and exterior, the resale value of the car would be determined. Hence, it is important for you to avoid things that would reduce the resale value.In this post, we would be discussing one of the factor

s that can decrease your car’s resale value with a huge margin. Stickers! Yes, since stickers or labels come under the visibility aspect, it can easily make or break the deal.

Most of the buyers pay extra attention to how a car looks from the exterior. While dents and scratches are expected, stickers are something that not everybody lo

ves as interests might differ. So, a sticker of your favourite political party can lead to a decrease in the value of your car.

Similarly, your company sticker, baby on board signs, license plate frames, bumper stickers, name stickers; all of these might look great, but at the time of reselling your car, they would just be a point of contention. Since finding a buyer who has the same interests like you is next to impossible, you would have to look at other options.

As mentioned earlier, stickers are just one factor that can negatively impact the resale value of your car. There are a number of other factors such as interior condition, technology, brand, maintenance, etc., which would help in deciding the car’s resale value. Just remember that any changes/modifications that would enhance your car’s look and performance would result in a higher resale value while anything that diminishes would give you a lower resale value.

Electric Bike in India | Features and Benefits

What is an Electric Bike?

You wake up from your sleep and go out for a walk to pumping yourself up for the day. You step out of your house, and as you take in the fresh morning air, all you inhale is the dust and fume emitted from the vehicles on the road. Familiar, isn't it? The myriad automobiles that ply on the road do much harm to our nature as they release harmful gases, quite unapologetically in the air. Pollution check is a collective effort. To reduce the pollution levels, a new two-wheeler came into the market- An electric bike. These are the new generation plug-in electric bike and are a cheap and convenient mode of travelling.

Features of an Electric Bike:

Not all bikes available in the market share similar features. Features like range, speed, and cost vary from one brand to the other. Brands like Hero, Indus Yo Bikes, Honda, and Avon provide the best electric bike in India. In this article, we bring you the features of the four best electric scooter in India.

1) Hero Electric Zion:

Cost: Rs: 37,990/- onwards
Top Speed: 25km/ hour
Battery Charging Time: 8 hours
Range: 45km/ charge
Wheel diameter: 16 inch x 3 inch

2) Yo xplor:

Cost: Rs: 38,978/- onwards
Speed: 45 km/ hour
Range: 60km/ charge

3) BSA Fusion:

Charging Time: Six to eight hours
Range: 60km/ charge
Top Speed: 25km/ hour

4) TVS Tube:

Top Speed: 40 km/ hour
Range: 70 km/ charge

Tip: Steps to apply for a driving license online

Advantages of Electric Bike in India:

They are rechargeable: Either lithium-ion or nickel-metal hydride batteries power electric bikes and motorcycles. Charging the batteries is easy as you can plug-in at any wall outlets. On average, they take eight hours to recharge completely.
Low Maintenance: Electric bikes require less maintenance in comparison to standard bikes. While standard bikes need a regular check on lubricating and adjusting, an electric bike saves you from all the fuss. However, you still have to be aware of the brake pads, tyres, and fluid flush.
Low Fuel Cost: Electric bikes also enjoy the advantage of a low fuel cost. Around 250 watts of power is used for 20 minutes of driving. The cost of electricity per unit is Rs 5, which makes electric bikes quite affordable.
Does not add to the Noise: Indian roads are perennially noisy. With the unnecessary honks and endless squabble of people, the roads are always in a state of pandemonium. Electric bikes breeze through the streets with surprising silence. Some bikes have now come up with an artificial noise device to warm the commuters of the approaching vehicle.

With the steep rise in petrol price, a larger milieu is slowly turning to pocket-friendly buys. With low-cost maintenance and low fuel prices, electric bikes are now affordable, which now quite a few households possess.

The increase in the use of such automobiles instead of the ones that work on diesel and petrol will check on air pollution. So, let’s start using more of such commodities and encourage others to do the same.

Must Read: How to buy bike insurance online in India?

How To Keep Your Car Clean And Scratch Free

A car is not just seen as a means to transport you from one place to another but also as a status symbol for a majority of us! So it is not surprising that we spend a small fortune on its internal as well as external maintenance. Though we would want our car to remain spic and span, sadly that is not possible. A lot of factors such as dust, pollution, rain, harsh sun, accidents, etc., can make our cars look dirty with scratches and dents.

Are you also worried about all these factors affecting the look of your car? Well, read on to find out some easy and quick tips to ensure that your car looks clean and remains scratch-free.

The first and basic tip would be to wash your car on a regular basis. This is the easiest way to get rid of the dust and dirt. Washing your car once a week should be okay. Don’t go overboard and wash it every day.

While washing, please don’t use some old rag lying around. Instead, invest in a good microfiber cloth, and ideally, you should have three clothes – one for the interiors, exterior and for drying. Instruct your car cleaning guy to use only the dedicated cloth.

If you have a covered parking area, use it else a car cover is your best bet. It may look a little cumbersome to put it on and take it off every day, but it is a sure shot way of keeping your car protected from dust, bird-droppings, rain and extreme sunlight.

Have a scratch or dent and want to get rid of it? Take some professional help and get your car detailed. This would not only assist you in covering all those tiny dents and scratches but will also keep your car looking shiny and new.

If you have bigger dents or panels with damages, then it is advisable to get it repaired immediately so that there is no scope for any rust formation. Another way to avoid rust is to get rust proofing done for the car. This would prevent various parts from getting corroded.

A good idea to cover up minor scratches and scuffs is to keep a touch-up paint handy. This tiny device comes with a clear coat on one end and base paint on the other. You need to match both the colour codes to avoid any discrepancy.

You could also remove paint stains on your car by using wet sandpaper. Gently sand the paint stains till the stains are gone, take a damp sponge, put a little amount of polishing compound on it and apply it on the area where the stains were present in a circular motion.

Use a tire shine to keep your tires bright and new. All you need to do is spray the tire shine on the tire and rims and wipe it with a clean cloth.

The final tip is to get your car waxed professionally at least once every year.

We hope these tips and tricks would keep your car looking shiny and new!

5 Luxury Cars With Best Interiors Under 12 Lakhs

Buying a car is a pretty big deal in India and it involves months of research and planning. Right from the model to the brand to the features to the look, every aspect is scrutinized thoroughly. Keeping aside all these requirements, the first and foremost thing that is decided is the budget. Whether you are looking for a small-budget car or a luxury one – this is the factor that plays the major role in buying your dream car.

In this post we would be discussing about various luxury cars which have the best interiors and are priced within 12 lakhs. Along with the performance and fuel efficiency, you need to pay attention to the interiors of the car as well because smooth and classy-looking interiors will definitely enhance your vehicle.

Toyota Corolla Altis

If elegant interiors are what you are looking for, then your search ends here. Starting with the driver seat which can be adjusted in 8 ways as well as height adjustment, the Toyota Corolla Altis interiors boast of center armrest as well as door armrest in wood finish. Leather seats with cup holder, silver finish for inside door handles, inner rear view mirror with anti-glare, etc., are some of the other cool interior features of this luxury ride.

Technical specs: It comes with a 1798 cc engine displacement, 55 liters fuel tank capacity, 1.8-litre 138.03bhp 16V 2ZR-FE Petrol Engine and a 6-speed gear box.

You can get your hands on this swanky piece which starts at a price range of 11 lakhs for the petrol version.

Maruti SX4

The Maruti SX4 is another luxury car that is known for its exterior as well as interior features. From innovative and fascinating features such as illumination control speedometer, display of information, stereo system, tachometer, switch illumination color to headlight levelling; this car has it all.

Technical specs: It has a 1586 cc engine displacement, 50 litres fuel tank capacity and a 5-speed gear box.

Drive away in this piece of luxury which starts from 7 lakhs for the petrol variant.

Hyundai Elite i20 Asta 1.4 CRDi (O)

If sedans are not your thing, then you ought to check out Hyundai’s awesome Elite i20 which stands apart in its own class. There is no doubt that this car garners a second look but did you know that its interiors are also worth checking out? Some of the features include an amazing audio system integrated with Bluetooth controls, reverse parking assistance, gear shift indicator, height adjustability for driver’s seat, etc.

Technical specs: This car comes with a 1396 cc engine displacement, 6-speed gear box and maximum power of 89 bhp @ 4000 RPM.

This luxury car starts at an affordable price range of 8 lakhs.

Volkswagen Vento

A premium luxury car, the Volkswagen Vento’s interiors would leave you spell-bound. Livon fabric upholstery, Chrome AC vents, trunk illumination, center console which has 2 cup holders, storage compartments in rear doors, dashboard with anti-glare are some of the stunning interior features of Vento.

Technical specs: It has a 1598 cc engine displacement, maximum power of 103.5bhp@5250rpm and a 55 litres fuel tank capacity.

The petrol version of Vento starts from 7 lakhs.

Chevrolet Optra Magnum

The last but not the least in our list of luxury cars with best interiors is the Chevrolet Optra Magnum. This car that looks like royalty from outside is known and appreciated for its interiors such as sensors for rear parking, reading lamps – front and rear, expansive boot space, cup holders on rear armrests, audio system, etc.

Technical specs: This car has a 1598 cc engine displacement, maximum power of 102.5bhp@5800rpm and a 5-speed gear box.

This spacious luxury car with its cool interiors starts from 8 lakhs for the petrol variant.

So which among these luxury cars do you think has the best interiors?

Own A Car? Five Ways In Which You Can Prolong Car Life

When we buy a car, we try to get the best of it. And this goes with all the things that we buy. With the ever increasing price of every commodity in the market, it becomes quite difficult to change your car frequently. Regular maintenance of your car to prolong its life will save you from the unnecessary cost of changing your vehicle.

To make it easier for you, we have listed five practical ways in which you can prolong the life of your car. Have a look!

Read the Manual Carefully

A new car always comes with a manual. Even if you are buying a second-hand car, do not forget to ask for the manual. The maintenance of one car may differ from the other. Maintaining your car according to the recommended maintenance schedule can save greater costs in the future.

Engine Cleaning

Cleaning the engine of your car is as important as washing the exteriors to retain its lustrous coat. Read the manual and plan your engine cleaning periodically. You must open the hood of your car and wash the engine once in a few years to remove the sludge that collects on an engine’s exterior otherwise it might result in overheating of the engine.

Periodic Transmission Maintenance

Periodic transmission maintenance is essential to keep your car running efficiently and in good shape. It must be done once in every couple of years to see if all the parts are well lubricated or not. Lift inspection and general inspection should be done to reveal all major and minor problems.

If you have never done complete transmission flush to your car, then we recommend you to do it. It helps to remove all the accumulated sludge and grim from the engine. However, if you are already following the recommended routine maintenance written in your manual, replacement of old fluid and drainage will suffice.

Drive Responsibly

While speeding up your car and taking sharp turns may attract onlookers, it is not advisable for your car. Rash driving may damage both internal and external parts of your car. It puts unnecessary stress on your car parts. The more irresponsibly you drive, the greater there is a chance to bump into any obstacle and hence draining your money to a mechanic. So, drive and turn with patience and responsibility.

Keep Your Car Under a Shade or get a cover for your car

Keeping your car in the sun might result in premature wearing out of its colour. Keep your car under a shade to prevent it from the rain and the sun. Keeping your car outdoors might also result in rusting of internal motor parts. Seek a shade and keep your car lest it should get damaged by the vagaries of nature.

Besides these, changing your engine oil and air filters as recommended in the manual is essential for the efficient running and prolonged life of your car. Do not ignore the minor damages and fix them. Try and implement these few tips, and you need not change your vehicle frequently.

Risks You Must Know Before Riding A Two Wheeler In India

India has the highest number of 2-wheeler drivers in the world and every year the number just keeps rising. The automobile industry leaves no stone unturned to come out now and then with new and exciting bikes – with and without gears. Whether you prefer the gentle and easily manageable scooter or a mean machine like superbikes; there is an option for each and every one of us.

Unlike a 4-wheeler, learning a bike is not very difficult and can be mastered in a very short span of time. In a country like India, you would find kids as young as 12-13 years, zipping around on a 2-wheeler. Now, whether you are a newbie or a seasoned driver, there are certain risks of driving a 2-wheeler in India that you should know. Read on to find out what some of those risks are and how you can avoid them.

Potholes

It is no secret that the Indian road conditions are not ideal for riding any vehicle. Potholes are one of the most common road conditions that you will find along with speed bumpers. From minor to major, these potholes can lead to any accident. Dealing with potholes becomes even more challenging during the night since most of the roads in India are not well-lit.

Weather

The climatic conditions are a major risk factor for 2-wheeler riders depending on its severity. It is hazardous to drive a bike during heavy rainfall since one can easily skid and hurt themselves. Plus, the water-logging makes it impossible to identify where the potholes and drains are. With the temperatures soaring up, it is not advisable to drive a bike in the harsh summer as people have known to suffer from sunstroke. Even covering up yourself doesn't help in the long run.

Hindrances

This may seem funny, but in reality, it's one of the worst reasons that one should know before riding a 2-wheeler in India. The Indian roads are not just filled with people and vehicles but also with stray animals such as dogs, cows, etc. One can never know when a stray animal jumps right in front of your vehicle, and if you don't have good reflexes, you are sure to hurt yourself in such situations.

Spit/Vomit/Waste(Chips packages/tissues/disposables/ice cream sticks etc)

This is by far the most disgusting and irritating risk of riding a bike in India. We Indians love our paan and gutka, but sadly we lack basic manners and common sense. This is why you would find people spitting on the road without any thought or care. 2-wheeler riders have to be extremely careful because you never know when a person spits from a bus or an auto or bike right next to you.

Since none of these risks can be defeated anytime soon, the ideal option for bike riders would be to be extra cautious and be aware of their surrounding and road conditions while driving. Avoid talking on the phone and rather focus on keeping an eye out for the risks mentioned above.

Long-Term Bike Insurance Policy

Own a bike? Then we are sure you love it too and take really good care of it by keeping it spic and span, getting it serviced on time, riding it carefully, etc. But how many of you actually remember to buy an insurance policy for your bike and make sure to renew it every year? There might be some of you who must have bought the insurance policy but forgot to renew it as and when required, right? Well, this post is for those people who are smart and don’t wish to save time and money in renewing the insurance every year.

As we all know, insurance policies are usually valid only for a year; however, certain insurance companies such as HDFC Ergo, New India Assurance and ICICI Lombard etc. have come up with a long-term insurance policy for two-wheelers. This means that instead of the standard one-year cover you get two to three-year coverage. This change has been approved by the IRDAI as well.

Read on to find out the advantages of having long-term bike insurance.

Top 5 Advantages of Long-Term Bike Insurance Policy

Avoid Certain Risks

One of the risks of not renewing your policy in time is that in case you meet with an accident and your policy is not active; then you will undoubtedly have to pay for all the expenses from your pocket. A long-term policy can avoid these kinds of risks.

Usefulness

One of the best advantages is the fact that you don’t have to be bothered about remembering the policy end date and ensuring that you renew it every year at the right time. There are various reasons such as busy life, hectic schedule, lack of time, etc., because of which you can miss out on renewing the policy.

Paperwork

Not a fan of paperwork? That’s another benefit you can avail from a long-term insurance policy. Printing the policy, signing them, sending them back and forth – avoid all of this paperwork on an annual basis.

No Claim Bonus

Another advantage of long-term bike insurance policy is that you have a chance to accumulate a better No Claim Bonus discount; provided you are a good and safe driver. You are eligible for a higher no claim bonus discount if you have not made any claims for a number of consecutive years.

Savings

You can save your money on premiums with a long-term insurance policy. How? Well, the IRDAI increases the premium of third-party insurance by at least 20% every year. By taking a policy for three years, you can avoid this annual charge. You would only have to pay the average amount for three years.

Verdict

These were our top five advantages of investing in a long-term bike insurance policy. With the IRDAI’s approval, more and more insurance companies are now offering this option to two-wheeler owners. Our final verdict would be that a long-term bike insurance policy is helpful in the long run. Leave the hassles of annual renewal behind and stay safe and secure with a long-term insurance policy.

5 Vehicles You Should Test Drive

Every year new power packed vehicles are launched which boast to be the best of their kind. Most of them tend to pass to test of awesomeness and they are really worth the test drive. In the year 2017, with so many manufacturers planning on big things we just have to wait and watch what is being dished out. Given below are some vehicles that are worth the test drive in 2017.

Ferrari GTC4Lusso

This car comes with a power packed V12 engine. The engine caters 689cv at 8000rpm. The torque goes up to 697Nm at 5745rpm. The performance of the engine is rather marvelous. It can easily go up to a top speed of 335kmph to 345kmph. The best part is that it can speed up from 0 to 150kmph in just 4 seconds. This feature makes it one of the deadly vehicles available. The car comes with a holistic inner ambiance. This is a sports car that gives you a lot of space to stretch your legs. It has a very well-polished cabin and will remind you of your luxury saloon. This sports car surely won’t be one to disappoint you.

Ducati 1098S

This is a glorious super bike that you should test drive in 2017. This bike comes with a powerful 1099 cc L-Twin cylinder engine. You can attain a top speed of 170 miles per hour. The engine is liquid cooled. It has multiple clutches which comes with hydraulic transmission. This bike gives you a maximum power of 160 HP at 9750 rpm and also a torque of 123Nm at 8000 rpm. The front brakes consist of 2 discs which are of 330 mm each and 4 piston calipers. The rear end on the other hand consists of a Single 245 mm disc with 2 piston calipers. This is one of the lightest and the fastest coming from Ducati. Hope it does not disappoint.

2017 Honda CBR500R

This sports bike is not exactly lightweight. It however comes with a wide appeal. It caters to the whims of both first time riders and seasoned enthusiasts. It has a 417cc parallel twin engine. You can ride any terrain with this bike. Compared to the previous versions of the car this one comes with better suspensions and a very different style.

YAMAHA YZF-R6

This is a middleweight category bike. It comes with a six level traction control system, a number of riding modes, and an aluminum fuel tank. It uses a 46mm KYB fork. It has a 25mm front axle. Compared to other versions the front brake of this bike has larger discs. The HP figures of this bike are also admirable. This bike is definitely the statement saying that Yamaha is still careful about the middle weight category.

2017 Kia Soul Turbo

This is one of the very well performing cars of this year. This comes with a seven speed dual clutch and automated transmission. It can go up to a speed of 60 mph in 6.5 seconds. This car comes with good horse power and torque. It is a comfortable car and should definitely be test drive.

5 Ways To Improve The Fuel Mileage Of Your Car

Steep rise in the fuel prices is one of the major concerns for car owners now-a-days. Unable to cope up with the ever increasing price of fuel, we have to, but resort to other means of communication. Buying a car that gives the best mileage is undoubtedly the wisest thing to. But do you know that if your car is not properly maintained, it can burn up to 30% more fuel? Here we bring you five effective ways with which you can improve the fuel efficiency of your car.

Properly Inflated Tyres

Checking the pressure of your tyres must be done once in a month. Properly inflated tyres can reduce the consumption of your fuel by 3%. Do not over inflate the tyres. The ideal pressure fluctuates in summer and winter. Check your car’s manual to see the recommended pressure. The limit that is stamped on the tyres is the maximum and not the recommended.

A Regular Engine Check-Up

To get the best mileage you must keep the engine of your car in a sound condition. Get your car checked up regularly, as recommended in the manual. Change the oil often, check whether the car has good spark plugs and make sure that the air filter is clean. It is necessary to change spark plugs if your car has already run for 30000 miles as fresh plugs that are not smeared with carbon deposit does not burn excess fuel.

Clean Air Filter

Your engine is likely to consume more fuel if the air filter is unclean. The air filter becomes clogged when it is plied on dusty roads. The engine finds it tough to suck air through a clogged sir filter and hence, ends up consuming more fuel to run the engine smoothly. Hence, it is recommended to change the air filter once a year so that you enjoy the best mileage.

Give your Fuel Injectors an Ultra Sonic Bath

Ultra sonic cleaning is the best technique of cleansing your fuel injectors. In this technique, a small tube is filled with a detergent solution and is hit with ultra-high frequency vibrations, which effectively removes the carbon deposit off the fuel injectors. This results in better running of your car engine and hence, an improved mileage. The engine does not consume excess fuel as the cleansed injectors give an even fuel air mix and improves mileage.

Lighten the Load

It is always recommended to buy a light weighed car. Even when you are shopping for your car accessories, make sure that you don’t burden your car unnecessarily. The lighter the load, the more effective is the fuel consumption. When you set out for a journey, try and avoid burdening your car with stuffs you don’t need. Moreover, it is best if you remove the roof rack of your car as it creates wind drag.

Besides these techniques, try to drive in the highest gear possible and refrain from applying heavy braking. Drive as smoothly as you can by applying light throttle to enhance the fuel efficiency of your car.

5 Women Biker Clubs That Are Changing The Face Of Biking In India

Women biker clubs are on the growth today. One will find quite a number of prominent female biker clubs all over the country. Breaking all gender types these clubs are on the growth. Driven by the passion and excitement of adventure these women ride down the roads on their bikes and have opened a new world for themselves. Here are five such women biker clubs discussed for you.

Bikerni

This group was started by Urvashi Patole in 2011 and it is one of the first of its kind. It was started to give a platform to all those women who wanted to show off their stunt skills on the bike, go for a bike race or simply satisfy their lust for adventure on a bike. The group is well known breaking records and striving for equality. They have a record in the Limca book of world records for themselves. They were the largest all women group to ride to Khardung-La. It is considered to be the highest motor able mountain pass. If you want to be a part of this gang then you have to complete three rides with them and you can use any bike of your choice for that purpose but you need to be passionate about it.

Bengal Lady Bikers

This is a relatively small group of bikers based in India who prefer quality over quantity. They organize into small teams and ride off to the hills. They have been everywhere from Uttarakhand to Kashmir. Some of them even go on solo trips and then blog about them on their website. They do not follow any fixed schedule. They just don their helmets and drive off to where their hearts desire.

Riderni

This group was started in 2012 by Anjaly Rajan. She has been riding a bike for the past 11 years. It is her passion for the bike that led her to start this group of female bikers. She had started out with just four bikers and now there are twenty women with ages ranging from 20 to 55. The bikers of this group own motorbikes which have engines with more than the 220cc capacity. They all share the same passion for adventure and fun. Besides the adventure they also believe in social justice and have taken out rallies in support of Nirbhaya and against substance abuse.

Hop on Gurls

This group is exclusively dedicated to the Royal Enfield cruiser motorcycles. You need to have Bullet to be a part of this group. They teach their members how to ride it from the scratch. They teach each other tricks of riding the bike and organize trips every three months. This group was founded in Bengaluru by Bindu Reddy in 2011. They have branches in Mumbai and Pune.

Lady Riders of India

This group was formed in 2016 by Maral Yazarloo from Pune. This group has 24 members from all over the country. They have get-togethers in Mumbai, Pune and Delhi. To be a part of this group one has to be a passionate owner of a bike above 650cc and must have covered 10,000km on it. They are coming up with a trip to cover the length and breadth of the country.

8 Essential Items To Complete Your Biking Kit

Ever ready to go on adventures is a trait typical to bike enthusiasts. Zooming your bike through the lanes of your city or the lush green locales in them with an adrenaline rush is a part of every biker's bucket list. No matter how exciting it sounds, it definitely has its share of perils. One needs to make them self well equipped to go on long trips by your bike. Hence, what better than keeping a biking kit which will have all the essential equipment for a hassle-free drive? We give you a list of 8 essential items which can complete your biking kit.

Tool Set

A tool set is like a first aid kit for your bike. When you cover long distances, it is best to equip yourself to face the worst. Hence, a well-equipped tool set is a must when you hit the road. A few items to complete your tool set are Snap-On Torque Wrench, RK chain tool, Mityvac Brake Bleeder, Pit Bull Stands, Goss Blowtorch, String-Type Tire Plug, Motion Pro 6-in-1 Allen Key and Traxxion Dynamics Fork Rebuild Tools.

Rain Suits

Weather is unpredictable. The bright blazing sky can all of a sudden turn gloomy. So, it is best to prepare yourself for such conditions before you set out for a long bike ride. Always keep a waterproof jacket, boots and gloves to face torrential rain. Otherwise, while driving, you will feel cold due to getting drenched. It can lead to a fatal condition called hyperthermia. So, do not forget to keep a rain suit in the kit to meet the unforeseen weather conditions. We recommend you to buy a bright coloured rain suit, preferably two-piece so that you are noticeable when the visibility is poor.

First Aid Zipper Bag

First aid kits are a must, not only for indoors but also when we are going out. Our roads are full of perils; we never know what danger may befall us. Hence, always keep a few first-aid items like an antiseptic, a band aid and a few medicines in a zipper bag (to save space).

Microfiber Cleaning Cloth

Mud, dust, soil, bird poop may mar the beauty of your bike when you travel long distances. So, always keep a cleaning cloth, preferably microfiber to clean your bike from time to time

Water bottles

Travelling long distances with bikes can be physically taxing. It is always recommended to keep yourself hydrated when you are covering long distances under the sun.

Bike Maintenance Book

All bikes come with a manual. Make sure that you carry the manual every time you step out so that you can refer to it in case your bike breaks down, and there are no auto repair centres nearby.

GPS Navigation Unit

In a bike ride, it is the journey that is more exciting than the destination. So, it is always best to keep ourselves well-informed about the routes that we are taking. Carrying a map may be an inexpensive substitute, they are surely not easy to use while driving. Though smartphones, nowadays, can double as a GPS unit there’s nothing better than a motorcycle specific GPS unit. Take for example the Tom Tom Rider, which offers voice-guided navigations via a Bluetooth helmet. It will also give you map updates and help you search the nearest hotels. They are hardy, waterproof and the buttons are glove friendly.

Face Shield

Always keep a face shield in your kit to ward off mud, dust, bugs, etc. that might obscure vision leading to distracted driving assemble your bike kit,

While you pack your biking kit to head out for your favourite destination, do not forget to check your vehicle insurance.

10 Coolest Upcoming Motorcycles To Check Out This Year

This year is expected to see a good number of motorcycle launches. We are not just talking about high- end performing motor bikes but also daily commuter bikes. Electric scooter making companies like Kawasaki are expected to launch their products and expand their market. Companies like Bajaj are now looking to enter the high-end performing motor bike section, though it is expected that Hero and Honda will continue to dominate the masses. Here is a list of some of the most awaited bikes that you must check this year.

Hero Xtreme 200 S

Rivaling the TVS Apache RTR200 4V and Bajaj Pulsar, this bike exudes charm and style in equal measure. It is built on a diamond type chassis that has telescopic forks. This bike rides on a multi spoke 17 inch front and rear wheels which are made of alloy. The price can go up to1.05 lac.

Kawasaki Z125 Pro

This is a light weight bike and comes with a lower price. It has a 31.7 inch seat height. It has strong style suspension. It can be ridden by a person of any stature as it is not very high. Do remember that it is not exactly meant for the freeway.

DSK Benelli Tornado 302

For the first time Benelli will be launching their bikes in India. This bike is quite close to its original version Tornado 302R. It promises better stability and agility. It has inverted forks at the front and rear ends. The rear uses a mono shock with adjustable prep load. There are dual 260mm discs at the front and a 240mm disc at the rear.

2017 Triumph Street Triple RS

It is one of the popular British make bikes in India. The best part is that it is made for everyday usability. This bike is powered by a 765cc displacement three cylinder engine. The new motor has the ability of 123PS at 11,700rpm and 77Nm at 10,800rpm. This makes this bike the most powerful street triple ever manufactured.

Hyosung GD250N

It has a busty look and can pass for a street fighter. There is not much body panel or fiber. There is more metal elements which gives it a tough appeal. The GD250N will be powered by a 250cc engine, a water cooled motor which can give 26-35 BHP of power.

Ducati Super Sport

This is sports bike with comfort. This has more of an upright position which ensures that your body weight does not fall completely on your wrist. This bike has a liquid cooled 937cc engine which goes way up to 9,000rpm. It is light weight with only 463 pounds.

Harley Davidson Freewheeler

This bike comes with an easy handling size. It is a three wheeled cruise. It promises a decent mileage of 16.58kmpl. It has a six speed cruise drive transmission. It also has a Dunlop H-D series Blackwell which gives you a better grip on slippery roads. It has a very inspiring masculine design.

2017 KTM 390 Duke

This one has a same 373cc, single cylinder liquid cooled engine as its predecessor, and it might be getting a ride by wire system. It has redesigned body panels, all-LED headlight and also daytime running lights. It comes with a larger fuel tank with a capacity of 13.4 liters. The price must be between Rs. 2.20 – Rs. 2.25 lacs.

BMW G 310 GS

This is the second BMW motorcycle built at the TVS motor company factory at Hosur Tamil Nadu. The styling has been inspired from the BMW’s larger ADV bikes. It has a distinct front beak and GS decals on the fuel tank. It has a 313cc engine. This bike is more suitable for road use than off road.

KTM 690 Duke

This is an Austrian bike model. It is supposed to be giving an all-round performance and it comes with a Euro IV compliant engine.

5 Best Bikes To Buy Under 4 Lacs

There has been a large growth of the motorcycling market in the recent times. With the increase in daily commuting, bikes have become the desired option for fast travel. Even a person riding a bike which has an engine capacity of below 150cc has a large variety of bikes to choose from today. The two wheeler market in India is rapidly expanding. One can now get amazing bikes at low price ranges easily. Given below are some of the best bikes that are available in the Indian market at prices lower than 4 lacs.

Yamaha YZF R3

By its looks it represents a sports bike. It has a parallel twin 321cc engine that is liquid cooled. It has a maximum of 43 PS of torque and 29Nm of torque. It lacks an ABS which makes it fall short of a perfect motor bike. Its price is the best. It comes at a price of Rs.3.00 lacs to Rs.3.25 lacs.

DSK Benelli TNT 300

This looks like a bike a street fighter would own. It is good looking and well equipped. It has an eight valve parallel twin motor. It gives 40.26 hp of peak power and 25.6 Nm of peak torque. It allows you to move fast as well as comfortably crawl at lower speeds. It is important to remind that this is not the fastest bike you would own. It has great brakes but ABS is absent. The exhaust makes the bike sound sonorous and larger than its own size.

Kawasaki Ninja 300

This is a dream bike for any sports bike lover. It comes to you at a price a little higher than Rs. 3lacs. It is powered by a 296cc four-stroke, parallel-twin engine. It has an output of 40BHP at 110000 rpm torque on ride. It gives you a good mileage of 30.00 kmpl on the highway. If you have a budget that is less than Rs. 3 lacs then you can go for a model that does not have a ABS as this one does.

Kawasaki Versys 250

This bike is more like an adventure sports bike. It consists of a quarter liter two cylinder engine. It produces a power of 30BHP. It has a 30Nm torque. It has a liquid cooling system. In this bike you will find sports suspension and mono shock at the front end and at the rear end of the bike. This bike comes with a 6-speed gearbox, which ensures that you don’t have to unnecessarily stop anywhere if you are put on an adventure.

Hyosung GT300R

The Hyosung GT300R is powered by a V-Twin four stroke engine which is of 249cc. It is capable of producing 27.61BPH at the rate of 10000 rpm power 22.07 Nm at the rate of 8000 rpm torque when it is on the move. So, you should be getting about 30.00 to 35.00 kmpl mileage when you are on the highway. It has a 17.00 litres fuel tank with a 1435.00mm wheel base. Its tires are alloy made and it is tubeless. It comes in white-red, red-black options.

These bikes are sure to get any bike lover’s heart racing. Are you planning to own one, too? Have any suggestions, please feel to share them with us.

However, while you chose to by your favourite bike, remember that two wheeler insurance is very important and essential. Wondering where to buy it from? Check here.

5 Perfect Smartphone Apps That You Can Use While Driving

Mobile phones are indeed a distraction while driving, and if you are casually browsing through your phone for a second or two, you will end up crashing your car. It will be surprising to know that if smartphones are a cause of distraction while driving, they could also save you from disasters. With the development of a few apps which aids while you drive, you can ensure that you have a smooth driving experience and eliminate all chances of distracted driving.

iOnRoad:

This is by far the best app available, and it allows your device to see what is in front of your car as well as the other cars on the road. It is available for both Android and iOS. It uses your device’s GPS, accelerometer, and camera to calculate the distance between your car and the vehicle in front of you. It also warns the driver in case the vehicle comes closer to another car. Besides these, it also blocks calls, text messages and emails, and can also work as a navigation tool.

DriveSafe.ly:

Created by iSpeech, this app is available for Android, Blackberry, and iOS. It automatically responds to the text and emails, reads them out loudly, without any touch, and lets you respond by voice. If you sync your vehicle’s Bluetooth system with the app, it will automatically turn on when you enter your vehicle. Being light-weighted, it does not slow down your phone and drains much battery. You can also customize the app according to your need.

Safe Driver:

Though this app does not have many features, it can still be considered an excellent tool for safe driving. This app lets the user choose among three driving profiles- RED, YELLOW, and GREEN and the app functions accordingly. The RED profile rejects incoming calls and automatically responds with an SMS. The Yellow profile rejects incoming calls. The phone vibrates for three seconds and rejects the call while sending an SMS. In the GREEN profile, the phone rings and vibrates for three seconds and automatically hangs up the call and responds with an SMS.

DriveMode:

Compatible with Android, this app lets you know who is calling and enables you to answer or reject a call on the loudspeaker mode by simply saying yes or no. If you say YES after the beep, you will be automatically put on the loudspeaker. If you don’t want to answer, say NO after the beep, the ringer will be muted, and a message will be sent to the caller. This app is compatible with any voice and uses very little battery.

Drive Beehive:

Drive Beehive is another app to eliminate distracted driving. The rewards-based safe driving network, which is unique to this app, lets you pair family and friends to reward each other for practicing safe driving. You need to set up a sponsor, and you are rewarded with one point per mile driven safely. The sponsor will be notified once you accomplish your safe mile goal. So, choose the app that fulfills all your needs and make the best use of it. Happy Driving! Also, while you browse these apps for safe driving practice, do not forget that the vehicle's safety is also important.

So, check if your car insurance is in place, because, along with you even your vehicle needs to be secured.

How to Protect Bike/Car From Bad Weather?

Nature is unpredictable. Imagine waking to a bright sunny morning as you set out for work, and as you reach your office, all hell breaks loose. A torrential rain accompanied by hail, and all you could do is give doleful glances to your car being battered and bruised.

Well, if you have already been through such terrible experiences, we bring you a few effective ways in which you can protect your vehicle from bad weather:

Regular Car/Bike Wash

When you take your car or bike out on the roads, it faces a lot of heat and dust. Moreover, dirt seems to accumulate more on days when it is windy. So, it is always advisable to clean your vehicle regularly.

Keeping Your Vehicle under a Shade

Keeping your car under a shade or a garage is perhaps the best way to protect your vehicle against the bad weather. You can peacefully sleep all night long, and your car will be safe in the garage, come what may.

Layering of Blankets and Mattresses on the Car

Sounds ridiculous? This unique way of adding layers of blankets and mattresses on the top surface of a car is an effective way to protect your vehicle against a severe storm or hailstorms. As the top surface of a car is very vulnerable, most cars even use tempered glass as wind-shield. So if you do not have a garage to keep your car, and it is an emergency, you can cover it with lots of blankets and mattresses to save yourself from the expense of fixing the car.

Surface Protection Films

Paint protection films or clear paint protections films are widely available in the market nowadays. They are flexible and UV resistant. They also offer optical clarity and a glossy finish. They will protect your car against any chemical reaction and corrosion. It is also tough and durable. So coat your vehicle as soon as possible with surface protection films to protect it from harsh environments and bad weather. It is also highly recommended that the car gets protection from the harmful UV rays of the sun.

Car and Motorcycle Body Cover

Though inexpensive, car and motorcycle body cover comes handy when its about shielding your vehicle from rain, and they are also easily available in the market. They are water repellent, wear and tear resistant and also gives protection against the harmful UV rays of the sun. While you buy, do check if it covers the entire body of your car or bike. They are usually made of polyester or any high-quality fabric which is durable and water resistant.

Inflatable Car Cover Tents

These are slowly gaining popularity as they are durable and easy to use. All you have to do is inflate the car cover with an air pump, and your car gets saved from several vagaries of nature. They also save a lot of space.

Besides these, do not forget to insure your car so that it can cover for the damage caused to your automobile through natural calamities. Hope this article was of some help to you. Happy driving!

Going On Solo Cross-Country Bike Ride? Read these 10 points

A bike ride is extremely enjoyable and refreshes you after a long week. Make this experience worthwhile by packing smartly and following certain routines before and during the bike ride. Following are some essential tips for you to use while planning a bike ride.

Carry a physical map

Sounds old fashioned and outdated, but this will help you when you take a wrong turn, and at that precise moment, your network plans to take a nap. A physical map will hardly take up much space and will turn helpful.

Proper planning

Do not plan on the go. It is better to plan your route beforehand and keep options for alternative routes in case of roadblocks.

Good quality and comfortable bike.

Try not to go for second-hand bikes unless you are very sure about it as you do not want to be stranded in the middle of the road in case the bike breaks down. The bike needs to be comfortable so that you can have a pleasant journey.

Carry cash

It would be very unwise not to carry some amount of ready cash with you. You will need it if you are in any remote area or you need to buy something urgently or if you have to get out of a sticky situation. Keep a certain amount of cash with you always.

Carry rain gear

You might find yourself in the midst of rain, and if you forget to bring your rain gear in such a scenario, it might create problems for you. So, ensure that before you leave for your ride, you have your rain gear safely tucked in.

Carry a power bank

It is essential to carry a power bank if you are travelling alone. If your cell phone dies mid-journey, it will not be very helpful for you especially when there are no roadside inns nearby. Moreover, you will not be able to click all those memorable snaps anymore. It is better to carry a battery pack than being stranded on a deserted road with a dead cell phone.

Preparations before going out

You must train yourself well before setting out as you will have to drive continually for a long time, so you need your stamina. Similarly, you need to prepare yourself mentally for the mud and grit, horrible weather, occasional falls and in some cases challenges of accommodation.

Do not over pack

Pack only that amount of clothes that you require and do not overburden yourself. Your clothes need to be comfortable according to the places you plan to travel. Most towns have public laundry, so you can wash your clothes on your way if you feel that they are too stinky.

Carry a tool kit

Carrying a flat repair kit is always the safest option, in case you have a flat with no repair shop nearby. You can do your repairs yourself and carry on with your journey.

Take required breaks

Know your strength and stamina. Do not overexert yourself as this will do your body more harm than good, and you may feel too weak in the middle of the road.

Oil Cans

Keep few oil cans handy just in case. You never know how far the next fuel station may be.

Before you step out for the journey, check if your two insurance renewal date is nearby. If it is, get the renewal done ensuring the safety of both you and your vehicle.

5 Best Cities Of India Every Bike Enthusiast Must Explore

India is a country with a vast potential for tourism. Apart from scenic beauty, beautiful valleys and forest reserves, the cities of India are also potential tourist destinations. Most of the times we tend to overlook this aspect of Indian beauty. The cities are the best places for any travel enthusiast and if you like travelling on your bike then you must visit the cities. Given below is a list of cities that you can travel on your bike.

Jaipur

The pink city is the largest city of Rajasthan and is well-known for its vibrancy. It is the first planned city of India. Taking a bike tour around the city would be one of the ideal ways to explore the city. The city boasts of a rich cultural heritage and exquisite architecture. As one travels through the city, majestic fortresses, buildings, palaces present themselves before you. Apart from the exquisite structures one must not forget the market places of the city, displaying intricately carved handicrafts and jewellery. It’s the market places and the gardens that add colour to the city. If you plan a bike ride to this city plan it between October and March. You will find pleasant weather, which will help you explore better. You will find a large number of hotels at various rates so if you plan on staying overnight it will not be a problem.

Mysore

Hop onto your bike and take a tour of this royal legacy of south India. Its majestic monuments and structures are sure to take your breath away and make up for any bad week you have had. You can skirt through the city roads and stumble upon one place of interest after another. You can visit the Mysuru palace, the Chamundi hills, the Brindavan gardens, Philomena’s church and countless other tourist spots of the city. Keep a map and make a list of the places you want to visit and be on your way.

Hampi

Hampi is a city in ruins that manages to attract thousands of tourists every year. Exploring the city on your bike is the best option to know the city well and observe its scenic trails. The sight of the city is nothing but bewitching. You will be left spell bound as you course through the city on your bike. There are large boulders scattered all over the region, in between you will find palm groves and paddy fields. Among it all lays the ancient ruins and temples. Plan your trip in such a way that you can linger a little longer in this place.

Chennai

A city where the exquisite tourist spots are somewhat camouflaged under its crowd and fast paced life. If you what to get a reincarnation of history then this is where you should come. Though the streets are congested you will not have much problem maneuvering your bike and exploring the city. You can visit places like, Guindy National Park, Mahabalipuram, San Thome Basilica, etc.

Gangtok

This is a beautiful city that’s located in the Shiwaliks. If you are coming on a bike trip here, you should come during the monsoons or during the winter. It offers raw untouched beauty, where you can submerge yourself and forget the world. Apart from a number of monasteries, you will find lakes and gardens. You can also visit the Nathula pass. From this city you get an exquisite view of the Kanchenjunga.

While you love to travel across the country on your bike, don’t forget to check and renew two wheeler insurance before starting your bike journey

5 Amazing Ways To Reuse Old Tyres

Throwing away your old tyres is now a thing of past. It’s the age of DIYs and old, unused Tyres are amazing to work with to create new pieces. You can find scores of ideas on the internet on how to reuse old Tyres. While some might be a tad bit difficult to execute, there are a number of other easy, creative ideas for you to try out. From interior decorative pieces to garden furniture, Tyres can be reused creatively for a variety of reasons.

We have listed down five amazing ways in which you can reuse the Tyres, turning them from idle pieces to constructive pieces. Now, before you read on, do remember that the Tyres could still release toxic chemicals, so you need to clean them up thoroughly, and as long as you are covering it up, there shouldn’t be any problem.

A Yarn Ottoman

Take a plywood sheet, measure the circumference of the tire and cut the plywood accordingly. Place the plywood on both the sides and screw it in to give it a firm base on both the sides.

Now use the rope and starting from the centre gently cover the whole tire. Make sure to use glue to keep the rope in place. Once done, allow the glue to dry completely and then use a clear sealer and again wait for it to dry off. Your DIY yarn ottoman is ready!

Mirror Frame

Love quirky stuff? Then this DIY is right up your alley. Say goodbye to your old mirrors and replace them with mirrors having a tire frame. Measure the circumference of the tire and choose a mirror accordingly. It would be a good idea to use glue and black caulking at the points where the tire’s rubber and mirror would touch. To make it look pretty, just paint the tire any colour you want and hang it up!

Hammocks with Half Tyres

Who doesn’t love the good old tire swing? Most of us have fond memories of this childhood plaything so how about making it for your kids but with a slight twist? Instead of using the whole tire, you need to cut it in half so that it looks like a hammock. Secure both the ends like how you would do for a regular hammock and its done.

Tire Sand Box

Tire Sand Boxes are a fun way to keep your kid engaged during the summer break. Just take an old tire, paint it in bright bold colours, fill it with sand up to the brim and add some beach buckets and spades and little beach umbrella. A simple and fun way to keep your kid entertained.

Tire Planters

Tire Planters are by far the prettiest reuse of old Tyres that can give you the feeling of spring every time you look at it. You could either have them fixed in your garden or leave it hanging. Make sure you paint those Tyres in bright and beautiful colors.

The next time you think of throwing those old Tyres out, we suggest you get creative with them.

10 Solo Bike Rides To Take Before You Turn 30

Call yourself a biker? Well, you are not one unless you have visited these 10 places in India! The beauty of India is not something that you can measure in words; it can only be seen, felt and captured as a lifelong memory. Your late 20s is the perfect time to plan for a solo bike ride, and the below mentioned 10 places would be the perfect getaway for you to learn more about life’s lessons.

Read on to find out the best solo bike ride trips and plan yours soon.

Manali – Leh Ladakh

Surrounded by lush valleys in Manali, you will slowly progress to the majestic mountains of Leh and Ladakh. Make sure you go through Rohtang La, Sarchi and Upshi and do make time to visit the beautiful Buddhist monasteries.

Bangalore – Kannur

The Bangalore to Kannur route is filled with scenic beauty and makes for an enjoyable bike trip. From breathtaking cliffs to beautiful lakes to delicious food pit stops; you will find everything on this route.

Bhalupkong – Tawang

Plan a solo bike trip from Bhalupkong to Tawang to witness the stunning beauty of North-East India. You would never be able to get enough of nature’s beauty on this route. If you are fond of riding on snow-covered roads, then you can plan this trip during year-end.

Mumbai – Thiruvananthapuram

It's an unusual trip; however, the joy that you would experience riding along the coastline would make this long trip completely worth it. The beautiful beaches en route would be an additional bonus you would love watching.

Barmer – Bikaner

Your solo bike trip bucket cannot be complete without a trip through the sandy deserts of the Great Indian Thar Desert. However, you would need immense patience to finish this isolated yet soothing trip.

Siliguri – Yuksom

Riding through lush greenery and twisting roads with the Great Himalayas to keep you company sounds perfect, right? Just head on to Siliguri and map your way to Yuksom. This would take you through Darjeeling all the way to Sikkim.

Shimla – Spiti Valley

The Shimla to Spiti Valley in Himachal Pradesh route would be an ideal choice to pump in that adrenaline rush you seek in your solo bike ride. Rolling valleys, unexpected water bodies, driving through high altitudes are other key factors that make this route ideal.

Delhi – Mandawa

If you are a history buff, then we suggest you pack your bags and head out on this amazing road trip that would take you from Delhi to the beautiful Taj Mahal in Agra to majestic Jaipur to Ranthambore to Bikaner and finally end at Mandawa.

Guwahati – Khasi Hills

A slightly wet and slippery trail, this road trip takes you through some gorgeous waterfalls and bridges such as the living roots bridges of Nongriat. This bike tour is like no other, and the experience of reaching the top of Khasi Hills is truly an exciting one.

Pollachi – Chalakudy

Wildlife lovers would find nirvana on this route as they ride through the expansive rainforest from Tamil Nadu to Kerala. Take some time out to visit the dams and reserves along the route.

Do prepare a checklist of the things you would need before going on any of these trips so that you can have a safe and fun trip.

Are We Ready To Drive Automatic Cars On Indian Roads

Over the years there has been quite a significant change in the type of cars that run on the Indian roads. Nearly all car manufacturer offers automatic transmission. It is however limited to their high end products only. Today there are many Indians who opt for automatic transmission. There is however still a lot of doubts regarding the reliability of automatic cars on Indian roads. We will discuss the pros and cons of automatic cars compared to manual cars.

Comfort Of The Drive

Automatic cars relive you from the hectic ordeal of pushing the clutch pedal again and again while shifting the gears in choking traffic. It becomes very frustrating if you have to continually do that when all you want is to cut through the traffic as fast as possible and also have a smooth ride.

Moreover, there has been a rise in the number of women drivers who prefer the automatic cars as they are less hectic.

Cost

The cost of the automatic cars is much higher compared to the manual ones. Previously this difference was more than a lakh of rupees. The difference of cost has now reduced considerably. This is because the automatic gear boxes are more costly as they are not made in India and have to be imported unlike the manual ones which are produced in India.

Mileage And Fuel Consumption

One of the main reasons why the automatic cars were not easily accepted in India was because of its low mileage compared to manual cars. However, the new cars that are being launched in the market don’t have this problem like before.

Initially, the fuel consumption of the automatic cars was much more compared to the manual cars. As a result of this buyers did not opt for them. Presently the new generation automatic cars are as fuel efficient as the manually driven ones, if not more.

Maintenance

The maintenance of the automatic cars is much lower compared to the manually driven cars by a large margin. This is because the gears change automatically with changes in engine RPM and speed, which makes the driving a smooth one. This allows a longer life to the drive train parts of the car which also includes the tyres. Another important factor is that automatic cars do not require clutch plate replacement.

If you have an automatic car then you need to invest in a pair of Jumper Cables. In case you face a situation where the car battery is dead and the self-starter is not working, then you need this cable as you cannot push an automated car like you could a manual car. It is best if you ensure that your battery is in top condition especially in winter.

We thus see that most Indian drivers are more than ready to accept automatic cars, especially for the comfort of driving in congested Indian roads. Today there are a variety of gear boxes that are available like the AMT (Automated Manual Transmission), Dual Clutch Transmission or DCT Automatic and the CVT automatic gear (Continuously Variable Transmission).

Qualities That Make A Good Insurance Agent

Insurance Agent in India: An Overview

Do you want to advance your performance as an insurance agent? Great idea!

Whether you are a fresher in the insurance industry or have worked for a long time as an insurance agent or POSP advisor, adding up to your skills always benefits you to perform better. The work of an insurance agent is very profitable but challenging at the same time.

According to the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), every insurance agent or POSP advisor has to be certified to sell life insurance or general insurance policies in India. Believe us, having insurance knowledge and certification are only a narrow part of the insurance world. You need more than this to ensure hassle-free working as an insurance agent. We have highlighted qualities you need to develop that make you a good insurance agent.

Let’s look into them in detail.

Qualities That Make a Good Insurance Agent

Like every other job, being a good and successful insurance agent takes certain qualities. Continue reading to learn about them.

Energetic and A Strong Personality

An insurance agent has to be quite active to make a difference. People like to interact with individuals who are proactive and take initiative. They will be more interested in knowing what you have to sell when they see that you are eager to tell them more about it whenever they want to hear about it. Another important thing is that you need to be persistent and take your failure gracefully. Deal with your customer with all patience and ease. It is important to understand that you will often be rejected but cannot give up.

Excellent Communication Skills

Insurance can be complicated for people out there. As an insurance agent, you are the source of knowledge to your customer and make them understand how your product is going to be a perfect fit for them. So you definitely need to maintain clear communication before, during, and after selling life insurance policies or general insurance.

Make them understand how the policy works and several levels, like management of claims, navigating premium costs, process updates, and policy renewal. So communicating all these details effectively is crucial to being a good insurance agent.

Be a Good Listener

To be a good agent, you need to be a good listener. It is not just about making good sales but also listening to the various concerns of your customers. They will accept your product as a solution when they notice that you are concerned and listening to them with all your interest. They will be eager to do business with you. You can take notes of their problems, analyse them and seek solutions better.

Networking

Networking is not everyone’s drive, and you need to know that before starting your career as a life insurance agent. A strong network is important to succeed as an insurance agent. So be comfortable asking your friends, colleagues, and family for referrals. You can also connect with other insurance agents that will give you a chance to discuss your day-to-day challenges and make it easy to solve them.

Client First Approach

To be a good insurance agent, you need to put the needs of your client first. If your only aim is to earn as much commission as possible, then you must stay in the insurance business for a short time. You need to be a reliable agent and be honest with your clients when discussing your policies. You need to make all the possible efforts to ensure you are giving them the best. In most cases, it is seen that if the customer is satisfied with a policy taken from an insurance agent or insurance company, then they stick to that agent or company, which ensures more transactions. To achieve the same, you have to keep your customer at the centre of your business goal.

Marketing and Selling Skills

A good insurance agent can explain their business to their clients and convince them why they should schedule an appointment with you in 30 seconds. With an entrepreneurial mindset, they market their products and services and make an urgency of buying insurance so that customers listen to and buy their policies. They also look for references from their clients to expand their product reach.

After Sales Relationship

If you think your job as an insurance agent ends with the sale of the policy, you are probably following the wrong path. The job continues even after the policy sale for a good insurance agent. A proficient insurance agent is willing to give after-sales services as well. Your customers will take queries; you should be ready to answer them without getting annoyed. Most buyers of insurance policies claim that there is no one to answer their questions once the purchase is complete. A good insurance agent takes care of such concerns and is available at the right time with possible solutions. Being available will also ensure that you are building good prospects.

Product Knowledge

While working as an insurance agent, you will represent the life insurance company or general insurance company you are working with. The product knowledge is transferred to you during training, but what product suits your client's financial or life situation, you will have to make a wise decision at the moment. Comprehensive product knowledge helps you make a reasonable decision to meet your client’s needs. This also helps in answering your customers' questions.

Working as a POSP advisor, you will have different life insurance, term insurance, group, motor, or other product options to offer from different insurance companies. So having adequate product knowledge and selection capability is important to profit your customer and company at the same time.

Technical Knowledge

A good insurance agent is equipped with soft and hard skills as well. Besides knowing how to sell policies, they must understand the tax and legal aspects and fit into the client's overall financial situation. This can also open a path for you to expand your footprint as a financial advisor.

In The End

The job of an insurance agent isn’t that hard, yet it needs substantial research and know-how in the field. The insurance agent career opportunity can be very challenging but emotionally rewarding for those willing to learn the necessary skills to expand their career. Your determination, goals, skills, and never giving up are the qualities that make you a good insurance agent. Develop the qualities mentioned and embark on the journey of becoming a good insurance agent.

If you are a fresher looking for opportunities in the insurance industry, you can become a POSP advisor with RenewBuy, and start selling different insurance policies from multiple insurance companies. Wait no more; start now!

6 Ways To Influence The Cost Of Your Bike Insurance

Finding the right insurance for your bike, which offers the necessary coverage without being heavy in the pocket, is a mammoth task, indeed. The struggle to fix upon the right policy is even more if you are insuring your bike for the first time. But there are a few ways which can help you to influence the cost of your vehicle. But before that, you need to learn the factors that are likely to raise the cost of your premium:

Newer and more expensive bikes will be costlier to insure.
Bikes with larger engines will result in more significant premium.
Sports bikes are considered to be at high-risk, and so they would cost more to insure.
The bikes with lots of chrome result in a higher premium.

So, keeping in mind these few factors, the possible ways to cut down the cost of your bike insurance are listed below:

Go for a Less Expensive Bike

IDV (Insured Declare value) is known to impact the insurance cost on a large scale. So, you must avoid buying costlier bike as more expensive the bike is, the more is the IDV and hence higher will be the premium. The best workaround solution to this goes for a less expensive bike.

Avoid Extensive Modifications on Your Bike

Modifications make your bike aesthetically appealing and attract the attention of the onlookers. However, you must understand that the more you modify your bike, the higher is your premium cost and also you would require endorsement and other paper work to get your modification registered in RC as well as Insurance. Another drawback of overly modifying the bike is that the repairing and the replacement cost of bike parts increase.

No Claim Bonus (NCB)

No Claim Bonus too has a considerable impact on the cost of Two Wheeler Insurance. You can accumulate NCB over the years, and the discount applicable depends on different factors listed below:

All Types of Vehicles% of Discount on OD* premium

No claims have been made or are pending at the end of the year or at the time of policy renewal

20%

No claims have been made or are pending at the end of the year or at the time of policy renewal

25%

No claims have been made or are pending at the end of the year or at the time of policy renewal

35%

No claims have been made or are pending at the end of the year or at the time of policy renewal

45%

No claims have been made or are pending at the end of the year or at the time of policy renewal

50%

*OD= Own Damage

Also, if a customer changes his bike, then also he’s applicable for NCB as it can be easily transferred to his new vehicle.

Improve Your Bike’s Security and Park It in a Secure Area.

Ensure that your bike is fitted with an electronic alarm and immobiliser to secure your bike. The anti-theft tool will undoubtedly influence the cost of your insurance. Also, park your bike in a safe area, like in a garage, if you want to keep it overnight and off the road in the driveway for a couple of hours.

Choose Add-on covers wisely

There is usually two standard coverage (third party and the comprehensive coverage) options available to two-wheeler users in India that cover almost all the possible aspects. However, there are times when an unexpected expense crops up, and the owner has to pay a hefty sum despite having an insurance policy.

To avoid such costs, two-wheeler owners can opt and purchase add-on covers based on their requirement. Check out some of the most popular add-on covers available in India:

Zero Depreciation Cover: This cover extends from 0 to 40% based on the age of the two-wheeler. You can check out some of the most popular add-on covers available below:

Age of the Vehicle

Rate of Depreciation Applicable

Less than 6 months

No Depreciation

Above 6 months but less than 1 year

Above 1 year but less than 2 years

10%

Above 2 years but less than 3 years

15%

Above 3 years but less than 4 years

25%

Above 4 years but less than 5 years

35%

Above 5 years but less than 10 year

40%

More than 10 years

50%

Personal Accident cover for pillion: This cover ensures the safety of the pillion riders in case of an accident. This cover provides insurance in the case when pillion rider is no more or suffers from permanent disability while riding an insured vehicle.

Accessories cover: In case two-wheeler owner adds any particular electrical or non-electrical accessory to his vehicle and buys this add-on coverage, then the insurance company pays for any expense incurred in the replacement or repairing of these parts.

Round The Clock Assistance: It provides 24*7 two-wheeler assistance to the insured in case the vehicle breaks down in the middle of the road or suffers a mechanical failure. This cover offers different services like towing facility, accommodation facility or any other emergency assistance if need be.

Compare and Buy Online

Before you purchase bike insurance in haste, you must compare the price and features of different insurers online at RenewBuy. With a thorough online research and fair comparison at the online portal, you get a fair idea of what different insurers are offering allowing you to make an informed decision based on your budget and requirements.

Besides the above six ways, do shop around for your policy a little bit and subsequently, don’t forget to get your vehicle insured.

10 Best Automatic Transmission Cars For Women Drivers In India

Mileage

Service and Maintenance

Luggage Space

The hatchback oriented India market has to cope with the CNG kit installed in the boot space. This leaves very little room for putting luggage here.

Environment Friendly

Lifespan

A CNG engine has a better lifespan as compared to the die Gone are the days when one used to take their cars out for a long drive to savour the fresh air and rejuvenate the mind. Driving, in modern times, is very tedious and taxing. It mandates the driver to be extremely mindful, cautious and well-versed with the car mechanism lest he/she should dodge the oncoming vehicle. Of all the functions, isn’t handling the gears and the clutch-brake-throttle combination, a little difficult to master? So here, we bring to you 10 best cars for women drivers.

Tata Nano AMT

If you are planning for a quick drive to the market to buy a few things or pick up your laundry, Tata Nano is best suited for you. It’s comfortable interiors, despite its small size, make it so popular. It’s easy to park and hence gives you hassle free shopping hours.

Price: Rs 3.21 lakh (Approx)

Maruti Suzuki Alto K10

If you don’t want to settle down for a Tata Nano, look out for the Maruti Suzuki Alto K10. It comes with a powerful 1.0-litre K series engine. It has a good service network and is quite peaceful when it comes to maintenance.

Price: Rs 3.23 to Rs 4.02 lakhs

Maruti Suzuki Celerio

This small and stylish hatchback for your family is spacious and cheap to maintain and run. It has 1.0 litre petrol powered engine and has two transmission options- 5-speed manual and 5-speed AMT.

Price: Rs 4.00 to Rs 5.78 lakhs

Renault Kwid

Renault Kwid is an affordable hatchback with stylish exteriors. It comes with two petrol engine variants- 0.8 litre and 1.0 litre and two gear box options. Undoubtedly, a value for money, it is also a fuel efficient car.

Price: Rs 2.60 to Rs 4.33 lakhs

Honda Brio Automatic

With some minor changes in the exterior and a CVT gear box, the petrol-powered Honda Brio comes with a 1.2 litre i-VTEC engine that generates 87bhp of power and 109Nm of torque.

Price: Rs 4.69 to Rs 6.82 lakhs

Hyundai Grand i10 Automatic

This car is one of the bestselling cars of the country and it comes in both petrol and diesel engines. It also offers manual and automatic transmission choices.

Price: Rs 4.85 to Rs 6.96 lakhs

Nissan Micra CVT

The CVT gear box coupled with its powerful engine makes the car very user friendly and desirable. It runs at a mileage of 18.4 kmpl and is available in seven colours.

Price: Rs 4.61 to Rs 7.23 lakhs

Ford Figo CVT

It’s great looks, a CVT gearbox, good handling and features make driving, an effortless task. It too is available in both diesel and petrol variants.

Price: Rs 4.76 to Rs 7.74 lakhs

Honda City Automatic

If you prefer sedans over hatchbacks, Honda City Automatic is your car. It has 1.5 litre i-VTEC petrol and 1.5 litre i-DTEC diesel engine. The petrol has a five-speed manual and automatic CVT gearbox option and produces 119bhp/149Nm and the diesel comes with a six-speed manual gear box and produces 99bhp/145Nm.

Price: Rs 10.9 lakh.

Ford Figo

Ford Figo is an amazing car from the American automaker and a complete value for money. Built with a powerful diesel and petrol engine, it is also very easy to handle and driver-friendly. The automaker has given much priority to safety as well. The top-of-the-line-Titanium-trim has 6 airbags. What makes the car desirable is it’s good looks.

Price: Rs 4.47 lakh to 7.47 lakhs.

While you are busy looking at the above mentioned car options, don’t forget to get your car insurance renewal done before it expires.

sel variant. It can run smoothly up to 9-12 years without any hiccup. On the other hand, the diesel variant has a life span of 6 to 8 years.

Cost Recovery

Availability

With so many diesel and CNG cars, hitting the market, it is important to understand and calculate what is the best choice? After all, it is a capital investment that can’t be recovered easily.

Check out answer to another question regarding Petrol Vs Diesel Car.

10 New Maruti Cars Coming To India

Recently, Maruti Suzuki overtook Mahindra as the largest UV Maker. It has been one of the most preferred brands in the entry-level hatchback and compact hatchback and passenger car segment. We bring you 10 upcoming cars to watch out for during the second half of 2017.

Maruti Suzuki Vitara:

the production version of the IV-4 concept SUV, is all set to be launched in between October 2017 and December 2017. Featuring a 1.6 L petrol engine efficient to produce 118 bhp, this car also comes with an advanced intercooler. The inclusion of Variable Valve Timing (VVT) and Variable Induction System (VIS) ensures increasing acceleration and optimised torque. The expected price range is Rs.15 lakh.

Maruti Suzuki Swift 2017:

Designed to be a facelift version of the Maruti Suzuki Swift, the Swift 2017 is all set to astonish the users with an elegant appearance. Apart from the sporty look, it will bank upon the spacious cabin, a Booster Jet petrol engine, and quality finish. It may come with a CVT option on selected petrol variants. The price is expected to fall between Rs.5 lakh and Rs.8 lakh.

Maruti Suzuki Wagon R Diesel:

This model will bank upon 1 L K series Diesel engine adept enough to produce 67 bhp and 91 Nm. Apart from having a table-like touchscreen infotainment system, it will also have bold exterior.

Maruti Suzuki S-Cross Facelift:

Maruti has taken the bid to launch the Maruti Suzuki S-Cross Facelift after their initiative of retailing the S-cross though the Nexa dealership failed. Expected to be available in the market around the festive season of 2017, this model features M15 1.5 L petrol engine, 1.3 L DDiS and 1.6 L DDis oil burner with an option of 6-speed manual transmission and an auto box. The price is expected to be in between Rs.8 lakh and 12 lakh.

Maruti Suzuki Ciaz Facelift:

Featuring 1.4 L petrol and 1.3 L diesel engines, it will only adorn itself with minor cosmetic updates. There will also be an updated instrument console with new high-res MID. To be launched towards the end of 2017, it will cost around Rs.7.5- Rs.10 lakh.

Maruti Suzuki Swift 2017 Hybrid:

Expected to cost around 8 lakh, this model will run on a 658 CC three-cylinder petrol engine able to generate 73 bhp of power. It is driven by three modes i.e. hybrid, parallel hybrid and all electric. While the fuel economy is around 48.2 kmpl for the petrol, the electric driving range would be around 25.5 kmpl.

Maruti Suzuki Cervo:

Set to be launched in December 2017, the Maruti Suzuki Cervo has been designed to replace the iconic Maruti 800. This model will feature a 660 CC 3 cylinder that is intended to deliver fuel efficiency of 25 kilometres per litre.

Maruti Suzuki MR Wagon:

Expected to be launched in November 2017, the Maruti Suzuki MR Wagon is a mini-MPV that will run on three cylinders 657 CC petrol engine adept enough of producing 60 bhp power and 97 Nm of torque. It comes with a high fuel economy of 22 kmpl, the price of the car is estimated to be around Rs.5 lakhs.

Maruti Suzuki Jimny:

Being a sports utility vehicle, the Maruti Suzuki Jimny is expected to be launched in September 2017. It features 1.5 L 4 cylinder multi-jet diesel engine efficient to produce 85 bhp at 3750 rpm. It is to be priced between Rs.5.50 and Rs.10 lakh; the model is blessed with features like driver airbags, ABS-EBD, etc.

Maruti Suzuki Celerio Facelift:

The 2017 Maruti Suzuki Facelift will adorn itself with 1 L K10B three cylinder engine. It will also have a five-speed manual or five speed AMT gearbox along with sporting design on the exterior. The mileage is expected to be around 25 kmpl for petrol and 33 kmpl for CNG. The cost will fall between Rs.4.5 lakh and Rs.5.7 lakh.

While you read about these models or plan to buy one, don't forget to check your car insurance online to ensure your car is safe.

GST Implementation And Its Impact On Indian Auto Industry

An Overview

The automobile industry is a booming business of our country, producing large number of cars and further generated by us, the regular users of their end product. With the introduction of the new tax regime, Goods and Service Tax (GST), several taxes which are levied by the state and centre will be amalgamated into one, which will lead to easier administration and enforcement.

The consumers are at an advantageous position as an overall reduction of tax is expected. It also ensures a hassle-free movement of goods from one state to another. One need not wait for hours at the state border waiting for the payment of the state tax and the enormous paperwork. It is expected to be applicable from 1st July, 2017.

GST and the Automobile Industry: Impact on Manufactures, Dealers and End Customers

GST will bring about a positive change in the automobile industry due to the efficiency and removal of cascading. 80 per cent of the cars that are manufactured in a particular state are sent to dealers of other states who have to pay the CST (Central Sales Tax) of 2%. After the implementation of the new tax regime, the CST will be integrated with the GST which will be fully creditable by the dealer when he sells it to the other states. GST will also help manufacturers procure auto parts at a cheaper cost.

GST will be favourable for the end customers as well. Presently the end customers pay two taxes: excise and VAT, with an average combined rate of 26.50 % to 44%. After the GST goes live, there will be a less burden of tax on the customers as the expected rates are 18 % to 28 %.

To keep up the goodwill of the brand, most car manufacturers give free services and goods to its customers which are not taxed under the current tax laws. After the implementation of GST, the free services will also be eligible for taxation.

GST and Automobile Insurance Premiums

“The immediate impact will be an increase in the tax from 15 % to 18 % which will have to be borne by the customers”, said Tapan Singhel, MD, Bajaj Allianz General Insurance. For families that own a car, there will be a higher premium outgo because of an increase in the rate of tax on insurance. The insurance companies are yet to work out on a positive impact on the tax credit. Also, the benefits of input tax credit will be exempted from insurance. Gopal Balachandran, chief financial officer of ICICI Lombard has said that,” the government has continued with the existing exemptions under the GST regime. When there are exemptions the entire value chain of credit gets lost.” Hence, the customers have to pay a higher tax.

Conclusion

The automobile industry will experience its share if advantages and negatives with the implementation of GST. Though the customers are likely to pay a higher tax on premiums. this is a revolutionary change which will reform the present tax regime by subsuming all the taxes that are levied currently and will undoubtedly boost the automobile industry.

While you keep a check on how GST would affect the auto-industry, do ensure that your vehicle is properly insured.

Also Read: GST Impact on Used Car In India

How To Protect Your Car From Rodents Or Mice

Rodents are very annoying creatures as there can be an infestation anywhere, bite and destroy almost anything. They have the tendency of wrecking havoc wherever they go. They multiply very fast and are a nuisance. Rodents infesting cars is not a new topic of discussion. Most people complain that they have rats destroying the wiring of their cars. In such a case it requires a costly replacement. Moreover, they tend to destroy the interiors of the car as well. They bite into the leather and tear out the seats. The engine bay tends to be their favourite hideout. Apart from that, they make the car very dirty. They will urinate and defecate all over the interior of the car and it will emit a foul smell. This is a very common situation seen in cars which have been garaged for a very long time without proper maintenance. In the countryside, this problem is noticed in carts that are used daily. The problem of pest is a major issue for our cars which needs to be prevented. Here are some ways that could be used to prevent this problem from spoiling your car.

Tips to protect your car from rodent infestation

The first need is to be clean. If your car is already infested with rodents then you need to clean out your car immediately. Not only that, you must also clean the storage building if possible. Rodents usually feed within 20 feet of their nests so you need to keep that in mind and clean all food items in the vicinity of your car.
If possible, remove any nearby sources of water. If food and water are removed, there are higher chances that the problem will not persist for long.
It is essential that your car is exposed to sunlight. This reduces the problem a bit as rodents tend to grow in dark places. You can keep the hood of your car up so that light can reach into it.
Clean the surroundings around your car. You need to cut down nearby shrubbery and vines where the rodents can hide.
Use naphthalene balls and keep it in different places in your car.
You can also spray diluted phenyl in your car. The pungent odor keeps the rodents away.
Get your engine bay thoroughly cleaned and then sprinkle the area with the worst quality of coarse chewing tobacco. This will also ensure that the rats are at bay.
You can opt to use the TSB from Honda. It is basically a rodent deterrent tape. It is an electrical tape. It is an electrical tape which is treated with super spicy capsaicin. This tape is 21 meters long and is easily available from dealers. You can also be able to purchase it online.
You can use the ultrasound device found in the market to clear out rodent infestations. They are known to be very useful.

Protect your car from rodents and get your car insurance policy renewed easily if its about to expire.

5 Interesting Facts About Google's Self-Driving Car

Since 2009 Google has been working on its self-driving car project. It can be said that today, Google’s self-driving cars are arguably the best in the market. Here are some interesting facts about these self-driving cars launched by Google.

Battery powered and running on electricity

These cars run on electricity and are battery powered. Being 100 percent electric, it ensures that it is not polluting the environment. This fact makes it greener than any other car on the road. The small size of the car will further help in its green front. Moreover, the fact that it is electric ensures a very smooth ride, which is a classic feature of any electric car. Some are of the view that the aerodynamics of the car could have been much better, but it is supposed that such improvement will be on their way.

The cars are overly cautious

Being aware of the surroundings is a must for every driver. These cars are extremely careful, and they never accelerate all of a sudden as we usually tend to do. It is powered by sensors that can detect all kinds of objects. It is even capable of predicting the next move of these objects. For instance, when the car signal turns green, and the car is just about to go forward, it can sense an ambulance coming from the left and stop at once to allow the ambulance to drive through. One can say that it is a smart car. These cars also use a foam bumper and an adjustable windscreen. If the car bumps into something; minimum damage will be done as it can absorb shock energy. This means that if a person is hit inside or outside, they won’t be crushed. Another fact is that the car waits for 105 seconds after the light turns green as that is when maximum accidents happen.

Advanced navigation system

The navigation system used in the car is a class apart. It is not just your ordinary GPS and navigation system used. It has a LIDAR system that is mounted on the top of the car which takes a detailed 3D map of the surrounding. This system costs about $70,000. For its navigation system, the car uses a unit of radar, lasers, and cameras. This ensures your safety on the road and helps to avoid any accidents. The car can differentiate between a pedestrian, a bicyclist, a car, a traffic light, a sign, and even road construction.

Drive at 25kmph

Not having to pay attention to the road comes with the price of being driven at 25kmph. This speed limit will also mean that you will have to avoid some roads, but if this car is to be commercially produced, then certain changes will inevitably be made about its speed limitations and roads traversed.

Smiley face

One look at the car will make you think that it has a face that is smiling at you. This appearance has been given to make it look cute and also spiritually disarm other drivers.

While you keep yourself busy with other interesting facts about Google’s self-driving car, also ensure that your car insurance policy is up-to-date.

Driving In Foggy Conditions? Follow These Tips To Stay Safe

We love to go out on trips during winters as it is the best time of the year for doing so. But at the same time, we are faced with the hazard of fog. Anyone who has the experience of driving a bike in foggy condition will admit that it is quite difficult a task.

Fog reduces visibility to a major extent, generally, 1/4 mile or less and makes driving a challenging experience. It is a major issue, especially in the morning and at night time. Given below are some tips to avoid any mishaps while driving your bike in foggy conditions.

You need to keep your tank full when riding your bike in the foggy weather. It just ensures that you do not find yourself running out of fuel in the middle of the road as it is quite possible that you might not notice the fuel stations on your way. So, it's better to be safe.
If you are wearing prescription lenses, make sure that it is not tinted, polarised or photochromatic in nature. Given the foggy condition, your visibility will already be compromised, and you would not want to make it worse with tinted lenses. Also, ensure that your lenses are sparkling clean.
Before you go biking in foggy conditions ensure that your tyres, controls, lights, oil, chassis and stands, all are in good condition. If they are not working properly, it is preferable to retrieve them to working condition before heading out.
As crazy as it may sound, it is more effective that you keep your low beams on, rather than high beams. The high beams tend to reflect off the fog which reduces your visibility.
Use your fog light if you have them along with your low beams.
Your visibility to other drivers is of vital importance. The more visible you are to others the better chances of avoiding collisions. You can opt for wearing jackets with reflective materials. You can also drive with your emergency flashers on. It is widely accepted for bikers to ride with their emergency flashers on so it will not be a problem as it wwill make you quite visible to others on the road.
Another important tip is that you should not forget to tap your brake lights at regular intervals. In this way, the motorists behind you are aware of your presence.
You must obey the traffic signals while riding your bike in the fog. Watch out for traffic while taking turns and do not forget to use hand signals as and when necessary.
Speed is an essential factor while riding in foggy conditions. You need to control your speeding urges during foggy conditions for better control in case of sudden braking. Do not speed unless it is essential to do so.
And lastly, check the weather conditions before heading out. It’s preferable not to go out for a ride unless you have to go out to work. Even then try using public transport.

Follow these tips to easily avoid bike accidents in foggy conditions and keep your bike covered with a proper two wheeler insurance policy.

Ways To Keep Your Vehicle Safe From Thefts

Our vehicles are very precious to us. We put in a lot of hard work to pay for our bikes and cars, and we try keeping them safe as much as possible.

Buying a vehicle is a significant and expensive investment, so it is important to take a few extra security precautions to avoid becoming a victim. Here are some ways that you can follow to avoid your vehicle from getting stolen.

Garage your vehicle in a well-lit area. Park it under garage security lights or under street lamps. In such a condition, theft of your vehicle is less likely to happen as thieves would not want to draw attention to them.

Do not park your vehicle near the garage or parking exits as thieves tend to steal the ones near the exits as it helps them to run away faster. Try to park it in the middle of a row of vehicles or at a heavily trafficked area garage or parking lot.

It is preferable to park them in monitored parking lots where there is continuous security to check your vehicle. It may cost a little more but would be a safer option.

You must install an anti-theft system in your vehicle. It has been seen that thieves tend to stay away from vehicles that have an anti-theft system that has been approved by the Automotive Research Association of India, installed in it. Another plus point to this is that insurers offer nearly 2.5% discount on the premium to a maximum of Rs 500.

Other than the anti-theft system, you can also have a gear lock system for your vehicle to ensure the safety of your vehicle.

Leaving keys inside the vehicle is a prevalent cause for vehicle thefts, or for that matter even leaving it beneath your door mat. If the thieves are after your vehicle, they will keep track of your vehicle, and this increases the chances of your vehicle getting stolen.

Motors nowadays come with engine immobiliser, but experienced thieves find their way around it. It is better to have multiple layers of deterrence to avoid thefts. A steering lock is one such example to ensure your vehicle remains protected.

It is important that you do not keep your windows open when you are not present in the vehicle. In many cases, such behaviour has led to the loss of vehicles.

Do not keep your valuables like laptops, briefcases, wallets or cell phones in plain sight as it tempts the thieves to break into your vehicle.

It is important that you do not store vital documents like your insurance information or registration certificate in your vehicle. This lures a thief to steal your vehicle as well as get hold of your identity.

Keep your vehicles safe from theft with these tips and avoid paying for the damages with a proper motor insurance policy under your name.

5 Best Fuel Efficient Cars You Can Buy

Indians have always been on the lookout for fuel efficient cars. With the increase in the number of cars on the road, this requirement is continually growing. With this ever growing demand car makers are constantly trying to give us cars that suit the need. It is quite well known that diesel driven cars are more efficient than petrol driven cars, but with the advancement of technology, petrol cars are also able to give better fuel economy. Here is a list of some of the most fuel efficient cars of 2017.

The Maruti Suzuki Ciaz SHVS

This car is a hybrid version or rather a mild hybrid version of the diesel Ciaz. The car has various features like for instance an integrated starter generator. It has a larger battery capacity and a start-stop technology that helps the car give a better mileage of 28.9 km per liter. This feature makes this car an extremely fuel efficient and also a very desirable car for India.

Maruti Suzuki Celerio

Though this car does not boast of being in the first position of fuel efficient cars, yet we can see that it is a strong contender. Its fuel efficiency is quite marvelous. It has a tiny 800cc engine combined with a little kerb weight of around 900 kilograms. This feature ensures that the car delivers what it promises of, i.e., being frugal regarding its fuel consumption. Initially, this car came only in petrol variant and became popular for being the first AMT equipped hatchback in India. However, when the diesel version got launched, it came with a mileage of 27.62 kilometers per liter.

Maruti Baleno Diesel

This car is one of its kinds. Though it ranks on the third position yet the style of this car and the features that it boasts of quite make up for it. It delivers an excellent mileage of 27.39 kilometers per liter, and with a 1.3-litre Multijet diesel engine combined with 190Nm of torque, it gives a tough competition to Hyundai Elite i20. It has a contemporary exterior styling and also a spacious cabin.

Honda Jazz Diesel

This car gives a very tough competition to the previously mentioned two cars with a mileage of 27.3 kilometers per litre. The Honda Jazz has made a tremendous come back with a host of new features. The car now comes with two fuel options; 1.5-litre i-DTEC diesel and 1.2-litre i-VTEC petrol. The diesel unit of this car, linked to a 6-speed manual gearbox, can churn out 99bhp & 200Nm.

Tata Tiago

Tata Tiago is quite a large car that comes with an ARAI certified fuel efficiency of 27.28 kilometers per litre. Tata Zica as it was earlier called is available in both petrol and diesel units. The new variant comes with a new revamped chassis, and a frugal diesel engine puts out 67bhp and 140Nm.

While you go about searching for your dream car, do not forget to get your new car insured from a reputable source to avoid getting penalized.

5 Expensive Cars Ever Sold In Auctions

The market for classic cars is always on the boom. With the super-rich growing even richer, investment in these vintage cars is one of the safest ways of investing their money. As a result, the price of these cars is also on the boom, and they are being sold off at the rates of a private jet. A car gets such a high value not just because it is vintage, but also because it comes with a race history or a household name attached to it. The rarity of an old car also plays a role in making it expensive.

We share with you a list of 5 expensive cars ever sold in auctions:

1962 Ferrari 250 GTO Berlinetta

This car was sold for $38,115,000 at the Bonham’s auction held in Carmel Valley, California, in August 2014. This car is one of the 37 cars built by Ferrari, and it is one of the best maintained of them. This car came second in the 1962 Tour de France. It got crashed and was later rebuilt in 1964.

1957 Ferrari 335 Sport Scaglietti

This car is a race car with a glorious history, and it has a curvy look. It was sold for $35,700,000 at the Artcurial auction held at Paris in the February of 2016. It finished on the first position in the 1958 Cuban Grand Prix, and Stirling Moss was in the driver's seat.

1954 Mercedes-Benz W196

This car was driven by a legendary driver named Juan Manual Fangio who was five times Formula One world champion. It was sold at a price of $30,433,000 or £17.7million at the Goodwood Festival of Speed. This car was interestingly sold in its authentic condition with visible blemishes and a thin layer of grime.

1956 Ferrari 290 MM

This car was the most expensive car sold in 2015. It was sold at RM Sotheby’s auction in New York in the December of 2015 for $28,050,000. Surprisingly, it made many records even while being on auction. With Juan Manuel Fangio as its driver, the car became a part of 1956 Mille Miglia race. It is one of the four of its kind that is still in existence.

1967 Ferrari 275 GTB/4*S NART Spider

This car is one of the ten N.A.R.T. cars to be ever built. N.A.R.T. stands for North American Racing Team. The cars have remained in the family until this came up for auction in 2013. It was sold at a price of £16million or $27,500,000 at RM Sotheby's in Monterey, California, on August 17, 2013. This car had a film debut with Steve Mc Queen in The Thomas Crown Affair and is the highest priced road car ever to leave an auction.

Other than keeping a check on the list of expensive cars ever sold, ensure that you are keeping your car insurance policy too up-to-date to avoid any trouble.

5 Obvious Mistakes You Are Making While Washing Your Car

Be it a hatchback or a luxury sedan, every one of us loves our car like our child. We certainly do not want to cause it any damage and taking care of the car includes washing it thoroughly from time to time. However, do you know that you might actually be causing more harm to your car unknowingly? Almost all of us make some common mistakes while cleaning. Let’s see them so that you do not repeat your mistakes again.

Using normal cloth and detergent for cleaning – We think that liquid soap does not contain any harmful material for the paints as they are not granular. This leads us to believe that we can use all types of liquid detergents to clean our car. Most often than not, we tend to use the liquid dish washing soap for that purpose since they are cheap and almost always readily available. Some of us also use shampoo and other liquid based detergent. The fact is, this is causing much harm as well. The dish washing soap even in liquid form is quite harsh on the car paint. The same goes for shampoo. It is important that you get a proper car washing liquid soap and a cloth for the purpose. You can pick up the softest cotton you can lay your hands upon, but that will never do any good since even cotton clothes will leave fine scratch marks that will look like spider webs later. Microfiber clothes are the way to go. These clothes have the ability to lift the dirt off the body and clean it without scratching the paint a bit.

Using the same cloth for all agents – You must wash the car in stages. Most of the time we use the same cloth for cleaning and then for drying and even for applying wax. That is a strict no-no. It will certainly leave an ugly smudge on the body as the dirt from before will stick to the cloth. Use different cloth for different materials and always keep them separate.

Overuse of cleaning agent – Have you seen streaks all across the car’s body. It is a result of using too much cleaning liquid. One way to avoid making this mistake is if you are applying the liquid to the cleaning cloth and not directly on the car’s body. Make sure the cloth isn’t too wet, and you will not see a single streak left behind.

Not starting from bottom up – This is one of the most common tendencies among most of us. We tend to clean the body of the car first and then move to the tires. The fact is that the wheels and mudguards are the dirtiest of all places and cleaning them at the end risks the chance of spraying mud on the car again and you are back to square one.

Cleaning in direct sunlight – Unless you have got superpowers and can wipe your car clean faster than the sun dries the water you are effectively leaving water marks all over your car in the areas where the sun dries the water. If you cannot find a shady place, you must clean your car when the sun is not too high and bright.

You can always visit a professional car cleaner to get your job done. In addition to this, avoiding these common mistakes helps to keep your car swanky clean.

5 Things People Generally Forget While Going For A Test Drive

While going for a test drive is always exciting, many tend to overlook or forget the tiny details that they die to have in their car. Since you are willing to invest capital for your desired car, you must be at the top of the game. You can understand most of it with careful observation, common sense and knowledge regarding what to look. Even though many people depend on the opinion of others, test drive allows you to form your opinion after experiencing it. Here are a few things that you shouldn’t forget while going for a test drive:

Being Sure of What You Want: This is perhaps the first and foremost thing that you will need to do before you go to a showroom for purchasing a car. While you are still at home, you must prepare yourself for what are the things that you require. It is always wise to have a list of features that you would like your car to have. The features can range from colour to mileage to engine capacity to advanced technological features, etc. Settling for something that you haven’t planned for would probably leave you discontented for an extended period.

Look At The Features And Space Too: There are high chances that you are test driving a car because of the features that you saw in a newspaper or an advertisement online. Now that ad or brochure is not useful when it comes to experiencing the product or understanding the amount of space available in a car. So, a test drive is the gateway to have an answer to all the provoking questions that you may have in your mind. Estimating the legroom available is a wise idea if you are planning a road trip with your family and friends.

Drive In Varied Conditions: You must not forget to test drive the car in different conditions. By doing so, you get a surety of whether the car is ideal for you or not. Besides exploring the ride quality, you must test drive the car in stop-go traffic, make U-turns, and several other aspects. This helps you get an idea of the ground clearance as well.

Keep Photocopies of Driving License: Keeping the photocopies of driving license and proof of insurance is always wise since you can always be asked to produce them. However, you must not submit your license to the dealer as that can trap you. You can also request a demonstration before you go for a test drive.

Don’t Let Other Makes The Choice: Since you are the boss in the show, don’t let any salesmen influence you over the choice. If the dealer doesn’t have the vehicle that you have been in search of, you could simply walk out.

Ensure that you follow these tips to take note of things while you are stepping out for a test drive, and do not forget buying your car insurance policy getting as soon as you purchase a car.

8 Items You Must Have In Your Car All The Time

Bad driving can be considered a routine event on Indian roads. Every turn, every highway, you will easily find someone who is breaking one or more traffic rule and has no regard, whatsoever, for what problem it is causing to the others. Although you might come across a few rational drivers, still it is a sad truth that a huge majority of the drivers are downright irrational. Let's have a look at the kinds of drivers that you usually encounter on Indian roads.

Speedy drivers – No number of rules, regulations, traffic signals, or traffic jam can make them slow down their pace. Inspired by the most popular racing games Need for Speed and the upbeat Hollywood racing movies, these drivers think of the Indian roads as their racing track and drive carelessly endangering not only their life but of others too on the road.

The slow drivers – This category of drivers usually drive within a speed limit of 30 km/hr. Though driving slow and carefully is good, but on highways, a little fast driving brings no harm. While the speedy drivers make you nervous, the slow ones will spike up your irritation level. Therefore, one should learn the difference between driving slowly and driving carefully.

The Over-cautious ones – These types of drivers are extremely nervous and afraid to drive on roads. Their lack of confidence in their driving abilities, combined with the rush on highways, makes them over-cautious. You will find these drivers always driving within the speed limit, and never or hardly ever crossing the speed limit. Their hesitance to take turns at proper timing, cross the roads even when there is minimal traffic, and many other such delayed decisions often result in road accidents. Be sure to avoid driving behind or near such drivers on the road for your safety.

The distracted drivers – These drivers are often found talking over the smartphone or with their friends and paying little or no attention to the road. They are one of the primary reasons for a large number of accidents on the Indian roads. Even though they are completely aware that driving while talking on phone or texting is strictly prohibited for all the right reasons, they still choose to pay no heed to such rules, thus putting many lives in danger.

The rational ones – Enough about making fun of Indian drivers! Let's talk about the good drivers. The reasonable ones are an ideal kind of drivers. Although they are very few, they still exist. They are the ones who stay fully aware of their surroundings and traffic rules while driving. They know where to slow down, and where to speed up. They follow all the basic rules like maintaining a safe distance between the vehicle ahead of them, stopping at the traffic signs, driving on the left side, and much more.

We are sure even you do encounter one of these drivers on a daily basis while you are driving. Based on our classification of drivers into five different categories let us know in which category you would keep yourself?

10 Haunted Indian Roads You Should Never Drive On At Night

With India offering exciting terrains and roads, it is a pleasure for many to go on a long bike and car trips across the country. With these, a lot of stories of haunted roads and challenging driving conditions have prevailed. Though these sound scary, they also add to the adrenaline rush of these automobile junkies. Here is the list of 10 such haunted Indian roads, the stories of which have travelled far and wide.

Kashedi Ghat, Mumbai Goa Highway

Known to be haunted by a ghost of a man, the travellers on this road have claimed to have been scratched on their face, neck and back. It is said that the ghost asks for a lift and if the driver does not stop, the vehicle tumbles or goes out of control.

Delhi Cantonment Road

People claim to see a lady in white sari running beside the vehicle. She often asks for a lift, and if the vehicle is not stopped, she is seen either in the backseat of the car or chasing you at superhuman speed. Sound spooky for sure!

Kasara Ghat, Mumbai Nashik Highway

Considered as one of the most haunted roads in India, Kasara Ghat is scary enough with trees and dense bushes on its sides. Popularly known as a dumping ground for murdered victims, people have their share of experiences here. But many of the stories come down to one single story of having seen a headless lady draped in black saree.

Delhi Jaipur Highway

National Highway 11A, which also connects with the haunted Bhangarh Fort, is a haunted route in itself. During nights, travellers have witnessed strange white lights, heard horrific screams and paranormal shadows. They say that these are the same ghosts that haunt the Bhangarh Fort.

Blue Cross Road, Chennai

Known for canopied trees, Blue Cross Road does not see sunlight much. This road is a home to a scary humanlike creature in the wee hours of the night. With a lot of suicides that took place here in the past, the Blue Cross Road knows a lot of unsettled souls like a white creature walking along the road or a woman often seen in a no moon light.

East Coast Road, Chennai

Connecting Chennai with Puducherry, East Coast Road is a two-lane road that offers scenic beauty and amazing roads for the driver to drive on. But these beautiful sights have a flip side. The travellers have often experienced a sudden temperature drop on a patch of this road and paranormal shadows as well.

Sathyamangalam Wildlife Sanctuary Corridor, Tamil Nadu

Known to be haunted by the ghost of Veerappan, a famous dacoit, one has heard hysterical laughter sounds and floating lights. People have also witnessed various orbs and shadows beside the road making it more spooky and dangerous to drive alone late at night.

National Highway 33, Ranchi-Jamshedpur Highway

It is said that a white lady haunts this road that is known to distract drivers leading to both minor and major accidents. To avoid and eliminate the risks of accidents, people have constructed temples at both the sides. Surprisingly, from the moment the temples came in, the number of fatal accidents have decreased to a great extent.

Marve and Madh Island Road

Between S.V. Road and Marve Island, a ghost of a bride is said to haunt the road. On peculiar nights, travellers have seen apparitions of a lady dressed in bridal clothes and wearing anklets sobbing. Frequent visitors state the woman has not yet harmed anyone, but still we would advise you to avoid travelling on this route late night.

Khooni Nala, Jammu-Srinagar Highway

As several accidents occur here, many locals have started calling this highway by the name of Khooni Nala (or Bloody Barrage). It is said that a lady committed suicide here while she was expecting a baby and now her spirit roams here with an infant. She is known to distract the incoming drivers leading to a car crash in the gorge.

These roads and their stories are known in various forms across the country. Though there is no concrete proof of all these stories being entirely accurate, it’s better to avoid these roads at night and ensure your safety.

A – Z Of Performing A Pre-Delivery Inspection For Your New Vehicle

Buying a new car is always attached with unparalleled happiness, excitement, and joy. But, amidst all these excitement, you shouldn’t forget to take the necessary precautions and check all the important details and paperwork, before signing the sales agreement and grabbing the keys and hitting the public road.

PDI or Pre-Delivery Inspection is a thorough process via which you can inspect the car in a detailed manner before finally doing the paperwork. It is obvious that salesperson will present the car saying that it's completely flawless and well-checked, but it's better to inspect every part of the car for our self-satisfaction personally. Here are a few points that you should keep in mind while performing PDI.

Carry with you a camera to click pictures of the car from different angles, notepad and pen to jot down important points, your driving license, mixed music track or CD’s to test the audio setup of the car, and go with a trusted friend.
Write down the Vehicle Identification Number (VIN) of the vehicle that you are buying. VIN number will help you get various details of your vehicle like production date, the location of manufacture, features and much more.
Check the odometer. On a general practice, the car should not have travelled more than 100 km. Also, beware, as in some cases the dealer already disconnects the odometer so that the reading shows zero. Make sure that the odometer works perfectly, and the reading is favourably within 100 km.
Thoroughly search the vehicle body including the mirrors, windows, and bumpers of the car for any dents, rusting, visible scratches, and signs of repair. Furthermore, don’t forget to check the fuel lids for any types of damages.
Check the proper working of all the lights like headlamps, stop lamps, indicators, and fog lamps. Also, check the working of the wiper blades by using a windshield wash sprayer.
The seats should be covered with polyethene.
If you find it difficult to pull the boot up, then there is some fault in the hydraulic system.
If your car has remote locking option, then try it to check whether or not you can manually lock and unlock the doors.
The tyres are an essential part of a car. So, check them properly for any cracks. Also, make sure that the pressure in the tyres is not more than the required amount and that spare wheel is present.
The tool kit with all the necessary items should be present in the boot.
Next, coming to the engine, first try to pull up and shut down the engine hood to ensure it works smoothly. Do the same for all doors and windows, rear view mirrors, and fuel lid.
Everything in the engine must appear new and should be in good shape. Examine the condition of the engine oil by pulling out the dipstick. The engine oil should be full and should be somewhat golden in colour. Dark colour implies that the condition of engine oil isn’t good.
Apart from the engine oil, also crosscheck the condition of other essential fluids like the coolant, Brake Oil, Power steering oil, etc.
Ensure that the battery is new and has its positive terminal fully covered.
After completing the interior and exterior inspection, take the vehicle for a test drive. Ask your friend to keep an eye on all minute details like small noises, rattles and squeaks. Make sure that the car doesn’t emit much smoke. Try to drive it in varied terrains and conditions.
Once the driving is complete, search for any oil leaks and engine overheating.

We hope that you keep in mind the details mentioned above before buying your brand new vehicle. A thorough inspection would ensure that nobody fools you and convince you into purchasing a defective vehicle.

Check Out The Upcoming Maruti Cars

The year 2017 has given us some exceptional cars. One of the leading automaker companies of the country, Maruti Suzuki has already launched three new models – the all-new Dzire, the compact crossover Ignis, and the Baleno RS. The customers have gladly accepted all these models with much laurels and appreciation. But, Maruti Suzuki isn’t done just yet. It is yet to launch some more new models in the year 2017. Below is the list of some of the Maruti models which will launch ahead in 2017.

Maruti Suzuki Jimny – This SUV, is expected to release between July 2017 to September 2017. The price of the Maruti Suzuki Jimny will be between Rs 5.50 lakh to Rs 10 lakh.

The vehicle gets powered by a 1.0-litre BoosterJet motor engine that will be accompanied with variable valve timing so as to ensure excellent performance and a great fuel economy.

The maximum output power of the vehicle engine is 85PS, and the peak torque it can attain is 200Nm.
The AllGrip pro wheel drive system and the ladder-on-frame chassis will provide better off-roading capability. The petrol engine vehicle will be incorporated with an MPFI (multi point fuel injection) system. It can provide a peak mileage of 15kms per litre on the highways whereas the 1.3-litre diesel engine variant of the Maruti Suzuki Jimny is expected to give a maximum mileage of 22kmpl. In terms of acceleration, it’s most likely that both variants of the SUV will be coming with the 5-speed manual gearbox option.

Maruti Suzuki Wagon R Diesel - This mini diesel hatchback is expected to release between October 2017 to December 2017. The price of the upcoming Maruti Suzuki Wagon R Diesel is likely to exist between Rs 4.20 lakh to Rs 5.30 lakh. It is believed that the vehicle will be powered by a 1.0 litre, three cylinders, 800 cc displacement in-line TCIC engine providing a power output of 57 bhp, peak torque of 150 Nm, and an excellent mileage of 25.44 kmpl.

The Grand i10, Chevrolet Beat are believed to be the biggest competitors of the upcoming Maruti Suzuki Wagon R Diesel. The automaker also plans a major overhaul in the engine department of the diesel vehicle. The sloping roof of the vehicle will provide better dynamics. Blue-tinted headlamps, excellent graphics, V character, and many other similar features are sure to make Maruti Suzuki Wagon R Diesel a great choice to buy.

Maruti Suzuki Vitara – Already unveiled in Paris in the year 2014, this Maruti Suzuki variant most probably will be launched in India around October to December 2017 with a price of 15 lakhs.

The diesel version will have a 1.6L turbocharged engine while the petrol version will sport a peppy 1.3-litre turbocharged four-cylinder engine producing 89bhp via a five-speed manual transmission system. With a 198mm of ground clearance, the SUV comes with a high bonnet, gigantic rectangular front grille, body matching tailgate, and swept back headlamps. It is likely to be made available in six colour variants namely Phoenix red pearl, clear beige metallic, silky silver metallic, pearl white, nocturnal blue metallic, and bluish black pearl.

Maruti Suzuki S-Cross facelift - This variant from Maruti will be the facelift version of S-cross and is expected to release between October 2017 to December 2017. The price of the Maruti Suzuki S-Cross facelift will be between Rs 8 lakh to Rs 12 lakh.

The Maruti Suzuki S-Cross facelift will have some exciting new exterior features like newly designed front bumpers, daytime running lights, new tail lamps in the rear and new radiator grille. In the interior, new seats and upholstery promise to give riders a better comfort. It will have a 1598 cc, 4-cylinder petrol engine that can deliver 119ps and 320Nm torque. The diesel variant will have 1248 cc, 4-cylinder diesel engine with a capability of producing 89ps at 4000 rpm. The petrol variant is likely to equip a 6-speed manual transmission whereas; diesel variant would come with a 5-speed manual gearbox.

These are just a few names from the Maruti Suzuki store that we have shared with you. There are much more variants Maruti Suzuki plans to unveil this year. Check out the models in detail to decide your next purchase.

Know What Type Of Driver Are You On Indian Roads

Speedy drivers – No number of rules, regulations, traffic signals, or traffic jam can make them slow down their pace. Inspired by the most popular racing games Need for Speed and the upbeat Hollywood racing movies, these drivers think of the Indian roads as their racing track and drive carelessly endangering not only their life but of others too on the road.

The slow drivers – This category of drivers usually drive within a speed limit of 30 km/hr. Though driving slow and carefully is good, but on highways, a little fast driving brings no harm. While the speedy drivers make you nervous, the slow ones will spike up your irritation level. Therefore, one should learn the difference between driving slowly and driving carefully.

The Over-cautious ones – These types of drivers are extremely nervous and afraid to drive on roads. Their lack of confidence in their driving abilities, combined with the rush on highways, makes them over-cautious. You will find these drivers always driving within the speed limit, and never or hardly ever crossing the speed limit. Their hesitance to take turns at proper timing, cross the roads even when there is minimal traffic, and many other such delayed decisions often result in road accidents. Be sure to avoid driving behind or near such drivers on the road for your safety.

The distracted drivers – These drivers are often found talking over the smartphone or with their friends and paying little or no attention to the road. They are one of the primary reasons for a large number of accidents on the Indian roads. Even though they are completely aware that driving while talking on phone or texting is strictly prohibited for all the right reasons, they still choose to pay no heed to such rules, thus putting many lives in danger.

The rational ones – Enough about making fun of Indian drivers! Let's talk about the good drivers. The reasonable ones are an ideal kind of drivers. Although they are very few, they still exist. They are the ones who stay fully aware of their surroundings and traffic rules while driving. They know where to slow down, and where to speed up. They follow all the basic rules like maintaining a safe distance between the vehicle ahead of them, stopping at the traffic signs, driving on the left side, and much more.

Buying A New Car? Check These Tips For The Best Deal

With internet taking over, we are getting to know more and more about everything. The internet does provide us with a fair amount of knowledge regarding the information you need to know before buying a new car. No more can buyers be fooled. Mentioned below, are some crucial tips to be kept in mind, to help get the best deal on a new car.

Identify your needs as well as your budget limit – It is essential that you, very realistically, assess your needs and budget thoroughly before deciding which car to buy. Next, take consultation from various internet car services and other manufacturing websites to acquire more knowledge about different models and vehicles. It is common for a salesperson to pitch for a higher variant of the make/model but you need to remain firm as, after all, you will be paying off the car loan.

Keep in mind the long-term cost – Keep in mind all the hidden costs like depreciation, insurance, fuel, taxes, maintenance, and repair. You would have to bear these in the long run when you buy the car. Go through various online pricing sites or else contact your local car-leasing agency and check the residual value of the car after nearly three to five years of use.

Set that target price in mind – Once you have narrowed down your final choices, go through some online price guide sites to know the exact Manufacturer’s Suggested Retail Price (MSRP) and the invoice price. Although the real buying cost of the car will be between MSRP and the invoice price; but you must quote the invoice price in all dealings.

Try buying a car which you can pay in cash – Car models are one such thing that very actively loses value over the year. Hence, if it is possible on your side, then try buying a car for which you can pay in cash; even if it means going for a lesser cost model.

Get preapproved for car loan – If in any worst case, you can’t pay the whole car amount in cash, then first get yourself preapproved for a car loan before you head out to a dealer. This will give you some advantages like you will be able to make a proper comparison between the interest rate of the dealer and various other available auto loan rates. Furthermore, try your best to limit your loan duration to 48 months. The longer will be the term of the loan, the tougher it gets to repay it back.

Wait for the perfect time to buy – During the end-of-the-year sale, or any other big festival day, the prices of the cars go down hugely. As the year end approaches, the dealers try to get rid of the old models as they have to replace them with the new variants. Furthermore, while trying to meet the year-end goals, they do slash down the prices hoping to attract more buyers. You can take full advantage of such offers to buy a new car for a much lower cost.

Follow these tips and get the best deal on your new car easily. Just pay for your car and avoid paying for all the other unnecessary dealership charges etc.

Major Factors Responsible For Engine Oil Consumption

High engine oil consumption can be a real worry for car owners. Each model of car has a predefined level of engine oil consumption, i.e., the amount of oil that should be consumed under normal working conditions. Medium-force engines have an average engine oil consumption level where the oil level decreases from the top to the bottom of the label probe. As you look into more accelerated engines, you will find that the oil consumption level keeps increasing. The engine oil consumption is mostly dependent on the operating mode.

In this article, you will get to know about some of the major factors that increase the engine oil consumption.

Poor quality oil – If your oil is of poor quality then you will experience high oil wastage. This can also affect your engine’s friction parts, causing them to wear off quickly. Hence, it is essential that you use only that engine oil which is appropriate to your engine type and its mode of operation.

Age of engine – If your engine is new, then it will go through a "breaking-in" period during the initial phases of its lifetime. This might result in the high consumption of oil. Once your engine breaks in, the engine oil consumption will automatically start reducing. But, again, when your engine starts to approach its end as in starts getting old, the oil consumption starts to increase again.

Worn out valve guides – If the valve guides become worn out, then too much clearance between the valve stems and guides is created. You can avoid this problem to ream out the valve guides and use thin bronze or CI guide liners in its place.

Heavy loads – It is obvious that under heavy loads and other extreme performance conditions, your car is going to need more of its resources to keep up with the increase in demand. As a result of which, it starts to consume much more engine oil as compared to normal load conditions.

Viscosity effect – You can observe variation in the consumption of engine oil when you change the viscosity of your engine oil. Viscosity is inversely proportional to the engine oil consumption, i.e., if the viscosity of the engine oil is low then your engine will consume more engine oil.

Increased drain intervals – You should never increase the drain intervals beyond a reasonable limit because this will result in higher engine oil consumption.

A leakage – It is very common that if there is a leakage anywhere in your engine parts like in valve cover gasket, or crankshaft seals, or any other main seal, then you will be facing a major engine oil leakage issue.

Carbon deposits – While the oil is being burned, then carbon particle might get deposited on the valves of the combustion chamber. This will hamper the performance of the engine as it will be blocking the valves leading to more oil consumption.

Fail of oil seals in the turbocharger – If the seals of the turbocharger fail, then engine oil will emit into the exhaust pipe through the turbine, thus causing the loss of engine oil.

There can be endless of other factors that would unknowingly be responsible for increasing the fuel consumption. But, it is up to you to ensure oil consumption stays under check. Follow these easy- to- follow methods and give your car and engine a longer life.

5 Winter Road Trips In India To Go On With Your Friends

Winter season offers a beautiful weather for a long road journey. The fuel usage is optimum, the sky is clear, and the sun gives adequate comfort during the day time. Although hill stations are the first to excite our junket the minute we think of a road trip, the season is not so ideal for that activity, thanks to numerous road blockades due to excess snowfall high up on the hills.

Today, we recommend 5 best road trips that are just perfect for travelling during the winter months with your besties.

Bangalore – Bandipur Forest

Let us start this list with something unusual that does not quite figure out on in most of the lists. When we talk of incredible road journeys, this one is one you must never miss. A scenic trip through the thick green jungles will certainly impress any traveller’s imagination. This 235-kilometer long road trip is sure to give you happy moments to cherish forever.

Kolkata- Digha

Without a doubt, this is an excellent road trip during winter, and every travel lover in the eastern India will just adore this dream drive. This 180-kilometer long route is stippled with green grasslands ending at the sea which not only makes you happy but also relieves you from the tensions in life. Given the availability of tasty cuisine in the Dhabas throughout the stretch, there is nothing more you could ask.

Vishakhapatnam- Araku Valley

This idyllic winter road journey along the charmingly picturesque hillside and the mild bend of roads is doubtlessly one of the incomparable choices available for planning an escapade. The loveable winter breeze playing with your hair is certain to make you fall in love with this 116-kilometer road of supreme tranquillity.

Mumbai-Rann of Kutch

This stretch is one of the longest road trips in the western India. The Rann of Kutch known as the white desert is a salt marsh located in the Thar Desert in Gujarat. The 932 Km distance can be completed in about two to three with stopovers in some fascinating destinations on the way like Ankleshwar and Vadodara. The road trip can take you from Vadodara, one of the busiest cities in the country to Rann of Kutch.

Jaipur – Jaisalmer

Though the Jaipur- Jaisalmer, 568 Km stretch, is something you will be extremely impressed with; still, this is one of the lesser talked about road journeys. You can take a stopover at Jodhpur in between, and the desert zooms along past you as you drench in the winter sun. Soak yourself in the colours of the desert and don’t forget to savour the yummy ethnic food options available along the way.

Nothing can beat the thrill of being on the road, right? India is a beautiful country, and the best way to explore the country is via road transport. So, where are you headed this winter? Let us know in the comments below, and we would love hearing your story.

5 Best Car Maintenance Apps And What Makes Them Different

Smartphones have made our lives easier and we all can agree to that. We can now find applications for all the activities we can think of, in our day-to-day lives. When it comes to cars or automobile industry at large, there are several apps that can assist you in a number of ways. Whether it is about buying a car or maintaining one, all you got to do is find and use an app. Check out some of the best applications for smartphones and what makes them different:

Gas Cubby - Fuel Economy & Service Log

The app makes it easier for you to keep track of your vehicle's fuel economy and its maintenance records. You can set reminders for car services with the help of presets for an oil change, tire rotations and many more. You can even evaluate the MPG (Miles per Gallon) data for your car by adding distance, the amount of fuel added and the price of fuel. Both Android and iOS users can use this application for free before purchasing it.

Car Minder Plus - Car Maintenance and Gas Log

Car Minder is another useful and intuitive app which makes it easier for you to keep a record of your repairs, services and fuel economy. The application is quite user friendly and allows saving multiple profiles tracking them individually. Saving service history lets you keep a track of all the potential problems that might go unnoticed otherwise. It’s available only for iOS users.

AUTOsist

One of its kind applications, AUTOsist comes equipped with cloud support making it easier for the user to access data from anywhere on any device (iOS, Android or Desktop browser). The user can even scan all the receipts using the built-in scanner and save it inside the app itself reducing paper wastage. Unlike other applications, AUTOsist allows you to increase the resale value of your car by letting you share report of maintenance and service history with the future buyers.

Repair Pal

Finding a right mechanic for your car is not that easy as many believe it to be. You have to be sure of the expertise of the person you are handling your car. To ease out the process, Repair Pal with its network lets you find the right guy in the shortest of the time possible. You can trust Repair Pal as its certified shops are trained on the latest technologies and give warranty of their work.

AutoCare

AutoCare is a paid app for both Android and iOS smartphone users. It allows you to keep track of your car mileage, supports multiple profiles and shares with you different quotes on repairs right from the comfort of your house. Set up reminders on the app, pay the right amount for repairs and enjoy a hassle-free ride with your loved ones anytime, anywhere.

There are many other applications that cater to your needs, each with its own set of features. Be Smart and let these applications look after your car in the best possible way. If you too are a frequent user of any such application, share its details with us in the comments section below.

10 Blazing Hot Trends For The Connected Car

With technology getting better at a lightning fast speed, it is important that one gets used to products that were never even dreamt of. A driverless car or maybe a car that talks back? Yes, all this is a possibility. Online newsroom Gartner predicts 250 million+ connected cars plying the road by 2020. No wonder technology is evolving fast in this domain. Here are 10 such connected car trends that are going to blow your mind in the next few years.

Algorithm Based Insurance Premium: In the coming years, your car insurance premium may be decided according to the driver, his driving skills, and the areas where the car is most likely to be driven.

Ethernet Architectures: You may start looking at cars that have robust Ethernet Architectures for controlling Bluetooth, audio, video and much more. Ethernet will also help you to stream movies and enjoy every bit of travelling. Having one network will also make the car lighter because each system, today, works independently, which comes with kilos of system hardware slowing down the car.

Automated Security Features: The time is not far when you would witness high-accuracy proximity sensors, vehicle trajectory control devices, auto-pilot systems and many others features inbuilt in the cars.

V-2-V (Vehicle-to-vehicle): You will now be able to witness V-2-V systems in automobiles, which will allow vehicles to communicate with each other. These may be used to communicate information about road conditions, weather, sudden braking, etc. These may also be used by groups of cars, driving at high speed, to stay connected with each other.

Solar Cars: Moving towards green technology, here comes the solar car. As environment-friendly it is, one can also hope that it’s pocket-friendly. After all, you are going to zoom about in this fuel-less car and save money!

Autonomous Cars: With a lot of noise and excitement around Google’s self-driven cars, it may not be a far-fetched dream anymore. With tests and simulations going on, one may find it running on the roads with a whole bunch of sensors, radars and what not.

Active Window Displays: You will be able to turn your windshield into an active display. With more improvements, you might just be able to establish your navigation system on that too.

Remote Shutdown: While this is already around, you may be able to see improved versions. The car shuts down in the case of theft, emergencies and other such cases.

Biometric Access: Key-less entry has now become a known concept. A new addition to this concept is entry and start using fingerprints. To enter your car and start the engine, you will have to press your finger against the reader, and post-confirmation, the car would start. Experts believe the next add-on would likely be retina scans.

Vehicle Tracking: While we hear about vehicle tracking now and then, over the passage of time, even the general public would be able to use these improved and easy to use systems on a large scale.

Look out for these features in the to-be-released cars and the day is not far when you would see those sci-fi movies transform to reality right in front of your eyes.

150cc Or 250cc Bike- Which One Is Best For You?

From age-old times, motorbikes have fascinated men, more than stilettos. Though we can’t pinpoint the exact reasons, it is pretty much obvious that men are obsessed with bikes. Back in the olden times, the options were limited to Bajaj Pulsar, the ear-splitting Yezdi, and Yamaha. Nowadays, we are spoilt for choice with a multitude of options available in the market. Today, we explore which one out of a 150cc or 250cc bike will be ideal for you.

Before jumpstarting with the bike that is worth its price, let’s check out what ‘cc’ means? ‘CC’ represents cylinder capacity, i.e., the size of the engine measured in cubic centimetres. A larger cylinder ingests more air, and thus converts more energy as compared to the smaller one- assuming all other factors remain constant.

Now, let us review 5 facts which help you in deciding which one is best for you?

It depends upon the purpose- If you need a motorbike for daily commuting; 150cc bike is fuel- efficient. However, 250cc is a perfect choice for teen bikers especially those who want to flaunt their style.
Cost-effective- 250cc has a higher engine capacity and as engine capacity is directly proportional to the fuel consumption, so needless to say 250cc is not for you if you are on the lookout of a cost-effective bike.
Performance- As the age old saying goes “Every coin has two sides.” While the 150cc bike is cost-efficient and streamlines your overall cost, it scores quite low on performance aspects. If you are planning a long ride, go with 250cc rather than opting for a 150cc engine.
Check about after sales coverage- The 150cc motorcycle segment attracts a lot of interest, thanks to its stylish look and decent fuel performance. Daily college going students and teens love these bikes, but before you purchase, make sure you have an idea of how after- sales- service is and about insurance add- on cover.
Speed excites me- If speed is what thrills you and you have a personality of a sportsperson inside you, 250cc is the right choice for you. They are quite fast as compared to 150cc bike and are friendly enough for the new riders. These bikes are sturdy and can soak up all rough terrains and abuse without any complaint.

Conclusion

The stylish looks and extraordinary performance can sway your decision in favour of a 250cc bike, but fuel-efficiency and cost may incline you towards a 150cc option. So, it is always your decision on which bike should you buy. Take note of your budget, your personal preference and your test drive experience before finalising any deal.

Two Wheeler In A City – A Smart Move

With a lot of young souls opting for fancy bikes instead of cars, it is evident that the liking for a two wheeler is on the rise. The strong spec sheet and sturdy engines have made bikes a universal favourite. And there are some valid reasons for its rising popularity. Let’s look at these advantages of having a two wheeler in a city:

Affordability: Youngsters in the early stages of their career find bikes more affordable than a car. While the price of a decent bike ranges from Rs 30,000 to Rs 1 Lakh, the price of four-wheelers usually start with Rs. 3 Lac and goes up as per the market trend. The maintenance cost, as well as fuel consumption of bikes, is quite less compared to that of a car. In most cases, even the cost of insurance for a bike is much cheaper than that of a car.

Better Movement in Traffic: In highly congested areas, two-wheelers are best as they are compact and can be easily manoeuvred through small gaps. Easy manoeuvring saves time and lets you reach your destination faster.

Easy to drive on any road: Two-wheelers can be easily driven on narrow roads as well as difficult terrains. Mountain roads can be a little difficult to tread on, but two-wheelers make it easy and much safer.

Parking issues are at bay with two-wheelers: Because of its compact nature, two wheelers can be easily parked at places which have a paucity of space. With metropolitan cities where houses have limited parking space and markets are always jam packed, two-wheelers are a dream come true.
No Toll Tax: While four wheelers have to pay toll tax for intercity travel, two wheelers are exempted from tax paying. This considerably reduces the travel cost and makes it more convenient.
For Adrenaline junkies: Two-wheelers are immensely exciting during long road trips through different terrains. Though one should use all the safety biking gear on long trips; yet it feels amazing to drive a two-wheeler through mountains and picturesque views.
Beat the heat: For many, riding a bike is more fun as it allows them to enjoy the light breeze reducing their stress levels to a great extent. No matter if the distance is short or long; one bike ride in the evening hours or at late night is all one needs for refreshment.

So, these are the top 7 advantages of riding a two-wheeler in the city. A bike trip is indeed more fun than a 4-wheeler trip, yet it’s important to follow up the rules properly to keep you safe.

5 Issues With Getting Your Bike Serviced At A Local Garage

A bike is arguably the most common vehicle that every Indian household owns. Buying a new bike sure does bring a whole lot of joy and excitement. But, apart from that, you need to take total care of your bike at regular intervals to enhance its lifespan. Servicing of the bike should be done on a regular basis. Any delay in servicing will result in the degradation of the quality of your bike parts.

As long as people have their free warranty servicing period, they take their bikes to the dealer shops for repairing. But once the free servicing period expires, people usually prefer to service their two-wheeler at the local auto-repair shop hoping that the overall cost will be less. However, if you aren’t careful with your choice of a local garage, you might end up paying a high price for services. Today we will discuss some of the major disadvantages of getting your bike serviced at a local garage.

No maintenance of service schedule – When you go to a local garage, they do not keep track of your previous servicing date for your bike. But to maintain the longevity of your bike, you must service your bike in regular intervals. An authorised service centre, on the other hand, keeps track of the service schedule and knows which part has to be repaired or changed at what point of time.

No surety that genuine parts are being used – The biggest disadvantage of going to a local garage is that you won't know whether they are using genuine parts or not. Most of the local garage shops append low-rated or poor-quality parts in your bikes. This, not only will decrease its lifespan, but also will reduce its performance substantially. An authorised service centre, on the other hand, makes use of genuine spare parts without fail.

Better qualified technicians at dealer shops – The technicians at a dealer shop are better trained and well-qualified. As they usually work on such high-grade products, they know better which product will fit where, how to do the fitting well, which part needs to be serviced how, which part needs to be changed, what other modifications are required to be done, and much more.

Warranty issues – When you repair your bike at the local garage, it most probably will render the warranty void. If your local garage person replaces any original part with non-OEM part, then the issues created henceforth because of the non-OEM device, won’t be covered by an authorised workshop, even if your bike is under the warranty period.

Lack of proper Machineries and equipment – Local workshops does not usually have proper machines and equipment for doing repair or service because of which the quality of service may not be that great as of authorised service center.

The disadvantages mentioned above show why it will be a poor decision to get your bike serviced at a local garage. Opt for getting your bike serviced at an authorised service centre only and get full value for your money.

Factors To Note When Evaluating Used Car's Condition

If you are planning to buy a second-hand car, then it is advisable to check the car thoroughly before making the deal. Though the price is a major factor it is not the only factor to consider. Here are some factors which may assist you in buying a second-hand car:

Closer Look At The Car's Interior and Exterior

You must check the interior and exterior of the car in broad daylight, instead of a shady place. It is impossible to get a car without a scratch, yet you should look for any massive damage which may cost your pockets.
Once you are done with the exterior, you must look under the hood. If you have a slight knowledge of cars, then you can easily spot dirty and rusty parts. However, if you are unaware, simply call a mechanic and get it inspected.
You should also pay a closer look on the tyres as they are one of the dirtiest parts. Buying cars without looking at the tyres can lead to unwanted finance loss.

Inspection of Various Documents

Ask for the original Registration Certificate (RC) that would give you knowledge about the ownership of the car. It will help you ensure the authenticity of the seller and would keep you safe from falling into the trap of various frauds.
Having a look on the insurance papers will give you an indication about the past accidents or claims.
It is important to cross-check the engine number and chassis number with those mentioned in the registration papers.
Ensure whether your car has a valid PUC certificate or not.

Evaluation of Past Servicing History of Car

Before buying a second-hand car, it is essential that you ask for servicing history records from the owner as the servicing history will give you an idea about the maintenance of the car. You will understand whether the car was properly maintained or not, whether the previous user was regular with the services or not. However, getting hold of the servicing history of the car is often not easy for the buyers.

Noting Down the Level of Engine Oil and its Condition

It is also important to check the quality and level of the engine oil. You can do it with the help of a dipstick. If the oil looks like a mud-slush, then it is an indication that the current owner did not get the oil changed for a longer period. You should also look for any oil residue and seepage around the engine as it speaks about the condition of the engine. If you are still not sure about the condition of the engine, then take the advice of an expert mechanic.

Buying a second-hand car isn’t bad, though you need to keep a check on the above-stated factors before you finalise the deal. A proper research helps a lot in getting the best deals costing you less money that you would shell out in purchasing a brand new car.

The Importance Of PUC Certificate For Your Vehicle

After getting the dubious distinction of the most polluted country in the world, India and its citizens need to enforce motor pollution laws strictly. In this context, under the Central Motor Vehicle Rule, 1989, a PUC certificate is a mandatory document along with the driving license, insurance, and Registration Certificate (RC) book.

Let’s look at the significance of a PUC certificate and why it is crucial to have a valid PUC done regularly for your car or two-wheeler.

Question 1- What is PUC?

PUC is an acronym for ‘Pollution Under Control’. This certification validates that a vehicle has successfully undergone the PUC test as specified by the mandatory law. The certificate vets that the emissions passed from the vehicles meet standard pollution requirements and do not pollute the environment as a whole. A PUC certificate that is valid on the current date is a mandatory stipulation for every vehicle owner to carry every time.

Question 2- Why it is mandatory to have a PUC certificate in your arsenal?

Well, apart from the mandatory legal requirements like a valid driving license, valid insurance, it is important to have a PUC certificate of your vehicle because:

The environment needs it- Have you ever heard the concept of a food chain? If not, take yourself back to 5th standard textbooks or Google it, you will come to know how mankind is disturbing the subtle food chain with the carbon dioxide emissions released by the cars and vehicles running on the road. It’s hard to blame who is responsible for it: cutting of trees, rapid urbanisation, or a false swag.

Global warming- After garnering the title of the developing city, it seems India doesn’t lag behind in contributing towards global warming (a process that is causing serious illness among toddlers and young ones alike). Oil and gas used in transportation are the major factors contributing to it.

Old vehicles- The exponential growth of vehicle population and dominance of old vehicles running on the Indian roads is a major contributor towards the pollution. Hence, to curtail the aggressive level of pollution, the government of India has finally issued a PUC certificate that every vehicle owner has to carry with him/her.

Even Delhi government has taken the initiative wherein PUC certificate has been made mandatory for refuelling fuel from the petrol pumps.

What future implications it will have?

A famous quote reads,” We are living on the planet as if we have another one to go. ” Since this is sadly not the case, norms like PUC compliance will go great lengths to curb pollution and make Earth a more comfortable place to live.

Cars That Owners Regret Buying

Cars are considered a valuable asset by almost all who own it – except for some unfortunate car owners. It takes some faith and muscle to buy these cars because generally, people regret owning these.

Small SUV: Jeep Compass

The rapidly expanding SUV market greeted the all new player Jeep Compass with pomp and pleasure, but the car lost its magic within a few days. Thanks to the small and cramped cabin, narrow seats, lacklustre performance, inappropriate rear view mirror, feeble acceleration, low comfort level and sluggish performance, only 46-percent users are now looking forward to purchasing the model again.

Nissan Pathfinder

On the face of it, the vehicle seems to be masculine in nature: rugged, able to withhold any weather condition with sublimity. But when we look deep into its hood we find it otherwise. The car lacks ruggedness that it promises, gas mileage is severely low, seats are uncomfortable, and it scores low on the reliability test. This is not the kind of car that an owner will recommend to his near and dear ones.

Dodge Dart

A famous saying goes 'cars are neighbours envy and owner's pride'. But Dodge Cart never made its way into the people’s heart due to various factors like for instance, low fuel economy, slow acceleration level, poor engine performance and many other technical snags.

Chrysler 200

Whenever we buy a new car, a smile is plastered on our face, but for few models, whenever we take a look at the performance, we regret purchasing them. Chrysler 200 is one of the few models users regret buying, and many factors contribute to the same. The reasons cited are: outdated four-cylinder engines, clumsy handling, entering and exiting car is a task in itself especially when the rear seat is overly cramped and tight. All these factors along with the addition of irritating cabin noise forces users to ditch the model and lookout for something better.

Nissan Frontier

Sometimes our expectations meet short of the promises made by the brands. Nissan, a front-runner in the car market, has strengthened our belief in this quote, “All that glitters are not gold.” Yes! Despite its size, Nissan Frontier forced users to go through unwanted road noise. The uncomfortable seats giving a stiff ride, clumsy steering further added to the woes of Nissan buyers.

Acura ILX

Sometimes even a single missed opportunity creates a permanent bruise. Acura ILX faced the same issue and was qualified as the biggest disappointment because of lack of acceleration, shaky ride, poor quality, and high price. Even after regular updates, the car failed to meet the customer’s expectations.

Though many of the factors listed above can be ignored, but still if the issue persists, then it surely impacts the overall rating of a car. Out of these 6 models, who would you pick as the ‘worst car’? We would love to hear your car experience and reasons you are in no mood to replace the current model.

5 Car Gadgets Worth Buying

Maintaining a car requires a lot of care on the owner’s part. Regular servicing of the car is necessary to avoid any future problems in the car. Apart from professional maintenance, even you need to take some steps like properly cleaning, dusting the safety and the infotainment features of the car. You can make use of different gadgets to help you out and make the process a bit faster. Today we round up a list of must-have gadgets for your car in 2017:

Dashcam

A dashboard camera is an essential device for your car. It records the view through your vehicle's windscreen. As they support video recording, they are quite helpful in case of road accidents. Dashcam also helps you in keeping your car safe from thieves. Equipped with a motion sensor, they start recording when some moving object approaches the car.

Smartphone Charger

Smartphone charger is the most useful accessory you require for your car. Smartphones have become an essential part of our lives today, and hence it's important that we keep them fully charged. Having a Smartphone Charger lets you focus solely on the journey, without worrying about the phone getting discharged.

Car Vacuum Cleaner

You can use car vacuum cleaner to take special care of your car interiors. Though they are quite small, portable and consume less power, yet they are powerful enough to clean the car seat removing the dust particles completely.

Portable Jump Starter Kit

It is a must have gadget for all the cars as it is a multi-function emergency car jump starter. The kit contains a Car Power Bank to supply the car with power in case your battery fails. It also includes different chargers to support all electronic devices such as a laptop, smartphone, tablets, etc. It has a battery of 13600mAh capacity. The device also comes equipped with ultra-bright LED flashlight which also serves the purpose of SOS signal light.

Sat Nav

A good navigation system is a boon for today’s car drivers who want to explore the unexplored. Satellite based navigation has been proven to be highly accurate in tracking your location and distance from your destination. It also informs you if a particular route will face heavy traffic, and suggests better alternatives to reach your destination faster reducing the overall journey time and saving of fuel. It also proves quite useful in long-term commutes.

These are few gadgets you can add to your car and prepare yourself for the unexpected. If you frequently use any other accessory, let us know about it in the comments section below.

10 Affordable Indian Cars Under 5 Lakhs | RenewBuy

The Indian market is full of cars below the range of 5 lacs. There are various factors one considers before purchasing a model especially the resale value; the features it encompasses and several others. Here is a list of 10 cars that you can consider buying in India if you are looking for comfort and features within an affordable range:

Ford Figo

Figo comes with the best build quality and many smart features. The car not only guarantees comfort to the passengers but with six airbags also ensures all-round protection. The car has outstanding looks, offers excellent control and stability and is provided with the option of 1.2-litre petrol engine and 1.5-litre diesel engine mated to a 5-speed manual gearbox.

Tata Tiago

This hatchback from Tata priced in the range of Rs 3.24 lakh to Rs 5.67 lakh is quite sturdy unlike other Tata models and offers a mileage of 23.84 km/l. Tiago is available in both diesel and petrol engine variants in the market and comes equipped with many smart yet handy features such as Turn-By-Turn Navigation app, ConnectNext Infotainment from Harman with 8 speakers and Juke-Car app making driving experience a breeze.

Maruti Suzuki Celerio

This is a good city car and comes with a sculpted youthful body, and its design has been given a unique name, i.e., CICO styling - ‘Curve in Curve Out’ styling. It is available in both diesel and petrol variants and is called one of the most fuel efficient cars in the Indian market as its diesel variant returns a mileage of 27.62 kmpl.

Renault Kwid

Renault Kwid titled Car of the Year in 2016 gained popularity because of the sporty SUV-like looks. It is provided with second-best ground clearance in its segment. The car is spacious, gets powered by an 800cc 3-cylinder petrol engine and is equipped with 5-speed manual gearbox. Its range of smart features like electric power steering, power assisted windows, one-touch lane change indicator further adds to the comfort of its users.

Hyundai Grand i10

The Grand i10 comes with a wide range of features like keyless entry, engine start/stop button, is easy to handle and features dual airbags safeguarding the occupants in case of frontal impact. Its chromed door handles gives a premium feel, while rear bumper reflector provides additional security. Available in both petrol and diesel variants, it offers manual gearbox as standard with an optional 4-speed auto unit for the petrol trim.

Maruti Alto 800

Another impressive model by Maruti Suzuki available in two variants: Petrol and CNG. The petrol trim offers a mileage of 24.7km/l, whereas, CNG variant offers 33.44km/kg. It is a universal favourite thanks to its designer seats, ergonomically designed rear headrests and spacious interiors. Remote Keyless Entry, lively integrated stereo, power windows, rear door child lock are just a few other notable features you get to use in the new model.

Hyundai Eon

With a modern high-tech style design, bright, modern interiors and best in segment features the Hyundai Eon easily competes with Maruti Alto 800 and ranks after the i10 in performance. It comes with a 215l trunk capacity, climate control system; metallic inside door handles and is one of the best-looking hatchbacks in the country equipped with a 1.0L Kappa engine.

Alto K10

Alto K10 boasts a lightweight yet powerful 1Litre K-Next engine and can easily accelerate from 0-60 km/h in just 5.3 seconds. Available in two different variants, i.e., Petrol and CNG, the new Alto K10 offers the best-in-class mileage both in manual as well as Auto Gear Shift. The car is available for purchase in 5 colour variants namely Tango Orange, Granite Grey, Fire Brick Red, Silky Silver and Superior White.

WagonR

The new WagonR is way better than the previous variant in terms of design, features, etc. while its performance is hard to match for the price you pay for this car. The new model provides a smooth pickup and drive as it comes integrated with Intelligent Gas Port Injection Technology. Available in Petrol, CNG and Petrol with AGS variants, the car ensures that every ride becomes a memory in itself without compromising on the safety of the occupants.

Maruti Suzuki Swift

Maruti Suzuki Swift comes with an athletic yet elegant design, infested with features such as push start button, instrument panel with multi-information display, etc. Its advanced K12 petrol engine and award winning DDiS diesel engine offer a mileage of 20.4 km/l and 25.2 km/l respectively. The model is available in 5 colour variants and includes dual SRS airbags along with new-gen ABS with a motor speed regulation system.

These were some of the car models priced below INR 5 Lakh. Pick one that you find spacious enough for your family, matches your need and fits your budget.

Slow Drivers Are More Dangerous Than Speeding Ones

Slow driving is not an issue faced in a particular country; it’s omnipresent. In certain traffic situations, slow driving can be as dangerous as fast driving - for other drivers as well as for the driver himself. Whenever you travel on roads, there’ll always be a couple of slow drivers. It appears that the life goal of slow drivers is to spike up the blood pressure levels of other fellow drivers in annoyance.

The impact of slow driving?

You may not realise that a slow driver can be more dangerous than a speeding one. If you do not believe in the same, then keep reading to know some hard-hitting facts!

When you move slowly, it not only affects other motorists’ patience but you’re also creating a safety issue to every motorist around you. This, in turn, increases the likelihood of irrational decision making by impatient drivers, thus, leading to a grave danger of accident and injury on the road.
Most of the drivers undertake a slow driver rather than drive patiently behind him or her. This is not an acceptable practice of safe driving. This holds true especially on highways and expressways, where every single car is going at a speed of 90 km/h and above. Imagine the consequences of overtaking a slow driver on such expressways.

Slow drivers aren’t as rare as we think. In fact, there are more chances of seeing a slow driver than a speeding driver on the road. Surprisingly, no such law exists to regulate or control the movement of slow moving drivers.
While you might like to be safe on the road by cruising at a 55 km/h speed, do keep in mind that by affecting other drivers, you are also putting your life at risk.

Penalty for slow drivers

Lawmakers in North Carolina have filed a bill that would impose a hefty fine for motorists who block the passing lane. House Bill 827 would levy a $200 penalty for motorists who drive in the left lane on a highway and won't drive quickly, thus causing delays to the cars behind them. Such drivers could be charged with a new violation - "impeding the steady flow of traffic". Similar rules are followed in Florida and Indianapolis as well.

Even in India, the rules are getting stringent for the same. From Feb 2017 The Highway Traffic Police has begun imposing a fine of Rs 200 for plying slowly on the first lane, especially in the case of Mumbai-Pune Expressway. As per the statistics, by far 15 violators have been fined for slow driving.

To conclude, speed limit rules are there for a reason. They’re devised to keep road traffic moving at a steady pace, to ensure the safety of the pedestrians as well as motorists. A heavy traffic moving too slowly could quite easily trigger an accident. The police need to be on the lookout for slow drivers as much as speeding drivers and pull them up for the larger good of other drivers.

How Will GST Affect The Used Cars Industry In India?

GST (Goods and Service Tax) rolled across the country from July 1, 2017. As far as the new car industry is concerned, there’s been a considerable reduction in prices across all categories, particularly the luxury space.

Let us find out how GST will impact India’s ever increasing used car industry.

Used cars may cost more

The tax component on the used car dealer has increased multiple times now. Such a scenario could result in several outcomes.

Firstly, prices of preowned cars could quickly increase, which is the widely anticipated outcome in this case, as dealers would pass on the additional tax to car buyers. Otherwise, they could reduce their purchase price to offset increased tax. This means that it will either be the customer or the dealer who has to bear the burden of GST on pre-owned cars.
Bulk customers are eligible for some tax credit as invoices will include the taxed amount. GST may also enhance the working capital of dealers of pre-owned cars.

Earlier the tax calculation was done on the discounted value of a vehicle in the case of exchange schemes after the market value of the old car was deducted. But the GST rules, implemented by the government, will also consider the market value of the new vehicle while calculating the tax burden. So, car buyers may end up paying more amount, since the discount done would be taxed.

2. Boost in the inter-state pre-owned car market

GST is expected to remove some complexities & attempt to achieve a better price equilibrium as the demand and supply gap can match more efficiently. Several pre-owned vehicle dealers have a premonition that after GST; the online market in automobiles will show positive growth, especially across the states.

In the current scenario, transfer of the name from the owner in one state to a pre-owned car buyer in another state is a hurdle in terms of additional cost. A few states levy an additional octroi charge of 4.5% over and above road tax when bringing the car from one state to another. Used cars will attract GST only on the value of the transaction. It will come under the ambit of standard SGST rate and enables the buyers to transfer car between cities without paying the additional 4.5%.

3. Sales of used cars will be bolstered by new car price drop

The pre-owned automobile industry may see a fringe benefit from GST. New car sales are expected to grow further, considering the notable decrease in prices, particularly for the high-end cars. It will also let the buyers trade their old vehicle for newer ones, increasing the number of pre-owned cars in the market.

Additionally, the roll out of GST could impact organised dealers especially the ones who are spread across India. Even the unorganised ones will get affected but in lower proportions especially as the cash paid while buying a pre-owned car from the unorganised dealers isn’t white money, and so the effective tax component would be comparatively lesser.

Confused about GST on Indian Auto Industry? Understand the impact of GST on various segments here: GST Implementation and its Impact on Indian Auto Industry

Pros And Cons Of Having A Roof Rack On Your Car

Most of the travel enthusiasts will agree that you can never have enough space to pack the gears for travelling. Hence, a roof rack proves to be a viable solution. In this blog post, we discuss the pros and cons of having a roof rack for your vehicle/car.

What is a roof rack?

Whether you are planning to go for a quick trip with your extended family members or on a long trekking, roof rack comes handy. A roof rack is an extra storage place placed on the top of the vehicle to carry larger items like kayaks, big containers, etc. The roof rack is not a standard part of the car accessory; it is something that you might consider if you need an extra storage space.

Roof racks are the best companion if you are planning to go for surfing, skiing, camping, etc. But before you purchase them; be sure the material is of good quality. You can opt for a steel rack if you are on the lookout for something sturdy and heavy, or buy an aluminium one if you are looking for something which is light and can handle a lower load.

How to select a roof rack?

Today, the market is filled with curved, angular and heavy duty cargo rack to haul small canoes, mountain bikes, skis or snowboards. They are easy to install and hitch in a jiffy. The following questions would further aid you in selecting a right roof rack:

Question 1- whether you are looking for stylish, yet functional roof rack?

Question 2-Whether you need a roof rack for recreational purpose or commercial use?

Question 3- whether you need to accommodate small regular items or heavy machinery?

Pros of having a roof rack

If you lack space, then having a roof rack is the best solution for you. It not only improves the storage space of your car, but also increases the legroom inside the vehicle providing a reliable and sturdy mode for transporting sports and other equipment.

The modern storage rack comes loaded with features like LED lights (that brighten up the camp after the sun dozes off to sleep), water and weather resistance, a roof rack that can accommodate rough terrain, etc. These racks are easy to load and unload.

Potential problem of having a roof rack

Though the contemporary roof rack has taken over the traditional one, still people find them little problematic due to dust that accumulates under the feet, the straps that scratch the paint beneath and rust that destroys the roof of the car.

Though roof-racks create a little problem, yet we cannot ignore the value they provide in accommodating the luggage and heavy load that cannot be made to fit into the car boot.

Six Tips On How To Get The Most Out Of Your Car

It’s a never ending battle on how to maintain the performance of the car and get the most of it. The simplest way to take care of it is to treat it like a baby. Here, in this blog post, we explore 5 most common tips on how to get the most of your car.

Maintain proper level of fluid- Oil is not only the fluid that is needed by your vehicle to make it run smoothly. There are several fluids that a car is dependent upon like brake fluid, power steering fluid, transmission fluid and a blend of water and coolant that is needed to cool down the extreme temperature. Depending upon what kind of car you own, you’ll need to maintain a proper tab of these fluids and change them at regular time intervals.

Maintain oil level- Maintaining oil level not only lubricates the mechanical parts inside the car, but also helps to make the engine run smoothly. You just need to keep a check on the oil levels making sure it gets refilled as and when it gets low.

Check the tire pressure- Tires play a significant role in extending the life span of your cars. However, they can age prematurely, if you don’t take good care of it. So, it is important to check the tire pressure. The correct tire pressure as provided by the manufacturer in the manual is important, as it ensures proper grip and handling. It improves fuel efficiency and prevents excessive wear and tear of a tire. The tire pressure should be checked every year as over inflated and under inflated tire can cause damage to your car.

Don’t speed the car excessively- The perfect recipe that helps to maintain your car in good shape is to drive within a particular speed range. Excessive speed increases the temperature of the car inside the tire, and the tire increases friction, thus contributing to wear and tear. Hence, it is important to fill the tires with Nitrogen gas that helps to maintain pressure variation and eliminates the chances of corrosion.

Maintain and wash your car-Clean and maintain your car to make it look bright and beautiful. It will not only lend a new look to your car, but will also improve its life span.

Battery Maintenance- Just like other aspects, maintenance of battery is also important. Regular cleaning and removal of white spots on the battery would surely give the battery an elongated life.

To conclude

It is important to nip the evil in the bud because a small problem can give rise to the complex situations. For example, if you think there is any misalignment in the tire or if the car makes road noise, take it to a mechanic or an authorised professional. He can help you to save on prohibitive car repair costs. Refrain from any bad practice and give your vehicle a long-lasting life.

Why You Should Apply For Driving License Online?

Why You Should Apply For Driving License Online in 2019?

Driving License is one of the most important and mandatory documents that every Indian Driver must possess while driving their vehicle on Indian Roads. Driving without driving license is an offense which is punishable under the Motor Vehicle Act, 1988. Every citizen who want to apply for driving license first has to obtain a learner’s driving license first. Once you have obtained a learner’s driving license, after completion of 30 days you shall be eligible for obtaining a permanent driving license.

As Driving License is an important and mandatory document it often is also used as identity proof such as Passport or Aadhaar Card. So, it makes it even more important for you to apply for driving license.

The issuance of driving license in India is in the hands of State Government, however the Indian Government in recent years have worked immensely upon making the procedure of issuance of driving license easier. In recent years, government has established online driving license portal that helps in obtaining DL easily through government channel.

The entire process of applying DL online is a simple, quick and hassle-free process. The first step in obtaining license is to go for learning license apply online for this the applicant has to visit the government website ‘Sarathi’ and has to undergo 5 stages of driving license online application procedure. The 5 stages involved in the online driving license procedure are as under:

Filling up of form: The first stage for obtaining online driving license is to fill driving license online application form. You can find this form on the ‘Sarathi’ website. On clicking the link, the drop-down menu will showcase a list of services offered by the website. Click on the ‘New License’ tab for fresh application. You shall be directed towards learning license apply online webpage, here you have to enter all the required relevant information like Name, Address, Date of Birth etc.
Uploading documents required for learning driving license: Once you have filled the driving license online application form successfully then you need to upload supporting documents. Following is the list of documents required for learning driving license.
- Proof of Address (any one from: Passport, Ration Card, Aadhaar Card, Gas Bill etc.)
- Proof of Age (any one from: Passport, Birth Certificate, Aadhaar Card, School Leaving Certificate, Life Insurance Policy, etc.)
Uploading photo and signature: After uploading all the required documents for application of driving license online, then the next step includes uploading scanned copies of your photograph and signature. This step is necessary as your photo and signature appears on the face of your driving license.
Driving Test Slot Booking: the next step in online DL apply is to book a convenient slot for giving driving test. Undergoing a driving test for obtaining learning license and subsequently online driving license is necessary. For booking the test slot the applicant has to enter the application number and date of birth, post this the applicant shall receive verification code which they have to submit after which they can book the driving test slot.
Payment: the last stage in the learning license apply online procedure is ‘Payment’. In this stage, the applicant has to pay the required application fees for processing online dl apply. The payment option can be found under ‘e-payment’ menu on the ‘Sarathi’ website.

Finally, you need to visit the concerned RTO and give driving test for obtaining your learning license. When you succeed in the driving test your online driving license application shall be processed further. Thus, in this manner, you can easily apply for online driving license. From the above article you must have understood that gone are the days where you had to wait in long queues in front of the RTO office for submitting the driving license form or for giving learning license driving test, as the government has made the entire process transparent and hassle-free by making it online. The online application procedure makes the entire process of obtaining learning licence or permanent driving license smooth. You are required to fill only few details and within few clicks you are all set to give driving test. Kindly note, the test consists of writing test, interview and test to understand your driving skills. The written test and interview are mandatory for all applicants while the driving test is mandatory at the time of obtaining learning license to be used for personal use.

To conclude we can say the government has made it easier for applicants to avail driving license. the reason you should apply for driving license online in 2019 are: the online process is quick, simple, hassle-free and convenient.

Know About Unified Driving Licence & Vehicle Registration Norm

Know About Unified Driving License & Vehicle Registration Norm 2019

The Ministry of Road Transport and Highways have come up with a proposition to issue unified driving licence to all vehicle drivers across India. This new proposed idea is an effort to create a central and unified online database pertaining all information related to vehicles and drivers.

Till today, all the states and union territories in India are issuing driving license and vehicle registration cards as per their own format. This diverse or non-standard proforma of the documents was creating hinderance and confusion for the government ministry and traffic police. As per the report of Times of India 25% of the Indians are holding more than ‘ONE’ Driving License in their name. While on the other hand, the government has not made it compulsory to link their driving license to Aadhaar Card. So, it has become very difficult for the traffic police and the government to keep a tab on such duplication. So, to curb such duplication the ministry of Road Transport and Highways is putting effort on introducing Unified Driving Licence and Vehicle Registration Card to all Indians across all states and union territories.

For this the ministry has proposed to bring this change into effect from 1st October 2019. The revised norms suggested by the ministry states that all the processes and documents related to issuance of driving license and vehicle registration card shall have a uniform proforma across the entire country i.e. all the states and union territories shall issue standard documents that have similar appearance and security features.

What are the suggested changes regarding Unified Driving License?

All the newly issued Driving License issued by the RTOs will have new security feature embedded into it. Not only security features is the new addition but even the resemblance of the driving license shall have a standard appearance i.e. they shall appear same, shall have same format, shall have same colour, have same design and same security features.

As a part of security all the newly issued driving license shall have an in-built microchip similar to mobile phone SIM card and a QR code. This feature is introduced to increase the safety of the driving license.

Apart from the safety features the driving license shall exhibit the details of the driving licence holder in a uniform manner. The details shall include the national and state emblems, name of the issuing RTO, details like license issue date, details of validity of Driving License, Personal Details like: Name of the Driving License holder, Date of Birth, Blood Group, Organ Donor, Address etc.

Reports suggest that the embedded microchip installed in the driving license shall use the NFC feature (near-field communication) which shall enable the traffic police to access the details of the driving license holder easily. This new smart unified driving license shall also print emergency contact details on the reverse side of the driving license.

These changes are not only just for new license or learners driving license but shall also be effective for all renewed license. While, in case of the vehicle registration, the card shall possess details of the vehicles as per the new BS-VI norms. The new vehicle registration card shall exhibit details like vehicle type, fuel type, Chassis Number, details related to emission and details of the vehicle owner like the driving license number, validity details of the new RC etc. The new vehicle registration card will also include the microchip on the face of the card while QR code on the reverse side.

Thus, in this manner this new effort of ‘Single Person, Single Driving Licence’ by the Ministry of Road Transport and Highway is a step ahead to remove the redundant and duplicate data from the existing database as having more than one Driving License is illegal.

Join the move #DriveResponsibly and become a part of drive with RenewBuy. We urge every citizen to stay well informed and not get swayed by misinformation during this period of implementation of amendments done in Motor Vehicle Act.

Tips For Getting Driving License In India

TIPS FOR GETTING DRIVING LICENSE IN INDIA

Driving License is an official document that exempts you from being caught in legal liability. Riding without driving licenses is an offense. As per the Indian Motor Vehicle Act, 1988, A driving license is required by any person driving on-road or highway. Type of vehicle you drive determines the type of license you need to carry. A driving license also serves a purpose of proof of identity and can be used in opening a bank account, sometimes for joining purpose in a private company, or while applying for a mobile connection. It can be used as a proof of document to be used as the identity of the person.

Obtaining a license is a simple procedure. A ‘Learner’s license’ is issued to the driver initially followed by a ‘Permanent Driving License’ later after six months. It is necessary for the applicant to fit in certain criteria before applying for a driving license. Any individual who wants to drive any type of motor vehicle in India has to get his/her learner's license first. A learner's license is issued for learning. After a month of the issued learner's license, the person has to appear for the test in front of an RTO authority, who upon proper examination, will declare if he/she has passed the exam or not. Nowadays RTO has already started with a computerized test for a learner’s driving license.

A driving license can be obtained in 3 forms in India –

Learner’s Driving License (it can be commercial or private)
Permanent Driving License (it can be commercial or private)
International Driving License/Permit (IDP)

Eligibility for applying for a driving license is followed below-

Applicant must be 18 years or above in age and should be aware of the traffic rules
Applicant should know the driving to ply on road
One must submit the application form within 180 days of issuance of Learner’s License
After receiving the Learner’s License, it is mandatory for the owner to write letter ‘L’ on the vehicle, till the time permanent license is issued
The minimum qualification required for driving transport vehicle is fourth standard

There are several ways one can apply for driving license in India. One can apply online or can go to the nearest RTO and submit the application. There are some factors to keep in mind while submitting the license application-

Age - The driver must qualify the age parameter to apply for a license. He/She should be 18years or above to drive a car or two-wheeler

Education - The applicant needs to be at least standard fourth qualified to drive a commercial vehicle on Indian roads

Awareness of the traffic rules - As per the motor vehicle act 1988, it is mandatory to have insurance to drive on road. An applicant who is applying for a license must be aware of the traffic rules and regulations of India

Keep the documents ready - Applicant needs to keep some documents like:

address proof
date of birth proof
blood group certificate
passport size photograph
voter id card and

Other documents* ready well in advance to fill in the details while applying for the license online and it will help to avoid the last-minute rush.

According to a report, nearly one-third of the license issued in India are fake. It is getting more serious in the city day by day. To avoid such fraudulent activity, the ministry of road transport and highways in India (MoRTH) has proposed a unified driving license and vehicle registration in India bound to be implemented in October 2019. This will help in maintaining data of the drivers and the type of vehicle abidance to the laws.

* Documents which are required to fill the form of License.

Are Four-Wheeler Driving License Enough to Drive Auto Rickshaws?

In India, there are different types of driving licenses for different types of vehicles. For example, you have the Motor Cycle Driving License, the LMV (Light Motor Vehicle) License, the HMV (Heavy Motor Vehicle) License, the HTV (Heavy Transport Vehicle) License and so on. Besides these, you also have the learner's license meant for trainee drivers or riders. However, when it comes to taxis or vehicles of public transport like buses or auto rickshaws, they need to have a Badge in addition to their driving licenses.

No Commercial Driving Licenses Required for Taxis or Rickshaws

In July 2017, the Supreme Court of India said that a regular driving license would suffice for public transport vehicles and other, additional endorsements were not needed. This is with regards to Light Motor Vehicles or LMV. In the case of medium or heavy goods vehicles, or passenger vehicles, however, this endorsement would be very much necessary, even when used commercially. This has made the overall process of getting a license simpler. Earlier, one had to wait for at least a year before he or she could get a commercial driving license even after getting his or her private license.

What this means is that if a person is authorized to drive a vehicle, no matter what sort of vehicle he drives, he can drive that vehicle either for private purposes or for hire or even for carrying goods. According to the standards that have been set by the Motor Vehicles Act of 1988, any vehicle is said to be a Light Motor Vehicle or LMV if its weight is under 7,500 kilograms. So, there needn't be any separate endorsement for driving such vehicles, no matter the purpose.

Advantages and Disadvantages of the Ruling

All said the ruling came with both merits as well as demerits. Before the ruling came into the picture, cops used to harass taxi drivers. This will now go down, thanks to the ruling. So, this can be considered as one of the major advantages of the ruling.

However, there are two sides to any coin, and this one's no exception. The badge along with the auto driving license or taxi, the drivers must have with them can be obtained only after rigorous tests. But now that the ruling has come forth, the quality of the drivers will go down.

This means that these drivers now have the liberty to drive as they like, often without following any of the traffic rules. So, what this tells us is we need both strict driving tests, wherein they also teach and test the trainee drivers for basic civic sense, as well as some amount of freedom for drivers so that the law enforcement harassments can be kept in check.

Also, in the case of rash or reckless driving by taxi or auto rickshaw drivers, there should be strict rules in place for cancellation or suspension of licenses of the drivers.

The Present Situation

At present, the regular driving licenses have a validity of 20 years, while the commercial driving licenses have to be renewed every three years. Also, getting a commercial license is more tedious than getting a regular driving license. And while the existing situation in India is most people tend to violate, the traffic rules almost every other day and cause accidents, the ruling can also be viewed as an opportunity to take action against such people. The move is also bound to increase the number of taxis and autorickshaw drivers, which can eventually increase the potential to compete in today's international markets. And drivers of small vehicles have welcomed the ruling with open arms.

So, with this ruling in place, even a person with a personal driving license which has been issued only to drive an LMV can now drive a commercial taxi or an omnibus. However, the only thing to keep in mind would be the vehicle's weight shouldn't exceed the prescribed limit.

Following the enforcement of the new ruling, the Supreme Court has now issued orders for all the state governments and their guides, the Ministry of Road Transport and Highways or MoRTH, to enforce the new rules in their respective states, and to make sure they follow them strictly. In this way, the new rule, just as with any other rule, comes with its own set of limitations. However, it also offers some freedom to the drivers as well as the vehicles.

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How Big an Offence Is To Drive With Expired Driver’s License Card?

The Motor Vehicles Act 1988 mandates every vehicle owner in India to hold a valid permanent driving license to be eligible to drive the concerned vehicle on public roads. Although the procedure for obtaining a license seems simple, yet it involves a lot of difficulties. However, once we get the license, all the efforts are forgotten as the freedom to drive around our vehicles is being granted to us. However, obtaining a license is not enough. Once you get a license various rule and regulations become applicable on you to ensure your and others’ safety on road. One such rule is the renewal of driving license after expiry.

The Validity of Driving License and Timeline for its Renewal

A learner’s driving license is valid for 6 months whereas a permanent driving license is valid for 20 years or 50 years of the person’s age; whichever is less.

Before applying for a permanent license, one must hold a learner’s license for at least 30 days. And the application for a permanent license should be filed within 6 months. If the application is not filed within 6 Months then the person should apply for renewal of his learner’s license.

Similarly, after the expiry of 20 years or attaining 50 years of age, the person should apply for his/her driver’s license renewal. A grace period of 30 days is allowed for applying for renewal.

Consequences of Driving With An Expired License

As per the Motor Vehicles Act 1988, driving with an expired license is as good an offense as driving without a license. Section 177 of the Act lays down that driving without a license would liable the offender to pay a fine of Rs. 500/- or of imprisonment of a maximum of 3 months or both.

The same consequences are applicable to a person who drives his vehicle with an expired license.

Also, if the license is not renewed within the grace period of 30 days, an additional amount is charged as fine at the time of filing the renewal application. As a result, the renewal process becomes costlier for the person.

Further, if a license is not renewed within the expiry of 5 years from the date of expiry, then the license holder is disqualified from applying for a renewal. He/she has to apply for the license afresh and must go through the cumbersome procedure once again. Hence, the timely renewal of an expired driving license saves you from the painstaking process of license application.

Procedure for Applying for Driver’s License Renewal:

The procedure for the renewal of a driving license is quite simple. The steps are described below:

For filling online application for renewal of a driving license, visit the official Parivahan website of Road Transport Authority of India at https://parivahan.gov.in/
From the tab of online services click on driving license related services
Fill in the driving license renewal form (Form 9) and proceed
After filling the form, the nearest RTO office has to be visited by the applicant with his documents for physical verification of the same. The applicant can also download the form and physically submit it to the RTO along with documents.
After the verification of the documents, the renewed DL is granted within a span of 15 days. For commercial vehicles, it might extend up to 30 days.
A fee of Rs. 200 (Rs. 400 for smartcard) is charged for the renewal of a driver’s license. However, if the renewal application is filed after the expiry of 5 years from the date of expiry, then a late fine of Rs. 1000 will be levied.

List of documents required for renewal of driving license:

Medical certificate (Form 1-A)
Physical fitness certificate (Form 1)
Copy of permanent driving license
Age proof (Pan card)
Address proof (Passport, Aadhaar or utility bill) agreement, etc.
Passport size photographs of the applicant.
In case the original license was obtained from another state, then a No Objection Certificate and a confirmation regarding the original license by the old issuing authority has to be furnished to the RTO.

The Validity Period of a Renewed Driving License

The renewed driver’s license also has a validity period. For transport vehicles, the validity is of 3 years whereas, for non-transport vehicles, the validity is of 5 years. Hence, after the expiry of the above period, the renewal application has to be filed again following the same procedure.

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High Court Ordered License Cancellation for Those Who Cannot Read & Write (Rajasthan)

High Court Ordered License Cancellation For Those Who Cannot Read & Write (Rajasthan)

A driving license is an important legal document, which is issued by a Government Authority to allow individuals to drive around their vehicles on public roads. It contains the name and address of the individual along with other important driving license details. In India, the rules and regulations regarding the issuance of a driver’s license are laid down in the Motor Vehicles Act 1988 and the Motor Vehicles Rules 1989.

Educational qualification required for availing driver’s license

The Motor Vehicles Rules of India do not impose any educational qualification on the applicant to apply for a driving license. Any person who has attained the required age can apply for a driving license. Although for commercial vehicles the applicant has to pass the 8th standard, for non-commercial vehicles, no such criterion is mentioned. That means that even an illiterate person can apply for a driving license. This is a major drawback in the driving license procedure. How can one expect an illiterate person to read and understand different signs and symbols on the road? If he/she does not understand a particular sign, he/she will definitely fail to follow it. Failure to read and understand road signs and notices of cautions will result in an increased number of accidents on the road. Though the driving test requires the applicant to pass a written test based on road safety signs, it cannot guarantee that the person will remember these signs throughout his/her life unless he is educated.

Keeping in mind the dangers posed to pedestrians and other fellow travelers on road, the Rajasthan High Court passed a landmark judgment and ordered the cancelation of all light motor vehicle driving licenses that were issued to illiterate persons.

The Rationale Behind Such Judgment

This landmark judgment was a result of a writ petition filed by a Rajasthan resident. The writ petition was filed by the resident to plead the court to issue him a transport vehicle license on the basis of the fact that he has been driving a vehicle for the past 13 years. The applicant was already holding a license for a light motor vehicle. As a transport vehicle requires a class 8th certificate, he was not able to apply for the same. Due to which the writ petition was filed. On examination of his case, the Judge observed the fact that a petitioner is an illiterate person. He doesn’t have the basic knowledge of writing or reading. On such observations, the Court ruled a verdict that the applicant will not be issued any transport vehicle. Moreover, his existing licenses should also be canceled. Further, the Court ordered the State Transport Authority to immediately cancel driving licenses of illiterate persons in the state. The court specifically mentioned in the order that an illiterate person is virtually a menace for the pedestrians. The order also stated that the Motor Vehicle Rules shall be reframed making education qualification mandatory for driving license apply even for light motor vehicles. A timeline of 1 month is being given to the Transport Authority to their course of action on the above order.

Not only this order will be difficult to implement but it also is sure to stir a lot of debate. The livelihood of a lot of residents in the state depends on light motor vehicles, which will be at stake if the licenses are cancelled. Although it is of utmost importance for drivers to understand road safety signs and caution notices, canceling all existing licenses will create more trouble for the people. Also, in a corrupted country like India, arranging for a class 8th certificate is not a difficult task. Also, it is quite easy to clear the written driving license test with little preparation. Reframing the Motor Vehicle Rules will be a good decision but the written test should also be made a little more difficult for applying for physical or online driving license. This will help in testing the capabilities of the applicant. Additionally, other educative measures could be adopted to educate illiterate drivers to read and understand road safety signs and symbols. This way they can be given an opportunity to learn without putting their livelihood at stake.

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Don't Try These 10 Things You Will Lose Your Driving License

The motor vehicle Act 1988 has laid down many rules and regulations that a person needs to follow while driving a vehicle on public roads. Following these motor vehicle rules while driving is not only legally important, but also for ensuring one’s safety on the road. With time, there have been many changes and amendments carried out by the Motor Vehicle Department in this 30-year-old Act. With every amendment, there have been revisions and modifications in traffic rules too. Every driving license holder should acquaint himself/herself with the traffic rules before setting his/her hands on the gear.

Listed below are 10 different ways as laid down in the new motor vehicle act, which might make you lose your driving license:

Lane Splitting while Driving on High-Speed Zone-

The issue of lane splitting is seen in highest numbers in metro cities. People are always in a rush to reach their destination making them frequently split lanes to be on the fastest moving lane. This is mostly done by two-wheeler riders taking advantage of their small-sized vehicles. This results in a number of road accidents. Cutting through the lanes is allowed in a low-speed zone. However, resorting to this action in a higher speed zone might lead to the cancellation of your license.

Playing Loud Music-

The idea of roaming around in the car whilst playing loud music sounds fun but not when it could make you lose your driving license. So, playing loud music while driving is a big no. Enjoy your music at a moderate sound which should not bother fellow travellers on road. This will not only save you from losing your license but also from the possibilities of road accidents.

Using Pressure Horns or Multi-Toned Horns-

Many people have the craze of modifying their vehicles’ horns with pressure horns or multi-toned horns. Little do they realize is that they are a huge source of noise pollution besides creating disturbance to fellow travelers on the road. As per RTO rules, using such horns is an offense and makes your vehicle illegal for driving on road. If you are thinking of using such horns then you better drop the idea as this could make you lose your driving license besides confinement of your vehicle.

Not giving Way to Ambulances

Besides being a traffic rule, giving way to ambulances is our moral duty. So it is always advisable to give way to an ambulance moving behind you. However, if you do not do so, there are very high possibilities that you are under surveillance. And much before you know, you will be handed over a challan with an order for seizing of your license.

Using Phone Other Than for Navigation-

Using your phone is strictly prohibited while driving except when you are using it for navigation. You are advised to switch on your navigation app and place with somewhere to be able to view the directions. Using your phone for any other purpose could land you into trouble.

Talking on Your Phone via Bluetooth or Otherwise-

You are not allowed to talk on your phone while driving. Many people use Bluetooth devices for phone conversation while driving. Talking on the phone while driving is a major cause of accidents worldwide. So not using your phones will not only save you from accidents but also save your license from getting suspended.

Racing on Public Roads-

For all those adrenaline junkies who treat public roads as their racing track, if you are caught racing on public roads you are in for a whole lot of trouble. Besides being fined with a hefty amount, your license might also be taken away by the Authorities.

Intoxicated Driving-

As per the motor vehicle act 1988, driving while drinking or intoxicated is a strict no in any circumstance. Besides losing your license, you might lose your life too. Always make sure to use public transport or private cab services if you are too intoxicated.

Crossing Prescribed Speed Limit-

On many public lanes, the speed limit is specified by the Road Authorities. You are advised to drive within that speed limit and not cross that under any circumstance. If you happen to cross the recommended speed for any reason, you might lose your driving license.

Skipping Zebra Crossing-

Zebra crossing marks are made on the road to help pedestrians cross a busy road full of vehicles. Every time you cross a zebra crossing while driving, it is your duty to stop your car and let the pedestrians pass by. If you are caught skipping a zebra crossing by the traffic police, there are high chances that your license might get suspended.

Driving on the Footpath

Footpath clearly suggests that it is meant only to walk. It is a threat to fellow pedestrians. In India, we find two wheelers drivers often riding on it to avoid traffic. Which is dangerous and illegal. This practice may tend to get your license being revoked.

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How to Get International Driving License Permit in India

How To Get International Driving License Permit In India

Driving around in the international boundaries of different countries has a thrill of its own. There are many people who love driving around in a rented vehicle when they visit foreign countries than rather booking public transports. However, your Indian driving license does not give you permission to drive outside the borders of the country. You need to obtain an international driving permit for driving across different countries. The international drivers permit (IDP) is a document that translates your license into different languages for the concerned foreign authorities to understand its content. Earlier the process of obtaining an international license in India was a tiresome one. But now, much to your convenience, getting an international license in India is not a cumbersome process anymore.

Let us have a brief look at the procedure for how to get an international driving license in India. There are three organizations that are eligible to issue an international driver license in India, namely:

Regional Transport Office (RTO)
Western India Automobile Association (WIAA)
International Traffic Control Association, India (ITCA)

Thus, there are three different ways of applying for an international driving license in India depending on your convenience.

Procedure for applying for international drivers permit with the Regional Transport Office:

You can apply for an IDP at the RTO that has issued your Indian driving license. If you want to apply the IDP through a different RTO then you must obtain a No Objection Certificate from the original RTO.
Form 4A (application for IDP) has to be filled, signed and submitted at the RTO by the applicant.
A medical certificate from a registered practitioner has to be attached with Form4A in Form1A declaring that the driver is physically and mentally eligible for driving.
A fee of Rs. 1000 has to be paid while submitting the documents at the RTO.

Documents required to be submitted at the RTO

Indian Driving License. The validity must remain for at least from the date of submission.
Valid Indian Passport.
Passport size Photographs
Flight Tickets
Copy of visa, if applicable

The applicant is advised to carry self-attested copies of the documents along with the originals for verification at the RTO office.

Take a look at the procedure on how to get an international drivers’ license through the Western Indian Automobile Association (WIAA):

An International driving permit in India can be obtained through WIAA only at some selected cities namely, Ahmedabad, Mumbai, and Pune.
It is mandatory for the applicant to become a member of WIAA for applying for an IDP. To become a member you can apply online through their official website.
On becoming a member, you need to download the IDP from, fill it and submit at the WIAA office at Ahmedabad, Pune or Mumbai
A fee of Rs. 1700 (including service charges) has to be paid along with the application.

List of documents required to be submitted along with the IDP application:

Copy of Indian driving license
Passport size photographs
Passport size photographs
WIAA membership card

The applicant must note that the address mentioned in the Indian Driving License and the Passport should be the same. Also, the driving license has to be the one issued by RTO as Mumbai, Pune or Ahmedabad only.

Procedure to obtain an International driving permit in India through International Traffic Control Association (ITCA), India:

Obtaining an IDP through ITCS is the fastest way to obtain an international driving permit. This process gets your application processed within a couple of hours and shipped on the same day. And that is why it the most expensive option.

To apply for an international driving license visit the official website of ITCS at www.e-itca.org. Fill out the application and upload the scanned copies of the following:

Indian driving license
Indian passport.
Passport sized biometric photograph.
Scanned signature

The fee for obtaining an IDP through ITCA will be around 60 Euros including shipping charges.

It takes around 7 days to obtain an IDP. Hence, the applicants are requested to plan ahead of their foreign trips. The validity of an International driver's License extends for a period of one year from the date of issue. On the expiry of the IDP, the same needs to be reapplied following any of the procedures mentioned above. There is no procedure for renewing an IDP. An IDP can be obtained in several languages depending on the applicant’s requirement. An is acceptable in around 200 countries worldwide.

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How to Get Heavy Vehicle Driving Licence in India?

In India, to be eligible to drive vehicles on the road, it is mandatory for a person to hold a valid driving license in his or her name. The same is the case with commercial vehicles. They require commercial drivers’ licenses. Commercial vehicles in India are mainly categorized into Light, Medium and Heavy commercial vehicles. Heavy commercial vehicles form a major part of the Indian automobile industry. Take a look at the detailed procedure and pre-requisites for obtaining a heavy motor vehicle driving license in India.

List of eligibility criteria for obtaining a heavy vehicle driving license in India:

For obtaining a heavy vehicle license in India, the applicant has to first fulfil the following basic criteria. Only by fulfilling these, he or she can proceed to apply for the license to the concerned department of the Government of India.

Age criteria: The applicant seeking a commercial vehicle license must be of 18 years of age or above. However, in certain states, the minimum age limit is 20 years.
Education qualification: The applicant should be educated till the 8th standard. This criterion is mandated in order to ascertain that the applicant is able to read and understand the basic road and traffic signs and symbols.
Mental and Physical Health: The applicant should be of sound mental health. It is very obvious given the fact that granting a license to a lunatic or mentally unsound person would be dangerous to him and other people on the road. The applicant should be physically sound too.
Driving training: To be eligible to apply for a heavy vehicle license, the applicant should be first trained in driving from a government training school or an institute that is affiliated with the State Government.
Learner’s License: The applicant must also be a valid learner’s license before applying for a license with the Government of India.

Process of applying for a Heavy Motor Vehicle drivers’ license:

There are two modes for applying for a commercial vehicle license including a truck driver license namely, offline mode and online mode.

Online mode:

Here is the step by step procedure for applying online:

Create an account with the official Parivahan website of Road Transport Authority of India at https://parivahan.gov.in/parivahan/
Go to the online services tab and click on “driving license-related services” and select the state from the scroll down
On the next page, click on apply online appearing on the left side of the screen and select “New Driving License” and
Click on “Continue” to fill to the application
The first part of the application requires the applicant to fill in all the necessary details asked therein. This part is divided into Form 4 (license application), Form1A (Medical certificate) and Form 5 (certificate issued by the driving institute).
The second part requires all the mandatory documents, which need to be uploaded as supporting documents.
Thirdly, a photo and signature of the applicant have to be uploaded. This requirement is applicable only in certain states.
Next, the applicant has to select a slot for his or her driving test. This is again applicable only in certain states.
The last part requires the applicant to make payment for the license fee. The applicant has to make payment for the issuance of a license as well as for the driving test.

Offline mode:

To apply offline, visit the nearest RTO office and collect all the required forms.
Fill in the forms and attach self-attested Xerox copies of all the necessary at the RTO. Make sure the documents are attached with the form. You are also instructed to carry the originals with you.
On submission of the form and documents, you will be provided with an acknowledgement number. You will also receive an intimation on your given mobile number. You will also be notified about the dates on which you need to appear for the driving test.

Driving Test

The applicant has to appear for the driving test on the date assigned or selected by him. Once he or she passes the driving test, he or she will be granted a driving license.

List of documents required for commercial vehicle driving license:

Following documents are required to avail of a commercial driver license:

Copy of address proof (eligible proofs are Passport, voter id, ration card, Aadhaar card or utility bill)
Identity Proof (eligible proofs are PAN card, voter id, Passport, Aadhaar card, birth certificate or 10th pass certificate)
Medical Certificate by a registered medical practitioner (Form 1A)
Certificate issued by driving school or institute (Form 5)
Passport size photographs

The procedure for availing of a commercial driver license is a simple task. However, passing the driving test is difficult and requires the applicant to be exceptionally good at driving.

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New Vehicle Registration & Driving License Norm

New Vehicle Registration & Driving License Norm is Coming in October 2019

The ministry of road transport and highways in India (MoRTH) has proposed a unified driving licenses and vehicle registration system that is bound to be implemented in October 2019. This system aims at making it easier to collect data on drivers, the types of vehicles they drive and their level of abidance to the laws.

The implementation of the new process will see the issuance of new driving licenses and anyone going in for renewal or re-registration will automatically get the new DLs and RC for its vehicles.

Under this system all driving licenses across all states will have a standardized appearance complete with QR codes for easy identification. The new vehicle registration standard also adds more security to the highways since the technological integration within the driver’s license rules is difficult to forge and manipulate. What’s more, through the QR code, data can be stored in a centralized server and any driver’s history can easily be followed up. Within this license, the holder’s picture is also attached at the front-right. Those planning any crimes and terrorist acts are bound to have a difficult time under this system. This data shall be stored for around 10 years’ maximum.

The back side of each of these cards shall also have an emergency contact number. This allows an accident victim to quickly call for an ambulance to provide immediate assistance. Likewise, if your vehicle breaks down, you can call emergency breakdown assistance to tow your vehicle to a garage.

Traffic police shall also be given a device that they can use to scan the QR code at the back of the card. Through this, they can find out about your offences including those done in the past. They will now be able to determine the appropriate fine to charge you based on the severity of the offences. In worse cases, you might even get arrested or have a temporary/permanent ban on your license.

According to the vehicle registration laws, it is only the state that has the power to alter your personal information stored within the chip or even upgrade the chip into a modern one. It can also add extra information that makes it more useful. One good example is the Near Field Communication commonly known as NFC. it allows devices to interact and exchange data when placed close to one another or even if they touch each other. For new drivers, the information shall also contain the limitations as to which vehicles they can operate as well as their differences in driving ability. Furthermore, any modifications done upon their vehicles shall also be indicated within the license.

With the above mentioned information, the officers as well as the government can be able to determine those who are illegally operating certain types of vehicles. It also helps them in determining if the vehicle has been going for inspections at the required times. This procedure helps a lot in preventing accidents caused by incompetent drivers or faulty vehicles.

This vehicle registration card will also entail the type of fuel it uses in addition to the owner’s credentials upfront. Another effort the government will make is to ensure that the quality of the cards is highly enhanced. This is grossly different from the current cards that fade with aging. The QR codes and explanatory details to the vehicle type the driver is entitled to operate shall also be imprinted on the back side of the card in addition to the emergency contacts. Other information to be found on the reverse side of the card is the plate number.

All these details included in the licensing and registration cards make them extremely difficult to forge. Therefore, it is expected that drivers license laws will reduce the carnage caused by untrained and incompetent drivers will greatly reduce. The fact that the government is going to keep all drivers’ data within a central server means that drivers are mandated to observe great caution while driving.

This will help in reducing data redundancy of driving licenses and reduce the multiplicity of driving licenses Having more than one DL is illegal and the government will have a massive crackdown against people holding with more than one DL.

There shall be less incidences of overtaking in the wrong locations such as corners, on the wrong side of the road etc. drunk driving is also set to greatly diminish. This is one of the major killers of both drivers, passengers and pedestrians. They will also ensure that their vehicles are in very good shape before they decide to hit the road. Illegal aliens who seek residence in India will not have a chance to get valid driving licenses since the government not only collects driving data, but also other crucial personal data.

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Know All About Driving License

KNOW ALL ABOUT DRIVING LICENCE

Vehicular traffic is operational on public roads. Therefore, ownership of transportation requires prior approval from designated authorities, as well as accountability for proper functioning. This is known as a driver’s licence.

The Significance of a Driver’s Licence

The concept of a driving licence came into existence in the late 19th century. Karl Benz was the first individual authorized to drive his vehicle in the public domain.

Initially, driving licence implied proof of ownership and permission for driving with a specific speed limit. Conducting specialized tests for the issuance of driver’s licence started in 1934. This was carried out with the aim of educating drivers about regulations for traffic, road signs, etc.

Basically, a driver’s licence provides permission for any entity for vehicular ownership. In turn, accountability is expected from the holder of the driving licence with respect to following traffic regulations and avoiding traffic fatalities.

Driving Licence Details

A driving licence is a government-issued document for operating transportation vehicles. The licence number issued is completely unique to every individual. It has the following components –

Name of the state – Two letters indicates the state in which the driving licence has been issued. For example, MH for Maharashtra
Area code – The next two numbers indicate the local area. For example, 01 for Mumbai, 12 for Pune
Year of issuing licence – The four digits which appear after the area code provide driving licence details with respect to the year of issuance of the licence. For example, 2004 indicates the licence was provided in that year.
Unique number identity – The seven digits at the end indicate the unique identifier for that particular region. This number may be replicated in another driving licence issued elsewhere.

Other details given are –

Name of the licence holder
Address with pin code
Date of issuing and date of validity
Signatures of the issuing authority and the licence holder
Photograph of the licence holder

The licence also contains a security design (chip) for recording driving licence details in the event of traffic rule violations.

Types of Driver’s Licence

In India, a driver’s licence is issued under one of the seven categories.

Learner’s permit – This is issued while learning to drive a vehicle. Validity lasts for six months.
Permanent licence – The licencee is required to have complete knowledge of traffic rules and regulations.
Duplicate permit – In the event of theft or loss of licence, a duplicate is issued. A FIR is required to be registered along with a receipt from the Transport Authority.
International permit – This is one of the most relatively unknown types of driver’s licence. Any individual travelling abroad can acquire the driving permit of that country by producing the necessary required documents.
Two-wheeler permit – This is applicable for two-wheeler transport such as motorcycles, scooters, etc.
Light vehicle permit – This is issued for light vehicles. For example, three-wheelers, cars, etc.
Heavy vehicle permits – These are given for heavy motor vehicles. For example, buses, trucks, etc.

How to Apply for a Driver’s Licence?

No individual can drive a vehicle without a valid driver’s permit.

The official website of the Transport Ministry has a separate section focused on applying for driving licence. An online pro forma has to be filled up, followed by uploading of the required documents, and other details.

The person wishing to acquire a new licence can book a slot for the driving test according to personal convenience. Additionally, payment of fees has to be done online depending on the licence type to be acquired.

Driver’s Licence Test

The driving licence test in India comprises of two parts –

Theory Examination – This is an online exam related to traffic rules, traffic signals, and road signs. The latest traffic manual issued by the Transport Authority is used for the driver’s licence test. An individual can appear for this test as many times as desired. After passing the online examination, a learner’s licence is issued.
Practical Examination – One month after acquiring the learner’s licence, the practical examination is conducted in the presence of a designated Transport Authority official. It is required to have proper knowledge of the vehicle for which the licence is required.

When is Driving Licence Checked?

After passing the theory and practical examinations, the status of the driver licence can be checked online.

After issuance of the licence, one is required to carry it whenever driving. The driving licence check is essential for its validity and to prevent impersonation. Alternately, the police may scan the chip present in the licence in order to issue a violation ticket.

Traffic offences can range from missing a signal, lane changing, crossing speed limit, riding without a helmet, parking in the restricted area, etc.

Driving Licence Renewal

A driving licence loses its validity after the expiry date. Therefore, it is extremely essential to renew it on time. Renewal fees are charged accordingly.

The official website of the Transport Ministry contains an online form which is required to be furnished completely for driver’s licence renewal. Required documents are to be submitted at Transport Authority office, and a renewed licence is thus issued after a span of fifteen days.

A buffer period of one month is provided beyond the date of expiry. If renewal is not completed in this one month, the individual will be required to appear for a repeat examination for a fresh driver’s licence.

Conclusion

Acquiring a driving licence in India is much simpler as compared to other countries. Driving a vehicle on public roads requires complete accountability towards pedestrians as well as policemen. In the Indian system, a driver’s licence also serves the purpose of identity. Therefore, this document should be handled with complete care. One should try their level best to maintain traffic discipline so that public roads become a safer means to travel.

Note* Explore more articles and information on Car Insurance at RenewBuy.

How To Get An International Driving Permit

Procedure for International Driving Permit

Travelling is getting easier these days. With more connectivity option, affordable hotels and flights, you can fulfill your travelling dreams relatively easier. And once you reach a destination of your choice, you would want to visit as many places in there as possible. Some countries are known for their immaculate roads and scenery.

The aura is such that you would find it very difficult to resist driving on such beautiful roads. Whether you are on a personal trip or business trip, there might be several opportunities to drive. And not being able to drive due to lack of a permit to drive internationally can spoil the mood.

However, a small concern is that your Indian license might just not be enough in a large number of countries. You would need an international driving permit. Thus, being aware of the procedure for international driving permit is essential.

What is an International driving permit?

International Driving Permit or IDP is an official document that is authorized by the United Nations. It is offered to tourists who want to visit different countries. Essentially it is an official translation of your home country’s driving license. It states that you possess a driving license that is valid in your home country. It then translates into some of the most accepted languages across the world. So that authorities from different countries can understand your driving credentials.

The IDP is printed in languages such as French, Chinese, Spanish, Russian, German, Italian, Portuguese, Arabic, Scandinavian languages and of course English. The whole intent being that local authorities of countries that you want to visit are able to understand your driving license in the event of a mishap or any other incident.

How to Apply for International Driving Permit

The procedure for International Driving Permit is pretty simple and straightforward. The one thing that you need to keep in mind is that they are valid for only a year from the date of its issue or as long as your driving license is valid, whichever is earlier.

Thanks to the changes made by the Ministry of Road Transport and Highways, it is relatively easy to get an IDP from India. Any individual who wishes to drive in another country is required to have an IDP. This document then acts as a driving permit for the respective country.

To apply, you must visit your nearest RTO along with the required documents and pay the application fees. The processing takes about 3-4 days after which the license will be handed over to you.

Formalities for IDP

The procedure for International Driving Permit requires you to submit a duly filled form. It is known as Form 4 or Form for the issue of International Driving Permit. You can pick the Form from your nearest RTO. It requires some basic information such as your name, address, driving license number, the country of visit and the duration of stay etc.

The processing fee for the IDP is INR 1000. You are required to make the payment while submitting the form along with any other documents.

Documents Required for International Driving Permit

To complete the procedure for International Driving Permit, you would need to first fulfill the following criteria.

The individual must be at least 18 years of age.
The individual must have a valid driving license.
The individual must submit the official form along with 3 passport size photographs to the concerned authorities.

Up next, you would need to submit the following documents.

A duly filled Form 4.
A copy of your flight tickets.
A copy of your driver’s license.
A copy of your passport and visa.
Medical certificate as mentioned in the application form.
5 passport size photographs of the applicant.
A copy of the address proof of the applicant.
A copy of the age proof of the applicant.
Any proof of citizenship of India.
Lastly, application fees of INR 1000.

Benefits of IDP

Once you follow the procedure for International Driving Permit, you can secure one easily. It comes with a set of advantages as well. Here are a few of them.

You can use it as an identity document for any local language.
You need not appear any additional driving tests for acquiring an IDP.
There are a few countries which will not allow you to rent a car unless you have an IDP.
A few insurance companies require an IDP to insure the vehicle you want to drive.

As a rule of thumb, it is recommended that you get your IDP done before travelling to a country where you wish to drive around.

Note* Explore more articles and information on Driving License at RenewBuy.

Avoid paying hefty amounts for your vehicle damages. Choose the right motor insurance.

How to Add Category in the Existing Driving License?

How to Add A New Class to The Driving License?

It is quite possible that you would have applied for a two-wheeler license only. And now, with time, there is a possibility of buying a four-wheeler. In that case, adding a new class to the driving license would be the easiest solution. But how to add a new class to the driving license is a question that needs some answers.

There are other possible scenarios, as well. If you had an LMV or light motor vehicle license and now need to add a two-wheeler’s license, the same would be applicable. Or if you had an LMV license and need to add an HMV or vice versa. In any case, you would need an answer to how to add a new class to the driving license?.

What is the process of Adding a New Class to DL?

To add a new class on the existing license, the process remains more or less like what you would do for a new license in the first place. Here is a step by step guide for the same.

You need to download Form 8 or get it from a local RTO
Fill the application form for the addition of another class
You would then need to get an effective learner’s license for the new class
Post that, you would need to present your original effective driving license
You would need to pay appropriate fees as per Rule 32
You can then schedule a date for the driving test
The schedule must be anytime between completing one month of learner’s license issue and before the completion of six months.
Once you complete the driving test on the stipulated date, you add the new class to your license.

You would need to keep in mind that though the process remains similar, each state has its take on it. You can visit your state’s RTO website or visit an RTO office to know the exact requirements.

For example, if you are looking for ways how to add a new class to the driving license in Delhi, there are a few additional formalities and documentation. For starters, you would need to furnish the school certificate of standard 8 for specific driving categories. If you are applying for transport vehicles, you would need to attach Form 5,14 and 15.

For someone staying in Telangana State, they would need to submit Form 1 A or a medical certificate for transport purposes only. How to add a new class to the driving license has slightly varying answers for respective states.

Thus, it is recommended to visit the RTO or website of your respective state to get additional information regarding the documents required or additional processes involved.

Read, Documents Required to Apply for Learning Driving License Online.

Form 8 Details:

If you are looking for ways to add a new class to the driving license, one of the key ingredients is Form 8. This is a common step across all RTOs. A duly filled Form 8, along with supporting documents, is essential to get an additional class.

The Form is essentially a digitized version of a letter addressed to the licensing authority. You can apply for the addition of a new class for any one of the following.

Motorcycle without gear
Motorcycle with gear
Invalid carriages
Light motor vehicle
Medium goods vehicle
Heavy goods vehicle
Medium passengers motor vehicle
Heavy passengers motor vehicle
Road roller

Documents required for adding new category in driving license

Form 1 or medical certificate.
Learner’s license for the new class you wish to apply for.
A copy of the existing driving license.
Duly filled Form 5 if you want to drive a transport vehicle.

Lastly, you would need to mention the fees you have paid for the application form and sign the document.

The Form also has a short form on the bottom for the driving test. Once you apply for a learner’s license, you schedule a date for your driving tests. Upon completing the test, the person who conducted the tests would need to sign that section.

The above steps would help you with how to add a new class to the driving license. The process is not all that complicated. You need to ensure that you provide all the documents without any fail and follow up with the RTO if required, and the new class will be on your license.

Note* Explore more articles and information on Driving License at RenewBuy. Avoid paying hefty amounts for your vehicle damages. Choose the right motor insurance.

How to Apply for Learning Driving License

A valid Driving License is a legal requirement for driving a motor vehicle in India. A driver's license is issued by the competent authority of any State/Union territory and is valid throughout the Indian Union.

Any person who wishes to drive a motor vehicle has to first obtain a learner's license for the purpose of learning. This is a temporary licence valid for up to 6 months only. Thereafter, one needs to clear a driving test to obtain a permanent license.

Eligibility for Learner’s Licence

Learning License Age

For driving a vehicle With Gear: 18 years
For driving a vehicle Without Gear: 16 year

Conversant with Traffic rules & regulations

Documents Required for Learning Driving Licence

3 copies of applicant’s recent passport size photograph
Proof of residence (Any one of the below - Original and 1 self-attested photocopy)
Voter ID
Life Insurance Policy
Passport
Electricity/Water/Telephone Bill
Ration Card
Adhar Card
Income Tax Returns
Proof of Age (Any of these – Original and 1 self-attested photocopy)
- Birth Certificate
- School Certificate
- Passport
- PAN Card
- Proof of Citizenship

Learning License Fees

Rs.30 (for Normal Category) to Rs.90 depending on the Category.

The applicant has to go in person to the nearest Transport Zonal Office as per his/her address details along with the above-mentioned essentials.

How to Get Learning Licence

Applicant needs to fill the following forms –
- Application-Cum-Declaration for Physical Fitness
- Form Of Application For The Grant Or Renewal Of Leaner's Licence
He/she has to get the original documents and forms verified by the authority.
Applicant needs to sit for the Learner Test:
- Test includes 10 multiple objective type questions
- Duration: 10 minutes
- Topics: Road signs, Traffic rules & Regulations
- Minimum marks to qualify: 6

On qualifying the Learner Computerised Test, the applicant is issued a Learning License by the concerned authority. Thereafter, the learner can drive a motor of the same category (as applied) with a person who has been issued a permanent license. The learner must use a red coloured alphabet “L” on his/her vehicle to ensure safety for pedestrians.

In case the applicant is unable to quality, he/she can take up the test again after a period of 7 days. The learner can apply for a permanent license after a minimum of 30 days from the date of issuing learning license.

Once you have your permanent driving license, always remember to follow the traffic rules. Drive carefully and remember to renew motor vehicle insurance online or by meeting the insurance agent in person. Happy Driving!

Note* Explore more articles and information on Driving License at RenewBuy.

Drivers License Renewal: Renew Drivers License Online

How to renew driver’s license online?

I still remember the day I was issued a license by the government authorities as I was on cloud nine for having got the first of my identity proofs. Getting an identity proof was just not the reason as it was a big hurdle to pass the theoretical and practical tests. A couple of my friends accompanied me for seeking a driving license I was the only one who got through and this was apparently one of the other reasons for my happiness. The tricky online test and the irregular path to be driven along with a steep u-turn were not less than a rat race to me. But I accomplished it at the end of the day. Reminiscing the whole process threats me to go for a driver’s license renewal, but I was happy when I knew that I don’t have to go through all over it again as we can get the job done online sitting at home.

I wish there is no expiry to my drivers’ license, but government does not agree onto this and penalizes you for not renewing it on an expiry. It is made mandatory by the Indian Motor Vehicles Act, 1988 to hold a valid driving license to drive a vehicle on Indian roads. Peoples’ abilities don’t stay intact with passing time as one can develop vision issues or acquire new illnesses which permit them to lose control on themselves. So, renewing a license not only suffices the government’s requisite but also keeps you safe. But the fact is that you don’t have to strive hard to renew drivers’ license online. It is a simple user- friendly process that doesn’t take much of your time.

How to renew driver's license?

A driving license renewal form duly filled along with a set of the necessary documents is a pre-requisite for license renewal which needs to be submitted to the Assistant R.T.O. of the state’s driving license branch. You can get your driving license renewed for a period of 5 years if it is meant for a non-transport vehicle and for a period of 3 years if it is a transport vehicle’s renewal. Things have become much simpler than the yesteryears that anyone can get a license the same day if it is sought from the same station. However, it may take up to 20 days once the application is submitted in some special scenarios as it takes long time for the verification and communication process.

What does the driving license renewal form consist of?

As far as the Road Transport authorities are concerned, a driving license renewal form is considered as a KYC (know your customer) document while a vehicle owner approaches them for renewing license. The body needs to understand the information furnished in the current license to process for the new one. The license renewal seekers can simply download this user- friendly application form the RTO’s website or they can even get a paper copy from the local office of the Road from Transport authorities.

An application form similar to the Form 9 is widely used for the renewal of Driving License which is a simple document containing few queries for gathering information of the applicant. Apparently, majority of this information concerns the license seeker’s current Driving License with a slot for due signatures and authentication requirements. Once filled up, this form must be continued with the attachment of the necessary documents before the renewal begin. People who want to renew license online have step wise guidance in the website.

Documents necessary to Renew Driver’s License online:

Driver’s license renewal application form downloaded from the state's RTO/RTA portal duly filled and signed.
Permanent driving license
A copy of PAN card or a passport or a voter ID card, has to be furnished as a proof of age.
Medical certificate of the applicant attested by a registered physician is a mandate. This form can be downloaded from the RTO/RTA website to renew drivers’ license online.
Applicant’s latest Passport size photographs
Address proof or residence proof is required along with the driving license renewal form and a driving license, passport, phone bill, electricity bill or a lease agreement should suffice the requirement.
If there is an address change of the license holder from the actual address mentioned on the permanent license, address change application has to be submitted first. Additionally, a license holder from a different state has to submit a No Objection Certificate issued by the RTO/RTA of the original state.

Submit digit copies of all the above-mentioned documents on the RTO site to seek a driving license renewal. The processing takes either single day or 20 days depending on the situation as cited above. Ignorance is not appreciated when it comes to renewing of driving license as it attracts unnecessary penalties.

Note* Avoid paying hefty amounts for your vehicle damages. Choose the right motor insurance. Explore more articles and information on driving license at RenewBuy.

Driving License Online Apply: Apply for Driving License

How to Apply for Driving License Online

The first thing that every bike and car owner needs to take note of is the fact that driving a motor vehicle in a public place without a valid driving license is a punishable offence. Thankfully, we no longer live in the era when the only way to get you driving license was to apply for it from the Regional Transport Office (RTO) which was indeed time-consuming and not a preferable option indeed. The procedure for application of driving license online is fast easy which is better than waiting in the long queue in the RTO office. A little information about how to apply for driving license online can save us our precious time and efforts.

In this article, we learn about every nook and cranny of applying for Indian driving license online and driving license details. It is a complete guideline on how to apply for driving license online.

Procedure to Submit your Application for Driving License Online

Here is the complete procedure for applicants who are unsure about how to apply for driving license online. Applicants for driving license need to visit Sarathi, the website of the Ministry of Road Transport and Highways and complete the application procedure for driving license. Follow these steps given below and mention the driving license details to submit your driving license application form online:

Visit Sarathi website, the website of the Ministry of Road Transport and Highways and look to the left-hand side of the screen to find the option “Driving License”.
From the drop-down options, click on the “Apply Online” button and select “New Driving License” option. Clicking the option the applicant shall come in terms with the instructions for the submission of the application form. The applicant must read those instructions carefully and “continue” to proceed further with the driving license online application.
Next, the applicant has to declare their driving license details and if they hold a learner’s driving license number or Foreign Driving License Number or Defense License by ticking the appropriate boxes.
Enter your Date of Birth and click the OK button.
Having provided information on the Date of birth, the applicant has to fill in every personal detail required such as the applicant’s name, age and address.
The applicant for the driving license has to upload the necessary documents supporting his/her application such as age proof, address and identity proof etc. The application also has to upload a passport sized photograph and a scanned copy of his/her signature.
Next, the applicant shall be asked to choose the date and timing for the appointment for driving license. The applicant may choose a date and time according to his/her convenience.
The last step of applying for a driving license online is to make the payment as the applicant is redirected to the payment page. As payment for the submission of the application form is made, the form is sent directly to the RTO for the Indian driving license.

The applicant may check the status of driving license application with the help of the Web Application Number which appears on screen on submission of the form.

Application Number Search

To get the driving license application number, the applicant has to visit the Sarathi website and choose the state that he/she resides in from the drop down which appears on clicking the “Select State Name” button. Click the “RTO Name” and choose the RTO name from the dropdown. The applicant has to enter his/her first, middle and last name along with the date of birth before clicking the submit button.

Documents required to be submitted for Driving License (DL)

The applicant has to attach supporting documents along with the application form when applying for driving license online. The documents required to be attached with the online application form for a driving license are as follows:

Learner’s License
Address proof which may include documents like ration card, voter ID card, life insurance policy, utility bills, passport, payslip issued by Central or State Government.
Age proof which may include PAN card, Birth Certificate, voter’s ID, Passport or school matriculation certificate.
Passport sized photograph
Driving School Certificate
Documents related to the vehicle to be used for the driving test for the driving license.

Why should you apply for Driving License (DL) Online

Today that internet is widely accessible and is a fix to everything; people are shifting largely to online services to get their work done without having to move an inch. The procedure for applying for a driving license is rather a tedious task as it might require the applicant to be physically present at the RTO office, queuing up for most of the day just to submit a single application form for the driving license. Therefore, it is wise to know how to apply for driving license online as it saves time and energy of the applicant.

Fees for Driving License and Driving License online

Every applicant has to get a Learner’s license initially before he/she can apply for a driving license even if it is driving license online. The fees for driving license and driving license online and learner’s license are as follows:

Type of Vehicle	Fees in Rupees (Revised- January 2018)
Learner’s License	150
Driving License	200
Driving License for commercial vehicles	600
International Driving License	1000
DL Renewal	200
LL Renewal	200

This is the complete guideline on how to apply for driving license online. Make an online application for Indian driving license in the fastest and easiest way possible.

Explore more articles and information on driving license at RenewBuy.

Avoid paying hefty amounts for your vehicle damages. Choose the right motor insurance.

DL Status: Check Driving Licence Status Online

Driving without a valid driving license in India is a legal offence. A valid driving licence is needed for any non-geared two-wheeler vehicle, geared two-wheelers, automatic and geared four-wheelers, all transport vehicles, and all commercial vehicles. Anyone who has attained the age of 18 is eligible to get a licence after clearing the oral/written tests. The procedure to apply for the same is not difficult.

However, once the driving licence has been applied for, everyone wants to know the driving licence status. It can be a time-consuming process to get a copy of the licence, and thus, a driving license sense needs to be check. The applicant can visit the RTO or the Regional Transport Office to check the status. To do the same, the token number needs to be shown at the enquiry window. You can also check your driving license status enquiry Online. The Ministry of Road Transport and Highways’ website "Sarathi" also has updates on the driving licence status. Doing an Indian driving licence check online is not challenging.

How to check your Driving License Status Enquiry Online?

Till the driving licence hard copy does not reach the registered address, the applicant does not know if the application for the same has been rejected or accepted. Following are the steps to do an Indian driving licence check online.

Steps to do a Driving License Online Check:-

Everyone who applies for a new driving licence or applies for the renewal wants to know the status. The authorities take about a month to process the application, post the licence, and deliver it to the registered address. If you cannot visit the RTO, then the question is how to check your driving licence status enquiry online. Let us look at the steps that need to be followed to do a driving license online check.

Visit the website, https://parivahan.gov.in/sarathiservice/applViewStatus.do.
On the Home Page, select the state where the driving licence has been applied from
Once the state has been selected, the page is redirected to another page where there are many options
On the left side of this page, there is the option “Driving Licence”. You can expand the options under that and click on the tab which says “apply online”
From the options, choose “Application status”
After this, you will need to fill in the application number and date of birth
Once this information is submitted, the driving licence status will be available on the screen

Read, How to apply for a learning Driving Licence?

Other Options to check DL status online:

If you want to know some other ways to check your driving licence status enquiry online read on. Apart from applying for a new licence, a driving licence status enquiry also needs to be done to clearing permanent driving licence test, application of a duplicate driving licence, application of renewal of driving licence, and application for application international driving licence.

Each state of the country has its transport department, and thus, the official website of the same is different.
Once the right website of your state has been opened, click on the link, “Check the status of your driving licence”.
Enter the DL number, date of birth to get the details
You can also visit the Sarathi website, and under “National Register DL Queries”, there is an option of “Status of Licence”
The DL number and name of state needs to be entered here, and once this is submitted, the status is available online

Things to Keep in Mind:

You need to be patient as it takes up to a month to get a driving licence
Rules are being implemented regularly to expedite, and thus, doing a driving licence status enquiry helps. A learner’s licence is a must to apply for a driving licence. Without the former, no application for a DL is accepted
The date of expiry for the licence must be remembered, and an application for renewal must be submitted before that. Thus, it is necessary to keep a driving licence check.
A duplicate DL can be applied for if the licence is lost, damaged or torn

The driving licence status enquiry can be made after two weeks of applying for a driving licence. The website is easy to use, and with the internet, there is no hassle of visiting the office physically again and again to know the status. There is no problem to check the status as you now know how to check your driving licence status enquiry online.

Explore: More articles and information on driving license at RenewBuy. Avoid paying hefty amounts for your vehicle damages. Choose the right motor insurance.

How to Apply for Learner's Driving License

How to Apply for Learner's Driving License Online

If you are planning to learn motor driving then you need to have a learning license first. Do not dampen your spirits. You don’t have to make personal visits to the RTO office anymore and use up the precious hours of your day to get your learning driving license. You can apply for a learning driving license online at the official websites of the RTOs. Now the question is how to apply for learner’s license online? Applying for learning license online, all you need to do is access the RTO which covers your zone or area or your state RTO.

The process for applying for online learning license can be completed in a few essential steps. Here’s a short guide for you on how to apply for learner’s license online:

Documents to be Submitted for Applying Learner's License

The first step as to how to apply for a learner’s license online would be to get scan copies or softcopies of all the required documents and save these in a softcopy folder in your computer system. In order to get an online learning license, the following documents would be required:

Proof of address: any one of the following documents can be submitted as a proof of address to get a learning driving license:

Utility bills (telephone, gas, etc.)
Aadhaar card
PAN card
Passport,
LIC policy bond,
Ration card

Proof of age: any of the below mentioned documents can be submitted as proof of age to get an online learning license

Pan card
Certificate of birth
School transfer certificate
Class X board mark sheet/certificate
Passport

Learning license application fees: The learning license fee is mentioned in the RTO website under the online learning license application section. In order to get a learning driving license online you would need to transfer the application fee amount digitally.

Photographs: you would need to upload scanned copy of your passport size photograph on the RTO portal while applying for learning driving license online.

Certificate of medical fitness: Medical fitness pertaining to driving is a priority to learn driving and get a learning license. Know the medical fitness prerequisites prior to knowing as to how to apply for learner’s license online. The medical fitness report should be signed by registered medical government doctor.

Form 1 A: The certificate of medical fitness for applying for a learning license needs to be in the format of form 1A. Form 1A can be downloaded from the online RTO site.

Filled application form: The online learning license application form available on the RTO portal should be duly filled and complete in all respects.

Learner's License Test Slot Booking

After uploading all the required documents for getting a learning driving license on the online RTO portal, the last stage of the application process of getting a learning license is to select a date and time slot for appearing for learner’s license test. Through the learning license test the applicant is assessed on knowledge pertaining to road rules. The applicant needs to be present at the venue of the test on the date and time slot selected.

Fees for Learning License: At the time of applying for online learning license, the applicant would need to pay fees of Rs 150 through digital payment modes. Fees payment does not ensure getting a learning driving license. The applicant would need to clear the learning license test to get the learning driving license.

Difference between Driving License (DL) and Learner's License (LL)

It is mandatory to get a driving license as well as a learning driving license. A learning driving license or simply learning license needs to be obtained by people who want to learn driving and do not have any kind of learning driving license or driving license beforehand. The learning driving license and driving license is specific to the vehicle category. If applicant wants to learn heavy vehicle driving and has light vehicle driving license, then in such cases applicant would also need to apply for learning license for heavy vehicle. However, once the learning phase is completed, the individual would need to apply for a driving license. Like as in the case of applying for online learning license, just applying for a driving license and paying the required fee amount does not ensure getting a driving license. The applicant of driving license would need to clear practical test of driving before finally being issued a driving license.

Do's and Don'ts

Finally, before concluding the discussion on how to apply for a learner’s application online, the following dos and don’ts need to be addressed:

Check your eligibility for the category of learning driving license
Do not start learning driving without a learning driving license
Ensure you have the category specific learning driving license
Ensure that you learn driving from person having valid category specific driving license
Ensure that you choose a recognized motor driving school

Sports Bike Insurance Add-Ons

Add On Plans For Your Sports Bike

Owning a sports bike adds on to your cool quotient. But you know what’s cooler? Keeping that sports bike safe and having no anxieties while riding it. Sports bikes are not ordinary, they are extraordinary and much more powerful. A superbike needs some additional insurance coverage than what a standard bike does. Insure your sports bike properly by knowing about these add on plans for your sports bike.

Why does a sports bike need extra coverage more than an average bike?

Sports bike or superbikes need extra cover than an average bike for multiple simple reasons like –

It costs much more than an average bike
A two-wheeler is always prone to higher risk
Any individual spends a lot of savings to buy a luxury superbike to maintain one’s financial stability; an insurance cover is a requirement
Having insurance for your bike, especially a sports bike, has been made mandatory by the law
Add-on two-wheeler insurance covers offer extensive coverage with maximum benefits for nominal costs

In this case, the wisest move is to have an insurance cover to avoid any financial or other distressful situation caused by that superbike parked on your porch. However, one always needs to be aware at two levels; one at the level of following preliminary and precautionary safety practices and another at the level of negligence. Indeed, there are unforeseen and unpredictable events in the outer world, but being aware, smart and careful can save you many monies and even your own life.

Sports Bike Insurance Add Ons

While there are multiple add on covers available for your superbike, you have to be sure of what exactly you need and which product will cater to all your needs. Let’s have a look at a comprehensive list of add on covers for your superbike insurance-

1. Medical Cover:

If your superbike has become dependable, you might have to manage your daily commute in case of an accident or any severe damage to your machine.

If your bike is covered with this insurance, it takes care of your daily cash allowance on pre-decided terms.

2. Third-party liability cover:

This would cover any injuries, death, or property damage caused to a third party because of the insured bike. It will also cover third party legal liabilities.

3. Zero Depreciation Add-On:

Superbikes require super maintenance. Regular wear and tear of the bike and its depreciation will amount to quite a large sum which can be eliminate while settling the claim with zero depreciation insurance cover. Any mechanical fault which goes through vehicle warranty by the manufacturer are also not covered in insurance. Such numbers are not covered under a comprehensive policy, but only under zero depreciation add on.

4. Pillion Rider Cover:

When your pillion rider ought to be your loved one mostly, this cover is a must for you. Any accident or mishap leading to injuries, tragedy, lifelong disabilities will be covered under this add on. This is not only for a family member but for anyone who is the pillion rider for you.

Things to keep in mind while Buying Sports Bike Insurance:

There are a few things that you should keep in mind while you are hunting the right insurance for your sports bike-

Compare multiple insurance policies and pick the one which suits your needs and your bike’s features
A plan with an appropriate amount of deductible will be the most suitable buy
Make an enquiry about any discount that you may get
Pick an insurance plan as per your bike’s features and status

Sports Bike Insurance Coverage

The factors a cover will take care of will primarily be the following-

1. Personalised Add-Ons Insurance:

If you have personally modified your bike as per your requirement and style quotient, then indeed these parts should be protected at no overhead expense whatsoever. Everyone is aware of the sky-high prices of these luxurious add ons and their repair. Ensuring a cover for your stylish bike will become essential in this case.

2. Safety Insurance For Your Health:

A ride on the superbike can mostly be smooth and adventurous, but the days which go bad due to negligence or any unexpected circumstance can lead to severe injuries. All such damages are mostly covered in this type of insurance.

3. Crash Coverage:

Your bike getting crashed due to any circumstance like unforeseen events on the road or even natural disasters, human-made disasters, etc. are inclusive in this type of insurance.

4. Third-Party Damage:

Just how a tragedy or an accident might impact you, similarly it can impact another party involved in the tragedy. Your insurance can help you pay off this liability of the injuries or any property damage smoothly.

Sports Bike Insurance Ad On Conclusion

After spending a bomb on a luxury superbike, spending another sensible amount to protect it is the wisest thing, you can do to your life. This does not have multiple opinions. Buying insurance for that machine you have spent a chunk of your savings on can surely be intimidating. It is not only about which insurance provider you can trust with your sports bike. Negotiate the best premium for the perfect insurance plan suited for your needs. Make your life easier by making this informed decision of picking the right insurance cover for your sports bike by approaching your well-wisher Renew Buy. We will guide you through the whole process of selecting and getting one. However, this does not reduce your role as a responsible driver. Insurance cover will make tragic scenarios stress free for you. Put your worries to rest and invest in the best!

Things You Should Check in Your Two-Wheeler Insurance Document

Things You Should Check in Your Two-Wheeler Insurance Document

Usage of two-wheeler is more as compared to four wheelers in India. Almost every household has a two-wheeler which makes it easy to commute daily basis. Two-wheelers are most convenient and swift mode of commutation in a dense traffic city. There are a range of two-wheeler vehicles available in the market.

Riding a two-wheeler saves a lot of time. Having a two-wheeler helps you to move fast and reach your destination on time. Safety still counts and thus always carry bike insurance papers. One must ensure to drive with all the valid documents.

Things to check in your two-wheeler insurance:

Bike insurance copy is a regarded as the most important document while riding. You can anytime be stopped by traffic cops for a document check while driving on road. Having an Insurance policy for your two-wheeler supports you financially at the time of any unfortunate event if occurs. While driving make sure you carry a valid insurance document. It is always advisable to check all the details mentioned in your policy is correct.

Policy Number is the most important and the first to be checked when asked for documents required for two-wheeler insurance claim.
Details should be correctly spelt and written. Like personal details, bike details need to be checked thoroughly in case of any misprint there is every chance that the claim to be rejected.
Premium details – Please check the IDV mentioned in the policy document. IDV is the amount one receives in case of total loss or theft. In case any additional add ons are opted, check the premium for the same.
The validity should be on the tip of your mind. Always keep a check on the expiry date of your policy and make sure the renewal is done before expiration. In case if it is lapsed, and not renewed on time, you may lose the non claim bonus (NCB) that can lead you to pay additional premium.
Don’t miss out to read the TERMS AND CONDITIONS of a bike insurance policy. “NEVER” forget to read, check, learn them properly.

Below mentioned documents are a must while riding:

Valid Driving License
Bike insurance documents
RC book (Registration Papers
PUC papers (Pollution Under Control papers)

The vehicle is not on your name, you need an authorization letter or authorization paper. Only then you have the right to drive the vehicle.

Conclusion

Follow all the rules and regulations and always include an insurance copy of bike while you are using the two-wheeler. Keep in mind the above-listed points and do not get cheated by the fraud companies and fake people. Don’t go for insurance worth too little that you can never get anything from it. That might be a fraud and if it is not, it might not be good at services. The insurance of reliable companies like Reliance etc. is recommended. And last but not least, keep yourself and the people around you safe; that is the only moto of such big decisions.

Factors Which Impact Your Bike Insurance Cover

Buying a two-wheeler in India has never been so exciting. Existing manufacturers are coming up with new models, revamping the existing product lineup, and new manufacturers are also entering the market. It provides ample opportunities and options to choose from for a bike lover. Whether you want to feel the wind with a high engine capacity bike or save nature using an electric bike, the options are numerous.

However, your responsibilities as a bike owner don't just stop researching and finding the right bike for yourself. You also need to buy two-wheeler insurance. It is primarily to keep you safe from any unforeseen incidents on the road and secondarily to stay away from the hefty fines.

While it should not come as a surprise that your bike plays a crucial role when you buy two-wheeler insurance, it does so in more ways than you might think. Whether you buy bike insurance online or offline, the impact of insurance is directly proportional to your bike. Here are some of the significant factors.

Bike Manufacturer: The manufacturing company of your bike is a leading factor that can impact the insurance premium of your bike. Indian bikes from Yamaha, TVS, Hero, etc., are the regular bikes available in India. However, some premium bikes are also available for enthusiastic bikers, who now have the option to choose from brands such as MV Augusta, Benelli, Indian, Harley Davidson, etc. These premium bikes offer a lot in terms of features, driving pleasure, aesthetics and igniting your passion. However, these factors also push the premium of your bike insurance upwards. A scooter or a bike from an Indian manufacturer, on the other hand, will have a lower insurance premium.

The Bike's Make and Model: While a bike's manufacturing company plays a vital role in deciding the policy premium and coverage, the model you opt for is also crucial. Two friends will end up paying different insurance premiums for the same manufacturer but different models. For instance, both of them own Yamaha bikes. One owns Yamaha FZ, and the other owns MT 15. They will end up paying different premiums altogether.
The Engine Capacity of Your Bike: An engine is one of the core components of a bike. When you buy bike insurance online, you will see the difference in premium prices with engine capacity. The IRDAI or Insurance Regulatory and Development Authority of India has set premiums based on engine capacities for third party liability insurance.

The four major categories are, up to 75cc, between 75cc to 150 cc, between 150cc to 350 cc and above 350 CC. Needless to say, the policy premium increases with a higher engine capacity.
Insured Declared Value or IDV: The IDV or the insured declared value of a bike is the current value of your bike, taking different factors such as bike manufacturer, age, depreciation, etc., into factor. The IDV of a bike is the single most significant factor deciding the premium when you buy two-wheeler insurance online. If you lose your bike or it is damaged beyond repair, the insurance company will pay you the IDV as compensation.

During policy renewals, you do have the option to play around with the IDV of the bike. Setting a higher IDV would increase the overall premium, while a lower IDV would reduce the policy premium.
The Bike's Age: Under most circumstances, the value of a bike reduces with ageing unless you have a vintage bike with you. As the age of the bike increases, the wear and tear and possibly some other issues will simultaneously increase, as well. The lower value of your bike directly impacts the policy premium when you buy bike insurance online.

Hence, with an ageing bike, you can see a reduction in the policy premium.
RTO Location: RTO affects the premium of your two-wheeler; that is, the location of vehicle registration is a determining factor of the premium. The locations are divided into 2, which is Zone A, and Zone B. Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Pune, Ahmedabad falls under zone A. Rest locations come under zone B. The premium varies depending on the engine capacity, damage factor, and the zones where the bike is taken.
No Claim Bonus: The discount offered to drivers for good driving skills is known as a no-claim bonus. It starts from 20 per cent and goes up to 50 per cent over five years. It is regarded as one of the best ways to get discounts on a two-wheeler premium. NCB directly impacts the two-wheeler premium.
You can choose to buy bike insurance online or offline. But the most important thing is to buy a bike insurance policy. The number of vehicles on Indian roads is constantly rising, which only adds to the complications and risks. Riding around without a bike insurance policy will leave you exposed to a lot of risks. In the unfortunate event of an accident, you will be liable to pay for the repairs from your pocket.

But a good bike insurance policy will ensure that you do not have to worry about repairs or damages. It also will keep you away from paying hefty fines as per the updated Motor Vehicles Amendment Act. A person must shell out INR 2,000 for riding an uninsured bike, which is higher than the applicable policy premium in many cases.

Disclaimer: The information published in this article is for reader′s reference only. The content of this information is to provide an overview of your health insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

Follow These Steps to Renew Lapsed Bike Insurance Online

Vehicle insurance is as essential as fuel. Insurance protects your bike from theft, accidents and natural calamities. Amid our busy lifestyle, we tend to forget things that we have to do. There can be a possibility of forgetting insurance renewal at times. Forgetfulness in insurance renewal can destroy your peace of mind.

Let us take you to the steps involved in case of you forget to renew your policy.

Know what lapsed bike insurance policy is

When you fail to pay the premium on time, your policy gets lapsed. This is the same as losing your coverage. You lose all the protection you received under your policy if you don’t renew it on time. You sacrifice your NCB that you had been accumulating for some time (NCB will be lapsed if one doesn’t insure in 90 days from the date of expiry). As a result, your premium goes higher upon renewal. In case of accident, you will have no choice, but to repair your bike on your own

Determines your mode of bike insurance renewal

You can renew your lapsed two-wheeler insurance either offline or online. Do as per the instructions below:

Bike insurance renewal online: Renewing your two-wheeler insurance is fast and simple. You just have to visit the insurer’s or the Insurance aggregators portal and follow the instructions seen on the screen. The only benefits you get through aggregator are the choices they offer. Whatever is your choice, make sure that all your documents are in hand. You will need information on your old insurance, debit/credit card, details of online banking and your bike’s details. You can contact your company’s call center if you face any difficulty in two wheeler insurance renewal online.
Two-wheeler insurance lapsed policy renewal offline: You can also renew your bike insurance offline. Visit the company or find an Insurance Agent and do as per the instructions. Also, with RenewBuy one don’t need to worry about his/her vehicle inspection. Once you enter your vehicle and personal details, the company initiates the process of renewing your policy.

Take measures to avoid lapses

Two-wheeler renewal policy is definitely a difficult thing. The accidents or other damages you incurred may lead to a hike in your premium. The best way is to avoid any lapse. Keep track of your policy to ensure that you are paying your premium on time. Remember, two-wheeler insurance lapsed policy renewal is a drain on your budget. You can go for a long-term policy if you are someone who tends to forget paying bills. This protects you from fluctuations in premium due to inflation or any other reason.

Consider your add-on policies

It is not a must that you renew all your add-on policies at the time of your two-wheeler insurance renewal. Consider your driving habits and make a choice accordingly.

Conclusion

You cannot avoid insurance to stay safe from lapsed policy. It is a legal requirement. Besides, no one trusts Indian roads nowadays. If you have the time and money to pay for your own bike repair and handle the legal complications, you may be well on your track. But your gains are short-lived!

All You Need To Know About The NCB For Bike Insurance, If Not Claimed

NCB, as you know, is No Claim Bonus. It is a bonus you receive if you don’t have any claim for a year. At times, you may decide to repair your bike on your own. This makes you eligible for an NCB for bike insurance.

What is NCB in bike insurance?

NCB in bike or two-wheeler insurance is a percentage of discount on your premium. You receive it during the renewal of your policy. NCB is applicable on own-damage premium component of your policy. The discount generally comes in the range of 20-50%.

Why no-claim bike insurance bonus?

All these insights present the next question; why it is so important? The answer is quite simple. You lower your premium with every passing year. You can accumulate the discount and get a huge discount in your premium. You can always transfer your NCB to from an old bike to new one. In such an instance, your insurer gives you an NCB reserving certificate. The document is valid for three years.

Points to remember

Remember the following points when aspiring for no claim bonus for bike insurance:

NCB is a gift you receive from your company for your good driving habits.
You will get NCB only if you renew your insurance without delay. It should be done within 90 days after your policy has expired.
No claim bonus gets higher every claim free year. On renewal, a discount of 20% is given in first year, 25% discount is given in the 2nd consecutive year, 35% in 3rd year, 45% in 4th year and 50% in 5th year. In case of any claim made in between any year, NCB discount will do down to zero.
You can avail no claim bonus only in own damage, not for a third-party claim.
NCB can't be transferred to the other driver. It is given to the driver’s good driving skills and not to the vehicle. NCB discount can be availed on the first premium of the new bike. But you may not transfer NCB from a two-wheeler to its four-wheeled counterpart.
You may transfer your no claim bonus of your bike even if you change your bike and insurance company. For that to happen, your insurer should give you an NCB certificate. You may also avail it online.

No claim bonus add-on policy

You may go for add-on coverage to protect your NCB insurance for two-wheelers. But insurance providers impose several restrictions in this regard. For some, it is available only if you don’t file a claim for two years. Others may allow just one claim a year to avail the benefit. Certain companies just deny you the coverage if you file for a total loss claim. The only way out is to avoid filing claims for minor damages.

Note* Adopt best practices while driving; your wallet will thank you for the effort.

Planning To Buy A Motor Bike? Must Know These Insurance Rules

Planning To Buy A Motor Bike? Must Know These 2019 Insurance Rules

Every year new bike insurance rules are either being introduced or modified for the betterment of customer satisfaction as well as for making the road safe. Among sever rules introduced in the year 2019, the Third-Party Insurance still remains mandatory and unchanged. However, there are certain aspects which have been subject to modifications and are yet to come to effect since the 1st of September 2019. Among the major changes, the relaxation of choosing an Own Damage policy stands out the most. However, there are more such new bike insurance rules which every two-wheeler owner should be aware of.

Bundled Policy

As per the new rules of two-wheeler insurance, effective since the 1st of September, 2019, policyholders shall be able to avail yearly renewal of Own Damage coverage but it is mandatory for them to take a policy for 5 years in one go. The new policy issued is mandated for five years, which comes bundled with Own Damage cover for first year.

*Note that Bundled Policy is available for new two-wheelers only.

Buy Own Damage Coverage From A Separate Insurer

After the issuance of the fresh two- wheeler insurance rules, bike owners have been granted the relaxation for renewing the Own Damage component from a separate insurance company and not mandatorily from the company where they have got the Third-Party insurance coverage from. However, for buying the Own Damage component separately or from separate insurance companies, one must provide the necessary Third-Party policy details, when asked

Upfront Payment For Third Party For 5 years

Under the new two-wheeler insurance rules set by the IRDAI, buying the Third-Party cover for a newly purchased bike, effective from 1st Sept 2019, for a period of 5 years has been made mandatory. According to this, the policyholder should have to pay the Third-Party premium for 5 years upfront in the beginning and he/she will not have to make any other payment henceforth till the expiration of the TP component. Though this was issued on September 2018, the policy has been kept the same in 2019, along with the relaxation on the OD component.

Independent Personal Accident Policy Allowed

Under the two-wheeler insurance new rules, the bike owner already having a Personal Accident Policy of a minimum of 15,00,000 INR, shall not have to buy the same while availing bike insurance. This very CPA bought earlier shall be held valid even if the policyholder buys it from a different insurance company. Thus, the policyholder does not need to buy the same CPA twice unnecessarily.

The new bike insurance rules have been introduced for the betterment of the policy holders. However, the rules regarding the Third-Party coverage remains unchanged. It takes the monetary responsibility for providing damage coverage for a third-party individual in case of any accident resulting from the policyholder’s fault.

Ideas To Reduce The Insurance Premium Cost of An Old Bikes

Whether it is an old bike or a brand new one, every two wheeler needs to be insured under the Motor Vehicle Act 1988. Besides the mandate, there are several benefits for availing a two-wheeler insurance premium. Once insured, the company provides the necessary monetary coverage for accidental damages. Hence, new or old, buying a bike insurance premium is extremely important for a safe driving experience. However, affording such insurance policies with added benefits and complete protection is not always possible. Thus, here are some of the best ideas for reducing Two- wheeler insurance premium costs for old bikes without compromising on the necessary benefits.

While availing a motorcycle insurance premium, insurance company suggests certain add-ons for additional coverage. Though these are primarily useful in the long run, such add-ons come at a decent price. Hence, selecting them up results in an increased bike insurance premium. Thus, the policyholders are advised to select only such add-ons which suit their needs.

Choose the add-ons wisely

Anti-theft devices have rightfully risen to popularity ever since their introduction in the market. These devices ensure that there is a lesser chance of the bike to get stolen and thus, lesser chance of the insurance company to bear the cost. This is one of the most effective ideas for reducing two-wheeler insurance premium in the long run.

Install anti-theft devices

If the policyholder holds a membership of Riders Associations like Indian Automobile Association, a certain amount of discount is provided on the bike insurance premium, as per the regulations followed under IRDA. However, such discounts are only offered in case the bike has no prior history of accidents and possess a record for smooth driving. Apart from this, there are certain criteria which also needs to be fulfilled by the policyholder or the bike owner.

Be a member of a Riders Association

The amount of voluntary deductible on a two-wheeler insurance premium is chosen by the policyholder himself and is not fixed by the insurance company. It is the amount which the policyholder promises to bear from his own pocket in case of policy claiming. If the voluntary deductible is kept high, the bike insurance premium paid by the policyholder gets reduced automatically.

Keep the voluntary deductibles low

Reducing bike insurance premium while policy renewal

NCB is offered by the insurance company as a reward to the policyholder for a claim free year. The discounts may extend from 20% and goes till 50% if the policyholder makes zero claim in 5 consecutive years continuously.

No Claim Bonus

One of the best ways to reduce two-wheeler insurance premiums is to renew it before the due date. In the worst case, the policyholder should renew the policy within the grace period to enjoy additional discounts and benefits post renewal.

No delay in policy renewal

The policyholders are always advised to compare two-wheeler insurance premiums online so that they can buy them at best offers. Even after availing, the policyholder should never miss out on their premiums as this ensures added discounts during policy renewal.

How Digital Transformation Impacted Two-Wheeler Insurance Sector in India?

How Digital Transformation Impacted Two Wheeler Insurance Sector In India?

The benefits of digital transformation on India’s economy has been quite promising. In recent times, digitalization paved its way in almost every sphere of India’s business environment. Lately, major digital advancements have also been witnessed in India’s two-wheeler insurance sector.

The Motor Vehicles Act, 1989 mandates owners of two-wheeler vehicles to insure their vehicles to be able to ride them legally on Indian roads. Failure to comply with this requirement will result in fines and other legal consequences. Insuring your vehicle will also help you in saving your finances in case your vehicle meets with any accidents or mishappenings. Despite being a mandatory requirement, the majority of two-wheelers in India are not insured because of various reasons.

Nowadays, ditching the traditional way of providing insurance services offline, Digital Insurance is becoming the most sought after platform for purchase or renewal of two-wheeler insurance policies because of its manifold advantages. With digitalization, the insurance service providers can extend their services to the remotest rural areas without having to be physically present there. As a result, the number of insurance holders is increasing as opposed to the scenario that was existing a couple of years back.

In this blog, we have provided a brief glimpse of how digitalization has impacted the two-wheeler insurance sector in India. With the help digital platforms, the following benefits are reaped by the insurer as well as the customers:

Reduction in The Total Cost of Policies

With the availability of two-wheeler insurance online, insurer providers offer all their products and policies on their websites for the customers to explore and choose. There is less involvement of intermediaries, agents or other manpower, which contributes to the reduction of the overall operational cost for the insurer. Since operational cost gets reduced, the total price of the policies is also less compared to policies that are offered offline.

Policyholders Can Take an Informed Decision

Since the insurance service providers provide all their products and policies on their online platform, it becomes easier for the customers to explore different types of policies and select the one most suited to their requirements. All the information including the terms & conditions about the policies is provided on the website in a transparent manner. One does not have to depend on intermediaries or agents to explain the terms and conditions of the policies. This helps the prospective policyholders of bike insurance or motorcycle insurance in taking a quick, bias-free and informed decision with regards to the choice of policy.

A Less Time-Consuming and Cumbersome Process

Offline two-wheeler insurance involves a lot of paperwork. Selling of policies takes place through different intermediaries, branch offices or dealers. This makes the complete process time-consuming, cumbersome and painstaking. Through digital mode, the need for unnecessary paperwork gets reduced, which facilitates the completion of the entire process in a couple of minutes with just a click of the fingers. One can buy a policy while sitting at the comfort of one’s home through their smartphones without having to visit any office or branch physically. Any post-purchase changes or modifications in the policies can be carried out online without much of a hassle.

Smooth Claim Settlement Process

Through two-wheeler or bike insurance online platforms, settling the claims of insurance holders is a seamless process. The procedure for raising a claim by policyholders is quite a simple one and does not require much follow-up. The online insurance providers are very much particular about providing the best services to their customers and handle their claims and grievances in a prudent and efficient manner. This lowers the hurdles for the customers. With such fast and efficient services, the customers can be kept happy and satisfied, which in turn affects the overall reputation of the insurer.

With the help of digitalization, major reform is being expected in the two-wheeler insurance sector with regards to efficient services, enhanced coverage, streamlined processes and an increased number of insurance holders.

5 Benefits of On Time Two-Wheeler Insurance Renewal

Holding valid insurance for your two-wheeler is a mandatory requirement under Motor Vehicle Rules applicable in India. Besides being a legal requirement, it safeguards your vehicle from accidents and other calamities. But an insurance policy is a periodic contract, which is required to be renewed from time-to-time to continue availing the benefits. Many people fail to renew their insurance policy on time due to various reasons. Little do they realize that skipping this small action of renewing their policy could propel them into big troubles. Whether you opt for your bike insurance renewal online or otherwise, always keep in mind to do it on time.

In this blog, we have presented 5 major advantages of renewing your bike insurance policy on time.

No Break-in Policy

If your 2 wheeler insurance renewal is not done on time, then the new insurance issued after the renewal period will be considered as a break-in policy. In such a case, the insurance company will demand an inspection of the vehicle. While conducting the inspection they will point out every minor damages and defect before issuing the policy. As a result, the cost of the policy will increase. If the renewal is done on time, the insurance company will do away with the inspection process and then you will be able to save additional amounts on the insurance premium. Also, a break-in policy requires a longer time as inspections are carried on. The process is a little lengthier, which will make you wait for a few more days before actually getting the policy. However, if you renew your policy on time, the renewal is done instantly without much of a hassle thus saving you from waiting for days.

Continued Benefits of NCB

No Claim Bonus (NCB) is a discount offered on insurance premium amount for prudent use of a vehicle. For motor vehicles, it is generally allowed for a period of 5 years and the rate of discount keeps increasing every year. NCB can also be transferred from an old vehicle while purchasing insurance for a new vehicle. The benefits of NCB can be availed only if the bike insurance renewal is done before 90 days the date of its expiry.

Continued Insurance Cover

If your two-wheeler insurance renewal is not done on time, you will have to keep around riding your bike without any insurance cover. If you happen to get into an accident or mishappening during this period, your insurance provider will not be liable to cover for damages or costs that might result due to the accident. You will not receive any compensation from them. If the compensation amount is high, it will result in a huge financial loss to you. Even if the accident occurs because of someone else’s fault, you will not be eligible to claim the amount for your own damages. In short, if your insurance policy is not renewed on time, all expenses resulting out of any calamities will have to be paid out of your pockets.

Be a law-abiding Citizen and Protect Yourself from Legal Consequences

As insuring a two-wheeler is a mandatory compliance under The Motor Vehicles Act, 1989, hence riding your bike without any active insurance policy is a legal offense and punishable with fines and penalties. Hence, if you do not renew your policy on time, your vehicle will be considered to be one without any policy and legal consequences will follow.

Allows You Time to Review the Policy Features

Renewing a policy on time provides you with enough time to review the features and benefits of the insurance policy. While renewing, you can choose to add additional features to strengthen your policy. Alternatively, you can also choose to opt out of certain unwanted additional features thus saving yourself from spending a few extra bucks. You can also choose to switch to a different insurance provider while renewing. Not renewing your insurance on time results in haste actions and does not allow you with enough time to review the policy.

Hence, it is recommended to renew your two-wheeler insurance on time to enjoy uninterrupted benefits. You can opt for two-wheeler insurance renewal online for a simplified and faster renewal process.

How To Differentiate Between Fake & Genuine Bike Insurance Policy?

In India, every two-wheeler owner is mandatorily required to insure his/her vehicle as per the Motor Vehicle Rules 1989 to be able to ride the same on roads. Non-complying to this requirement is an offense and can make you liable for fines and penalties.

While purchasing a two-wheeler insurance policy or any bike insurance online many people fall prey to fraudsters and fake insurers. Sometimes, the fraud is committed in terms of inflated insured amount while sometimes, a completely fake policy is issued. Cases of fraud insurance policy in India is very common in the motor vehicle sector, which results in hardships to the people along with huge financial losses.

Hence, before investing in any new bike insurance policy, make sure to keep in mind the following points to save yourself from fraudulent practices:

Buy from Known Insurer

While buying or investing in any two-wheeler insurance policy, it is of utmost importance to know the insurer. Buy only if you are familiar with the insurer’s name. If there is any slightest of doubt, reach out to the insurer to find out the genuineness of the policy. All major insurance providers in India have their dedicated helpline desks, which can be connected to with email or call. Make sure to get in touch with them through their helpdesk. Also, if needed you can make a visit to their nearest branch office in your city.

The names of all the authorized insurance providers in India are maintained on the website of the Insurance Regulatory and Development Authority of India (IRDA). If you come across an insurance provider whose name doesn’t ring any bell in your mind then the easiest way to verify its existence is through IRDA’s website. If its name does not appear on the website, then it is surely a fraud institution.

Ask for Receipts

Be it a new bike insurance policy or renewing an old one, always ask for receipts while making any financial transaction. Many people do not bother to collect receipts for the money paid, which later propels them into trouble. It is recommended to make it a habit to ask for receipts for any financial transaction. Insurance providers provide a separate receipt acknowledging the receipt of the sum of money for premium. If you are buying any policy from an agent or intermediary or dealer, make sure to ask for a receipt.

Read the Offer Document Carefully and Sign Yourself

It is always advised to read the features, benefits, and conditions of the policy before signing on any document for obtaining the insurance policy of bike. Also, do not let someone else sign on your behalf. It is always recommended to sign on proposal forms only by the person who is investing in the policy.

Ask for Verification Link

Insurance providers provide a verification link to their websites for completing the purchase. Clicking on the link is the last step to verify your bike insurance online. Always ask for the verification link while making a purchase of insurance policy. Even if you are buying the policy from an intermediary, insist on the verification link. Once you have clicked on the linked and verified the purchase you can be assured of its genuineness.

Ask for QR Code

IRDA has made QR codes mandatory for all insurance service providers. QR codes help in checking the verification of insurance policies. The QR code needs to be scanned through an app in your smartphone. Verifying through QR code will help you in accessing the genuineness of the policy.

Avoid Low Premiums

It is a common nature of people to opt for a low premium while buying an insurance policy. Taking advantage of the same, fake insurance providers try to lure customers with an excessively low premium amount on their insurance. People often get swayed away by such offers and make the purchase. If you come across any person offering such low premiums, then make sure to look at the features and benefits to confirm its genuineness. Also, try to find out the validity of the insurance provider through other means.

Payment Mode

Major credible insurance providers accept payments through online mode. Online payments are more secure and genuine. While making an online payment for new policy or bike insurance policy renewal, make sure it is done through some secured payment link redirected by the insurer’s website. If a bank transfer is being made, make it to the credit of the insurer’s account of the nearest branch. If payment is being made through cheques, issue a bearer cheque in the name of the insurer and not in someone’s personal name. Try to avoid cash payments.

What Are the Variables that Impact the Motorcycle Insurance Premium?

Motorcycle Insurance is the solution to cover the soaring costs that may emerge because of damage caused to the motorcycle.

It includes all kinds of motorcycles, scooters, and mopeds.

Whichever motorcycle you buy, you need to buy an insurance policy. So, you should keep aside an appropriate amount of money to cover this.

Variables That Impact the Motorcycle Insurance Premium

A bike insurance premium is based on a number of factors. The companies evaluate the risk exposure based on various specifications like age of the applicant, make of the vehicle, vehicle model, the geographical location of the applicant, etc.

Insurance Regulatory and Development Authority (IRDAI) regulates the insurance companies in India. It makes sure the policyholder’s interests are protected.

It is very important for you to understand the variables that affect the motorcycle insurance premium. It will help you to figure out the reason behind the premium attracted by your selected insurance plan.

Variables Impacting the Bike Insurance Premium

Age of the Applicant: The age of the insurer impacts the insurance premium. The younger the rider, higher will be the premium. According to the insurance companies, a younger rider could drive rashly as compared to a middle-aged rider.
Make and Model of the Motorcycle: For a low-end bike, the insurance premium will be low. If you have a high-end bike, you will require extensive insurance coverage. In such a case, the insurance premium will be high.
Year of Manufacture: The age of the bike and the rate of depreciation have a direct relationship. This means that if the vehicle is old, the rate of depreciation will be more. So, if your vehicle is old and you purchase a policy for it, the Insured Declared Value (IDV) will be low. Thus, the insurance premium will be low.

IDV is based on the age of the motorcycle

Age of the Motorcycle	IDV
between 0-6 months	95% of ex-showroom price
between 6 months -1 year	85% of ex-showroom price
between 1 - 2 years	80% of ex-showroom price
between 2 - 3 years	70% of ex-showroom price
between 3 - 4 years	60% of ex-showroom price
between 4 - 5 years	50% of ex-showroom price

Engine Capacity: If you know the motorcycle engine’s cubic capacity (cc), you can roughly calculate the insurance premium. It is one of the most important factors to determine the bike insurance premium. If the engine capacity is high, the premium will be high, and vice-versa.
Geographical Location: If you stay in an urban city, the density of traffic will be high. Hence, the chances of accidents will also be high. So, be prepared to pay a higher premium. If you are located in a small town or a village where the denseness of the traffic is low, the insurance premium will also be low.
Installation of Anti-Theft Device: If you have an anti-theft device or any similar safety mechanism installed in your bike, you will get an extra discount on the bike insurance premium.
No Claim Bonus: You may get a discount of up to 50% if you haven’t filed an insurance claim in the last few years. Consider this as a reward by the insurance company for riding safely.
Deductible: If you opt for a voluntary deductible, the bike insurance premium payable to the insurance company decreases.

How Does Calculation of Bike Insurance Premium Online Help

The whole process of calculating bike insurance premium can be done online. It saves a great amount of time and effort.

The calculation of bike insurance premium online is based on an algorithm and hence accurate.
It helps to eliminate the need to pay any sort of commission or fees to the middlemen.
It is an error-free tool at no extra cost.

Bike Insurance Premium Calculator

You can get quick insurance bids by using bike insurance premium calculator. All you need to do is go to the official website of the motorcycle insurance policy provider and click on the bike insurance premium calculator.

You will be asked to provide the following details:

Your name, contact number, and email id
Extra cover
Details about the make, model, class, and bike manufacturer.
City and registration date
Type of fuel

So, go ahead, compare the various policies, calculate the bike insurance premium online and make an informed decision to buy your motorcycle insurance policy.

5 Things You Must Know Before Purchasing Bike Insurance

5 Things you must know before purchasing Bike Insurance

The thrill to ride a brand-new bike is unparalleled. The feeling is liberating. As fun as it can be, it is also dangerous. This danger can be kicked to the curb by following the traffic rules, wearing a helmet and being alert on the road.

Also, with a mammoth portion of our population using a two-wheeler as a means of transport on a daily basis, you and your vehicle needs to be protected from all varieties of mishaps. This is where bike insurance can save you at the time of financial losses.

Hence, as per section 146 of The Motor Vehicle Act, 1988 it is mandatory to have third party motor insurance. Third party motor insurance covers any loss/damage to the third-party property, bodily injured and death of the third party.

As important as it is to have a Third-Party Liability (Motor) Insurance at hand, it is also essential to insure yourself and your vehicle. You need to make an informed decision while purchasing this kind of insurance, which is known as Comprehensive Insurance.

Nonetheless, purchasing a comprehensive insurance along with a third party liability two-wheeler insurance is the smartest thing to do.

What you must know before purchasing bike insurance

Add-on or no add-on - Though not compulsory, add-ons can only be combined with a Comprehensive Insurance policy. Add ons provides additional coverages at additional price/premium. These are optional as not everyone would be inclined to pay for the feature they are not keen on using. Therefore, an add-on will increase the price of the premium charged.

The Insured Declared Value (IDV) - IDV factor is the current market value of your vehicle. In case your bike is lost, stolen or has undergone total loss, it’s the Insured Declared Value that you receive. Hence, it is vital to declare the correct value as it will directly impact your insurance premium. Since the value is dynamic, it is calculated again and again, each time you renew your policy.

The formula used to calculate it is:

IDV = (Price listed and stated by manufacturer (Invoice Price) – Depreciation) + (Extra accessories – Depreciation)

Opting for Voluntary Deductible - Deductibles can be classified into two types—Voluntary and Compulsory. As the name suggests, a compulsory deductible is applicable by default. However, a voluntary deductible is a contribution that is applied over and above the compulsory deductible.

Hence, when you opt for a voluntary deductible during a claim settlement, you will be contributing a certain amount. Increasing your voluntary deductible thereby decreases your motorcycle insurance premium along with the receivable claim amount.

No Claim Bonus - You will make yourself eligible for availing a No Claim Bonus by each year that passes without making a claim. It is a feature that offers you a discount that you can obtain on premiums for having a good driving and zero accident claim record.

Hence, for every year that goes by without making a claim, a small percentage of the discount will be increased.

While purchasing insurance - Gone are the days where you required to visit the insurance companies and enquire about their plans. Internet has eased out the process of purchasing bike insurance online. It will take you less than 5 minutes to insure your two-wheeler, provided you are well aware about the policy’s pros and cons.

Choose an insurance company which provides a convenient experience both before and after the purchase. You must also check the insurer’s Claim Settlement Ratio and go through the customer reviews to know their credibility. Furthermore, ensure that your bike insurance policy undergoes periodic renewal. Generally, a motorcycle insurance policy lasts for a year.

Common mistakes that are made while purchasing a Bike Insurance

Along with the awareness of the 5 factors mentioned above, you must also know of the don’ts that are better off avoided.

Not transferring the bike insurance policy while purchasing a second hand two-wheeler
Not renewing it periodically and allowing it to lapse
Not preserving the No Claim Bonus option
Not selecting the correct No Claim Bonus percentage as per the previous year’s policy
Not declaring the correct IDV value and instead declaring the value lower/higher than the market rate
Not renewing the policy within the grace period before expiry to avoid the insurance from lapsing
Not providing correct personal details; this may lead to loss of insurance altogether
Not declaring a nominee
Not declaring correct hypothecation details

I Want To Sell My Bike

Selling Your Motorcycle? Don’t Forget These Two Points

Are you selling your motorcycle? Don’t forget these two points discussed here. Have you been eyeing a new two-wheeler or you are moving to another state? You may have outgrown your motorbike for financial reasons, or you’ve just had a new baby or may have other reasons to get rid of your motorbike judiciously. Selling your two-wheeler isn’t difficult, but there are a few essential steps to follow to ensure a profitable sale.

So, are you ready to sell your motorcycle? Don’t forget these two points explained later that are very important when deciding your sale.

Finding the Right Buyer

First, you need to find a suitable buyer for your motorcycle. Depending on the availability of time, you have to decide whether you want to sell your motorcycle to a dealer or a direct buyer. Now, dealers typically negotiate 20-50% lesser than the original value of your bike; the older the vehicle, the higher the depreciation. However, when you are pressed for time, then opting to sell to a dealer is the right way to go. They can speed track your paperwork and formalities and save some of your efforts.

If you are just eyeing a new motorcycle and have the time to negotiate, then it is most desired that you consider looking for a direct buyer for the price that you quote. Direct buyers are often more considerate about the cost and put you, as a seller, in a better position during the sale.

Prepare the Paperwork

Selling your motorcycle involves some paperwork:

Vehicle’s title that proves the ownership of the bike. This is required for transferring the ownership officially from the seller to the buyer
Vehicle sales agreement establishing the terms and conditions of the sale
Test drive agreement when you allow test drive prior to the sale to protect the motorbike and its owner
Updated license plate with all dues paid

Repair All Mechanical Issues

All mechanical issues, minor and major must be gauged by a professional mechanic or the authorized service agent and repaired before the sale.

The following is a helpful checklist:

Tire alignment and chain tension
Battery check
Replace all damaged parts
Brake, clutch, and throttle check
Lubricating control cables check
Brake fluid check
Engine air filter cleaning
Tire condition
Engine oil change

Create Selling a Motorcycle Online Listing

A clean presentable vehicle with good quality pictures makes for an impressionable sale listing.

It shows that the vehicle has been taken care of. Pictures in various angles make it easier for the buyer to have a fair idea of the listing. List the specifications, age of the vehicle, motorcycle make and model clear and crisp to attract genuine buyers. List your price, negotiable or not, the reason for the sale along with your correct contact details. Agree to a test drive before the sale that ensures transparency which will come in handy when agreeing on the final cost.

Several online websites offer listings of used bike for sale. There are many paid listings as well that may help to speed up the process. So you are keen on selling your motorcycle? Don’t forget these two points.

Bike Ownership Transfer
Bike Insurance Transfer

Once you have finalized on the buyer and done the test drive, the next thing you need to look into is the transfer of ownership of the bike. The official transfer of the vehicle’s registration certificate and insurance certificate will ensure that you are handing over your vehicle and its liability to the new owner. The RTO may also initiate a form 28 request for this transfer, form 29 no objection certificate, and form 30 to finalize the transfer. Ensure the safety of the new buyer by keeping your bike insurance up-to-date. Buyers, especially direct buyers rely on trust when buying a used bike.

Are you confident with all the preparations before selling your motorcycle? Don’t forget these two points mentioned above to have a fruitful sale that ensures satisfaction to both parties.

Note* Explore more articles and information on two wheeler insurance at RenewBuy.

Tips to cut down your Bike Insurance Premium

A wise person had once said, “You can’t buy happiness but you can buy a bike and that’s pretty close”! Bike owners (or lovers) would totally agree with that. In fact, many marital fights have been fought when the bike receives more attention than the spouse. But on a serious note, buying a bike is the easy step. Protecting it from damage and ensuring its safety is the more important step.

With so many insurance providers in the market, it is quite a task to choose the best one. Both in terms of quality as well as cost. Read on to know the tips to cut down your bike insurance without compromising on safety and service quality.

Tips for Saving Money on Your Bike Insurance

Choose the Right Bike: Choosing the right kind of bike is as important as choosing the right kind of insurance. A bike with standard features or with a less powerful engine calls for a lower insurance premium. Similarly, an older model bike can also help to bring down the premium. Exotic models or expensive bikes usually involve higher repair and maintenance costs. Hence, insurers charge a hefty premium for those.

Compare: The next important decision after deciding the bike model is the insurance provider. While usually it is said that comparison is the thief of joy, it is not true in case of a bike insurance. In fact, it is the harbinger of joy in this case. One can either go to online portals which help compare the quotes, features and other details of various insurance providers or go to the websites of individual insurers and understand their offerings. A couple of things to consider while choosing your insurer:

Don’t blindly go for the lowest premium. Read the inclusions, coverage, network and claim procedure in detail.
Check on the incurred claim ratio of insurance providers to understand their settlement procedures as well as past track record.
Choose only what you need. Many providers add special frills which makes the premium higher. Analyze carefully if you really need those add-on facilities.
Sometimes it is best to choose a lower level of insurance cover. For instance, if one has a second-hand or old bike, he or she might just want to go for a basic third-party insurance or a policy that covers theft, etc. Analyze your circumstances carefully.

Go for a long-term insurance: Unlike the insurance policies for four-wheelers, bike insurance is available for longer durations as well. One has an option to select a policy for two or three years. Considering that there would be no renewal costs in such cases for the insurance provider, they offer discounts to customers for long-term policies. Also, in longer tenure policies, the policy holder is able to avoid the usual hike in annual policies. As a result, the overall premium tends to be lower for long term insurance policies and this way you can cut down your bike insurance premium.

Secure your bike: Customers who take additional measures to protect their assets are a delight for insurance companies for obvious reasons. The possibility of insurance companies having to make payment to such customers is lesser. As a result, security and insurance premium are inversely related. So, more secure is your bike, lower is your insurance premium. One should protect the bike from theft, vandalism or other such damage by putting in place good-quality safety equipments.

No Claims: Insurers reward customers who have zero claims during the term of policy. They offer significant discounts on the premium amounts in such scenarios. So, in case of minor claims or small damages, it is better to bear the cost instead of making insurance claim. Try to restrict the insurance policy for big expenses or major claims as that helps in keeping the premium low.

Bundle it up: We always bargain with shopkeepers asking for discounts when we buy in bulk. The same is also applicable for insurance policies. In fact, insurers prefer customers who buy a bundle of policies from them as compared to single policies. For instance, if you already have a health insurance policy with a particular insurer, you are likely to get a discounted bike insurance policy. Always go for the package deal!

Once you know the tips to cut down your bike insurance, it is a much easier job to choose the best bike insurance policy. So, safeguard your dearest bike with the right policy and enjoy the ride!

How does IDV affect bike insurance renewal?

After finishing the Sunday lunch, it was time to slowly settle down on the couch simultaneously watching TV. While trying for a brief nap, the door bell rang and I had to answer it lazily. One of our neighbours from the community dropped in with sweets. It was a good time to have sweets after finishing lunch but the reason was unknown. However, it did not take much time for me to know the reason as they happily shared the news about their new bike. Though I saw a brand- new bike with tagged ribbons in the basement, I did not know it was theirs’. I wish everyone in our community buy a bike and get us sweets every Sunday afternoon and it is perfectly OK even if they disturb my sleep. When we ran into the details, the new owner is ecstatic to share about the features and of course about the deals. Since, it is the festive season, they got an insurance policy free along with few additional features and a swipe card which has fetch them a mixer and grinder.

I was more interested about the free insurance policy by the way. After digging more about it, I understood that it is a meager policy with mediocre features. But it was absolutely ok as it was free. I anyway did not want to spoil his mood by revealing about his insurance plan with no specific advantages. However, I just wonder how people get carried away with simple things in an assumption of bigger benefits. So, this article is to educate those who are interested to know about the actual necessities of an insurance policy. Let us get into details. Any policy buyer should first understand the concept of Insurance Declared Value (IDV). Does anyone know how does IDV affect bike insurance renewal? To seek answers to this question, let us first understand what IDV is!

Insurance Declared Value is the maximum amount for which the insurance policy is taken! This amount is provided to the insured in case of a loss or theft of your vehicle when there is an unforeseen accident. To put it in simple terms, IDV can be termed as the current market value of your vehicle. To make it more precise, the premium for any policy is calculated on the basis of IDV. In layman’s language, it is the maximum extent of amount where the insurance company pays you if you file a claim for any damage or loss of your insured vehicle. IDV keeps indicating the monetary value of your vehicle throughout its tenure. It is easy to understand the value of your vehicle with the help of IDV as it changes with passing time. The depreciation factor creates variation in it with the age of the vehicle. Hence, the IDV of a new vehicle differs from a 3 years old vehicle. However, the IDV comes into picture seldom. If the condition of the vehicle is completely damaged, the insured will get the market value of the vehicle as a good thumb rule.

How is IDV affected by bike insurance renewal?

IDV is more of the premium calculated in accordance with the depreciation value of the vehicle at that point of time. But it is the owner who has a choice to suggest an IDV that suits his vehicle’s condition at the time of the renewal of insurance policy. But it has to be kept in mind that the maximum limit that the insured can pick undoubtedly depends on the norms set by the insurance company and they differ from company to company. If the vehicle is above 5 years of age or if it is an out dated model, the value is set depending on multiple norms. In such cases, the insurance premium is fixed on the mutual terms between the insurer and the insured. Any insurer can neither refuse a renewal if the policy is open nor can deny third party coverage. However, you may have some restrictions being the policy holder if your vehicle is above 5 years. If the IDV suggested by the policy holder is lower than the vehicle’s market value, you may get to pay a lower premium. Many of the policy holders restrict themselves from fixing up a high IDV in fear of higher premiums as IDV affect bike insurance renewal. Similarly, it is not correct if you opine that a higher IDV declaration can fetch you a higher claim amount as the insurance companies are smart enough to inspect an accident case under their legal purview leading to paying lower claim amounts. So, one needs a concise approach before declaring the IDV as it should project the right amount as neither the high IDV nor low IDV is going to benefit the policy holder.

Sports Bikes Grow Costly as 5-Year Insurance Rule Comes Up

Owing a vehicle, especially your first bike is a special feeling and an experience which one cherishes for all their lives. When you buy a bike, one thing that you have to buy as per law is a third-party liability insurance. This has been mandatory and has to be bought every year without fail as driving without a valid insurance is a crime. With new law and rules, bike lovers have a news which might disappoint them. Sports bikes grow costly as 5-year insurance rule comes up.

The 5-Year Third-Party Insurance Rule for Bikes

The IRDAI or the Insurance Regulatory and Development Authority of India, has announced that with effect from 1st September 2018, all bikes including sports bikes must have a five-year third-party insurance as per law. This means that with this five-year insurance rule, the on-road prices of all bikes will be more expensive for all vehicles bought after 1st September’18.

The displacement of the bike in cubic centimetres or CC will affect the insurance premium for all bikes including sports bike. As per the new law, motorcycles under 75 CC will have an insurance premium of Rs. 1045 onwards for fiver year third-party insurance whereas those from 75 cc to 150 CC will be Rs. 3285. For bikes with a capacity of more than 150 CC and less than 350 CC the insurance cost will be Rs. 5453 and for all bikes which are more than 350 CC will have an insurance premium of Rs. 13034. The regulatory authority has instructed the insurance companies to collect the premium for 5 years at the time of the sale of the vehicle only. With the five-year insurance rule of increased premium of sports bikes, there is no provision to cancel the policy for the term of 5 years unless the vehicle is being sold/ transferred or in the case of double insurance or vehicle not in use anymore in case of total loss. The Supreme Court made this decision and the period of insurance has been increased from 1 year to 5 years.

The mandatory Third-party Insurance Policy

As per the Motor Vehicles Act, third party insurance is mandatory in the country for all vehicles and driving any vehicle without a valid insurance is a crime. Third party liability insurance is the insurance which takes care of any damage or death to any third-party person or property in an accident. Apart from third party, vehicle owners have the provision to take Own Damage insurance which takes care of any loss or damage to the vehicle. The new law has been changed for third party insurance only and thus, it is assumed that there have been no changes made in the law for own damage component of the insurance which can still be bought for a period of 1 year.

The Insurance Regulatory and Development Authority of India has issued notices for all two wheelers like sports bike and also for four wheelers. However, the five-year insurance rule does not apply to cars as they have a three-year insurance rule. The regulator has made it compulsory for all general insurance companies in the country to issue a five-year third-party insurance policy for two wheelers and a three-year insurance policy for cars as a separate product. This can also be a part of the comprehensive insurance product sold to the vehicle owners who are buying a vehicle after 1st September.

As per the law, third-party insurance is mandatory for all bike owners for a period of 5 years. With the five-year insurance rule for sports bikes and other bikes, a long-term package cover can be offered to owners which will have both third party and comprehensive insurance for 5 years. If owners do not want this, they can take third party insurance for 5 years and own damage insurance for one year.

For all the bike lovers who want to buy bikes, they should know that sports bikes grow costly as 5-year insurance rule comes up. The five-year insurance rule has made all bikes including sports bike expensive and thus, the new on road price has to be considered before buying a bike.

How a rising cost of ownership comes as a drag for 2-wheeler companies?

I still remember the time when my father got us a new bike and I was hardly 7! My brother and I were on cloud nine throwing tantrums about how best the bike was. Purchasing new accessories, the rituals for a new vehicle, sweets…it was all like a festive occasion! We later purchased a car, then cars and so many vehicles after we started earning for ourselves but the excitement we had for our first vehicle was ecstatic!! I wonder why we do not get the same kind of excitement every time we purchase a vehicle for the fact that it’s a new one every time and an enhanced version of course. If we dig into the answers, probably, it is the very “first” vehicle we owned and so was the enthusiasm soaring. Is the excitement same for all the new vehicle buyers? Yes!! In fact, it is even more!! The hurdles a common man has to cross to own a two- wheeler are not less than a scary feat these days and hence, crossing all of those obstacles to own a bike is all the more alluring.

Why I said it is a scary feat is due to the ever- rising costs of ownership!! Although, the two-wheeler sales have been on an upsurge in India in the past decade, experts opine that the nation has a potential for more sales with respect to their buying ability. However, the rising cost of ownership delay their buying time which drives lesser sales on a year on year basis. Had the buying norms been easier and cheap, there would have been more sales recorded. Let us understand that how a rising cost of ownership comes as a drag for 2-wheeler companies.

Insurance: In India, bike insurance ranges between Rs.900 per year for third party insurance and Rs.2100 per year for a zero- depreciation insurance. The average cost can go up to Rs.1750 per year and since there are many other aspects involved in owning a bike, this can be a whopping amount for an average dweller.

Finance: Majority of the buyers use finance option to own a two-wheeler. The difficulty of getting finance despite the wide-spread conception that getting finance has become easier is the main criteria. The huge interest rates make it a tedious option too. The variation to own a bike with and without finance is huge.

Maintenance: As we all know that any vehicle would need servicing and the maintenance cost for two-wheelers start from 0.52p per KM for 4 years and this varies for different types of two-wheelers. The more you travel, the higher the charges would be. This applies to new vehicles and it increases multifold with every passing year adding to the rising costs of ownership dragging 2-wheeler companies

RTO: The Regional Transport Office needs to permit you for owning a bike and for this clearance, it may cost around Rs.6100 approximately for scooters/hybrids and Rs.13000 for motor cycles. If one has to shift registration, it is all additional!

Depreciation: Automobiles can be considered as one of the fastest depreciating assets. You will be surprised to know that majority of the bikes drop their value by 10-15% the moment they step out of the showroom and depreciate by 10% every passing year till 5 years.

Two-wheelers have always been an integral part of the Indian eco system. An average Indian gets free of the unreliable and untimely public transport system at the most affordable price if he/she owns a two-wheeler. The two-wheeler industry has been on the focal point in the past 5 years with slowing down volumes every year despite the fact that it has potential to increase sales due to the rising cost of ownership being a drag two-wheeler companies as stated above. It is difficult to analyze at this juncture whether the downturn is momentary or consistent. As per the financiers’ point of view, catering to the industry and the consumer segment especially, it is a tedious task to operate and execute the plans in the course of covering locations that are out of the city boundaries. It is also a difficult activity for them to rely on correspondent banking relationships and the collection process. When there is a downturn, caution surfaces the equation as financiers try to fix NPAs under the limit.

Benefits of Timely Two-Wheeler Insurance Renewal

Whether it’s costly one or the cheapest one, but buying a bike is just like a dream come true for every bike lover. As it is not only a passion for everyone, but a necessity for many. Bike comes with a compulsory package which includes two-wheeler insurance. According to the Motor Vehicle Act of India, in case of a new bike, it is compulsory to have a valid third- party two- wheeler insurance for five years. In case if the insurance term for your two-wheeler is expiring soon, you should get it renew on time. As once your bike insurance expires, you will lose a lot many benefits. Let’s have a look at the most important benefits of timely two-wheeler insurance renewal.

In a country like India people might take bike insurance renewal, a matter of waste of time and money, but it is as equally important as buying a new bike insurance. Once the policy is expired, you will lose all the benefits of timely two-wheeler insurance renewal.

Benefits of timely two-wheeler insurance renewal

Discounts

On timely two-wheeler insurance renewal, you can get good discounts in case if you have not availed any claims in the previous year against your insurance policy. In insurance sector, this discount is known as NCB (No Claim Bonus). You can avail this discount only in case if you have not made any claim in the previous year. You may also lose NCB if you do not renew your insurance policy within the 90 days of your policy expiry date. So, it is advisable to renew your two-wheeler insurance before it expires. You can avail maximum of 50% discount on the premium of your insurance policy.

Policy without break-in

One of the most important things is to ensure that you have not missed the renewal date of your two-wheeler insurance. If you missed it for any reason, your policy will be termed as break-in. Practicing a break-in insurance policy is not at all a good idea as it costs you more premiums. In such cases, there are chances that your insurer may also request for an inspection just to be sure about the condition of your two-wheeler or bike. The surveyor might notice all the minor damages or dents on your bike and this will lead you more premium cost. So, make sure that you renew your bike insurance policy on time and avoid the chances of break-in policy.

Free from legal penalties

As per the Motor Vehicle Act, every vehicle owner must have a valid motor insurance before riding a two-wheeler or four-wheeler on Indian roads. It is an offence, if you don’t have a valid vehicle insurance. Having an insurance policy not only provides you a financial security in case of any accident, but also protects you from any legal procedures.

Sustained Insurance Policy

One of the benefits of timely two-wheeler insurance renewal is having a continuous insurance policy. It is very important to have a continuous policy as in case your policy expires and during that period you get into some accident, the insurance company will not pay a single penny and you have to bear all the cost of damage from your own pocket. In fact, if third- party is involved in an accident, you will be liable to pay a compensation to the damages caused to the third-party. In such cases, depending upon the income and age of the affected third-party, the compensation can be very high. Not only third-party damages, you cannot claim even for your own damages.

How to Renew Two-Wheeler Insurance Online?

There are so many websites like RenewBuy.com, which offers you an online renewal of your two-wheeler. All you have to do is just visit the website and enter your two-wheeler’s details and select the appropriate plan which suits your requirements. Once you choose the right plan, just proceed to the payment page and make online payment. You will instantly get an insurance policy on your registered email id.

Above mentioned are the benefits of timely two-wheeler insurance renewal, so now just renew your two-wheeler insurance policy on time and feel safe.

Is Multi-Year Insurance Cover For Two-Wheelers Beneficial?

It can be quite frustrating to keep track of renewal date of your two-wheeler insurance annually. Who would want their policy to lapse and lead to heavy penalties in the process? To deal with such situations, many insurance companies provide multi-year insurance for two-wheelers that offer coverage for a maximum of three years.

Due to such policies, policyholders need not renew their insurance contract every year because they already obtain a policy certificate for utmost three years of coverage. The IRDAI has allowed the introduction of such long-term cover for combatting non-renewal linked to two-wheeler insurance. In other terms, the facility is provided to encourage two-wheeler owners for purchasing the essential third-party cover. While purchasing a bike policy of longer-term is not essential, it does give one a number of benefit that makes it a prudent choice of investment.

A multi-year two wheeler insurance policy offers a range of great advantages including significant discounts in premium and protection from annual increases in your vehicle’s insurance policy. Let’s look at these advantages in detail.

Multi-Year Insurance – Benefits

Third-Party Liability Cover:

\The particular insurance plan provides coverage against the damages along with losses experienced by a third party if your vehicle meets with an accident with the other party.

Personal Accident Cover for Driver or Owner:

In the situation of total disability or death resulting by accident made by personal vehicle, the driver or owner will be provided with compensation up to a specific amount in the form of personal accident cover.

Own-Damage Cover:

Aside from third-party liability, a number of reputed insurers provide coverage from own-damage that gives protection to your personal vehicle theft or accidental losses and damages incurred by natural as well as man-made disasters. Popularly known as comprehensive cover, this type of coverage is ideal for optimum level of protection.

Co-passengers can avail the Personal Accident Cover as well:

By paying a bit additional in the premium, you can also extend protection to the co-passengers or pillion riders.

Quick Policy Issuance Online:

You do not need to experience hassle related to paperwork. With online mode, documentation as well as issuance process, can be performed online. You will obtain one policy document for entire three years.

No need to remember due dates:

A policy that goes beyond its due date without renewal faces a lapse in the insurance validity. This usually happens when the policyholder fails to renew the policy on time, simply because he forgot the renewal date. Now, with a 3-year tenure, he needs to remember the date just once every three years. This prevents any issue of policy lapsing due to not remembering the due dates.

You can avail Cashless Claims at Specific Partner Garages:

Making a budget for bike repairs and the overall waiting period of claim reimbursement might be annoying for you. However, some reputed multiyear two-wheeler insurers enable you to make cashless claims easily at particularly authorized network garages.

You can Port Your Two-Wheeler Insurance from One Insurance Company to another:

After the completion of your policy term that might be involved with three years of multi-year insurance of Two-Wheeler, you can port your particular insurance policy from one insurer to another.

Multi-Year Policy Benefits

Some of the benefits provided by multi-year policy cover are as follows:

A policyholder can save the premium upfront of up to 20–40%.
It removes the hassle involved with yearly renewal.
It provides a long-term
You can easily cancel or terminate the policy.
Insurance companies provide amazing discounts to the multi-year two wheeler insurance

In a nutshell, multi-year insurance cover for two-wheelers is very beneficial. It lets you enjoy the “pay once, forget for three years” convenience along with protection from premium hikes during the tenure.

Multiyear Two-Wheeler Insurance Cover A Smart Move

People in India should be aware of the fact that vehicle insurance is a legal requirement here. As per the Motor Vehicles Act, 1988, it is mandatory for all vehicle owners to buy at least basic insurance cover for their vehicles i.e. third-party liability. Yet, the inconvenient truth is, around 60% of vehicles on Indian roads don’t have insurance. And a majority of these vehicles are two-wheelers. Even the most ardent motorcycle lovers, who can go on and on about how much they enjoy riding their bikes, tend to have a rather laidback attitude when it comes to buying two-wheeler insurance. A large number of two-wheeler owners simply don’t hesitate to put their bikes at risk by not buying an insurance cover, as they think it’s a big problem to renew it every year. But they are not aware of the multiyear two-wheeler insurance, which gives coverage to your bike for 3 years.

In most cases, the inconvenience associated with buying or renewing the insurance policy that makes people nonchalant about the need and importance of vehicle insurance.

Despite the fact that the two-wheeler insurance can be easily purchased and renewed online, most people consider the two-wheeler insurance buying or renewal process tedious and time-consuming. However, the buying a multiyear two- wheeler insurance is a better option instead of purchasing it every year, still people don’t buy it.

What is a multiyear two-wheeler insurance cover?

A multiyear two-wheeler insurance cover allows to insure your two-wheeler for three consecutive years. Unlike conventional insurance policies that expire after one year, a multiyear two-wheeler insurance policy provides three years cover which means no need to worry about the renewal of your two-wheeler for the next three years.

Let’s take a look at four key benefits what makes a multiyear two-wheeler insurance cover an attractive option -

No Hassles

The first obvious advantage of multiyear two- wheeler insurance is that you don’t have to worry about getting the policy renewed every year and more hassle-free. This means you don’t have to take your vehicle for inspection (if the insurer demands it) and go through all the paperwork again every year. When you are already under so much pressure to remember birthdays and anniversaries of your loved ones, a multiyear two-wheeler insurance cover ensures that you have one less thing to worry about!

Savings (Both Time and Money)

With a multiyear policy, you not just save time but also money. Two-wheeler insurance premiums are revised periodically. With a conventional cover, it’s quite likely that you may have to pay a higher premium next year. However, in the case of a multiyear insurance cover, you can put all your worries to rest as your premium remains the same for three years. So, even though, you may have to shell out more money in advance, you ultimately end up saving money. Also, at times, the insurance companies offer discounts that can further increase your savings.

Easy Cancellation

The thought of being stuck to the same policy for three years is something that stops people from opting for a multiyear two-wheeler insurance cover. Many two-wheeler owners wrongly believe that once they have bought a multiyear cover, there is no way they can cancel it. This, however, is nothing but a misconception. Multiyear covers can be cancelled anytime. Depending on the policy of the insurer, the unutilized amount will be refunded.

No Uninsured Days

One of the biggest drawbacks of a single year policy is that there is usually a gap between the date when the policy expires and the date when it is renewed. Between these two dates, your two-wheeler remains uninsured. And an uninsured two-wheeler is a threat on the road. With a multiyear two-wheeler insurance cover, such a threat can be easily overcome. Buying a three-year insurance cover will ensure that there are no uninsured days for a period of three years.

So, the next time you find yourself wondering what makes a multiyear bike insurance cover an attractive option, do remember the above-mentioned tips. Buying a multiyear bike insurance cover is indeed the easiest way to eliminate all the hassles associated with buying and renewing an insurance cover.

Why it’s Important to Buy Theft Cover For Two-Wheeler?

Do you remember those masterfully-shot car stealing scenes from the movie Gone in 60 seconds? One can’t help but feel an adrenaline rush as Nicolas Cage tries to achieve his target of stealing 50 cars in 96 minutes! While you must have thoroughly enjoyed those well-executed scenes in the movie; imagine the same thing happening to your most prized possession – your motorcycle. Wouldn’t it be fun to watch a real-life master thief stealing your bike with equal finesse? After all, stealing a vehicle is also a skill, no?

Well, before you get too angry, let us state this clearly – some things can only be enjoyed in the movies and not in real life. Having your vehicle stolen is one of the worst feelings in the world. As many two wheeler owners form a strong bond and develop attachment with their vehicles, losing them can cause a lot of heartburn. And in the absence of a theft insurance cover, it can leave you feeling extremely bitter and miserable and becomes a reason for you to buy theft cover for two wheeler.

The Need to Buy Theft Cover for Two Wheeler

Do you really need to buy theft cover for two wheeler? The answer to this question is a loud and resounding – Yes! In the past five years, automobile thefts have witnessed a threefold rise in Delhi (the situation is more or less the same in other Indian cities). To make matters worse, the recovery rate of vehicles, especially the two wheelers, remains abysmally low. Only a small percentage of the stolen two wheeler is recovered.

Many people who wonder why it’s important to buy theft cover for two wheeler, think that auto thieves only target cars. Nothing could be further from the truth and the truth is that although two-wheelers are less expensive, they can be easily hidden and dismantled. Also, as compared to cars, it’s more difficult to recover stolen two wheelers. For these reasons, two wheelers are always at risk of being stolen. No matter how much precautions you take, the possibility of your beloved bike being stolen can never be completely ruled out.

How can Theft Cover for Two-Wheeler Help?

A theft cover might not be able to reduce the pain of losing your cherished possession. However, by providing a financial cover, it can certainly help you to overcome this difficult experience. In order to buy theft cover for two wheeler, you need to opt for a comprehensive two wheeler insurance policy. While a third-party insurance policy provides financial cover only against the damages caused by a third party, a comprehensive policy also covers your own damages. And by opting for theft cover for two-wheeler, you can easily ensure that you are covered in case your two wheeler is stolen. In other words, if your vehicle is stolen, the insurance company will pay the declared value to you.

With more and more people realizing its benefits, the demand of theft cover for two wheeler has increased in recent years. In order to make things easier for the customers, the insurance companies have made the entire process of filing a claim easier and less time-consuming. Once the FIR has been filed, all you need to do is contact your insurance company and submit the necessary documents. However, under most insurance covers, the claim must be filed within the specified number of days. Therefore, it is important to stay in touch with the insurance company’s representatives to ensure that there is no delay in filing the claim.

How to make an Insurance Claim for Bike Theft?

There is no denying the fact that a comprehensive two wheeler insurance policy with theft cover costs more than a third-party insurance cover. However, it also provides complete peace of mind and makes your life a whole lot easier. As a two wheeler owner, you don’t need to worry about the financial implications of having your vehicle stolen.

In case your bike is stolen and not recovered, the insurer is liable to pay an amount equal to the monetary value of the bike at the time of theft. Without comprehensive coverage, you will not get a single penny from your insurance provider.

Below are the few steps to keep in mind to make a successful claim:

FIR: In case of stolen bike, the foremost step should be to log FIR in the nearest police station.
Inform Insurer: Call your insurer and inform about theft. The insurer then will follow its own procedure to process claim.
Intimate RTO: Don’t forget to intimate the RTO about bike theft as it is mandatory by law.
Documents: You need to submit following original documents RC book, driving license, FIR copy, insurance policy document, RTO papers, claim form and the original bike keys.
No trace report: Then you need a no trace report from the police station which says that your bike is untraceable.

Lastly, you need to wait for the claim, as it takes more than a month to get your claim against a bike theft.
Lastly, it is important to state that buying theft cover for two wheeler doesn’t absolve you of your responsibility to take preventive measures to ensure the safety of the vehicle. Using anti-theft systems and parking your two wheeler at a safe place can significantly cut down the risk of your vehicle being stolen.

While it may be fun to watch an actor stealing vehicles on the big screen, it can cause a lot of heartburn in the real life!

What Is Third Party Bike Insurance?

A squirrel was confusingly running across the road with a fear of getting under my scooter confusing me too! I tried my best to adjust my two-wheeler not to get on to the tiny creature. Despite my attempts and a near fall, I could manage myself to get up but could not save the squirrel. It was trembling with injuries and died instantly. I could not manage the guilt for a week in spite of making no mistake. Was I lucky that the poor thing had no relatives to question me? But what if it were a human being or a vehicle instead of a squirrel that I have hit? Unknowingly or erroneously, a simple mistake of ours may injure or damage an unknown person or vehicle on the road. An insurance can cover my vehicle and me but what about others who can get hit by us for no mistake on their part. It becomes a sense of responsibility to help them too in such a situation. When I googled a little about any such possibilities, I came to know about third party bike insurance!! But what is third party bike insurance?

A policy that protects riders against any damages caused to third party in the course of a road mishap is known as third party bike insurance. It is compulsory in India to have a third party two wheeler insurance when riding a two wheeler. However, there are some advantages and disadvantages to it. Let us understand what they are:

Another popular name for this insurance is liability only insurance and it has the following advantages to its credit.

Advantages of Third Party Bike Insurance:

The liability only insurance protects the interests of riders against any legal obligations occurring due to third party damage. The third party can be an individual or a property.
The third- party bike insurance is cheaper in comparison to the standard automobile insurance policy.
The less documentation work to get a third party two-wheeler insurance is attractive and easier too as it covers just the third party and not the insured automobile.

Disadvantages of Third Party Bike Insurance:

The worst disadvantage of third party bike insurance is that its coverage is not meant for the insured bike or the owners or riders of the two-wheeler.

In case of a road mishap, the insured is supposed to bear the entire cost spent due to the damages on the bike. This often makes people choose a comprehensive coverage where both the third party and the insured vehicle are protected. On contrary, third party bike insurance covers the third party only.

Often, people get confused between these two insurances. Although, the decision of purchasing a third party insurance or a comprehensive coverage is completely up to you, whereas experts in the insurance industry suggest people to buy comprehensive insurance policies. The thumb rule is that a lower amount of premium should not be the cause of concern when you take into consideration the number of road mishaps and the miscellaneous elements linked to it. You will basically get coverage against the unforeseen costs and damages.

Renewing Third Party Two Wheeler Insurance:

Just be aware of the expiry date by going through the insurance company’s notifications. You can renew the policy online even before it expires. To prevent the inspection charges, check for the expiry of the policy. Go for a ground reality check before you contemplate on renewing the policy. This ground work can reward you for sure by way of offering profitable discounts and new offers. The insurance websites work as a great deal to renew a policy with the help of online gateways. It is you to decide which insurance suits you better. Ultimately, it is you who is going to get benefits of renewing the third party two-wheeler insurance and can thereby feel the sense of security.

Renew an Expired Two-Wheeler Insurance Policy Online

A two-wheeler insurance policy can be renewed after the date of its expiry. It is essential that your bike is insured throughout its lifetime so that you are protected against a number of risks. Renew two-wheeler insurance online after expiry as it is quick and efficient way of obtaining insurance.

Buy Two-Wheeler Insurance Online for Expired Policy

To buy two-wheeler insurance online for expired policy is also beneficial in some ways:

Many insurance companies do not mandate inspection and related documentation when you renew your insurance online.
The renewed policy will be issued to you quickly without any hassle.
You can compare plans from a number of insurance providers and identify the policy that meets your requirements.
You can get assistance from call centres in case you have any queries on the online renewal process.

How to Buy Two-Wheeler Insurance Online for Expired Policy

Many insurance companies allow online purchase or renewal of two-wheeler insurance policies through their websites or mobile applications. It is quite convenient to obtain a policy purchase this way.

You can visit the insurance company’s site and follow the simple steps for easy renewal. Make sure that the information you provide is accurate. Keep your old insurance policy, your debit card, and your internet banking information in place while you apply to buy two-wheeler insurance online for expired policy.

You can also choose to renew your two-wheeler insurance policy through the insurance company’s mobile app. You will be required to provide information such as the registration number of the vehicle, its model, manufacturer details, etc. Details of the previous policy are also required to renew lapsed two-wheeler insurance online.

Renew lapsed two-wheeler insurance online

There are valid reasons why we really need an online two- wheeler insurance policy even if we put aside the legal obligations related to it. Driving a two-wheeler involves a high amount of risk especially on the Indian roads. It is suggested that you have an active two-wheeler insurance policy that protects you financially in a wide variety of incidents. Renewal of the insurance policy on time is also of top importance as riding without any coverage makes you and your two-wheeler vulnerable to risk.

You can renew lapsed two-wheeler insurance online with ease nowadays. People can easily renew their bike insurance online with almost no obstacles. Many people find remembering the date of expiry pretty difficult and don’t have the time to look into policy details. If that is the case, you can opt for a long-term insurance policy for a period of up to 3 years and enjoy driving your vehicle without any worries.

Some insurance companies offer a facility that allows one to renew lapsed two- wheeler insurance online after 90 days of break-in period. Online renewal of break in policies allows people to revive their policy without any inspection and minimal documentation. Please be wary of the fact that the risk date commences few (i.e 2 or 3) days from the day of policy purchase and any damages to your two-wheeler during this period will not be covered by the insurer.

Getting a Multi-Year Two-Wheeler Insurance Online Renewal After Expiry

A two-wheeler is without a doubt requirement for everyone. For buying a two- wheeler insurance online, having a perfect expired policy makes a very important decision if you really want to protect your favourite vehicle against third party liability, theft or unexpected damage. Know that sometimes, you don't notice the renewal date and it passes by. You must be attentive and careful enough to renew it before the policy lapses.

Renew insurance policy of your two-wheeler on time, as it is a safe option. Nowadays it is so easy to buy two-wheeler insurance online for expired policy as insurers offer hassle-free and instant online renewal as against the conventional way. Two-wheeler insurance is a must, so don’t take any chances of missing out on these easy ways of obtaining policies and renewal!

Documents Required for Two-Wheeler Insurance Renewal

Everyone wants to keep their bikes safe and in pristine condition. But we can't be sure about what kind of difficulty we would face on the road. That's when the need for a bike insurance comes into play. There has been a sharp increase in the number of accidents in recent years. Road conditions, traffic jams and the urgency to reach the destination, makes it difficult to drive peacefully. Due to such mishaps, getting a bike insurance is the best way to tackle these conditions. If you want to save on the repair and maintenance costs for your bike, buying an insurance policy for it is a must.

A bike insurance policy protects you from injury in the event of an accident and also reimburses you for any repairs your bike would need. Once you buy your bike insurance policy, it would be up for renewal after a couple of years. Renewing your bike insurance on time is a necessity as your coverage ends the minute your policy expires.

If your bike insurance policy is about to end, you can call the insurance company and inform them. You can also enquire if your bike needs to be surveyed for the renewal process. You can visit the website of your insurance company and follow the steps given to renew your bike insurance in an easy and hassle-free manner.

Bike insurance was made mandatory as per the Motor Vehicle Act, so all such vehicles are required to be registered with an insurance company. After the policy ends, renewing bike insurance on time is essential as it keeps you and your vehicle protected at all the times. Nowadays, insurance companies have made it convenient to get an online bike insurance renewal.

Documents Required for Bike Insurance Renewal

The documents required for bike insurance renewal are an official list issued by the Insurance Regulatory and Development Authority of India (IRDAI). It is common to both private and public sector insurance companies.

In case of renewal, you can check to take details from your previous policy. Just cross check all the details thoroughly. Still, for your reference below are the details of the documents required for bike insurance renewal:

Your basic information such as name, date of birth, address, etc.
The details of your purchase date, registered RTO, vehicle model, etc.
Your old bike insurance policy number
Your online payment information (Credit or debit card/net banking details etc.)

This information can be found on your previous policy document.

Changing Your Bike Insurance Policy Provider

You may even wish to change your insurance provider. Thankfully, as per the rules of the IRDAI, you can easily switch insurance companies during the policy period or after its completion. If you wish to change your insurance provider and renew your insurance policy, you are required to submit the following documents at the time of renewal:

Your basic information such as name, date of birth, address, etc.
The details of your purchase date, registered RTO, vehicle model, etc.
Your previous insurance policy number

Proof of identity documents like Passport, Driving License, Aadhaar card, PAN card or a Government issued photo ID

Proof of address documents like Passport, Driving License, bank or post office passbook or a Government issued address proof
Your online payment information (Credit or debit card/net banking details etc.)

These documents required for bike insurance renewal are supposed to be submitted along with the insurance renewal. After the verification process, your bike insurance policy will be renewed.

Things to Keep in Mind before submitting Documents Required for Bike Insurance Renewal

You can find various insurance policies on many online insurance portals and select the most suitable out of the available options. In any case, you should not simply choose a policy because it is cheaper. You should carefully assess the different features such as the coverage offered, things not covered etc. in the policy.

Try to renew your policy and stay aware about the expiry date of the policy to avoid driving uninsured. You can also discover different policies in your country before the renewal. You might come across a better policy that offers a greater degree of coverage at a reasonable cost. It is also advisable to remember and make use of No Claim Bonus (NCB) to avail discount on premium.

By submitting documents required for bike insurance renewal online, we are also contributing to an eco-friendly and paperless system. You can easily purchase bike insurance through various verified mobile apps of your insurance company. There you can create your personalized page for yourself, so the copy of the insurance will be accessible to you in the future whenever you need. Buying a bike insurance policy is now easier than ever. Stay safe and stay ensured.

Motor Insurance Constructive Total Loss – All You Need To Know

What Is Constructive Total Loss?

A constructive total loss for a vehicle refers to the extensive damage caused to the vehicle that amounts for repairs would equal or surpass the vehicle's insured cost. If the insurance provider's liability exceeds 75% of the vehicle's IDV, it is termed as a constructive total loss. The loss is often incurred in cases of head-on collisions. As per the survey, about one in seven-car accident quality for a constructive total loss.

From an insurance point of view, When the insurance company repair liability exceeds 75% of the vehicle's IDV, then the claim is settled on a total loss basis.

Motor Insurance Claim Types

There are three types of claims under a motor insurance policy. The insurance claim could be for:

Third-Party Claim

An insurance policy is an insurance agreement that provides coverage to the buyer or the Policyholder by the provider, i.e., the insurance company. Any other party other than these two is known as a third party. If in case, a third party person gets involved in an accident and suffers any injuries due to the negligence of the Policyholder, he is eligible to seek compensation from the insurance provider for any losses under section 141 of MV act.

Insurance policy is a contract between an Insurance company and Policyholder any other party other than the two are termed as the third party. Any such third party person sustains Simple, grievous, or fatal injuries due to negligence of an Insured vehicle driver; then, the said third party can seek compensation from the Insurance company for his loss under section 141 of MV Act; The liability is unlimited.

The same is extended to Third Party property also, but Insurer caps the limit of such liability. Often referred to as a liability claim, the third party (the injured person) is entitled to request medical expenses, disability compensation, amenities, or income loss even if these things are not covered under the insurance policy.

If a third party is involved in such accidents, the Policyholder should immediately report to the police and the insurance company. On the contrary, if you are the third party, you must acquire all the details regarding the insured vehicle and claim the incident ahead.

Own Damage Claim

This is where your vehicle is damaged in an accident. The Policyholder must be in his best prudent manner by capturing the spot photos and video of the vehicle, he/ She should immediately report the accident to police officials if two or more vehicles are involved in the accident or if someone has got injured. Intimate the insurance company without any delay If you own a commercial vehicle, the insurance provider performs a survey at the accident spot, only after which you are allowed to move the vehicle.

If your vehicle is a commercial vehicle, then the Insurer needs a Survey to be done at the accident spot post which vehicle is to be moved from the accident spot.

Theft Claim

In case your vehicle is stolen, inform the police and insurance company at the earliest with all the necessary details as delay in intimating a theft claim can even get your claim rejected. Theft claim requires special documentation to be duly filled in, for the insurance company and a couple of Legal procedures from administrative authorities. It also requires you to surrender your vehicle keys and cancel your vehicle registration or transfer your vehicle title to the insurance company.

From the above two types of claim, where does constructive total loss fit in?

Some accidents may cause irreparable damage to your vehicle. These severe damages can cost the insurance company more than the actual insured cost for the vehicle. In such a scenario, the motor insurance claim is declared as a constructive total loss.

Once you file for such a claim, a surveyor visits you to inspect the damages and measures for the incurred loss. If this Insurance company liability on repairs exceeds 75 percent of the insured's declared value, it is proclaimed as a CTL, constructive total loss.

However, the constant rise in the number of road accidents has resulted in one on every seven insured persons claiming CTL. Severe accidents resulting in total wreckage, head-on collisions often recruits for a constructive total loss.

What happens when the motor insurance claim is declared CTL?

In such cases where the insured vehicle suffers irreparable damages, and the Policyholder claims a constructive total loss, the vehicle's ownership is transferred to the insurance company. You need to surrender the documents and keys of the vehicle to the company. The next procedure involves the company paying the insured declared value policyholder after deducting the excess expenses. Once the claim is settled, the insurance policy expires, and you don't need to pay your premiums further after the final settlement.

What is the difference between total loss and constructive total loss?

Total loss is considered when the vehicle is damaged to such an extent that it is beyond repair. In such cases, the vehicle cannot be restored to the condition before the accident.

A constructive total loss is considered when the vehicle is severely damaged but can be repaired to its pre-loss condition. In such cases, the insurance company assesses the damages. It evaluates if Insurer liability on repairs exceeds 75% of IDV of the vehicle Fixing the vehicle in such instances often costs much higher than the costs of buying a new one.

Scrappage Policy Benefits for Auto Sector

In the third Union Budget of the Modi Government 2.0, the Finance Minister, Mrs Nirmala Sitharaman introduced a much-awaited policy for old vehicles “The scrappage policy”.

Here is what the Finance Minister proposed –

Private vehicles that are aged 20 years and above and commercial vehicles that are aged 15 years and above would have to undergo a fitness test. This test would weed out polluting vehicles so that they can be phased out giving way to newer, environment-friendly vehicles.

This announcement has a two-pronged benefit:

It would help reduce air pollution from polluting vehicles and make the environment better.
Help to boost sales of the automobile sector as new vehicles would be bought to replace old and unfit ones.

What does it mean for the Automobile Sector?

While the Finance Ministry has not yet shared the scheme details, this scrappage policy is expected to make a major impact on India's automobile sector. The President of the FADA (Federation of Automobile Dealers Associations) commented that there are about 52 lakh passenger vehicles and 37 lakh commercial ones plying on Indian roads which are eligible for the scrappage policy 1990 is taken to be the base year. (Source: The Hindu)

Impact of the Scrappage Policy on the Steel Industry:

The scrappage policy would also help cut down the costs of the steel industry which imports about 6 million tonnes of steel scrap every year according to a study conducted by the HDFC Bank. (Source: Economic Times)

As the scrappage policy would increase the recycling of old vehicles, the demand for steel scrap can be met locally boosting the scrap industry and reducing the costs of the steel industry.

Furthermore, the study also estimated that an additional business of recycling plastic and rubber parts can be generated through the scrapping of old vehicles.

How its Benefits Consumers?

For consumers, there have been no specific guidelines except that they would have to forego their old vehicles in lieu of new ones. Industry experts are recommending the introduction of a benefits scheme for consumers who replace their old vehicles with new ones in the form of discounts.

However, such benefits are not currently specified by the Finance Ministry. Consumers can, however, benefit from reduced fuel costs by scrapping their old vehicles. Vehicles that are aged 20 years or more usually have low mileage. They burn considerable amounts of fuel when they are used. Newer models, on the other hand, have been developed as fuel-efficient models that save fuel consumption.

So, as consumers switch to newer, fuel-efficient models of vehicles, they can save considerably on fuel costs.

Another benefit that consumers can avail is on buying an electric vehicle. As per the earlier budget, a new income tax deduction was introduced to allow tax benefits on the purchase of electric vehicles under Section 80EEB. Under this section, if taxpayers avail of an auto loan to finance an electric vehicle, the interest paid for the loan would be allowed as a deduction from their taxable income up to Rs.1.5 lakhs. This deduction was made available from the assessment year 2020 and is available even currently. So, under the scrappage policy, if consumers switch to electric vehicles, they can get the benefit of tax deduction and save on their taxable liability.

Impact on the Environment:

One of the major reasons for introducing the scrappage policy was the harmful impact of old vehicles on pollution. Considering the hazardous air pollution levels, the Finance Minister proposed the scrappage policy to make air-polluting vehicles obsolete.

As old vehicles go out of use, the pollution caused by them would also reduce drastically. Given the new, environment-friendly vehicles now being manufactured, the phasing out of old vehicles would make air quality better as new vehicles take their place. Moreover, as electric vehicles are slowly gaining momentum, the switch to electric vehicles would also reduce pollution levels.

Impact of Scrappage Policy on the Auto Sector in 2021

Besides the scrappage policy, the auto sector would be benefitted by other announcements too which were made in Budget 2021. Though the benefit would be indirect, it would, nevertheless, drive the turnover of the auto sector of India. These announcements that would impact the Indian auto industry include the following –

Development of Roads and Highways

The Finance Minister also proposed enhanced development of highways across India. Under the Bharatmala Pariyojana project, the Government has proposed to award 8500 kilometres of roadways by March 2022. Moreover, an additional 11, 000 kilometres of National Highways are also proposed for construction to boost road connectivity and infrastructure.
This boost would promote increased auto sales as commuting and travelling between cities and districts would become easier with developed roads and highways.

Boost to Public Bus Transportation

This is good news for commercial vehicle manufacturers as the Government has boosted public bus transportation services in major cities across India. An allocation of Rs.18, 000 crores has been made towards augmenting public bus transport services which would put a stress on the demand for public buses. Thus, public bus manufacturers are set to experience gains and increased turnovers under this proposal of the Government.

Both these proposals are set to create an indirect benefit for the automobile industry which is an important part of the Indian economy. On the other hand, the scrappage policy provides direct benefits to the auto industry and is also expected to reduce the oil bill of the Government as old, fuel-guzzling vehicles get phased out gradually.

Does Bike Insurance Cover Theft?

The infrastructure of Indian roads is much suitable to two wheelers than any other vehicle. They can slither from the narrowest spaces in chaotic traffic blockages. Being simple means to reach places with minimal possibilities of getting messed up in traffic, bikes attract a majority of middle income group people with their competitive mileage and cost efficiency. The increased spending capacity of lower middle-income groups as well as the middle-income groups in the past decade has also brought millions of bikes on road. Shock absorption, mobile charging sockets, power start, increased mileage, storage capacity etc. and many other features have made a two-wheeler dearer to Indians.

However, two wheelers too have disadvantages as it is also very convenient for thieves to steal a two-wheeler in comparison to 4 wheelers and other vehicles. Their slender shape makes it vulnerable for the burglars to take away the vehicle easily. Since the bikes can be dismantled easily with a little effort, it is hardly possible to get back a stolen two-wheeler. It’s surprising to see exclusive markets for dismantled bike accessories and parts which are stolen. Accidents and damages are also very common considering our road conditions and breakage of traffic rules. In such a scenario, how to save our two wheelers from theft and accidents? Insurance is the instant answer! But, does a bike insurance cover theft? Let’s know the answer to this question!!

The answer to this question is a big “YES”. Owing to the incidents such as thefts, accidents and damages, a good insurance policy is very much required to afford the expenses at the time of an unforeseen loss or damage to prevent a big loss. However, for people who want to go for a bike insurance, it may be little confusing to select an apt policy which can save them from all as a package in times of need. It may be boring and doesn’t seem worthy to expend your valuable time on selecting an insurance policy. But, it is worth it! One will only understand this when an incident occurs! Many end up picking up the first policy they see on website or their friend has suggested them, or the insurance agent offers. You may be paying a huge price for not comparing insurance plans online. This may lead to having a fire and theft motor cycle insurance by paying huge bills from your pocket. You may have a rejected claim for unknown reasons and you won’t even understand why the claim was denied and where it went wrong.

What should be the action plan if your bike is stolen?

Go through the below given steps if a bike is stolen to get seamless claim settlement.

File a FIR and get a copy for your insurance company
Get in touch with your insurance company to report the theft and inform them about your claim
No trace report from police department as a proof

Assist the insurer with necessary documents:

The request of claim duly signed or attested
An original FIR copy
The documents of your bike insurance policy
Vehicle registration certificate
Driving license
Transfer papers from the RTO office duly signed and stamped by the officials
The original keys of the bike

Most of the current bike insurance policies offer coverage on theft of a bike. The consequences are very expensive after a theft if you don’t get your bike insured. A famous newspaper reports that one bike is stolen every 15 minutes in our capital city of Delhi and this says it all about the necessity of having a bike insurance policy. Deficiency of parking space is a huge problem in our densely populated country and this encourages the bike owners to park their vehicles outside their office places and homes there by making it simpler for the thieves to steal the vehicles. That is when a question arises in our mind, “Does bike insurance cover theft?” It is hence suggested to have your bike insured ahead of an unforeseen incident. It is apparent that loss of a bike is irreplaceable in India but at least, an insurance policy can absorb the financial losses to an extent.

Thefts are all around us, so how can a simple bike stand still from not being stolen which is often parked outside our houses and offices? Not finding a bike in the parking space is a horrific experience for an average individual and it is apparent that it has been stolen. Well, there may be a lesser possibility that it has been towed because of traffic rules breakage. Stealing a bike is comparatively easier than that of stealing a car as it is extremely simple to dismantle a bike and to sell its parts. Simultaneously, it is tougher to retrieve your bike after a theft in comparison to a four-wheeler.

Since, the possibilities of finding a stolen bike are very minimal, there should be no point for the company to deny your claim. The company hires a private investigator to analyze the theft. Once the investigator certifies the crime, the company may pay you back. But the entire process may take 3 to 4 months of time and it demands your patience. So, insure your bike and stay at peace with fire and theft motor cycle insurance.

Know All About Bike Insurance

Two wheeler insurance is a document which should be kept updated all the time. A problem can occur anytime and then insurance comes in handy. In situations when an insurance is not available with the person, they can face consequences including paying the expenses, losing their license and other fines. 'My two wheeler insurance expired', reminders of statements like these giving you nightmares? Well, for starters, we'd say it’s good. At least you understand the importance of a two wheeler insurance. The current scenario is witnessing multiple cases every day where people are fined for not carrying their insurance when riding. It is important for people to understand what is insurance and why is it important. Owing to the ignorant behavior, people do not pay much attention initially and later regret when a mishap occurs. Since, India has an eminent number of two wheeler users on a regular basis, preventing such incidents is only possible when everyone is educated about two wheeler insurance. Know Bike Insurance Details here : What is a Two Wheeler Insurance? Two wheeler insurance is a mandatory document that is needed all the time when you are out on the road riding. It protects your vehicle in case of any incident such as accident, theft, natural damage due to some disaster or anything else depending on your policy. It is provided and renewed by companies registered under the Insurance Regulatory Development Authority of India (IRDAI) Why Should One Buy a Two Wheeler Insurance? Apart from the very reason that it is mandatory as per the law, it is important to give all due respect to an insurance policy as it is the need of the hour. The first and foremost reason for anyone though, is to protect themselves from any third party liability cost. Let us take an example. For instance, Mr. A, who is riding his two wheeler, loses concentration on the road. This leads him into hitting another vehicle, damaging it. Further assessing the situation he finds out he has badly injured two people. Now, the vehicle that Mr. A owns is not insured. So, the entire cost of the accident has to be taken care of by him. The cost of repairing, first aid of the people injured and all other expenses around it. However, if the scenario was a bit different and he had an insurance policy, all the expenses would have been taken care of by the insurance company and he would have been saved from such hassle. Now, since we understand how important it is to get vehicles insured, comes the second step, expired two wheeler insurance renewal. An insurance lasts one year from the date it is effective and thus has to be renewed every year. Now, with the oncoming of multiple platforms online, it is easy to renew a policy in just a few simple steps. Entering the type and model of the vehicle gives a list of policies from different companies that one can check and buy as per their requirement. Two wheeler insurance expired, is even worse than a car insurance expired due to the very fact that driving two wheeler is extremely risky, especially on Indian roads. Therefore, it should always be kept a check upon and renewal should be done before it expires. Read more on How to Renew Expired Bike Insurance

How To Check Bike Insurance Policy Online?

I woke up in the morning after a really long night to face an exciting day ahead. Why I said a long night is because the night was refusing to end and can be considered as one of the most anxious nights I ever faced. I am going to get the much-awaited bike the next morning and so the anxiety goes on. It has been more than 4 years that I started requesting for a bike which is my passion. But an incident 3 years ago kept my parents wary to buy a bike for me. One of my closest friends died in a road accident while he was going on a bike. We were all devastated with that mishap and my parents never want me to ride a two-wheeler. I started earning a couple of years ago but still I did not get permission from my parents to purchase a bike. At last, I could convince them after agreeing to all the safety norms they have laid for me for my well- being. After all, they try to stop me because they care for me.

But is it so vulnerable to get into an accident? Mindful driving is essential for sure to keep yourself safe. Another thing that gives you security is ‘Insurance’ as I heard from my friends who own a bike. So, how to check my bike insurance policy online and about various insurance policies which suit my condition? A little research helped me with my answers.

Two-wheeler insurance provides coverage for:

If the two-wheeler is lost or damaged due to natural calamities such as earth quake, fire, lightning or floods.
If the two-wheeler is lost or damaged due to man-made calamities such as theft, burglary etc.
Third party legal responsibility offers coverage against accountability surfacing out of death, injury and destruction or damage of property due to an accident or a mishap.

This must be enough for the basic protection of my bike. I should be looking after a policy to suit my needs which is a different scenario altogether. To begin with, bike insurance is a sufficient one and the question arising now is ‘how to check my bike insurance policy online?’ One of my friends helped me get a decent policy to suit my needs through various online insurance websites providing motor insurance. My parents encouraged me to go for a comprehensive coverage despite the premium being higher and I had no other option other than obeying them.

Since I did not file a claim in the first year, the insurance company should offer me a no claim bonus and should further reduce my insurance premium. My friend suggested me an online renewal, but I so far don’t know how to check my bike insurance policy online. Renewing two-wheeler insurance online is very simple and user- friendly. These days, few insurance companies are having tie-ups with some mobile payment apps and making payments and plan renewals an easy job. On top of it, technically advanced companies have started their own apps for their clientele. Consumers can download these apps on their smart phones in a user- friendly manner to check and renew their insurance plans using those exclusive apps meant for renewal. These companies also provide traditional methods of renewal at their branch offices. However, online renewal is much preferable these days as you can finish the job instantly.

You can visit the insurance company’s website and follow the instructional steps mentioned for bike insurance policy online renewal. Be assured that the entire data submitted is correct and all contact numbers and other personal information is up to date. Keep the original policy with you while renewal in order to refer it for necessary details such as previous policy number, date and time of renewal etc.

You may require information pertaining to your debit card and credit card in the process of buying or renewing the insurance policy online. Many of the insurance companies offer a confirmation screen for their clients after and before they have entered the data and have provided the details pertaining to premium payment. Use it optimally to make sure all the information submitted is correct to your knowledge. You generally get a digital policy in PDF format as designed by the insurer and it does not require any person’s signature on confirmation on payment of the premium. You may have to preserve this file as you may require it later. Make sure that you carry these papers in a print along with you whenever you ride your bike. Hope your queries regarding how to check bike insurance policy online are very much clear now.

3 Best Motorbikes For Family Use

Biking offers a myriad of perspectives and has diverse sides to it. On one end, this reflects the sporty side in an individual and quenches his thirst for speed! While on the other, it’s just a habit or a part of work for countless individuals. Every person is different from the other which makes their choices and preferences distinctive. If you are a racer or a travel enthusiast, you will surely not want to ride a bike that fails to meet your speed requirements. Quite similarly, non-racers and family men will want to have sturdy, high-performance, and reliable models.

It’s here that the leading 2-wheeler manufacturers have come up with exceptional solutions for consumers. While proficient bikers have the opportunity to travel on powerful vehicles, families can invest in models with moderate riding power. Here’s a short list of the three best motorbikes which are extensively used by family men!

1.Bikes offering safe performance

A family man will always want to invest in bikes that offer safe and reliable performance. Since this particular vehicle will help them go on family trips, run errands, do odd jobs, and take their children for fun rides, a speedy and high-mileage option won’t be appropriate. Bikes offering moderate speed are the ideal choices. Here you can check out options like Bajaj Pulsar 150 and Bajaj Avenger Street 150.

Bajaj Avenger Street 150 – The 150cc mean machine is a definite choice for the adventurous family that doesn’t mind hitting the highway for long rides at frequent intervals. At an ARAI fuel efficiency of 45kmpl, this machine offers a blend of distinct looks and great mileage to meet the needs of a family bike in India. Its price tag of being the cheapest cruiser too adds to its appeal.

2.Bikes that offer unmatched suspension

When it comes to riding a bike regularly, the suspension capacity of the mean machine is of paramount significance. Motorbikes with impressive suspensions will withstand the regular wear-and-tear thus delivering exceptional performances. Whether you reach the kids to school or plan a weekend trip with the entire family, these motorbikes will emerge as the best travel partners.

Check out TVS Apache RTR 180, Suzuki Hayate EP, and Royal Enfield Classic 500. They are some worthy names that offer total comfort to the driver and pillion rider.

Suzuki Hayate EP – With its modern design and great suspension, the 113cc bike returns an impressive 60kmpl in the city and 70kmpl on the highways. This makes it a must-have for families who love their motorbikes. Available in 3 colour variants, the bike also has a preload adjustable rear suspension and a long seat – essentials for the growing Indian middle-class family. The high ignition spark plug and improved combustion lend a peppy performance, better fuel efficiency and increased mileage.

3.Bikes with unsurpassed fuel efficiency

Your 2-wheeler needs to be fuel-efficient, and there’s no denying its importance. With the ever-increasing fuel costs, riders are on the lookout for fuel-efficient models. Most importantly, family persons will want to invest in high-economy options. That’s where these fuel-efficient bikes prove to be impressive performers.

You can select any one from Bajaj CT100, Bajaj Platina 100ES Alloy, and Hero Splendor Pro. These bikes have lower CC capacity and hence offer unmatched mileage when you use them.

Hero Splendor Pro - The long-time favourite is a great urban vehicle. Its 97.2cc engine allows you to touch almost 87km per litre of fuel, making it an essential for a cost conscious family. The high fuel efficiency combined with a range of variants make it a budget-friendly option for the frugal urban biker.

Fixing the budget

Once you have decided the right mix of the above three factors you are looking for, the final step will be to narrow down on the price range. You need to determine the budget and fix the cost before browsing through the available options. If you have set aside a budget of 70K to 80K for a family bike purchase, you can be sure of getting mileage friendly models. For looks and high-end purchase, you need to have a budget of up to Rs. 1.5 lakhs for a good family bike in India. Checkout Best Bikes Under 1.5 Lacs you can use for daily commute.

Which bike is going to be your first preference? Do write to us and let us know in the comments section below

Checklist To Pick The Best Tyres For Your Two-Wheeler

Your two-wheeler should be equipped with the right type of parts, as they can upgrade its performance to a great extent. Tyres are integral components of a vehicle. Whether it’s your dream car or the latest mean machine, you just can’t think of a smooth driving experience without strong and powerful tyres.

With the presence of innumerable choices in the market, choosing the right type of tyre can turn out to be a difficult task. You will have to consider numerous aspects which play a pivotal role in the entire selection process. Here’s a comprehensive checklist for all the vehicle owners out there!

1.Checking out the types

When it comes to choosing the right type of tyres for two-wheelers, the first thing worth considering is the type. Research a bit in the market and you will come across a multitude of options in this regard. Depending on the specifications and mileage of your vehicle, you can take your pick and get the best one. These are some of the varieties to choose from:

Clincher: If you are planning to buy tyres for your 2-wheeler, this is the first type you will come across. Clincher tyres have cross sections shaped like a ‘U.' The rim and the edge of these tyres hold on to each other thus providing a firm grip to the vehicle. These types of tyres have become highly popular amongst users. If you take a look around, you will see that most of the bikes today run on clincher tyres.
Tubular: These tyres happen to be the perfect partners for motorcyclists and racers. Since they are lightweight and don’t get punctured quite often, using them seems to be a good option. Tubular tyres are highly in demand amongst avid racers as apart from being lightweight, they are quite comfortable too!
Tread Pattern: Knowing the right fit tread pattern can help you tackle the different weather conditions. Be it conventional tread (with multiple directions of tread marks to tackle road surface grip in slippery conditions), uni-directional, or asymmetric tread; you have to check which type will suit best for your vehicle.

2.The price

Tyres come in various forms, with diverse specifications, and belong to a range of prices. You have to check out the specifications, requirements, and targeted needs of the vehicle to determine the costing for the 2-wheeler. It is always better to fix a budget as only you are aware of your needs and understand how the right tyre option can fulfil those requirements.

3.Quality

There’s no denying the fact that a high-quality tyre will help your vehicle deliver outstanding performances. Quite naturally, it becomes imperative to check the quality before taking the final decision. Always opt for the best quality tyres available in the market, as they can meet the riding requirements. As quite a few branded products are also available, you can breeze through those options as well.

4.Tubeless or conventional tube-based tyres

If your budget allows it, you should go for a tubeless set of tyres. In case of sudden air loss due to puncture, tubeless tyres will cope better and maintain the stability and safety of your two-wheeler.

Final thoughts

These essential tips will surely lead to a successful tyre purchasing process. Bike owners can get an unmatched performance from their motorbikes if they equip it with the right set of tyres. Hope this post will assist you in this context.

How To Get Your Bike Insurance Renewal Done Faster?

Checking insurance quotes online is the best way to get to know about the various insurance options and choosing the best-suited one for your two-wheeler. The insurance companies work towards providing a convenient and an affordable vehicle ownership experience to its customers.

The various insurance inclusions give coverage not only for accidents and damage but also for natural calamities and man-made hazards. Getting insurance is not just enough, paying the premium on time and renewing the insurance on time are all the responsibilities of the vehicle owner. However, there are ways to get your bike insurance renewal done faster. Read on to know how can it be done?

Online Bike Insurance Renewal:

Gone are those days of waiting in long queues to get your bike renewal done. Now, all you need is your card details, a working internet connection and a system to get your bike insurance renewal done. With a click of a few buttons and in just a few minutes, you can get your renewal done. There are numerous benefits in going for online two wheeler policy renewals.

Saves time:

Two-wheeler insurance online renewal is one of the greatest benefits of the advent of the internet and net banking. The first and foremost benefit of online bike insurance renewal is the saving in terms of time. By doing the renewal online, we save the time we spend to travel to our vehicle insurer, the time we spend waiting in the queue for our turn, and the time wasted stuck in the traffic. On a deeper note, by not using the available online facilities, we are not only wasting our time but are also making the lives of others difficult.

Freedom, convenience, and ease:

Almost all the insurers send out renewal reminders to let the customers know about the premium amount and renewal dates. It's not easy to be physically present at the insurance office on the specific date and time. Using the online bike insurance renewal process, one can renew the policy, pay the premium, choose add-on covers, swap policies by sitting right at home. The freedom and ease of the online services offer are unmatched.

Why is insurance renewal needed?

In India, it is mandatory to get your vehicle insured before it hits the roads. Riding a vehicle without insurance is a punishable offence. It is a wise decision to choose bike insurance, and it is wiser to get online bike insurance renewal. It is not just enough to follow the traffic rules and drive safely. The way the other drivers behave on the road can affect your journey as well. It can also be a reason for an unfortunate accident or an injury or damage to your vehicle. While you cannot stop such unfortunate incidents from happening, you can at least be prepared for them by insuring your vehicle to avoid heavy expenses and discomfort. So, insurance is not an option, but it is mandatory. But choosing from the best is an option.

How to Renew Expired Bike Insurance

It is not enough to just buy an insurance policy while buying the vehicle. You also need to remember to renew it annually. However, a good percentage of people tend to forget this and end up with an expired insurance policy. You may have plenty of reasons such as laziness, forgetfulness, lack of time, ill-health, etc., to give as an excuse for your lapsed policy; but none of that would be valid when you get caught without a valid insurance policy.

Well, whatever your excuse is, as soon as you realize that your vehicle insurance policy has expired, you need to renew it. If you don’t renew it within 90 days, you might end up forfeiting your No Claims Bonus which in turn might result in higher premiums for you in the next cycle. You might also have to suffer in case you meet with an accident and have no active insurance policy or in case your vehicle gets stolen and you have no active insurance policy.

Now that you are aware of the benefits of bike insurance renewal , let’s find out how you can get this done. There are two different ways in which you can get your lapsed insurance policy renewed.

Ways to Renew Expired Bike Insurance Policy

The first and easiest way to renew is to do it online. This is the simplest and the quickest way to get around this task. Before you scramble online, you need to keep certain details handy such as the details of your expired policy, your vehicle’s registration number, detailed information regarding any add-on coverage you have opted, etc. Now log on to your insurance provider’s website, fill in all the requested details and submit. That’s it! Once the details are submitted, you will receive all the documents via email. The best advantage of opting for an online renewal is that you don’t have to take your vehicle for a physical inspection.
The next and slightly cumbersome way of renewing your policy would be to personally get in touch with an agent from your insurance company. You would have to submit all your policy and claims related documents to him/her and also get a physical inspection done for your vehicle. Depending upon the condition of the two-wheeler, your new policy IDV and premium would be decided. Unlike the online option, this is a time-consuming process where you would have to depend on the insurance agent’s availability. Also, the amount of paperwork involved is much more in this renewal method. Missing out on even one policy related document can delay the entire renewal process.

We know the process of renewing your vehicle insurance policy on an annual basis is quite tiresome as well as time-consuming. One way to avoid this would be to opt for a long-term bike insurance policy wherein you would be getting a policy valid for three years. A lot of insurance companies have started this option having a significant number of benefits.

So go on and take a hard look at your vehicle insurance policy date to see whether it is still valid or not. We hope the above options would help you in making the right choice on how to renew your expired two-wheeler policy.

Protect Bike From Natural Calamities

A basic bike insurance policy covers only for third party liability and personal accidents. However, a comprehensive insurance plan includes valuable add-ons and holds the bike in financial security against losses or damages..

Purchasing bike insurance is one of the obvious ways to protect the bike from natural calamities. When you opt for a particular bike insurance to protect it from natural calamities, here are a few points that you need to know:

Two-Wheeler insurance Coverage:

Apart from third party legal liability protection, a comprehensive two wheeler insurance provides ways to protect the bike from natural calamities as well. Natural calamities include earthquakes, floods, tsunami, etc., while man-made calamities include theft, damage due to riots, and terrorist activities.

However, it is essential to know that the general damages that may come to a vehicle due to its general wear and tear, or careless driving, fine for driving without a license and other damages due to ignorance are not covered under a generic two-wheeler insurance.

Benefits of bike insurance:

Other than the fact that it is a legal liability to insure your vehicle with insurance, it also protects you against any financial losses that may come up unexpectedly. So, an ideal way to protect your vehicle and your pocket against any such unexpected mishap is to buy bike insurance.

Now, two-wheeler insurance is available for longer durations of up to three years. By paying a lump sum amount at the beginning, customers can opt for two-wheeler insurance for a longer duration, instead of going for annual renewals. The online facilities available now makes it far easier to buy bike insurance.

Claims of your two-wheeler insurance:

It is compulsory that you have all the necessary documents for your claims to be approved. Apart from the documents, it is also important that you furnish truthful information in the claim form. Any dishonest claim can land you in big trouble.

The general claim process involved in a two wheeler insurance claim involves noting down the vehicle’s number involved in the accident and details of the person involved in the accident. It also includes contact of the witness if any, contacting the insurance provider, filing a FIR with the police, noting the necessary documents for verification and submitting the documents for verification procedures.

Renewal of bike insurance:

Most of the insurance companies send out reminders in the form of letters, emails and messages to the registered mobile numbers. In this world of modernization, everything happens at the click of a few buttons, and online renewal of two wheeler insurance is no different. There are online options available to renew the two-wheeler insurance as well the payment of premium amounts.

Apart from the legal obligation to drive a bike on the Indian roads, insurance is imperative and a smart step to take while owning any two-wheeler, as the vehicle is under a constant threat once the bike steps out of the showroom. So don’t wait a minute more; purchase a bike insurance today itself.

Tips To Get The Best Quote For Bike Insurance

If you wish to ensure optimum protection for your beloved two-wheeler, then an active two wheeler insurance will be the best thing to choose. Your bike is one of the most prized possessions in your life. Quite naturally, you would want it to stay in top shape and deliver unmatched performances for years to come.

Two-wheeler insurance and bike protection encompass quite a few significant aspects. According to clauses laid in the ‘Motor Vehicles Act,' 1988, every vehicle should have appropriate 3rd party insurance. It’s highly imperative for vehicle owners, as it protects them against 3rd party property damage allegations. On that note, it’s high time to breeze through market options and obtain best bike insurance quotes.

Aspects to know

When it comes to insuring your vehicle, you have two significant options before you. Some of the two-wheeler owners opt for comprehensive policies whereas the others choose 3rd party coverage. Which is the better choice for you? After assessing and analysing the available options, you will need effective tips to get best bike insurance quote. That’s the key to getting the best offer on your bike insurance:

1.Use up the NCB

If you don’t use up the insurance premium in the current year, the insurer will give you additional rewards. When you plan to renew the policy the following year, you will have to pay reduced premium amounts as a result of NCB or ‘No Claim Bonus.' If you don’t make insurance claims for years, the discount amount will keep on increasing till 50% for the fifth year. So, if you are planning to get the best two wheeler insurance online, try using up NCB while renewing your policy and bring down the premium amount.

2.Opt for renewals on time

Don’t delay or waste time when it comes to renewing your existing policy. That will increase the possibilities of paying higher premium amounts than what you could have paid otherwise. Policy comparisons are of paramount significance in this regard. If you wish to get the best quotes, make sure you choose timely renewals.

3.Be judicious for add-on covers

Those opting for comprehensive plans might get the chance to choose add-on covers or additional riders. While browsing through online bike insurance policies, you will come across a plethora of such add-ons. Choose them with care and finalise the choice, once you are sure about the necessary ones.

4.Drive safe

If you are driving safely, you are reducing the chances of severe accidents. Quite naturally, there won’t be any claims, and your NCB amounts will increase. As a consequence, you will be in a better position to get the best quotes. Lesser claims also result in lower premiums. Two-wheeler owners enjoy huge profits in this context.

5.Compare and evaluate

Before you go for the final selection, make sure you have compared all the online bike insurance policies and offers. Evaluate every clause and then take the final decision. Your two-wheeler needs optimum protection, but you shouldn’t pay more for that!

Parting thoughts

These useful and unique bike insurance tips will surely help you crack the most lucrative deal. Follow these tips and avail of best quotes for bike insurance.

Unhappy With Bike Insurance Cover ? Take Five Steps Now

Two wheeler insurance is known for the 360-degree protection offered by different companies. In the present scenario, a trusted insurance is essential for a carefree driving experience and the peace of mind. Beyond this, insurance guarantees to help you keep the bike in the best possible condition.

When you are looking for two wheeler insurance, you have multiple options; one is to approach a motor insurance company directly, or via online mode, over the phone or personal visit to their branch. The next option is to get in touch with insurance aggregators like RenewBuy. More than the option, your focus should be on the company you choose.

If you are unhappy with your existing bike insurance cover, you can change the provider. But if you are confused, then read ahead.

5 steps that provide a satisfactory bike insurance coverage experience

The below-mentioned factors are important to look at while deciding the right insurance cover. Making a wise decision on these will lead to a satisfactory bike coverage experience:

Reliability:

Reliability is one of the key features to look for in a bike insurance cover. The best way to know about an insurance company is to search for it on the internet. Stick with the known names that come up the top of listings on multiple searches, to have peace of mind. Another key factor to look for while finalising a name is their claim settlement record.
Terms and condition:

Many points are put up in fine print in the policy agreement. As a customer, it is our duty to check the terms and conditions to know what all are we getting in our coverage policy. We also need to check what all is mentioned in the exclusions list to avoid disappointment at the time of claim application.
Options of the policies:

The next thing to look for in a bike insurance company is the different options the company offers. Comparing the different policies offered, the benefits of each of the policy, the features of each one of them and choosing the one that fits your pocket is essential. While a third party policy will look tempting because of its low premium, you ought to explore comprehensive two wheeler policy as well because of its expanded protection.
Premium amount:

The important thing while comparing different bike insurance cover is the premium amount. Keep in mind that cheaper is not always the best. You need to check for the inclusions, the provider credibility and claim settlement ratio before making a decision.
Discounts:

Most of the insurance companies offer discounts and other offers on online bike insurance policy. It's an obvious way to attract more customers, and one must not forget to avail such options.

There are many reasons other than just the legal liability to have vehicle insurance. It is important for your bike to have insurance for the safety of others as well as yourself. Different insurance companies can offer the best cover for your bike. It is your research ability that counts at the end of the day to help you choose a policy that meets your requirements in the best possible way.

Tips For Best Sports Bike Insurance

Two-wheeler insurance is crucial for every bike owner. However, one cannot confuse between a general two-wheeler and a high-performance sports bike. Choosing the appropriate insurance for your sports bike can be overwhelming and daunting if you aren’t aware of the nuances. Two-wheeler owners have profound ideas of bike insurance, but fail to opt for the correct choices when it comes to choosing a policy for their sports vehicle. If you are amongst them, these tips will surely help you out!

Tips to get insured

There’s no denying the fact that your sports bike is one of the most precious possessions in your life. Buying it won’t be enough. You will have to ensure complete protection for it and get it insured. Breeze through the following tips, as they can walk you through the entire process:

1.Look for tailor-made options

The model and make of your bike won’t be similar to another one. If it’s a sports bike, customised and tailor-made insurance will be all that you need. Always try to check the features and details that involve certain aspects of liability protections, mileage plans, and suggested performance values.

2.Feasible deductibles

Deductibles are crucial factors in two wheeler insurance policies. Higher deductibles will lead to low premiums. However, you should assess the market risks involved in insurance policy purchases as that's the prime factor affecting policy costs to a great extent.

3.Shop around a bit

Your vehicle might qualify for several other discounts. As a responsible owner, you must identify the policies offering discounts and invest in them. Suitability and appropriateness of the insurance policy are of paramount significance in this context. You must shop around to identify the best insurance options as that will ensure numerous benefits.

Final thoughts

If you wish to ensure complete protection for your two-wheeler, follow these tips and opt for the best insurance options. Your object of fantasy will surely deliver superb performances and remain firmly protected round the clock.

Everything You Need To Know About Insuring A Pillion Rider

Pillion riders are always at a greater risk than riders in a two-wheeler. This is because; they do not wear protective gear while riding and were initially not even covered under motor insurance. Now, under third party insurance, a pillion rider on a motorcycle can make a claim and ask for compensation, should s/he suffer from injury when the two-wheeler meets with an accident. Here is everything you need to know about insuring a pillion rider.

Third Party Insurance for Pillion Riders

The Insurance Board (IB) has only recently made it imperative that pillion riders should be covered by third party insurance. Third party insurance refers to liability insurance that is bought by a policyholder from an insurance company. If a third party makes claims in case of an accident that has caused bodily injury, the insured is covered.

According to the new rule of the Insurance Board, any injury befallen on a pillion rider will be covered by third party insurance. Following this rule, the pillion rider’s next of kin can seek financial assistance and can receive a sum of up to INR 500,000 in case of death of the pillion rider. The insurance coverage amount for the pillion rider, in case of any injuries faced as a result of an accident, will be up to INR 300,000. The compensation amount for the pillion rider has been fixed in such a manner that it falls within the same range as the driver of the motorbike.

Situations When Pillion Riders Do Not Receive Help

If a third person, that is someone other than the motorbike rider and pillion rider is subjected to injury caused by a collision or accident, neither the pillion rider nor the rider of the motorcycle can avail the benefit of receiving the compensation amount.

So also, third party insurance does not take into consideration any kind of damage that is caused to the vehicle on account of the negligence of the rider. Theft of the vehicle is another condition where third party insurance is not applicable.

A Few Points to Remember

The vehicles that are used to transport the wounded party to the hospital will be offered INR 10,000. Ambulances are also included in this condition. Third party insurance will only take into account the rider of the two-wheeler and the pillion rider. Any third person on a two-wheeler that is subjected to bodily injury is not taken into consideration.

A child that falls into the one to five years age bracket is provided 50 percent of the compensation amount whereas, a child who is less than a year old will obtain 25 percent of the policy amount. Should treatment be conducted on an injured pillion rider in a foreign country, the insurers need to be duly notified by the patient’s family members. The insurer needs to be informed about this condition within a week’s time.

Riding pillion on two-wheelers can be dangerous but when you know what an insured pillion rider can seek compensation for, you are better prepared to tackle any kind of mishap that happens on the road.

Important Things To Know Before You Buy Two Wheeler Insurance

It is best to buy a two-wheeler insurance policy whose coverage starts as soon as you buy a new bike. Purchasing two-wheeler insurance involves understanding all of the terms and factors that revolve around it. Rather than buying any policy just because it is mandatory to have an insurance cover, you need to make an informed decision. This ensures that the coverage you choose matches your needs well. In order to choose an appropriate cover, you need to know a few important things.

1.Aspects that Impact Your Premium

Your premium is affected by the various features of your bike. This goes on to determine the premium you will have to pay for. The cubic capacity is one essential aspect that is taken into consideration. According to India Motor Tariff, there are three categories that exist. As the capacity rises, so does the premium. Also, the city from where you make your purchase is also important. There are two zones. While zone A comes with higher premiums, zone B has a considerably lower rate.

2.No Claim Bonus

Every year that you do not make a claim, you make yourself eligible to obtain a No Claim Bonus (NCB). It basically refers to the discount you obtain on your premiums for good driving and zero accident claim record. For the former claim free year, the NCB begins at 20%. For every succeeding claim-free year, the NCB discount rate rises up from 25% to 35% to 45% until it touches 50%.

3.Insured Declared Value

Insured Declared Value, also known as IDV, refers to the value at which the two-wheeler is insured. It maintains this value during the entire policy term. It is calculated by the manufacturer’s listed selling price after depreciation is duly adjusted. Depreciation is altered depending on your bike’s age. You need to select the right IDV.

4.Type of Plan You Choose

There are two kinds of plans. A liability-only policy is a compulsory third party policy that takes into account bodily injuries and/or death or damage to property of any third party. For the owner driver, a personal accident cover is also provided. A comprehensive plan/Package policy involves a cover for bodily injuries, and/or death or damage to property of any third party as well as damage incurred to your own vehicle.

5.The Kinds of Coverage that Exist

Two wheeler insurance comes with many kinds of covers. You can choose to opt for a vandalism cover, theft, collision coverage, fire and insurance provided to the pillion rider. Based on your needs and requirements, you can choose the one that is most suitable to you.

6. A Vehicle Change

When you substitute your two-wheeler with another one, you can carry on with your current plan. However, this can happen only if your premium is adjusted on a pro-rated basis. Also, the value of your new bike should be the same as the old one.

Buying a two wheeler is not a major hurdle and neither is purchasing two-wheeler insurance, provided you know what are you are going for. When you know these basic terms and what they stand for, you can go ahead and buy the most appropriate cover for yourself.

Does Your Bike Need To Be Insured Even If It Is Seldom Used?

Your bike is your way of traveling around the nooks and corners of the urban landscape. It might happen that you would need to use your bike sparingly and may not have clocked a lot of kilometers on it. Hence it is very likely that you may consider not taking insurance out since it is not used that much.

Our recommendation is – Do not forego taking out bike insurance at any cost, even if it is sparingly used.

Not using the bike much cannot justify not having valid bike insurance. There are many reasons why this is the case.

Are you interested to know the reasons behind this recommendation? Then read the below post and be better informed.

Why is it Important to Have Valid Insurance for a less used Bike?

You are legally obliged: As per law, you cannot ply your two-wheeler without valid and active insurance. Even if your bike is used once or twice a month, this cannot be why not opting for proper insurance coverage. In case you are stopped by a traffic policeman, you will likely have to pay a fine or even have your bike impounded due to improper paperwork.
Better Protection: Less usage of the bike means your driving skills on the road may dip a bit with less regular commuting. Hence it makes total sense to go for insurance coverage in this case. Accidents will not happen with prior intimation. It is better to be covered by a two-wheeler insurance policy rather than not having any coverage and then paying hefty bike repair bills and hospitalization costs in case of bodily injury.
Will Fetch Better Resale Value: If you aren't using the bike regularly, there is a high likelihood that you may consider selling it off at some point in the future. In such a case, advertising for a used bike will show remarkable outcomes if you mention that you have a valid insurance with the less used bike.
Better Gains from NCB: With less road travel, it will mean that the chances of raising claims will be far less. This means that you will be eligible for the No Claims Bonus (NCB) for next year's premium renewal. As such, you will pay a lesser amount as a premium in the subsequent years.
Option to go for Long-Term Plans: Since you aren't using the bike much, there are chances that you may skip on timely renewal inadvertently. This may lead to unnecessary charges being levied on you for overdue renewal. The good news is that now you can renew your bike insurance for the long term. Instead of going simply for a one-year policy renewal tenure, many insurance companies now provide the option to go for 2-year or 3-year coverage with a single payment. This means no late charges and no delays in renewal for your two-wheeler.

These reasons show clearly that you need to have proper insurance for your two-wheeler irrespective of the amount of usage on the road. Do compare online and get appropriate coverage for your less used bike at the lowest prices.

Long- Term V/S One Year Two Wheeler Insurance Compared

With an insurance coverage for your two-wheeler, you are not only abiding by the letter of the law, but also protecting yourself from a host of headaches associated with inadequate or zero protection in case of a road accident.

Why the need for long term insurance?

It is reported that many two-wheelers running on the road are uninsured. To bring down this unfortunate statistic, insurance companies have now started long - term insurance policies that offer coverage to your bike for 2 years and 3 years. With this move, it aims to bring a much bigger percentage within the insurance coverage net.

Comparing (annual) policy with long-term policy

1. Lapsed policy

An annual policy stands 3x the chance of going into policy lapse mode as compared to a three year policy. This means that chances of facing troubles to reinstate a lapsed policy will also increase three-fold for a policy. For a lapsed policy the below steps are taken by the insurance company

Thorough scrutiny of the bike
Determining the IDV of the bike to come up with the premium amount
Preparing paperwork for reinstated policy cover
Dispatch of new/reinstated policy document

For a lapsed policy, the premium may be high or the IDV value may be kept low. This puts you as a customer, at a disadvantage.

2. Premium amount

For a policy, the premium amount will keep rising every year as per IRDAI regulations. For a long-term policy the amount will remain stable and fixed for as many as three years continuously. Additionally, since you will be going for a long-term plan, the company may offer additional discounts to sweeten the deal.

3. Renewal dates

For a policy you need to diligently follow the due date every single year and make sure you have the amount ready by the time your due date arrives. However with a hectic life and stressed out schedules, it may happen that you forget to renew the insurance on time. This may lead to additional headaches of rushing to complete extra formalities of bringing a lapsed policy back to life. It can be rightfully said that a long-term insurance provides better peace of mind than an annual insurance.

4. NCB benefits

Imagine if A opts for insurance and B opts for long-term insurance. If a claim arises in 2^nd year, then in the 3^rd year A (insurance) gets 0% NCB benefits, while B (with 2 year long-term insurance) gets 20% NCB benefit. The below table will compare the NCB % outline for each of the type of insurance:

	Annual insurance (1 year)		Long term insurance (2 years)		Long term insurance (3 years)
1 year of no claims	20%
2 continuous years of no claims	25%	2 continuous years of no claims	30%	3 continuous years of no claims	40%
3 continuous years of no claims	35%	1 claim in two year policy	20%	1 claim in three year policy	30%
4 continuous years of no claims	45%	More than 1 claim in two year policy	0%	2 claims in three year policy	20%
5 continuous years of no claims	50%			More than 2 claims in three year policy	0%

Our recommendation is to go with a long-term two wheeler insurance policy. This way you will have fewer renewal dates to remember and enjoy coverage for a longer period of time and that too at stable premium rates.

Popular Misconceptions About Two Wheeler Insurance

There are several factors that play a crucial role in deciding your two wheeler premium amount. While most of the factors remain the same irrespective of the insurance provider, some are different across multiple insurance service providers.

However, in the process of understanding these determinants, one may come across certain beliefs about two wheeler insurance, which is nothing but a myth that needs to be decoded. In this post, we have tried to cover some of the popular myths that can help you to differentiate between the fact and the fiction.

Myths surrounding two-wheeler insurance policy

Misconception 1- Your private insurance policy will cover both personal and commercial use of two wheeler

Your private bike insurance will cover only personal use and not commercial. If you use your bike for commercial purpose, you will need to carry a passenger carrying vehicle insurance or goods carrying vehicle insurance.

Misconception 2- The pillion rider too is automatically covered under an insurance

Truth – Pillions riders are not covered automatically

Co-passengers aren’t automatically covered under an insurance coverage. This means that when a bike meets with an accident, the pillion rider may not be able to claim for expenses on his/ her hospitalization costs due to bodily injury. However, by opting for an add-on of personal accident cover, this issue can be resolved with ease.

Misconception 3- Your premium depends upon the credit score

Truth – Premium does not depend upon your credit score

Many car owners feel the maintaining a good credit score is essential to bring down the premium on car insurance. However this is not entirely true. With so many variables coming into the picture to calculate premium – (make, model of car, IDV, voluntary access, city/location, etc.), a good credit score is generally not a criteria. So even car owners with a not so good credit score have managed to get a good premium rate on insurance if they were able to score heavily on these other variables.

Misconception 4- I am taking insurance only for abiding by law, hence basic coverage is sufficient

Truth – It is not sufficient to simply opt for third party insurance

Let’s decode this myth. Having a minimum amount is not sufficient because any untoward incident like accident can cost you more than you may think of. So if you are thinking of carrying only third party liability, we suggest you go one step ahead and opt for a comprehensive policy instead. This way, your own damage and hospitalization costs too would be included in the coverage in case of an unfortunate accident.

Misconception 5- I can cancel my bike insurance at any time

Truth – True but with certain caveats

Many people believe that the two-wheeler insurance policy can be stopped or cancelled at any time. Though this is true it holds certain implications which you need to be aware of. You cannot file for a claim 30 days prior to the expiry date. For cancellation you may also be levied additional cancellation charges/ fees.

Additionally, remember that if you do not have an active and valid insurance, you cannot ply the bike on Indian roads

Conclusion

These myths are commonly hitting the minds of the two-wheeler users. So, let’s just clear our minds and buy a policy without any preconceived notions or myths.

Know How Not Opting For a Two-Wheeler Insurance Can Affect You

The IRDAI, i.e. Insurance Regulatory Development Authority of India presently revealed that approximately 75% of two-wheelers running on roads are not being insured, despite the fact that the law strictly regulates it. It is a must-follow task for new buyers to acquire an appropriate two wheeler insurance policy, though several existing owners avoid this fact and don’t renew their policies.

By not having a policy that is active and valid, the policy lapses. This also happens if you don’t pay the premium within the described period. In turn, all the advantages and rights are being restricted too.

Interested to check out what advantages are you missing out on when not carrying a valid insurance for your bike? Then read on and be informed.

What benefits do you lose when you don’t have an insurance for two wheeler?

NCB Benefits

No Claim Bonus (NCB) is the incentive for good driving behavior. It can go upto 50% discount on premium if there are 5 consecutive years of no claims made. This is a vital advantage that you simply cannot let go of by choosing to let the policy go into the lapsed state.

However if you let a bike policy lapse, you will stand to lose this crucial benefit. The next year when you reinstate the policy or opt for a new policy you will have to start with 0% NCB

Zero Hassle Driving Experience

Having an insurance is mandatory by law for a two wheeler plying on the road. You can get a great driving experience without being stopped by legal authorities when you carry an authentic insurance policy on your bike.

When you opt not to have an insurance taken out, you face the trouble of being pulled up by a patrolling traffic policeman. You will then be liable to pay hefty fines and penalties for not abiding by the law. As per the Motor Vehicle Act you may also be imprisoned for upto 3 months.

Hassle-Free Renewal Process

If you are to renew a valid policy on time before it lapses, then the entire renewal process is extremely streamlined for your convenience. All you need to do is log online and renew the policy. Hence, it makes total sense not to let go of this advantage.

On the other hand, if you choose not to opt for a policy, let it lapse, and then make up your mind to renew the policy, the process will involve more steps and more paperwork. Renewing a lapsed policy is almost same as buying a new two wheeler policy.

Protection Against Damage

When you have a valid insurance and are involved in a road mishap, you can be protected from the costly repairs and hospitalization bills.

If you choose not to have an insurance coverage for your bike and if you meet with an accident in this mode, then you will not get any financial assistance from the insurance company. Not only will you have to foot the bill for expensive bike repairs, but all hospitalization costs (for treating body wounds) will have to be borne from your own pockets.

These advantages are too good to let go of, simply for saving a small amount by not having an insurance. Make a smart move, get an insurance today for your two wheeler, and lock these advantages in your name.

How To Calculate Bike Insurance Premium?

Calculating your two wheeler’s insurance is not a cakewalk. In the olden days, an exhaustive research and a visit to the insurance company were the only methods used to make a sane decision. But today, you can leverage the strong influence of technology for your own benefit in this context. Thanks to it, people have started using a bike insurance calculator to find the premium. Here, we will talk about it in detail.

The benefits of bike insurance calculator

With the help of a bike insurance premium calculator tool, you can compare a wide range of bike insurance policies offered by various reputed insurance companies.

You can easily calculate the bike insurance premium instantly.
Compare the insurance policy online
Easily get your bike insurance quote
Save time by getting information on the go
Is available free of cost

In case you have purchased a bike insurance policy lately, calculate the premium using a bike insurance calculator. With it, you can save maximum on your premium. To calculate the amount, you need to add your two wheeler registration number and status of previous policy.

How to calculate the Bike Insurance Premium?

There are certain factors that you need to take into account before calculating the two-wheeler insurance premium like the bike make, model, age of the driver, and the list is endless. Once the details are filled, the amount of premium that you need to pay will be displayed on the screen along with the add-ons that the policy offers. You can then compare and find out the best policy that suits your requirements. Here, we have mentioned the factors that play a huge role in calculating the policy amount:

When the bike was manufactured- As the rate of depreciation increases with the age of the bike, so the older bikes tend to have low premium!

Engine capacity- It is important to know the engine capacity of the bike. With it the insurance premium will be decided on.

Age of the insurer- It doesn’t matter what kind of driving skills you have, age is an important factor while calculating the bike insurance- so if you are aged between 18-25 years, the premium will be higher.

Geographic location- do you reside in a metropolitan area where traffic jam is a common problem? If yes, then that means you have to pay a higher premium.

How to calculate it?

The premium rate is decided by the Insurance Regulatory Development Authority of India (IRDAI). The premium is calculated on the basis of the engine capacity. Here’s a table that shows the premium amount

With engine capacity not exceeding 75 cc	The premium rate would be Rs 569
Exceeds 75 cc but not 150 cc 720	Rs 720
150 cc-350cc	Rs 887
Exceeds 350 cc	Rs 1,019

There are three different kinds of policies available in the market like a comprehensive policy that covers damage and third party, third party policy that includes damage to the two-wheeler, third party and additional add-ons.

Thus, before buying a bike-insurance do have a look at this tool and make an informed policy buying decision for your two wheeler.

Planning to Cancel Your Motorbike Insurance Policy? Here's What You Need To Know

It is a necessity to have motorbike insurance when you own and drive a two-wheeler in India. The Motor Vehicles Act makes all vehicle owners insure their two-wheelers and four-wheelers. Although motorbike insurance is very important, a time may come when you want to cancel your existing policy. Here’s what you need to understand when planning to cancel your motorbike insurance policy.

Cancelling a Policy Midway

Many people think that you have to wait for an existing policy to expire before cancelling it. This does not hold true as you can cancel one midway. You need to keep in mind that:

The insured owner, that is you, has made the required arrangements for alternate coverage. You need to be certain of this so that at least third party liability can be covered. Documentary evidence that states this to be correct should be produced for the same.
The existing cover can be cancelled provided there are no withstanding claims on the vehicle that is insured during the current policy term.
Your present policy cannot be annulled, in situations of ownership transfer until you produce the required documentation as evidence to support the fact that alternative arrangements are made to support the insurance cover.

You Can’t Avail the No Claim Bonus

Although you can terminate an insurance policy before the year is up, you won’t be able to avail the ‘No Claim Bonus’ for the particular period. This move can have financial repercussions especially when you apply for a policy through another motorbike insurer. It can get particularly costly for you, depending upon your no claim history.

Protection and Breakdown Covers

If your motorbike policy comprises of any kind of extra protection such as a breakdown cover, it will automatically get terminated and you can’t demand a refund for the same. In this case you have to wave goodbye to the money you spend on these covers. It is best to think about this aspect carefully, before deciding to cancel your motorbike insurance policy midway.

Cancelling the Policy

To cancel your motorbike insurance policy, you have to:

Get in touch with your insurer, that is by phone or mail and specifically state that you want to cancel your policy.
A representative will lead you through a procedure. Follow it and be certain to notify your existing insurance company in writing at least seven days prior to the cancellation.
Make sure you have the necessary documentation ready such as the document that proves you purchased a policy with another insurer.

Check and Compare the Various Advantages

If you are planning to switch your motorbike insurance policy, you need to conduct a thorough check on the other insurers and their premium rates as well as other benefits. Compare and contrast all advantages and features before coming to a decision.

Be mindful and observant before you decide to cancel your motorbike insurance policy. Only when you consider all of the above factors and are confident this is the right decision, should you go ahead with it.

Things You Must Do If You Lost Your Two-Wheeler Insurance Documents

In today’s fast-paced world, transportation systems like two-wheelers play a major role in daily commuting. The added protection of an insurance policy makes the bike travel all the more convenient. However, if you have lost your two wheeler insurance policy, it will be a big problem from your side to make claims if such situation arises. The insurance policy depicts the insurance type and registration details of the two-wheeler. Hence, lies the importance of this policy.

In this situation, the best way forward will be to seek for a duplicate policy paper.

Here are the guidelines which are to be followed if you have lost your original two wheeler insurance policy -

An FIR Is To Be Filed First

As soon as you lose your insurance policy, the first and foremost thing to do is to file a first information report or FIR at the local police station with the insurance number details, the policy type etc. The FIR attested testimonials are then to be sent to the insurance company to let them know that the two-wheeler policy has been lost and the required action is taken.

Application for the duplicate copy

After filing an FIR, the next immediate action that you can take is to submit an application to the insurance company along with the FIR copy. This application will be for a duplicate copy of the insurance policy held in your name for your two-wheeler.

You have to furnish details like the name, the policy number, the issue date, and the cover type in the application. If there is more than one party in the insurance policy then both the signatures are required. Also, as applicable for a particular insurance company, a minimal fee may have to be paid to the insurer at the time of applying for the duplicate policy.

Sign an Indemnity Bond

If you lose your insurance policy then the insurance company will definitely make a provision to sign an indemnity bond in a non judicial stamp paper for duplicate policy requests. This bond will have the policy number details and your name. This bond will be signed by two other witnesses other than blood relations to add transparency in the system. Also in some circumstances, the insurance company may seek your financial status for the surety of the bond.

Advertisements in national newspapers

You can also publish advertisements in the leading national newspapers regarding the loss of your policy. These advertisement copies you have to send to the insurance company which after verification if found suitable will issue a duplicate policy to you. The insurance company will do a rigorous investigation regarding this and if found suitable, then only a duplicate copy is issued.

These are a few guidelines to be followed when your two wheeler insurance policy is lost or misplaced. Always be prompt in contacting your service provider about the loss of your papers and be clear about the action you have to take thereafter. Since the process may be elaborate, it will be wise to start as soon as you realize that your original insurance papers have been lost.

Advantages Of A Two Wheeler Insurance Third Party

The Motor Vehicles Act, 1988 mandates that every vehicle should have insurance for driving on the road. While there are many types of insurance covers and add-on covers that you can take, third-party insurance cover is necessary. This post highlights some of the key advantages of this cover. Keep reading.

Third party insurance, also called liability insurance, is a risk cover whereby the insurance company pays for your legal liabilities in the case of an accident. The amount is paid to the third party (the injured) by the second party (the insurer), and not to the first party (the insured).

Third Party Insurance Vs Comprehensive Coverage

Comprehensive coverage includes any damage to your two-wheeler due to accidents, vandalism or natural disasters. Apart from covering the damages caused to your vehicle, it covers the emergency medical treatment of the first party as well. However, these extra provisions come at a price. People in India sometimes refrain from buying insurance for their two-wheeler due to the high costs involved. Sometimes, the vehicle is too old to add any extra expenses. In such circumstances where accidents are a common sight on the Indian roads, it is always better to go for at least a third party insurance instead of opting for none at all. Here we provide you with the benefits of a third-party two wheeler insurance.

Advantages of third-party two wheeler insurance

Fulfills Legal Requirements

According to the IMV Act of 1988, having a valid Third party Insurance is necessary if you want to ride your two-wheeler on public roads. Flouting this rule means becoming susceptible to inviting hefty penalties and even prosecution under various road safety laws.

Gives you a sense of security

Given that Indian roads are not very safe and accidents happen frequently, it gives you a sense of security that your insurance company would pay for the legal liabilities you owe to any third party that is involved. The definition of the third party involves persons as well as property.

Cheap and Affordable

As compared to the comprehensive coverage, the third party Insurance is cheaper and has a lower premium rate. This is because, in third-party insurance, the claims are much lesser than comprehensive coverage policies. The IRDA (Insurance Development Regulatory Authority) allows insurance companies to sell long-term Standalone Motor third-party Insurance for two-wheelers. It can extend up to a period of three years. There is no hike in the premium involved for these three years!

Easy Processing

Since the vehicle is not insured in third-party insurance, the process of obtaining it is much easier. It requires less documentation. Let us look at the documents required enlisted below.

Documents Required

Policyholder’s details such as name, occupation, address, date of birth and gender.
Policyholder’s driving licence information.
Vehicle registration number and registration certificate (RC) number.
Credit/debit card/net banking details (for online payments).

For two wheeler, third party Insurance is very beneficial since it is easy on the pocket as well as provides safety in case of accidents. It is also mandated by the Indian law. So why take the risk of going uninsured?

How To Claim Bike Insurance - Bike Claim Settlement Ratio

During the hour of need, two-wheeler insurance turns out to be the best way to cover up all the financial obstacles. However, to get the most out of your policy, you must have a thorough understanding of claims and settlement ratio. This post will remove obscurity from this concept.

While buying bike insurance, the first thing that you must consider is whether the company is reliable enough to provide claim settlement instantly during an accident or not? After all, that is why you get insurance, right?

Knowing that a company has an adequate claim settlement ratio ensures that it carries an accurate track record of paying during emergencies. Hence, you would not suffer any sort of financial problem. Here is everything you need to know about claims and their settlement ratios so that you can take an appropriate step.

What Is A Bike Insurance Claim?

To sum everything in a simple language, a bike insurance claim is a process that allows you to get in touch with your insurer and get claims in case you have met with an accident or suffered any sort of loss. This can include vehicle damage, self-injury, or third party injury. With the help of this process, you can ask the insurer to cover your expenses for the damage.

What Is Claim Settlement Ratio?

Usually, claim settlement ratio is a way of ensuring the trustworthiness of the policy company. The higher the ratio, the more reliable the company is. To get the ratio, companies use a simple formula which includes dividing the number of claims came to a company with the number of claims settled in one financial year.

Types of Claims:

There are two types of claims offered by insurance companies:

Cashless Claim:

Just as the name suggests, this process is cashless, and you would not have to pay anything except for the deductible amount. In this procedure, the company gets your bike repaired from their authorised garage.

Reimbursement of Claim:

In this procedure, you would have to pay for the repair from your own pocket. Once everything is done, you can then raise the claim with your insurance company. After verifying everything, the company offers the amount.

How to Claim Bike Insurance :

To get the claim settled, follow the below-mentioned steps-

Contacting & Informing:

Whether you have met with an accident, damaged a third-party’s property or your vehicle got stolen, first step to take is to inform your insurer as well as the police.

Evaluation of Damage:

Once you have informed the concerned parties, damage evaluation is done. You may have to submit some documents or convey specific details to the insurer and the police. According to the assessment, adequate steps are taken.

Settlement of the Claim:

According to the situation, the claim is settled by the company. Either the insurer will send your vehicle to their registered garage or will reimburse the amount.

Things to Remember:

Provide proper information so as to not to get rejected
Follow on-road rules & regulations and carry a license always
Lodge an FIR
Submit proper documents

While getting an insurance policy, it is essential to pay heed to the company’s bike claim settlement ratio. To have a seamless settlement procedure, check the company’s past record, procedure, and reviews. Do not forget to inform them right away or else your claim can get rejected.

Enjoy Benefits By Renewing Your Two-Wheeler Insurance

With the increasing traffic throughout the country, two-wheelers are now considered as an economical and efficient way to travel. This has significantly increased the sales of two-wheelers in India and subsequently increased the number of uninsured vehicles too. When you purchase a two-wheeler, it is mandatory for it to come with a valid insurance and it is then compulsory for you to renew the insurance every year before its expiry.

But most of the people do not consider bike insurance renewal due to which there are now more than 60% two-wheelers on Indian roads that are uninsured. If you too have a lapsed two-wheeler insurance, we’ll give you five reasons why you should renew it as soon as possible.

Protecting your Vehicle from Natural Disasters

There are a number of natural disasters like fire, earthquake, flood, landslide, storm, etc. that can severely damage your two-wheeler. When you opt for online bike insurance renewal, you can be rest assured that your bike would be protected from such disasters and the insurance provider would pay for the damages.

Protecting your Two-wheeler from Manmade Calamities

Apart from the natural disasters, there are man-made calamities like accidents. which can require you to spend a significant amount of money for repairing the damage caused to your two-wheeler. Moreover, theft too is an ever-looming danger. Two-wheeler insurance renewal online is an excellent way to protect your ride from these calamities.

Keep Up with the Legalities

As per the Motor Vehicles Act, it is mandatory for every two-wheeler to have a valid 3rd party insurance cover at all times. This rule is actually made to benefit the owners as it makes your two-wheeler free from 3rd party claims in case of an accident. When you renew two-wheeler insurance online, you get to keep up with the legalities and protect yourself from such claims.

Discounts and Benefits

When you renew insurance on-time, you also get access to great discounts and benefits like NCB (No Claim Bonus). This bonus helps you get discount on premiums if you have not made any claims in the past year. If you continue to renew bike insurance online and not make any claims for a few years, the NCB can significantly reduce the premium amount.

Peace of Mind

Nothing can match the peace of mind that one gets to experience when they have a bike insurance. With the cover, you get that great feeling of security when you are out riding on the roads. Moreover, it also protects you from paying fines and cancellation of license if you are caught by the traffic cops without valid insurance.

With the availability of two-wheeler insurance online renewal, you no longer need to get into the hassles that were once associated with insurance renewal. Simply search for a reliable insurance renewal portal to compare the best insurance options and expert help to pick the best.

How To Renew Two- Wheeler Insurance

A two-wheeler insurance policy, also popularly called bike insurance policy, is a policy which comes with a fixed tenure. Earlier, two-wheeler insurance policy were offered for one year but with changes made by the Insurance Regulatory and Development Authority of India (IRDAI), two-wheeler insurance policies are now come with a continuous tenure of two or three years. However, even for long term policies, renewal of two-wheeler insurance plans required only after the tenure is over. Since the Motor Vehicles Act, 1988 makes motor insurance compulsory, and the same way renew two- wheeler insurance policy is also compulsory. However, many bike owners are not very conversant with the renewal process of their bike insurance policies. Do you know how to renew bike insurance online? If not, let’s have a look. The process is simple and easy. Let’s understand-

How to renew two-wheeler insurance?

Renewal of two-wheeler insurance plans can be done in any of the following two ways –

Online – This is the best way where the renewal of the policy can be done directly using the website of the insurance company. No physical contact is required as the renewal form is filled and submitted online, even the premium is also paid online.
Offline – there is one more way where renewal of the policy is done through insurance intermediaries or through the company itself by physically meeting the intermediary or company representatives.

Among the two renewal options, renewing online has definite benefits over renewing offline. This is because when you renew bike insurance online, you can save time and unnecessary hassles. Online renewals can be done from anywhere without you having to visit the company or the intermediary in person.

How to renew bike insurance online?

Renewing bike insurance online is quite a simple affair. You have two options of renewing your policy online. These options are as follows –

Through the company’s website
Through insurance broker’s website like RenewBuy.com

When you have an existing insurance policy on your bike, you can visit the website of your insurer and renew the policy directly from the insurer’s website. You would have to provide your policy number and your existing policy details would be displayed. Thereafter, you can pay the renewal premium and the policy is renewed.

The other option is through intermediary’s website. This option is better than the former option. This is because, when you choose to renew using such websites, you get to compare the available bike insurance policies before you renew. You just have to enter your bike details and the existing policy number and the available plans are listed with their premium rates. You can, therefore, switch to the best two-wheeler insurance plan after comparing your existing policy to other policies.

How to renew bike insurance online through insurance broker’s website

Now that you know that renewing your policy through intermediary’s website like RenewBuy.com is the best bet, here’s how you can renew the policy –

Go to the website
Enter your existing policy number and bike details
The two-wheeler insurance plans offered by different companies would be shown with their coverage benefits and their premium rates.
Compare the plans on their coverage, the Insured Declared Value offered and the premium charged
The plan which has the best coverage features, offers a high Insured Declared Value and charges the lowest premium for these two combinations would be the best plan
You can pay the renewal premium online through different online payment modes
Once the renewal premium is paid, the plan would be renewed. The policy document would be sent to your email id instantly. The physical copy of the policy would then be delivered to your residential address in some days.

Wasn’t the renewal process easy? Now, you wouldn’t wonder ‘how to renew two- wheeler insurance online’. There are some aspects which you should bear in mind when renewing your bike insurance plan –

Go for a high Insured Declared Value to preserve the value of the bike. The Insured Declared Value represents the maximum coverage offered by the plan. Thus, the higher it is, the better
Always renew your policy before the current cover expires. If you do that, the renewal premiums would be low. Moreover, few companies may require inspection before issuing the policy. So better avoid such hassle.
If you do not renew the policy within 90 days of lapse, your accumulated no claim bonus discount would be lost
Always compare the premium charged vis-à-vis the coverage benefits offered and the Insured Declared Value. If the coverage is comprehensive and the plan is offering a high Insured Declared Value, a higher premium is justified.
Choose the required add-ons when renewing the plan. Add-ons enhance the coverage and are recommended.

So, the next time you wonder that how to renew two- wheeler insurance online, this guide would help you. Follow the steps and get your policy renewed within the due date.

IRDAI Withdraws The Long-Term Motor Insurance Policy

In the recent regulation rolled out by the Insurance Regulatory and Development Authority of India, the governing body announced its withdrawal of long-term motor insurance policy with effect from 1st August 2020.

The long-term motor insurance policy stated mandatory three-year policies for new cars and five-year third party insurance coverage for new two-wheelers. After it was made declared by the Supreme Court of India in 2018, many insurance providers started offering long-term policies. It included long term package plans covering both third-party insurance and own-damage protection for three-years or five years.

However, the reason behind revising the insurance terms is said to be unaffordability of the insurance covers by customers and no standard pricing by the authority which makes it difficult for the insurance companies to set actuarial pricing. Also, since the automobile purchases are higher with the loans, including long-term insurance coverage further increased the overall cost, which gets harder for the consumer to bear.

Since the situation of the global market has been in flames due to pandemic and lockdown, this regulation is expected to trace an increase in the purchase of new vehicles. The earlier figures were plunged in because of low automobile buying trends leading to dip in the numbers of insurances.

However, this will pick up the pace amongst buyers with its low vehicle costs, as compared to the pricing hike noticed during the previous years. With no compulsion of long-term insurances, consumers are more inclined to purchase the two-wheelers and four-wheelers with insurance policies with more options from the insurers, expecting flexible ones, covers maximum areas and are suitable to their budgets.

With the new development, the consumer will also be free to switch the insurance provider if the facilities are not satisfactory soon after rather than being stuck with it for a longer duration. This will favour the consumer satisfaction more and will also motivate the insurance providers to introduce more short-term cover plans.

Overall, this new move by IRDAI will encourage consumers to buy new vehicles, which eventually will boost the graph of insurance sector in terms of automotive industry since it is the largest sector for general insurers which has recently seen a low due to the global pandemic.

Understanding Various Add-On Insurance Covers For Your Car

Nowadays we take our car insurance for granted. We simply go ahead and subscribe to it without giving it a second thought. Additionally, various add-on covers are noteworthy simply for the specific problems they address; but still, we do not use these and lose out on several benefits that come in handy at the right time.

Keep reading the blog post to improve your awareness about the different add-on covers, and how you can benefit from them:

Roadside Assistance – The danger of your car breaking down in the middle of nowhere is a scary thought. Opting for roadside assistance will alleviate this pain considerably. You get the option to have the car towed away to a nearby garage, or can have a mechanic arrive with the assistance to repair your car on the spot.
No Depreciation Cover – We are all aware of the concept of depreciation. With time, the parts of the car are subjected to wear and tear and so their cost depreciates. For example, if your car meets with an accident, a claim of 0 to 50% is offered on the different parts like plastic, rubber and fibre. An insurer needs to opt for a zero depreciation car insurance cover to get adequate coverage.
Personal Accident Cover – With road related mishaps extremely high in India, it makes total sense to opt for this add-on with your insurance. Most policies honour 100% claims against total damage to the car or grave injury/death of owner-driver in an accident. However, there are quite a few exclusions that you must know. For instance, if the driver is found under the influence of liquor or drugs then the claim won’t be paid out. Another example is if the accident happens during a contract period between the driver and another entity like a cab aggregator business, then too the claim might be rejected.
Engine Damage or Repair Policy – Engine is the main component on which your car performance resides. If you are running a moist engine, the chances of encountering engine failure increases. Having an engine and electronic circuit insurance protection add-on helps because replacement of electronic circuits is a costly affair.

Read 4 Reasons to Choose an Engine Protector Cover Add-on with your Car Insurance

Key insurance add on cover – The standard insurance cover doesn’t key-guard your car when it is stolen, lost or misplaced. If you have a key insurance add-on cover, you need not worry about the high cost of key replacement.
Loss of Personal Belongings– It allows you to claim any loss of personal belongings including any electronic equipment like a laptop, charger, etc. from a locked vehicle. Though the claim amount differs from company to company, yet the price can go as high as Rs 50,000.

Having car insurance is a mandate as per Indian Motor Vehicles Act, 1988. However, buying an add-on cover provides additional security both in terms of finance and keeps one safe from any mishappening. You just need to be sure of your requirements before you finalise any particular add-on coverage.

Car Insurance: Buy and Renew Your Renault Car Insurance Online

Renault is a French multinational automobile manufacturer, which got established in 1899 and is headquartered in Paris. It's a worldwide trusted manufacturer for a range of cars and other automobiles like trucks, tractors, tanks, etc. High-quality maintenance and standardised service at service centres across the country make Renault car insurance reliable. The quick and easy Renault car insurance renewal process further adds to the car brand’s dependability. The main features of Renault car Insurance: It gives personal accident cover Issuance of instant policy Swift and fair near cashless car repair at authorised workshops in case of accidents Extensive customer care support Uses only genuine spare parts for replacement Easily renew Renault car insurance Renault has left no stone upturned to render its best services to its customer. The top-most insured and customer trusted Renault models: Renault Triber: Renault Triber comes with 4 exciting modes and 7seating capacity to give you all the space you need for your tribe and for new experiences. Specially designed to accommodate comfort and convenience with its best-in-class passenger cabin available in a sub-4 metre car that makes your journey safe. Renault Kwid: The new Renault KWID is built to stand out with new, pronounced exteriors and that add prominence to the car’s renowned SUV look and dual tone interiors that leave a lasting impression. The new Renault KWID comes loaded with a host of exciting features and next-gen technology that keeps you ahead of everyone and ensure the next level of comfort, convenience and safety. Renault Captur: Coupled with thoughtful spaces and intuitive technology, Renault CAPTUR's interiors captivate a convenience of ride. Wraparound panoramic visibility, the car delivers unmatched comfort. Renault Lodgy: Considering the large joint families, the idea of a large vehicle fits the bill. Renault has been looking to come up with products that strike a chord with Indian customers, especially the high-volume segment and so far it has come up with a couple of viable offerings one of which is Lodgy. A 50Liters fuel tank capacity car, Lodgy is suitable for 7-8 personnel to drive together. Renault Pulse: Renault Pulse, a product of the Renault-Nissan alliance is designed for fun and hassle-free driving. Its 1.5-liter diesel engine produces 76PS of peak power. Its features of auto folding outside rear view mirrors, smart key access, and 2DIN music system is what fascinates the customers. It also comes with dual airbags and crash sensors which make the ride safer. Renault Scala: Renault’s trademark aggressive style and stylish headlights with the addition of Pliant tyres and suspension tackles the rough sections of the Indian roads quite well. Its interiors are stylish while its beige-coloured premium blended leather upholstery adds to the luxury while other notable features make it stand apart from other cars in its class. Renault Duster: When it comes to standing tall with the queue of most reliable SUVs, Renault Duster slays it. Its short front, rear overhangs and 205 mm ground clearance makes it a sedan like no other. It offers 1.5-litre petrol, 1.5-litre K9K diesel engine and comes with India's first 6-speed Easy-R AMT ensuring users get a comfortable ride and superior mileage. Renault Fluence: The Renault Fluence is a mid-sized sedan that boasts of three box segments anchored with 16-inch sporty alloy rims. It is a small yet elegant family car that comes with a four-spoke steering wheel mounted with various controls offering the driver a superior grip. Despite it being a perfect family car, Renault discontinued the model, and the car is now out of production. Renault Koleos: It comes with the latest engine technologies, including common-rail 1600-bar fuel injection and Piezo-electric injectors. It's superb mileage, four-wheel drive technology and off-road capability make it a journey enhancer. Similar to Renault Fluence, the company has discontinued this model as well.

IRDAI to Stop Fixing Third Party Insurance Premium

IRDAI to stop fixing third- party insurance premium from 2021

Many complain that India has lesser percentage of insured people despite being a densely populous nation. It is a general conception that a highly populated land has higher number of consumers in any industry provided their income should support them. The nation being a moderately earning one, the expectations are high for insurance companies. However, the numbers disappoint as we have less number of insured people and the prospective growth is not as per the projections. If we dig into the reasons, the insurance norms prevailing in the industry discourage the development of insurance domination. The prominent reason to be attributed to this discouragement is the insurance being expensive than what it exactly has to be. Though it is surprising, insurance is not compulsory in India unlike other developing nations where insurance has been made compulsory.

However, third party insurance is mandatory in India where in any driver or owner of the vehicle is bound to compensate for the losses he/she has incurred to a third party victim without their mistake. As this third party liability is mandatory, people are compelled to pay for it. Otherwise no one would want to purchase it as the third party insurance has fixed premium which is very high for its comprehensive nature. Despite wanting to offer discounts to attract more consumers, the insurance companies are unable to do so due to the IRDAI policies. No insurance company in India can go against the IRDAI policies and implement the positive changes in order to encourage the clients.

But the good news for both the insurance companies as well as the insurance seekers is that IRDAI to stop fixing third-party insurance premium from 2021 paving a way for the insurance companies to offer whopping discounts on third party premiums. The regulatory authority has indicated that it would dismantle the existing manner where in the third party premium is fixed annually for automobiles from 2020-2021. This can empower the insurance companies to fix their own premium which can bring the overall premium down due to tough competition amongst the various insurance companies.

The Insurance Regulatory and Development Authority (IRDAI) has indicated that it would disband the practice of annual fixing of premium for third party (TP) insurance for motor vehicles from 2020-21 onwards. This would pave the way for insurance companies to quote their own premiums, which may bring it down because of stiff competition. Many of these companies welcome IRDAI to stop fixing 3rd party insurance premium from 2021. Contrary to the existing policy, the IRDAI is to announce volatile premium for third party insurance cover which is compulsory for every automobile that runs on Indian roads. There has been a demand from the transporters side that the IRDAI needs to fix the cap for the existing premium and permit the insurance sector biggies to provide good discounts to encourage policy seekers by offering them a varied choice.

Insurance companies can offer reasonable discounts as there would be no fixed premium for own damage here after. As per the Insurance Information Bureau of India’s (IIB report), the insurance companies have reaped about Rs 50,000 crores as part of motor vehicle insurance premium in the financial year 2016-2017. The top notch insurance companies are keen on selling insurance policies which are comprehensive in nature inclusive of both third party and own damage cases. As per sources, many of the government officials opine that the discussions held recently in the prime minister’s office owing to the truckers’ demand to take back the government order of increasing premium for the current fiscal year has fetch the latest government decision of de-tariffing third party premium.

Thanks to the truckers to explicitly represent the insurance seeking population as well as the insurance companies who want to offer discount in order to bring the majority of population into insurance coverage. Their strike listing an array of demands out of which the main was to roll back approximately 28% of increase in third party premium has ended in positive results. All the speculation ended when the interim Finance Minister had guaranteed the truckers association to decrease the third- party premium to 15%. The news that IRDAI to stop fixing third party insurance premium from 2021 broke out like a viral video in no time to spread a sweet wave across, insurance seekers and the insurance companies.

Considering the prospects of growth for insurance segment in India owing to its huge population with moderate income sources, many international insurance companies have entered Indian insurance market and marked their significance in the spectrum. The current government decision is going to benefit not only the biggies but the Indian population as such there by bringing them into insurance coverage. Ultimately, it is the Indian population which is going to get benefitted from the new change and so has the government brought the change for the sake of its people.

What Is First, Second & Third Party in Insurance?

Buying motor insurance is a matter that requires great thought and careful analysis. You have to take numerous things into account. The most important among them is the type of insurance you choose. Consumers generally confuse among the terms- first, second and third-party generally used in motor insurance. A person who purchases insurance is known as the first party. Any insurance company, that provides insurance to a buyer is called as the second party. The service provider or insurance company is known as the second party. Damages caused to any vehicle plying on road, property or person is known as the third-party and considered to be a liability for any insured vehicle moving on road. Third party insurance, also known as third party liability policy or TP only is a legal requirement in our country. It is called third-party insurance because the coverage benefits someone outside the agreement between the insurer and the insured. It protects the damages caused to property or a third person driving or walking on road. For instance, someone else drives your car and it damages a person or property then third-party insurance comes in picture for compensation. Peace of mind is the greatest benefit third-party coverage has in store for you. It takes care of your legal liabilities in the instance of accident or damage to property to a third party. The policy generally offers low premium. It is a nominal expense IRDA determines from time to time. You can get it either online or offline. We’ve already mentioned the same above. Please remove/write in a better way. Importance of comprehensive insurance? When referring to motor insurance, people generally refer to car insurance. This happens because bike doesn’t offer protection from the elements of nature. Having comprehensive insurance protection is not a legal requirement in our country. Still, spending for the same offers you the following benefits: It is the most powerful protection available. Comprehensive insurance coverage allows you to claim reimbursement if your car is damaged in an accident. You can also service your vehicle in a network garage and file a claim. It protects you in the instance of disability or death. Comprehensive insurance coverage comes to your assistance if an accident causes permanent disability. The policy gives you the amount stipulated in your plan. Protection from thefts, fire, vandalism and natural disasters are the other benefits the coverage offers. Make sure that you are fully aware of the exclusions when buying third-party bike insurance. Drunk driving, staged accidents, under-aged driving and thefts are just a few to mention among them. Your insurer will reject the claim if the vehicle was used for a commercial purpose. If you find that the protection available is not enough, you can always go for add-ons. They come with nominal premiums and are easy to get. Remember, insurance is never a luxury. It is a must and a legal requirement that allows peace of mind.

Tips to Avoid Buying Fake Motor Insurance Policy

As per the Motor Vehicles Act of India,1988, it is mandatory to insure your vehicle. The Act demands car owners to at least have Third-Party Liability insurance policy before their car runs on Indian roads. Motor insurance is a protection against financial losses if there is an accident or damage incurred by your vehicle.

The motor insurance policies available in the market

Two types of motor insurance policies are available currently to take up. They are:

Third-Party Liability policy: This policy safeguards you against the financial claims made by a person who gets injured or his property gets damaged by your vehicle.
A Comprehensive Plan: This includes both the mandatory Third-Party insurance and also provides you, the owner of the vehicle, a cover for damage. Add-ons like Return To Invoice, Roadside Assistance, and Zero Depreciation Car Insurance are also available to bolster your Comprehensive plan for further benefits.

IRDAI's fraud monitoring cell reports that fake motor insurance policies have more than doubled in the last two years, as indicated by our honourable Finance Minister Nirmala Sitharaman in the parliament this July. These are the policies that are sold by unauthorized or fraudulent insurance companies to collect money from premium payments without providing insurance coverage.

Tips To Avoid Buying Fake Motor Insurance Policy

Make thorough background research about the companies

There are many insurance companies offering motor insurance plans. An online study of these companies through an authentic site is always advisable. It will help you in selecting a program most suitable to your needs and an insurance company providing the same.

Contact your insurer

Anyone can easily print a fake insurance policy and deliver it to you. It is wise to contact your insurer directly. To be further sure, you should call their customer care number to talk with one of their representatives or write an email to the insurance company.

Don’t forget to collect your receipts

You must ask for a valid receipt for every payment that you make towards your motor insurance policy. These receipts will help you fight the legal battle, if required, against the fake insurance providers.

Use QR Code

From December 2015 and onwards, IRDAI has made QR code mandatory for every insurance policy, which is the best way to check how authentic the policy is. Ensure your policy document has the QR code.

Read your insurance policy

Please read every clause mentioned in your insurance policy very sincerely. Check the vital information like No-claim Bonus, the Insured Declared Value, etc. These are very details that will matter at the time of making a claim.

Practicing caution, being alert, and doing your research can protect you from falling victim to a fake motor insurance policyholder.

Know When To Avoid Filing A Motor Insurance Claim

When Should You Avoid Filing Motor Insurance Claim?

Motor Insurance is the need of the hour. It one of the most important documents that every person driving a vehicle on Indian roads should hold. Apart from knowing, buying a motor insurance policy is mandatory another important factor that every vehicle owner must know is that the cases under which you must avoid filing a motor insurance claim.

Accidents often happen on the roads due to various reasons but the main reason being driver’s fault like over speeding, driving under the influence of alcohol or hit and run case. When an event of road accident occurs the first thing that comes to mind is the motor insurance under which your vehicle is insured.

Motor Insurance is the best tool with which you can cover from the unexpected financial expenses arising in case of road accident. The motor vehicle insurance plan consists of various types of motor insurance claims but the two main aspects under motor vehicle act insurance claim are Third-Party Damage and Own Damage. Both these aspects together make a motor insurance policy. On recent notification the regulator and government made it clear on the compulsory Personal accident cover for 15 Lacs for the owner driver under motor insurance policy.

The third-party damage covers for the financial losses caused to a third party’s property in a road accident while the own damage insurance covers for the damages caused to the insured vehicle. Anyone whose vehicle is damaged in a road accident shall first think of approaching the insurance provider in order to cover for damages.

Top #4 Tips to keep in mind before filing a motor insurance claim:

However, filing a motor insurance claim isn’t always the best way forward. Here are certain factors that you must keep in mind before filing for motor insurance claim process. Take a look-

No Claim Bonus

No Claim Bonus is a type of discount extended by the insurance provider to you for not filing any motor insurance claim in the current year. The no-claim bonus discount is usually given on the next year’s premium amount. The no-claim bonus becomes zero if you file a claim in any year.

Expert Tip: So, if the damages to your vehicle are petty, then rather than filing motor insurance claim it is best to bear the expenses as it might impact the premium amount as you shall not be receiving any no claim bonus.

Deductibles

Under the motor vehicle act insurance claim ‘Deductibles’ play an important role. A deductible is nothing but a certain percentage of expenses of an insurance claim that the policyholder has to bear. Under the motor insurance claim process the policyholder is required to pay the amount stated as deductible while the remaining amount is taken care of by the insurance provider. For instance, if the policy is a comprehensive policy without any add on like Zero Depreciation then depreciation on the replaced parts will be one such factor of deductible

Expert Tip: So, if the damages to your vehicle are minor then it is best to avoid filing a motor insurance claim as you might pay more as compared to the insurance provider due to the deductible clause.

Evaluate the Quantum of Loss

When a motor insurance claim has registered the insurance, the provider appoints a surveyor to asses and verify the damages caused to the vehicle and find the reasons for the damages. Under such scenario, if the surveyor / assessor is of the opinion that the damages are due to external accidental impact then your claim will be approved for further processing however if the surveyor / assessor opines that the damages to the vehicle are not due to external accidental impact or Old damages being tried to be clubbed under a single claim the chances of complete or partial approval of your motor insurance claim is done. In case your motor vehicle accident insurance claim is approved completely or partially then it is you who has to bear higher charges as compared to the insurance provider.

Expert Tip: So, it is best to file motor insurance claim only when there is a clear accidental impact. Do not mis represent the damages by clubbing old damages in the car to get it covered under the claim.

Increase In Premium

As we know the premium amount of the motor insurance is based on the history of claim i.e. if you have not filed any claim then you are eligible for no claim bonus however if you file motor insurance claim frequently then in such cases the renewal premium amount might increase. This increase in premium amount shall be due to repetitive filing of motor vehicle accident insurance claim and types of motor insurance claims.

Expert Tip: So, it is best to evaluate the amount of loss vis-à-vis the increase in premium and then if it still makes sense to file the claim, go ahead. If there is any doubt, it is best to refrain from filing a motor insurance claim.

All these 4 factors need to be considered before filing for a small motor insurance claim.

To conclude we can say that, the golden thumb rule is that you must file motor vehicle accident insurance claim only in case of where the financial loss is exceeding a particular threshold limit. If the damages to the vehicle are minor then in such cases it is best to avoid filing the motor insurance claim. Also, it is always recommended to discuss and get a clear understanding regarding motor vehicle accident insurance claim from your insurance agent before filing for any damages.

How Your Driving Etiquette Can Define Your Motor Insurance Premium?

Do you know that the recent proposed ideas will bring in-focus your driving etiquette? The Insurance Regulatory and Development Authority of India has proposed to link motor insurance premium with the traffic violation record. So, if this proposed idea comes into effect then your driving etiquette and highway etiquette shall become the centre-stage for premium pricing.

IRDA has set up a 9-member committee that is working on developing a framework for smooth implementation of the proposed idea. Traffic violations is one of the biggest problems faced on Indian roads which leads to numerous accidents and loss of human life. In order to put a stop on this the ministry of Road Transport and Highway will soon put scrutiny on your 3 lane highway etiquette before issuing or renewing your motor insurance policy.

This proposed linking of motor insurance premium with driving etiquette may soon show positive impact on the driving environment observed in India. Any violations of highway etiquette shall result in increasing your vehicle insurance premium. The IRDA in its circular dated 6^th September 2019 has voiced its emphasis on linking traffic violation data i.e. driving etiquettes with motor insurance premium and have stated that the driving etiquette historic data to be utilized as the primary parameter to determine the amount of vehicle insurance premium.

IRDA proposes that if the driver has bad 3 lane highway etiquette then the prices of motor insurance premium to be increased as per the frequency of the traffic rule violation. However, on the other hand if the highway etiquette is safe then such drivers be rewarded for their good driving behaviour with offering discount on the premium amount at the time of motor policy issuance or motor policy renewal.

Till today the motor insurance premium in India is determined by three factors i.e.

a) The make of the vehicle b) The model of the vehicle c) The engine variant.

Determining the premium amount on these factors was becoming irrelevant as the government was not able to find measures to curb road mishaps. But with the proposed idea of IRDA India is all set to see a major positive shift towards better and safe 3 lane highway etiquettes resulting in down-sizing the number of road mishaps. Linking of driving etiquette historic data with motor insurance premium is governments step in right direction to tackle the road-safety issue positively as the smallest traffic violation might lead to increased motor insurance premium. This move of the government shall discourage rather put an end to traffic offenses like over speeding, driving under the influence of alcohol, rash driving etc. as driver shall now be cautious about their driving etiquette.

Soon, if the proposed linking comes into effect, your bad highway etiquette may cause a burning hole in your pocket as you shall be charged traffic violation penalty and higher motor insurance premium. This move of the transport department will differentiate the bad and good driver and even help the department to reward the drivers having good driving etiquettes in terms of discounts offered in insurance Similarly, the bad drivers especially frequent traffic offenders involved in road mishaps can be picked up easily and penalized by traffic police department accordingly.

As per the reports, it is suggested by the transportation department to lower the motor insurance premium of good drivers and promote good driving etiquettes. Further, the implementation of this proposed idea shall help the transportation department to keep a close check on the vehicle owners who have not renewed their motor insurance policy in time.

The nine-member committee has been offered two months to present a full proof framework depicting the methodology of implementing this framework. The committee is also expected to submit an in-depth research and provide recommendations regarding all the associated to aspect of this pilot project. The committee shall provide recommendations on the practices suitable for native Indian Drivers, in-depth research related to international practices of the pilot project, in-depth evaluation of the current scenario related to traffic violations in India and create a full-proof standard point system to cover and register every single traffic violation done by every vehicle owner.

To conclude it is best to say that if the linking of driving etiquette with motor insurance premium comes into effect then Indian roads shall become safe as the number of road accidents will reduce drastically.

How Helpful Is the Long-Term Insurance For New Aggressive Traffic Rules?

Amid our busy schedule and day-today lifestyle, there is a possibility to forget the renewal of our motor insurance policy. Thanks to the Supreme court’s order and notification circulated by IRDAI last year, which mandates all the insurance companies to issue 3year Third party insurance cover for new cars and 5year third party insurance for newly purchased 2-wheeler bundled with 1year constant Own Damage component.

Insurance policies were issued on yearly basis, before IRDAI circulated the norm to all the insurance companies for issuing third party policy for extended years. After the revised fines and amendments done in Motor Vehicle Act in 2019, effective in India from 1^st Sept 2019, all the drivers have become more conscious and serious about traffic rules, fines and insurance.

To avoid unnecessary traffic police intervention while plying on road, people are opting for a simple way which will help them in a long run. One of the factors where defaulters are caught is – ‘driving without insurance’. Earlier renewal of insurance policy annually was a painful task for customers. As per the Supreme court’s order and notification circulated by IRDAI, it is compulsory for all the motor insurance companies to give long term, third party insurance policies, bundled with OD component to customers on purchase of new vehicle. Here are the benefits of opting for a long-term policy for your vehicle-

Benefits of taking a long- term policy:

Depending on the coverage of insurance, insurance companies offer more discounts to those who want to go for multi-year/ long term insurance policy. It’s a win-win situation for both the parties. Offering discounts keeps the insured happy and insurer’s administrative costs comes down.

Helps in Saving by availing Discount offered by insurance companies

Purchasing a long-term insurance for your vehicle not only refrain you from unnecessary burden of year-on-year renewal, but also saves you away from the yearly hike, which is very likely.

Protects you from yearly hikes

Availing a long-term insurance is convenient and hassle-free. The insurer need not to put yearly reminder to customers. At the same time, insured’s mind is free from remembering the renewal date year on year.

Convenient for Insured and insurance companies

Having a long-term insurance for your vehicle gives you a leverage to change your insurer in case you are not happy with the services. Which means, if you have purchased a new vehicle after 1^st Sept 2019, you are liable to get a Third-party insurance for 3 and 5 years for bike and car respectively. Insurance will come bundled with Own Damage* cover for 1 year. In case you want to change your insurer because of unsatisfactory services, you can go for another insurer. *Please note that one can only go for a change if the OD component is taken for 1 year.

Own Damage Component

Closure

Most insurance companies have welcomed the changes and for some it is still a subject of argument. This was all about insurance related purchase of new vehicles from 1^st Sept 2019. Now here arise a question, how should vehicle owners renew policy for the existing vehicle that they are driving? And the answer is they can continue with their existing renewal process. They can renew their policy by either buying 1 year comprehensive cover (inclusive of OD and 3^rd party cover).

Note* Renew your bike insurance policy with RenewBuy.

How Traffic Violations Could Increase Your Motor Insurance Premium?

With the recent surge in the traffic violation fees may have made the vehicle owners frown as the motor vehicles Amendment Act, aims at stricter punishment to vehicle owners for violation of traffic rules. The frown is just not for stricter punishment but also for higher motor insurance premium as the IRDA is planning to link motor insurance premium with traffic violations. The Insurance Regulatory and Development Authority in India (IRDA) is planning a pilot project wherein they propose to link Motor Insurance Premium with Traffic Violations. This idea is proposed with an intention to minimize road accidents and they even think that this might help in decreasing the number of rash driving incidents and change the perception of drivers towards driving.

Currently, in India the motor insurance premium is linked to the type of motor and its engine capacity. The motor insurance premium is calculated depending upon the previous year’s claim history. Similarly, third-party motor insurance is a must for all vehicles in India. But the current motor insurance framework is about to undergo a major makeshift as a working committee from IRDA has submitted a detailed report which suggests the following break-through changes in the current framework. Following are the terms on which the working committee shall be representing the new changes in the motor insurance premium.

The working committee shall be submitting recommendations for implementation of the framework for linking motor insurance premium with traffic rules.
The working committee shall be putting up terms regarding the methodology and the manner in which IRDA might link motor insurance premium with traffic violations and traffic rules.
Lay down terms of this proposed idea by carrying out in-depth research and study of all international practices in the related subject.
Lay down strong and positive recommendations that are in the best interest of the vehicle owners and practices that are suitable to the Indian vehicle owner.
To carry out an in-depth evaluation of the current system in force responsible for registering ongoing traffic violations in the country. The committee shall be carrying out evaluation of every system implemented by all the states in India and based on it, it shall introduce a more evolved standard point system keeping in mind every traffic violations done.
To develop the framework and parameters that shall include data fields which shall be used for implementing traffic violations as one of the rating factors while linking it to the motor insurance premium.
To suggest a methodology and framework in order to access the traffic system and the historic data collection of a traffic violation for each vehicle running on Indian roads. Apart from accessing the committee shall also be looking into ways and means by which the traffic data and traffic violation data can be transferred from the authorities to the Insurance Information Bureau of India’s database.
The committee is focusing on running this pilot project at National Capital Territory of Delhi, India. So, the committee is entrusted with an important job of suggesting various modalities involved in this project.
To consider, cover and submit recommendations related to all aspects of this pilot project.

Thus, the detailed report submitted by a nine-member group comprising of officials from IRDA, Delhi Traffic Police, IIBI and leading private sector insurance companies, shall throw light on the above-mentioned terms. The IRDA feels the move towards linking motor insurance premium with a traffic violation is a positive move as it will substantially reduce road accidents and reckless driving by drivers.

Understand These Motor Insurance Trade-Offs Before Going for Low Premium Policy

With the soaring car prices in India, the motor insurance premiums have witnessed an exponential growth, leading to dissatisfaction among most of the car owners. In India, availing a car insurance policy is a mandatory requisite before taking down the cars on road. This not only ensures monetary security but also provides umpteenth coverage during car theft or accidental damage of any kind. However, in order to avail advanced benefits and potential coverage, the policyholders mostly have to opt for an expensive motor insurance policy which is downright unaffordable. On top of this, the constant changes and unexpected hikes have made things quite difficult for the people in general. For instance, in 2017, the approval of up to 40% hike in third party insurance had resulted in a huge uproar. To avoid being a prey to such discrepancies, the policyholders are always on the lookout for lower premiums policies.

Types and Ways Of Lowering The Motor Insurance Premium

No Claim Bonus is one of the most important factors in car insurance policies. It is a certain percentage of bonus or deduction allowed to the policyholder if he/she does not make any claims for a period of three to five years. The discounts offered may vary up to 50% and depends on the period of not claiming the policies. Some insurance companies also provide NCB after a period of one year of no policy claiming. However, the benefit of NCB can only be exercised at the time of policy renewal.

To be eligible for NCB in long term, the policyholders are required to have a strategic approach towards policy claiming. One should avoid claiming the policy benefits in case of small expenses such as for repairing petty damages, dents or other faults in the machinery that do not incur a jaw-dropping expense. This helps in bonus accumulation and results in a major discount at the time of policy renewal.

Importance of No Claim Bonus or NCB

Voluntary deductibles are the amount decided by the insured individual, which he/she has to bear from his own pocket. The deductible amount is decided at the time of policy buying and during renewal of the policy. To understand this better, let us cite an example. If a policyholder avails a motor insurance policy of 25000 INR and decides on a voluntary deductible of 15000 INR, the premium that should be paid at the end of the year will get reduced considerably. At the time of policy claiming for repairing any damage or other listed reasons that costs around 25000 INR, the insured will have to bear 15000 INR from his own pocket, and the insuring company will pay the remaining 10000 INR. Hence, higher the voluntary deductible listed at the beginning, lower will be the motor insurance premium payable annually. However, one should only list the amount for voluntary deductible, as much as he/she can afford during emergency situations.

Voluntary Deductibles

Premium lapse is a serious issue which can cause considerable loss to the policy bearer. It means, if the insured individual fails to submit timely premiums, he/she shall not be eligible for further bonus and discounts in the future. It also means that the policyholder may not receive the No Claim Bonus, even though he/she has not made any claim in the past years. This can also happen, if the policyholder fails to renew their policy before expiration. Generally, the insuring company gives a certain period of relaxation (usually a few days) after the expiration of the policy. However, the policyholders are expected to make timely payments and renew BEFORE the expiration of the motor insurance policy.

Prevention of Premium Lapse

Membership of Automobile Association of India provides additional discounts and benefits to the policyholders while claiming the car insurance policy. The membership is solely provided to the individuals who pass the Safe Drive tests and are eligible as per other criteria and are believed to be responsible on-road drivers. Apart from this, the members of the Western India Automobile Association or WIAA are also eligible for such discounts that are downright helpful in lowering motor insurance premiums.

Avail AAI membership

Before buying a motor vehicle insurance, every car owner should compare the policy premiums, risks attached, and the extent of damage coverage offered. With increasing competition on the insurance market, several companies have come up with flattering offers which are hard to resist. One should thoroughly check the motor insurance online websites to know more about the amount of discounts and the benefits offered, and thus choose a cheaper premium policy.

Quote from multiple motor insurance companies

Conclusion

Lower premiums are always affordable and are potentially economical for the majority of policyholders. However, these come at a definite cost. The policyholder should agree with the return value of the motor insurance premium as lower premiums may lead to lesser coverage and more cost to bear during the damage.

Motor Insurance Own Damage Cover Can Be Bought Separately Now

As per a recent circular issued by the IRDAI, effective from 1^st Sept 2019, motor vehicle owners can purchase standalone own damage motor insurance cover. Two flexibilities will be allowed to the vehicle owners on this front. Firstly, they can choose to purchase their own damage motor insurance policy on a later date and not along with the Third-Party insurance. Secondly, policy holder can purchase the Own Damage cover from a different insurance service provider if they wish to.

Important Note- To purchase standalone own damage the person must have third party insurance and customers are advised to go through the policy documents carefully before purchasing. The Motor Vehicles Act of India, 1988 mandates to purchase insurance for every vehicle owner. Third party only (TP Only) insurance, as the name suggests, only covers the damages caused by your car to third party while plying on road. It does not cover any damages caused to his vehicle.

What is Own Damage

To exempt the chances of incurring huge expenses on account of accident, it is important to take a cover which protects your own vehicle. One must opt for their own damage motor insurance policy. Own damage insurance is not mandatory (legally) but having the same can save you from huge expenses on damages caused to your own vehicle at the event of an accident, or any other natural calamity.

Own damage or Self damage insurance cover includes the following:

External accidental damages caused to vehicle
Any act of terrorism
Natural Calamities- earthquake, landslide, rockslide, cyclone, etc.
Burglary, theft, riots
Damages in case of theft or burglary

Own damage insurance cover doesn’t cover the following:

If the driver doesn't hold a valid driving license
Accident taken place beyond geographical boundaries of the country
Wear and tear depreciation
Theft of accessories when vehicle is not stolen
Mechanical or electrical breakdowns
Contractual liability if any

How To Purchase Own Damage Cover Separately?

One can go online, compare the prices of the Own Damage premium and choose the best suitable cover for the vehicle. Also, those who already brought the long-term policy this year i.e., 1+3 for four wheelers and 1+5 for Two Wheelers, need not renew (Third Party Cover) for coming years. They can purchase a standalone Own Damage policy from the same insurer or from other insurer at the time of renewal. The standalone own damage policy document includes your previous Third Party policy number, start date, expiry date and the insurer name.

As per the new circular by IRDAI, it will be fairer for the policy holder in terms of choices. They are also likely to get lower premium rates as there will be an increase in competition.

*Note - As per the new guidelines from the regulator, the Standalone Own Damage component is available for long term/bundled policies (1+3 in Pvt car and 1+5 in two-wheeler). One can renew the own damage component from the same or different insurer. Third-party cover is compulsory for taking own damage cover at the time of renewal.

How Hiking Third Party Insurance Premium Will Impact The Trucker Owners

How Hiking Third Party Insurance Premium Will Impact the Trucker Owners

With every passing day paving way for modern technologies and changing requirements, the freight market has been quite less in demand for the last five years. Truckers transporting goods to the major industrial hubs once have now been narrowed to suburbs only. With such an imbalance already doing the rounds, the sudden notice of premium hikes in third party car insurance has created a massive outrage among the truck owners driving the owners to take down lakhs of trucks altogether. Adding on to this, the bus drivers are also expected to join the strike in order to stand against the unaccepted hike in the truck insurance policy. With the exaggerated price hike in 3rd party insurance, the price of other necessities like groceries is also expected to be on the rise. And the worst part, the hike will not miss escalations in fuel cost. Hence, supported by lakhs of drivers placing their demands and standing against such rampant, unplanned third-party car insurance, the future of the freight is presently facing massive imbalance.

Surge in Diesel Prices

Hikes in truck insurance India are not new but have been frequently announced by the ruling organizations. This not only creates unwanted tension but causes major financial turbulence among the truck owners. One of the major drawbacks of hikes in a truck insurance policy is that it eventually results in price surges in fuel prices. The increased cost of diesel creates a major hole in the pockets of the truck owners and also affects the drivers at large. The trucks which cover interstate distances delivering goods, have to incur a greater loss than the ones covering intrastate transport services. Truckers often have to pay greater fuel prices at other states than the sum paid in their home states. This unplanned expense is usually dealt out of the contract and has to be carried by the owner himself. This is because, as per the contracts, only the fuel used to refill the trucks at the home states are considered. Thus, a huge portion of the profit earned is lost in paying diesel bills in different states.

Consequent Hikes

The truck insurance price hike has a greater number of indirect impacts than direct ones. Since it directly leads to unwanted surges in fuel cost, the price of other necessities also witnesses exponential growth in the market. From groceries to dairy products, the market has a hard time absorbing the price hike, especially coupled with the fact that the production of such necessities is not going to increase in the recent times to make up for the economic insurgency. The third-party car insurance hikes also end up affecting the farmers as a huge setback in the transportation of such goods will be noticed within no time. Due to the lesser availability of goods, the market eventually declares a surge in prices which consequently affects the monthly budget of the people in general.

Expected Premium Hike

As per the truck insurance premium calculator, a minimum of 10% to 20% hike in truck insurance policy is expected to hit the freight market. However, the past records also showcase premium hikes greater than that. Since such hikes are thoroughly uncalled for, these are often welcomed with strikes, protests and disagreement from people at large. Apart from that, there is a consequent surge in payable interstate toll taxes. This creates a huge lag in the toll revenue, and the causes additional surges in manpower cost, eventually leading to financial imbalance of most of the developing states.

The decisions declared by the government are meant to be abided by the country as a whole. However, the third-party car insurance hike not only affects the freight market but also distributes a wave of disagreement among the other markets as well. The price surges in fuel, grocery, toll tax, and other necessities affects the common people at the most. Though the outrage is completely justified, the pleas and demands of the truck owners usually go unheard.

How to Identify The Fake Motor Insurance Policy

How To Identify The Fake Motor Insurance Policy

Introduction

The number of fraud insurance cases are increasing at an alarming rate. It is not only causing undue tension among the stakeholders but also has been resulting in major setbacks in the national economy as a whole. As per the recent reports from India Forensic Center of Studies, India has been constantly incurring a loss of $3.5 billion to $6.4 billion per year (Source: Wikipedia) and a huge chunk of such reports have been filed against motor insurance companies. With such high records, the damage caused to stakeholders and policy bearers is potentially unimaginable. Though it is not practically possible to completely eradicate frauds and tricksters, it can definitely be avoided with a careful approach and a conscious mind. We often fall prey to unregistered phone calls or messages luring us to a cheaper motor insurance policy, however, there are high chances of fraud even from reputed companies as well. Such cases mostly result from purchasing vehicle insurance online. This also happens when the customers do not purchase the policies directly from authorized agents or the company itself. Hence, it is highly advisable to the customers to verify and double check the inflated claims from the policy provider. Here are a few essential tips for identifying a fake car insurance policy so that you do not fall prey to frauds and tricks.

Request Receipt

Receipts provide strong proof of your purchase from the company and lists down the amount of you have provided them. A receipt can be easily used for legal approach in case of fraud regarding the vehicle insurance policy. However, in such cases where the receipts are attached with the policy documents, the policy bearer should double check the information printed on the receipt. Information such as an address, email ID, cheque number, bank account number, IFSC, etc., are very important and missing out on any of these might cost you a lot.

Signature

Your signature is your identity. Hence, under no circumstances should it be replaced by any other employee, agent, or a nominee on the proposal form. A number of cases of forged signatures have been surfaced in the last few years especially where the owner avails motor insurance online. Self-signature allows the policyholder to double check and verify the details by themselves. Before signing the agreement, one should check for the car model listed, whether the registration mentioned is for private or commercial purpose, whether the car is petrol/diesel or CNG driven, car registration number and many more. Any deviation or wrong mention should be immediately reported and called for.

Verify The Insurance

The best way for verifying insurance is to scan the QR code provided on the insurance proposal form. QR codes have been made mandatory since 2015 by the IRDA, a move to prevent frauds by unregistered motor vehicle insurance both online and offline.

However, one can also look out for verification links on the agreement provided by the motor insurance online. If the company readily provides a verification link, then chances of frauds fall down appreciably. However, if they are not inclined to providing one, reach up to their support team and bring the terms of the policy to their notice. Besides, you can also visit their nearest office to verify the credentials of the policy provided.

Do Not Miss Out On IDV or NCB

While going through the agreement or proposal form, be attentive to look out for IDVs and NCBs. Where the former (Insured Declared Value) mentions the exact amount payable, the latter (No Claim Bonus) guarantees no additional deduction of money in the name of bonus or other purposes. Apart from these, one should also disagree if the agreement flaunts deduction of other kinds. Any kind of deduction in the name of company or insurance holder is a clear indication of a fake car insurance policy

Get to Know the Common Inclusions and Exclusions of Motor Insurance Policy

Introduction

Driving a car on the road without an insurance is practically illegal, even if you have a driving license. In most cases, the company themselves proposes a pre-defined car insurance policy understated by their associated insurance company. Even if they do not, every buyer is advised to avail car insurance before taking it down on the road. Besides, well-defined vehicle insurance is extremely necessary, as it covers various kinds of expenses. Whether the car is brand new or used one, vehicle insurance is mandatory. Car insurance policy can be availed for a stipulated period of time, on the expiration of which, the owner has to renew it. The policy should be renewed within the due date listed by the company in order to avoid late fine levied on the policyholder. The facilities offered, the validity period decided, as well as the terms and conditions, vary as per the companies offering insurance. It is therefore advisable to always compare the policies online before choosing one for yourself. Thus, here is a list of certain general inclusion and exclusions of motor insurance policy which might help you in the long run.

Inclusions

The policyholders should understand and verify the benefits provided by the car insurance company before making any commitment. They should always look out for the most obvious and mandatory inclusions in the policy they are going to choose. Such inclusions are hereby categorised under Third Party Cover and Comprehensive Policy. To start with, one should look out for-

Third Party Cover

Personal Coverage: Every owner should pay grave attention to personal coverage. Often the life-threatening accidents may result in disability (partial or complete) or in worst case claim the life of the owner. In such cases, under the terms of personal coverage listed under vehicle insurance, the company will bear the medical expense of the victim.
Faulty Machinery: The owner can exercise the power of Third Party cover and claim for benefits in case the car is found faulty right from the beginning of purchase. However, one should not confuse it with damage repair of any kind.

Comprehensive Policy

Accident Damage: Post-accident damage coverage is probably the most important necessity of every car owner. Damaged cars often leave a hole in the pocket, if not insured well. However, availing proper car insurance policy guarantees complete coverage of the cost of repairing and replacement of the damaged parts under "Own Damage Cover" section.
Unforeseen Circumstances: The owner can claim the insurance money in case of unforeseen circumstances. This includes natural calamities like earthquakes, tsunamis, landslide, floods, etc. Apart from this, the car insurance policy also covers expenses for repairing after a fire, strikes, explosion, riots, etc.

Exclusions

No matter how perfect a motor insurance policy might seem, there will always be certain exclusions which the owner must pay attention to. These are:

Intoxication: The car insurance policy will not take any kind of responsibility for accidents or damage caused in case the driver is found guilty of alcohol consumption or drug abuse. Under no circumstances shall the owner receive any kind of accident damage coverage in such cases.

Illegal Driving: The car insurance company will not provide any kind of damage coverage if the driver is underage, not legally a citizen of the country and does not have a driving license.

Criminal Activities: One cannot avail the car insurance policy in case the car gets involved in criminal activities like murder, theft, staged accidents, etc.

Expiration/ Lapse of Policy: It is always mandatory to renew the motor insurance policy as any accident or damage during the period of expiration shall not be covered by the company.

Know Everything About The Revised Third Party Motor Insurance

Know Everything About the Revised Third-Party Motor Insurance

A Third Party Liability Insurance covers for the damage caused to the third-party in the event of an accident/ collision involving the policyholder. The Motor Vehicles Act of 1988 makes it mandatory for every car-owner to have a third-party motor insurance. The third party insurance covers for legal liabilities of the insured towards the third party in relation to bodily injury and property damage.

However, the revised third-party motor insurance requires vehicle owners to come in terms with the amends in the law effective from the upcoming financial year.

All about the New-Third Party Motor Insurance

Following the order of the Supreme Court of India, motor insurance regulators have mandated long term covers in third-party motor insurance. The revised law requires the insured to pay third party premium for three years in a lump-sum during the first year itself. It will increase the cash outflow towards the motor insurance premium in the first year. The revised policy applies only to vehicles purchased on or after September 1, 2018.

Here are a few pointers related to the revised third-party insurance which will give you a deeper insight into the current plan:

The amended rule does not apply to policies existing before September 1, 2018. The policyholders of existing policies continue with the payment of a one-year premium. The multi-year premium rule is applicable only on cars and two-wheelers purchased after the date.
The premium rate for the third-party policy is fixed based on the cubic capacity of the two-wheeler/ four-wheeler. The rates shall be announced by the Insurance Regulatory and Development Authority of India (IRDAI) at the beginning of the financial year.
No-Claim Bonus or NCB will only apply to the OD portion.
The insured shall receive a discount of Rs. 50/- or waiver on the premium paid towards third party property damage will be given Rs. 6000/-.

The Changes in Third Party Liability Insurance

The new rules on third-party motor insurance have an impact on the rate of premium outflow. The revised rules link the third-party tariffs directly to the capacity of the vehicle insured. There are some additional inclusions which the revised third-party motor insurance plan features. Some of the major changes are listed down below:

As per the amended rule, the premium on the third party policy for 3 years has to be paid as an upfront payment in the first year. Therefore, the premium outflow will increase for customers in the first year.
All vehicles have been segmented into three major sections: Vehicles exceeding 1000 cc, vehicles above 1000 cc but less than 1500 cc and vehicle exceeding 1500 cc. Tariffs for new cars have been increased, except for cars under 1000 cc segment.

The revised rate of tariffs can be figured out from the table below:

	Current rate of Tariffs (Annual)		Revised rate of Tariffs (one-time)
	FY 2018-19	Total for 3 years	FY 2019-20	Difference in the amount
Below 1000 cc	1850	5550	5286	264 (less)
1000 cc to 1500 cc	2863	8589	9534	945 (more)
More than 1500 cc	7890	23670	24305	635 (more)

Premium paid for third-party liability plans will be collected for the entire term of 3 years and shall be evaluated and recognized on a yearly basis.

Conclusion

The decision in relation to 3^rd party insurance plans has been incorporated for policies sold after September 15, 2018. It is only wiser for the buyer to compare and purchase third party car insurance online to cover their precious vehicle against potential risk.

Must Avoid Mistakes While Buying A Motor Insurance

Today, a number of insurance companies are offering insurance and the online procedure is making things simpler to get your motor insured. If you too, are looking for a vehicle insurance, you might need to give a thought to the mistakes you could be making that could lead to spending more money and even loss of claim.

The Cheaper, the Better

Well, not always. Only considering the cost of the premium for your motor insurance is not the right deciding factor. You need to consider the reliability of the company offering it, the coverage being offered by the insurance plan and also the procedure to claim the insurance and even the claim settlement ratio. If the cover is less or if certain claims are not supported, your car is as good as uninsured in the hour of need.

Only Opting the Third-Party Insurance

Third party insurance being mandated by the government, most people only opt for the third-party insurance, and don’t consider insuring the vehicle itself.

In case of any mishap, if your vehicle incurred any damage, you will have to pay for the repair of the vehicle, that can burn a hole in your pocket. Always consider a vehicle insurance policy that covers both your vehicle and the third party.

Not Considering the Discounts Applicable

Yes, a lot of companies offer discounts to existing insurance holders on renewing then within a stipulated time. There is also a No Claim Bonus (NCB) applicable if you didn’t claim your insurance in the past year. This usually ranges from 20% to 50%.

It’s always better to ask your insurance company for discounts, especially the NCB if applicable. Consider the depreciation value of the car, the premium amount and then ask for discounts on your car insurance.

Preferring Smaller Deductibles

Most people opt for paying smaller deductibles, that makes the insurance company pay for small motor repairs. And also reduces the premium amount. The deductible amount is to be paid by the policyholder to receive a claim. Policy plans with lower deductibles often lead to higher premiums.

Deductibles logic: Higher the deductible lower the premium. In case of claim the policyholder must pay the deductible amount and insurer pays the remaining amount.

Providing misleading information

While getting your car insured, there are certain details of the car and the driver to be provided. This includes the driver’s age, health condition and the vehicle’s safety accessories. While getting a motor insurance online, these things aren’t being physically checked, so people tend to give false or misleading information. This might reduce the premium for the time being, but causes a problem in the longer run.

When it comes to claims, a thorough check is taken. When the insurance company finds out you have had taken insurance under false pretences, they may lapse your policy and even report you.

Not Choosing the Right Add-Ons

A regular car insurance policy doesn’t cover everything. It’s often recommended to choose add-ons to the policy. Here is where you need to be careful and consider the cost of the add-ons, the part covered and the probability of that part facing any damage.

Here are some add-ons to consider:

Road Side Assistance
Engine Protection
Personal Accident cover
Zero Depreciation
No Claim Bonus Same Slab
Consumables Cover
Key Replacement

Tyre Cover Not reading your policy documents carefully

This is what the person in the insurance ads says really fast. Reading the policy document carefully, word to word is important to know your car insurance policy. Any exceptions are often mentioned in the fine print, that could later affect your claim.

Going Offline

For some people the offline insurance policies are safer. But this only adds the fee of the agent and also the time to process the documents. Getting a car insurance online makes the process smooth and easy. You can always browse through multiple options in less amount of time and also there are portals to answer your questions. It also leads to better premium rates because the person opting for online insurance is considered to be educated and well versed with the policy.

Your vehicle is your asset. Not choosing the right insurance policy can make it a liability.

Be wise while opting for your car insurance. Or you will have to run errands and suffer losses when the time comes to claim the cover.

Is It Possible to Get Car Insurance Before Without a License?

The idea of purchasing a car insurance without a license seems outlandish or even outrageous. Therefore, some people normally wonder, “can you get car insurance without a license? “However, sometimes it is in your best interest to get vehicle insurance without a license. Though it is possible, it is not an easy undertaking. Most underwriters usually request for a valid driver’s license registration number during the application process. This will obviously put you into a difficult situation. So, how can you go about getting a vehicle insurance cover yet you are not a driver or you need to purchase a car?

There are a few cases whereby it is inevitable to buy a car insurance with no license. It might be that your kids need to utilize the vehicle and they require auto coverage or you have recently purchased a vehicle but still do not know how to drive.

Reasons necessitating a car insurance cover devoid of a license.

An Underage Driver

In most states, you are not allowed to drive a car until your minimum age is 18. For this reason, if you have a teenage son/daughter who knows how to drive, it might be imperative for you to be included in the contract even if you lack a license. However, you will purchase an expensive policy due to the higher risks associated with very young drivers. To offset this cost, you can seek student car insurance discounts.

Personal Chauffeurs

Some affluent people do not like driving, even if it is their own cars. For this reason, they hire chauffeurs. Furthermore, they ride in ostentatious vehicles such as Rolls Royces and Bentleys. So, they will need to insure both the vehicle and its driver. Senior citizens who are unable to drive also need chaffier services because they do not have licenses. This calls for purchasing auto insurance without drivers license for the sake of the driver. Car insurance premiums also increase with age; but if you are not the listed driver, you can look out for discounts.

You are Still a Driving Student

In most states, driving school students are normally issued with provisional non owner car insurance. However, provisional insurance does not exist. Any time you are driving a vehicle with a provisional license, the vehicle must be insured by its owner.

Vintage Cars

There are some antique cars that people might buy as trophies. These vehicles are such gems that they are worth of being displayed within museums our auto shows. They rarely get driven. Though you might not require collision, comprehensive or personal injury insurance policies, you might need to protect it from either partial or full loss through car insurance without a license. Majority of this kind of policy are normally offered by specialty insurers. They can also cover standard automobiles in the event that you decide to give it a test ride with a couple of buddies.

Health Issues

Sometimes physical implements might completely hinder you from getting behind the wheel. In this case, you have no option but to hire a caregiver to drive you wherever you want to go. You can insure your car for the driver or drivers who will be doing the job.

Obtaining Car Insurance After the Suspension of a Former License

There are people who have had their licenses suspended due to traffic violations, DUI, or defaulting on child support payments. In such a situation, one might wonder, “can I get car insurance without a license?” these people have various options for regaining car insurance. According to insurance rules, they are required to submit and SR-22 compliance to the state. This is a confirmation that the suspended driver has the minimum liability coverage depending on the particular state. However, it is the insurance companies that submit this form in place of the suspended drivers only under court orders

Purchasing a Vehicle Without a Driver’s License

While applying for car insurance, you must include a driver’s license number. In case you do not possess a license, you can’t avail this number, and this puts you at loggerheads with the underwriter.

However, there is a workaround to this. Rather than including your driver’s license number, some insurers will allow you to apply for cover using the credentials and license number of your primary driver or the principle driver. Any driver with a license can be your primary driver. You can also indicate that you are an exclusive no license insurance whereby the policy is void whenever you are driving.

Accident Compensation Claims Should Vehicle Drivers or Owners Pay

Should vehicle drivers or owners pay for third-party compensation in accidents?

It is the human tendency to blame others when there is damage. On contrary, it is also the human psychology to believe that we don’t get hurt if we won’t hurt anyone. It is not the debate on how far these two statements are true or false, but the reality is we make mistakes due to which innocent people get hurt and we too get hurt for no mistake from our end. These two situations generally appear in road accidents and the vital question here is ‘should vehicle drivers or owners pay for third-party compensation in accidents’!

Insurance companies expect the vehicle owners or drivers to compensate the fines or purchase extra third-party coverage. However, everybody does not agree with this. It is an interesting question in the insurance industry whether it is a solution to make them pay a part of the compensation? The laws of our land have stated that it is compulsory to have third party insurance coverage for all the automobiles. This does not make the insurer’s job difficult as the penalty is absorbed by the collected premium.

Indian drivers earn about an average of Rs10,000 to Rs 15,000 per month and their financial status does not permit them to bear certain parts of the compensation payable to the victim of an accident caused due to their mistake. This is a practical situation in most of the cases due to the lower strata of the society these driers belong to where a driver hits and creates an accident. Delays in judicial system also worsen tracking a driver and implement the order after several years in the process of a trial. It becomes a social responsibility on the judging front’s part to understand the vulnerable situation of the drivers’ financial condition and act accordingly. But it has to be kept in mind that irrespective of their poor conditions, they are equally vulnerable to make mistakes like the other people belonging to upper financial strata who drive.

The same kind of situations could appear in fixing liability on a vehicle owner as the laws of any land are equally applicable to everyone without discriminating between rich and poor vehicle owners. We can find many numbers of people with average financial condition who purchase a vehicle on hire to work on it for a decent income. Such moderate-income dwellers can’t afford paying a hefty compensation and it will be inhuman to say that they have no chance to commit mistakes due to their financial condition. Additionally, an owner can sell the vehicle, change the residential address, transfer, or die by the time the trial of the case gets completed and verdict arrives. This would complicate the job of the official in implementation of award compensation and the question‘should vehicle drivers or owners pay for third-party compensation in accidents’ remains unanswered.

Considering all these elements, the Indian laws of insurance domain made it compulsory to possess third party insurance coverage for all the commercial and personal vehicles. This concept however would not pose a stress on the insurance company as the penalty payable is equipped through the premium paid by the policy holder. The additional benefit is that the insurance companies have their existence across the nation. Hence, it is easy for the insurer to recover the compensation from the related source. It can be said that the payment of the whole compensation by the insurance company is considered as the best solution.

Undoubtedly, there is no other worthy thing than a valuable compensation to the victim if the owner or driver is able to pay it. It is not fool proof to consider the idea of the insured driver or owner taking their share of third party compensation. It very much fails the idea of obtaining the third party coverage for the insured owner or driver as the policy holder will have to pay from their own pocket and stand vulnerable to unforeseen liability which is extremely cumbersome to get rid of. If this answers the question ‘should vehicle drivers or owners pay for third-party compensation in accidents’, there are still more to put light on.

On the victim’s part, we cannot call any other compensation valid if the driver or the owner has no source to pay it and in many of the scenarios, many projected issues appear which are tough to resolve. The body of law states that an interim compensation for permanent disability or death of a victim is attributed to a fool-proof principle. The very idea of this policy gets affected if the compensation has to be borne by the owner or driver who is on fault. The principle’s idea is to get greater relief to the victims in a fast pace as they have already suffered much for no mistake on their part. This article should suffice the feed required to answer the question ‘should vehicle drivers or owners pay for third-party compensation in accidents’!

Note* Explore more articles and information on Motor Insurance at RenewBuy

Safety Devices That Will Make Car Insurance Premium Cheaper

Safety Devices That Will Make Car Insurance Cheaper

Insurance companies appreciate the extra care for safety. There are no doubts that today’s vehicles are safer than they were a decade ago. Apart from the development of technology, car manufacturing companies have improved their safety features to enhance the crash protection of their vehicles to increase the chances of protection and decrease the risk of serious injury to driver and passengers in the car accident. The best thing is that the cars loaded with safety features are cheaper to insure. Yes, you read it right. You are free to install as many as safety devices you want, and your insurer will diffidently be going to provide you a discount on the premium amount. What safety devices will make car insurance cheaper? Well, the list of safety gears is very long but here we are mentioning a few key safety devices which are very popular among Indian car buyers.

Airbags Technology

Undeniable, this is the one among the most important car safety features. According to a research, curtain airbags can reduce the risk of injury by 45 percent in an accident. So, these days most of the new cars come with airbags mounted with both fronts and back side seats as well. These bags pop over to protect you and other passengers siting inside the car during an accident. Additionally, other latest airbags technology allows airbags to inflate over the front center to shield in case when you hit someone on road.

Anti-lock Braking Systems (ABS)

The second feature that you can think of installing in your car is ABS system which allows you to keep the brake pedal down to provide extra steering ability to reduce stopping distance. It is an electronic control system that is mandate in every vehicle to reduce the accident severity. Most of the insurance companies offers discount for this technology.

Camera & Sensors

You can install these small devices to get more information about traffic on the road. They alert you about the dangerous situation that could lead to a road accident. Sensors detect dangers beforehand and warn you to take quick decision to avoid collision with near vehicles and any other structure. These devices should be installed near to the driver as they keep emitting warnings when the car gets close to any danger.

Lane Departure Warnings

What safety devices will make car insurance cheaper? This is another sensor system which will indicate the driver about leaving the lane. It can be integrated on the front computer as it alerts about the vehicle coming from the opposite way on another lane and can cause a crash.

Seat Belts

It has also been noticed that seat belts reduce the risk of injury 50 percent from a collapse. However, these are typical features that every car includes, and they also help you to save on the premium when you buy your car insurance. But seat belts with recent amendments (like sash seat belts) have enhanced the level of protection as they manage the forces effectively in a crash.

Head Rests

These should be installed to all seats as they are critical for preventing head and neck injury in crashes. These safety devices prevent whiplash because they control head extension to backward and forward.

Antitheft Devices

Your insurer lower premium amount if it is equipped with these small device as it helps in recovery of a stolen car. If your car has this device, police can track it easily which will be mutually beneficial to you and your insurer too.

Crumple Zones

Crumple zones absorb the crash energy and protects drivers and passengers in crash. They do not hurt the driver and passengers in any way.

Enhanced Side Protection

You can add side intrusion beams with internal padding and enhanced door strength to improve the protection of you and your car.

The list of car safety devices is long and as a car owner you are free to install as many as you want.

Increasingly, insurer companies are considering these safety devices and offering the best deals in the form of low insurance plans. So, whenever you Strive to compare car insurance quotes online, don’t forget to consider this factor to crack the best car insurance deal and it will make your wallet happier too.

Note* Explore more articles and information on driving license at RenewBuy.

Third-Party Compensation: Should Vehicle Drivers or Owners Pay for It

Should drivers or owners pay for third-party compensation in accidents?

It is the human tendency to blame others when there is damage. On contrary, it is also the human psychology to believe that we don’t get hurt if we won’t hurt anyone. It is not the debate on how far these two statements are true or false but the reality is we make mistakes due to which innocent people get hurt and we too get hurt for no mistake from our end. These two situations generally appear in road accidents and the vital question here is ‘should vehicle drivers or owners pay for third-party compensation in accidents’!

How to get Best New Car Deals on Year End Car Purchase

Festive seasons and New Year eve are the two big occasions in India with a custom to purchase new things. The e-commerce sites however have increased these occasions aiming their stock clearance. If we categorize the things heavily purchased on these eves, they are generally the mobile phones, laptops and cars. Since we have to invest in multiple things for the New Year eve, why not we get best deals and maximize savings when buying a car at the end of the year so that we can channelize the money in other purchases? As it is stock clearance time, car dealers usually offer huge discounts to hit on their respective sales targets for the year. Manufacturers also offer huge discounts to get benefitted from the buying spree of people. So if you are planning to purchase a car at the year end, consider the following tips to make it the best and cheapest purchase.

Consider Slow-Selling Models

Every manufacturer and dealer offer their own set of discounts which may range between thousands of bucks. Slow selling car models may fetch you higher discounts. However, analyze why the car is a slow seller. Such cars are not always bad cars but they just fail owing to marketing or service oriented demerits. If your conscious permits you to have that car, go for it to get the best deal. However, it has to be kept in mind that one should not purchase a car only for its lucrative discount.

Compare the Amount of Savings

It is apparent that we narrow down to few models before settling for the final variant. It is sure that all of those models that you have selected are good ones. Try to compare the quantum of discounts available on each of the model and you never know that an attractive discount may beckon you. However, the same rule applies here that discount should not be the only drive to finalize a car. Get best deals and maximize savings when buying a car at the end of the year by comparing the savings across models.

Go for an Older Model

Unless you are the one who frequently sell cars, and do not consider buying a new car model once in every 4 years, you can go for an older model. Yearend sales generally offer the current year’s model which gets old once the New Year arrives. Remember, it does not make much difference if you are not a frequent seller and instead, you get whopping discounts for considering an older model by one year. Depreciation also matters when it comes to the model. However, the deals you get at the yearend time may cross the money you save with depreciation due to the next year model.

Bargain for Accessories

You can try to enhance your deal by bargaining for free accessories which undoubtedly add to your pocket and save you from expending for them in future. Although taken for granted, many of the accessories may not be a part of the car’s standard kit. Foot mats, audio system, blue tooth gadgets, mud-flaps, reverse parking sensors etc. can be included with good bargaining skills for the same price.

Pick up insurance deals: Insurance companies want to increase their clientele during the yearend sales and hence they tie up with the car companies or auto-dealers. Get free insurance as part of its initial payment. Don’t forget that you can opt for insurers. Compare the insurers and their policies and get the best one as part of the free package. As insurance is mandatory, go for a comprehensive coverage for free initial payment. Sometimes, you can also gain from extended warranties at a throw away price or as a free add-on from the manufacturer’s end.

Play Strategic Skills

You need to be really smart while you realize that purchasing car is not an easy task and it includes several lakhs of rupees. Dealers and manufacturers want someone who can invest lakhs of rupees in their vehicles which is not easy for them. If we approach them as prospective leads, half of their job is done and rest lies on them to convince you for purchasing their model. Show them a wait and watch attitude and that you are in no hurry to purchase a vehicle. Let them understand that you are just exploring the New Year season to get a best deal. Don’t hesitate to let them know what the competitor is offering and this would definitely work in your favor. Get best deals and maximize savings when buying a car at the end of the year by playing smart.

Homework is essential before you approach dealers as prospective leads. If an auto-manufacturer is selling a model through several dealers, don’t hesitate to visit at least two or three of those dealers, utilize the information sought and offers advertised to gain for more benefits at your next visit to the showroom. It is apparent for the dealers to understand that you go to many dealers to finalize the deal and get benefitted from their anxiety as they want to retain the leads and convert them to sales at any cost.

How to get Best New Car Deals on Year End Car Purchase

Consider Slow-Selling Models

Compare the Amount of Savings

Go for an Older Model

Bargain for Accessories

Play Strategic Skills

Uninsured Vehicles Will Be Auctioned to Compensate Victims

You must have often heard that the insurance for your vehicle must be renewed on time and you might have never taken this statement too seriously. I am sure you have wondered why should this be done? Driving a vehicle without a valid insurance is illegal but now there is more reason why you cannot ignore this. As per the latest order by the Supreme Court of India, if you meet with an accident and the vehicle is not insured, the uninsured vehicles will be auctioned to compensate victims.

The Supreme Court Ruling

As per the latest order by the apex court of the country, all union territories and states have to formulate rules to auction uninsured vehicles to pay for the claim of the victims. This order will be applicable to any vehicle which does not have a valid insurance policy. The ruling was passed by the Supreme Court on 13th September, 2018 in the latest case of Usha Devi vs. Union of India. The court had earlier passed an order in the case of Jai Prakash Vs. National Insurance Company Limited.

How Can This Rule Affect You

If you are a vehicle owner, this order by the Supreme Court is very important for you and you must understand its implications. Let us try and explain why this order is important and how can it affect you:

If you meet with an accident while driving a vehicle which either was not insured or the insurance of which has expired, then your vehicle will be seized by the government of the state and you will be given a time of three months to pay for the loss suffered by the third party
If you fail to pay the claim of the third party for their losses, then the state government will auction your vehicle, and the amount that comes from this auction will be used to compensate the loss of the third party
The order has to be implemented by the Union Territories and the state government within 12 weeks from the date the Supreme Court passed the order.
The court has passed the order keeping in mind those who cannot pay and due to which the third party suffers more
The idea behind the order is that no one uses a vehicle without a valid vehicle insurance and to ensure that no victim suffers just because the vehicle is not insured
It is stated in the order that if a motor vehicle in not insured and is involved in an accident, the state cannot release the vehicle especially when there is an injury, death or property damage of third party

How Can You Save Your Vehicle?

Now that you have understood the order of the Supreme Court, you must be wondering how can you ensure that such a situation does not arise and you do not need to see your vehicle being auctioned. Here are some tips you can follow:

Ensure you compare vehicle insurance provided by different insurance companies and buy the comprehensive policy. It is simple to compare and buy vehicle insurance online and it all can be done in very less time.
If you already have an insurance policy for your vehicle, renew it before expiry. Again, renewing insurance online is extremely simple and can be done easily.
There is an online verification process in place now which avoids the problems associated with waiting for an agency for inspection and submission of documents. Due to this system a policy which is expired can be renewed in a few minutes. So, if your vehicle insurance has expired, go online and renew it.

In the present times, everyone has a vehicle and I am sure you do too. The court has given this order to ensure that there are no vehicles running on the road without a valid insurance policy. The insurance companies and authorities have set up processes which has made it easy for you to renew your car insurance in few clicks. Thus, with all the facilities and provisions available, the owners of vehicles have no excuse to not renew the policy. Use the well-designed systems, and renew your policy now if it is about to expire or if it already has. Why should you let a third party suffer for your negligence and of course, why should you lose your vehicle in an auction, when it will take you some time only to have a valid insurance.

IRDAI Will Soon Finalize The Report On ‘Black Box’ For Vehicle Insurance

The IRDAI or Insurance Regulatory and Development Authority of India is always working on setting the best practices to ensure the best services to you as customers. Now the Authority has plans to make improvements to the vehicle insurance industry. IRDAI will soon finalize the report on ‘Black Box’ for vehicle insurance. The regulatory body expects to come out with the final report regarding usage of telematics device for vehicle insurance by the end of the current year. Also, the insurance regulatory body has asked insurers to come up with standard products. This move has to be taken to ensure that you are clear on what you are buying and that there are lesser mis-selling of products, which is a norm in the industry.

As per IRDAI, the products being sold by vehicle insurance companies should be of a standard. This would ensure greater levels of transparency and avoid misleading the policy buyers. If you were to invest your money in a Fixed deposit, you know the terms and conditions. Thus, you can confidently choose an insurer and invest. But the same is not applicable for vehicle insurance as of now. Should insurers standardize their products? Absolutely not! You as a policy buyer can purchase a third-party insurance from any insurer without having to worry about the terms and conditions.

What is Proposed?

There are few proposals to enhance the safety of people and vehicles on the road. One such proposal is the introduction of a black box in a vehicle. At present, a motor vehicle insurance is sold based on parameters such as the geographical location of the vehicle, the vehicle’s model, engine capacity and so on. While these parameters are important for selling an insurance, insurers have no data on how a policyholder drives their vehicle on the road.

There are still a lot of unknown parameters which can provide critical information to the insurers before selling a vehicle insurance. These parameters include information such as frequency of driving the vehicle, the type of roads it is driven on, the duration and distance for which they are driven for, maintenance cycles of the vehicle, driving habits of the policyholder or driver, etc. When an insurer factors in these parameters, it will allow them to do a much better and pragmatic risk assessment, as to the current guessing game. With better risk assessment, insurers can provide better pricing for products as well.

What is Telematics in Cars?

The obvious next question you might have is what is telematics in cars? Well, it is a small device keeps a track of the various vehicle parameters and can make life’s easier for everyone involved. Regular reports of driving behavior and patterns for the driver can motivate them to drive in a more responsible and better way. Thus, using the data from the telematics insurance can be a good move in the right direction.

Telematics in cars is simply the addition of a black box that collects information against predefined KPIs. The KPIs can then be used to derive a lot of useful information. You can use the information for the following:

better understanding of your driving behavior
estimate replacement of parts more accurately
reduce the downtime of the vehicle to a greater extent
can use them for driving coaching
Insurers can use the date collected to better assess accidents and rate drivers based on their driving habits.

Installing a black box in your vehicle is not a complicated process and one wouldn’t even realize that it is on. Most of the devices can be installed within a few minutes and the data can be transmitted to mobile devices.

Since vehicle insurance comprises of a large chunk of general insurance, modernization and adoption of newer technologies can lead to optimized operations. And the fact that vehicle insurance was responsible for close to 40% of all the premiums collected for general insurance, the idea is further accentuated. Once the report is out and accepted by insurers, telematics has the capabilities to change the vehicle insurance segment for the good.

Vehicle Insurance Riders That You Should Choose

Picture this, you are riding or driving your vehicle, and someone comes and hits your vehicle from the rear end. The chances are high that it leads to a heated argument which eventually settles into the responsible party paying for the damages. If it were your mistake and you hit another vehicle, under normal circumstances, you wouldn’t argue in that scenario. Well, most people won’t. Or if you were to brush your car with one of the pillars during parking, there won’t be anyone around to have an argument with. Thus, there are certain Vehicle Insurance Riders that you should choose.

In either of the cases, if you are safe, the car has undergone some damages. Irrespective of who was at fault, the repairs are imminent. The standard practice would be to visit a service center and ask for a quote. And that is when things can get a bit tricky if you do not have a car insurance. Repairs for vehicles aren’t cheap by any margin.

Accidents can be Expensive

A minor scratch on your car’s bumper can set you back by anywhere between INR 3000-6000. If you ride a mid-range bike, a change of the headlight assembly might cost you around INR 12,000. Paying such amount from your pocket just doesn’t make sense when someone else is willing to pay the same. When you buy a vehicle insurance, the insurer takes care of any such incidents and the repair bills.

So, the first and foremost step is to go ahead and buy a vehicle insurance if you do not already have it. Also, the Motor Vehicles Act of 1988 mandates all vehicles on the road to have a valid third-party car insurance. Thus, not having a vehicle insurance can land you into more trouble than you think.

However, there are certain scenarios where you do have a vehicle insurance but feel it is not adequate. What would a policyholder do in such cases? Well, the simple answer is riders. Riders are additional features and benefits that you can associate along with your vehicle insurance by paying additional premiums. But there are lots of insurance riders to choose from, which ones should you pick? We will help you out with the same.

The Most Sensible vehicle insurance Riders that you should choose

Here is a list of some of the most sensible riders that you can opt for your vehicle. It is recommended that you assess your situation and pick up a rider that best suits your needs. Rather than listening to some agent or getting a rider that your friend has. Another important thing to keep in mind is that most of the riders are available only in a comprehensive insurance and not third-party insurance.

Zero Depreciation: Zero-depreciation rider or No-depreciation rider is one of the most popular amongst all and there are compelling reasons for the same. Though a comprehensive policy covers a lot more than a third-party policy, is it not devoid of depreciation. When you claim your vehicle insurance, insurers usually consider the depreciated value of the replacement parts and not the current value. Essentially, you will end up paying the additional money from your pockets. A zero-dep cover ensures that the insurer pay the entire amount and not just the depreciated amount.

Roadside Assistance: It might happen to anyone at any point in time. Your vehicle might break down or refuse to start or might run out of fuel or might need a jump start. Irrespective of what the reason is, you can get stuck in the middle of the road. To avoid such confrontations, having a roadside assistance cover can make things easier for you. You simply need to call your insurer or RSA vendors at such times and they will offer you with immediate assistance and even towing service, should there be a need for the same.

Personal Accident Cover: In a country like India, road accidents are all too common. How often has it happened that we come across accidents on the road that can take lives or cause serious injury to the driver and passengers? While a personal accident cover cannot prevent such accidents but can offer some compensation at such times. The rider will come in handy in the case of accidental death, permanent temporary disability or temporary disability.

Having an appropriate kind of vehicle insurance riders are as important as having the right kind of vehicle insurance. When you set out to renew your vehicle insurance or buy a new one, make sure that you go through vehicle insurance Riders that you should choose.

Driving Rash? You May Have to Pay A Higher Insurance Premium

Are you a rash driver? Or love to test the speed of your car? Well, in case, you may have to pay a higher insurance premium than others. Don’t be surprised and this is will not be a joke now if things go as planned.

For all the people who drive rashly, this is a news that will concern them, and they need to be very careful now if they do not want to pay higher bike insurance premium. Rash driving has undoubtedly become a menace on the road and government along with the concerned authorities are constantly trying to device new plans to overcome the problem. So, are you driving rash? You may have to pay a higher insurance premium.

Rash Driving and Insurance

With increasing number of accidents and deaths due to rash driving and not following traffic rules, the government is trying to find a solution to make road travel safer. One such latest move by the Transport Department of Delhi Government has proposed to link the rash driving with the insurance premium paid by the vehicle owners.

As per the latest plan by the authorities, any person who is caught jumping a red signal or driving in a rash manner or for that matter is involved in any other offence of a similar nature, will have to pay a higher bike insurance premium, if the proposal of Delhi Govt transport dept is approved by the Centre. Apart from paying the higher amount as premium, they might also have to forgo their no claim bonus, which is a discount offered by the insurance company for every no claim year. Less discounts and higher premium will make insurance more expensive. As per the existing laws, if any individual is caught for any such offence, their license is seized for a period of three months. The driver in this case can be anyone driving the bike or the owner and this penalty does not reflect on the vehicle record. This did not have a great impact on the way people drive and there was no considerable difference in the road accident cases due to rash driving.

The Rationale Behind the Rule

This is a proposal by the Transport department of the Delhi Government and now this will be sent to the Central Government for review. The issue of road safety will also be raised with the committee of the Supreme Court, the apex court in the country. This proposal will be assessed by the Ministry of Road Transport and Highways of the Union Government and once it gets an approval from them, for implementation it will be sent to the Finance Ministry.

The existing system is such that there is no record of rash driving and traffic violations on the vehicle and this is the point which needs work and is something that might get changed with this new proposal of the Delhi Government. There is system called Vahan, which is a centralized vehicle management and information system. The data with respect to rash driving and violations of traffic rules will be uploaded on this, as per the proposal.

Once this data is uploaded, the insurance companies can check the data and accordingly calculate the premium. Thus, anyone who is driving rash should be prepared to pay a higher bike insurance premium. The idea behind this proposal is that as third-party insurance is mandatory and if the premium is increases for insurance, people will become more careful while driving and the chances to pay a higher bike insurance premium will act as a deterrent factor and encourage bike owners to drive safely and more responsibly. Even if the bike owners are not driving the vehicle on their own, they will ensure that the person driving it will be more careful and stick to the traffic rules.

The Global Scenario

In the other developed countries of the world like the United States of America, similar systems are in place and the driving record has an impact on the insurance premium paid. Once the system is approved and is implemented, road travel will become easier and safer for everyone.

As the laws in our country are not strict and there is a lack of implementation also, such laws and rules where a computerized system is in place, will help manage rash driving cases to a large extent. When people know that if they are not following traffic rules, there will be a higher bike insurance premium that they will have to pay, they will definitely become more cautious. So, if you are driving rash? You may have to pay a higher insurance premium. Next time, when you are zooming your bike on the road, be careful and obey traffic rules. You certainly don’t want to spend more money on your insurance.

Tips to Choose the Most Comprehensive Auto Insurance Cover

With surging fuel prices across the nation, it is becoming expensive to maintain a vehicle owing to the rising cost of ownership. To chop off this expenditure to an extent, it is essential to focus on the various aspects of ownership costs such as insurance, finance, maintenance, depreciation, RTO etc. However, the prominent element regulating this expenditure is the insurance by all means as it is the most expensive thing of the above stated elements. Since, it has become mandatory for the vehicle owners to buy an insurance policy, it can be considered as an unavoidable expenditure. If one goes for a cheap policy to cut down costs, it may be a nominal policy which does not save you against the evils of a theft or road accident damage or the coverage would be just nominal leaving a big hole in your wallet. We can’t even state that a cheap policy would not cover much. The fundamental idea is to get more by paying less as premium. How would one achieve this tedious feat by the way?

Insurance market leaders suggest some great tips to choose the most comprehensive auto insurance coverage for the prospective policy buyers. It may not be the least price which is cheap always. It is the best service for reasonable price which is economical. Since price is service driven, we need to emphasize on some tips to choose the most comprehensive auto insurance coverage.

Compare policies across companies

Thanks to the online insurance comparison websites for making it simpler for consumers. However, beware of fake websites which tie-up with the insurance companies in promoting a particular policy even though it is not worth buying. Follow genuine websites which are just meant for educating policy buyers by comparing various policies in the market with the help of comparison tools.

Consider Reviews

Since the majority of reviews are genuine, a decent survey on the auto insurances reviews can do it all for you. Though not blindly, you can trust the top-rated companies as the insurance companies reach the top position with exceptional services and vice-versa. However, it is important to go for a reality check. Maintain good credit. Regularly check your credit score since a low score may impact your premium. You would consider this certainly as a tip to choose the most comprehensive auto insurance coverage.

Set a Right Deductible

A higher deductible apparently cuts down the insurance premium, however, you may end up paying more when you face an unforeseen mishap. If you earn a decent driving record with no accidents due to your fault, you will be left with an option to negotiate the premium.

Analyze your Coverage

Compare and ensure that you have reasonable liability coverage for physical injuries and vehicle damages. Eventually, the rising prices and increasing risk should increase the coverage. To put it in a nut shell, mediocre coverage gives you less protection against damages and losses.

Pick the Right Vehicle:

Due to the design of vehicle, certain models are vulnerable for accidents given certain circumstances. Check whether you go through such circumstances and opt for a vehicle. While you are scouring for a new vehicle, compare the collision data on the basis of vehicle model. A good vehicle is certainly a good tip to choose the most comprehensive auto insurance coverage.

Grab the Best Deals

Not often, but insurance companies offer discounts and great deals in festive seasons and other special occasions. Don’t dare to miss them as you get comprehensive coverage at the most affordable price.

Majority of high rated insurance companies do genuine business as they strive on premiums and they realize that any fake attempt would betray their customers’ trust. However, their job is to earn profits and not to provide you insurance coverage for nothing. It is just similar to acquiring a good deal and your patience and smartness would fetch you good rewards. It is essential to keep an eye on the insurance industry and its changing norms although you are not due to pay premium at the end of the month. A good observation is the best tip to choose the most comprehensive auto insurance cover at least for the next vehicle you are going to purchase. After all, early birds get quick worms in every domain irrespective of the huge competition prevalent in the industry.

Will filing insurance claim increase your premium rates?

Does this situation sound familiar to you? Ajit had a car insurance policy with one of the leading insurers of the country. He met with a minor accident some days before his policy expiry. Knowing that his policy is to expire soon or that he needs a renewal, he went ahead with the claims without any second thoughts. The insurer approved the claims and in no time his car was repaired and looked like a net new piece. So, does Filing Insurance Claims Raises Rates: Truth or Myth?

Insurance Loading

However, when Ajit went to renew his car insurance policy, he was surprised to see the premium prices up by a substantial margin. If you have been in a similar situation with not only car insurance but several other types of insurance policies as well, it is time to understand what loading is.

The chances are high that you would have never heard of what loading is and what is its correlation with your insurance premium. Thus, the most obvious question would be, what is loading? In simple terms, loading is a buffer, or an amount added to a policy to cover up for losses which were higher than what the insurer was anticipating. This comes into the picture if an insured is prone to a certain type of risk or opts for claims regularly.

Loading and its consequences were brought into effect to ensure insurance companies are well protected against high risk individuals. Though the coverage provided to all insurers for a product would more or less be similar, the claims differ a lot. Someone whose occupation requires to take risks on a daily basis is more like to see loading. Or someone who has a lot of medical history is likely to see loading with their health insurance plan.

The concept of loading is applicable to life insurance products as well as health insurance products. As far as general insurance products are concerned, one would come across claims based loading and underwriting based loading. Post the introduction of regulations for Health Insurance in 2013, the claims-based loading concept is now obsolete.

Why is the premium rated up?

Rate up of premium or loading is not applicable to anyone and everyone. Let us consider this, all 40-year-old healthy men will end up paying almost similar or the exact same premium for their health plans. However, there could be some in that age group who are obese or have some other medical condition. Being obese for an example, means that they are prone to damages to organs or have other health related risks. Thus, the person might end up paying slightly higher premiums. This is an example of medical loading.

Premium Increase for Motor Insurance Policies:

But loading is most visible in a vehicle insurance plan. If you are someone who has made a large claim or a number of smaller claims, the chances are high that your insurer might tag you as high risk. The simple reason being, that you might have a lot of impact on their portfolio.

Though it differs from case to case basis, repeated claims on your car insurance might increase your premiums anywhere between 10% to 25%. Of course, it largely depends on your insurer, your car, the damages incurred and a few other factors.

If you are aware of a car insurance policy, you would know that NCB can help you save money on renewals. But regular claims not only keep you away from NCB and discounts but also can categorize you as a high-risk individual. This leads to higher premiums during your policy renewal. It is not uncommon for insurers to restrict certain coverage for the individual as well.

So, does Filing Insurance Claims Raises Rates: Truth or Myth?

As discussed above, filing insurance claims might increase the premium rates during the renewal. The conditions include a hefty claim or regular claims. Under normal circumstances or for minor insurance claims, you might not have to pay any loading amount.

Yet, there is a way by which you can avoid paying loading on your premiums. In the event that your vehicle has met with an accident or an incident, take some time to assess the situation rather than outright opting for insurance claims.

If the expenses incurred is nominal and you can consider paying it off from your pockets. For occurrences such as a broken rear-view mirror or minor scratch on the bonnet might not cost you much. And if you make the payment from your pockets, you get to keep the NCB bonus as well. Thus, a win-win situation for you. But if the situation calls for it, do not hesitate to claim your policy. After all, you bought the policy to help you out in the time of need.

Own a Commercial Vehicle? Find Out Why Buying a Motor Insurance Is The Right Thing To Do

Operating business with commercial vehicles in India can be quite risky. To ensure that you stay on the safe side, an insurance policy for your commercial vehicle can give you financial support in tough times. In addition, Indian roads and traffic conditions are quite famous for their notorious nature. Hence, taking your chances without a proper policy for claim benefits is going to give you even more burden.

To give you a better idea about why you would need such a commercial auto insurance policy if you own such a vehicle, keep reading further.

You Get Coverage Benefits

This is the primary benefit and the main reason to purchasing an auto insurance for your vehicle. Motor insurance offers coverage privileges that help you and your employees driving the commercial vehicle.

Many types of benefits are included in such policies that may cover damage expenses for not just the driver and the vehicle, but also for any third party victims involved in the mishap. Commercial vehicle accidents are more hazardous to not only you but your company as well. Victims can file cases against your company for which you may have to pay heavy sums if you do not own a liable insurance policy to back you up.

Protection of Business Material

Commercial vehicles are mostly used for carrying company equipment from one place to another. All those expensive tools and other components could be damaged during an unfortunate accident.

However, using a commercial auto insurance policy covers all these expenses as well and helps you in replacing all those valuable business components and materials without bankrupting you. On the other hand, a personal auto insurance may not be able to cover such benefits, so choose wisely.

You Get Larger Limits

Another reason for purchasing such insurance schemes is the benefit of getting higher limits on them. As any accidents that may occur due to a commercial vehicle can cost a lot of money, insurance agencies try to give you larger limits on the coverage expenses for helping you out as much as possible.

Protection of Employees

As stated above in brief, drivers who are employed by you for driving your commercial vehicles are also subjected to risks on the road. And, all their lives are counting on you as well. A commercial auto policy will tend to any mishaps that may occur to your employee drivers. Covering any expenses related to their medical fees, etc. is easier if you get one of such policies.

Using a commercial auto insurance for protecting your valuable assets give you a sense of relief while running your hectic businesses. Choosing the right one is also prudent that will help you get the best benefits out of your policies and ensure a healthy and prosperous business in the long run. Just make sure that you consult a reputed agency to get one as commercial-level policies are quite comprehensive.

Online V/s Offline Vehicle Insurance Policy

Zero Depreciation Policy

NONE! That is in terms of actual coverage. So, if you have a zero-depreciation insurance policy or a comprehensive vehicle insurance policy than where you bought it from does not matter. They are all the same. There are some differences though that will make you wonder why you ever bought insurance from an agent.

Let's start with the cost. Online policies are cheaper, in fact renewbuy.com offer the cheapest insurance quotes from leading companies. How do they do this is not a mystery. Online cos have lower running costs so they can pass on a zero depreciation insurance policy amount of their commission to you. You agent can't do this as he cannot work for free.

Then there is support. If you have to make a claim then your agent is not the best person to help you out. He has better and more important things to do like sell more vehicle insurance policy. Larger outfits have Claim Assist departments with professionals that know how things work at the insurance companies end.

Renewbuy.com has a free Claim Assist service.

Zero Depreciation Insurance Policy

You can take advantage of this even if you have not bought your insurance from them. We have saved the best for last. When you buy online you get your vehicle insurance policy instantly. You don't have to wait for it and you are covered at once. In-addition you are saved the trouble of all the tedious paperwork.

So, while there are no differences in coverage, the difference in service and costs are enough to make you go online and never call an agent again.

How to Deal with a Claims Inspection?

The claims inspection process is the first step taken by an insurer to make sure that an accurate claims settlement can be done. The information shared here would help you to understand a claims inspection process.

What should you do when you meet with a road accident or get some other kind of property damage covered by your insurance company? Should you approach the insurer for inspection? Well, the process for a claim’s settlement is easy but understanding it first-hand could be a little difficult. So here we are sharing a few things to make you aware about the claims process either for your vehicle accident or property damage and how to deal with a claim inspection.

Why Insurance Company Complete Inspection?

Your insurer will definitely be ready to pay a genuine amount for your damage. But before the settlement, there are few rules and regulations that your insurance company has to follow to prevent insurance frauds. The company needs to clarify that the damage information provided by you is real and matches the accident/damage description. A claims inspection process also helps the insurance company to determine that there is no inclusion of forebear damages that could not be a part of the claims. The inspection also helps insurers to determine an accurate estimate about the vehicle or any other property damage and repair, etc. How to deal with a claims inspection? Read the information shared below to help you understand the process better.

Read Your Insurance Policy carefully or ask Your Agent Tell everything about it to you

You would need to know all about your insurance policy before buying it. Please have the print copy of your policy and take some time to read it carefully to understand all the terms and conditions of the settlement clearly. What will it cover as damage? How much will be your deductibles and the repair cost? You will need to get the answers for all these queries beforehand. You can also call your insurance agent to know all about your policy. If your agent gives you an appointment time, you note down your queries on a paper in advance so that you get all your doubts and question cleared in one go.

Make Quick Notes of Everything

Whenever you talk to your insurance agent, make some notes to understand your plan better. Having your own record would help you to prevent any kind of confusion in the later stage. This would also help you know about the repair process and related cost, etc.

Do Your Research

Do your research and make sure that your insurance agent offers you the best plan. To be sure, ask him to provide you everything in writing with the related detail.

Get Prepared for an Inspection

The inspection is the first step from every insurance company to make an accurate insurance claim settlement. In most cases, the insurance companies want to take a look at the damaged vehicle or the location of an accident on the same day though it will depend upon the circumstances and the description of your claim. Often an insurance agent asks the below listed questions when performing a claims inspection:

Where is accident or damage happen?
What happened in the accident?
Was anyone injured during accident?

How to Deal with a Claims Inspection Process Effectively?

Inform Insurer As Soon As possible: Try to inform your insurance company about the incident as soon as possible. Different companies follow different inspection process to assess the damage. Your early intimation to the company will increase your chances of getting paid quickly.

Be Prepared to Argue Your Side: When the insurance inspector will visit the location, be prepared to defense your side with real information and facts. He/she will ask you a number of questions to estimate the damage correctly or underestimate the damage. In some cases, the settlement payment can be negotiable, and your insurance agent is one who can assist you get more appropriate payment for your damages.

Document Everything: When you buy a motor insurance plan, take a photo copy of your insured property or vehicle (your property or car etc.). This will help you during the time when your insurance adjuster visits your accident location or property damage site which will look totally different after the occurrence of the unpleasant incident. You can show the agent different sets of ‘before’ and ‘after’ photos to clarify everything. Also, don’t forget to take photos all through the inspection process to avoid any kind of misinterpretation.

Try to Provide Evidence: The insurance adjuster may consider different things as evidence. He may click the pictures of the site or can record statements from eyewitnesses to elaborate the damage correctly. He could also try some other tricks too to verify the facts so that the company’s money can be saved. Whatever the steps are followed by the insurance company, the purpose of the each one would be to estimate the damage correctly.

Be Prepared for Follow up Process: When the inspection is done, the agent will explain the entire estimate to you verbally as well as in the form of a quote document. Compare the mentioned estimates with your insurance document so that you can get the maximum benefits for which you are liable. Once you are satisfied with the claim estimate, you can sign the document. You may also need to provide some documents for the release of the damage costs. However, you need to be patient as the whole process may take some time.

How to insure your CNG vehicle?

CNG - Compressed Natural Gas has become an alternative and cleaner mode of fuel for vehicles. With the prices of petrol and diesel increasing every day, many of you are turning to CNG as a source of fuel for your vehicle. The fuel comes cheap and therefore proves very affordable. If you use your vehicle very frequently, fitting a CNG kit in it would prove to be an economical way of driving the vehicle. Moreover, since CNG is a clean source of fuel, you also do your bit for the environment and help keep it clean and green. So, how to insure your CNG vehicle?

Getting a CNG vehicle is an easy task. You can, either buy a new vehicle which comes pre-fitted with a CNG kit or you can install a new CNG kit in your existing vehicle. Whatever mode you choose to make your vehicle fitted with a CNG kit, you should also know that it would have a bearing on your vehicle insurance policy as well. Since fitting a CNG kit is counted as a modification to your vehicle, you would have to get the kit insured.

Let us understand how to insure your CNG vehicle

When you Buy a New Vehicle with a CNG kit

When you buy a new vehicle with a CNG kit, the registration of your vehicle is done after the kit is fitted in the vehicle. As such, the RTO knows about the CNG kit which is fitted in the car. The RC book issued by RTO would have a CNG seal signifying that the vehicle is a CNG vehicle. When you, subsequently, insure your vehicle, you submit a copy of the RC book of the vehicle to the insurance company because it is an important document. Upon receiving the RC book’s copy, the insurance company can see the CNG seal. The company would, therefore, automatically cover the CNG kit installed in the car. The premium for the policy would also be calculated after taking into consideration the value of the CNG kit. Any damages suffered by the CNG kit would be covered by the policy if you choose to buy a comprehensive plan.

When you Install a New CNG kit in an existing vehicle

When you are installing a kit in a vehicle which you already own, you would have to undergo some steps to get the CNG kit insured under the existing motor insurance policy. Moreover, the RC book of the vehicle would also have to be updated to contain the CNG seal. To do so, you should inform the RTO of the fitting of the CNG Kit. A form would have to be filled and you have to submit the same with the RTO. The RTO would then put a CNG seal on the RC book of the vehicle which would authenticate the CNG kit installed. After the authentication has been done and the CNG seal obtained, you should approach the insurance company for changing the policy. You would have to inform the company about the installation of the CNG kit in the vehicle and submit the modified RC book’s copy which contains the CNG seal. The company requires inspection and then make changes in your existing vehicle insurance policy to allow coverage for the CNG kit which has been installed. A new premium would be calculated taking into consideration the increased value of the car due to installation of the CNG kit. You would, then, have to pay the excess premium to get the CNG kit insured. Thereafter, your policy would be modified to cover your CNG vehicle and would pay a claim if the CNG kit is damaged or if it suffers any other type of loss.

Insuring your CNG kit is important whether you buy a new vehicle or install a new kit in an old one. Only if you insure the kit can get you the coverage for it. If you install a kit in your vehicle but do not inform the insurance company and change the insurance policy, in case of any claim involving the CNG kit, you would not get assistance from the insurance company. If the CNG kit is damaged, you would have to bear the repair costs yourself. So, insure your CNG vehicle whenever you install a kit in it. The process is simple and once you follow the process through you can enjoy a wider scope of coverage on your vehicle on how to insure your CNG vehicle.

What is Liability Only Insurance Cover in Motor Insurance

According to the Insurance Regulatory and Development Authority of India (IRDAI), “a long-term liability insurance cover for third party is compulsory to buy for every new vehicle’s owner at time of purchase of new vehicle”. The Indian insurance regulatory has made it a statutory requirement to cover the individual or third party who has been suffered in an accident for which you were at fault.

Understand What is Liability only Insurance Cover in Motor Insurance

To understand what liability only insurance cover in motor insurance is, let us consider a real-life situation first. For example, today morning you have smashed a car in the middle of the road when you are coming to the office. You and another party both have called up insurance companies as you both failed to determine who is at fault. In that situation, your insurer will work together with the other party insurer to find out who is in a fault state. If you are at fault, your insurance provider will provide the cost for other party damaged car and injuries as per your covered limit. Similarly, if the opposite party is in the fault state, his/her insurer will cover your damage. In short, a liability only insurance policy is an insurance policy in which the third party and his/her property or vehicle is covered but the insurer or his vehicle is not covered. A liability-only insurance cover in motor insurance helps cover the damages of other party’s property and injuries happen in an accident.

Who Actually Needs a Liability only Insurance Cover in Motor Insurance

Liability insurance is very important for auto coverage and we all need to buy it. The premium amount and coverage vary from policy to policy and state to state though. Bodily Injury (BI) liability and Property Damage (PD) liability are two key types of coverage that are mandatory in all states. Therefore, depending upon your needs and the choice of premium, you can choose a plan that will provide you with the maximum benefits with a wide coverage.

Features of Liability only insurance Cover in Motor Insurance

Third Party Liability: Insurance provider would be obliged to pay for any legal liability that arises out of injury, death, permanent disability or damage to property of a third party because of an accident involving the insured vehicle.

Covered Vehicles: This plan is applicable to private vehicles, commercial vehicles, and two-wheelers. It can also be availed by goods carrying vehicles viz private and public carriers and passenger carrying vehicles too.

Personal Accident Cover: Insurance companies provide a personal accident cover worth up to one lakh for two-wheelers and up to two lakhs for private and commercial vehicles in situations of accidents. Total disability or death of the driver or the owner is also covered in the plan.

Cover of Extent: Most of the insurance companies offer up to 7.50 lakhs to cover third party property damage. The policyholder can also restrict the amount of coverage provided to the third party for damage. This can aid the policyholder to reduce the “Liability only” premium.

Key Coverage under a Liability Insurance Plan

This auto insurance plan provides coverage for different types of losses to a third party that is affected in an accident. The policy covers;

The case of death and bodily injury to a third party
The case of death of the insured vehicle owner or driver
Disability of the insured vehicle driver or owner who is on the wheels at the time of an accident
Also, cover personal accident cover

What is not Included in Liability only Insurance Cover in Motor Insurance:

There are a number of situations which are excluded from liability only cover. It does not apply to the insurer’s own injuries if he is at fault. Death and injuries of an employed individual with the insurer is not liable for reimbursement under the policy. Liabilities that are the result of theft and the use of any nuclear material or any other weapon are also not a part of liability only cover.

So, do not waste your time. Checkout online the top insurance companies’ liabilities only cover plans. There are so many insurance providers which are known for quick and easy claim settlement, check online and choose your insurer wisely.

Ways To Save On Motor Insurance In 2023

Every household looks to cut down on costs and expenditure. Motor insurance policy premium is one such expense that can definitely unbalance your budget. But being a mandatory stipulation as well as a financial safety net, you cannot simply choose to forego these vital expenses for your car.

However, the interesting thing is that you can definitely try to keep it as minimal as possible.

So, here we are, discussing some of the ways by which you can smartly minimise your insurance premium without compromising on the quality of protection which your four-wheeler receives.

Tips to Save on motor insurance Premium

About Insured Declared Value (IDV) :

IDV is an amount that one will get in case the car gets stolen or it goes through a total loss. It is good to have IDV which is in the range of the market value of the car. Keeping IDV low will lead to lower premium. But don’t keep it too low, as you will lose out on the benefits. So, make a right decision as per your requirement.

Motor Insurance Comparison :

Before you opt for any insurance policy, you need to compare various options offered from different insurance companies. You can avail of this facility easily on the internet. There are various websites providing different companies’ insurance plans, and also providing the option to compare motor insurance online.

Don’t just choose a plan which is cheap. Check for insurance plans that give the best coverage with the right amount. If you need to get a quick quote on approximate premium payable, you can also use a motor insurance calculator offered by these sites. Online comparison will give you the best quotes, and help you make the right decision.

Raise Your Deductible :

By increasing the amount of money that you need to pay while making a claim, you can reduce your auto insurance premium. The deductible is the amount you pay while you claim. However, if you raise the amount too much, it’ll nullify the purpose of insurance.

Anti-Theft Devices :

Anti-theft devices not only protect your car from being stolen, but they also help in decreasing the insurance premium. Any safety element affects your motor insurance policy premium in a positive way.

Do Not Let Your Policy Lapse :

If your policy lapses, you will no longer be allowed for a No Claim Bonus after 90 days of expiry. So, it is recommended that you either set a reminder for the expiration date of your policy, or you could choose to get a reminder sent from the insurance provider company itself.

No Claim Bonus (NCB) :

For every year of zero claims raised, you are rewarded with a discount on the next year premium amount. This incentive is known as No Claims Bonus. This incentive keeps increasing with every successive year of no claims filed, and can go as much as 50% of your premium amount if you don’t file for claims for 5 uninterrupted years. So avoid claiming for small expenses and save big on your premium amount.

Motor insurance has always been mandatory for all the vehicles. Not only does it guarantee your safety, but also the safety of your vehicle and any other party involved if in case there is an accident. After all, each and every life is as valuable. In order to keep on with the safety coverage, the above-mentioned tips will surely help you save big on motor insurance in 2018.

Understanding Motor Insurance Terms Before Placing Claim

Buying a car insurance policy is about more than just choosing a product from a reputed company or picking one with the lowest premium. The ideal auto insurance policy is one that offers the best coverage for the widest variety of eventualities and saves you having to incur out-of-pocket expenditure when things go wrong. To ensure that a claim you make will be honoured by the insurance company, it is important to know exactly what you as a policyholder are paying for. Understanding motor insurance terms and what they actually mean can be very helpful; not just in layperson parlance but the specific, technical meaning of those terms.

Third party insurance

This type of insurance is compulsory under the law. This provides compensation only to the third party (not the policyholder or insurance company) who may be involved in an accident with the vehicle of the policyholder.

Comprehensive Insurance (car and 2-wheeler insurance)

This offers wider protection. It offers third-party insurance and also offers coverage for theft or damage of the policyholder's vehicle. A policyholder can opt for optional add-ons to make the policy even more comprehensive.

Personal accident cover

This is one of the most important motor insurance terms to understand. While comprehensive policies protect the vehicle, personal accident cover compensates the policy holder for physical injuries or disability arising out of a car accident. You can avail personal accident cover for the driver and all passengers, depending upon a car’s seating capacity.

No claims bonus

This is not relevant when you purchase insurance along with a new car, however, when it comes to car insurance renewal, this is one of the motor insurance terms you will come across. A no claims bonus is offered on policies where a policyholder has made no claim during the previous year. It is generally in the form of a discount over your premium. Insurance companies offer a no-claims bonus or discount for renewal of car insurance to discourage small or frivolous claims.

Riders

To make things easier for customers, car insurance companies make it possible for policyholders to buy the amount and type of coverage they require. These are optional add-on features that can be added to a basic or a comprehensive policy. The premium cost goes up, but the protection also increases.

Cubic capacity

This is the volumetric capacity or what we commonly refer to as CC of a vehicle. This is relevant because it determines the amount of premium payable.

Depreciation and zero depreciation cover

Depreciation is the term used to indicate the decrease in the perceived value of a vehicle each year after purchase. Typically, vehicle insurance premiums will go down over the years because of daily wear and tear and age will render a vehicle less valuable than at the point of sale. Zero depreciation cover (usually available for up to five years after initial purchase) is an optional rider that offers full compensation for replaced parts of a vehicle after an accident.

Grace period

This term is important to keep in mind for car insurance renewal. Car insurance should be renewed promptly upon the expiry of an existing policy to prevent the policy from lapsing and to carry forward any accrued advantages such as no-claims bonus. Oversight or unavailability of finances could sometimes mean that a policy is not renewed on time. Hence, insurance companies offer a 90 days grace period for a policyholder to renew the policy and continue enjoying the benefit of NCB beyond the date of expiry.

Lag or time lag

This is the period that may have elapsed between the time of the accident and the time a claim is made. It is important to make a claim as promptly as possible. It can also refer to the time lag between making a claim and receiving payment or reimbursement for it.

Preferred garage

This refers to garages and workshops that have a tie-up with the insurance company. The company encourages policyholders to use services of these garages which may also offer cashless facilities.

While there may be other motor insurance terms that you should acquaint yourself with, the ones listed above are important to know so that you can lower your chances of an unsuccessful claim.

Is It Possible To Transfer Vehicle NCB?

NCB or No Claim Bonus is a benefit that accrues for the insured in the event of no claims made during the period of the previous vehicle insurance policy. As per the current rules in India the range of NCB is from 20% on the Own Damage Premium, and increases to 50%, which is the maximum amount of bonus possible. The NCB is lost in the subsequent period of a car insurance policy if the insured lodges a claim during the current policy period.

Rules Governing Vehicle NCB Transfer:

As per the IRDAI, the NCB belongs to the person insured and not the vehicle. This means that when a vehicle is transferred to another person, it is possible to transfer only the insurance policy but not the No Claim Bonus. The person buying / receiving the vehicle would need to pay the differential amount for the NCB for the remaining period of the policy. If the original owner buys a new vehicle, she or he can use the NCB for the new vehicle.

To make a transfer, the original vehicle owner must submit the buyer-seller agreement – Forms 29 and 30, with a letter stating the request to transfer the NCB from the existing insuring company. The insurer would need to issue an NCB certificate, which is valid for a period of 3 years. This certificate must be submitted to the new company insuring your vehicle. When buying car insurance online, the certificate would not be required – just a declaration from the insured would suffice. Under no circumstance must the insured hide any facts such as claims made on the insurance policy – the new insurer is sure to verify the details from the previous insurer.

Getting the Most Out of the NCB:

When buying a vehicle, people negotiate extensively with the dealer on aspects such as discounts, freebies, and financing options. However, the insurance portion seems to take a backseat and is often overlooked. It is however, possible to save some amount on the premium you pay for your vehicle insurance, using the NCB.

When transferring your old vehicle, ensure that ownership is what you transfer and keep a copy of the new entry in the Registration Certificate (RC) book for the purpose of vehicle insurance.

Upon receiving the delivery note, send a copy to the insurer, based on which they would send the NCB certificate or a holding letter. The letter would be valid for 3 years.

This NCB must then be sent to the dealer from whom you have bought your new car. This transfers the NCB to the new car insurance

Remember to check the various options for vehicle insurance online. You can save a lot of money and get the best deals by making online comparisons.

Try not to switch insurers before the duration of the policy since you would have to give up the NCB for the year

At the end of the term of the car insurance, the current insurer should provide proof of no claims, which the insured must then provide to the new insurer

Transferring the NCB of your Company Car

The NCB on a company car is transferable to another car only if the individual is named as the insured on the insurance policy from the company. The good thing about company car insurance policies is that if there were a build-up of NCB, the insurer would only need a confirmation from the employer.

A No-Claim Bonus is extremely beneficial and a top way to save on the premium due for car insurance. Read all the conditions carefully to understand how best to use and transfer the NCB due on your vehicle insurance.

Understanding Auto Insurance

For a first-time vehicle owner, it can be difficult to choose what to buy from among all the different types of Motor/Auto insurance available in the market. Not only are there various options such as light motor/auto vehicles, heavy vehicle or two wheeler insurance, there is basic coverage, comprehensive plans and various riders to opt for; from various insurance service providers as well.

Private or commercial vehicle insurance

The type of insurance you buy also depends upon your purpose of vehicle use. People who own a vehicle for their own personal use would need personal vehicle insurance. However, truck operators, taxi-owners, auto rickshaw owners would need commercial vehicle insurance. Business owners or those who use a company car would also have to choose the appropriate type of insurance. There are specific types of insurance policies for goods carrying vehicles, passenger carrier vehicles and miscellaneous other types of commercial vehicles as well.

Car and two-wheeler insurance

It has become very easy to buy car and bike insurance online now. A few factors could impact the insurance renewal: the year of manufacture, model and variant of that particular model are all important. The place of registration and the vehicle's insurance declared value is also important here. In addition, the cubic capacity of a two-wheeler is also relevant for calculating insurance premium payable.

Third party and comprehensive vehicle insurance

Indian laws require every vehicle owner to buy third party insurance, which protects third parties (other than the insurance provider and the policyholder) in case of an accident or claim. This is mandatory; however, vehicle owners can opt for comprehensive insurance packages or optional riders for greater protection and peace of mind. Comprehensive car or two-wheeler insurance policy will include third party cover as well as cover for theft and damage to the vehicle.

Different types of auto insurance riders

Vehicle owners can opt for various add-on features or riders as required: personal accident-cover for the owner or driver and/or for named / unnamed passengers employed driver. A policyholder can also opt for disability insurance as an addendum to a basic or comprehensive policy. Insurance providers also offer optional riders for accessories and vehicle parts such as lamps, tires, lamps, mud guards, bumpers, paintwork etc. which may not be covered by a basic policy. A policyholder can also opt for key replacement riders (reimbursement in case of loss of ignition key). Ordinarily, electrical or mechanical breakdown of a vehicle and the daily wear and tear are not covered under vehicle/auto insurance.

Different features of a vehicle insurance policy

It is understood that buying insurance online is quick and convenient; offering policyholders the widest range of options. It makes more sense to buy car or bike insurance online since processes are streamlined and buyers deal directly with the insurance company. Ideally, a policy should provide for round the clock claims assistance since accidents can happen at any time of the day or night. Cashless claim is another feature to look out for in a vehicle/auto insurance policy. This means that a policyholder can get service of his claim at any of the company network of garages or workshops all over India without having to make an upfront payment. A good no-claims bonus/incentive is another feature to look out for. If the policyholder made no claim under a policy during the previous year, the insurance company may offer discounts on the renewal premiums of offer additional features along with the renewed policy.

From the foregoing it is obvious that not only are there different types of auto insurance and insurance providers, it is also possible to create a vehicle/auto insurance policy to suit your requirements by customizing it and adding riders that suit your particular requirements.

How To Prepare Your Vehicle For Monsoon?

Monsoon is falling in some time and everybody is waiting for the best season of the year. Everyone is excited to see the lush green surroundings, amazing waterfalls and chill weather to enjoy. It feels so good imagining the beautiful scenery all over during monsoon. But along with the enjoyment, monsoon also brings a big reason to worry, as this is the most dangerous as well as a risky season of the year. The vehicle owners start worrying about their machines and then it becomes imperative to prepare your vehicle for Monsoon especially after looking at the road conditions of our country.

In a county like India, where we always enjoy monsoon season with tea and snacks, the season brings fear of running vehicles on the roads with big possibilities of skidding. We can see the risk of driving a vehicle on wet bumpy roads where there are big potholes coming to us. Above all of these risky thoughts, the one major reason which fears all of us is the absurd drivers who don’t have the sense of driving at all.

There are number of reasons for which you need to take certain precautions for the monsoon season, specially if you own a vehicle whether a two-wheeler or a four-wheeler.

Check Tyres

First and the most important thing to be prepared for monsoon is to check your vehicle’s tyres treads. They should not be slippery and the grip of tyres should be strong enough to hold the road. The monsoon brings wet roads and big pits filled with rain water. So, the treads of the tyres should be deep enough to control the high pressure of sudden breaks. The actual depth of tyres treads should be 3-5 mm specially during the rainy season, but if it is not deep enough then you and your vehicle are at risk.

Vehicle Insurance

During monsoon, the possibility of accidents increases as the roads become wet and slippery too which becomes a big reason of worry. The most dangerous thing is that accidents cause you big trouble both financially and legally, in case your vehicle insurance policy is not updated. So, check the expiry date of your insurance policy before monsoon starts. Also, ensure that the coverage of your policy is broad enough to cover any loss or damage to your vehicle in monsoon.

Check Headlights

It is true that Headlights and taillights are the most important part for navigation during nights, but it also helps you in navigation during monsoon. Wet roads observe light and decrease the visibility level, so it is recommended to check your lights before stepping out in rains. Yellow coloured bulbs give a better contrast, so it is advisable to use good quality yellow coloured bulbs in your vehicle. Also, check if there is any crack on headlights and taillights or spoiled from anywhere, just fix them before the monsoon arrives.

Proper Service Of Vehicle

Ensure that your vehicle is prepared for the monsoon season and for that, service your two-wheeler or four-wheeler just before the monsoon starts. Also, thoroughly check wipers of your vehicle as they play big role in driving during monsoon. Wipers should be of good quality and wash wipe system should be working well. Fit mud flaps on all the wheels of your vehicle, as it creates problems for others who are driving behind your car.

Maintain Your Speed

Monsoon is the one which increases the chances of accidents for so many reasons like wet roads with oil, rowdy drivers, and many more. In such case, saving your life as well as others should be on priority instead of showing your driving skills to others or teaching a lesson to the rowdy ones. Make sure that you are not exceeding beyond the speed limits. Also, maintain a proper gap with another vehicle.

Why It Is Important To Claim Motor Insurance On Time?

Motor insurance - a policy which is mandatory if you own a vehicle. So, if you own any vehicle, whether a car or a bike, you need to buy an insurance cover on it. It pays for the financial liability which you face if you injure any other individual or damage someone else’s property under third-party liability. In you have bought a comprehensive policy, you even get covered for the repairs which are required in case your own vehicle is damaged. Thus, a motor insurance policy comes in handy at the time of claim. However, motor insurance claims leave many of you stumped. Many of you don’t know the process which results in a delay. Making motor insurance claims on time is necessary if you are to get a quick settlement of your claim. But before you find out why, let’s first understand the basic claim process.

What to do when your car or two-wheeler meets with an accident?

An accident results in a motor insurance claim. To make a claim, you are required to follow the below-mentioned procedure:

* You should inform the insurance company immediately after the accident. You should call the claim helpline of the company to give the intimation. Upon intimation, you would be given a claim reference number. This number would be required in the co-ordination of claim settlement

The insurance company would then ask you to take your vehicle to the nearest preferred garage. Repairs at a preferred garage help you avail cashless settlement of claim.
When the vehicle is taken to the garage, the insurer’s surveyor visits the garage and assesses the damage
The surveyor then prepares an estimate report and submits it with the insurance company
You are also required to submit the claim form along with the relevant documents with the insurance company
Once the survey is done and the report submitted, the insurance company gives its approval.
If any third party liability has occurred, you would have to file a FIR. The claim would then be decided by the accidents tribunal
Repairs of the vehicle start after the company’s approval.

Now you know the basic claim process for your motor insurance policy. You can see that informing the insurance company is the first step of the claim process. This is when you raise a claim on time. Raising a claim on time is important because of the following reasons:

Claiming Motor Insurance: Get quick settlement of your claim

Only after the claim intimation to the insurance company, the company starts the process of claim settlement. If you delay raising your claim, your claim settlement would also be delayed.

Claiming Motor Insurance: To arrange for survey on time

Survey of your vehicle is an important criterion before the insurance company settles your claim. When you make your claim on time, the company sends the surveyor at the earliest to assess damages. Until and unless the survey is done and approved, the vehicle cannot be repaired. If you get the vehicle repaired without waiting for the survey, you would face problems in claim settlements and your claim might even get rejected. So, informing the claim on time ensures that the survey is done at the earliest and you get your vehicle repaired and delivered to you without delay.

Claiming Motor Insurance: To prevent possible consequential loss

When you inform the insurance company immediately about the accident, the company guides you to the nearest garage. It even arranges for towing of your vehicle to the garage if the vehicle is badly damaged. If, on the other hand, you yourself take your damaged vehicle to the garage without informing the company on time, you might face consequential losses. These losses are not covered under your motor insurance policy. So, on-time claim intimation helps you avoid consequential losses and reduces your out-of-pocket expenses.

So, the next time you meet with an accident and you want to take claim against your motor insurance policy, don’t delay. Dial the company’s helpline number immediately and raise your claim. The company would not only guide you with the claim process, it would also settle your claims instantly. A single call to the insurance company immediately after a claim would save multiple follow-up calls for claim settlement if you delay making your motor insurance claim.

No PUC Means “No Vehicle Insurance”

If you own a car or a two-wheeler, you have to keep valid documents like Registration certificate, driving license, insurance policy and PUC or Pollution Under Control Certificate in your vehicle at the time of driving.

Pollution Under Control Certificate is a very important document which proves the vehicle has undergone the PUC test and is not releasing any kind of smoke that could harm the atmosphere. PUC certificate means that the vehicle meets the pollution control norms and your car and bike is not a threat for your city's air. Having PUC Certificate is as important as having an Insurance policy for your vehicle because the Motor Vehicle Act has made it mandatory in India. The certificate carries the basic information like:

Date of PUC test
Expiry date of PUC
Test readings
License plate number of the vehicle
Serial number of the PUC certificate

There are few points mentioned below, which everyone should know about PUC certificate.

Validity:

In the case of a new car the validity of PUC certificate is one year. After one year from registration, the car should be examined in every 6 months and new PUC certificate should be issued. Though validity of PUC certificate is 6 months but if the adverse reading observed during test, then the PUC certificate validity depends on the observed reading. In case your vehicle’s smoke emission is higher than the normal limit, your vehicle has to undergo a test after every 4 months or 2 months, depending upon the level of emission detected in the test.

Pollution Under Control Certificate Centers:

Car PUC certificate can be obtained from all the authorized petrol pumps all over India. It can also be done at so many independent testing centers equipped with the specific testing devices and trained person who have the knowledge of minor repairs that can brought down the pollution level of the vehicle.

Carry PUC certificate:

According to Motor Vehicle Act, it is mandatory to have a Pollution Under Control Certificate. So, just like an insurance policy and other documents, it is compulsory to keep it in your vehicle all the time and produce immediately to the policeman whenever asked, else you could be in trouble.

Penalties for not producing PUC certificate:

According to Motor Vehicle Act, if someone failed to produce pollution under control certificate for vehicle, he/she is liable to pay fine of Rs. 1000 in case if it’s a first chance but if it happens again than the fine will be increased to 2000 Rs.

Now you all know what a Pollution Under Control certificate is and from where and how you can obtain it. There is one more thing that is very important for you to know. According to the new notification issued by Insurance Regulatory and Development Authority of India (IRDAI), no insurance company will offer you any insurance plan for your vehicle, without a valid PUC certificate. According to new law, it is mandatory to show valid PUC to the insurance company before buying an insurance. If you want to buy an insurance policy for your vehicle, you must obtain a PUC first and then apply for an insurance cover.

Most importantly, you cannot get PUC online for your vehicle as the physical presence of the vehicle is necessary. Without vehicle’s physical appearance, no Pollution Under Control center will issue a PUC certificate to any vehicle. For this, you have to go to the authorized PUC center only. But, you can always buy an insurance policy for your vehicle online, which gives you an option of comparing features as well as premium for a specific policy offered by different insurers. You or your vehicle need not to be physically present anywhere to get an insurance policy.

All You Should Know About Multiyear Motor insurance

Do you know that the Supreme Court ordered and IRDAI (Insurance Regulatory and Development Authority of India) made it mandatory to have a long- term third- party liability insurance cover, from 1st September 2018? Yes! The regulatory has already issued a notice and made it mandatory. This means that from now onwards whenever you are buying a new car you have to buy third- party liability insurance policy for a period of three years, whereas if you are purchasing a two- wheeler than you mandatorily have to buy five years third- party insurance policy for your bike. Still Confused?? Let’s make everything you should know about Multiyear Motor Insurance more clear and simple.

All the car lover and bike lovers should know that purchasing a new car or bike can be a bit expensive from 1 September 2018 onwards. As all new cars sold in India, will now come with a mandatory third-party insurance for three years which was earlier for one year. Until now, every car owner had to buy or renew insurance policy for his/her vehicle every year whether a comprehensive insurance or a third-party liability only. But from now onwards, if someone is buying only third-party insurance for his/her vehicle, he/she has to buy is for three years in case of car and five years in case of two-wheeler. Whereas, vehicle owners can still buy one- year comprehensive insurance policy for their vehicles, as per the notification. Moreover, there will be no change in insurance of the existing vehicles and shall be renewed annually.

Now, let’s have a clear picture of what premium a vehicle owner has to pay from now onwards under this multiyear insurance policy notification. Below table will clear all your doubts regarding long- term motor Third- Party premium for the policies sold during the period from 1st September 2018 to 31st March 2019:

For Private Cars

Engine Capacity	Long-Term Third-Party Premium for Three Years (in Rs.)
Not exceeding 1000 cc	5,286
Exceeding 1000 cc but not exceeding 1500 cc	9,534
Exceeding 1500 cc	24,305

For Two-Wheelers:

Engine Capacity	Long- Term Third-Party Premium for Five Years (in Rs.)
Not Exceeding 75 cc	1,045
Exceeding 75 cc but not exceeding 150 cc	3285
Exceeding 150 cc but not exceeding 350 cc	5,453
Exceeding 350 cc	13,034

Hopefully, you get an idea about the new order of The Supreme Court, now. So, according to the order, you have following three options in vehicle insurance in case when you purchase a brand- new vehicle:

Option 1 – You can purchase only third-party liability insurance for three years.

Option 2 – You can purchase three years full Insurance which will be very expensive and not recommended.

Option 3 – You can purchase one-year full insurance which is comprehensive insurance along with three years Third party Insurance. This option is highly recommended.

Though the vehicle owners have no other choice other than paying more premium for an insurance policy, still they have got so many benefits to enjoy. Let’s have a look on the benefits of having third- party vehicle insurance for three years:

Agree that initially you have to pay more premium, collectively for three years, as a third- party premium in advance. But once paid the premium, you need not to worry about renewing the insurance every year. Just pay the premium once and get a freedom from renewals for three years.
The government increases third party rates every financial year. By paying the car insurance premium once, you will beat the price hike. Even if the premium rates increases, you need not to pay extra money as you have already paid the fixed premium amount for three years.
You can still change your insurance company and get the best deal and better coverage as per your requirement at the time of renewals rather than getting stuck with one company and one plan for three years.
This will also lead to lower uninsured cars on Indian roads, as people tends to overlooked the renewal dates for their vehicles’ insurance policy.

Pros and Cons of Renewing your Motor Insurance Policy for Years

Buying a car of your choice or dreams is an aspiration that a lot many of us have. If you do not believe in this statement, perhaps the record-breaking car sales figures, year on year will provide you with a much clearer picture. Irrespective of that, more and more people are buying cars. And one of the most important things undeniable while buying or owning a car, is the insurance.

For the ones who are not aware, the Motor Vehicles Act of 1988, mandates all the vehicles to have a valid car insurance. Though the same states that a Third-Party Liability cover is the minimum requirement, a Comprehensive Policy is recommended.

It is quite common for dealers to offer you a car insurance when you drive your car out of a showroom. However, on the completion of the first year, you must renew car insurance policy to continue cherishing its benefits. And it is usually at the end of such terms that the car owners are confused with the same question: “Should they continue or try out a different policy?” Now, let’s have a look at the pros and cons of renewing your motor insurance policy for years.

The Cons of renewing your motor insurance policy for years:

Each coin has two sides and the same is valid for car insurance policies as well. When you choose to continuously be renewing your motor insurance policy for years, there are a few pros and a few cons. The following are some of the demerits of continuing with the same policy-

Insufficient Coverage

Every few years, there are certain changes to the existing norms, rules and regulations. In such cases, you do not want to feel left out due to continuance of the same policy. Similarly, it is crucial to read the policy documents carefully and thoroughly during the renewal cycle.

This way, you can avoid any discrepancies, and you can always opt for a different policy, whenever needed. There also have been few instances, where an insurer tweaks the policy slightly. If you are unhappy with such changes, continuing with the policy wouldn’t make any sense.

Higher Payments

The probability of you continuing with an insurer is high when you have a comfortable relationship with them and since the policy premiums don’t increase as such, a car owner is not bothered by the same.

However, it is during the renewal cycles that you can substantially save on your car insurance policies, by comparison. When you compare different policies, you get to know what other insurers are offering for a similar car and what other prospects are included under similar coverage.

The Pros of renewing your motor insurance policy for years:

Now that we have discussed the cons of continuing with the same insurer, pros also follow. Insurers offer a lot of perks and benefits for continuing with them, for a longer tenure. Here are some of the major benefits should you choose to continue:

Lower Deductibles:

A few insurance companies are known to reduce the mandatory deductibles that you must pay during a claim. This is mostly offered as a loyalty bonus. Of course, it depends on a few factors such as the claims that you have made in the recent years, premium, type of car etc. Though it doesn’t help you save money up front, you can enjoy the benefits during claims.

NCB:

The NCB or No-claims bonus is a discount that insurers offer if you haven’t claimed the policy in your previous term. To benefit from the same, you need to ensure that there isn’t a break in between and that you do not file for a claim. The discounts start at a minimum of 20% for the first claim-free year and go all the way up to 50% in next five year. NCB, being a cumulative discount, offers better savings.

Accidents:

A few of the insurers allow you to continue without an increment in the premiums, even after you have filed for an accident claim. It absolutely makes sense to continue with such insurers for a bit longer. The simple reason being that you cannot transfer such benefits when you shift to a new insurer.

Additional Costs:

When you continue with the same insurer, you get to keep all the loyalty perks and benefits. Should you switch to a new insurer, you will end up paying some of the expenses related to starting a new plan and policy fees.

With the described pros and cons of renewing your motor insurance policy for years, it solely remains your decision to either continue or discontinue your relationship with an insurer.

Online Renewal of Motor Insurance - A Smart Choice!

Consumers today are tech-savvy and with Smartphones in their hands, they are now comfortable searching, comparing and buying products online. Vehicle insurance is one such product. However, if you are one of those who assume online vehicle insurance is troublesome, here are a few thoughts that may help you reconsider.

It’s Cheaper

Buying or renewing insurance policy online is profitable as one can easily compare vehicle insurance quotes from the list of insurers and make the best choice. Online renewal of motor insurance can help you save a good percentage of amount on your premium. Moreover, there are add-ons like No Claim Bonus protection, roadside assistance, passenger accident cover at a considerable low rate.

Quick & Convenient

Online vehicle insurance renewal is quick as all credentials and other information provided by the applicant can be approved online by the insurer. The process, right from a comparison of multiple quotes to buying takes only a few minutes. Online insurance also gives you the comfort of renewing your policy from any corner of the world.

Provides Document Retrieval

Losing your vehicle insurance policy documents is a nightmare! However, in a case of online insurance, you can retrieve your lost vehicle insurance policy hassle-free.

Sends Free Reminders

Set free Reminders for your vehicle insurance renewal and you are all sorted. There are reliable service providers online where one can simply register their vehicle details and email address to get free email reminders periodically.

Offers Hassle free transactions

Various portals provide online vehicle insurance renewal with multiple payment options like Debit card, Credit card, and Net banking to ensure secure payments and instant policy. You can also change car insurance before renewal date to another service provider with better services and offerings.

Hence, renewing your vehicle insurance online is undoubtedly a smart choice!

Why Is It Important To Insure Your 2nd Hand Vehicle?

Buying a second-hand vehicle is a difficult task as one has to consider various factors like the condition of the vehicle, price, suitability, documents, etc. However, once you have decided to bring home your vehicle, make sure you check the insurance papers. Third-party insurance is transferable while you will have to get a new comprehensive vehicle insurance policy. Remember to get the names transferred in the insurance policy papers immediately to enjoy the benefits of the policy. If the registration is transferred but the insurance is not transferred, then in case of a claim, it will not be admissible.

Let’s have a look at some of the benefits of insuring your 2^nd hand vehicle:

Covers the bills of damages to your vehicle in case of accident, theft, damage due to riots, natural calamities, etc.
Covers costs in case of injury to the driver and/or other people in the vehicle.
Provides death benefit to the family in case accident results in the death of a third party.
If you transfer the No-Claim Bonus (NCB) in your name while buying the second hand vehicle, it will let you enjoy the discounts on your car insurance policy. However, there are certain conditions attached to the transfer of the NCB that you might have to check with the company.

And while you get all this done, here is how you can get your vehicle ready for the drive:

Clean your vehicle properly. Give it a wash. If it is a four wheeler, make sure you clean the interiors thoroughly.
Check the brakes, gear, spark plugs, etc.
Change engine oil, brake fluid, coolant, transmission fluid and all that is relevant to your vehicle.

This ensures that your car stays healthy and always ready for a smooth run. The more you keep the vehicle maintained; the better will be your driving experience.

Factors That Affect Vehicle Insurance

There are lot of factors that affect your vehicle insurance. Let’s have a look at some of these factors that people are often unaware about:

Age of your vehicle:

The car insurance company estimates the worth of your vehicle at the time of insurance. This is called Insurance Declared Value or IDV. The IDV of a new vehicle is more than an old one. This is because the old vehicle experiences wear and tear over the years. Your insurance coverage is based on this IDV; in other words, insurance cover depends on the age of your car at the time of insurance.

Your car model:

Insurance premium of your vehicle may change on the basis of your vehicle make and model.

The place you live:

Your place of residence also affects the insurance of your vehicle. For example, if you reside in a densely populated area with high traffic, your premium may be more. On the other hand, another person who lives in a peaceful neighbourhood with less traffic may pay lower premium.

India has been divided in Zone A and Zone B when it comes to insurance. Zone A includes cities have higher insurance rates and these include Delhi, Mumbai, Pune, Kolkata, Chennai, Ahmedabad, Bangalore and Hyderabad. The rest of India is Zone B.

Additional covers:

Your insurance premium will be higher in case you choose additional covers like Engine Protector, Roadside Assistance, Lost Key Replacement or Consumables.

Claim history:

In case of a claim in the previous year, you will lose out on NCB (No Claim Bonus) resulting in higher insurance premium on renewal.

While it may not be in your hand to control all these factors, but you can definitely get the best insurance for your vehicle. All you need to do is compare vehicle insurance online before buying an insurance policy for your vehicle.

Glossary: Motor Insurance

Insurer – A licensed, legal entity that provides insurance.
Insured - The person to whom or on whose behalf benefits are payable under the policy.
Add-on cover – An insurance policy extended to cover additional risks.
Zero Depreciation – This policy provides complete coverage for your vehicle- there is no deduction for the value of an asset due to use.
Insurance Calculator – A Motor insurance calculator tool that calculates the premium chargeable for coverage of a vehicle under various car insurance policies. It helps a person determine the premium costs of various policies before making a final decision.
Cashless Garage – Company’s recommended garage where a person can get his insured vehicle repaired. The expense is directly settled by the insurance company.
Endorsement - A written amendment affecting the declarations, insuring agreements, exclusions, or conditions of an insurance policy.
Certificate of Insurance – A document of insurance with details of the insurance plan, the benefits, and principal provisions.
Comprehensive Policy – This policy protects against any loss or damage, partial or total, caused to the vehicle and its insured accessories as a result of natural and man-made calamities. This policy also includes personal accident cover as well as third party legal liability cover. It also covers for fire and theft.
Insured Declared Value (IDV) – This is the depreciated value of the vehicle calculated by the insurance agency and agreed upon by both parties – insurer and insured. The insurance premium is calculated on this value. In the case of a total loss of the vehicle, this is the value payable.
Liability Coverage – The amount of cover your insurance will provide, in a case of an accident, to you and the third party.
No Claim Bonus (NCB) – A bonus given by the insurer to the insured who has not claimed insurance in the previous year of policy cover. It is generally in the form of a lower insurance premium in the coming year.
Own Damage Premium (OD) – Premium that is payable to provide coverage to your car in case of a claim due to damage to your vehicle due to an accident, fire, earthquake, landslides, etc.
Premium – Amount that the policyholder pays to keep the policy in force.
Personal Accident Cover – The amount of cover your insurance will provide in case of Accidental Death.
Proof of Loss – Documentary evidence of the loss incurred by the insured. E.g. vehicle repair bills in case of an accident, police FIR in a case of theft, etc.
Third Party – Someone other than the insured and insurance company.
Third Party Claim - A demand made by someone against the policyholder and the amount that will be paid by the policy holder’s insurance company.

How To Transfer Your Vehicle Insurance?

A lot of people prefer to buy a second-hand vehicle to polish their driving skills before going for a brand new one. If you too are looking forward to buying a second-hand vehicle or sell yours, there are certain points regarding its insurance that you should be aware of, both as a buyer and as a seller.

In-case of a change in ownership of a vehicle, motor insurance ownership too needs to be transferred to the new owner of the vehicle. To do so, you need to collect all the insurance policy related documents and intimate the insurer about the same. You change car insurance before renewal date to avoid any hassles.

Or alternatively, you can seek the help of your agent for this transfer. All you need to do is to arrange all the policy related documents, request form and vehicle RC and hand it over to the insurance company, either directly or through your agent.

There is a 14 days period within which the new buyer has to apply for the changes. If he fails to do so within the given time, the policy may cease and he might not get any refund or discount.

There is another point that a seller should consider- If the seller has not claimed insurance in the past then he can retain the No Claim Bonus (NCB). A certificate will be issued by the insurance company which can be utilized on buying a new vehicle. This certificate is valid for 3 years.

Not transferring the policy of the vehicle will restrain the new owner from claiming the vehicle insurance in future. Also, if the vehicle is involved in any legal trouble in the later years, the person registered as the owner would be held liable. So, transferring the insurance is favorable for both the parties.

Transferring the insurance policy is very easy if you have all the valid documents (RC with changed name in it, Insurance Policy Document, ID and Address Proof) and the same applies while buying a second-hand vehicle.

In case the purchased vehicle is not insured, do not hesitate to compare vehicle insurance online to get the best quotes.

All About Motor Claim Assistance - Accident, Theft And Third Party

We get our vehicles insured so that we can get compensation in case of damage or theft. But the irony is that most of us are under the delusion that claiming motor insurance is a hectic task. On the contrary, it is quite easy if you know the process.

In case of an accident

As per studies, there is a vehicle collision every minute in India. So, if ever you are an unfortunate victim of the same, you should simply follow these steps.

Arrange the documents
- To claim your insurance amount in case of an accident you need to sort out your policy documents
- Click pictures of damage to the vehicle so that you can submit it as a proof to your insurance company.
Get in touch
- The next step is to communicate with the insurer
- This can be done by sending an email or over a call
- Relevant documents like Policy, Claim Form and proof of damage will have to be submitted to the insurance company
Ask for assistance
- If you are claiming for the first time then it is advisable that you ask for assistance from the customer care executives of the insurance company by calling on their 24x7 customer support number
Visit from company
- Once you have submitted all the documents, an insurance company executive will visit to validate all the information provided by you.

In case of theft

Report the incident
- File a FIR as soon as possible
- This will also act as a record of the incident and can be used for future reference
Proper documentation
- You will need to submit documents like the RC, driving license and a letter to the RTO informing about theft.
Settlement
- After the final report of police investigation is submitted, the insurance company pays you the claim amount
- At the time of the claim payment, you will have to hand over the vehicle keys to the insurer
- If your car was on a loan then the insurance company will pay the finance company the depreciated value and the remaining amount will have to be paid by you.

In case of Third Party Insurance Claims

Third party insurance can be claimed in case your vehicle has been damaged by another person’s vehicle
- You can file your case in the Motor Accidents Case Tribunal
- Keep necessary documents like the FIR and the damage repair expenses ready
- The guilty driver will be summoned and his documents of policy etc. will be checked to settle your claim

In case you are at fault then you can do either of these things:
- Ask the insurance company to take care of the proceedings on its own or
- You can let them hire a lawyer for the same. But your insurer will be on your side only if there is no breach in policy

So no matter what vehicle you drive it is important to have an insurance policy. Compare Bike insurance and car insurance policies online to get the maximum benefit in terms of cover and cost.

Mistakes To Avoid While Buying Motor Insurance In India

Today’s world has become tech-savvy, thanks to the Mobile First age! Consumers are now comfortable searching, comparing and buying products ranging from groceries to apparels online. One such online activity that consumers have adopted is comparing & buying vehicle insurance policy. Here, are few points one must consider while buying insurance to avoid any issues at a later date.

Penny wise and Pound foolish

Motor insurance is mandatory for all the vehicles on a road, in India. So, the majority take this for granted and buy any reasonable policy that is pocket-friendly. Applying for any motor insurance policy without analysing the nitty-gritty, may deprive the applicants of insurance claim when required.

Declare what is asked

While buying the policy there are certain details which the insurer asks for, like the year of manufacture of the vehicle, type of fuel used that is CNG, LPG, or petrol, any past claims etc. Not giving the exact details may land you in trouble as the insurer may cancel the policy on discovering the facts.

Compare or Lose

First come first serve habit won’t work. We tend to buy the first policy which we find while surveying and don’t compare other options. Comparing vehicle insurance is a very important phase as it facilitates to make a perfect choice! There may be lowest quotes with Zero depreciation offers from the best of insurers available. So make sure you make a wise decision!

Sale it is!

Various insurers offer discounts for applicants with benchmarks such as the occupation of the buyer, age of the buyer or safety gadgets installed in the vehicle. So double check, if you are eligible for discounts on vehicle insurance for any of these categories. This may fetch a handsome discount of up to 10 %.

Know before you Buy

There are mainly two categories for vehicle insurance policies in India i.e. Third Party and Comprehensive. Third party insurances cover the cost of other person’s car and medical expenses when you are the defaulter and a comprehensive policy includes self, theft, as well as third party, claims whomsoever is the defaulter.

Hence, it’s very important to carefully analyse the type of motor insurance policy before you make a choice.

RenewBuy- Insurance Specialists

RenewBuy is an e-commerce based auto insurance platform that enables consumers to find the lowest quotes from leading insurers and buy policies within a few minutes. RenewBuy seeks to change the way motor insurance is bought, sold and serviced in the country, using technology and becoming an enabler by simplifying and digitizing motor insurance category.

For those looking for a new motor insurance policy or those who wish to renew one, here’s why RenewBuy is the best choice that you can make:

RenewBuy is backed by a team of specialists with years of experience in the motor insurance domain
The team includes experts in Insurance, Technology and Marketing domains.
The key differentiator for RenewBuy is to solve customer issues that help transition to an online experience by delivering the following:
- Quote comparison from leading insurance companies- savings of up to 60% on premium
- 1-click, hassle free buying process, no paperwork required, instant policy
- Free Insurance reminder service, fully digitized buying and claim assistance process- no tele-calling
- Digital locker for key documents like RC, Insurance Policy, License, Road Tax certificate, Pollution certificate etc.
Since it is an online platform, you can access it anywhere, anytime

For more details about RenewBuy visit: www.renewbuy.com

Increase In Third Party Motor Insurance Premium

As per IRDA, third party insurance premium will get costlier from April-1. India’s Insurance Regulator is planning to come up with some revised premium rates. As per the new FY-18 insurance rates, the Insurance Regulator and Development Authority of India (IRDAI) has proposed up to 50-percent hike in premiums including several motor segments like mid-segment cars, SUV’s etc. Despite this change, there seems to be no proposal to increase the third party car insurance for smaller cars.

IRDAI has released a draft that lists revised premium rates for third party motor insurance and has invited stakeholders to give in their feedback up to March 18, 2017. TS Vijayan, IRDAI chairman says, the draft is ready and now we seek opinion from different stakeholders. Hike in third-party motor premium is bound to happen and cannot be avoided under any circumstances. He further states, the rise in the third party insurance premium rates is solely dependent on the feedback received from the stakeholders.

The mid-segment cars would likely see a hike of INR 3,355 in the insurance premium, while cars with engine capacity above 1500cc might get a hike of INR 9,246. The revision of rates is sure to not include cars whose engine capacity lies below or up to 1000cc. Also, the rate for cars whose engine capacity is 1500cc or more has been revised to INR 9,246 from INR 6,164 creating a gap of nearly INR 3k.

Surprisingly, increase in third party insurance premium has been proposed for entry level and performance category models. As per the proposal, rates are supposed to increase to INR 1,194 from the pre-existing rate of INR 796 and this is exclusive to super-bikes and sports bikes.

Just like cars, again there seems to be no change in rates for two-wheelers with engine capacity up to 75cc; it’s still the same at INR 569. We also see a change of rates from INR 619 to INR 720 this year for vehicles with engine capacity above 75cc but less than 150cc; whereas, rates for vehicles with engine capacity in the range of 150cc to 350cc have risen from INR 693 to INR 978.

TS Vijayan in support of hike says, Insurance is too similar to pooling and the claim amount keeps varying over the time. This is safe when there is a fixed compensation, however, in case of third party motor premium it’s not the case, and hence came the need for increase in third party insurance premium rates.

The third party insurance premium rates for commercial vehicles are also bound to rise depending upon the categories of CVs. They would be different for different modes of transport like; rates of tractors with engine capacity of 6HP would rise from INR 510 to INR 765. IRDAI may also increase rates for e-rickshaws alongside vintage cars that are likely going to see lower rates. The organization has proposed a 25-percent discount in the rates. To avoid confusion, a car would be counted as Vintage Car only if it’s certified by Vintage and Classic Car Club of India.

IRDAI chairman also highlights the importance of innovation and usage of innovative tools in the insurance industry as he believes it will lure investors with low rate premiums. The entire process involved in buying or selling the insurance happens with the help of an individual and hence a certain amount of expense is required. With the intrusion of technology, there are chances of facing certain variations due to which a premium would come down.

Third party premium is mandatory for vehicles and each financial year, IRDAI revises premium rates. Currently, the proposed rates have been calculated on the basis of accident-related data received from the Insurance Information Bureau of India (IIBI).

Difference Between Third Party Insurance And Comprehensive Insurance

It is mandatory for every vehicle in India to have a valid insurance policy. There are several factors one needs to keep in check while choosing any insurance policy including the level of coverage one requires.

Insurance companies provide two different types of insurance plans keeping in mind the level of coverage required- Comprehensive and Third Party Insurance.

Comprehensive insurance vs third party insurance is a topic of constant debate, and so this article deals in clearing the difference between third party and comprehensive insurance.

Third party insurance is exclusively for the damage done to the third party, while it in no ways benefits the insured or the insurance company. It is mandatory vehicle insurance as per the Motor Vehicles Act of India and covers the legal liability of the insured for the injury or damage to the third party.

As per the guidelines issued under 3rd party insurance, the third party can file a case against both the insured (the policyholder) as well as the insurance company for any injury, death or any damage done to the property or vehicle. However, this is applicable only if the damage is done by the vehicle issued under the name of the policyholder. The upper limit for the damage done to the property or vehicle of the third party has been fixed at INR 7.5 Lacs while no bar has been kept on the compensation claimed in case of an injury or death.

One should note here that third party does not cover any cost of damages to the insured’s vehicle or the insured itself in the event of an accident. Also, if the insured’s vehicle is stolen or demolished, the insurance company will not pay any cover for it under this scheme.

What is the difference between third party and comprehensive insurance?

As the name suggests, a comprehensive insurance covers all aspects of damage done to a vehicle. It is the highest level of protection you can have for your vehicle as it provides protection cover to damages done to your car which is not at all related to any accident or collision.

It also provides coverage for the injury caused to the occupants in both vehicles along with the damages caused to the third party by your vehicle. This is an extensive policy and its cover includes damage to insured’s car, theft, legal liability to a third party and personal accident.

Not many know but one major difference between third party and comprehensive insurance is that the former protects you only for the damages your vehicle incurs to another person’s vehicle with no policy of covering your own vehicle while the latter provides extra benefits including the ones coming with the third party insurance.

Another factor that highlights Comprehensive insurance vs. Third party insurance difference is that by using third party insurance user gets entitled to limited number of benefits. However, if the same person increases the premium and becomes a part of comprehensive insurance, it gives him all major benefits of comprehensive insurance.

5 Things To Know About No Claim Bonus

A bonus in the world of insurance sounds wonderful, isn’t it? For an insurance fanatic, a no claim bonus is nothing new. However, if you are a newbie, then we are sure you would want to know more about this. Let’s begin by first understanding what exactly a no claim bonus is.

As a policyholder, you have the option to avail no claim bonus - a discount given by your insurer if you make no claims during the term of your policy. The no claim bonus can be accumulated over a period of years and depending on the number of years; the discount percentage would be determined. It can range anywhere from between 20% to 50%. The percentage of your no claim bonus keeps increasing every year.

There are a number of things related to no claim bonus that you should be aware of, and in this post, we would be discussing 5 things that you should know about no claim bonus.

Transferrable

One of the positive features of no claim bonus is that it is easily transferable which means that it is still valid even if you exchange your old vehicle for a new one provided it is the same kind. This is because the no claim bonus is usually in the name of the policyholder and not in the vehicle. Just ensure that the new vehicle gets registered on the same policyholder’s name.

Termination

There are two instances when the no claim bonus can get terminated. One is if you have made any claim during the policy year and the other is if you fail to renew your policy within 90 days of its expiration. Either of these instances can lead to termination of your no claim bonus.

No Claim Bonus Proof Validity

You need to keep in mind that the proof of your no claim bonus is valid only for two years. So those who don’t have a valid policy for two years would have to start the process from the beginning when he/she takes a new policy.

Different Insurer

In a majority of cases, the exchange of no claim bonus is permitted when you shift from one insurer to another. The new insurer can check and authenticate the validity of the No Claim Bonus certificate so that they can be sure that there were no claims made with the previous insurer.

No Claims Bonus Protection

If a situation arises wherein you have to forego a small amount of your no claim bonus in the event of an accident or any other reason, you don’t have to fret too much because you can avail the add-on cover facility. This cover would provide an assurance up to a certain limit on your no claim bonus. Not all insurance agencies provide this facility, so make sure that you find out all these details before purchasing the policy.

There you have it – five things about a no claim bonus that you should know. But remember besides these there are many other factors that you must understand. You should always go through a policy thoroughly and then only purchase it.

How To Check The Authenticity Of Your Motor Insurance Policy?

There’s nothing like driving your dream vehicle and enjoying smooth rides on the city roads. However, these sweet dreams might translate into nightmares if your vehicle isn’t insured. You might be a responsible vehicle owner who has taken every measure to insure his car or two-wheeler. But, you are completely unaware of the authenticity of your insurance policy!

The real scenario

Motor insurance companies and the vehicle insurance sector, in general, are going through tough times. It is becoming difficult to identify the authenticity and genuineness of claims as well as insurance policies. As a consequence, insurance providers are bearing the brunt of huge financial losses. That’s not the end of the story.

Consumers are also taking a backseat when it comes to insuring their vehicles. The presence of fake companies and fraudulent insurance providers is instilling a spirit of distrust, fear, and unreliability amongst them.

Tips to Identify Genuine Policies

If you have a vehicle that needs insurance, it’s high time you analyse the present scenario and then take a decision. There are different ways to check the authentication of your insurance and here are the tips to do so:

1.Know your Insurer

While receiving the policy papers, make sure you know your insurers. Even in the case of slightest confusion, email them at their registered email-id. You can also give them a buzz on their toll-free phone numbers to verify the details. Address and location of the nearest branch or registered office will also be present in the policy document. If it’s genuine, you will surely find it and can visit the office whenever it’s required.

2.Put your Sign on Cover Note

When it boils down to making a claim, it becomes important to take additional care. You should check the details of the claim-proposal, verify the points mentioned in the papers, make necessary corrections, and then sign the final papers. Steer clear of allowing someone else to sign these important papers. That’s certainly not the right thing to do and can pave the path for fraudulent practices. When it comes to proposal forms or cover notes, nothing but your sign should be present.

3.Check Deductibles, IDV, NCB

If you want to check whether the policy you received is genuine or not, you must check these three documents:

IDV: Insured’s Declared Value
NCB: No Claim Bonus
Deductibles: Additional compulsory deductibles, voluntary excess, and compulsory deductibles.

Declare everything in detail and maintain transparency while doing so. You might get influenced by your insurer who will lure you to crack a profitable deal. But, you shouldn’t give in and agree to whatever the insurer says.

4.Pay Receipts

It’s better to make payments through cheques or online transfers, as that helps you keep a comprehensive and tangible record of the transactions. Even if you are giving cash, make sure you take receipts for every payment.

It’s great to ride your mean machine and rule the challenging terrains! With these strategies in mind, you won’t fall prey to fraudulent insurers!

Does Under Influence Affects Your Auto Insurance Rates?

Many vehicle owners, who drink, are under the misconception that if they have an accident, their vehicle insurance will cover them financially and handle any expense arising. On the contrary, no motor insurance company in India covers drunk driving or driving under the influence. However, driving under the influence can have an impact on your auto insurance rate even though the policy will not financially cover you.

What Does the Law Say?

The Indian Motor Vehicle Act states that if a person has alcohol in their blood, regardless of the quantity, they can be imprisoned for up to six months. The law is very clear about driving under the influence and the penalty for it. However, in urban areas, drunk driving is a major problem.

What about Auto Insurance?

For insurance companies, driving under the influence is a negative for them. Drunk drivers have a greater risk of causing or being involved in accidents which make them a riskier profile than other insurance policy holders. Remember that if you are fortunate to survive the ordeal of DUI with just a police case, you will still need insurance (either new or renewed). Here, you will find that the insurance premium will have shot up by as much as 40%. It's because now you are classified as a driver with a greater risk and higher risk translates to higher premium amount to secure the risk.

Third parties suffering car or bodily injury too would be fully eligible to be paid for the damages, and the policyholder cannot claim DUI as a factor to avail a relief here.

Additionally, if a policyholder has taken an add-on of the accidental death benefit, in most cases it will not likely be paid out by the company if the death was due to driving under the influence of alcohol.

The Loophole

It is prudent to remember that in India, car insurance is not issued in the name of the driver. Rather, the insurance is issued on the car number. Hence, it can be difficult to identify the driver of the vehicle and whether they were drunk unless the driver is caught and subjected to a blood test. So, if the driver cannot be identified, auto insurance companies will be unable to hike the auto insurance premium, as there will be no record of the accident to show that you were driving the vehicle.

The Bottom Line

Driving under the influence is irresponsible. It can prove to be fatal for you and other people. Hence, if you intend drinking, it is best to designate a non-drinking friend to drive you home, hire a taxi or hire a driver to drive you home in your vehicle. Drinking and driving can not only adversely affect your auto insurance rates, but it can also wreak havoc in your life. Do you still want to risk it?

GST Council Likely To Revise CESS Rates From 15% To 25% On Large Vehicles

The economic scenario in the country has been undergoing huge ups and downs. After demonetization, it’s the ‘Goods & Services Tax’ creating the furore. Individuals operating in various sectors are already aware of GST and paying it at multiple levels. With the central government taking new initiatives and making new revisions every day, it’s high time to know about the latest developments!

Revised rates by the government

The Cabinet and the GST Council have decided to change CESS rates up to 25%. It’s a whopping 10% higher than 15%, which was the initial price. The ‘Section 8 Schedule’ associated with GST ACT, 2017 needs amendment. Ordinances are applied and issued when the Parliament isn’t in the current session. The ordinance should get transferred into a legislation and must get approvals from the Parliament, within 6 months from its date of issuance.

Knowing the details

The new amendment and revision in the cess rates on large vehicles have created a bit of controversy in the motor insurance sector. Prices of large vehicles, SUVs, mid-sized luxury cars had reduced initially. Subsumed interest rates such as VAT, Excise Duty, and Service Tax proved to be highly beneficial. However, all these rates will go up now. Post GST policy rollout, prices for large-sized vehicles had reduced. However, the impacts are going to reverse and change now.

If we go by the present scenario, vehicles and four-wheelers attract the highest tax percentage. It’s right at the top with 28% of GST levied on its purchase. That’s not all; 1 to 15% of taxes are applied to create ‘state compensation corpus.'

Officials speak

It’s here that we need to take a look at what the concerned authorities and government officials have to say. According to them, the pre-GST regime was more expensive for car purchases compared to the post-GST period. The decision to revise and increase cess rates is a significant step towards removing this anomaly. Headed by Mr Arun Jaitley, the Union Finance Minister and dignitaries from all the states of the country, the GST Council decided to move legislations to support the proposal.

The impact of GST on motor vehicle purchase will be felt and understood after it gets implemented. Once the rates get finalised, the Council will sit together to decide a date for launching this policy.

The current scenario

Before the Cess gets approved, potential buyers will have to know about the current scenario. While planning vehicle purchases now, individuals will have to pay 28% GST along with 15% cess rates. However, these rates are applicable for large vehicles, mid-sized cars, and SUVs. If you are investing in diesel-run cars with 1200cc or 1500cc engines, the cess rates will be 3%.

The GST Council just a few days back, i.e., on Sept 9 decided to increase the cess on mid-sized cars by 2-percent, taking the effective GST rate to 45 percent. The council revised cess rate for large cars at 5 percent taking the total GST incidence to 48 percent while for SUVs it changed to 7 % to 50 %.

Final thoughts

Buyers and the common man will surely feel the impact of GST on motor insurance, motor purchase, and servicing. These changes will play a pivotal role and might also affect the dynamics in the motor purchase sector. Buyers should be on their toes and calculate exact amounts while finalising their purchase.

Find Out How Motor Insurance Can Benefit Your Vehicle

Buying a vehicle is a dream that we all secretly harbors in our hearts. Fulfilling it leaves you nothing short of feeling proud and having a sense of achievement. Now, buying a vehicle is not something that you plan overnight. You spend weeks if not months going through every aspect of a vehicle and weighing its pros and cons before finally putting down your money. Though your research would be on point, there is one aspect that we tend to ignore or overlook – motor insurance.

Before you start wondering whether to go ahead with the post or not, know that a motor insurance will help you in reaping benefits for your vehicle. Along with the benefits, you should also be aware that under the Motor Vehicles Act 1988, a motor insurance is mandatory for all vehicles. So what exactly is a motor insurance? It's a financial help that you can claim in the event of any damage or theft.

It is common knowledge that you need to shell out a little extra for a motor insurance, however, in the longer run; it should be seen as a healthy investment for your vehicle. In this post, you will find out the various benefits that your vehicle can have with the help of a motor insurance.

Top 5 Benefits of Motor Insurance

We have listed down 5 scenarios where the financial coverage provided through these insurances can be a blessing to you.

Minor Accident

No matter how skilled a driver you are, there are always situations where you could end up getting involved in a minor accident leaving your vehicle with unwanted dents. In such situations, it is not just your vehicle that gets hit but also your pockets. Your insurance could come in handy in these situations.

Natural Calamities

You may be able to avoid an accident; however, there is nothing that you can do when faced with natural calamities like floods, earthquakes, cyclones, etc. The insurance may not be able to save your vehicle completely, but it can still cover a significant part of the damages.

Benefits for Survivors

Motor insurance covers not only the vehicle damages but also the owner of the vehicle. Third-party liability insurance will protect you from financial losses arising from accidental loss to the third party or property damage of third party.

Lawsuits

Major accidents can lead to lawsuits which again as everyone knows is a financial hassle. Depending on the situation, the insurance can come in handy for you to cover part of your lawsuit expenses.

Theft

Vehicle thefts are pretty common, and though a motor insurance may not stop your vehicle from getting stolen, you surely can use the insurance amount to compensate for a part of its value.

As per the law, you are obligated to have a motor insurance for your vehicle, but if you don’t have it, we hope this post on the benefits of motor insurance will prompt you enough to go and get the right insurance plan for your vehicle. Do remember that all the above benefits have clauses in it so make sure that you go through your insurance thoroughly before purchasing it.

Know How to Save Money While Switching Your Vehicle Insurer

Having a vehicle insurance policy is mandatory as per the Motor Vehicle Act; however, having the same insurance provider for many years may not be a wise decision. It is easier to renew your policy with your existing insurance provider as you don’t have to go through the hassles of checking other policy providers, their advantages and disadvantages, etc. But generally, people fail to understand that in this process they might be spending unnecessary money which can be saved by opting for a new and better policy.

If you are planning to switch your vehicle policy from one insurance provider to another insurance provider, you might be wondering how to go with the switching process? There are few things that you need to be aware of while switching your vehicle insurance policy. You can follow the below easy steps to ensure that you save money while switching your policies.

Look Around

It is always advised to get quotes from at least 3 insurance providers so that you can compare and choose the best one. You can compare their features, discounts, coverage, deductibles, limits, benefits, etc.

Talk to your Current Provider

You can also talk to your current provider as because of the tough competition, your current insurance provider can give you a better deal to retain you back. There are chances that they might match to your rival’s prices.

Penalties

In case you are planning to switch your insurance provider at the time of renewal, the switching process is smooth and easy and there are no penalties. Whereas if you are switching in between your insurance term, you can do so by purchasing another policy and then cancelling the existing policy and in this case, you will need to find out if there are any penalties involved.

Research

You need to be thorough in your research. You cannot assume that just because an insurance company is giving a good deal, it is the right choice for you. One way would be to check the ratio of that company’s customer complaints. You could also check the company’s reviews on its Facebook page, Twitter or through your friends and family.

Cancellation

After switching to a new insurance provider, you need to confirm that your previous insurer has cancelled the policy so that you don’t get any unwanted bills. This step would also keep your credit score safe and sound.

New Insurance Policy

The final step to ensure a smooth and easy switch of your vehicle insurance policy is to get your new insurance policy printed. It is a good idea to save all the documents related to your previous policy as well.

Switching your vehicle insurance policy is not an easy task. We hope these 7 steps would help you in overcoming this task in a smooth, easy and efficient manner. A little bit of research and planning can go a long way in saving some mega bucks for you!

Third Party Insurance: Advantages and Disadvantages

What is Third Party Insurance?

There is no doubt that buying a vehicle comes with an undisclosed rule of purchasing a vehicle insurance policy as well. Most of us end up buying it only because it is mandatory under the Motor Vehicles Act 1988 but we need to understand that these insurance policies are for our benefit. In India, there are different kinds of motor insurance policies, and it is important for us to know about each of those policies in depth so that we can choose the right one for ourselves.

One of those policies is the Third Party Insurance Policy which is also known as liability coverage. It meets the minimum legal requirements of motor insurance and provides cover for all your damages if you harm a third party.

Pros and Cons of buying third party Insurance:

Pros of Third Party Insurance: The cost of third party insurance is one of its main advantages. In the case of an accident, where you have caused damage to a third party, you will be on the safer side and save up on some money with the help of a third party insurance policy. Rather than you being held liable for the damages, the entire amount (property damage up to 7.5 Lakh) would be settled by the insurance provider. In case you don’t have third-party insurance, you can be sued, and you would have to shell out the legal expenses from your own pockets.

Since you are meeting the bare minimum legal requirement for insurance, you don’t have to be worried about getting pulled over for lack of an insurance policy.

Unlike other insurance policies, buying or renewing third party insurance policies is not much easier as not every insurer offer this online, but you can search for insurers who offer this online and purchase or renew it online. It not only saves time, but you can purchase at your convenience.

Cons of Third Party Insurance: Just like pros, there are certain cons as well related to third party insurance. One of them is the fact that in the event of an accident, this insurance would not protect you from the damages that occurred to your vehicle. If you are responsible for the accident, then you are responsible for paying for all the repairs as well.

As mentioned earlier, having a third party insurance policy can save you from a lot of legal as well as financial hassles. Third-party insurance policy differs from one company to company, so you would have to compare the rates and benefits offered by the various companies before making your final choice. We hope this list of pros and cons of the third party insurance policy helps you in getting a clearer picture and aids you in making the right choice.

4 Motor Insurance Terms Every Vehicle Holder Must Know For Claim

Most of us are unaware of the various terms that are used in car insurances. There are a large number of important terms that are used and remembering and understanding them is difficult work. To make this task easy, given below are some important terminology that will help while reading through a policy or making a claim.

Insured Declared Value (IDV)

To put it very simply, it refers to the current market value of your vehicle. This value is used to determine the highest amount of money the insurance company is liable to pay if there is any problem with your car. Meaning that if your car gets stolen, or is damaged very badly then you can claim for your insurance IDV ensures the maximum value that you can get. When you are buying your car insurance, ensure that you are quoting the exact cost of your car and not something lower than that. You may have to pay less premium but your returns will go down as well.

Personal Accident Cover

While buying your car insurance, you should be careful whether your policy covers this clause or not. Most policies do not cover this particular clause. In such cases, you may have to pay a little extra to ensure that this term is covered. Now, what is the meaning of this term? When in an accident, it is not just your car that gets damaged, but in many cases you may be badly hurt as well. An accident can sometimes cause death or permanent disability. In such a case you can claim this insurance. This is an insurance clause for the individual along with the car.

Third Party Cover

Where the insurance work for your car is concerned, you are referred to as the first party; your insurance company is the second party. Third party refers to any person who is adversely affected by your car’s accident. The damage caused can be death, any physical injury, or damage of property. In such a case it is your liability to compensate the third party of the financial loss. Third party liability clause covers this aspect of the insurance claim. You are not directly benefitted by this policy but it helps you pay for any damage caused to a third party and saves you from any legal glitch. In India third party cover is a compulsory part of insurance policy.

No Claim Bonus (NCB)

This term is associated with renewal of your insurance policy. This is a discount that is given to you when you are renewing your insurance policy. It means that you have not claimed your policy and now wish to renew it. If you are opting for a different insurance company then your NCB is generally transferred to that company, provided you made the renewal within 90 days of the expiry of the previous one. The NCB is not granted to the vehicle but to the insured. If you have sold your car to someone then you can retain your NCB to your new car provided you apply for reserving letter from your current insurer about the NCB. Reserving letter is valid for 3 years, i.e. you can transfer your NCB to new car within 3 years from the date of issue of reserving letter.

Should You Increase the Insured Declared Value?

Insured Declared Value (IDV) is the amount guaranteed by the insurer in the event of a theft or total loss of an automobile. This, however, is calculated by the current market value of the vehicle and not its purchase cost. So if your car is 4 years old, its market value will be lesser than its purchase cost (due to depreciation), and hence the IDV will be based off this lesser value.

Why purchase a higher IDV?

The statistic shows that India is not a very safe place to drive where traffic rules are violated all the time. This includes stolen vehicles, and to have a lower IDV puts the owner at a higher risk. A lesser premium would result in a much lesser claim, and that is not what you as an owner would want when it’s come to claiming against total damage or theft.

Does it make sense to increase your IDV?

Insurance premiums are usually 2% to 3% of the insured value of that particular year for a car. A common tendency will be to quote a lower IDV so that the premiums applicable will also be lower. However, this will also mean that in case of total loss or theft, you will be compensated with a lower amount than the market value of your car, effectively resulting in a loss for you.

How do you establish what your IDV should be?

The age of the car plays a significant role on IDV. The depreciation factor lowers IDV claim year by year, and so does its premium. Depreciation for a new vehicle is usually 5% within the first 6 months. The 5% is taken into consideration of the showroom cost; this does not include road taxes.

For a car that is more than 5 years old, its price is determined by both parties, that is the insured car owner and the insurance company. But factors of age, condition, availability of parts of the vehicles are taken into consideration. This calculation is also considered during the time of renewal, and it is not necessary that the insurer has to agree with the insurance company on the premium amount. There is scope for debate on its cost, and the insured car owner is within his rights to negotiate what he believes the market value of the car is, by researching on his own.

If the present insurance provider does not allow you to raise the IDV of your vehicle and the user feels it is worth more, then there is always the alternative to change the insurer for a new one. Car owners must keep in mind not being aware the right IDV of the vehicle will result in inadequate compensation.

To summarize

Keep your IDV at par with the market value of the car. This way it will reduce as its age increases. Though your premiums will be higher, you will be relieved in the unfortunate case of total loss or burglary.

Why Is Motor Insurance Significant For Every Indian?

Having a car increases the mobility and decreases the dependency on public transport but driving a car in the Indian road is quite a task. By just being careful, you cannot keep accidents and mishaps at bay. The safety of the vehicle, driver and the passengers depend strictly on the behaviour of other drivers on the road as well. While buying a car can be a wise decision, hitting the roads without insurance is a huge risk.

So, insurance is not only a legal liability, but it is an essential financial security. Driving on the roads has its perils, and this is the reason why motor insurance is significant for every Indian. Today we bring forth a list of reasons that enforce the fact as to why motor insurance is necessary for every Indian:

Motor Insurance reduces liability:

A third party liability car insurance coverage is mandatory in India. The TPL (third-party liability) covers you against any legal consequences that may come up due to an accident caused by you. If another person incurs a loss or damage to property caused by an accident for which you stand responsible, then having valid insurance will pay for their damage, their treatment and save you from other legal proceedings. If you opt for comprehensive coverage, then you get the added protection against own damage as well.

Pay for hospitalisation:

Not every accident ends with a few scratches and a broken knee. There may be cases when the damage is quite severe, and the victim needs to be hospitalised. Spending from our pockets for hospitalisation and treatment along with the legal problems would not be an easy job. If your vehicle has insurance, the insurer will pay for the overall expenses.

Compensation for your family after your demise:

The most unfortunate incident that can happen is the policy owner’s death in a road accident. It can leave the whole family dismayed and shattered. Under such a situation, the motor insurance policy can help the family survive and sustain.

Motor insurance pays for damages:

Not only are the cars expensive, the spare parts that come with it are also expensive. Damages can occur due to a plethora of reasons. A car colliding with yours, a broken rear view mirror due to a closely parked car, broken glass, a damaged engine or any of these problems can come to you at any point of time, and the expenses won’t be easy to handle. Owning valid insurance will provide financial security against any such mishap.

Motor insurance at cheaper premiums:

Today, Not only are the cars expensive, the spare parts that come with it are also expensive. Damages can occur due to a plethora of reasons. A car colliding with yours, a broken rear view mirror due to closely parked car, broken glass, a damaged engine or any of these problems can come to you at any point of time, and the expenses won't be easy to handle. Owning valid insurance will provide financial security against any such mishap.

Today, most of the motor insurance companies provide online services. Buying motor insurance policy online results in lower premiums and the whole protection can come at a lower price. In all, a good motor insurance policy is a must have for protecting the safety of your loved ones. It not only provides financial assistance at the time of need but also lets you enjoy trouble-free driving on Indian roads.

Break-In Renewal Motor Insurance Policies At A Glance

Is there a time when you were not able to pay up a premium due to which your two-wheeler insurance policy lapsed? In the past, such a situation would have left a policyholder with the frustration of renewing it. In addition, the renewal process back then was quite complicated. Thus, many people simply ignored reinstating their motor insurance schemes. However, the break-in renewal processes nowadays have become seamless.

In countries like India, the government has already made it mandatory to get a motor vehicle insured. Thus, it is your prime duty to keep your insurance policy free from the risks of lapsing. Besides the legality of keeping one, it gives you the support you need during uncertain and unfortunate damages, theft, or some other accident. Many people in India still avoid renewing their policies thinking that they barely meet in such mishaps, but this is where they increase the chances of risks upon them ten-folds. In addition, it has now become quite easier to acquire a break-in renewal from any reputed insurance agency.

How to acquire a break-in renewal?

Now that the system has become smoother, any policyholder can revive a lapsed two-wheeler policy using the services of an insurer. Here are some ways to get one:

1 – Through an insurance agent:

This is a traditional method where one has to approach an insurer for renewal of the policy. However, the paperwork needed to renew has reduced considerably. Therefore, many policyholders can call upon an insurance agent to help with the renewal policy. The agent may take some commission for renewing your policy, but it is still better than a lapsed scheme.

2 – Through the insurance agency website:

The most convenient method nowadays is the online one, where anyone can process the request for a renewal. Moreover, he/she may not even require a physical inspection of the vehicle in case of a two-wheeler but it is mandatory for a four-wheeler though. Just process the request through your preferred insurance agency’s website and pay through any online mode that they offer. After verification, your break-in renewal process will be accepted and the lapsed policy will be renewed. Another reason for online processing is due to the vast number of break-in renewals. Thus, several renowned agencies give the benefit of online processing for simplifying the method.

Do your NCB privileges subside?

A common thinking among people is that a lapsed motor insurance policy will not offer NCB benefits on renewal. However, a break-in renewal is still valid if the break is not for more than 90 days. Therefore, if your policy has lapsed just for a few days, then you can get it renewed with the NCB benefits still intact.

This advantage ensures that you are not left with complete disappointment even after lapsing of your policy.

Conclusion:

Buying a motor insurance policy returns several benefits to you in the form of financial support at times of need. Now you can renew your lapsed two-wheeler policy using a break-in renewal process where you will not have to pay a penalty, only if you do it within the grace period.

Stepwise Approach To Make A Motor Insurance Claim Online

If you own a motor vehicle, there are chances that you will come across damages in your vehicle, accidents or thefts. If your vehicle is insured, then you are liable to insurance. You need to follow certain steps to get your insurance claim. Some of the important factors related to claiming your vehicle insurance is given below.

Under what conditions can a motor insurance claim be made?

In case there is some damage to your vehicle.
In the case of personal damage (if your policy covers it).
Third party damage, Injury to someone else or their property damage. In case your vehicle is stolen by someone.
Vandalism.

In case someone is injured by your vehicle in an accident, you must report the incident to the police at once and to your insurance company.

In case another vehicle has been damaged by your car then another vehicle owner can file for third party claim under property damage and for this another vehicle owner need to file an FIR and the copy of FIR is submitted to MACT court from where a summon to Insurance company is sent post that as per the ruling of court claim is processed.

In case your vehicle has been damaged in the accident then you need to inform the police immediately and also your insurance company so that they can send a surveyor to assess the damage.

In the mean time do not try to remove the car from its accident spot without the permission of the police.

In the case of theft inform the cops immediately and your insurance company alongside the transport department.

The moment the policy document comes to your hand, start collecting the thing that the company needs. Gather all the documents at one place and submit it along with the claim form correctly filed in within the given date.

Follow any instruction that has been mentioned by the company for getting your claim cleared. If you refuse to give any documents that they ask for, then your claim will be denied.

There are some important things to remember when you are making your claim to Prevent Car Insurance Claim Rejection.

Ensure that your vehicle is in good condition. You must be able to prove that your vehicle was in good form while being used. If the company can dig up any evidence against it then you will not be given your claim.
In the case of theft, the company will check for Keys of the vehicle, FIR filed to the police and policy copy. If all of these are available and FIR is filed within 24hrs of theft then you are eligible for filing claim.
It is important that you do not allow unlicensed drivers to drive your vehicle. In the case of an accident even if you have proved that a third party’s fault caused the accident, your claim will be rejected.
When you applied for insurance you had mentioned the purpose for which your vehicle was to being used. If the company finds out that you were using it for some other purpose then also, chances of rejection increase.

How To Make Your Travel Safer With A Motor Insurance?

A motor insurance is a great way to keep your vehicle protected in case of an unfortunate incident. By opting for the right type of coverage (third party or comprehensive) as well as selecting the right add-ons, you can create a great protection plan for your vehicle in case an untoward incident befalls the vehicle. In addition to being a mandatory legal obligation one cannot deny the benefits you can accrue from having a valid insurance associated with your vehicle

However, not everyone understands the significance of a motor insurance for travelling purposes. To ensure a safer journey, especially on Indian roads, these supporting investment schemes can greatly affect your journey in making it smoother as well as convenient.

Travellers are quite vulnerable to accidents or mishaps on the road when going to a new place. While a travel motor insurance may not help in avoiding those accidents, it still can ensure a financial support later for recovering from the losses inflicted during the journey.

Here we have compiled a list of benefits you can get by opting for a motor insurance with your vehicle and thus make your travel safer

Financial Recovery benefits:

Travelling on Indian roads is not as easy as on roads in First World countries. You have to be extra careful while driving. However, one may still face a mishap due to someone else’s fault while travelling. Recovering from the losses in such situations can be quite expensive unless one gets a vehicle insured appropriately. Such schemes are able to offer medical compensations for the travellers in case of third party injury or own injury (the latter is applicable only in case of comprehensive insurance coverage). Paying expensive bills gets a lot easier when you have a valid insurance associated with your motor vehicle.

Compensation on property damage or theft:

Accidents could also damage third party properties that are in the vicinity of the unfortunate mishap. Such situations may lead to a considerable amount of financial loss to the property owner, which the vehicle owner may have to pay. Using the coverage benefits of a motor insurance can help in compensating for the losses inflicted on the property of the third party. Also in case of a theft, the company will be happy to reimburse you to the extent of the IDV of the vehicle decided at the time of taking the insurance.

This can be a beneficial add-on benefit to your insurance if your vehicle is usually driven in a congested place or kept in a secluded locality. This is one more way in which travel can be made safer with motor insurance.

Accidental death benefits with motor insurance:

There are numerous other untoward instances while travelling such as an accidental death of a traveller. This may be devastating without a doubt, but rationally one may have to think of the broader picture in this situation. For that, using a motor insurance with accidental death benefits ensures support in tough times.

Conclusion:

Travelling becomes more comfortable if you have a backup. Such motor insurance policies with travel benefits are a great way to formulate a safer journey.

What To Note In Insurance While Buying Or Selling A Used Car?

What to Note in Insurance While Buying Or Selling A Used Car?

A reason behind purchasing a used car is that modern cars are made with high durability, which is why purchasing one could be a smart choice. Thus, buying a pre-owned car may require a little bit of homework from your side.

Purchasing/Selling any second-hand car requires one to make note of the following things:

Evaluate the condition of the car as a buyer:

This is certainly a vital step to know whether the car you are interested in is worth buying or not. For this, you can take it for a spin outside and test its engine’s workability, transmission, etc. This will help in evaluating all the key attributes of the car and get a good idea of its overall maintenance.

Do note that when you are going to see the car at the seller’s garage, make sure you keep a note of every visible component on the car. This is important as sellers sometimes show you something and then later replace parts with other cheaper ones without your awareness. To have a better chance of avoiding exploitation, click some pictures of the car you are looking forward to purchase.

More on Factors To Note When Evaluating Used Car’s Condition

Make sure to have a written agreement as a seller:

Finalizing a deal for selling your used car should not just be based on a verbal conversation. You need to have proper papers prepared for the agreement to finalize for transferring ownership to the buyer. This ensures that everything is carried under legal measures.

Keep track of all your car expense records as a seller:

Any maintenance and expenses that have been implemented on your car should be properly stored so that on selling it you can show it to the buyer and get a better price on it. Such records will support all your claims that the vehicle you are selling has been well-maintained.

Check for the registration papers as a buyer:

Getting a used car may require you to be extra careful about the paperwork related to it. In India, there are chances that the seller is selling a car to you that may not even belong to him/her. Who knows that the car might be a stolen property? So, to avoid any such mishaps, carefully check the registration documents and learn about the authentic owner of the car before buying it.

Also, check if the invoice and RC and other papers are all original copies. Once you have seen them all, you and the previous owner will have to do some signature work to transfer the authority of the car to its new owner.

Track the Car Insurance papers as a buyer:

Just like the car ownership documents, car’s insurance papers are also of vital importance to learn about various parameters such as NCB claims, premium rates, and dues, etc. This will give you and your car insurer a better idea at evaluating the premium rates for a new auto insurance policy under your name. Also, make sure that you buy a new policy as soon as possible after purchasing the used car to start with your claim benefits.

Stay protected, save big

With these tips, you can be better guided on how to save via insurance on your used car purchase. Take note of these things and make sure to carry out these steps before you make the payment on your pre-owned car.

5 Things You Didn’t Know Motor Insurance Covered

When it comes to surprises that involve motor insurance, increase in premiums or mishandled claims are first things that come to mind. However, the insurance brings good surprises too. In this post, we’ll talk about five things that you never knew a car insurance policy covers.

No matter how good the cars or roads are, accidents are bound to happen. That is why you need to buy an insurance policy. However, a lot of times people looking for an insurance policy are unaware of all the things that the policy covers. While surprises related to such policies are generally alarming, there can be good surprises too.

Let us have a look at five such surprising things that you might not know that a car insurance policy covers.

Waiver of Towing Fee

If you have been in a mishap in the middle of nowhere, most of the times the only solution is to get the car towed to a garage. Needless to say, you need to pay the towing charges for the same. But what you might not know is that your motor insurance cover enables you to claim the towing charges. While the maximum limit of this claim varies between policies, it surely is a fantastic add-on that can save you from paying an exorbitant towing fee.

Insurance for Car Accessories

There is an increasing demand for high-end accessories in four-wheelers. While a standard car insurance would cover the damage to your car, you can look for an add-on for the expensive accessories. While this is sure to increase the premium to an extent, it is still a great option as compared to paying for the accessories from your pocket.

Cover for Engine Protection

Your car is as good as its engine. You can look for an add-on vehicle insurance coverage specifically designed for the engine to make sure that the insurer pays towards any expenses resulting from water ingression, oil leakage, or any kind of damage to the gearbox.

Third Party Premium Discount

In case of any 3rd party damages to a person or property, your vehicle or bike insurance cover would cover the damages. No matter what car insurance you purchase, it essentially covers own damage as well as 3rd party damage. However, if you know that you can avoid such 3rd party claims or prefer paying small damages from your pocket, you can get the 3rd party claim limit reduced. With this, you can get a discount on your premium.

Spot Assistance

If you regularly travel between cities, you might know what a nightmare it could be to get stranded away from the city limits. In such situations, the 24x7 spot assistance facility of a vehicle insurance can come to your rescue. With this add-on, you can get car insurance coverage for things like legal/fuel assistance, taxi arrangement, car towing, and much more.

When buying a car insurance, it is very important to know the things that the policy does and does not cover. You should also check the available add-ons as a lot of them can prove to be a lifesaver in a wide range of situations.

A Guide On The 8 Important Terms In Motor Insurance

A Guide on The 8 Important Terms In Motor Insurance

To purchase the right motor insurance and get best benefits from it, you should know a few important terms from the world of insurance policies. While these motor insurance terms might appear confusing at first, they are not as difficult when you understand them. We have listed 8 of the most important ones in this post.

Not only to pick the right motor insurance but also to ensure that you get best benefits from it, you need to understand some essential terms related to the policy. While things like IDV, OD, or comprehensive cover might sound very confusing if you are buying a policy for the first time, knowing their meaning is sure to make a world of a difference.

We have created a list of 8 such important terms to help you out.

OD-Own Damage

In case of an accident, the OD covers the damage or loss to the insured vehicle along with 3rd party liability for property damage, injury or death. It is this cover in your vehicle insurance that would pay the expenses incurred in replacing or repairing parts that are damaged in the accident.

IDV- Insured Declared Value

One of the most important vehicle insurance terminologies is IDV. It is the current market price of your car. In case of theft or loss that is beyond repair, the insurer would pay this amount to you to get the car replaced.

Third-Party Insurance

As per the Motor Vehicles Act, it is mandatory for every car owner to have a 3rd party insurance. This coverage pays for any damage to 3rd party property, vehicle, or person. This cover does not benefit the car owner in any way.

Compulsory Deductibles

Next in the list of car insurance terminologies is compulsory deductible. This is the amount that the car owner is required to pay whenever he/she files a claim for damage to the car. This is a small part of the overall expenses incurred due to damage or accident and is used for preventing car owners from filing fake or small claims.

Voluntary Excess

Apart from the compulsory deductible, you can further increase the amount you would pay from your pocket in case of an accident. This is known as voluntary excess, and it helps in reducing the OD premium.

Comprehensive Cover

Apart from a road accident, there are many other ways in which a car can be damaged. This includes an explosion, fire, lightning, earthquake, riot, landslide, terrorist activity, and much more. A comprehensive cover would protect your car from damages due to such events.

NCB - No Claim Bonus

Another very popular car and bike insurance terminologies is NCB. In case if you do not file any claim throughout the period of the insurance, you receive a bonus for the same. Depending on the number of years in which you have not filed a claim, the NCB can be up to 50% of the OD premium.

Cashless Garage

In most cases, you need to take your vehicle to a garage and get it repaired. In this case, you need to pay the damages from your pocket, and the insurer would reimburse the amount later. However, if the insurer has cashless garage facility, you can get your car repaired by just paying the compulsory deductible and other excesses if any. The rest is directly paid to the garage by the insurer.

These are some of the most important motor insurance terms that every car owner searching for a car insurance should know. Understanding these terms would make it easier for you to compare the available policies and pick one that suits you best.

Note* Explore more articles and information on Motor Insurance at RenewBuy.

How Will GST Impact Your Motor Insurance Premium?

The GST bill, which rolled out from July 1st, 2017 can be counted as the single biggest financial reform the nation has seen since its Independence. The changes are made in tax structure in state and center. Basically, GST seeks to improvise on VAT and remove the effect of double taxation from the goods and services price below the value chain.

The latest GST under the updated GST structure is 18% on insurance policies. Well, this is not good news for policyholders. In the GST regime, motor, health, life insurance would be more expensive, as taxes are increased.

How the motor insurance industry is impacted by GST?

To answer the above question, yes; the motor insurance industry has been impacted by GST. The industry had earlier attracted a service tax of 15%. This has increased to 18% from July 2017. The GST makes purchasing of insurance a bit expensive.

This also calls for an adjustment from the insurer end so that compliance can be met at all times with regards to financial accounting, getting GST registration, updating bookkeeping, and knowing about the nitty-gritty such as input tax credit. For a car owner the GST impact on car insurance is marginal and will entail an increase of 3% on taxes for the policy purchased.

On a positive note, the cross border double taxation and compliance issues has been ironed out as a nation-wide one tax regime making things simpler on an operational level for the insurance companies.

The GST impact on third party insurance premium has seen a rise of 3% in-line with the change in taxation system for overall general insurance. This is a cost that will be borne by the final customers in the form of an increased premium amount.

The GST impact on comprehensive insurance policy too increases from 15% to 18% from July 1st, 2017. As a result, a car owner opting to go for comprehensive coverage now bears the additional 3% tax increase from his own pocket.

Read More on Impact of GST on Indian Auto Industry.

Let us now see the impact GST has on customers and on the insurance companies.

How GST impacts the customers?

The Indian insurance industry is currently going through a temporary phase of adjusting to the GST impact on car insurance. Earlier, the policyholder used to pay service tax on the premium. This has been replaced by a GST of 18%.

For example, if Paul was paying a premium of Rs. 10,000 with a service tax of Rs. 1,500 earlier he was paying in total Rs. 11,500. Under the new regime, Paul is now paying Rs. 11,800 – an impact of Rs. 300 more.

However, this marginal increase in taxes shouldn’t be a deterrent for a car owner to not take coverage. The value car insurance offers, outweighs the costs or increase in taxes. Hence, it still remains mandatory for car owners to go for life insurance policy coverage.

Also, since the Motor Vehicles Act 1988 still requires every single car and bike to be insured, there won’t be any change from a legal standpoint. Even after the GST rollout, and irrespective of whether the insurance policy premium rates have increased or decreased, the car owner or bike owner will have to compulsorily go for an insurance policy.

How GST impacts the Insurers?

Initially, it was a problem for insurance companies. But once the payments, invoicing, and taxation policies have been restructured it will be smooth sailing, as GST is an objective based tax and it is collected by states where goods and services are consumed. Hence, the insurance companies need to divide their services and invoice to their customer based on the location where the services were used.

GST requires the reform of administration and accounting in Income Tax systems, to maintain the financial records of each state individually and as per compliance.

After GST implementation, the insurance companies have had to make amendments, for the renewed transaction handling, operations, registrations, and information system, because the GST execution demands reform of these elements in their entirety.

Let us know how your motor insurance premium has changed after rollout? We will be interested to hear from you.

Know How And Why You Should File An Auto Insurance Claim

Know how to file auto insurance claim

While motor insurance is one of the most popular insurance products in India, a lot of car owners are not clear about the vehicle insurance claim process. If you are one of them, this post will help you understand the entire process.

If you own a four-wheeler or two-wheeler, it is compulsory for you to have a valid insurance too. With the increasing sales of cars and bikes, vehicle insurance has now become the most popular insurance product in the country. But while new owners usually buy an insurance along with their purchase, most of them do not know much about one of the most important aspects of the insurance- filing an insurance claim.

Let us have a detailed look at the entire process to help you understand.

Why Should You File a Claim?

A bike or car insurance claim is filed when your vehicle has been involved in an accident which has resulted in damage to your vehicle, any 3rd party vehicle, property or personal injury. In case of an accident, your insurer is required to pay the expenses. Filing a claim is the first step of this whole process of your insurer paying for the damages and injuries.

Different Ways to Claim Motor Insurance

The ways in which you can file the claim depends on your insurer. In most cases, you can get in touch with the support department of the insurer through phone or mail or visit their office to file the claim. You’ll be asked to fill the claim form and support it with all the required documents like RC book of the vehicle, a copy of driving license, the location of the accident, FIR in case of accident claims, etc.

Filing the Insurance Claim

The motor insurance claim process would depend on the type of accident your vehicle has been involved in. Let us have a look at some common scenarios-

Damages to Your Car

If your car has been damaged in an accident, you’ll be required to submit the claim form along with all the documents. A surveyor will be sent to assess damages. A report will be prepared by the surveyor and sent to the insurer. You can then send the car to a garage. Based on the report, the insurer will then reimburse the bill amount.

A lot of insurers now have a network of garages where you can get your car repaired without paying any money. Even the bike insurance claim works in a similar manner.

3rd Party Claims

If any other party has sent a legal notice to you asking for the claim, you can speak to your insurer about the same. Send the copy of the notice along with the required documents to the insurer and they will then hire a lawyer for you. In case if the court requires you to pay for the damages, your insurer will pay the same.

Stolen Car

If your bike or car is stolen, you’ll have to file an FIR at the nearest police station. Submit a copy of this FIR along with the final report of the police to the insurer to file the vehicle insurance claim. An investigator from the insurance company will then look into the matter and send a report to the insurer. If the claim is approved, the company will disburse the claim.

At the time of purchasing a bike or car insurance, it is very important that you check the claim process of the insurer. Prefer a reputed and experienced company and don’t forget to check the claim settlement ratio of the company when selecting.

Hyundai Car Insurance Buy and Renew Online

Hyundai Car Insurance

Since its inception in 1967 as a construction company, founded by Chung Ju-Yong and headquartered in Seoul, South Korea, the famous car manufacturer has grown by leaps and bounds. Known for its vast network coverage and on time services across the globe, Hyundai is known as the people’s car. With over 200,000 employees and about 60 subsidiaries under the Hyundai name, the company has grown into a globally trusted automobile manufacturer. As Hyundai is the second largest exporter, it plans to make India a major hub for small and big cars alike.

Some of the Key features of Hyundai Car insurance include:

Quick settlement (for genuine cases)
The policy covers almost all expenditures in the case of accidents, threats and the like.
Instant policy issued.
Issue Online Insurance plans only for Private vehicles without any document submission.
Transparent transactions.
Easy Hyundai car insurance renewal.
Online premium payment.
Services provided across India at any service centre.

With years of experience and expertise, Hyundai offers excellent and timely services. In the case of emergency, a person can contact anytime at 1800-11-4645. With unmatched service and corporation, Hyundai has established a firm foothold on online insurance.

Top five most insured Hyundai models:

Hyundai Venue:

Hyundai's Venue comes in five variants, six airbags, electronic stabiltiy control, a rear parking camera, child seat anchors ensuring onboard child's safety. BlueLink connected car technology makes its way to the Venue. The 8-inch touchscreen infotainment system and sunroof makes it unique. It can be brought in seven monotone exterior colors of your choice. The unique feature of telematics and controls let you use your smartphone for functionality. It is also offered with auto climate control, rear AC vents, wireless mobile charging, cruise control, push-button start/stop.

Hyundai Creta:

Hyundai Creta is available across 14 trims with three engine and gearbox options, the Creta continues to be one of the most feature-laden SUV. Although the new design might take some time getting used to, the strong brand-following the Creta enjoys in India should continue with the new model.

Hyundai Santro:

The Santro comes with a kit but the highlight is the 7-inch touch screen infotainment system which is easily the best-in-segment. It comes with Apple CarPlay, Android Auto and Mirror-link smartphone connectivity, which again, is a segment first. It is the same system found in the more expensive Grand i10. As a result, the touch sensitivity is really good and big icons make it easy to navigate.

Hyundai i10:

For first timers or small families looking for a fuel efficient car, the i10 is a great purchase. A front grill dominates the front of the vehicle while the vehicle on the entirety boasts of the unmatched comforts and cutting edge technology. The driver and passenger dual airbags ensure additional protection to occupants in the event of frontal impact.

Elite i20:

With radiator grill and side lights that set it apart from the other counterparts. Tubeless tyres and the airbags add to the safety features of the same. With the insurance policies booming in the business field, especially in the middle-class business scenario, the Hyundai car insurance policy is worth a try. Rear air ventilation system with the addition of rear parcel tray adds to the comfort level of the back side occupants.

Eon:

All of the Hyundai variants are feature laden and attractive. Eon’s engine specification includes an engine of 814cc designed in particular for Indian roads and which musters up a torque measuring to 74.5Nm@4000rpm, a maximum power of 55.2bhp@5500rpm and a mileage of 21.1 Km/Lt.

Grand i10:

The generous dimensions of the Hyundai Grand i10 boasts of a secure and safe dynamic safety features and class- leading roominess. The smart technology features make it the best in the market, and contemporary design, sleek lines, and bold road stance make it the best. It is interesting to note that it also provides best in class boot space.

Hyundai Verna:

The Verna sedan borrows its design from the elder sibling Elantra, and it is a step higher in the commercial ladder as well. With its fluidic exterior design and top of the line spec sheet on the interiors, it is a must buy for those who are looking for an all-round sedan in the Rs. 10+ lakh budget range.

With numerous options and a wide range of facilities, Hyundai rules the automotive industry in India.

Does a Health Policy Cover Dental Treatment in India?

Dental treatments are usually not covered under the comprehensive health insurance plans in India. This is mainly because dental treatment is considered a cosmetic treatment, a permanent exclusion in most health insurance plans in the country. However, there are some ways in which you can get insurance for dental treatment in India. Take a look at this article to know more.

What is a Dental Treatment?

Dental treatment can be categorized into two sub-categories:

Cosmetic Reasons: Most of the dental procedures carried out in the country are because of cosmetic reasons. People who have crooked or unaligned teeth opt for dental procedures to fix their smiles. This is not considered a health issue, so you do not commonly find insurance for dental treatment in India. The cosmetic dental procedures include tooth extraction for aesthetic reasons, implants, braces, etc.
Health Reasons: The other reason people seek dental procedures is for any health reason. If you have an accident and your teeth get harmed, you need to get them fixed. Also, dental infections, tumors, etc., often show up, requiring urgent medical attention. Such procedures are categorized as health-related dental problems.

Some comprehensive plans that offer health insurance with dental cover make room for the required dental procedures due to health reasons. You need to check with your insurance provider to see what is allowed in your health plan.

Dental Health Insurance for Accidents:

As stated, some health insurance plans allow you to make a health claim if you need an emergency dental procedure due to an accident or a severe health issue such as a severe tooth infection that leads to secondary disorders. Most of these require you to get admitted to the hospital and spend a night there, and only after that are you allowed to make a teeth insurance claim.

Dental Insurance options in India?:

If you are looking for dental insurance covers in India, here are some excellent options for you:

Dental insurance plans: Some health insurance companies offer dental cover as part of comprehensive medical plans. You can look to get a comprehensive health plan with a dental cover in place. Most of these plans ask you to wait out a waiting period and then offer the dental cover. Also, only a percentage of your sum insured is available as dental cover. The best plans that offer this cover are the Star Health Comprehensive Plan, Bharti AXA Health AdvantEdge (Royal & Apex Plan), and the Bajaj Allianz Health Guard Gold Plan.
OPD procedures: If your health plan doesn't offer dental cover, you can still make a few claims. All you have to do is make a claim under the OPD expenses. Most comprehensive health plans have an OPD cover benefit. Make use of this cover by claiming the dental expenses carried out as OPD procedures in hospitals and clinics.
Standalone dental insurance plans: A standalone dental insurance plan is your next option. Though rare, there are some exclusive dental insurance plans available in India these days. The packages available from MyDentalPlan are one of the options here.

Explore these options, and you may find an option for the best dental insurance in India.

Reasons why Dental Insurance is important?

Oral health is a very crucial part of your health. This is why you should visit your dentist regularly to ensure your mouth and teeth are safe and healthy. Also, aesthetics is essential, and a faulty smile may dent your confidence. Consequently, you may need dental treatment to get your best look back. This is why you need dental insurance. Here's a detailed look:

Cover for expensive procedures: Dental procedures can get very expensive. To have a suitable financial backup, you need to have a dental health insurance cover in place. The dental health insurance covers usually offer coverage for all dental procedures, including tooth extractions and dental surgeries.
Cover for health reasons: As stated, dental issues can lead to other severe health conditions. This is why you need dental insurance to get the issues sorted without worrying about the expenses. People tend to ignore their dental problems and then, those problems lead to severe health conditions. Avoid this and keep your oral health in check with an excellent dental insurance cover.
Helps to keep you fit overall: Dental check-ups are essential components of your overall health check-ups. Make sure you go in for regular dental assessments. Get dental health insurance coverage so that you can afford it efficiently.
Easy to buy: Health insurance is readily available online these days. You can go online, do your research, compare, and find the best dental insurance in India. You can also pay the premium and buy the plan online quickly, safely, and straightforwardly.

Choose the best health coverage that provides dental health insurance. As you can see from the points mentioned above, it is important to have dental insurance in India, including dental implant insurance coverage. Go online, compare the insurance covers, and choose the best option for yourself.

Must read: How to compare best Health Insurance Plan?

To Wrap it up:

Investing in good dental health insurance provides coverage and keeps your health secured in a wholesome manner. As you can see, dental insurance is available in various forms. Make a list of your requirements and see what type of coverage suits you the best. Then, compare the options and find the most suitable form of health insurance that offers good dental cover. You can opt for a comprehensive health plan with a dental cover or opt for a standalone dental insurance package. You can get the cover for yourself or your entire family, depending on what your needs are. You must read the policy document carefully before you purchase a policy.

Reasons Why Your Car Insurance Could Be Invalid

Being in a car accident can be traumatising, not only physically and mentally but also financially. However, what can be all the more devastating after an accident realises that you have invalid car insurance. Having to bear your damages, third party liabilities, and legal complications are some of the few problems you may face if you have wrong information on car insurance. Being unaware of your car insurance policy coverage can land you in serious trouble and cause a lot of heartburn.

To deal with such a situation and avoid any trouble, it is imperative to understand how it can arise. Here are the top 10 reasons that lead to invalid car insurance.

Your policy has lapsed: Only when your car's insurance policy is active would you have the right to make a car insurance claim. For this, you need to make sure that the policy has not lapsed or expired. If you have not renewed the policy and it has passed the date of expiry, then you do not have the right to raise a claim.

Remember: A car insurance plan comes with a fixed tenure. Most car insurance companies offer a 30-day grace period to you to get the policy renewed. If an accident takes place in the grace period, you would not be able to make a claim.

You took too long to file a claim: A delay in reporting an accident can also lead to the rejection of your car insurance claim. Most companies allow a window of 24-48 hours, within which you must notify the insurer about the accident. The claim can be registered online quickly, either via email or through the company's portal.

Getting the car repaired on your own and then filing a claim will also be invalid car insurance. The insurer would not trace the accident, and thus, your claim would be rejected.

Note: Do not keep driving the car after an accident, as it may cause further damage to your vehicle. Also, never get your car repair before informing the car insurance company.

You were driving without a valid license: This one is relatively self-explanatory. If you/ the driver doesn't have a valid Driver's License, you are in no position to claim your car insurance. It would be best to remember that an expired license is also as bad as not having a license.

Must read: How to apply for a driving license renewal online?

You were intoxicated: If you are involved in an accident while driving under the influence of an intoxicant such as alcohol or any other prohibited drug, there is no chance of making a claim. Instead, you will land in legal trouble for doing so.
Your car was engaged in a malicious activity: Most accidents are natural and are caused by certain unforeseen events. These events/ incidents could be mistakes or coincidences and are mostly covered under car insurance. However, when you get involved in a malicious/ illegal activity against the law, you do away with any insurance claim.
The accident took place outside India: The IRDAI clearly defines the geographical boundaries of the country. In case the accident has taken place outside India, your car insurance would likely be invalid, and you won't be able to receive any compensation.
The vehicle was used for other purposes: The incorrect end-use of your vehicle can also make the car insurance claim rejected. Using the car beyond its limitation can make it an invalid car insurance policy. For instance, your claim may be denied if you use your private car for any commercial/ business use. The rules of coverage and insurance are different for commercial vehicles, and a different set of premiums and rules are followed for them.
You made modifications to your car: Most car owners make specific alterations/ modifications to their vehicle, which could be functional or cosmetic. Additional accessories, installations and other such changes often affect the IDV and thus the insurance. It is, therefore, essential that when you make modifications to your car, you also inform the car insurance company about the same. Not doing so can also lead to a car insurance claim being rejected.
Self-negligence will prove to be costly: While estimating the damage, if the insurance company finds that the accident was due to your carelessness, negligence, or self-inflicted, the damages will not be covered, and your car insurance would be considered invalid.
Example: Not following or violating traffic rules, for example, going into a No Entry Zone, and ending up in a collision, would not fetch you a claim.
You made a false claim: If you are found to be making a false claim or have offered any fabricated or wrong information on car insurance, it is most likely that your car insurance claim will be rejected. It is highly recommended that you do not make any fraudulent claims with your insurance company, as you can also be charged with legal charges.

To summarise, it can be said that you have to be cautious of what the car insurance policy means and covers. You should also be aware of the factors such as depreciation and regular wear and tear of the vehicle, which are not covered in car insurance. You might not always be able to avoid a mishap, but at least ensure that you pay premiums on time so that your policy remains active. Avoid activities that can get your car insurance claim rejected. In case of an accident, following all required steps of making a claim should be followed so that the process can be quick and easy. In case of invalid car insurance, neither the law nor the car insurance company would be able to help you.

Disclaimer: The information published in this article is for reader′s reference only. The content of this information is to provide an overview of your motor insurance needs. It should not be relied upon for personal, medical, legal or financial decisions, and you should consult an appropriate professional for specific advice. The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

*Standard Plans Terms and Conditions apply.

Return to Invoice Cover (RTI) in Car Insurance

What is RTI in Car Insurance?

Return to Invoice, RTI is an add-on cover that is offered with the comprehensive car insurance plan. This add-on is exclusively available to cars that are new or less than three years old. The cover provides full compensation to the policyholder if the car gets stolen or damaged before repair. The compensation value is based on the last complete cost of the vehicle.

Some people are excessively obsessed with their new car. They make sure that the car does not even get a scratch due to anything. However, one is not always aware of the potential dangers that might cause harm to the vehicle shortly. There can be road accidents or theft and can cause damage beyond repair. If you want to avoid the same, Return to Invoice cover is exclusively made for you and your car. Let us tell you more about RPA and how you can avail of the benefits of this add-on.

Return to Invoice Cover Benefits

Provides cushion and support to your basic car insurance by enhancing better protection from total damage or theft.

It helps you in saving expenses that you may sustain when your car gets stolen. RPA provides benefits as compensation; the insurer offers that. The sum is based upon the value of your last Invoice without any depreciation. In case you repurchase a new vehicle, having RPA by your side will save you the road tax.
If your vehicle meets with a mishap that may lead to damage beyond repair, the insurer will provide you with the same model of the car, the cost of which will be based on the value of your last Invoice.

How Does Return to Invoice Cover work?

The comprehensive car insurance plan aims at protecting the vehicle by providing you with the expenses caused due to the damage, but it would not fetch you the actual value of the car. The rate of depreciation applies once the vehicle gets six months old. 5% of depreciation is involved in such a case, which increases to 10% when the car turns a year old. With such an increase in the depreciation value, you never get the full benefit and lose a considerable amount. However, such is not the case with RPA. Having Return with Invoice with your basic motor insurance plan will fetch you the actual on-road amount, based on the last invoice value if your vehicle gets stolen away or if it suffers damage beyond repair.

When is the Return to Invoice Cover applicable?

Return to Invoice is not an option to cover the small dents and scratches that your car may suffer in daily commuting. You may look for other add ons such as own damage cover or partial depreciation for such minor problems.

RPA helps in getting you the full value of the vehicle in case it gets stolen or meets with a dreadful accident. The damage beyond repairs can be well taken off by the RPA, as it will cover your financial losses. So, if your locality does not have secure parking, or you want to be extra cautious about the unfortunate accidents that might damage your new car, you can consider buying this ass-on.

When is the RTI Cover not applicable?

In the case of the following situations, The Return to Invoice Cover is not applicable:

If the car has been in use for more than three years.
Suppose the damage of the vehicle can be repaired. RTI only covers for the cars that get damaged beyond repair.
If your vehicle is stolen, but you have not registered a FIR or police complaint regarding the same. RTI is valid for stolen cars, but the claim process will require proper and relevant documents to go further with it.

How to calculate Return to Investment?

Buying a new car requires you to pay an “on-road price” that is inclusive of the ex-showroom price added along with the Road Tax. These registration charges vary according to the model/manufacturer of the car and add to the billing amount. However, after paying all these charges, you still get a lesser value on your IDV, and this is unfair.

But to make it fair, the add-on named RTI cover can help you precisely get the amount you paid for, that is the “on-road” Price. In simple words, if your vehicle gets damaged beyond repair or gets stolen away, you get the same amount that you have paid to buy it as compensation.

However, when you approach the company to claim a total loss, constructive loss, or total theft, the insurer provides compensation that weighs lower amongst the following two values.

The cost of the vehicle is inclusive of one, the ex-Showroom Price, second, the Road Tax, and the Registration Charges at the time of the purchase.

In case of total damage beyond repair, the company looks for the same model with the current replacement price, which is inclusive of the Ex-Showroom Price, the Road Tax, and the Registration Charges.

How much does Return to Invoice costs?

The add on option that provides you cover amounting to the actual Price of the vehicle generally costs around 10% more than your comprehensive policy plan.

Who should opt for a Return to Invoice protection cover?

A Return to Invoice cover is exclusively developed for people who have purchased a new car or have not completed five years yet.

Return to Invoice cover- Validity

Return to Invoice protection cover gets expired after a few policy renewals. Hence, it is not going to protect you always. An RTI cover is exclusively developed to make up for the financial loss that may suffer in case the car gets stolen or damaged beyond repair. The insurer has to provide you with the actual amount, that can sometimes be more than vehicle’s market value (current scenario), especially in cases where the car has already suffered some wear and tear over the period.

Since the Invoice covers on-road prices, including registration costs and road tax, it is a loss for the insurance provider most of the time. When there is a claim through RTI for the vehicle’s theft or an accident that has damaged the car beyond repair, the company is bound to pay you the invoice cover with full charges under the above specifics. Thus, Return to Invoice cover saves you from suffering substantial financial losses.

Roadside Assistance in Car Insurance – 24×7 RSA Cover

What is Roadside Assistance?

Roadside Assistance is an add-on that can provide benefits along with your comprehensive car insurance policy. This add-on offers support in case you face some car-related issues when you are driving. This add-on is available at significant insurance provider companies in both offline and online mediums.

How Roadside Assistance Works?

In case of any car-related emergency, you can call your insurer to ask for help. The insurer immediately sends the crew to your location. The services are free of cost, except for some instances where the policyholder needs to pay for the repair cost. Some insurance companies also provide cab assistance or hotel accommodation in extreme situations.

What is Covered in an RSA Cover?

The coverage offered by RSA can vary according to the insurance companies. Different insurers provide different variants of RSA. Some might have more inclusions as compared to the others. The cost of the add-on can vary as well. Go through the websites of the insurers and analyze the information for more details. Listed below are some inclusions that are popular in RSA.

1) Flat Tyre: This can happen anywhere at any time of the day. One of the most common issues faced by car owners is when there is no spare tyre or do not know how to change the Tyre? RSA can help in such situations.

2) Battery Jumpstart: Battery issues are often faced in monsoons, or cases when the car is not in use for a longer time. At such times, the battery would require a jumpstart. RSA would cover in such situations.

3) On-spot Repair: There may be situations when the car needs some minimal repair work. You don't have to go to the garage if you have RSA

4) Spare Key Retrieval: Forgot keys inside the car? And you are not at home with the spare keys? Don't worry; the insurer will arrange a mechanic for you to unlock the vehicle.

5) Fuel Support: There are times when the car's fuel meter goes down at places where one cannot locate petrol pumps nearby. RSA will save you in such situations by covering fuel refilling services up to five liters.

6) Towing: If the mechanic is unable to fix issues, RSA will cover the vehicle's expense to the garage.

7) Taxi Support: In case the car cannot get started, the insurer can also provide cab services for a specified distance.

8) Pick-up Facility: RSA also covers the cost of dropping your vehicle to your home.

Exclusions and Other Things to keep in mind for Roadside Assistance:

Here are some exclusions associated with the RSA cover for commercial vehicles.

Proper rules and regulations should be followed
The vehicle should be driven according to the standard recommendations
In case the vehicle is being used for illegal activities. The insured will not provide any claim
One should inform the insurer about the incident first before initiating the repair work

Factors to consider before taking Roadside Assistance Cover:

Add-ons are provided to add value to your regular insurance plan. Hence, one should purchase suitable add-ons and go through all the details before considering to buy them. Here are some of the factors that one should consider before purchasing an RSA cover.

1) Dealer Benefit: Some of the dealers offer RSA benefits to the new car owners. You can consider buying RSA cover once the dealer-offered protection expires.

2) Usage: If you love to travel around the city, adventuring over long drives, you should consider buying RSA cover. However, you should think if there are enough mechanics on the routes that you travel to. If there are mechanics readily available, you can avoid buying RSA.

3) Condition of Vehicle: You should be aware of the car conditions and the frequent issues your vehicle might suffer. If the problems are severe, don't hesitate to buy the RSA along with the car insurance. However, if the car is new, you can avoid buying such add-ons.

4) Garage Availability: Look around the area you travel to. If there are no garages, an RSA cover can benefit you.

5) Cost-feature Balance: Look at the premium value. If it exceeds your budget, you can skip the add-on. But if it's cost-efficient, you should consider paying for it.

6) Convenience: RSA cover can provide Assistance in extreme situations. Any help is just a call away, whether it is a flat tyre, or towing. This Add-on gives you convenience.

However, if you are an experienced driver or your car driver is experienced in solving such issues such as Tyre changing, checking the engine, or knowing a mechanic, you can avoid purchasing this add-on. You can anytime add the add-on during the policy renewal.

Who should take Roadside Assistance cover?

Those who are not aware of handling car-related issues
Those who have just learned to drive
Those who are frequent travellers and enjoy long-distance car drives
Those who don't have any garages in the locality
Those who often face car-related issues
Those who don't want to handle car-related hassled

Pay as You Drive – New Car Insurance Scheme that Easily Impressed

There is no denying the fact that Insurance is a must if you own a car. It is one of the significant steps in the process of buying a car. However, some people do not use their cars very often, and hence they consider paying for Insurance as an unnecessary burden. But, here is a piece of good news for them! Insurance companies have introduced a new insurance scheme that provides relief to such car owners who occasionally drive. The new insurance policy is called "Pay as you Drive." Like the name suggests, the scheme is all about charging premiums based on the usage and mileage of the car. Keep reading as we decode the new way of buying car insurance while reducing the overall costs. What is Pay as You Drive Insurance? Some people don't use their cars much. The reasons can vary, but the urge to not pay car insurance premiums is pretty standard. To provide a solution, many insurance companies have now introduced the Pay as You Drive insurance policy. This plan is entirely based on car usage and has been sanctioned this year by the IRDAI. The premium will be charged according to the kilometres travelled by car. It is both comprehensive own damage policy and the third party policy, where the IRDAI fixes the latter's premium. The insurance companies provide slabs based on the usage. The users can choose the piece accordingly to decide on the premiums. This gives freedom to people who drive less and accounts for saving more than any regular car insurance policy. How Does Pay as You Drive Work? As the name suggests, the policy is entirely based on the distance traveled, hence the insurance company requires you to choose the ideal slab of kilometers in which your daily car travel fits in to provide coverage. The insurance companies can provide varied slabs mentioning the kilometers, such as 2000 km, 5000 km, or 7500 km. Users can select the ideal piece based on their usage. These slabs vary with every other insurance provider. In case you forget to keep an idea about the kilometers traveled, a telematic device is installed in the car that alerts the policyholder about the balance. The device mentors the distance covered by the vehicle and is generally provided by the insurance company without any additional cost. The telematics device can also monitor the condition of the car and driving habits. This is a significant factor in deciding the amount for premiums. The device alerts the policyholder once the car has traveled the specified distance. The policyholder can either wait to renew the policy after the tenure gets over or can upgrade the slab chosen. Let's talk about some integral features of the policy: Part of the sandbox project of IRDAI, the policy tenure is one year. Since the premiums are decided upon the car's distance, the amount is much less compared to the premiums paid in regular car insurance. The bonus is calculated by adding the third-party premium, which is decided by the IRDAI and own damage premium. Benefits of Choosing Pay as You Drive Insurance Since the world is going through a pandemic, social distancing has become the new trend of the new normal. Most of the offices have emptied on the leased commercial spaces and have allowed their employees to work from home. The surge in the number of people working from home has reduced much traffic on roads. People are not driving much, and hence this new policy can benefit them with the reduction in premium costs. Also, there are places, small towns, where people own cars for traveling to distant places, but don't drive their vehicle regularly, but pay a hefty amount in the name of Insurance. This plan will benefit these people by saving them a lot of money. Lower Premium – Since the policyholder is free to choose the slabs, his usage can lead to comparatively low premiums than premiums paid in the regular car insurance policies. Free Telematics Device – The device comes with the insurance policy, with no additional cost. The device is installed in the car, and it monitors the car condition along with the driver's driving techniques. It follows the distance traveled by car and alerts the policyholder of the remaining balance. Customizable – the policy is customizable, which means the policyholder can choose the ideal slabs and can upgrade to another slab anytime as per his requirements. Who should buy Pay as you Drive Insurance? The plan is ideal for people who have purchased the car for distant travel only. It is perfect for people who use public transport while commuting. It is ideal for people who own multiple vehicles that don't get equally. How to buy Pay as you drive Insurance? Select the option of buying car insurance. Go through the available slab options and choose according to your car usage in a year. Provide the details of the car's odometer. Provide the other required information. Fill up the consent form. Browse through the insurer's add-on covers and select the one you want to include in your policy. The premium will be calculated and displayed on the screen. Pay for the premium online. Drive insurance will be issued to you. What happens if the declared card usage limit is exhausted? Insurance companies that provide the Pay as you drive plan have developed a telematics device to monitor the kilometers covered by the car. This device, when installed in the vehicle, alerts the policyholder about the usage. In case the usage limit gets exhausted, the insurance company provides you with the option to upgrade to a higher slab, and the premiums are adjusted henceforth. You can switch back to the preferred slab anytime once the tenure gets over. Insurance companies that offer Pay as you Drive Insurance The innovative policy is new in the market, but given the conditions out there, it is sure to gather immense popularity amidst the users. However, the Pay as you drive policy is still in the evolving phase. This will go through several changes and modifications shortly. This is why there are only a few insurance companies who have been a go-ahead by IRDAI to offer the plan to the customers. Some of the insurers that provide the Pay as you drive Insurance are: Edelweiss SWITCH by Edelweiss General Insurance Bharti AXA Pay-as-you-drive by Bharti AXA General Insurance ICICI Lombard General Insurance

Switching Your Car Insurance - Know the 7 Smart Steps

Getting a car insurance is a mandatory thing now. It is essential for your own safety, vehicle protection, and third-party’s safety. But people tend to stick to the same insurance company for a long time and do not look for a better option with time. Renewing the car insurance through the same insurer often feels convenient but doing so for a long time might not let you save or reduce the amount of the premium. Hence, it is advisable to switch the car insurance companies every couple of years.

This step can help you in saving 5 to 50% per year. But, to gain such profits you need to carefully understand technicalities to avoid making an uninformed switch. Here are the seven smart and effective steps that will prove you every switch to be an extremely beneficial and safe decision. Let us get started!

Steps to Consider While Switching Car Insurance

Compare the policies available in the market

The most basic step while buying an insurance policy is to compare rates. The same step applies before opting for a switch in auto insurance companies. There are a lot of websites that provide detailed information on the insurance policies by various companies. Check whether they provide covers for 6 months or a year. Ask the companies to provide proper quotations.

Check out for additional factors like discounts, benefits, coverage, limits, and deductibles to make a fair comparison. This will help in building a rational view of the effect of different policies on your pocket.

Research and evaluate the values

Auto insurance policies get affected by some factors such as relocating, getting married, or conceiving a baby. The impact these factors can make on your coverage needs can vary. Apart from this, there are options on deductibles and limits. To make the best out of your needs, you need to research thoroughly. There are numerous options available in the market. Mapping out your needs will help you in shortlisting plans that best suit your requirements.

Evaluate the benefits in every plan, the factors that can impact the claim, the additional features of the policy, and pick out the relevant plan accordingly.

Keep a check on your current policy before making a switch

Switching from one service to another is an easy process, but every service provider wants to retain its customers. They will provide you with the best services to keep you on their side. Many insurance companies offer competitive discounts and offers that can instantly rejuvenate the insurance plan you have invested in. So, keep constant contact with your current insurance provider and make sure you do not miss out on such deals.

Enquire about every detail

All of us have access to all kinds of information nowadays. Thanks to the internet, every tiny detail is made available on the insurer’s websites for the customers. Once you select or shortlist the relevant car insurance plans, verify the authenticity of their plans by going through their website, customer reviews to get honest opinions from the policyholders of that plan. This will help you in making a better decision.

Evaluate companies on the user-benefits

Every company is now becoming user centric. This has helped the customers to gather more relevant information regarding their services. Look out if the company has a mobile application or a web application that can result in an easy understanding of the policy terms and conditions. Apart from this, you can always rely on 24/7 customer care to enquire about the factors you have a doubt about. Most of the companies have an active online presence. Find suitable options for yourself and make relevant choices.

Do not delay ending your previous policy

You should change your policy as soon as you finalize the new plan. This should be done to avoid paying the premium to both the insurers as your new auto insurance should start before or on the same date on which your old insurance is getting expired. A gap of even a day could lead to cost you higher for coverage rates in the future.

Inform your old insurance provider and cancel the policy. Confirm the termination by every step they mention, most of them want a written confirmation over email before processing the termination of your policy. These measures make sure that you are not getting charged for any further bills now.

Keep your documents intact

This is a very basic but mandatory step while shopping for new car insurance. Once your new policy is active, do not forget to swap the old insurance ID cards. Also, keep a copy of your old ID card and the previous policy documents as you might need them in an emergency.

Conclusion on Switching of Car Insurance

Opting for insurance policies can be tricky, a lot of paperwork and understanding goes behind buying a policy. Therefore, people tend to avoid getting into the process again. But making a switch in the car insurance policy can help you in saving money as there are numerous companies available in the market that provide you with various additional benefits. Keeping a check on these policies and opting for the suitable one is a smart way to make benefits. These seven steps will help you streamline your insurance switch process.

Car Insurance Policy - When & How Should You Change It?

When Should You Change Your Car Insurance Policy?

As per the Motor Vehicle Amendment Act 1988, Driving without a valid car insurance is illegal and is mandated by the Indian law. To buy motor insurance, one should do the right amount of research and get a policy that offers adequate coverage. You need to do a thorough check of the coverages provided by insurance companies in the market. Read the document and coverages carefully before making any choice.

Also, it is not necessary to wait for the existing policy to expire before making a switch to other one. If you have made your mind to switch the insurer, you must do a get around, and evaluate your needs and your eligibility for discounts. It will then help you to go a long way in saving on your car’s insurance premium.

Reasons to switch existing car insurance policy:

Expensive premium: There are possibilities that your car insurance company is charging hiked premium from you. Insurance premiums vary from company to company on the basis of coverages. One should note that the rates are not makeable as they have to be as per the standard market rates. However, if you still find your car insurance premium too high in comparison to other companies, you can go for a switch.
Service: Poor quality of service is one of the important reasons for the car owner to change his/her car insurance provider. Services like long claim settlement process, the disinterest of insurance providers in listening to customers can annoy the customer due to which they make up their mind to search for other insurance companies.
Poor Customer service: Companies generally invest a lot in providing good customer service. However, if a car insurance company does not give satisfactory suggestions to its customers’ queries, then there is a possibility that the customer can take a move to switch the insurance company.
Insufficient Additional Covers: Every car owner has different needs. Basic car insurance might not cover the risks involved in an accident. Insufficient add-on services given by car insurance companies can also be a reason for the customer to look for a new insurance provider.

Steps to change the insurance company

Compare policies - Check the premium available with various insurance companies in the market to get a clear picture of coverages. Compare the car insurance prices, features and coverages and then make a choice.
Inform your present insurer - Inform your insurer that you are switching the company. There are some possibilities that you are eligible for other perks like discounts or loyalty.
Check for penalties - Many companies impose some fine due to policy change during the policy year. It varies from company to company. So, you will have to check if the penalty is applicable then you should pay it before switching the policy.
Investigate the new company thoroughly - After deciding upon a new insurance company, you should investigate the coverages and features carefully and make an informed choice. You can check the details like reviews, claim settlement ratio, coverages etc.
Avoid break in insurance - While changing the insurance company, ensure that there is no gap in coverage. Meaning that you should make sure you take the new plan and not cancel the existing policy before receiving new.
Ensure cancellation of the old policy - Make sure you have cancelled the existing policy through a written notification.

First-time Car Insurance Buyer’s Guide

Your months of research ends and you are about to buy a new car. Congratulations! The occasion that you receive your first car is something worth celebrating. The next thing you need is a car insurance policy. You spent hours searching for that perfect car. And it would help if you protected it at any cost. Besides, vehicle insurance is a legal requirement in India.

Given below are some practical tips if you are here for the first time:

1. Do not ever ignore your homework

You are buying car insurance for the first time. And you should have all the details required to take an informed decision. Do your own due diligence. Make sure that you are fully aware of all the details before making that final commitment. What is the inclusion and exclusions, additional benefits, add-ons available; know as much as you can about a policy. The Internet abounds in websites designed to help consumers in this regard, make good use of them.

2. Fill up your documents properly

Make sure that the information you include in your application form is reliable and detailed. Upload necessary required documents as asked. You will need to upload the proof of your address and driver’s license for the purpose. Remember, it is in this address that your insurer sends the policy-related documents.

3. Give accurate information about your car

The premium of your car insurance policy depends on its engine capacity. Keep your car’s registration number and information on engine capacity in hand while filling up your motor insurance application form.

4. Review the claim settlement ratio with the company of your choice

There are three terms you should familiarize yourself with when exploring your options in car insurance; claim settlement ratio, claim repudiation ratio and the claim pending ratio. Explore your popular search engine with these keywords and read all the details as much as you can.

5. Know your options

You can avail two types of motor insurance in India; third-party liability policy and comprehensive coverage.

As per the Motor Vehicles Act 1988, the law mandates the third-party liability insurance. As the name suggests, it protects you from any legal trouble and protects the third-party person or property.

The comprehensive coverage expands your protective shield. It compensates for third-party liabilities and pays for the damages you cause on your own. Theft, natural disasters, self-ignition and human-made calamities are the other things your comprehensive vehicle insurance policy covers. You may also buy add-ons to customize a policy as per your requirements.

6. Buy vehicle insurance online

You can buy car insurance both offline and online. However, online shopping is highly recommended. Almost all reputed companies prefer online purchases. They even offer huge discounts for their customers on the worldwide web.

Finally, choose a bundle package. Combine the protection available for all the cars in your family into a single one. Insurance agencies often offer discounts to those who go for bundle packages. Opting for voluntary deductible too will lower your premium. This way, you agree to bear some of the cost of repairing your car. It would help if you also stay safe from the insurance protection car dealers offer.

There exists no question as to whether you should take motor insurance. The only difficulty is to determine how much you need.

Benefits Of Comparing Car Insurance Online

Benefits of Comparing Car Insurance Online

Car Insurance Policy – WHY?

As per the MVA, 1988, third-party motor insurance is mandatory for all car users. To make sure every individual on road is safe and secured, it is mandated by law to take a TP policy. Well, that’s when car insurance policy comes into the picture.

Types of Car Insurance Plans

You can have a pick from the two types of motor car insurance plans offered by the insurance company:

Comprehensive Car Insurance Coverage: This policy protects your vehicle against damages due to accident, fire, or theft and also covers the third-party liability claims. Add-on features and benefits are offered with this plan by some car insurance companies on extra payment.
Third-Party Liability Car insurance: This policy is explicitly designed to cover any damage to the property or bodily injuries to a third party or the person involved in an accident with your vehicle.

How to choose the right company and the right plan?

With increasing numbers of car insurers and the alluring benefits displayed by them, one must make a wise decision. The most common, easy, and effective way of doing so is by online comparison of all the car insurance companies and their offerings, and then making a final decision.

Online comparison of the Car insurance policy:

Online comparison of car insurance policies gives you a better deal on the premium amount. It helps you to find a car insurance policy with excellent features and which is best suitable for your requirements. Let’s take a look at the reasons why you should compare plans online before buying your car insurance.

Reasonable Premium Rates: Each car insurance policy is available at a different price. All insurers do not offer the same coverage and premiums. You need to find a plan which provides the lowest premium rate with the wider coverage. You can compare car insurance premium prices charged by all the companies and the coverage they offer before choosing one.
Tailor-Made Policy: You can decide your needs and can select the policy in terms of its type, Insured Declared Value (IDV), and Add-ons. You can customise the policy as per your requirement and add-ons available with the insurer.
Add-on Offered: Not all insurance companies provide every add-on. You can shortlist companies that are ready to provide you with the add-ons you need and make your choice accordingly.
Discounts Provided: Insurance advisors give discount on your car insurance. It varies from insurer to insurer and car to car. Make sure to avail the discounts offered by the insurance advisor and avail the one that suits your needs.
Cashless Garages Services: Under the 'Cashless claims' insurance company covers individual garages where you can go for cashless repairing. You can check this during an online car insurance comparison.
Expert Opinion: Some comparison sites provide unbiased views that help in clearing confusion and help you to buy the plan best suited for you.
Claim Settlement Process: Lastly, you can compare the technicalities and procedure of the claim settlement process of all the available insurers and choose a company with the easiest processes.

Which car insurance comparison sites should you try?

There are many sites for a comparative study of the car insurance policy. Renewbuy.com is one such site where you can compare all the features of almost all the car insurance providers and get a better deal. The website saves the hassle of managing multiple windows on your laptop or PC screen and can quickly help you with comparison in a single window. It also assists in selecting the add-ons. Online purchase of car insurance policy, if done through such a reliable site, can help in evading fake car insurance policy providers.

How To Claim Total Loss Benefits On Your Car Insurance?

If your car is obsolete, (five or more years older), the insured declared value is a sum you determine in collaboration with your insurance provider.

A standard motor insurance policy offers total loss benefit in the instance of a car accident; insurance agencies often say. But as a consumer, you should know that this is not the reality. The insurer never pays the complete cost of your car against the claim you file.

Consumers in general are not aware of the meaning of several terms in motor insurance. They come to know of them only when they have to face certain situations in real life. This comes up with the next question.

How to claim total loss of a car from insurance

In the insurance industry, total loss is a scenario where the cost of repair of your car exceeds its insured value. But in India, the situation is slightly different. Here, a car is treated as total loss if its value exceeds 75% of its insured declared value. Thus, you may have the latest model available. But You are never going to get the complete replacement cost if you lose your car in an accident. Your insurer uses a predefined depreciation factor on the car older than five years based on its ex-showroom value. Thus, you get an amount equal to the insured declared value of the policy of the year the accident happened if you file a claim for total loss benefit.

How to get more for your total loss vehicle settlement

Do the following to ensure that you are getting more from your claim for total loss benefit for your car.

Gather as much information as possible: If someone else is involved in the accident, gather as much information as possible about the driver. This helps you determine whether you should file a claim on your coverage or on that of the third party. Even when no one is involved, evaluate the extent of damage your car suffered.
Inform your insurance company in the beginning: Remember, your insurance company has a time limit to be notified of a claim. Do not commit the fatal mistake of being careless. Your insurer may just reject your claim. Skip this step if you file a claim on the other party’s coverage.
File a police complaint: This deserves utmost importance if a third party is involved in the accident. Get an FIR to ensure that the process goes smooth and fast.

Remember, time matters a lot. File your claim and submit the necessary documents at the earliest. If your application is complete, you can relax. Your insurer will take care of your claim.

If the damage is minor, the best option is to bear the expenses from your pocket. It will protect your “no-claim” bonus. And you will continue to receive discounts on your premium. Follow up with your insurer patiently. Even these complications don’t give you the excuse not to insure your car. The peace of mind insurance offers outweighs all the expenses you may incur in future.

Why Third-Party Liability Is Important In Car Insurance?

Motor third party liability insurance is a legal requirement as per the Motor Vehicle Act, 1988. If you own or drive a motor vehicle, you will need it to stay on road. The coverage protects you from the liabilities resulting from lawsuits, accidents, financial loss or damage to property. The protection also extends to medical expenses and covers the loss because of injury to or death of a third party. Most of the insurance providers offer it as part of the primary car insurance.

If you go for standalone third party liability insurance, your insurer may even add a comprehensive car insurance policy to it. Certain companies may include a personal accident cover along with their third party liability insurance. Some may go further; may add collision cover. In this policy, the insurer compensates for the loss incurred due to collisions that most of the time is accidents.

Why a third party liability car insurance?

Given below are some of the benefits your third party liability car insurance coverage has in store for you.

Offers you legal protection and eases your financial burden: Your coverage here eases your financial burden in the instance of injury or disability to a third party. You don’t even have to worry about property damage to the third party. Your insurer will take care of it. Remember, the beneficiary here is neither you nor the insurance company, but a third party. But it is a must-have for peace of mind as a driver.
Fast and simple process: Getting third party car liability insurance is a breeze. You can get it at your own convenience. Buy it online or from your insurance provider.
It is cost-effective:You may add third-party car liability insurance into your main coverage. Or it can be bought separately. Whatever is your choice, it is the cost-effective option that ensures peace of mind. You don’t have to worry about anything that may happen to a third party from your vehicle.

Points to remember

Remember, having only third party liability only insurance may do more harm than good. Certain companies charge extra in such instances. This happens because repairing a car is a costly affair. Besides, it is of no use if your car gets stolen. The same is the situation if you are the one who caused the accident. If you are responsible for the mishap, you alone would have to bear the expense of repairing the vehicle.

The premium

Premium for third party car insurance is determined by the Insurance Regulatory Authority of India. And it remains the same for all companies. But it may vary based on your car’s engine capacity.

Filing a claim

Filing a claim for a third party liability car insurance is not as simple as it may appear. Approaching the police and getting an FIR is a daunting task. Afterwards, you will have to approach a motor insurance lawyer. The attorney files a case in a special court. The court hears the two sides, inspects the claim and decides the amount.

Know Why Car Insurance for Electric Vehicles Will Cost More

Electric vehicles are an innovation that has brought about a revolution in the entire world. Electric vehicles have electric motor instead of an internal combustion engine and use motor controllers for propulsion. Electric vehicles include electric trains, electric airplanes, electric lorries, electric boats, electric cars, etc.

Electric vehicles have an ability to recover the braking energy as electricity is to be restored to the on-board battery or it is sent back to the electric grid present within the vehicle. They tend to reduce pollution in the city significantly by having zero tailpipe emissions. Electric vehicles are noiseless, and they are termed as zero-emission vehicles as the motors in these vehicles do not produce any exhaust or emissions. However, the increased use of electric vehicles will need an increased production of electricity. In this process, there is an emission of carbon dioxide into the atmosphere which is harmful.

Insurance For Electric Vehicles

Since electric vehicles are an innovation of the new age; they are costly in the beginning. Electric vehicles will reduce the costs incurred in the long run but initially it is difficult for many drivers to afford one. Likewise, the insurance cost for electric vehicles is also very high as the cost of electric vehicles is high.

There are some common factors which you should consider before purchasing an insurance cover for your electric vehicle.

The process of operation of electric vehicles is quite different from that of conventional vehicles. The battery and the unit for the supply of electricity are the major components associated with the electric vehicle. It is always advisable to purchase warranty products for the battery and the electricity supply unit of the electric vehicle.
You should make sure that the insurance cover for your electric vehicle is provided on the electric vehicle’s correct value. You should also make sure that the coverage for the electric vehicle should be adequate enough so that you have to bear the minimal expenses while any repairs or incidents.
You should check out for cashless cover and the claim settlement ratio of the insurance provider before you finalize the purchase of an insurance plan for your electric vehicle.
Moreover, it is also advisable to check out for some additional features like add-on features such as engine protector, charging connector’s damage, etc., IDV (insured declared value) and the category of insurance plan you are opting for.
You can opt for a zero depreciation cover as it will waive off any deductions in the claim amount due to depreciation and you will be eligible to claim the entire damage amount.

Why Insurance Cover For Electric Vehicles Is Expensive?

Let us have a look at the major reasons which make insurance cover for electric vehicles expensive:

- One of the very simple and obvious reasons for the higher premium of electric vehicles is the cost of the electric vehicles itself. Electric vehicles cost almost double the number of traditional cars and thus the insurance providers know that they will have to bear the high cost for the replacement of the vehicle in case of any incident. So, the premium paid by you has to be high from the beginning itself.

- Another obvious reason for the higher cost of electric vehicle insurance is the costlier parts and repairs of the vehicle. The spare parts of an electric vehicle are quite costly than traditional vehicles and the repairs can only be done by trained specialists. Since the parts and the professional to repair both are extremely expensive, insurance providers tend to fetch more amount as insurance premium.

- If there is an accident and the parts of your electric vehicle needs repair, then there might be a situation of non-availability of the parts and the technicians as well. According to various surveys, the numbers of technicians who are skilled in repairing electric vehicles are very less and the insurance provider has to put in a lot of effort to find these technicians.

However, many researchers predict and the market experts also have the opinion that the premium for electric vehicles is likely to reduce in future with the manufacturers continuously working towards reducing the cost for production of these vehicles and with the number of trained technicians increasing gradually.

Some Methods To Reduce Insurance Premium For Electric Vehicles

There can be quite a number of ways by which the insurance premium for electric vehicles can be reduced.

- Research well and then get one - One of the best methods is to do a lot of research and find out good deals. You can visit the web portal of insurance aggregators and do a comparison on the rates offered by different insurance providers and select the best one which provides maximum cover at a reasonable premium.

- Pay Premium in one go - By paying your premiums in one go, you will be getting some discounts and it would be a cheaper option rather than paying in installments.

Installation of security devices - Certain devices like telematics devices and dash cam can be installed in your electric vehicle. Telematics devices help in monitoring activities like the speed of driving, ways of using brakes and accelerators, etc. Insurance providers will reward good driving behavior with cheaper premiums. Dashcams are cameras on the dashboard which can act as evidence in case of any accidents and at the time of making claims.

Hence, in India, the use of electric vehicles is increasing gradually and many companies like Mahindra and Tata Motors have already come up with their e-vehicles. Due to its eco-friendly nature, these vehicles have started to be preferred by customers. With the demand increasing, the prices of these electric vehicles are definitely going to reduce leading to a reduction in the insurance premium as well in the near future.

Buy These Add-ons To Make Most Out Of Your Car Insurance

Even though availing car insurance has been made mandatory since the Motor Vehicle Act was issued in 1988, most of us are yet to understand the basic policy intricacies and reap most of the benefits. In general, a car insurance policy provides monetary coverage and security in case of theft or damage to the car in case of accidents. However, there is a lot more than that. Picking up suitable add-on covers in motor insurance not only provides better coverage but also additional benefits which are primarily important at times of distress. However, we need to understand what is add on cover in car insurance? These are additional benefits which can be included in the motor insurance policy at a nominal price and provide extended coverage besides theft and damage. These covers are completely optional and are only included after proper consent from the policyholder. Hence, let us understand the most important add-on covers in car insurance and decide on the ones we need the most.

Zero Depreciation Add-On

Also known as the Nil Depreciation cover, helps the policyholder get complete reimbursement while making car insurance claims. If the car gets completely damaged after an accident, the company shall not deduct any depreciation cost of the car, if the policyholder has added Zero Depreciation in his/her policy. The company shall be liable to pay 100% value of the car, except the tires as well as the batteries. However, one should keep it in mind, that this motor add on insurance shall not be applicable to cars beyond 5 years of age.

Daily Cash Allowance Add-On

Certain motor insurance companies provide an extremely beneficial add on insurance policy. The Daily Cash Allowance add-on allows the policyholder a certain amount of regular allowance for transportation when the car is being repaired in the garage. This particular allowance is provided to the policyholder up to a period of 10 days. The allowance is restricted to two values, naming 500 INR and 1000 INR, depending on the amount of the policy.

Engine Protection Add-On

Engine Protection Add on cover in motor insurance allows the policyholder to claim for policy benefits in case the engine needs to be repaired or replaced. In general, a comprehensive vehicle insurance policy does not provide expenses for engine damage. However, with this particular add-on, the policyholder shall get the necessary expenses reimbursed for any repairing of the car engine.

Personal Accident Cover

Such add on covers in motor insurance provides legit compensation in case of an accident of the insured vehicle that involves death or fatal physical injuries. This is considered extremely important as even if the person is not separately insured for physical injuries, he/she shall be able to get the necessary monetary support in hours of distress.

Wrap Up

It is always better to ask what is add-on cover in motor insurance before picking up on any. This makes the policy more clear and helps the individual understand it better. However, one must pat thorough attention in understanding which add-on cover in motor insurance suits his/her needs the most.

There is another benefit, NCB (No Claim Bonus) is given to a good driver is provided by the insurance company to the policyholder for making no claims during the tenure of the insurance. It is a certain percentage of discount which is given to the policyholder for not making any sort of claim during policy period. The discount ranges from 20% for first year and goes upto 50% for five consecutive years. NCB, non-claim bonus totally depends on the number of years the policyholder survives without making any car insurance claims. However, the NCB add-on can only be exercised on renewal of the policy and not an Add-on. It is a bonus that a good driver gets for not making any claim throughout the policy year.

4 Best Ideas To Get Lowest Car Insurance

Awesome Ideas To Get Lowest Car Insurance

After the Motor Vehicle Act issued in the year 1988, it has been declared illegal to take down a car without insurance. Car insurances not only provide umpteenth coverage during any kind of damage but also assists the owners with urgent monetary requirements in case of severe car accidents. However, with the increasing car price in the market, affording a genuine car insurance policy with necessary benefits has become extremely difficult. Hence, a number of owners are on the lookout for cheap car insurance which can help them in the long run. Especially for new owners or young car drivers, a cheap car insurance policy helps to fetch the necessary benefits without burning a hole in the pocket. However, how do we get cheap car insurance? Let us discover how-

Opt For More Deductibles

Deductibles are of two types: compulsory and voluntary. While the former remains fixed, the latter can be manipulated to fetch cheap car insurance policy rates. The voluntary excess listed in the policy needs to be paid by the insured individual at the time of policy claiming and is not included in the premiums. Though it reduces the amount of monthly premiums that need to be submitted, the owner has to bear any additional expense from his own pockets. For example, a person lists 5,000 INR as voluntary deductible in a policy of 20,000 INR. The company will only bear the expense of the premium covered, i.e., 15,000 INR. In case of any damage repair costing 20,000 INR, the company shall only cover up to 15,000 INR, and the rest should be paid by the owner. Thus, more the voluntary excess listed, lower will be the premiums.

No Claim Bonus

No Claim Bonus (NCB) comes into play, during policy renewal. In case the insured individual did not made any claim throughout the year, he/she is given some discount on renewal of the policy. If the insured continues not to take the claim the discount price on every renewal is increased.

It is given on the following basis-

After one claim free year it is 20%
2^nd consecutive year- 25%
3^rd consecutive year it is 35%
4^th consecutive year it will be 45%

If the owner has not made any claim for 5^th consecutive year, the owner is liable to get a 50% additional discount on renewal.

With a certain percent of deduction in the policy premiums which is ideal for people looking for cheap car insurance policy post renewal.

Focus On The IDV

The Insured Declared Value is the maximum value that is promised by the insurance company to provide in care of total car damage. It is the IDV, based on which, the premium is calculated. In simple words, if the policyholder buys an insurance that has high IDV, the premiums will be directly proportionate to the IDV. Thus, for cheap car insurance rates, the insurance company might suggest you a range of policies that has comparatively lower IDV.

Double Check The Add-Ons

The add-ons listed in the policy often keep the premiums piled up and multiplied. One of the best tips for availing the car owner is to opt out unnecessary add-ons and prevent creating a hole in your pocket. Other tips for reducing car insurance:

Policyholders willing to get cheap car insurance rates are advised to install anti-theft devices as these assure added protection of the car and posses leader threat to get stolen and benefits the insurer in the long run

Having a membership of clubs like Automobile Association of India, etc., may grant the policyholder certain discounts. The members (after being eligible under certain criteria) of these clubs are considered to be responsible drivers. One should always check the benefits offered before opting for a cheap car insurance policy. This is because a policy without the necessary coverage will eventually not come to any use during emergencies. Hence, the policyholders are always advised to thoroughly research and compare the available policies in the market that offer similar benefits at a much cheaper rate.

Tips To Claim Car Insurance Damage Beyond Repair

Tips to Claim Car Insurance Damage Beyond Repair

A constructive total loss for a vehicle means that the damage is so extensive that repairs would equal or surpass the cost of the vehicle or its insurance limit. This type of loss is common in a head-on collision or total wreck.

In case of complete damage of the vehicle, claiming car insurance for car damage becomes primarily important. This is because repairing such cars becomes extremely expensive, if not impossible. It is understood in such case the major parts of the car, needs to be repaired or replaced hence the total liability on the repair mounts which is quite high and requires huge monetary funding.

Filing insurance claim for such an extensive damage is also similar to any other claim However, one should keep the documents ready and follow some of the important dos and don'ts in order to make the procedure as easy as possible.

What is the documents process involved in such major loss insurance claim for a motor vehicle?

Spot photos or survey

For private car: Since it is major impact it is advisable to intimate the insurer at the earliest and take clear photos from the spot. This is done to give a clarity to the customer to refer the damages.

For commercial Vehicle and Taxi : As per guidelines any commercial vehicle when met with an accidental claim they need to inform the insurer to for a spot survey. A surveyor will inspect the vehicle to verify and authenticate the damages.

Report to police authorities / FIR

It is understood such major accident must have led to any bodily injury to occupants or third party in that case
Where more than two vehicles are involved in the accident

It is advisable in the above cases a FIR is lodged as the facts of the accident is captured in the FIR by the police authorities. Through this the insurer will be authenticate the facts of the accident. The complaint and FIR copies to be kept with the policy holder for ready reckoner during the process of the claim.

Final Repair Estimate

The utmost important factor which decides constructive total loss is the repair estimate. After discussions and finalisation between the loss assessor (surveyor) and garage a final repair estimate is prepared. The final repair estimate must be concluded and handed over to the insurer to take the decision further.

Policy original copy

Insurer will be cancelling the policy for all total loss cases; hence insurer may insist on handing over the original policy copy issued to him

RC cancellation acknowledgement - Procedures with Regional transport authority

With the recent notification from the regulator IRDAI; have again emphasised the process for total loss claims to cancel the registration allotted to the vehicle at the respective RTO where the vehicle was registered.

To get the process facilitated Insurer will provide a Bonafede letter conveying its claim decision to treat the claim as a total loss. Based on the same the transport authority cancels the registration of the vehicle and provides an acknowledgement. The acknowledgement is to be provided to the insurer.

Disposal of the salvage (scrap)

After the RC of the vehicle is cancelled the vehicle is no more a registered motor vehicle and will be treated as salvage. The salvage is disposed off by insurer through online or offline auction. Thanks to technology portals for such online auctions. Once the salvage value is finalised the salvage (scrap) buyer will pay the amount to the insured/policy holder.

Now the insurer is liable for the Insured declared value less the salvage amount.

Hypothecation cases

If the vehicle is under hypothecation then a statement is required from the Financial institution to understand the outstanding loan amount. In case of any outstanding loan amount, the insurer will make a payment in favour of the Financial institution for the Outstanding loan Amount.

Any balance payment after Outstanding loan amount and salvage value discussed above is then made in favour of insured.

*Other documents for the claim remain the same.

Claim form
KYC documents of the insured
Driving Licence: If the vehicle met with the accident while driving then the DL of the Driver on the wheels is required for verification. In case of parked car DL is not required but the proof of parked car is very much required
In case of commercial vehicle, fitness certificate and permit documents of the vehicle are required

Ready Reckoner Tips For Motor Claims

Reporting to police authorities: Take a call if reporting to police authorities is required. If the vehicle has multiple damages, accident resulting in Bodily harm and major accidents are the indicators where reporting to police authority immediately is advisable.
Gather Evidence: Ensure enough proof is recorded to produce the facts to the insurer; this will be window for the loss assessor (Surveyor) to authenticate and approve the claim without any delay. For instance, Photos and video coverage can be taken after the accident. Exchange the details of the owner of the vehicle involved in the accident.
Intimation must be prompt and immediate: The insurer must be kept informed in an immediate possible manner. Try to call the toll free number or inform your insurance intermediary (claimsupport@renewbuy.com) for any assistance required
Parking charges: The Parking charges at a workshop vary from 400/- to 2000/- per day for a vehicle. In that case of a total loss once the vehicle final estimate is finalised and taken into consent from the insurer. The insured may move the vehicle to a convenient place until the salvage is disposed avoid heavy parking charges after informing insurance company.
Claim form: Fill up the car insurance claim form carefully by yourself with clear facts to reap the utmost benefits. Reach the loss assessor or insurer representative for any assistance required. Never entrust a third party to fill a signed claim for on your behalf.
Utmost good faith: Be honest about the entire accident filing insurance claim for car damage. Do not hide or skip any important detail, and never interrupt in between their investigation to create an air of suspicion.
Initiate prompt follow up’s with loss assessor and insurer on the status of a car insurance claim.

What Are The Necessary Details Required By The Insurance Company?

Apart from the details of the accident, as mentioned earlier, while filing an insurance claim for car damage, one must keep these things ready:

Policy paper including the policy number
Chassis number
Engine details and the number

What Are The Options Of Car Insurance Claim Available?

While filing insurance claim for car damage, if the policyholder is moving his vehicle to one of its network garages the he/she may avail cashless facility. But if insured wants to take to workshops/ garages which is out of the network garages of insurer then customer has to opt for reimbursement.

There are certain insurance companies which readily process the car insurance claim up to a certain amount. Along with the necessary documents, one may also provide his/her medical expense bill in case they have acquired physical injuries from the car accident.

I Have A Car Insurance Policy. Do I Still Need to Fear About Car Theft?

Motor Insurance policy that mitigates the financial losses in the event of any mishaps or accidents. The Motor Vehicle Act of India mandates every vehicle owner to have a car insurance policy. Many vehicle owners get puzzled wondering if they need to worry about their car theft, if they have a car insurance policy. One needs to know the types of coverages in a car insurance policy.

Coverages Under Car Insurance Policy

Car insurance in India offers two types of coverages broadly. First, third-party insurance policy and second, comprehensive car insurance policy. As per Motor Vehicle Act, 1988 any car running on road is mandated to have a Third Party insurance. A third-party insurance policy covers legal liabilities of the insured in case of damage to third party vehicle/property and bodily injuries in case of accident. But one should note that third- party insurance policy does not cover own damages and theft of the vehicle.

A comprehensive car insurance policy, on the other hand, is the one that along with third-party liabilities also covers damages occurred to you or your vehicle on account of accident, mishaps, natural or man-made calamities, thefts, etc. It also comes with other add-on features like accessories cover, zero depreciation, etc. Hence, in case of any unfortunate event or theft, your insurance service provider will reimburse you with the amount of loss incurred due to the theft of your car.

How much money will be reimbursed by your insurance provider if your car gets stolen?

The amount of reimbursement varies from policy to policy. It is highly advisable to always go through the terms and conditions carefully to learn about the reimbursement amount in case of theft.

Most insurance providers reimburse an amount equivalent to the current market price (IDV) of the vehicle.

Can we receive the actual invoice amount of the car as a reimbursement?

Some insurance providers give “Return to Invoice” (RTI) an add-on cover under comprehensive insurance policy. If you have opted for this add-on cover at the time of buying the policy, then you will be reimbursed the amount equivalent to the invoice amount of the car. RTI Add-On makes your policy slightly expensive.

How to claim in case your car is stolen?

One needs to have a comprehensive car insurance policy to make a claim in case of car theft. Follow the below-mentioned steps if your vehicle gets stolen:

Immediately inform the following entities in case of theft:

Police Station: The first and foremost step would be to lodge an FIR in the police station situated in the correct jurisdiction. The copy of the FIR is mandatory to claim damages
Insurance provider: It is mandatory to inform your insurance provider about the theft of your car. They will initiate the settlement process as soon as you inform them. Hence, it is advised not to delay in taking the necessary step as the settlement procedure might take so time to complete
Regional Transport Office (RTO): You need to inform the RTO office where your vehicle is registered. Informing the RTO is mandatory to make sure the stolen vehicle does not get re-registered with new details.
Once all the documentation is found satisfactory and accepted by the insurance company, they process it further for settlement

What are the mandatory documents for claiming against theft?

The following documents need to be furnished to your insurance provider for claiming damages against theft:

- Copy of the policy document
- Duly signed claim form
- Registration Certificate
- Copy of FIR
- Keys (Both Original) of the vehicle
On later stage, the following is to be arranged
- NTC - Non-Traceable certificate duly attested by court authorities
- RC Cancellation acknowledgment from RTO
Submit the photocopy of the FIR and the documents mentioned above, along with the car keys and a non-traceable certificate from police, to your insurance company

Car theft is one of the major issues in a country like India. Hence, we should always exercise the utmost care in keeping our vehicles safe. Our car is always dear to our heart as we buy it with our hard-earned money.

Top Ideas to Secure Your Car from Thieves

Almost 45000 cars were stolen in 2018 in the country, out of which only about 10-20% were recovered. Such exaggerated numbers are not only saddening but also poses a strict question to our responsibilities. Are we REALLY keeping our car safe? Of course, buying car insurance from reputed insurers never fail to support during such times, but a little thought on the mishap will only surface innumerable careless mistakes which cannot be undone! Since a car insurance policy can provide security to some extent in cases of theft, it is the dire responsibility of the owners to be extra careful with the beloved possession. A number of devices have been invented and used by owners for preventing theft. Though such devices are ideal for car security, most of them are bound to put a hole in your pocket. Thus, here are some of the easy breezy tips and tricks for you to not only keep your car safe but also prevent an unnecessary expenditure.

Shut It Down!

Summers are unbearable, we understand. But the mere choice of keeping the window panes down to keep the interior breezy is probably the worst idea. This is because, even if the car is spared from theft, there is a high chance of your valuables getting picked up. Remember, a car insurance policy only covers for theft and damage not the cost of your belongings.

Get an Anti-theft Device

Though most of the anti-theft devices are known to be quite expensive, there are cheaper alternatives from several brands. There are several reasons for recommending an anti-theft device for your brand new car. Besides car security, you can buy car insurance online at a premium discounted rate if you have an anti-theft device. This is because the device guarantees lesser chances of a car insurance claim from the owner with additional security against theft.

Get A GPS Tracker

With the advancing technology paving its way, the thieves have equally upgraded themselves with smarter means. Hence, extreme precautions and careful measures might still leave a loop for them to set your car from your own parking. In such cases, a GPS tracker will help the police to track down your car sooner than ever, thereby leaving no room for the thief to take the joy ride your car.

Additional Locks

Locking your car might not make it completely safe. Hence, the use of additional locking systems for wheels and steering is highly recommended. These are not only cheap but also are effective in the long run.

Car Parking

Claiming coverage for car thefts is not always easy even if you buy car insurance from reputed insuring companies. Sometimes, the owners are also suspected for claiming money against fraudulent measures to clear their personal debts off. Hence, always choose for a parking space which is furnished with cameras for additional security. Any kind of camera, whether it is in front of someone's home or in the driveway, will come go great use in case of car theft. This will not only prove theft but will also help the police in recognizing the thief easily.

Keep Your Car Keys Safe

To prevent your car from being stolen, you need to keep the keys safe first. Never hide a spare key anywhere outside your car no matter how safe it might feel. Besides, we often forget the keys in the hallway or a table top. It might be safe when you are in your home or with your family, but the habit can cost you a lot during a public get-together. Also, remember to ask for the keys if you have given it to someone else for temporary use.

A Baby Monitor

Baby monitors are extremely helpful in keeping thieves away. These monitors ideally record everything that happens inside the car and the mere sight of it will warn the thieves beforehand, and prevent your car from getting stolen.

VIN on Window Panes

A number of people get the VIN number printed on the window panes for identity. Removing these are quite expensive and involves a lot of hassle, and thus successfully keeps the thieves at bay.

These are some of the easiest tips of car security which should be implemented for keeping the car safe. Besides, there are innumerable devices to prevent cars from being stolen unalarmed. However, even if all this fails, remember your car insurance will always have you back during such distress.

Is It Possible to Cancel A Car Insurance Policy? What is The Process?

As per the Motor Vehicles Act of India, 1988, it is mandatory to have a car insurance policy for every car owner. If a person has more than one car, he or she should obtain insurance coverage for every car he is owning. Driving without car insurance is a punishable offense. Not only does car insurance saves you from penalties, but it also safeguards you from huge expenses involved in repairing your vehicle due to accidents, medical expenses in the case of severe accidents and so on.

An important question that often comes in the mind of people while purchasing car insurance is can I cancel car insurance? The answer to this question is yes!

There are many reasons for opting to cancel the car insurance policy. You might want to cancel your car insurance because you sold your own car and planning to buy a new one or your car might have got stolen. Sometimes, the insured is not happy with the services of the existing insurer and prefer to buy a new one from another insurer. One might want to buy a policy with a low premium amount as the current premium amount is difficult to afford. Whatever may be the reason behind the cancellation of car insurance, the procedure for cancellation is the same in all cases.

How to Cancel Car Insurance Without Charges?

One can cancel the policy whenever he wishes to. One should remember that motor insurance policy can be cancelled if you have an alternate policy in hand. If the policy (Risk) has started, he will only get the refund on pro rata basis.

How to Cancel Car Insurance?

The detailed procedure for cancellation of car insurance policy is as under:

Update your Car Insurance Provider

The first and foremost step towards cancellation of a car insurance policy is to intimate your insurance provider and submit the car insurance certificate. Because the cancellation procedure will be initiated by the provider itself. The cancellation procedure involves certain formalities.

Complete the Formalities as Instructed by the Insurer

Cancellation of car insurance policy involves certain formalities. These formalities vary from insurer to insurer. Once the cancellation process is initiated by the insurer, they will guide you through the process. You need to follow the instruction given by the insurer and sign on the cancellation documents. After the completion of the formalities, you will be provided with a cancellation letter from the insurer.

Collect your Car Insurance Certificate

Once the cancellation is completed, ask your insurer to return the car insurance certificate that was submitted at the time of making the cancellation request. The car insurance policy may be required at the time of applying for a new car insurance policy. This certificate also safeguards your No claim bonus.

Make Sure to Receive the Refund Amount Before the Policy lapses

Do check for refund on your policy. It is very likely that you might be entitled to receive a refund amount if you have paid the annual premium amount and the policy has some time left to expire. Ask your insurance company about the refund amount and make sure you receive the amount through proper means before the policy lapses.

Apply for a New Policy

If you have cancelled your policy because you sold your car then make sure to apply for a new one when you buy a new car. In case you have cancelled the existing policy to apply from a different insurer then do it immediately after the cancellation of the previous one.

Cancellation of a car insurance policy is a simple step, which requires a few formalities. As already mentioned, the formalities might slightly vary from insurer to insurer. Hence, it is always recommended to read the policy papers carefully to learn the terms and conditions of the cancellation.

What Covers Under Bumper-to-Bumper Car Insurance Policy?

Bumper-to-bumper car insurance is also termed as “nil depreciation insurance” or “zero depreciation insurance”. In a general car insurance plan, the depreciation amount is subtracted from the coverage amount. But under a bumper-to-bumper policy, the depreciation amount is not subtracted thus ensuring complete coverage at the time of claims. This coverage can be availed as an add-on coverage on your general car insurance.

Bumper-to-Bumper coverage is one of the most popular insurance covers preferred by car owners. It has gained wide acceptance in India because of the following reasons:

Covers the depreciation cost of the vehicle during a claim.
For car owners who own expensive cars, the replacement or repair cost for parts and accessories is quite high. Having a bumper-to-bumper insurance can save the car owners from incurring such expenses during accidents.
Inexperienced drivers prefer this coverage, as they are more prone to frequent accidents on the roads. This saves them from additional expenses in the event of mishaps or accidents.

What is covered under a bumper-to-bumper insurance?

The basic features and advantages offered by a car bumper-to-bumper insurance are listed as under:

High premium

The premium amount on these coverage plans is quite high as compared to general car insurance plans. The reason being greater coverage offers. They come with a premium amount that is generally higher than the premium amount on normal insurance plans. But the higher premium of bumper-to-bumper insurance plans is very much worth the benefits offered.

The age limit of the car

Bumper-to-bumper covers are more not for all cars. It is offered only for new cars. The age limit mentioned by most insurance companies is generally 5 years or less (varies from insurer to insures some may offer up to 7 and 10yrs). Sometimes, it also mentions an upper limit for the number of kilometers travelled. Hence, this coverage is not offered for old cars. Some insurers might offer coverage to very old cars at a high premium. But it is recommended not to go for such a plan as they might not prove to be much beneficial for the car owner.

Limitation on the number of claims per year

Bumper-to-Bumper Car insurance Policies imposes certain limitations on the number of claims that can be made in a year. However, it varies from insurer to insurer. Hence, it is advised to go through the policy documents carefully before purchasing.

Mandatory deduction

A nominal mandatory deduction, which is also termed as ‘File charges’ is to be paid by the car owner at the time of making any claim irrespective of the cause of the claim. This amount differs from plan to plan and is specifically mentioned in the terms and conditions.

Before purchasing a bumper-to-bumper insurance plan, one should keep in mind that it does not cover the following:

Damages to tires, car batteries, clutch plates or bearings are not covered. These are generally offered as an add-on cover, which has to be separately purchased. Zero Depreciation covers upto 50 % on Tires
Any damage to the car engine due to water ingression or oil leakage is not covered
The cost of consumables and oil change is not covered.

Other restrictions and limitations of a bumper-to-bumper coverage are as under:

Old cars are not covered. However, the age limit of the car might differ from insurer to insurer.
If a private vehicle is being used for commercial purposes, then this insurance cover will not apply.
The claim has to be raised within a stipulated timeline from the date of the incident to avail bumper-to-bumper coverage.
Accidents resulting from intoxicated driving will not qualify for such coverage.
Driving without a valid license or malicious driving will disqualify you from making any claim in the event of any mishap.

A bumper-to-bumper cover is highly recommended to every car owner due to the advantages offered by it. Mishaps and accidents are very common these days owing to the alarmingly increased rate of vehicles on the road. At the time of claiming a settlement, general insurance plans do not cover most expenses including depreciation. Moreover, cars and motor vehicles depreciate daily. Excluding the depreciation amount at the time of settlement makes the owner liable to pay for the expenses for the repairs and replacements. But having a bumper-to-bumper coverage will save the owner from incurring such huge expenses.

What is Restoration Benefit in Health Insurance?

A restoration benefit in health insurance is when the health insurance company restores the entire sum insured amount once it gets completely exhausted in treating a disease. Therefore, even if you utilise the entire sum insured, you need not be concerned since if you have this benefit, your health insurance company can restore the entire sum amount so that you can use it in the future.

Restoration benefit is one of the attractive features of health insurance. The restoration benefit is valid only once for the policy year, allowing you to get the coverage benefit after the coverage amount is exhausted due to hospitalization. Restoration benefit is a great add-on to health insurance that acts as a safety net in case of medical emergencies.

Types of Restoration Benefits in Health Insurance

There are two different types of restoration options available, and policyholders can choose one of them based on their needs and we advise you to read the terms and conditions of your health insurance policy carefully:

Complete Exhaustion: In Complete Exhaustion Restoration Benefit, you will get the benefit once your entire sum insured is completely exhausted.
Partial Exhaustion: In Partial Exhaustion Restoration Benefit, you will get the benefit once your sum insured get partially exhausted.

Who Should Buy Restoration Benefit in Health Insurance?

It is optional to choose the restoration benefit in your health insurance. But this benefit is a great deal for people having certain types of health insurance plans. The following persons will find the restoration benefit helpful.

Restoration benefit can be beneficial for those who have a family floater health insurance plan, but you can buy it for any health insurance policy. The restoration benefit provides the same comprehensive coverage that is provided in the basic policy.
People having a health plan with low sum insured amount can opt for this restoration benefit as a backup in case of exhaustion of sum insured amount.

Importance of Restoration Benefit in Health Insurance

Restoration benefit in health insurance reduces your additional expenses for multiple claims. This benefit allow your health insurer to bear the cost of treatment above the basic sum insured of your health plan.

Some Other Important Health Insurance Links

How Does Health Insurance Works in India

E-insurance Account in Health Insurance

GST on Hospital Room Rent

Best Health Insurance Companies in India

Star Health Insurance Covered Diseases List

Things to know before purchasing Restoration Benefit

Most of the health insurance companies restore the sum insured only after the sum insured and the cumulative benefits of the policy are exhausted. But some health insurers restore the sum insured in case of partial exhaustion of the sum insured amount.
The restoration benefit cannot be carried over to the next year. This means that if you do not use the restoration benefit during the current policy term, then it cannot be availed in the next policy tenure. The policyholder should ensure that they can use the restoration benefit for the treatment.
In family health insurance, if a member has used the amount for specific ailments like; Heart attack cannot be used again for the same disease within the current period of the health policy. But other family members included in the family floater plan can use the restoration benefit amount for the same illness.
Some health insurance plans have built-in restoration benefit, so you don't have to pay additional premiums to get this benefit. The policyholder has to check the policy documents to see whether restoraiton benefit is embedded in the health policy, whereas in some health insurance policies, it is available as an add-on cover. One needs to pay extra to avail this benefit in their health insurance plan.

Conclusion

Restoration benefit is a very useful add-on cover to your health insurance plan, especially if you have a family health insurance plan. If a family member is hospitalized and uses up the entire sum insured, in that case the restoration benefit restores the sum amount and covers the remaining family members for the rest of the year. Also, while purchasing the restoration benefit for health insurance, read the offer policy document carefully to understand the inclusions and exclusions of the health policy so that you do not face any issues at the time of claims.

10 Reasons Why You should Buy a Health Insurance in Your 20s

There are some decisions that you must take early on in life. Doing so brings you many benefits and helps you to save money too. One such decision is buying health insurance. Health insurance plans are available at a lower cost for younger people. The process to buy the cover is more straightforward too. Look at this article to know more about the various benefits of buying a health insurance plan in your 20s.

Economical: The health insurance plans are priced lower for younger people. A plan that costs a 23-year-old person INR 5000 will cost a 42-year-old person INR 10,000. This is mainly because a younger person is fitter and less likely to make a health insurance claim. You can get a plan at a lower cost with a lifetime renewability option and stay covered till the last day of your life affordably.
Better terms and conditions: - Since you are fitter in your 20s, you will be offered the plan on flexible terms and conditions. An older person with many health conditions may have to agree to many exclusions and other clauses. But since you are young and fit, the insurer won't bother attaching too many complicated clauses to your health insurance plan.
Fewer Health complications: - As mentioned, in your 20s, your health is in excellent condition. As you age, your health will begin to fall. You may develop certain illnesses. Getting a health plan at that stage will be difficult. Make use of this advantage and get your health policy when you are young and fit.
Lesser financial duties: - As an unmarried youngster, you may not have too many financial duties. It is thus more accessible for you to get a health insurance plan at this stage of life. In a few years, you will get married, have dependent children, buy a house, pay its EMIs, etc. So, get health cover now and stay protected for a long time.
Easy to see off the waiting period: - Every health insurance plan has a few waiting periods that you need to see off. Getting a health insurance plan in your 20s helps you here as you can quickly see the waiting period. It is unlikely that you will make a claim now, so the three- or four-year waiting period will be covered. Then, when you are older and need to make a claim, you don't have to bother about any waiting period-related issues.
Coverage for lifestyle disorders: - Sadly, lifestyle disorders have become a part of our lives. These illnesses seem to be more common among youngsters. If you have a few faulty lifestyle habits such as smoking, not sleeping enough, and eating unhealthy foods, you may be susceptible to lifestyle illnesses such as obesity and hypertension. These ailments are hazardous and can make you very sick. Stay protected by getting a good health insurance plan so that even if you get sick, you can get treated in the best possible manner.
Lower chance of rejection: - It is common for people to have their health insurance applications rejected. When someone has many pre-existing disorders, their health insurance proposal is rejected. Then, if the person is overweight or has a history of ill-health, the health plan may not be given to him. These are problems that older people primarily face. When you are young and fit, the chance of rejection is practically nil. You are pretty assured of getting the best health insurance in India at a reasonable price.
Reduced dependence on group health cover: - As a young working professional, you will have group health insurance cover. However, this cover has various limitations. You can lose the health cover overnight if you get fired or leave the job. There is a lot of uncertainty associated with it. Then, there are many limitations in a group health insurance plan. You cannot make the plan flexible as per your needs. This is why you need to have an individual health insurance plan as a backup. The health plan will not just cover you, but also your dependents which at this point in life may be your elderly parents. So take care and get a good health insurance plan that will offer comprehensive, continuous, and wholesome cover to cater to your needs.
Tech-savvy: - Modern-day insurance plans are available online. As a result, older people struggle to understand the digital nuances. For you, this should not be a problem at all since, as someone in your 20s, you are indeed very tech-savvy. You can buy health insurance online rapidly and effortlessly. You can get the plan instantly without even having to leave your home. So go online and run a comparison. Once you locate the ideal cover, make a purchase then and there. You can also renew the plan online in a matter of a few minutes. These are some of the benefits you get when buying a health insurance plan online in India.
Tax benefits: – And last but not least, you can enjoy tax benefits when you buy a health insurance plan. You can get income tax deductions under Section 80D. When you get a health plan as a youngster, these tax rebates are available to you early, giving you a better understanding of tax savings.

Keeping the points mentioned above in mind, it can clearly be said that getting the health insurance plan as per your need at a young age is the best decision you can make. Explore your options, compare health insurance online and make a purchase smoothly and straightforwardly. You will end up with an excellent medical insurance cover that would be wholesome and economical as well.

Disclaimer: The information published in this article is for reader′s reference only. The content of this information is to provide an overview of your health insurance needs. It should not be relied upon for personal, medical, legal or financial decisions, and you should consult an appropriate professional for specific advice. The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

*Standard Plans Terms and Conditions apply.

Check Your Health Insurance Claim Status Online

It is straightforward to track health insurance claims nowadays. You can easily do so online in just a couple of minutes. You can also check the claim status offline by contacting your insurance provider. It is essential to know the status of your health insurance claim so that you can estimate the date by which the amount will reach you. Getting a health insurance claim is the most crucial reason you buy the health plan in the first place. This is why you must always try to get the claim. Take a look at this article to know more about health insurance claims and how you can track and get it faster.

Step by Step Process to Check the Claim Status Online

It is effortless to check the health insurance claim status online. All you have to do is:

Visit the website of your health insurance provider
Click on the "file claim" option
Then, select the option related to "check claim status".
Enter your details which include your policy number, your customer ID, your claim number, and your date of birth, among others
Hit the "Submit" button
Track claim status then and thereby viewing the information that gets splashed on your screen instantly.

As you can see, it is a swift and easy process to know your claim status online. You can do this remotely at any time and immediately get the results.

Check your Claim Status Offline:

If for some reason, you don't have access to the internet, or you are not too tech-savvy, you can check your health insurance claim status offline as well. For this, you have to:

Visit the branch of your health insurance provider
Once there, inform them of your customer ID, policy number, claim number, date of birth, etc., and they will retrieve the data
Else, you can also call the customer support helpline and provide the required information. Once done, the customer support executive will let you know of your exact health insurance claim status.

Knowing your health claim status offline is convenient and straightforward as well, so you can get it whenever you need it.

Handy Tips to Get Health Insurance Claim Faster:

If you want to get your health insurance claim processed quickly and smoothly, here are some handy tips to help you along the way:

Choose Insurer: First and foremost, you need to choose the health insurance provider. The insurer you choose should have a healthy claim settlement ratio. Unless you find an insurer with a high claim settlement record, you also won't be assured of getting the claim yourself. When you compare and buy health insurance, do not base your decision on the policy's price alone. Also, consider the rating and credibility of the insurer as this will help in the long run.
Be aware of the clauses: Every health insurance plan has a set of clauses and some exclusions. Read the terms and conditions carefully and be aware of what the exclusions are. If you cannot claim a specific illness or condition, do not file for it in the first place. Making unnecessary claims will not help. Instead, do your research and find a policy that would match your requirements. If that is done and you are eligible to make a claim, file it to get it processed smoothly.
File your claim properly: There is a particular procedure to file a health insurance claim. If you want a cashless claim, you compulsorily have to go to a network hospital. If you want a reimbursement form, you need to inform the insurer, fill out the claim form, get the documents, and file your claim. In case there is an error in this step, your claim may even get rejected.
Submit the documents: For reimbursement of health insurance claims, a long list of documents is needed. Every document is needed, and you have to submit them with care. Look at the website of your insurance provider to know which exact documents are needed. Then, get them and file them appropriately. Only after you submit all the documents, the health insurance company begins to process your claim.
Follow up: You need to follow up after you submit the claim request. Track claim status regularly and keep calling up the insurance company if needed. At times, being persistent is the only option. Fortunately, under the watch of the IRDAI, health insurance companies in India do not hold back the health insurance claims if the documents are in place and if the claim is a valid one.

Keep the points mentioned above in mind, and you will not have any problems with your health insurance claim. Check the health insurance claim status regularly to stay informed.

The bottom line:

A health insurance plan helps you out immensely when there is a medical emergency in the family. With a health cover in place, you can get the best treatment at the best hospital without having to worry about the expenses.

However, you need to ensure that you get the health insurance claim, as, without that, your health cover will have no value. Follow the rules of the health plan and file your claim correctly and effectively. Submit the required documents and adhere to the timelines as well. Once that is done, track claim status to see what's happening with the claim. Speak to the insurer if needed and ensure the claim is processed smoothly. Thankfully, the health insurance companies in India are excellent and professional and if everything is in place, getting a health insurance plan is never a challenge.

Disclaimer: The information published in this article is for reader′s reference only. The content of this information is to provide an overview of your life insurance needs. It should not be relied upon for personal, medical, legal or financial decisions, and you should consult an appropriate professional for specific advice. The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

Dental Insurance in India - What’s Covered, What’s Not

There is no denying that a visit to the dentist can prove to be an expensive one. A regular and minor procedure can burn a hole in the pocket. And many put off going to the dentist and keep living with the problem either because it is too expensive or because their health insurance does not cover dental insurance.

Despite the expected prevalence of periodontal diseases and other oral issues, not many health insurance companies offer dental insurance to their customers. Even though these people avoid going to a dentist, as most of them do not realize the dangers of dental problems and infection, they are worried about the cost of dental treatment.

Why Do I Need Dental Insurance Coverage?

Even in most comprehensive health plans, dental disorders are hardly covered, making it relatively unaffordable to go for dental treatment. There is no denying that dental treatments can burn a big hole in your pocket.

Due to such high treatment costs, people realize the importance of dental insurance plans. But because dental insurance falls under the cosmetic treatment category so it is not available as standalone insurance and there are many insurers that do not cover it. So you need to pick a plan that allows dental insurance coverage. Certain health insurers are including dental insurance in their health plans but these are subject to terms and conditions. Some plans only cover dental treatments undertaken due to an accident. So, it is crucial to read the policy document to understand the terms and conditions associated with the dental insurance included in the plan as the benefits vary from insurer to insurer. But the inclusion of dental insurance in certain health insurance plans has helped a lot of people in dealing with the heavyweight of dental treatment.

Benefits of Dental Insurance:

Sadly, most Indians do not realize the importance of dental hygiene. The concept of a dental insurance plan is still unknown to many. Dental treatments are one of the most common exclusions in health insurance plans. However, with dental insurance, it becomes easy to deal with the freight of dental treatment. Your dental insurance plan would be designed to cover the medical costs you incur on the dental treatments that you need to undergo.

If you are still contemplating the importance of having dental insurance coverage in your health plan, look at the benefits of having dental insurance:

Covers Medical Expenses: Most Indians, children and adults alike, suffer minor to severe dental issues. Many avoid going to the dentist just because of the expensive treatments. Having an appropriate health insurance plan would cover the expenses that you may have to incur on your and your family's dental treatment. The coverage does not cover cosmetic dentistry.
Preventive Benefits: When you get regular dental check-ups, there is a much higher chance of identification of serious issues. An unnoticed or untreated decay can lead to a significant problem and thus make a big hole in your pocket. Most plans cover preventive oral care, which can save you from a significant expense.
OPD Treatments: Most dental treatments are done in OPD, which is under the Daycare facility. Depending on your plan option, you can get a cashless or a reimbursement claim on your expenses.
Network of Hospitals: Most well-established health insurance companies offer a massive network of hospitals for treatment. These network hospitals work with state-of-the-art equipment and technology and offer you the best available treatment.
Dental Health is Important for Overall Health: It is often said that when you have a toothache, even the sweetest things on earth will hurt. There is a strong relationship between dental health and overall health. An oral problem can lead to a lot of other medical conditions. Heart conditions and diabetes can get worsened with dental issues.

Dental Insurance Coverage:

Your plan may include general oral care treatments, preventive methods, and other required treatments. Depending on the dental insurance coverage offered by your insurance company, you can get a cover for:

Routine examinations
Tooth Fillings
Tooth Extractions
Oral Cyst and Infections
Dental Injury
Gum Diseases
Root Canal Procedures
Follow-Up Treatments
Dental X-Rays

It is also possible that the primary health plan does not include dentures, alignment of the jaw, implants, or other cosmetic treatments unless required after an accidental injury.

Things to Remember when buying Dental Insurance:

Are you going to buy Dental Health Insurance? Before buying Dental Insurance, make sure you keep the following points in mind:

Look out for health plans that offer maximum coverage in dental treatment
Make sure that you compare the price and the benefits that different companies are offering
Go through all the covers offered by the company, make sure to go over the exclusions. In case of any query or concern, reach out to the customer care or your insurance agent
Health Insurance companies keep updating their network of hospitals, keep a check on such network hospitals that come in your vicinity

Keeping the points critical factors in mind will help you make an informed decision and choose an appropriate plan.

Conclusion:

Over the past few years, there has been a massive change in the eating habits of Indians, especially the younger generations. Consumption of junk food, chocolates, candies, and tobacco products has further added to issues of dental disorders. While basic oral hygiene can go a long way, it is imperative that one also explores dental insurance in India. If you do not wish dental treatments to brush away your savings, invest in a health plan covering these expenses. Remember, better teeth, better health.

FAQ:

1. How can I buy dental insurance for myself?
In India, if you want dental insurance coverage, there is no standalone dental insurance plan. However, you can opt for Dental Insurance Coverage which is a part of your Health Insurance Plan. There are specific health plans that offer a cover for dental healthcare as well.

2. What are Preventive Health Plans?
In preventive health care plans, regular check-ups are taken care of. If your policy allows, a dentist's consultation, including an oral check-up, can be covered.

3. Does my regular health insurance plan cover dental insurance?
Most health insurance companies offer built-in coverage for dental insurance in health plans that have a high sum insured. If dental treatment is required after an accidental injury, your health plan would surely cover the cost of treatment. It is recommended that you contact your health insurance company and seek the required plan details.

4. Can you buy dental insurance in India?
Yes! Dental insurance in India can provide you with financial support if you need medical treatment for dental issues. It is a component of health insurance but does not constitute standard coverage.

5. What is stand-alone dental insurance?
It is a type of dental plan that is available through the marketplace but is not a part of a health plan. If the health insurance you select doesn't cover dental care or if you want a different dental plan, you need to buy stand-alone dental insurance.

6. What is the upper and lower age limit to avail of Dental Insurance?
Adults must be 18 - 65 years old to purchase dental insurance.

Disclaimer: The information published in this article is for reader′s reference only. The content of this information is to provide an overview of your health insurance needs. It should not be relied upon for personal, medical, legal or financial decisions, and you should consult an appropriate professional for specific advice. The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

What is Corona Kavach Health Insurance Policy?

The importance of health insurance has increased because of the raging Coronavirus pandemic. No one is sure about how long one can stay safe from this virus. With the rapid spread of the virus, the number of cases is on the rise. The economic impact of the virus is also proving to be huge. With the lockdowns, loss of jobs, and shutting down businesses, the public faces squeezed household expenses. With all these issues, getting infected with coronavirus and spending on hospitalization is a double loss for most people.

This is Where Health Insurance Comes to Save You!

If you are looking for a standard covid-specific indemnity-based health insurance policy, then Corona Kavach will suit your requirements. Corona Kavach is a health insurance policy offered by insurers across the country to cover treatment costs and medical expenses arising out of Covid-19 infection. The coverage and terms and conditions are standard across all insurers, making this policy easy to understand. The policy is provided on an individual basis, as well as on a family floater basis. If you are looking to buy this policy for yourself and your family, there are five things that you need to understand:

Expenses Covered: The policy covers all the expenses that arise because of the diagnosis of Covid-19 at any government diagnostic centres and the subsequent hospitalization requirement for the same. Under the base coverage provided on an indemnity basis, the covered expenses include Covid hospitalization expenses, medical expenses for Ayush treatment, home care treatment expenses, pre-hospitalization expenses, and post-hospitalization costs.

The plan also gives you the option to add a 'Hospital Daily Cash' cover. The insurer gives you an amount equivalent to 0.5% of the sum insured per day (up to 15 days) for every 24 hours of continuous hospitalization.

Sum Insured: The minimum sum insured under the policy is Rs 50000, and the maximum is Rs 5 lakh. You can choose the sum insured according to your requirements within these limits in multiples of 50 thousand. Also, you can pay the policy premium in a single premium payment if that suits you.
Age Limit for Coverage: The minimum age limit for purchasing the policy is 18 years, and the maximum limit is 65 years. Insurers may issue the policy to people older than 65 years, as per the terms and conditions mentioned in the policy. Under a family floater plan, dependent children of age 1-day-old to 25 years are also covered.
Tenure of the policy and Waiting Period: Corona Kavach health insurance policy is a short-term health insurance policy that has policy tenure options of three and a half months, six and a half months, and nine and a half months, i.e., 105 days, 195 days, and 285 days.

There is a waiting period of 15 days after you purchase the policy. During the renewal of the policy, this 15 day waiting period is not applicable. But if you are planning to increase the sum insured during the policy renewal, then a waiting period of 15 days is applicable afresh.

Premium Discount for Health Care Workers: Health care workers listed under the policy are eligible for a discount of 5% on the premium paid towards the policy. The health care workers listed under the policy include doctors, nurses, midwives, dental practitioners, lab assistants, pharmacists, physiotherapists, technicians, and others working in the hospitals.

Bottom Line

Health insurance policy plays a huge role in protecting the savings that you have reserved to fulfil your goals. It is essential to buy a health insurance policy after careful consideration of your requirements. If you are planning to buy a Corona Kavach health insurance policy, it is essential to read the terms and conditions carefully so that you do not face issues at the time of filing for claims.

Related Article: Best Health Insurance Plans in India

Disclaimer: The information published in this article is for reader′s reference only. The content of this information is to provide an overview of your health insurance needs. It should not be relied upon for personal, medical, legal or financial decisions, and you should consult an appropriate professional for specific advice. The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

*Standard Plans Terms and Conditions apply.

Health Insurance - Difference Between Top-up Vs Super Top-up

Charu had taken a health insurance plan of INR 5 lakhs for her entire family. After a few years, her father was hospitalized following a stroke, and the bill came to INR 6 lakhs. She had a top-up health plan of INR 2 lakhs, so the top-up policy covered the balance amount of INR 1 lakh. Unfortunately, later that year, she also met with a road accident and spent a whole month in hospital. The bill came to INR 5 lakhs, but neither her health insurance plan nor her top-up plan could help. If she had a super top-up plan, she could have been able to make a claim.

What is a Top-Up Health Insurance Policy?

A top-up health insurance policy is a type of health plan that acts as a backup cover. To have this, you primarily need a primary health plan in place. Say, for example, your primary health cover is INR 2 lakhs, and your top-up cover is for another INR 2 lakhs. You can use the top-up cover if you exhaust the basic health cover. If your hospital bill exceeds INR 2 lakhs, you can pay the remaining amount with the top-up policy. The top-up cover can be used only when the primary cover is entirely and thoroughly exhausted. In other words, you cannot use the cover if the claim amount is lower than the coverage amount of the base policy.

What is a Super Top-up Health Insurance Policy?

A top-up plan only pays for a single hospital bill. This means you can claim a single event in the policy year. If, however, you have more than one requirement of a medical claim in a year, you will need to use a super top-up plan. You can make multiple claims on the super top-up policy for as long as the coverage amount allows you to do so.

Top up vs. Super Top-up Health Insurance - Which is better?

Let us do a comparative study of the two to understand which is better in top-up vs. super top-up health insurance policy:

Basic concept: The top-up health plan pays the balance amount after your primary health insurance cover is exhausted in a claim. To use the cover available in a top-up plan, you need first to use up the entire cover of the basic plan. Also, you can use the top-up plan only once. The super-top-up plan offers a similar backup to the primary health plan. The significant difference is that you can use it for multiple claims in a year.
Cost: The cost of a top-up plan is significantly less. This makes it very affordable. It is much cheaper to buy a top-up plan rather than buying a secondary health insurance policy. The same holds for the super top-up health insurance plans, which are very affordable as well. There is not much of a difference in the price structure of the top-up and super top-up health insurance plans. As you can see, there are some fundamental differences between a top-up health insurance plan and a super top-up health insurance plan. There are also some similarities between the two, so choose wisely.

Top up vs. Super Top-up Health Insurance - Which one do you need?

Health insurance is something that everyone requires. You need to have the best and the most comprehensive cover to ensure you get the highest quality of treatment when needed. The same holds for your family members as well. Getting a top-up or a super top-up helps as you can maximize the scope of coverage.

If you are young and healthy and do not have any pre-existing illness or a family history of a severe ailment, a top-up plan should be enough for you. However, if you have any pre-existing illnesses or a family history of a severe illness such as cancer, getting a super-top-up plan may serve you well.

Top-up vs. super top-up Health Insurance - Important points to Remember

Before you invest in a good top-up or super top-up health insurance plan, you need to be aware of their features so that you know exactly what you are getting:

Can buy independently: You can compare super top-up plans and top-up plans to find the most affordable options. You can buy them independently. There is no rule stating the plans must be bought from the same insurer whose basic health plan you have. So, you can have a health insurance policy from one insurer, a top-up health policy from another insurer, and a super-top-up plan from yet another insurance provider.
Fewer clauses: The clauses related to the top-up and super-top plans are more relaxed than the basic health insurance plans. For instance, you don't have such long waiting periods in these plans. However, some exclusions apply to these plans, too, so you need to read the terms and conditions carefully before you compare and buy the top-up and super top-up health plans.

Once you know the features and benefits of the top-up health plans and the super top-up health plans, you will know which one is best suited for you.

Conclusion:

As you can see from the points mentioned above, there are many benefits you get when you buy a top-up and a super top-up health insurance plan. Analyze your needs and see which is a better option for you and your family. Then, get the most suitable health insurance cover and stay protected in a wholesome manner. The top-up health plans and the super-top-up plans are widely available online, so getting them is a quick and easy process.

Best 7 Add-on Covers for Parents Health Insurance

By purchasing a health insurance policy for your parents, you have ensured that your parents are protected in case of a medical emergency. But some conditions are not covered under a standard health insurance policy.

So, what about these conditions then?

This is where you can opt for add-on covers and riders to improve risk cover for the health insurance plan for your parents. In today's world, having the right health insurance policy has become one of the significant needs.

If you feel that the amount of coverage provided by the standard health insurance is not enough for your parents, then consider buying some add-ons that will enhance the coverage at an extra premium.

Several companies in India offer various add-on covers that will help you increase the coverage of your parent's standard health insurance policy.

Here are some of the add-on covers that you can opt for:

1: Room Rent Waiver: Room rents under the standard health insurance policy are capped at a specific limit. But if you plan to purchase a room rent waiver as an add-on or a rider by paying an additional amount, the limit capped on the room rent increases, or there is no limit at all.

This means that if you opt for a room rent waiver as an add-on, there will be no capping on the room rent, or you can avail a specific percentage of the room rent up to the sum insured limit. The limit varies from one insurer to another.

2: Critical Illness Cover: Critical Illness is an essential add-on for your parents. Today, diseases like cancer, heart attack, etc., have become very common, and we hear them from our close ones. Under the critical illness rider, the insurer pays the insured a lump sum after the critical illness diagnosis, no matter the number of medical expenses.

Suppose your parents have standard health insurance with a sum insured of Rs 5 lakhs. You can think of buying an add-on critical illness rider that increases the sum insured up to Rs 10 lakh.

For instance, if the policyholder is diagnosed with cancer during the policy term and files a claim under the critical illness cover, the insured will be paid a lump sum of Rs 10 lakh even if the cost of the treatment is Rs 7.5 lakhs. This means that you can pay additional expenses and other charges with the help of the remaining amount. That is amazing!

3: Co-Payment Waivers: Most of the health insurance plans for senior citizens have a co-payment clause in them. But while buying a health insurance policy for your parents, you can include an add-on cover that waives this co-payment clause. For example, people over 60 years of age have a 20% co-payment clause in the policy. This can be a considerable amount in case any of your parents gets diagnosed with a severe illness. Therefore, this might prove to be an essential clause that you can include.

For example, if you have a health insurance policy with a sum insured of Rs 20 lakh, if the claim amount is Rs 10 lakh, with a 20% co-payment clause, you will have to pay Rs 2 lakh from your pocket. But, if you have the co-payment waiver, then the insurance company will also have to pay the co-payment amount.

4: OPD Care: It is common for your parents to visit OPD. The charges of OPD are not covered under most health insurance policies. But some health insurance providers offer an add-on for OPD charges at an extra premium. However, only some health insurance providers offer this cover, so you have to check the same before you buy or renew a health insurance policy.

5: Reductions in PED: Pre-existing conditions like hypertension, diabetes, and heart-related ailments are pretty common at our parent's age. The waiting period in a health insurance policy can range from 2 to 4 years. This means that if your parents fall ill due to a pre-existing medical condition before the waiting period is over, then the medical expenses for the treatment will not be covered under the policy. Therefore, a reduction in PED cover is a must-have if your insurer offers it to you.

6: Personal Accident Cover: With this add-on cover, you get protection for any damages that arise out of an accident. This includes partial disability, permanent disability, death, etc. The insurer pays a lump sum to the insured or the insured's family (if the policyholder dies) in case of an accident.

7: Hospital Cash Cover: With Hospital daily cash cover, you can get a daily cash allowance during the period of hospitalization. The insured needs to be in the hospital for more than 24 hours to get the hospital cash benefit. The benefit received from this cover can be used to pay for a nearby hotel stay, food, conveyance, etc.

Bottom Line:

With the Covid 19 pandemic, the need for comprehensive health insurance is on the rise. There is nothing more we want than to ensure that our parents are healthy and protected. With these add-on covers, you can make the parent health insurance full proof.

FAQ's:

1: What is add-on cover in health insurance?

An add-on cover is extra coverage that you can add to your primary health insurance policy to enhance the policy's coverage. Some of the add-ons cover that you can purchase include critical illness cover, rent room waiver, etc.

2: Do I need to pay an extra premium for add-on covers?

Yes, you need to pay a nominal extra premium for every add-on cover that you buy with your primary health insurance plan.

3: Are add-on covers important?

Yes, add-on covers are essential because they enhance your standard health insurance policy coverage and provide financial support in case of specific conditions that are not covered under a standard health insurance policy.

4: Do all the insurance companies offer these add-on covers?

Almost all health insurance providers offer a variety of add-on covers. But you have to check with the health insurance company to see whether they offer the add-on cover you wish to purchase.

5: What are the various add-on covers that I can buy for my parent's health insurance?

The add-on covers that you can buy for your parent’s health insurance include critical illness cover, hospital cash cover, personal accident cover, etc.

Disclaimer: The information published in this article is for reader′s reference only. The content of this information is to provide an overview of your health insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

Steps for Filing a Reimbursement Health Insurance Claim

When you invest your hard-earned money in a health insurance plan, your aim is that in case of medical urgency, you would not have to take a chunk out of your savings to pay your hospital bills. With the COVID-19 scare hovering over us, many Indians have realized the importance of protecting a health insurance cover; however, many still feel uncertain about its benefits.

Thankfully, more and more health insurance companies are now opting for simple and user-friendly claim settlement procedures. The instructions are easy to follow and pose no problem for the customer. With a transparent and quick procedure, it also becomes more accessible for the policyholder to know the status of their claim.

Types of Health Insurance Claims:

When you have a health insurance policy and are advised of hospitalization covered under your policy, you would be able to make a claim. The kind of claim that you can make depends on the kind of hospital you seek treatment in. Fundamentally, two types of claims are admissible in a health insurance plan, these are:

Cashless Claims
Reimbursement Claims

Note: A cashless claim is when the hospital would process it on your behalf. So your involvement is minimal. However, for a reimbursement claim, you need to process the entire claim yourself.

Health Insurance Reimbursement Claim:

When making a medical reimbursement claim, the medical bills are cleared by the customer and claimed later by the health insurance company. An advantage of a reimbursement claim is that the treatment can be taken in a hospital of the policyholder's choice.

Most people consider reimbursement a quicker way in terms of the time taken at the time of discharge, as when making a cashless claim, the process of discharge is often lengthy. Till the time all formalities are completed, a patient is not free to leave the hospital.

However, on the flip side, making a cashless claim might be considered more straightforward. Also, in a network hospital, you need not arrange any finances before the treatment, but when going for reimbursement of medical expenses, you would have to pay the bills yourself and thus raise the required funds.

Planned Hospitalisation and Emergency Hospitalisation:

Another critical factor when making a reimbursement claim is the mode of hospitalization, which may be planned or in an emergency. For example, if someone has to undergo hip replacement surgery, it would be a planned surgery. On the other hand, due to a heart attack, angiography may be required urgently. This surgery would be an emergency.

In both kinds of hospitalization, the insurance company must be informed in time. In planned hospitalization, the notification should be done at least 3 to 4 days before the hospitalization. If it is an emergency hospitalization, the medical reimbursement request should be registered within 24 hours of hospitalization.

Steps for Filing a Health Insurance Reimbursement Claim:

For making a medical reimbursement claim, the insured member has to go through standard hospitalization and then follow a few simple steps to make a claim. Most companies follow the same procedure; however, it is recommended that you speak to a company representative in case of a concern or query.

1- Notification:

As explained earlier, the most critical step while seeking reimbursement of medical expenses is to inform the health insurance company on time. The policyholder or someone on their behalf must register the claim as soon as possible. Depending on the company the claim system, the notification of claim can be done in the following ways:

Calling the company customer care
Writing an email to the company
Registering the claim online through the official website or mobile portal/ app

2 - Treatment:

As per the doctor's prescription, the policyholder must be admitted to the hospital and receive the necessary treatment. Once the treatment is finished, the cost of treatment is to be borne by the insured member/ his family/ someone on his behalf.

3 - Discharge:

Once the insured is ready for discharge, it should be ensured that he/they or someone dependent carries certified true copies of all the bills and receipts of all investigative tests, reports, discharge summary, etc. These certificates should be stamped and signed by the hospital authorities.

4 - Claim:

Once the insured member is home, the reimbursement claim can be filed. Most companies give a period of 7 to 15 days from discharge to complete the paperwork and submit documents. If the insured member is still recovering, any responsible friend/family member can help with the formalities.

5 - Paperwork:

All the medical reports, doctors' certificates, and bills must be submitted to the insurance company within the period. Due to the ongoing COVID-19 situation, most companies ask policyholders to submit the medical documents online or via email. Once the details and documents are verified, the claim will be reimbursed.

6 - Reimbursement Claim Status:

Most companies settle reimbursement claims with a period of 7 to 15 working days.

Multiple Claims:

In case a policyholder has invested in 2 health insurance policies or is making use of a top-up or a super top-up policy, he has the option of making multiple claims. The combination can be:

Cashless + Cashless
Cashless + Reimbursement
Reimbursement + Reimbursement

In such a case, the reimbursement claim would remain the same. The insured/ someone on his behalf would have to follow the same procedure for making multiple claims with the same/ different health insurance company.

Things to Remember When Filing a Reimbursement Claim:

The sole aim of having a health insurance policy is an easy and hassle-free claim. The policyholder should follow the claim procedure cautiously so that there are no difficulties. For a smooth claim, the following points should be remembered:

There should not be a delay in informing the company about the hospitalization.
A responsible friend/family member should be appointed to help the insured member with the formalities.
Regular updates from the TPA or the health insurance company should be taken.
Authentic Copies of all Reports, Bills & Receipts, Investigative Reports, Doctors' Prescriptions, Discharge Summary, etc., should be taken from the hospital.

The Bottom Line:

There is most people aren't aware of how a health insurance plan works. Lack of knowledge about the reimbursement claim settlement procedure is also why people feel apprehensive about investing in a health plan. They are worried that their claim may not be settled at the crucial hospitalization time or delayed settlement.

FAQs:

1) When is a reimbursement claim raised?

Generally, a reimbursement claim occurs under the following conditions:

The health insurance company/plan does not allow cashless settlements
When the treatment is taken in a non-network hospital

2) What documents are required when filing a Medical Reimbursement Claim?

The following documents are required:

Health Card
Photo ID Card
Reimbursement Claim Form
Receipts and bills of medicines with Doctor's Prescription/ Consultation
All Reports of investigative and diagnostic tests
Copy of the FIR/ a Medico-Legal Certificate in case of an accident
Discharge Summary
Bank Account details

3) How can I check the reimbursement claim status?

To check the reimbursement claim status, the policyholder can contact customer care or check the same online.

4) What is a cashless claim?

In a cashless claim, the policyholder must get treated in a hospital impaneled by the company. The medical bills are covered by the company directly. The policyholder pays only the uncovered expenses.

Is Cataract Surgery Covered in Health Insurance?

A cataract is a common eye condition caused due to a dense formation around the eye's lens. This formation that looks like a cloud slowly becomes opaque and results in blurred vision. When left untreated, the condition can also cause partial or total loss of sight.

The average age of an Indian contracting cataract is 50 years, which is much lower than in many other countries. Pinpointing the sole cause of cataracts has not been possible, though increasing age and diabetes are its leading causes. A modern lifestyle that includes smoking, steroids, radiation therapy, and traumatic eye surgeries can also lead to a cataract.

If you have a history of cataracts in your family or have seen people with cataracts around you, the fear of this disease may hover over you too. And one of the first thoughts you have while planning to buy health insurance may be, "Is Cataract Surgery Covered In Health Insurance?" You are not alone.

Cataract Surgery and Health Insurance:

Apart from surgery, a cataract does not have a natural cure. Average conventional cataract operation may cost Rs. 40,000 for an eye. But if you opt for a bladeless/ laser eye surgery, you may have to shed anything between Rs. 80,000 to Rs. 1.5 lakhs. Laser eye surgery cost is high; it is, therefore, only natural that you would be concerned if your health insurance plan would cover this treatment.

Answer is "Yes", Cataract Surgery is covered in Health Insurance.

Several health insurance plans may cover the medical expenses of cataract surgery, but it comes with its own set of terms and conditions.

Points to keep in mind while opting for a health plan for possible cataract surgery:

Waiting Period: Most health insurance plans have a 24 month or more waiting period for cataract eye surgery. Therefore, the plan would cover the medical expenses of cataract surgery only when it is performed after 24 months of continuance coverage from the date of initial policy purchase.
Cap on Claim: For example, you have a health plan with the sum insured of Rs. 5 lakhs. And in your plan, cataract eye surgery is covered till up to 10% of the sum is insured. So, the expenses are only up to Rs. 50,000 would be covered. There are also specific plans that do not put any cap on expenses and pay for the actual cost of the treatment, as covered by the sum insured.
Co-Payment: There is a clause of co-payment in some health insurance plans when certain surgeries such as cataract surgery are performed. This means that in the total expenses of the treatment, a certain percentage of 20% to 30% is paid by the policyholder. For example, if you have to copy 25% of the expenses, and if the cost of your cataract surgery were Rs. 1 lakh, you would have to pay Rs. 25,000 from your pocket. The insurance company would pay the remaining Rs. 75,000.

Importance of Coverage of Cataract Surgery :

No Natural Cure: As discussed, there isn't any natural cure for cataracts so far. Thus, if diagnosed, surgery would be the only way to improve your vision.

The severity of the Disease: With growing age, untreated cataracts would get worse. It can also lead to complete or partial blindness. It, therefore, becomes imperative that you invest in a comprehensive health insurance plan that covers cataract eye surgery.

A Safe Surgical Process: Fortunately, cataract surgery is a safe surgery. The procedure takes a few hours only, and so does the recovery. Most patients do not suffer any side effects. This means that even if you are diagnosed, there are much brighter chances of your vision getting better.

Restoration of Vision: Needless to say, after the cataract eye surgery, your vision quality can get so much better. We are so dependent on our eyes that an improved vision can be life-altering. The surgery would not just improve your vision but also your overall quality of life.

Claiming for Cataract Surgery under Your Health Insurance Plan:

Mainly, cataract surgery does not require more than 24 hours of hospitalization, and thus it is covered as a day-care treatment. Claiming cataract surgery is quite like making any other health insurance claim. There are some standard procedures which all health insurance companies generally follow.

Cataract surgery would be a planned surgery, and therefore when your doctor prescribes you or a family member the surgery, you must inform the insurance company soon. Keep in mind that your claim must be registered with the company 3 to 4 days before the surgery.

There are two ways in which a claim may be settled:

Cashless Claim: In case you go to a network hospital for your treatment, you would be able to avail of the cashless facility wherein you need to submit your Pre-authorization form along with your company-issued Health Card. You would have to pay your share of co-payment at the time of discharge, if any, or for uncovered expenses.
Reimbursement Claim: In case you did not seek treatment in a network hospital, you can still request reimbursement. Inform the company about the surgery 3 to 4 days in advance. Post the surgery, and you need to make the payment yourself. Later you can claim by submitting the Claim Form, treatment-related papers, along with your KYC and bank account details. Once all paperwork is verified, your expenses would be reimbursed.

Conclusion:

Eyes are one of God's greatest gifts. And thus, your ability to see is probably as important as your health. However, it is also a fact that your eyes are constantly changing. It is often seen that people who have a problem in their eyes take a long time to realize that they have a problem. And because vision changes may come gradually, worsening vision is not easily detected. If you face any issues with one or both of your eyes, you must consult an ophthalmologist today.

Note: Refer to your policy document and see if the expenses can be covered.

FAQs:

1) Who is more susceptible to the problem of cataracts?

Mostly, it is the senior citizens, that is, people over the age of 60 years, who are more vulnerable to this disease. However, these days people in their 40's are also being diagnosed with cataracts.

2) How can I opt for eye insurance?

Eyes insurance, also called vision insurance, is still a new concept in India and is not available as a standalone health insurance policy. However, you can opt for a plan that covers cataract eye surgery.

3) What is the waiting period for undergoing a cataract operation?

In most health insurance policies, after the waiting period of 24 months, cataract surgery is covered.

4) What should I get my cataract surgery at a network hospital?

These hospitals collaborate with the insurance company, so the company or its TPA clears the bills. It makes the claim process easier and quicker.

5) What is the meaning of "Cap on Claim"?

A surgical procedure is covered in a health insurance plan, and it generally comes with an upper limit. This means that only a specific percentage of the sum insured may be spent on the treatment.

Group Health Insurance: Coverage, Exclusions, and Claim Process

Living a healthy life is a challenge today due to the changes in lifestyle and stress. Medical emergencies can put stress on your finances and can become a hassle for your family. One way to manage your finances is to get comprehensive health insurance that will provide you coverage against any medical conditions that may arise.

Today, many companies in India offer health insurance in the form of group health insurance to their employees to get some financial support in case they must spend money on a medical emergency.

What is Group Health Insurance Policy?

A comprehensive health insurance plan that provides coverage to all the members of an organization is called the group health insurance policy. Most of the big private and public organizations in the country provide group health insurance to their employees. Thus, this plan offers the members financial protection in case there is a medical emergency. The premium paid for a group health insurance policy is lower because the risks are divided among all the group members.

How does Group Health Insurance Work?

The employer provides the group health insurance plan to their employees
The group insurance provides comprehensive covers to the employees at a lower insurance premium
The employer decides the coverage that the policy will provide to the members. If the employee does not wish to buy a health insurance plan for the family, he can opt for some top-ups that will increase the policy's coverage.
In case a medical emergency takes place, the insured can use the policy at one of the network hospitals of the insurance company
For filing the claim, the insured has to submit all the relevant documents
After the documents have been verified, the insurance company pays the money directly to the hospital

What is Covered Under the Group Health Insurance Policy?

The extensive coverage that the group health insurance policies provide makes it a popular choice among employers. Some of the conditions that are covered under the group health insurance policy include:

Pre-existing conditions without any waiting period
Treatment expenses that are spent on chronic illness are covered
The health insurance policy can also be extended to the family and dependents of the policyholder
Hospital bills for some of the critical illnesses are also brought under consideration
Cashless hospitalization at the network hospitals of the insurance company are also included
Expenses related to pre-hospitalization and post-hospitalization are also included
Ancillary charges are also covered under the policy. These are the charges that are spent on things like medicines, bandages, etc.

Exclusions Under Group Health Insurance:

Generally, Certain conditions are not covered by the group health insurance policy. Thus, these usual exclusions are not accepted by any insurance company. Some of the exclusions under the group health insurance include:

Use of life support system in case of any treatment
Sex change operation
Treatments related to obesity and weight loss
Treatment of AIDS and HIV
Non-allopathic treatments
An injury that is caused intentionally
Suicide
De-addiction treatment for drugs and alcohol

These exclusions are not the only exclusions that can be there in the policy, so you must check with the individual insurance companies to check what their exclusions are.

Claim Process for Group Health Insurance:

In case of hospitalization or a medical emergency, the claims should be fined as early as possible so that you face no issues. This is the process that you can use for filing claims:

Inform the insurance company about the medical emergency either online or by calling them on their number
In case of hospitalization, you must share the details of the group insurance policy with the hospital
The insurance company will ask the policyholder for the relevant documents along with the claim form
If the claims are verified, the insurance company settles the bill on behalf of the policyholder.

Documents Required for Claim Process:

This is the list of the documents that you need to file a claim. Different insurance companies may have different requirements, so you have to check that:

Claim form with all the relevant information duly filled
Medical Reports
Discharge Reports
Investigation Reports regarding the line of treatment
Prescriptions
Hospital Bills and receipts of payment
FIR (in case the hospitalization is due to an accident)
Other documents requested by the insurance company as per the case

Benefits of Group Health Insurance:

There are many benefits that you can avail yourself of under the group health insurance policy.

These include:

Affordability: The group insurance policy is an excellent option for people who cannot afford an individual health insurance plan. The group health insurance policy premiums are very low, or it is paid by the employers, in some cases.
No Pre-Policy Entry Rules: There are no pre-requisites like medical check-ups for the group members who are getting a group health insurance plan. In contrast, certain individual health insurance plans require the individuals to undergo a medical exam before the policy is issued.
Inclusion of family: Many group health insurance plans allow the policyholder to include their family member in the policy with an added premium. This includes spouse, children, and any dependents that the policyholder may have.
Standard Coverage: All the members covered under the group health insurance get the same level of coverage irrespective of gender, class, creed, etc. This means that the similar coverage value applies to people of high income as well as low-income groups.
Opportunities for conversion to an individual plan: Some insurer's allow you to convert your group insurance plan into an individual plan if they leave the organization. But you need to pay some amount of conversion fee for this change.

Bottom Line:

With the Covid-19 pandemic and the increase in lifestyle-related diseases, there is a need for health insurance. Group health insurance is one of the best perks that you can get when you join an organization. You should know all the details of the policy so that when the time comes, you can access the policy's benefits.

FAQs:

1) Which group of medical insurance is the best?

Ans: Many companies offer group medical health insurance policies, and the best group insurance policy depends upon your requirements.

2) Can a group health insurance plan be customized?

Ans: Yes, the group health insurance plans can be customized according to the needs of the members of the group. The customization can be done based on designation, salary, etc., and at no extra cost.

3) How many members are needed to purchase a group health insurance policy?

Ans: The number of members required to buy a group health insurance policy differs from insurance company to company.

4) Does the group health insurance policy scheme has any tax benefits for the employees?

Ans: Yes, the employee can claim the entire amount of premium(up to a certain amount) as tax deduction under Section 80D of the Income Tax Act. But the team member will not get any tax benefits in case the employer pays the entire premium.

5) What is the coverage provided under the group medical insurance?

Ans: The coverage provided under the group medical insurance differs for different insurance providers. It also depends upon the coverage that the employer requires for his employees.

Family Floater Health Insurance: Covers Your Entire Family

When Mahesh started earning recently, he knew his responsibilities had increased. One of his priorities was to get health insurance plans for his family. He had seen the struggle his father had gone through to provide for them when he had suffered a stroke. Mahesh did not want to jeopardise his savings and be under debt because of medical expenses thus, of late he has been trying to select the best health insurance policy for himself.

The scenario with Mahesh is very similar to many young people in the country. There are many people who wish to invest in health insurance plans for family, but often they are prohibitive and because of ignorance about health insurance, they end up buying an unsuitable policy. In order to select the best family floater health insurance, it is imperative that you understand the concept of health insurance and the different family floater health insurance plan covers that are available.

Types of Family Health Insurance:

Finding the best medical insurance for the family can be a daunting business and unless you know the different types of family health insurance, you would not be able to make the right choice.
There are two types of health insurance plans that can be taken for your family:

Individual Health Insurance Plan
Family Floater Health Insurance Plan

👉 Individual Health Insurance Plans: An individual health insurance plan covers an individual only. You can, however, choose to buy separate health insurance plans for every member in your family. This way each member would have his own sum insured and exclusive coverage. On the other hand, in a family floater health insurance plan, the sum insured would be used to cover the medical expenses regardless of any member falling unwell.

For example, there are four family members in your family, and you cover each member with a sum insured of INR 2 lakhs for each member the total sum insured would be INR 8 lakhs. If one member falls sick and has incurred a medical bill of INR 2.5 lakhs, his individual health insurance policy would cover only up to INR 2 lakhs, the remaining INR 50,000 would have to be borne by you. However, in the case of floater health insurance with the same sum insured of INR 8 lakhs, the expenses up to INR 8 lakhs, irrespective of the member, would be covered.

👉 Family Health Insurance Plan: As discussed earlier, floater health insurance would cover the family of an insured member. Different insurance companies include different relationships in their definition of ‘family'. All the members of the family are covered under the single umbrella coverage. The entire sum insured is shared by all the members of the family. Let us take a look at the various aspects covered in family floater health insurance:

In-Patient Expenses: The treatment cost of hospitalisation that is due to a sickness or an injury is covered by your health insurance policy.
Day Care Procedures: Certain treatments do not require hospitalisation and are completed within 24 hours. Such treatments are also covered in your family floater health insurance plan.
Pre and Post-Hospitalisation: Your treatment expenses are not limited to hospitalisation, your family floater policy would cover the pre and post-hospitalisation expenses up to a specific number of days.
Pre-Policy Medical Tests: In most health insurance plans for family, there is an age limit up to which, if you enjoy good overall health, you need not undergo any medical screening.
Cashless Treatment: Under your family floater plan, you can avail of cashless treatment at a network hospital. Without having to compromise on the expenses, the insured family member can get excellent healthcare services.
Sum Insured Rebound: Many insurance companies offer a recharge of the sum insured. In case the health cover is exhausted, the company reinstates the policy to treat the next hospitalisation.

Family Floater Health Insurance Claim Process:

If you are to be hospitalised for a treatment that is covered under your family floater policy, you need to follow the claim procedure carefully. In case of hospitalisation, you need to notify the company about the same. Inform the insurance company 72 hours before in case of planned hospitalisation, and in case of an emergency, inform within 24 hours of hospitalisation. Depending on the hospital you get admitted to you can make your claim.

Cashless Claim: At a network hospital for your treatment, you can avail the convenience of cashless treatment. At the time of admission, you need to produce your company-issued Health Card along with the other required documents at the help desk. After verification of the documents, your treatment can be started. The insurance company would settle bills directly.
Reimbursement Claim: When you get admitted to a non-network hospital, make sure you inform the company at the earliest. Post-treatment, you would have to pay the bills yourself, however, you can claim reimbursement from the company. You would have to submit all the treatment-related documents along with the claim form. Once the paperwork is verified by the company, the reimbursement will be done in a few days.
Required Documents: At the time of making a claim, you generally need to submit below mentioned to Insurer:

Valid Photo ID
Duly filled and signed Claim Form
Cancelled Cheque
Original discharge summary
All diagnostic and pathological Reports
All bills, receipts issued by the hospital
Original ambulance receipt
Police FIR or Medico-Legal Certificate in case of accidental injuries

Family Health Insurance Renewal Process:

When you buy a family floater health insurance plan, you need to keep in mind that the policy benefits will cease when the policy tenure is over. Before the policy expires, you should request for Policy Renewal. Once the expiry date is reached, a 30-day grace period starts, during which the policy must be renewed. Remember that no claim can be made in the grace period.

At the time of renewal of the policy, keep the following points in mind:–

Your floater health insurance will lapse if the renewal is not done on or before the expiry date
Claims made in the Grace Period will not be allowed
Any changes in sum insured or addition of Insured Members can be made at the time of renewal
Depending on the plan opted for, you can get the renewal online or offline

Must read: 6 tips to choose the best family health insurance plan.

Family Health Insurance Exclusions:

Listed below are some of the most common exclusions in floater health insurance, for details please read your policy document:

There are certain waiting periods during which treatment is not covered
Self-inflicted injuries/ suicide attempts are not covered
Expenses on dental treatments except when due to an accident is required
Treatments for infertility, birth control, surrogate pregnancy are not covered

Other Important Aspects of Family Health Insurance:

It is quite easy to add new members to your existing policy
In case the eldest family member passes away or is no longer eligible for the policy, the other members can still avail of the policy benefits
In most family floater health insurance policies, there is an entry age limit for children
Depending on the plan opted, you can pay the health insurance premium on a monthly basis

The Bottom Line:

With the corona pandemic hovering all over the globe and an unabated increase in lifestyle diseases, everyone has realised the importance of having a health insurance policy. Knowing about the details of a health insurance policy would help you in making an informed decision.

Life is unpredictable, and a medical urgency can strike anyone anywhere. If you haven’t done it already, invest in a health insurance policy for yourself and your family today. The right policy is indeed a sure-fire way to ensure that in case of an untoward incident, you would be able to manage the finances.

FAQs:

Q. What documents are required at the time of buying a family floater plan online?
A. No such documents are required to get health insurance online. Few insurance companies ask for identification or age proof if required, else everything goes on self-declaration. During claims time, all details are checked where all KYC are thoroughly checked, and any mislead will result in claim rejection.

Q. Can I purchase more than one family floater health insurance policy?
A. Yes, you can purchase this plan online.

Q. Can I avail of tax benefits if I have invested in a floater health insurance plan?
A.Yes, the premium that you pay towards your family floater plan is deductible under Section 80D of the Income Tax Act. Please note tax benefits are subject to changes in the tax laws. You may consult your tax advisor for details.

Q. What is a health card?
A. The health card acts as an identification of your policy. At a network hospital, you need to produce your health card to avail cashless treatment.

Q. Can I increase my sum insured after I make the purchase?
A. One can increase the sum insured and is purely an underwriting decision of the insurer. The waiting period shall be applicable for increased premium as per the policy schedule.

Health Insurance: What is Cooling Off Period?

If you have just recovered from coronavirus and you are looking to buy health cover for yourself, you may not be able to do so immediately. Top private health insurance companies like Max Bupa, Care Health Insurance, ICICI Lombard, Manipal Cigna, and HDFC Ergo General Insurance have introduced a ‘Cooling off’ period that ranges from two weeks to three months for people who were infected by coronavirus.

The Cooling-off period is the time during which an Covid-19 affected person may not be able to buy health insurance. It can range from a few days to couple of months.

Why Is the Cooling-off Period Being Applied?

There is a lack of clarity about the long-term effects of Covid-19 on the health of the patients. There have been documented cases of pulmonary, cardiovascular, and coagulative related problems, so underwriting new policies have become complicated.
The accuracy of the tests is still in question because there have been many instances where variances were witnessed depending on a myriad of factors.
The Cooling-off period allows a reasonable time for the emergence of any complications related to the Covid-19 infection which may have a bearing on the issuance of a policy.
The Cooling-off period is essential to ensure that the health of a customer is evaluated in a fairly and accurately. For instance, many times a person does not know that he is suffering from Covid-19. However, he can get diagnosed with the virus in the future. So, the Cooling-off period ensures that the customers know that the infection is not a pre-existing condition and hence, they will not have any issues in getting their claims settled in the future.

What is the Cooling-off Period for Different Companies?

ICICI Lombard: The cooling period for the company is 15 days.
Manipal Cigna: The cooling period for the company is 90 days.
HDFC Ergo General Insurance: The Cooling-off period is 45 days from the day of the diagnosis.
Max Bupa Health Insurance: The Cooling-off period is three months from the day of testing negative.
Care Health Insurance: The Cooling-off period is three months.

Conclusion:

In a nutshell, you need to get a health insurance policy before you contract the virus so that you can avail the benefits of the insurance without delay. If you have not been infected with the virus then it is a wise decision to get yourself insured so that in case a situation arises, you can set off the costs that you incur during the period of recovery. Before you get the policy, read the rules and regulations carefully and check whether the policy covers infections. Disclose all the information at the time of issuance of the policy so that you can avoid the discrepancies that may lead to a rejection of the claim. Also, renew your health insurance on time and check the amount of claim that you can get. A health insurance policy can save you from incurring huge financial liabilities in case there is a health emergency.

Health Insurance Policy: IRDAI's New Rules- You Need To Know

Health insurance plans have become a necessity in today’s time. Urbanization has led to a fast-paced life full of stress and anxieties, which has further deteriorated living quality. Several chronic diseases have caught the hold of most of the population today. Even young age people have diabetes, hypertension, and heart diseases.

Not to mention the pandemic that we all have been witness to.

All this has led to an increase in buying the health insurance policy, medical emergencies are uncalled, and medical expenses might blow out your entire life savings. Hence, to be secured on that front, a health plan provides cover for such expenses and lessen the load of your worries.

Since there have been many health plans available in the market today, it might get complicated as to what to choose and what not to. Hence, the Insurance Regulatory and Development Authority of India (IRDAI) loos after all of these and makes suitable changes for the users' benefit. The recent change by IRDAI has come with new health insurance policy guidelines defining 'proportionate deduction'. It is applicable under plans with room rent sub-limits.

Let's understand what a proportionate deduction is and how the Authority's recent changes will impact you:

Sub-limits on Room Rent:

If you have a health insurance policy or are planning to get one, you must have the idea of the sub-limits on room rent covered under the policy, especially when the sum insured is up to INR 5 lakhs. This sub-limit usually ranges between 1-2% of the total sum insured. If the sum insured is INR 5 lakhs and the sub-limit is defined as 1% of the sum insured, the appliable limit is INR 5000/day.

What is Proportionate Deduction?

Many hospitals have pre-defined fees for doctors and defined pricing for treatments, based on the type of room the patient gets admitted. So, if the policyholder is admitted to a suite room and is undergoing an appendectomy, the cost will be higher than the same treatment happening in a normal room. Since the hospitals have their cost based on the room rent, health insurance companies avoid paying higher claims for rooms with higher rents, and that’s why they have a defined sub-limit on the room rent under the policy.

So, Proportionate Deduction becomes applicable when the actual room rent exceeds the specified limit. If the actual room rent is higher than the defined rent under the policy, the insurer does not pay the total cost of inpatient hospitalization. It reduces the bill proportionately to the cost that would have otherwise been incurred if the patient had taken the same treatment in a room that comes under the allowed room rent.

What Has Changed Now?

IRDAI has brought two changes under the concept of proportionate deduction. Let’s discuss them.

1. Costs Included Under Proportionate Deduction:

Earlier, while calculating the payable claim, the insurance providers used to consider the total inpatient hospitalization. With the recent guidelines onboard, IRDAI has reduced some medical costs regarding the proportionate deduction. The eliminated expenses are as follows:

Pharmacy costs
Costs of medical implants and devices
Cost of diagnostic tests.
Consumables

While other hospitalization costs would be considered when calculating the proportionate amount of claim, this will eventually lead to a reduction in your out-of-pocket expenses.

2. Non-applicability of Proportionate Deduction:

According to the recent guidelines by the IRDAI, if hospitals don’t possess variable room rents, the entire concept of proportionate deduction gets eliminated. In that case, even if the actual room rent is higher than the sub-limit, the total inpatient hospitalization claim would be payable by the insurer without any deduction.

Implementation of the Change:

These changes are effective for all the new health insurance plans that have been bought on or after 1st October 2020. For the existing policies, these policies will be made effective from 1st April 2021.

What do the Changes Mean for You?

As the specific costs get excluded from the overall calculation of proportionate claim, now the policyholder is eligible to get full coverage for such costs irrespective of the room rent. Moreover, if the policyholder seeks a hospital with no variable rooms or room rents or ICU admission with a fixed charge, the concept of the proportionate deduction is ruled out. When taken into consideration, all these aspects would eventually increase the claim amount payable and reduce the expenses from your pocket, making the health plans more user-friendly.

The Health Insurance Policy new rules by IRDAI are a welcome change for the people who have a health insurance policy or are seeking to get one. This will also lead to a surge in buying health insurance policies, thus benefitting the insurance providers. Your health plan is now better, and now you are also aware of the changes that will reduce your out-of-pocket expenses.

Family Health Insurance: 6 Tips to Choose Best Plan

Today’s day and age have brought many lifestyle changes. The urbanization of cities has led to a fast-paced life. While the world has evolved for the better, it has also led to several health issues.

Apart from the pandemic times we all have been dealing with, chronic diseases have also become a usual affair in the population. Even the young generation is dealing with diabetes and hypertension. And that is why one cannot deny the importance of having good health insurance plans for family.

We all are aware of the hospital bills and medical expenses and how they can drain all your financial savings. The skyrocketing health care expenses today can only be handled by the best medical insurance.

However, one can also not deny that a million options are available in the market that all appear to be inviting. So how do you get to choose the best health insurance plan that suits your needs? That is why it becomes necessary to know the plans and their advantages.

Among various health benefits packages, there can be excessive information that can lead to confusion. Some of them cover hospitalization expenses up to the set limit, while some may pay a fixed amount for specified diseases, instead of providing incurred hospitalization expenses.

Let us understand the six main aspects that you should keep in mind while choosing to invest in health insurance plans for you and your loved ones.

#1: Need-

This is a crucial aspect before considering a health insurance policy. It would help if you were specific about the requirements that you have for your family. Once you have the idea, you can figure out the type of plans that can provide you with the benefits you seek.

To know what you need, you can consider the number of family members to be covered, their age, and health history, along with the current health condition. Keeping these in perspective, you can choose a family health insurance policy or an individual health insurance policy. For instance, a newly married couple's requirements will differ from a couple living with old parents, or youngsters may want to have an individual plan. Hence, keep your needs in mind before selecting the plan.

#2: Affordability-

Another critical factor that should be kept in mind is the cost-effectiveness of the plan. When you choose a plan according to the requirements, you have certain shortlisted features. And some of the plans that have all these benefits may cost you a high premium that can burden your pocket. Thus, it is always better to sort out the requirements and buy a plan that gives you benefits and for which you can pay in the future.

#3: Required Sum Insured-

Consider the number of family members, their age, health history, pre-existing diseases, and your family's current health status to decide on the insured sum. Also, keep in mind the inflation rate over the years as the medical expenses get high with every passing season.

#4: Claim Settlement-

This is another vital factor to invest your money in a good health care policy. As mentioned before, there are a hundred companies that are providing health benefits to citizens now.

With so many new policies, claim settlement becomes an important aspect to know about the policy's effectiveness. This tells you about the reliability of the company.

If the company possesses a high claim settlement ratio, it depicts the high chances that the company will be there for you in difficult times. Claims can be either made through reimbursement or via cashless mode. In the reimbursement process, the company pays the insured person later while in the cashless mode, the company or the third-party administrator pays the insured person immediately when they get hospitalized.

This is another aspect to take care of while choosing the plan as it might not always be feasible to shell out a lot of money for treatment.

👉 What Does A Claim Settlement Ratio?

It is the number of claims paid against the number of claims filed - the higher the ratio, the better for the insurer. (Source: cleartax)

#5: Inclusions and Exclusions-

This applies to every policy that comes with a plethora of terms and conditions. One must check the inclusions and exclusions about the policy carefully. Exclusions are the conditions that not covered under the policies, and the insurer holds no liability to pay for the expenses. Hence it is important to verify and understand the exclusions listed under every health insurance plan before paying for any.

#6: Bonuses and Discounts-

The health insurance companies provide many bonuses and discounts to the insured person. Considering these wisely can help the plan become much cheaper and attractive.

Some companies provide discounts if you buy cover for more than one person is included under the same plan. You can even avail of discounts if you pay for two or three-year policy terms. Another exciting offer impressive is the No Claim Bonus which the policyholder gets eligible for if he did not make any claim in the last year. Through this, the policyholder’s sum insured gets increased for every claim-free year up to a specific limit.

Hence wise planning and analysis are the ultimate need before investing your hard-earned money in any policy. These six aspects will help you in figuring out the best policy that suits your needs.

For more info, connect with the Renewbuy expert advisor.

5 Key Elements To Think Before Buying Health Insurance Online

Digitalization has made things easy for us. Even while living amid a pandemic, the online platforms kept the world running at its pace. Whether it is the school classes or the college lectures, students were intact with their studies. The companies started promoting work from home to ensure the safety of the employers. And buying essential items was also not a task as online shopping has been around for a while now.

While the world observed some magnificent changes going around, a surge witnessed in buying the best health insurance plan in the market. The pandemic has created awareness around health. It forced people to remain at home, which led people to practice healthy living. And this ultimately resulted in buying the health insurance policies for them and their loved ones to be financially secure at unfortunate times.

A few years ago, buying health insurance was a completely different scenario from what it appears to be at the current times. The insurance agents used to explain the benefits of a specific plan, but things have now changed for the better. We have insurance aggregators and agents that let people compare the benefits of different health policies at one go. This also helps in suggesting a better policy as per the requirements of a significant individual.

With ease and a few simple steps, you can buy a family health insurance for yourself and your family without requiring any paperwork or spending an entire day at some insurer’s office. While buying health insurance online has increased, one must note a few essential things while investing their money on any policy.

Let us discuss the five key factors to consider buying the best health insurance.

1:- Disclose the Important Information Carefully:

Like buying a plan offline, one must verify the person's essential details to get insured before sharing them with the company. For instance, details like birth date can play a huge role in deciding the premium amount. Similarly, share the data on pre-existing diseases and medical history carefully as this majorly impacts the policy's terms and conditions. So, while you fill out the details sitting in the comfort of your warm home, never hesitate to verify them with your family members. There are chances that you might skip on some details while filling out for your family members. Ask them for the medical reports and share them with the insurance company to get the best-suited policy.

2:- Claim Settlement:

When you check for the best available options for online health insurance, you get a plethora of information. And this might result in creating a lot of confusion as to what to choose and what not. Since the information is easily available online, you must check the insurance company's claim settlement ratio as this depicts their capability to settle claims for a significant percentage of the beneficiaries. And while we are talking about the claim, we again remind you to ensure that there is no variation in the details provided to the hospital and the insurance company as this may lead to a delay in claim settlement.

3:- Compare Capping Clause for Sub-limit on Room Rent:

A lot of health insurance plans possess capping on room rent. This means that the policyholder can claim expenses to that amount only. If the room has a rent above the capping amount, the policyholder must pay for the additional expenses.

Ex: Suppose that the policy that you insured has the limit for the room rent as Rs. 6000/- per day but when the policyholder gets hospitalized, he chooses a room with a rent of Rs. 10,000/- per day, the policyholder will have to pay for the rest of the amount from his pocket.

4:- Check for the Cashless Treatment Facility:

This is one of the most crucial aspects while buying a buy health insurance online. Check whether the insurance company provides a reimbursement facility or cashless treatment. And we suggest you choose one that provides the latter one as a cashless facility will help you with the expenses only compared to the reimbursements that will take a lot of time to show in your bank account. With a cashless facility, the policyholder can avail of the treatment without paying from his savings and can seek treatment from any networked hospital without worrying about the expenses.

5:- Go Through the Terms and Conditions Carefully:

While buying medical insurance online is easy, skipping through various important information always stands a chance. Therefore, you must carefully go through the policy terms and benefits before making the call and investing your money. Keep in mind to thoroughly read about the health insurance plan's inclusions and exclusions to be clear about the expenses.

Also, keep in mind whether you are availing of any tax benefits from paying the premium online. Online purchasers need to ensure that the policy document is generated online and received in the hard copy format.

How to Get Reasonable Health Cover at Nominal Cost?

The pandemic has led to a surge in awareness regarding health. People are now keener to work on their lifestyle choices to boost their health. This has also led to an increase in buying health insurance policies. Even apart from the pandemic aspect, medical treatments are so expensive nowadays that they may drain your financial savings. If a family member gets hospitalized and undergoes surgery or some long treatment, the hospital bills can range up to even 4-5 lakhs.

Having a health insurance policy by your side covers all your medical expenses and saves you from the potential financial burden.

But how do we ensure adequate health insurance at a nominal cost?

What is Base Health Insurance Plans?

A base health insurance plan provides coverage for your hospitalization expenses that are inclusive of the pre and post-hospitalization expenses like the medical bills, fees of the doctor, any prescribed diagnostic tests, etc. The regular health insurance plans are basically of two kinds - Individual plans and Family Floaters.

Talking about the family floater plan, it covers the entire family under one umbrella. This plan should be enough to cover the medical hospitalization in a good hospital. A minimum of INR 10 lakh base hospitalization cover is considered good enough to cover for the medical expenses of treatments or surgeries in a good hospital.

However, in case of more than one family member getting hospitalized in different hospitals, or in case of long-term treatment, the effective way to increase the health cover is a super top-up plan.

You must consider the deductibles in a super top-up health insurance plan to know how the plan can overall benefit you. The deductible is a cost-sharing requirement under the health insurance policy. When you use a super top-up plan, it is advised for the deductible amount to be the same as that of your base health cover to get the maximum benefits out of it.

Also, in most top-up policies, there is no need for any medical check-up to the age of 55. Talking about regular health plans, the age defined is 45 years. The person has to mandatorily undergo some medical check-up to let the insurance company know about the person's current health status to be insured.

While it is obvious that one just cannot, but a health plan with a sum assured of INR 30 - 40 lakhs given the high premium, still if you look at the combination of a base plan with a cover of INR 10 lakh along with a super top-up of INR 30 lakh, it can be achieved with a very meagre premium.

Critical Illness Insurance Plan:

The critical illness health insurance plan offers coverage for life-threatening diseases or illnesses that require lifelong treatment. This plan covers a specific number of listed critical illnesses. The claim is paid in the form of a lump sum to the policyholder when he gets the diagnosis.

In case of critical illnesses, people usually stay at home, which eventually leads to income loss. In this case, since the insurance company pays the amount in a lump sum on diagnosis, that money can be further invested to ensure the house's financial stability. This helps the family in their daily and monthly expenses and takes off the financial stress that may otherwise burden them shortly.

The long-term expenses that are associated with the critical illness generally comprise in the form of medicines for the longest times, sometimes even a year or two, the mandatory visits to the doctor for a routine check-up, and the required medical tests every month or two to check the progress of the patient. Having a base health insurance plan will not cover such expenses compared to the critical illness plan.

The best critical illness cover plans usually cost about INR 5000/- for a 10-lakh plan for people up to 40 years of age.

So, while you are in confusion as to what to buy to achieve the maximum benefits and securing your financial savings, a combination of the best base health insurance plan and the best critical - illness insurance plan along with a super top-up would work for you as this combination will ensure a health cover at a very nominal cost.

Be it hospitalization for a short period or long-term treatment due to severe illnesses; these plans will help you in your difficult times.

Reasons Why Your COVID-19 Claim can be Rejected

Having an insurance cover is a must during these tough times of the COVID-19 pandemic. Health insurance is imperative to safeguard one’s investments because of the current coronavirus scenario and the uncertainty of a medical emergency. Insurance Regulatory and Development Authority (IRDAI) has also come up with certain mandatory guidelines for all insurance companies in order to provide the maximum benefit to the policyholders. While many general, health and life insurance companies are providing policies with variations, they still have varying claim parameters. It is important for each one of us, who is a prospective or existing policyholder, to understand the various reasons why a claim is accepted or rejected. The main reason for having a health insurance policy is to get a claim settlement done during hospitalization. Due to coronavirus, various insurance policies especially covering COVID-19 have recently been launched. However, multiple reasons are attached to the rejection of a claim under a COVID- 19 insurance cover. Let’s understand the various claim parameters:

Reasons why your COVID-19 claim can be rejected -

1. Pre - Existing Disease:

If the insured as a pre-existing respiratory disease for a month or more than a month, there are high chances that both general, health and life insurance companies may reject the claim in this case.

2. Pre - Existing Symptoms:

Adding on to this, if the policyholders have been suffering from cough, flu, respiratory issues, breathlessness, and planning to go for a treatment, only to find that the symptoms have transformed into coronavirus disease, the health insurance company might reject the claim.

3. Travel History:

If you or your family members have a recent travel history to any of the worst-hit coronavirus countries or cities, the insurance company could reject the claim. Additionally, if the policyholder gets COVID-19 without traveling anywhere but from his/her family member who has a travel history to selected countries such as China, Japan, Kuwait, Italy, Hong Kong, Macau, Thailand, Singapore, and others, then in this case also, the policy claim could get rejected.

4. Exclusions:

All insurance policies mention exclusions in their policy. Like, some policies mention that they do not cover pandemics. Here, claims related to COVID-19 treatment may be rejected. Experts suggest that if one is going to opt for a new policy now, including the COVID-19 treatment, one should look for policies that cover expenses for PPF kits such as masks, gloves, face shields, and shoe covers, sanitizers, and disinfectants which are required for COVID-19.

5. Duration of Hospitalisation:

In many cases, as a policyholder, if you or your loved one has not been hospitalized for more than 24 hours and are discharged due to any reason whatsoever, then the claim might not be accepted.

6. Inaccurate Facts:

This stands true for most claim rejections, similarly in the case of COVID – 19 claims also, any inaccurate information provided by the policyholder will lead to denial of the claim at any point. Misinterpretation of facts also falls under this category of presenting inaccurate facts to the insurance companies.

7. Waiting Period:

The waiting period is allocated depending on the type of policies. The insurer will not consider any claim made during the waiting period and hence the claim will get rejected. The waiting period is mostly allotted for pre-existing diseases. Therefore, if a policyholder has an illness before purchasing the policy, the claim for treating the disease can only be made after the waiting period is over, and the premiums are paid for that tenure.

Therefore, it is best to stay informed before you depend entirely on incomplete or inaccurate information about the many policy covers for COVID – 19. Knowledge and accuracy is what will keep one stress-free during the utmost hours of rush and emergency. However, one should not feel dejected if you fall under any of the above claim rejection categories. It is best recommended to seek guidance in your specific case to keep yourself and your loved ones covered under every circumstance during a health crisis.

7 Reasons Why Your Health Insurance Claim May Get Rejected

Often we are in the habit of not paying much attention to the rules and regulations of insurance policies. Lack of knowledge or seriousness can be counted as some of the reasons why. Your ignorance towards the health insurance policy you take can cause rejection of the claim. Health insurance claims are denied many times due to various reasons, and thus, you need to understand why your health insurance claim might get rejected. This will help you in taking all the precautionary measures in time and save you from a major financial crisis when a health emergency occurs.

Reasons why your health insurance claim might get rejected:

1. Claiming beyond the amount insured:

There is a sum insured in your health insurance policy that is disclosed to you at the time of buying the policy. Either a family floater or an individual health cover, you’ll get a sum insured which you can claim every year as per your policy. In a case where you have utilized the entire sum insured for that same year, there are chances that the following claims you make will get rejected by your insurer. If a part of your sum assured as per the policy is intact, you might get reimbursement by the insurer later. To be sure about all the terms and conditions of a health insurance policy, you must buy it from a credible insurer. At RenewBuy, you can get a range of insurance policies with transparent terms and conditions at your home’s comfort. Browse and pick the best policy for yourself and your family at affordable prices to avoid any rejection of the claim.

2. Period of policy:

The health insurance policy you buy is valid only for a specific time. You must bear in mind that your health insurance policy, if not renewed in time, will fail to get you a reimbursement. Make sure that your policies are renewed on time. Visit RenewBuy today to renew your policies in a couple of minutes.

3. Not keeping a check on the exclusion:

In the health insurance policy, many diseases are not covered. These diseases are highlighted under the ‘not-covered’ section in the policy. You cannot file a claim for the list of these particular diseases. In a case where you claim an amount against the bills for not covered diseases, you may not get the claim. There are specific plans where some diseases are covered after a certain period. Your claim is bound to get rejected any claim you make for a condition that’s excluded before the fixed waiting period.

4. Pre-existing diseases or symptoms:

In a case where you as a patient have any disease or its symptoms before buying the insurance policy without disclosing it, then your health insurance claim might get rejected. It is mandatory to undergo medical tests to purchase certain health insurance policies so that any disease that may exist becomes evident. You must ensure that you have read all the terms and conditions related to the illness or symptoms before filing for a claim.

5. Misunderstanding the facts:

In many cases, the health insurance claim is rejected due to non-disclosures or false disclosure of necessary details like age, annual income, major ailments or pre-existing conditions. The coverage which is provided to you is based on the information which you give on the proposal form. Avoid any discrepancy and always state the reality when you are buying the insurance policy. There is no solution for a rejected claim because of the wrong information provided by you.

6. Not claiming in time:

You have to claim within a certain period for reimbursement when you have a health insurance policy. In emergency admission, the time you have in hand is 24 hours after the patient is admitted. For other issues, it depends on the policy you have opted. If you fail to apply for a claim within the stipulated time, your health insurance claim will be rejected.

7. Following the wrong process:

There is a fixed process as per the policy which is to be followed to make a claim. Your claim might get rejected if you do not follow the exact mentioned procedure. You may have to inform the insurer about the hospitalization, choosing a recognized hospital as per your policy, filling the policy form correctly etc. Failing to follow the procedure accurately can also land you in a situation of rejection.

Health Insurance claim rejection conclusion:

In a nutshell, you must buy a policy after going through all the rules and regulations correctly. Disclose all the essential information in time to avoid discrepancies, leading to rejection of health insurance claims. When a situation occurs where you have to get yourself or your family member hospitalized, inform the insurer and claim in time to avoid rejections. Always renew your health insurance policy in time and keep a check on the amount you can claim. Health insurance policies can be beneficial in saving you from extreme financial liabilities in case of health emergencies only if you are wise in choosing and remembering all the instructions about your policies correctly.

Super Top-Up Health Insurance Plan – All You Need To Know

With the increasing recurrence of the rarest and fatal diseases amongst people we closely know, hospitalisation’s skyrocketing expenses become a concern for everyone. It can become a significant reason for ruining one’s finances.

What is top-up health insurance?

One might think and get relaxed, knowing that I am already covered with life insurance. But when life needs something more, then we ought to expect that something more from our insurance plan as well. This ‘something more’ is a “top-up insurance plan”. Most of the time supplements an existing health insurance cover at a reasonable cost and sometimes provides additional benefits. To put it in simple words, a top-up plan is a regular health insurance policy covering hospitalisation costs but only after a certain limit, known as a deductible, is crossed. A deductible is a portion of the claim amount that the insurer is not covered and then has to be paid by the policyholder before the benefits of the top-up policy starts.

Super top-up health insurance

Similar to this is super top-up insurance. Super top-up health insurance is also an extension of an existing health insurance plan. It comes into the picture when one has already exhausted the existing claim amount during a year.

What makes Super top-up health insurance ‘super’?

How is super top-up health insurance different from a top-up health insurance plan?

Both the plans seem similar as they offer assistance if the medical expenditure exceeds the base amount covered by the insurance policy. The edge a super top-up plan has over a top-up plan is that a super top-up plan covers claims for cumulative medical expenses within a policy year once you’ve exceeded the deductible. In contrast, a regular top-up only covers claims when a single claim goes above the deductible.

Both plans offer almost similar tax benefits. The plan you choose will depend on your requirements and health condition. A top-up plan may suffice if you do not suffer any significant health issues or are not afflicted by a chronic ailment. But in case of any affliction that may require multiple or frequent hospitalisations, do consider the super top-up plan.

Super Top-Up Health Insurance Advantages

Single payment of deductibles: The deductible amount needs to be paid only once with super – top-up insurance which can be later claimed multiple times in a year. Super, isn’t it?
Takes care during Pandemics: Covid-19 is keeping us all at the brim of our health security and financial crisis. The super – top-up insurance plans cover fatalities like COVID – 19 even though it’s a pandemic.
Customisation of the super – top policy as per your health needs: As healthcare remains individual, so does a super top-up policy. Customize your plan suited to your requirements. One can choose from 1, 2, 3, and 5 lakhs deductibles and the sum insured can be chosen between Rs 10 lakhs and 20 lakhs
Room rent of your choice: Just like healthcare needs, the requirements of a room can also differ from one person to another. Have your preferences and make your choice because a super top-up plan allows you to pick any hospital room you prefer.
Convenient online handling: Just like all other facilities, this one also allows a customer to go online.

Why should you get super top-up health insurance?

Increasing healthcare costs: With inflation, healthcare also goes on a rise. One might cut – down on other things but healthcare cannot be compromised upon.
Extra Tax savings: Super top-up health insurance comes up with a tax benefit of up to Rs. 25,000 to Rs. 75,000.
Larger coverage for seniors and loved ones: With an increase in age, there is also an increase in medical needs. A super top-up policy helps you cover the extensive requirements at a much lower cost.
Preparation for the unforeseen: We sure have taken our lessons from 2020 to expect all the uncertainties. But such uncertain times should not become a cause of health anxieties or financial crisis. A super top-up saves you from such a burn-a-hole-in-the-pocket kind of situation.
Ensuring a higher sum: A super top-up plan helps to get coverage over any corporate plan at a much lower premium.

Important things to keep in mind when getting a super – top-up health policy

Your basic health policy should be adequate to allow coverage of facilities that can be needed at the time of hospitalisation. After knowing the size of the basic health policy, one can get a super top-up policy.
Make sure to check the right deductible limit. This should be your regular health insurance cover ideally.
One should consider the various options that a super top plan offers: maximum pre and post-hospitalisation coverage, no claim benefit, coverage amount etc.
Check the list of hospitals covered available in the super top-up policy.

Therefore, one must evaluate all the existing and new options available before picking a cover. A guide like RenewBuy can help you make a way to a more secure and stress-free life. Therefore, a super top-up policy can be for you, your parents, or your loved ones. Balance all your options and make the best choice suited to your healthcare needs and requirements.

Everything You Need To Know About Dengue

With Coronavirus flashing all day in prime news and taking up space in all the important sections of the newspapers, does not make all the viruses which previously were at this spot non-existential. Dengue virus has caused an alarming number of deaths in the past and still remains a cause of major concern.

What is Dengue?

Dengue viruses are spread to people through the bite of an infected Aedes species mosquito. This mosquito usually bites during the day and breeds in clean water. They lay their eggs in standing water like buckets, bowls, vases, coolers etc. It thrives in hot and humid conditions. Dengue is common in more than 100 countries of the world and almost 40% of the world’s population that is around 3 billion people live in areas with risk of Dengue.

Dengue Symptoms

Symptoms of Dengue can range from mild to severe. The less severe or mild symptoms of dengue can be confused for other regular illnesses which can cause fever, body aches and pains and mild rashes.

The most common symptoms of Dengue fever can be the following:

Aches and pains (headache, joint pain, bone pain or pain in the eyes)
Nausea and vomiting
Rash

These symptoms can last for 3-7 days. Most people recover in a week’s time.

Cost of dengue test

Patients suffering from high fever are often made to take a series of tests to detect the cause of fever. They end up spending a few thousand rupees on diagnostic tests. In most of the cities the price of a dengue test ranges between ₹1100-₹2000 depending upon the facilities, services and technology that the lab provides. However, as the virus has spent some time in the country, a few hospitals have developed several softwares based on mathematical calculations which are 87% accurate and cost only up to Rs.200. Your doctor shall recommend the best suited way for you.

How does the doctor confirm I have dengue?

Since the symptoms of dengue overlap with many primary symptoms of other illnesses, it is imperative to get a confirmed diagnosis done. Definitive tests for dengue, including rapid point-of-care tests, allow for early identification and prompt notification. A confirmed diagnosis would also be helpful to give patient education and encourage compliance to follow-up checks. A confirmed diagnosis also allows physicians to provide patients with better and appropriate advice, including steps for vector-bite prevention, thereby limiting the transmission of the illness. This testing is done at two different levels – Molecular testing and Antibody testing. It is best advised to consult your physician or a local clinic as the earliest signs of symptoms start to show.

What if you actually have dengue fever?

After getting the appropriate tests done, if you actually test positive for dengue fever, there is absolutely no need for panic because unlike covid 19 it is not a novel virus and our doctors and hospitals have researched the required cures for it. There are multiple ayurvedic treatments available like consumption of Giloy, papaya leaves, etc.

What is the treatment for dengue?

There are no specific medications for dengue. The doctors usually treat the specific symptoms shown by patients in a varied manner. The primary treatments include taking as much rest as possible, a high intake of fluids (water, coconut water, fluids with added electrolytes to stay hydrated).

In case you are in a severe dengue zone, then immediate medical consultation or even hospitalisation might be required. It is hence recommended that both in mild or severe cases, a doctor must be consulted to be sure in which zone you really fall and which kind of treatment shall work the best for you.

How long does the treatment take?

The acute phase of dengue with fever and muscle pain lasts about one to two weeks. A feeling of weakness and fatigue along with convalescence, and full recovery often takes several weeks. The course of the medical condition also takes several weeks in most of the cases.

How can I prevent myself from getting the fever?

Since dengue is a mosquito-borne disease, preventing dengue is equivalent to preventing a mosquito bite. Many health organizations suggest simple yet effective ways to prevent fever-

Wearing full-sleeved clothes especially during the monsoons and humid time of the year
Keeping your legs covered
Using mosquito repellent especially at places where you doubt the presence of mosquitoes.
You can consider using mosquito nets if your area has many mosquitoes.
You should avoid areas with standing water
Ensure cleanliness in and around your house or your workplace where you prevent a maximum amount of time.
You can keep your windows and other places of entry for mosquitoes closed especially at the specific times of dawn and dusk when they are most active.
Keep yourself well hydrated
Remain aware of the symptoms that your body shows

Still, waters are the prime cause of dengue. To avoid still waters –

Get rid of old tires in your yard, as they collect standing water
Unclog gutters on the roof
Change water in birdbaths at least weekly
Empty unused containers, such as flower pots, regularly or store them upside down
Regularly change the water in your desert coolers and in case they are not in use, keep them dry and clean.

Each year around 400 million are infected with dengue around the world. However, its prevention and its cure are much less complicated than other viruses.

Conclusion

Many insurance companies have come up with specific dengue cover, yes you read that right. But do you really need it? Which and what is the best health insurance for you with which you might not need an exclusive cover? Don’t sweat, let RenewBuy help you with these questions which may occur to you.

Keep yourself safe by keeping your immunity high and taking the necessary precautions.

All About Buying Health Insurance For Parents

Buying health insurance for parents does not have to be hard. There are many health insurance plans available for your elderly parents. Does the question in your mind arise that why you should buy parental insurance? The answer is that as your parents grow older, the risk factor and unforeseen circumstances increase. A growing person is more likely to suffer from severe medical conditions. With the inflation in the picture, the cost of covering medical expenses is rising. Medical care has never been this expensive. It is wise to secure your financial stability during crucial times. Availing medical insurance for your parents is recommended. There are comprehensive mediclaim for parents which you can easily avail. These plans will keep you and your finances covered from the financial crisis, which may arise in a situation of a medical emergency.

Reasons Why Should YouBuy a Health Insurance Plan for Parents

You can easily avail medical insurance for parents up to the age of 75 to 80 years. Maximum age limit varies as per the insurer you choose. You can select from a range of medical insurances from RenewBuy, where we have listed a range of policies at competitive prices. You can avail the following benefits when you buy health insurance for parents:

1. Cover for hospitalization:

The medical expenses can quickly burn a hole in your pocket and hamper your financial stability. This is where health insurance will help you meet the unforeseen expenditures with ease. As ailments rise with age and your sources of income may not grow with similar speed, it becomes helpful and essential to have parental insurance. This will safeguard you from the mental hassle of arranging funds at the last moment.

2. Cover for pre and post hospitalization:

An aliment can take a lot of time to cure. The chances are that you will have long pre and post hospitalisation bills too. This is where parental insurance comes in as a rescue to insure your parents for pre and post-hospital expenses as per the terms and conditions.

3. Go cashless:

Many insurance organisations offer a network of hospitals where you can go and get treatment on a cashless basis. If your parents undergo medical treatment at one of the hospitals assigned to you, they can avail cashless service provided by the insurer. This feature acts as a relief in case of planned and unplanned hospitalisation both. You will incur a minimum charge at the time of getting your parents hospitalised.

4. Benefits in tax:

If your parents are senior citizens and you get parental insurance for them, then you will get tax benefits under Section 80D of the Income Tax Act, 1961. The tax benefit can be around Rs. 50,000, other than the tax saving of rs. 25,000. So, if you get health insurance for your parents, you can get tax benefits of up to Rs. 75,000 in a financial year.

5. Discount and extra cover:

Usually, the insurance company provides attractive discounts if you insure a higher sum. You can also get a discount when you do not claim in a policy year. You can be eligible for a bonus or get a higher cover for the next year at the same premium.

What is the Age Limit to Buy a Health Insurance Plan for Parents

You can get health insurance for parents aged between 60-80 years. Senior citizen, up to the age of 65 years are also eligible for life-long renewability of the health insurance policy the avail.

Documents Required While Buying Health Insurance for Parents

You must ensure that you have the following documents in place for availing health insurance for parents:

Proof of age
Proof of identity
Proof of address
Proposal form
Passport size photographs
Medical pre-policy checkup report
Disclosure of pre-existing medical illness

What is Not Covered in a Health Insurance Plan for Parents?

Not everything is covered in parental health insurance. Here is what’s not covered in the insurance plan:

Buying Health Insurance for Parents

Buying health for your parents is not only a smart decision but also a necessity now. This is because medical expenses can reach a point where they become unmanageable. Parental insurance will not only save you on medical costs but will ensure that your parents get medical treatment on time. Now buying health insurance is more accessible than ever. You can choose from various options online. The health plans available at RenewBuy are available with professional insurance advisors at a lower premium cost and can be availed online at the comfort of your house.

Any medical history which your parents may have until the completion of the waiting period as per the policy
Any ailments which are diagnosed or contacted within 30 days of buying the parental health insurance
Any treatments which are non-allopathic do not get covered in the policy
Any expenditure incurred to cure self-inflicted injuries or drug abuse
Expenses for dental treatment, lenses and spectacles are also not covered in the majority of the insurance policies until occurred by accident
Any injuries caused due to war
Any expenses for the treatment of HIV/ADIS
Any expenses for cosmetic surgery

Buying Health Insurance for Parents Conclusion

How To Claim Health Insurance

Keeping up with health has become a top priority in today's time since one does not know what may hit you. Therefore, one needs to be prepared all the time and be aware of your health and wellness. As an Indian citizen, we need to analyze the nation's healthcare conditions that directly affect us. In cooperation with the west, India's healthcare scenario is not very encouraging. We may have a boosting economy, but the healthcare sector bears a sad face. India's enormous diversity is a massive challenge to the healthcare system. With that in mind, the authorities and Insurance providers have a progressive outlook toward the health sector. They have formulated various strategies that the public needs to be aware of.

It is but the truth that people tend to ignore to secure their future for lack of interest in health care policies. In doing so, they forget to analyze a long-term benefit, which is necessary and mandatory. This comes from a lack of awareness about Healthcare insurance. Therefore, let us brief ourselves on what exactly is health insurance.

Importance of Health Insurance

Health insurance is a deal made between the patron and the insurance company to take care of the insured's medical expenses in case of any significant illness or accident. Health insurance is highly recommendable these days because of the high medical costs in the private sector, which can be heavy on the pocket for any common man of India. Owing to its purpose, having proper health insurance ensures a great deal of help during the hour of need. The government of India encourages taking health care insurance It brings enormous taxation relief to an individual, as premium paid on Health insurance is tax-deductible under section 80D of the Income Tax Act. This garners an optimistic approach to the healthcare facility in India.

What is Health Insurance Claim?

Healthcare insurance assists you with your immediate requirement of medical help, taking care of the trouble of vast amounts of medical bills. Having proper health insurance takes care of the burden that accumulates at the time of an absolute emergency. The health insurance includes various benefits and covers significant areas of medical expenses such as consultation fees, ambulance charges, expensive medical tests (X-rays, MRI, CT scan, etc.), pre and post-high-priced hospitalization charges. Also, one needs to be extra particular when choosing the right healthcare insurance. Therefore, is it commendable to be learned or informed about what health insurance claim is?

Health Insurance Claim Types

Generally, in a health insurance claim, the insurer's request is made to the insurance company to facilitate the services covered in their health insurance policy as per the requirement befitting the insurer. This further settles for choosing the type of health insurance claim, which would provide a maximum medical benefit. In doing so, the claimer can either opt for a cashless claim or reimbursement claim.

Cashless Claim:

In this, all the expenses generated after the medical treatment of the insured, the concerned insurance company will be responsible for paying the bill to the respective hospital. Mainly, the insurance company has a tie-up with the hospitals, therefore, claiming a medical treatment through them comes with security. The patient thus is relieved from the pain of pulling out the hard cash during an emergency. But while claiming any health insurance, one needs to make sure that all the terms and conditions of the health program are thoroughly checked and accepted for the smooth running of the claim process.

Reimbursement Claim:

Unlike a cashless claim, where the insurance company has impaneled hospitals, in reimbursement claim, the insurer can choose his/her choice of hospital for the medical treatment even when it is a non-impaneled hospital. But here, the insured has to pay all the medical expenses involved in the procedure, and then he/she can claim reimbursement. To avail of this particular claim, one must provide essential documents that include originally generated bills to the insurance company. Only after verifying the documents under their own company's policy, they may further proceed with the payment of the accumulated medical invoice. But if under any circumstance, the necessary treatment doesn't fit or isn't covered in the claimed insurance, then the insurance provider can reject the claim.

Therefore, it is advisable to read the terms and conditions of any claim process before submitting it.

Most traditionally, there are some criteria laid down for ensuring healthcare insurance. Since, as a responsible citizen of India, we need to assemble essential and necessary information attached to any healthcare policy. While claiming health insurance, the overabundant of documents is required. This, for the applicant, serves as an assemblage for proofs. Thankfully, due to digitalization, physical paperwork has decreased, and things have become convenient for the applicant. However, even after the technology intervention, one cannot be done without submitting these documents. Therefore, one must have an insight into what all to be sent to acquire healthcare insurance.

Health Insurance Claim Documents:

1. Age proof: The first and foremost requirement while buying health insurance. It can be a-

● Voter ID Card

● Pan Card

● Aadhaar Card

● Driving License

● Passport

● Birth certificate

2. Identity proof: This is necessary for documenting the records, which will further benefit the coverage offered to the insured.

● Voter ID Card

● Passport

● Aadhaar Card

● Driving License

3. Address Proof – Your health insurance company will send various communications on your postal address. You can also submit any of the following for verification;

● Ration card

● Driving license

● Passport

● Rent agreement if applicable

● PAN Card

● Aadhaar Card

● Utility bills like electricity bill, telephone bill, etc.

4. Passport-size photographs (on insurer's demand)

5. Medical reports (on insurer's request)

6. Proposal form duly filled in and signed

(*Disclaimer: the documents mentioned above are pointed in general. Sometimes the insurer may have different document requirements. Therefore, the list may vary)

Securing your health means securing your future and having health insurance further solidifies your take on life as you venture well-armoured. Health is wealth. So, choose your healthcare policy now and get insured for life.

Health Insurance Claim Process

The procedure to avail cashless claim for a health insurance policy includes the following steps:

Contact the insurance help desk at the hospital.
Verify the identity by providing the ID card provided by the insurer.
Once the verification process gets completed, the hospital provides a pre-authorization form to the insurance provider.
The insurer then reviews the submitted documents and processes the claim according to the terms and conditions of the policy.
Some health insurance companies also provide a field doctor to make the hospitalization process easier for the insured.
Once the formalities are completed, the claim is settled as per the terms and conditions of the policy.

Health Insurance Claim Conclusion

Buying health insurance can be one of the smartest decisions you can make for yourself and family. In today's day and age, lifestyle and environmental changes have led to a complete shift in people's health dynamics. Although the medical infrastructure in the country and world has improved and hence, we have better facilities for everything. Still, at the same time, all these treatments and facilities cost much higher. To facilitate that, having health insurance by your side takes off all your worries on any kind of financial pressure, and you are free to choose the best treatments for your loved ones. Hence, do not think twice before investing in a health care plan as it is bound to give you immense benefits and relief at the same time.

Top 10 Reasons to Buy Health Plan Online

Last few months have changed the way that the world looks at the healthcare system due to COVID-19 pandemic. Lives across the globe have changed drastically. The pandemic has shown us a clear image of the severity of the healthcare crisis. The central concern of everyone should be healthcare now. This is the time when we must proactively invest in online health insurance plans. Now you must be wondering, will online health insurance plans work for you? You will be surprised to know that there is an array of healthcare plans, tailor-made for your needs in the market that you can easily buy healthcare insurance online. There are many factors which you must consider while buying health insurance for yourself or your family. We have added some benefits of purchasing health insurance online below.

Reasons to buy online health insurance plans:

1. Multiple policy options to choose from:

Insurance carriers are the companies which provide insurance packages. When you buy health insurance online, it becomes easier for you to compare all the benefits and premiums which you will be able to avail. Online health insurance plans are for individuals and families, keeping in mind various requirements. You may pick whichever plan meets your needs the most after thorough comparison.

2. Transparency in all the terms and conditions:

When you buy health insurance online, all the essential information related to the health insurance policy is available for you to check online. This removes the room for hiding or not sharing any information with you, which can be a case when you buy insurance policies offline from an agent. In the case of online health insurance plans, all the information is available at a click on all the exhaustive platforms.

3. Quick premium calculator:

It is essential to know the amount of premium you will have to pay while buying healthcare insurance for yourself. To calculate the premium, you can use readily available tools online when you purchase online healthcare insurance. It becomes effortless and timesaving when you get an idea of what you are supposed to pay as a premium. This also in budgeting your expenses towards healthcare facilities you are planning to invest in for yourself.

4. Lower premium amounts:

Many insurance companies offer a lower amount of premium when you buy health insurance online. Selling services or excellent saves enables a company to save on various other expenses. Thus, they are able to offer discounts or extend services beyond their usual structure. Therefore, buying an insurance policy online is a win-win for all.

5. Saving time:

It can be a cumbersome task to buy health insurance as it is a time-consuming activity. Whereas if you purchase health insurance online, you will be able to save on time. It is easier to go through all the policy details and understand what meets your requirements the most.

6. Convenience of buying health insurance:

Along with being time saver, buying online health insurance plans can be very convenient as you can choose and buy insurance from the comfort of your home. You do not have to step out to check what fits your requirements, and you can easily buy health insurance plans online. There are many insurance policies which do not require you to undergo medical examinations, and they immediately issue a PDF format of the policy.

7. Keep your policy documents safe:

When you buy health insurance online, you receive all the documents as soft copies. Many a time, people get stuck in availing the health insurance benefits on time because they are not able to produce the required documents if misplaced. Getting a duplicate copy from the insurance organizations is a time-consuming task. However, in the case of online health insurance, your documents are safe and sound as soft copies.

8. Quality customer service:

Insurance companies providing online health insurance offer online assistance and customer support to its clients. This helps when you are stuck at any point of availing health insurance benefits. Trained and well-experienced customer service agents extend help with the resolution of queries you may have while buying health insurance or any question which you may have later.

9. Secure and safe transactions:

Investing in policies and insurances can be worrisome activity. We understand your concerns, which is why at RenewBuy, we have curated an exhaustive list of healthcare insurance for you to buy online. All your transactions will be safe and secure. You will be able to pick the best for yourself and be assured that your money is reaching the right place with RenewBuy’s assurance.

10. Maximum benefits, minimum risks:

You can enjoy the maximum benefits when you buy health insurance online with RenewBuy like high claim settlement ratio with a negligible amount of risks. We facilitate the process of choosing insurance by offering maximum choices with minimum premiums. This helps us to ensure that your experience of buying healthier insurance online is completely hassle-free and transparent.

These are the top 10 benefits of being online healthcare insurance. It is not only comfortable, convenient, and safe, but you also get to select from a range of benefits which the insurance companies have in store for you.

10 Most Common Health Insurance Exclusions

What are Insurance Exclusions?

Insurance exclusions are the conditions that are excluded from the insurance contract, and in those cases, the insurance company doesn't provide coverage for them. To avoid a few selections of adversity, the insurance companies do not consider providing benefits for specific conditions. But such cases are always clearly stated of commencement of the contract for the information of the policyholder.

In other words, 'exclusions' is a term used to define what's covered in the insurance policy more appropriately. 'Exclusions' eliminate a few specific types of risk. 'Exclusions' narrow the scope of coverage provided by the insurer. This is the reason; it's essential to read policy documents very carefully. Understanding from the insurer's point of view, through exclusions, they carve away coverage for risks they are unwilling to insure.

What is Permanent Exclusion in Health Insurance?

Health insurance covers medical costs such as diagnostic tests, doctors' consultation, bed charges on hospitalization, and medical fees. Health insurance is said to reduce the financial burden of medical emergencies or regular medical expenses. Health insurance also provides financial security at the worst times. Therefore, an investment in health insurance is considered to be a wise decision.

It is always a must to note that the health insurance policy also comes with specific exclusions, just like other insurances. There are generally four kinds of health insurance exclusions. Permanent exclusion tops the list. Permanent exclusions in health policy are listed categories of treatments (for example, chronic disease or a genetic blood disorder) that are never covered in the health insurance policy for the whole life. They are excluded permanently from the scope of health insurance. They are always clearly mentioned in policy documents under 'Permanent Exclusions.' Other than a few treatments, there are also some drugs or some surgeries under which permanent exclusions in health insurance are listed.

Even before buying the policy or signing the policy document, which confirms stated terms and conditions, one can read all the policy documents where all permanent exclusions in health insurance are stated. Most companies have a list of illnesses listed under this section.

10 most common exclusions in Health Insurance policies:-

Pre-existing medical conditions: In case of any pre-existing medical condition that the policy beneficiaries are suffering from at the time of policy commencement, it is usually excluded from the policy coverage. However, many of these pre-existing diseases get included in the coverage after the completion of a waiting period of not more than about 4 years. Whether the insurer consists of a specific pre-existing condition into the policy scope after the waiting period depends on their terms and conditions and the health condition of the insured.
Any medical treatment not involving hospitalization: Outpatient treatment, medical tests, and health check-ups are not included. These may include outpatient therapy, health check-up, specific medical tests, and certain medicines. However, these get easily covered if they get hospitalized. Sometimes, some medical insurance companies offer free complete annual health check-ups as a part of the policy.
Alternative treatment: Health insurance policies do not cover treatments in alternative ways like homeopathy, acupuncture, acupressure, and yoga.
Cosmetic treatment: This includes any form of cosmetic treatment like plastic surgery for enhancing the looks of an individual. These are usually excluded from a health insurance policy. However, a cosmetic treatment following an accident faced by the insured, which results in hospitalization, will generally be covered.
Intentional injuries: Any form of intentional injuries (like the ones resulting from a suicidal attempt) is excluded from a health insurance policy.
Any transmission-related diseases: Any transmission-related diseases like HIV or AIDS are among the most common permanent exclusions from any health insurance policy.
Congenital disorders: Health insurance policies usually never insure any medical treatments present from birth, which means the insurance doesn't cover any genetic diseases.
Pregnancy & Childbirth: Several standard health insurance plans most commonly do not cover maternity expenses. They may be covered under individual health insurance plans. To get that coverage, it might be needed to add a special add-on sometimes. But costs for treating infertility and abortion are not commonly covered under any medical insurance.
Lifestyle-related conditions: Treatment of diseases related to the lifestyle of the insured is excluded under standard health insurance plans. A few such conditions include lung diseases arising from smoking, cirrhosis, or any kidney diseases arising from alcohol consumption.
Treatment of mental illness: Costs of treatment of mental illness, stress, psychiatric or psychological disorders.

Other than these new standard health insurance exclusions, sometimes, the use of hospital phones, TV, or extra pillows during hospitalization comes under standard exclusions in health insurance policies. The treatment of disorders like dyslexia also comes under permanent exclusions in health policy.

Conclusion on Health Insurance Exclusions:

It will be worthwhile to re-emphasize that health insurance policies differ from one another. That is why one must read all the insurance documents very carefully before planning. It will give clarity about what is included and what is not included in the policy. It is also wise to compare multiple policies from different insurers before deciding.

It is always better to opt for a complete policy with crucial add-ons like cover for critical illness, pre-and post-hospitalization. That is why it is often not good to go for a basic system. For that, most importantly, one needs to know all the insurance policy plans accurately.

Must read: What are the benefits of Family Floater Health Insurance Plan?

FAQ:

Q. What are the exclusions of health insurance policies?
A. Any health insurance plan will not cover everything, and there are always some exclusions. Important to note is that you must read all your terms and conditions before buying a health insurance policy.

Q. What are common exclusions in a health insurance plan?
A. 5 most common exclusions are:

Dental and hearing
Pregnancy
Cosmetic Surgery
Pre-existing diseases
HIV/AIDS

Overseas Medical Insurance: Do You Need It While Travelling Abroad?

You are more vulnerable to medical emergencies while travelling abroad as you are exposed to different climatic conditions in the unknown terrain. Just like India, medical and health care expenses are quite high in foreign countries and any medical emergency during travel can jeopardize the entire plan. A comprehensive travel insurance cover takes care of medical costs and ensure safety.

Overseas Medical Insurance Benefits

Buying international travel insurance is easy and can be purchased online. Moreover, having travel insurance covers you against loss of checked-in baggage, loss of passport, medical emergencies, personal accident, liability cover etc. depending on the policy you are opting for.

Whether it is your solo trip, vacation, or a business trip, travel insurance is a must when you are going for an international trip. It is a way to ensure that in case there is any financial loss due to theft of luggage or any medical emergency, it is covered. Having travel insurance keeps you worry-free during the trip. Multi-trip travel insurance is also available if you are a frequent traveller.

The most important aspect of your life is health. There is a saying that if health is gone everything is gone. In case you visit abroad countries, then you should have a medical cover that covers your health, for any sort of health emergency that might occur during travelling.

Overseas Medical Insurance Coverage

An overseas health insurance plan covers all the medical expenses incurred outside India, which includes sickness, bodily injuries, or contracted diseases. All the overseas health insurance provider companies have a medical service network to provide support in case of medical emergencies overseas.

Overseas Medical Insurance really required?

There is a probable possibility that when you land in a different country, the weather might or might not suit you and lead you to fall sick. The overall climate change can make you sick. So, it is recommended to have a travel insurance policy to cover all the financial expenses due to any medical emergency.

In case of hospitalized due to an accident, an overseas health insurance plan that comes with an international travel plan comes to rescue you. The plan also covers permanent disability or death if it occurs when you are dead in an accident.

Does Overseas Medical Insurance cover dental treatment?

A few companies also offer dental cover and others with some clauses. For example, in case of injury to teeth or acute pain. It is recommended to read the plan in detail for dental treatment and then make an informed choice.

In case of an extreme medical emergency, if the insured has to be sent back to home urgently, then it is covered. This also depends on company to company.

Food is another matter that should be considered when you are abroad- If there is a case of medical emergency due to food then the insured gets the amount of treatment.

Is travelling with an existing disease safe?

Mostly, an international health travel policy does not cover any pre-existing disease(s). However, there are a few companies that might offer cover an existing disease under their international travel plan.

Buying an individual overseas health insurance would be a suitable option for medical check-ups, maternity cover, regular check-ups etc. This way, the plan will take care of all the medical expenses that may incur while living abroad for a long period.

In case you are visiting a country for a short period, say for a tour or work purposes, it is advisable to opt for an international travel plan. If you are going abroad for studies or for some long period, then buy an overseas health insurance plan or international health insurance policy.

The premium for an overseas health insurance plan differs from company to company and depends on the number of days you will be staying abroad. There are different travel insurance plans for individuals, family, senior citizens and students. Select an appropriate option depending on your purpose of making a visit abroad. Moreover, premium for an overseas health insurance plan also differs from company to company. So, to make an informed choice, you are advised to go through the coverages of the policy thoroughly and then make an informed choice.

Safe Journey!!

Health Insurance Add-Ons/Riders – All You Need To Know

Investing in health insurance plans is essential, especially in the times we are living in. The situations' uncertainty has pushed many people to buy health insurance plans best suited as per needs. Since the market is crowded with insurers providing various benefits with every health cover plan, it is advisable to look for every detail with a keen eye. The terms and conditions attached to every piece of paper should be well-understood before investing in any hard-earned savings segment. Let us tell you that insurance covers have vivid features, premiums, co-payments, deductibles, and riders. The companies curate and customize them as per your needs to provide you with comprehensive plans.

This article will discuss riders, their types, and impacts on our health insurance plan.

What is Health Insurance Rider or Add-On?

Insurance plans are loaded with various health benefits that you can claim when a disease comes knocking at your door. Investing in such projects saves unwanted expenses and long hospital bills. But, a hospital bill does not only consist of doctor’s fees and medicines. A rider provides you with additional benefits over your primary health plan that expands the insurance cover at lower costs. The premium for the riders has to be paid along with the bonus of your health coverage plan.

What is the Need to Buy Health Insurance Add-on Covers?

Health insurance add-on cover is considered a prominent solution for insurance holders looking for additional benefits alongside their basic policy plan. The add-ons offer an opportunity to gain coverage against specific conditions that might not fit under the primary health care policy. By buying the add-on cover, one can customize the health insurance policy as per his needs. In addition to this, it does not cost much as compared to the standalone health insurance policy. It offers you the freedom to pay less premium alongside the chance to claim tax exemption under Section 80D of the Income Tax Act.

Health Insurance Add-Ons Types

1. Room Rent Waiver

Your hospital bills are heavily impacted by the number of days you stay and the type of room you are staying in. A standard health insurance cover provides a limit on the room rent, which means the insurance company will pay for the set limit on the room rent on your behalf, no matter what type of room you are staying in. Opting for a room rent waiver can help you save expenses in such scenarios. This add-on allows you to stay in your chosen room and provides you with additional costs during your stay.

2. Maternity Cover

Having this add-on will help you in bearing all the costs during childbirth. The rider provides coverage against every expense sustained during childbirth. However, you can avail of the benefits of this add-on once the waiting period is over. The waiting period could vary from 24 months to 48 months, depending on the health care policy you are covered with. Some insurance companies also provide coverage for the newborn, from birth till the end of the policy tenure,

3. Daily Hospital Cash

Hospitalization calls for additional expenses. No matter how secure you feel through your health care plan, some fees may take a toll on your savings. It would help if you always had cash or out-of-pocket expenses. Opting for this rider takes care of such costs incurred during the stay at the hospital. This rider provides daily hospital cash allowance to the policyholder for a certain number of days, as mentioned in the policy. The amount can vary from INR 500 to INR 5000 per day.

4. Critical Illness Cover

Critical illness refers to terminal diseases in nature, such as cancer, heart attack, organ failure, tumor, and others. Some insurance companies cover essential illnesses of their policy plan, whereas some provide them as a standalone. In case of a primary healthcare plan, the policyholder can opt for this rider to have coverage against such diseases. Critical illness requires a massive sum of money to get treated. Every session can drain your life savings. Opting for this rider will provide you with a lump-sum amount that can release the burden of expenses off your shoulder. Such plans offer you the specified amount irrespective of the costs incurred during the treatment. The money can be the substitute for the loss of income in such cases. Some insurance companies provide plans that cover 10-15 illnesses, while others can go as high as 38-40.

5. Personal Accident Rider

There has been a constant rise in the number of road accidents. This rider provides cover against every kind of accident that can lead to various outcomes such as permanent total disablement, permanent partial disablement, total disablement, and accidental death. You can opt for this raider alongside your standard insurance policy at a minimal cost. This will cover your expenses, disability, and injuries. It is also known as a double indemnity rider. In cases where the insured dies of an accident, the policyholder's family will get twice the amount of the policy.

Health Insurance Add-Ons Riders Conclusion

With chronic diseases on the rise, people are now aware of the importance of having a health insurance plan. The market is flooded with multiple options to help you with your specific needs. While going for such projects, you can always ask the add-ons to keep the unwanted expenses at bay. Health insurance riders provide certain benefits to the policyholders with specific conditions in the future. Opting for such riders can help you avail extra benefits at affordable premiums. So if you are looking to invest in a best health insurance plan, ask the insurance agent to tell you about these add-ons. Select according to your requirements, income, and age and be more secure against these circumstances.

Telemedicine Now Covered Under Health Insurance Policies

Half of the year has passed while the world is eagerly waiting for the pandemic to get over. With no development of the vaccine yet, people are still bound to practice social distancing as it is the only possible way to stay safe in these critical times. Offices are functioning from home, school, and colleges are shut, and those who are ill are resorting to telemedicine. With the onset of the new normal, the technology-driven era has surely made things simpler during the pandemic. The rising number of COVID-19 cases has let people avoid visiting hospitals and clinics. Instead, they are adopting for online consultation with Doctors via platforms like Practo, Ask Apollo, Meddo, and clinic.

To add some relief to the distressed policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) has announced some major reliefs on Thursday. Insurers that offer outpatient departments have now been asked to pay the costs of telemedicine as well.

These guidelines will be applicable to the products that are filed after October 1, 2020. According to the regulator's circular, if the policy contracts of all the existing health insurance products are not in agreement with the issued guidelines, they shall be modified as and when they are due for renewal, from April 1, 2021.

What is Telemedicine?

Telemedicine is consulting doctors via electronic or digital media for healthcare services. According to Telemedicine Practice Guidelines by the Ministry of Health and Family Welfare website, 'The delivery of health care services, where distance is a critical factor, by all health care professionals using information and communication technologies for the exchange of valid information for the diagnosis, treatment, and prevention of disease and injuries, research and evaluation, and for the continuing education of health care providers, all in the interests of advancing the health of individuals and their communities.'

Who can claim for Telemedicine?

The process is seeking importance, citing the social distancing norms in today's times. In view of this, policyholders can now take benefits of their insurance cover if they have opted for an OPD cover. This should be considered by the beneficiaries as most of the base cover plans do not cover OPD charges.

The relaxation has provided relief to many policyholders as patients suffering from mild coronavirus symptoms can take treatment at home with the online advisory of the doctors. This move will not only prevent the spread of the disease but will also save a lot of money from the hospital expenses.

According to the regulator, the norms that are applied with sub-limits, monthly or annual limits specific to a policy cover, should be applied to telemedicine claims as well. Naval Goel, CEO and founder, PolicyX, an online insurance marketplace, said, "Limits on telemedicine will depend on the cover opted by the consumer and will be the same as the limit on OPD consultation in the policy."

In view of providing more relief to the distressed policyholders, IRDAI has also ruled out the consideration of the cost of pharmacy and consumables, implants and medical devices, and diagnostics for general and standalone health insurers. The guidelines for the same were also published by the regulator early this year.

The draft addressed the sub-limit on rooms. If the policyholders employ a room that has a higher tariff, then the applicable proportionate deductions will not include the cost of the listed expenses.

Bhaskar Nerurkar, head of health claims from Bajaj Allianz General Insurance Co Ltd., was quoted as saying "The regulator has asked insurers to define the associated medical expenses which will be deducted proportionately. Insurers will have to negotiate with the healthcare providers in their network to see that the increase in rates of the associated costs due to change in room category are under control."

Until now, the proportionate deductions were applied to all costs by the insurer when the policyholder occupied room with a higher tariff. This will change with the current change in norms because consumables, implants, and diagnostics cannot be part of proportionate deductions.

Guidelines issued by IRDAI on telemedicine for all general and health insurers

1. Medical Council of India has allowed registered Medical Practitioners to offer healthcare via telemedicine, as per the circular 'TeleMedicine practice guidelines' on March 25, 2020.

2. It states that the insurers have to allow telemedicine and pay the consultation fees of the medical practitioner according to the terms and conditions of the policy contract.

3. Healthcare services offered via telemedicine shall be in compliance with the Telemedicine Practice Guidelines issued on March 25, 2020.

4. Provision of allowing telemedicine needs not to be filed separately. It shall be the part of the claim settlement of the policy of the insurers.

Related Article: Best Health Insurance Plans in India

5 Reasons To Buy Long Term Health Insurance Plan

We are living in a time that is full of uncertainty. There are already a lot of life-threatening diseases, and now the onset of a pandemic has shaken the entire world. With the sudden spike in health and crisis, people are now feeling the urge to have a shift in their lifestyle. They are moving towards better eating habits and regular exercising. However, people still avoid buying insurance plans that can save them a lot of money. Some of the underlying reasons are the age and perception of being fit. According to research, studies find that almost 15 to 20 percent of heart attack patients lies between 25 and 35 years of age. It should also be acknowledged that during the young age, premiums are comparatively lower than when you buy the policy at advanced age, due to higher health risks.

In addition to this, the surge in the cost of treatments in private hospitals is another reason which can prevent you from having a saving. Hence, we advise you to take an insurance plan regardless of your age. It helps you in being independent and less worried about affording the best medical care when needed. It also increases the financial security and lessens the psychological stress that a sudden illness can impose on your family.

Reasons for Buying a Long-Term Health Insurance Policy

1. Hassle-free renewal

Buying a long-term insurance plan will let you worry less for at least two to three years. Getting protected from medical expenditures for an extended period will bring you a huge relief when the cost of treatments is expensive, along with the unannounced diseases. This will reduce the hassles of complicated paperwork or missing any deadline. Apart from this, you do not have to worry about the renewal of the policy for a couple of years, and you can enjoy financial independence.

2. Helps you save tax on your income

According to the Income Tax Act (Section 80D), a person can have tax benefits on the premium he has to pay. So, besides saving your money on the hospital expenditures, buying long term health insurance will also help you with your tax savings. One can enjoy a tax exemption up to Rs. 50,000 if you get a health security plan for your family. Go through the methods available in the market, choose accordingly with your income, and have a discussion with your agent to enjoy maximum benefits from both the end.

3. Discounted Premiums

Long term health insurance plans come along with lowered premium rates. You should look out before investing in any health plan as the long-term health insurance plans come up with a discounted premium.

4. May also cover pre-existing diseases

Underlying health conditions is an essential factor to consider while buying health insurance Many health insurance companies allow adjusting the pre-existing illnesses in the long-term insurance plan. All plans have a waiting period for PED. There are addons which may reduce the PED waiting period, but this is to be noted that buying the policy for 2 or 3 years will not have any impact on reducing the waiting period.

proper healthcare

Healthcare is the utmost priority as we grow older. India has an extensive medical infrastructure that is continuously evolving. But so are the expenses that come with it. All the medical attention, doctor visits, daily care, room rent, and medicines can increase your expenditures. One does not want to compromise on the frequency and types of treatments. So, to avoid a financial burden for you and your family, choosing a long-term health insurance plan can help you prevent a dip into the savings.

Bottom line on Buying Long-Term Health Insurance

Buying health insurance is an ideal choice in today’s day and age. Given the ongoing crisis of a pandemic along with several diseases, the risks of one getting pushed into a situation of spending drastically on hospital bills are higher. To release such financial burdens, getting a long-term health insurance policy is preferable and will provide better health coverage with less stress. Thus, customers should look out for such health insurance plans to help them in the longer run.

Mental Illness Is Now Covered In Health Insurance

Mental health, in simple words, can be understood as a state of well-being in which you can realize your abilities, can handle the stress and pressures in life and lead it in a healthy manner while being productive at the same time. Mental health can affect your daily lives, your health, and your relationships as well. The World Health Organization has emphasized that the preservation and restoration of mental health is quite necessary. Nowadays, conditions like stress, anxiety, depression are the common factors that are disrupting mental health.

Mental Health Insurance Policy For You & Your Family

In earlier times, people were reluctant to discuss mental health. Thus, the mental health disorders never got adequate emphasis. The same was the case of health insurance cover. In the present COVID-19 times, mental health issues have increased, and with the death of a celebrity, the problem has again gained immense importance.

The Mental Healthcare Act 2017 was enforced which states that every insurance provider must make provisions for the implementation of medical insurance for the treatment of mental illness precisely in the same manner as it is done for physical illness. Since May 2018, IRDAI has been working on this. However, most insurance companies stayed ambiguous about this inclusion, and there is no specific policy if someone wants to search in-depth for the same.

On June 16, 2020, the honourable Supreme Court of India has issued a notice to IRDAI and the Government to provide a health insurance cover for mental illness.

Mental Health Support for You

Since times immemorial, people have stayed quiet about mental issues. With changing times, things have begun to develop, and with psychiatric treatment, the problems are being addressed quite pro-actively these days. If you are experiencing any signs of mental illness such as anxiety, extreme mood changes, excessive fears or worries, lack of concentration, extreme tiredness, etc. then you should not ignore these signs. Instead, you must opt for taking mental health support immediately. Talking to family and professionals help, and with medical insurance covering it, people become more confident concerning the financial angle.

Mental Health Support for your Family

If someone in the family is facing mental health issues, encourage them to express and talk about it. It is not possible to force anyone to obtain professional help, but support is a must. An excellent mental health care professional and coverage in the health insurance policy makes it easier for someone to seek help.

What does all Mental Health Insurance include?

According to the Mental Healthcare Act, 2017 mental illness can be said as a substantial disorder of thinking, mood, or perception which impairs judgment, behaviour but does not include mental retardation which is an incomplete development of a person's mind.

Medical insurance would cover treatment for psychiatric treatment, mental illness, stress, psychological, or other neurodegenerative disorders. However, the coverage for hospitalization or coverage for OPD would depend on the type of health insurance policy purchased.
The health insurance providers cannot discriminate between the services provided for physical and mental illnesses. So, if there is a provision of hospitalization or OPD for a physical ailment, then it would be feasible for mental health treatment as well.
If there is hospitalization due to mental illness, then the insurance policy would cover the diagnosis and analysis of your mental health, treatment procedure, and rehabilitation for your mental health as well. This procedure would include a 24-hour mandatory hospitalization.
Moreover, since mental health illness is included in the health insurance policy, it does not mean that the insurance provider is abided to cover your expenses if you had pre-existing mental health conditions.
An insurance provider cannot reject a claim if it has decided to cover the costs for your mental health illness after the waiting period.
Similarly, an insurance provider cannot reject a claim related to mental illness if you are found out with mental illness after the purchase of your health insurance policy.

How to Prevent Mental Health Issues?

There are no specific ways by which mental illness or mental health issues can be avoided but, taking appropriate measures to prevent their onset before they occur would be helpful.

Attention towards warning signs and mood swings
Routine medical care
Seek medical help at the earliest and not shy away from mental health treatment
Self-care with a healthy lifestyle, proper diet and regular physical activity

Bottomline on Mental Health Cover in Health Insurance

As physical fitness helps keep your body healthy, mental fitness would be helpful in the sustainment of good mental health. Mental health is essential because it has an impact on your behaviour and emotions. When you are healthy mentally, you can enjoy your life, your environment, and even your work.

Hence, with the inclusion of cover for mental health, your premium rates for the policy might be revised. Moreover, it is advisable that you must read the fine print of your policy document carefully and understand the inclusions/exclusions properly before you file any claims related to mental health illness.

Can I Pay Health Insurance Premiums in EMI?

Almost everything nowadays comes with an option of payment, one time, or EMI. Most of the time, people end up choosing for part payments as it feels lighter on the pocket. But while opting for a health insurance policy, people who want to pay the premiums in installments might end up paying more than a one-time payment. This happens because if the premium is payed through installments, the policyholder might levy a nodal charge of 3-4%.

Mostly, health insurers take a one-time annual payment on health policies. Still, as the option to pay premiums in installments exists, insurance companies might take a hit in their income. Getting money through installments will make them lose a sizable amount of money that could be deployed for investment returns.

How are Health Insurance Premiums Calculated?

Health insurance premiums are calculated based on various factors—one of the major factors being age and underlying health conditions. For instance, if you buy a health policy at the age of 25, the premiums would be lesser than the amount you would have to pay at the age of say 45 because you are more prone to ailments at an older age.

The premium differs according to the concerned factors, but now, amidst the ongoing pandemic, the Insurance Regulatory and Development Authority of India (IRDAI) issued a circular on April 21, 2020. It stated, "All insurers are allowed to collect health insurance premiums in installments as specified in clause C (1.1) of Guidelines on Filing of Minor Modifications in the approved Individual Insurance Products offered by General and Stand Alone Health Insurers on Certification Basis as they may deem appropriate for any specific product(s)."

Effects of Health Insurance Premiums EMI on people

The move from IRDAI at such a crucial time is to benefit ordinary masses. With such intentions, this move can help middle-class policyholders to grow and benefit their claims.

This step will provide more accessibility to the product in rural areas and small towns as they will be able to buy such policies by paying premiums on a monthly or quarterly basis. This will increase the rate of insured people, which is 14.1% currently, from rural areas.

Moreover, even in urban areas where the population is increasing tremendously, a mere 18% of total inhabitants benefit from insurance policies, according to NSSO (National Sample Survey Office). Providing an option to pay the premiums monthly is a golden opportunity for insurance companies to outgrow their reach in the cities as well.

Benefits of Digitalization in Health Insurance Sector

The country is adapting to digitalization. With social distancing being the new trend, digitalization is set to take a peak in upcoming days. People are now making payments online for the smallest of things. Hence, paying premiums on time will not be a big deal for people with hectic schedules.

With the introduction of new payment modes, people also have the option to opt for different policies and change them for the higher sum assured shortly. In fact, those who are insured by such policies but not getting enough coverage will also be able to afford higher coverage, as lower premiums must be paid.

Also, if the health insurance companies get benefited from this move in the longer run, there are high chances that they will offer more products with better health options to stay ahead of the competitors. The companies will improve, the products will evolve, and the customer services will enhance for betterment.

Things to know if you are opting for EMI payment

Issued in the pandemic view, which has cost a lot of people their jobs, this step helped ease their burden on making a one-time payment. But before opting for this premium option, one should know that at the time of claim settlement, some complications might come up. When a policyholder pays the annual payment of premium, he can examine the merits of the claim and decide to approve it. But while opting for other payment modes, the policyholder will have to adjust the balance premium installments against the claim amount.

Also, in this option of payment, the total premium will be higher than the amount paid in lump-sum. Opting for this method will also restrict policy buyers to change the payment mode until renewal.

Bottomline on Installment payment of Health Insurance Premiums

Investing in a good health insurance policy is the need of the hour. With the ongoing pandemic crisis and many other diseases on the rise, people should look for options available in the market. With the IRDAI issues statement, the process has been further simplified, and the payment opinions have been modified. To pay a lump-sum amount or to pay the premiums in EMI should be dependent on the customers as they are aware of the pros and cons of both. But the best way to choose is to buy a health insurance policy that covers all your expenses for at least a couple of years so you can live stress-free.

What is Co-pay, Deductible & Coinsurance: Meaning, Difference, Features

When it comes to availing health care insurances and schemes, it is difficult to understand all the terms and their impact on the policy. Though it is quite confusing when it comes to buying insurance, for health insurance there is a set of certain terms that are hard to understand. Terms such as copay, coinsurance and deductible, can be confusing for someone with limited knowledge to understand.

In the following article, we will explain the meaning of copay, coinsurance and deductible. We will see what they mean together and how they are different.

What is the Meaning of Co-pay in Health Insurance?

Copay or Co-payment refers to a fixed amount of money you need to pay for certain types of treatment when the rest balance amount will be paid to the insurer. This can be a pre-decided amount or a percentage of the total cost of treatment depending on the policy you choose.

If you have a copay health insurance of 10% then you will have to pay Rs.1500, while the company will bear the expense of Rs.13500.

Features of Co-payment in Health Insurance

The lower the copay, the higher is the insurance premium
Co-payment amount/percentage is always fixed according to the service you are availing

What do you Mean by Deductibles in Health Insurance?

Deductibles are a fixed amount of money that you have to pay before your policy kicks in to take charge of your medical treatment. This is a certain amount that you have to pay towards your medical bills before your policy kicks into action.

Features of Deductibles in health insurance

Higher deductible means lower premium payment
A lower deductible is recommended if you have a chronic medical condition that needs a regular visit to medical health professionals. otherwise, choose a higher deductible for lower premium payments.

What is the Meaning of Coinsurance?

Coinsurance refers to the percentage of a treatment cost you’ll have to pay once you’ve paid the deductibles. This is usually a fixed percentage and is like copayment.

Features of Coinsurance

Policyholders will have to pay the deductible before claiming coinsurance
The percentage is fixed
The percentage of coinsurance is about the out of the pocket maximum amount that you can spend in a year after which the company will bear the full expenses.

Now that we have explained these terms mean for your insurance, let's also take you through the differences between each of these terms.

Understanding copay, coinsurance and deductibles using an example:

Let’s suppose the bill is Rs.15,000 and your policy says the is Rs.2000. So, you’ll have to pay just Rs.2000 while the balance of Rs.13,000 will be borne by your insurance company.

Suppose the deductible is Rs.5000. That means you’ll have to pay Rs.5000 towards your treatment before the policy can come into effect.

Coinsurance comes into effect once deductibles have been paid. Let us say you have a bill of Rs.10,000 and you have a deductible of Rs.5000. Then coinsurance will be levied on the sum of Rs.5000.

Difference between Copay and Deductible

Copay is the fixed amount that you have to pay towards your treatment. It can be a fixed amount per the nature of treatment of a fixed percentage.

The deductible is the amount that you need to pay as a share towards your medical bill upon which your policy comes into effect.

Difference between Copay and Co-insurance

Copay is the fixed amount that you have to pay for your treatment. It can be a fixed amount per the nature of the treatment of a fixed percentage.

The amount A deductible is the fixed amount that you have to pay as a share of your medical bill upon which your policy comes into effect.

Difference between Coinsurance and Deductible

Coinsurance refers to the percentage of treatment cost you’ll have to pay once you’ve paid the deductibles. This is usually a fixed percentage and is similar to co-payment.

The deductible is the amount that you need to pay as a share towards your medical bill upon which your policy comes into effect.

What is the Meaning of Copay with Deductible?

While deductibles and coinsurance are clauses that are implemented by insurance providers simultaneously, some of them also choose to put together Copay and Deductible. If your insurance does the same, this is what it means for you:

You have to pay a fixed amount towards your treatment plan but your insurance premium will only start once you have paid your deductibles.
If and when the plan kicks in, you’ll have to pay the fixed copayment amount every time you raise the claim while the outstanding amount will be paid by the insurance provider.
You’ll only have to pay a small amount of premium towards your policy, making it cheaper.

Should You Opt for a Health Insurance Plan with Copayment, Coinsurance and Deductible Clauses?

Even if your premium amount is reduced in a cost-sharing policy, your liability towards the share you have to pay on claim will increase and so you’ll always need to have readily available money to cover the cost. It is better to opt for a policy that is free of cost-sharing clauses and with a plethora of premiums offered in India, it is possible to find one that is good and doesn’t involve cost-sharing terms.

Important Note: Be sure to check all the terms and conditions before choosing a policy that best fits you.

FAQ’s

What is the meaning of co-pay?

The term "health insurance co-pay" describes a situation in which the policyholder will be responsible for part of the medical costs out of pocket, and the insurance provider will cover the rest. It is done with co-pay provisions.

Why are co-pay insurance policies cheaper?

The reason why co-pay insurance is cheaper since both parties share the loss.

How to know my copayment liability during claim settlement?

You can consult your policy document to determine your co-payment obligation at the time of claim settlement. It includes all the information regarding the co-payment clause of the policy, such as the percentage assessed, whether you are required to pay it or not, etc.

Get Cancer & Heart Insurance if You're Planning to Buy Health Insurance

Taking care of you and your loved one's health is an utmost priority. While we take care of the necessities of life, like a well-paid job in a metropolitan city, the urban life comes wrapped with the envelope of a hectic lifestyle, rising pollution levels, and unhealthy food habits. They are the reasons why lifestyle-related diseases and chronic ailments are on the rise in the country. Especially in the times that we are living in, where our fast-paced life is synonymous with an ample amount of stress, anxiety, and tension, it is essential to be aware of the benefits of buying a good health insurance plan.

Investing in good health insurance plans covers you with adequate funds to afford the quality and frequency of treatments without taking a toll on your savings. The healthcare industry in India is developing, and hence getting treatment for chronic ailments is expensive enough to put a dent on your lifetime savings.

While investing your money in a health insurance cover, you need to take care of certain things.Make sure that you are aware of every inclusion and exclusion that your policy provides. Do not skip reading the lengthy paragraphs as they contain important information regarding the working of the system and claim. Go through every detail or ask your agent to describe each term and condition with full knowledge to understand the policy better.

Also, we suggest you invest in a fixed benefit health insurance plan and the group health insurance policy that the company provides. You must be wondering why to have two systems cover at one time. The answer is that these two policies, when concocted together, offer combined benefits against all the health conditions.

A primary health insurance policy provides hospitalization expenses and treatment costs for pre-specified illnesses. The cost of the procedure is also a specific sum that is assured. A group health insurance plan is not sufficient to meet every medical expense incurred.

However, a fixed benefit health insurance plan covers you for critical diseases. Ailments like heart and cancer conditions drain a considerable amount of sum for treatment. Every session is expensive, along with medicines and therapies. And a basic insurance plan does not provide adequate support for these conditions. In these cases, a fixed benefit of health insurance can be a lifesaver. The country has also witnessed a surge in the number of critical illnesses in the last few decades. If we talk about the numbers, the number of cancer cases is expected to cross 17.3 lakh by 2020. Similarly, heart ailments have also seen a significant rise in the last few decades. This state of critical illnesses has called for the need of fixed benefit health plans.

Here are some benefits that you can avail of if you consider buying a fixed benefit health insurance.

The policy offers a massive amount of money as a lump sum. Ailments like heart conditions and cancer also require a lot of money for treatments. If diagnosed by any, one can claim the lump sum by the insurer. The amount can be used in paying hospital bills along with additional expenses that come around with it.
A fixed benefit health insurance lets you avail of treatment at any preferred hospital. This is one of the key benefits of investing in such a policy as the person is not bound to be admitted to one of the mentioned hospitals. He or she can take opinions from the desired hospitals to receive maximum benefits of the treatment.
Once you submit the diagnosis report, the insurer pays you the money upfront without any hassles of extra paperwork. This policy does not require you to provide all incurred bills and tests. It ensures that the policyholder gets immediate help for the treatment.
Once a person is diagnosed with critical illnesses, he takes a long time to recover and return to work. In such cases, investing in a fixed benefit health policy ensures that the lump sum takes care of the family's monthly needs. This takes off the burden as it acts as an income substitute compared to the basic policy plans that only reimburses the hospitalization bills.
Investing in such a policy also makes you less worried and more prepared. The policy provides enough flexibility for coverage and disbursal.
The fixed benefit health insurance plan resumes instantly after the lump sum is paid for selected diseases.

With such sorted benefits, you should consider availing plans that cover critical illnesses like heart conditions and cancer. This provides you with dual protection that can be very useful for you and your family's future.

Planning to Buy Health Insurance in 2023? Take a look at Key Norms That Changed

2019 had been an eventful year for the health insurance sector. The industry witnessed several changes during this time. Are you someone planning to gift yourself and your loved ones the protective shield of medical insurance? If yes, you should know the rules that changed in 2019. The following are some helpful insights into the matter.

The Indian Scenario

According to Financial Express, India falls in the group of the least insured countries in the world. The newspaper reports that just 20% of the Indian population holds insurance protection. Business today calculates the penetration of insurance coverage in the country as 3.7 when compared with its GDP. It is less than the average in the world; 6.31%. Statistics show that health insurance is the sector that experiences maximum growth in the market; 35% annually. General insurance follows at 18% and life insurance at 12%.

Health insurance, according to experts, is the first thing one should have. And it should start from the month you begin earning on your own.

Given below are the changes you should be aware of when exploring health insurance plans:

1. You can pay your premiums in instalments

This is perhaps a historic move from the Insurance Development and Regulatory Authority of India. It asked insurance companies to let users pay their medical insurance premiums in instalments. You can pay your premium monthly, quarterly or half-yearly. But the free-look period is quite lower for both the options than their annual variant.

2. The authority asked insurers to tweak their policies in favour of customers

IRDAI has asked insurance agencies to declare the pre-existing diseases that won’t be covered for a stipulated time period after policy start date. Today, consumers have the right to declare the diseases contracted after three months of policy start date. Diseases such as Alzheimer's, Parkinson's or HIV/AIDS cannot be rejected outright.

3. Customers have the right to choose a third-party administrator

IRDAI now allows customers to choose a third-party administrator for their insurance requirements. It ensures that consumers can avail the best health insurance plan in the market. You can go for a TPA either at the time of buying coverage or while its renewal.

IRDAI has come up with the draft plan for standard insurance coverage. The scheme offers from INR50,000 to INR10,00,000. The minimum age to avail the protection is 18 years. The higher age is considered to be 65 years. The exciting thing is that the scheme offers the ability to renew for a lifetime. There exists no exit age-limit for a policy-holder. You are also eligible for the protection even when undergoing treatments in alternative therapies.

Finally, IRDAI has reduced the waiting period to file a claim. The waiting period is a time when you can’t file a claim for a particular disease. From now on, no insurer is allowed to specify a specific waiting period before filing a claim. The general standard is 30 days.

There is no excuse to ignore your own health and that of your loved ones. Even the best medical insurance available today is more affordable at present.

8 Essential Factors To Consider When Buying A Health Insurance in your 30s

Around thirties, you are living the golden period of life. Nothing seems impossible for the hardworking honest people around thirties. This is the age when you can give the best direction to your life and step forward to.

Reasons Of buying health cover at the age of 30

But you know that your are going to get old one day. Around thirties you might even have a family to take care. You being the whole and soul of the family need to plan things right. To buy health insurance is your responsibility. To get Individual Health Insurance as well as Family Insurance, at thirties is much better than buying it at 50. To state reason, you are much capable at 30 in comparison to what you are at 50. This capable attitude also gets you the best insurance with no compromise.

Factors to count on

T&C: There can be many hidden messages in the insurance papers. Not just a glance but scanning of such conditions is required. If you do not understand any statement, make sure you do not leave it; maintain the courtesy to ask out such questions. This will only help you to maintain your personal health insurance and any additional.
Financial Planning: The first thing an insurance will reflect is the price. Look what is best you can fetch in your budget. Also, at 30 you can easily buy health plans at lower premiums as compared to purchasing them at a later stage and secure your future.
Family: At 30, you are independent enough and can plan the insurance for your family as well. Choose the finest one, because it’s about family and you would never want to take any risks.
Sorting Plans: Wide range of plans are available including individual, family, group and premium plans. Everyone can suggest but only you can decide what is the best one for you. If you still have doubts, be honest to your insurer and ask to get the prime choice according to your needs.
Facilities Covered: There might be many unknown features of the insurance, so try to get through all of them as and when required. This is also a comparison point. This helps you to choose between so many available in the market.
Time on hold: This is the waiting period. Before the period is over, you cannot claim your insurance. This is another reason why buying insurance at 30 is considered good.
Included and left Out: Obviously, individual insurance have their own policy that includes some aspects and exclude others. Before buying, you have to know this.
Established Connection: Insurance providers have their hospitals fixed where they have links set. So, locating hospital in your locality and getting insurance covering that specific place has to be learnt.

Conclusion

Expert opinions and the experienced have talked about reasons why buying insurance at 30 is beneficial for you and your family. The above listed factors are essential for individual health insurance plans as well as family plans.

Things to keep in mind when your health insurance lapses

A health insurance policy comes with a fixed tenure. Normally, this tenure is for a period of one year. But what to do when a health insurance policy lapses? Nowadays, health insurance plans come with longer durations as well. There are plans which you can buy for a continuous period of two or three years by paying the two-year or three- year premium at once. These long-term plans not only eliminate the hassle of annual renewals, they lower the premium cost too because there are premium discounts for choosing longer durations. However, even in case of long term health plans, renewals are required when the policy duration comes to an end. If you do not renew the plan on time, your health insurance policy lapses.

Let’s find out what to do when a health insurance policy lapse and how it affects the policyholder.

What is a Lapse in a Health Insurance Policy?

If the health insurance policy is not renewed before the policy expiry date, the policy would lapse. A lapse of the policy means termination of health insurance coverage. If the health insurance policy lapses, the available coverage under the plan comes to an end. In case of a claim in a lapsed policy, the insurance company does not pay a single penny as the cover has stopped.

What to do When a Health Insurance Policy Lapses?

If your health insurance plan has lapsed, you should pay the renewal premium as soon as possible to renew the plan with existing coverage benefits.

Grace Period Renewal:

There is a grace period in health insurance plans. This period allows the payment of renewal premium after the policy has lapsed. Most health insurance plans offer a grace period of 30 days. If the policy has lapsed but you pay the renewal premium during the grace period, you can restart the policy. The continuity benefits of reduction in waiting period and no claim bonus would be applicable in such policy which was renewed during the grace period.

Things-to-keep-in-mind about Grace Period:

Though there is a grace period allowed for reviving a lapsed health insurance policy, the grace period does not allow coverage. If any claim occurs, the company would not pay any benefits even when the policy is in the grace period.

Why a Lapse should be avoided?

It is always better to renew the health insurance plan before it lapses. A lapse should be avoided because of the following reasons –

No Coverage in the interim period:

There is no health insurance coverage in a lapsed policy. Given the high medical costs, these expenses could burn a hole in your pockets.

Portability:

Renewal Benefits:

If the policy is not renewed during the grace period, you lose the renewal benefits of your existing health insurance plan.

Waiting Period:

In case of a lapse, you lose the continuity benefits of the waiting period on pre-existing diseases. The reduced waiting period on pre-existing illnesses and other treatments. You would, then, have to buy a fresh health insurance policy with a fresh waiting period from two to four years or as defined by the underwriter.

Limited Scope of New Policy:

If you are a senior citizen, you might find new health plans to have a limited scope of coverage than your lapsed health insurance plan. Even for others, your new ailment might not be covered under pre-existing clause, which would have otherwise been so, in your previous plan.

Lifelong Renewability:

Moreover, lifelong coverage is allowed only if the policy is renewed without a break. If the policy is not renewed within the grace period, you might not find a health insurance plan for your age.

No Claim Bonus:

Even the accumulated no claim bonus for not claiming in the previous years would be lost if the policy is not renewed on time.

How to Renew/Revive Lapsed Health Insurance Policy?

However, if your health plan has not been renewed and has lapsed beyond the grace period, all you need to do is buy a fresh plan. Since the same cannot be renewed now, you can either continue the same plan with your earlier insurance company by simply paying the premium and undergoing a pre-medical check-up, if the lapse is more than 6 months or compare and then buy a fresh health insurance plan for yourself which suits your needs the best.

Small steps to ensure that you do not lapse your Health Insurance Plan next time

Update your email id and phone number accurately with the insurer and update the same in case of a change, so that you do not miss renewal calls, emails, etc.

You can also create a standing instruction on your account, credit card, etc. so that the renewal gets automatically processed even if you are busy or out-of-the-country or unable to pay within the grace period. This way, you can never miss your renewal lifelong!

With the technology at our side, there is no excuse for missing renewal payment. It can be done seamlessly through net banking, phone banking, app banking, etc. and just with the click of a button.

Poor Air Quality Affects The Price Of Health Insurance Premiums

Air quality has been the talk of the town lately when all of us witnessed a dark hazy day covered in smog and difficulty in breathing. All the schools remain closed, and people were advised not to exert themselves into physical activities. All other precautions are taken that included odd-even and no construction during those days. No matter what precautionary we make, the air quality is deteriorating for a long time. People living in Delhi-NCR are going through the worst. New Delhi tops the chart when it comes to the most polluted city in the world, and it comes as no surprise that people living here have started to feel the symptoms of this hazardous air they are breathing in. While others have begun to realize the signs, the poor air quality has become worse for patients suffering from respiratory ailments like Asthma and tuberculosis. Kids, pregnant women, and elders are most prone to suffer. As this has increased the chance of falling ill, this has also increased the visits to their doctor. Now the question arises, does it also impact health insurance premiums?

The lifestyle in metro cities, especially in North India calls for more claims. According to a recent study by the Central Pollution Control Board (CPCB), 41 Indian cities are suffering due to poor air quality is poor. Urbanization, deforestation and water pollution altogether has added to the prevailing air quality conditions and are hazardous to human beings and nature.

In addition to the lifestyle changes and busy schedules, it is also because of the expensive medical facilities in Delhi-NCR and other metro cities. Along with the world-class treatments, the cost of treatment of cardio and respiratory ailments remains high.

Pollution has led to an increase in diseases. The average cost that one incurs due to hospitalization has increased from Rs 41,391 in 2015 to Rs 45,104 in 2016. A rise in water pollution-related claims, and 12-15% rise (Source: Economic Times) in air pollution-related claims on a CAGR basis for the last three years.

Insurance companies provide policies based on every disease. As the pollution level has increased, and showing its adverse effects on people, insurers are likely to introduce specific policies that may cover for existing respiratory disorders due to rising pollution.

Insurance companies are not bothered by the spiking level of pollution and the resulting claims. Still, if the situation doesn’t come under control in the meantime, it may show its impact on premiums as well.

Health insurance premiums are a must if you are living in such adverse conditions. You can anyway opt for any standard health policy with lower premiums or an OPD cover that can cover your expenses on frequent doctor visits. Amidst numerous health policies available in the market, we advise you to choose a plan wisely that suits the need of your family.

Are Dengue and Pneumonia Covered Under Health Insurance?

In India, health insurance is a significant category of insurance. The healthcare industry has continuously been revolutionizing with a wide range of services and products. Today, consumers are becoming extremely health conscious. Factors such as fast-paced lifestyles, excessive workload and growing alteration in the environment have drastically affected the health and wellness of people. In this reference, health insurance is offered not only for critical illnesses but for common diseases also.

Some of the diseases that are prevalent in India, including dengue, tuberculosis, fever, cardiovascular diseases, dengue, etc. Few diseases that witness a lot of claims include respiratory diseases, tuberculosis, cardiovascular diseases, fever and infections, unintentional injuries, malignant tumours, diarrhoea, dengue, and chikungunya. Fever is one of the most common ill health that a sufferer suffers with.

Dengue and pneumonia are spread majorly due to incessant rains, stagnant water, and floods. Both diseases require proper rest and medication for recovery. In most cases, the treatment can be done at home with an adequate diet, medication and rest, but severe cases might require hospitalisation.

Dengue is a viral disease caused by the bite of the Aedes Aegypti mosquito. Some of the common symptoms during the initial phase of dengue are fever, joint and muscle pains, nausea, headache, rashes, and eye pain. While, more severe symptoms such as internal bleeding, disorientation, weak pulse, and constant vomiting indicate that the disease has progressed, and the patient should be hospitalised. The presence of dengue is ascertained with the low count of white blood cells, platelets and metabolic acidosis. Meanwhile, pneumonia is an infection (viral, fungal or bacterial) that leads to inflamed lungs. People of all ages can get down with pneumonia, particularly kids and older adults. The symptoms include fever, coughing, green or rusty sputum, headache, chills, shortness of breath, chest pain, increased heart rate, nausea and vomiting. Usually, one can treat pneumonia with hydration and over the counter medicines. Still, if the condition is critical with a weak immune system, then the individual will have to be hospitalised.

Are dengue and pneumonia covered under health insurance?

Under the comprehensive health coverage, all the hospitalisation charges (including room rent, pre and post hospitalisation) are included. It is applicable for dengue and pneumonia as well. However, as discussed earlier, most cases of dengue and pneumonia does not require hospitalisation. Recovering at home can still accrue a high medical bill. Some of the expenses that an individual incur for treatment at home includes diagnostic tests, medicines, home nurse (if required), etc. These are generally not covered in the health insurance policy. However, a dengue or pneumonia specific insurance or an add-on to the existing plan will cover these expenses and more.

What is dengue or pneumonia insurance?

Many insurance companies in India offer dengue specific insurance policies. Individuals can choose them either as an add-on to the existing health insurance or as a standalone policy. Some of the features of these policies are that they have low premiums. The premium for these kinds of policy remains the same, irrespective of the age, they cover the expenses incurred during both inpatient and outpatient treatment, and any claim for this policy by an individual will not affect the standard health insurance. All the medical costs suffered 15 days before and after hospitalisation are covered by the policy. Insurance coverage includes hospitalisation if the policyholder is hospitalised for more than 24 hours. There is no maturity benefit payable under the dengue insurance policies.

Further, there is no requirement for a pre-insurance health check-up to purchase a dengue insurance policy. An individual only needs to make a self-declaration in the application form that he/she is currently not suffering from dengue. However, if you are suffering from the disease, you are not eligible to purchase the same. If dengue treatment requires less than 24-48 hours of hospitalisation, hospitalisation costs will not be covered. Moreover, diagnosis and treatment outside India is not covered under dengue plans.

It is advisable that an individual purchase a basic health insurance product as it will always serve as a base to the add-on benefit plans. Also, if you are living in an area prone to these diseases, you should get an add-on coverage for these conditions in your regular health insurance plan. The advantage of these type of policies is that the policyholder can make an independent claim against the dengue policy (when suffering from the disease), and this will not impact the no-claim benefits accrued in their core health insurance policy.

Are Independent Health Insurance Covers For Seniors Unaffordable? Hear What Experts Say-

Age do wonders on its own. Like every phase of life old age has its charm and stressing points. While senior citizens enjoy free time and taking care of themselves probably resting, there is always a chance of getting trapped into some diseases. Medical insurance for senior citizens is important because senior citizens are more prone to big or rather fatigue diseases. This is because they have low immunity power to fight the harsh viral infections and bacterial problems.

Edification about The Policies

Senior citizen insurance policy has high rates, higher demands and even wider options are available in health insurance from policymakers. The elevated points to secure a better choice should be on the tip of your fingers while searching for the plan:

Look for the options listed in the inclusion box: There are some common surgeries and operations that many seniors need to get done, due to age factor. All such options should be covered by the policy provider. Also, if you are suffering from something minor, take insurance for such disease as well.
Checking about the inclusive institutes: Hospitals nearly at the stretch of your hand, with a good name and provided with nice doctors should be covered by your policy
Learn about every if’s and but’s: Stated in not so simpler words, some lines might create problems while you want to claim. Read and understand every single word mentioned in the policy
Quality and Amount: Choose what is best for you because diseases have no alarming call. This is for your standard life.

Intellectual Opinions and Statements about Hiked Price:

Health Insurance for senior citizens above 60 years in Indian markets does no fair deals for the middle class and lower class. The providers claim to have been working for the betterment of the people and the activists complain about the limit crossing rates.

Indian markets have undoubtedly stretched the price rates by an increase above 100 percentage which is so disgusting to know. The reasons mentioned for the same are the increase in medical service fees. The level gone so up is also due to an increase in the connecting factors of medical services and the overall increase in all the market rates. Some providers have reasoned, to have arranged extraordinary facilities for such rates, which is not perfectly true.

Talking about options, one can go far. More than one can judge from, markets are flooded with senior insurance but only some are quite fruitful and it’s the duty of one's own, to search for the best of themselves.

A Guide For Senior Citizens To Buy Health Insurance

Becoming a senior citizen brings a lot of perks with it. For starters, you can finally take a break and relax without having to worry. You can enjoy and relish your hard-earned savings and spend time with your loved ones. However, there is a different side to being a senior citizen, which can take a toll on you and your finances. It is no secret, that health ailments increase with the increase in age and if you are not prepared, it can wipe a decent chunk of your savings.

This is exactly where a senior citizen health insurance comes into play. Having a health insurance plan during your post-retirement days will ensure that you are not too worried about medical expenses that constantly grow. In most cases, there is no steady flow of income while you are in the retirement phase, making it a little bit more difficult to manage your medical expenses.

Senior Citizen Health Insurance

A senior citizen health insurance refers to health insurance plans available for people older than 61 years. And these health insurance plans are designed to take care of medical expenses. You can buy a Mediclaim policy for parents or yourself if you are a senior citizen. Following are some reasons, you should not hesitate to buy health insurance plans.

An increase in age brings the possibility of a lot of illnesses. A higher possibility means that you might have to visit hospitals more often than when you were young
A medical condition can set back the finances of a family quite steeply. If you have a senior citizen in your family and there is no health insurance plan for them, you will end up taking additional stress and burden for medical expenses
Health insurance plans ensure that you can relax during your retirement phase and not constantly worry about rising medical expenses.

Coverages

A senior citizen health insurance plan offers the following coverages-

Hospitalization - There are various expenses under this head that a health plan usually covers. Expenses such as room rent, medicines, treatment, consultation, nursing expenses, etc.

Health Checkup - Health insurance plans for senior citizens usually do not require any health checkup, unless ex explicitly asked for by your insurer.

Sum Assured - Read the coverages and sum assured so that most of the medical conditions are well taken care of.

Cashless Hospitalization - One of the biggest perks of having health insurance is cashless service. You can avail of cashless medical services across network hospitals. In simple words, you can get the treatment done without paying any money from your pockets and get it cleared by the insurance company directly later on.

Daycare - Technological advancements in the field of medicines mean that some of the procedures do not take as long as they used to. Some treatments do not necessitate 24 hours hospitalization and you get a discharge within/before 24 hours.

Pre-existing Diseases - In normal health insurance plans, the waiting period for pre-existing diseases can be long, up to 3 or 4 years in certain cases. However, a senior citizen health insurance plan has a much lower waiting period of usually 1 to 2 years*.

*varies from insurer to insurer

Lifelong Renewal - The lifelong renewal option in your health plan ensures that you never run out of health coverage. This makes it a point to offer you coverage even if you are 90 years old. (varies from insurer to insurer).

Co-pay - Most senior citizen health plans comes with co-pay feature. This means, the policy holder has to bear some percentage of the total expenses and insurance company will bear the remaining.

Tax Benefits - Premiums paid towards senior citizen health insurance plans are tax deductible under Section 80D. The upper limit of the deduction stands at INR 50,000. Thus, paying for a health plan can help you save taxes as well.

The lack of a health insurance plan for senior citizens can hurt the finances of a family greatly. Buying the right plan will not only ensure that you don’t have to worry about yourself of senior members of the family.

What is NCB (No Claim Bonus) In Health Insurance?

Know Everything About No Claim Bonus In Health Insurance

Many insurance providers have attractive features added to their insurance plans like "No Claim Bonus". No Claim Bonus is a health insurance bonus awarded to an insurance holder for every year the insurance is not claimed. It continues even when the insurance plan is renewed.

Most insurance companies provide a no-claim bonus of 5% or higher on the sum assured. Companies that do not provide any no-claim bonus often rebate on the premium or cumulative benefits.

It is important to know about health insurance and no claim bonuses when signing for insurance.

What is a No Claim Bonus?

An NCB is a way of rewarding the insurance holder to stay healthy and make claims on their policies. The most common form of health insurance bonus is cumulative benefits.

In cumulative benefits, a certain percentage is added to the sum insured every year the insurance is not claimed. There is a limit on the bonus on the no claim in health insurance of up to 50% on cumulative NCB.

Types of No Claim Insurance

There are two types of bonuses on No Claim in health insurance. They are:

A discount on the premium amount on the policy.
Cumulative benefits in the form of a high sum insured.

How does NCB work?

It is doubtful that most insurance holders will ever put in a claim. To understand how no claim bonus health insurance works, we will take the help of an example.

For Example; A person has a health insurance policy of Rs.3 lakh. The insurer has 5% cumulative benefits with a max of 50%. The total sum insured at the end of every year not claimed is:

Sum insured after 1 claim free year: Rs.3,15,000/-
Sum insured after 2 claim-free years: Rs.3,30,000/-
Sum insured after 3 claim-free years: Rs.3,45,000/-

Features of No Claim Bonus in Health Insurance:

Insurance holders will not lose out on the no-claim bonus health insurance if a low-value claim is filed.
Upon renewal of the policy, the NCB will often serve as a discount on the premium payable provided the policy is renewed within 30 days.
No claim bonus can also be transferred at the time of renewal.
The NCB is disbursed in the same way as it was provided or as part of the insured sum after the premium has been deducted.
For family insurance policies, the NCB benefits extend to all the family members.
If an insurance policy expires and is not renewed within the time limit, the benefits of the NCB also expire.
Many insurance providers also have add-on covers to provide more NCB. Typically, NCBs have a limit, but the cover can be extended to up to 50% in a year. For add-on covers, the maximum limit will be 100% of the sum insured.

For people who are planning to apply for health insurance and wondering what to know about health insurance, knowledge of NCB is advantageous. It will make the policyholder more aware and more conscious. More the knowledge, the better will improve the decision-making with the health insurance policies.

Recommended Read: How to Compare Health Insurance?

Declaring Pre-Existing Disease While Buying Health Insurance Is Compulsory?

Health insurance is one of the important basic needs of an individual in today's world. The environment is getting deteriorated because of the rise in pollution levels. The eating and drinking habits of people across ages are adding to the factors that impact health in the most disastrous ways.

Not every individual can afford to pay the hospital fees in times of emergencies. Various health insurance schemes have been introduced to cover these expenses. These schemes have proved to be very beneficial for policyholders, irrespective of the age and income level.

What is a pre-existing condition?

According to the University of Pittsburgh Medical Center, a pre-existing condition is a medical ailment which is already there in individual's health before he/she purchases the policy.

The pre-existing condition includes diseases such as diabetes, high blood pressure or any cardiovascular disease.

IRDAI Guidelines for the cover of pre-existing illness:

IRDAI is a government body that works towards protecting the interests of the policyholders and ensure the growth of the insurance sector.

According to IRDAI guidelines, the policyholders should submit the pre-existing disease list with the insurance company before buying a health insurance policy. If they fail to do so, they will be considered as a fraud and can be denied the claim by the insurance company in the future.

The insurance company may increase the premium rate according to the disease and its future impact.

Declaration of pre-existing illness in Utmost Good Faith

The medical history of the individual helps the company to assess that what can be the extent of emergencies in the case of any unfortunate event as the physical condition of a person predicts how strong a person's immunity against a specific illness.

Things to be kept in mind while applying for health insurance with pre-existing conditions

The insurance company may make it compulsory to have a complete health checkup from any partnered labs before calculating the premium amount.

Coverage for pre-existing condition

Mediclaim for pre existing diseases can be made only if the insurance company is giving pre-existing disease coverage. This existing disease health insurance might include a waiting period of 2-4 years after the beginning of the policy as the company needs to ensure a period of time before the person could claim for pre-existing disease.

While buying health insurance from any company, you should keep in mind all these points and always declare any form or pre-existing illness, to get the claim from the company at the time of an emergency very easily.

Comprehensive Health Insurance Plan Covers Multiple Health Ailment Conditions

The undeniable fact that a comprehensive health insurance policy and its management are of utmost importance, with the advancement in time, the need for health care for yourself and your family is increasing day by day. But with a large variety of policies and plans in the market one may end up being confused. The hassle of planning and paperwork to reach a comprehensive and easy on pocket policy leaves you worrisome! How to enquire about the best policy coverage for your family?

What is a Health Insurance Policy?

Comprehensive health insurance plans are setups that a health insurance policy ensures that you can avail cashless treatment at a network hospital without having to pay for them, typically covering 30 days and 60 days pre and post-hospitalization, respectively, in most of the Health Insurance plans. The plans provide basic coverage and one can have additional add on services with basic additional costs. The add-on services may include regular checkups, specific disabilities etc. People generally invest in the popular coverage of health insurance policies to ensure comprehensive security, which caters to several health ailments that require expensive medical treatment.

The insurance coverage plans have upgraded their game and improved their offerings with a wide-angled vision of options and requirements. For example, health plans for families offer complete coverage for all the family members under one roof giving them the ease of monetary aspects in case of any medical emergency. The hospital bills, including the coverage of medical expenses and other pre and post-hospitalization, are now included in a lot of policies of health care insurance services. The policies provide you with additional assets in some cases like pre-existing disorders or diseases. This coverage is given once you have already purchased the policy and have passed a certain time period. Once the comprehensive medical insurance policy is purchased, in case of any medical issue, one can claim their expenses and ask for reimbursement for the medical coverage of hospital expenses.

People purchasing comprehensive health insurance and paying the premium annually for their coverage are also exempted in tax as per the taxation laws (80D of ITA, 1961) This rebate in tax is fixed for a certain amount with a specific range based on your policy perks. The government provides concession in tax-paying for policy purchasers as per the policy offerings.

Adding to the policy perks are the new innovative features introduced by a few companies which include the expenses of OPD. The expenses are now covered in some plans offered by the insurer and they may or may not need hospitalization for at least 24 hours for the claim of their reimbursement. Independent OPD plans are also provided by the insurers to give ease and convenience to the patient and their family.

Points To Remember!

Most comprehensive health insurances provide you with add-ons as needed but you need to be sure of certain key points in order to purchase the best suitable policy. It should clearly know that the exact sum ensured by the policy is taken under the account and is clearly noted by you before the purchase. One should be well-versed with the policy intricacies and the exact premium that has to be paid for the total policy coverage. One should be vigilant about the listing of hospitals in the policy and the networking of hospitals in the policy coverage. The ratio of policy settlement and claim along with limitations if any should be clearly stated in the policy guidelines to allow you the have the best fit comprehensive health insurance policy for you and your family!

Does Transplantation Expenses Covered Under The Health Insurance?

Does Transplantation Expenses Covered Under The Health Insurance?

Every organ plays a crucial role in the functioning of our body. With today’s laid back lifestyle and polluted urban environment, people are now more vulnerable to get diagnosed with serious illness. Sometimes, the disease becomes so severe that it may damage the organ and can result in organ failure. With the advancement in medical sciences, transplantation of organs like eyes, lungs, heart, kidney, pancreas, liver, bone marrow, stem cells, etc. is a reality now. But an organ transplantation procedure involves huge medical expense which can range between INR 5 to 30 Lakhs. It involves two major surgeries, one for the harvesting of the organ from the donor and second for the transplantation of the organ to the recipient. And hence, a health policy that covers the expenses of organ transplantation can come to the rescue.

The procedure of the organ transplantation is very complex and hence the companies were not used to cover the expenses earlier because of the risks involved. But with the success rates of organ transplantation nowadays, most Heath Insurance companies cover transplantation expenses.

As Organ transplantation involves two parties – the donor and the receiver. Now, if the recipient is a policyholder, his policy will cover the expenses of the donation surgery. However, the policy does not cover the hospitalization charges or any other medical treatment of the donor. The reason behind this is the fact that the donor’s life is a known risk, which does not get covered under any Health Insurance Plan. So, there are two major concerns regarding the donor’s medical cover:

Firstly, If the donor falls sick after the surgery, he cannot get any claim from the company even if he has a health insurance policy.
Secondly, because the receiver is more vulnerable to falling sick and since the organ transplant cover is not subjected to cover the expenses for the after treatments of the surgery, the receiver ends up bearing that costs on his own.

However, some selective insurance plans* (varies from company to company) offer the post-hospitalization charges that are valid for 3 to 6 months, but there should be more policies in the market that would cover both the donor’s and recipient’s expenses that might hit after the surgery.

In India, where most of the health insurance policyholders have a sum insured of INR 4 to 5 lakhs, the untimely need for an organ transplant can lead to a financial burden for a very long time, it is advised to invest in a plan that can help you to withstand the expensive treatment. Critical insurance plans are desirable in such cases. They provide a lump sum amount post diagnosis which can be added to your basic Health Insurance Plan.One can also choose the combination plan, which consists of the basic health insurance policy complemented with the critical illness insurance policy.

According to stats, almost 20,000 people need kidney transplants every year and close to 10,000 need liver replacements. But only 2 to 3 percent of this demand is met because of the unawareness or unavailability of organ donors but the reason behind this is the gap in health insurance for donors. With organ transplantation becoming common the country, we are hopeful that the insurers might take notes of the situations for donors and come with better and improved plans.

Tips For Taking Care Of Health In The Rainy Season

Tips For Taking Care of Health In The Rainy Season

The rainy season is ever awaited time due to sweltering summers. However, this brings some unwelcome guests, which must be avoided. Since no one can keep at home or devour the foods cooked at home every time, several tips are in stock, assisting you to take care of your health along enjoying the rainy season.

Seasonal changes are the significant barriers that turn the immune system of people weaken, resulting in a sick and unhealthy body. As everything has a solution, thus, you need to follow the below tips to keep healthy, fit, and happy in this rainy season.

Precautions To Be Taken During Rainy Seasons:

Sanitize your hands frequently: For starters, this is one of the primary measures. Make sure to wash your once you touched the objects, clothes, medicines or food. Else, the transmission of viruses and bacteria will be done. Another significant factor to keep in mind to use water and liquid soap, instead of using bar soap or an antibacterial gel. The fact is, bar soaps can accumulate some bacteria, and the antibacterial gel loses its effectiveness after the third application in a single day.
Keep the articles, equipment, and surroundings clean: Make sure to clean inside and outside of your home frequently. You need to consider floors, tables, kitchen bars, bookshelves, lamps, utensils, remote controls and, even your cell phones. Use disinfectant wipes to facilitate the task more straightforwardly.
Consume food supplements: Food supplements will work as petrol for your body as it offers an entire volume of vitamins, minerals, nutrients, etc. which is massively required to stand out against the bacteria or viruses.
Enrolled for pesticide control: In the rainy season, dangerous insects and pesticides come out, which you need to be prevented by availing pesticide controlling services.

If you remember these health tips during monsoon, you will keep away from diseases.

Most Common Diseases In The Rainy Season

Cholera: Cholera is caused by contaminated food and water, along with having poor hygienic conditions. Its symptoms are severe diarrhea due to watery stool and vomiting. It can cause death to the patients within some hours.
Typhoid: Typhoid is a dangerous disease caused due to contaminated food or sharing foods with an infected person. A virus named as Salmonella causes it. The symptoms are severe abdomen pain, high fever and headaches, frequent vomiting, etc.
Hepatitis A: Hepatitis A is a waterborne viral infection caused due to contaminated drinking water or food, where flies or other insects sit frequently. The symptoms are Jaundice, Nausea, Fever, Diarrhea, Stomach pain, Loss of appetite, and fatigue.
Influenza: The influenza virus has mutated throughout the history of humanity. It is one of the most common conditions, not only in the rainy season but throughout the year. Cold symptoms are present, along with fever and upset stomach. In these cases, it is necessary to medicate the patient so that his recovery is prompt.
Malaria: Due to rain, water gets clogged, resulting in a lot of mosquitoes and other bacterias. All this further result in malaria, which occurs only due to bacterial mosquito bites.
Dengue: Like malaria, Dengue is also a cause of a mosquito bite, having dengue virus. It is a hazardous disease, even a life-threatening.

Besides, from the preventive measures like consuming the clean drinking water and foods, better sanitation and handwashing, and vaccines, to keep away from the dangerous disease, you consider to avail disease specific insurance plans available with insurers.

Health insurance protects you from water-borne and virus diseases by offering disease-specific plans at nominal prices. While availing insurance, remember that dengue is a disease which will have the maximum retail insurance plans compared with others.

Make sure to cover you with the blanket of insurance plans to keep you safe and confident during the rainy seasons.

Key Elements To Evaluate Your Existing Health Insurance Cover

It is quite common for policy holders to end up availing health insurance in India without prior research or understanding of the benefits and regret later. This happens mainly due to carelessness or persuading pressure from the insuring companies. It also leads to complete dissatisfaction of the individuals willing to terminate or dump the policy in the long run. However, the first question that comes to our mind is: Is it possible to dump our policies before expiration of the tenure? The answer is YES! However, there are several procedures involved. One must also understand the amount of return will not be as it was promised during the proposal.

Pressure From Insuring Companies

Approximately 60% of the policy bearers are unsatisfied with the policy benefits offered by the health insurance, with a greater percent of people being above 60 years of age. The primary reason of dissatisfaction from health insurance in India results from policies bought without prior research. This also happens in case the policyholder buys an insurance under the pressure of an acquaintance or agent who fails to put both the pros and cons on the table.

Room Rent Sub-Limits

Room rent sub-limits refer to the maximum value which an insurer has to pay towards a room rent. For example, for a policy of 4 lakhs INR availed 20 years ago charging 1% room rent every day will subject to 4000 INR charged every day. If this occurs, it is better to search for an alternative health insurance cover for the best.

Unexpected Renewal Hikes

Renewal hikes are also one of the important reasons for dissatisfaction by people mostly belonging to the group of senior citizens. In many cases, the premium of renewed health insurance plans surge manifolds which crosses the expected annual premium value. Sometimes, it becomes unaffordable for the policyholder to continue the premium leaving the policy bearers with no choice but to let it lapse. It is highly recommended to the policyholders that any surge in the annual premium rates that crosses the pre-settled or expected value, must be monitored and terminated when not convenient for them.

Expected Refund In Case Of No Claim Bonus

People are solely advised to opt for the best health insurances that suit their needs completely. However, if unsatisfied, premiums covered under health insurance plans terminated within a certain period of time can be refunded by the insuring company provided the terms and conditions are followed wisely. Though the sum cannot be completely refunded, much of the amount depends on the period within which it is being claimed and prior claims of benefits made in history. Policyholders who have not made any claim of policy benefits within the tenure of the policy can successfully claim for a refund while dumping the health insurance policy. The refundable amount, however, depends on two factors-

Free look period

Any health insurance plan can be dumped or suspended within a free look period. Free look period is the time interval of less than a month (approximately 15 days) after buying the policy, within which, the policyholder can successfully avail the maximum refundable amount. Apart from the stamp charges and the administration fees, the insuring company returns the entire sum of premium submitted.

Within The First Year Of Policy

In case a policy bearer wishes to dump the health insurance policy and expects a refund of a certain amount of the premium, it is best to terminate within the first few months itself. With the increase in policy period, the percent of refundable money keeps on decreasing. The amount refunded by the insurer within the first month of the policy is greater than that returned after 3 months, which is again greater than the one refunded within 6 months. After 6 months, generally no amount will be refunded.

Co-Paying Alternatives

Co-paying can eat a huge chunk of the health insurance policy. It is mostly stated for certain diseases, surgeries and conditions which is not completely covered by the insuring company and might lead to a huge amount subjected to payment by the policyholder.

The health insurance coverage provided by the insuring companies always come with a set of rules and regulations. This also includes clauses and conditions for termination and suspension of a health insurance policy prior to the expiration. Such conditions should be checked twice before signing the proposal. However, the policy holder should double check the benefits in the first place and agree to the policy only if it suits his/her needs completely.

Health Insurance Coverage Cannot Exclude Genetic Disease & Mental Illness: IRDAI

Health insurance is an insurance policy that aids in meeting the medical expenses of an individual in the for the treatment reimbursements when he or she is being hospitalized. In today’s time, when human lifestyles consist of sedentary jobs, junk foods, addiction to smart devices, polluted environments, etc. the chances and risks of serious illness and health concerns are considerably increasing. Moreover, the healthcare expenses are also rapidly rising, which puts a heavy financial burden on people belonging to the low-income category. Due to these reasons, it has become highly essential to buy health insurance policies to meet the medical expenses at the time of such an emergency.

What Does Health Insurance Cover?

A health insurance in India includes coverage for all the pre and post hospitalization expenses of the insured, occurred during hospitalization and daycare procedure. To ascertain the type of illness covered by a health insurance, one must properly read the plan he/she is buying. The type of illness will differ from plan to plan. There are certain critical illness plans that cover expenses for diagnosis of certain critical illnesses including surgery expenses.

What Does Health Insurance Does Not Cover?

Before buying any health insurance plans, it is always advised to carefully go through the policy document. The policy documents jot down all the diseases and expenses that are not been covered. Though the exclusions will depend upon the plan you are purchasing. However, there are certain diseases, which seldom find a place in health insurance plans in India. They do not cover genetic diseases and mental illness.

The rules and regulations regarding health insurance coverage have been quite ambiguous in India. There was no standard principle in place regarding the illness that would be included in the insurance and the exclusions. This is why most of the insurance companies exclude serious mental illnesses and genetic diseases from their health policies, as their treatments are quite costly.

In order to standardize the provisions related to the exclusions, the Insurance Regulatory and Development Authority of India (IRDAI) in 2018 formed a working group which was entrusted with the task to look into this matter for preparing proposals to include mental problems, genetic diseases, psychological and neurodevelopmental disorders in health policies. The working group drafted different proposals to include such diseases in health insurance plans and submitted their recommendations to the IRDAI. On the recommendations of the above working group, the IRDAI issued a set of rules to bar all insurance providers from excluding these critical diseases in health policies.

Implications and Applicability of These New Rules

The new rules will be applicable on all General and Health Insurers offering indemnity based health insurance (excluding PA and Domestic/Overseas Travel) policies offering hospitalization, domiciliary hospitalization, and day care treatment.

Also, all insurance providers were instructed to withdraw all existing health insurance products by April 2020 that do not comply with these new rules.

Which Diseases/Expenses Will Be Covered?

Mental illness will also cover stress, psychological disorders, and neurodegenerative disorders. It will also cover the expenses for the use of drugs/anti-depressants that are prescribed by a medical practitioner. Genetic disorders will include Internal congenital diseases. Insurance providers could not deny insurance on the ground that the individual failed to follow medical advice or treatment.

What Are The Advantages of Such A Step?

This step by IRDAI will prove to be very advantageous to the public at large. India is a country with a high birth rate that is why a huge percentage of people suffer from genetic disorders, some of which are life-threatening. Also, in an environment filled with stress and tensions, mental illnesses cases are constantly on the rise. In fact, on Mental Health Day 2018, Indian topped the list of most depressed nations. Every year, news of suicide cases in the country will do the rounds on social media and other media. With an increased number of people suffering from various mental illnesses, it was about time that insurance providers provide for such coverage as the cost of treatment for such diseases very high and mostly unaffordable for middle-class people. With such a useful measure, we can expect people suffering from such diseases to get access to the required treatments.

What Are The Advantages Of Choosing Health Insurance With High-Risk Cover?

What are the advantages of choosing Health Insurance with High-Risk Cover?

Diseases and illnesses are uncertain, and one has to be prepared for them so that they do not financially drain you. With urban lifestyle, junk intake, lack of nutritious food, work stress, we are at increasing risk of falling prey to life-style diseases. Following a healthy diet and maintaining an exercise regime could keep many such unwanted ailments at bay. But, sometimes due to certain circumstances, such as hereditary reasons and mostly with age, the chance of developing a life threatening life-style disease increases. The treatment in such cases could be run into several lakhs and can be a financial drain on the family. Having a Health insurance helps in these conditions and is the most effective way of avoiding a financial crisis when you or someone in your family needs medical attention.

However, some individuals may be at higher risk than others of contracting certain diseases and may need additional coverage for such ailments. This is called a high risk cover. High risk life insurance is a product offered by many insurance companies to people who are, well, high risk for the insurance company due to certain situations.

This risk may be due to diseases like diabetes, heart ailment or disease caused due to heavy smoking etc. Also, a tendency to take on dangerous activities or working in a dangerous environment (e.g. skydiving, racing cars, working in a chemical factory, etc.) may put you to catch high risk diseases. Therefore, it is important to identify high risk factors early on upgrade to a high risk cover as soon as possible. The sooner you choose to upgrade, the lower could be the premiums. Insurers have various measures to deal with applications which reflect such high-risk profiles. The insurer might-

Increase the premium
Limit the coverage extended

High-risk cover might be more expensive than any other health insurance but it is important for the person who has high risk body ailment or any of the situations mentioned below. A high risk cover is beneficial for the following scenarios:

Existing Ailments

If the person suffers from ailments like diabetes, hypertension, heart-related ailments etc. at the time of enrolment, he is considered to be in the high-risk category. Typically, such pre-existing illnesses would have an associated waiting period. But the insurer may even choose to completely exclude coverage for these or charge a high premium to cover. In very rare cases, they may also reject the policy if the risk is perceived to be too high. A high risk medical insurance plan makes sure that your pre-existing ailments get covered in the policy.

Family History

Your family history can play an important role in determining if you have a high-risk profile. For example, if there is a hereditary medical condition in your family, or if your family has a history of diabetes or heart-related ailments – you will be considered at-risk for similar illnesses. These may result in higher premiums or additional waiting periods even though you do not yet suffer from the illness.

Lifestyle Habits

Addiction to alcohol, tobacco consumption, and smoking are lifestyle habits that increase your health risks. If you have any of these habits, the premium of your insurance may go up. Many of the insurers also insist that you get a medical test done before coverage is provided. It is essential that you do not lie about such habits as that could result in rejection of claims when you need financial support the most.

Occupation

Some occupations are considered riskier than others. If you are engaged in professions like mining, aeronautics, aviation, adventure sports etc., you are considered to catch a high-risk disease easily. This means you are more likely to have medical contingencies and may have to pay a higher premium for the coverage. A high risk cover will not limit coverage for conditions traceable to high-risk diseases. Therefore, you should invest in a high-risk cover to ensure you do not get surprises when you file a claim.

So if you want to increase your chances to get health insurance, check comprehensive health insurance plans offered by various health insurance companies. Compare and find a right policy. Purchase a cover which protects you and your family’s future.

Health Insurance Options For A Person With Lifestyle Diseases

A sedentary lifestyle, improper diet, lack of nutrition, increased junk intake, urban and polluted atmosphere, enhanced stress level is many of the reasons for the deterioration in health conditions of middle-aged people nowadays. With the living standards perking up, lifestyle diseases are also increasing. Ailments like diabetes, cardiovascular issues, respiratory abnormality, and obesity are now rampant among the youth also these days. First-rate treatment, the facilities availed and best doctors’ consultancy happens with maximum spending. With healthcare costs spiraling up like never before, health insurance plans for lifestyle diseases come to the rescue. With proper health coverage, you can stay financially secure against any medical emergencies including lifestyle diseases. The necessity and relevance of health insurance policies have increased because of the enhancement in diseases and increasing medical expenses.

Knowing that lifestyle diseases are on the rise, don’t even think to prevent or postpone the decision of having a health policy when you are young. Rather, it is the real-time to own it as then only you might get it at the most affordable price. Also, when being fit and healthy it is easier to pass the waiting period. Thus, combat lifestyle diseases easily by buying a good health plan at a younger age and understand the significance of a proper coverage amount. Just having a health policy is not enough, unless it is comprised of an optimum coverage amount as per your requirement. That’s why we advise you to invest not in a regular health insurance policy, but a complete health management program.

There are specialized plans suitable for individuals suffering from lifestyle diseases such as Diabetes Type 1, Diabetes mellitus Type 2, and Pre-diabetes (IFG, IGT). They also cover those suffering from hypertension. The policies cover not just complications of the pre-existing disease but, also covers regular personal accidents, hospitalization and outpatient expenses. These policies are available on individual and floater basis, they cover for donor expenses for kidney transplant surgery, outpatient expenses, including diagnostic tests, medical consultations, drugs, and medicine, Coverage for all daycare procedures. These policies provides with personalized wellness program, cover from day 1, No claim bonus of up to 100%, premium discounts on staying healthy, Health checkup and many more.

Today, cancer is more of a lifestyle disease. It is caused due to obesity, consumption of tobacco, lack of exercise, fried food regular consumption of junk food. Given that many insurance companies have introduced Cancer Insurance policy, which gives cancer patients a wide coverage. These plans include Lifelong renewal, even after claims, all types of cancers covered, cashless cancer treatment, waiting period in months, actual treatment costs covered, and Lump-sum payouts.

The costs of cancer treatment can be between 30 to 50 lakh. Your regular health insurance plan to cover this amount can be expensive. Any other way, such plans come with the large sum insured at low premiums.

There are specialized insurance policy for cardiac disease in the market. This is policy is for persons who have undergone Coronary Artery Bypass Graft Surgery (CABG) (By-pass) or Percutaneous Transluminal Coronary Angioplasty (PTCA) (Stenting). There are policies like diabetic care, cancer care, cardiac care. The waiting period of such product offerings varies from company to company.

Top Features of these plans include free expert medical consultation, Cardiac disease cover, and Different sections available under this plan. Most such plans also have an element of sum insured available as per the individual member covered, Coverage for procedures under cardiac medical management, Coverage for pre-existing cardiac ailments after a waiting period. Some plans also look at rewarding policyholders for healthy choices leading to improved parameters as, active management of lifestyle diseases can result in favorable outcomes.

With several medical insurance policies in the market, selecting the right one seems to be a challenge. It is advisable to search the market for unbiased advice and invest your money in the right place.

Is Corporate or Company Health Insurance Policy Enough?

Health Insurance comes to your rescue to meet the expenses when you are being hospitalized due to accidents or any ailment. Corporate or Salaried employees are often provided with health insurance by their employers. Many people might think that having a corporate Health Insurance policy is enough. But is that really so? One important question that puzzles the mind of salaried employees is whether they should or should not go for independent health insurance plans besides the one provided by their employer.

Companies generally provide group mediclaim policy for employees. Group health insurance benefits the employees of an organization in a group and the features are customized keeping in mind group interest instead of personal interest. But, having a group mediclaim is not enough in today’s world where health issues and healthcare expenses are increasing.

Listed below are a few reasons, which justify having independent health insurance besides corporate health insurance:

Corporate Coverage Lasts Only till the Tenure of Your Employment

You will not be covered by your company’s group health insurance policy when you leave your job for any reason as the validity is only till the tenure of employment. If you decide to switch your job, there are chances that your new employer might not provide health insurance. Even if he/she does, till the time you join you will have no health insurance coverage. And if you plan to invest in independent health insurance after leaving your job, you will have to wait a few years to serve the waiting period. Additionally, your age will also increase, which will have a bearing on the premium amount.

Low Insured Sum

Group health insurance does not come with a high insured sum. The low sum is not often enough for meeting the medical expenses of a small family given the rising graph of healthcare costs. Corporate policies rarely get revised to a higher insured sum even if you are an old employee. Hence, it is recommended to have an independent insurance cover with a high insured sum to be able to meet the expenses without burning your pockets in case any serious health issue shows up.

Co-Pay Clauses

Group medical insurance schemes offered by Companies mostly contain a co-pay clause. This means that the insurance provider will cover only a part of the medical expenses and the rest will have to be borne by the insured. This serves no purpose in meeting your expenses at the time of need. Unlike group insurance, independent insurance plans do not contain such clauses. The whole amount is being met by the insurer up to the sum insured.

Coverage for Family Members

Very few employers provide group mediclaim policy to their employees, which covers their family members too. This means that only the employee’s medical expenses will be borne by the insurer. The separate policy has to be taken for the family members. But in the case of an independent health insurance scheme, family members could also be covered in one single plan. Hence, the medical expenses of the concerned person as well as his dependent family are taken care of by the insurer. Family members include dependent parents and children.

No Guarantee of Continued Insurance Plan

Group insurance is provided by employers as perks and benefits as a means to retain employees for a longer term. The employer/company reserves the right to withdraw the policy for the benefit of the company without any legal consequences. Employers are not liable to keep the insurance running and active. If the company stops paying the premium due to any reason, you will no longer be insured. Hence, you should not completely rely on company insurance and have independent health insurance. Also, employers can at their discretion change the terms and conditions of the policy to save money. Doing so might remove certain coverage and beneficial clauses. As a result, the insurance will not prove to be advantageous to the employee.

Tax Rebate

Independent health insurance qualifies you to avail a deduction of the premium amount under section 80D of the Income Tax Act, 1961, thus reducing your total tax liability. Group Insurance policy does not qualify for such a rebate.

Possibility of Tax Benefit Under Section 80d Using Spouses Split Health Insurance Premium

Possibility of Tax Benefit Under Section 80D Using Spouses Split Health Insurance Premium

Buying health insurance is the primary need of the hour, given the extravagant surge in hospital expenses and medical bills with every passing day. Most of the policyholders often take up the responsibilities of their aged parents as well as their children which increases the premium value manifolds. In such cases, it becomes practically impossible or extremely difficult for the policy bearer to fulfil the instalments of meet the premium value within exact deadlines. In such cases, several insuring companies provide the benefit of split health insurance plans to the individuals. Such medical insurance premiums allow the spouses to split the premium bills according to their ease and comfort and pay the premiums of the single policy together. Under Section 80D of health insurance premiums, the policyholders might also be able to avail several tax benefits in the premium.

Tax Deductions Under Section 80D

Many policyholders are not aware of the fact that tax benefits can be claimed on health insurance plans from the insuring companies. However, tax deductions are extremely beneficial for policyholders availing heavy premiums for securing the well-being of their entire family. The tax benefits in medical insurance premiums are distinctly segregated for aged parents or aged individuals, children who are dependent on their parents up to a certain age and non-working spouse who are dependent on the better half for financial security of any kind.

Tax Benefit for Aged Parents

Where parents can avail tax deductions for dependent children up to a certain age, the benefits are quite different for the parents of the policyholder. The premiums and tax deductions are gravely affected by the age of the people linked to the insurance premium as well as the number of people dependent. In the case of aged parents, the policyholder has the freedom to claim huge tax deductions on the annual premium. As per the health insurance premium calculator, a policyholder claiming insurance for parents can avail annual tax deductions from 25000 INR to 30000 INR, where the latter can be availed in lieu the of parents above 60 years of age. Besides, for policyholders availing policies under the senior citizen category who has dependant parents above 80 years of age, the annual tax deduction availed are approximately 60000 INR.

Tax Deductions for Senior Citizen Policyholders

Policyholders buying health insurance premiums above the age of 60 are offered an annual tax benefit of around 5000 INR annually, in future claiming of medical benefits under Sec 80D. Apart from that, the premiums also have an additional benefit in case the policyholder does not claim medical assistance under the policy term for a stipulated period.

Split Insurance Premiums and Tax Deductions

Under Section 80D of health insurance premium, it is possible for the spouses to split the insurance and cover the bills for one single policy and claim a single cumulative tax deduction in total. This has successfully helped couples where both the individuals are earning and have thus reduced the burden of paying off the premiums from any single policyholder. Besides, in case both the working members buy health insurance policies separately, they can claim additional tax deductions under the Section 80D. Hence, this has turned as a boom for earning members who want to secure the medical expenses of their children, spouses, and parents altogether. Tax benefits for up to 60000 INR can be availed by either of the policyholder or both of them in case the policyholders as well as the parents are senior citizens.

Tax benefits under Sec 80D have made health insurance plans a lot more easy and affordable for people in general. The deductions offer the much-needed relief to the policyholders in times of need and hence, are highly appreciated by the individuals. However, every policyholder should clarify the terms and tenure of the medical insurance policy before buying, so that they do not end up paying extra.

Do You Really Need Personal Accident Policy?

Though people are primarily concerned about saving for the unfortunate times, not many are aware of the personal accident policy and the benefits it offers. Where life insurance provides multiple benefits on the death of the policyholder, not much can be benefitted during accidents or mishaps of any kind. This is where personal accident insurance comes into play. An accident policy turns out to be of great help in such cases where the policyholder gets partially or completely disabled. He/she is benefited with complete coverage of the medical expenses along with financial support in case of any disability of the policyholder post-accident. Personal accident insurance can also be claimed in case of minor injuries like fractures, ligament tear, injury while playing a sport and several other incidents. And the best part? These policies are extremely cheap and affordable. Personal accident insurance policy can be availed for a minimum of fee hundreds annually which makes it the best one to be considered by people at large.

Advantages of Personal Accident Insurance Policy

Insurance policies are always beneficial because of the prime benefits they offer at times of distress. Where there are several types of insurance already proposed to you by the insurer or the agent, there are some irreplaceable benefits of personal accident policy.

Family Support

The benefits of an accident policy lie in between life insurance and health insurance policy. It provides the much-needed benefits in case the policyholder gets partially or completely disabled in an accident. From hospital expenses to financial coverage in case of death, personal insurance policy thoroughly caters to the needs of the people like none. Hence, the family of the deceased or the victim will always have something to look up to when the only earning member falls short.

Assured Sum Provided to Nominee

Personal accident insurance policy is mostly preferred as the assured sum is transferred to the hands of the nominee directly. Hence, people with children often opt for such policies which are both cheap and beneficial as well as hassle-free.

Dirt Cheap

A number of people consider term insurance as the cheapest, only until they have come across personal accident policy. Such a policy can be availed from as low as a few hundred rupees per year. However, the rates keep on increasing along with the list of benefits claimed by the owner.

Can Be Availed Easily

A personal accident policy can be easily availed from online websites. Though they are not much popular among the general, such policies are offered by almost every reputed insurer. Apart from this, accident policy can also be availed along with motor insurances without a hassle-free method altogether.

Though there are several benefits offered by personal accident insurance, one should not mistake them with tax benefits. Irrespective of the policy availed, such insurances do not provide any kind of relaxation or tax benefits to the policyholder. Apart from this, if the individual avails multiple personal policies or a bunch of accident policy, the benefits may or may not be the same. Personal insurance policies are planned to suit the needs and demands of the people belonging to diverse personality, profession and many more. Hence, before choosing or accepting any kind of personal accident insurance policy, one should verify and double check the information provided on them. The policyholder should be thoroughly satisfied with the benefits offered and agree on the fact that the policy complies to the needs and demands of the policy bearer.

Accidents cannot be prevented. No matter how much attentive and careful we are, the chances of accidents are both high and unpredictable. Where certain accidents rarely cause any harm, some of them can be very fatal and might lead to the death of the individual. This is where a personal accident policy becomes extremely necessary. Such accidents depend on a number of factors among which the profession of the policyholder becomes the most important. For people working in army, navy, construction sites, and other professions that involve a high risk to the individual, the chances of finding a suitable policy provided is fairly uncommon. Hence, do not forget to compare the policies online before availing the one that suits the best.

Advantages Of Buying Health Insurance Plan In Early Stage Of Your Life

Health insurance is an insurance that aids in covering the cost of medical expenses when a person suffers from serious diseases or health issues. The changing lifestyles in today’s time have resulted in making the human body prone to many serious diseases and health concerns. The surging healthcare expenses have resulted in the importance of health insurance to meet the expenses at the time of medical emergencies. But people do not often pay much attention to health insurance and wait till their late 30s or 40s to get one. But it is always recommended to go for one at a young age say in your late 20s. This might not seem like a good idea to a lot of people because little do they know is that availing health insurance at an early stage of your life comes with many advantages.

Some of the Advantages of Buying a Health Insurance Plan at an Early Stage of your Life are Explained below:

You can enjoy the benefit of a lower premium amount: Buying health insurance at an early stage of your life requires you to pay a lower amount premium. Best health insurance in India is highly dependent on the age factor of the insured. The premium amount keeps on increasing as your age increases and you move towards old age. Even if your health conditions are the same as it used to be when you were younger, you are ought to pay the higher premium amount only because of your age. Hence, it is recommended to avail it as early as possible to enjoy a lower premium.

The lifestyle we follow these days makes people of every age group vulnerable to serious health concerns in long run: The lifestyles that we are used to following in today’s time involves hectic schedules, sitting jobs, lack of exercise, junk foods and so on. This lifestyle has made us all prone to health issues irrespective of our age. Serious illnesses like diabetes, lung infection, heart disease, cholesterol, etc. do not come after seeing your age. They can occur at any age. We cannot predict what our body is going through until some major disease shows up its symptoms. Long before you know, you are hospitalized and have been diagnosed with a major disease. And then lies a huge amount of expenses ahead. Hence, you should buy health insurance as early as possible to meet such expenses in unforeseen circumstances.

Aids in better financial planning: Buying a health insurance policy at an early stage aids in better financial planning. At the initial stage of our job life, the total earning is less and expenses are more. If any serious diseases show up, the expenses for the same could cost you quite a fortune. If you buy health insurance at an early stage, then your medical expenses will be covered by the insurance. You can have good savings of your hard-earned money and allocate your money in better investment schemes. Premium amount paid on health insurance in India is also allowed for deduction under Section 80D of Income Tax Act thus reducing your total tax liability.

Makes you eligible for comprehensive deals and add on services: If you buy a health insurance plan at an early stage of your life, you will be able to avail comprehensive deals for any disease specific expenses and other add-on services in the plans. Besides serious health issues, new plans and schemes also cover normal daycare procedures, vector-borne diseases, maternity benefits, OPD expenses and so on. You are eligible for these additional benefits only when you purchase the plan at an early stage. Also, if there are any pre-existing diseases in your body, the same gets covered up when you opt for the health policy early. Postponing it to a later time would not cover your pre-existing diseases.

The insurance plan turns more beneficial when you age: Some best health insurance requires you to serve a minimum waiting period before becoming eligible to availing certain benefits like special treatments and surgeries. When you buy it at an early stage of your life, you would have automatically served the requisite waiting period till the time you attain an older age. Thus, when you are older, you will be eligible to avail these special benefits if the need arises.

Recommended Age To Buy Health Insurance For Yourself

Introduction

Although there is quite a rat race in starting earning early, yet the larger population of India still remains negligent when buying insurance policies. A majority of people believe in getting "settled" before getting secured. The importance of health insurance policy and the need for one only hits them until late. However, will this be helpful? Most of the people are unaware of the terms and conditions levied on health insurance policy in India. There are several important factors which affect the approval of health insurance in India, among which, age remains primary. A person who is willing to buy health insurance after 40 or 50 years of age might not be able to effectively claim the benefits as much as a person who has availed the policy at a much younger age. This is because the insuring company particularly imposes a set of rules which prevents claiming policy benefits before a certain period of time. Hence, considering such factors we eventually return to the same question: what is the right age to buy health insurance?

The Early You Start, The Better It Is

It is always better to start early. Most people grow up with an existing health insurance policy availed by their parents at a young age. On attaining maturity or starting a job, they can either renew or port their policy to the one that suits them. However, it is always recommended to buy health insurance as soon as you get a secured source of income. Where some people start earning before hitting their 20s, others might do the same after 20. The greater the term of the policy, the better will be the coverage during times of distress. Since buying a policy is pretty easy these days due to the unquestionable assistance of the internet, a number of people choose to buy health insurance online. Not only this helps them in understanding the features in a better way but also gives them the chance to compare and choose the best.

Advantages of Buying Medical Insurance Early

No Age for Accidents

Neither there is an age for accidents, nor any specific age for falling sick. Although the unfortunate accidents or sickness are thoroughly unavoidable, yet securing ourselves is not. It solely depends on the personal choice of people. However, if an individual chooses to buy health insurance early, it simply means he is securing himself from a very early age and thereby is relieved of any financial burden during old age.

Cheaper Health Insurance

A quick look online exposes a number of reputed insurance providers who either reject the approval of policies availed by aged people or charge a hefty sum to balance their profit line. This is because, with increasing age, the probability of falling sick increases linearly, which will directly cause a higher risk to the insuring company. On the contrary, the chances of youngsters requiring regular check-ups or acquiring severe diseases are comparatively less. Hence, the insuring companies readily provide health insurances at relatively cheaper rates than that listed for the senior citizens.

Lesser Probability of Pre-Existing Conditions

A number of insurance providers hesitate in approving policies to people with pre-existing conditions like diabetes, heart diseases, history of long-term skin diseases like psoriasis and eczema, and other medical conditions which might recur in future. These proposals are generally treated as high risks with regards to claims being incurred which results in lesser profits for the insurer. However, people who want to buy health insurance online in India at a young age have a lesser probability of suffering from a pre-existing condition and also have a greater number of insurers willing to sell their policies and at a lesser price.

Lesser Waiting Period

After buying insurance, one cannot claim the benefits before a certain period of time, which is known as the waiting period. Though the duration of the waiting period generally varies from two to four years, it highly depends on companies providing policies. The period also depends on the age of the policyholder and is usually longer for people belonging to the older age group. This is because, the company allows the policyholder to submit a sufficient amount of money, based on which, it shall be able to bear the expense of the required treatment in future.

Given the number of policies available, one can easily buy health insurance online. However, the right age for choosing one highly depends on the individual claiming it. Starting early simply means greater amount saved for future and greater security for hard times during old age.

Read Before Approaching to The Cashless Network Hospital In India

Read Before Approaching To The Cashless Network Hospital In India

Cashless health insurance come as a relief to the people during stressful situations when arranging a huge sum of money within a brief period of time, seems potentially impossible. During an unfortunate accident or a medical emergency, the health of the patient becomes the primary concern. However, for most of us, the exaggerated hospital bills and unaffordable medicinal receipts often become a reason of stress. In such situations, cashless mediclaim can turn out to be the best resort. If a person avails cashless mediclaim policy, the hospital settles the bills and the expense of the treatment directly with the insurer in case the policyholder is in requirement of any kind of medical assistance. Even if it is a minor injury, the patient can easily claim the policy benefits from the insuring company without any hassle. However, cashless insurance can provide relaxation only up to the amount assured to the policyholder. Also, the policyholder can only seek treatment from the cashless hospitals or nursing homes listed in the network hospital list of the insurer.

Different Types of Cashless Health Insurance

The benefits of cashless mediclaim depend on the type of policy availed. There are various types of cashless medical insurances available online, which are provided by different policy insurers.

Cashless Mediclaim For the Aged: Senior citizens or aged individuals mostly suffer from a number of diseases after a certain age. Policies for such individuals are also not approved by many companies because of the higher frequency and probability of treatment required and the lesser profit earned by them. However, several reputed policy companies offer lucrative deals which suit the needs of the aged although the premium for such plans are usually on the higher side.
Cashless Health Insurance for The Family: It is quite impractical to think that only the policyholder will require an emergency treatment or medical help. In most cases, the policyholders prefer securing the health and life of their families. Hence, there are several cashless health insurance plans offered by insurers which secure the medical benefits for the family members of the policyholder.
Cashless Mediclaim For the Policyholder: Mediclaims for individuals are very common and easily available. Such cashless insurances provide complete relaxation in the hospital bills of the policyholder only and not the members of the family.

Benefits of Cashless Mediclaim Policy

Due to the list of benefits offered by a cashless medical insurance in general, policyholders often prefer choosing it over regular health insurance policies. However, the facilities provided by the insurance policy hugely differ from company to company. Besides, the terms and conditions are also subject to change and modification as per the company rules.

Cashless health insurance plans can be exercised in any of the listed hospitals or nursing homes all across the country. No matter how far you are from home, you can easily avail treatment and medical benefits without paying anything to the hospital directly. All you need to do is produce the ID card and the medical card for quick verification and authentication.
The amount required for paying the hospital bills is directly settled by the insurance company during the time of treatment. This means the patient can pay complete attention to his/her health without stressing over the finances.
The policyholder can submit the documents related to the treatment, medicine receipts, hospital bills, residential charges, etc., for reimbursement purposes. The amount, post-verification, is transferred by the insurer to the bank account of the policyholder.
A cashless mediclaim policy comes with a No Claim Bonus or NCB facility. This means if the policyholder does not claim the policy benefits within the term of insurance, he/she will get a certain amount of additional sum insured as a bonus during the renewal of the existing policy. The percentage of increase depends on the terms of the policy.
Besides major diseases like cancer, congenital heart diseases, etc., the cashless mediclaim insurance can be also be claimed for minor injuries, fractures, other acute treatments etc.
The cashless health insurance covers all the expenses from ambulance charges to regular tests. This means, the policyholder can also avail annual tests or check-up without worrying about paying the bills.

Conclusion

Cashless health insurance provides some of the most hassle-free modes of treatment which are primarily beneficial to the people at large. The patient does not need to worry about the finances and the documents during emergencies. Cashless mediclaim offer post-treatment care as well. However, the expense shall only be covered until the assured sum is exhausted.

Things to Consider About Cashless Network Hospitals in India

Introduction

The sky-scaling expense of treatment and incomprehensive hospital bills never fail to raise an eyebrow. More than anything, people are worried about being able to afford the healthcare of their near and dear ones. The more the list of life-threatening diseases keeps on piling, greater is the cost of the treatment required. In situations like this, cashless health insurance has emerged as the last ray of hope for innumerable families all across the country. A cashless mediclaim policy is supported by a network of hospitals. If any policyholder seeks medical help from the list of hospitals mentioned in the policy, the treatment will be directly funded by the insuring company. Hence, the policy owner shall have to pay nothing at the time of treatment. Since the process does not involve any transaction of cash, it has been rightly termed as cashless health policy. However, the bill will be covered only up to the amount submitted by the policy bearer as per the policy. Cashless mediclaim is exceptionally helpful during stressful times or emergency situations when arranging money urgently becomes extremely difficult. A cashless mediclaim policy is generally termed costlier for people availing them at an older age, especially above 40.

When do you have to Pay the Amount to the Insurer?

The expense of the treatment or the hospital bills is completely covered from the assured sum of the policy availed. After getting discharged, the patient should submit the prescriptions, test reports, surgical reports (if any), bills of medicines, residential bills and everything that is related to the treatment of the patient for reimbursement purposes. Besides, the amount required for additional medical facilities or medicines is transferred by the insurer to the patient's account post-verification. The expense of the hospital is, however, directly covered by the insurer. The terms and conditions for every cashless mediclaim policy is different and should be understood thoroughly by the policy owner.

Benefits of Cashless Mediclaim Insurance

Cashless health insurance plans provide much-needed relaxation in terms of financial stress in case of hospital emergencies. The policy owner can successfully receive treatment without worrying about the bills. Even if it is a minor injury, the bills are directly settled between the cashless hospital and the insurer.
The treatments can be availed at any place in India. Anyone can fall sick away from home or meet with an unfortunate accident which might require immediate medical attention. In such cases, the individual can seek treatment from any of the cashless hospitals or nursing homes listed on the policy without having to pay them immediately.
A number of policy insuring companies do not require the owners to produce papers of discharge or hospital expenses during the course of treatment. This is usually required in case of reimbursement.

Limitations and Demerits of Cashless Medical Insurance

Cashless hospitals do not approve any cost of the treatment involved in self-harming suicidal attempts.
The benefits will not be provided by the hospital in criminal cases that require police involvement. This also includes wounds due to various kinds of weapons.
The cashless mediclaim policy cannot be claimed in case of any injury during wars or nuclear radiation.
Supply of spectacles, tooth braces, or any kind of other supplies shall not be funded by the insuring company.
If not mentioned in the cashless mediclaim policy, no hospital shall approve treatment for mental disability, AIDS, etc.

Requirements to Avail Treatment at Cashless Hospital

Treatment in a cashless hospital is absolutely hassle-free due to the prior settlements with your policy insurer. The patient or the policy owner needs to visit the hospital by themselves or in an ambulance (if need be), and produce the listed ID proof, policy paper or medical card concerned at the insurer’s TPA desk. The TPA will then process the documents and intimate the insurer of the cashless claim. Once the insurer initiates the claim processing, the hospital might verify the authenticity of the document within a few minutes and commence the treatment as soon as the patient gets admitted.

Conclusion

Cashless health insurance is one of the most favoured policies opted by people. Such a policy allows the policyholder to claim all the necessary benefits, from the concerned hospitals or nursing homes, without stressing their nerves for financial turbulence during emergency situations. However, certain rules of the policies might be particularly different from company to company. Hence, the individuals looking for a cashless Mediclaim are highly advised to thoroughly search the internet for the various policies available and the benefits offered by them, and only choose the one that suits the best.

National Health Insurance Scheme In India

NATIONAL HEALTH INSURANCE SCHEME IN INDIA

When a child is going to be born, the most important matter of concern for the loved ones remain is the child’s good health. Good health is the elixir which helps in movement of all aspects of life. Not only it is a necessity but also a right of every individual. But sadly enough, due to the increasing population and decreasing resources for all, there are many individuals who are not able to afford the various necessary health supplements leading to many deaths due to trivial as well as major health reasons.

To curb this problem and to really establish health as a right for all individuals, the Central Government launched the national health insurance schemes to provide health insurance support to all Indian citizens from private sectors, to government staff and specifically for the below poverty line people and destitute.

The list of National Health Insurance schemes is as follows-

Rashtriya Swasthiya Bima Yojana (RSBY)
Employment State Insurance Scheme (ESIS)
Central Government Health Scheme (CGHS)
Aam Aadmi Bima Yojana (AABY)
Janashree Bima Yojana (JBY)
Universal Health Insurance Scheme (UHIS)

RASHTRIYA SWASTHIYA BIMA YOJANA (RSBY)

Rashtriya Swasthiya Bima Yojana (RSBY) has been launched by the Ministry of Labour and Employment, Government of India to provide Health Insurance Coverage to families below the poverty line (BPL). The prime objective of RSBY is to protect the families under BPL protection from financial instabilities caused due to severe health problems in their families. This Health Insurance scheme entitles a hospital coverage up to Rs. 30,000. This coverage extends for five members of the family including the head of the family, spouse and other three dependents. The registration fee for the recipient is only Rs. 30 and the government then pays the premium to the insurance company. A few pre-existing illnesses are also covered within limited criterion. Government has also fixed hospital package rates.

This scheme also empowers the beneficiaries by providing option between private and government hospital.

EMPLOYMENT STATE INSURANCE SCHEME (ESIS)

Employment state insurance scheme provides insurance to the working population and their dependents. Besides this, the insured persons are also entitled to various cash benefits in times of physical distress like sickness, temporary or permanent disability etc. leading to loss of earning capacity, confinement in respect of insured woman, dependents of insured person who die in industrial accidents or because of employment injury are entitled to a monthly pension called the dependents benefit. The coverage is limited to Rs 15000/- per month.

CENTRAL GOVERNMENT HEALTH SCHEMES (SGHS)

The Central Government health scheme offers all-inclusive health care services to the Central Government employees. The services are extended to the employees as well as their dependents residing in CGHS covered cities. This scheme was implemented in the year 1954 and covers over 20 cities in the country.

The services under this scheme include-

Health education
Medical requirements
Dispensary services
Hospitalization cover
Domiciliary care
Various medical tests including ECG, X Ray, laboratory test, etc.

AAM AADMI BIMA YOJANA (AABY)

Aam Aadmi Bima Yojana (AABY) is a recent scheme, which came into being in 2017 for rural landless households. The scheme covers the head of the family or one earning member of the family between 18 to 59 years of age.

Compensation provided is as follows-

Compensation of Rs 30,000 in case of natural death
Compensation of Rs. 75,000 in case of accidental death, partial or permanent disabilities (loss of 2 limbs or 2 eyes)
Compensation of Rs. 35,000 in case of partial permanent disabilities resulting from an accident (one limb or an eye)

JANASHREE BIMA YOJANA (JBY)

This scheme was launched in 2000. It covers individuals from 18 years to 59 years. A list of specific 45 professional groups is provided by the government which can be covered under this scheme.

UNIVERSAL HEALTH INSURANCE SCHEME (UHIS)

Universal health insurance scheme is implemented by four public general health insurance companies like LIC, etc. UHIS, just like the other health insurance schemes, aims to focus on improving healthcare access for low-income families. This scheme has been reconstructed to meet the needs of below poverty line (BPL) families. It includes individuals, families and groups. The scheme price ranges from Rs.100/- to Rs.200/- for an individual, Rs.300/- for a family of five and Rs.400/- for a family of seven. Regardless of the premium, there are no reductions in benefits.
The UHIS covers a reimbursement of Rs.30, 000 for medical expenses during hospitalization provided to the entire family and Rs.25,000/- death cover due to an accident of the earning family head. A compensation of Rs.50/- per day is paid to a person with job loss for maximum up to 15 days.

If not entirely, but these National Health Insurance schemes being run in the country is a huge support to people at times of severe crisis. Not only does these schemes provides with facilities during calamities but such schemes also tend to provide the family will fewer paying potentials to feel secure about their future.

Tips to Choose Right Health Insurance for Your Parents

TIPS TO CHOOSE RIGHT HEALTH INSURANCE FOR YOUR PARENTS

As much as we value the presence of loved ones in our lives, we also value the healthy presence of currency in our pockets. Distresses related to health can dent your pocket severely and can leave your life distressful for a long time. In order to avoid such an unpleasant situation, health insurance for yourself and your parents is mandatory.

Picking the right health insurance is as important as taking a health insurance all together, and when it comes to your parents, your vigilance should increase all the more. With so many variants available in the market, it is imperative that you think before you take the health insurance for your parents. But don’t worry; it’s not a herculean task.

If you follow these few tips shared below, taking the right health insurance for your parents shall not be a difficult task-

Buy Health Insurance for Your Parent Today

It is best to take health insurance for your parents when they are still young, as increase in age pushes premium and gives restricted coverage to diseases. So, the sooner you buy a health insurance, the better it is for your parents and for your finances as well.

Go for Maximum Health Insurance Coverage

There are n number of companies offering n number of health insurance plans. In case of senior citizen you might find limitations on the amount of sum insured. Intelligence is to choose the one which provides you with maximum coverage and minimum exclusions. Considering specific illness and surgeries of your parents can also be wise parameter to select the right health insurance.

Pre-Existing Ailments

At an age where your parents will be, it is highly likely that there will be some pre-existing ailments. Pre – existing ailments also includes any illness contracted within 30 days of commencement of the policy. Every health insurance policy has a ‘waiting period’ which is the time duration for which the covering of pre-existing ailments is not provided by the health insurance company. This lasts for a few years after the policy is bought, usually ranging from 1 to 4 years. There are certain health insurance plans where coverage varies with diseases.

The best health insurance policy for your parents would be with the minimum waiting period. A smooth and quick provision and coverage for your parents will certainly be desirable.

Co-Pay Ratio

When a plan is being bought by a senior citizen, every health insurance company adds to it the co-pay feature. Co-pay refers to the percentage of the amount that you have to pay from your pocket on the claimable expenses. Let’s say a health insurance company has a co-pay ratio of 10 %, this would mean that on a claim of Rs. 30,000, Rs. 3000 will be paid by you.

A high co-pay ratio will lead to a high expense of each claim. Therefore, best to look out for plans with low co-pay ratio.

Claim Settlement Process

The health insurance claim is settled in two ways by the health insurance companies, either by cashless facility or through reimbursement. The company directly settles your medical bills in the cashless facility, but in the reimbursement facility you have to bear the costs yourself and the company would reimburse it to you later. Many a times companies settle the claim through a Third-Party Administrator (TPA) or by having an in-house claim settlement department. The best way to get your claim settled is by getting a cashless claim through the in-house department of the company, wherever such a facility is available for the insurer.

There are also senior citizen health plans launched by few health insurance companies. This can work well for your parents and can take care of all the criterions that you have on your list. The above list of parameters and tips can come handy for you while you pick that most appropriate health insurance plan for your parents. It will be great if you compare the best of the plans that you like before buying one. Make your and your parent’s future safe and hassle free by taking this wise decision of buying the most appropriate health insurance plan for your parents.

Standardization of Health Insurance Policy

We all know how important a health insurance policy is. But in some cases, policyholder claims are denied, and this has led to standardization in the health insurance policy in India. So, the new rules are developed to provide people with successful claims so that they get the money when needed.

Some guidelines have been introduced by Insurance Regulatory development authority of India to standardize the sector to help the policyholders and improve healthcare in India.

Any Illness

Any illness here refers to a prolonged period of illness including a relapse under 45 days from the date of consultation with the hospital.

Cashless Facility

This service is provided by the insurer where all the payments of the treatment taken by the insurer and are cleared to the network provider by the insurer until the preauthorization is approved.

Co payment

It is a facility of sharing a cost by the insurer and insured where they bear some percentage of the claim amount. But it does not reduce the sum that was insured.

Daycare Center

Daycare center means any institution established or any hospital with medical facilities that provide day care treatment of illness and complies to certain criterion as listed-:

It must have qualified nursing staff
It must have a qualified practitioner
It has an operation theatre with all the necessary equipment where the medical procedure can be carried out
It has records of patients and which are accessible to the insurance company

Dental Treatment

There is also a standard for dental treatments, which means the treatment of teeth including all the activities like filing, cleaning, and surgeries.

Emergency Care

This involves treatment for some particular illnesses which occur suddenly require a doctor to treat to prevent any unwanted situation.

Grace Period

It involves a certain period which follows the premium date when the payment can be renewed or made without loss of any benefits.

Hospital

Hospital is a unit for the treatment of injuries for the people and for the daycare treatment is registered with the authorities. It should comply with the following criterion:

It has nursing staff who works round the clock.
It has bed facility for the patients with a minimum of 10 beds.
It has a well-qualified medical practitioner.
It has an operation theatre with all the necessary equipment and facilities.
It has records of patients and which are accessible to the insurance company

Working of Mediclaim Policy

Cashless Policy

It is a policy where the insured is treated in the network hospital where the insurer has to pay the entire claim to the hospital. The patient doesn't pay any amount and all the things are managed by the insurance company

Hospital Room Charges

All the charges of room whether general ward or intensive care unit are taken care of in the network hospital with a cashless transaction.

Things that are not covered in the mediclaim policy

It will not cover pre-existing disease
Birth control and hormonal treatment
Expenses incurred in dental surgeries

Health Insurance Claim Process

Health Insurance claims help the policyholders to claim their money in case of any unforeseen accident. But it involves certain procedures. They are:

Cashless claim process
Reimbursement process

Cashless Claim Process

This is a process in which all the claim is paid by the insurer and it helps to remove the insured from all the payment problems. Once the patient has discharged the hospital forwards the bill to the insurance company and then the latter has to pay for it.

Reimbursement Claim Process

In this, the insured when admitted to the hospital has to pay for the treatment and then after that, he can claim for the amount from the insurer. So, the hospital takes the payment from the insured and not from the insurance company. So, the policy holder makes the reimbursement claim.

So, these guidelines set that help to reduce the frauds and increase satisfaction among the policyholders and standardize health insurance in India. Through this clause, one can easily understand the different procedures in the policy and buy suitable policy according to their needs. There are many health insurance companies in India from where one can take suitable health insurance policy and get benefit from it.

Planning To Take A Global Health Insurance Policy?

Planning to Take a Global Health Insurance Policy

People who are trotting the globe need to cover themselves against health risks while abroad. A global health insurance policy works outside the country of residence and protects policyholders and policy members from covered health conditions. You may take an overseas health insurance for self and family members. Choose an international medical insurance plan on the basis of your global stay needs. If you are an expat or expatriate you may consider specific expat health insurance or expatriate health insurance plans.

Medical Insurance for Globe Trotters

Globe trotters are on frequent tours abroad. For them an international medical insurance plan would work best that would cover them against health risks in the resident country as well as while abroad. If you are a frequent visitor abroad then it is best for you to choose a global medical insurance plan that would provide cover against health risks at all locations of the globe you visit. You must specifically ask for the inclusion of those places which you will be visiting during the year. Look for aglobal health insurance plan witha flexible geographical scope that allows you to add or delete locations if your location is not fixed.

Global Medical Insurance for Tourists

You may not be a frequent traveler abroad. If you are visiting foreign destinations occasionally or once in a while then you can apply for instant global travel insurance along with your travel tickets. Global travel insurance will include cover for listed health conditions, accident, flight cancellation, and loss of passport, loss of tickets, baggage loss, thefts, and third-party liability among other major covers. A traveler can choose to be covered against major travel risks right from the time s/he steps out of home till return to home.

Global Medical Insurance for Students

Students who have taken up study in foreign institutions can opt for student travel insurance plan. Student travel insurance plan includes cover for health and accident and other major travel risks. Travel insurance plan works till the time student is aboard. After reaching the destination, the student would need to take up medical insurance in the country where education is being pursued.

Global Medical Insurance for Expatriates

Residents may be sent abroad as expatriates for certain tenure on assignments by Government or company. Expatriates in foreign countries can choose an expat health insurance plan that covers them for health conditions for specific tenure in the country of expatriation. Expats who need to travel to other global places for work can take up expatriate health insurance of flexible geographical scope.

Global Medical Insurance for Business Travelers

Business travelers have specific insurance needs. They need insurance while aboard on international and domestic vehicles. Business travelers should choose overseas insurance that have flexible geographical cover features. Overseas insurance for business people should include overseas health insurance among other risk covers.

Global Insurance Coverage

Major covers inclusive under global insurance can be:

On-Board Health Insurance: this includes cover for an emergency situation while being aboard on flight or cruise. On-board health insurance can be made to include all vehicular travel while travelling within a country territory or from one country to another.

Accident Insurance: Risk of accidents in foreign destinations cannot be ruled out. Personal accident cover includes cover for death/disability due to an accident in a foreign location.

Critical Illnesses Insurance: critical illness insurance may be included if stay in a foreign location is for long as in case of students or expats.

Third Party Liability Insurance: liabilities cover provides safeguard against accidental third-party death or injury and third-party property damage in a foreign destination.

Legal Hassles Insurance: Getting entangled in legal matters in a foreign location can prove to be quite a hassle as visitors are unaccustomed to foreign land regulations. It makes sense to get legal hassles cover included in an overseas insurance policy for complete peace of mind.

Loss and Theft Insurance: Loss and theft cover includes loss and damage cover for property, loss of passport, loss of ticket, flight cancellation, loss of money/wealth and other losses.

Hospital Expenses Cover: Hospital expenses cover includes hospital treatment cover, pre and post hospitalization cover and caretaking person expenses cover.

Call for plain vanilla product to attract youngsters - IRDAI Plans

Call for Plain Vanilla Product to Attract Youngsters – IRDAI Plans

The Indian life insurance industry is poised to grow at the rate of 12 to 15% annually during the next three to five years. Though the scenario looks promising, the insurance penetration in our country is still low at 3.69% at the end of 2017 in terms of premium percentage of GDP of the Indian economy.

It needs no mention that this leaves a huge uninsured population in the country. The remarkable demographic shift reflected in the growing middle class with increased general awareness has encouraged the IRDA to give a call for plain vanilla product to attract youngsters directed towards a meaningful impact on the insurance coverage.

The Importance of Plain Vanilla Products in Insurance

The Indian insurance industry boasts of 57 insurance companies vying for space offering innumerable insurance products. The generous use of incomprehensible jargon leaves the potential customers utterly confused. Coupled with the anathema towards accepting insurance as a financial product for protection rather than an instrument of investment, the envisaged growth rate was never achieved. The regulatory body of insurance in the country IRDA, has given a call for plain vanilla product to attract youngsters, who constitute a major area of thrust for a larger insurance audience. In other words, IRDAI has proposed standardized no-frill insurance plans across all insurers which is easy to understand aimed at attracting a large cross-section of the uninsured populace.

IRDAI Plans for Plain Vanilla Product in Health Insurance

The primary aim of IRDAI is to standardize insurance products that will not only attract but also incentivize the potential policyholder but also woo the youngsters into the insurance net. The draft proposals of IRDAI spelling out the norms for general insurance products, especially health aims to provide basic mandatory covers uniformly across the market. On the flip side, the IRDAI has mandated that these standard covers will not be combined with add-on features like critical illness or other related optional benefits. The intention is to restrict the sale of health insurance only to the extent required for the individual and obviate the propensity of the insurers to impose ornamental elements. Whereas, a standard product with such attributes as hospitalization expenses involving both the traditional and alternative forms of medicine will not only be simple to comprehend and easy on the pocket, but also be reason enough for the initiated to stay insured through regular renewals.

IRDAI Plans for Plain Vanilla Product in Traditional Life Insurance

The overall impact of the call for plain vanilla product to attract youngsters – IRDA plans in the traditional life insurance sector is profound and farreaching as defined in the guidelines formulated by them. The makeover of the plans in consonance with the set norms encompasses as diverse aspects as the minimum sum assured, terms, guaranteed surrender values and cap on the payable commissions to the agents. It is likely to influence the margins of the insurers but is beneficial to the policyholder. The move is intended to increase transparency and obviate rampant mis-selling of products which is par for course in the industry.

Benefits of Plain Vanilla Products

Irrespective of the effect on the margins of the insurer, the IRDA plans related to plain vanilla product offers a host of benefits to the youngster to purchase an insurance product, thus spreading the insurance net over a large section of our uncovered population. Some of the key benefits are:

Enhanced Exposure: The draft IRDA health plan for plain vanilla products proposes the incorporation of wellness features such as health check-up and consultation services.
Cumulative Bonus: The plain vanilla product in health insurance is set to offer a 5% bonus for every claim-free year to a maximum of 50% of the sum insured.
Basic Term Plan: This plain vanilla product is slated to add flavors where your nominee is paid monthly income option in lieu of a lump-sum payment on your demise. Even the return of premium is a possibility.
Decreasing and Increasing Term Plan: It is a feature which allows you to alter your sum assured in future depending on your specific needs.
Convertible Term Plan: It allows you to switch to a savings plan later, without opting for a new policy and fresh underwriting.

Conclusion:

With the call for plain vanilla product to attract youngsters – IRDA plans to boost the general insurance cover to the Indian population by simplifying the complex insurance scenario with rudimentary uniform low-cost policies. The plain vanilla product is designed to impress the idea of protection through life insurance, rather than being only a tool for investment.

A Guide to Health Insurance for Retirees

Is Retirement the time for which your parents have been saving money their entire working life? There were not many good insurance plans when they were young hence there is a chance that they might not have very robust health insurance in their golden years. You do not want their savings to be eaten up by health ailments that accompany old age. There are many health insurance plans for senior citizens available now but how do you select the best one? Here is a guide to health insurance for retirees.

Myths

There are many myths surrounding this issue. This guide to health insurance for retires shall try to address them one by one.

Group Insurance is Sufficient

In order to avoid steep premiums of individual insurance many people opt for group insurance policies offered by their employers which allows them to cover their dependent parents. This policy does not offer good financial assistance to senior citizens who are the most vulnerable in the family to fall ill. So, it is advisable to purchase senior citizen plans for your aging parents

Pre-Existing Conditions

While it is true that most insurance companies do not cover pre-existing ailments there are many insurance companies that offer specially curated insurance plans for senior citizens with reduced waiting period for pre-existing ailments even as low as 1 year.

Higher Cost

Insurance plans for senior citizens are normally costlier than the policies for the younger population but your parents are going to fall ill inevitably so it is better to invest some premium into this policy instead of trying to scamper for money later.

Things to Look for while Buying a Health Insurance Policy for Retirees

Medical History: It is important to provide accurate information about pre-existing health ailments of retirees when you buy your health insurance. This will help to avoid any rejections in claims at the time of hospitalization Choosing the plan.

You need to get into the nitty-gritty of things like whether hospitalization costs like room rent, bills of medicines, laboratory tests, daycare and ambulance expenses etc. are covered or not and also check if any sub-limits of these features are present or not.
Filling the Proposal Form: The proposal form gets rejected when knowingly or unknowingly people lie about their medical condition. There have been cases when people have not reported the disease and during a medicalcheck-up or at the time of claims, the disease was found to be pre-existing. and hence the insurance company rejects the proposal/claim outright in such cases.
Medical Check-Up: Many insurance companies insist on Pre-policy medical check-up especially for retirees. Once you have submitted your proposal form the doctors will do some tests like kidney function test, liver function test, urine routine, lipid profile and sonography (only for women) to determine your health condition.

Your Proposal form for Senior Citizen is rejected, now what?

Even when you use the points given above in this guide to life insurance for retirees, please note that sometimes the proposal form is rejected.

You have two options when this happens

If you have doubts regarding the medical check-updone, then you can approach the panel of doctors for reconsideration. If the doctors are satisfied with your point then they will reconsider your application and accept it.
In case this doesn’t work then you can approach a different insurance company, if you apply for health insurance for retirees within 30 days of your application to the first company then the old medical documents will be sufficient, you don’t need to go through all the tests again.

Advantages

Treatment facility at a large number of hospitals all over India
Cashless benefits (Opt for insurers having wider cashless network hospitals)
Free-look period
Annual health check-ups
You will get a tax deduction on the premium.

Senior Citizen Health Insurance Plan Does Not Cover

Pre-existing health ailments upto the pre-defined waiting period
If you contract any disease within 30 days of the policy period, then it won’t be covered in the plan.
Alternative treatments like homeopathy, Ayurveda are not covered in the plan, hence you won’t get money if you choose to heal yourself with Ayurveda instead of allopathy
If the retiree has inflicted any self-harm then it won’t be covered
If the retiree has used drugs then plan won’t cover the expenses for treatment
The cost of spectacles, lenses or dental implants won’t be covered unless in the event of an accident
If the retiree has AIDS then the expenses won’t be covered by the insurer
Certain surgeries like the joint replacement will be covered only after atleast 2 years of the policy.
Expenses for plastic surgery won’t be covered
If the injury is due to invasion of a foreign army or war, then it will be excluded

While you can use this guide to health insurance for retirees as a starting point there are some important points to note apart from the above-given ones, like if the insurance company finds out that you have started taking alcohol or are smoking then they might increase the premium amount.

Hence it is best to read the related documents carefully before going for the plan.

It is advisable to take health insurance for retirees to avoid inevitable exorbitant hospital expenses.

Some Parameters To Keep In Mind While Comparing Health Insurance

Some parameters to keep in mind while comparing Health Insurance

We all are aware of the fact that how much the need for health insurance on the rise. Health insurance is a type of insurance that covers all the medical expenses of the policyholder(s). So, it is a good investment but one must ensure to take a plan that is suitable for him/her.

Following Are the Parameters to Compare Health Insurance

Scope of Cover

This is the main point to keep in mind while taking health insurance plan. Don’t just take a plan solely on the basis of less premium. You should also look at what the plan covers. The plan that you buy should be comprehensive and cover all your medical insurance needs.

Lifetime Renewability

This is important as one should check for the age limit till which the policy can be renewed. If it is only for some time during your younger age then it should be such that it should cover your old age too. So, the policy should be renewed continuously. Most health insurance policies these days offer the benefit if lifetime renewability

Waiting Period

It is good to check the waiting period as different plans have different waiting periods especially for any Pre-existing medical conditions, ranging from 1 year to 4 years Every insured has to serve a waiting period for any pre-existing illness as well as for common illnesses like Cataract etc.

Super Top Up Plans

Choosing the right top-up plan is important. All of us cannot afford the medical insurance coverage due to the high premium, so opting for a Super top-up plan can be ideal for such customers. The Top-plans normally have a reduced premium owing to the deductible component which has to be triggered inorder to activate the plan.

Cashless Claim Transaction

Before buying health insurance plan one should check whether your nearby hospitals are part of the cashless network list for that insurer. If it is there then you don’t need to run around collecting documents and papers at the time of hospitalisation. This will help you immensely at the time of emergency hospitalization especially.

So, the direct transaction happens between hospitals and insurance provider leaving the policyholder to the needs of his/her ailing family member.

More Factors for Health Insurance

Buying Family Floater Insurance Plan

If you are a family, then it is good to take family floater health insurance plan. because it provides you a higher amount of coverage with a lower premium as compared to the case when each family member is being covered separately under individual plans.

Restore Benefit

With this scheme one will be able to restore the sum insured that one has already spent during the policy period for previous claims. But the catch with the restore benefit is that the restored sum insured cannot be used to claim for the same member for the same ailment for on which the original sum insured was exhausted.

Types of Health Insurance Policy

Individual Health Insurance Plan

This is for individuals and covers certain illnesses and offers advantages like reimbursement and discharge expenses, pre and post hospitalization benefits among other benefits.

Family Floater Plans

It offers you the chance to include all your family members under a single health plan.

Senior Citizen Plan

Senior citizen plans are specially designed for anyone aged above 60 years and it offers protection during old age from health issues. Although the premium for such plans are comparatively on the higher side owing to the higher risk of claims, such plans offer you the chance to cover your aged and dependent parents, helping cut your medical expenses in the long run.

Advantages of Comparing Health Insurance Policy

Every company has different health plans to offer. But it is up to the individual that he takes the plan according to his or her family’s medical needs. This is necessary to get the full benefits of the policy. So here are some benefits:

Sum Insured If you choose the plan that has more sum insured then you don’t have to pay extra from your pocket. This all helps in times of crisis. You should ensure that you get the best coverage amount. Also, it is advisable to opt for plans with restore benefit especially if you are purchasing a family floater plan.

Co-Pay

It is a feature in which a set percentage of all claimable amounts of amount has to be paid by the insured from his pocket and the rest is paid by the insurance company. Co-pay is a limiting factor present commonly in Senior citizen plans. So always opt for the plans which has a lower co-pay.

Comparing Health Insurance Online

Due to so much busy schedule one finds it difficult to visit health insurance centers and compare plans so now health insurance plans can be compared online too. You get accurate information online. It also helps users in saving their time. Then one can check more details online so they can choose the right health insurance plan.

Importance of Health Insurance

Buying health insurance is very necessary as it can help anyone in case of any crisis. It includes medical and hospitalization costs. This policy helps to reduce your financial burden and covers most of your expenses. Besides this, the cashless facility is offered by all health insurance companies today. There are added benefits like restoration, maternity benefit etc. also provided by most plans. So, choosing the right health insurance plan is very important.

How Could The Wearable Technology Rule The Future Of Health Care

Thump, Thump, Thump, Thump, Mansi can hear her heart beating as she runs through the park in the morning. As she tries to get in the zone, she feels the sweat running down her neck. Wondering if she has reached her target zone, she looks down at her smart watch and finds her Beats Per Minute (BPM) to be 152. Pondering upon the information, she continues to run at the same pace to maintain her overall cardiovascular fitness.

Wearable devices have made it trillion times easier to monitor your health and the convenience and simplicity they offer is the major reason that they are gaining such rapid popularity in a short span of time. According to recent researches, for instance the Huffington Post, the number of wearable devices shipped to people around the world reached to 130 million in 2018. It all started in the year 2014 which can be as well labeled as the year of wearable technology.

How Could the Wearable Technology Rule the Future of Health Care

This easy-to-monitor-health technology has made an everlasting impact in the field of navigation, communication, education, entertainment and primarily on the health care. In health care, the potential of wearable technology goes way beyond directly assisting doctors. It has become the crux of self- monitoring of health, without needing to pay visits to the hospitals. You would be thrilled to hear that at the Consumer Electronics Show that was organized in Las Vegas, in 2014, huge brands like Sony, LG, Garmin and many more introduced wonderful devices which could track everything starting from your heart rate and blood pressure to your O2 saturation. Since then, it has been gaining rapid acceptance by people around the world and is making its way towards the future quite significantly.

Available Wearable Devices

From smart watches to fitness bands to Google Glass, all these wearable devices are being widely used by consumers. The most interesting fact is that they are being encouraged by the professionals in health care. Doctors have been very keen in adopting wearable devices all around the world. It is known from fact that Pierre Theodore, MD, performed his first surgery approved with Google Glass. He was able to preload CT and X- ray images. His take on this amazing innovation was really encouraging for the industry of wearable devices. According to him, “To be able to have those X-Rays directly in your field without having to leave the operating room or log on to another system elsewhere, or to turn yourself away from the patient in order to divert your attention, is very helpful in terms of maintaining your attention, where it should be, which is on the patient 100% of the time.” The time is not too far when we would witness a good blend of wearable devices and health care robotics assisting the doctors to a huge extent. And we are surely looking forward to it.

How Wearable Technology is Going to Benefit?

Significantly, it is really important to know that the adoption of wearable technology is giving way to reduced hospital costs and hassled visits to the hospitals. It is known from a popular research that if the industry of wearable devices continues growing as rapidly as it is, the average hospital costs could drop by as much as 16% over the course of 5 years. This comes as a cherry on the cake for the creators of wearable devices like smart watches, pedometers, health monitors, activity trackers, etc.

Bottom Line

Wearable technology is here to stay with the promise of advancing health care services. It is sure to change the perspective of how health care service is rendered. Relationship between the patients and the doctors is sure to change as the wearable technology aspires to increase the patient self-management. Breach of privacy can be an issue of concern with the coming of this technology. While wearable smart devices are supposed to make rendering health care better, there is also the increased risk of information theft and third- party access to data meant for only you and your doctor.

But that won’t stop the advancing of this technology in this generation. It’s only a matter of time before we figure out on how to keep the data secure and protected.

Note* Explore more articles and information on Health Insurance at RenewBuy.

Related Article: Best Health Insurance Plans in India

Myths That Keep You From Buying A Health Insurance Policy

Myths that keep you from Buying a Health Insurance Policy

Times have become such, that people are always running behind health insurance policies, trying to buy them at some point in time or the other. While health insurance can be vital and come in handy someday, especially when it covers all your medical expenses, here are a few common myths that keep you from buying a Health Insurance Policy.

Myths that keep you from buying a Health Insurance Policy

While most people think that the coverage offered by these policies would not suffice to pay for any medical expenses or even hospital bills, some others believe that most hospitals don’t accept any health insurance policies. And still, others think that health insurance policies and healthcare, more importantly, is simply not affordable.

In any case, if you’re the kind of person who dreads buying health insurance for yourself, then read some of these myths and their myth busters.

Myth 1: The insurance policy’s coverage is simply not enough

While most health insurance plans certainly don’t cover all your medical bills and expenses, even the most basic ones cover a vast majority of them. Although the amount of coverage is highly dependent on the kind of plan you choose, there are a lot of them which cover more than what you can expect.

These specifications or range of covers are all present in the agreement that you sign. So, go through them carefully and thoroughly, so that you know exactly what kind of plan you’re opting for. In most cases, however, your frequent trips to the hospital or the doctors will be covered by your health insurance policy either with discounts or low co-pay amounts.

Myth 2: Hospitals don’t accept all kinds of health insurance policies

One of the biggest myths that keep you from buying a Health Insurance Policy is wondering about the acceptance of your chosen policy in your preferred hospitals/ clinics. Worrying about whether your health insurance has your back to cover for your expenses can sometimes be scary when you visit the hospital. In most of the cases, however, be rest assured that they will. And that the hospital will talk it over with your agent, to ensure that it does. But make sure that you read the policy and read and understand it well before you go off buying one.

Myth 3: Health Insurance Policies are too expensive

This is regarded as one of the biggest myths that have been making the rounds lately. Obviously, it isn’t true. There are health insurance plans, both online as well as offline that befit all kinds of budgets. However, your health insurance should at least cover the routine visits to the doctor and the hospital, if not for anything else.

Also, a temporary coverage should always be available, in case you’re unemployed or between jobs.

Myth 4: Employer-provided health insurance should suffice

While the health insurance plan provided to you by your employer is still the most popular form of any health insurance, you must take note that many employers these days tend not to provide any.

Today, it’s become hard for employers to pay the premiums for their employees’ health insurance because of the ever-rising costs. And so, with employers cutting down on providing health insurance, many employees are losing out on the benefits of having one.

On the other hand, if you have health insurance that you bought yourself, you should be able to gain a lot from it, especially if you’re suffering from some kinds of health problems.

Myth 5: Let’s worry about health insurance later

Sadly, this is one of the worst myths about health insurance. Not only will it be cheaper to buy health insurance when you’re younger, but you also don’t have to worry about it when you have health problems later in life, viz, when you tend to get older. Also, as discussed earlier, health insurance costs are on the rise. So, it would probably tend to be more expensive when you get older, or in case you decide that you will buy one later.

So, these were the most widespread myths that keep you from buying a health insurance Policy though there exists plenty more apart from these. The situation today is such that you never know when you a critical illness will befall upon you, and you need to be hospitalized. With today’s ongoing lifestyle and habits, it’s easier to fall sick. So, having health insurance in place will help you cut down on hospitalization costs and medical bills, so you don’t have to worry about getting sick or having that critical illness.

Note* Explore more articles and information on Health Insurance at RenewBuy.

Short Term Health Insurance: Pros & Cons

Pros and Cons of Short-term Health Insurance Plans

Medical costs are skyrocketing every day. In the present scenario, going without a health insurance plan can be a risk too big to take. Like a bolt from the blue, a single occurrence of a serious illness or a nasty accident may put your life in threat. Short-term health insurance plans can be a lifesaver for those who, for any reason, do not wish to commit to a long-term health insurance plan. Health insurance companies have been coming up with a bunch of innovative and economic short-term plans lately for the Indian market. But before you decide to get one for yourself, you should be aware of both the Pros and Cons of Short-term Health Insurance Plans.

Top Pros and Cons of Short-Term Health Insurance Plans

Pros

When it comes to short-term health insurance, the primary benefit that they offer is in terms of money. Health insurance affordability is a serious issue for many potential buyers. Short-term health insurance plans are much more pocket-friendly in comparison with long-term health insurance plans.
Short-term health insurance plans generally last for a period of upto 12 months. However, the idea is that the buyer is in control and he gets to choose his preferred period of coverage.
In India, the private sector, as well as public sector/ governmental organizations, provide health insurance coverage for their employees. Other than that, lots of options offered by health insurance companies are available for people to select a plan for themselves that suit their individual needs the best. Short-term health insurance plans are particularly useful for people who are in between jobs. When an employee is freshly out of an organization and is looking forward to joining another one shortly, they can opt for a short-term health insurance plan for themselves, knowing their future company will provide them with a new long-term cover soon.
If you want to get health insurance for your family, then also you must consider the Pros and Cons of Short-term Health Insurance. Most organizations in India do not provide health insurance coverage for their employees’ extended family (mother/ father). When it comes to welcoming a new member in the family, be it, spouse or newborn children, it takes time to get their health insurance activated by the organization. For such periods, short-term plans come in handy.
Short-term health insurance plans for the self-employed are particularly helpful. The non-committal short-term plans are more useful for them. The premium rate is also lower than their long-term counterparts. It is easier for them to get insured for a particular period, rather than maintaining one for longer periods. In short, it is the best option for anyone who needs a temporary coverage.

The prime pros of choosing this type of health insurance are:

Acquiring a short-term health insurance plan is easy and fast.
One can get enrolled within 24 hours.
Medical checkups are not as thorough as long-term ones.
The coverage term also starts as early as possible.
Short-term health insurance plans also save you taxes.

Cons

Short-term health insurance plans do have some limitations compared to long-term health insurance plans and their benefits.

One of the main shortcomings of short-term health insurance is that you need to renew your insurance frequently, generally once every year. If you fail to renew your short-term health insurance or buy a new one in time, you will be at risk. Contrary to this, people who go for long-term health insurance plans do not need to go through the struggles and troubles of getting their plans renewed every year.
The coverage of short-term health insurances is another drawback. Short-term plans are not valid for pre-existing health conditions or life-threatening diseases. They also do not cover maternity claims. Though most short-term health insurance plans cover surgeries, emergency medical care, hospital stays and costs of drugs, they do not fully cover mental illnesses.
When you compare the Pros and Cons of Short-term Health Insurance Plans, you find that they are particularly beneficial for the young and healthy individuals. People who have responsibilities of their families, middle-aged to senior citizens do not benefit from short-term health insurance plans as much.
When people opt for long-term health insurance plans, they make themselves free from any worries for an extended period. Since the coverage offered by long-term plans is much wider than short-term plans, they are pretty much covered for everything that may come their way.

In conclusion, we can see that both the Pros and Cons of Short-term Health Insurance Plans exist in a way that it is helpful for a class of people and not-so-helpful for the others. Health insurance affordability is a crucial concern for the Indians. Short-term insurances are cheaper and easier to get, and these facts attract the young citizens to get themselves enrolled in short-term health insurance plans, but when people need better coverage and a hassle-free life, they opt for long-term health insurance plans.

Types, Causes, Symptoms and Preventive Methods of Cancer

As much as cough and cold are household problems, cancer has slowly started to become such a common ailment too. Cancer is among the leading causes of death worldwide. In 2012, there were 14.1 million new cases and 8.2 million cancer-related deaths worldwide. Despite of these increasing numbers, many of us still remain unknown of what is it actually?

WHAT IS CANCER?

Cancer is when abnormal cells divide in an uncontrolled way. These cancer cells have the potential to invade the entire system of the body. When there are changes in genes leading to the multiplication of one or multiple cells, cancer starts. This growth may also lead to tumour. But tumours are different than cancer. Tumour doesn’t spread in different parts of the body, whereas cancer potentially spreads to multiple parts in the body.

Healthy cells have a specific lifecycle, getting reproduced and dying off in a specific way determined by the cell. New cells take the place of these old and damaged cells. Cancer cells tend to disrupt this process and leads to abnormal growth in cell.

TYPES OF CANCER

There are over 200 types of cancers which affect humans. There is an entire A-Z of the types of cancers. Cancers are named after the area from where they begin the body. For example, a cancer that begins from the intestine and spreads to the liver is an intestinal cancer.

However, there are several general terms used for clinical types of cancers. These are-

Leukaemia is a cancer of bone marrow which creates the blood cells.
Sarcoma is a cancer of connective tissues such as bones, muscles, blood vessels and cartilage.
Carcinoma is a cancer that starts in the skin or tissues that line other organs.
Lymphoma or Myeloma are cancers of the immune system.

These are just a few terms given to the types of cancer. However there are multiple types of cancers like blood cancer, bladder cancer, breast cancer, brain tumour, anal cancer, bone cancer, cervical cancers, eye cancer, gall bladder cancer, kidney cancer, liver cancer, lung cancer, oral cancer, ovarian cancer, rectal cancer, salivary gland cancer, urethral cancer and many more.

CAUSES OF CANCER

DNA, or deoxyribonucleic acid, is the hereditary material in humans and almost all other organisms. DNA is present within body cells. When there are changes or mutations to the DNA within the cells, cancer is caused. The DNA constitutes of multiple individual genes which contains a set of instructions to perform as well as how to grow and divide. Errors in these instructions disrupt the regular functioning of the cell and may lead for it to become cancerous.

These mutations or changes in the genes causes-

Rapid Growth - The mutation can tell a cell to grow and divide more rapidly which creates many new cells with same mutation
Failure in Controlled Growth - A normal cell knows when to stop growing so that the body has the right number of each cell. However, cancer cells lose this tendency to grow and cannot tell when to stop growing.
Make Errors When Repairing DNA Errors - DNA repair genes and look for errors in DNA. A mutation in a DNA repair can mean that such errors are not corrected leading for them to become cancerous.

There are other types of mutations as well which are found in cells. But these happen to be the most common ones. Many other types of gene mutations become a cause for the cells to become cancerous.

These gene mutations are primarily caused due to two reasons-

You inherit some type of gene mutations that is you are born with a few. You inherit them from your parents. But these form a small percentage of cancers.
Most of the gene mutations are not inherited and you acquire them after your birth.

A number of forces can cause gene mutations, such as smoking, radiation, viruses, cancer-causing chemicals (carcinogens), obesity, hormones, chronic inflammation and a lack of exercise. These environmental and lifestyle factors account for almost 95 % of cancers in the society. The remaining 5 – 10 % are genetically inherited. Common lifestyle factors include consumption of tobacco, diet and obesity, stress, radiation, infections, pollution and lack of physical activity.

It is generally very difficult to precisely tell the cause of a cancer as it can also be a combination of multiple factors. For example, a person who heavily consumes tobacco has consumed lung cancer. Primary cause looks like the consumption of lung cancer, but it can also be exposure to the dense pollution around.

The gene mutation one is born with and the ones he/she acquires through his/her lifestyle work together for the cancer to occur. The number of mutations causing a cancer varies from one cancer type to another.

SYMPTOMS OF CANCER

Signs and symptoms developed due to cancer vary according to which part of the body is affected by cancer. Many a times, when cancer begins, it develops no symptoms. They only develop when the mass grows. It is also found out in many cases that it is common for people to be diagnosed with cancer to have been treated for other diseases which were hypothesized to be causing their symptoms.

Some general signs or symptoms, many a times not only specific to cancer include-

Changes in skin including yellowing, darkening or redness of the skin, sores that won't heal, or changes to existing moles
Lump or area of thickening that can be felt under the skin
Changes in weight, including unintended loss or gain
Changes in bowel or bladder habits
Persistent cough or trouble breathing
Fatigue
Difficulty swallowing
Hoarseness
Persistent indigestion or discomfort after eating
Persistent, unexplained muscle or joint pain
Persistent, unexplained fevers or night sweats
Unexplained bleeding or bruising

It is best to consult a doctor in case of any of these symptoms. Even if you have a doubt about any change occurring in your body which might not be listed above, the wisest things would be to consult and discuss with your doctor to avoid any unnecessary stress or delay in treatment.

While a doctor is the best person to tell your specific risk factors that can lead to cancer, majority of cancers occurs where in there are no such known risk factors.

PREVENTIVE METHODS

Since cancer can be both due to inherited as well as environmental factors so there are no such specific ways to prevent factors. But there are certainly ways identified to avoid its risks. At the same time, since 70 – 90 % of cancers are caused to the environmental factors then certainly a controlled change in one’s lifestyle can avoid cancer.

Have a healthy diet. There is nothing better than keeping the system from the inside working smoothly and the major role is played by what you consume.
Maintain a healthy weight. With all the social gatherings that you have to be a part of, it is very important to maintain a healthy weight by various measures.
Exercise regularly. Ode to the advanced innovations, there are multiple ways to give a workout to your body. As much as time one makes for other things in life, it is most important to take out few moments and devote them to moving that body a little.
Avoid excessive sun exposure. Trying to be in the shade, applying sunscreen and wearing appropriate clothing can help you with dealing with the sun exposure.
Stop smoking. Smoking is not only linked to lung cancer but several other type of cancers too. So, if love yourself and your loved ones, quit smoking.
Avoid drinking alcohol and if you cannot then drink in moderation.

MOST AFFECTED AREAS DUE TO CANCER

The highest cancer rate for men and women together was in Australia, at 468.0 people per 100,000.
The age-standardised rate was at least 320 per 100,000 for 12 countries: Australia, New Zealand, Ireland, Hungary, the US, Belgium, France (metropolitan), Denmark, Norway, the Netherlands, Canada and New Caledonia (France).
The countries in the top 12 come from Oceania, Europe and North America.

Whilst in India, Punjab is the cancer capital with the highest rates of cancer. New Delhi and Aizawal are also among the top cancer affected cities.

As a shift in the number of people being affected by cancer has been observed, at the same time, it is not a coincident that there is a tremendous shift in people’s lifestyles too. Environmental and lifestyle changes are to an extent our choices and priorities. It would be most wise to make your own health a priority by leading a balanced and healthy life.

Note* It would be most wise decision to make your own health a priority by purchasing a Health Insurance plan and opting for Critical Illness add on can protect you from financial burden in case of hospitalisation.

Sources: Cancer.gov & wcrf.org

Mediclaim vs Health Insurance: Difference Between Mediclaim & Health Insurance

What is The Difference Between Mediclaim and Health Insurance?

The rising cost of healthcare in India has compelled people to think about taking up plans that can take care of their emergency medical care costs. Major insurance providers across the country offer several different types of plans that are meant to cover your health. Well, if you have insured your life, it is only logical to think of a health plan that looks after your unexpected medical costs.

You must be well acquainted with the term ‘health insurance’. Health insurance policies are often confused with Mediclaim policies. Though you may assume the both to same, there are significant differences in their structure and benefits. Mediclaim plans are meant to meet your hospitalization expenses to a specific limit only. Health insurance benefits, on the other hand are much more comprehensive than Mediclaim policies.

Assessing Your Health Needs- Mediclaim or Health Insurance Plan

Whether you are a healthy individual or an individual with pre-existing medical conditions, deciding between Mediclaim best policy and health insurance is of utmost importance so that you don’t have inadequate medical coverage. Here are some of the factors which you should keep in mind before zeroing on a Mediclaim plan or Health insurance policy.

Decide on Your Insurance Expectations: If you are looking for a comprehensive health plan that allows you to relax, best health insurance policies are there to meet treatment costs and pre/post-hospitalization costs.
How Much Are You Willing to Put In?: Health insurance and Mediclaim premiums differ in values, according to the coverage provided. Depending on the premium, you can extend the limit of health insurance sum assured. Mediclaim insurance premiums are lower since they offer coverage only for a year.
Look for The Right Cover: Health insurance policy online can provide you a longer health cover, depending on the plan you choose. Mediclaim insurance must be renewed every year to continue receiving pre-existing disease and accident cover.

Major Differences Between Mediclaim and Health Insurance Policy

To avoid being confused by the terms Mediclaim and Health Insurance plans, here is a compilation of all the stark differences between the both so that you can be sure about the kind of health cover you require.

Hospitalization: Hospitalization expenses are the medical costs incurred in the hospital during your period of hospitalization. Mediclaim policy benefits payout hospitalization costs due to accident-related admission and hospitalization due to pre-specified diseases only. Health insurance cover extends to all pre and post-hospitalization costs along with the hospitalization charges. Depending on the type of health insurance plan benefits, you can also be free from the burden of ambulance expenses and expenses for income lost due to hospitalization.
Treatment Expenses: Mediclaim policy for family and individuals meet hospitalization costs for treatment of only specific diseases as mentioned in Mediclaim policy details. Health insurance plans online can be taken up to provide comprehensive health coverage against the treatment of upto 30+ critical illnesses in some plans.
Critical Illness Cover: Some Critical Illness Rider offers additional coverage for 30+ critical illness including diseases like kidney disease, cancer, stroke etc. This is available on payment of extra premium along with the main policy. This additional cover is not listed on Mediclaim features list. However, you can opt to buy this coverage along with a health insurance plan to receive optimum coverage and complete safeguarding of health emergencies due to the listed diseases.
Reimbursement: By taking up a Mediclaim plan, only your actual hospital expenses incurred due to hospitalization from specific diseases or accident, is taken care of by the insurer. Whereas, if you insure your health with a health insurance policy, you are eligible to receive a lump sum amount for hospitalization and treatment.
Bonus/Discounts: Payment during Mediclaim policy purchase can beget you some discounts. Taking up Mediclaim insurance online enables you to enjoy greater discounts from various insurance companies. Health insurance premium payment and policy renewal can reward you with additional discounts. Insurers offer lower health insurance premiums for buying health insurance online. To top these offers up, you can enjoy Income Tax benefits by taking up a Mediclaim or health insurance policy.

Whatever plan you decide on, plan comparison among the best Mediclaim and health insurance providers can give you adequate health cover while taking care of your wallet too.

Group Health Insurance vs Individual Health Insurance

What is the Difference between a Group Health Insurance Plan and a Regular one?

Health insurance is one of the crucial types of insurance coverage that is necessary to have. Having an adequate amount of health insurance coverage can safeguard you and your family financially at the time of sudden medical emergency. With the increasing number of lifestyle diseases and rising cost of healthcare inflation, health insurance coverage is no longer an option, but a necessity for everyone. When it comes to buying health insurance coverage, there are many types and various ways to get covered. Knowing the difference between each type can help you make this rational long-term investment decision to protect your health.

Specifically, if you are a salaried employee, it’s quite common to weigh between group health insurance plans and individual or regular health insurance plans while buying health insurance coverage. Let’s take a look at what is the difference between a group health insurance plan and a regular one in detail.

What is Regular Health Insurance Plan?

Regular health insurance plans are the stand alone plans that an individual can purchase himself from any health insurance company to cover himself and his family against future medical contingencies. There are various types of plans available in the market such as individual plans, family floater plans and senior citizen plans etc. With the variety of options available, you can choose the best suitable plan all by yourself or with the help of insurance agent and customise the plan as per your requirement and affordability.

What is Group Health Insurance Plan?

Group health insurance plans are the health insurance plans purchased by the organization or employer for their eligible employees. The whole idea is to provide health insurance coverage for set of people belonging to the same group. Cost of these plans are generally shared between employer and employees. In some cases, entire cost is borne by the employer.

Difference Between a Group Health Insurance Plan and a Regular one

Each type of health insurance plan has its own advantages and disadvantages. Hence, while weighing these plans various parameters are to be considered. To understand the difference between a group health insurance plan and a regular one, let’s compare them on the basis of certain parameters mentioned below.

Cost: Employer-sponsored or group health insurance plans are undoubtedly provide health insurance coverage at reduced cost. There are two main reasons for this. First one is the economics of scale benefit enjoyed by the insurance company to cover large number of people under one policy. Secondly, the cost of the policy is borne by the employer in most cases and in some cases, it is shared between the employer and the employee, which is a win-win situation for the employees. On the other hand, regular health insurance plans are relatively expensive as they provide various additional features, riders and coverage as per the individual requirement. However, plans can be chosen as per the affordability and need as there are plenty of options available.
Customisation: Group health insurance plans are the comprehensive benefit packages that is designed for a particular group with a limited coverage to each member along with limited features. Hence, group health insurance plans cannot be customised as per your individual healthcare needs. On the other hand, regular health insurance plans offer your range of benefits and additional riders to choose from depending on your coverage need and as well as affordability. Customisation is a key benefit available with regular health insurance plans.
Waiting period: Group health insurance plans cover many pre-existing health conditions without any waiting period. Health insurance benefits can be availed in the initial days of your employer-sponsored or group health insurance policy as the condition of waiting period is usually waived off, as per the employer requirement. However, regular health insurance policies come with waiting period ranging from 2 years to 4 years to avail the insurance benefits in case of pre-existing illnesses.
Medical check-up: Most of the group health insurance plans do not require detailed medical examinations as the coverage is based on the details pertaining to the entire group of employees or members covered under the plan. However, individual health insurance plans require you to undergo detailed medical examination to get the desired amount of coverage.
Coverage extension: In group health insurance plans, health insurance coverage is provided as long as you are associated with the employer. There is no option to continue the coverage post-employment even by the employer as well as the insurance company. On the other hand, most of the regular health insurance plans come with lifelong coverage these days.

Conclusion

To sum up, every health insurance plan has its own pros and cons. Group health insurance plan falls short in customising your needs and coverage. Regular plans can be comparatively costlier. In spite of differences, key point is to have the adequate health insurance coverage. So now, you know about the difference between a group health insurance plan and a regular one. If the limited coverage offered by group insurance plans are not sufficient, it’s wise to have standalone plan to stay adequately protected.

Health Insurance Portability: How to Port Health Insurance in India

How to Port your Health Insurance Policy in India

Health insurance is an essential investment that you make every year to safeguard you and your family from unforeseen medical emergencies. Choosing the right plan and right insurer is crucial. But, did you know you can port your health insurance policy? Yes! As health insurance plans are yearly renewable and hence you can consider switching between insurers at that time.

If you find there is a lack of service quality, the plan is little expensive and the premium that you are paying outweigh the benefits of the plan or be it any other reason, you can easily switch to another health insurance provider in no time. The best part of porting is that the accumulated benefits too. Porting of health insurance policies are quite simple and easy if you keep few important things in mind. Thus, you need to know How to Port your Health Insurance Policy in India before venturing out to do the same.

How to port your health insurance policy in India?

Portability of health insurance policies are allowed only at the time of renewal. Health insurance policies of any type, be it individual, floater or group, can be ported from an existing insurer to the similar health policies of another insurer. Benefits like waiting period and no claim bonus can be continued even after porting the health insurance policy. The process is quite simple as mentioned below.

If you wish to port, you need to apply for it at least 45 days before the existing policy expires. But, you are not allowed to apply before two months of the policy expiry date.
Fill up the health insurance portability form with all the required information and details of existing health insurance policy.
The insurance company process your request by feeding in the details provided by you in IRDAI’s (Insurance Regulatory and Development Authority of India) portal.
Your existing insurance company will then provide claims and coverage related information through IRDAI’s portal. Reply with the information needs to be given within 7 days.
Insurer will then decide whether to accept or reject the portability request.

Things to keep in mind before porting your health insurance policy

While, portability seems like an easier process, there are certain points to keep in mind before initiating it to reap the maximum benefits out of your porting decision.

Do it when you are young and healthy!

Age matters the most when it comes to getting maximum benefits in health insurance policies. Health deteriorates as you age. If you are switching for a policy with better benefits at an affordable cost, do it when you are healthier. It’s good to port within the age of 40 years specifically if you have a no claim history. When it comes to portability, insurance companies are more reluctant towards people with claim history and any pre-existing health conditions.

Know about waiting period

When it comes to health insurance policies, there are many types of waiting period. Initial 30 days for the newly purchased policies to avail the benefits is also termed as waiting period. Treatment benefit for some of the ailments will have one to two years waiting period. Pre-existing health conditions like diabetes, heart disease and cancer can have a usual waiting period of three to four years. It’s important to know that the benefit is available only on waiting period for pre-existing health conditions on porting.

Cost of coverage vs benefits

Before you decide to port, it’s important to weigh the options on cost-benefit basis. Policies offered with lower rate of premium may end up excluding many essential benefits that can be useful for you. Though the policy is renewable every year, such crucial decisions are to be made with long-term perspective.

Ensure to carry forward your no claim benefit

When you decide to switch, it’s important to take along the benefits you have accumulated due to your good health. Accumulated no claim benefit can help you in saving certain amount of premium cost. While porting, get your benefits transferred too!

Health conditions

Your portability request may not get considered if you have recently been diagnosed with any medical condition. Usually the new insurers ask for policyholders to undergo medical test. Hence, if you have any health issues, it’s wise to stick to your current insurer and request them for enhancement of cover, if need be.

Conclusion

Now that you know How to Port your Health Insurance Policy in India it is important to make a cautious assessment before porting your health insurance plans as underwriting rules, policy exclusions, terms and conditions vary among health insurance companies. Along with considering the numerous benefits of porting, competitive prices offered also read through the terms and conditions of the other insurer. Portability of health insurance policy is definitely a flexible and beneficial option if logical assessments are made.

Women's Health Insurance in India

Health Insurance for Women in India

Indian women are continuously blossoming into successful contributors to the family as well as the society. There was a time when women were not considered worthy enough to have an insurance policy for themselves, let alone health insurance plans. Women health has been a sidelined issue for several years. But the fact is that women require health insurance plans as much as others.

Women health requires greater care because they are more prone to stress, certain types of cancer and go through a tough phase to give birth. If you are one of those women, who run back and forth between jobs and family responsibilities, it is likely that you are not paying enough attention to your health. That only adds to magnify your health issues and it is a wise decision to be prepared than to suffer financially and emotionally.

Factors That Necessitate Health Insurance for Women in India

Keeping in mind the rising need of health insurance for women in India, several insurance giants in India have come up with exclusive policies. But before delving into women health insurance policies, have a look at the compelling reasons as to why women require health insurance plans.

Increased Susceptibility to Heart Diseases:
- A study conducted by Saffola Lite for a period of three years in India has come up with the report that 3 out of 5 women, among the 51.7 thousand urban female subjects are likely to develop cardiovascular disease.
- Also, this disease does not discriminate between housewives and working women.
- This is an alarming signal which points to the need to address this glaring problem. Many health insurances for women provide coverages for cardiovascular diseases as it is the prime critical illness suffered by Indian women according to popular studies.

Gestational Diabetes and Reproductive Health:
- Currently, 4 out of 10 Indian women are likely to develop diabetes during pregnancy, also known as gestational diabetes. The proportions range from 3.8% in Kashmir to 17.9% in Tamil Nadu.
- Maternal mortality during childbirth is still high in India, accounting for 130 deaths per year for every 1 lakh live births.
- Health insurance for women with low income are of great help to provide maternity cover.

Hypertension:
- Women are as prone to hypertension as Indian males, which can be attributed to the immense amount of stress at home and outside.
- Hence best health insurance for women have hypertension listed among the diseases that qualify for coverage.

Higher Risk of Cancer:
- Indian women account for most incidents for breast cancer, cervical and ovarian cancer. Lack of awareness, insufficient medical amenities and lack of treatment funds add to the suffering of cancer patients.
- Health insurance best companies offer comprehensive health insurance for women that look after the treatment costs of specific types of cancer.

How to Choose the Best Health Insurance for Women

While taking a health insurance for women in India, it is important to evaluate certain factors to ascertain optimum health coverage and affordable women health insurance costs. Whether you are a woman, or you care for women in your family, best women health insurance buy can ensure the happiness and financial safety of the entire family. While buying health insurance for women in India, always keep the below points in mind:

Look for Maternity Coverage:

No woman should be deprived of proper medical aid during maternity due to lack of funds. Taking a health insurance for women with maternity cover can meet specified maternity expenses within the lowest waiting period.

Insurance Against Specific Diseases:

Many critical illness health insurance policies offer coverage against diseases that can afflict women and may require expensive treatment. Choose the best plans in women health insurance to receive maximum coverage.

Cancer Protection:

Women health insurance best policy offers coverage against cancer that exclusively affects women. From pre/post-hospitalization costs to hospitalization expenses and emergency ambulance services, such plans offer extensive coverage features.

Select the Right Sum Assured:

Deciding the right amount of sum assured is not a Herculean task anymore. You can check health insurance for women online and input all details to find out the right sum assured for you.

Check and Compare Women Health Insurance Features:

Several websites allow you to compare the features of health insurance plans for women so that you can decide the best one among all, which meets all your health requirements.

Taking a health insurance early is recommended to enjoy lower premium rates and maximum health cover.

Choose the One with Best Hospital Network:

Health insurance plans offer cashless treatment for specific diseases or conditions requiring hospitalization in any of the network hospitals listed by the insurance provider. Larger the network of hospitals, better is your access to good health care across the country.

It is never too late to buy a health insurance for women in India, since a small cost today can ensure the well-being, both physically and financially of your family.

Mental Health Insurance: Everything You Need to Know

Mental health is considered taboo in India, and many people still hesitate to talk about it. As per the WHO (World Health Organisation) report, India is the most depressed country in the world, with every sixth person suffering from mental illness. Healthcare services for mental illness can be expensive irrespective of its severity. In such scenarios, mental health insurance would be ideal for getting the desired treatment at an affordable cost. So, today we will discuss everything you need to Know about Mental Health Insurance.

Earlier, almost all the insurance providers have excluded mental illness from the health insurance policy they offered. However, the Mental Health Care Act, 2017 that came into force this year has stated, “Every insurer shall make provision for medical insurance for treatment of mental illness on the same basis as it is available for the treatment of physical illness.’’ As a welcome move to mental health literacy, Indian Insurance Regulator IRDAI (Insurance Regulatory and Development Authority of India) has also directed all the insurance companies to include mental illness in the health insurance policies with an immediate effect. Hence, mental health insurance would be offered within the framework of a normal health insurance policy.

With this new inclusion, every insurance company that is including mental health coverage in their health insurance policy needs to file a fresh product with the IRDAI and revise their pricing for the same. However, the execution of this mental illness inclusion in health insurance looks challenging with the various ifs and buts in the health insurance space.

For example, mental illnesses would require most of the out-patient medical care services such as therapy, counselling and doctor consultation frequently. And, most of the health insurance policies may not offer out-patient healthcare services under the cover. Even if they offer, the coverage would be limited. There are also exclusions and waiting periods for certain pre-existing illnesses and critical medical conditions, which may apply to existing mental illness patients seeking mental health insurance. These existing structure may lead to getting limited benefits in the Mental Health Insurance policy. However, to adhere to the law, insurance companies may draft the mental health insurance plan keeping given pros and cons of every aspect.

Salient Features of Mental Health Care Act, 2017:

Let’s take a look at some of the Mental Health Care Act's salient features, 2017.

Mental health care needs to be made available, affordable and accessible for every person as they have the right to access mental health care services both by public and private service providers.
A person with mental illness has the right to choose the way of mental health care treatment, or he/she can nominate any other person to decide on treatments on his/her behalf.
Responsibilities lie on central and state mental health authorities to maintain records of all mental health establishments, train law enforcement officials, develop quality services, receive complaints, and advise the states on the concerns relating to mental health.
As per the Act, an attempt to commit suicide is no longer an offense and shall not be subjected to prosecution and investigation.
The law also talks about prohibiting electro-convulsive therapies for mental illness without any use of anaesthesia and relaxants.
One of the major significant features is the provision of mental health insurance under the framework of basic health insurance policies offered by the insurance companies.

However, the Mental Health Care Act, 2017 also has some drawbacks. The Act fails to provide the entire list of treatment choices available, increasing the awareness of medical care services available for access. Interpretation of the term ‘medical health professional’ is also defined narrowly without much clarity. The Act also fails to mention home-based treatments as there is more stress on treatments on hospitalisation. Also, the Mental Health Care Act, 2017 does not address the prevention of mental illness and awareness regarding it and the lack of encouragement for mental well-being. All these neglected aspects in the bill may challenge insurance companies in drafting the comprehensive mental health insurance product.

Conclusion:

As mental health is equally important as our physical well-being, a good mental health insurance plan can make all the healthcare services affordable. Availability of insurance coverage can improve literacy and facilitate acceptance among people towards mental health conditions. Thus, after knowing everything you Need to Know about Mental Health Insurance, it is easier to decide.

The introduction of mental health insurance facility is an important move for the country's overall well-being.

Click here, to compare and buy the best health insurance online.

General Misconceptions About Health Insurance

There is no doubt in the fact that a health insurance policy works as an intense defensive layer against future illness possibilities these days. Although, simply any health insurance plan would not get the job done! You require choosing the correct one that best matches your requirements.

Most often it is commonly observed that while choosing the correct medical coverage majority of us commit errors. Thus, it is suggested to try not to commit similar errors that others often do. You can protect your interests by perusing General Misconceptions about Health Insurance which you can definitely avoid when it comes to opting for the best health insurance plan for you or your loved ones.

Here is the list of General Misconceptions about Health Insurance that are quite common among individuals who are not well verse with the concept of health insurance and keep living their lives on some general myths stated below:

Cover under Company Sponsored Health Insurance Plan Is Sufficient

Health insurance offered by your company is indeed an amazing freebie that you may be proud of today but can later regret too. Remember your company sponsored health insurance plan will give you a fundamental inclusion which will deal with your essential hospitalization only. It can be neither adequate nor comprehensive in the medical coverage division. Thus, it is critical to check advantages and aggregate approach inclusion in a gathering medical coverage arrangement and evaluate in the event that it is sufficient for yours or your dear ones needs. To remain protected all the time, it is ideal to purchase extra medical coverage in the event that one chooses to change occupations or if the business chooses to limit the medical benefits.

Long List of Covered Day Care Processes Are Favourable

Another General Misconceptions about Health Insurance is that long list of covered day care processes is favourable, although insurance holder does not understand that longer the list, lesser are the chances of getting claims. So, the smart way to deal with this is to pick a health insurance which covers expansive treatment classes and bland strategies as opposed to particular ones.

Too Healthy and Young to Buy Health Insurance Plan

This is a major mistake many commit while trying to cheat on themselves and playing with their health for lifetime. In all actuality, the perfect time to buy medical coverage is the point at which one is more healthy and young. An insurance policy bought right off in the early stage of your life and refurbishing it frequently, prompts enhanced claim experience when in need.

Pregnancy Does Not Get Covered

In India, this misconception has stimulated from the truth that time back pregnancy does not get covered under any health insurance plan. However, with the time this concept has changed, and health insurance providers are now covering even pregnancy in their plans though some norms need to be fulfilled.

Health Insurance Plan Benefits Starts from the Day of Your Purchase

This is another common myth out of General Misconceptions about Health Insurance. Each medical coverage strategy accompanies a 'holding up period'. Before that period claims against particular sicknesses are not engaged. In the initial 30 days from initiation of the medicinal services arrangement, no illnesses are secured. Insurer holder gets the claim from the earliest starting point only in case of accidental hospitalization. Rest for already existing illness different health insurance companies has different norms.

Prefer to Buy Insurance from Agent over Online Mode

General Misconceptions about Health Insurance also includes a myth that buying online insurance is not a good idea and can lead to fraud later. Although the truth is that purchasing health insurance online is much safe and better way of saving time and money. Indeed, obtaining medical coverage arrangements online should be preferred over getting insurance from agent since premiums are typically lower for online approaches. This is on account of no operators are included and thus no agent commission system exists in online purchase.

Health Insurance Are Only for Tax Saving Purposes

As per General Misconceptions about Health Insurance in India many insurance buyers have this observation buying insurance is essentially for tax saving purposes rather than fulfilling the purpose of the insurance. On the off chance that you have purchased your medical coverage for taxing saving purpose and are least bothered about your health insurance policy norms that you may face difficulties at the time you need to make claim against your health insurance. So, it’s better to purchase health protection plan for its fundamental reason and that is to insure your health.

These are some General Misconceptions about Health Insurance which if taken into consideration carefully prior in advance can save you from many blunders in your life while allowing you to live a risk- free life. Make informative decision and try to avoid above mentioned General Misconceptions about Health Insurance.

IRDAI Raised the Minimum Personal Accident Cover to Rs.15 Lakhs

Vehicle insurance is one of the largest insurance sectors in India. We have lakhs of vehicle owners who has a motor insurance plan as it is mandatory by law. Keeping these staggering numbers in mind, the Indian general insurance industry constantly upgrades itself, with the IRDAI guiding the way. A recent revision to the personal accident cover is sure to bring about a lot of relief to every driver on the streets of India. As per the recent notification, IRDAI raised the minimum personal accident cover to Rs. 15 lakhs.

The Amendment

So, what is this news that’s causing such a roar? Well, the IRDAI has directed all the general insurance providers in India to raise the minimum personal accident cover for owner-drivers to INR 15,00,000 for a yearly fixed premium of just INR 750. This is a huge jump from the earlier covers of INR 1 lakh and INR 2 lakh respectively for two- wheeler and commercial/private four-wheeler vehicles. All other components of a regular comprehensive motor insurance plan will remain unchanged.

How does a personal accident cover work?

A personal accident cover promises to pay a sum assured to the beneficiaries if the policyholder dies in a road accident. In this case, the vehicle owner or the driver at the wheels when the accident occurs gets the benefit. So, if he or she dies in a road accident, his or her kin get a sum assured. Vehicle owners/drivers previously had a personal accident cover of only INR one or two lakhs. This was quite insufficient. But now, IRDAI raised the minimum personal accident cover to Rs. 15 lakhs, so the policyholders can breathe a sigh of relief.

Why IRDAI Raised the Minimum Personal accident cover to Rs. 15 lakhs?

If you ask, why this increase, then the answer is that the roads in India are far from being safe and traffic violations are rampant. At such times, everyone looks for some security. They wish to return to their family at the end of the day. And even if that becomes an uncertainty, the promise of the large personal accident cover acts as a solid guarantee to protect the loved ones at all times.

So, with the rise in road accidents, a mere coverage of Rs. 2 lakhs for the owner-driver of a four-wheeler wasn’t sufficient to even meet the hospitalization expenses, if any. With the rise in coverage, even though the premium increases from Rs 100 for a coverage of Rs. 2 lakhs to Rs. 750 for a personal accidental coverage of Rs 15 lakhs, it is worth the spend.

Positive Impact On Drivers

Though just announced, the move from the IRDA will surely have a positive impact on the drivers. Previously, higher personal accident covers were available from certain general insurance providers. However, the policyholders had to shell out additional sums of money for their raised covers. This is because the higher covers were only available in the form of riders. This made the cover expensive and out of reach for many people. The IRDAI’s directive therefore is sure to bring in joy to both the two-wheeler as well as four-wheeler owners as they are now guaranteed to stay protected in a more wholesome manner by paying an affordable premium of INR 750 a year.

Premium and Coverage Rise

Vehicle owners might not be too happy with the compulsory rise in premium.

	Before	After
Premium for PAC of Four-wheelers	Rs 100 + GST	Rs 750 + GST
Premium for PAC of Two-wheelers	Rs 50 + GST	Rs 750 + GST

But the rise in coverage is quite beneficial.

	Before	After
Sum insured for PAC of Four-wheelers	Rs 2 Lakh	Rs 15 Lakhs
Sum insured for PAC of Two-wheelers	Rs 1 lakh	Rs 15 Lakhs

But, in the long-run it will create a positive impact on the industry as a whole.

Benefits in the Increased PAC cover

The benefits can be listed as below:

Higher personal accident coverage for owner-drivers
The personal accidental coverage plan of any motor insurance policy covers death, disability as well as dismemberment due to any road accidents, mounting or dismounting a car.

The claim is payable on the basis of a grid, which looks like:

Accidental Death	100% of the sum insured is paid to the nominee
Loss of two limbs, sight of both eyes, one limb + sight of one eye	100% of the sum insured is paid to the policyholder
Loss of one limb or sight of one eye	50% of the sum insured is paid to the policyholder
Total and permanent disability	100% of the sum insured is paid to the policyholder

The details of the same can be found on the policy wordings of PAC.

Add-on Options

If a vehicle owner feels he or she needs an even higher personal accident cover, he or she can opt for the same in multiples of Rs 1 lakh or Rs 5 lakhs, with a minimum of Rs 15 lakhs coverage, at the time of applying for the motor insurance plan. Mostly all the comprehensive motor insurance policies have provisions for other riders as well, which are add-on covers at an added cost.

Welcomed by the insurance industry

The move to raise the personal accident cover has largely been welcomed by the Indian general insurance industry. The stalwarts in the industry acknowledged that the move was a step in the correct direction and welcomed the change as a positive one.

In Conclusion

This is an interesting and much needed change to have taken place in the motor insurance sector. With a higher personal accident cover in place, vehicle owners/drivers will be able to drive their vehicles with a greater peace of mind. The fixed, affordable costs have also made this a viable reality for a large section of society.

Are Car Accident Injuries Covered in Health Insurance?

Like emergencies, accidents do not happen announced and with the road conditions and the way people drive, these have become very common. Preventing an accident is not easy as most of the times it happens due to the fault of others but protecting yourself from the expenses involved is a good idea. To pay for the repairs of the vehicle, a comprehensive car insurance is a must, but an insurance policy is needed to pay for the injury to the owner. The question that arises is are car accident injuries covered in Health Insurance? Usually, people have a health insurance policy, but are not sure of what it covers.

Health Insurance and Personal Accidents: What is covered?

Many people understand the importance of a health insurance policy but are not clear if it covers accident injuries. The answer to this question is, yes. Health insurance does cover accidental injuries. There are some things which are covered but there are many which are not covered as well, and thus, having a clear understanding at the time of buying the policy is essential. Let us talk about what all is covered:

Ambulance Costs: This is a coverage that will be given if an ambulance is needed to bring the insured to the hospital for treatment. Mostly, health insurance policies have a cap on the ambulance costs and this should be known. However, this is a cost which will be paid for in part, if not full.

Hospitalisation: If the insured meets with an accident and needs to be hospitalised, expenses like room rent, doctor’s fees, operation charges if any, surgeon’s fee etc are all covered. All these expenses are covered in a regular health insurance policy and thus, apply for hospitalisation due to accidents.

Post Hospitalisation Expenses: Once discharged, there are many expenses which have to be incurred to ensure the patient recovers completely. Most insurance policy cover these expenses for a fixed number of days after discharge. The medical expenses which happen after hospitalisation are also exorbitant and it is a great relief if they are paid for.

Health Insurance and Personal Accidents: Types of car accident injuries and its coverage features

Health insurance covers accidental injuries from the first day of the inception of the policy. There is no waiting period like some other clauses. Though injuries and hospitalisation are covered, there are some coverage which is not available. Let us talk about exclusions in terms of an accident now:

Disability: A regular Health insurance policy does not cover any disability. There will be no payment for special benefits which a personal accident policy will give but the treatment in a hospital will be paid for.
Deaths: If a person is hospitalised after accident, the treatment cost is covered but there are no special benefits if it causes death. If the death happens immediately after the accident, there is nothing that the health plan will pay.
OPD Expenses: Most health insurance policies only cover in patient hospitalisation expenses and thus, in case there are minor injuries due to the accident they might not be covered. Some health policies have a restriction on the amount on OPD and thus, this is valid in case of car accident injuries.

Stand-alone Personal Accidental Plans

Usually when buying health insurance policies, people think of critical illness or hospitalisation and thus, do not think if any car accident injuries are covered. The health insurance policy will cover injuries due to accidents, but the above exclusions are valid too. For those who need coverage against accidental disability and accidental deaths, they should take a personal accident rider or preferably a stand-alone personal accident policy. Not all health plans offer this rider and if they do also, there is a limit and the coverage is not as extensive as in a Personal Accident Policy. Disability and death can have a major financial implication on the family and thus, this coverage is needed for everyone. As these benefits are not available in a health insurance policy, one must have a Personal accident policy which will be provided by the same insurer as the health policy.

There are many policies available today and thus, one must compare and buy the best. A comparison can be done online on an insurance aggregator website. Though, no one wishes to fall sick or meet with an accident, but these are things which are beyond our control. So, to ensure you and your family are covered and protected from any financial emergency you must have a health insurance and a personal accident policy. Though the basic treatment costs will be met by the former, but it is the latter which provides the needed coverage.

Things to Keep in Mind When Buying Health Insurance

Many understand the importance of insurance in our lives but there are a few who understand its nuances. Buying insurance is not a child’s play and with the presence of so many insurance companies offering various plans for each insurance, it has become more confusing if nothing else. Out of all the insurance policies, one policy which everyone must have in the present times is that of health insurance. Thus, the things to keep in mind when buying Health Insurance become all the more important.

Inflation in the medical expenses is growing exponentially and that too every year and thus, getting the best treatment can become unaffordable sometimes. This is why a health insurance policy is needed. In the medical insurance too, there are several kinds of plans available and thus, one has to understand their exact requirements to know which plan will suit them the most. However, with the umpteen options available, there are some basic guidelines and things to keep in mind when buying Health Insurance policy.

Top #8 things to Keep in Mind When Buying Health Insurance

Renewability: Policies can have an age limit till which they provide coverage. It is a known fact that there are higher chances to fall ill in the later years of life. Thus, a policy with the maximum age coverage is the ideal choice. There are options to buy family floater policies also where one can cover their dependent parents.

Verdict: Most health plans are lifetime renewable plans and these must be the first choice when buying health insurance for the family.

Sub Limits: Some health insurance policies have a sub limit on the room rent, ICU charges, doctor fees, etc. which is predefined as a percentage of the total coverage. For example, if you have a health plan of INR 5 lakhs with a room rent capping of 1%, then your hospitalization coverage will be provided for rooms till INR 5000 per day. If you choose to stay in a room where the rent is more than INR 5000 per day, then the remaining amount will not be covered and all other expenses will also be deducted from the total billing on a pro-rata basis, even though the total billing might be way lower than the coverage limit!

However, there are some health plans which have no sub-limits. Thus, if you have a health plan of INR 5 lakhs and your hospitalization expenses are INR 1.5 lakhs, then the entire amount will be paid, irrespective of the amount of room rent which you chose!

Verdict: Thus, you need to opt for a plan with higher sub-limits or no sub-limits at all so that you can choose the type of room you prefer to stay in your choice of hospital!

Network of Hospitals: The biggest advantage of buying a health insurance plan is that one can get treated in hospitals without paying the huge bills from their own pockets. The cashless treatment is only available to the insured from one of the network hospitals of the insurance company.

Verdict: This makes it imperative to choose a policy which has a large number of network hospitals including the one close to the house with good medical facilities and the one which is a preferred choice for being treated.

Coverage of Pre-Existing Diseases: Most health insurance policies do not cover any pre-existing diseases from the date of policy inception and have a waiting period of 2-4 years for certain listed treatments like piles, fissure, gall bladder stone surgery, cataract, etc. This implies that if the is any hospitalisation during the waiting period for any of the pre-existing diseases, there will be no coverage. Some plans also have a waiting period to provide maternity cover and thus, young couples should be careful about this clause.

However, there are plans which do cover pre-existing diseases as well, maybe with a co-payment or a slightly higher premium.

Verdict: When choosing a medical insurance policy, one must take care to choose a policy which has a low waiting period. Also, if you have an existing health plan where you have completed the waiting period, do not forget to port the same when changing policies or insurers!

No Claim Bonus: No Claim Bonus is a clause that one must check in their health insurance policy. In some policies, it can be an annual free health check-up, some shopping vouchers whereas in some it can be an increase in the sum insured for every claim free year.

Verdict: The No Claim Bonus comes handy in that year where your hospitalization bills suddenly shoot up and so choosing a plan with a healthy no-claim bonus is a good practice!

Add on Covers: Each insurance policy for health has an option to opt for add on covers and riders. These are optional coverage options which can be availed by paying an extra premium. One must know about all the options available and choose the ones they think will be used.

Verdict: Options like riders for critical illness are the ones which can be opted for as they can come in handy if needed.

Ascertain Requirements: The medical requirements of the family members and their age must be considered when buying health insurance for the family. A young couple planning to have a baby need to consider the maternity bills whereas some need to take care of the requirements of the ageing parents. Lifestyle diseases are on the rise, thus a sufficient cover keeping in mind the inflation must be chosen.

Verdict: Sum insured must be chosen wisely keeping several factors in mind and also accounting for rising medical costs.

Restore Option: The restore option is offered by many insurance companies in their health insurance policies. Under this option, by paying an extra premium one has the option to restore the sum insured in case it is exhausted and hospitalisation is needed again. Thus, if you have a policy of Rs. 5 lakh and the bill is Rs.3 lakh, it will be paid under the policy. Now, if due to some reason, the insured is hospitalised again after 6 months and the bill again is 3 lakhs, it will be paid by the company as the sum insured will be reset to 5 lakhs after the first 5 is exhausted.

Verdict: The restore option comes in handy for someone who has some problem and might be needing frequent hospitalisation and also for those who have a family floater policy.

Understanding the Policy

Having a clear understanding of the policy with respect to the inclusions and the exclusion is essential to be able to get the best out of it. While selling there are some aspects which can be not disclosed and thus, one should compare policies and understand the fine print.

There are many options available today when buying a health insurance policy. One must compare all and see which suits their requirements the most. Policies can be compared online on insurance aggregator websites which help in easy comparison. The importance of a good medical insurance policy is only understood when there is a need to file a claim and sometimes, realising the mistakes then can be too late. Thus, one should be careful and use the above points to buy a good policy.

The Role of Top Up Plans in Health Insurance

Our home is undergoing a makeover for the festive season ahead and we are trying to tone it up by throwing away the unnecessary items lying in the house for long time. In this search, I happened to find few old albums with my childhood pictures. I quickly ran through them and it was a pleasant surprise for me to unexpectedly run through those childhood memories. The first pass port size photograph for school admission, fancy dress competition, a picture when I was sleeping along with my pet dog and so on. It was an overwhelming emotion to see all of them as my parents left no stone unturned to keep my memories safe. Just like every other loving parents, they took extreme efforts to shape me up as a reasonable individual. I always feel like giving back the same love and affection to them and I think I did it so far with the same intuition. However, they are growing old day by day. It may not matter the most if I took care of them till now, but it matters now whether I give them a comfortable living in their old age or not. With every passing day, they are ailing with lessened vigor. What is it that I can do to keep them safe and happy?

A decent insurance policy! As a matter of fact, I bought a policy for both of them! But does that cover from all the threats? I don’t want to stop myself in scouring for the detailed information. In this course, I found interesting information. “Super Top up plans in health insurance”!! Let me explain you the role of Super top up plans in health insurance! Many people think that a health insurance policy suffices all your hospitalization bills. But it may be untrue! You read that right. There are situations when you end up exhausting your insurance coverage. And the additional bills incurred after the coverage is exhausted may drill your pocket. Suppose if you have an insurance coverage of Rs.5,00,000 and your hospital bill is Rs.7,00,000, you only get a coverage of Rs.5,00,000. The rest of Rs.2,00,000 may drain your bank accounts. If you go for a top up, it may save you from these unexpected bills. In simple terms, a super top up plan protects you after your insurance threshold limit gets over.

However, it is unlikely that you get the super top up coverage before you consume the actual insurance coverage of Rs 5,00,000. Inorder to activate a Super Top-up plan, a minimum threshold limit has to be achieved known as the Deductible, which you can choose along with the necessary Sum Insured at the time of purchasing the Super top-up plan. In the above example, it is not possible to spend the top up coverage amount that is Rs.2,00,000 first and Rs.5,00,000 later. The higher the premium for super top up plans in health insurance, the better the coverage would be. However, it is not always correct to follow the premium rates in order to call it a better policy. You may hire an insurance advisor to understand the loopholes of an existing policy with a top up plan. They understand it better and can anticipate the policies which have maximum coverage for lowest premiums for you. They would also help you in comparing the features of different policies and their top ups thereby enabling you to pick the best one out of the lot. It is not necessary to pay for the super top up plan at the time of purchasing the insurance policy. As the name suggests, you can add it on later. However, it is also possible that you purchase a super top up plan at the time of purchasing the policy.

Since both of my parents are growing old and are ailing, I prefer to add a super top up policy to both of their policies though I have not taken them at the time of purchasing. I at least can have a sense of security that I can get them the best treatment in my limits without having to think about the consequences and hospital bills. After all their years of hard work for me and my upbringing, it is the least thing that I can pay for them for their well- being. It is just that they took care of me when I needed care and now, I take care of them when they need the care. It is simple to get a super top up plan online and you can even get comparisons between the various available plans. I could finish the job by the evening and it gave me a sense of security for my parents. After all, it is worth making over the home to understand the role of super top up insurance in health insurance plans and their benefits in safeguarding health of you and your loved ones.!!

Things to Know About Disability Insurance Cover

With the growing uncertainties in this fast pace life style, it become very important for every one of us to protect ourselves for the sake of our family when you are not there with them or when we are unable to earn for any reason and bear expenses of our family. Thinking this way is never wrong and this will help you in understanding why it is essential to take insurance especially if you are the main earning member of your family. Thus, in this case you should be aware of the things to know about disability insurance cover – What it is and how it works?

When it comes to things to know about disability insurance cover, once should start with what is disability insurance. As the name suggested disability insurance is a kind of insurance that pays a few or the majority of an employee’s compensation if that employee winds up handicapped and can't work anymore. This inability can originate from any injuries or misfortune at work and from other weakening diseases like cardiac attack.

Knowing about disability insurance cover includes understanding the fact that disability insurance cover can repay handicapped employee for a portion of the wage he/she has lost while recuperating from injuring or illness. Private disability insurance can cover about 70% of the employee wage as and when he/she is diagnosed with any illness or injury that can lead to disability to continue working further. Disability insurance cover provides the full sum insured in case the insured person is disabled fully. In cases where the insured is partially disabled, the policy will pay a percentage of the sum insured depending on the terms and conditions.

Now we will talk about the price you need to pay in order to get disability insurance cover for yourself or your loved ones. Well, most of us think about the cost while looking to know about disability insurance cover. The premium for disability insurance cover is calculated depending on various factors like your occupation, amount of monthly wage you withdraw, status of your health, your lifestyle habits like weather you consume alcohol or tobacco or not and lastly your tenured and cover amount for disability insurance policy. All these factors are majorly considered by all disability insurance policy providers. Also note that in comparison to other kinds of insurances like motor insurance, health insurance, life insurance, etc., disability insurance cover can be quite expensive.

The topic about disability insurance cover will remain incomplete if it does not help you know about how to get disability insurance policy. To buy a disability insurance cover you need to get in touch with some reliable insurance service provider or broker. This can be easily done by contacting them either online or meeting them personally. These days, most of the insurance buyers purchasing extra disability insurance plans from private insurance service provider.

Keeping in mind the end goal to get a precise statement, you should share all required information with your insurance provider. Make sure that all the shared information is accurate especially information about your wage, occupation, age, current wellbeing conditions and any wards you bolster with your wages. In light of this data, the representative will evaluate the probability that you may wind up incapacitated and decide a month to month or yearly premium you would pay to get the desire payments when required.

Knowledge about disability insurance cover also focuses on some of the vital features of disability insurance policy which you would really like to know before opting for one for yourself. These include the following below:

Disability insurance plan offer guarantee for renewing your insurance plan with same benefits.
Such kind of insurance cannot be cancelled by the insurance provider except in case where insurance holder does not continue paying the premium.
It also offers partial disability rider wherein the insurance holder get permit for part time job with the goal that you can collect piece of your wage from the work and get the partial wage from the insurance provider in the event that you remain disabled partially.
The measure of advantages that you get from the insurance agency in disability insurance plan will rely upon your inability. You may consolidate every one of your approaches and an objective sum might be determined by the disability insurance plan, so the arrangement can compensate for alternate strategies.

These are all together a list of things to know about disability insurance cover before making a final decision of buying the one and saving your future from any of the disability you may come across because of accident, illness or any major health diseases. Keep these things in mind to gift yourself and your loved one the best deal for life.

Related Article: Best Health Insurance Plans in India

Critical Illness Cover Is A Safety Measure Over Financial Crises

Medical coverage plan is a fundamental need nowadays. The measure of premium that we have to pay to get the medical coverage plan is not as much as the expense of any treatment. Before purchasing a medical coverage policy, we should know the highlights of various medical or health insurance plans available in the market. Out of various options undoubtedly critical illness cover is a safety measure to avert financial crises.

A fast examination should be possible on online correlation locales. Web aggregators can help with acclimatizing with different kinds of health insurance plans as well as their expenses too. When we know about these plans it turns out to be anything but difficult to choose the arrangement that we require. One of the essential perspectives that we should check before purchasing any medical coverage plan is every single basic illnesses that they cover. It becomes even more important when buying insurance for covering critical illness as critical illness cover is a safety measure over financial crises.

Critical illness is the dangerous sickness that can incapacitate our life as well as at last lead to death. Some common examples are cancer, Heart Attack, Stroke etc. Other than the likelihood of death, another worry is the gigantic cost it requires for the treatment of critical illness. On the off chance that any of these sicknesses are not secured by the medical coverage designs then it can result in a huge financial crisis. Before checking their coverages, we should comprehend how critical illness cover is a safety measure over financial crises.

Since critical illness cover is a safety measure over financial crises, it is vital to understand the types of critical sickness before purchasing any critical illness cover from any private health insurance service provider. Examples of critical sickness include illnesses like Diabetes, Coma, Apallic Syndrome, Chronic Liver Disease, Major Head Trauma, Deafness, Aplastic Anaemia, Medullary Cystic Disease, etc. These deadly diseases if not cured on time can lead to major health hazards. At times it may even be the reason for the demise of the person.

Now that we know it is not wrong to say that critical illness cover is a safety measure over financial crises especially when you get diagnosed with any major critical illness that may result in death, it is also essential to learn about how mediclaim insurance coverages can battle with the above mentioned critical diseases. The vast majority of the medical coverages offered by private health insurance service provider these days covers numerous critical illnesses.

You can simply check the types of basic sicknesses secured by them. Also, you can take the arrangement that covers the ailments that you might be inclined to or something else. These medical insurance providers outline their item with the goal that the policyholders can appreciate greatest advantages and remain safe. Different private health insurance providers cover different number of critical diseases depending on their terms and policies. This is how critical illness cover is a safety measure over financial crises.

With the inclusion of destructive sicknesses by medical coverage, life turns out to be simple. Diagnosis and recuperation turn out to be quicker and more straightforward also. The significant worries of individuals influenced by such diseases are the manner in which to deal with the costs involved in treating the major critical illnesses. The expenses caused by these diseases are enormous as they require specialist treatment. Other than the cash that you need to spend, it also requires extraordinary care and prolonged recovery periods.

So, in order to keep your family away from stress of financial crises that can occur in case you are diagnosed with any major critical illness, it is suggested to buy critical illness cover plan from a reliable health insurance provider that can best match your needs and work as a remedy in case of financial crisis to recover from critical illness.

Do You Know the Difference Between Network and Non-Network Hospitals?

Getting bored in a hospital! Not to worry much as I am not admitted but took my mother for an outpatient consultation as part of her routine screening. I took a leave for a couple of days to complete this job as this does not take less than 2 days. Yesterday was a little busy with lot of activity as she underwent all the routine investigations. Today, it is time to meet the consultants with the investigative reports gathered. Since everything is pretty normal with her reports, it can be called as a formal check-up and needs no tense moments. I hope I could explain the reason for my boredom. I grabbed a coffee for both of us and started sipping to munch away the half an hour in between a consultation as the doctor was busy in a surgery. My ears stood up with yelling sounds besides me and a man picked up an argument with billing executive in the reception. Since, I had nothing to do, I followed the argument to understand the case. The man was ranting over the executive and she was trying her best to calm him down. The Person outside the counter was accusing the hospital authorities of fraudulence as they were not considering his insurance policy and charging him for the bills while his wife was admitted. I wondered what would have been the case to reject an insurance policy despite paying premiums for it.

The executive was explaining that their hospital was not in the network of hospitals the patient’s insurer was covering. I was puzzled and so was the arguing man. How come an insurance policy is not covered by any hospital? Is there such a thing? I too was in an assumption that my parents’ health insurance policies would cover them for any ailment across hospitals. I immediately took my phone and contacted the insurance agent who has sold the policy. I got relieved with his answer. Let me put things in an order to make the policy holders understand the difference between network and non-network hospitals!

Insurance companies realize that private hospitals usually charge more from the patients who have insurance policies than the patients who do not have insurance coverage. This practice can shut the insurance companies down due to huge losses. In an attempt to stop losses and avoid expending unnecessary costs, insurers teamed up with some hospitals of their choice by including them as a part of their ‘network’.

Considering the reputation of a hospital in preferred localities, the health insurance companies negotiate with these hospitals to balance the costs in an attempt to prevent the hospital bills from surging. The insurance companies request these hospitals to be part of their broad network with a mutual benefit and are therefore known as the network hospitals. Rest of the hospitals across India and are outside this mutual network are considered as non-network hospitals.

Better Understanding of the Difference Between Network and Non-Network Hospitals

Mr. Ram has an insurance policy with cashless benefit. He had to be admitted to a network hospital owing to a medical condition. He gets complete treatment in the hospital. However, despite having an insurance policy, he pays the entire bill from his own pocket. Mr. Ram submits a claim with his insurance company with the necessary original documents. The insurer analyzes the documents and gets the claim application processed and approves the submitted claim as per the terms and conditions mentioned in their mutual agreement of the policy.

In the second case, Mr. Sham has a cashless insurance benefit as per his policy. A visiting hospital which is part of his insurer’s network diagnoses him with an ailment and prescribes to get admitted to the hospital. As Mr. Sham has a cashless hospitalization benefit, his family members arrive at the Third party administrator (TPA) for a cashless hospitalization benefit as they are entitled to it as per their policy. Hence, Mr. Sham gets admitted and avails the best treatment from that hospital and the hospital confirms them that they don’t have to pay anything from their wallet and that the hospital will retrieve the bill from their insurance company. After Mr. Sham gets discharged, his family members approach the insurance company with the required original documents for record purpose. In this scenario, Mr. Sham’s family members only need to pay for the expenses which are not covered in their policy that are clearly mentioned and explained to the policy buyer at the time of the purchase.

In the third Scenario, Mr. Bhim has a health insurance plan too and on the diagnosis of an ailment, he gets admitted to a non-network hospital on the advice of the doctor in that hospital just as the person’s wife who was arguing with the billing executive in my case. It makes no difference whether Mr. Bhim has a cashless benefit or not in this case as he got admitted to a non-network hospital and the insurance company cannot offer him the cashless benefit. He had to bear the entire expenditure and later files a claim for reimbursement. After a proper evaluation, the insurer only approves the charges feasible as per their policy. In such cases, the claim can be fully or partially approved as per the conditions of the policy.

As we can compare the three examples quoted above, it is crystal clear to understand that it is better to get admitted to a network hospital unless it is a health emergency. Even if the policy holder does not have a need to get admitted to a hospital, it is suggested to have a list of the network hospitals to make the best use of the insurance policy. Hope this article gets all the insights to understand the difference between network and non-network hospitals.

Note* Read more articles and Information on Health Insurance at RenewBuy.

Health Insurance for Differently Abled Individuals

Census report of 2011 drew a conclusion that there are approximately 26.8 million people suffering from various chronic disabilities in India and to cater to their needs, there aren’t many insurance companies to offer health insurance for differently able individuals on critical ailments. Despite these companies offering few policies for them, they don’t really give complete benefits to the policy holders. The insurance experts across the country wonder why the insurance industry is not offering comprehensive health insurance coverage to the differently able people who have already faced the nature’s wrath in the form of a disability. However, these communities have given tough competition to the normal individuals with their endurance levels and have achieved remarkable mile stones irrespective of the disability to compel the rest of the community to call them differently able persons. They are differently able for sure for their unwavering spirit. However, it is a fact that a good Mediclaim policy for handicapped person can cater to their health needs.

In spite of the Indian government launching various life insurance plans for physically handicapped, the actual benefits are very basic and are not comprehensive in nature to cover the whopping medical expenditures. However, some private insurance companies offer a decent coverage to the people with disabilities. But they are generally very expensive with high insurance premiums. To put it in a nut shell, the insurance opportunities for differently able people are very minimal in comparison to those of normal people. Before we delve much on this, we should know what does it take to consider a person as differently able?

Birth Disabilities

These are generally the congenital anomalies a person suffers from birth. These include, cardiac disabilities, Cerebral Palsy, Fragile X syndrome, Cystic Fibrosis, Spina Bifida etc.

Disabilities Due to Accidents

This is usually a medical disability caused due to an accident. People with broken or impaired limbs and hands are under this category. People who get partial or complete blindness due to an accident are considered under this category.

Mental Disability

Any mental illness or ailments can be considered as mental disabilities and a policy covers individuals with behavioral issues or psychiatric impairments. Since people with mental disability and birth disabilities are considered as high risk cases, they are hence not covered completely under critical illness plans. But it varies for people with accidental disabilities as they are covered under a policy. Accidental benefit is provided as an inclusion of the plan or as an individual benefit.

Health insurance plans offered by the Government of India

The government of India in order to cater to the health insurance necessities of differently able individuals offers few insurance policies although they are not in customized manner for critical illnesses. Nirmalya health insurance, Swavalambana health insurance are few such plans specially crafted for people with different abilities. While the former is exclusively meant for mentally retarded people, the later is meant for all the people with disabilities. Apart from these government policies, few private companies are also offering life insurance plans for physically handicapped.

Usually, the scale of risk determines the eligibility of coverage in the case of insurance for disabled people. However, it is definitely not the only element but there are many other factors that affect the eligibility of an insurance seeker.

Factors that Impact the Eligibility of a Policy

Existing Health Condition: The current health condition is the primary element an insurer takes into account before offering an insurance plan to a person with disabilities. Past two months is the general time period scrutinized to evaluate the risk. The criticality of the illness decides the eligibility.

Financial status of the family: The issuance of an insurance policy to the disabled applicant depends on the overall income of the family. The insurance company offers an apt policy to an individual on this basis only. The premium also is fixed basing on the quantum of the family income.

Premium Paying capability: As we all know, each insurance policy has its own variable premium. The insurance company evaluates the policy seekers’ bank statements and accounts and will understand whether the applicant is eligible for the policy or not.

If a person is suffering from disorders of body mobility, it is easier to get an insurance policy. Amputated feet or legs, learning disorders, speech issues, blindness etc. fetch an insurance coverage easily. But it is necessary to be available with diagnosis reports from a registered doctor to help the insurance company with necessary documents. It is important for the policy seekers to evaluate the quantum of premium and coverage to call it as a good insurance plan as it saves them against all the health odds which are very vulnerable in their life. Life insurance plans for physically handicapped are a boon to those who have an impaired body and a strong mind to beat all the odds of life. It is in fact a way of challenging nature’s challenges in the best possible way.

Tips to Make the Most of Health Policy Top-Up Plans

No one can predict the future. Not a single person knows what would happen next. The future is totally unpredictable for everyone, so it is always advisable to prepare yourself for the physical, financial or emotional bumps. That’s when health insurance covers play a significant role. But it is generally seen that no health cover is ever sufficient in dealing with the health needs. Instead of purchasing a new health policy every time, it is better to choose top up health insurance plan. This would aid in broadening your cover and extending your threshold at a very nominal cost.

What is Top Up Health Insurance?

Top-up plans are the services that act as an addition to your main health insurance. They include additional medical expenses an insured person has to suffer. Top-up plans have the significance of shielding the buyer from additional expenses.

Tips to make the most of health policy Super top up plans

Ponder upon the cost thoroughly

It is known from a research that a company allows employees to buy super top-up covers between Rs 2 lakhs and Rs 5 lakhs. The annual premium for employer facilitated covers is around Rs 1,000 per Rs 1 lakh coverage. You can always buy a super top-up health insurance plan independent of a base plan in case your employer does not allow you to buy a super top-up cover. It is better to invest in a super top-up plan rather than family-floaters because super top-ups are cheaper. Rs 5 lakh family floater covering self, spouse and one child will cost somewhere between Rs 10,000 and Rs 17,000 a year. A Rs 5 lakh individual health plan will cost a 35-year-old Rs 4,000-7,000 annually.

You need to choose carefully

A policy with a Rs 3 lakh deductible will cover the difference of Rs 2 lakh, if your hospitalization bill is Rs 5 lakh. But, if, you are hospitalized twice in a year, and both the bills count upto Rs 2 lakh each, then your normal top-up plan will not be an appropriate choice. A basic top-up policy will apply the threshold deductible to every hospitalization. Even if the total bill overshoots the Rs 3-lakh limit, each instance of hospitalization is well within the deductible limit. However, a super top up policy puts together all hospitalization claims to calculate the deductible limit. So, in the above example, since the total hospitalization expense, Rs 4 lakh, crosses the deductible limit of Rs 3 lakh, the super top-up plan will pay Rs 1 lakh. Therefore, it's best to buy a super top-up plan.

Understand the deductible

For understanding how your top-up plans work, you need to first decode the deductible component of a health insurance top-up plan. Let us explain this with an example. For instance, you choose a Rs. 5 lakh top-up plan that offers a deductible amount of Rs. 2 lakhs, your Insurance provider will pay Rs. 3 lakhs as a maximum claim amount. While, when your employer offers a health cover of Rs. 2 lakhs and you want to get a cover of Rs. 10 lakhs, you would need to opt for a high-deductible top-up plan that gives you Rs. 10 lakh cover and a deductible amount of Rs. 2 lakhs.

Claim Income tax benefits (IT benefits)

Top-up and super top-up plans are eligible for tax deductions under section 80D of income tax deduction. So, it is advisable to not miss out on income tax benefits on payments of premiums for top-up insurance plans. Total deduction of Rs 25,000 can be claimed if you are paying for a top-up plan that ensures security of yourself, your spouse and children. And in case of security of your senior dependent parents you get to claim up to Rs. 30,000 in deductions.

Well, you need to study every minute detail very carefully before opting for any health insurance top up plan. By choosing them carefully, you can save large on medical bills and avoid sudden medical emergencies. Think about it thoroughly and consider all these tips to make the most of health policy top up plans seriously to secure your health today.

How to Choose the Best Mediclaim Policy?

Whether you are a working individual or a self-employed person, a comprehensive medical insurance policy is a necessity in your life. Most of the individuals wonder about the benefits of investing in mediclaim. You might not feel the advantages instantly, but, the effects are felt when you come across health emergencies. Since medical issues and health problems can occur suddenly, it’s always imperative to be prepared. Make sure you compare policies, go through the benefits, get a detailed idea of the coverage amounts, and then take the final decision.

Choosing a Policy

Picking the right mediclaim policy isn’t an easy thing to do. The market is flooded with numerous options. Choosing the best mediclaim policy that works for you requires attention, knowledge, and research. Keeping the major points in mind is crucial. When it boils down to choosing individual policies or mediclaim policy for family, you should consider the following aspects:

Opt for Optimum Coverage Amounts

Your ingenuity, smartness, and wisdom will help you choose the right plan. Make sure you choose maximum coverage amounts as that will give optimum benefits during treatments. Medical bills are skyrocketing with each passing day. Make sure you opt for a mediclaim insurance that offers optimum coverage.

Family Floater Policies

As a responsible person, you would surely wish to ensure good health for the entire family. Choosing a comprehensive and appropriate mediclaim policy for family will be the best thing to do. You won’t have to purchase individual plans for every member and can protect their health easily.

Calculate Premiums

Without crystal clear ideas of the premium amounts, no individual would like to invest in the policy. It’s highly imperative to develop crystal clear ideas of the premium, as that will help you take the decision. You can take the online route and use mediclaim premium calculator to get actual amounts.

Minimum Waiting Periods for Pre-Existing Ailments

Some of the health insurance policies come with a waiting period of 2 years or 4 years. Every insurance company has special provisions and clauses for pre-existing diseases. If you wish to make the most of your policy, choose the one that comes with minimum awaiting periods.

Claim-Settlement Ratio

Now, this requires some effective research. If you want to get complete peace of mind, it will be imperative to get in touch with a company that has an impressive claim-settlement ratio. Those looking for the best mediclaim policy in India always associate with reputed insurers. The top companies will make sure your claim gets settled in a hassle-free manner!

Go For It

Whether you are looking for best cashless mediclaim policy for family in India or wish to invest in an appropriate mediclaim policy for parents, these factors will help you to a great extent. Compare the policies, leverage the mediclaim policy premium calculator, and choose an appropriate plan to make a smart insurance buying choice.

Related Article: Best Health Insurance Plans in India

Who is Eligible for Health Insurance

Choosing an apt health insurance plan can be a complicated task. Knowing eligibility criteria before selecting and comparing a plan can make this process little easier. Know your eligibility for health insurance before you start looking for options for health insurance.

The Indian government has launched Ayushman Bharat National Health Protection Scheme to provide up to 5 lakh health coverage per year to per family. The scheme will cover approximately 50 crore families with low cost hospitalization and medical charges. Without doubt, we all need a health insurance to avail better health facilities with no cutting deep into the pocket. With the availability of a variety of plans, choosing the best one could be a knotty task. You can make this task little simple by knowing the eligibility for health insurance beforehand.

Need of Health Insurance

Different market studies prove that modern lifestyle is making all of us more prone to illness and as a result of this most of us are leading to unwanted health issues. The consequences of these issues result some serious health problems and for the treatment of the same you would need huge money. Everyone wants to get the best health facility but for a normal Indian it’s not easy. In such scenario, a health insurance plan acts a real savior. As a result, in the past few years the health insurance industry has become one among the fastest growing segments in India and all the leading insurance companies are offering a number of health insurance plans with extended features like wider coverage and aid-on benefits;

Features of Health Insurance

A health insurance could help you to get the cover against the medical expenses, pre and post hospitalization.
It pays for domiciliary expenses, ambulance charges, room rent, ICU charges and many more.
The plan offers coverage against consultations, investigations and medicines, etc. related to your illness.
It also provides cashless medical treatment facility in all network hospitals.
Some plans also offer daily cash allowance.

Who is eligible for health Insurance in India?

What is the eligibility for health insurance? Am I eligible for buying this plan? When you start looking for buying a health insurance plan, these are the key questions which would strike in your or a buyer’s mind. For buying an apt health insurance plan, you have to consider the key factors like, age, premium, coverage, discounts etc. Let’s understand one by one;

Minimum Entry Age: A policy hunter can buy among family floater plans as they cover whole family in a single premium. The minimum age from which you can avail the health insurance benefits for your kid is 16 days to 18 years. The coverage will vary as per the age of each beneficiary of this plan.

Medical Condition: If you are buying a health insurance after the age of 45, you may have to undergo a medical exam for getting a health cover. In some cases, pre-medical tests are mandatory for buying a health insurance. After age, your health condition is the 2nd most important factor that the insurance companies consider to set the premium amount of your health insurance plan. If your insurer doesn’t ask for medical tests, in that case you are supposed to submit a declaration of good health. In the declaration, you have to confirm all about your pre-existing medical conditions. If you are in good health, in that situation, your insurer can offer you competitive premium rates. It will also benefit during the time of making a claim.

Check List for Buying an Effective Health Insurance Plan

No claim Bonus: You will be eligible to get a No Claim Bonus (NCB) for not making a claim in a policy year. You can avail this benefit during the time of renewal of your plan.

Family Discount: When your family members are covered in the plan, insurance companies offer this discount at a flat rate depending on the total number of members being covered in the plan.

Usually health insurance companies try to offer the best coverage and go well with the needs of maximum policy buyers. So, in order to buy the best health insurance plan first verify your eligibility for health insurance.

How to Choose an Affordable Health Insurance

Health insurance always comes with a simple solution to a confusing plate of choices. It can be a tricky landscape to navigate, as there is a plethora of health insurance plans from all leading insurance companies. One can either hit the right jackpot or end up being duped of their precious money into a Ponzi health insurance plan. Various factors should be at the forefront of your mind to choose the one that is best suited for you and your family.

How to choose an affordable health insurance that befits your needs? What are the factors that affect your policies? The information shared here will answer these questions in detailed manner. Before we get into the metrics and steps; let us first understand how precisely a health insurance policy is different from other insurance policies.

What is Health Insurance?

A health insurance policy is a contractual agreement between a policyholder and an insurance company. The policy will cover medical expenses of an insured individual. The policyholder agrees to pay premiums to the company periodically, for over a period and the company pays the sum insured to the policyholder at the time of medical emergencies.

Factors that determine your choice of an affordable Health Insurance Plan

A single policy does not suit every other person. A plan that serves great for your neighbour may not be beneficial to you. As an investor and a policyholder, you should make it a habit of educating yourself. Let us look at the various factors that influence your decision on how to choose an affordable health insurance plan.

Age of the Insured: Your age plays a big factor when it comes to your premium payments and your choice of plan. Health insurance plans are cheaper for younger people than they are for older. The simple logic lies in the greater possibility of the older dying faster than the young one. As crude as it may sound, it is suggestible that you buy a policy as fast as you can. You can start looking at the possibility of buying policies as soon as you have gained some financial independence.

Your Financial Conditions and Your Life Insurance Coverage: Are you an individual or do you have a family that you would like to be benefitted by the money from your health insurance policy? It is essential to figure out the numbers when you are buying a health insurance plan for all family members together. Your health insurance policy should not just be a small sum expected to be paid once or twice in a year. This money could be a financially support to your family, possibly pay for your kid’s education, or your parents’ necessities or support your spouse, etc.

Lifestyle of the Insured: Did you know that insurance premiums vary from person to person based on their lifestyle? The premiums and the policies for an individual with pre-existing health issue will be different from that of a healthy person. It is wise to have a healthy lifestyle for better premium and policy options.

Add-on Benefits of a Health Insurance Plan

Riders are extra add-ons for your insurance policy provided by the insurance company. By paying some amount of additional premium, riders will enhance the overall coverage of your health insurance policy. Many insurance companies tend to provide with additional benefits that include-:

Accidental death benefits
Partial and permanent disability by accident Benefit
Surgical care
Cashless hospitalization in network hospitals
Cash benefit during recovery.
Rider for critical illness

Choosing an Apt Health Insurance Plan

Choosing an affordable health insurance plan can be tricky. Always choose a more extended term period plan with lower premium payments. It is always advisable to compare various health insurance plans online before choosing one. This will also help you to find a policy that will promise an economical premium. Also, check each of the opted plans for all of its terms, conditions, inclusions, and exclusions. Make sure you pick a trusted insurance company. You can check its credentials by understanding its claims to settlement ratio through either a brokerage website or an insurer. Compare various plans online to conclude on the best one that suits your needs. In addition, never hesitate to ask for expert help. There are a number of experts, who can help you in finalizing and picking an affordable health insurance.

Understanding Health Insurance Terms

Important as they are, health insurance terms are no less befuddling for the potential investors. In fact, with more and more health insurance options cropping up on a fairly daily basis, people tend to be more riddled about which is the most appropriate scheme. Accompanying any policy is the terms and conditions which are designed ingeniously. Consequently, laymen may find it extremely difficult in understanding health insurance terms.

Apart from these, a purely technical indulgence kind of petrifies the policyholder. Consequently, one is bound to misinterpret the possibilities. Therefore, it is imperative to educate the policyholder regarding understanding health insurance terms, common and otherwise.

Premium

Premium is the amount of coverage the policyholder shells out each month or year in order to avail the particular health insurance scheme. The premium policy varies from one company to another.

Deductible

Generally speaking, the amount a policyholder needs to pay before the coverage officially takes effect. Also, it is important to keep in mind that deductible and premium are inversely proportional to each other.

Co-Insurance

Co-insurance is essentially defined as the amount of money the concerned policyholder owes to the medical provider after the deductible has been cleared. So far as health insurance schemes are concerned, co-insurance is one of the most fundamental terms associated. Broadly speaking, it is calculated as a certain percentage of the overall amount of the bill.

Co-Pay

As the name suggests, the term is congruent with co-insurance. However, the basic distinction between the two terms lies in the fact that the former must be cleared at the time of service. Essentially, the amount of co-pay does not count on the payment of the deductible.

Waiting Period

One of the most common terms one encounters across health insurance schemes is the waiting period. Essentially, waiting period is the time given to policyholders before finalizing a plan. Usually, the waiting period is ninety days across insurance outlets. Basically, the waiting period is aimed at preparing the customer for or against the concerned health insurance scheme.

Enrollment Period

It is defined as the time specified during which the concerned policyholder may apply or modify a scheme in order for the inclusion of one’s family members. Indeed, a majority of policyholders need an enrollment period in order to accustom their respective plans with major life changes such as marriage, birth and divorce.

Dual Coverage

Defined as the act of availing of more than one insurer, dual coverage is a key term in health insurance. Broadly speaking, dual coverage is generally availed by married couples. However, single individuals may also avail of coverage from more than one insurer at the same time.

Pre Existing Condition

Fundamentally, the term is associated with any kind of pre-existing ailment during the application for a health insurance scheme. Essentially, the concerned policyholder must divulge his or her current symptomatic conditions, if any. It is important to keep in mind that in certain cases, the premium tends to increase, thanks to a pre-existing condition.

Continuation of Coverage

As the name amply hints, it is defined as the extension of coverage provided to policyholders no longer covered under the concerned health insurance plan. Broadly speaking, the beneficiaries of such extensions include the likes of former employees or retirees.

Group Coverage

Apart from individual coverage, group coverage is essentially defined as one which does not require the concerned policyholder to clear the entire premium. In the case of group coverage, plans and premiums are clearly differentiated between the institution and the policyholders. Generally speaking, group coverage policyholders are essentially not denied the coverage for pre-existing conditions.

Employer-Sponsored Coverage

Fundamentally speaking, employer-sponsored coverage is one where concerned employers shell out over fifty percent of the monthly premiums. Apart from that, such schemes may also require the employers to cover the monetary interests of the respective employee dependents.

Short-Term Coverage

Broadly defined as a design for individuals yet to be insured, the short-term coverage plans are generally hailed as one of the most economical health insurance aspects. Consequently, the short-term coverage policy is one of the most sought-after schemes, thanks to its immense economic advantage. However, the provisions are not without limitations.

Benefits of Health Insurance Portability

Are you not satisfied with your current health insurer? Do you feel a desire to shift your health insurance plan to a better insurance company? It is no hassle anymore with the introduction of a convenient concept known as Health Insurance Portability. The Insurance Regulatory and Development Authority of India (IRDA) now allow the people who are not satisfied with their current insurance companies can transfer their health insurance policies to other Companies they wished to join. This innovative concept has brought a relief to many people. Here many doubts and questions must be arising in your minds like what are the benefits of health insurance portability? Let us have a look at the benefits of health insurance portability but before that we need to know the meaning of health insurance portability.

What is Health Insurance Portability?

As it is quite clear already by the name and the above information, health insurance portability allows the policy holders to transfer their existing health insurance policies to a new health insurance provider without losing any of the benefits that your current health insurer provides you. This is a very convenient as it provides the policyholders with the freedom and flexibility to switch to a better health insurance provider at any point of time without having to worry about losing accrued benefits from the existing policy. IRDA has really made it easy and convenient for the people who wish to change their insurance companies.

Process of Health Insurance Portability

It is advised to apply at least 45 days before the date of renewal of existing policy in the new insurance company.
A new insurance company proposal form needs to be filled along with portability form.
Old Health Insurance Company would be pinged by the new company to seek your details that would include medical history and claim benefits.
New Health Insurance Company holds the right to reject the proposal of a policyholder if they find medical history and claim, a bit suspicious. But if they don’t reject the proposal within 15 days, it holds accepted.

Benefits of Health Insurance Portability

There are numerous benefits of health insurance portability to policy holders. Along with the flexibility and freedom of transferring the insurance policy to the desired company, Insurance portability allows customization as well. Policy holders can easily modify their current policy according to their lifestyle changes and health conditions. Much more of the benefits of Health Insurance Portability are mentioned below.

Insurance Portability reduces the chances of the insurers to take the policyholders leniently. You can definitely expect good services from them.
Insurance companies tend to offer existing benefits at lower premiums in the fear of being beaten by competitors.
You can opt for portability without worrying about time bound exclusions in case you have completed the necessary waiting periods according to the new insurer.
Your new insurer is under the obligation to insure you at least up to the sum that was insured under the old policy.
All companies tend to provide policy holders with better claim settlement history and medical history.
After you opt for portability, you would be provided with new upgraded health insurance products in most cases.
In health insurance policy, cumulative bonus can be transferred as well from the existing insurer to the new insurer generally in the form of increase in coverage amount without any additional premium for the same.
Portability available for waiting period of pre-existing diseases allows you to take into consideration the time that you have spent with the old insurer.
There is a lot of transparency created with the onset of health insurance portability as a lot of information is shared across the insurers.
When you opt for portability, you need not pay any extra money except the premium unless in cases where loading amount is charged by the new insurer based on the customer’s medical history.

Health Insurance Portability is a really convenient and flexible way out for the policy holders if they are not satisfied with their current insurers. Because of IRDA, health insurance portability has become a real smooth procedure. Make the most benefits of health insurance portability if in case you are opting for this.

What is The Difference Between Mediclaim Insurance and Health Insurance?

The rising cost of healthcare has compelled people to think about taking up plans that can take care of their emergency medical care costs. Major insurance providers across the country offer several different types of plans that are meant to cover your health. Well, if you have insured your life, it is only logical to think of a health plan that looks after your unexpected medical costs.

You must be well acquainted with the term ‘health insurance’. Health insurance policies are often confused with Mediclaim policies. Though you may assume the both to same, there are significant differences in their structure and benefits. Mediclaim plans are meant to meet your hospitalization and medical expenses to a pre-specified limit only. Health insurance benefits, on the other hand are much more comprehensive than Mediclaim policies. So, it is very important to understand that what is the difference between Mediclaim insurance and Health insurance.

Assessing Your Health Needs - Mediclaim or Health Insurance Plan

Decide on Your Insurance Expectations: If you are looking for a comprehensive health plan that allows you to relax, best health insurance policies are there to meet treatment costs and pre/post-hospitalization costs.

How Much Are You Willing to Put In?: Health insurance and Mediclaim premiums differ in values, according to the coverage provided. Depending on the premium, you can extend the limit of health insurance sum assured. Mediclaim insurance premiums are lower since they offer coverage only for a year.

Look for The Right Cover: Health insurance policy online can provide you a longer health cover, depending on the plan you choose. Mediclaim insurance must be renewed every year to continue receiving pre-existing disease and accident cover.

Major Difference Between Mediclaim Insurance and Health Insurance Policy

To avoid being confused by the terms Mediclaim and Health Insurance plans, let’s take a look on what is the difference between mediclaim insurance and Health Insurance:

Hospitalization: Mediclaim policy benefits payout hospitalization costs due to accident-related admission and hospitalization due to pre-specified diseases, up to the specified limit only. This also includes daycare hospitalization, hospital accommodation, investigative tests and doctor’s fees. Health insurance cover extends to all pre and post-hospitalization costs along with the hospitalization charges. Depending on the type of health insurance plan benefits, you can also be free from the burden of costs that go beyond hospitalization, like ambulance expenses and expenses for income lost due to hospitalization.

Treatment Expenses: Mediclaim policy for family and individuals meet hospitalization related medical costs for treatment of only specific diseases as mentioned in Mediclaim policy details. Health insurance plans online can be taken up to provide comprehensive health coverage against the treatment of 30+ critical illnesses.

Sum Assured: The optimum Mediclaim policy sum assured can be Rs. 50 lakhs only. The best health insurance policy can be chosen to provide the maximum sum assured of Rs. 6 Crores annually.

Critical Illness Cover: Critical Illness Rider offers additional coverage for 30+ critical illness including diseases like kidney disease, cancer, stroke etc. This is available on payment of extra premium along with the main policy. This additional cover is not listed on Mediclaim features list. However, you can opt to buy this coverage along with a health insurance plan to receive optimum coverage and complete safeguarding of health emergencies due to the listed diseases.

Reimbursement: By taking up a Mediclaim plan, only your actual hospital expenses incurred due to hospitalization from specific diseases or accident, is taken care of by the insurer. Reimbursement is done within 90 days from claiming. Cashless facility is also available for insured. Whereas, if you insure your health with a health insurance policy, you are eligible to receive a lump sum amount for hospitalization and treatment.

Policy Claims: Mediclaim policy claims can be made until the maximum amount specified by the plan is exhausted. Health insurance policy claims can be made only once during the health insurance tenure since the payment is made completely.

Bonus/Discounts: Payment during Mediclaim policy purchase can beget you some discounts. Taking up Mediclaim insurance online enables you to enjoy greater discounts from various insurance companies. Other rewards can be loyalty benefit and no-claim bonus.

Health insurance premium payment and policy renewal can reward you with additional discounts. You can even get free health check-up every few claim-free years. Insurers offer lower health insurance premiums for buying health insurance online.

Whatever plan you decide on, plan comparison among the best Mediclaim and health insurance providers can give you adequate health cover while taking care of your wallet too.

How to Save on Health Insurance Premiums?

While I was on my morning radio session, a quick caption caught my attention. “Money stinks if kept unused”! It’s not easy to make money in this world and not everyone can generate money with the same ease. But those who have known the trick, money starts flowing in to them without much effort. However, not everyone who makes money is really able to make money. Money making may be an art but retaining money is a bigger task in its own. Smart people do not let money stink as they know how to regulate it in activity. As per Warren Buffet’s popular quote ‘Never lose money’, our smarter counterparts don’t lose money as they realize that saving money is making money.

The radio quote which was an audio ad for a health insurance company certainly brought a stimulus in me as I started exploring ways to save money. However, it is also important to realize the fact that health is wealthier than saving money and we should not do anything to save money at the cost of losing health. But it is smartness to buy a comprehensive health insurance policy at a cheaper price or to get that extra discount for the same good policy. Since the insurance ad got this idea, I thought of starting savings from health insurance that is from premiums. However, I have to explore the ways on ‘how to save on health insurance premiums’?

Investing in health insurance itself is a smart move as it stops you from paying huge money in the form of hospital bills in future especially when you are not prepared for it. A little insight would save oodles of money to you. Let’s munch on some valid points suggested by experts across the world to know how to save on health insurance premiums!

Visit Network Hospitals:

Unless it is an emergency and if it is a planned hospital visit, prefer going to network hospitals as it saves you money. Your policy takes care of your expenses if you visit the network hospital. If it is out of the network hospital, you may end up paying from your pocket.

Increase Your Deductible:

If you increase the deductible amount, you will have a chance to pay less on your premiums. However, there are few advantages and disadvantages to it. If you are fortunate enough to buy your own insurance, go ahead and do it then. Additionally, make it sure that your family members and you are in sound health. Try to increase the deductible only if you are sure that there is no emergency risk situation in the near future.

Compare Policies Across Insurers:

Every health insurance company offers something interesting to be called as their unique feature and usually no other company has it for a period of time to show their customers that they are ahead of their competitors. However, it is not necessary that the unique feature they have is helpful to you. Remember, every policy seeker has unique needs and priorities depending on their health conditions. So, it is always better to compare policies to look for the best features you actually require.

Explore Premium Calculators Online:

You may say that you have no clue about how the insurance industry works and how to save on health insurance premiums! Feed the necessary inputs on online sites which calculate premiums and the software will give you insightful information about the premiums to be paid if you buy the policy.

Understand Your Policy Before Purchase:

Pragmatically speaking, insurance companies just work for earning their bread and butter. They can play tricks to make you buy their health insurance policy. There will be many loopholes which may trouble you at the time of a claim. Please go through the entire document to understand the terms and conditions and also the claim settlement ratio of the insurance company from which you are planning to buy insurance.

Prompt Policy Renewal:

Many forget the policy once they buy it. Undoubtedly a policy gives a sense of security, but one should not forget that every policy needs a revival to be called as a running policy to retrieve you the claim amount when you need it. That is renewal. If you renew the policy in time, there is no chance of penalty.

Go for Add-Ons:

The trends keep on changing in insurance industry when it comes to answering the question, ‘How to save on health insurance premiums?’ Get timely updates in the form of emails or info-graphics to keep you updated about the trends of the domain. Pick the trending and highly opted add-ons to enhance the features and coverage of your plan.

These simple tips and time would save you from huge premiums and get you the best benefits of an insurance policy. You are already in a worthy contemplation of buying an insurance policy and make it a feather on your cap by choosing the best policy with least possible premiums to save huge amounts of money and safeguard your life in a sense of security.

6 Reasons Why To Opt For Online Health Insurance

Medical emergencies and health-related problems can pop-up anytime! These involuntary situations don’t show up with prior notifications and it is suggested that you should take necessary precautions. Medical issues and critical ailments can catch you off-guard and that’s when a comprehensive health insurance plan saves your day.

Buying a medical insurance can be tedious sometimes with a number of companies in the fray. Understanding numerous high pitches, comprehending details and getting into the actual deal requires an in-depth knowledge of the entire process. However, the presence and availability of online health insurance can make things much simpler for you!

How Online Health Insurance Helps?

When you opt for a health insurance online, you get the opportunity to execute the process instantly. Detailed paperwork and critical documentation takes a backseat. You can compare different available policies, read the offer documents, evaluate probable market risks and then take your final decision. Here are some of the reasons that state why you need a comprehensive medical insurance:

In-Depth Information

Opting for an online insurance can be beneficial in ways more than one. You will get the chance to go through policy documents, brochure, and other details. That will help you develop crystal clear ideas of the entire policy, its benefits and coverage clauses. When you get in touch with an agent, it becomes difficult to get all the authentic information in the form of FAQs from them. Buying the policy online will help you to a larger extent in this regard.

Time Saver

If you want to save your time while buying a policy, taking the online route is the best thing to do. The online process requires you to fill in the details, breeze through the documents and get the insurance online. The insured person might have to undergo medical tests before policy issuance. In a nutshell, the online process takes lesser time compared to manual form filling.

Premium Calculator

Before choosing your online health insurance plans, you might want to know the premium amount and benefits. The premium calculator will help you do so. You can also choose different ‘sum assured’ amounts and take a look at the targeted benefits.

Reduced Paperwork

Online processes and digitized solutions cut down paperwork to a greater extent. Those opting for online health insurance get the chance to reduce documentations. You can work easily, smoothly, and don’t have to undergo critical paperwork. That surely saves a lot of hassles, time, and efforts.

Low Premiums

Traditional processes involve the presence of intermediaries. When they enter into the picture, the cost and premiums automatically increase. Online processes give rise to low premiums because the total costs and delivery reduce to a great extent. Insurance companies can work flexibly and offer greater discounts than before!

Effective Coverage Instantly

Online health insurance policies give you the chance to get instant coverage. Once you pay the insurance amount, you can reap the benefits of the policy. Traditional procedures take time and that makes the entire process lengthy and detailed!

Final Thoughts

Compare the online options and choose the best online health insurance plan. With these reasons in mind, you surely know why you should perform the entire process online!

Things You Should Know About Cashless Mediclaim Policy

Medical emergencies can show up anytime! You might have to admit a relative, family member, or a friend even at odd hours or in the middle of the night. While admitting the ailing person to a reputed hospital is one part of your job, keeping the finances ready for such unforeseen circumstances happens to be another significant task as well. Emergency hospitalisations can occur at any hour. It’s imperative to stay prepared and be ready for such situations. Investing in a comprehensive cashless mediclaim policy will be the best thing to do to prepare yourself for such a scenario. Rather than accumulating cash during those crucial hours, you must concentrate on the patient’s treatment. That’s exactly where cashless health policies come to your rescue. Here’s a crisp guide to the crucial factors worth knowing about cashless mediclaim policies.

Why Cashless Mediclaim Policies?

When it comes to admitting a closed one to the hospital, mental unrest and tension will get the better of you. It’s during this time that cashless policies will help you out! You have to gather profound information on these policies, look for them online, and compare some of the related options. That will surely help you choose the best cashless mediclaim policy for family or individuals. Before anything else, you should know the type of plans. Here’s a short overview of the various types of cashless health plans:

Insurance for senior citizens

If you have an elderly member in the family, make sure you get a cashless health policy for them. From hospitalisation charges and ambulance costs to associated medical expenses, these particular policies will cover almost all of the expenses associated with an emergency hospitalisation. Even senior citizens with pre-existing diseases will also receive coverage depending on the waiting period and policy terms.

Health coverage for the entire family

You can also opt for a family health plan, where the policy owner along with all the other family members will receive complete coverage.

These are the basic plans for cashless mediclaim coverage. You can compare innumerable options in the market and receive best cashless mediclaim policy for family in India. However, before finalising the choice, you must have a clear idea of the inclusions, exclusions and cashless network hospitals near your area. Take a look at the following points before making your first move!

Knowing the details

Do you know how a standard cashless hospitalisation plan works? If the answer is ‘yes’, you are perfectly on the right track. In case you don’t know, here’s a quick reference for you:

You can avail the policy and raise a claim under two conditions. Either it has to be a planned hospitalisation or an emergency admittance to the hospital.

Unplanned or emergency hospitalization

At times, you might need to act promptly and admit your loved ones immediately. Ensuring perfect medical care for the patient will be imperative. Make sure you initiate the claim within a day, i.e., within 24 hours of hospital admission. Here are some steps to follow:

Produce the policy card at the hospital or nursing center. It will have important information such as policy number, the name of the company, and type of health insurance plan.
You have to fill in the pre-authorisation form. The concerned authority will initiate the process right after that.
If you opt for TPA, protocol states that the claim should be processed within 6 hours of initiation. If it’s a planned hospitalization, processes will be different.

Planned hospitalization

Since you are planning it beforehand, you know how to go about the process. Check out these tips, and they will give you an idea of what to do:

Go through your policy and develop an idea of the hospitals listed under the plan. You can also call up the toll-free number of your insurance company to know about the networked hospitals.
Decide which hospital you wish to get admitted to. A pre-authorisation form has to be taken from the place and filled in by the patient. It’s the physician’s responsibility to fill in the second part.
The insurance desk at the hospital will assess and scrutinise the form. Once the authenticity of the filled details are verified, the hospital staff will fax it to TPA.
TPA can accept or reject the claim based on its credibility.
If the form gets approval from TPA, you will receive an authorisation from them along with the sanctioned amount for treatment.

These are the comprehensive approaches followed by medical institutions and insurance companies when it comes to processing a claim. Other than these factors, you should also have certain crucial aspects in mind. That will help you decode the details of a cashless medical insurance policy.

Inclusions and Exclusions

Your cashless policy will pay for hospitalisation charges, ambulance costs, and other associated expenses. However, you will come across certain charges that won’t be covered by them. Knowing about these exclusions is important while raising a claim. Here we go!

Visitor and Attendant fees
Service charges
Ambulance charges
Expenses included in the diet
Toiletry expenses
Documentation charges
Expenses for nebulizers, oxygen masks, diapers, etc.

If you are opting for a cashless health insurance, these are some of the exclusions you should keep in mind. However, senior citizens can have the benefit of getting ambulance charges too.

Things to remember

Whether it’s a planned or an emergency hospitalisation, it is imperative to keep these important factors in mind. Breeze through these points before opting for a cashless mediclaim policy:

You can only get the benefit at network hospitals. If it’s a planned hospitalisation, make sure you admit the patient to one of the hospitals covered under the cashless network list of your insurer.
The hospital has to give proper justifications for all the treatments the patient is undergoing. The patient has every right to ask for it.
Read the policy documents carefully. It’s imperative to keep the crucial factors in mind and learn about the clauses. Your eligibility might get affected because of certain clauses.
Make sure you have copies of crucial medical bills, lab reports, discharge papers, and claim form. These papers will be useful while raising a claim.
Informing the TPA or Third Party Administrators is crucial. Since they are responsible for approving and processing the claim, it will be imperative to inform the TPA.
Take a look at the list of network hospitals before every hospitalisation. You might face difficulties to raise your health claim if you admit the patient in any other hospital, apart from the names included in the cashless network list.

What are the rejections?

Rejections are an integral part of these policies. If you wish to develop comprehensive ideas of every aspect, it will be imperative to know about the rejections too. Here’s a quick look at the conditions for rejections:

If the plan doesn't cover your illness and you have been admitted to the hospital for that, your claim might get rejected. You might have used up the entire sum assured. In that case, it’s unlikely that you will get cashless coverage.
Insufficient information can also lead to problems in raising a claim.
If you have a pre-existing ailment, make sure the information provided by you at the time of purchasing the policy is sufficient, precise, and correct. Or else, there’s a high possibility of the claim getting rejected.
You have to inform the TPA within 24 hours of hospitalisation. Delays in this regard can lead to serious issues in raising a successful claim.

With these pointers and crucial aspects in mind, you will surely get the opportunity to process a claim successfully. If you are thinking about investing in a cashless mediclaim policy, it’s the right time to do it.

Factors to consider before investing

The best cashless mediclaim plan can be beneficial in ways more than one. Once you decide to invest in these plans, here are some factors you should consider:

Efficiency of claim processing

Make sure you know the ratio and efficiency of claim processing while choosing an insurance company. That will determine the speed of your claims getting approved as well as the probability of your claim being accepted or rejected.

No-claim bonus

Some of the insurance providers offer a no-claim bonus to their customers. Check whether your chosen insurance company offers any such bonus for not raising claims during the policy period.

Network hospitals

Keeping a list of network hospitals is important in this regard. Even if you shift to another place, it won’t be difficult to plan hospitalisations in case you are familiar with the list of cashless hospitals in your area.

Pre-and-Post hospitalization charges

There are insurance providers who offer pre & post-hospitalisation benefits. Some of them also cover charges incurred during that time. You should know about these details and find out whether your chosen insurance company can offer these advantages.

Assessing the benefits

So, now you are through with all the crucial aspects involved in a cashless mediclaim policy. However, in-depth information about the benefits will help you to a great extent. Check them out before investing in a cashless health policy:

Instant solutions for hospitalisation
Patients won’t have to shell out money from their pockets
Comprehensive claim-settlement by TPA
Emergency hospitalisations covered
Complete peace of mind

Final take

Investing in a cashless mediclaim policy will be beneficial in ways more than one. However, you have to be judicious and wise while making the final move. You might come across a host of insurance companies offering unique benefits. Read, learn, research, and compare cashless mediclaim policy before finalising the decision. That’s your key to safe hospitalisations and good health!

Things to Consider In Your Health Top-Up Plans

Mr. Verma was a cautious planner and had taken a health cover for his family. He believed that he had taken care of all the medical expenses. Once, life threw a googly at him and he suffered a massive heart attack and had to get hospitalized. The medical bills were found to be beyond his current health insurance coverage and he had to dip into his retirement funds to pay them. Mr. Verma could have avoided spending his savings, if he had opted for health top-up plans along with the basic medical cover.

What Is Top-up Plan?

Simply put, it’s an add-on health insurance cover that comes to your rescue when medical expenses go beyond a certain amount that is known as the deductible. In most cases, the purchaser of a Top-up plan already will have a health cover as well and they will preferably set the sum insured of the health cover as the deductible while purchasing the top-up plan.

Let’s assume that your employer provides you with a health insurance cover of up to 3 lakhs. When you buy top-up coverage, you will most certainly set Rs.3 lakhs as the deductible so that any medical bills beyond 3 lakhs will be paid by this plan. For instance, if you’re hospitalized and your total medical expenses are around 5 lakhs, 3 lakhs will be paid by your insurer and the rest by your top-up insurer.

Let’s Take A Look At The Benefits Of Top-Up Health Insurance Plans

Buying top-up cover is cheaper than extending a basic health insurance plan to cover higher expenses.
Easy to buy and you can purchase this plan from any insurer. For instance, your basic health insurance policy and the top-up cover can be from two different insurance companies.
The top-up cover is available for both individuals as well as families.
You can claim tax-deduction under 80 D when you buy a top-up cover.

Top Three Factors To Consider When Choosing A Top-Up Plan:

The Deductible:

This is the threshold limit below which the top-up insurer will not bear your medical expenses. For instance, if you have a top-up plan with a deductible of 4 lakhs, all medical costs up to 4 lakhs have to be borne by you or paid by your primary health insurer. You are eligible for top-up mediclaim policy only for expenses that go beyond this deductible.

The Claim Process & Waiting Period:

Easier the claim process, the better it is for the policyholder. Additionally, look for insurance providers who have less waiting time for existing diseases and great customer support service.

Network Hospitals & Wider Coverage:

Look for insurance providers who have a wide network of hospitals across the country. Also, additional features like maternity cover, lifetime renewal, and pre & post hospitalization expense covers are great add-ons.

The Major Drawback Of Health Top-up Plans – The Criteria & Clauses

Let’s take a look at the major drawback of top-up plans with the help of an illustration. Let’s imagine that you have a base health cover of 5 lakh and a top-up cover of 5 lakh.

Scenario A: You are hospitalized and are charged a bill of 8 lakh.
Scenario B: You are hospitalized twice during the insured period and are charged two separate bills of 4 lakh each.

Your top-up cover kicks in only for scenario A and not for B. This is because, in the latter scenario, your medical bill hasn’t crossed the deductible limit.

This is where super top-up plans come to your rescue.

What’s a super top-up cover?

Unlike a regular top-up cover, this plan takes into account the entire amount you spend in a year on medical expenses, irrespective of the number of times you’re hospitalized.

Why Opt For Top-Up Or Super Top-Up Covers?

With mounting medical expenses and increasing rates of lifestyle diseases, the coverage provided by your insurance plan is often not sufficient. You have two choices before you:

Increase the coverage of your primary health plan by paying a higher premium.
Or buy a top-up or super top-up health insurance for comparatively lower premium costs for the same total sum insured.

Stay Protected With The Right Top-Up Covers

Top-up plans are excellent supplements to add to your regular health coverage and provide you with two significant benefits – lower premium costs and higher sum insured. They are a great boon for people with lifestyle diseases that require frequent hospitalizations and senior citizens.

Make sure to use online health insurance top-up plan comparison tools to find the right top-up policy that suits your specific requirements.

Should You Disclose Your Illness While Buying A Health Insurance?

When it comes to choosing health insurance plans, both the insurer and the insured start thinking of innumerable aspects. From opting for the accurate health insurance plan to checking the crucial features, numerous tasks are involved in the health insurance buying process. Shopping for the perfect health insurance plan isn’t easy. But we can make it easier by bringing in a greater degree of transparency on facts about person who is to be insured.

Disclosure of Pre-Existing Diseases happens to be one such aspect which the insurance applicant tends to not disclose at the right time. Most of the insurers hesitate while offering coverage for these ailments. Whether it’s due to diabetes, cardiac issues, or even that disturbing knee, insurers might choose not to insure a person.

The Trivia

There’s no denying the intricacies involved in the medical insurance process. Although the leading insurance providers come up with exclusive plans and unmatched customer support, certain complexities can affect the entire process. It’s here that you should know about any Pre-Existing Illness along with its details. Developing a crystal clear idea of the disease will help you shop for the right insurance plan.

What do we mean by ‘pre-existing’?

The literal connotation of the term isn’t that tough to comprehend. All you need to know is its implications in the medical context. Pre-existing condition refers to a disease, a health condition, or a past critical injury suffered by an individual who intends to be insured before/at the time of purchasing the health insurance policy.

Heart disease, asthma, diabetes, and hypertension are some of the most critical diseases. Pregnancy is also included in the list of pre-existing health conditions. If you have already made up your mind to begin a family, make sure you get complete coverage for it beforehand!

Should the insurer know?

Well, the answer to this particular question is ‘yes.' The insurer should know about any pre-existing health condition as that will determine a lot of things. The insurance provider will surely strive hard to optimize his profits and minimize risks. Quite naturally, complete disclosure of your details will give him crystal clear ideas of the real situation. Your insurers will gain the opportunity to evaluate risks, determine premium rates, and assess other crucial details. As a result, they will have the chance to determine policy terms and premium rates effectively. The consequences will be favourable for both the parties whereas non-disclosure can get you into serious trouble, especially at the time of claims. The insurer is at liberty to deny your claims on the grounds of non-disclosure or wrong disclosure of facts regarding the pre-existing medical condition of the persons to be insured.

Disclosure or no disclosure?

If you disclose relevant information about your pre-existing illness, you will get immediate health coverage by paying additional premium amounts in some cases. Or else, you can get coverage after the standard waiting period defined under that particular plan. Generally, the Pre-existing diseases are covered after a period of 3 or 4 years of continuous coverage.

Penalties

Non-disclosure can lead to severe issues. Either your policy will get cancelled, or the insurance company can deny paying the claim amount. Making additional premium payments happens to be another dire consequence.

Should you disclose?

It’s always better to disclose crucial information about pre-existing ailments before taking a Health insurance policy. That will ensure complete transparency for you and the insurer, thus reducing possibilities of claim denials and/or policy cancellations.

Why Do You Need A Health Insurance Cover?

No matter how much we take care of ourselves, an unfortunate mishap can result in deteriorating health. This may in turn lead to costly hospitalisation and treatment costs. To support one in such unforeseen circumstances, a health insurance policy should be the top-most priority. A health insurance cover gives you a shield against the heavy expenditure that one faces during unpredictable medical emergencies.

You may come across several reasons for acquiring a health insurance plan. A few compelling ones are discussed below:

Booming medical expenses

Nowadays, the medical expenses are sky rocketing. Therefore, not holding an appropriate health coverage can land you in financial ruins. At the same time, you cannot see your dear ones suffering from pain. Therefore, to provide them the best quality treatment and to save yourself from a large financial burden, you need to enrol for one of the best health insurance plans.

The health insurance plans generally cover all the expenses involving following areas:

Medical tests and doctor’s fees
Ambulance Costs
Hospitalisation Costs
Post-hospitalisation charges including doctor visits, different diagnostic tests as well as medicines

Individual health insurance plans cover various aspects related to the medical treatment. If you want to know them in detail, then you have to consult your preferred insurance policy provider.

Relief from Big Expenditure

Health insurance will help you to get access to high-quality healthcare services whose costs create a heavy pressure on most of the people. Not having family and individual health insurance plans means paying for the treatment bills straight from your pocket.

Several people experience a tough situation when they face an unexpected medical emergency. You can get rid of such situations with the help of an appropriate health insurance coverage.

With a good health insurance cover supporting you, there is little chance of stress due to lack of funds for medical expenses. Your financial stability is not a considerable factor anymore as with the help of an active health insurance policy, you can easily avail the appropriate treatment at any of the network hospitals with the fulfilment of the terms and conditions involved with the policy.

Cashless Benefit

The current economic system is based on a digital framework that encourages the use of a digital currency for quick transactions. This is necessary when it comes to medical emergencies where the needed enrolments are to be completed as soon as possible. This is where cashless benefits come to the rescue.

This particular facility tremendously helps a policyholder, when he/she faces a medical emergency that needs medical attention on an immediate basis. Throughout the treatment, all the medical expenses that have been incurred so far will be borne by the respective insurance company. This way, you can avail a quality medical attention without burning a hole in your pocket.

Medical Coverages with diversification

Many people create their medical health plans with alternative treatment methods, such as Homeopathy, Ayurveda, and Yoga. Some of the popular health insurance policies provide coverage to such alternative treatments as well more commonly known as AYUSH benefits.

An ideal health insurance plan provides you these advantages and offers financial cushion right when you need it the most. However, before narrowing down to a provider, you need to compare health insurance plans from multiple insurance companies. This will help you get the best quotes for your specific needs.

Are Pre-Existing Diseases Covered In Health Insurance Plan?

One of the most important aspects that a policy buyer has to consider when buying a health insurance plan is that of the pre-existing diseases coverage. This becomes especially significant when buying a mediclaim policy for family or a floater plan that covers the policy buyer, spouse, children and aging parents. So find out the meaning of a pre-existing disease, and find the best coverages to choose the best health insurance plan for you.

What Does a Pre-existing disease Mean?

As the term suggests, a pre-existing disease is an illness or medical condition that exists at the time of buying a policy. Conditions such as diabetes, heart disease, and hypertension all fall within theclassification of Pre-existing diseases in case the insured members already have any of these conditions at the time of purchasing the policy. Even chronic conditions such as asthma or skin conditions such as Vitiligo or psoriasis can be considered as pre-existing conditions. A previously sustained injury or accident, a disability or a prosthetic limb may also be considered as pre-existing diseases. Family history and occupational risk factors may also be relevant here. This is because all of these aspects have bearing on the insurance company’s financial risk. The concept of pre-existing disease may vary from one insurance provider to another. For instance, the definition set out in a National Insurance Mediclaim policy could differ from that in an HDFC Ergo or ICICI health insurance policy.

A pre-existing condition means an increased likelihood or chance of a covered person becoming sick and making a claim. Even if the pre-existing disease may not be directly responsible for hospitalization, the condition increases the chances of the patient needing additional treatment or surgical procedures in the future. The chances of complications, extended hospital stays, specialist interventions also rise in such a scenario. Hence the risk outlay of insurance companies rises. As a result, insurance providers are reluctant to offer coverage for such conditions and when they do, premiums tend to risebe higher. It is mandatory for the policy purchaser to give all relevant and accurate details about pre-existing diseases at the time of buying a policy. Failing to do so would amount to fraud that would enable the insurance company to be within their rights to refuse to honor a subsequent claim from the same patient(s). So please ensure that all the declarations made in the proposal from regarding Pre-existing conditions are accurate.

How can you Ppt for Pre-existing Diseases Coverage?

The best health insurance plan is obviously one that offers the best coverage for the widest range of eventualities including expenses or complications arising from pre-existing disease. Hence, when buying a Mediclaim policy for family members – some of whom could be aged and who are more likely to have developed age related and other ailments – pre-existing disease cover is very important.

The problem here is that some policies do not offer such coverage while some do so after a waiting period of between one and four years (no claim for pre-existing disease would be entertained for the specified period after policy purchase). Typically, plans that offer pre-existing disease coverage are more expensive and require the policyholder to pay a higher premium. In some cases, the insurance company may refuse to renew a policy because of such medical ailments; since the risk of recurrent illness is very high and hence the frequency and amount of the claims made also increases.

The concept of premium loading is also important to understand here. When a policyholder makes a valid claim, subsequent premiums or policy renewals may cost more. Though the IRDA forbids premium loading as a rule, the fine print of a policy may have some loopholes that permit the insurance company to increase premiums indirectly or for some other reason.

If you want pre-existing disease cover to be a part of the policy you buy, choose a health insurance policy that expressly offers such coverage. Read the policy document carefully. Make full and accurate disclosure of medical history, family risk factors and existing medical conditions as well as past accidents, injuries, acute incidents as well as chronic or episodic problems at the time of policy purchase itself. Also be prepared for higher premiums – after all when it comes to health, it is better to be safe than sorry!

Include Parents In Employees’ Group Health Insurance Policy?

Employee health insurance, also known as ‘corporate health insurance’ happens to be one of the perks that some companies or employers offer their employees in order to attract and retain the best talent for the organization. It consists of health insurance for the employee and in some cases, for their family as well. The premium may be paid entirely by the employer/company or may require employee contribution as well. If you are a company or business owner offering your employees such perquisites as part of the pay package, you have to ask whether it is a good idea to include parents in employer health insurance plan you are offering. Given the fact that health insurance for senior citizens can be burdensome, we look at the pros and cons of covering the health of the parents of employees as well.

Pros of Including parents in employer health insurance plan

A company or employer who offers health insurance to their employees is an attractive proposition for these reasons:

It helps to attract talented, able candidates for the job. This also helps retain valuable talent within the organization making the employee less likely to seek greener pastures in the form of alternative employment.
Typically, valuable experienced employees would be of an age when they have to undertake some of the financial responsibility of aging parents; possibly with significant medical expenses. A company that offers health insurance plans for family which also include aging parents, is an attractive proposition; making the employee feel secure and that much more likely to remain loyal and beholden to the organization.
Some group policies offer pre-existing disease cover and critical illness insurance as well- opting for these makes it doubly attractive for employees with elderly parents.
Health insurance for parents offered by the employer also creates the reputation of a caring, generous organization that is engaged with, and concerned about employee welfare. This serves to enhance the image of the company.
Employees who already have personal health insurance would value additional coverage from their employer.

Why including parents in employer health insurance plans is not recommended?

While including parents in employer health insurance plans seems desirable in theory, there are some practical aspects, which should be considered:

The health insurance premiums are calculated based on the average age of the pool of insured people. Including parents in the employee health plan increases the average age and hence make premiums rise as well. This could make premiums so expensive as to make them unaffordable for the company. In some cases, this could mean reduced or no coverage for some employees of the company.
By a certain stage in one's career, an employee would already have invested in suitable health insurance plans for family and therefore, they would be unlikely to view additional insurance as being much of an incentive.
The fact that a health policy offers tax benefits to the policy holder is another reason that many employees would have bought their own policies or why they prefer to buy a personal policy rather than opt for employee health insurance schemes that their employer offers.
Many types of group policies may not be comprehensive in nature and may not offer coverage for pre-existing diseases or critical illnesses. In such a scenario, the employer health policy might become meaningless for an employee with elderly parents who are very likely to develop acute or chronic conditions or age-related ailments.
Inclusion of parents in employer health insurance plan also means more frequent claims because of a higher likelihood of older people incurring medical expenses or needing hospitalization.

Companies can make the final decision after considering the pros and cons of including parents in an employer group health insurance policy and also factoring in other aspects such as budgetary allocations to make the choice that is best for them and their employees.

Benefits On Renewing Health Insurance Policy On Time

We buy health insurance for the peace of mind it brings us, as well as for the convenience of being able to seek cashless services from a wide network of hospitals at the time of an emergency. This is a stressful time when the last thing one wants to do is run around trying to raise cash. Renewing health insurance on time not only gives you uninterrupted peace of mind, there are other benefits of this as well. We look at the benefits of renewing health insurance plans on time.

Continuing protection?

The best health insurance plan is of little use if it is allowed to lapse. Renew your policy on time to continue to enjoy the protection of a health policy and to ensure that you have the peace of mind of knowing that you and your family are protected.

Accrued benefit - Renewing health insurance on time has benefit beyond the obvious one of uninterrupted coverage. You can also take advantage of any special discounts or incentives that your insurance provider is offering you for renewing on time. If you have not made any claim under your health insurance plans in the preceding one year, you also have the advantage of a No claims bonus which can be in the form of an increase in Sum Assured by a pre-defined amount for the same premium or added coverage features / policy riders for the same premium amount.

Renewing Health Insurance provides you theTax Benefit:

Buying health insurance or a mediclaim policy, the policyholder becomes entitled to significant tax benefits or income tax rebates under Section 80D. To continue to enjoy the tax benefits you should ensure renewing health insurance on time.

A lapsed plan will cost you:

You have chosen the best health insurance plan for your needs and have made a careful choice based on your requirements and lifestyle. By not renewing health insurance on time you are relinquishing the many benefits that have accrued on your policy. Generally, there is a waiting period of 30 days after the issuance of a mediclaim policy before you can make a claim on the policy. This waiting period will start ticking from the beginning yet again when allow your existing policy to lapse and delay renewal. There is usually a waiting period of one to three years (depending on the plan you have chosen) for making a claim for pre-existing diseases. This will also be calculated from the date of first purchasing a policy and is deemed to continue to run each for each year that the health policy is renewed on time. Here again, you would be deemed to have purchased a new policy and will lose your accrued benefits if you permit your existing policy to lapse.

You may not be able to buy a new policy after a certain age:

If you purchase a health policy at an appropriate age; for instance when you are in your forties or even earlier and then continue to renew it on time for the next few years, you will be protected by the policy continuously according to the terms and conditions therein. However, if you decide to let that policy lapse for any reason (you may mistakenly think that it is unnecessary if you had no cause to make a claim in that duration) you and your family are unprotected for that duration. Furthermore, you may not be able to buy insurance as easily later in life. Insurance companies are reluctant to issue policies to older people because they usually have some pre-existing diseases and have a higher likelihood of developing diseases or chronic conditions.

Health Insurance plans become more expensive with age:

The younger you are when you buy health insurance, the lower are your premiums. Hence, if you buy a health policy when you are young and then allow it to lapse, you will find that a health policy becomes quite an expensive proposition later in life.

Clearly there are several excellent reasons for renewing Health Insurance on time. Continued protection of your family's health and well-being as well as peace of mind is just one of them. From the foregoing it is obvious that there are financial and practical reasons why you should renew your health insurance before the date of expiry or within the allotted grace period after the end of the policy.

How To Choose The Best Health Insurance Plan & Its Importance

We live in uncertain times. Illnesses and medical problems can crop up anytime, striking older people, healthy people and even kids without warning. This is why health insurance is so important: no one can afford not to have it! If you think that mediclaim or health insurance plans and premiums are expensive, think of how expensive an unexpected illness with extended hospital stays, costly surgeries and long term care and medications can be! There is no one best health insurance plan in India; rather there are a range of excellent customizable options available.

To choose the best health insurance plan in India, keep the following in mind:

Family size

This is important to consider when deciding whether to opt for an individual or family floater policy. Unless one is single without immediate family and no foreseeable plans to marry, a family floater plan that covers the entire family under one policy premium is advisable.

Amount of mediclaim coverage

According to experts, health insurance plans offering protection up to Rs 5 lakh is sufficient for most requirements. However, in some metros where cost of living and medical expenses are higher it may be advisable to increase the cover amount.

Perfect Age to buy health insurance plans

It is always best to buy health insurance plan early in life. Not only you are likely to get the best coverage, premiums will be lower too. Besides it is important to remember that disease can strike at any age, so it is best to be prepared for any eventuality.

Pre-existing diseases

Usually, health policies require waiting period of between 1 and 4 years before the insurance company entertains any claims for pre-existing diseases (medical conditions which are already diagnosed at the time of policy purchase). Some policies however cover pre-existing illnesses from day 1 of the policy. This is important to keep in mind while choosing health insurance plans, if the policy buyer or anyone in their family has pre-existing illnesses.

Riders

A mediclaim policy is highly customisable with the help of the riders you choose. Give careful thought to the riders you opt for: critical illnesses cover, maternity cover, personal accidental cover, hospital cash, day care procedures, home care cover, etc. Choose the most useful riders depending upon your age and that of your family members, family health history, lifestyle and the nature of your job. The type and number of riders you opt for will increase the premiums you will pay but this also makes coverage more comprehensive.

Policy sub-limits

The best health plans are those that have few or no sub-limits (such as room rent cap, cap on surgical expenses, specialist charges, medications etc). This is important to consider so that you are not constrained to share a hospital room or make do with a lower quality hospital room. Remember, when illness strikes, you are already stressed and worried. At such a time, you do not want to be further burdened by discomfort and inconvenience.

Hospital network

The best health insurance plan can be chosen based on the service provider with the biggest hospital networks. Each health insurance provider has tie-ups with a number of hospitals and diagnostic centers where the policyholder can make cashless claims. A larger hospital network is important because it widens your options and eases hospital admission processes at a time when you don’t want to have to worry about obtaining cash.

Exclusions, fine print

Health insurance plans typically have a large number of exclusions which are very important to know about. The policyholder should know exactly which illnesses and treatments are covered and what are expressly excluded (typically critical illness, daycare procedures, maternity cover, etc). It is very important to read the policy fine print so that the insurance company has no reason to reject a valid claim.

Ensure that you read company reviews to know about claim settlement ratios and after sales service offered by company representatives. Do your research, read various policy documents to choose the best health insurance plan in India or rather choose the health plan that works best for you!

Family Health Insurance Plans For Expecting Parents

Health insurance offers many benefits. However, when it comes to maternity expenses, many health plans fail to deliver. This is mainly because people wait too long to buy a maternity cover. The maternity expenses are commonly covered after a pre-defined waiting period. This waiting period may be for a few months or a few years, depending on the plan you purchase. If you plan to start a family in a few years’ time, it would be wise for you to know how to choose the best family health insurance plans for expecting parents in India with maternity coverage

Benefits of family health insurance plans for expecting parents

Many family health insurance plans offer the medical covers, albeit after a waiting period and mostly upto 2 deliveries. Some of the benefits you get under these plans include:

Childbirth expenses: Whether you have a caesarean section operation or a normal delivery, your childbirth expenses will be covered under the family health insurance plan for expecting parents upto certain pre-defined limits. You can use the claim money to clear the hospital bills. This will make it possible for you to afford the best hospital to have your child in.
New-born expenses: A maternity plan usually has provisions for the medical expenses of the new-born child. The nursery charges, initial medicine and vaccination charges all are covered under the plan. In other words, all the healthcare your baby receives in the hospital right after birth is covered under such a health insurance plan.
Extended new-born expenses: Some of the maternity health insurance plans also cover all the health expenses of the new-born baby till the age of three months. So, the vaccination charges are covered, as well as any emergency medical expenses that may occur in that period of time are included. Also, some plans offer coverage in the unfortunate event that the baby is diagnosed with birth defects like Down’s syndrome or Cerebral Palsy.
Pre and post-natal care: As an expectant mother, you will need to make many trips to the hospital. The maternity health insurance plans cover these expenses. The medical bills that you run up as a new mother post-delivery are also paid off if you have a good maternity insurance cover.

These are some of the advantages that you get when you decide to buy a maternity plan. Look for a maternity cover under your family health insurance plan if you want to expand your family in the near future or look for a standalone maternity cover.

Most Useful Features of the Best Family Health Insurance Plans for Expecting Parents in India

Now that you know exactly how beneficial these plans are, let us quickly glance over a few of their useful features:

Coverage up to a high age: Most plans offer maternity benefits upto the age of 45 years.. So, keep an eye on the maximum permissible age when buying the plan. Equate it with your own plans and then make an appropriate choice. Not every plan has the same age clause, so check this carefully before you make a purchase.
Waiting period: Like mentioned above, every maternity cover has a waiting period. In most cases, you will find a waiting period of about two or three years. Some plans, however, do offer a waiting period of just about nine months. Ideally, though you must buy your maternity plan in advance and have your maternity expenses covered sufficiently.
Legal termination of pregnancy: If for some unfortunate reason you have to terminate your pregnancy, you will be offered a financial compensation by the maternity plan insurance provider. The termination, however, must be legal and allowed by your doctor.

These are some very handy features of the family health insurance plans that offer a maternity cover, as well as the separate maternity policies.

In conclusion

Most people dream of starting a family someday. If you too looking forward to welcoming your own bundle of joy and want the very best for him/her as well as for yourself, invest in a good maternity insurance cover. Think ahead when you buy your family health insurance plan as someday you will definitely need the cover. You can offer the best healthcare to yourself as well as to your child by choosing the best family health insurance plans for expecting parents in India. Be healthy in your thinking and pave the way for a healthy and happy arrival of your child.

Prevent Health Insurance Frauds With Little Awareness

It requires a foresight to plan for your health expenditures which may occur in the future as it is a natural human tendency to skip expenses which are not currently required. However, it is a proven fact that such petty allotments save huge medical bills in the future as each one of us are vulnerable to get sick at some point of time in our lives. Everyone should pay attention towards the common norms in insurance industry to stay safe. Allocating a certain amount for paying insurance premiums from your hard- earned money is not less than a budget adventure and what if you do not get the best for this effort when it is actually required?

Well, there may be a question as to what can be the possible scenario to not get the best benefit after all the attempts of paying regular insurance premiums? Fraudulence!! You read that right!! Patients are the soft targets who get exploited as, at the time of emergency, the main concern of the patient’s family is the health of the ill person. Ultimately, it is your premium that is going to increase with every rise in your medical bill. Let’s first understand the possible areas to get deceived in order to prevent health insurance frauds with little awareness.

Medical Packages: Packages are intelligently framed in a way that patients end up getting the investigations done which are often less required. Simultaneously, you may miss a necessary investigation if it is not in the package. The packages are undoubtedly economical but are prone to be deceiving.

Incomplete Claim forms: You may be kept in a situation where you are unsure of the possible expenditure. Therefore, you may be compelled to leave the claim form incomplete to add the additional expenses which may be incurred later.

Multiple Claim Forms in Single Visit: Not every hospital has this practice, but there are hospitals which take multiple signed claim forms from patients on the pretext of different possible scenarios.

Unused Services After Pre-Authorization: There are times when you don’t have to obtain medical services even after getting an authorization from your insurer. This is a convenient situation for some health care providers to exploit patients and insurance companies.

Billing Unused Services: Hospital disposables and investigations are the key areas where you generally skip monitoring enabling the crew to bill you for unused equipment, services and investigations. But you can always prevent health insurance frauds with a little awareness.

Ways to prevent health insurance frauds by staying awake

Get to Know About the Required Investigations: One of the best way to prevent health insurance frauds is that against the general belief that packages are economical, you end up paying more for the unnecessary medical tests included in the list. Discuss with your doctor and know the importance of each investigation in establishing a diagnosis of your condition.

Don’t Ever Leave a Claim Form Incomplete: Make sure you close the list with a cross for unnecessary services before you sign a claim form. The crew may add some expenses later if the space is not cut off. This way you can prevent health insurance frauds.

Inform Your Insurer if Pre-Authorized Services are Unused: It is a positive factor if you don’t need to take expected services but inform the same to your insurer so that the hospitals cannot charge you for them.

Sign One Claim Form Only Per Consultation: Keep it in mind that more the medical bills, the higher the premium! Include all the aspects in one claim form per visit.

Check the Bill Before Finalizing: This is the vital part to stay safe in your medical insurance tenure. It is your right to question the hospital authorities and the hospital is accountable for every penny they charge. Check the bills thoroughly to question the incorrect and unauthorized charges. Try to get the claims authorized by your insurer before visiting a hospital and check the investigation and billing procedures to ensure better insurance claims with rewarding premiums and prevent health insurance frauds.

After all, you and your insurer are in an agreement and both of you should be in a harmonious relationship to protect your mutual interests. To ensure this, save your insurer from unnecessary expenditure from the hospital’s end to secure lower premium amounts and higher insurance benefits. All this can be attained with a little awareness to prevent health insurance frauds and hope this article helps in educating you about the fraudulent norms in the insurance industry.

Health Insurance Plans For Children

Children are an integral part of every household. Parents want the best for their child right from the available child-care services to education and future career. Parents try to provide the best care for their children and yet health risks are unavoidable for which taking health insurance plans for children is mandatory. Even after utmost care is taken in bringing up children, children are exposed to various health risks. In case of any medical contingency which the child faces, the parent would have to pay for the high medical expenses out of his/her pocket. Such expenses might put a financial strain on the parent because of the huge amounts involved. It is, therefore, advised to have health insurance plans for children as well to protect against medical costs incurred in children’s health contingencies.

Coverage of Health Insurance Plans for children:

There are two options in which children can be covered under health insurance plans. These options are as follows –

Under a family floater plan

A family floater health insurance plan covers the whole family under one policy. Since children are also a part of the family, they are covered under a family floater plan. Up to two dependent children can be covered in all family floater health plans. Some plans also allow coverage for up to four dependent children. Children aged 91 days and above can be covered under family floater health plans provided at least one of the parents is covered in the same policy as well. Also, there are few plans that allow children of aged 16 days and above to be covered in a floater plan as well. There is a maximum age up to which dependent children can be covered. This age ranges from 23 years to 25 years across different health insurance plans.

Under an independent health insurance plan

Dependent children can also be covered under independent health insurance plans. Children aged 5 years and above can be insured under independent health plans. This type of coverage is offered by limited number of insurers.

Coverage for new born children

Whether you buy family floater health plans or independent health insurance plans, in general, the minimum entry age for children is 91 days and above. For covering new born babies, health insurance plans for children with maternity and new born benefit should be taken. Health plans which cover maternity related expenses usually allow coverage for the new born baby. In many plans, new born baby coverage is also allowed as an add-on.

Coverage benefits to look for when insuring children

When insuring children under a health insurance plan, you should ensure that the plan has coverage features meant for the children too. Here are some common coverage benefits which should be taken in a health plan that covers children too –

OPD coverage – OPD coverage means coverage for small medical expenses which are incurred on an outpatient basis. Since children are very prone to falling sick and requiring regular medical attention, having an OPD cover in the health plan is a good choice. The OPD benefit would cover the consultation charges, diagnostic tests and medicine expenses incurred for children. Moreover, under some plans, OPD cover also covers dental treatments. Since dental treatments are another common requirement for children, opt for OPD benefit which includes coverage for dental treatments
Dengue cover – dengue has become a widespread ailment which can also be life threatening. Though your normal health plan would cover hospitalisation expenses, other expenses incurred on dengue would not be covered. Opting for a dengue plan would, therefore, be a wise choice.
Personal accident cover – children are also very prone to accidental injuries. So, see if your health plan has an add-on cover for personal accident. If it does, opt for the cover for a wider scope of protection for your child
Free medical check-ups – health insurance plans provide free health check-ups once in 1-4 policy years. However, these health check-ups are usually provided for adults in many plans. Choose a health plan which allows free health check-ups for your minor children too. This would ensure that your children’s health is also monitored regularly.

Why is child insurance important?

Children are prone to accidents and illnesses. Since their immunity is not completely developed, they are susceptible to infections and illnesses. Given the high cost of medicine in today’s age, if the child is hospitalised for a serious sickness, the medical bills are substantial. Such high bills pose a threat to your financial stability and this is why covering children under health insurance is essential.

Best health plans for covering children

Plans	Salient features
Apollo Munich Easy Health Exclusive	Sum insured for up to Rs.50 lakhs New born baby is covered at an additional premium payment A daily cash benefit is allowed for accompanying an insured child A maximum of five children can be added under the plan
Star Health Family Health Optima Insurance Plan	Children aged 16 days and above can be covered under the floater plan Sum insured levels up to Rs.25 lakhs New born baby is covered from 16th day if the mother is covered for 12 continuous months Automatic restoration of sum insured
	·
Religare Care	Sum insured levels up to Rs.6 crores Maternity and new born cover available at higher sum insured levels

Understand the nitty-gritties of health insurance plans for children and insure that they are covered under a suitable plan immediately. Medical contingencies do not come announced and when they strike they can wipe out your finances. Your children are not immune to medical threats and so having a valid health insurance plans for children is essential.

What To Do When A Health Insurance Policy Lapses?

A health insurance policy comes with a fixed tenure. Normally, this tenure is for a period of one year. But what to do when a health insurance policy lapses? Nowadays, health insurance plans come with longer durations as well. There are plans which you can buy for a continuous period of two or three years by paying the two-year or three- year premium at once. These long-term plans not only eliminate the hassle of annual renewals, they lower the premium cost too because there are premium discounts for choosing longer durations. However, even in case of long term health plans, renewals are required when the policy duration comes to an end. If you do not renew the plan on time, your health insurance policy lapses.

Let’s find out what to do when a health insurance policy lapse and how it affects the policyholder.

What is a Lapse in a Health Insurance Policy?

What to do When a Health Insurance Policy Lapses?

If your health insurance plan has lapsed, you should pay the renewal premium as soon as possible to renew the plan with existing coverage benefits.

Grace Period Renewal:

There is a grace period in health insurance plans. This period allows the payment of renewal

premium after the policy has lapsed. Most health insurance plans offer a grace period of 30 days. If the policy has lapsed but you pay the renewal premium during the grace period, you can restart the policy. The continuity benefits of reduction in waiting period and no claim bonus would be applicable in such policy which was renewed during the grace period.

Things-to-keep-in-mind about Grace Period:

Why a Lapse should be avoided?

It is always better to renew the health insurance plan before it lapses. A lapse should be avoided because of the following reasons –

No Coverage in the interim period:

There is no health insurance coverage in a lapsed policy. Given the high medical costs, these expenses could burn a hole in your pockets.

Portability:

Renewal Benefits:

If the policy is not renewed during the grace period, you lose the renewal benefits of your existing health insurance plan.

Waiting Period:

Limited Scope of New Policy:

If you are a senior citizen, you might find new health plans to have a limited scope of coverage than your lapsed health insurance plan. Even for others, your new ailment might not be covered under pre-existing clause, which would have otherwise been so, in your previous plan.

Lifelong Renewability:

Moreover, lifelong coverage is allowed only if the policy is renewed without a break. If the policy is not renewed within the grace period, you might not find a health insurance plan for your age.

No Claim Bonus:

Even the accumulated no claim bonus for not claiming in the previous years would be lost if the policy is not renewed on time.

How to Renew/Revive Lapsed Health Insurance Policy?

However, if your health plan has not been renewed and has lapsed beyond the grace period, all you need to do is buy a fresh plan. Since the same cannot be renewed now, you can either continue the same plan with your earlier insurance company by simply paying the premium and undergoing a pre-medical check-up, if the lapse is more than 6 months or compare and then buy a fresh health insurance plan for yourself which suits your needs the best.

Small steps to ensure that you do not lapse your Health Insurance Plan next time

Update your email id and phone number accurately with the insurer and update the same in case of a change, so that you do not miss renewal calls, emails, etc.

You can also create a standing instruction on your account, credit card, etc. so that the renewal gets automatically processed even if you are busy or out-of-the-country or unable to pay within the grace period. This way, you can never miss your renewal lifelong!

With the technology at our side, there is no excuse for missing renewal payment. It can be done seamlessly through net banking, phone banking, app banking, etc. and just with the click of a button.

Why To Buy Online Health Insurance At An Early Age

If you are thinking to buy health insurance online, you are probably wondering what the right age to buy health insurance is. At what age is one too young to do so and at what age is a person too old to insure one’s health? According to experts, it is advisable to buy Health Insurance as early as possible in your life. Whether you are buying online health insurance or buying from a broker, there are several reasons to do so early in life:

Lower Premiums on Online Health Insurance

There are several different parameters based on which companies calculate health insurance Age is a primary parameter. The younger the policyholder is, the cheaper it is to buy health insurance online. The perceived risk of illness and disease is lower among younger people and hence the premiums are lower as well.

No Need for Medical Checkups

Most insurance companies do not require the policy buyer to undergo medical tests or health checkups prior to buying health insurance. In most cases, the insurance company will waive off such tests for the policyholders till he/she reaches 45 years of age. Hence the older you get; the more chances are that you will have to undergo a medical check-up before getting your policy issued.

Online Health Insurance Benefits

A younger person is far less likely to have chronic medical problems or conditions that are likely to result in hospitalization. Hence the policyholder can opt for wider coverage at lower premiums. Since most online health insurance policies have a waiting period of 30 days after the first policy purchase and before any claim can be made, this 30 days waiting period becomes immaterial when one is young. This waiting period is not applicable at the time of policy renewal. The younger the policyholder is, the less likely it is that they would need to make an early claim within that first 30 days period. Furthermore, insurance companies will typically exclude coverage for pre-existing conditions (medical conditions that exist at the time of policy purchase). Since such pre-existing conditions are far less likely at a younger age, this is beneficial.

Disease and Ill Health Can Strike at Any Time or Age

Though the likelihood of a young person becoming ill or contracting a disease is lower than that of an older person, health is unpredictable. Illness can strike at any age. However, health insurance helps provide peace of mind against such an eventuality. It provides protection against conditions that could need surgery or hospitalization, no matter what the age of the person.

Bonus and Tax Benefits

While renewing an insurance policy, insurance companies offer certain incentives called no-claims bonuses to discourage policyholders from making frivolous or small claims. There are also certain tax benefits that a policyholder avails when they buy online health insurance or through a broker. The longer a policyholder maintains their health insurance policy, the more they are likely to earn and save in terms of tax breaks and no claim bonuses.

Wider Choice

There are lot many options if you want to buy health insurance at an early age – a variety of plans and riders, basic and comprehensive policies and an array of insurance companies to choose from. Choices are wider when one is young and healthy. Some companies tend to make it difficult for older people to purchase health Generally, the chance of rejection of a proposal to purchase a health policy is negligible or non-existent among younger policyholders.

Medical Expenses Continue Rising

Medical expenses tend to increase exponentially and outstrip inflation levels every year. Hence it is important to always have medical health coverage.

It is Recommended

Even if an individual’s company provides health insurance, it is advisable to buy an additional policy for more comprehensive coverage. It will ensure that even if a young person finds themselves without a job their health needs are still protected.

From the foregoing, it becomes obvious that health insurance is a must even for young people. In fact, the younger one is when one buys a health policy, the better it is!

Things to know Before Upgrading Health Insurance Coverage

Health insurance is vital. It offers protection against medical costs arising out of hospitalisation, diagnosis, and treatments. With an average cover ranging between Rs. 2 lakhs to Rs. 5 lakhs; it serves as a financial cushion in times of medical emergencies. Yet very often policy holders find this amount inadequate to meet emergencies. Rising inflation has pushed the cost of medical treatments sky rocketing high. Actual expenses may far exceed your existing health insurance coverage. Thus, the policy holder may have to shell out the difference from his pocket, which defies the very purpose of health insurance. So, here we will discuss about all you need to know about upgrading your existing Health Insurance Coverage.

Enhancing Your Sum Assured with a Super top-up plan

Super top-up plans have stemmed from a policy holder’s needs which enhances their existing sum assured, to meet the rising cost of medical care. A super top-up plan is typically an add-on plan that could be purchased over and above your basic health cover. An easy and cost-effective policy, it lets in upgrading your existing health insurance coverage. to meet the expenses.

By buying a super top-up plan, the additional cover that you would receive is paid out only if your expenses have crossed a pre-determined limit known as the “deductible or threshold limit”.

Deductible and Threshold limit- How does the Policy Work?

Super top-up plans work around a deductible or threshold limit. Specified at the time of purchase of your super top-up plan, it is that amount over and above which your claims would be entertained by the super top-up plan. So, you would typically need to have a basic health insurance policy in place for expenses below the threshold limit.

Look at this example:

Let us consider a health insurance policy with a basic sum assured of Rs. 2 Lakhs. To enhance this cover, a super top-up policy of Rs. 10 Lakhs is purchased. At the time of purchase, it is pre-determined that the deductible or threshold limit is Rs. 2 lakhs. To understand how claims would be paid out in such a case, let us look at three scenarios.

Scenario 1: A claim of Rs. 2 lakhs due to hospitalisation.

The claim amount would be paid out from the regular health insurance policy. The super top-up policy does not kick in as:

The amount is well within the scope of the base health insurance policy and,
The threshold limit for the top-up to kick in has not been reached.

Scenario 2: A claim of Rs 8 Lakhs arises due to hospitalisation

Scenario 3: A claim of Rs. 12 Lakhs

Where the claim amount is higher than, the regular policy and the super top-up policy put together, a certain amount would have to be borne by the policy holder. As in the scenario, in the claim of Rs. 12 lakhs, Rs. 2 lakhs would be taken care by the regular policy. The super top-up policy would settle claims up to Rs 10 lakhs. So, the balance amount of Rs. 8 lakhs are taken care by the super top-up policy. The remaining Rs. 2 lakhs would have to be borne by the policy holder.

The Cost Factor

When you desire to upgrade your existing health insurance coverage, the most cost-effective option is a super top-up policy. Instead of purchasing another new policy, top-up policies are far easier and hassle free. Premiums are far more affordable in comparison to a regular health policy. The premium you would be paying, depends upon the deductible decided upon.

Key Feature and Conditions

Buying from another insurer: Super top-up plans need not have to be bought from the same insurer as the basic health policy. You could buy both from different insurers.
Individual and family floater plans: Super top-up plans could be bought as an individual plan or as a family floater plan covering spouse and children.
Income Tax Benefits: The super top-up policy provides Income tax benefits under Section 80D.
Super top-up plan Standard Waiting Period: The waiting period and exclusions in a super top-up policy are similar to a regular policy. Policies come with a 3- 4 year waiting period for pre-existing ailments cover.

Designed to meet the increased costs of medical care, super top-up plans work towards upgrading your existing health insurance coverage. So, when inflation pressures are high, you could upgrade your existing health plan, to ensure it covers you adequately. Once you are aware of all you need to know about upgrading your existing Health Insurance Coverage, it is much easier for you to opt for a plan.

How Can I Compare My Health Insurance Rates Online?

When you buy health insurance for your family, you obviously want a plan that best suits your needs. It makes sense to buy a plan that you can afford, but one which also gives you the sort of comprehensive coverage that helps when you actually need it; so you need to make minimal out-of-pocket expenditure. So how can you compare health insurance rates and choose the best health insurance plan for your requirements?

Compare Private and Nationalized Service Providers

Now that health insurance in India is well established, most health insurance companies offer various high-quality health insurance products to suit all requirements. Many offer a wide range of health insurance plans. While private companies may have streamlined buying processes and offer good customer service, nationalized companies may be perceived as being more reliable and trustworthy.

Read Online Reviews

One of the best ways to compare health insurance rates is to read online reviews. This will help you learn about the company, about the relative ease of purchase, documentation, and claims process. You can check what people say about the range of products, and premium payable vis-à-vis policy features, and terms. Find out about the customer services on offer: are the personnel knowledgeable, responsive when it comes to making claims, and quick to resolve issues? Are there any consumer complaints filed against the company; if so do these relate to deficiency of service, hospital network, or the type of health insurance plans offered?

Compare Claim Ratios

A health insurance company’s quality and reliability is also determined by the claim ratio: the claim settlement ratio, claim repudiation ratio, and the claim pending ratio. This tells how efficiently and willingly an insurance company settles claims that policyholders make. A good claim ratio means that the company resolves a large proportion of claims made and that there is a greater likelihood of the company honoring your claim when the time comes. The IRDA publishes claims ratio figures of various insurance providers. Comparing these figures will also help you narrow down the best health insurance plans.

Compare Coverage

The terms of each health insurance policy will obviously differ widely. While some policies are for individuals, others cater to families and larger groups such as the employees of companies. Compare basic health insurance plans, comprehensive plans, and family floater policies to decide what is best for you. You can also opt for a basic plan and then customize it with a few chosen riders such as critical care, maternity care, day care procedures etc.

Compare Premiums

The best health insurance plan is neither the cheapest one nor the most expensive one. It is the one that offers the best coverage for every rupee of premium you pay. Ideally, you should compare premiums charged by various policies with the extent of coverage and the features to see which policy offers you the best deal.

Compare Terms, Exclusions and Inclusions

A savvy policy buyer will not only compare health insurance rates, but also read the fine print of the policy to check the inclusions and exclusions. Inclusions are diseases and medical eventualities that the company will pay for; exclusions are those instances that the company will not pay for. It is best to read the actual policy document and its annexure/addendum in its entirety before purchasing the policy.

Get Quotes

You can visit the websites of several insurance companies, fill out your particulars and details and request a quote or a callback. You can then collate and make a list of the quotes received and make a choice.

Use a Comparison Website

It can be arduous and time-consuming to visit several different company websites and then compare quotes. It is more convenient to use a comparison website like RenewBuy that helps you not only compare various policies but also helps with the purchase process. You can choose the type of policy, amount of coverage, and number of individuals to be insured and get instant quotes while also comparing the benefits on offer in all the plans.

Whether you decide to compare health insurance rates yourself or use the services of an Aggregator site, make an informed and wise choice to buy the best health insurance plan.

What is Waiting Period in Health Insurance?

Let us look at the case of Mr.Sharma, a man with regular health problems. Considering his poor health, he buys an insurance policy to feel secure about the finances for his hospital visits and treatments. He knew if he doesn’t buy one, it could lead him to spend way too much money at once when his physical health worsens.

A month passes by and Mr.Sharma receives shocking news. He is diagnosed with testicular cancer and was advised to go for serious treatment as soon as possible. He gets admitted to the hospital and was further met with another big shock – that his health insurance policy was not valid as he hadn’t completed the ‘waiting period.’ This means that he would have to pay all the expenses himself. If only he had carefully read the complete health plan, this could’ve been avoided.

It is a very common scenario. People often don’t like going over the details while selecting their health insurance plans. But this story illustrates the need to understand the terms and conditions of every policy before signing up. It is essential to make sense of the waiting period clause in your health insurance policy. Let us learn more about it.

What is a ‘waiting period’ in health insurance and why is it included in the policy?

It is the time period mentioned in the health insurance plan during which a person cannot claim the benefits from the insurance company. The terms and conditions of this waiting period differ across various companies and depend on a variety of factors.

The reason for the inclusion of waiting period in health insurance is to avoid moral implications and unethical methods to claim benefits from the company. An example could be a person buying a health insurance policy just before having an expensive procedure, like dental operation.

The Different Types of Waiting Period in Health Insurance

Initial waiting period

In this time period, a person cannot claim the benefits from their health insurance policy in the case of sickness, except for accidents. Generally, the initial waiting period is for 30 days.

PED (Pre-Existing Diseases)

If a person already suffers from a disease before availing the policy, he/she will not get any benefits for those disease for a specified amount of time. Generally, the waiting period for Pre-existing diseases vary from 2 to 4 years. The lesser the waiting period, the better the policy for the customers.

Disease-specific waiting period

In this scenario, the company does not cover expenses of hospitalization and medical expenses for a pre-specified illness or disease. This is also a type of short waiting period policy. The waiting period generally 2 years for problems like ENT problems, Cataract, tumor, hernia, osteoporosis etc. These are mentioned in the policy details.

Maternity benefits waiting period

Some health insurance companies give maternity cover in their policy with a waiting period ranging from 9 months to 36 months, so mothers can avail benefits under this time.

Health Insurance Without Waiting Period

In certain situations, the insurance company could have no waiting periods to cover for accidents. Besides this scenario, they generally don’t adjust their waiting period policy for hospital expenditure. A person can choose among a number of health insurance policies that provide short or in some cases health insurance with no waiting period at all.

A group health insurance policy provides the benefit of no waiting period or a mere 30 days waiting period. Companies have differing policies under this plan but generally, it is a good option for people who want their expenses covered in a short period of time.

Additional Information About Waiting Period

The waiting period clause must be read carefully and thoroughly before buying insurance. Make sure to read the fine print in the document attentively.
If a person is diagnosed with a disease during the waiting period, then it will not be considered as ‘pre-existing disease.’
The waiting period is affected by certain factors like type of health insurance as well as medical history and age of the person.
In some cases, the waiting period can be reduced by paying a higher premium. It is advisable to check with the policies of every company.

Hope you have understood about what is waiting period in health insurance. It is essential to buy a health insurance plan suitable to your needs. It will aid you and your family in times of need or emergency. Advisable is to take professional advice from different companies to land into a hassle-free and convenient health insurance policy.

Understand the Major Role of TPA in Health Insurance

Medical emergencies are unavoidable and want instant action. Have you or your loved ones been to a hospital? It must have been a financial and emotional roller-coaster. But with health insurance, the pressure on your pocket may get a little lighter.

When you and your family are in a medical emergency and taking care of your loved ones, you need someone who can support you with the claim process. Here comes the role of the hospital TPA desk.

But what is a TPA, where do you find it, and how does it help? This article provides all the necessary details about TPAs in health insurance and their functions and responsibilities regarding health insurance claims.

What is TPA?

Third Party Administrator is the full form of TPA. It is a body in a hospital that is not directly involved with health insurance but helps process insurance claims. As soon as an individual is admitted to the hospital, an intimation is given to the TPA. TPA is licensed by the Indian Regulatory and Development Authority of India (IRDAI).

Every health insurance company appoints a TPA at your service to make the claim process easier for you. So you do not have to pay the administrator directly. After analyzing the terms and conditions, the TPA can approve a cashless or reimbursement claim settlement.

What is TPA in Health Insurance?

TPA in health insurance plays a key role in managing insurance policies and claims on behalf of the policyholders. The primary role of the third party administrator is to assist the policyholder during the claim settlement process between a policyholder and the insurer. The following points will help you understand the TPA in health insurance in a better manner:

The health insurance company itself selects TPA.
A third party administrator works as the link between the insurer and the insured when health insurance claims are made.
TPA helps individuals to avail of insurance benefits effortlessly.
TPA ease up the tasks related to the claim settlement process, such as dealing with the documentation process and settling the hospital bills.
One TPA can be associated with several insurance providers.

What is the Role of TPA in Health Insurance?

TPA in health insurance works as an intermediary to get a number of tasks done, from claim processing and settlement to providing efficient support and network hospital coordination.

Let’s understand the role of TPA in health insurance in a better way:

Connecting Link

In the case of a health claim, the insured directly or indirectly deals with the TPA. For every claim raised, TPA issues the patient with an authorized health card with a Unique Identification Number (UID). Thus, TPA links the insurance company and the policyholder to insurance coverage and easy claim processing.

Smooth Claim Settlement

As soon as the insured intimates the claim, the TPA checks all the documents submitted and asks for any additional information if required. Furthermore, the TPA is liable to check all the documents, whether it's a cashless claim or a reimbursement claim.

Issue Pre-Authorization Letter to the Hospital

Once the application for cashless treatment is submitted to the TPA, they evaluate the case for coverage of treatment within the scope of the health insurance policy. Upon approval, TPA issues the pre-authorization letter to the hospital.

Value-Added Services

TPAs take a step ahead and help the insured avail of other services, such as ambulances and well-being programs, as required. They ensure the insured can focus on medical treatments without indulging in documentation or other processes. They also ensure the health insurance company can focus on underwriting and risk management.

Fraud Detection

During claim verification, third party administrator detects the claim for any fraud, keeping the insurance process as transparent as possible. They collect all the necessary information about the policyholders and their claims.

Continuous Support

TPAs offer a 24/7 support system where policyholders can connect to raise their queries and gain assistance regarding health insurance claims. They can also connect with the TPA helpdesk to check the status of their claims.

Hospital Empanelment

TPA assesses whether a hospital meets all the eligibility criteria for being part of a network hospitals. They ensure the services listed are provided to the insured during a medical emergency. The third party administrator tries to strengthen the network of hospitals to increase its capabilities to carry out cashless treatments and allow possible negotiations.

How does TPA in Health Insurance work?

TPA takes the major responsibility on behalf of the health insurance company to assist the insured during claim processing— whether cashless claims or reimbursement. Here’s the working process of TPA in health insurance:

In case of Cashless Treatment:

The insured needs to be hospitalized at one of the listed network hospitals.
The hospital then forwards the treatment costs and details to the TPA.
TPA starts the documentation process to evaluate the policyholder’s eligibility, policy coverage, and benefits offered and informs the insured about what will be covered and what not.
In a qualified scenario, the third party administrator issues a pre-authorization to the concerned network hospital to allow the policyholder to avail of the cashless treatment benefits.
Once the treatment is completed, the TPA settles the hospital dues directly on behalf of the health insurer.

In case of Reimbursement Claim:

When an insured is hospitalized at a non-network hospital, they will have to pay from their pockets for the treatment received.
Record all the medical bills, receipts, prescriptions, and other relevant documents to support the claim raised.
Once the third party administrator verifies the submitted documents, they forward the claim to the insurance company.
When the health insurer approves the claim, the TPA reimburses the entire amount directly to the insured's bank account.

How to Cancel TPAs in Health Insurance?

There might be a chance that the insured is not satisfied with the services provided by the TPA. In such cases, they can contact the health insurance provider, who will coordinate with the third party administrator regarding the issue.

However, if you still want to cancel or change the TPA in health insurance, follow the given process:

Step 1: Reach out to the health insurance company.

Step 2: Share your policy details and Unique Identification Number.

Step 3: Explain the reason for the cancellation of TPA.

Step 4: When the insurer approves the change, you can select another TPA from the list.

* Note that you can file for intimation about the cancellation or change of TPA in health insurance at the time of policy renewal or change of health insurance provider.

What are the Risks Associated with TPAs?

TPAs are appointed to make the claim settlement process easy in individual or group health insurance plans. In most odd cases, health insurance companies have witnessed certain risks regarding the TPA agents becoming fraudulent sources and causing financial loss for both policyholders and insurance companies.

However, health insurance companies conduct regular audits and risk management controls on their TPAs to avoid such risks. They require the third pary administrators to maintain accurate claims records and deliver efficient customer support.

List of Third-Party Administrators for Health Insurance

Below is the list of third party administrators (TPAs) in health insurance as available on the official website of Insurance Regulatory and Development Authority (IRDAI).

Sr. No.	TPA Name	Registration No.	Name & Address	Contact Details
	Medi Assist Insurance TPA Private Limited	003	Dr. Mukunda Madhava, Chief Administrative Officer Tower D, 4th Floor, IBC Knowledge Park, 4/1, Bannerghatta Road, Bangalore, 560029	Senior Citizen Helpline No.: 1800 419 9493, Toll-Free No.: 1800 425 9449 Email: cao@mediassist.in Website: www.mediassist.in
	MDIndia Health Insurance TPA Private Limited	005	Mr. Suresh V. Karandikar, Chief Executive Officer S.No. 46/1 E-space A-2 Building, 3rd Floor, Pune-Nagar Road, Vadgaonsheri, Pune - 411 014	Senior Citizen Helpline No.: 020-25300126 Toll-Free No.: 1800 209 7777 Fax: 1860 233 4449 Email: skarandikar@mdindia.com Website: www.mdindiaonline.com
	Paramount Health Services & Insurance TPA Private Limited	006	Dr. Nayan Shah, Chief Executive Officer Plot No. A-442, Raod No. 28, Ram Nagar, MIDC Industrial Area, Wagle Estate, Thane (W) - 400604	Senior Citizen Helpline No.: 022 66629813 Toll-Free No.: 1800 22 66 55 Email: nayan.shah@paramounttpa.com Website: www.paramounttpa.com
	Heritage Health Insurance TPA Private Limited	008	Mr. Manash Chakraborty, Chief Administrative Officer NICCO House, 5th Floor, 2, Hare Street, Kolkata-700001	Senior Citizen Helpline No.: 033 40145100 Toll-Free No.: 1800 345 3477 Email: mchakraborty@bajoria.in Website: www.heritagehealthtpa.com
	Family Health Plan Insurance TPA Limited	013	Ms. Medha Sabdeep Ghugre, Chief Administrative Officer No: 8-2-269/A/2-1 to 6, 2nd Floor Srinilaya Cyber Spazio, Road No. 2, Banjara Hills, Hyderabad – 500 034	Senior Citizen Helpline No.: 1800 102 4273 Toll-Free No.: 1800 102 4033 Email: drmedha@fhpl.net Website: www.fhpl.net
	Raksha Health Insurance TPA Private Limited	015	Ms. Palak Dhall, Chief Administrative Officer C/o Escorts Corporate Centre, 15/5, Mathura Road, Faridabad, Haryana - 121003	Senior Citizen Helpline No.: 1800 180 1555 Toll-Free No.: 1800 180 1444, 1800 220 456, 1800 425 8910 Email: palak@rakshatpa.com Website: www.rakshatpa.com
	Vidal Health Insurance TPA Private Limited	016	Mr. Rajan Subramaniam, Chief Executive Officer First Floor, Tower No. 2, SJR iPark, EPIP Zone, Whitefield, Bangalore - 560 066	Senior Citizen Helpline No.: 080 46267070 Toll-Free No.: 1860 425 0251, 080 46267018 Email: rs@vidalhealthtpa.com, Website: www.vidalhealthtpa.com
	Volo Health Insurance TPA Pvt. Ltd (Formerly East West Assist Insurance TPA Private Limited)	018	Mr. Malay Kumar Lala, Chief Administrative Officer 38, Golf Links, New Delhi - 110003	Senior Citizen Helpline No.: 011 47222647 Ph. No.: 011-47222666 FAX: 011-47222640 Email: cao@eastwestassist.com Website: www.eastwestassist.com
	Medsave Health Insurance TPA Limited	019	Ms. Geeta Vaid, Chief Administrative Officer F-701A, Lado Sarai, Mehrauli, New Delhi - 110030	Senior Citizen Helpline No.: 9319810070 Toll-Free No.: 1800 111 142 Email: geeta@medsave.in Website: www.medsave.in
10.	Genins India Insurance TPA Limited	020	Dr. Sumit Garg, Chief Administrative Officer D-34, Ground Floor, Sector-2 Noida - 201301 (U.P.)	Senior Citizen Helpline No.: 0120 4144100 Toll-Free No.: 1800 890 2359 Email: drsumit@geninsindia.com Website: www.geninsindia.com
11	Health India Insurance TPA Services Private Limited	022	Dr. Vinay Chimmad, Chief Administrative Officer Neelkanth Corporate Park, Office No. 406 to 412, 4th Floor, Kirol Road/Village, Vidya Vihar Society, Vidya Vihar (West), Mumbai-400086	Senior Citizen Helpline No.: 1800 2269 70 Toll-Free No.: 1800 2201 02 Ph. No.: 022-40881000 Email: vinay.chimad@healthindiatpa.com Website: www.healthindiatpa.com
12	Good Health Insurance TPA Limited	023	Ms. Saigeeta Dikshit, Chief Administrative Officer Suite 403 - 406A, 4th Floor, Ashoka My Home Chambers, Behind Ashok Bhoopal Chambers, Sardar Patel Road, Secunderabad, Telangana State - 500003	Senior Citizen Helpline No.: 1800 102 9919 Toll-Free No.: 1860 425 3232 Email: saigeeta@ghpltpa.com Website: www.ghpltpa.com
13	Park Mediclaim Insurance TPA Private Limited	025	Mr. Anurag Bhatnagar, Chief Executive Officer 702, Vikrant Tower, Rajindra Place, New Delhi-110008	Senior Citizen Helpline No.: 9821236752 Toll-Free No.: 1800 11 55 33 Email: anuragbhatnagar@parkmediclaim.co.in Website: www.parkmediclaim.co.in
14	Safeway Insurance TPA Private Limited	026	Mr. Mahesh Sharma, Chief Executive Officer 815, Vishwa Sadan, District Centre, Janakpuri, New Delhi-110058	Senior Citizen Helpline No.: 011 45451300 Ext: 206) Toll-Free No.: 1800 102 5671 Email: ceo@safewaytpa.in Website: www.safewaytpa.in
15	Anmol Medicare Insurance TPA Limited	027	Mr. P. S. Kshatriya, Chief Executive Officer 2nd Floor, NBCC House, Opp. Ahmedabad Stock Exchange, Ambavadi, Ahmedabad - 380015, Gujarat	Senior Citizen Helpline No.: 07961609990 Toll-Free No.: 1800 233 1999 E-mail: prithvi@anmolmedicare.com Website: www.anmolmedicare.in
16	Ericson Insurance TPA Private Limited	35	Ms. Punam Singh, Chief Administrative Officer 11-C, Corporate Park, ST Road, Chembur, Mumbai - 400071 (Maharashtra)	Senior Citizen Helpline No.: 022-25280208 Toll-Free No.: 1800 22 2034 Email: punam@ericsontpa.com Website: www.ericsontpa.com
17	Health Insurance TPA of India Limited	36	Mr. Mathew George, Chief Executive Officer 2nd Floor, Majestic Omnia Building, A-110, Sector-4, Noida 201301 (Uttar Pradesh)	Senior Citizen Assistance: seniorcitizens@hitpa.co.in Toll-Free No.: 1800 180 3600, 1800 102 3600 Email: Mathew.George@hitpa.co.in Website: www.hitpa.co.in
18	Vision Digital Insurance TPA Private Limited	037	Ms. Priyanka Jain, Chief Administrative Officer Time Square Building 3rd & 4th Floor, Sushant Lok-1, Block-B, Gurugram - 122002	Toll-free no: 1800-419-9982 Ph. No.: 0124-4003171 Email: priyanka.jain@visiontpa.in Website: www.visiontpa.in
19	Link-K Insurance TPA Private Limited	038	Ms. Bharathi G, Chief Executive Officer No. 32, West woods, 3rd Floor, Y Block, 5th Avenue, Anna Nagar, Chennai- 600 040, Tamil Nadu	Senior Citizen Helpline No: 044 - 47889747, Email: Info@linkktpa.com, Ph. No.-044 35255426
20	AKNA Health Insurance TPA Private Limited	039	Sh. B S Kaintura, Chief Executive Officer Corporate Office: W-86/C-33 Anupam Gardens, Sainik Farms, New Delhi 110068	Senior Citizen Helpline No.: 1800-309-4455, Toll-Free No.: 1800-569-4455, Email:ceo@aknatpa.com, Website: www.aknatpa.com

* The list of TPAs in health insurance is taken from the IRDAI official website and was last updated on 29 February 2024.

Bottom Line

The intermediary role of TPAs ensures that policyholders receive hassle-free medical care and coverage, health insurance companies pay for the services, and healthcare providers get their reimbursements timely. So, third party administrators are not only the medium of claim processing but also make health insurance more accessible and user-friendly for policyholders.

FAQs:

Question: What does TPA do in insurance?

Answer: TPA health insurance meaning third party administrator who works as a bridge between a health insurance company and the policyholder. They help insurers provide health insurance policies to the policyholders and process claims on behalf of the policyholders.

Question: What is the role of TPA in cashless hospitalization?

Answer: TPA facilitates cashless hospitalization by coordinating with the network hospitals and ensuring the hospital gets reimbursement from the health insurer for the services provided.

Question: Does TPA in health insurance charge money?

Answer: No, TPA does not charge any fee to policyholders.

Question: What is the difference between TPA and health insurer?

Answer: A health insurer offers insurance policies (individual, family, and group) to policyholders and receives a fixed premium in return.

While, a TPA works as an intermediary between the health insurer and policyholders to streamline a smooth and hassle-free claim settlement process. Moreover, a TPA offers services like issuing ID cards, documentation, and easing value-added services.

Question: Which is the best health insurance TPA in India?

Answer: There are a number of TPAs working in the insurance industry. The definition of the best health insurance TPA in India may vary from person to person depending on their requirements. We suggest you check all information regarding TPA on the IRDA website.

Question: Who hires the TPA in health insurance?

Answer: Generally, TPAs are appointed by the health insurers to streamline claim processing.

Question: How does TPA help the policyholders?

Answer: The TPA plays a major role in easing the claim processes for policyholders in the following manner:

Assisting at the time of hospitalization
Issuing ID cards to policyholders to gain access to medical benefits
Asking for the documentation requirements and managing all the records
Work as a link between the health insurer and the policyholder
Easing the entire claim settlement process
Ensuring that the policyholder receives the necessary support at the network hospital at the time of emergency
Arranging needed value-added services to the insured, such as road ambulance, wellness programs, doctor schedules, etc.
Providing 24X7 customer support

Question: Can I select my TPA?

Answer: No, the insured cannot select the TPA, but they are appointed by the health insurance companies and licensed by IRDAI.

Question: What are the benefits of Third Party Administrator (TPA) in health insurance?

Answer: The major benefits of TPA in health insurance are efficiently running the ecosystem of health insurance more transparent by:

Easing the claim settlement process,
Identifying the frauds,
Ensuring the insured gets all the necessary assistance and claim support,
Increasing convenience of cashless or reimbursement claims,
Helping in cost contaminants.

Question: How does third party administrator (TPA) help the insurance companies?

Answer: Besides easing the claim process, the health insurer relies on the TPAs for the following reasons:

Working as a dedicated desk for facilitating claims processing
Coordination throughout the process from treatment to discharge
Managing the claim requests and analyzing for the proper documentation
Ensure better quality of services

Question: What documents are required to make a health insurance TPA claim?

Answer: To make a health insurance TPA claim, the following documents are required:

Aadhaar card
TPA e-card copy or insurance certificate copy
Hospital discharge summary
Doctor prescription
Hospital bills
Pharmacy summary

8 Points Before Renewing Your Health Insurance Policy

Recent medical advances continue apace, with the result that human kind is able to cure more diseases than ever before in history. On the flip side however, the costs of medical treatment continue to increase at such a rate that none of us can afford to be without health insurance. To buy health insurance or renewing health insurance, there are several things that you as a policy holder should keep in mind:

Renew health insurance on time:

A health policy takes care of illness and disease by paying for hospitalization and incidental expenses. That protection remains for the duration of the policy and ceases at the end of the policy. Insurance companies may offer grace period of a few days beyond the expiration date of the policy (10 to 15 days grace period is the norm). However, to continue to enjoy uninterrupted protection, experts advise renewing a health insurance policy about 10 to 15 days before the date of expiry.
Check out other options:

At the time of health insurance renewal you have the option of porting your policy. If you find a health insurance policy that is cheaper, more comprehensive or has better features for your requirements you are free to port your policy from one to another insurance provider without losing benefits accrued to your policy. You can also do this if you find that your insurance company’s service is sub-par in any way or if you find that another company has a better claim settlement ratio. The insurance company cannot refuse to do this as per the law.
Expired health insurance will cost you:

For each claim-free insurance term, insurance companies offer no-claim bonuses at the time of renewal. These may be in the form of a discount on the premium or some free/ discounted additional feature in the renewed policy. Letting a policy expire deprives policyholders of these accrued benefits. Buying a new insurance policy could mean higher premiums and a fresh waiting period (after the purchase and before the policyholder can make a claim).
Consider a long-term policy:

Though health policies are typically of one year duration, some companies do offer two year policies. These obviate the need to renew the policy each year and lower chances of the policy expiring before renewal.
Consider health insurance riders:

Check out the terms and conditions of your existing policy before you renew health insurance. Consider whether you have adequate coverage in terms of inclusions as well as the total sum assured. Re-examine whether you need to renegotiate terms and acquire additional protection in the form of riders.
Review the terms of Renewing Health Insurance:

Check out various online health insurance options and consider whether you need to upgrade your existing policy. Some polices may offer more attractive features than others. It is a good idea to read the policy document thoroughly at the time of renewal.
Remember the company is bound to renew a health insurance policy:

Regardless of the claim(s) a policyholder makes in a given policy term, the insurance company is bound to renew health insurance. By law, the company cannot refuse to renew insurance for reasons such as advanced age or serious medical conditions of the covered individuals.
Contact an agent or company representative:

The terms and conditions of insurance policies can be confusing and full of technical sounding jargon. If you are uncertain about the type of insurance policy to buy, feel free to get in touch with the insurance company representative or agent to clarify any doubts you may have. In fact it is a good idea to make a list of doubts and questions you may have at the time that you buy health insurance and clarify these before you purchase your policy. This way you do not encounter any unwelcome surprises at the time of making a claim.

From the forgoing, the importance of uninterrupted health insurance coverage becomes obvious. If you are apprehensive that you will miss the date of renewal, mark the date for renewal on your calendar or set an alert on your phone. The last thing you want is for something to go wrong, only to find that you have expired health insurance!

5 Facts About Tax Benefits Of Health Insurance

We buy health insurance for the peace of mind that comes from knowing that the insurance company will take care of any unfortunate illness or unforeseen medical expenses in the family without our having to exhaust our savings. However there is yet another reason to buy health insurance: did you know you can avail significant tax benefits when you buy a health policy? Here is some information about the deduction and tax benefits of health insurance which you can claim on your policy, including the changes announced for the 2018-19 fiscal:

A way to Promote Health Insurance in the Country:

The reason that the government offers tax benefits for this kind of insurance is as an incentive to encourage more and more people to buy insurance policies to protect their health. Since health coverage is a relatively new concept in India vis-à-vis other types of insurance, there is comparatively lower penetration of health insurance in the country. Now with the available tax incentives and the convenience of buying online health insurance, people are more willing to go ahead and insure their own health and that of their loved ones.

Deduction under Section 80D of the Income Tax Act:

The relevant section of the IT act provides that any person or HUF (Hindu undivided family) can claim income tax deductions in respect of premium paid. This includes the policyholder, their spouse, dependent children and parents.

Policyholders can Claim Deductions for Self and Family:

When you buy health insurance for yourself, spouse and your dependent children, you can claim income tax deductions of up to Rs. 25,000/- on the total amount of tax payable. If your policy covers your parents who are not senior citizens, the deductible remains the same; i.e. Rs. 25,000/-.

Deductions for Dependent Seniors has Increased:

Previously the maximum deduction available was Rs. 60,000/- This limit has increased this year to a possible total of Rs 1 lakh if your health insurance policy covers senior citizens. Rs. 50,000/- exemption per senior citizen can be availed. Hence if you has a policyholder are paying the premium for the health policy of your parents; both of whom are senior citizens, you can claim up to Rs 1,00,000/- in tax deductions. You can also claim those deductions if you and/or your spouse are senior citizens and you are paying the premiums.

Tax Benefits of Health Insurance on Multi-Year Policy:

Many people are not opting for multi-year policies for reasons of convenience (policyholder don’t have to renew their policy each year) and because insurance companies sometimes offer attractive incentives (discounts) on multi-year policies. In the case of such policies as well, policyholders can avail tax benefits of Health Insurance. However the benefits would be divided over two or three years as per the duration of the policy. For instance, if a policyholder has paid one premium for a two year policy, they will be able to claim tax deductions over the two year duration (50% deduction each year).

With the sort of income tax benefits policyholders can avail; particularly in light of the recent enhancements in total deductibles, buying health insurance make even more sense. For this and several other reasons, you cannot afford not to have the protection of a health policy!

Top 4 Health Insurance Riders In India

Health insurance plans provide a host of coverage features. You would find coverage for expenses incurred before being hospitalised, during hospitalisation, and after being discharged from the hospital. Other than this basic coverage benefit, there are other coverage features, like daycare treatments, domiciliary treatments, organ donor treatment, ambulance costs, etc. All these and more coverage benefits come inbuilt within the plan. Moreover, there are add-ons in health insurance plans too, which can be chosen by paying an additional premium. Do you know about these riders in health insurance?

Understanding add-ons in Health Insurance:

Add-ons or riders in health insurance plans are optional coverage features. They are not inbuilt in the plan’s scope of coverage. They are offered as options. If you want, you can pay an additional premium and choose the riders you would like to add to your coverage. The chosen add-on gets added to your plan, and you can enjoy a wider scope of coverage.

Benefits of Riders in Health Insurance:

Add-ons are allowed under health insurance plans to choose to select the coverage you want. Here are the benefits which riders provide –

They help you customise your health insurance plan as per your coverage needs
Since they are optional, you can control the coverage available and the premium payable
Though an additional premium is required, the amount is very low. The coverage, on the other hand, is quite optimal. Thus, riders allow you to enhance your health plan’s coverage without burning a hole in your pockets.

Popular add-ons are available under Health Insurance Plans:

Here are some of the most common and popular riders which you can find in most health insurance plans:

1) Critical Illness Rider:

This is, by far, the most popular and the most useful Health Insurance rider available in a health insurance plan. The rider, when chosen, combines the benefits of a critical illness plan and a basic health plan. Under this rider, a specified list of critical illnesses is covered. If you are diagnosed with any of the illnesses during the policy tenure, you get the sum insured in a lump sum.

Why is the Rider useful? – The Rider gives you a fixed lump sum benefit which you can use any way you like. You can either avail specialised treatments for your critical illness or use the benefit for other financial obligations. The Rider, thus, acts as a supplement to your health insurance plan.

2) Hospital Cash Rider:

Under this Health Insurance rider, a fixed amount is paid daily if you are hospitalised for more than 24 hours. The daily amount is paid for each day of hospitalisation irrespective of the health insurance plan’s benefits already being paid. The amount even doubles up if you are admitted to the ICU.

Why is the Rider useful? – Like a critical illness rider, this rider also pays a fixed amount which does not depend on the actual costs incurred. The amount can also be used for any purpose. Thus, a hospital cash rider also acts as a supplement to your health insurance plan and gives you a daily amount for meeting any additional expenses incurred during your hospital stay.

3) Maternity and New Born add-on:

Maternity cover comes inbuilt in many health plans. In other plans, the cover is allowed as an add-on. Similarly, in many health plans where maternity is covered, the newborn baby cover is also available as an inbuilt benefit. However, in other plans with maternity coverage, the newborn baby cover is allowed as an add-on. While maternity add-on covers child-birth expenses, the newborn baby cover provides coverage to the newborn baby against any medical contingencies.

Why is the rider useful?- Maternity and newborn baby coverage are beneficial as this rider covers the high expenses incurred in maternity. Thus, it takes the burden of maternity expenses off your shoulders and is useful.

4) Personal Accident Rider:

This Health Insurance rider covers accidental deaths and accidental, permanent disabilities. A lump sum benefit is paid if the insured dies or suffers permanent disablements in an accident.

Why is the Rider useful? – Though health insurance plans cover accidental injuries and their treatments, there is no coverage for accidental deaths and disablements. This Rider, therefore, pays a benefit in these contingencies and provides financial security to the family.

These riders were the most common ones available in health plans. The next time you buy or renew your policy, keep an eye out for these riders. They would enhance your coverage at very less premiums and prove useful.

Must Read: How to compare and buy the best Health Insurance plan in India?

Top 5 Best Maternity Insurance Plans In India

Motherhood is a precious gift, God gives to a woman. The whole journey of pregnancy is so thrilling as it is filled with excitement of giving birth to a new life. But with lots of happiness and excitement, Maternity also brings a big reason to worry as you are not only bringing a new life in this world but also it is a big responsibility for parents to give a good and healthy life to their newborn.

We all know that maternity is very important phase of one’s life, so preparing yourself for life’s biggest achievement is equally significant. The responsibility of giving a healthy life to your child does not start only after the birth, but from the day you conceive. It includes long hospital bills whether it’s just a doctor’s consultation fees or medical tests or medicines or hospital stay at the time of delivery or the baby’s vaccination. For everything, you need money and to build a balance between your expenditure and finances you need a financial backup. To fulfill this gap, you need a well-constructed maternity insurance plan. With a maternity insurance plan, you need not to worry about hospital bills, and this way you can enjoy the happiest moments of your life without thinking of hospital expenses.

If you ask, about the best maternity plan, there is no such solely maternity insurance plan available in the market. There are few insurance companies which provides add-on covers along with the standard health insurance that covers maternity. This maternity insurance plan includes, the expenses incurred on the medical bills right from the consultation fees of doctor to the stay in hospital at the time of delivery.

To give extra benefit to their employees, some companies offer this add-on cover in addition to standard corporate insurance policy which covers maternity expenses limits up to Rs. 50,000. Let’s explore which insurance companies provide maternity insurance plan.

Star Health Wedding Gift Maternity Insurance Plan:

This plan covers all the expenses for pre-natal and post-natal as well as child birth expenses maximum of two deliveries. With a waiting period of 3 years, this plan gives a coverage of maximum 10 lakhs which covers normal and cesarean both and even the complications during or after the birth if any.

Apollo Munich Easy Health Insurance:

There are three different categories under this plan- Standard which is a normal health insurance plan with some benefits whereas Exclusive and Premium plans cover maternity and expenses of a new born from 1 to 90 days. The waiting period for this plan ranges from 36 to 48 months. It can be reduced to 24 months with some additional premium.

Max Bupa Heartbeat Family Floater Plan:

This is the one which provides maternity and new born expenses both in its all three sub-plans: Gold, Silver and Platinum. It also covers vaccination of newborn baby up to one year. This plan also gives a benefit of covering two deliveries with the waiting period of two years.

Royal Sundaram Total Health Plus

This total health plus plan is a complete insurance package which covers maternity hospitalization and any complications arising before or after delivery with a waiting period of three years. In this plan, you can avail benefits up to Rs 30,000 to 50,000 as a pregnancy hospitalization cost.

Religare Joy Health Insurance Plan

With the entry age of 18 years, this plan has two sum insured options of three lakhs and five lakhs for maternity expenses. This plan covers pre-hospitalization expenses up to 30 days before delivery and post- hospitalization up to 60 days. The waiting period ranges from 9 months to 24 months. Like other maternity plans, this plan also provides new born baby coverage up to 50,000, depending upon the sum assured which includes expenses like vaccination, pre and post- natal expenses and medical termination expenses.

Maternity insurance plan gives you a financial support at the time of pregnancy as well as delivery. So, it is very important to choose a maternity plan wisely which offers full coverage to you as well as to your new born baby.

Millions Pushed To Poverty In A Year By Spending On Health : Study

A study done by three experts from Public Health Foundation of India has estimated that about 55 million Indians are pushed into poverty in a single year because of spending on their own healthcare. It has also been evaluated that out of the total number, 38 million of them fall below the poverty line due to spending on medicines alone. According to the study published in the British Medical Journal, the largest amount of households spending on health are on non-communicable diseases like cancer, heart diseases and diabetes.

The study further concluded that out of the non-communicable diseases, cancer is one on which people are spending the highest portion of their household expenditure. It has been the most disastrous if health expenditure constitutes 10% or more of total household spending.

The government reduced the expenditure burden on medicines and healthcare since 2011-12. As per the Drugs Price Control Order 2013, all the essential drugs have been brought under the National List of Essential Medicines under price control. Still, the truth is that the list constituted just 20% of the total retail pharmacy market of India.

Further, the study revealed that even with the government’s several health insurance schemes, the major portion of the population is still spending a significant amount on medicines as hospitalization-based treatment. Though most insurance schemes cover the medicine expenditure still it constitutes only one third of India’s morbidity burden. The study also revealed that the frequency of outpatient visits was larger in number as comparative to the hospitalization, especially for those of chronic in nature and requires multiple consultations.

With the subsequent reduction in the availability of free drugs in the government health centers for outpatients as well as a decline in availability of drugs for inpatients, the patients are being encouraged to seek for public healthcare facilities.

The government fulfilled its target of opening 3,000 stores of Jan Aushadhi to provide affordable medicines still it failed to meet the demand due to frequent stockouts and quality issues. Instead of promises made to provide 600 plus medicines, most of Jan Aushadhi stores have barely 100-150 formulations. Moreover, the number of stores is too small as compared to the 5.5 lakh pharmacies PAN India.

Related Article: Best Health Insurance Plans in India

Does Your Health Insurance Policy Cover Accident Injuries?

There is a possibility that you might have purchased an insurance policy and you have been regularly paying insurance premium but there was no circumstance that you had to use it. In fact, it is a great situation and the insurance premium is one such a premium that everyone wants to get wasted. But when the need arises, it stands like a shield to protect an individual. It is imperative to focus on the increase in number of road accidents in the last decade to understand the importance of having an insurance coverage. It may not be easy to predict an accident, but it is always easy to be cautious and be preventive. The best way of staying preventive is by having an insurance policy. However, the main question is “Does your Health Insurance policy cover accident injuries?” You may be pretty sure you have a health insurance policy but is it necessary to get into an accident or the regular policy covers you! Let’s find out!

Let us walk through the below guide lines to acquire an awareness on accidental coverage in health insurance.

It is mandatory to know that all insurance companies do not offer accidental coverage in your regular health insurance policy. However, you are entitled to a special option of personal accident insurance which you can either opt for or not. Get to know this aspect before you try to buy a policy.
There is every possibility that the companies which offer an insurance coverage for accidents by default may come up with the concept of upper limit on the coverage for each of the medical services offered. For example, the ambulance charges, hospital room tariff, a medical consultant’s fee etc. are all categorized to upper ceiling by the insurance companies.
Ensure that you are going through the policies, terms and conditions with utmost care while buying an insurance policy to get a confirmation that accidental coverage is included in your routine health insurance policy. You may get in touch with the insurance company to know about this inclusion.
If you include the personal accident insurance coverage element in your routine health insurance policy, it may be little expensive for you, but it is worth it. This can get rid of the anxiety of road accident coverage and you don’t have to ask yourself “Does my Health insurance policy cover accident injuries?”

Your Health Insurance Policy and its Radius on Accidental Coverage:

Of late, many insurance companies started offering a stipulated amount of insurance coverage on accidents apart from the routine health coverage. However, there is an additional charge as mentioned earlier in the terms and conditions with specific details. Insurance consultants always suggest you to get the personal accident insurance element included in your policy with the payment of nominal additional charges in order to prevent unforeseen issues and claim denials in future.

Simultaneously, your vehicle insurance policy also can be included with personal accident coverage if your health insurance policy does not have this aspect included. Insurance policy covering accident injuries irrespective of a little additional income is an advantage to the insured protecting the life interests in future.

Be it an investment in mutual funds or an insurance policy or any other financial aspect to that matter, it is very essential to know the details carefully. Presumptions are not advised as the fact is that all the accident claims, or the medical expenditures are not covered by most of the health insurance policies unless they are focused upon. All insurance companies maintain their own norms and conditions and the coverage elements are different from one policy to the other. The difference between the prices may look huge but inflation can make any premium look smaller in the coming years and the benefit is undoubtedly very high when there is a road mishap. So, stop assumptions on your insurance policy covering accident injuries and start getting aware of your policies.

Comparison Between Health Insurance And Critical Illness

Diseases and serious ailments have become alarmingly common in today’s age. Whether it is the common case of diabetes or a serious case of cancer, Indians are largely affected by diseases. In fact, according to a report, India has about 49% of the world’s diabetic population with as high as 72 million patients. Even in case of cancer, India has the third highest number of cancer cases in women after China and USA This high incidence of ailments is a cause of concern as medical expenses are prohibitive. Though medicine has advanced, its costs have become unaffordable. Given the medical costs and the high rate of ailments, a health insurance plan becomes a necessity. In fact, only a health plan is not sufficient. It should be supplemented with a critical illness plan as well.

Many of you, however, perceive health insurance and critical illness plans to be synonymous. Well, they are not. Both these plans are quite different from one another. Let’s understand how –

Health Insurance Plans

Health insurance plans are indemnity insurance plans. They cover you for the cost of medical treatments and pay the medical bills which you incur on such treatments. The maximum claim payable under a health plan is the sum insured which you select. You can buy health plans for yourself and your family too.

Critical Illness Plans

Critical illness plans are fixed benefit health insurance plans. These plans cover a list of critical illnesses. If you are diagnosed with any of the covered illness during the term of the plan, the claim is paid. The claim is the sum insured which is paid in lump sum. It does not depend on the actual medical costs incurred. Claim received under a critical illness plan can be used for any financial requirement.

Differences between Health Insurance & Critical Illness Plans

The above briefs about health plans and critical illness plans must have given you a basic idea about how these plans are different from one another. Here is a complete set of differences between a health plan and a critical illness plan –

Points of Difference	Health Insurance Plans	Critical Illness Plans
Nature of the plan	Health plans are indemnity plans. They pay the actual costs incurred up to a maximum of the sum insured. For instance, in a health plan of Rs.5 lakhs, if the medical bills amount to Rs.2 lakhs, claim would be paid for Rs.2 lakhs	Critical illness plans are fixed benefit plans. The company pays the entire sum insured in case of a covered illness irrespective of the actual costs incurred. For instance, a critical illness plan of Rs.5 lakhs covering cancer would pay Rs.5 lakhs if you are diagnosed with cancer
Coverage offered	Health plans cover inpatient hospitalisation, pre and post hospitalisation, ambulance costs, day care treatments, organ donor treatments, etc.	Critical illness plans cover a specified set of critical illnesses only. The common illnesses which are covered include cancer, stroke, first heart attack, major organ transplants, coronary artery bypass surgery, etc.
Sum insured	Health plans have a very high sum insured levels. Coverage is available for up to Rs.5 or 6 crores	The sum insured for critical illness plans is restricted. The sum assured is ranging from Rs. 5 lacs to Rs. 1 crore.
Usage of claim amount	Health insurance claims are used to pay the medical bills you incur	Critical illness claims have no usage restriction. You can use the money to pay off your loan, for your family’s lifestyle expenses or for availing advanced treatments
Members covered	Health insurance plans can be taken to cover a single individual, the entire family and also senior citizens	Critical illness plans are taken on an individual sum insured basis only. Family floater cover is not available. Moreover, senior citizens are generally not covered under these plans
Need	A health insurance plan is a necessity. It protects against all types of medical costs	Critical illness plans can be taken to supplement your health insurance cover. They prove useful only when you suffer from a critical illness

You cannot substitute these two plans with each other. Both the plans are different and fulfil a different purpose. Make sure to invest in a health insurance plan and then supplement your cover with a critical illness plan. This would give you an ideal coverage and financial security even in the face of a critical illness.

5 Not So Popular Benefits Of A Health Insurance Policy

Every health insurance policy has some untold or unnoticed benefits as well as untold demerits. It usually has much more intricate details than what is visible at first glance. If you are responsible enough to run your eyes through the profile of the policy, you will be sure to find many positive and negative clauses that may make a real difference in what you expect your policy to be. Out of them, let us pick some not so popular benefits of a health insurance policy. The perks listed here are not the routine health insurance benefits but are beneficial. Most of the people do not focus on availing them as they are not aware of them. They are definitely not the alluring concepts of your policy, but they can add real value to your health plan.

Renewal for Lifetime

A tricky part of every health insurance plan is that it has an upper percentile on the age limit for insurance coverage which is usually 70-80 years depending on the policy you buy. However, the insurer can extend the age to little farther, but it is usually not above 90 years. It is ridiculously surprising to know that your insurance policy covers you only till a particular age and when you require it the most, it will be expired by then. A life time renewal ensures that you can renew your health plan for life time in order to keep you protected under a health insurance policy irrespective of your age.

Recovery Benefit

Popularly known as restore benefit or convalescence benefit, recovery benefit can be termed as offering the insured a lump-sum amount after the hospitalization. The condition is that the insured should be hospitalized for at least 10 days or more. This benefit usually handles the household expenses of the policy holder until the time he/she gets back to normalcy.

Concierge Service Benefit

These are an array of services that offer a personal help to the policy holder in the course of his/her illness. Although, this system has to still penetrate in India, there are few insurance companies which are offering services such as, suggesting medical professionals and booking their apartments, arranging things in advance, taking care of medical prescriptions and bills and many more things. These services save a lot of time for the insured and offer a great support system in times of need.

Restoration of Sum Insured

As we all know that every policy has a fixed sum to be availed during its tenure. However, there are times when this amount gets exhausted on claims. On such instances, the insured turns helpless and the policy holder has to bear his/her own expenses. The restoration feature reinstates the amount when exhausted there by allowing the policy holder to get a financial assistance at the time of an unexpected hospitalization. This feature can be termed as the crucial one amongst the 5 not so popular benefits of a health insurance policy.

Nullified Loading Charge

We all know the fact about insurance norms that every claim would be penalized and a no claim status would be rewarded by the insurer. Loading charges are nothing but the penalty for a claim on premium on a renewal. How do you like the idea of not having a loading charge even after a claim? Some popular insurance companies in India are offering a loading charge free insurance plan. You can still not get the loading charges on your premium despite filing a claim.

Due to the excessive competition prevailing amongst insurance companies in India, many value added services are coming up day by day to attract the prospective policy buyers. Ultimately, the competition may lead to a better service to the end user that is the policy holder. Be it a relationship manager for helping the policy holders through the claim process or offering a free medical suggestion to the insured or a concession on bills of fitness centers, medical stores and health clubs. Majority of insurance companies are initiating free health check-ups annually inclusive of their health insurance policy. Despite all these features existing, the crucial part on the policy holder is to have a glance on the features of the policy and understanding them to map with his/her necessities.

Hope these 5 not so popular benefits of a health insurance policy have put light on the concealed benefits of a health insurance policy and inspire the policy buyers to go through the conditions before getting into the policy coverage.

Health Insurance Mistakes We Make And Its Correction

Buying a suitable health insurance plan is as easy as you think. You need to understand the different aspects of the policy before you invest in it. However, this is where most of you fail. You buy a health insurance plan either in a hurry or without understanding the plan completely. As a result, at the time of a claim, you find unpleasant surprises waiting for you.

Making mistakes is common while buying Health Insurance, but if you research a little more, you can buy the best health insurance plan. So, here are general health insurance mistakes that we all make and its corrections which will help you avoid getting into unwanted situation at the time making claims –

Common Health Insurance Mistakes that we all make and its Corrections are listed below :

Underinsuring yourself

The most common health insurance mistake is skimping on the coverage amount. You tend to lower your premium costs as a result of which the coverage gets limited. Would the low coverage be sufficient in meeting your medical expenses?

The remedy – Medical expenses have become unaffordable. Since the health plan is designed to protect you against such medical costs, invest in an optimal sum insured. Take into consideration the number of members covered under your plan and the current medical expenses when selecting the sum insured. If affordability is an issue, buy a top-up plan for supplementing your cover but ensure a high coverage.

Overlooking the sub-limits

When you buy a health plan you seldom spare a look at the limits and sub-limits applicable on the coverage features. Consequently, when you are presented with the medical bills in excess of the sub-limits you face a financial strain. You should have been careful about your plan’s limitations, shouldn’t you?

The remedy – Always find out which coverage benefits have limits and sub-limits associated with them. The most common one is room rent sub-limit under inpatient hospitalisation coverage. This sub-limit has an effect on the total admissible hospitalisation claim. So, check these sub-limits before buying the plan. If possible, try and buy a plan which has higher coverage limits or no sub-limits.

Excluding noticing exclusions

Health plans have become comprehensive but they are not universal in terms of coverage. There are some instances which are excluded from the scope of coverage of the plan. Most of you are unaware of these exclusions as you don’t tend to notice them. The result – rejection of your claim if it is for an exclusion.

The remedy – Always go through the exclusions of your health insurance plan. This would give you a clear picture of what is covered and what is not covered under the plan so that you can make a claim accordingly.

Not disclosing your medical history

Many of you hide your medical details when buying a health plan fearing that either the plan would be rejected or the premiums would be high. This is a big mistake that people generally make because, during a claim, if the insurer finds out that you hid your medical history when buying the plan and the claim is due to an existing illness, the claim would be rejected.

The remedy – Insurance contracts are the contracts of utmost good faith where the policy is issued based on the information you provide. So, always be truthful when buying the health plan. An adverse medical history might raise your premium but at least your claims would be honoured as the insurance company would know the risk when issuing the policy.

Imitating your friend’s and relative’s health insurance choice

Do you wear the same clothes that your friends and relatives wear? Then why buy the same insurance plan which your friends and relatives have. Your needs are different from others, aren’t they? The plan should, therefore, suit your needs and not the needs of your friends and relatives.

The remedy – Compare health insurance plans before you buy them. The online platform allows easy comparison where you can find the different health plans suiting your requirements, their coverage features and their respective premiums. Buy a plan only after comparing and ensure that the plan fulfils your healthcare needs.

Making mistakes due to lack of knowledge is justified but now that you have been warned, so be careful. Avoid these above mentioned common health insurance mistakes so that your health insurance policy provides you the best coverage benefits and pays the claims when they incur.

Family Health Insurance VS Family Floater Plan

The growing number of illnesses, high costs of medical treatments and unhealthy lifestyle has made it imperative for all to consider health insurance, one of the most important aspects of financial planning in today’s time. In order to avoid financial crisis in times of medical emergencies it is essential to have good health insurance not only for you but your entire family. This is where the confusion between a health insurance plan vis-à-vis Family floater Health insurance plan begins.

Choosing the Plan

While, choosing the correct type of plan best suited for you and your family can be a mammoth task. The most common dilemma while choosing health insurance is, whether, to opt for Family Health Insurance Plan or a Family Floater Plan. Though both sound similar and serve the same purpose of insurance but, in reality, they are different from each other in terms of the kind of premium involved and coverage offered.

What is a Family Health Insurance Policy?

A Family Health Plan is buying individual policies for each member in the family at the same time and may or may not have the same sum assured. So, if you buy 3 policies with a sum assured of Rs 3 lakhs for each member of the family, then the total sum assured for the family is Rs 9 lakhs. Simply put, it involves buying independent policies together.

What is a Family Floater Policy?

A family floater plan is a single policy which covers the medical expenses of the entire family under a single sum assured. So, if you buy a family floater plan with a sum assured of Rs 3 lakhs then the policy entitles you to reimburse medical expenses up to the sum assured regardless one or more or all members falling sick.

List of key factors you need to consider while making a choice between the two:

Family Health Insurance Vs Family Floater Plan

Sum Assured

One of the most important factor to consider in case of insurance is the amount of cover. As we can see in the above example, in case of a Family Floater Plan the total cover is Rs 3 lakhs for the entire family and in case of Family Health Plan each member is entitled to a cover of Rs. 3 lakhs.

Calculation of Risk

For any type of insurance policy, the premium of the policy is decided after taking into consideration the amount of risk involved. Thus, in case of a family floater plan the premium would be calculated after taking into consideration the risk of the entire family. However, in case of Family Health Insurance Policy the risk is calculated separately for each policy of each individual member.

Calculation of Premium

The amount of premium to be paid in case of a Family Floater Plan and Family Health Insurance Plan will differ depending on the risks involved. In case of a family floater plan the premium is mostly dependent on the person with the highest risk. So, the premium for a young family with no high-risk individuals will be less as compared to a family which comprises one or more older people with higher risks involved. Thus, while it makes sense to buy Family Floater plan for a young family, it may be better to buy a Family Health Insurance Plan for a family with senior citizens as they are considered high risk individuals and would have a significant impact on the total premium in a family floater plan.

Health Insurance Premium Calculator

Having sufficient cover

The key reason to buy a health insurance policy is to ensure that there is no financial burden on the family in case of any kind of medical emergencies. Hence, it is very important to make sure that you have sufficient cover for the entire family. In case of a Family Health Insurance Plan there is sufficient cover for each family member, but a Family Floater Plan runs a risk of having insufficient cover in case of medical emergencies, such as accidents, involving two or more members covered in the same plan.

Conclusion

Ultimately, making a choice between the two largely depends upon opting for a higher sum assured or settling in for a lower premium and there is no one size fits all solution. Broadly, a Family Floater Plan is cheaper and more suitable for a young family as you can get cover for the entire family at a lower cost. Likewise, buying a Family Health Insurance is more suitable for a family involving more high- risk individuals to have sufficient cover in case of emergencies, albeit, for a higher premium.

Things to Remember When Buying a Health Insurance Plan

“Accidents happen fortuitously”. No one plans to get hurt or fall unwell, somethings just happen. But does that mean things to go wrong? Without being planned for the rainy days?

Of course not! You need to hope for the best but at the same time be prepared for the worst. And when it comes to being prepared, having a Health Insurance is of extreme importance.

In order to purchase your own health insurance plan, here are a few things to remember when buying a health insurance plan.

Do I really need Health Insurance?

When you are young and healthy, spending money on Health Insurance might seem a waste of money. In fact, you may also be tempted to save the premium for any latest electronic gadget, etc. However, this decision might prove to be extremely expensive if you get hospitalized or meet with an accident, etc. So, it’s always better to be safe than sorry. You will realize the entire expenses for the insurance policy even if you get hospitalized once in a tenure of 10 years or so!

Data states that health inflation is about 20% year-on-year and Indians spend more than 90% of the hospitalization expenses out of their own pockets! Isn’t it time to rethink insurance from a completely different perspective?

Also, when you come to a point that you might think of opting for a health insurance plan, maybe in your 30’s or 40’s, then you might not be able to avail all the plans if you are not completely physically fit! If you happen to get any of the basic chronic ailments like blood, sugar, etc. and get on daily medicines, underwriting a health insurance plan, especially for a high sum insurance might be extremely difficult! Also, there might be restrictions on claim, co-payment, etc. imposed at that time! So, the best time to opt for a health insurance plan is as-soon-as-possible. The earlier the better!

How to choose the “right” Health Insurance Plan for yourself and your family?

This is the most difficult and common question asked by all. If get to decide what is the best plan for yourself, opting for the same becomes simple. However, the concern is to choose the plan as per your needs and requirements!

The aspects that you need to consider while choosing the “right” or the “best” health insurance plan for yourself and your family would be:

The amount of coverage that you may need, i.e. the Sum Insured.
This can be calculated by the daily tariff of the type of hospital your go to. For example, single bed charges of your choice of hospital is say Rs 4000, then about Rs 4 lakhs is a good coverage for yourself. However, the same needs to be reviewed annually.
The number of dependents also helps you decide the amount of coverage and the best health plan that you need

So, depending on your need, you need to opt for your health plan accordingly.

The Benefits that your plan offers is one of the most important factors of choosing your health plan.

The benefits that you may need like OPD, maternity, alternative treatment cost, number of days for pre-hospitalization and post-hospitalization, pre-existing ailments, annual health check-up, etc. Basic plans are cheaper but as soon as you opt for these additional benefits, the cost might rise.

Network of hospitals for Cashless Treatment and its PAN India presence:

This is a very important factor to check the network of hospitals for cashless treatment so that it is convenient for you to go to the hospital of your choice rather than selecting the hospital from their list in case of an emergency! This needs to be checked and evaluated at the time of opting for the health plan.

Also, whether the insurance plan has a large network of hospitals across the country so that you do not need to change your plan in case you shift your city!

Incurred claim ratio of the company:

At the time of choosing the plan, checking the incurred claim ratio of the company is a good practice so that they are not overcharging or undercharging you and that they have enough money to pay the claims! If the incurred claim ratio is about 98-100% or even more, it means the company is undergoing a loss and it might not be able to pay further claims! That is quite tricky! And if the incurred claim ratio is about 40-50% then it simply means that the company is overcharging you for the premium as compared to the benefits it offers! So, an ideal incurred claim ration is anything between 70-90%.

Will you be eligible for a claim if I’m in a non-network hospital?

A good Health Insurance Plan should travel with you, as you might end up in a non-network hospital in case of an emergency. If it is a planned hospitalisation then you have the liberty to choose a network hospital, but in case of an emergency, you might be admitted to a non-network hospital. In that case, you may not be able to make the cashless claim. You will have to pay the expenses at the hospital and then file for a reimbursement claim.

The claim process, documents and after sales service:

A smooth claim processing and good and strong after-sales service attracts good customers who do not want the hassle of undergoing a difficult and tedious process of claim settlement! Thus, most companies have a smooth after-sales service department and a super-friendly claim processing process to enhance customer experience!

The basic documents for a claim depend on the type of claim, i.e. whether it is cashless or reimbursement.

For cashless claim, you need the duly filled and signed claim form, identity documents of the insured, the identity card from the insurance company, doctor’s advice of admission and all tests and reports for pre-hospitalization claim!
For reimbursement, the process is a little longer since you need all documents mentioned for cashless along with all tests and reports during hospitalization, discharge summary and a fit certificate from the doctor on discharge!

Thus, once you know all about the things to remember when buying a health insurance plan, you can simply renew the plan for life and keep upgrading the same as and when your need or health requirements rise!

Benefits Of Personal Accident Cover

No matter how intelligent you are in handling situations, there are some unforeseen situations that can lead you to big disasters, if you are not prepared enough to face them. Situations like sudden health-related problems, road accidents and even death in a road mishap are unexpected. It takes few minutes to find yourself in a situation where you wish nobody would fall. Imagine, you stepped out of your house and suddenly a car hit you so hard that you directly land in a hospital or on a death bed, what will you do in such an unwanted situation? Personal Accident Cover is the only option to protect yourself and your family to face this uninvited situation. According to a study, Indian roads are more prone to accidents and even incidents of death on roads are very common. In such situation, Personal Accident Cover is a shield that keeps you financially protected in times of difficulties. You cannot deny the fact that there are lots of fascinating benefits of Personal Accident Cover that buying one is must.

If the bread-earning person of the family gets injured in an accident or in the worst case scenario he/she dies, then the survival of his/her family becomes difficult due to lack of financial support. To ensure that your family has a protective shield against any kind of financial impact after your demise, you must buy a Personal Accident Cover.

Inclusions	Exclusions
Death of the policyholder only in case of an accident.	Injuries that are self-initiated like suicide attempts.
Permanent total disability of the policyholder in case of accident.	Participating in risky events adventurous sports.
Permanent partial disability in case of accident.	Injuries occurred due to intake of drugs or alcohol.
Total temporary disability and confinement to home for some weeks or months in case of accident.	Injuries occurred due to man-made calamities like criminal activities, terrorists attack, etc.

Before Opting for Any Insurance, Let’s Have a Look on The Inclusions And Exclusions in This Personal Accident Cover:

Benefits of Personal Accident CoverIt’s always good to read terms and conditions before investing your hard-earned money while buying an insurance policy as it is not necessary that Personal Accident Cover includes all the above-mentioned benefits. Every company has its own terms and conditions to be applied. Before buying a policy, you need to understand the policy’s terms and conditions carefully to get the maximum benefits without any hassle at the time of making claim.

It is difficult for anyone to imagine themselves in a situation where they get bedridden due to an accident, especially when you are a breadwinner of your family. In such a situation Personal Accident Cover proved to be the best option to handle the financial expenses of your family even if you are not there with your family. The cover provides the following benefits.

Death Cover- In case the insured died in an accident, the nominee will get the entire Sum Insured.
Permanent Total Disability- The entire sum insured will be paid to the insured in case if he gets permanent total disability in an accident.
Accident Hospitalization- Hospital expenses due to an accident which results in death or any kind of disability.
Education Grant- Personal Accident cover gives you a benefit of education grant for the dependent children in case of death or permanent disability due to an accident.
Permanent Partial Disability- In an unfortunate event of permanent partial disability in accident, the insured person will get a 100% of Sum insured depending on the level of disability.
Temporary Total Disability- In case an insured person gets a temporary total disability and has got home confinement for weeks or may be months, this cover provides weekly benefits to thedisabled.

Still confused on whether to opt for personal accident cover or not? Go through the below mentioned advantages of getting yourself insured with the Personal Accident cover:

Protect your family financially.
No need for any medical check-up to avail the plan.
Offers worldwide coverage.
Hassle-free claim settlement.

No one can compensate the loss of a human life and neither can this policy, but this cover atleast provides your family a financial help to fulfill their daily needs. So, taking this cover is more sensible than leaving your family alone in the middle of this world with financial scarcity.

How to Save Taxes with Health Insurance?

Budget allocation is a challenge for one’s intelligence for sure as your future depends on how smartly you invest in certain things for a healthy tomorrow. Your health insurance is one such a crucial area undoubtedly. Many of the youngsters are reluctant investing in health insurance as they can’t reap the benefits at the earliest time in majority of incidents. Though an insurance policy does not give away an instant benefit, it secures your future. It is the property of money that makes us prioritize on the money making elements rather than the money expending elements. However, financial experts quote that investing in health insurance is money saving against the common misconception that it consumes huge money for less returns. It has a multi-fold effect by securing a healthy life simultaneously saving a lot of money for you. You got puzzled?! But it is the truth! You can save your money by investing in health insurance in the form of tax. So, let’s focus on ‘How to save taxes with health insurance?’

Paying huge insurance premiums may be tough for an average individual at a young age considering the burden of house rent allocation, children’s education, medical bills, fuel and telephone bills, monthly EMIs for house and vehicle loans, ration expenditures etc. Most of the insurance premiums need to be paid annually or bi-annually and these months are threatening for sure. But, one has to remember that the inflation brings a change in your annual income which keeps increasing year on year but the insurance premium rarely changes promising a secured future. The more the income you earn in progressive years, the less the premium amount seems to be. It is not as difficult to pay as it was in the initial years. And what if you can save on taxes by investing in a health insurance policy?

The Income tax act of 1961 states that ‘an investment in medical insurance can get your tax deducted’. The Government therefore implicitly encourages investment in medical insurance to secure the citizens’ health in the years to come. Securing the life of your loved ones is definitely the heaviest price one can pay for considering the unexpected health turmoil’s we are vulnerable to be in. Understand how to save taxes with health insurance and Ways to Save Income Tax with Health Insurance!

Health screening: Buy a health insurance policy to get a rewarding tax exemption worth Rs.25,000 by expending on preventive health check-ups during the course of your policy. This exemption can go up to Rs.30,000 for senior citizens. Claim an extra benefit of Rs.5000 coverage annually against preventive health check-ups.
Policy for parents: The income tax act of 1961 under section 80D allows you to get an additional tax benefit if premium is paid for an insurance policy which covers any of your parents. Avail a deduction up to Rs.30,000 per annum. To put it in a nut shell, save this amount for either of your parents if they are senior citizens.
Use banking modes to get tax benefit: Remember that you do not get Tax Benefits of Health Insurance if you buy an insurance policy with cash. A cheque or a demand draft, net banking, credit or debit cards are inclusive of these banking modes to claim savings on taxes. Although cash is not entertained for tax savings, you can avail savings on your tax if you pay cash for preventive health screenings.
Health insurance for parents who are senior citizens: The category of very senior citizens who are above 80 years and are not inclusive of any health insurance policy can also save your taxes up to Rs.30,000 per annum if you spend on their preventive health check-up and treatment.
Critical illnesses: Your insurance policy does so much more than what you think. It not only protects you against critical illnesses but also lets you avail tax savings up to Rs.60,000 for senior citizens and up to Rs.80,000 for senior citizens above 80 years of age. Chronic diseases such as heart disease or cancer can save up to Rs.80,000 of medical expenditure. Spouse, parents, children and siblings including you can avail this benefit.
If the policy is meant for your ageing parents and yourself, you can reap a total of Rs.55,000 as tax benefits which includes Rs.25,000 for yourself and Rs.30000 for Mediclaim policies for senior citizens.
You can save a whopping Rs.25,000 as tax deductible even though your parents are not senior citizens and are below 60.
Avail a tax exemption of Rs.5,000 if you and your dependants (spouse and children) are undergoing precautionary health check-ups.
You would be happy to know that you can save Rs60,000 totally if you invest in a health insurance policy. Isn’t this a great idea to know how to save taxes with health insurance?

Know the vital areas to get a tax exemption for your medical insurance policy:

The section 10A of Income tax act 1961 says that employees with the employer providing a Mediclaim policy can save Rs.15,000 on the taxable salary for regular medical expenses for himself/herself, spouse, parents and children. This exemption would be on the medical bills, chemist bills, health check-up bills and the doctors’ consultation fee.
Section 80D of the Income tax act 1961 exempts a taxable amount of Rs.5000 for precautionary health check-ups which include the investigations held for the policy holder and the family members.
Specially challenged dependants (spouse, children, siblings and parents) of a policy holder can get the tax exemption of Rs50,000 to Rs.1,00,000 depending on the severity of disability as per the section 80DD of the Income tax act 1961.
The section80DDB of the Income tax act of 1961 exempts Rs.40,000 to 100,000 for dependents of the policy holder with specified diseases such as AIDS, Cancer, Kidney Failure, Thalassemia or Neurological disorders if they are disabled beyond 40% due to the ailment.

However, do not consider a medical insurance policy to be something which can exempt you from your income tax but it is an intelligent step towards securing a healthy future for you and your family. Undoubtedly, the amount of money you can save by investing in a healthcare policy is not negligible when it comes to saving tax. So, initiate a step ahead and get to know how to save taxes with health insurance.

Health Insurance For Smokers - All You Need To Know

‘Smoking is injurious to health’, is a fact; but smoking will disqualify you from attaining insurance is totally a myth.

One of the biggest drawbacks in today’s time is that we have adapted ourselves to a very unhealthy lifestyle, which has resulted in severe health issues and, that too, from a very young age. Adding more to this unhealthy lifestyle smoking is becoming very common. So, smoking must not be considered a reason to skip health insurance or in other words, Health insurance is for everyone: even for smokers.

Addiction to tobacco, stressful lifestyle, peer pressure and trying to socially fit in, are some of the reasons why more and more people are taking up to smoking. Whatever is the reason, not buying health insurance if you smoke is a big mistake and can drain your finances in case of any medical emergency, especially for those where such a person is the primary source of income for the family.

Some of the common reasons why smokers avoid buying health insurance are, they feel that their application would be rejected, or the insurance companies will charge a higher premium and sometimes also the moral dilemma of whether to disclose it or not.

Will the Habit of Smoking Result in the Rejection of your Application?

The biggest reason that people who smoke are apprehensive about buying health insurance is that they have convinced themselves that smoking will invariably result in rejection of their application. However, the fact is that health insurance is for everyone: even for smokers and smoking does not automatically rule you out from getting health insurance, but insurance companies are just more cautious at the time of processing the application.

The insurance company will reject the plea only in cases of severe health complications as a result of excessive smoking. Thus, if smoking has already resulted in health-related issues only then the application is rejected. Otherwise, the insurance company will ask for some additional information from the applicant and issue a health insurance policy.

Do Companies Charge a Higher Premium for People Who Smoke?

Another common misconception is that the health insurance company will charge a very high premium for all those who smoke. But, the reality is that health insurance company determines the premium on the basis of the results of your health conditions. The insurance company will ask you to undergo a medical test and the premium would depend on the results of your medical reports. If there is no issue in your medical report, then the premium may be the same or just slightly higher than that for a non-smoker. Only in those cases where the insurer feels that health is a concern due to smoking habits, a higher premium will be charged. However, the decision is strictly case to case basis and there is no general rule that the premium for smokers is high.

Does the Insurance Company Issue Health Insurance Policies for Existing Health Ailments for those who Smoke?

Some of you may have developed some health issues and do not have a health insurance and wondering if you would still be eligible for a health insurance policy or not. Well, as we have already mentioned that health insurance is for everyone: even for smokers, so yes you can still buy a health insurance policy but only after undergoing few medical tests and in case the insurer finds the customer as healthy, then the policy is issued normally. If the person is deemed unhealthy, then the insurer will issue the policy with some exclusions or loaded premium. In such cases, even though the premium is on the higher side, it is still advisable to buy health insurance as the costs are miniscule as compared to what you would incur in case of any medical emergency.

Should You Disclose About Your Habit of Smoking?

You should always make full disclosure about your health and habits to your insurer if you want your claims to be settled hassle-free. Concealing any information from the insurance company can lead to rejection of claims later. So, even if you smoke occasionally, you mention it in your application as the company will do a thorough examination before settling the claim.

The Final Word

In today’s time health insurance is a must for everyone and smoking is no reason to give it a skip. However, one thing which you should keep in mind before buying health insurance is that insurance is based upon the principal of utmost faith and hence you must disclose all the information to your insurance provider at the time of purchasing the policy. Any false information can affect your claim settlement process later. So, smoking is not any reason to avoid taking health insurance.

Do You Know Why Health Insurance Claim Gets Denied?

An average human is in a dilemma whether to feel happy for the increased life expectancy or to feel sad for an increased longevity with health ailments as part of it. Though technology has made human’s life simple, it is also an undeniable fact that this has led to lack of physical activity. Adding to it, quick and junk foods lacking nutritive elements due to busy lifestyles have taken a toll on our health especially in the past 10 years. This led to the rise of health screenings in regular intervals even for the middle- income group. The rise in the number of hospitals and health insurance companies are classic examples of how the health conditions of an average individual are prevalent globally. Although number of hospitals have increased, inflation has kept the health care charges soaring thereby preventing a common man to get quality health care. In such a scenario, a health insurance policy acts as a boon in the life of an individual.

But is it enough to just buy a policy? Does a simple health insurance policy suffice every health need of yours? Is your insurer standing by you in times of need? The answer may not be promising all the times. Yes! You read that right!! There are times when your health insurance policy does not aid you. In spite of sincere efforts of the insurer to pass your claim, they may have compelling reasons to put your claim down! But, do you know why your health insurance claim gets denied?

Reasons for Claim Denial:

Concealing or Wrong Show of Material Facts:

It is not the insurer who is responsible for the denial of your claim at all times. Sometimes, it can be you too! Although it sounds weird, that is the fact! An insurance policy is implicitly issued on the notion that the proposer, the policy buyer, has stated only facts in the proposal form and it applies to all the insurance policies ever bought and sold that they are in adherence with faith and loyalty.

Under writing is performed on the basis of submitted facts and the insurance company analyzes the risk of the prospective policy holder. If the prospective policy buyer hides crucial facts or lies about an underlying medical condition that he/she is suffering from, it is a potential fraudulence.

In such cases, at the claim scenario, if the insurer finds a mismatch between the current ailment and submission of facts about underlying medical condition, the insurer will classify it as a misrepresentation of facts. At such an instance, the insurance company has all the right to deny your claim. So, know why your health insurance claim gets denied and find the ways to undo it.

Wrong Claim Procedures:

Buying an insurance policy means you get into a contract with the insurance company that you will follow certain procedures if you have to make a claim. Those procedures may involve

Informing the insurance company about an emergency
Getting treatment in a hospital recognized by the insurance company
Filling up the claim form as per the norms
Submission of all the relevant medical bills
Submission of investigative reports

If these steps are properly followed, you are in the right direction of helping the insurance company process your claim. If not, there is a high probability that your health insurance claim gets denied.

Claims on expired policies:

It is necessary that you should keep paying the premiums on time to keep the policy going. If you discontinue paying premiums, your policy may get expired and you may end up getting a denial on your claims.

Claims for permanent exclusions:

Certain conditions are excluded from the insurance coverage and this is an agreement at the time of buying the policy itself. If you do not know the terms of your policy and file a claim, it may get rejected.

Ways to avoid claim rejection:

Correct disclosure of facts and submission of proofs of existing medical condition
Informing the insurance company about the hospitalization beforehand in case of planned hospitalizations
Seeking admittance to a hospital in the network of the insurer
Submission of complete medical documents and bills
Following right claim procedures
Regular payment of premiums

No insurance company wants to reject their clients’ claims as it would be a breach of trust. However, it is also essential for them to process the claim in a righteous way. So, assisting the insurance company in processing your claim in a right manner may solve it all. Now you know why your health insurance claim gets denied and the ways to avoid a claim rejection. So, it is mandatory to follow the guidelines set by your insurer to get financial aid in times of need!!

Buy Health Insurance Cover for Overseas Treatment Cost

When it comes to taking care of health of our loved ones, none of us will ever mind in going far beyond our reach to make each and every effort in order to helping our dear ones in recovering from a serious illness they are suffering from Looking after your dear one who is ill and unwell is never simple. We need to give them the ideal medication, regardless of whether that implies taking them from our country to another country of the world or spending ample amount of money. Be that as it may, it is simpler said than done.

The greatest issue is the gigantic cost included in the treatment especially in overseas treatment. Adding on more awful thing is that major health insurance policies offered by various health insurance service providers cover medications within the nation rather than abroad. On hearing this, the very first question that mostly comes to our mind is whether there is any option to buy health insurance cover for abroad treatment cost? Most of us must have also searched on the internet or have consulted reputed health insurance service providers to gain clarity on this.

But the fact is that most of the health insurance service providing companies in India does not have a rule of covering overseas medical treatment cost in their insurance plans. Majority of them clearly keep this norm of covering abroad medical treatment cost out of their insurance policy particularly. According to the latest market survey, a rise in demand amongst the health insurance buyers has been seen in terms of the number of people who are seeking to buy health insurance cover for abroad treatment cost for giving best medical treatment and facilities to their ill family member.

Well the good news Is that there are some independent health insurance service providers who have recently come up with health insurance plans that cover treatments abroad in their insurance plan in order to help individuals who wish to take their sick loved ones to overseas hospitals for providing them with the best medical facilities.

In recent times, there are four Indian health insurance service providers who have come forward with this new concept of abroad medical treatment. Name of these renowned health insurance companies who provide the customers with health insurance cover for covering treatment costs abroad and their insurance plans are as follows:

Max Bupa Heartbeat by Max Bupa Health Insurance
Religare Care by Religare Health Insurance Company
Apollo Munich Critical Advantage Rider by Apollo Munich Health Insurance
Cigna TTK ProHealth Preferred Plan/ ProHealth Insurance Premier Plan by Cigna TTK Health Insurance

These above- mentioned companies have come up with revolutionary overseas health treatment plans that are indeed a great help for insurance buyers looking to buy health insurance cover for abroad treatment cost. They have undoubtedly taken care of this issue and aid individuals to buy health insurance cover for abroad treatment cost so that their loved ones can gain admittance to the best health treatment facilities available. By introducing their abroad health insurance plans which they have designed keeping growing requirement to buy health insurance cover for overseas treatment costs into consideration.

To guarantee that our friends and family get the most ideal medicinal services, we do anything which is possible for us. From conceding them in the reputed medical centers, clinics or hospitals to getting them treated by experienced specialists, we make all possible attempts that are under our control to ensure that our dear ones are protected from the illness they are suffering from much faster. We even don’t mind travelling to another country for the best medication that can save our close ones from the illness and cure them fast.

Going out of India especially to any developed country like Canada, USA, etc. for therapeutic care is not a joke. One should be monetarily sound to afford the whole treatment cost and other expenses. With so many health insurance service providers in India not offering buyers to buy health insurance cover for overseas treatment cost the situation becomes worse. Thus, it is advisable to look at the fewer health insurance companies in India that have finally overcome this and introduced plans that help potential health insurance buyers to buy health insurance cover for overseas treatment cost.

Before opting to buy health insurance cover for abroad treatment cost look carefully at all the pros and cons of the health insurance plans offered by the above mentioned Indian health insurance providers. Compare their plans, look at their features and then opt for the one that best fits your needs.

Understand Your Health Insurance Sub Limits

In today’s fast-growing world, life of every individual has become so uncertain that purchasing a health insurance has become a major need of each and every individual. Nearly everybody these days has health insurance plans that provide them financial security whenever required. With the growing demand for health insurance in the market, it is very important for every one of us to not just only learn about health insurance options available in the market but also learn all about your health insurance sub limits.

There are basically such huge numbers of health insurance choices offered by health insurance providers that picking one to match your health insurance needs become confusing. You may find choosing the correct health insurance plan can be precarious and even stressful with different alternatives out there. However, the health insurance experts/agents prevailing in the market help individuals like you and assist them in best way possible. Also, it is always advisable to look at the various aspects of health insurance coverage designs in light of the different highlights they offer day care, waiting period, co-payment, deductibles and cashless cover that shape the premise on which you can analyze the final health insurance plan you can go ahead with. Along with this, knowing all about your health insurance sub limits before actually opting for any one of them is another key factor. Purchasing a health insurance cover might be simple however choosing an arrangement that addresses your issues along with the apt knowledge of all your health insurance sub limits isn't that simple.

In this blog, let’s try to learn all about your health insurance sub limits. We would like to cover various essential topics related to sub limits in health insurance policy so that you as a health insurance buyer do not face any difficulty while purchasing the most favorable health insurance for yourself.

What are sub limits in health insurance?

Sub limits in health insurance is an additional limit given by health insurance service provider along with the insurance policy opted by the buyer covering the various losses that are mainly the part of primary policy limit also known as the sum assured. These are caps set by health insurance providers in prearranged limit over the amount of the claim on a particular disease, sickness or medical treatment practice.

In easy to understand terms, sub limits are financial caps that any health insurance offering organization puts on the health insurance claims of the buyers. These limitations cover various aspects including charges of ambulance to take the insured suffer to the hospital, rent of hospital room, consultation fee of health specialist charges and pre-arranged medicinal techniques.

What are the various kinds of sub limits in health insurance?

While talking all about your health insurance sub limits, you must be aware about the various kinds of sub limits in health insurance available for the health insurance buyers. Mostly, the health insurance organizations offer sub limits on rent of hospital room and the assigned sum for various medical diseases.

Considering these two as a major aspect mostly health insurance companies offer health insurance policies with sub limits on them. The percentage of rent of hospital room and other medical treatment varies as per the plan chosen by the buyer. For example, your insurance company has put a cap of some fixed amount on the room rent, then any extra amount spent incurred on hospital room rent has to be borne by you.

Why health insurance organization put sub limits in health insurance policy?

Well, the answer to this question is quite an obvious one. Every health insurance organization these days like to limit their liability towards their customers in order to limit their loss ratio. Thus, to do that in the best way possible, most of the health insurance companies in certain medical cases use the sub limits concept.

Remember in case the health insurance companies fail to put sub limits in health insurance plans offered by them, they are left with no other option but to bear the cost of everything covered under the medical expenses submitted by the customer,

When learning all about your health insurance sub limits, it is quite necessary to know the fact that if your health insurance schemes does not have sub limits, you need to pay more health insurance premium as compared to the one that has more sub limits in it. Health insurance schemes with sub limits are always cheaper without making a hole in your pocket. Thus, there is no denying in the fact that having a clear understanding of all about your health insurance sub limits plays a vital role in helping you save on medical expenses.

How to Choose Health Insurance Plan for High-risk Category?

A health insurance policy is a boon in modern times when medical costs have become prohibitive. Even in case of simple hospitalisations you look at tens of thousands of rupees in medical bills and if the illness is serious, there is no upper limit to what hospitalisation costs you can incur. Health insurance plans pay for the medical expenses and spare you financial setbacks. Though anyone can buy health insurance plans, companies rate every proposer on the basis of the risk he/she presents. Whenever a proposal for health insurance is made, the insurance company assesses the risk involved. This process is called underwriting. The company tries to find the probability of a claim against each proposal that it receives and that is why you are asked a lot of questions when you fill the proposal form. What if you fall in the high-risk category? How to choose the best Health Insurance Plan for High-risk Category?

What is high-risk category?

High-risk category depicts that you or any other member you are proposing to cover in a health plan have a higher health risk than normal. Such high-risk lives would increase the claim incidence for the company and therefore the company is normally hesitant in allowing cover in such cases.

When does the company classify you to be in the high-risk category?

There are some instances in which the insurance companies would classify you to be in a high-risk category. These instances include the following –

If you have lifestyle vices-

If you are a chain-smoker or an alcoholic, you are considered to be a high-risk individual. This is because of the fact that both smoking and drinking are seriously injurious to your health. If you are a chain smoker or an alcoholic you would be prone to medical ailment and the insurance company would face a high probability of claim.

If you have existing ailments-

If you have pre-existing illnesses like diabetes, hypertension, heart-related problems, etc., you are considered to be a high-risk life. These existing illnesses also hamper your normal health and give rise to various other medical complications.

If your family has a bad medical history-

There are illnesses which are hereditary in nature. If one member of the family has an ailment, it tends to pass on to their descendants too. That is why family history plays an important role in underwriting of health insurance plans. If your family has a history of a certain illness there are chances of it affecting you would be high and you would be classified as a high-risk individual by the insurance company.

Occupational hazards-

There are some occupations which increase health risks too. For instance, if you are in the armed forces or engaged in construction work, your health faces serious threats. These threats increase the chances of a health insurance claim. Health insurers, therefore, categorise some occupations to be high-risk occupations and if you are employed any such occupation you are considered to be a high-risk individual.

Health insurance plan for high-risk individuals

It would be unfair to say that high-risk individuals are not allowed to buy a health insurance policy. So, how to choose the best Health Insurance Plan for High-risk Category?

Insurance companies allow such individuals to be insured under their health plans. However, in high-risk cases the insurance company does a thorough risk assessment and the policy is issued after careful considerations. The following are some terms and conditions which the company imposes in case of high-risk lives.

Premium Increase (Loading of premium)-

This is the most common and popular measure which insurance companies take for insuring high-risk lives. The premium of the health insurance plan is increased to account for the high-risk which the insurance company is undertaking to insure that particular individual(s).

Coverage restrictions-

The insurance company can also impose coverage restrictions under the health insurance plan. For instance, if you are a chronic diabetic, you might be allowed health insurance coverage but coverage for diabetes and its related complications might be restricted/prohibited.

Increase in waiting period-

In case of pre-existing illnesses, the insurance company might also increase the waiting period after which it would cover the existing illnesses and their related complications.

Rejection of coverage-

In extreme cases the insurance company might also refuse to grant you a health insurance plan. A very common example is that if you are a chain smoker as a result of which you have developed lung cancer, you would not get coverage under any health insurance plan.

When you buy health insurance for you or any of your family members and you are falling in the high-risk category. Don’t lose heart. You might get health insurance plan for high- risk category coverage but there might be certain terms and conditions associated with the cover. So, understand when insurance companies classify proposers in a high-risk category, assess whether you fall in the category and then understand your health plan’s terms and conditions.

How Cashless Health Insurance Works: Overview and Advantages

There’s nothing as traumatic and emotionally wrecking as watching a loved one getting hospitalized out of the blue. Apart from the mental stress, you have to endure; you also go through acute financial stress during such periods. This is where a health insurance policy acts as a life saviour.

When you have taken a medical insurance plan, the insurer reimburses the amount you spend for medical bills and other expenses incurred during hospitalization. However, you still have to pay the amount from your pocket and raise a claim later on. This doesn’t work to the advantage of many, especially when the bills are pretty high.

This is where a Cashless health insurance policy comes to your rescue.

What’s a Cashless health policy & how does it work?

When you have a cashless policy, the insurer settles all your medical expenses directly with the healthcare provider. You don’t have to go through the hassles of paying the bills out of your pocket and claiming reimbursement later on.

When you’re admitted to any of the member hospitals in the network supported by your insurance provider, the insurance company uses a TPA (Third-party administrator) to settle your bills directly with the hospital or clinic. It’s applicable for both planned and emergency admissions.

A cashless mediclaim policy saves you from the hassles of raising funds to meet medical expenses in a short time. All you have to do is contact your insurance agent, and he takes care of the rest.

Let’s take a look at the Key Features of Cashless health policies

While the actual list of features varies from one insurance provider to another, the standard features present in all plans are:

Coverage for pre & post hospitalization expenses
Hospitalization costs (room charges, ambulance charges, medicines, and so on)
Free annual health check-ups for the insured
Coverage for critical illnesses like stroke, heart attack, cancer, and so on
No claim-bonus, tax benefits

What do you benefit from when you opt for this policy?

One of the biggest advantages of cashless health insurance is that you don’t have to worry about arranging the cash requirements in case of medical emergencies. This gives you peace of mind, and you can focus on helping your loved one recover.
Some policies are valid outside the country as well. This is of great benefit when you want to go overseas for specialized
Some insurance providers offer free annual health check-ups to the policyholders.

Who can opt for Cashless Medical Insurance?

This policy is suitable for anyone who doesn’t want to face the hassles of arranging for cash during medical emergencies. It’s a great boon, especially for self-employed businessmen (who don’t have a steady income month after month), senior citizens (who don’t have/don’t want to dip into their savings during medical emergencies).

What to keep in mind when buying a Cashless health insurance Policy?

This facility is available in only a particular network of hospitals. The exact list of hospitals depends on your insurance provider. Make sure to check this list before you choose the provider.
The Cashless health insurance coverage depends on the premium you pay. While choosing the cover, consider the number of members of your family, their individual health requirements and other specific factors to arrive at the right cover.
Don’t forget to consider the inclusions and exclusions. As the term implies, inclusions are all the medical facilities that are covered by your policy, while exclusions are those that aren’t included. Make sure to scan through this list to find the right plan that meets your requirements.

Handle Medical Emergencies with Ease with Cashless Plans

While there’s no predicting when a medical emergency will occur, you can be prepared with the help of the right cashless policy by your side. Make use of the internet and compare cashless mediclaim policy to find the right insurance provider who offers you the best coverage at the most affordable price.

What is No Claim Bonus in Car Insurance Policy?

Where a number of people tend to be extra careful with their automobile, others are just lucky to have not encountered any unfortunate mishap which requires them to claim their policy. In such cases where the policyholder does not claim a certain policy or insurance benefits during the term of the policy, he/she is gifted with additional discounts in the form of NCB or "No Claim Bonus". The NCB thus offered, is known to keep on adding throughout the period of the policy. It highly depends on the term of the car insurance premium which determines the percentage of discount offered. Thus, a policyholder who has not claimed any benefit in a period of two years shall be blessed with a discount of 20%. The discount rates often vary from 25% levied at the end of the three years, 35% after four years, 45% post the fifth year and 50% at the end of the sixth year. The discounts are usually offered in case the vehicle needs any damage repair. In case the policy expires, the no claim bonus is directly shifted or handed over to the renewed policy directly.

No Claim Bonus for Private and Commercial Cars

Where NCB insurance can be readily availed for personal cars, the probability of availing it for commercial purposes is not that easy. The format and the rules of claiming a car insurance no claim bonus also depends on the ensuring company as well as the driving experience of the policyholder. In simpler words, one may not be able to claim an NCB insurance from any and every insurer. He/she may also be unable to claim it if the individual has zero driving experience or is a beginner. While availing an NCB insurance, the experience is primarily considered. Hence, the policyholders are highly advised to gain commercial driving experience (even if it is for an organization) before availing a premium or car insurance policy.

When Can No Claim Bonus Become Invalid?

No claim bonus has high chances of being declared as invalid in several cases, such as:

If the policyholder claims the car insurance premium for own damage repair, the no claim bonus shall be immediately terminated.
The policyholder is changed while buying a new policy or a fresh policy for a new vehicle.
The person does not request or agree to transfer the existing no claim bonus to a renewed policy or a fresh policy availed for a new vehicle. In such a case, the NCB in motor insurance shall be declared invalid.
In case the car insurance premium is not renewed within the renewal period of the policy (which is generally ninety days from expiration).

Third Party Policy

NCB in motor insurance can highly get affected in several cases. The involvement of a third party is considered very important while claiming coverage in NCB insurance during accidents and theft. In both cases, if the insuring company is unable to recover a lump sum from the third party involved in case of an accident, the no claim bonus is said to be lost. Hence, NCB car insurance can hardly be claimed in case the vehicle is stolen or robbed as there is no chance of recovery in these cases.

NCB Maintenance

NCB maintenance is often suggested by the insuring company as an additional benefit which can be very helpful in the long run. It requires the policyholder to pay a certain amount of additional money in return of the guarantee, that the no claim bonus shall be kept safe. This is because the NCB insurance can be declared invalid if the policyholder claims a very little sum for damage repair. Hence, in such cases, if the individual claims for NCB maintenance cover, the NCB shall remain untouched.

NCB insurance is considered as a gift to the policyholder from the insurer as this marks the responsibility of the individual as well as his/her perseverance. Besides, the insurer is highly benefited in such cases. However, one has to take care of the terms and conditions which might lead to cancellation of the no claim bonus, to make sure the years of hard work and perseverance does not go in vain. The additional benefit of an NCB car insurance is that it is transferrable. Even if the insuring company changes its name or hands over the business to a different company, the policyholder will still be able to claim the insurance if the terms are not violated.

Here’s Why Insurance Policy Will Not Pay Full Cost of Your Car Damage

Here’s Why Motor Insurance Policy Will Not Pay Full Cost of Your Car Damage

Introduction

Buying a motor insurance policy is necessary for every car owner irrespective of the model of the car bought. The motor insurance guarantees financial security when the car faces any unfortunate accident and provides the necessary coverage for the damage repair. However, the policyholder should not expect complete coverage as per the premiums served. This is because, a part of the premium has to be compromised due to a number of deductions during policy claiming, which omits a chunk of the assured sum. In such cases, the insured individual has to pay the remaining amount (or the deducted amount in this case) from his own pocket. One should not forget, that the motor insurance policy will only provide that much financial coverage as is settled according to the policy. If the expense of repair crosses the assured sum, the insured individual has to bear the sum along with the compulsory deductions mentioned as per the policy terms. The insuring company might end up charging several deductions, some of which are compulsory and some are not. Hence, it is highly advisable that the insured should double check the deductions and only agree to the compulsory ones. Besides, the company might also include depreciation charges on the assured sum.

Compulsory Deduction

If you buy a motor insurance policy, the first thing that will be made clear is the amount deducted under the compulsory deduction term. Compulsory deductions are mandatory deductions which are always settled during availing the policy and remains fixed till the date of policy claiming. If you need to claim 20,000 INR for own damage of your car and the compulsory deduction has been stated as 3000 INR, then in that case, the company will provide the necessary coverage only after deduction of 3000 INR. Any excess amount necessary for the repairing shall be fulfilled by the owner himself/ herself.

Voluntary Deductions

This is the excess amount of deduction voluntarily chosen by the policyholder to be deducted by the company. There is no compulsory requirement and the choice is completely on the individual policy owner. The advantage, in this case, is that, the company offers additional discounts and deals to the policy bearers who opt for voluntary deductions. However, the declared amount for voluntary excess will be deducted along with compulsory deductions from the assured sum.

Excess Wear & Tear

Much of the motor insurance policy value depends on the condition of the car and its parts. After repeated use, the parts of the cars might face wear and tear, especially the tyres. This is also the reason why insuring companies deduct a chunk from the assured sum because the exaggerated expenditure in repairing worn out parts will mean relatively lesser profit to the company. Besides, the depreciation costs in such cases also depends on the age of the car. The assured value keeps on decreasing with increasing age of the car. This is because with every passing year, the parts of the car will be subjected to greater wear and tear and greater damage and thus much lesser profit for the company. In such cases, the percent of depreciation in car insurance might range from zero for cars claiming policy within 6 months of buying, to 50% for cars ageing more than 10 years.

How to Claim the Most of The Premium Value from Motor Insurance Policy?

Practically, it is not possible for any policyholder to claim the entire sum of the premium paid, as there will be several charges paid for administration, taxes, etc. However, one can easily recover a huge portion of the assured sum by smart planning and strategic approach right at the time when one decides to buy motor vehicle insurance. The insuring company offers certain add-ons to the policy which unbelievably helps the insuring individual in saving a lot. If an individual avails a zero Depreciation add-on, he/she will not have to pay the entire sum of deduction, but only a small share which is completely affordable. Besides, there are other add-ons as well which helps the policyholder in saving deductions due to wear and tear in engine parts or consumable parts like nuts and bolts as well as fuel cost.

Conclusion

It is always possible to get persuaded by the insurance agents and end up buying the wrong one or expensive one. Hence, the policyholders are highly suggested to only buy the best motor insurance policy after thoroughly comparing the benefits offered. Besides double checking the benefits offered, one should also check the list of deductions imposed and never blindly sign any policy.

How to Ensure Your Car Insurance Claims Aren’t Rejected

Not more than a decade back, the IRDAI had presented a report which stated that the number of insurance claims rejected in India had summed up to Rs. 244.77 crores. (Sources: www.irdai.gov.in) With each passing year, although the country has witnessed stupendous advancements in every field, yet the number keeps on rising. Such a high rate of rejection not only causes tension among the stakeholders and policy bearers but also puts a thorough setback on the insurance providers and the national economy as a whole. Among the various insurance policies rejected, a major number of rejections are imposed on car insurance claims. Irrespective of the nation, the general reasons for rejection are more or less similar everywhere. The policies might not only get rejected post application but also when the car insurance process is ongoing. However, one can easily avoid such high chances of rejection by having a careful and attentive approach. Hence, here is a list of things to be taken care of in order to ensure that your car insurance claim is not rejected.

Policy Expiration

If you miss out on the policy expiration date, then your policy will automatically get rejected. The insurer usually provides a few days of relaxation during which the policy can be renewed (along with late fine) without getting rejected. Besides, the car insurance claim may also get rejected due to repeated failures in timely payments. However, as per the recent rules, the insurer is unable to reject car insurance claim after three years of policy issuance. This is also the reason why policyholders are always requested to claim long-term policies.

Reckless Driving

One of the major reasons for the rejection of your car insurance claim is reckless driving. If the owner or the driver is found guilty of driving on the wrong side of the road or breaking the driving rules or has been reported of irresponsible driving, there are high chances of the car accident insurance claim being rejected. It can also get rejected if the driver has been found guilty of alcohol consumption or drug abuse while driving.

Frauds or Thefts

The car insurance claim process will be immediately put to halt in case the insurer suspects any kind of possible defrauds. This happens in case the owner claims his/her car to be missing or stolen without a proper FIR lodged in the regional police station. Hence, to avoid rejection of car insurance, the policyholders are requested to first lodge an FIR and then approach the company along with the FIR copy.

Mechanical Faults

Your car insurance claim is likely to get rejected in case the car already had some mechanical fault before the accident. Hence, missing indicators or alarms or malfunctioning of the motor should be repaired right away in order to avoid unforeseen circumstances. The owners should always check for mechanical malfunctioning for both the safety of their lives as well as for successful insurance claiming.

Accident Claim After A Long Gap

The policyholders are highly advised to put forward their car accident insurance claim right after the accident without any delay. The insurance provider might readily cancel the proposal in case the coverage is being claimed long after the accident had actually taken place. To avoid such rejection, the owners are advised to inform the car insurance company about the accident as soon as possible. Also, one should be able to provide proper photocopies of driving license of the driver, and photocopy of the FIR lodged, along with the other necessary documents.

Availing car insurance has been pretty easy nowadays. However, there is also a greater chance of getting your instance claim rejected. Although such rejections can be easily avoided by careful observation, yet a number of policyholders often end up complaining about an unfair rejection of policy claims. In such cases, the owners are advised to seek legal actions along with necessary documents. Every document related to the car insurance is of supreme importance, as missing out on any will directly lead to the rejection of car insurance claims.

What type of insurance do we need for a Vintage Car?

It is often mistaken that classic, vintage and antique cars are all the same. However, that isn’t the case, and there’s a difference between the three. Even though their definitions aren’t very different, they have a different approach to different guidelines.

According to the India Motor Tariff, any car manufactured prior to 31 December 1940 and certified by the Vintage and Classic Car Club of India can be considered a vintage car for the purpose of insurance. Similarly, any car manufactured after 31 December 1940 but before 31 December 1970 is considered as a classic car. But since they are vehicles of a different era altogether, what could be the right type of car insurance for them?

Considering the fact that it is mandatory to have a third-party liability car insurance, it is important to purchase it irrespective of the type of car you have. However, when it comes to comprehensive car insurance, the premiums of these vehicles are extremely high.

Factors that determine the premium for a Vintage, Classic and Antique Car Insurance

Nonetheless, determining the value of vintage car insurance is definitely a tougher task when compared to new car insurance. The value of the car (IDV) is defined on mutual agreement between owner and insurance company. IT also depends on the availability of spare parts.

Car’s value in the present condition: The term depreciation is widely used to determine the Insured Declared Value of a car. However, in the case of classic car insurance, depreciation is the biggest determinant of the car’s value. Depreciation is nothing but a decline in the value of a car. It even plays a big role when it comes to vintage and antique car insurance. Hence, the older your car, the bigger role depreciation plays in your car insurance.

Age: Apart from the current market value, the age of the car is also considered. This is done by following the guidelines and determining the type of car you own. Based on which, the insurance company will determine the eligibility of the car for vintage/classic car insurance.
Estimated cost for maintenance: It is particularly costly for the owner to maintain a high-end car such as a vintage car. It is even more daunting to incur the costs for repairs. Thus, the car insurance premium will be directly affected. An insurance provider will hence do a thorough check to determine the frequency of maintenance required as well as the cost associated with it.
Spare parts: The insurance company also determines the cost of spare parts of your vintage/classic car. If the spare parts cost a fortune for replacement or repair, then it will be included in your insurance policy.
Miles covered: The final factor that comes into picture is the number of miles that you have already covered in your vintage vehicle.

Types of Vintage Car Insurance

Vintage car insurance where the insurance company determines the insurance plan based on the present cash value. In case of a claim, the insurance provider will pay the book value minus the depreciation to the owner of the car.
Stated Value Vintage Car Insurance where the plan is determined based on the depreciation assessed by the owner of their car’s value.
Agreed Value Vintage Car Insurance where the insurance company provides you with a policy based on a value that has been agreed upon by both the company and the owner.

It is not common for insurance companies to provide vintage car insurance. As rare as the cars are, the policies available are just as rare. It is easy to buy car insurance online, as it will not take you more than a few minutes.

However, when it comes to purchasing classic car insurance online, it is always better to be sure than sorry.

What to ensure when choosing vintage car insurance online

Find out what kind of damages the policy covers
Keep the age proof of the car with you
Ensure that your vintage car is certified by the Vintage and Classic Car Club of India

Consult a specialist to understand the features and specifications of your car before you determine the value of your car on your own.

What are the Different Types of Car Insurances?

Motor insurance is an assurance for an average vehicle owner as well as a legal mandate as per the laws of our land. You may face a huge wrath in the form of penalty if you are found without having car insurance or you may even face a disqualification. It is a known concept that motor insurance offers a sense of security from a financial loss or accidental damage due to road mishaps as vehicle repairs due to accidents absorb huge amounts of money these days. It is worth buying an insurance policy which can offer huge benefits, but people don’t buy just for the lack of time or lack of convenience. These days it has become very easy to buy insurance. You can even purchase a policy online or offline. You have online insurance websites or if you want to buy it offline, you can contact insurance agents. Insurance websites are even offering comparisons on different types of car insurance policies of various companies in India.

Different types of Car Insurances

Comprehensive Car Insurance

Comprehensive car insurance can be termed as the most beneficial insurance of all as it has the highest coverage to keep you at peace of mind. This insurance covers the loss or damage to the car, the individual as well as the third- party liability due to natural or unnatural incidents such as accidents, earth quakes, thefts, fire mishaps etc. The loss occurred to the driver along with the passengers inside the car at the time of accident is covered too.

What does it cover?

Comprehensive insurance provides maximum coverage as its premium is the highest one. In simple terms, the higher the premium, the better the coverage would be. The coverage is inclusive of accidental damage to the car irrespective of it being your fault or the opposite party’s fault.

What it doesn’t cover

Like every other insurance, even comprehensive insurance has its own limitations. If your car is driven by someone else, it doesn’t cover you for an accidental damage unless they are permitted to drive your car as per the policy. If a person under drug affect or alcohol affect over the legitimate limit drives the car and is responsible for an accident irrespective of being the driver or authorized person as per your policy, the comprehensive insurance doesn’t cover the damage. In addition to it, you should hold a proper driver’s license and your car should be road worthy to get the comprehensive insurance coverage. Different types of car insurance policies have different types of limitations as included in the policy norms.

Third Party Car Insurance

Third party insurance is the insurance coverage offered to a third party in case you are responsible for an accident and damage their vehicle or hurt them. This is a mandate as per Indian motor law and the comprehensive is your choice whether you want to opt for it or not. But the third- party insurance is must for every car.

A very recent order from Supreme Court says that all the vehicles purchased after September 1st, 2018 should have insurance coverage at least 3 years for two-wheeler and 5 years for cars as a mandate. Since it has now become compulsory, analyze both the comprehensive insurance and third- party insurance and choose the best for your condition as ultimately, it is meant to protect you against unforeseen odds in your life.

Importance of Car Insurance

‘Prevention is better than cure’ applies on the car insurance also. Many try to find the possibilities of skipping investing in insurance although it is a minimal cost in comparison to the car price. However, this minimal payment may save you from huge charges at the time of emergency. Let’s find out the benefits of car insurance and why one should focus on getting the car insured.

Damages are Compensated

A mishap may damage your car badly and you may end up having to pay huge repair charges at such an instance. You don’t need to worry at such situations if you have an insurance policy. The damage charges are completely or partially compensated by your insurer if you purchase a policy depending on the policy terms.

Coverage on Hospitalization Bills

Similarly, the hospitalization charges due to a road mishap may be partially or completely retrieved depending on the type of insurance policy you purchase.

Decreased Liability

It is compulsory in India to buy a third- party liability (TPL). The TPL saves you against legal litigations of an accident if you are responsible for it.

Support to Family

Any family would be devastated with the sudden demise of their loving family member. Although, no insurance policy can substitute an individual, there will be at least some help to the family financially when an earning member suddenly leaves the family.

Low Policy Price vs High Benefit

All the above benefits and the price you pay for it as premium is just nominal. Different types of car insurance policies offer different coverage but the benefits are always higher for the price paid.

Also read about how to check car insurance.

6 Best Ways to Buy Car Insurance

Many of us are probably planning to buy new car soon and many already have one but most of us are unaware as to how to go about an automobile insurance. We can never undermine the importance of insurance, as its only will help us in case of accident as well as damages covered under the insurance policy.

So, when you choose your car insurance policy, keep these things in mind to ensure that you get good coverage against the premiums you will be paying for the insurance. Here are the 6 Best Ways to Buy Car Insurance:

There is Nothing Like Cheapest Price

There are different insurance policies for different people and they vary according to the demography, cubic capacity, vehicle and other things. Similarly, the coverage may also vary accordingly. So, no company can claim to charge the lowest even for your car insurance policies. Also, do not go for cheapest policy without understanding what it offers you and the coverage of the claims. Many people commit the mistake of opting for cheap insurance policy and don’t fall prey to the insurance advertisements and look around for every deal available in the market. Just remember, cheapest car insurance policy may not be the best!

Take into Count the Local Insurance Brokers and Insurers

Many does not understand the difference between car insurance agent and insurance broker. Well, car insurance agent works for a particular company whereas a broker sells insurance policies of multiple companies. So, going to an insurance broker will give you an idea about the types of car insurance policies other companies are giving.

Also, small or local insurers provide you better assistance and have higher customer satisfaction rate as compared to bigger companies who have lots to sell and lesser to assist you. Also, they might give you better coverage in cheaper price for real.

Discounts

Always check for discounts and price breaks. Insurance companies have varieties of discounts and options when you have

Multiple vehicle insurance under one policy.
Clean driving record.
Clear record of bill and installment payments.
Membership of certain professional organization

Count Insurance Cost in the Car Cost

When you are buying a new car, you pay attention to engine efficiency, repair and service cost, fuel average, maintenance, etc. You should also count the insurance premiums to be paid when calculating the cost of the car. This helps in determining the actual expenditure that you will be making for the car and never skip the insurance considering it to be an unwanted expenditure.

Always Pay Attention to Deliverables and Compulsory Deductibles

It is very important that you know the deliverables covered under the car insurance policy. Deliverables like legal coverage and financial assistance, death and bodily damage, accident damage to the vehicle, liability assessment, geographical area, liabilities during wars and other events not directly caused by third party, when the coverage begins and ends, premium to be paid, how to file claim report, what documents are needed and many others.

Deductibles are also very important to understand. Higher the deductible in your car insurance policy, lesser the premium you will have to pay. It is basically the minimum amount that you need to pay for claims. A higher deductible can be charged from you for an old car which has a higher risk for claim or in case of other scenarios where the risk of claim is higher.

The understanding of the car insurance is very important to understand how useful it is to you and how much beneficial it is for your vehicle.

Old Car v/s New Car

Comprehensive and collision coverages are two coverages which should be avoided for old cars. Comprehensive coverage pays for damages caused by weather, animals, fire, flood, theft, etc. while the collision coverage pays for damage caused due to collision with anything. The payout is decided on the basis of market value of the vehicle. If your car is old and has less market value as compared to the cost of damage, the insurance might not help you much there.

These are few of the many things that you should consider before settling up on any car insurance policy for your vehicle. It is important to understand how insurance policies work and how they are useful and then evaluate the insurance policies according to their deliverables. Thus, the tips on the 6 Best Ways to Buy Car Insurance will surely prove helpful.

How Will Car Insurance Work Out for Self-Driven Cars in the Future?

The future of vehicles is the autonomous vehicles taking people around with little efforts from passengers. The driverless cars, which once seemed unreal, has now turned into reality and people are waiting eagerly to enjoy the effortless ride to places. But with few advantages, there is always a few costs to be paid and, in this case, the car insurance industry will be facing a huge dilemma about how the insurance claim will be set. As self-driven cars get common and become more advanced, interesting issues will crop up. From developing the potential of taking important driving decisions and avoiding casualties, the self-driven cars will also face the car insurance liability. Here are a few things which will decide how will car insurance work out for self-driven cars in the future and when self-driven cars hit the market for the public.

Liability

If this self-driven car, hits someone or meets an accident, who will be held responsible? Since no one is driving and the car is produced to drive itself, the manufacturers will be held accountable for the accident, given the evaluation and the technical errors because of which the accident took place. However, if the manufacturer is called for every accident, then the lawsuit charges will increase the cost for the manufacturer.

Experts assume that extensive tracking systems will be needed to determine the accountability and to determine who was at fault, the AI driver or the human. The litigation process will also become complex here.

Repair Cost

The self-driven cars have high ended complex technology. Assuming that their repair cost will be high, the car insurance company is most likely to try to get rid of its liability for covering the repair cost, which is held responsible for.

Hacking Liability

Since the self-driven cars will be connected to networks for driving, locations, and upgradations, there are possibilities of hacking and this again poses threat to safety. The car insurance companies will have to determine how the damage caused by hacking will be dealt with.

Drop in Car Insurance Premiums

Car Insurance premiums are a recurring cost for insurance companies. With the self-driven cars hitting the roads, experts believe that there will be a sharp decline in the accidents, eventually. The driverless cars are safer when there are fully autonomous cars on the road. The decrease in claims will compel the car insurance companies to lower down the premiums.

Reduction in Personal Insurance Claims

Soon after the driverless cars are on the roads, the drivers will realize lesser need to have personal accident insurance thinking it to be not useful. People will soon start investing in legal coverages rather than on health and accident coverages.

How insurance companies can adapt?

Finding New Sources of Covering Costs and Generating Revenue

The driverless cars will definitely affect the insurance premiums invested in personal insurance and accident coverages. Insurers will have to find alternate ways to create and continue the streams of premiums cut off due to driverless cars.

Cybersecurity Insurance: With more automation, more software threats, cyber threats and hacking threats are posed. This will be the need of hour to cover cybersecurity under insurance.

Product Insurance: The products used in autonomous cars like sensors, chips can also be included as part of insurance as these are expensive and software bugs, memory or other technical problems.

Infrastructure insurance: Signal equipment, cloud servers and other supporting infrastructures which are enabling safety of the riders and the car, have the potential to cover the loss incurred due to reduced premiums or loss of interest in personal accident insurances.

The future of car insurance companies when dealing with vehicle insurance, there are some strategic choices to be made. The self-driven cars will bring a revolution in the ways we see driving. Specially, the insurance companies will have a bigger impact on its revenue. Thus, once we know that how will car insurance work out for self-driven cars in the future, there will be a paradigm shift in the approach of calculating car insurance premiums.

The data suggests that 94 percent of accidents caused due to avoidable human errors can be reduced by autonomous cars. But all of this is a prediction based on the experts and industry, but you never know how things pivot.

Is Your Car Still for Long Time? Its Tyres Can Put You in Risk of an Accident

Apart from simple wear and tear most of the “things” with less usage can go really long. However, it is not the case with every item. There are few things that go bald with less usage and your car’s tyres are one classic example. Irrespective of how neatly you maintain your still car’s body, while it’s in a garage, your car can still go bonkers and can put you at a risk of accident. So, your adorable car is not something which can increase its longevity by standing still. Physics plays an important role in understanding the condition of your car and its tyres and why the risk of accident increases with aged tyres. Or you may even have a whopping fine for using a car with bald tyres as you not only pose threat to yourself but for others on the road. Let’s make an effort to understand the consequences of running a car which stood still for long time in a garage there by increasing the risk of accident.

What are tyre treads and how do they effect?

Treads are the crucial ones in providing sufficient traction to grip the road in all conditions such as snow, mud, rain etc. Without these apparent lines on the tyres, cars would go cranky on terrains which are slick, wet or icy. However, these treads are not required if we have to drive on dry roads as smooth tyres are best suitable when it comes to gripping dry terrains. The best example is a race car. You might have observed race cars having no treads. But we all know about Indian road conditions as we dwell in a geography which has tropical climate with extremes of cold and heat along with snows and rains. Hence, it becomes mandatory for the manufacturers to provide treads on tyres that run on Indian roads in order to maintain the safety precautions.

Tyre manufacturers diligently sculpt treads as channels on the tyre’s surface. These treads in turn protect us by spilling the water away from the tyre on roads wet with rains. This increases the tyres grip on the road even when the road conditions are full of snow or rain water. After all, it is important for a car to follow the drivers’ instructions through the steering to avoid risk of accidents.

Why is driving on bald tyres vulnerable for accidents

Though it has been 5 years of Paul Walker’s car accident, it still is in our fresh layers of memory. Although the car’s tyres are not to be blamed for the accident, it is a fact that those tyres are nine years old. We can’t call them bald but bald tyres are potential causes of accidents for multiple other reasons.

Risk of hydroplaning:

This is familiar concept in Physics that the process of water layer getting in between the tyre and surface of the road is known as Hydroplaning. When this occurs, the tyre loses its grip on the road, making the car spin out of control which is highly dangerous. The contemporary tyre tread patterns are designed with deep grooves to push water away from the tyre there by enabling it to have a tight grip on the road when rain water is accumulated. Since the treads wear out in time, the grooves sculpted come up much shallower, making them ineffective at channelizing water away from the tyres. The smoother the tyre, the higher the risk of hydroplaning, even on the slightest of wet roads.

Heat buildup:

A simple concept to understand as we teach in 6th grade Physics about friction. We all know that the weight of your vehicle increases friction between your tyres and the road surface and creates heat too. The faster you steer, the higher heat the tyre should be able to bear and when it fails, it is dangerous. This is why the car tyres should always have sufficient tread depth. Treads enable the tyre cool down by allowing air flow in between the tyre grooves and the road. The current trends in tyres are designed to withstand high heat levels. However, when the treads wear out, the heat generated can lead to tyre burst making you lose your car’s control especially at higher velocities and increase the risk of accidents.

Skids on snowy surfaces are pretty common with old tyres as they have worn out treads. Similarly, tyres for extreme winters should have tiny sculpted channels into the tread edges to improve the grip on the road. Tyre manufacturers are equipping the tyres with tiny ‘snipes’ for additional grip but if the tyres get bald, so does the snipes. Meager air pressure can also put your car in danger and bald tyres deflate soon in comparison to newer tyres. These are simple preventive measures to lower the risk of accidents in densely populated Indian circumstances. After all, prevention is better than cure and hence check out for your car tyres’ condition to stay safe.

Your ability to file a claim for vehicle repairs depends on the cause of the damage and the coverages that you have. Choose a good car insurance policy, but at the same time, take precautions to avoid situations where claiming becomes difficult.

Tips for Selecting the Best Insurance Coverage for Your Car

I woke up irritant with my father waking me up to book a power bank on a so called deal which is going to end in next 5 minutes on an online portal. The deal says ‘Buy 2 and get 1 free’. The hidden clause in this deal is you end up paying more in the greed of a free power bank. You only need one power bank and you have to buy another one to get the third free item which you don’t require at all. A smart buyer always focuses on what he/she actually needs rather than getting fooled for paying more to get more which are not necessary. Same is the insurance coverage for your car as the competition amongst the insurers makes them lay intelligent traps to attract buyers. Either they end up paying more for minimal benefits or they buy a cheap insurance policy for almost no benefits.

Before narrowing down at a car insurance policy, majority of the buyers commit similar mistakes of not researching or comparing the policies. The only criteria the prospective buyers look at before buying a policy is the premium. However, there are many other things to consider and let’s understand the tips for selecting the best insurance coverage for your car!

Identify the Key Feature of a Policy

Experts suggest make a list of the available policies offered by various insurers in your budget. Once the list is made, draw a comparison of the policies narrowed down to identify the key feature of each of the policies. Try to understand the range of coverage those policies offer. A good insurance policy should comprise of a car’s damage cover, personal accidental coverage as well as a third party insurance coverage.

Verify add on Elements

Insurance experts recommend paying necessary attention to the add on elements as you can choose the specific ones as additional benefits as per your preferences and is one of the crucial tips for best insurance coverage for your car.

Coverage on engine: It offers an additional coverage on the engine to protect the insured against the extra expenditure incurred due to engine damage.
Third- party liability coverage: The insured can be of an assurance about the protection against financial loss due to an injury, death or damage repair expenses of a third- party vehicle.
Road side assistance: An accidental stoppage of your car due to a break down in the engine or an accident or a tire puncture, you can claim a road side assistance. This feature will permit you to contact the insurance company to inform about the incident so that they can send a car mechanic at your location or provide a towing assistance.
Coverage of Zero Depreciation: If you happen to choose zero depreciation coverage as part of your insurance plan, the wear and tear or the depreciation on your vehicle’s substituted parts are nullified by your insurer. This denotes that you are able to claim higher amounts of coverage and is a good idea to get best insurance coverage for your car.
Coverage on personal accidents: As a car owner, you can be of surety about the financial protection due to a personal accidental coverage against any unforeseen incidents such as road accidents which cause physical trauma, death or a permanent disability.

Evaluate the Reviews of Car Insurers

Before buying an insurance policy, you should consider the reviews about that particular insurance company from your friends and acquaintances. These kinds of reviews are quite insightful when you acquire them from the experienced users. You may get to know about the customer support services of that company and the claim settlement ratio as well empowering yourself with a choice.

Compare Premiums of Various Policies

Thanks to the internet and online insurance aggregators websites to list various insurance plans and their features. Most of them may be tricky to understand and they are of course traps but few of them are genuine too. Distinguish and understand them and you will confront a good deal with a little amount of research. Consider the below points before comparing various insurance plans online.

Evaluate the features of different plans and compare them to know the key benefits of each of them
Visit some good comparison sites which calculate the premium on the Insured declared value.
Premiums are also to be compared on insurance comparison sites.

Protect your No Claim Bonus

A good history of driving span without an accident or claim puts you in an advantageous state adding the No Claim Bonus to your premium as discount. If there is no accident claim in an entire year, your insurer rewards you in the form of a discount which is in turn deducted from your insurance premium at the time of policy renewal.

Don’t Hesitate to Negotiate

Any smart buyer would negotiate with the insurance company at the time of buying or renewing a policy. Had you been a responsible citizen by adding the No claim bonus to your policy, you may end up having an advantage as discount on the premium.

How to get the best car insurance discounts?

My friend just left me after an hour of tantrums about his new phone. He bought it on an online website this festive season at a throw away price of Rs.6000 which I bought for Rs.15000 a month ago. I immediately needed a cold wave for the heat I generated due to jealousy on him. Keeping my emotions apart, I have to admit his smartness for booking the mobile at such a stunning price. It is very known that web discounts are not available for all the customers specially the flash sales and the coupon redeemable concessions. One needs to be really quick to grab these special deals and to be one among the lucky customers. I couldn’t be one, but I want to be the one who can seal a deal with minimal price. Though I don’t have to buy a phone again, I should focus on getting the best possible price for anything I will be buying in future. The nearest purchase would be an insurance policy! So, I should acquire knowledge on how to get the best discount car insurance!!

I have met one of my friends who is an insurance agent to know about the cheapest insurance along with the best car insurance discounts and it was worth meeting him. Let me share my knowledge with all of you in this regard! Many insurance companies throw discount baits to attract policy buyers. The right amount of car insurance bought would ensure savings even before you buy your insurance. But the important thing is that you need to know how much car insurance you may require. Insurers take into consideration your age to set the insurance premium as it depends on your age, existing health complaints and risk factors which are probable to go for a claim. Although you can’t amend your age, it lets you take an advantage in the form of a discount if you are young enough without any ailments. Similarly, the lower your previous claims are, the higher the discount would be on your next policy.

Choose a Smart Plan

Buying an insurance plan is directly proportionate to your monthly budget as the higher your budget, a comprehensive plan you will be able to buy. Similarly, the driving history and skills influence the price of your policy. Therefore, you need to ascertain the features and coverage you want from a car insurance policy. You should be able to choose over a wide coverage in comparison to a cheap plan. Remember, a plan may be cheap now but may cost you dearly when the actual need arises. So, even if you spend more currently for a better policy with wide coverage, you can consider it as a discount on your vehicle insurance policy. A car insurance comparison tool may help you determine a good policy for you.

Cheap is Not the Mantra Always

In an attempt to buy the most economic car insurance policy, people end up buying the cheapest policy without a comprehensive coverage. But looking for affordability may increase your risk of higher payment in the need of the hour. Foresight is more important to get the best discount car insurance rather than finding the cheapest one.

Go for a Reputed Insurance Company

Experts always suggest the new policy buyers to make a list of the available insurance companies and their plans with in your pocket. It will be further easier to shortlist a couple of final insurers. On the basis of the company’s reputation, claim settlement ration and its financial status, you can narrow down your search and choose the best company. It is important to know about the claim settlement ration as you may require claiming at some time or the other in future. The company with a higher claim settlement ration is undoubtedly a best pick.

Deductibles are not to be Neglected

Deductibles always inversely proportional to your insurance premium. To simplify, any policy with lesser deductibles attract higher premium amounts. As per the conventional thinking of choosing a policy with high deductibles in order to save premiums, experts opine that it is not a good idea as you end up paying from your own wallet when a need arises to file an insurance claim tomorrow.

Find a Good Helping Resource

A knowledge bank on an online portal or a good insurance agent may help you with the right information on saving some bucks on your policy. A wise advice may help you for years in saving money. The high competition amongst insurance companies makes them play tricky ads to attract buyers and the prospective buyers may ignore crucial soft points due to lack of knowledge. A broker also may be a valid resource as he does not work on behalf of a particular company and hence suggests the best policy without bias as an answer to your question of how to get the best car insurance discounts?

With this information, I hope many of you can save hugely on your pockets and do not be ignorant as I was when I bought my mobile for a whopping price. Else, you will be in my place fuming with jealousy on your friends who are smart enough to acquire a good insurance plan with a comprehensive coverage. Remember, “early birds get quick worms”!!

Use Car Insurance Brokerage Websites to Save Money

Using car insurance brokerage websites to save money or for premium comparison and know all about insurance policy is much more common. How is it a good idea to use car insurance brokerage websites to save money? Read below;

The days are gone when you spent hours to talk to insurance agents for getting an idea about available car insurance policies. These days obtaining cost effective car insurance is an easy and fast as there are a number of apps and brokerage websites, which are helping customers like you to save money on car insurance after price comparison. Apart from saving money while sitting at home, the benefits of using car insurance brokerage websites are plentiful.

Why Buying Car Insurance through an Insurance Brokerage website is a Good Idea?

Buying car insurance from a brokerage website online is always the best way because it is safer and easier. A car insurance brokerage website arranges everything to assist you with the best available insurance policies from a variety of insurance companies. The online website is the fastest way to compare and buy the most relevant car insurance policy as per your ease. Also, using an online insurance website is easy. Just fill up your basic information to get quotes from different insurer companies with a purchase link directly to your mail. The benefits are extended to less paper work, reduced premium, no physical movement with no trips to the insurance company’s office and a lot more. The entire process is very easy and soon you end up with getting a lower premium car insurance policy. These websites provide you with everything that is needed to find out the policy that suits best to your circumstances. They provide you with each detail related to premium amount, risk coverage, exclusion, etc. The website deals with the insurance company on your behalf and assists you in getting claims and any other information.

How to Use Car Insurance Brokerage Websites to Save Money?

Online insurance websites are precisely designed for customers’ expediency so very simple to use. However, finding the best car insurance policy is little difficult because it involves various factors like getting quotes, comparing them etc.

Getting Quotes from Different Insurance Companies

Just after sharing your vehicle detail, you would get quotes from multiple auto insurance companies with an option of comparison on a single platform. Always provide accurate information about your vehicle, otherwise, the quotes you will receive would not match perfectly to your requirements. Estimating the annual mileage is another important factor.

Compare Quotes Smartly

Your smart comparison and sharp eye to spot the best deals can help to save money with the selection of a right quote. Quotes differ from one insurance company to another, so it is essential to check around for the best one. A sufficient number of quotes from different companies will help you to shortlist the best insurance plan. However, the prices for different plans do not vary, but the added benefits differ a lot. So, make sure that you get as many as possible quotes from different companies for your car.

Checkout Latest Deals and Discounts

To save more, look for latest deals and discounts. Many times, insurance companies reward their customers with festive and other special discounts. So being a clever customer, compare offers from various insurance companies before acquiring any policy.

Some Key Secretes to Use car Insurance Brokerage Websites to save Money

Get quotes that suits your circumstances and shortlist the best ones
Review the policies carefully to understand the details like premium amount, coverage, exclusions etc.
If you have any doubt related to policy and offered add-on from perspective insurer, please clarify by calling on customer support number.
Consider recommendations from your friends and family members who are committed to car insurance company.
Always go with an insurance company with good market reputation.
Consider a policy that lowers your insurance risk.

Go for long term plans because companies charge interest if you pay in installments.

Benefits of Using Car Insurance Quotes Online

Transacting online is no more limited to some specific activities like buying clothes and gadgets or booking cabs and movie tickets. These days almost everything is available online. With the changing trend, car insurance sector is not any different. There are massive number of people who are choosing to buy car insurance online. They are also saving money by availing good deals from trustworthy insurer companies. We are hoping that you are also someone who is looking for best car insurance policy and want to know more about the benefits of using car insurance quotes online. Do not be hesitant! Buy car insurance online because there are many reasons about which you are not aware of.

Benefits of Using Car Insurance Quotes Online

Get Quotes in the Comfort of Your Home

Getting quotes from different companies is no more a chore! You can get quotes from different car insurance companies anywhere, anytime. You need not miss any of your routine jobs just to meet with insurance agents at different locations to have a detail of their companies’ quotes. You can check quotes from the different companies as per your convenience. Connect to the internet to find out the quotes from different companies for comparison in the comfort of your home.

Get the most Relevant Quotes

Whenever you start finding the quotes, the online platforms will ask a few basic questions under multiple sections. These websites have designed their questionnaires in a way so that they can have an exact idea about the needs of their prospective buyers. It means, if you want to have the most accurate car insurance quotes, you must have to provide accurate information about your car.

Heavy Discounts Help in Savings

Like other things, buying a car insurance online could be more cheaper. Insurer companies offer the best rates in the form of lucrative deals and discounts to encourage buyers to buy a policy online. As the process of proceeding online is less expensive for car insurance companies so that it is easy for them to offer more benefits to you in the form of discounts and deals.

Less Paper Work Involved

When you choose to buy an insurance policy offline, getting into paperwork is normal and it is always a tedious task. Although when you choose to buy a policy online, you become very efficient as no or less documentation is needed. Sometimes you can do this work by just following a few steps online.

Zero Cost Involved

Online quotes are free either you are checking on a brokerage website or an insurance company’s website. Car insurance companies are using both these platforms to get higher online visibility to reach to a high number of prospective customers.

Quick and Efficient

The process is less time consuming as you get a variety of quotes from different insurers on a single platform. The time gets reduced as you can complete this task hassle free after comparing varied options from different companies in a couple of minutes.

Instant Car Insurance

When you buy a car insurance online, it cuts down all the hassle of traveling here and there to find the best quotes from agents. The processing of information can be done instantly even through your phone and the insurer issues your policy right away.

Know about Others Experiences

Realize the full benefits of using car insurance quotes online and find the one with maximum reimbursements. Previous customers share their experiences in the form of review. Before buying a policy, you can use these reviews to compare the features of quotes offered by different insurance companies002E

Get Renewal Alerts in Your Mail

When you buy car insurance online, all your data would be saved with the brokerage or insurer website. You will get reminders to renew your car insurance before the time. Even it also becomes easy for you to renew the insurance, as you need not refill your information.

Recommendations to 1st Time Online Car Insurance Buyer

Congratulations to you to own a new car! We suggest you ensure it with a trustworthy car insurance policy. Here are key tips to keep in mind for first-time online car insurance buyer;

Go with authentic brokerage or insurer website.
Get quotes from different insurers.
Compare prices and benefits to find out the low-cost policy.
Take your time to find out the policy that fulfills all your needs.
Use a car insurance calculator online for choosing a car insurance plan.

Forget All Misconceptions about Buying Car Insurance Online

Benefits of using car insurance quotes online are limitless! Therefore, it is a good idea to say bye to all misconceptions about buying a car insurance online. If you choose to buy a policy from any licensed brokerage website or insurance company, it should be 100% authentic. In India, Insurance Regulatory and Development (IRDA) is a regulatory body that issued a license for authenticity. If you are reluctant to buy a car insurance online because it involves an online transaction, do not worry, it is completely reliable as online transitions are safe and websites follow all norms to maintain your security and safety. So, hurry up! It is a time to embrace online technology to enjoy the maximum benefits of using car insurance quotes online.

Read more about the benefits of car insurance.

Things to know about endorsement policies for Car Insurance

If we compare 2018 with an unknown year in the rock age, there has been an enormous difference in everything related to a human being. It was the same human being then and even now but the food, attire, dwelling, tools and technology, has seen a massive correction and this has never stopped by the way. Not settling down for the existing one and the human’s zeal to explore for betterment has been the mantra behind this constant “change”. It applies to every aspect of life and why not for insurance? Yes! You can change your insurance policy too!! Are you not happy with the existing norms of your policy? Is your friend having a particular feature in his insurance policy which excites you? Never mind!! Your insurer would treat it as a privilege to include or change that concept for you in your policy. The cutthroat competition among the insurance companies has made it possible to change your policy norms as per your choice. Many people welcome this change with extreme warmth as this encourages many to get insured. After all, the change is for the betterment of people!! The specific jargon for this ‘change’ in insurance industry is ‘endorsement’!

Endorsement Meaning in Insurance

An endorsement is fundamentally the change in an insurance policy made by the insurance company on the request or order of the policy holder. It can be considered as an extension to the existing policy. You will find new changes in a policy when there is an endorsement. The endorsement can comprise of coverage changes, vehicle changes, driver changes or many more. Let’s focus on knowing things about endorsement policies for car insurance.

How Frequently Can You Request for an Endorsement?

In fact, it is good for the insurers either to call an endorsement as they always confront a threat of ‘porting’! If a particular feature is not included in a policy, the policy holder may port his policy to another insurance company. Any insurer to that matter would not want to leave their clients. So, they find it better to incorporate the change the customer wants in the policy rather than making them switch. To meet their expectations, insurance companies create endorsements and offer them to their clients. There is no specific thumb rule in making an endorsement in a policy. But on an average, it is usually once in a year at the least. Some people mess up their policies by requesting frequent endorsements which can lead to blunders at times which in turn cost you dearly.

Types of Endorsement in Insurance

An endorsement in your insurance policy is made owing to multiple reasons and the few things to know about endorsement policies for car insurance are specified below:

Change in the policy holder’s address
Changes in policy holder’s name
Change in policy holder’s email id or mobile number or both
Change in the car’s registration number
Change in the car’s engine number
Change in the car’s chassis number
Change in the car’s model and built
Change in the car’s fuel type
Change in the car’s variant
Adding or increasing the voluntary deductible
Changes in premium mismatches
Change in the car’s Insured Declared Value (IDV)
Corrections in the No Claim Bonus (NCB)
Changes about the nominee
Transfer of ownership of the car
Addition or deletion of zero debt
Addition or deletion of electrical accessories
Converting the car to that of an LPG/CNG model
Change in the no. of seats in the car
Change in the car’s cubic capacity
Change in the car’s manufacturing year

How to Make an Endorsement

Many endorsements done of late in the insurance industry in various scenarios prove that this process has become extremely easier from the policy holders’ perspective. The foremost thing to know about endorsement policies for car insurance is that it is as simple as communicating the insurance company through a letter or an email requesting the necessary change. The insurance company will then incorporate the required changes post analyzing the possibilities and the authenticity of the changes that have been applied for. However, with all these changes being applicable, the policy holders should realize that a change may cost the policy dearer as the premium can go up depending on the changes you required for. Usually, the cubic capacity changes, the changes in built etc. can attract a hike in your premium amounts.

Insurance experts suggest the policy holders to request for necessary endorsements in their policies, however, frequent changes would create a chaotic situation, and this can affect the claiming process adversely. The vital changes that are new in the insurance industry can be incorporated but don’t request for every small change that can change the format of your insurance policy on the whole. It is equally important to inform the insurance company about the newly made changes in your car as it should not affect the coverage amount at the time of a claim processing. Hope this article would enlighten the readers on things to know about endorsement policies for car insurance and help them in bettering their lives.

Things to know about depreciation factor in car insurance

Human beings are god’s creation and they too have a limit to dwell on this planet. Irrespective of some people having exceptional longevity, everyone has to leave at one time or another. Humans are god's creation and when human being has to end life at some point of time, how can we expect man-made things to last longer? What about wear and tear!! Everything artificially manufactured has some amount of wear and tear to an extent or the other. Some may have high wear and tear and some may have less with respect to the material, usage, pressure, friction and time. Similarly, cars get depreciated too. Since they are made of metal which has high chances of depreciation and these vehicles are more prone to depreciation. It is basically the loss incurred to the monetary value of a car due to extensive usage with respect to time. This depreciation does not confine to a particular part but to the entire vehicle with time and usage and its price also gets affected in terms of its market value as depreciation is directly proportionate to time and usage.

However, the depreciation value for various parts of the car is different. Interestingly, there would be an overall depreciation along with the individual wear and tear of parts. For example, all parts except those which are crafted from glass are treated as vulnerable for depreciation as they have a confined lifetime and they get eroded with time. To assist the vehicle owners or probable buyers, the insurance companies help them save the depreciation amount which is generally calculated at an extent of 5% per annum. In simple terms, the older the car, the higher the rate of depreciation is and the lower the insurance coverage would be. Hence, the important things to know about depreciation factor in car insurance is that depreciation coverage is thereby an essential element to consume the amount of loss. However, there are various policies offered by the insurance companies to enable the car owners save the depreciating amount.

Zero Depreciation Car Insurance

The name explains it all as zero depreciation offers a complete coverage or a comprehensive coverage as it is popularly called in the insurance world. The factors affecting the depreciation are nullified and hence there is no deduction as depreciation in such policies. In the event of a car damage due to an accident, and if it has zero depreciation coverage, the insurance company is bound to cover the entire amount leaving the actual amount of depreciation aside.

Comprehensive Car Insurance

This kind of coverage caters to the car’s compensation following an accident but unlike the zero depreciation coverage, it takes into account, the existing value of the car. The value of loss incurred is compensated against the zero depreciation value calculated. So, when compared to zero depreciation coverage, the overall or standard comprehensive coverage caters to the existing value of the car and this is the important thing to know about the depreciation factor in car insurance.

Depreciation as an element

Just like every other thing, every vehicle would depreciate basing on its longevity and usage. One needs to take into account various factors while calculating the depreciation value of a car. Every part of the car has a different lifetime and hence they collectively lead to an overall depreciation value. Since it is a machine, the cars’ engines and other parts are tested for their endurance with time.

Solution to Depreciation:

Many of us opt for a basic comprehensive insurance coverage which is not inclusive of the additional features especially the depreciation coverage. One may not understand its benefits and hence ignore it. Such people may face it as a wrath in the event of an insurance claim processing. You have to be extremely careful if you own a car as experts suggest the car owners to go for full depreciation coverage so that the owner need not bear any losses if there is any damage. One has to realize that the premium payment is the only investment to get full depreciation coverage. The insurance companies offer a variety of add-on coverages to nullify the financial affect on vehicle owners at the time of claim processing. Or they at least try that their consumers have minimal impact in a claim.

Tips For Buying Your First Car Insurance

Driving a car in India is a luxury these days, so thousands of people are buying cars every day with their disposal incomes. If you are buying your first car, then its insurance must be the first thing to hit on your mind. Now it is very important to consider as the Indian Motor Act makes it compulsory to get their cars insured for the next five years in one go for all buyers. However now buying your first car insurance is no more a daunting task. Trustworthy insurers provide all the information related to an insurance plan through their websites or brokerage websites to guide their consumers so that they do not get confused or know everything about what they have to consider during buying a particular plan. Planning to buy your first car from a dealer? Read on smart tips for buying your first car insurance either online or offline from an insurance agent.

Why is It Important to Insure Your Car?

The benefits of having car insurance are abundance as it helps you to protect your car and money in a number of ways. Top reasons to get motor insurance in India are;

Paying for your car’s repair is costly but a car insurance saves you because it pays for most of the damages.
As taking Third-party liability car insurance is mandatory in India, it reduces your liability.
The policy also covers you against the legal implications of an accident caused by you and damaged other person.
The policy saves you from the legal issues of the case and pay for the treatment expenses of third party.
Unfortunately, if anytime you suffer an accident, the policy will pay for all costs of hospitalization.
If you passed away because of a road accident, your car insurance can help your family to sustain its daily life with life coverage.

Tips for Buying Your First Car Insurance

Tips for buying your first car insurance are limitless! We are mentioning some of them below;

Find Trustworthy Resource

For a first-time insurance buyer, it is very important to find out a trustworthy source to know all about the available car insurance plans from insurance companies. Use the online way to find out a right resource as there are several platforms including brokerage websites, information forms, blogs and insurer company’s websites, that try to provide the best information for prospective insurance plan buyers.

Must Do your Homework

Once you succeed to find out a few reliable sources, shortlist the best plans based on different parameters like type of car, premium cost, coverage, benefits, claims, etc. To understand a plan better, you can use the online car insurance calculator so that you can know all about your policy.

Understand Third Party Coverage

As the third party car insurance plan is mandatory in India, it should be included in the main car insurance policy. According to this plan, the primary beneficiary of this policy is neither the original insured nor the insurance company, but it benefits an outsider affected by the vehicle and then the vehicle owner. However, all standard third-party insurances cover accidental damages caused to other person or property by your automobile though you have to understand all the related details and offers covered by the selected plans.

Consider Technical Terms

Your car insurance is a legal document, so you should be very careful about it. Sometimes, it could be a little difficult to understand all the legal terms contained in the legal document. Spend time to read the document to understand it. You can underline the things, which are difficult so, that you can discuss them with your insurance agent or any other experienced source or insurance expert before you sign the document to avoid any confusion in the future.

Go with Top Car Insurance Companies

This is always safer if you choose a trustworthy insurance company for a plan. The HDFC ERGO, Tata AIG Insurance, The New India Assurance and ICICI Lombard are a few names among trustworthy auto insurance companies in India.

Quick Checklist for Those who are buying First Car Insurance

Who is the insurer
Who is covered
What are policy inclusions
What are policy limitations
What is the premium
When the coverage will start and ends
Denomination coverage
The process of coverage claim
What is the legal liability to the third party
Car Body and accessories coverage
Personal accident coverage and lots more
Check out the add-ons in your car policy

Buying Car Insurance Online

It is quite easy to buy a car insurance plan online. You can buy it from brokerage websites as well as from the insurance companies’ website. The best part is that it cost you less because of the availability of a number of plans from different companies and you can compare everything online, which is a hassle-free, faster, easier and cheaper process. In addition, you get everything instantly with no paperwork. Moreover, in festival season, a number of offers with low premiums can be found easily on these websites, thus, it helps in lessening your financial burden too.

Wish you a safe journey in your first car! We hope the above-shared information would be helpful for you to choose the best car insurance plan.

How to Make an Effective Car Theft Claim

The number of car thefts has been rising in India. It has become a big problem because most of the stolen cars are difficult to recover and it leaves car owners stranded. According to Delhi Police, “More than four vehicles are stolen in the city every hour “. In 2018, till the month of June 30, as many as 3,871 cars were stolen and very few among them are recovered so far. Like the capital city, rate of car-theft cases are rising everywhere in the country. So, it becomes mandatory to everyone to know the procedure how to make an effective car theft claim. One of mine friend’s car was stolen last month. He called up me immediately after he had come to know about theft and asked me to come over the near police station for filing a complaint. What I learnt from this incident, I would like to share with you as it would help you and many others how to make an effective car theft claim.

What is the Most Important Thing

What do you need to do when your car has been stolen? Well, you need not worry too much, if your car insurance plans have a comprehensive coverage of theft claims. If your policy covers the stolen damage, your insurance agent must inform you about this thing at the time you got the policy. If you were already well informed about the procedure, making the theft claim would be a simple and stress-free task. Read to find out how to make an effective car theft claim;

Inform the Police

The claim process for a stolen car starts by registering a complaint to the near police station. You need to file a complaint about the theft once you become sure that your car has really been stolen.

Inform Your Insurer

After filing police complaint, you should notify your insurer immediately to clarify the situation. You can contact directly to your insurance agent or can call to customers’ service number with the detail of your insurance policy. This will also help you to understand the claim filing process too. Most of the car insurance companies take one-month minimum waiting period to finalize the stolen car claim and this time starts right from the time when it was stolen. If you have any doubts about your insurance plan, you can ask your insurance agent or brokerage website for the detail.

Inform the RTO Office

As per the Indian law, you are also needed to notify the Road Transportation Office (RTO) that your car has stolen. From here, you would be able to get the RTO transfer papers, which are among the key documents that needed to be providing to insurance company.

Claim Investigation

The insurance company always investigates car theft claim thoroughly to avoid fraudulent claims. The insurance agent would ask a series of questions during investigation so be prepared for this thing. Common questions include-date and time of theft, location of your car when it is stolen, year, car model and other detail related to the vehicle. Police FIR copy also needed to be submitted to make claim process hassle -free.

Documents Required for Insurance Claim

The Police complaint (FIR) original copy
Police documents
Your driving license
The car’s RC copy
RTO transfer documents with the 28, 29, 30 and 35 forms
The duly signed claim form
And the original car keys

The No-Trace Report

You need to get the no-trace report from the police as a confirmation that the car has not been located. The police would need a least one month to generate this report after the confirmation that it failed to locate your car. Without this report, an insurance company will not process your claim.

Making an effective car theft claim

You can suffer a lot when your theft claim is rejected. Your carelessness or lack of knowledge could be a reason. Follow the below mentioned tricks in to handle this matter smartly.

Always choose a comprehensive plan that covers theft of the insured car
The car gadgets may not be covered under the same policy, so go for the separate plan
Select the right Insured Declared Value (IDV) of the car
Provide all supported documents.

At last, the entire car theft claim process will take at least 2-3 months time so, don’t show any kind of desperation as this is a lengthy process and you need to be tolerant for the claim process.

How to Negotiate on a Car Insurance Claim Settlement

The most critical step after you’ve filed an insurance claim settlement; whether it be acclaiming for an Own damage, a personal injury or both is negotiating for a deserved benefit, insurance companies definitely will offer you a Claim settlement. But are you sure about the offered settlement is the right and properly assessed one? You need to know the whole procedure of how to negotiate on a car insurance claim settlement.

Following steps discussed thoroughly might assist you on how to negotiate on a car insurance claim settlement:

Determining the value of your Car – What is your IDV?

The value of the car is in an insurance policy is captured as IDV which stands as Insured / Customer Declared value. The guideline factor is lined out in the Indian Motor Tarif as under

Schedule of Depreciation for Arriving At IDV
Age of the Vehicle	% of Depreciation for Fixing IDV
Not Exceeding 6 Months	5%
Exceeding 6 Months but not exceeding 1 Year	15%
Exceeding 1 Year but not exceeding 2 Years	20%
Exceeding 2 Year but not exceeding 3 Years	30%
Exceeding 3 Year but not exceeding 4 Years	40%
Exceeding 4 Year but not exceeding 5 Years	50%

When IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the insurer and the insured. knowing the true value of your car is very important. Your car would be sent to a claims adjuster who would determine the amount that would be used to repair the car after it gets into an accident. You would be dealing with either your company or other driver’s company based on the type of claim it is.

The Traditional way to know your car’s value is obvious is your trusted mechanic. You can take your car to as many garages and mechanics as you like till you get an estimate that reflects upon the damage your car has received. You don’t have to accept any amount declared by the insurance companies if it does not match the estimates you received.

Initiating the car insurance claim right after the accident – The earlier the better

Your insurance service provider should be contacted immediately on occurrence of the accident. Your service provider will guide you on how to file the insurance claim, suggest and recommend you with the nearest garage with cashless facility and support you with any road side assistance like towing if required. The reason why claim intimation is highly emphasized is because this would ensure you to recall the smallest of details and report properly the damages and injuries.

Maintain Detailed Records

Besides knowing the true value of your car, it is also very important to maintain a detailed record of the accident arranged in a chronological order. The file would include Spot Photos, police records if the incident was reported to authorities, medical bills if anyone has sustained injuries due to the accident impact, car repair estimate, Detailed statement from Driver and witness. All these documents are really important to expedite the process. For Personal accident cases the damage must be accompanied with disability certificate (for disability cases), Death certificate, Post mortem certificate and Legal heir certificate (in case of fatal cases).

Work Out an Insurance Claim Settlement Amount – Indemnity Entitled

Motor insurance claim settlement is a standardized process in today’s competitive trend; the moment the vehicle meets with an accident the vehicle is moved to a garage for repairs. There are pre-approved labor and parts schedule make and variant wise. Compared to a decade back, insured had to negotiate on the labor; the standardization of the labor schedule is a boon hereby customer is saved from the task of negotiating his claim.

For Personal Accident Claims

Section III of all policy wording will speak about the schedule of claim payment on account of occurrence of a personal accident.

Claim Consent

You cannot rely on the speech of the adjuster. You should insist the whole claim settlements in writing. Every claim settled by an insurer must be supported by a discharge voucher which is to be signed by the customer consenting to the claim settlement offered by the insurer. The Discharge voucher should contain the detailed information regarding the claim amount which will be paid. If surveyor / insurer is asking you to sign a blank discharge voucher the same is to be declined. There are instances where customer is not happy with the settlement amount but is under pressure to sign the same due to time involved in that case insured can sign the Discharge voucher mentioning “Under Protest” it is recommended to take the approximate date by which you can expect the settlement documents from the insurance company, etc

Follow Up Regularly

After the procedure is completed, it is not advisable to just sit and wait for your claim because there are hundreds of claims to be dealt with daily. So, it is better to stay in touch with your adjuster and keep following.

We hope this detailing of the above steps on how to negotiate on a car insurance claim settlement will help you in negotiating your insurance claim

What Are the Different Types of Car Insurance : Which one do you really need?

Car insurance is mandatory in India. It is important to be aware of various types of car insurance before deciding on the most suitable plan. Here is a quick guide on the types of car insurance to help you make your decision.

There are Mainly 3 Types of Car Insurance:

Zero Depreciation Policy

Also called ‘zero dep’ insurance or ‘bumper to bumper’ insurance.

Zero depreciation car insurance plan deducts zero depreciation on car parts replaced while offering claim amount in case of an accident. This policy usually does not cover cars that are more than 4-5 years old. The premium for this policy is slightly higher than a normal plan. There might also be a limitation on the number of claims one can make during the policy period which is generally for 1 year and can be renewed annually.

Who should opt for this policy?

This policy is usually available for cars that are less than 4-5 years old.
It is more suitable for new car drivers and owners of high end cars who are more prone to accidents or for those cars where the cost of repairs is very high and therefore, need to cover full cost of damages to the car in case of an accident. However, anyone can buy it.
You should be prepared to shelve out more premium amount for a Zero Dep plan.

Comprehensive Insurance Policy

Also called comprehensive cover or fully comprehensive insurance.

The comprehensive car insurance policy covers the owner and the vehicle. It includes damage caused to the vehicle due to natural calamities like floods and earthquakes, etc. and also due to accidents, riots, loss or theft of vehicle and malicious damage. The policy also covers injuries caused to passengers.

Who should opt for this policy?

This is an extensive policy and should be the preferred choice of all seeking maximum cover for their vehicle.

Third party policy

Also called third party liability cover.

Third party car insurance policy only protects a 3rd party’s loss of Life or Property in case your vehicle causes any damage to the same. While it is a mandatory requirement under the Motor Vehicle Act of India, it does not offer any coverage to the owner of the vehicle. Hence in most cases it is advisable to have a Comprehensive Car Insurance policy. Once you have an understanding of the basics of insurance, get your car insurance quote online and decide on the best policy for your vehicle.

How to check whether your car insurance policy is fake?

The word ‘insurance’ is meant to put you at ease because it is a promise to safeguard you against an untoward event. Insurance is a kind of security; it signifies that a person has entered into an agreement with a company which promises to compensate him for any loss incurred, against the payment of specified premium.

However, what will you do when your very guarantors take you by complete surprise with their deceitful ways? There has been a growing number of fraud cases in insurance sector, and the auto insurance sector is not far behind. Motor insurance is the largest and most profitable sector in General Insurance business. It is therefore very important that as a car owner, you should know how to check whether your car insurance policy is fake while buying a car insurance policy.

So, imagine a situation where you have bought a new car. It is indeed a great achievement in your life. You would naturally like to insure your prized vehicle against events like theft, accident and other kinds of damages. You go through schemes offered by different insurers and decide to buy the one that suits you with respect to coverage, a premium to be paid etc. But how will you check whether your car insurance policy is fake or genuine? Yes, in today’s times, you have to be prepared for any eventuality and must be well-equipped to do a due diligence to buy that perfect policy that is also credible. God forbid, you don’t want to be in a situation where your prized possession has undergone unexpected damages, and you find in the last moment that you won’t even recover the insurance money because all along you were paying a premium to a fraudulent company.

So how will you safeguard yourself against fraudulent car insurance companies? Here are a few simple pointers on how to check whether your car insurance policy is fake or not:

Call the insurance company’s toll-free In case the toll-free number is not given, contact them over email or visit the nearest branch. All of these details or at least one of these details will ideally be given in the policy document if it is a genuine company. This is certainly one effective way to check whether your car insurance policy is fake or credible.
Make sure to ask for a receipt after making a premium payment. This is particularly important when making a payment by cash. The details mentioned in the receipt must be correct. That is, it must mention details like cheque number, payee bank, premium amount, date of payment correctly.
While buying a policy, you must check for accuracy of details mentioned like Insured’s declared value, No claim bonus, deductibles like compulsory deductible, voluntary excess, and additional compulsory deductibles. Insurance companies that are genuine and responsible always look for correct declarations in the proposal form for a smooth settlement, later. Insurers that ask you to cut corners to work out that ‘dream deal’ are the ones who give the first red flags, and this is a reliable way on how to check whether your car insurance policy is fake.
Refrain from allowing others to sign the proposal form on your behalf. If you allow someone else to fill the form on your behalf, it is possible that some wrong details may get furnished even unintentionally. This can be a hindrance at the time of settlement of claims. Even seemingly minor errors like documenting your car as a ‘petrol car’ when it is a ‘Diesel Car’ can create problems at the time of settlement.
Make payments through secured means like cheque or online payment. Moreover, make the cheque in favour of the insurance company and never in the name of any individual in the company.
Make sure you click on a policy verification link on the website of the insurance company. This is a very good way on how to check whether your car insurance policy is fake because fraudulent players will not have the facility to validate the policy on their website or even have legitimate websites.

Finally, make sure that you buy your auto policy only from a recognized motor insurance provider. This is a must-do for you if you want to purchase car insurance and if you want to check whether your car insurance policy is fake.

Last but not the least step on how to check whether your car insurance policy is fake or not is to verify your policy. For fraudsters, it is a very easy job to copy the logo of a legitimate insurance company and fool the public. You need to visit the nearest branch of the insurance provider and verify if your policy exists. You may be able to do this online by visiting the company’s website. The IRDA too is taking steps to safeguard consumers from fraudulent car insurance providers. For example, it has made it compulsory to print the QR code in the policy documents of all policies sold after December 2015. You need to scan the QR code in the policy document. A genuine policy will displays details like status of your policy and information about your insured vehicle.

Staying vigilant is the only way you can protect yourself from unwanted monetary and mental stress of fraudulent car insurance schemes. All you have to do is perform the simple verification measures and be aware of the red flags, and you will know whether your car insurance policy is fake or one that is intended to fulfil its purpose- protect you from uncertain losses.

Cashless Car Insurance

Accidental emergencies are uninvited and comes suddenly without knocking the doors. Everyone should prepare themselves to face such situations like paying car repair bills, damage cost of third-party person or property, bills for medical aids, etc. This takes lots of money to pay for such bills in case of emergency. Is buying a Car Insurance policy is the best solution to come save your pocket from sudden expensive expenses? Do you need something extra should be there to protect you from spending money at the time of exigencies? The simple answer to such questions is that the smart way to deal with such kind of emergency expenses is having a Cashless Car Insurance Policy which takes care all of your expenses without letting you pay a single penny from your own pocket at the time of accident.

Earlier, it was health insurance sector which introduced the concept of Cashless Treatment and slowly it picked up the market. The companies observed that insurance policies with cashless facility have started ruling the insurance sector, so the companies introduced it in motor sector as well. While opting for cashless facility, one does not have to pay a single penny from his/her own pocket to avail instant financial aid and made this option much popular in less time.

You may have questions in your mind like which one is better: cashless car insurance policy or a regular car insurance policy? Or Is it actually as convenient as it sounds like or it’s just a promotional trick? Let us know more about the Cashless Car Insurance Policy.

What is Cashless Car Insurance?

Cashless car insurance policy gives you an option of repairing your vehicle at any of the network garages associated with your insurer without paying any money from your own pocket. The insurance company will bear all the expenses incurred on the repair of the damaged vehicle and are reimbursed directly to the network garages by the insurer. This way you can save yourself from being into an unwanted situation where you lose your own money to repair the damaged car.

All the insurance companies have tie-ups with select garages where the damaged vehicles get repaired. According to the cashless car insurance policy, depending on the vehicle’s policy cover, the network garage repairs your vehicle and gets a reimbursement from the insurance company. Though, there are some parts of the vehicle which are not covered under the cashless car insurance policy, so it is good to check with the insurance company or the network garage that which parts are covered, and which part is not covered. In case if some part is not covered and get damaged, then you have to pay for its repair.

Steps to be Followed to Make Claim Against Cashless Car Insurance Policy:

Always follow the below mentioned steps to avoid delays while making a cashless car insurance policy claim:

Contact your insurer to report the incident, the moment your vehicle meets with an accident. Along with the insurance company, inform the police also and file a FIR in case of any serious injuries or death in an accident.
Your vehicle will be towed than by your insurer to the nearest network garage for a thorough inspection. The vehicle should not be moved without the consent of the insurance company.
A surveyor will examine the estimated value for repair work given by the network garage. The insurance company will than provide an approval to the network garage to start the repair work.
The vehicle will be repaired at the service station and submits the bills to the insurance company. The submitted bills will be examined by the insurer along with the documents.
The company will start the payout process once all the evaluation and verification work is done.
The amount for depreciation and deductibles will be paid by the policyholder, whereas the rest of the amount will be paid by the insurance company directly to the network garage.
In case the damage to the car is beyond the economical repair, this will be considered as a total loss situation in which the insurance provider will make a payment to the customer directly.

There are so many insurers offering Cashless car insurance policy to its customers like IFFCO Tokio, ICICI Lombard, HDFC ERGO, Bharti Axa, etc. All you need to do is, check some online portal like www.renewbuy.com where you can find all the insurers at one place and you can compare the premium and features of different insurance companies.

Comprehensive Car Insurance Against Natural Disasters

The old college meet held today enabled all of our friends reminisce the good olden days. However, we were all sad that one of our closest buddies did not turn up. When we called him to inquire about him, he told us some devastating facts. Though he is not a Keralyte, he went there on a job purpose with the Kerala Government and started residing there. The recent floods shattered the God’s own country and millions of the people of the state and our closest pal is yet another victim. He had to bear huge losses and he said his car worth Rs.1,00,0000 got drowned in the flood water entirely not even worth of scrap. But thanks to the comprehensive insurance he got, as he could at least retrieve some valid money in that difficult time.

Natural disasters such as earthquakes, floods, forest fire or fire, tornadoes, storms and cyclones and other calamities affect humankind badly both financially and personally. But generally, we consider a natural disaster as the least priority when we buy insurance. For any income group, car is undoubtedly one of the most expensive purchases and it is a huge blow if this machine gets affected by a natural calamity. Many a time, we do not anticipate things and being a victim to a calamity is the least thing we anticipate for the kind of rate occurrence it is. It is unimportant how seldom a calamity strikes but is definitely a precautionary measure or an act of foresight if one gets insured for a calamity also. Comprehensive car insurance against natural disasters is a boon and gets you protected against all odds of nature and enable you retrieve solid amount for the loss and there by helps you revive from the disaster.

The Motor Vehicles Act of 1988 has made it mandatory in India to purchase third party insurance policy, the basic form of insurance coverage. The vehicle owner is protected against all the legal liabilities caused due to the damage or loss occurred by a third party or their assets. It has to be kept in mind that a third- party car insurance plan covers on a limited basis and that a Comprehensive car insurance against natural disasters offers complete protection from wide range of occurrences comprising natural calamities as well as man-made calamities.

A comprehensive car insurance plan protects your car for the damages and losses occurring due to almost all- natural calamities. Some insurance companies also offer coverage on collateral damages and losses occurring due to a natural disaster. Standing examples for these situations can be theft, wreckage caused by animals and destruction. It is very essential to make sure that your insurance policy offers sufficient protection against all the calamities especially for those who live in areas vulnerable to disasters such as coastal areas or high- grade earthquake zones or the humid mountainous ranges that attract good rainfall etc.

Undoubtedly, a Comprehensive car insurance against natural disasters costs you more than that of a third- party insurance plan, but the range of cover it offers is definitely worth investing your money on it. It is even simpler to file a claim on a comprehensive insurance plan against the common myths that it is complicated.

Steps for an Easy and Hassle-Free Claim:

Collect Proper Evidence:

Once you recover from the storm, start collecting the evidences for the damages caused to your vehicle due to the mishap. However, do remember that the mishap has to be a listed calamity as per your policy. Majority of the natural calamities are covered under your policy if it is comprehensive.

Collect pictures of your car in interior and exterior angles along with the engine cabin and the trunk of the car as well. Make sure that the damage to your car is visible in the picture in an appealing manner and it should prove that the disaster is the reason for this damage. Without collecting the evidence, you are not suggested to clean up the wreckage, as these form vital proofs for your insurer to process a claim for you.

Assess the Quantum of Damage:

Before the accident analyzer from the insurance company arrives, make sure that you call the local mechanic to evaluate the damage occurred to the vehicle. Service center people also need to be contacted to understand how much does it cost to bring the vehicle back to normal working condition. This will help you bargain with the insurer.

Inform the Insurance Company Immediately:

The quicker you contact the insurance company, the higher it is beneficial for your claim to smoothly process. The above steps are suggested to be done in the fastest possible time. Comprehensive car insurance against natural disasters gives valid protection if approached in time.

Claim Settlement:

If the claim settlement officer has offered too low in comparison to your analysis amount, feel free to put it up in front or do visit the higher authorities if necessary.

A comprehensive policy is crucial for a financial support in an unforeseen event that is a natural calamity However, there may be very few things that your plan may not cater to when it comes to provide insurance coverage. Hence, you are requested to pay attention to every minute detail before you purchase a policy.

Car Care Myths Busted For You

Indeed, the anxious repercussions following a new car manifest in overindulgent solicitude from the owner’s perspective. Importantly, this is precisely the phase when owners, out of anxious care, might tend to give in to fallacious hearsay and end up ruining his or her prospects.

Consequently, it becomes important to clearly recognize the distinction between fact and fiction. Specifically speaking, a plethora of car care myths do the rounds in the common consciousness, thanks to ignorance and canards. The following are some of the most common car care myths busted for you:

Car Insurance Covers Everything

First and most common car care myths busted for you is that availing of car insurance is the be-all and the end-all. However, it is important to keep in mind that car insurance schemes depend intricately on the type of car and the insurer. Also, there are such factors as third-party liabilities which go into deciding the prospects of a scheme. Naturally, a thoroughly linear conclusion does not go far.

Mobile Phones Explode in Petrol Pumps

Indeed, pictures of severely burnt cars, due to emphatically to the explosion of cell phones at gas stations, have been doing the rounds on social media. Moreover, people have been led to believe to not even touch a cell phone while refilling their cars at a gas station!

However, the truth is something else. According to research, what is indeed important to consider is that one should prevent discharge of static electricity while filling up at a pump. Indeed, there is no other reason why a cell phone should aid explosion, except for the superfluity of static electrical discharge.

Tires May Do Without Maintenance

One of the most lethal consequences of ignoring the safety of tires is unsuspected blowouts. Moreover, one can also risk losing prospective savings by ignoring the well being of the tires.

According to recent research, it has been found that deflated tires have a higher risk of accident and damage. Indeed, it has been concluded that adequate inflation helps one to save on the car mileage, apart from preventing fatal accidents. Naturally, deflated or, more precisely, under-inflated tires may easily cause the driver to lose control, thereby paving the way for crashes and blowouts.

Electric Cars Are Likelier To Catch Fire

One of the most bought falsities regarding car care is that electric cars are more vulnerable to fire. However, persistent research has thankfully shed some light on the truth. According to expert studies, electric cars are not susceptible to the conflagration, unless there is a fault with the intricate wiring network. Indeed, there were misplaced fears initially regarding the sensitivity of the battery; however, technical research has successfully proven it otherwise.

Downed Windows Translate to Fuel Efficiency

Perhaps one of the most hilarious myths would be to link downed windows to prospects of fuel efficiency. However, it is, as often, the opposite which is true. According to observations, driving with windows up plays a decisive role in maintaining a stable aerodynamics which consequently translates affirmatively to fuel efficiency.

Cars Should Be Warmed Up

This is again one of the car care myths busted for you is that people generally think that it is important to keep any modern car sufficiently warmed up while being driven, and quickly at that. Indeed, according to expert observations, starting the car and hitting the road is possibly the best way to warm a car up. The same holds true for colder weathers too. Moreover, deliberate delaying causes the vehicle engine to delay cooling down.

Oil Should Be Changed Every 3000 Miles

Luckily, modern vehicles have been so designed as to cover over seven thousand miles without any need for an oil change. It actually depends on the type of car. For instance, there are such efficient car engines which can do over ten thousand miles before needing an oil change. In such case, it is best to consider the car manual in order to be clarified on the same.

Paint Protects Cars from Scratches

Often, people tend to cover up the scratches on the bodies of their car by rubbing some glossy paint against them. While it certainly shields the corrugations, it does not eventually protect it from further grazes.

Possibly, the most recommended way to prevent the tyranny of contingent scratches and bruises is to avail of the 3M Paint Protection Film. Apart from preserving the car body against the contingencies, the technique also sustains the primitive gloss on the car skin.

How Can I Compare My Car Insurance Rates Online?

If you are buying a car, you must also ensure that the vehicle is duly insured. This is not just to ensure that in case of an accident, the insurance company covers the costs incurred; but because it is a legal requirement. The Indian Road Safety Act and Indian Motor Vehicles Act mandate that every vehicle owner should have insurance. Whether you are buying a new or a pre-owned vehicle, it makes sense to compare car insurance rates online and then make a decision. There are many options to buy car insurance online; you can use a car insurance calculator to get an instant quote. Keep the following in mind:

Do not blindly accept the dealer’s offer:

When you buy a new car, the car dealership will usually offer you a package deal including the car cost, registration amount, insurance and ancillary expenses. They may even arrange finance for you. This is because they have tie-ups with insurance companies, banks and financial organizations. However, you need not depend upon the car dealer solely. You should do your own research, compare car insurance rates, features, inclusions and premiums to get the best, most cost-effective deals for yourself.

Check online reviews:

Ask friends, relatives and colleagues for their recommendations and experiences with car insurance companies and specific products. Online reviews can tell you a lot about the insurance company’s overall level of service, treatment of customers, promptness and willingness to settle claims. Beware of companies against which insurance buyers appear to have filed several complaints in consumer redressal or other online forums. Also check the claims settlement ratio of the company to narrow down your options in terms of the insurance service provider to use.

Compare policy features:

It is compulsory to have third party car insurance, which provides cover to a third party such as person who may be involved in an accident with your car; which also provides protection when it is someone other than the policyholder behind the wheel. However there may be variations between various insurance products, so ensure that you read all terms and conditions. It is important to remember that third party insurance does not cover you or your vehicle so it is advisable to opt for comprehensive car insurance online or offline. Compare car insurance policy features to ensure that the policy is genuinely comprehensive: covering theft, fire and other damage, accidental injury to the vehicle owner. Check coverage and even more importantly check policy exclusions (events not covered or actions /omissions that void the policy)

Compare insurance riders:

Carefully consider optional add-ons that you can add to a vehicle insurance policy based on your own risk profile. If you have a job or lifestyle that requires a lot of late night driving or travel to remote areas, choose riders that offer appropriate protection; such as roadside assistance cover. Another rider to opt for is Personal accident coverage. It offers cover for disability or loss arising from an accident; not just for the person behind the wheel but also for the passengers. You can also opt for engine cover to protect against costs arising from vehicular engine damage. Zero depreciation cover to waive depreciation on substituted car parts is another rider to consider buying when you use a car insurance calculator to find the best deals. You may also consider opting for an additional rider that covers car accessories (not covered under general policies).

Compare Car Insurance Rates (Premiums):

Check out what premium you will be paying the first time and for subsequent years for your vehicle. Find out about aspects such as no-claims bonus or other attractive add-on features that companies may offer.

Visit an insurance aggregator’s website:

This is one of the simplest ways to compare car insurance. All you need to do is enter the make of the car, variant, year/model to get instant quotes from various insurance service providers. You will also find assistance here if you need to know about the documents needed, information about riders and discounts or limited period offers available if any.

Use an instant car insurance calculator to compare car insurance rates and features online to make the most informed and cost effective choice!

Steps To Avoid Car Insurance Claim Rejection

You buy car insurance because it is compulsory under the law and for the peace of mind that comes from knowing that the insurance company will take care of things in the event of an accident, theft and so on. Hence, when things go wrong, the rejection of your claim is the last thing you want! How can you avoid car insurance claim rejection? How can you ensure that the insurance company will pay your claim?

Choose the right policy and riders:

Comprehensive insurance offers greater protection than third party vehicle insurance. The more riders one opts for, the better is the coverage. Ensure that you choose riders that you need according to your age, lifestyle, family size, type of job, driving habits.

Read the fine print:

The insurance policy will have a set of exclusions; events not covered by the policy. It will also have terms and conditions that specify the circumstances, actions and omissions that entitle an insurance company to reject a claim. Thoroughly read the policy to know about these, call up the insurance company to understand any unfamiliar words and clarify ambiguity of terms. It is best not to have any nasty surprises later while filing a claim.

Make full disclosure:

When buying car insurance, the policy buyer has to make full and accurate disclosure of all relevant personal and vehicle details. Never give false or incomplete details at the time of buying a policy, renewing it or at the time of making a claim.

Make a claim promptly:

If there is an accident or breakdown covered by the policy, make a claim without any delay. Take plenty of pictures or a video if possible to record what happened and then make the claim in the manner and within the specified time to avoid car insurance claim rejection.

Keep your license up to date:

Driving without a license or driving with an expired license could be a valid reason for a car insurance company to reject a claim. If your license has been suspended or impounded for any reason, do not drive. Never permit your vehicle to be driven by a person without a valid, current license.

Do not use a private car for commercial purposes:

Personal car insurance is different from policies issued for commercial vehicles. To avoid car insurance claim rejection, ensure that a private vehicle is not used for commercial purposes. If one has bought a personal policy and is then using their vehicle as a taxi or for any other commercial use, the insurance company would be within its rights to refuse a claim.

Avoid two wheeler insurance claim rejection:

Keep the two-wheeler in good repair, don’t carry more than one person on the pillion, wear a helmet and ensure that your rear view mirrors are functional. The same steps you take to avoid rejection of a car claim are relevant for two wheeler insurance as well.

Never drive drunk:

Driving under the influence of alcohol is not only dangerous, it is illegal. It is also a sure way to have a vehicle insurance claim rejected. Make sure you don’t permit a drunk person to operate your vehicle either.

Renew on time:

Do not allow your policy to lapse. Renew it on time; get uninterrupted protection under the policy as well as other benefits.

Other ways to avoid car insurance claim rejection:

When buying a pre-owned car ensure that you get the registration as well as the insurance policy transferred to your name. Do not have your car repaired without informing your insurance company and try to avoid using unauthorized workshops. It is more advisable to use a network garage /workshop which are insurer approved; where convenient cashless facilities may also be available. It is also important not to make any major modifications or to install a CNG kit to the car without giving notice to the insurance company and/or appropriate authority.

Remember it is the job of the insurance companies to maximize their profits by closely scrutinizing all claims and rejecting invalid, fraudulent or frivolous claims. Ensure that you as a well informed and knowledgeable policyholder can avoid car insurance claim rejection and get full benefit of the insurance policy you paid for.

Factors That Influence Car Insurance Premium

The premium a policyholder pays for his insurance policy is for the assurance that the insurance company will pay in certain circumstances. Insurance underwriters assess the risk of an insurance company to determine how much insurance premium must be charged for life insurance, health insurance and for car insurance premium based on a range of varied parameters. The car insurance calculator takes several aspects into consideration when deciding what premium the insurance company will charge.

Your Location and Registration Decides the Car Insurance Premium

For purposes of calculating car insurance premium in India, the registration of the covered vehicle is relevant. A vehicle registered in Zone A – which refers to metro cities such as Mumbai, Delhi, Chennai, Kolkata, Pune, Ahmedabad, Hyderabad and Bangalore – will attract higher premium whereas Zone B (rest of India) vehicles attract lower premiums. Since the perceived threat of theft, accident and vandalism is lower in smaller towns and rural areas than in bigger, busier cities, vehicle owners in Zone B pay lower insurance premiums.

Car Insurance Renewal

The car insurance premium you pay will also depend upon whether you are buying insurance for a new vehicle or whether you are renewing an existing policy. The renewal payment payable will depend upon whether a claim was made during the preceding year, the condition of the car and other aspects. A no-claims bonus means lower premiums at the time of renewal.

Cubic Capacity (CC), Car Make, Model and Variant

The value of the car decides the premium payable. This in turn is determined by the cubic capacity and type of engine, the car variant (basic or high end) and the year of manufacture. Typically insurance of diesel cars is more expensive than petrol cars. CNG vehicles also attract higher premiums.

Age of Vehicle

If you use a car insurance calculator to buy or renew your car insurance online, you will find that the age of a vehicle is relevant to decide the premium amount. The age of the car is inversely proportional to premium charged. The older the car, the lower is the premium.

Purpose for which the Policyholder will use the Vehicle

Whether the vehicle is going to be used for personal or commercial purposes is also relevant when using a car insurance calculator. A commercial vehicle will run much more, suffer greater wear and tear and may be more likely to be involved in an accident; hence may attract higher insurance premiums.

Type of Policy and Optional Riders

A basic third-party insurance policy will typically have the lowest car insurance premium while comprehensive policies will be more expensive. The optional riders that a policyholder opts for will also directly impact premiums payable. Adding optional riders such as accident cover, coverage for accessories, roadside assistance will also mean higher premiums.

Safety Features/Devices

Anti-theft devices and other security features that make it difficult to steal a car will also help to lower the premium payable.

While some of the factors that impact car insurance premium may be out of one's control, there are some factors within the policyholder’s control. Keeping the car in good repair and regularly having it serviced, being a careful and responsible driver are factors that help you, as the policyholder enjoy a trouble-free driving experience and possibly lower premiums as well.

What Is Compulsory And Voluntary Deductible In Car Insurance?

The advent of motor finance has not only enabled millions of people own an automobile but also ensured the vehicle’s security through the concept of insurance. Buying a car may not be a big thing as it is a onetime investment or a scheduled EMI but maintaining it for its lifetime is a complex thing for sure. Especially with the kind of roads and the unorganized traffic making an average individual vulnerable to motor accidents, it is very essential that people have a little foresight in getting their lives and their vehicles’ insured. But do the insurance policies really suffice the needs of people when they need it the most? If we analyze about them, we get to know that we need to be aware of the compulsory and voluntary deductibles in car insurance industry.

What is compulsory and voluntary deductibles in car insurance?

let’s get a sneak peek of the car insurance deductibles!

Every Car insurance policy has a stipulated premium rate depending on the Insured Declared Value (IDV) exclusive to that scheme. This ensures insurance claim benefits to the insured as long as they want the payment of premium on regular intervals. Additionally, the insured also have to pay a specific amount called ‘deductible’ from their own pocket at the time of a vehicle insurance claim. it is usually the part of claim amount to be paid by the insured before the insurer agrees to pay the remaining amount of the claim. This is at times a huge amount and usually classified as the compulsory and voluntary deductibles in car insurance.

Voluntary deductible:

In this pattern, the insured fixes a stipulated amount to be paid by him/her in every insurance claim which is called a voluntary deductible. People who want to ascertain a discount amount on their insurance premiums are benefitted by this pattern. To make it more precise, voluntary deductible is an undertaking of the insured to pay a certain amount in each of the claims made. This basically allows the insured to avail a decent percentile of concession on their car insurance premium. The higher the policy holder takes the responsibility of paying the claim amount, the lower the insurance premium would be. For example, if an insured person has unfortunately met with an accident and the damage claim amounts to Rs.100,000 approximately, the voluntary deductible in this case would be the amount that insured is willing to pay as part of the claim. However, this percentile is fixed in advance to avoid unforeseen issues.

Compulsory deductible:

This particular deductible is the amount pre-fixed by the insurance company to be compulsorily paid by the policy holder at the time of a claim. According to IRDAI (Insurance Regulatory and Development Authority of India), the compulsory deductible can start at Rs.50 for a two wheeler and at Rs.500 for a four wheeler. Generally, the insurance company levies a high deductible if the car is tenured. The insurer comes up with a higher risk of claim for cars with higher cubic capacities or in other situations when the danger of claim is seen as high. Compulsory deductible cases do not consider lowering premiums. Insured declared value (IDV), make and model etc decide the premium as it is calculated considering these elements.

If an individual decides on fixing the voluntary deductible as Rs.30,000, there is a possibility of getting a concession in premium for about 20-25%. However he has to pay the compulsory deductible in addition to the voluntary deductible as set by the scheme provider. Most of the insurance companies include such a clause. To put it in a nut shell, the compulsory deductibles are pre-fixed in a way that they do not attract claims. This deductible also ensures that the insured acts more consciously with the concept of additional charges for the claims in mind. If an insured is at high risk of insuring, he/she is charged a higher compulsory deductible. Since, the corporate insurance firms attempt to maximize their profit while offering multifold benefits to the insured, it becomes the policy holders’ responsibility to thoroughly check the included conditions to spend little on premiums. After all, the idea is to maximize the claim benefits but not the premiums to be paid! Hope this article clears the myths about compulsory and voluntary deductibles in car insurance!!

Why It Is Essential To Buy Luxury Car Insurance?

A luxury car is not just a personal mode of transportation. It’s a symbol of a person’s aspirations and success. Owning a luxury car is not just a matter of comfort but also of prestige and stature of a person in the society. In recent years, the world’s leading car makers have rolled out many successful luxury cars that have performed exceptionally well in the Indian car market. With their super cool designs, enchanting looks and attention-grabbing features, luxury cars promise to provide an exhilarating car driving experience. However, like all luxurious things, a luxury car doesn’t come cheap. Even for people who belong to the upper echelons of society, buying a luxury car is a big financial investment. This is the reason why it is essential to buy luxury car insurance.

A luxury car is not just expensive to buy but also costly to maintain. Even a small damage can force you to shell out a huge sum of money. And without a luxury car insurance policy, things can get pretty bad in case of a major damage to the vehicle. Also, it would be wrong to presume that all luxury car owners can afford the high cost of repairs.

Here is why it is essential to buy luxury car insurance -

The High Cost of Repairs

Did you know how much is the average claim size of luxury car owners? Around Rs. 50,000! You may argue that it’s not that big amount and most luxury car owners can afford it. But that is not the case. Thanks to a burgeoning second-hand luxury car market, many of the luxury car owners come from a not-so-rich background. For them, it’s not feasible to spend so much money on car repairs. And even for those who can afford it, it makes a lot of sense to purchase a luxury car insurance policy that provides a comprehensive cover.

Specialized Service

Even in big cities, roadside garages are often ill-equipped to service luxury cars. In case your treasured vehicle breaks down in the middle of the road, it can become difficult for you to find a good mechanic who can provide the right service to your vehicle. This is where buy luxury car insurance can be very useful. Many of the car insurance policies for luxury cars come with roadside assistance rider that enables the car owners to get specialized help even if the car breaks down in a remote area.

Peace of Mind

A luxury car insurance policy does more than providing a financial cover. It ensures complete peace of mind that makes the life of a luxury car owner a whole lot easier. Buying a comprehensive life insurance cover means you have one less thing to worry about. It makes the whole process of owning and maintaining a luxury car less burdensome.

So now that you know why it is essential to buy luxury car insurance, you need to understand how you can choose the right cover for your luxury car. While the third- party cover provides the basic protection, it’s always advisable to opt for a comprehensive policy as it covers all repair costs. Moreover, there are several add-ons that you can opt for. These add-ons can prove to be a godsend in case your vehicle needs repairs.

Do you need all the add-ons?

As a smart luxury car owner, it is important not to get swayed by the add-ons promoted by car insurance companies. It is important to do some basic research to find out which add-ons you truly need. In addition to the road-side assistance mentioned above, engine cover and depreciation reimbursement are two of the most useful add-ons that every luxury car owner should consider buying along with a comprehensive cover. The engine cover is important as the cost of repairing the engine is very high. Depreciation reimbursement, on the other hand, ensures that a luxury car owner gets full claim and there is no deduction for depreciation on the value of parts replaced. There are many other add-ons that you can choose depending on your requirements.

A luxury car is one of your most cherished possession. With the right luxury car insurance cover, you can make your luxury car driving experience all the more enjoyable.

Invest In Comprehensive Car Insurance

If you are one of the many trying to understand why you need to invest in a comprehensive car insurance plan, this is where you will find your answers. In addition to being mandatory in India, having car insurance is extremely beneficial. It is your ‘cover’ against financial duress in the event of an accident, which causes harm to you, another person, and damage to property. With the availability of a number of options of car insurance online and car insurance renewal, it has become easy and hassle free to protect yourself and your vehicle.

The term comprehensive insurance is self-explanatory and comprises wide cover against damage caused to your vehicle in the event of road accident and because of incidents not involving road accidents. This insurance would also cover incidents of car theft, legal implications of damage to another, third party cover, and unintentional death or injury of another.

What Constitutes a Comprehensive Car Insurance Policy?

This policy is the top-level protection for a vehicle and provides cover against incidents that would otherwise cause financial stress to the owner of the vehicle.

Some of the essential features of comprehensive car insurance are:

Damage protection caused by accidents even if the fault lies with you
‘Umbrella’ protection for your vehicle against theft and damages occurring due to natural disasters
Possibility of additional covers for protecting the vehicle’s engine and zero depreciation
Coverage of third party liabilities in the event of accidents without additional premium
Insurance claim from insurer even if an accident was caused by your error
Claim even if no fault can be placed – incidents for example where you return to your vehicle to find it damaged

More Reasons to Buy Comprehensive Car Insurance

Without comprehensive motor insurance, you could be exposed to financial risk that could leave you with long-term debt. Comprehensive car insurance provides that extra cover to give you optimum protection, peace of mind and a safeguard against unnecessary expenses on vehicle repairs.

This kind of motor insurance provides coverage for:

Damage to glass
Vehicle theft
Acts of Vandalism
Damage to the vehicle by falling objects
Fire
Flood
Damage from inclement weather
Damage caused to a third party

Normal Exclusions of Comprehensive Car Insurance

Wear and tear and aging of the vehicle
Value depreciation
Damage to tubes and tyres
Breakdown of the electrical or mechanical system
Damage caused due to unlicensed driver
Damage due to drunken driving or driving under influence of other intoxicating substances
Loss or damage caused by nuclear war, riots, and war

Final Words:

It may seem that comprehensive car insurance is a lot more expensive than other types of insurance. However, in the event of an incident, a wide cover would prove extremely beneficial and cost effective. Choosing the ‘right’ cover depends on specific needs and requirements. Car Insurance is not a matter to be treated lightly – accidents happen without warning and can cause serious dents in one’s finances. If you own a high-end car, choosing additional cover such as engine protection would add to the robustness of the policy.

Given the large number of insurance providers and plans, it would be best to check the benefits, inclusions, exclusions, and other terms and conditions online to make an informed decision. There is also car insurance calculator and one-click renewal provision to ensure that your car insurance ‘journey’ is effortless and hassle-free.

Is my car insured? How to check your car insurance?

At times, we skip important things which need to be done on a priority basis and we remember it at crucial times when we exactly need it. One such thing is insurance and ‘Is my car insured’ is the common question arises when we hit someone or vice-versa!! If not insured, we may end up paying huge price for a small negligence. It is a very minimal price in comparison to the car price to safeguard the vehicle from unexpected disasters. However, as the popular saying says it is better late than never, it’s time for everyone who owns a car to check whether their vehicle is insured or not! But how is it possible to know if the car is insured or not. How to check your car insurance? Many may wonder how one cannot know the insurance status of their car. The answer is ‘it happens’!! Even if you know that your car is insured, you may not be up to the benefits of the policy or its coverage!

The question ‘Is my car insured?’ is probably asked when you are not sure about whether the previous owner had valid car insurance policy or not, in case of a used car, or Is the car insurance transferable? Well, the answer is Yes! You must be aware of the fact that Car insurance is transferable with its sale. So, if you are buying a used car, you can always ask for its insurance policy as well from the previous owner.

In case of new car, few automobile dealers offer a basic insurance also known as drive away insurance, for a new car and this will cover your vehicle only for a limited period say for about a fortnight or a month till you purchase the actual insurance.

How to check your car insurance?

The simplest way of getting the insurance details of your car is to run the car’s number plate on the automobile insurance data base and that’s it. However, if you haven’t deliberately bought an insurance policy for your vehicle, the chances are higher that you might not have got it insured.
The thumb rule is that if your car has insurance, it demands premiums in regular intervals. If you are not asked to pay any insurance premium, it is much likely that your vehicle might not have insurance. And this is the answer to your question ‘Is my car insured!’
There are even possibilities that you have purchased insurance for your car at the time of purchasing your car, but you are not sure whether your car is still covered under that policy. Sometimes, it is possible that the policy renews automatically. Majority of the insurers notify you with a message and renew your policy automatically if you don’t take an initiative. If this is the case, you might want to check for the policy for coverage. The simple way to get informed on this is to contact the insurance company from which you bought the policy.
The other way is to check your bank statements to make sure whether any charges have been levied by the insurance company in the past one year. This is the perfect way of getting an answer to your question ‘Is my car insured’!! The majority of the insurance company websites offer an exclusive tab “vehicle insurance status search” for the convenience of their clients.

The advent of online portals has simplified the insurance activities as you can purchase a policy online or pay its due premium online that too with a reminder. You don’t even have to remember the date on which you need to pay the premium. You can compare your policy with other policies and the new inclusions. The websites even offer a conversion with the payment of additional price. They keep updating you about the new trends in the automobile insurance industry to create awareness. So, why not we use such informative websites to get our vehicles insured? Make the most of technology to pay a small attention to your well- being. A little time spent to get your driving hours secured is worth paying attention for all the insurance benefits you get when an unfortunate incident occurs. Investing money for a cause that is not benefitting you currently seems waste but remember, it can save you lots of money and your peace of mind will be intact. Had you done this, you need not to ask yourself ‘Is my car insured?!’

Understanding Car Insurance Benefits

Rash Drivers are everywhere on Indian roads and escaping from such impetuous motorists is very difficult nowadays. The only thing you can do to be on safer side is to buy a car insurance. If one doesn’t have an insurance, it become difficult for them to bear the damage incurred in an accident from their own pockets. Once having an insurance, we are authorized to avail a list of car insurance benefits which really helps us to make our lives easy and drive enjoyable.

Mandatory by law:

One of the most important car insurance benefit is that it protects you from being held by any police authority as it is mandatory by law to have at least Third- Party Liability Insurance under the Motor Vehicle Act.

Covers medical expenses:

It nor only mandatory by law but also offers you a medical coverage. Car insurance benefits you by offering medical coverage if you have a comprehensive car insurance. It covers your medical expenses in case of any injuries incurred due to an accident.

Peace of Mind:

Instead of covering medical coverage or protecting from law, Car Insurance benefits you with the peace of mind which is becoming necessity these days. People are so busy and living in stress, so everyone needs a peaceful life to live.

Monetary losses:

The damage caused to your car, in case of an accident or from some natural calamities like earthquake, fire, explosion, etc. are being taken care by the insurer under your car insurance benefits.

Add-ons Cover:

You can always add riders like Zero Dep., NCB retention, Engine protector, etc. along with your car insurance policy to enlarge the benefits offered by an insurer. You just have to pay some extra premium amount and avail enlarged car insurance benefits.

Advantages of buying Car Insurance Online

Car insurances are necessary to protect the assets from damages. We cannot stop an accident from happening, but the insurance helps us recover from it. Previously, obtaining insurance had been a long and tedious process and took away a lot of our precious time. However, with the availability of everything online, this process has become much less time consuming. We can now go through a number of policies from the comfort of our homes or sitting at office. We can compare online insurance companies and buy what is best for us. Given below are some of the advantages of buying car insurance online.

It is an effortlessly done task and is cost beneficial

The foremost advantage of buying car insurance online is effortless and you get option to compare and choose your own IDV which can greatly affect your car coverage and premiums. You can easily obtain all the comprehensive information which you need on insurance coverage online.

Offline transactions are not always very transparent. In various cases the distributors do not discuss the hidden cost; or do not explain every clause present or the lack of any clause. When you buy a policy online, you are doing it directly from the seller. All the details of a particular policy are clearly given online. You can aware yourself with the clauses offered to you. You can also do a comparative study of policies and insurance companies before buying. You are open to a world of insurances from where you can choose the best.

Automated Servicing

This online platform is not just limited to sale of insurances. It allows you to download various product literature without actually buying them. You can use a number of services that they offer. You can easily avail their premium quotes and do a comparative study. You can renew your policies online. This feature is very useful, convenient and less time consuming. Some insurance companies allow you to claim your policies online, where you have to follow certain easy procedures. Regular reminders will be sent to you so that you do not forget to pay your car insurance premium on time, or do not forget to renew your car insurance policy. The most important fact is that you become self-sufficient and do not have to depend on anyone for your policies.

Online Assistance

Online assistance is an important feature that is provided by almost all insurance companies. There are many of us who are not very tech savvy. For such people there is an online chat facility is available, where a person can have a direct conversation with a representative, and have their doubts cleared. They also provide a toll- free number for you, where you can call them offline to clarify any doubts that you have.

Have any more queries about advantages of buying car insurance online? You can Contact Us.

Understanding Zero Depreciation Car Insurance

Consider this case. A man buys comprehensive car insurance, feeling sure about the coverage in case of any incident. After two weeks, his car breaks down and he contacts the insurance company. The company arrives and checks all the mechanisms of the car and considers some factors that the man was not aware of. In the end, the company reimbursed 70% of the repair cost and explained to him that they always take into account ‘depreciation factors.’ The man was angry but soon realized that he had not done his research before buying car insurance.

When cars depreciate, it affects claim settlements according to the policy of your car insurance. Many people think that their comprehensive insurance would cover all their expenses, but that is simply not true. Therefore, it is important to understand What is Zero depreciation car insurance policy, to protect yourself from the extra expenses of your car.

Understanding what is zero Dep Car Insurance?

Zero dep car insurance provides extensive coverage without taking into account depreciation factors. This means, in case of car damage, the insurance company will cover the full cost. One needs to grasp what is zero depreciation car insurance in order to choose the most suitable policy according to their needs.

What is Zero Depreciation Car Insurance - Important Aspects

Higher premium: Zero dep car insurance costs more as it has more benefits. It offers full coverage without considering depreciation factors, which is quite useful.

Claim settlement: Insurance companies provide a limitation to the amount of car insurance claims one can make per year. Please check the number of claims which different insurance companies provide and make your suitable choice.

Age of car: Zero dep car insurance is available only for new cars. From a customer’s perspective, it is also not very cost-efficient to pay such high premiums on a car which is more than five years old.

It is an absolute must to understand what is zero depreciation car insurance, in terms of what services it offers. In most cases, it will give you a hundred percent coverage for all fiber, rubber and metal components without depreciation.

What is Zero Depreciation Car Insurance - Claim Settlement?

Zero dep car insurance limits the number of claims that a customer can make per year. It is essential as people would then file claims for every little issue with their car like small dents and scratches because they would not want to pay for those costs.

What is not covered under a Zero Depreciation Car Insurance?

Many insurance companies do not cover engine damage due to water ingression or oil leaks. Any additional accessories fitted in the car, mechanical issues and oil change or are also not covered in many policies. Few insurance companies don’t provide reimbursement for tires and batteries also.

Should you buy Zero Dep Car Insurance?

It is quite evident that zero dep car insurance has its benefits over comprehensive coverage. As it gives additional advantages, it also costs more. Generally, in the case of most insurance companies, a zero dep car insurance coverage premium costs more than a comprehensive insurance policy, but it’s worth spending this extra money.

Thus, you will have to pay a relatively high premium to be sure about not paying extra during the claim settlement process in the future. In a way, you are already paying towards that expenditure in the coming years. There is a good chance that many people looking for affordable car insurance may not choose this option.

If you are buying a new car, zero depreciation car insurance is a beneficial investment to protect it from damage and threat. Many believe that zero depreciation car insurance works mainly for new drivers because they are more likely to damage their car in some ways. But we all know that even the best and most careful drivers can be involved in accidents. One can trust their own driving skills but not of others on the road. That is the reason why zero depreciation car insurance is a convenient choice for almost all new car owners.

Other reasons to buy zero depreciation car insurance

Buying zero depreciation car insurance also makes sense if you own a new high- end luxury car. Each part of luxury cars is quite costly and exclusively designed. It is highly recommended to buy zero depreciation car insurance if you plan to buy an expensive luxury car.
It also makes sense to buy zero depreciation car insurance if you have bought or about to buy a new car but are also learning to drive. Zero depreciation car insurance is highly suggested to beginner drivers.
For people who live in an accident-prone area, zero depreciation car insurance is a must have. It is an essential choice for places with difficult roads and weather.

In conclusion, zero depreciation car insurance is a great choice for new car owners. Contact your insurance company and look into important policy details before buying an appropriate car insurance policy. So, what are you waiting for? Do not delay any further and get in touch with an insurance company which provides you zero- dep car insurance policy.

6 Important Driving Tips During Monsoon

Happiness and Problems are always bundled and come together, similarly monsoon season which is always much awaited. During the monsoon, we not only get respite from high temperature, but we also get to see beautiful landscapes. This gives a great feeling of joy to all of us and reminds us of our childhood, when we all use to get wet and play in the rain. Along with the happiness, monsoon also brings trouble for us. It creates so many hitches like inevitable floods or water logging, causing all kind of transport disruptions whether in terms of public transport or your own mode of transport like car or two-wheeler. Yes, it’s right! People experience a lot of problems during monsoon, especially while you are in a flood prone area. Commutation is one of the main problem caused due to monsoon. So, people commuting in their own vehicles should remain more cautious while driving during rainy season. Here are a few important driving tips during monsoon which everyone should follow to stay safe during the season:

Tyres:

Considering the Indian road conditions and rash drivers, you should be extra cautious about the tyres of your vehicles whether you are driving a car or a two-wheeler. During rainy season, it becomes unsafe to drive on a road that has potholes and water logging. Roads are more prone to accidents being slippery and with a poor visibility, specially during nights. Hence, you should be extra cautious about your vehicle’s tyre threads. The tyres should have enough threads on it along with adequate tyre pressure. Make sure that you don’t have bald tyres as they are more prone to cause any kind of accidents.

Wipers:

Check your car’s windshield wipers time to time, especially during monsoon. Wipers should be in a very good condition and should be able wipe away all the water and dust from the windshield. Ensure that the wipers are working correctly, according to the rain speeds. Rubber lining of wiper blades should be checked before monsoon. Also, check that your car’s wiper washer bottle has enough quantity of mild detergent that can keep your windshield clean during monsoon.

Brakes:

Among the most crucial part of any vehicle is its Brakes. If the brakes of your vehicle are in a good condition, only then you can feel safe. So, check your car’s or two- wheeler’s brakes and get the brake pads replaced before monsoon season. If not changing, at least get them cleaned before you plan to use your vehicle during monsoon season. Make sure that the stopping power of your vehicle’s brakes should be highly satisfactory. Also, check your ABS system before monsoon starts.

Car Service:

Get your vehicle serviced and inspected before you ride them in monsoon season. It is very important to have optimum level of engine oil, get air and fuel filter cleaned or replaced if required.

Headlights and Emergency lights:

During rainy season, make sure that the headlights and emergency lights of your car are working properly. They should be clean during monsoon, as this can disrupt the vision. Get any kind of breakage or cracks repaired to avoid water seepage which can result in severe damage to the vehicle. Also, make sure that all the wires are properly insulated.

Outer Body of Car:

For a corrosion free and shiny vehicle ensure that the car’s paint is not damaged and there is no corrosion. Also, don’t forget to polish your car’s body paint with wax as to avoid any kind of damage to its paint. You can also use an anti-corrosion spray to protect the car’s paint.

Valid Vehicle Insurance:

Out of all these precautions, most importantly you should have a valid vehicle insurance policy which will ensure that your vehicle is being taken care if you land up in any kind of unavoidable incident. If you do not have a valid car insurance policy, this may become difficult for you to bear the expenses from your own pocket, incurred in case of any accident. Having a valid insurance is important, not only during monsoon but in every season. It’s just that during monsoon, the chances of accidents increase due to wet roads, less visibility and potholes. Hence, it’s advisable to be extra cautious and get your vehicle insured during monsoon season and enjoy the changing weather.

Undoubtedly, the rainy season is the best time to enjoy hot tea with snacks or to go on long drives with your loved ones, but with the above mentioned important driving tips during monsoon and extra attentiveness while driving, you can enjoy more. Make sure that you always keep proper margin from the vehicle in front of your car while driving.

Difference Between Comprehensive And Bumper to Bumper Car Insurance

Most vehicle buyers closely observe the features of the automobile they are buying but tend to pay less attention to the type of insurance they are purchasing along with it. In most cases, the vehicle owners are likely to accept whatever type of car insurance the car dealer recommends. Whether the dealer recommends third party coverage, bumper to bumper car insurance or comprehensive car insurance many vehicle owners simply sign on the dotted lines without really understanding what they are paying for.

What is Zero Depreciation Car Insurance?

The Zero Depreciation Car Insurance policy also often referred to as bumper to bumper car insurance. Whereas a basic or third party policy covers damage to the third party or their vehicle in case of an accident, bumper to bumper insurance offers coverage to your vehicle as well. Unlike other types of auto insurance, this type of insurance covers the external parts of your vehicle as well such as the metal body, plastic and other fittings and specified accessories. In other words your vehicle is protected from the front bumper to the rear bumper (usually including airbags). This sort of insurance is also called zero depreciation insurance because the insurance company is bound to bear 100% of the costs. In other words 0% is borne by you, the policyholder.

Experts recommend this type of insurance for high end or luxury cars with expensive parts. This type of insurance also makes sense for less experienced vehicle owners or drivers who are more likely to get into accidents. If the vehicle is more likely to be driven along bad roads or areas where accidents occur frequently, bumper to bumper policies are a good idea.

When you compare car insurance you find that bumper to bumper insurance has certain limitations. It is usually offered only on new cars and that may be offered only for a specified number of years after purchase (usually five). There is also a restriction on the number of claims that a policyholder can make during the insurance term (usually two). Bumper to bumper car insurance may not cover the internal faults of the engine, or damage to internal parts (brakes, clutch plates etc) due to regular wear and tear. One more thing to remember is that this type of insurance costs more than other types of auto insurance. Hence, for cars of modest value or older cars, this type of insurance does not make economic sense.

What is Comprehensive Car Insurance?

A comprehensive policy offers coverage for eventualities such as glass damage, arson or vandalism, natural disasters, riot damage etc, and also offers third party coverage. Comprehensive insurance also covers theft and damage caused by third parties. However, when you do an actual car insurance comparison by looking at terms and inclusions as set out in the contract, you realize that your so called ‘comprehensive’ policy may not really cover every one of all the possible eventualities. In the event the policyholder may need to buy additional coverage in the form of medical claim, engine protector, collision insurance, and/or zero dep riders.

Similarities and difference between comprehensive and zero depreciation insurance

While bumper to bumper policies cover 100% of the claim value, comprehensive policies will pay for only a certain percentage of the expenses. For instance, some comprehensive plans will pay only 50% of expenses incurred for plastic parts damage or airbag deployment. The advantage of comprehensive insurance however is that the policy can be extended for up to 15 years, whereas a bumper to bumper policy will not be renewed for vehicles older than a specified number of years.

There are also some commonalities between bumper to bumper car insurance and comprehensive car insurance. Doing car insurance comparison you find that both types of insurance offer protection against theft up to 100% of the IDV (insured declared value) of the vehicle. Both types of insurance will also pay 100% for labour costs as well as glass parts in case of repairs.

As a vehicle owner, you should make your choice between bumper to bumper car insurance or comprehensive car insurance based on your driving habits, frequency of usage and area of operation. Also, take into account your personal skill and driving record. Compare policies, read the terms and pay only for the type of protection you need.

Comprehensive Car Insurance Vs Third Party Car Insurance

Do you think auto insurance is necessary in the scheme of things or do you buy it only because it is a legal requirement? If you hold the latter view, it is likely that you favor buying third party car insurance which is a legal minimum requirement and typically cheaper to buy than comprehensive car insurance. Dealers and agents may recommend buying a comprehensive policy rather than a basic policy however this may not always be indicated. Read on to know about the limitations of both types of insurance and then make up your mind whether the extra cost of a comprehensive policy is justified. So comparing Comprehensive and Third Party Insurance here:

What is third party car insurance?

Third party auto insurance pays for damage to the other person involved in an accident wherein you the policyholder are at fault. The policy will not pay for injuries that you or others in your vehicle may have sustained, nor does it pay to repair the damage done to your vehicle. Third party car insurance will also not pay for damage your vehicle may sustain while it is parked: a hit and run or a fallen tree branch for instance.

Buying this type of insurance is compulsory for vehicle owners. If found operating a vehicle without insurance, the person may be liable to fine, confiscation of license and/or other punishment that the law may mandate.

What is comprehensive car insurance?

Comprehensive auto insurance is not a legal requirement, however it is recommended for those who want more comprehensive coverage. Comprehensive car insurance is more expensive than a basic third party policy; however it offers a wider umbrella of protection as well. If your vehicle is in an accident the policy will pay for injuries and damage sustained to your vehicle as well. The comprehensive policy will pay for damage caused by another vehicle or animal, falling objects, vandalism, riot, flood, fire natural calamity, glass breakage. It will also pay in the event of your vehicle being stolen (up to the IDV or insured declared value of the vehicle). In other words, a comprehensive policy will also pay for damage or loss incurred at times other than a road accident. By contrast third party car insurance will pay only for damage that is a result of a road mishap.

It is however important to remember that comprehensive car insurance also has its limitations. The perceived value of a vehicle goes down each successive year of its life (depreciation). Hence the extent of total coverage offered also diminishes to that extent. Comprehensive policies do not cover repairs that arise out of regular wear and tear that a vehicle undergoes. Mechanical or electrical breakdowns and tire/tube replacements needed in the due course will also not be covered. Further a certain percentage of expenses incurred have to be borne by the policyholder; unless the vehicle owner has bumper to bumper or zero depreciation insurance (in which case the insurance company will bear 100% expenses).

Is the extra cost of comprehensive car insurance justified?

In most cases, a comprehensive plan is better than third party car insurance because it offers wider coverage and superior protection. Experts recommend this type of insurance for new and high end vehicles. However, experts feel that a comprehensive policy is an unnecessary expense for older vehicles, where the reduced value of the vehicle does not to justify the extra expense.

In most cases people don’t mind the extra expense of a comprehensive plan because of the peace of mind that the extra protection comprehensive car insurance provides. However, in the end it has to be the choice of the vehicle owner whether to buy a third party insurance or a comprehensive policy.

What is Car Insurance Comprehensive Coverage?

Imagine this scenario. You are going out of your home for office in the morning. You open the door of your car and notice a cricket ball has crashed through your windshield. You mentally calculate the costs of repairs since you have no insurance policy. And leaving your windshield unprotected also seems to be risky. You are now in a fix as to how to go about your expenditure.

A comprehensive car insurance policy is the best kind of protection you can provide your car with. It is much better than a basic third-party car insurance policy. A comprehensive car insurance policy provides extensive coverage and additional services.

This policy is called a comprehensive plan because it provides coverage for the damages to your car, third-party legal liability, theft, along as well as personal accident coverage. The coverage can also be boosted by selecting additional covers such as engine protector, accessories cover, medical expenses, zero depreciation cover, etc. This cover is quite famous as it offers full-fledged coverage and it makes your mind stress-free.

Comprehensive Car Insurance Coverage

Every accident is different, and a car insurance comprehensive coverage protects your car from any incident except collision. It also provides coverage for losses experienced during an accident. Let’s look into the benefits of car insurance comprehensive coverage.

It is the topmost level of protection you can give to your car.
With a car insurance comprehensive coverage, you can claim for losses incurred in situations where you are found to be at fault in event of an accident.
It also provides coverage for lawsuits including legal fees brought against you as a result of an accident.
It will give you peace of mind by protecting you financially. In case your car is written off, you will be given financial aid.
Unlike third-party insurance, it will provide coverage for damages caused to your car during an accident.

What does car insurance comprehensive coverage provide?

It is always better to have a full grasp on the inclusions and exclusions in your car insurance policy. You should read the policy details very carefully. The situations covered in a car insurance comprehensive coverage are:

Damage caused by natural calamities or extreme weather like flood, earthquake etc.
Fire, theft or vandalism.
Any third party liability and damage like broken windshield of your car caused by falling objects such as trees, rocks etc.
Any damage caused by an animal.
Damage or destruction to your car caused by any act of civil unrest such as mobs or riots.

What does car insurance comprehensive coverage not provide?

If your car encounters damage due to a collision, then a car insurance claim cannot be made unless you have a comprehensive car insurance. There are a couple of things that are excluded from a car insurance comprehensive coverage.

Depreciation cover
Wear and tear of car
Electrical or mechanical breakdown of car
Damage to car due to drunk driving or drug intake
Impairment of tyres and tubes. It may differ from company to company
Any losses to the car caused by war, mutiny or nuclear risk

Although comprehensive car insurance offers more coverage than a Third-party cover, it is not always that it is more expensive. It is advisable to compare comprehensive car insurance policies online to check what suits your needs.

The difference between comprehensive coverage and full coverage

There is an important difference between comprehensive coverage and full coverage. Most insurance companies do not offer anything called “full coverage,” as in, there is no single car insurance policy that covers every type of damage.

In other words, comprehensive insurance is an optional coverage that can be added to your state liability insurance which provides additional protection for accidents not caused by a vehicular collision. What is advisable is instead of getting a single, or one super policy, it is best to blend different types of coverage. You can even read and learn more about car insurance comprehensive coverage and get a quote, so you can build a custom policy that’s right for you.

Is Comprehensive Coverage Mandatory or Optional?

Comprehensive coverage is additional and not part of the state minimum requirement for automobile insurance.

However, if you have a lease on your vehicle, the lender or finance company may require you to purchase full coverage for your vehicle. It will also require that you include comprehensive coverage.

When to Purchase Comprehensive Insurance Coverage

If you have a car on lease, you will be required to purchase comprehensive insurance coverage, even though it may not be a requirement by minimum car insurance state laws. The leasing company will make sure your vehicle is fully insured while you still owe money on your vehicle.

A car insurance comprehensive coverage is an absolute necessity if you want to protect yourself from extra expenditure and keep your car in top condition.

Don’t Claim Car Insurance in These Two Situations

For the worst of accidents or the tiniest of bumps, every car owner has one thing splashing in their minds and that is “Insurance”!! This gives a sense of security in times of need undoubtedly. However, it is a fact that you should not rely on insurance all the times. Although, it is not a fixed statement or an insurance rule, but it is globally suggested by insurance experts to follow the right norms of insurance to get the best benefit when you need it the most. There are two prominent scenarios where experts say, “don’t claim car insurance in these two situations.” Let’s find out which are those scenarios.

1.When NCB (No Claim Bonus) is higher than the repair cost:

The first and most important scenario in which experts advise that don’s claim car insurance is when your NCB is higher that the repair cost. It is an obvious fact that you can have a whopping discount on your premium if you have not raised any claims in the previous year. This discount is nothing but No Claim Bonus (NCB) and it can be up to 50%. The idea is that your car’s repair cost after a mishap should not cross the NCB. In fact, your car insurance premium comprises of two fundamental divisions such as

Own damage premium
Third party premium

Let’s go through a finest example to understand this scenario. If a person has a car and he/she has paid a premium if Rs.5,000. Out of this premium, Rs.4000 that is 80% of the premium is the own damage premium. In the consecutive year, the no claim bonus should be 20% of own damage premium which amounts to Rs. 800. Now, this NCB has to be less than the total expenditure incurred towards the repair of damaged car and that is when the claim is going to be fruitful. If the NCB is higher than the damage estimate given by an authorized repair shop, it is better that don’t claim car insurance and pay the charges from your pocket to avail a higher discount as no claim bonus.

To make it more precise, the discount is applicable on own damage premium and is of 80% of the entire car insurance premium and thus the NCB looks affordable even after ignoring the third party premium part. If the repair charges in the estimate issued by an authorized repair center exceeds Rs.800, the insured can go for a claim and if the charges are below, it is suggested not to file a claim. This is the first situation where you should not claim car insurance.

2. When third party is responsible to pay your car’s repair expenses:

It need not be our fault on the road all the time to meet a mishap. It can be the opposite person’s fault too. There are times when the opposite person pays your hospital bills and repair charges but undoubtedly, it is a blow in spite of all the payment relaxations. However, the bills are little relaxing. But situations have to offer different things in realty. The opposite person may not be warm enough all the time. Third party insurance claim helps in such situations. Especially, if your car is in fourth or fifth consecutive year without a claim ever made and your chances of getting a huge discount on premium is relatively high, and you end up getting hit by a co-passenger with no mistake of yours, third party insurance claim helps you. The probable options from such situation are:

Pay your own expenditure for the damage
Filing an insurance claim
Filing a third party insurance claim

However, it is not always simple to get your third party insurance claim processed as it is an elongated procedure. It is because, you cannot file a claim with the insurer but with the Motor Accident Claims Tribunal as civil courts are not the deciding authorities on motor insurance claims.

Lodge a complaint with local police station with a FIR
Get a charge sheet copy
Get reasonable evidences to prove that you are not at fault
Collect the payment receipts towards vehicle repairs
File a claim for approval

Although the processing is little time taking, this can be considered as a promising claim. After the submission of all the above said documents, chances are less likely that your third party claim gets rejected unless there is a strong reason. The third party insurance will not let you lose the no claim bonus too. If you don’t claim insurance in these two situations, you may not lose on discount on your premium as the insurance companies verify your claim history to understand how expensive your car insurance policy to them is. The more claims you file, the riskier it is for them to consider you. Filing frequent claims make your premiums expensive and hence it is important to understand when it is apt to file a claim and when it is not!!

Know How Modifications Can Affect Car Insurance

An early morning friend’s call to inform me about an accident he met woke me up in a shock. Fortunately, his life wasn’t touched by the drastic accident but his car was. When I appeared at the scene, there was an investigator from the insurance company analyzing the car’s damage for a claim to be processed. The claim procedures attracted my attention as I knew it for the first time that modifications can affect your car insurance! Wondering why, we came to know that my friend’s car was modified to an extent where it can affect the car insurance price after the claim! Is that so?! If it is so, it may be expensive for my friend as he is a car freak and got his car customized with a couple of flashing headlights, reverse parking cameras, stylish alloy wheels, a turbo engine with a great suspension job done and so on….it surely does affect your car price as well as its insurance cost. Know why!!!

Since inflation always keeps the middle income group people running to meet their ends, an average vehicle owner must be working hard to keep down the car insurance prices to lowest possible limits. In this course, it is much relevant to know the ways to evaluate the existing elements which affect the car insurance prices. The important reasons why car insurance costs shoot up irrespective of one’s age, sex or driving experience is nothing but the car modification. Undoubtedly, these changes add to the aesthetics and performance of your car but they also add up to the insurance premiums. Let’s first understand what car modification is.

Car Modification Meaning:

Car modification can include any simple change or enhancement to your car’s original model approved by the automobile manufacturer in order to make it appealing or to boost its performance. As with betterment in performance, the vehicle’s chances of risk increases and insurers increase the premium. For example, if you have installed a turbo engine instead of a normal engine, the velocity of your car may increase and probability of the car getting into an accident is relatively high. The chances of theft increase for an appealing car with alloy wheels and other decorations. The insurers analyze the probabilities on various grounds and the premium then soars up.

Modifications which can increase your car insurance premium

Modification Work on Engine

To escalate the engine power thereby leading to speed in the acceleration, modifications are done which in turn increases the risk apparently. The risk of a road accident increases with a rise in the car’s velocity. Hence, adding a turbo engine or nitrous oxide to your vehicle can soar up the insurance premium.

Adding Appealing Wheels

Adding alloy wheels to your car may increase its beauty quotient and a wheel up gradation may increase its value. It is always suggested to inform the insurance company on time if you get your car wheels modified as this modification can affect your car insurance.

Brakes and Suspension

Brakes are the vital parts which control the vehicle and modifying such a crucial part has to be assessed by the insurer as its performance will impact positively or negatively. This has to be duly informed to the insurer.

Vehicle Interiors

The quality of parts used for steering wheels, sound system, seats etc. and their wear and tear greatly impact the calculation of insurance premium. Hence, this has to be informed to the insurance company at the earliest.

Painting Job

Sticking eye-catchy decals and painting race patterns depicting aero-dynamism can enhance the aesthetics of your car. Attractive paint work is although a harmless modification, it has to be duly informed to the insurance company as the risk of theft increases with the beautification of the vehicle.

Assist the insurers as soon as your car undergoes a modification in analyzing the impact on your vehicle and help them calculate the premium as per the analysis. It is always not suggested by the insurance experts that you wait till the last day before renewal. Initiate a volunteer visit to the insurer to know more about the modifications that can affect your car insurance.

Tips to Save on Car Insurance Premium Online

You bought your favourite car last week and now wondering is it really safe to take it out on a highway? Thinking of car insurance is just the right thought to consider at this juncture. After all, car is a precious asset. These days, premiums of car insurance have taken a toll on the pocket of people. Considering this, it is essential to know some significant car insurance tips to help you save on premium expenses. Let us help you better. Here are some tips to save on car insurance premium online:

Compare many different insurance policies online

Reading and comparing various policies is definitely among the best car insurance tips. Before finalizing an ideal car insurance, make sure to compare the benefits and stated price offered by different insurance providers. Most of them have a website as well as plenty of online car insurance comparison portals where you can compare car insurance premium rates charged by these companies. These online car insurance portals are cheaper than getting manual enquiry from companies and they also help you make the best car insurance premium choice easily.

Regularly assess your current policy

If you have been taking the same car insurance policy for the same car for many years, it is advisable to try other insurance companies as well. You may get amazing discounts and still lower car insurance premium costs. This is one of the successful car insurance tips we can provide you.

Selecting a reliable car insurance company

Beware of car insurance providers who offer to give you ‘free’ insurance. It is mostly just free for the first year with no customization. Also, bear in mind that a ‘no frills’ policy is usually the cheapest as the premium increases proportionally when insurers include additional features. It is also crucial to make sure that you read the fine print in the policy carefully before buying it.

Beware of deductibles

A deductible is the amount paid by the policyholder from his pocket, when making a claim. Increasing your deductibles or voluntary deduction is one of the best car insurance tips. It can reduce your car insurance premium. If you opt for deductibles, it is suitable to pay according to your convenience rather than going overboard.

You will receive the entire claim amount in the case of an accident if your deductible is zero, but the premium you pay will be very high. A higher deduction would make sense in two cases if:

you are an extremely safe driver, which lowers the chances of an accident; and,
you have not claimed insurance for a few years

Get small repairs whenever you can

The claimed amount is sometimes lower than the total processing fee and the loss of No Claims Bonus. The best way to use your insurance is to obtain small repairs at local workshops. An added benefit is that the expenditure is less, and the No Claims Bonus is also saved.

Passing on your bonus

The advantage of not making a claim is that the bonus collected is transferable to the new car you buy. This way it is wise to possess the insurance in your name even after selling your car. Ask your insurance company to give you the no-claim credential.

Ensuring your safety

Not many people know that installing safety devices like the steering wheel locks and gear locks, car alarms etc. can fetch them a discount on their premiums. These associations come under the Motor Vehicles Act and Rules which means the members are considered as ‘safe drivers’.

Avoid fancy add-ons

Car modifications and expensive gadgets like adding alloy wheels, spoilers, automotive night vision, ultrasonic sensors, etc. This may lead to a higher premium. It is suggested that such modifications and gadgets should ideally be avoided if you want to keep your premium low. If you still wish to add those modifications at the cost of higher premiums, notify your insurance company. If you don’t do that, the company may invalidate your insurance.

Maintaining loyalty

When you have multiple insurance policies in different categories with the same insurance company, and you contact the same company for a car insurance policy, the company would offer a lower car insurance premium as a loyalty reward. Make sure to add this in your list of car insurance tips.

Taking care of the lapse

Once your car insurance policy lapses, you may not qualify for the No Claims Bonus that you would otherwise have been eligible for. Make sure to ask the insurance company to send a reminder before the policy ends, so that you renew your car insurance policy without fail.

These car insurance tips will be extremely helpful in keeping your expenditure low without compromising on the maintenance of your car. You can make a list of these car insurance tips in order to remember them at the right time.

We understand how precious and memorable a car buying experience can be. However, accidents do not come with an invitation. At that juncture, having your car insured ensures that your car is safe. After all, you have paid a hefty amount. With the right car insurance, you can start giving reasonable premiums and avail plenty of benefits. Paying for premiums must not be a challenging task with all the suggestions we have provided you that would help you find the best one online and ultimately make an ideal choice. Car insurance premiums go a long way in ensuring you enjoy a trouble-free car experience. Rest assured, with one best in hand, you can drive to hills or beaches, your car is safe. Get set, get ready!

Just like Car, Read Tips To Get The Best Quote For Bike Insurance.

Choose the Motor Insurance for your Sports Car With Care

Buying a sports car is a dream that a lot of people have, but only few of them can convert it into a reality. If everyone started buying a sports car, their exquisiteness would not remain exclusive anymore. It is this rarity that a lot of sports cars make it to the walls as posters and not garages as vehicles. For the few ones who have been successful in converting their dreams, congratulations!

As they say, with great power comes great responsibilities. And since we are talking about the sports car category, the power figures mostly range to the north of 450 bhp. And let us not even get into the torque of these mean machines. With so much power and torque at your helm, responsible driving is one of the first lessons that a buyer must undergo. Thus, you need to choose the Motor Insurance for your Sports Car with care.

Simply because fixing a minor scratch or repair costs post a small crash might cost you a few thousand INR. But the same with sports cars, well, we will let your imagination take care of that. Even if you do your best to avoid traffic and drive responsibly, there are chances of someone bumping into your vehicle.

And then there is a probability of accidents or attempt to theft or burglary. If you wish to handle all that power smoothly, choosing the Motor Insurance for your Sports Car with care can be your best bet. And when you are spending that much money on buying a car, you cannot expect the repairs or maintenance to be light on your pockets.

Motor Insurance for your Sports Car Offers a Peace of Mind

We have all come across vehicles on the road that have the badges of other vehicles. In fact, it is not a rare phenomenon to see the logos or badges of premium cars being stolen. Some thieves might even take the risk considering the higher possible outcomes of the same.

If the car enthusiast in you, wishes to sleep well at night and not worry about these things a motor insurance for your sports car is a must. More often than not, you end up paying higher money for the exclusiveness of a product. The same translates into higher repair bills and higher maintenance bills.

When you do take your car out for a spin, it will most likely attract a lot of attention. Any luxury cars in India instantly become eye magnets. And in the event of a rare sight such as a sports car, the curiosity, eagerness and even envy of some is difficult to manage. Knowingly or unknowingly some mishap might happen.

To ensure that you keep driving your prized possession without having to worry about such occurrences, choose the Motor Insurance for your Sports Car with care. And the law mandates all vehicles to have at least a third-party insurance. The amendments to the Motor Vehicle Act in the year 1988 made it mandatory for all vehicles to have a valid insurance on them. And it includes premium vehicles and sports cars.

In fact, in more recent developments, the government is mulling over the thoughts of making third-party liability cover mandatory for a minimum of three years for cars. As opposed to the yearly ones earlier.

Knowing Your Insurance

We have already discussed that the higher price tag on a sports car translates to higher coverage as well. And there are enough pointers to show a direct correlation between a sports car and bigger insurance plans. As of now in India, there are about 50 car insurance groups. Each of these groups is decided by the type of car you own. These range from hatchback, SUV, sedan, luxury sedan, sports car etc.

It is pretty much similar to the different categories of vehicles. The C1, C2, D1, D2, etc. being some examples of the same. Thus, if your car belongs to a higher group, the corresponding motor insurance would also be higher. A sports car for that matter belongs to the top category.

Just as buyers do, the auto insurance companies also take into consideration lot more factors like the price tag of a car, repair costs, cost of spares etc. There are a few car insurance companies which will not acknowledge the request if your car doesn’t have the bare minimum safety features on them.

Before you sign on the policy documents, ensure that the policy covers all possible scenarios. Getting quotes from different insurance can offer higher savings for you. You can also check the insurance quotes for your sports car online. And if you already have a car insurance plan with an insurer, ensure to renew the policy with them to gain access to better savings.

An investment as high as a sports car most certainly requires a protection such as a motor insurance.

Is Animal Attack Covered Under Car Insurance Policy?

There are several types of common instances such as theft, accidents, fire explosion, lightening, etc. which can cause severe damage to your car, but there is also a possibility of damage to your car if you happen to be attacked by animals when you are driving. Well, it may sound bizarre but the fact is that there are animals who don’t understand traffic and vehicle and in that case any attack by them can cause severe damage to your car. At this time, the question arises that is animal attack covered under your car insurance policy?

What are the common types of damages to the vehicle due to animals?

Cover Animal Attacks: In India you don’t need to visit a zoo as half the animals like dogs, cats, cows, bulls, pigs, donkeys, goats, monkeys can be easily spotted everywhere and anywhere on the road. Sometimes, it may happen that you have parked your car for long hours and an animal may attack your car causing severe dents and damages to your car.

Cover Animal Collision: This is one of the most common types of animal damage which can happen to your vehicle. Animal collisions are very common when you are driving on highways and sometimes the damages to the car due to such collisions can be huge. A bird colliding in the windscreen and resulting in a crack is another very common type of collision.

Cover for Damage due to Rodents and Pests: Sometimes, you may not be able to see any visible damage to your car from the outside, but there could be internally damages such as chewed wirings by rodents or a dead animal stuck in the engine etc. which can hamper the operation of your vehicle.

Cover for Internal Damage: Pet animals too can damage the upholstery of your car by chewing it or tearing it up.

Is animal attack covered under your Car Insurance policy?

Well, if the list above is making you worry and you are wondering is your car insurance cover animal attack? the answer is yes, it does if you have the right type of car insurance policy.

Car insurance policies are pretty complicated and in order to ensure that you suffer minimum damage if you ever need to make claims, it is essential to understand what kind of coverage your car insurance policy offers.

Broadly, a car insurance policy consists of third party car insurance cover and own damages cover. While the third party cover is compulsory for each and every vehicle owner, the own damage cover is optional. A Policy which have third party cover and own damage cover is known as comprehensive policy. A comprehensive car insurance policy will cover the vehicle in every way if there is any damage to your car due to any man-made activity, natural calamity or collision. Even though the premium is higher, and it is not mandatory to buy comprehensive plan but it is always advisable to go for a comprehensive policy in order to protect yourself from suffering financial damages later.

How to claim car insurance in case of animal attack?

If there has been any damage to the vehicle due to an animal attack it is important that you file a claim with the insurance company at the earliest. Once you file a claim, the insurance company will send a surveyor to inspect the vehicle damaged from animal attack and confirm the same to the company and the claim would be settled provided you have a comprehensive car insurance policy. In case of total damage to the car, the insurance company will pay the Insured Declared Value of the vehicle after making the necessary deductions.

CONCLUSION

So, in order to answer the question: Is animal attack covered under your Car Insurance policy? one needs to understand all the possibilities and damages that can be caused by animal attack! There are multiple types of damages which can be caused to your car by animals and in order to ensure that you do not have to pay for such damages it is important that you opt for a comprehensive insurance policy for your car so as to avoid paying out of your pocket in any such situation.

Compare And Buy Car Insurance Online To Save Your Money

Comparing and buying car insurance online is better compared to buying it through an agent. It saves time, money and also the hassle of going through an agent to get the work done.

The world is becoming a global village and the advent of Internet has brought everyone closer. Buying products online is the new way of life and in the recent years, almost every possible thing is being made available on the internet. From product based companies to service based companies, everyone is eyeing online portals to expand their customer base and their growth is astounding.

Noticing this trend, online car insurance is also becoming a favourite segment for consumers. Initially, a car insurance policy could have been bought only through agents and the procedure was lengthy, but today it is available at the click of a button in the convenience of your home or anywhere else.

Buying car insurance online has its perks and along with saving time and money, there are other facilities like car insurance renewal reminder, secure payment gateway, claim intimation, tracking and a lot more, have a look:

The Possibility to Compare Car Insurance Online

When buying insurance online, it is easy to compare different policies from leading companies. You can choose an insurance plan according to your requirement and also save money on your premium.

Fast, Easy and Convenient

As mentioned above, this method requires less time compared to the conventional methods, can be easily done by anyone having basic knowledge of operating a phone or a computer and is completely hassle free.

Buying and Renewing Policies

Buying insurance takes a few simple steps and similarly, renewing one also is very easy. Moreover, you also get free reminder service. What more can one ask for?

Access Saved Quotes

Product comparison from leading insurers on the same platform is the biggest advantage of buying insurance online. You get the benefit of saving insurance quotes and viewing them later when buying insurance. This way it is easy to check later and choose a policy that suits your budget.

Online Issuance of Policies

Digitally signed policies are issued online and can be accessed anywhere and at any time. It removes the hierarchy of going through the agent to your insurance company saving time and money.

No Restrictions on the Number of Digitally Signed Printouts

With digitally signed policies, you do not need to wait for the physical insurance policy to reach you. You can simply download and print the policies and they are a valid proof that can be used anywhere. Also, since they are digitally signed, there are no restrictions on how many times you can print them out.

Premium Renewal Reminders

Online insurance comes with an alarm clock that tells you what to do and when to do it. Once you sign up, you will receive free premium renewal reminders in advance and you won't have to worry about delays or penalties.

Multiple and Secure Payment Options

Net banking, credit cards etc. can be used to pay the premiums. The payment gateways are secure so there is no reason to worry whatsoever.

Experience Convenience And Ease With Car Insurance Online

People are most comfortable doing things in the comfort of their homes and look for the same convenience when buying car insurance. This has led to the emergence of portals that offer one stop solutions for all the insurance needs and consumers are making the smart move and shifting to them to save time, effort as well as money.

A car is one of the most precious assets that one can own and investing money in a brand new car happens maybe once in five to seven years for a middle class family. Ensuring the well-being of the car is important as there are emotions attached and people go an extra mile to keep it up and running. However, despite all that people do for their car, when it comes to the most important aspect, the car insurance, people tend to get complacent.

Car insurance is sometimes viewed as an added expense over and above the expense of owning and maintaining a car. This perspective is in itself not right and the importance of car insurance should be understood better rather than just viewing it as a responsibility to be completed. It is important to understand that car insurance is critical and one can’t ignore it. The other concern that is of cheap, convenient to buy and best car insurance without compromising on the coverage or claim when need arises. Luckily, low cost, pocket friendly car insurance is available and is well within your reach, provided you know how to get it.

The convenient place to buy your car insurance policy online. Car insurance online is the latest and a fast growing trend which is being loved by almost everyone. Insurance companies are now geared up to provide all their services online and you can simply visit their websites and get instant quotes for your car insurance. But, the major problem is that you'll have to visit each and every site independently and key in your details each time to get a quote. This in itself is a hassle.

Now, imagine a platform where you have to enter your details only once and quotes from all the leading car insurance providers are given to you at the same time. This not only saves you from the hassle of checking different websites but also saves time. With the help of such a platform you can easily, compare all the offers at the same time and decide on the one that suits you the best.

Not only in case of a new insurance, car insurance renewal also possible with these websites. The procedure is same and you can get your car insurance policy instantly by only filling in a few details, without the hassle of agents or telecallers calling and bothering you!

Benefits Of Roadside Assistance With Online Car Insurance

Online insurance is an easy to use provision with multiple benefits including roadside assistance. This further has multiple benefits attached to it which comes in handy in various situations on the road as mentioned above.

If there is one word that defines the world right now, it is speed. Everything around us is happening within the blink of an eye and technology has taken our lives to a whole new level. The coming of e-commerce portals for almost everything has changed the world for good. And the ever increasing love for it cannot be seen dying out anywhere near in the future.

Talking about e-commerce, a thing which seemed like a farfetched dream is now a reality and has made the lives of people easier in many contexts. Wondering what we are talking about? The facility to buy car insurance online is the answer. Looking for a car insurance policy online has multiple advantages which we could never really think of before the arrival of this facility. There were days when people had to queue up in offices and wait for their turns to buy new policies or get them renewed. But, the arrival of websites offering the same services, the process turned out to be simple and more exciting. People now do not need to wait for days to get their work done.

A quick glance at the ease of buying a car insurance policy online

- When you a buy a car insurance compare and then select the one that suits you the best. There are multiple insurers whose policies are listed and hence the consumer gets options. You can choose one from all these options based on the plan that best fits your vehicle

- There are no middle men involved and you directly deal with the company. This provides you an added advantage of hassle free operation

- The process is as simple as it can be. Whether you are buying a car insurance policy or renewing one, all you need to do is fill out a few details in both the cases and your work is done in less than a few minutes.

There is another major factor added to the benefits of buying your car insurance online. The biggest advantage is roadside assistance. It covers the following:

Battery Assistance :

Car batteries can die out due to multiple reasons. Leaving your interior light or your headlights on or maybe a problem with your alternator can be a few of the reasons. In such scenarios, roadside assistance can help you jump your battery so that you can reach a safe place.

Tyre Assistance :

A flat tire is a driver's worst nightmare and it can happen any time. Whatever be the reason for it, roadside assistance will make sure a spare tyre is put in place of the flat tyre.

Lockout Assistance :

Left your car keys inside? Happens with almost everybody some or the other time. With roadside assistance, your locksmith service is included and they will make sure to get you back in your car.

Gas Service :

Running out of gas is a common problem and can easily be covered with roadside assistance.

Towing service :

Any kind of damage to the car and it will be towed away to the nearest registered service center without you having to suffer.

Calculate Car Insurance Premium Online Instantly

A good car insurance calculator is able to establish the ‘right’ premium for your vehicle and offer diverse options and inclusions you would like to count in your policy.

Today’s tech-savvy and Smartphone carrying customers are comfortable searching, comparing and buying products online. Consumers understand that online research and comparison of products is the best way to get the best deals and save money.

The Same is True for Car Insurance as well.

The old-fashioned way of shopping for car insurance policy was a time-consuming and exasperating process. You had to construct a list of insurance companies and call their agents one by one or, worse, go to their office to get a quote.

All this is a thing of the past with Internet at our disposal.. Apart from most insurance companies having a strong online presence, that there are also a lot of third party designed online tools that make your life more comfortable.

Introducing the Car Insurance Calculator

These calculators offer an effective way to buy a car insurance online. If you live a fast-paced life, you obviously cannot afford to spend lots of your valuable time performing tedious tasks. A good calculator is able to establish the premiums for your vehicle and offer diverse options and inclusions you would like to count in your policy.

All you have to do is just fill in your car make, model, manufacturing year and City of purchase. And you will get the best quotes instantly.

Here are some Benefits of using Car Insurance Calculators:

Saves Time - Insurance offices work within the fixed hours, the same way you do. So, if you work between 9am to 5pm, you most likely get home at 7pm. Therefore, there is often less time left to visit an insurance company office. As a result, it could take you a lot of planning and effort to get what you actually want. The hassles of engaging an agent can be too much. Hence, a calculator comes handy in shopping any time, right from the comfort of your home or office.

Compare Car Insurance Quotes :

A car insurance premium calculator makes it quite simple to compare quotes from leading insurers. Calling an insurance provider for information can turn out to be hectic. Using such calculator that provides information of similar companies and covers can help you find a good plan, without any difficulty.

Avoid the Hassles of Running Behind Insurance Agents :

Using the online calculator helps you avoid the hassles of running behind an insurance agent and also brings in transparency by reducing any error that may arise out of human intervention. It will not try to lure you into buying an unsuitable product or extra coverage. The calculator provides you what you really need.

Need For A Right Car Insurance Policy Online?

The above article enlightens you on the benefits of buying car insurance online. Why and how is it better than the offline way?

Most of us have most probably bought something or the other online. From clothes, flight and train tickets to appliances, you name it, literally everything is available online. With e-commerce industry gaining momentum, there is enormous growth in the number of people looking for solutions online. It’s the same in case of motor insurance as well!

Nevertheless, if you are one of those who is still not comfortable to transact and buy online car insurance, then this article is just meant for you!

Advantages of Online Insurance

Instant Quote

- It’s quite time-consuming to process documents when you buy an insurance offline, however, when you go online, the processing of information is prompt and you can get multiple quotes instantly for your car insurance policy.

Easy, Hassle free, Paperless transactions -

Getting into any official procedure is always annoying and confusing. To buy a policy calls for a lot of paperwork. On the other hand, you can buy an online vehicle insurance in just a few minutes without any paperwork. It is really a very simple process and requires only a few steps to buy your car insurance policy.

Stress-free, time-saving as well as convenient experience -

Like most e-commerce websites, online insurance aggregator sites design the user interface and flow of transaction as well as availability of information in an easy to understand, efficient and well-organized way. This helps to make the procedure quicker and easier for the users. And who wouldn't love to cut out all the hassles of going out and running around, when it can be done from the ease of your home or office or even when you are on the move.

Instant Quote -

It’s quite time-consuming to process documents when you buy an insurance offline, however, when you go online, the processing of information is prompt and so is the issue of your car insurance policy.

Easy endorsements -

Endorsement is change of a specific detail in the policy document. When doing it offline, the information is required to be submitted again to the insurance firm; on the other hand, for online endorsement a simple self-declaration is sufficient to request for the change and this can be done through a click of a button.

All your documents are backed-up or saved in one place -

In online procedure, you will have a saved copy of policy with you all the time in an email! This helps you access your policy wherever and whenever required!

You can compare policies and read customer reviews -

Like it is true for any other product offered online you can search for policy reviews by customers. You can moreover compare features of a few policies before buying one for yourself. Aggregator sites are the best mode to compare quotes from different companies in one go, easily as well as quickly.

Reminders for renewal and 1-Click renewal process -

As all data taken is saved with the company online, on renewal it turns out to be very easy for you to reload your information. You will not be required to fill the whole form again which you will have to offline. An 8. aggregator site will also send you timely reminders, so you never forget your car insurance renewal.

How To Renew Car Insurance Policy Online

We all know that it is mandatory to have a valid insurance for one’s car. Insurance companies offer an unending list of motor insurance policies with different coverage and features. And it can get confusing at the time of renewal to decide which is the right policy for your car. At times it gets difficult to decide if one should stick with the existing insurance company or go with a new one. There are a lot of factors and features that one should keep in mind at the time of renewal. Making the correct choice can help you get comprehensive coverage at a low cost thus helping you save a lot of money.

Following are the steps to be followed during the time of Renewal:

Car insurance Comparison and evaluation:

It is important to compare different car insurance policies offered in the market. One can either straightaway visit the insurance company’s office or can even go online and look into the plans offered by the insurer. Going online saves time as well as efforts and moreover, there are several facilities being provided online for potential customers to understand the plan thoroughly, for example, online vehicle insurance calculator etc. Comparing as well as evaluating these plans helps you make an informed decision on the plan that is most suitable for you.

Understanding the plan in detail:

Features as well as benefits of the plan must be studied and understood properly. First of all, find out what are the benefits or coverage you really want to have in your insurance plan. Do analyze whether there are clauses which are making you pay for the coverage you don’t need. Drop them; it will save you money.

Make renewal in advance:

Renewal of your car insurance in advance before it expires is always wise. Usually, it is advised to renew 45 days before the car insurance expiry date. This way, if a price hike or inflation happens by the time your policy gets expired, your price is locked in and you are not required to pay the extra cost for the same, as you have by that time renewed your policy.

Keeping a check on “No Claim Bonus”:

If insured has not made any claim in the previous year, No Claim Bonus is remunerated to him. Do check whether you are able to avail for this benefit. Getting No Claim Bonus can cut back your premium cost for the year.

Proofreading can save your money too:

Remember, these policies are written with difficult words, language as well as clauses. Do review your policy documents carefully. Taking the help of aggregator sites for this job is also advisable.

Following the above steps, you will be able to save a lot of money. Therefore, think well before you renew your car insurance plan.

Points To Consider Before Buying Car Insurance Online

Buying insurance online is a smart option but keeping the above listed points in mind will help you make better decisions and will definitely save you some money.

It is quite common for unexpected troubles to happen to a car on the road and even an experienced driver cannot stop this. The risk factor while driving lingers throughout and even a slight bump or a minor accident can result in heavy repair costs. The one and only way to keep you prepared for such situations is to secure your vehicle by buying an insurance policy. It is even better if you buy a car insurance online.

Car insurance covers a great deal of losses that you might incur due to theft, damage, accidents, natural calamities or any other reasons. Buying online car insurance is very easy and convenient and is the right approach to secure your vehicle, as long as you choose the right insurer..

There are a certain things you need to keep in mind when buying a car insurance online.

1. Understand, assess and then make a decision

When you are buying car insurance online, it is mandatory that you understand that there is more than one type of car insurance plan including third party car insurance and comprehensive car insurance. However, we recommend that you go with the comprehensive plan.

Analyse and decide the coverage you need for your car and make sure you cover an amount equal to the value of your car. You should also keep in mind the minimum cover that has been set by the state govt.

2. Compare

It is a good idea to compare car insurance quotes before buying car insurance as it can save you a hefty amount of money and provide better coverage options along with that. Also, comparing the companies on online platforms allows a detailed description of the companies on the basis of their track record and claim settlement ratio. Comparing car insurances online can give you a real picture of the insurer you want to bank upon.

3. Discount

You should always be on the lookout of discounts which can reduce your premium substantially. Factors such as good driving record, gear lock; anti-theft system and safety equipments can help you lower the burden on your pocket.

4. Add ons

Investing small amount of money in additional benefits such as zero depreciation insurance, roadside assistance and personnel cover can add more safety to your insurance. Although, the premium is slightly increased, it is worth the money.

Things About Car Insurance That You May Not Have Known

Everything about Car Insurance that you want to know

A car insurance is an important document which should be carried along every time while driving. It helps keep peace of mind as it lets people involved in any incident covered by insurance claim for the damages and also mandatory as per motor vehicle act of India.

The dawn of the first world war had made the world extremely efficient in terms of automobiles owing to the advancement and requirement of mobility in war. Thus, the cities were filled with people driving cars. This led to a situation where accidents, when happened were unaccounted for. The people who were injured recieved very low or no compensation. The drivers of the cars also had to face considerable costs for the damage of car and property.

This is the time when car insurance came into being. The first car insurance scheme was introduced in the United Kingdom with the Road Traffic Act in 1930. This was teh time when people learned about a car insurance policy and started understanding its meaning and importance.

What is a car insurance policy?

Car insurance is a mandatory legal document and as a responsible driver you are supposed to be aware of it and carry it along. The importance of car insurance however, is simply underestimated and sometimes misunderstood. A lot of factors are kept in consideration when talking about a car insurance policy. From the kind of car a person owns to their driving history, their budget and a lot more.

Why is a car insurance important?

As stated above, the first and foremost reason why a car insurance is important is because it is legally required under motor vehicle act of India and not carrying one, is a civil offence that leads to fine or penalty. An insurance provides legal and financial protection in the event of an incident which causes damage to the vehicles and injuries to the people involved. Depending on the type of policy purchased, it can include various factors such as repair costs to the damage of the vehicle, theft or any other reason that damages the vehicle.

The procedure of buying a car insurance starts with filling out a form. Make sure that your details are accurately filled in the form whether you are going for an online car insurance or otherwise. Incorrect details, can lead to invalid insurance and hence you can be devoid of claims. Different areas are covered in the form owing to the calculation of the premium.

The questions on the form will include the following sections

- Vehicle make and model
- Registration city

- Name and Age of the person in whose name the vehicle is registered

- Voluntary excess

- Additional drivers

- Claim taken

There are three main types of policies to choose from when purchasing cover

- Third party only or TPO

- Third party, fire and theft or TPF&T

- Comprehensive policy

- Zero Depreciation Policy

It is important to keep the insurer updated about any changes being made about your location or any other factor that relates to your vehicle, so as to keep the policy valid under any circumstances. Similarly, in the event of an incident or a theft, you must let your insurer know, even when not applying for a claim.

If for instance your car insurance expires, there is a mandatory inspection and post that all you need to do is pay the car insurance renewal fee and you are good to go.

The Consequence Of Car Insurance Policy Lapse

If you have bought an insurance cover for your vehicle, you should make sure that you keep the plan running and pay the premiums when due. This will safeguard your financial security in case of damage due to an accident or in case of theft of the vehicle. Insurance is a mandatory requirement if you own a car; however, several people fail to pay attention to this important aspect. If you don’t want to spend a lot of money, you should at least get a third party insurance done. Through this, if you meet an accident at least the damages to third party’s property can be compensated. The best thing to do however, is to get a comprehensive cover for your vehicle. This sort of a cover will consist of the damage to your own car as well as to third party vehicle.

In India, the outlook towards insurance is very casual. We either forget to insure or if we are covered we forget to pay the future premiums on time. This is despite the fact that we get numerous reminders when our premium is due. Unfortunately, we keep premiums at the bottom of the list of our priority tasks. This is the reason that time and again we fail to pay the premiums and consequently the policy lapses. Whereas, the fact is that if we buy insurance, we must keep it running till the time we have the car. In case a vehicle insurance plan lapses:

The insurance company provides some car insurance grace period when it comes to paying the premiums. For instance, if you do not compensate the premium on time, the company will offer cover for a week or so. But, a delay of more than that can cause the policy lapse.
Once a plan lapses, you run the risk of driving the car without cover and can end up with massive losses in case of an accident or theft
If your policy lapses, you will still have to pay the same premium most of the time
However, the insurance company will inspect the vehicle and take pictures of the car all over again, so as to check for dents or paint loss as well as other issues with the vehicle
You will lose No-Claim Bonus
You cannot claim insurance for any current complications in the car. That is why, the insurance company takes pictures
It usually takes about 7 days from the day of taking the pictures for you to get the renewed copy of your insurance plan

Nowadays, it has turned out to be very easy to keep a track of your premium due dates, particularly when the insurance company reminds you a lot of times of the outstanding date. At the same time, just like you are able to go for online car insurance, you can pay your premiums online too, which makes the procedure very simple.

Also, if you are not happy with your current plan, you can do car insurance comparison online and opt for the plan which suits your requirements. You can use car insurance premium calculator too, to check the premiums offered by different companies.

What Makes A Car Insurance Policy Stand Out?

Different policies offer different kinds of options, where some might seem appealing to one buyer and a waste to another. Insurance covers various aspects and it is desirable to check it in detail for a better understanding.

It is quite painful to remember your car insurance due date and writing a cheque to the insurance company every time, isn’t it? However, in case of an emergency if you ever find yourselves involved in an accident, it will be same insurance company that will ease the pain for you. It is such unfortunate situations that help us realize the true worth of having a valid insurance cover for our car.

Insurance is not a mere piece of paper, it comes with a montage of benefits and you are the judge when it’s time to select. While the primary cover and benefits for any motor insurance policy are similar, it is advisable to delve deep into the nitty-gritties of the policy you are purchasing for an improved insight.

What are the factors that a policy covers and what makes it stand out?

Collision

Following an accident, the insurance will provide protection for the policy holder's vehicle's repair or replacement depending upon its state and its current market value.

Comprehensive

Comprehensive car insurance policy covers the owner and the vehicle. It includes damage caused to the vehicle due to natural calamities like floods and earthquakes, etc. and also due to accidents, riots, loss or theft of vehicle and malicious damage. The policy also covers injuries caused to passengers. Depending on the value of your car, the insurance cover can be adjusted.

Personal Injury Protection

The cover for you or any other family member's injuries irrespective of whose fault it was during the accident comes under this clause. However it can be skipped if you already have a life or health insurance.

Road side assistance

This comprises of quite a few aspects to be taken care of:

On road repair and flat tyre service -

The next time you say “My car broke down in the middle of nowhere and that is the reason I'm late”, you probably will be caught lying. Reason being, your insurance provides you with on road repair.

Towing your car to the nearest garage -

If the problem cannot be solved on the spot, the insurance covers your car being taken away to the nearest company associated garage.

Emergency fuel assistance -

In case you are caught in the middle of nowhere without fuel, there’s no need to worry. Your Roadside assistance covers this as well.

It is some of these features that make your car insurance policy ideal for your needs. So keep them in mind next time you are buying your car insurance policy.

Things To Know Before Renewing Your Car Insurance

A lot of Indians are unaware that as per Motor vehicles act, it is mandatory to have a valid car insurance policy. However, despite this law, a lot of vehicle owners either do not carry a copy or are sometimes found carrying expired insurance policy papers.

Earlier, renewing an insurance policy was a time-consuming and tedious job, however, now with the availability of online purchase or renewal of insurance policies, the process has become hassle-free and more efficient.

This process of renewing an insurance policy online is simple and one should try to renew their insurance prior to the expiry of the previous policy. This is recommended because if done on time, the policy does not require inspection. However, if a person applies for an insurance policy renewal after the expiration of the last policy, the procedure will include inspection which in turn will take more time. Also, if the policy is expired for more than 90 days, you will be deprived of NCB i.e. No Claim Benefit discounts. Therefore, to avoid such inconvenience and to safeguard your car against thefts or damages, it is important that you keep your insurance policy up to date.

There are also certain points that must be kept in mind before renewing a car insurance policy online.

Type of plan:

Online insurance platforms, offer a lot of options. You therefore, need to choose if you want a comprehensive plan or a third party insurance. However, it is recommended that you choose a comprehensive plan which covers self-vehicle damage as well.

Add-on features:

There are many additional benefits that are offered by insurance companies and you need to keep an eye out for the most beneficial plan. Some add on benefits are:

Zero depreciation cover:

A high depreciation amount for high end cars when compared to the additional payable premium, this is a must have for all the riders.

Hydrostatic cover:

This covers consequential engine damage or loss due to water logging.

Cashless facility at affiliated garages:

Most garages have a cashless tie-up with insurance companies. You can get cashless claims that can be easily settled and you don't have to run around for reimbursements.

Insured declared value or IDV:

This is the basic amount which is fixed by the insurer for that particular year's current market value of the vehicle which is provided to the vehicle owner in case the vehicle is stolen or completely damaged.

Compulsory and voluntary deductibles:

An insurance provides you with complete cover, however, there is usually a basic amount, which usually ranges from 1000 INR to 2000 INR that is to be paid before making any claim. This is to reduce/ avoid fake or small claims.

Renewal quote:

It is a variable amount and depends on the following:

- IDV
- Additional riders
- No claim bonus

Claim procedure:

A good car insurance claim procedure is simple and straight- forward with no hidden factors. Knowing the same and being aware of all the factors is important.

How To Renew An Expired Car Insurance

It’s important to renew your car insurance as it monetarily keeps you away from liabilities and unexpected circumstances.

In simple words, an insurance plan that has not been renewed before or by its expiry date is known as a lapsed policy. An expired policy is not viable for 2 major reasons:

It does not remain a valid document.

As per to Indian Motor laws, it’s illegal to drive without a valid car insurance. Law breakers are subject to penalties and might even face strict legal action

It can lead to financial losses. Accidents can happen anytime and anywhere and expired plans can cause major monetary losses.

Reasons to Renew Your Expired Insurance

Besides the above-mentioned points, here are a few other reasons for you to renew your vehicular insurance policy

Protection

Accidents are common and unpredictable. If you do have an accident after your plan has expired, you’d have to shell out a lot of money and incur huge financial loses.

Longer Car Insurance Renewal Procedure

The longer you wait to get your car insurance renewed, the tougher it will be to find an insurer willing to renew your policy. Besides that, you’ll also have to bear the charges of having your car surveyed.

No Claim Bonus

Are you familiar with the fact that a policy lapsed for more than 3 months could make you lose on your accrued NCB? Think about this, the no claim bonus raked up over four years could stack up to 45-50%. Just imagine losing that?

Steps for Renewing an Expired Policy

If your insurance plan has exceeded the car insurance renewal date, don’t waste more time. Just follow these steps!

Step 1:

Select Insurance Policy -

Explore and choose your plan before you go further. Based on your car brand, model, age and other facts, professionals or aggregator sites can help you come across the perfect policy for you. You can compare car insurance plans.

Step 2:

Vehicle Survey Appointment -

After deciding on the insurance company, you’ll have to plan a survey of your vehicle at the earliest. The sooner you do it, the easier it gets!

Step 3:

Vehicle Inspection -

A representative from the insurance company will examine, assess as well as determine any pre-existing damages of your automobile. Based on his remarks, you may or may not be eligible for renewal of insurance.

Step 4

Buy the Plan -

Once the inspection has concluded, you can buy a car insurance plan. You should keep this in mind that the inspection is effective for 1 day only, therefore do not waste any time post your appointment.

5 Reasons Your Car Is Responsible For Increased Insurance Cost

Did you know that your car can be a major reason why your insurance premium amount may have increased over the years? Right from its increasing age to reckless claim applications from the insured owner, there are a few critical reasons why your insurance premium may be rising steadily over the years.

The good news is that small steps can be taken to eliminate these reasons and thus save money on your car insurance. Let’s take a look at these reasons for an increase in high insurance cost and how you can tackle them to avoid heavy premium:

Repeated Claims

Repeatedly asking for a claim whether it’s a minor or a major claim, is a big NO. It immediately raises a red flag over your driving behaviour. The insurer sees you as a threat to their business interest, so if the accident or damage to the car is very minor, it’s preferable to pay from your pocket and not ask for a claim. There is a term called “loading” which insurer may add to your premium, in case whenever you have applied for multiple claims.

Age of the vehicle

If your car is 4 to 5-year-old, then it will carry a large 50% depreciation burden and lead to a corresponding decrease in the IDV of the vehicle. Compare this to a 6 month-old car where the depreciation will be just 5% for calculating IDV. Since IDV directly influences the insurance premium costs, this means that the older your vehicle gets, the more will be the insurance premium for the same.

The safety features in the car

Whenever you install a safety feature in your car, not only does it protect from thieves and robbers, it also reduces your premium amount. Insurers love multiple safety features in a car as it reduces the risk profile of a customer. The presence of security features provides them with an added assurance for their client. A gear lock or a steering lock in your car can reduce your premium by as much as 5%. Installing the new anti-theft devices approved by the Automobile Association of India can also reduce the premium further.

Taking unnecessary add-on covers

Add-on covers are a big burden on the premium of a car. While all add-ons are not pointless, you need to choose wisely before going for an add-on. Some of the add-ons available in the market are road side assistance, return to invoice (RTI), depreciation Insurance and No claim bonus protector. It depends from person to person on what add-on is suitable for him and accordingly he can go for it.

Vehicle condition

A poorly maintained car will be an automatic choice for a premium increase. Make sure you take good care of your car and keep it in top shape with regular servicing. This way the car insurance renewals won’t be heavy on your pockets.

Like in all businesses, insurance too is a factor of demand and supply. If the insurance company thinks you are a risky customer, then your car premium will increase. Hence look at these reasons and see how you can bring down the insurance cost.

Does Your Car Insurance Policy Cover Your Car During Monsoon?

While many herald the onset of monsoon as a relief from the sweltering heat, it is also the beginning of troubled times for car owners. With issues of flooding, potholes, and accidents at its highest during the rains, there is a likelihood of damage and subsequent repair bills for any car owner in India. Interestingly, even though almost all car owners are aware of the perils of driving in the rains, they still do not opt to protect their cars with additional insurance coverage meant specifically for monsoons.

What is the scenario today?

It is true that standard car insurance policies will protect you from accident and damage to the third- party, most of the rains related problems are not covered. Some instances include non-coverage for replacement of damaged parts or water problems in the car’s engine. While a comprehensive Car insurance policy will cover small losses or even total loss, it won’t provide you with cover for monsoon-related damage like water logging and flooding that harms the engine parts and makes your car more susceptible to accidents.

What add-on covers you should choose?

It is important to add extra protection to your existing insurance policy to stay better protected against problems of rains like waterlogging or flooding. However, we see that the market is flooded (no pun intended!) with hundreds of add-on options. It makes choosing the right add-on cover for monsoon difficult. With this post, we will try to clear your confusion and recommend the 3 best add-ons that can be a boon for the monsoons:

1. Roadside Assistance

If you travel outside your locality to other cities, then this is a must have for monsoon- specific breakdowns. You can opt for a jump-start, tyre replacement, or supply of petrol/ diesel at the site of the breakdown by expert mechanics. If your car doesn't start with these measures, then you will need to opt for towing services as a part of Roadside assistance.

2. Zero Depreciation

With zero depreciation insurance on paint and plastic, fibre, or rubber parts, you can get more value for your claims. It means that there won’t be any deduction on these parts at the time of processing the claim when this add-on is present. You get the full value of your claim as a refund based on your IDV. Hence it makes total sense to opt for this add-on along with a standard comprehensive coverage.

3. Engine cover

The engine of modern day cars comes equipped with hydrostatic locks that prevent the car from moving ahead in case of water ingestion. With engine cover protection, you can save yourself as much as a couple of lakhs of rupees needed to repair or replace the engine damaged in waterlogged or flooded areas. The cost involved will depend on the make, body and age of the car.

Do let us know if you have any other add-on coverage specially or the rainy seasons. We would love to hear from you.

3 Tips For Getting The Best Price On Auto Insurance

A responsible car owner always takes smart decisions, when it comes to protecting his dream vehicle. If you happen to be amongst them, shielding your car from the damaging consequences of undesired incidents will be the first thing to do. Car insurance will make sure your vehicle stays in top shape and stays protected against accidental occurrences.

Buying a car insurance can be confusing because of a number of options currently available with us today. As a smart buyer, you will want to get the best price on your vehicle insurance, and that’s where the following tips will work for you:

Check out these Crucial Tips

The presence of numerous insurance options as well as service providers can turn the entire process of buying an appropriate car insurance into a confusing one. You have to be careful and plan the process in the right way. Some of the buyers even consider online packages and compare the offerings of various companies. That’s a great and innovative manner of cracking the best deal!

1.Reducing Risk Factors

At times, car owners think that a cheap insurance policy will make the deal a cost-effective one. That’s not the reality, however. Cheap and affordable Car Insurance Policies might be perfect for certain owners, but they aren’t always the best. Owners should take positive initiatives in this regard and reduce insurance risks associated with their respective vehicles. Here are some tips to follow:

Securing your vehicle: Park in a proper place and not carelessly along the road. You can also install immobilisers, alarms, and other security devices which are protected, approved, and secured.

Know the mileage: Stay informed about your car’s annual mileage. That will help you develop an idea of the annual premium.

2.Shop Around

While taking insurance for your dream vehicle, make sure you analyse all the crucial factors associated with the deal. If you want the best price, it is highly imperative to do some research and make price comparisons. Shop around a bit and get quotes from the top insurance providers. You can also shortlist some of them, make price comparisons, and then take the final decision.

3.Check and Read Policy Documents

Read the policy documents carefully before investing, and don’t ignore the minute details. That will help you crack the most profitable deal! You need to check for four areas here

Main policy – it has all general clauses for the insurance policy
Endorsements – it covers area-specific or state-specific provisions or clauses that are not applicable
Declarations – it covers specific information like deductibles, limitations, and premium
Exclusions – It covers all situations where claim will not be considered (e.g. private car insurance won’t cover damage to car if used for commercial purposes).

Plan Wisely

The initial phase of excitement and enthusiasm can confuse you to a great extent. It’s great that you are buying insurance for your car, but it is also imperative to perform the entire process perfectly. Breeze through these points and plan your car insurance buying process judiciously. You can go online to make a quick comparison and take an informed decision on which insurance policy will best suit your needs.

3 Basic Car Insurance Requirements Every One Should Know

Vehicle insurance is a crucial necessity for all types of cars across the country. Whether it’s the capital city of India or another metropolitan or urban city, car insurance will always be of paramount significance. With a significant rise in car theft incidents and security threats, car insurance has turned out to be a requirement and not any choice.

It’s right here that vehicle owners need to know certain significant factors. If you are planning to buy car insurance, knowledge of the fundamental aspects will help you choose the right policy. Here are some of the requisites you should know about:

1.Anti-theft devices and vehicle insurance

If your car has an anti-theft system installed in it, you will enjoy certain special benefits. Vehicles with these systems are secure and safe. Quite naturally, owners are responsible, and they don’t have to worry about their vehicle’s performance. As a consequence, most of the car owners don’t have to opt for claims thus enjoying the benefits of NCB (No-Claim Bonus).

Insurance providers also encourage anti-theft device installations. They offer lucrative deals, and that’s what lures car owners to invest in these systems.

2.Types to consider

You might be planning to install anti-theft devices in your car. However, it is highly imperative to choose the appropriate type of alarms as they ensure complete safety. Once you start shopping for these devices, you will come across a host of options. Depending on the specific needs of your dream vehicle, you can take your pick:

Keyless locks: You need to opt for electronic coding controls for using the device.
Alarm: If someone approaches towards the vehicle or tries to do any harm to it, these alarms will notify the owner.
Steering wheel security: You can also lock the steering wheel and prevent anyone from driving the vehicle without your permission.
Vehicle tracking: At times, cars are stolen and become untraceable after that. It’s right here that you need to install vehicle tracking systems that notify you about the location of your device as well as the car.

These systems are some of the most popular options for vehicle tracking. Once you start shopping for them, it will be imperative to check their features and specifications. It is always better to install a system that complements your needs and ensures comprehensive security for your dream car.

3.Policy documents

Every vehicle owner should check the policy documents thoroughly before investing in it. While buying insurance for your dream vehicle, make sure you invest in the right options. Insurers might pitch in the offers uniquely, but there’s always more to the story. Since you are investing in a car insurance policy, it is highly important to check the details and analyse the pros and cons properly.

Don’t wait, insure your car the right way

If you plan to insure your car and protect it from accidental events, opting for the correct insurance will be the best thing to do. Make sure you know the elementary requirements and then start shopping!

Blunders To Avoid While Buying Car Insurance Policy

The sight of a stunning, beautiful, and stylish car can make your heart skip a beat. The moment you see a spectacular four-wheeler, you think of ways and means to own it. Buying a car requires lots of efforts, hard work, research, and planning. Right from checking the specifications to breezing through price options, a car purchase project encompasses a multitude of crucial factors.

Identifying the significance of protection

You might have a dream vehicle which delivers outstanding performances. It goes without saying that you will want to keep it in top shape. It’s right here that vehicle protection and car insurance emerge as crucial requisites. You must have a proper insurance plan for your vehicle, and while planning to buy it, here are some mistakes to avoid!

1.Failure to compare price quotes

Before giving the final nod, you must take a look at the rates offered by various insurance companies. In-depth research and market analysis are of paramount significance in this context. As a vehicle owner, you should have crystal clear ideas of the various quotes available in the market. That will surely help you crack the best deal, and you simply can’t miss it!

2.Ignoring bundle insurance options

If you are planning to insure your car, why not breeze through the other options as well. Opt for Health Insurance, Home Insurance and Car Insurance Policies from one organisation. That will reduce your premium amounts to a great extent. Clubbing your insurance policies can be beneficial in ways more than one. You will reap the benefits big time, which won’t be available in case you opt for single policies at a time.

3.Going for minimum insurance

Don’t opt for minimum coverage just because you need to insure your vehicle no matter what. Read the policy documents carefully, browse through details, check the pros, analyse the cons, and then take the final decision. Steer clear of insuring a vehicle just for the sake of it.

4.Delayed payments

While paying annual premiums, make sure you follow the stipulated schedule. It isn’t quite judicious to opt for delayed payments as that can affect your claim settlement to a great extent. You can also opt for add-ons as it is a prime necessity in such projects.

5.Opting for unnecessary add-ons

Choose an add-on which is important and essential for your dream car. Opting for the unnecessary ones will make you pay for something which you don’t require. Check the waivers, analyse your needs, and then finalise the decision. With in-depth speculation, you will surely come across the right add-on cover!

Signing off

These errors can inflict negative blows to your car insurance buying budget. You wish to secure your vehicle, protect it, and insure it against critical damages. That’s when you require effective, targeted, and appropriate insurance policies. So, the next time you go shopping for car insurance, make sure you keep these potential blunders in mind and avoid them at all costs.

How Useful Are Add Ons For Car Insurance

There is no doubt that owning a car of our own reduces our travelling expenditure. But it is equally important that the treasured asset is insured against any third-party liabilities, accidents, and thefts. A good car insurance offers complete protection to all the issues faced by a self-owned car.

With an understanding of security and tie up with great partners, the car insurances and motor insurance add-ons promise to give the widest protection that a car needs. Right from third party liabilities to the expenditure in case of an unfortunate incident, the car insurances cover it all. But how useful are add-ons for car insurance is a question of concern? We look at a few popular add-ons and see if it is worth your money:

Roadside Assistance Cover:

This is one of most important add ons, that some insurance companies offer it as a part of the base policy. Especially if a woman or a senior citizen is driving the car, it should be included. Starting at 60 paise a day, the add on covers all road side assistance help like changing flat tyres, filling empty fuel tanks, battery breakdown, or fetching of duplicate keys if you locked the keys inside.

Zero Depreciation:

A standard insurance policy will reimburse only the depreciated value of the car parts damaged. The depreciated value is usually deducted from the claim. This does not become evident in small cars, but when it comes to bigger cars worth a few lakhs, the cost of a new part can be high so having zero depreciation add on cover becomes necessary to reimburse the full value of the part.

Personal Accident Cover:

With ever increasing traffic, reckless driving and use of mobile phones, accidents have become a common thing now, and not entirely because of our mistakes. Personal Accident Cover provides compensation to passengers in case of death or disability caused by an accident. One can avail this add-on cover either in form of an individual or as a group policy.

Engine Protect add on cover:

If you see, most of the insurances do not cover the damage caused to the engine due to wear and tear or other careless wrong doings. If you park the car in a water-logged area and try to start the ignition, there is a high probability that the engine won’t This will be because of water penetrating the engine parts. When such a situation arises an Engine Protect add on cover will be an ideal purchase, rather than spending up to lakhs of rupees on engine repairs.

With the understanding that the needs and requirements of each customer are varied and unique, car insurances and motor insurance add ons have a diverse range of customer centric policies to cater to these exclusive requirements. Rest assured these add ons will succeed in giving you 100% peace of mind, irrespective of the destination you are headed to.

Top 10 Factors That Impact Car Insurance Premium In India

Owning a car in India has become more of a necessity rather than a luxury. Whether it is for your personal use or commercial use, having a car is the need of the hour. When you invest in a car, you also need to shell out money for your vehicle insurance not just because it is mandatory but also because it is an excellent way to protect yourself as well as your vehicle.

The market is inundated with a number of car insurance policies, and it sure can become a difficult task in selecting the right one for your car. The amount of premium that you have to pay for your car insurance policy depends upon a number of factors. In this post, you would be learning about the top 10 factors that impact car insurance premium in India.

IDV (Insured Declared Value)

With policy being purchased online, you have an option to choose your Car’s IDV. Higher the IDV higher will be the premium.

Vehicle Manufacturer

The manufacturer of your car is another factor that can determine your premium. Insurance companies decide on the premium depending upon the ratio of claims made by different brands. The class of your vehicle matters too. An SUV would comparatively have a higher premium than a hatchback.

Usage Type of Vehicle

The next factor would be the usage of the vehicle – whether it is for personal or commercial use. A commercial purpose car will come with a higher premium.

Safety Features

To avail a good discount or lower premium, for example if you have an anti-theft system or car lock few insurer may offer your discount. Ensure that your car comes or have safety devices which fall under the list provided by the Automobile Research Association of India (ARAI).

Age and Engine Capacity

The age of your vehicle, as well as the capacity of the engine (cubic capacity), are two other factors. A car with a powerful engine would be charged with higher premium and similarly new vehicle would have a higher premium (as IDV would be higher).

Location

The place where you live also plays a significant role in determining your premium amount. People who purchase vehicles in metro cities or accident/theft prone areas would end up paying a higher premium.

Add-on Covers

The premium amount also depends upon the add-on covers you select. The more coverage options you choose, higher the premium you pay.

Fuel Type

Just like how the make and engine of the vehicle matters, the fuel type (petrol, LPG, diesel, etc.) of the car is also an important factor.

Claim taken

The last factor in our list which helps in determining the car insurance premium is your claim status. If you have taken a claim on your car recently your NCB (no claim bonus) reduces to zero (if claim is taken last year) and you end up paying more premium.

So the next time you purchase a car insurance, you would know how your premium amount gets determined.

3 Advantages Of Buying Your Car Insurance Online

Car insurances are necessary to protect the assets from damages. We cannot stop an accident from happening, but the insurance helps us recover from it. Previously, obtaining insurance had been a long and tedious process and took away a lot of our precious time. However, with the availability of everything online, this process has become much less time consuming. We can now go through a number of policies from the comfort of our homes or sitting at office. We can compare between online insurance companies or providers and buy what is best for us. Given below are some of the advantages of buying your policies online.

It is an effortlessly done task and is cost beneficial

Buying Car Insurance Online is effortless and you get option to compare and choose your own IDV which can greatly affect your car coverage and premiums. Comprehensive information on the insurance coverage you need.
Offline transactions are not always very transparent. In various cases the distributors do not discuss the hidden cost; or do not explain every clause present or the lack of any clause. When you buy a policy online, you are doing it directly from the seller. All the details of a particular policy are clearly given online. You can aware yourself with the clauses offered to you. You can also do a comparative study of policies and insurance companies before buying. You are open to a world of insurances from where you can choose.

Automated servicing

This online platform is not just limited to sale of insurances. It allows you to download various product literature without actually buying them. You can use a number of services that they offer. You can easily avail their premium quotes and do a comparative study. You can renew your policies online. This feature is very useful, convenient and less time consuming. Some insurance companies allow you to claim your policies online, where you have to follow certain easy procedures. Regular reminders will be sent to you so that you do not forget to pay your insurance premium on time, or do not forget to renew your insurance policy. The most important fact is that you become self-sufficient and do not have to depend on anyone for your policies.

Online assistance

Online assistance is an important feature that is provided by almost all insurance companies. There are many of us who are not very tech savvy. For such people there is the online chat facility, where a person can have a direct conversation with a representative, and have their doubts cleared. They also provide a toll free number for you, where you can call them up offline to clarify any doubts that you have.

Have any more queries about buying online motor insurance? You can Contact Us.

Is Cheap Car Insurance Really Cheaper?

Every individual works hard and puts a lot of effort to earn a living. They are always in search of ways and means that help them preserve their hard-earned finances. Opting for affordable solutions and cheap products is an obvious way of doing so. Right from daily essentials to car insurance policies, individuals will look for affordable choices. However, investing in cheap vehicle insurance might not be effective in the long run. You will have to face critical issues that can lead to long-term disadvantages. Here’s a brief account of the why’s and how’s!

Determine the decisive factor

Car insurance is imperative for complete vehicle protection. You just can’t wait for accidents to happen as that can affect your dream car severely. While buying insurance policies, make sure cost doesn’t emerge as the decisive factor. You have to take other important aspects into account as well, and that’s where this article will help you!

1.Analyze cost-benefit ratio

When it comes to insurance, you have to analyze the cost-benefit ratio. It is highly imperative to check the policy features, coverage benefits, and facilities before making the final purchase. Lower costs might fetch you fewer benefits, and that’s somewhat true. Vehicle owners might get the biggest shock of their lives when they come to know their policy doesn’t offer complete coverage for a critical accident.

Most importantly, such revelations after an accidental occurrence can be devastating for a car owner. Analyze and find out the cost-benefit ratio. That will help you choose the best policy option with essential and desired features.

2.Optional coverage features

3rd party liabilities are covered under a car insurance policy. It’s a crucial necessity in the Indian context and happens to be mandatory too. However, it is like an optional coverage which limits the scope of protection for your vehicle. When you are investing in a vehicle insurance, make sure it’s comprehensive and ensures complete coverage for your dream machine. Or else, the entire investment would be meaningless.

3.Know the deductibles

If the deductibles are quite high, chances are there that your insurance policy will be cheap. However, such conditions are not beneficial and of no use. High deductibles will result in huge cash outflow. You will have to spend whopping amounts whenever your vehicle needs repairs. It’s always better to perform in-depth market research and get profound information about the deductibles.

4.Understand the claims

You have to develop crystal clear ideas of the claims. Some of the insurance companies come up with cashless insurance policies. As a result, vehicle owners don’t need to pay anything while opting for repairs. Some of the insurance providers might also club cashless policies with roadside assistance benefits. If your vehicle meets an accident in the middle of the road, the insurance provider will take the entire responsibility of taking it to repairs.

Signing off

Cheap insurance policies can help save your hard-earned money. But, this can be done only if you are aware of these above decisive factors. Take a look at these factors and then finalize your decision to make a smart insurance buying choice.

Aspects That Aren't Covered By Comprehensive Car Insurance Policy

You might have invested in a comprehensive car insurance policy, but aren’t aware of the intricacies involved in the policy document. If you aren’t new to this sector, you will surely know that a vehicle insurance policy doesn’t come without certain clauses and criteria. As a responsible car owner, it is highly imperative to understand these factors as they can determine your choice to a great extent. If you are planning to invest in vehicle insurance, make sure you are aware of the policy details.

Exclusions are present

No matter how comprehensive the policy is, exclusions will always be present. Car insurance policies come with asterisks which denote the presence of terms and conditions. Not all accidents or accidental occurrences are covered under a vehicle insurance policy, and owners should have a crystal clear idea of these factors. Here are some of the exclusions worth keeping in mind:

1.Own-damage coverage

If the damages sustained by your vehicle fall under the ‘non-compulsory own damages (OD) coverage,' you can claim the insured amount. However, it’s the jurisdiction of the insurance company as it will first analyze the current condition of your vehicle and then will be taking the final decision. Vehicle owners should be careful while buying policies and read through policy documents attentively.

2.Non-renewed policies

Timely renewals are of paramount significance for your vehicle insurance. You just can’t afford to miss the deadlines as that will remove the protection from your dream car. If an accidental occurrence takes place, you won’t get the coverage if your vehicle isn’t insured.

3.Influence of drugs or alcohol

A vehicle insurance policy doesn't cover accidents that occur as a result of alcohol or drug abuse. However, all these incidents depend on proofs and approvals. The insurance provider has to prove the cause and then deny you the insurance coverage.

4.Violation of usage guidelines

Manufacturers always provide certain special guidelines related to vehicle usage. You have to follow these rules while driving the car. If an accident takes place just because you violated some of these guidelines, you might not get the insurance coverage.

5.Oil leakage damages

Vehicles that face accidents because of oil leakage fail to get approved for car insurance claims. Other than that, if your car meets an accident just because someone inexperienced or without a valid license was driving the car, insurance providers will refuse to accept the claim.

These are some of the most important exclusions involved in a motor insurance purchase. Apart from these factors, there’s a lot more to think about and consider!

Additional Exclusions

While these incidents are some of the most significant exclusions, certain additional factors are also present which one must take into account. Here are some of them:

Deliberate, accidental incidents
Damage inflicted on the vehicle as a result of terrorist attacks and war
Consequential losses

Since now you know the critical issues, it’s high time to opt for the perfect insurance policy judiciously and attentively. Check out the exclusions of your vehicle coverage and be better prepared the next time you file insurance claims.

Why Isn't Your Car Insurance Rate Reducing?

Did you find the initial premium rates for your car insurance too high and they still aren’t reducing? Have you been wondering about the reasons for a long time, but still haven’t found a suitable answer? Well, if your answers are ‘yes,' here’s a blog to walk you through the entire saga.

Car insurance premiums depend on quite a few factors, and you can deal with all of them once you know their significance. As a vehicle owner, you will surely not want to pay higher premiums for your car. It’s right here that the most crucial tips will help you take the right decision.

Identifying the factors

Getting a suitable and appropriate insurance policy for your vehicle is more important than buying a simple insurance. With the most suitable car insurance, you will have the opportunity to protect your vehicle completely and comprehensively. If the rates are static and not reducing for a long time, the following reasons might be responsible:

1.Low Deductibles

If you are not increasing the deductibles limit, you are missing out on low premiums. Deductibles are payable when you apply for a claim. Even if you are planning to increase deductibles, make sure you consider your spending limits. Don’t overstress and opt for something which gets hard for you to continue.

2.Saying ‘yes’ to ‘small’ claims

Steer clear of making low claims. Minor repairs and servicing can be taken care of, and you don’t need to use up the insurance amount. Once you accumulate a considerable sum, the insurance provider will come up with an ‘NCB’ or a ‘No Claim Bonus.' It can go up to 50% of the premium amount for the 5th year of NCB.

3.Failure to compare quotes

You might not be getting the time for comparing insurance quotes. It is highly imperative to compare the quotes online and then make the final purchase. Your failure to make such comparisons will result in increased premiums, and you might also lose out on a highly profitable deal!

4.Absence of anti-theft controls

You should have safety features and controls installed in your vehicle. Features like anti-theft alarm, steering lock, and gear lock happen to be of paramount significance. These controls will also help you reduce the annual insurance premiums by a significant 5%.

5.Ignoring effective associations

Your tie-ups and associations with WIAA (Western India Automobile Association) can also fetch you huge discounts. These associations will directly show up in the insurance premiums, and you will find them reducing within a short time.

Parting thoughts

Reduced insurance premiums and affordable policies are highly important for vehicle owners. You love your vehicle, and you will surely want to get the most suitable insurance coverage for it. While finalizing your purchase decision, it will be imperative to analyze these factors thus making the final move. With some of the leading and highly reputed insurance providers by your side, things will become easier than ever!

Drive Smart Service Along with Your Car Insurance Policy

The way our world moves around us in terms of technology seems faster than we can think. This includes new age driving. If you happen to be an owner or a driver, then it will be a smart move to check out what Drive Smart service has to offer.

What is the Drive Smart service?

In simple terms, it’s a tracking service but with a difference. Drive Smart - first and the only Telematics service provided in India offers 24 hrs. tracking operations of your vehicle on a real time basis. This includes an automobile diagnostics, safety alerts, and an overall summary.

Its technology parameters will keep your family safe and secure. This offer is activated once the insurance is purchased or renewed with Drive Smart features. The device is delivered in 2 weeks and needs to be fitted on the OBD II port of the vehicle. Also a mobile app “Insurance wallet” needs to be installed. This helps to monitor data on a smart phone.

Features of the Drive Smart Service

1.Vehicle Diagnostics

It factors in a lot of in-vehicle conditions like Battery Condition and Engine Condition. Data is collected on real time basis and key stats are displayed.

2.Geo-Fencing and Tracking

Under this, it shows the below insights:

Last seen location: Location of the vehicle last seen on the map
Last seen at: The address where the car was last seen
Find my car: How to locate the vehicle through navigation.
A real time location sharing: On SMS, email, and WhatsApp

3.Driving Pattern and Statistics

This parameter tracks various details like:

Top speed of the car: highest speed reached by the car
Total Distance travelled : summary on every day basis
Longest distance travelled in a day : indicates longest trip taken
An interactive Activity Summary

4.Document Wallet

It provides notifications on user specified alerts around car info, like expiration of PUC, Insurance and License.

5.Alerts and Notification

It provides a range of alerts and notifications as specified below:

Over speeding alert : Notification of over speeding alert as set by the user
Geo-fencing alert: Notification on unauthorized movement of vehicle
Low Battery alert: Notification on low battery
Important alerts: Advanced Notification after suggested servicing. This is taken from the last service date, distance the vehicle travelled and its post service. One can also get alerts on PUC and Driving License Expiry
Towing alert: notifies incase the vehicle gets towed

6.Expert Support

Ask an expert on any of the below queries:

Support personnel available for any car related queries
Report bugs / suggest feature: The development team is available for feedbacks on any kind of glitz, bug or improvements that the user may have

Benefits of using the Drive Smart Service

Some of the advantages driven by this useful technology solution include -

Provides an overall safer driving experience
Enables vehicle tracking through Geo fencing feature
Emergency Road Side Assistance is made available on priority at the push of a button
Notifications on car performance status on car’s battery and engine
Allows you to set reminders and notify on expiry of insurance, PUC and License
Monitors driving patterns
Vehicle servicing alerts

Drive Smart is a distinctive offer which by using telematics technology provides users with a superior and proficient 24X7 assistance.

How To Calculate Car Insurance Online

When you buy a car, you need to insure it. Insuring your car is mandatory failing to which you can be charged with heavy fees and fines and even suspension of your driving license. While most of you may think calculating car insurance online may be a tedious task, we bring to you a few steps which will help you to calculate car insurance online.

Procedure

To calculate your car insurance,you need to provide are the following details:

1. The Car Manufacturer
2. Date and state of registration
3. Year of manufacture
4. Type of vehicle
5. Starting Date of Policy
6. Vehicle model

If it is a used car, you have to provide current car insurance policy details, previous car ownership details alongside previous years claim history reports.

Reviewing these details, the online car insurance calculator will suggest you the best deal as per your requirements.

Factors That Decide Car Insurance Premium Value:

The factors that determine car insurance premium rates are:

Age of an Individual:

The age of a person plays a deciding factor for premium rates as individuals below the age of 25 are assumed to be more involved in accidents by the insurance company. So people aged from 18 to 25 are likely to pay for higher premium rates.

Car Model and Variant:

High-end and expensive cars like Audi, BMW, Bentley, etc. are insured at a higher price than the budget cars. Even SUVs get insured at a higher price than the family cars.

Fuel type:

You might be asked to pay a higher premium for a car which runs on CNG than the ones that run on other fuel variants like petrol or diesel.

Anti-theft Discount:

If your car has an ARAI approved anti-theft device, you are likely to get 2.5% discount on the premium.

Discounts:

Doctors, defence personnel and government officers are entitled to get a discount on their premium.

No Claim Bonus:

It is the cumulative discount offered to every individual who has insured his vehicle. It varies from 10% to 50%. You can also transfer No Claim Bonus easily to another car or policy if you want.

Year of Manufacture:

Year of manufacture is an important factor that determines the car premium rate. The older the car, the lesser is the premium.

Valid Membership Concessions:

if you are a member of a registered automobile agency which is powered by IRDAI, you are entitled to get a get a discount on OD premium.

Car Modification:

Usually any change done to car affects the premium rates. However, it is advisable to check with your car insurance company to know which changes would affect the premium rates and up to what extent.

Car Fuel Type:

The fuel you use, be it petrol or diesel and the mileage that it provides also affects the premium of a car.

Add on Covers:

Add on covers like Zero Depreciation Cover, and passenger cover have a considerable impact on the premium rates.
Now that you are aware of all details on how to get a car insurance, get your car insured right away if you haven’t!

Frequent Questions Car Insurers Ask You Before Granting Car Insurance Policy

When you plan to purchase a car insurance policy, you have to be prepared to answer a couple of questions from your insurer. Some of these queries are very straightforward, while other questions may be a little intense. However, there is no need to worry as it is just a standard protocol that insurance agencies follow to ensure that the policyholder will be able to pay up the premium, etc.

Let us look at some of those frequently asked questions:

What is your zip code?

This particular question informs an insurer about the kind of area you are residing in. The deduced city areas inform such agents about the traffic and road condition in the area, which gives them a better evaluation of the premium rate for the buyer.

Which car will you be insuring?

This is another important question where you will have to let the insurance agency know the details about your car. Such details may comprise of VIN (Vehicle Identification Number), type of fuel used, pollution papers, etc. This will let the insurer understand the condition of your car and evaluate old records related to the car regarding previous car insurance purchases or claims.

Are You Single or Married?

It is a common question that insurers ask buyers before finalizing the paperwork for a car insurance policy. Technically, in countries like India, your premium is going to be a little less if you are married and more if you are single. One reason behind this is that married people drive with more caution compared to single people.

What is your profession?

Another common question that lets the insurer understand whether you will be able to pay your premiums on time or not. Sometimes knowing the profession can give you a better discount on the premium rates, for example if you are defence personnel or a teacher.

If single, do you have any roommates?

Single men or women tend to live with roommates, and this gives an idea of how the person uses his/her car. However, a more accurate deduction by the insurer depends on other answers as well. Nevertheless, living alone without roommates may or may not have any effect on the premium rate.

How many kilometres do you drive your car periodically?

Usually, car insurance purchasers speak of less number of kilometres when letting the insurer know. The reason behind such an answer is that if we drive less, then there are lower chances of an accident. Thus, the premium rate for less kilometres is lower.

Have you had any accidents in the past?

Sometimes the insurance agencies ask directly about any accident that the policyholder may have had in the past. This way they get a better chance of understanding the way the buyer uses his/her car. In some cases, such attributes are also there to crosscheck the details for better calculation.

Conclusion:

No doubt there are many criteria by which car insurance providers check your background before providing an insurance. However, as a car owner, it will be wise to understand that these are mere formalities. All this is done to ensure that they give their 100% to the customer with accurate policy premium rates.

Getting Your Car Insurance Renewed? Set The IDV Correctly To Avoid Hassles

The existing market value of your car at a particular point of time is referred to as the Insured Declared Value (IDV) of the vehicle. In the event of a total loss or theft, it is the maximum sum insured amount that your insurer is willing to reimburse you with. IDV depends upon the current listed selling price of the manufacturer that is calculated based on the model and age of the vehicle.

When your vehicle is brand new, your IDV is the highest. As time passes by, your vehicle gets worn out and reduces in value which is why your IDV lowers with passing time and increasing depreciation. When your car insurance is up for renewal, it is important to set your IDV appropriately.

IDV and Premiums on Car Insurance

Your vehicle’s IDV is calculated by a standard deprecation table which is as per Indian Motor Tariff. It is essential to check your IDV when renewing car insurance. After all, there is a close connection between your car insurance premium and IDV. Remember, the higher the IDV, the higher is the premium that needs to be paid.

The premium lowers if the IDV is reduced. Check the IDV of your car and see whether it justifies the premium you pay or not. If you are not satisfied with the result, you can either negotiate or change your insurer. Ensuring you set the IDV correctly on insurance renewal helps you obtain the right kind of coverage, at the best cost.

Differences in IDV

After understanding the IDV based on the depreciation table, you obtain a rate and the IDV gets fixed. You as a policyholder can still alter it slightly if you wish to. If you do not set the correct IDV at the time of insurance renewal and mishap occurs, you won’t be able to claim the entire IDV amount. The amount you claim will then greatly vary on the type of claim and to what extent the vehicle is damaged.

Claim Settlement

There won’t be a problem in claim settlement if the policyholder and the insurer mutually agree on a higher IDV. If the system catches this however, owing to a technical glitch, it can lead to problems. Investigations will then try to come to a conclusion whether the IDV was revealed appropriately and not done with an intention of fraud. It is best to keep the IDV within a sensible range.

For a five-year or older car, the insurer and policyholder both come to a mutual decision and fix the value. The insurer cannot reject a renewal if it is a running policy, but zero depreciation and other types of add-ons may not be provided.

Renew With the Right IDV

You need to renew car insurance based on the company that provides you with the most optimum IDV at the most appropriate premium cost. Although it may seem beneficial to get the car insured for a lower IDV as it also lowers the premium, it is not advisable as you do not protect the real value of your vehicle and can unknowingly put it at risk. Renewing on a full IDV ensures the insurer pays up the correct amount, should your car get stolen or damaged.

Signs That Reflect You Need To Shift/Change Your Car Insurance Policy

The best part about buying a car insurance policy is that you are not bound by the same company for the rest of your life. In India, sticking to a single car insurance company for a long time is not advisable. Experts believe that you should change your car insurer every few years or when you notice these signs that warn you, it’s time for a switch.

1 - Improper Settlement of Claim

Your current car insurance company may offer you a good policy with even better premium rates but if it carries a bad settlement record, it’s time to wave goodbye to your present insurance policy. A poor settlement record increases the likelihood that your claim too might not get processed in the future. You need to look for a car insurance company that has a good reputation when it comes to claim settlement and which also offers good policy coverage.

2 - Costly Premiums

If your insurance company is charging you a high premium, you need to be wary. Different insurance companies offer different premium rates to customers. There should not be a vast difference between the standard market rate and the rate offered to you for a particular policy. In any situation, if you find that your premium rate is higher than the overall market rate, it is a sign that you need to look for another insurance provider as your current one is charging you exorbitantly.

3 - Bad Customer Service

A good car insurance company will have a good customer base owing to the impeccable service it provides. Companies put in a lot of time and effort to ensure that customer service is good at all times. If your insurance company fails to offer you prompt and reliable customer service, it means that it can lag behind in other areas as well. It is best to find a company that attends to your needs and wants properly.

4 - The Policy does not have a lot to Offer

Besides the Third Party Cover, if your car insurance provider does not offer any beneficial add-ons such as No Claim Bonus, Zero Depreciation Cover and Road Side Assistance, even when you are willing to pay for the protection you want, it is best to look for a different car insurance policy and provider.

5 - Poor Service Quality

Negligence in performing the required formalities and taking long durations of time to clear the claim process are signs that show you your insurer does not offer the required quality of service. Even when you finish all formalities, the slow processing speed causes a delay in proceedings; it is safe to opt for another car insurance provider.

Before you shift to another car insurance policy:

See that your new policy begins after the old car insurance policy expires.
Buy an insurance policy only when you research the new insurance provider thoroughly and get to know the services offered.
Compare the insurance premiums of more than two insurance companies.
Understand the features and benefits of the car insurance policies.

If you ever feel cheated when it comes to the service offered or cost incurred, know that changing your existing car insurance policy and insurer is always a good idea.

What Does Your Car Insurance Policy Cover?

A number of times policy purchasers do not realise the various cover benefits that they receive on purchase or renewal of a car insurance policy. A majority of us do not care to read the documents handed over to us during the purchase of a policy, which is why there is a lack of complete knowledge of what claims can be covered through the car insurance policy.

Thus, we would like you to have a look at the various covers mentioned below so that you are ready to claim for any such privileges during an unfortunate mishap.

Cover is not just limited to accidents

Any good car insurance policy is liable to pay for not just the damages caused due to accidents, but also due to natural disasters such as landslides, lightning, earthquakes, floods, etc. Moreover, a car insurance policy is also liable to cover losses due to terrorist attacks, transit damages, burglary, riots, theft, etc.

Towing Benefits

Another benefit that some insurance agencies offer in their motor insurance policies is towing coverage but to a certain limit. There are times when you may be taking your car in a remote location where it may be hard to find a mechanic after an unfortunate accident. This is where towing charges for your car can be claimed from the insurance company. A major benefit of this service is that when you renew your policy, the towing cover benefits are also renewed.

Car Insurance Add-Ons for Accessories

A general car insurance policy in India will cover up damage costs for the car itself. However, any policyholder can opt for extra benefits for the car accessories as well. This may increase your premium rate, but it is still more affordable than buying new accessories after an accident.

24/7 Assistance On-Spot

Not many are familiar with a cover that most car insurance policies provide. In this cover privilege, if your vehicle gets stranded in some unknown place, then you can use your insurance policy benefits to cover up for legal/fuel assistance, taxi arrangement, car towing, etc.

Negligible Depreciation Cover

Any car insurance policy provides claim benefits based on a formula involving depreciation value and the market value of the car. With the increase in age of the car parts, the depreciation value increases and the insurer covers an amount where the depreciation value is subtracted from the market value. However, policyholders can opt for a zero depreciation cover benefit where any car owner will be able to get better car insurance claim benefits without using depreciation as a factor.

Protection For Engine

Any issues with your car engine, for example: a water ingression, damage to gearbox or oil leakage, is covered by the insurance agency.

Conclusion:

Choosing a car insurance policy is one thing but understanding their numerous benefits makes your investment a fruitful one. While some of the above-mentioned covers are meant to be purchased as add-ons to your policy, yet others among them are already added to the premium costs. So, make sure you learn about your benefits from car insurance schemes fully.

What Do You Need To Know About IRDA’s Hike In Third Party Car Insurance?

Third party car insurance is the bare minimum mandatory coverage for the car owner under the Motors Vehicle Act, 1961. The idea of third party stems from the fact that the main beneficiary is neither the insurer nor the insurance company, rather a pretentious third party. Under the third party insurance, the insured is covered for bodily injury as well as damage to third party vehicle. As per the regulations, the apex body of insurance company Insurance Regulatory and Development Authority of India (IRDAI) sets the third party car insurance premium that can be charged by any insurance provider in India.

Is there any hike in insurance premium?

Well, the answer is yes. The IRDAI has planned to raise its premium amount by 50% in the sectors covering cars, two-wheelers and commercial vehicles starting from April 1, 2017. The long pending proposal has been cleared and put into effect by April 1, 2017. Since the proposal is for big cars, the third party premium for small cars is not affected.

Why has such a decision been taken?

This decision has been taken after a long and extensive thought process. The rate of third party insurance premium is reviewed every year and then implemented according to inflation and incurred claim ratio. Earlier, IRDAI used to raise the premium after every 5 years, but due to the losses incurred by the third party car insurance companies, the IRDAI plans to review third party premium rates of two-wheelers and car insurance company after a year.

IRDAI proposal for smaller cars

As mentioned earlier, IRDAI has its own definition of small cars. By small cars, they mean the cars having a cubic capacity of 1000 cc or less. The present third party insurance for such cars is Rs. 2055 and it will remain the same. While for a mid-segment car having a capacity of 1000-1500 cc, the proposed increase is 50% and this includes SUV too. The current third party insurance premium works out to Rs. 2863. For vehicles exceeding 1500cc, the TP premium is fixed at Rs. 7890.

For public carriers (7500 kgs), the TP premium amount is Rs. 14,390. For vehicles carrying between 7500-12000 kgs., the amount will be Rs. 19,667, and for 12000-20000 kgs., the amount is fixed at Rs. 28,899. If a public carrier is carrying 20000-40000 kgs., the TP premium will be Rs. 31,626 and Rs. 33,024 for public vehicles carrying more than 40000 kgs.

How will the insurance company react to it?

The IRDAI decision to review the third party insurance claim after every year has come as a big relief to the beleaguered third party insurance industry. This step is definitely what these companies were expecting from the regulatory authority.

Simple Car Insurance Tips For Young Drivers

The Indian Motors Act makes it mandatory that every car must have its own car insurance. This rule also applies to young drivers. However, drivers under 25 years of age avoid buying car insurance because it is expensive. Insurance companies usually increase insurance premiums for young drivers as they fall under high risk groups. So, if you are below 25 years old, or are a parent or guardian of a teenager, then you might end up paying higher premiums on car insurance. If you want to lower your insurance premiums, here are a few interesting tips on how you can save more.

1 - Do Your Research Well

Conduct a thorough research on various car insurance policies and companies. Some companies have websites that come with quote checking options. Check out an array of insurance providers and compare their prices. You can even ask the insurance company you have chosen to give you a reduced rate.

2 - Take in a Responsible Second/Third Driver

The risk factor plays a major role in determining the way in which car insurance is calculated. There is a hike in insurance for younger people because they are responsible for a majority of the accidents that occur. Including a driver from a lower risk group will minimize the average risk. This helps to bring down the insurance premium rates. This assists you in becoming a low risk entity and so helps you obtain a good car insurance deal.

3 - Pay the Amount in Full

You, as a new or younger driver, may feel that buying comprehensive car insurance in full is costly but it is actually advantageous for you in the long run when compared to other insurance plans. By paying in full, you avoid spending money on huge interest rates. Use a credit card with lower Annual Percentage Rate (APR), if it is not possible for you to pay in full.

4 - Don’t Depend Solely on Third Party Insurance

Young people think that buying Third Party insurances is cheaper but they do not realize that this insurance policy only covers the person you bang into and their vehicle. You may feel it is expensive but going in for a comprehensive cover, which also comprises of theft and fire, reduces your premium as you are assessed as a lower risk entity.

5 - Make a Decision after Considering All Odds

Do not give into the first insurance company you see without understanding all the repercussions it brings. Explore and check all car insurances thoroughly before signing up for one. Check out a few insurance companies online. You will understand what they have to offer and even get quick quotes. Choose the one that is most suitable for your car as well as your budget.

With these helpful tips it will be possible to bring down the costs of insurance premium even though you are a 25 year old and are driving a car. Utilize these pointers and avoid paying high policy premium amount for your car.

What All You Must Consider When Purchasing Car Insurance?

Many times, individuals solely focus on purchasing a car and don’t give car insurance much thought. At the most, it is considered a formality that needs to be performed. A majority of people buy car insurance considering the premium rates. If this is the case, you won’t have enough protection cover in case you meet with an accident. It is imperative to conduct thorough research before buying car insurance policy online and we are here to help you take into account a few things you should consider.

Claim Settlement

When buying car insurance, you need to check the company’s claim settlement ratio. A company that has a good reputation and track record and settles these claims in a rapid way is ideal. After all, you do not want to wait for prolonged periods to obtain the amount. Remember, no one wants to pay premiums only to have your claim rejected.

Comprehensive Cover for Improved Protection

A comprehensive cover presents coverage by safeguarding the damages caused to your own car or injury to self, in case of an accident or unfortunate incident. Based on the insurance plan you choose, this cover also protects your vehicle from thefts and accidental fires. Don’t believe that you will save up on insurance premium costs by forgetting about comprehensive insurance.

Be Aware of the Insured Declared Value of your Car

The Insured Declared Value (IDV) of your car and your car insurance premium is connected to each other. IDV is the greatest amount you can claim under any particular policy. A brand new car will have a higher IDV and a car that consists of the same model but is a year older will have a lower IDV.

Think about Voluntary Deductibles

If you are seriously considering lowering your car insurance premiums, you can choose a voluntary deductible. This means you are in favour of sharing the costs of repair in situations when a claim is made. This leads to a lower premium for your insurance plan.

Do Away with Unnecessary Frill

Sometimes you feel that getting all of your services covered at one place is easy but this is not the case when you are on a budget. Car insurers usually offer you towing services and 24x7 road side assistance among many other things. These features can add to the premium rate and may not be very helpful. If you are on a budget, you can skip these unnecessary frills and save money. Choose these add-ons, only if you can afford it.

Arranging Documents and Buying the Policy

After you have come to a conclusion, get your required documents, which include a duly signed claim form, an RC copy of the car and a driving license copy, and purchase the policy. You can opt to apply online as it requires fewer documents. You obtain your policy document after you make your payment. Read the document carefully so that there are no errors or faults.

Your car is one of your most prized possessions. It is your duty to protect it with good insurance that attends to all of the above requirements.

How To Reduce Car Insurance Premium?

With the continuously rising rate of accidents in the country, insurance premiums have also started costing higher than before. But the growing competition in the auto insurance sector has brought some relief to consumers. Sometimes it becomes difficult to choose the best policy between hundreds of policy options made available by the car insurance companies. To choose the best policy at the lowest premium, follow our guidelines prescribed below:

1) Protect the no claim bonus

By not making a claim in the current year, you will be eligible for the No Claim Bonus (NCB) in the next year’s car insurance premium. The discount can go up to 30% to 50% if you do not make a claim for 3 to 5 years. Also another big positive of not making a claim is that you can transfer your No Claim Bonus to a new vehicle when you go for a fresh purchase. Even if you are not buying any vehicle in the near future, you can still reserve your no claim bonus (NCB) for three years.

2) Compare and cross-check prices

Most of the auto insurance companies have their presence online. So nowadays it has become much easier to compare car insurance policy premiums. By sitting at home and without visiting any insurer’s office you can get quotes from various insurers. Also, some insurance aggregators allow you to compare prices from different insurance companies on their websites. If you are happy with your current car insurer and have been insuring with them for some years, still it’s not a bad idea to cross-check other companies’ prices.

3) Choice of the vehicle

It is common knowledge that a more expensive car would have hefty premium compared to a small and inexpensive car. As the chances of a theft of a premium car are high, the premium prices also increase proportionally. Also, the spare parts cost is expensive in case of luxury cars. For example, the premium for a Porsche would me many times higher compared to a Wagon R car.

4) Opting for deductibles

To lower your premiums or gain discounts, you can opt for deductibles. This way your car insurance premium will reduce by up to 35%. Insurance companies allow a discount for those people who are willing to bear some burden in case of a claim. The higher the deductible amount taken, the bigger will be the discount amount offered.

5) Older cars will have higher premiums

When a car becomes old, it starts to have some issues. Insurance companies also know this truth. That’s why they prefer to insure newer models and recently purchased cars compared to an older car. Also, some car brands are very sturdy and have a high resale value which provides them with a favourable premium compared to damage prone cars.

After understanding various factors that determine the increase or decrease of the car insurance premium, hopefully it will become much easier for you to decide on how you can reduce your car insurance premium.

Offline Vs Online Car Insurance - A Comparative Analysis

The market is full of insurance companies and insurance policies. This makes purchasing the right insurance for your vehicle a task. You need to opt for the ideal insurance policy that suits your needs perfectly. You also need to choose whether you want to purchase it offline or online. While some may feel making offline insurance policy purchases is reliable, online insurance policy purchases are hassle-free and come with additional benefits. Here’s a look at two key aspects of insurance buying and how it differs online and offline.

1 - Settlement of Claims

If the policyholder dies, a broker or an agent claims for the settlement amount, in case of an offline term plan. In an online plan, however, a nominee claims for the amount. Online plans involve the nominee directly getting in contact with the insurance company, which is through a phone call, through the Internet, or by a meeting.

In offline plans, you may have to visit company office with all the necessary documents to file your claim. You may be required to make these visits more than once. At such a sensitive time of grieving this can become a disadvantage.

2 - The Premiums Offered

In online insurance plans, the premium rates that are offered are comparatively lower than offline plans. This makes it a hit with the price sensitive Indian market. If you consider just the premium amount then it makes total sense to opt for an online car insurance policy rather than going offline.

Also, there are many online aggregator services that allow you to view multiple providers’ details on the same page. Depending on your car make, model, and year, and your location, you are presented with the best rates that are way lower than what you get when you visit their offices.

3 - Anytime Anywhere policy buying made possible

With online insurance, you can view the details of a policy or multiple policies even at 3 AM at night. Now imagine if you were to do this offline. Not only will you have to travel a lot, but the agent or company office itself will be closed at that hour! Hence insurance buying is made accessible and possible 24 x 7 x 365 online.

4 - Insurance costs

An agent will always have his commission added to the cost of the insurance bought through him. This will drive up the price paid by you for your car insurance. In online buying there are no hidden charges involved to increase the price you pay for the insurance. Hence from the costing point of view, buying online holds more advantage over buying offline.

However, make certain that you are aware of all the terms and conditions of the plan prior to saying yes to a policy.

Benefits of going for online car insurance

1 – All information at one place

The great thing about online insurance is that you can easily collate all information at one place and then compare the benefits of each. Imagine how difficult it will be to achieve this in an offline scenario. You will have to put in considerable time and effort to go out, travel to different companies’ offices situated at different locations, pick up their sales brochure, study it or talk to their representative, and then make a decision.

In online policy buying, you simply have to browse online through their coverage details and carefully research their terms and conditions. With these steps, you will be ready to make a decision about the insurance you want to go with.

2 – Save on premium

If you are well versed with insurance terms and policies and have enough time to conduct thorough research and come up with the best policy, you can purchase a policy online and save on some premium.

3 - Comparison between providers becomes possible

You can compare between multiple providers and choose the best available policy. When you are online you can toggle between various types of insurance policies from different insurance companies, the different add-ons, and then finalize the company that is providing the lowest premium.

These benefits clearly denote why going for online car insurance is a wise move. Log on to the internet and save substantially on your next insurance premium amount.

5 Parameters To Keep In Check While Going For Car Insurance Renewal

Are you looking forward to renewing your car insurance? In such situations, you may want to stick to the same insurance agency or opt for a new insurer with revamped benefits. Do remember that in India, car insurance is a necessity that may not only keep you away from legal troubles but also helps you remain protected with any monetary coverage at time of emergencies. Thus, getting a vehicle insurance renewal before your old one lapses is of the utmost significance. Before you start with the paperwork for a renewal, keep in mind of these five parameters that will help you get a better deal.

Always compare several policies:

This needs to be your first step before choosing car insurance renewal scheme. In addition, it will not take much of your time considering the convenient online policy comparing portals available for quick car insurance comparison. These ensure that you get enough knowledge about what benefits come under your future policy.

Understand the features:

Once you have found an interesting policy, do make a note of all the features the policy will offer you. Some features might not be needed by you anymore, while there could be other features that you may want to add to your renewal policy. For instance, until now you may have to spend more on coverage for personal accident privileges, and you may already own a separate policy for such benefits. Thus, paying twice the sum for the same benefit is unreasonable. So, you can choose to renew neglecting that benefit, hence reducing the overall premium.

Claim your NCB bonus:

If you choose to renew your car insurance policy then you may want to acquire NCB benefits. No claim bonus works in cases if you have had a claim-free year. Insurers then offer you a discounted premium rate removing the expenses of the NCB. The good news is that this claim benefit works either way i.e. if you choose the same insurer for renewal or go for a new one.

Check the value of your car:

Any car insurance premium is calculated based on the market value and the depreciation value of your vehicle. You have to know both these values to get yourself a better discount from the insurance agency. Do not just pay what they quote you. You can always reduce the amount by negotiating individual sections on your renewal policy before buying it.

Renew before lapsing:

You have to be aware of the lapse date of your policy so that you can get it renewed before the ending tenure date. It is always better to renew your policy timely. Moreover, it is also very risky to drive your car without a car insurance policy to support it.

Conclusion:

Besides the above five parameters, you can find many other ways of being cautious about your renewal car insurance plan. In the end, everything is about saving as much as you can on your premiums without compromising on the level of protection you receive. So, be aware of what you pay to your insurer for renewals.

8 Reasons Why Buying A Car Insurance Is Beneficial

If you own a car, you surely need a car insurance with it not just because it is mandatory but because it offers a host of benefits too. 8 such vital benefits of motor insurance are mentioned in this post.

With the increasing income of people in India, buying a four-wheeler is now within reach of a lot of people. An important outcome of the increasing sales of motor vehicles is the steady rise in traffic which ultimately leads to more accidents. The financial losses during such accidents can be vast. It is with the help of an insurance policy that car owners can protect themselves from such losses. And with the easy availability of car insurance online, buying an insurance policy is now like a walk in the park.

The policy offers a host of benefits which every owner should surely take advantage of. Let us have a look at 8 such benefits.

It is Mandatory

The most important reason for buying a car insurance is because it is mandatory as per the Motor Vehicles Act of 1988. If found without valid insurance, you’ll have to pay the penalty, and it can also lead to cancellation of your driving license.

Covers Car and Property Damage

Accidents can cause damages to other vehicle and even property of a 3rd party. With a good insurance, you can be rest assured that the policy will pay for the expenses and you’ll not be required to pay from your pocket. Thus, next time when you make car insurance comparison, make sure you check the amount of damage covered by your policy.

Covers Personal Injury

Apart from vehicle and property damage, accidents can also cause personal injury which can be very severe at times. Some policies also cover personal injury so that you don’t have to pay for the treatment of a person who has suffered injuries due to an accident involving you and your vehicle.

Number of Riders Available

You can also find a host of riders which you can buy along with a car insurance policy online or offline. Some popular riders include zero depreciation, engine cover, roadside assistance, and personal accident. These riders do an excellent job of expanding the scope and benefits of the policy.

Replacing Car if Stolen

If your car is stolen or is totalled, the insurance would pay the expense of buying a replacement car. Every policy has an IDV (Insured Declared Value) which is the amount that the insurer will pay in case of total loss or theft.

Coverage for Damage Due to Fire or Weather

A number of comprehensive policies for the motor vehicle also offer coverage in case if your car is damaged due to weather or fire. If you do live in areas with uncertain weather, such policies are a must for the safety of your vehicle.

Covers the Legal Fees

A car insurance not only covers the damages caused to the car, property, or the person involved, but it also covers the legal fees if a case is filed in court. Be it you who has filed the case or someone has filed it against you; it helps you cover all the legal expenses like hiring a lawyer, filing a case, etc.

Affects the Re-sale Value of the Car

While you may like to pay the least amount of premium or even do away with some covers especially when buying online car insurance, however, a comprehensive policy also plays a vital role in increasing the resale value of your cover. A higher IDV or a zero-depreciation policy just ensures the next buyer that the car is taken care of well and is in good condition.

Don’t just think of a vehicle insurance as a compulsion but rather something that is created to offer several benefits to the car owners like the ones mentioned above. Start searching for the best car insurance online today to start experiencing these benefits as quickly as possible.

14 Things You Probably Didn’t Know About Buying Car Insurance In India

When it comes to buying a car, you spend so much time researching the latest models, checking out the latest safety features and jazziest colors. Why then, make vehicle insurance an afterthought? Here’s all that you need to know about car insurance policies and all that it entails.

Very often, the whole process of insuring a car is a mere formality in the country. In fact, a huge majority of vehicle owners just pick an insurance policy, recommended by car dealers, without giving it much thought. Low premium costs are all that’s taken into consideration when buying auto insurance.

This lethargic attitude means that you end up with insufficient coverage during critical times like an accident or damage. Simply put, you end up paying the costs from your pocket when it could have been easily covered by the right car insurance policy.

“Handpicking the right Motor insurance matters as much as choosing the right car”

Don’t be taken for a drive, by incentive focused insurance agents. Buckle up, as we give you the A-Z of vehicle insurance in India.

Third Party Insurance is Mandatory in India

As per the India Motor Vehicles Act and Indian Road Safety Act, it’s compulsory for all vehicle owners to hold third-party insurance. So, if you’re buying a car for the first time, you need to purchase this policy, before you can hit the roads. Third-Party insurance is bundled with your vehicle’s on-road price and provided by your car dealer.

Know what’s included in third-party insurance

As the name implies, this policy offers coverage against any damages caused to a third-party vehicle, property or person. For instance, let’s imagine that you’re behind the wheel when you tail-end your car with another. With this insurance policy, you can claim damages caused to a third-party including claims for injury, disability, and even death.

However, you cannot make claims for damages to your vehicle or yourself, using this plan.

Opt for Comprehensive cover for Added Protection

With a comprehensive insurance policy, you can make claims for damages caused to your vehicle or yourself, in the case of an unfortunate accident. Additionally, this plan also protects your car from thefts, natural calamities, and other mishaps as determined by your specific policy type.

Don’t cut corners by skipping comprehensive vehicle insurance. Remember that the third-party insurance doesn’t cover you or your vehicle in an accident.

Check out other Additional Covers

You can opt for several add-ons to your insurance policy to extend the protection offered. Make sure that you choose add-ons that are a match to your driving profile.

For instance, if you go on long drives on the highway, then opting for quick road-assistance ensures that help reaches you quickly, if your vehicle happens to break down in an isolated stretch. Opt for zero depreciation cover, if you want to claim comprehensive coverage without factoring the depreciation of the car. Compare car insurance online to find out the add-ons offered by different agencies.

What is IDV and why it matters?

IDV (Insured Declared Value) is the maximum amount you can claim using your insurance policy. For instance, the IDV of a brand new car is higher when compared to another vehicle of the same make and model, but a few years old.

The amount you receive from the insurer, as well as the premium you pay for your vehicle, all depends on the IDV.

Factors that affect your Premium

Did you know that two individuals pay widely varying premiums for the same vehicle? Yes, the insurance premium of your car is dependent on several factors like your geographic location. Additionally, the make and model of your car, cubic capacity of the engine, and age of the vehicle all determine your premium. An easy way to get an idea of how much premium you have to pay is to use a car insurance calculator. This tool calculates the premium you have to pay, based on your input details.

Bundle it up

Is your car insurance premium pinching your pockets? An easy way to cut down on premium costs is to bundle the insurance policies of all the vehicles in your household.

Go in for Voluntary Deductibles

This is another way to reduce the overall premium of your auto insurance. When you choose this option, you’re agreeing to shoulder a percentage of the repair costs during a claim. This reduces the premium you have to pay.

Think Twice before buying Dealer Insurance Policies

Very often your car dealer presents an insurance plan at the time of purchase of your vehicle. Sadly, this option isn’t the best (in terms of cover) nor is it cost-effective. Make it a point not to buy a vehicle insurance plan before comparing car insurance premium online. Compare features, coverage, and quotes to help you pick the best one.

Tax Savings on Car insurance Premiums

It’s not possible to claim tax deductions on the premium you pay for your personal car. On the other hand, if you’re using the vehicle for business purposes, then the premium you pay qualifies for deductions under Section 88 of the ITA. To enjoy this tax benefit, the vehicle has to be registered in the name of the business, where you’re the proprietor.

No Claim Bonus

Haven’t made any claims on your car insurance for the whole of last year? As a reward for your good driving, around 5-10% of the IDV is returned to you during the time of renewal. You can redeem this amount at once or carry it forward to the next year. You can accumulate this bonus up to a maximum of 50% of the IDV.

Insurance Portability

Just like all other insurance policies, your vehicle insurance must be renewed periodically. Not satisfied with your current plan? You can easily switch to another insurer during the time of your car insurance renewal. Also, you can take your no claim bonus with you when you switch agents.

Ease of the Claim Procedure

Ultimately, a good insurance policy is one that lets you make claims without any stress. So make sure to check out the claim history of a particular insurer before you sign the contract. Additionally, several insurers have a cashless claim policy, where they partner with a specific garage to offer you immediate service. This means that you don’t have to run around for reimbursement.

Don’t forget to read the fine print

A vehicle insurance policy is a contract between you and the insurance provider. While it may sound a bit geeky, make sure to read through the entire policy before you sign on the dotted line. Clarify all your questions beforehand, to avoid nasty surprises later on.

On to You!

Just like taxes and death, there’s no way escaping vehicle insurance. Make use of this comprehensive guide to pick the right plan that fits your budget as well as meets all your specific requirements, providing you adequate coverage in times of need!

A Complete Guide On Car Insurance And Reasons For Its Rejection

Apart from being mandatory, a car insurance benefits you in a number of ways. But just like any other type of insurance, claiming the motor insurance is something that should be done carefully. In this post, we’ll have a look at some common reasons for claim rejection.

A car insurance is mandatory for every four-wheeler in India as per the Motor Vehicles Act of 1988. But apart from being compulsory, there are many different ways in which the insurance can benefit the vehicle owner. For instance, with the insurance, you’d not be required to pay for the damages that happen to your car or the car or property of the 3rd party in case of an accident.

But to get the cost of such damages paid by the insurer, you need to file a claim after an accident. Just like any other type of insurance, the motor insurance claim too can be rejected for a number of reasons. Let us have a look at some of them.

Delay in informing about the accident

One of the most common reasons for car insurance policy claim rejection is a delay in reporting the accident. Most of the insurers require you to inform about the accident within 48 hours. While there can be relaxation by some insurers or in some cases, you should make sure that the claim is filed soon after the accident if possible.

Not having a valid driving license

Even when a vehicle is adequately protected by an insurance, the insurer has the right to reject the claim if the driver doesn’t have a valid license or if it is expired. Having a valid license for the type of vehicle you drive is not only necessary as per the insurance policy but also as per the Motor Vehicles Act and can result in a penalty.

Non-payment of premiums

Your claim can be rejected by the auto insurance company if premiums for the policy are unpaid. Ensure that the premium payments are up-to-date and you pay them as soon as possible rather than waiting for the due date. The car insurer won’t be responsible for the damages if you have pending premiums.

Tips to Avoid Claim Rejection

If you want to ensure that your insurance claim is not rejected, remember the tips mentioned below-

At the time of buying an offline or online car insurance, make sure that you do check the claim process of the insurer. There should be multiple ways in which you should be allowed to file the claim.
Check the CSR (Claim Settlement Ratio) of the insurer. The claim settlement ratio will offer a good idea about the settlement quality of the lender.
If you have purchased add-ons with the policy, like an add-on to cover the expensive gadgets you have installed in the car, ensure that you do keep the receipt/invoice of such gadgets as you might need them when filing claims in case of an accident.
If at all your car is stolen, make sure that you do file an FIR at the nearest police station. You’ll need it to file the claim for a stolen car.

Know these common reasons for the rejection of claims and remember the tips to make sure that your claim is approved as quickly as possible.

A Must-Read Guide For First-Time Car Insurance Buyers

Buying a car is always a well-planned process. Since it’s a huge investment and a considerable asset for the household, it is natural to be elated after driving your own car out of the showroom. However, do not forget one critical piece of documentation that is mandatory for your car – the car insurance.

Interested to know what all factors you need to keep in mind as a first-time car insurance buyer? Then read on and be informed:

What is Car Insurance?

Car insurance is a protection that you buy from an insurance company. This protection covers damage to the car and may also cover hospitalization costs in case of injury. The amount you pay in order to avail of this protection is known as the premium.

Types of Car Insurance

A basic insurance made mandatory by the Government of India is a third party insurance. In an unfortunate case, when your car meets with an accident with another car (third party), the insurance company will compensate you for damage repair to the third party car.
A more elaborate coverage will be via a comprehensive insurance. In the same scenario as mentioned above, you get compensated not only for third-party repairs but also for repairs to rectify your own car damage.

How is Premium Determined?

A premium is an amount you pay to the insurer to avail of the insurance protection. Today, with the advent of car insurance comparison facility available on the internet, it has become very easy for people to log online and find the best quote to buy car insurance online. If you too have done this you will see that different providers offer different premium amounts for the same car. You may be wondering how exactly the premium is determined for a policy.

A high-level analysis shows the below variables that come to play to calculate premium for car insurance

Car make model and variant

For instance, an SUV will command a higher premium than other cars. A luxury car like Audi or Mercedes will command a much higher premium amount

Geographic location

If you reside in an urban city where the vehicle density is high, the likelihood of accidents will be higher than a rural area. Hence the premium will be higher in an urban city than a rural area.

Fuel type

Premium for a CNG/LPG fitted vehicle will be higher than a petrol/diesel vehicle

Year of manufacture

The older the car, the lower will be the Insured Declared Value (IDV) and the lower will be the premium (see further below to know what IDV is)

Voluntary deductible

This is the amount that the policyholder will agree to pay for a repair bill claim. Any amount over and above the voluntary deductible will be borne by the insurer. It is obvious that the higher the voluntary deductible, the lower is the burden on the insurer, and hence the lower will be the premium.

Use of ARAI approved security devices

ARAI approved security devices like steering lock and anti-theft device will lower your premium by as much as 2.5%

No Claim Bonus (NCB)

With every uninterrupted year of filing no claims, you are entitled to a No Claim Bonus (NCB). So for the 1^st year of zero claim, you get 10% off on your premium amount. If you don’t file a claim for 5 continuous years, you get a discount of 50% on your premium amount.

Make sure that you check these variables out when doing car insurance comparison

What is IDV?

Insured Declared Value is the amount you are entitled to receive in case the car is stolen or is beyond repair. It is the market price of the car. If the car is manufactured in 2017, its IDV will be the highest in 2017. But in 2018 it will go down because of depreciation. In 2019, the deprecation will increase and market price of car (and hence the IDV) will further erode. A simple formula is

IDV = Car selling price MINUS Depreciation

It is clear the depreciation will increase with the age of the car. Here is a schedule for the same

Age of the car	Depreciation % for IDV computation
<=6 months	5%
>6 months & <=1 year	10%
>1 year & <=2 years	20%
>2 years & <=3 years	30%
>3 years & <=4 years	40%
>4 years & <=5 years	50%

What is Personal Accident Cover?

A personal accident cover is an element of your car insurance coverage that protects you in case of bodily injury in an accident. Considering the risks of driving on Indian roads, the car insurance policyholder must enable full protection in case of an untoward accident. This cover is applicable at all times you are using your vehicle.

If your present policy doesn’t have adequate coverage for this, then you can extend the coverage by opting for a separate personal accident insurance policy. The coverage is for a limited time and can be kept valid through periodic renewals.

Car Insurance Claim Process

With so many insurance companies in the fray today in India, the car insurance claim settlement ratio is one of the key factors that helps the policyholder to go with a particular company. Hence every company seeks to streamline the claim process so that there is minimum hassle to the policyholder.

Also at the time of car insurance renewal, the ease of obtaining claim will determine if the policyholder will switch to another company or stay with the same insurer. Here is a quick overview of the correct process of filing claim.

File for a claim with all documentation on the prescribed claim application form
A surveyor will be sent to assess the damage. You will receive a copy of his report
If the damage is severe, then it is recommended to quickly capture the scene in video or photos. Also, take down the name and vehicle number of the third party involved in the accident
Once the surveyor report is with you, you can get the car repaired and submit the repair bills to the company for reimbursement

Make sure that these steps are followed so that you don’t face rejection for car insurance claim.

Car Insurance Renewal

It is strongly advised to renew your policy before its due date. Doing car insurance renewal on time will make sure that you can continue driving the car on roads without incurring any penalty and continue getting the coverage against mishaps. Nowadays with car insurance online process, it has become very easy to do a comprehensive car insurance comparison and then pick one that suits your preferences.

With a meticulous research you can even opt to renew your car insurance with another company. Just make sure to carry forward your no claims bonus to the new company to avail of the discount.

How to Choose a Best Car Insurance Policy

Today, the online avenue has made it possible to check car insurance online and compare policy premium amounts for multiple providers on a single screen, and that too without stepping out of the comforts of your home or office.

Simply put in the details for your car, your city, and select the add-ons you want to take. You will be presented with a list of premiums offered by the different companies. The facility of car insurance online helps in obtaining the best quotes for your insurance policy and avoid going with expensive quotes when you have cheaper quotes available to you.

How to Calculate Car Insurance Premium Online

A site like RenewBuy will have a very easy to use calculator that quickly computes premium for car insurance online based on specific factors. Some of the variables you need to provide information on include –

The make, model, and variant of the car
Age of the car (year of manufacture)

This information will come in handy if you are planning a car purchase for the first time and want to know the basics of getting new car insurance.

Ask These 5 Questions Before Buying A Car Insurance Policy

If you think buying car insurance policy is a straightforward affair that can be accomplished in a jiffy, you couldn’t be more wrong. Finding the right policy that covers all potential risks is important. It is thus prudent to carry out a little research to learn the ins and outs of the policy. Asking a few questions before taking the plunge can help avert unpleasant shockers down the line.

While most of tend to adopt the easiest route when buying an auto insurance policy like asking close friends for suggestions or opting for a popular company, it is not an advisable thing to do. Before committing to a policy, it’s imperative to be well informed about the coverage, rates and all the options available. The solution is to ask your insurer or the customer care personnel (for online car insurance) an array of questions such that you can compare plans to make an informed decision. This list of 6 queries will help you choose the motor insurance policy that's right for you.

# Question 1:

What is the IDV of my car?

The insured declared value (IDV) is the current market value of your vehicle which has a direct bearing on the premium. Agents of insurance companies tend to slash the premium during talks. It is important to ensure they do not subtly reduce the IDV of your car as this can impact your insurance coverage and subsequently lower your claim amount.

# Question 2:

How many authorized garages?

This is another vital question to ask. Taking out a car insurance policy with the company that has a number of authorized garages especially in proximity to your whereabouts is a prudent move. A company with fewer garages means you have to travel a distance to get your car serviced.

# Question 3:

Do you offer discounts/deals?

Most companies offer attractive discounts in return for buying a policy, but often the agents refrain from disclosing the same. It is thus important to inquire about the on-going schemes and bargain hard to clinch them. But then again, you need to be cautious that the discounts don’t come with any unpleasant surprises and hidden extras.

# Question 4:

What about add-on covers?

The standard procedure followed by an agent is to offer a premium quote after taking into account add-on covers. These are additional benefits (prompt roadside help, loss of personal stuff, engine repair, personal accident coverage, key replacement, etc.) that provide better financial protection to your car in the event of a mishap, mechanical glitch or breakdown. You need to pay a little extra for the coverage depending on the make/model/age of the vehicle, but since it boosts your basic insurance policy, it is worth the money dished out.

# Question 5:

What are the Payment options:

Most insurance companies prefer an annual lump sum amount. However, there are a few that offer easier options like monthly or quarterly instalments to disburse the premium. Check out payment schemes available if shelling out the entire amount is difficult.

The above 5 questions can provide you with the correct information needed to choose the right policy. Armed with the right knowledge you can subscribe to car insurance online. The mode is quick, cost-effective and enables easy comparison along with a systematic evaluation.

7 Myths Around Car Insurance Busted

Cars are an essential part of our lives. Be it for going to our office, for dropping the kids at their school, or for going on a long road trip; a car has become an unavoidable part of our day to day life. But, along with all the fun, the task of proper maintenance of the car, having the right insurance policy and knowing all the necessary information about it also weighs on the shoulder of the car owner. However, you need to get rid of different myths around car insurance. While some are sketchy, some are downright hilarious. Here we bust a few car insurance myths:

The colour of your car affects your car premium

Some people believe that if your car is of red colour, then you will be liable to pay a higher car premium. But, be assured that the colour of your car doesn’t affect your car premium in any way. Rather, various other details like the safety features of the car, the cost of repairing your car, the age of your car, etc., are some important factors that affect your car premium.

Any driver other than you is covered in the policy in case of an accident

If a third person drives your car, meets an accident, any car insurance claim that you file will be solely recorded and paid under the insurance policy owned by you, i.e., the owner of the car, and not the driver. So, be sure to give your car to only those people whose driving skills you truly trust.

Not paying for Comprehensive policy

If you want full protection for your car (including cases when your car gets stolen or damage caused due to fire or vandalism), then make sure that you purchase comprehensive coverage instead of third party coverage.

Insurance also covers your personal belongings present in the car

It’s a common belief of people that if and when your car gets stolen, then the personal belongings present in your car at that time, will also be covered under your car insurance policy. This is not true.

Buying private insurance and using the car for business

Your private car insurance is only applicable as long as you use your car for running your errands and commuting back and forth. If you use your car for business purposes, then you will need to have a commercial vehicle policy.

Cancelling a policy will refund full amount

The OD premium of your car may be about 50-70% of your total premium, however, if the date of cancellation of policy from one insurer and purchase of new policy from another insurer is the same then you can get full amount minus the service tax. Hence in best case scenario you can have maximum of 82% of amount paid.

Zero dep mean you don’t have to pay anything

For taking insurance claim you need to pay claim processing fee even in case of Zero dep policy claim. Hence it won’t be totally free of cost as claimed by sales and marketing ads. Also note that fees for claim filing will vary between Insurer to Insurer and Model to Model.

Be sure that you don’t get misled with these myths regarding car insurance and make an informed decision.

Does Your Car Insurance Cover Natural Calamities?

Natural calamities are disastrous and they cause unimaginable damage each and every time they occur. Some people lose their families, some people lose their assets. It is a catastrophe that can do damage to secure households and well protected families.

We all secure our lives with life insurance, then why don’t we do the same for our vehicles as well, with a car insurance cover?

While we cannot change what Mother Nature has in store for us, the least we can do is plan beforehand and prepare of such eventuality on time, by taking car insurance online. This way when a natural disaster strikes, lack of funds need not be a barrier to get your car fixed again.

Car Insurance Cover in a Natural Disaster

Imagine you driving your car, one fine day, and suddenly a tree or a heavy obstacle falls on your car’s bonnet, destroying it completely. You will need valid car insurance in such unfortunate conditions to bail you out financially.

Most of the car insurance cover theft or collision cases but do not cover natural disasters. So you need to check for the right coverage. Comprehensive coverage can help you in natural calamities.

What is Comprehensive Coverage?

In addition to the basic coverage of damage compensation to third party involved in an accident, a comprehensive coverage also covers your own car damage or injury to self.

Comprehensive insurance policies cover the basic conditions like – theft, collision, glass damage, or vandalism. It also covers some other not so routine conditions like fire or natural calamities like storm, hail, flood, or hurricane.

What to check when you buy car insurance?

You need to be sure that the policy you are opting for has sufficient coverage for damages arising out of natural calamities. Such coverage is added in ‘other -than -collision’ clauses. If you are living in a hilly or flood-prone locality, then this point becomes absolutely essential when you buy a car insurance cover.

What to do in case of damage from natural calamity?

One of the most vital things of claiming for car insurance is timing. You need to move quickly in case of collecting evidence and documentation for making acclaim for damage to car due to natural disaster.

Let’s take the case of Mr. Pereira here. This Mumbai resident had parked his car inside the compound. With the October 2017 flooding, the wall adjacent to the car collapsed and the bricks fell on the car, damaging its roof, hood, and engine. The first thing to note here is that Mr. Pereira should not try to remove the bricks, stones, and debris. He needs to take a video with a 360ᵒ view and take photos from different angles.

While he will be tempted to clean the car after the flood has receded, it is not advisable. It is important that an insurance company representative gets a first-hand look of the damage caused by the natural calamity. It can substantially strengthen Mr. Pereira’s case when he files for a comprehensive coverage claim.

Act in quick time

It is crucial that you start the claim filing process as soon as possible. In case of natural calamities, the number of damaged cars in an area or region tends to go up substantially. Hence, the service stations accept cars on first- come- first- serve basis. So you need to submit the car at your immediate convenience and file for claim at the same time.

Keeping these points in mind will lead to quicker claim settlement. With this knowledge, you can buy a suitable car insurance online and continue availing protection against natural disasters.

What are the Most Common Traffic Violations?

Anyone can be a driver with an elementary amount of knowledge but what separates them from the good driver is what that counts. This is why common traffic violations and fines are something that every individual should know about. Even in this age where artificially intelligent traffic cams are slowly but steadily being employed, we often underestimate the safety of our near and dear ones that should always be the precursor. Fines for a traffic violation is just an after effect.

India is not doing spectacularly regarding road safety. It’s not even near good. With the bustling population that is only climbing and the number of new vehicles that debut each year, the number of traffic violations and accidents are on the rise. The infrastructure and the lack of civic sense among the general drivers is also an aggravating factor for the traffic violations. More than a lakh of such drivers fall prey to an alarming 5 lakh accidents each year according to government statistics, a staggering figure compared to other western countries.

Let's look into the common traffic violations and fine:

No License: A fine of Rs.5000 is imposed on people driving without a proper license, and this is one of the most serious traffic violations as it can be just anyone. And the number of such people are surprisingly very high due to corruption and slim vigilance.

Drunken Driving: Section 185 in The Motor Vehicles Act, 1988 states that driving under the influence of alcohol (blood containing alcohol more than 30 mg. per 100 ml. of blood) is a serious traffic violation and a criminal offence. The person is punishable for the first offence with imprisonment for a term of up to six months and with fine which may extend to Rs. 2000. Subsequent offence traffic violations can land a person into bigger trouble.

No Seatbelt: Most of the drivers wear a seatbelt just because it’s the law and not out of a civic sense that it can save them from a fatal affair. As ridiculous as it may sound, the fine though is pretty hefty; Rs.1000. This is one of the most ignored traffic violations in the country but can lead to serious problems if exploited.

Helmets: This one is specifically for two-wheelers and is a lifesaver only if they are worn — a fine of Rs. 1000 and the possibility of license being invalidated for three months is the penalty for not wearing a helmet.

Rash Driving: This is one of the most common traffic Violations and fines for this can lead up to Rs. 5000. Along with drunken driving, this is one traffic violation that can not only put the driver’s life in danger but can also be precarious for pedestrians and other vehicles.

Hit and Run: This has a fine that has an upper limit of Rs.10 lakhs and can have far more serious consequences if proven guilty. This is one of the most severe traffic violations, and the fine amount justifies it.

Permits: Another traffic violation category is wrong or insufficient permits and have a fine of Rs. 10,000. These are very common in larger goods vehicles.

Speeding: A driver can be speeding for just about any reason, starting from an appointment that he or she doesn’t want to miss, to illegal racing. This traffic violation can cause a lot of damage to public properties and also jeopardise the lives of other people who are following traffic rules. For light motor vehicles, the over speeding fine is Rs.1000, and for medium passenger vehicles, it is Rs.2000.

Driving Without Insurance: Fine for driving a car on the roads without a valid insurance policy is Rs. 2000 and is considered as one of the traffic violations to the Motor Vehicle Act.

Over the years, most of the above categories in traffic violations list have been seriously looked into by the legal authorities, and the government and most of the fines and penalties mentioned above for traffic violations were far lesser than what they are now. But what can eventually be an ultimate deterrent to accidents and these common traffic violations and fines are nothing but the general traffic and civic sense of people, with the respect for law and order and the strict implementation of such traffic rules by the administration. Just instilling fear among people about common traffic violations and fines will never be enough and it never was.

Online Challan Payment: E-Challan Payment

Introduction

In today's digital age, technological advancements have changed various aspects of our lives, including how we make payments. One area that has seen significant changes is the payment of challans or fines. Traditionally, challan payments required individuals to visit physical locations such as banks or government offices to clear their dues. However, the rise of online payment systems has made the process more convenient and efficient. This article explores the concept of online challan payment, commonly known as e-challan payment, and highlights its benefits, features and steps involved in making payment through this method.

Understanding E Challan Payment

E-challan payment refers to the process of making electronic payments of fines or challans issued by various government authorities. It is an online payment system that eliminates the need for physical visits to government offices and allows individuals to pay their dues from the comfort of their homes or offices. This digital payment method has gained significant popularity due to its efficiency, speed and ease of use.

How Does E-Challan Work?

For some curious people, the first question would be how the system works even before considering how to pay the e-challan. Traffic police departments across the country have installed CCTV cameras in cities which are enabled with the e-challan system. The intention is to curb the number of accidents on the roads.

The cameras capture video continuously. If a motorist breaks the law, cameras will capture the incident. Then the police will search for the vehicle number and register an offence against him. Then they will contact RTO for vehicle and owner details. These details include information like the violator's address, vehicle make, etc. After this, an SMS will be sent to the phone of the traffic violator. The SMS will include the traffic violation's location, date and time.

What is the Need for E-Challan?

The vehicles' continuous movement makes it difficult and time-consuming for traffic police to monitor and regulate the challan individually. Also, there was a rise in human errors and fake challans, which needed to be eradicated. The following reasons may describe the need to introduce e-challan

To reduce corruption and easily enforce traffic laws.
To bring transparency in the traffic system and challan process to eliminate fake encounters.
It is not possible to install traffic police everywhere, but with cameras and e-challan, there’s always an eye watching you.
Possibility to reduce bribery from the traffic system.
To ease the challan submission process and hence increase traffic challan collection.
To increase discipline and decrease violations, lowering motor insurance premiums.
All in all, to benefit the general public, traffic law enforcement system, and government simultaneously

Benefits of E-Challan Payment

An individual can get various benefits from online challan payment. Below are some of the benefits of e-challan payment or online challan payment:

Convenience: The primary advantage of e-challan payment is its convenience. Providing an online platform allows individuals to make payments anytime, avoid long queues and save valuable time and effort.
Time-saving: With e-challan payment, there is no need to visit multiple government offices or banks to settle various fines. The online system consolidates all payments in one place, enabling users to complete transactions efficiently and quickly.
Accessibility: Online challan payment platforms are available to individuals nationwide, regardless of location. This access allows people in remote areas to settle their fines instantly, bridging the gap between urban and rural areas.
Secure transactions: E-challan payment systems adopt strong security measures to ensure the security of the financial information of users. Encryption technology and a secure payment gateway protect sensitive data, reducing the risk of fraudulent activities.
Digital recordkeeping: The e-challan payment platform maintains a digital record of all user transactions. This feature eliminates the need for manual paperwork, making recordkeeping more efficient, organized and easily accessible when needed.

List of Traffic Rules, Fines, and Penalties in India

The government made some drastic changes to the traffic violation fines as per the latest amendment to The Motor Vehicles Act, 2019. The relatively new traffic rules are more stringent, with a significant increase in penalties for traffic violations.

The following table denotes the traffic challan list and the respective traffic fines.

Traffic violation	Updated penalty for offences from September 2019
General offence (Improper number plate, illegal parking, etc.)	First time: INR 500; Second time: INR 1.5K
Not obeying the orders from the Authorities or Not sharing information	INR 2K
Not following the road rules	INR 500 to INR 1K
Driving without a valid Driving Licence	INR 5K
Driving an unauthorised vehicle without a valid licence	INR 5K
Driving a vehicle after disqualification	INR 10K
Overspeeding	Light Motor Vehicle: INR 1K to INR 2K; Medium passenger/goods vehicle: INR 2K to INR 4K; Second-time/repeat offence: Impounding of Driving Licence
Rash driving	First time: Imprisonment of 6 months to 1 year and INR 1K to INR 5K penalties. ; Second time: Imprisonment of up to 2 years and up to Rs. 10,000 penalties.
Driving under the influence of intoxicating substances	First time: INR 10K and imprisonment of up to 6 months. ; Second time: INR 15K and imprisonment of up to 2 years.
Driving in a mentally or physically unfit state	First time: INR 1K; Second time: INR 2K
Driving/riding a vehicle without valid motor insurance	First time: INR 2K and imprisonment of up to 3 months. ; Second time: INR 4K and imprisonment of up to 3 months.
Illegal racing and overspeeding	First time: INR 5K and imprisonment of up to 3 months. ; Second time: INR 10K and imprisonment of up to 1 year.
Driving an oversized vehicle	INR 5K
Accident-related offences	First time: INR 5K and imprisonment of up to 6 months. ; Second time: INR 10K and imprisonment of up to 1 year.
Driving/riding a vehicle without a valid Registration Certificate	First time: INR 5K; Second time: INR 10K
Driving a vehicle without a permit	INR 10K and imprisonment of up to 6 months.
Driving/riding a vehicle while using a mobile phone	INR 5K
Overloading the vehicle	INR 20K (INR 2K per extra tonne)
Overloading passengers	INR 1K per extra passenger
Overloading a two-wheeler	Disqualification of DL for 3 months and a penalty of INR 2K
Not wearing a helmet while riding a two-wheeler	Disqualification of DL for 3 months and a penalty of INR 1K
Not wearing a seat belt while driving	INR 1K
Not giving way for emergency vehicles	INR 10K and imprisonment of 6 months.
Offences committed by juveniles	Imprisonment of 3 years and a penalty of INR 25K (Vehicle owner/guardian to be deemed guilty)
Offence related to enforcing officers (Example: Offering bribe)	Twice the penalty under the relevant section.
Aggregator offences (Licence-related)	INR 25K to Rs. 1 lakh
Usage of horn in Silent Zone	First time: INR 2K; Second time: INR 4K
Travelling without a ticket in public transport vehicles	Rs. 500

How to Make E-Challan Payments?

Users can make their challan payment online from various platforms, such as from the official website of the e-challan parivahan or Paytm.com. Hence, we have mentioned the steps to make e-challan payment:

Online platforms: Government authorities and organizations have developed dedicated online platforms for e-challan payment. Users can visit these websites or download the respective mobile applications to initiate the payment.
Registration: To make e-challan payments, users may be required to create an account on the relevant platform. This usually involves providing personal details such as name, contact information and identity documents.
Selecting the challan type: Users can select the type of challan they wish to pay once registered. This may include traffic violations, parking fines, tax payments or other penalties.
Providing necessary information: Users must enter the relevant details required to process the payment, such as challan number, vehicle registration number and personal identification information. It is necessary to double-check the accuracy of the information provided to avoid any payment discrepancy.
Choosing the payment method: E-challan payment platforms offer multiple payment options, including credit or debit cards, net banking and mobile wallets. Users can select their preferred payment method and proceed to the payment gateway.
Payment confirmation: Users should review the Transaction Summary after entering payment details to ensure accuracy. Once satisfied, they can proceed with the payment by clicking on the "Pay Now" button or similar options. The system will generate a confirmation receipt or acknowledgement for the completed transaction.
Digital receipts and acknowledgements: E-challan payment platforms provide instant digital receipts or acknowledgements for successful transactions. Users can download or print these receipts for their records and reference purposes.

How to Pay e-Challan via Paytm?

The Paytm App on your smartphone is another option for making the payment. To complete the payment successfully, follow the below-mentioned steps:

Open the Paytm app on your phone.
Click “View More” from the “Recharge & Bill Payments” section.
Under “City Services” or “Other Services”, choose “Challan”.
Select the “traffic authority”.
Enter all the required details, i.e., e-challan number, vehicle number, registration certificate number, driving license, etc.
Click on the “Proceed” button.
Enter the fine amount and select the payment mode, i.e., net banking, debit card, credit card, PayTM UPI.
Pay your fine and complete the payment.

How to Check E-Challan Status?

Once you have received the information about the e-challan generated, you can check the status to be sure of the information and amount. The government has made it easier to track and check the status of e-challan. You can follow the mentioned steps to check the e-challan status online.

Go to the official website of e-challan (https://echallan.parivahan.gov.in/)
Click the “Check Online Services” tab and select “Check Challan Status”.
Provide the required information from any of the given options of Challan Number, Vehicle Number, or DL Number.
Enter the Captcha and click on “Get Detail”.
Your e-challan status will be reflected on the screen.

What to Do if You Got a Wrong E-Challan?

No matter how efficient the technical systems are, errors are possible everywhere. Although the cameras are sufficient to capture the vehicle number, sometimes you may need help to find out that you have mistakenly been issued the wrong e-challan. If you are stuck in this situation, you can follow these steps to fix it.

Step 1: Collect the evidence of your innocence to raise a complaint.

Step 2: Contact the Traffic Police Helpline Number 0120-2459171 between 6:00 am to 10:00 pm or email helpdesk_echallan@gov.in to inform them about the wrong e-challan.

Step 3: They will verify the claim and revert to you within 15 days.

Using the Official Parivahan Sewa Website

The government has made filing and solving your issues easy by using the official Parivahan Sewa website. With the Grievance System available on the website, you can directly submit your traffic grievance online by following the steps below:

Step 1: Go to the official Parivahan Sewa Website and click on the “Complaint” option on the top bar.

Step 2: Submit the required details and description of your complaint.

Step 3: Finally, “Submit” the complaint after checking all the information you submitted is true.

Step 4: You can check the status of your complaint here anytime.

Tips to Avoid e-challan

The only simple way to avoid e-challan is to follow traffic laws. The Government of India passed the Motor Vehicle Act 1988 to ensure safe driving practices. Hence, you can follow these rules to avoid e-challan.

Always wear a belt or helmet while driving.
Always drive on the left and let other vehicles pass through the right.
Overtake a vehicle from the right side of the lane after they give you the way.
Use indicators to notify other vehicles about your turns and avoid overspeeding.
Stop before the red light when the traffic light turns red.
Follow traffic signals, sign boards, lane markings, speed limits, and parking regulations.
Ensure you have all necessary documents, like license, insurance, pollution papers, etc.
Don’t use your mobile phone while driving.
Keep your vehicle fit and properly maintained (like horns, breaks, lights, and others).
Never drive while drunk or under the influence of a drug, as it is a serious offence.

Conclusion

The e-challan payment system has revolutionized settling fines and penalties. By leveraging the power of digital platforms, individuals can now make payments conveniently from anywhere, at any time. The benefits of e-challan payment, such as convenience, time savings, accessibility, secure transactions and digital recordkeeping, make it an attractive option for users. Furthermore, the step-by-step process of making e-challan payments ensures individuals a smooth and hassle-free experience.

As technology advances, government officials and organizations must adopt online payment systems to increase the overall efficiency and transparency of fine settlement. By encouraging the adoption of e-challan payment methods, societies can reduce the burden on physical infrastructure, streamline administrative processes and provide a seamless experience to citizens while paying their dues.

Traffic Rules and Regulations in India

Traffic rules and regulations are important to ensure the safety and smooth functioning of the roads in India. With its huge population and increasing number of vehicles, India faces several challenges in maintaining road safety. Traffic rules and regulations are important in ensuring order, reducing accidents and saving lives on Indian roads. In this article, we will delve into the various traffic rules and regulations in India, their significance, their penalties, their importance, and their impact on road safety non-compliance.

Current Traffic Rules in India

Here are some of the current traffic rules and regulations in India. However, please note that traffic rules may change over time, and it is always advisable to refer to the latest information from official sources or consult local authorities for the most up-to-date regulations.

Traffic Signals and Signs
- Obey traffic signals: Red means stop, yellow means prepare to stop, and green means go.
- Follow road signs: Adhere to speed limit signs, no-entry signs, one-way signs, pedestrian crossing signs, etc.
Speed Limits
- Speed limits are specified for different types of roads, such as highways, urban areas, and residential zones. It is important to follow the specified speed limits.
- Speeding can result in fines, license suspension, or imprisonment, depending on the severity of the offence.
Lane Discipline
- Keep to the left side of the road while driving.
- Overtake from the right side and only when it is safe to do so.
- Maintain proper lane discipline to avoid unnecessary traffic congestion and accidents.
Drunk Driving
- Driving under the influence of alcohol or drugs is strictly prohibited.
- The permissible blood alcohol concentration (BAC) limit is 0.03% (30 mg of alcohol per 100 ml of blood).
- Offenders can face penalties, such as fines, license suspension, and imprisonment.
Seat Belt and Helmet Usage
- Wearing seat belts is mandatory for drivers and passengers in motor vehicles.
- Two-wheeler riders must wear helmets conforming to prescribed standards.
Mobile Phone Usage
- Using mobile phones while driving is prohibited unless using hands-free devices.
- Distracted driving due to mobile phone usage can result in penalties and fines.
Parking Regulations
- Park vehicles only in designated areas and follow parking regulations.
- Unauthorized parking can lead to fines, towing of the vehicle, or other penalties.
School Bus Safety
- School buses have specific rules and regulations to ensure the safety of children, such as speed limits, proper signage, and responsible driving practices.
Vehicle Registration and Insurance
- All vehicles must be registered with the appropriate regional transport office (RTO).
- Motor insurance, including third-party liability coverage, is mandatory for all vehicles.
Penalties for Traffic Violations
- Traffic violations can result in penalties, fines, license suspension, or imprisonment, depending on the offence.
- The penalties vary based on the severity of the violation and may differ from state to state.
Rules for pedestrians
- Follow the traffic signal rules
- Avoid using a cell phone on the road
- Watch while crossing the road
- Always use Zebra crossing
Unknown rules which can lead to a penalty
- You can’t block the way while parking your vehicle
- You can be penalised for not keeping the First-aid kit (in Chennai and Kolkata)
- Smoking in a car is illegal
- Installing a TV near the front seats is illegal (in Mumbai)
- Providing lifts to unknown people
- A fine of INR 10,000 can be imposed for not having a pollution control certificate
- A fine of INR 500-1500 can be imposed for driving a vehicle without a silencer

Myths about Traffic rules in India

The following are some myths regarding Indian traffic laws. If you want to drive safely, don't believe these urban legends!

You don’t need to follow traffic lights after 10 PM.
It s not an offence if you take a reverse turn on a one-way road.
You can only overtake from the right side.
It is ok to drink and drive if you’ve consumed food.
Using cell phones while driving is fine as per the traffic law

What is Challan?

A challan is an official document issued to motor vehicle drivers who violate traffic laws. The issuance of a traffic challan signifies that, as per the Motor Vehicles Act 1988, the driver is liable to pay the fine related to the offence committed. Any driver who violates traffic laws during his journey can be issued a challan by the traffic police department.

The concept of an electronic challan system has been introduced to streamline the process and embrace electronic means. Under this system, all traffic violators in India receive a vehicle e-challan, which is a computer-generated challan utilized by the Traffic Police. This shift to electronic issuance of challans enables efficient record-keeping and simplifies the overall process.

Comparison of Fines Before and After 2019

Let us compare the fines both before and after the 2019 amendment.

Offences	Old Penalty	New Penalty
Infringing Road Rules	-	INR 500 - INR 1K
Disobeying the authorities	INR 500	INR 2K
Driving without license	INR 500	INR 5K
Overspeeding	INR 400	Up to INR 4K
Rash Driving	-	6 months to 1 year of imprisonment with a fine up to INR 5K
Drinking and driving	INR 2K	Up to 2 years imprisonment and a fine of up to INR 15K
Helmet rule violation	INR 100	INR 1K along with the suspension of license for 3 months
Offences by children	-	INR 25K along with the imprisonment of 3 years of the guardian
Driving without insurance	INR 1K or imprisonment up to 3 months	INR 2K - INR 4K or imprisonment up to 3 months

Offenses Related to Documents

Offences	Section	Penalty
Vehicle without RC	S. 39 r/w S. 192	INR 2K
Permitting the vehicle to a person who does not possess a valid license	S. 5 r/w S. 180	INR 1K (or imprisonment of 3 months)
Not carrying proper Documents.	S. 130(3) r/w S. 177	INR 100
Driving without a valid permit	S. 130 r/w S. 177	Up to INR 5K
Driving without Valid fitness	S. 130 r/w S. 177	Up to INR 5K

Conclusion

Traffic rules and regulations in India are important to maintain road safety and reduce accidents. Adherence to these rules requires a collective effort by the government, law enforcement agencies and citizens. Education and awareness campaigns play an important role in promoting responsible road behaviour. In addition, strict implementation of traffic laws, regular monitoring and stringent penalties for violations are necessary to ensure compliance. By prioritizing road safety, following traffic rules and inculcating a culture of responsible driving, we can create safer roads for all in India. Let us all strive towards a future where accidents are minimal, life is safe, and travel is safe and enjoyable.

Traffic Signs & Road Safety in India: Road Traffic Signs

Traffic Signals and Road Signs in India: An Overview

India tops the list of the highest road accident deaths across the world. So it becomes crucial to have knowledge of traffic signals and road signs in India for the people driving the vehicle. The traffic signals and signs give the warning about the road ahead and if any special measures to take into account.

Every individual needs to understand the meaning of traffic signals and road signs. Traffic signs in India are like a guide on the road; thus, knowing about them is necessary for everyone, especially the person driving the vehicle.

What are Traffic Signals and Road Signs?

Traffic signs in India exist to provide the necessary information to the driver that there is no unnecessary disruption in traffic. All major junctions and roads need instructions, and information is needed about the road conditions, thus making the traffic signals and signs in India very important.

Traffic signals and signs of road safety in India are a must-know for everyone to ensure they are safe on roads, and so are the people around them. Adequate knowledge and understanding of the road signs in India help reduce the number of accidents that happen on the road. Those not fluent in English can see the traffic signals and signs in Hindi and understand their safety. It is essential to know the sign as it can be noticed while driving.

Requirement to Know Traffic Signs in India

Driving without a valid license on Indian roads is a criminal offence. It is required to know the traffic signals and road signs in India when applying for a driving license. An oral or written test must be given to get a license to drive in India; thus, knowing the traffic rules and signs in India with their meanings is an important element. Traffic signals and signs knowledge is a must because of the following reasons:

Provide instructions and information on the road conditions ahead.
Knowing traffic signals and signs in India helps reduce the number of accidents by ensuring discipline on the roads.
It informs the driver about the correct lanes and hence ensures smooth traffic.
Traffic signals and signs provide all information about important curves and junctions and the presence of schools, hospitals and speed limits.
The traffic signs and symbols inform the driver about entry and exit points and parking areas.
All traffic signs allow drivers to follow the traffic rules and road safety signs in India and about potential dangers on the road.

Road Traffic Signs

Traffic is a problem in our country, and one of the main reasons is the need for more implementation of rules and enforcement and less knowledge about traffic signals and road signs in India. These days, the Indian authorities have become strict in issuing licenses and has introduced exams and tests to ensure that the driver has complete knowledge of traffic signals and road sign rules in India.

Traffic signs and road safety in India are being taken very seriously by the authorities, who are taking many steps to improve the present situation. Some of the road safety signs and symbols that every driver on the road should be aware of are:

Mandatory Traffic Signals and Signs

Mandatory traffic signs in India are made to ensure that traffic moves freely. With the knowledge of the road safety signs, drivers learn about the prohibitions, rules, and regulations they must keep in mind while driving. It is considered an offence if any of the traffic signals and road signs are violated. Some of the mandatory traffic safety signs are “Stop”, “One Way”, “No Entry”, “Speed Limit”, “Right Turn Prohibited”, etc. These traffic signs in India should be known to anyone, as a violation can land one in trouble with the police.

Cautionary Traffic Signals and Signs

These are the road signs in India that inform the driver about the potential dangers ahead and possible hazards on the road. These cautionary traffic signals and road signs ensure the driver is more careful and mentally prepared for any problems he may face. Some examples of these types of traffic signs are “Narrow Road Ahead”, “Round About”, “Pedestrian Crossing”, “Hair Pin Bend”, etc. Traffic signals and road safety signs are also available in Hindi for people to understand the rules.

Informatory Traffic Signals and Signs

These are the Indian traffic signals and signs with meanings that aware the driver about the distance to the destination, alternative routes, directions, destinations and important places like hospitals, schools, etc.

Final Words

The rising number of road accidents is one of the biggest concerns for the authorities in the country. Due to this reason, many traffic signs, symbols and rules are being made and updated regularly to ensure better safety. Education and implementation of rules are a concern, and thus, it is required that these are taught early on to the population. Anyone on the road should know about traffic signals and signs in India, along with their meanings, so they can be safe and ensure others are safe, too. Anyone on the road must be patient and pay attention to the traffic signs in India. Doing so will avoid traffic jams and reduce the number of accidents.

FAQs

1. What are the three types of traffic signals in India?

Ans. The types of traffic signals in India are broadly categorised into three terms mentioned as mandatory, cautionary, and informatory.

2. What happens if you drive even when the light turns yellow and then red?

Ans. If the driver ignores the yellow light and continues to drive the vehicle, it is considered that they have violated the traffic signals and signs. In such conditions, the driver is liable to pay a fine the same as they must for crossing a red light.

3. What is a warning traffic sign?

Ans. The warning traffic sign on the road is diamond-shaped.

4. What do the black and yellow traffic signals and signs mean?

Ans. The black and yellow traffic signals and signs signify the warning signs that the important to consider for a safe drive.

5. What are the documents to carry while driving on Indian roads?

Ans. Besides following the traffic signals and signs, carrying valid and updated documents is also important while driving on Indian roads. Not doing so may lead you to pay heavy fines. The following documents are required to carry

Registration certificate
Insurance certificate
PUC certificate
Fitness certificate
Driving license

RTO Rules and Regulations - Guide for Imported Vehicles

RTO Rules for Imported Vehicles

For the car lovers in India, love for luxury and thrill for speed is on an ace. Big names like Rolls-Royce, Lamborghini, Bentley, Harley, BMW, Hummer are intensifying their catch on the Indian customer. Owning an imported vehicle is probably still a luxury many can’t afford, but there are a lucky few who can turn this dream into a reality and if you are one of them, Congratulations! In this article, we will discuss the RTO Rules and Regulations as a Guide for Imported Vehicles.

RTO Rules and Regulations

Imported vehicles are considered to be a part of foreign trade, therefore, Ministry of Commerce and Industry, Directorate General of Foreign Trade, Export-Import Policy Department along with Motor Act are all a part of the importation procedure. There are some requirements which as per the RTO office, must be met when importing a vehicle:

The speedometer of the vehicle has to comply with the measuring units used in India.
The imported car should be a right-hand drive.
The photometry of the vehicle should suit ‘Keep Left’ traffic.
All the formalities of the Motor Act 1988 must be fulfilled.

Let us also understand that there are two categories of Imported Vehicles-New Imported Vehicles and Used Imported Vehicles. Thus, you need to know the Guide for Imported Vehicles.

Though the above-mentioned rules apply to both the categories, there are some guidelines for each:

The RTO Rules and Regulations for New Imported Vehicles

As per the RTO Office, a new imported vehicle has to meet certain criteria:

The vehicle has neither been manufactured nor assembled in India.
Before it's importation to India, the vehicle has neither been sold nor leased.
Prior to importation, the vehicle has not been registered in any other country.

Also, whether it is a dealer or an importer who is importing the vehicle, should have a valid certificate of compliance as ordered by the Central Motor Vehicle Rules (CMVR), 1989, rule number 126. He should also submit the proof of compliance as per rule 126A, within 6 months of the import.

The RTO Rules and Regulations for Used Imported Vehicles

The RTO Office has laid specific guidelines for used imported vehicles as well:

The used vehicle must not be more than three years old.
The vehicle must comply with the provisions laid down by the Motor Vehicle Act,1988.

When importing the vehicle, the importer or the dealer has to submit a certificate that is issued by a testing agency that the used vehicle is being imported into India. The certificate must also state that the vehicle has been tested and complies to the original homologation certificate.

Import Duty
Another factor that makes the imported vehicles so expensive is the Import Duty they attract. Every vehicle is charged as per its category which is based on the vehicle type and the cubic capacity of the engine. On an average, the import duty can be between 100-160% of the CIF Value, which means Cost, Freight and Motor Insurance. In case of used imported vehicles, the charges are based on the value of depreciation. Thus, the Guide for Imported Vehicles comes handy.

Test of Compliance

Every imported vehicle has to go through a compliance test which is as per the EXIM Policy of the Motor Vehicles Act (1988) and Central Motor Vehicle Rules (1989).

The RTO Rules and Regulations for Registration

The imported vehicle has to receive RTO Registration number from the nearest RTO office. For the first 7 days, the vehicle receives a Temporary RTO Registration number, after which the owner has to apply for a permanent RTO number. The RTO online form can be downloaded from the official website.

The Bottom Line

Buying an imported vehicle is not just expensive but also involves a lot of legalities. Thus, if you have the Guide for Imported Vehicles handy, life becomes easier for you. So, if you are planning to buy one it is recommended that you should be aware of all the traffic rules in India so that you can avoid any hassles and problems later. Following all the guidelines of the RTO may seem tedious, but do not be tempted to miss any of the above-mentioned procedures. Once you complete all the legal formalities you be satisfied and can ride your dream vehicle with pride!

Traffic Challan: How to Pay Vehicle Challan Online?

What is Traffic Challan?

Varied traffic rules are meant to make proper discipline on roads. If any of you break these rules, the traffic police penalise you for violating the traffic rules. The police will cut a challan to fine you for ignoring traffic rules. What is a traffic challan? Here is detailed information that every commuter or driver should know for convenience:

This is common for people who often ignore the traffic rules and are stopped by the traffic police. The reason could be anything, as several traffic rules are meant to maintain law and order on the roads. These rules aim at ensuring everybody’s safety on the road by reducing the number of accidents. However, people often overlook these rules and run their vehicles recklessly, causing accidents or other damage. This comes under a serious traffic offence as driving dangerously on the road can cause death or severe injury to passers-by or damage to other vehicles or passengers. Therefore, many laws (Central Motor Vehicle Rules, Motor Vehicle Act, and State Motor Vehicle Rules) are enforced to ensure road safety. The traffic police can issue a traffic challenge or traffic ticket to any lawbreaker. There are many reasons why traffic police can stop you on the road and give you a challenge for breaking the traffic rules.

What is a traffic challan? When can the police issue a traffic challan? What exactly do you need to know about traffic challan? Read below:

Traffic Fines:

The Rules of the Road Regulation came into effect in 1989 in India to avoid fatal accidents and make roads safer for everybody. These rules are meant for all Indian drivers (two, three, four, or more wheeler drivers) to drive their vehicles safely on the roads. These rules also help the traffic police to maintain systematic traffic. Suppose someone disrespects or breaks any of these rules. In that case, it is considered a severe offence, and the traffic police act or cut a challan according to the Indian Motor Vehicle Act or the city-specific traffic rules. Effective implementation of these traffic rules reduces road accidents as nobody wants to pay the penalty and face legal hassle. Traffic police can issue a challan for speeding, wrong parking, jumping a red light, driving without a helmet, driving the vehicle without a number plate, a license and registration, valid vehicle insurance, and a pollution certificate. All these factors are offences under the Motor Vehicles Act. A list of a few traffic crimes and associated fines are listed below:

Offence Under Section	Penalty in Rupees
Rash Driving (Section 184)	5000
Road Rules Violation (Under Section 177A)	500
Disobeying orders from the authorities (Under Section179)	2000
Over speeding (Under Section 183)	1000 (Light Weight), 2000 (Medium Passenger Vehicle)
Driving Without License (Under Section 181)	5000
Driving an unauthorized vehicle (Under Section 180)	5000
Driving Despite Disqualification (Under Section 182)	10,000
Driving under the influence of an intoxicating substance (Under section 185)	10,000
Illegal racing (Under Section 189)	5000
Vehicle Without Permit (Under Section 192 A)	Upto 10,000
Not Wearing Seat Belt (Under Section 194 B)	1000
Not Giving Way to Emergency Vehicles (Under Section 194 E)	10,000
Riding a two-wheeler without helmet (Under Section 194 D)	1000 plus License Disqualified for 3 months

Apart from these conditions, driving a vehicle without an insurance document on the Indian roads is also a crime. According to the Road Transport and Safety Bill 2014, you will be fined heavily (between Rs. 25,000 -Rs. 75,000) if you drive your vehicle without having a valid motor insurance plan. The traffic police can also issue challan in case of overloading and violation of traffic rules made to make roads safe for the public.

Know your Rights when you are on the Road

Traffic rules are implemented with the driver’s or commuter’s rights. No need to worry when the traffic police stop you. Here are various factors related to traffic challan:

Traffic police should have a challan book or e-challan machine to issue a challan. No one can penalise you without having these things.
According to the Motor Vehicle Act Section 130, “the driver of a motor vehicle in any public place shall on demand by any police officer in uniform ‘produce’ his license for examination.” As the statement says clearly, you only need to “produce”, not hand over the traffic police license.
If you don’t have a license, traffic police may detain your vehicle.
Traffic police may also detain your vehicle if it is not registered.
You can settle the challan on the spot by paying the fine to an officer rank (sub-inspector or above) traffic cop.
Traffic police can only remove your driver's license by giving you a valid receipt.
Traffic police can tow only empty vehicles. As long as you are sitting in your vehicle, police cannot toe it.
If traffic police have detained you for any offence, you must be produced before the magistrate within 24 hours for the trial.
Traffic police cannot harass you. If it does, you can file a complaint with the police with the proper proof and related particulars of the incident.
Ensure that a traffic police challan slip must contain

The details of the offence committed
Vehicle details
Challenging officer details
Date of trial
Name and address of the offender
Retained documents details
Name and address of the court where the offence will be trailed

Do Not Bribe Traffic Police

Do not try to bribe traffic police to get away from the traffic police challan. Bribing traffic police is an atrocious crime, and it should not be committed by any one of us. However, to eliminate this crime, the Indian government has introduced the e-challan system, allowing online payment for traffic challan. In this manner, you need not waste your time to go to the local challan office or judiciary for payment.

Now you have the answer, "What is traffic challan?". So, come together to spread awareness to make Indian roads accident-free.

E-Challan: What is E-Challan & How to Pay Online?

E-Challan: An Overview

India is the most populated country in the world, and the people are equally known for their excellence and pace. With India's super strong transportation infrastructure, society is never in the rest mode, and neither are the vehicles. With so many vehicles on the road, people are always in a rush violating the traffic laws and escaping from the traffic police resulting in disastrous accidents. But with technological development, the government has taken a step ahead and installed a third eye on the road to strengthening the “Traffic Police'. These cameras capture all the activities on the road and generate the e-challan on a breach that directly reaches the violator’s home.

The e-challan system has made it easy and transparent to penalize traffic violations. This article will help you understand how e-challan works, check the status and process to pay challan online or offline, and other essential steps to avoid e-challan. Read it out to collect extensive information and cut your challan.

What is E-Challan?

E-challan is the computer-generated challan launched by Indian traffic police to penalize traffic defaulters in India. The Government of India has initiated the e-challan system for a transparent, convenient, and to encourage easy-settlement of challans. With the facility of e-challan, the general public can now check and pay their challan online or offline as per incorporated by their state/city government.

What is the Need for E-Challan?

To reduce corruption and easy enforcement of traffic laws.
To bring transparency in the traffic system and challan process to eliminate fake encounters.
It is not possible to install traffic police everywhere, but with cameras and e-challan, there’s always an eye watching you.
Possibility to reduce bribery from the traffic system.
To ease the challan submission process and hence increase traffic challan collection.
To increase discipline and decrease violations, hence lower the motor insurance premiums.
All in all, to benefit the general public, traffic law enforcement system, and government at the same time

Reasons for Issuance of E-Challan

Don’t get shocked if you get an e-challan on your phone when you are out of town enjoying a vacation and someone in your known is using your vehicle. They might have violated traffic laws. Or, in most cases, you are in a hurry and have violated any of the traffic rules mentioned below

Driving without a valid license
Jumping red light
Overspeeding the specified speed limit
Drunk driving
Refusal to disclose information when asked
Driving an unauthorised vehicle
Driving without an unauthorised insurance policy
Causing traffic obstruction

How Does E-Challan Work in India?

The e-challan is a technology-based solution to monitor traffic violations and has revolutionized traffic management in the country. This system ensures that people stick to the rules as much as possible, whether traffic police are on the ground or not. The working process of e-challan is become contactless and can be understood in simple terms.

Automated Monitoring

With the installation of CCTV cameras, all traffic activities are continuously monitored, recorded, and quickly detects for any violation of traffic rules. These activities are captured and then sent to the Traffic Control Room.

Vehicle Information Extraction

The generated footage or pictures help to extract the vehicle information, and the fine is automatically calculated according to the type of violation and the Motor Vehicle Act of 1988.

Collection of Contact Information

Once the vehicle information is detected, contact information like name, address, and contact number is collected from RTO or Vahan and Sarathi applications. On the contact information, the e-challan is sent via an SMS or email with proof of the violation.

Payment of E-Challan

Once the violator receives the e-challan, they can pay the e-challan using online or offline. The online payment can be made from the official website or via the SMS link. Or one can directly visit the RTO to clear the penalty.

How to Check E-Challan Status?

Step 1: Go to the official website of e-challan (https://echallan.parivahan.gov.in/)

Step 2: Click the “Check Online Services” tab and select “Check Challan Status”.

Step 3: Provide the required information from any of the given options of Challan Number, Vehicle Number, or DL Number.

Step 4: Enter the Captcha and click on “Get Detail”.

Step 5: Your e-challan status will be reflected on the screen.

How to Pay E-Challan?

Once you get the e-challan details on the portal, pay the e-challan to avoid any legal crisis. The government allows violators to pay the e-challan online (Parivahan Sewa Website) and offline methods. Let’s understand the process in simple words

Online Process to Pay E-Challan

You can follow the given steps to make e-challan payment online.

Step 1: Go to the official website of Parivahan Sewa or your state’s transport department, and click on the “Pay Online” option available on the top bar.

Step 2: Enter the specified details by selecting Challan Number, Vehicle Number, or DL Number.

Step 3: Add the Captcha and enter the “Get Detail” option.

Step 4: Proceed to “Pay Now”.

Step 5: Select the “Type of Violation” option to pay the e-challan.

Step 6: Choose your preferred payment mode (Net Banking/ Debit Card/ Credit Card) to make the payment and complete the payment by entering the needed information.

Step 7: The details will be sent to your registered mobile number once the payment is made. Save the Transaction ID for future reference.

Offline Process to Pay E-Challan

Those who cannot pay the e-challan online can also pay the fine offline. Where the online process is simpler and does not require physical movement, you must visit the traffic office to pay offline. Follow the mentioned steps to pay the e-challan offline

Step 1: Go to the nearest Traffic Police Station with a traffic violation letter/ e-challan and driving license.

Step 2: Ask the traffic officer (with an electric challan machine) to check all the dues to pay the fines at once.

Step 3: The traffic officer will check all your dues and tell you the required amount.

Step 4: You need to pay the bill in cash or online.

Step 5: Don’t forget to get the receipt.

What if I Don’t Pay E-Challan?

Violating laws is unacceptable, and you will have to face further consequences. If, in any case, you are not able to make e-challan payment online or offline. The court sends a summon to your permanent/residential address. Now, you must visit the court and state the valid reasons for not following the traffic rules. If you still fail to visit the court, your driving license will be temporarily suspended. We advise you to make an e-challan payment as soon as you receive the e-challan.

What to Do if You Got a Wrong E-Challan?

No matter how efficient the technological systems are, errors are possible everywhere. Though the cameras are adequate to capture the vehicle number, sometimes you may need help finding that a wrong e-challan has been issued to you by mistake. If you are stuck in this situation, you can follow these steps to fix the spot.

Step 1: Collect the evidence of your innocence to raise a complaint.

Step 2: Contact the Traffic Police Helpline Number 0120-2459171 between 6:00 am to 10:00 pm or email helpdesk_echallan@gov.in to inform them about the wrong e-challan.

Step 3: They will verify the claim and revert back to you within 15 days.

Using the Official Parivahan Sewa Website

The government has made filing and solving your issues easy using the official Parivahan Sewa website. With the Grievance System available on the website, you can directly submit your traffic grievance online by following the below steps

Step 1: Go to the official Parivahan Sewa Website and click on the “Complaint” option available on the top bar.

Step 2: Submit the required details and description of your complaint.

Step 3: Finally, “Submit” the complaint after checking all the information you submitted is true.

Step 4: You can check the status of your complaint here anytime.

How is E-Challan Easing Traffic Law Enforcement?

Undoubtedly, enforcing the e-challan system in India has eased up the traffic system and made the processes more efficient and transparent. People are much more aware of the laws to avoid the penalties. Let us highlight how the e-challan system is easing Traffic Law Enforcement.

Easy traffic management system that results in minimizing road traffic and accidents.
The automated e-challan system ensures transparency, data reliability, and records maintenance.
Eradicate the bribery and other corrupt practices that filter the law management system and minimize revenue loss.
Saves time and effort.
With driving records, insurance companies can tailor their policies and plans.

How Can You Avoid E-Challan?

The only simple way to avoid e-challan is to follow traffic laws. The Government of India passed the Motor Vehicle Act 1988 to ensure safe driving practices on the road. Hence, you can follow these rules to avoid e-challan.

Always wear a belt or helmet while driving.
Always drive on the left and let other vehicles pass through the right.
Overtake a vehicle from the right side of the lane after they give you the way.
Use indicators to notify other vehicles about your turns and avoid overspeeding.
Stop before the red light when the traffic light turns red.
Follow traffic signals, sign boards, lane markings, speed limits, and parking regulations.
Ensure you have all necessary documents with you, like license, insurance papers, pollution papers, and others.
Don’t use your mobile phone while driving.
Keep your vehicle fit and properly maintained (like horns, breaks, lights, and others).
Never drive while you are drunk or under the influence of a drug, as it is a serious offence.

Conclusion

After discussing the efficient transitions that e-challan has brought to the country, it is proven that it is only for extending our safety on roads. While traffic rules ensure the physical safety of an individual, motor insurance promises financial steadiness. It would help if you carried comprehensive motor insurance to ensure your vehicle is always in adequate condition. To reduce the premium cost of insurance, your e-challan counts should be as minimum as possible.

Looking for comprehensive motor insurance? Buy one with an expert at RenewBuy.

FAQ of E-Challan

Question: What if I don’t pay challan?
Answer: If you do not pay your challan on the spot or even don’t pay it online within the due date, it reaches the court to make the settlement. In case you still do not pay the challan within the date, the court orders you to summon and listen to the valid reason for not paying the e-challan.

Question: Why my challan payment status is still pending after payment?
Answer: If you have paid the e-challan and the payment status reflects pending mode, this means the bank is still processing the payment and will be updated in pre-determined working days.

Question: How much time does it take to generate an e-challan?
Answer: If a vehicle is found violating the traffic rules, then an e-challan will be generated within 15 days.

Question: How long is an e-challan valid in India?
Answer: The e-challan needs to be settled within 60 days from the date of the issuance.

Question: Can a traffic police fine challan twice a day for the same reason?
Answer: No, traffic police can not fine you twice daily for the same offence until you don’t overspeed. But if you are driving interstate and your previous challan receipt is lost, then the state traffic police can fine you for the same offence committed again.

Question: What is the deadline to pay an e-challan after generation?
Answer: You can pay the e-challan within 60 days from the issue days.

Question: Can I cancel the challan that I have received?
Answer: Yes, it is possible to raise a request to cancel the wrong e-challan that you have received. You can connect on the Traffic Police Helpline Number 0120-2459171 between 6:00 am to 10:00 pm or email helpdesk_echallan@gov.in with your cancel request and proofs available. Also, you can raise a ticket on the official Parvahan Sewa website to cancel the challan.

Question: Can I pay e-challan through UPI?
Answer: Yes, you can pay the e-challan using UPI. You just need to log in to the official website, and while choosing a payment method, select UPI to continue the payment.

Question: How many e-challans are allowed?
Answer: It only depends on the offences that you commit. For different offences, multiple challans can be fined at the same time.

Question: Can I download the reports of all my e-challan?
Answer: You can download the e-challan report using the official Parivahan Sewa website.

Vehicle Registration Certificate Renewal

A Vehicle Registration Certificate is a legal document that serves as proof of ownership and registration of a vehicle. In India, a vehicle registration certificate is valid for 15 years for private vehicles and five years for commercial vehicles, after which it has to be renewed. If your vehicle registration certificate is about to expire, it is essential to take the necessary steps to renew it on time. In this article, we will discuss what to do if your vehicle registration certificate is about to expire and the process involved in renewing it.

What is a Vehicle Registration Certificate (VRC)?

A Vehicle Registration Certificate (VRC) is a legal document that serves as proof of ownership and registration of a motor vehicle. It is issued by the Regional Transport Office (RTO) under the Motor Vehicles Act 1988 in India. The VRC contains vital information about the vehicle, including the owner's name and address, engine and chassis number of the vehicle, registration number, date of registration and expiry date.

The VRC is an important document that serves as proof of vehicle ownership and is required for any transaction related to the vehicle, such as sale, transfer, or hypothecation. It is also necessary to obtain a vehicle insurance policy, a driving license, or any legal dispute related to a vehicle.

The VRC is issued at the time of vehicle registration and is valid for a period of 15 years for private vehicles and five years for commercial vehicles. After the expiry of VRC, it must be renewed by following the procedure laid down by the RTO.

In case of loss or damage to the VRC, a duplicate copy can be obtained by submitting an application to the RTO along with the necessary documents and fees.

How to Renew Vehicle Registration Certificate?

Renewing a vehicle registration certificate is a necessary process that needs to be done before the expiry date to avoid any penalties or fines. In India, the process of renewing a vehicle registration certificate involves the following steps:

Check the Expiry Date

The first step is to check the expiry date of your vehicle registration certificate. The Registration Certificate mentions the expiry date, and it is essential to renew it before the expiry date to avoid any penalty or fine. Even if you have missed the expiry date, you can renew it by paying a penalty fee.

Gather the Necessary Documents

The next step is to gather the necessary documents for renewing the vehicle registration certificate. The documents required may vary depending on the type of vehicle and the state in which it is registered. However, the following documents are generally required:

Original vehicle registration certificate
Vehicle insurance certificate
Pollution Under Control (PUC) certificate
Address proof (Aadhaar card, voter ID card, passport, etc.)
Photo ID proof (Aadhaar card, driving license, passport, etc.)
Application form for vehicle registration renewal (Form 25)
Payment of applicable fees

It is important to ensure that all the necessary documents are in order and valid at the time of renewal.

Get the Vehicle Inspected

Once you have collected all the required documents, you must get the vehicle inspected by a government-approved vehicle testing centre. During the inspection, the roadworthiness of the vehicle and its compliance with the safety and emission norms set by the government will be checked. You will be issued a Certificate of Compliance if the vehicle passes the inspection.

Submit the Documents

Once the inspection is completed, you must submit the required documents to your state's Regional Transport Office (RTO). You can submit documents in person or through an agent. The RTO officials will verify the documents, and if everything is in order, the registration certificate will be renewed.

Payment of Fees

Once the documents are verified, you must pay the applicable fee for renewing the Vehicle Registration Certificate. The fee varies depending on the vehicle type and the registration period. The fees can be paid through demand draft or online payment.

Issuance of Registration Certificate

The RTO will issue a fresh registration certificate for the vehicle once the payment is completed. The new registration certificate will have a new expiry date and will serve as proof of ownership and registration of the vehicle. It is important to keep the registration certificate and other relevant documents safe for any future transactions related to the vehicle.

Conclusion

Renewal of a Vehicle Registration Certificate is a necessary process that must be done before the expiry date to avoid any penalty or fine. The process involves checking the expiry date, collecting the required documents, getting the vehicle inspected, submitting the documents to the RTO, paying the applicable fee and obtaining a new registration certificate. It is important to ensure that all the required documents are in order and valid at the time of renewal. With proper documentation and process, renewing a vehicle registration certificate can be a smooth and hassle-free experience.

Steps To Apply For RTO Registration Online

The Regional Transport Office (RTO) is the government body responsible for the registration of vehicles in India. The RTO vehicle registration process can be complicated and time-consuming, especially for those who are unfamiliar with the process. However, with the advancement of technology, the RTO has introduced an online vehicle registration process, making the process much easier and more convenient. This article will explain the RTO vehicle registration details.

What is RTO Vehicle Registration?

RTO is a government organization responsible for regulating and managing regional transport-related activities. RTO vehicle registration involves submitting documents, paying fees, and obtaining a unique registration number. This number identifies the owner of the vehicle, ensures compliance with traffic rules and tracks its history. RTO vehicle registration is mandatory for all vehicles operating on public roads in India, and failure to register can result in fines and penalties. The vehicle registration process may vary slightly depending on the vehicle type and state but generally follows a similar process across the country.

How to register your new vehicle?

Registering your new vehicle and getting a registration number is a simple process. However, it can be difficult if you are unaware of the required forms and documents. So, we have given below the steps to get a new vehicle registration number or register your new vehicle:

Through the New Vehicle (car/bike) Dealer: The showroom will deliver the vehicle only after registration, and the dealer will handle this process. It is necessary to provide the necessary information and documents. However, dealers have the option of charging a service fee.
By Yourself: Registering a new car is helpful in a different city or state. This process entails going to the RTO, submitting the paperwork, paying the costs, and bringing the vehicle in for inspection. It's a relatively simple process with all the documents and forms included.

New Vehicle Registration at The RTO

Below mentioned are the steps for new vehicle registration at the RTO.

Visit the nearest RTO with your new vehicle.
Submit the duly filled application forms along with all relevant documents.
Then, the RTO official will verify the details and documents.
Pay the registration fees and road tax and collect the acknowledgement receipt.
The RTO inspector will thoroughly inspect the new vehicle.
The vehicle data (fuel type, make/model, seating capacity, emission standard, engine capacity, etc.) are uploaded to the central database.
The Regional Transport Office Superintendent will verify the uploaded vehicle data.
The ARTO will approve the vehicle registration.
After approval, the Regional Transport Office will generate the RC (Registration Certificate) smartcard.
The RTO will dispatch your RC to your registered address via post once it is ready.

Can I Register My New Vehicle Online?

There is no option for online car registration through the Parivahan site, so one cannot apply for new registration online. You can only apply for the vehicle registration renewal online. One must wait to register a new automobile online as the process requires physical vehicle inspection.

How Can I apply for a new number plate?

Every motor vehicle has to display the registration number on the HSRP (High-Security Registration Plate) as per the Motor Vehicles Act. You can apply for a new number plate online by following the steps below.

Visit the website of the RTO of your respective state for an HSRP online purchase.
Provide basic details such as your name, vehicle registration number, address, engine and mobile number, chassis number, etc.
Select the vehicle class (transport or non-transport).
Make the payment online and print or download the acknowledgement receipt.
You will get a notification when the HSRP is dispatched.

Vehicle Registration Forms

New Vehicle Registration can become easy if you know the required application forms. You can download the vehicle registration form from the Parivahan website. Below are the documents you will need to register a vehicle in India.

Required Forms & documents for Vehicle registration	Download / How to get
Form 20	Download Form 20 or Download it from Parivahan
Form 21	You can get it from the vehicle dealer while buying a new vehicle or download it from the Parivahan website.
Form 22	You can get it from the vehicle dealer
Form 29	Download Form 29 or Download it from Parivahan
Form 30	Download Form 30 or Download it from Parivahan
Form 34	Download Form 34 or Download it from Parivahan
Form 38 A	You can get it from the RTO
Form 51	You can get it from the insurer
Form 60	Download Form 60 or Download it from Parivahan

For RTO vehicle registration, you must also submit the documents listed below and the forms mentioned in this section.

PAN Card
Identity Proof
Address proof
Chassis and engine number print
Age proof
Passport-size photographs
Vehicle purchase invoice provided by the manufacturer and dealer

Vehicle Registration Fees

The following table shows the charges related to RTO vehicle registration services in India.

Service	Fees (in INR)
Registration of two-wheeler or motorcycle	300
Registration of three-wheeler or quadricycle	Non-transport: INR 600, Transport: INR 1K
Registration of car and Light Motor Vehicle (LMV) or four-wheeler	Non-transport: INR 600, Transport: INR 1K
Registration of medium goods motor vehicle or medium passenger motor vehicle	INR 1K
Registration of heavy goods motor vehicle or heavy passenger motor vehicle	INR 1.5K
Registration of imported vehicle	INR 5K
Registration of imported motorcycle	INR 2.5
Registration of other vehicles	INR 3K
Issuance of RC Smart Card	INR 200
Issuance of RC (Duplicate)	50% of the new vehicle registration fees
Correction of details in RC	50% of the new vehicle registration fees
Endorsement of Hypothecation or Hire Purchase or Lease Agreement	Two-wheeler (bike): INR 500, LMV/quadricycle/Three-wheeler: INR 1.5K, Medium/heavy vehicle: INR 3K

RTO Vehicle RC Details: How To Check the Vehicle RC Details For Your Vehicle?

Once you have applied for the RTO vehicle registration, you can check the vehicle RC details online. The following steps explain how to check the vehicle RC details online.

Visit the official website of Parivahan.
Select “Online Services” and click “Vehicle-Related Services”.
Select the state and the RTO office and click “Proceed”.
Then, on the next page, click “details” and click the "Submit" button to view the vehicle RC details online.

Vehicle Registration Status: How To Check The Rc Status For Your Vehicle?

Once you have applied for the RTO registration, you can check the RC status online. The following steps explain the process of checking the RC application status online.

Visit the official website of Parivahan.
Select “Online Services” and click “Vehicle-Related Services”.
Select the state and the RTO office and click “Proceed”.
Then, on the next page, click “Status” and click on the “Know Your Application Status” button.
Enter the application number and captcha code, and then click the "Submit" button to view the vehicle RC status online.

How can I Obtain A Duplicate RC?

The Registration Certificate is essential for driving a vehicle in India. You have to carry the RC all the time when you drive the vehicle. You can apply for a duplicate copy of the Registration Certificate (RC) if you lose/damage the original registration certificate (RC). Below mentioned are the steps to apply for duplicate RC online.

Visit the official website of Parivahan.
Go to the "Online Services" section and click "Vehicle-Related Services".
Enter your state of residence vehicle registration number and click on the "Proceed" button.
Click on "Services", select "RC Related Services", and then click on "Apply for Duplicate RC".
Enter the vehicle chassis number and click the "Verify Details" button.
Then, fill in the required information and click the "Payment" button.
Pay the applicable fees and download or print the acknowledgement receipt for reference.
Visit your nearest RTO along with the relevant documents to get the duplicate RC.

Also, you can apply for Duplicate RC offline at RTO. To obtain a duplicate copy of RC, fill out the application form, submit the required paperwork and pay the required fee.

How To Download The Duplicate RC?

Duplicate RC can be downloaded through the DigiLocker app or website. For Duplicate RC downloads, follow the instructions listed below.

Visit the official website of DigiLocker or download the mobile app of DigiLocker.
Create a new account if you are a new user, Or log into your account.
Select “Registration of Vehicles” and enter the “registration” and “chassis numbers.”
Go to the “documents” section to view or download your duplicate RC.

Duplicate RC Fees

You can refer to the following table for duplicate RC fees.

Vehicle Class	Fees (in INR)
Two-wheeler or motorcycle	INR 150
Three-wheeler or quadricycle	Non-transport: INR 300, Transport: INR 500
Car/Light Motor Vehicle (LMV)/four-wheeler	Non-transport: INR 3000, Transport: INR 500
Medium goods motor vehicle or medium passenger motor vehicle	INR 500
Heavy goods motor vehicle or heavy passenger motor vehicle	INR 750
Imported motorcycle (bike)	INR 1250
Imported vehicle (car)	INR 2500
Other vehicles	INR 1500

Required Documents for a Duplicate RC

Here's the complete list of documents that you need to submit to get the duplicate copy of RC.

Vehicle insurance certificate
PUC certificate (Pollution Under Control)
Address Proof (Aadhaar card, Passport, Voter ID card, etc.)
First Information Report (FIR) from Police
Form 26
Owner's signature identification
PAN card
Affidavit in case of the RC is lost and not impounded
Challan clearance from the traffic police
Tax clearance from the Accounts Department in case of commercial vehicles)
Pencil print of engine number and the chassis

Vehicle Registration Renewal Process

Vehicle Registration Renewal is a process that needs to be completed periodically to ensure that the vehicle remains legally registered and roadworthy. You must submit the registration renewal application up to 60 days before the due date. Here are the steps to renew vehicle registration online in India:

Step 1: Visit the Parivahan Website

The first step in online vehicle registration is visiting the Parivahan website. This website is the official website of the Ministry of Road Transport and Highways and provides a range of services related to vehicle registration, driving licenses, and transport services.

Step 2: Click on the "Vehicle Registration" tab

Once you have reached the Parivahan website, click on the "Renewal of Registration" tab on the home page. This will take you to a new page where you can begin the vehicle registration process.

Step 3: Select the State and RTO

On the new page, you must select the state and the RTO office from where you want to register your vehicle. Select the correct state and RTO to avoid any issues during the registration.

Step 4: Click on "Proceed"

After selecting the state and RTO, click the "Proceed" button to continue the registration process.

Step 5: Enter Your Details

Enter your vehicle chassis number and click on the “Verify Details” button. Then, enter your registered mobile number and click on the “Generate OTP” button. The next page will display a section where you must enter your received OTP and click the “Show Details” button.

Step 6: Verify Your Details

The next step is to verify your details, as the page will show you the vehicle details and the required amount you need to pay for your vehicle registration renewal.

Step 7: Upload the required documents

The online vehicle registration process requires you to upload certain documents to complete the registration process. These documents include:

Vehicle registration certificate (Form 21)
Sales certificate (Form 22)
Roadworthiness certificate (Form 22-A)
Pollution Under Control (PUC) certificate
Insurance certificate
ID proof
Address proof

Step 8: Pay the Required Fee

Pay your required fee for vehicle registration renewal, which may vary depending on the type of vehicle and the state in which you are registering the vehicle. You can pay the fee using an online payment method such as net banking, credit card, or debit card.

Step 9: Get the vehicle inspection done

Once the payment is made, you must get the vehicle inspected by the RTO. The RTO official will inspect the vehicle to ensure it meets the safety and emission standards specified by the government. You must take the vehicle to the designated RTO office for the inspection.

Step 10: Get the Registration Certificate

Once the payment is completed and the vehicle is deemed roadworthy, you will receive the registration certificate for your vehicle. This certificate proves that your vehicle is registered with the RTO and can legally be driven on Indian roads.

After the clearance of vehicle inspection and document verification, the RTO will issue the renewed RC.

RC Renewal Fees

Here are the RC renewal charges for different vehicle classes.

Vehicle class	Fees (in INR)
Invalid carriage	INR 50
Two-wheeler (Motorcycle)	INR 300
Quadricycle/three-wheeler or Light Motor Vehicle (LMV)	Non-transport: INR 600, Transport: INR 1K
Medium goods motor vehicle or medium passenger motor vehicle	INR 1K
Heavy goods motor vehicle or heavy passenger motor vehicle	INR 1.5K
Imported vehicle (car)	INR 5K
Imported motorcycle (bike)	INR 2.5K
Other vehicles (not mentioned in this list)	INR 3K

How to Find Vehicle Registration Details on VAHAN Website?

VAHAN is a website where you can check the vehicle registration details of any individual. It collates and produces vehicular information per individual requirements of all the Indian states and Union Territories. These details are also per the Motor Vehicles Act 1988. Follow the below-mentioned steps to find vehicle registration details online:

Visit the official website of “VAHAN”.
Click on the “Know your vehicle details” section from the menu bar.
Create your account by entering your mobile number and email ID.
Click on the “Generate OTP” button.
Enter OTP and click on the “Vahan Search” button.
The next page will show you the following vehicle registration details:

Owner’s name
Registration date
PUC or Pollution Under Control Certificate number
Fuel type
Vehicle class
Model and manufacturer details
Vehicular fitness duration
Registration Certificate Status
Motor Vehicle (MV) Tax validity
Details of motor vehicle insurance policy
Emission standards of the vehicle (Bharat Stage emission norms)

Check Vehicle Registration Details on SMS

You can check the vehicle registration details of a vehicle by sending a simple SMS. Follow the below-mentioned steps to find vehicle registration details:

Type VAHAN <space> vehicle registration number
Send it to 7738299899

Conclusion

The online vehicle registration process introduced by the RTO has made the registration process much easier and more convenient for vehicle owners in India. Following the steps mentioned above, you can complete the registration process from your home. Make sure to complete the application form, upload the required documents in the correct format and size, and pay the required fee to avoid any delays in the registration process. The online vehicle registration process allows you to register your vehicle with the RTO quickly and easily.

RTO Vehicle Registration Process Online FAQs

Can I renew my vehicle registration online?

Ans. You can renew your vehicle registration online through the Parivahan Sewa website. You must provide the necessary documents, pay the renewal fee, and submit your application online.

What documents do I need to renew my vehicle registration online?

Ans. To renew your vehicle registration online, you will need a copy of your current registration certificate, a valid insurance certificate, a pollution under control (PUC) certificate, and a copy of your driving license.

Is it mandatory to obtain a PUC certificate for vehicle registration renewal?

Ans. Yes, obtaining a PUC certificate for vehicle registration renewal in India is mandatory. A PUC certificate ensures that your vehicle meets the required emission standards.

Can I pay the renewal fee online?

Ans. You can pay the renewal fee online using the Parivahan Sewa website. You must select the payment option and provide the necessary details to complete the payment.

How long does receiving the updated registration certificate after renewal take?

Ans. Once your renewal application is processed and approved, you will receive the updated registration certificate within a few days. The exact time taken may vary depending on the RTO in your jurisdiction.

Can I apply for registration renewal before the expiry date?

Ans. Yes, you can apply for registration renewal before the expiry date. Initiating the renewal process well in advance is advisable to avoid any last-minute rush and ensure that your vehicle remains legally registered.

How to Get Duplicate RC Book: Apply RC Book Online

How to Apply for Duplicate RC?

Under Section 39 of the Motor Vehicle Act, 1988, a registration certificate is mandatory for all vehicle owners while driving. Before we go ahead and understand the process of applying for duplicate RC, it's important to understand when and why would a vehicle owner require a duplicate RC.

You may want to know the process of duplication RC in the following scenarios:

There has been a theft of your vehicle, and all the important original documents, including the original RC were stolen with the vehicle. Or,
In case all-important vehicle documents have been lost or spoiled beyond recognition.

As a vehicle owner, you must get a duplicate RC issued from the concerned regional transport authority office where the vehicle was originally registered.

Is Getting A Duplicate RC the Same as Renewal of RC?

No, the renewal of the RC book is not the same as the duplication of the RC. The renewal of RC is required when your existing RC is about to expire or has expired. When you apply for the renewal of RC, the vehicle undergoes a fitness test. Upon successful completion only, the renewed RC is allotted.

Why is it Necessary to Have a Registration Certificate?

Section 39 of the Motor Vehicle Act, 1988, explains the necessity of vehicle registration in the following way.

“No person shall drive any motor vehicle, and no owner of a motor vehicle shall cause or permit the vehicle to be driven in any public place or any other place unless the vehicle is registered in accordance with this Chapter and the certificate of registration of the vehicle has not been suspended or cancelled and the vehicle carries a registration mark displayed in the prescribed manner: Provided that nothing in this section shall apply to a motor vehicle in possession of a dealer subject to such conditions as may be prescribed by the Central Government.”

Now that you know the circumstances, why and when a vehicle owner needs to apply for a duplicate RC, let’s begin with how to apply for a duplicate RC online.

* Read more about how you can apply for a fancy registration number online.

Application Process of Duplicate RC Online

The application procedure for duplicate RC is not universal and centralized, but a few documentary requirements may vary from state to state. A vehicle owner can reach out to an agent to complete the process of applying for a duplicate RC. Or the vehicle owner can execute the steps on their own to save some cost or obtain the services of an agent. Not all vehicle owners are savvy enough to follow the online steps of how to apply for duplicate RC.

To handle vehicle-related service requests and make the process of duplicate RC online and download RC online easy for all, the government has enabled Parivahan Sewa portal governed by the Ministry of Road Transport and Highways. The portal works similarly to the very popular Passport Sewa portal. It is a centralized portal that accepts application requests that are further submitted to the concerned Transport Authority.

Steps to Follow for Duplicate RC Book Online

To apply for duplicate RC online, you need to follow the steps listed below:

Go to the Parivahan Sewa website.
Scroll down to the vehicle-related services section and select the ‘vehicle registration’ tab by clicking on ‘more’.
Select your state name.
Provide your registration number, state, and RTO address and click on proceed.
Go to the duplicate registration tab.
Fill out an application form online. This requires information on the police FIR and Vehicle insurance information.
Submit the required service fee (which includes the fee of a smart card) online with the application form. The fee varies depending on the category of a motor vehicle. For example, it costs around 700 Rs for a duplicate RC for a Light Motor Vehicle category, including motorcars, jeeps, taxis, and delivery vans.
A receipt will be generated on successful payment, which needs to be submitted along with other documents at the governing transport authority office.

Documents Required for Duplicate RC

Before applying for the duplicate RC online, a vehicle owner or applicant must prepare the following documents (the documents marked with * may be required in certain states).

Application form 26 (in duplicate)
Form 34 (in case the vehicle is on hire purchase/ lease/ hypothecation)
Attested copy of Pollution Under Control (PUC) certificate
Original copy of FIR/Police certificate - This can be obtained by registering an FIR with the Police station under which the act (theft, lost, stolen) occurred, explaining the situation. Many states permit this procedure online.
Attested copy of Proof of address*
Attested copy of Valid insurance certificate*
Challan clearance from traffic police & Enforcement Wing Transport Department in case of commercial vehicles*
Signature Identification of owner*
Attested copy of PAN Card or form 60 & form 61 (as applicable) *
Tax clearance from the Accounts Department in case of commercial vehicles*
Chassis & Engine Pencil Print*
Affidavit stating that the original RC is lost
Affidavit stating that RC is lost and has not been impounded*

The copies have to be Attested by MLA/Nigam Parshad/Gazetted officer/Public Notary.

Upon receipt of all required documents with the application, the registering authority may issue a duplicate RC with a clear mark of "Duplicate" within 15-30 days from the submission date. You can also download duplicate RC online after it is assessed.

Fees Required to Submit for Duplicate RC Online

To apply for duplicate RC online, the applicant must submit a required fee mandated under Rule No. 53 (2) of the Motor Vehicle Act.

Vehicle Type	Duplicate RC Fee
Invalid Carriage	Rs. 25/-
Two-wheeler	Rs. 150/-
Light motor vehicle (Non-transport)	Rs. 300/-
Light motor vehicle (Transport)	Rs. 500/-
Goods vehicle (Medium)	Rs. 500/-
Passenger motor vehicle (Medium)	Rs. 500/-
Goods vehicle (Heavy)	Rs. 750/-
Passenger vehicle (Heavy)	Rs. 750/-
Imported motor vehicle	Rs. 2500/-
Imported motorcycle	Rs. 1250/-
Other vehicle	Rs. 1500/-

Note* Explore more articles and information on RTO at RenewBuy.

Check the Status of Duplicate RC Online

To check the status of duplicate RC online, you can directly visit the Pariwahan Sewa website. Go to the vehicle-related services, go to the duplicate RC tab, and click ‘more’. After providing the necessary details, like the application number or registration number, you can check the status of your duplicate RC application.

Steps for Duplicate RC Download

Once, your duplicate RC is processed, follow the given steps to complete the duplicate RC download.

Visit the online website of Parivahan.
Go to the ‘Online Services’ and select ‘Vehicle Related Services’ from the drop-down menu.
On the next window, select the ‘State Name’, and a new window will open.
Provide your registration number, state, and RTO region. Click on the box to accept the privacy policy and tap on ‘Proceed’.
Click on the ‘Download Document’ option and then select the ‘RC Print’ option.
On the next page, provide the necessary information, like the registration and chassis numbers, to validate.
Validate the OTP received on your registered mobile number.
Hence, you will complete the duplicate RC download. The pdf is saved on your device.

Final Words

After knowing the easy process of applying for a duplicate RC online, you do not need to stress if your original RC is misplaced or destroyed. You can apply for duplicate RC online without contacting any agent or a third party. Also, you can complete duplicate RC download online from Parivahan portal. For a smooth duplication of the RC process, you need to keep a copy of your registration certificate.

Avoid paying hefty amounts for your vehicle damages. Choose the right motor insurance after comparing car insurance or two-wheeler motor insurance online.

* Read more about other important topics that you might not be aware of.

Motor insurance companies

Comprehensive vehicle insurance

E-challan online process

BH Number plate

HSRP Plate

Duplicate RC Book Online FAQs

Is the insurance certificate required to apply for a duplicate RC?

Yes, providing an insurance certificate while applying for a duplicate RC online or offline is mandatory.

Is the fee structure the same to apply for duplicate RC for all states?

Yes, the prices to apply for duplicate RC online are the same for all states.

What is the processing time for a duplicate RC?

Processing the duplicate RC takes 15-30 days from the submission date. However, you can check the RC status online and download duplicate RC online when it is available on the portal.

How to identify the duplicate RC?

There’s a stamp at the bottom of every registration certificate. Consider the colour of the stamp to identify the duplicate and original certificate. For an original RC, the stamp colour is purple.

Personalised Number Plates Pros & Cons

VIP Number Plate

Is driving a stylish car or bike a passion for you? Then, you surely want to customize it with the VIP number plate to reflect your personality. A fancy bike or car registration number does the same for you and lets others know your vehicle is unique. The Indian government understands the concern and allows you to gain a fancy registration plate for your choice. Any Indian citizen can participate in the online and offline auction organized by the state government, but remember, it requires a high price to claim the VIP number in your name.

With the numerous advantages available, the VIP registration number plate sometimes has its own consequences. This article discusses the pros and cons of VIP number plates in detail.

What is a VIP Number Plate?

In India, having a fancy registration number is considered a status, and people are ready to pay a considerable amount to acquire them. A VIP number plate is a vehicle registration number with a specific combination of numbers not randomly assigned to a vehicle owner. These series include the numbers from 1 to 9999 or any specific combination like 786, 8787, or others. The government allotts these VIP numbers, conducting a formal process called e-auction that is different from the general vehicle registration process. Some states in India conduct an online auction, and in others, the vehicle owner needs to visit the RTO office physically.

Availability of VIP Registration Number

Do you want a VIP number plate to add to your vehicle and think this is a cool idea to do so? But to give you a reality check, a long line of individuals might be looking for the same fancy registration number you want. So, before applying for a VIP number, you must check for its availability. But how do you do it?

The state government of India has made it convenient to check the availability of VIP registration numbers from 1 and 9999 by visiting the official website of the State Transport Department. You can follow the given steps.

Step 1: Go to the official Parivahan Sewa website.

Step 2: Scroll down to the vehicle-related services and click on the ‘More’ tab of the Fancy Number Allocation section.

Step 3: Click on the ‘Search by Number’ option.

Step 4: The new window will require your residing State name and RTO details. After providing the details, you can check the status of the preferred VIP registration number.

If the fancy number is available, you can apply for it. In case there are multiple applicants for the same VIP registration number, the dedicated RTO office conducts an e-auction. To proceed you must submit a minimum bidding amount as listed on your state transport department website or as asked by the RTO office.

Learn more about the process of e-auction for VIP number plates.

Special VIP Number Plates

Except for the general number plates of yellow, green, and white colours that we see on the road, some other VIP number plates are issued to the personnel in India. Let’s look into these VIP number plates.

Red-coloured number plate with the National Emblem imprinted on it is used by the President of India, Governors, and the vehicle under-serviced by the State Government.

A number plate with an upwards pointing arrow is used by the Military or Army Officials.

A blue number plate with the numbers in white indicates the vehicle belongs to the foreign embassy.

Is VIP Number Plate Safe to Use?

Per the Motor Vehicles Act of 1988, every vehicle owner must carry a valid registration certificate to ply the vehicle legally. The VIP registration numbers from 1 to 9999 are allotted by the auction conducted by the RTO offices.

Some individuals use a unique combination of alphabets and numbers to make their vehicle look extraordinary by writing words such as SWEET, BOSS, designation, names, etc. The Indian Government has prohibited such number plates and mandated an HSRP number plate.

Someone breaching the regulations is considered an offender and bears the penalties.

Learn more about guidelines for VIP number plates.

Pros and Cons of Using VIP Number Plate

Anyone would want to look unique in the crowd of hundreds of vehicles in town. However, the personalisation comes with some complications if the provisions laid by the government are not followed. Along with the advantages of fancy registration number plates, some consequences are also involved that you must pay attention to.

Pros of VIP Number Plate	Cons of VIP Number Plate
It will make you look and feel like the man of the town by embossing your name or logo into a number plate that circulates in the city.	Although you'd like a good image of your name and logo on the special number plate, it might not work out that way for you if you don’t have a good personality. So be wise while making a decision. If your loved ones refuse, it's possible that dropping the idea will be the smartest thing to do.
When you're driving, it's not just going to notify everyone of your presence, but it's going to make you stand out just by being parked outside your house.	The VIP number plate will become a mockery topic if this isn't the right vehicle. Create a balance with a fancy car, then place a fancy number plate on it.
A personal number plate may increase the sophisticated appearance of a wealthy man you'd like to make by means of an appropriate car and someone who can drive it.	With so many rules and regulations laid down by the Traffic Police about these fancy number plates, you should avoid risking your car being stopped occasionally for a check.
VIP number plate adds the air of sophistication you might want to create by choosing a suitable font, style and text.	Having a regular number plate allows you to drive safely on roads. And decreases the chances of theft and mishappenings.

Bottom Line

A regular number plate has a white or yellow number plate with numbers and alphabets imprinted with black colour. No doubt, having a VIP number plate scales up your standard, but only when the individuals follow the provisions laid by the central and state governments. Hence, follow the regulations and key mandates of the government to avoid any difficulties in the future. If you are caught violating the laws of VIP number plates, then even car insurance cannot reimburse it, and you may find it difficult to proceed with a claim.

Types of Vehicle Permit and Fees For Motor Vehicles

In India, a permit is a legal document that allows a commercial or transport vehicle to ply on public roads. All commercial vehicles, including taxis, buses, trucks and goods carriers, require a permit issued by the Regional Transport Office (RTO). The RTO issues different types of permits depending on the nature and intended use of the vehicle. This article will discuss the different types of permits and their associated fees.

Types of Permits

Goods vehicles are used to transport goods and require a goods vehicle permit, while passenger vehicles, such as buses or taxis, require a passenger vehicle permit. These permits ensure compliance with rules and help maintain safety standards during interstate transportation.

Goods Carriage Permit
A goods carriage permit is required for any vehicle transporting goods. The permit is issued for a specific route, and the vehicle can ply on that route only. The fee for a goods carriage permit varies depending on the vehicle type and the permit duration. The fee for goods vehicles with gross vehicle weight up to 7.5 tonnes is INR 1.5K annually. The fee is INR 2K annually for a vehicle weighing more than 7.5 tonnes.
Private Service Vehicle Permit
A private service vehicle permit is required for any vehicle used for employee transportation or other non-commercial purposes. The permit is issued for a specific route, and the vehicle can ply on that route only. The private service vehicle permit fee varies depending on the type of vehicle and the permit period. For a vehicle with a seating capacity of up to 6 passengers, the fee is INR 1K per annum. The fee is INR 1.5K per annum for a vehicle with a seating capacity of more than 6 passengers.
Stage Carriage Permit
Stage carriage permits are required for regular passenger vehicles such as buses, minibuses and vans. The permit is issued for a specific route, and the vehicle can ply on that route only. The fee for a stage carriage permit varies depending on the vehicle type and the permit duration. For a vehicle with a seating capacity of up to 6 passengers, the fee is INR 2.5K per year. For a vehicle with a seating capacity of more than 6 passengers, the fee is INR 4K per year.
National Permit
A national permit is required for any vehicle used for interstate transport of goods or passengers. The permit is issued by the Ministry of Road Transport and Highways and is valid throughout India. The fee for a national permit varies depending on the vehicle type and the permit duration. For a goods vehicle with a gross vehicle weight of up to 7.5 tonnes, the fee is INR 15K for 5 years. For a vehicle weighing over 7.5 tonnes, the fee is INR 20K for 5 years.

Permits Available For Passenger Vehicles

In India, the following types of permits are issued by RTOs for passenger vehicles:

All India Tourist Permit: This permit is issued to commercial vehicles nationwide for tourist purposes.
National Permit: This permit is issued to commercial vehicles that transport goods or passengers across states in India.
State Permit: This permit is issued to commercial vehicles that transport goods or passengers within a particular state in India.
Contract Carriage Permit: This permit is issued to commercial vehicles hired for a specific purpose or route.
Private Vehicle Permit: This permit is issued to private vehicles used for personal use, not commercial purposes.
Permits for Auto Rickshaws and Taxis: MLO Burari issues this vehicle permit to taxis and auto rickshaws operating in the province of Delhi. These vehicles typically use metres to create their tariff.
Eco-Friendly Sewa: All vehicles with three wheels and run-on batteries must take this vehicle permit. With the driver, these cars can hold up to 11 passengers.
Institution OR School Buses: This vehicle permit details are given to vehicles that educational institutions possess. These vehicles are usually painted golden yellow and relieved of the road tax.
Permits on a Temporary Basis: This vehicle permit details are given to the vehicles so that they can operate outside the limits of Delhi for a specific time. A vehicle must satisfy the following criteria before obtaining a provisional permit:

For religious affairs or resolution
For any cyclical business
The vehicle colour needs to be white
The seating capacity should be 5 only

Rent a Cab Permit: If you have cab rent dues, you must meet the following standards to obtain a Rent a Cab permit:

You should have a 24/7 telephone and enough parking space.
You should own a minimum of 50 cabs, and 50% of them must be air-conditioned.
The passenger tax will be paid in the state where the vehicle runs.

Vehicle Permit Fees and Permit Period for Goods Vehicles & Passenger Vehicles

We have provided a table below to give you an idea of the fees and duration for good and passenger vehicles.

Local Permit

Vehicle Type	Amount of Fees	Period of Permit
Heavy Good Vehicle	INR 2500	5 years
Light Goods Vehicle or LGV	INR 2000 and INR 500 for Authorization	5 years and 1 year

National Permit

Vehicle Type	Amount of Fees	Period of Permit
Light Goods Vehicle or LGV	INR 2015 and INR 500 for Authorization	5 years and 1 year
Heavy Good Vehicle	INR 2515	5 years

Fees for Motor Vehicle Permits

To obtain a National Permit for any vehicle category, a person has to select at least 3 states other than Delhi. The compound fee should be deposited through Bank Draft as specified by the respective states.

Here is a list of the fees charged for getting a National Permit for different states in India.

Name of the State	Amount
West Bengal	INR 5000
Orissa	INR 5000
Assam	INR 5000
Meghalaya	INR 5000
Bihar	INR 5000
Haryana	INR 5000
Madhya Pradesh	INR 5000
Rajasthan	INR 5000
Jammu and Kashmir	INR 5000
Himachal Pradesh	INR 5000
Uttar Pradesh	INR 5000
Gujarat	INR 5000
Maharashtra	INR 5000
Punjab	INR 5000
Kerala	INR 5000
Tamil Nadu	INR 3000
Andhra Pradesh	INR 3000
Pondicherry	INR 1500
Chandigarh	INR 1500

Fees and period of Motor Vehicle Permit

Here is a list of vehicle permit fees and permit periods based on vehicle type, which will help you understand the validity of the permit as per the type of vehicle.

Vehicle Type	Amount	Period of Permit
Light goods Vehicle	INR 1215	5 years
Heavy Good Vehicle	INR 1615	5 years
Busses Contract Carriage Permit	INR 1100	5 years
Busses All India Tourist Permit	INR 500	1 year
Stage Carriage Permit for Blueline, Redlines, Suvidha and Interstate Permits (Renewal fee)	INR 1100	5 years
One Point to the Other Point Permit	INR 500	4 months
Counter-signature for Haryana & Punjab – For LGV and HMV	INR 1500 & INR 2500	Both 5 years
Counter-Signature for other State Stage Carriage	INR 2500	5 years

Process To Apply For A Vehicle Permit And Its Details

The process for applying for a vehicle permit varies depending on the type of permit and the state you are applying for. However, here are some general details and steps that you can follow to apply for a vehicle permit:

Determine The Type Of Permit: The type of permit you need will depend on the purpose of your vehicle and the type of vehicle you have. As mentioned earlier, different types of permits are available, such as All India Tourist Permit, National Permit, State Permit, Contract Carriage Permit and Private Vehicle Permit.
Gather Required Documents: Once you have determined what type of permit you need, gather all the necessary documents for the application process. The required documents vary depending on the type of permit and the state you are applying for. However, some commonly required documents include a vehicle registration certificate, insurance certificate, pollution under control (PUC) certificate, ID proof and address proof.
Submit The Application: Visit the nearest Regional Transport Office (RTO) and submit the application and required documents. Make sure that the application form is filled correctly and completely.
Pay The Fee: You must pay the required fee for the permit application process. The fee may vary depending on the type of permit and the state in which you are applying.
Wait For The Permit To Be Approved: After submitting the application and paying the fee, you will have to wait for the permit to be approved. Processing time for permits can vary depending on the type of permit and the state in which you are applying.
Collect The Permit: Once the permit is approved, you can collect it from the RTO office.

It is important to note that the process and requirements for a vehicle permit may vary depending on the type of permit and the state in which you are applying. For more information on specific permits and their application process, it is best to contact the local RTO office, such as Gujarat RTO, Uttar Pradesh RTO, Ahmedabad RTO, Rajasthan RTO, Delhi RTO, Uttarakhand RTO, Bihar RTO, etc.

Conclusion

A permit is required for all commercial and transport vehicles to ply on public roads in India. The type of permit required depends on the nature and intended use of the vehicle. The fees associated with the permit vary depending on the type of permit, the type of vehicle and the duration of the permit. Apart from the permit fee, there are other fees associated with motor vehicles, such as registration fee, fitness certificate fee and ownership transfer fee. It is essential to keep track of all fees and renew permits and certificates on time to avoid any penalty charges.

Follow Traffic Rules - Get Incentives by RTO

RTO Decides to Give Incentives for Following Traffic Rules

As traffic in every part of the country is increasing by many folds, the government and the departments are taking all possible measures to increase the safety of all drivers. If everyone follows the traffic rules, the number of accidents on the roads will considerably reduce. To encourage more people to follow good road manners, the RTO decides to give incentives for following traffic rules.

Expected Change in Traffic Rule

As per this rule which should come into force soon, if any person has not violated any traffic rules in five years, he or she will be eligible to get a discount on the insurance premium. On Tuesday (5^th February 2019), a safety workshop was held, where Shekhar Channe, the State Transport Commissioner gave these recommendations.

The Insurance and Regulatory Authority of India (IRDAI) will now get recommendations from the Transport Authority about low insurance premium based on the record of following good road manners. All those people, who have often offended traffic rules, will need to pay a higher premium for the insurance of their vehicles. This move should act as a deterrent and the payment of higher amount as premium would ensure that these people start to take the traffic rules seriously.

In the safety workshop, Channe also said, that it will now be compulsory for all bike and scooter dealers to provide helmets to all the buyers of two wheelers. He said that helmets are lifesaving gears, and should be provided at the time of the purchase and there should be no charges for it. It was suggested that each buyer gets two helmets and if this rule is not complied with, complaints can be lodged in the local RTO office.

Figures prove that there are about 70% fewer injuries when helmets are used by the people on two wheelers. There is also a proposal to identify the areas of high risk for mishaps and put the same on the websites for the information of all.

The Scenario Now

In India, as of now, the pricing of the insurance premium is based on the vehicle and not the driver. Thus, in the present scenario, the data for violation of rules will only be used as peripheral data. As per Sanjay Dutta, ICICI Lombard’s Chief of Underwriting and Claims, this data will help find out the frequent violators, but will not affect the pricing of the policy at large. In countries like the USA, the pricing of insurance is based on the driver and not the car, and thus, data about violations help immensely.

The Anticipated Collaboration

The IRDAI works on the insurance matters including pricing in the country and the RTO is responsible for rules of road, driving licenses etc. apart from many other duties. If this proposal is accepted, both the authorities will have to work together to ensure proper implementation. The calculation for insurance will need to be changed to incorporate the data and ensure the violations affect the premium.

Bottomline

Driving any vehicle in India without a Third-party Liability insurance is illegal and mostly, everyone also buys the Own Damage component to safeguard themselves against any financial loss in case of an accident. If the violation of rules, affects the premium, it is highly possible that people will start driving more safely and follow rules as they would not like to pay a higher insurance premium. Such rules and policies are needed in the country to reduce the number of accidents and also improve the traffic situation. Thus, when the RTO decides to give incentives for following traffic rules, it will become safer and better to drive on Indian roads.

Note* In India, as of now, the pricing of the motor insurance premium is based on the vehicle and not the driver.

Explore more articles and information on RTO at RenewBuy.

RTO Karnataka: Karnataka RTO List, RTO Contact Number

Karnataka Regional Transport Office (Karnataka RTO)

The provisions of the Motor Vehicles Act, 1988, state that any vehicle plying on Indian road needs to be registered in the Regional Transport Office of their respective state. The Karnataka Regional Transport Department (RTO Karnataka) implements these provisions per the Act. The Karnataka Regional Transport Office or RTO Karnataka is an indispensable part of the transport department of Karnataka. It operates under the administration of the Transport Commissioner. The Transport government is responsible for the collection of tax on vehicles, registration of motor vehicles, control of Air pollution, control of noise pollution, issuance of a licence, verification of pollution-free vehicles and enforcement of various provisions, rules and regulations provided under the following rules and acts.

The Motor Vehicles Act, 1988
The Karnataka Motor Vehicle Rules, 1989
Karnataka Motor Vehicles Taxation Rules, 1957
Central Motor Vehicles Rules, 1989
The Karnataka Motor Vehicles Taxation Act, 1957
Any other Rule & Regulation as may be provided under the aforesaid Acts.

In recent years, Karnataka RTO has made important strides to make transport-related services through a digital network, enabling the citizens to get reliable and efficient assistance for their vehicles and their transport needs.

Services Provided by Karnataka Regional Transport Office

Karnataka RTO provides the following services under the various Acts, rules and regulations.

Motor Vehicle Registration in Karnataka RTO

The vehicle owner can reach Karnataka RTO for vehicle registration-related services.

Issuing Temporary Registration Certificate of the Vehicle
Registration of New Vehicle with the registration details
Issuing and Renewing of Trade Certificates
Issuing and Renewing Fitness Certificate
Issuing any Fresh Registration certificate, duplicate registration certificate or re-registration certificate of any vehicle
Change of address of the vehicle owner
Provides no objection or clearance certificate to the vehicle
Providing a certificate of transferring ownership of the vehicle
Renewal of the registration certificate of non-transport vehicle like Cars, Jeeps, Motorcycles, etc
Noting and termination of Hypothecation, Hire Purchase or Lease Agreement
Providing refund for tax in case of Lifetime tax
Surrender and release of vehicle records or Cancellation of the Registration certificate
Any other function as may be provided under the aforesaid Acts, rules and regulations

Issuance of License in Karnataka RTO

Karnataka Regional Transport Office provide the following license-related services.

Issue and renewal of Driving license
Issue of learner license
Issue of Duplicate license
Issue permit for International Driving
Renewal of Driving or Conductor license

Collection of Taxes on Motor Vehicles in Karnataka RTO

Karnataka RTO’s responsibility includes collecting the following taxes on motor vehicles and noting various tax exemptions provided under the act.

Quarterly Tax
Border Tax
Lifetime Tax
Composite Tax
Green Tax
Any other tax as may be provided

Issuance of Permit in Karnataka RTO

Karnataka RTO’s service includes the issuance of a permit, both temporary and permanent, to various passengers as well as good vehicles, which include the following:

Luxury cabs
Maxi cabs
Auto rickshaw
Prepaid Taxi
City Cabs]
Private sector vehicles like cars, motorbikes, etc.
Goods carriage
Buses of Educational Institutes

Other Functions of RTO Karnataka

Karnataka RTO provides the following additional services and primary services mentioned above.

Measures for Road Safety: Karnataka RTO ensures to undertake various safety measures on the road and ensure its implications. It also enforces traffic rules.
Measures for Control of Air and Noise Pollution: Karnataka RTO ensures the proper check of Air and Noise Pollution and enforces rules and regulations to keep pollution in check. Karnataka Regional Transport office also ensures that all the vehicles have a pollution-free certificate before plying on the road and are subject to a fine in case of failure.

Various Charges of Karnataka Regional Transport Office

There are various charges levied on the registration of a vehicle by Karnataka RTO, which must be paid at the RTO counter at the time of registration. The charges include the following:

The registration fee for the application is to be paid by the applicant.
The fee for the fitness certificate is applicable.
To avoid the Smart Card facility- Rs 137 is paid at the counter, and later, Rs 63 has to be paid online to the vendor of the Smart card.
In case of registration of two-wheelers- Rs 6,000 for normal registration or Rs 25,000 for fancy registration.
In case of registration of four-wheelers- Rs 25,000 for normal registration or Rs 75,000 for fancy registration.
For other vehicles, the normal registration cost is Rs 30,000 or Rs 75,000 for fancy registration.

Karnataka RTO List with Address

There are 67 Regional Transport Offices in Karnataka actively functioning in the state. The table below contains all the RTOs in Karnataka, stating their locations, addresses, RTO codes and working hours.

Address of Commissioner of Transport and Road Safety: Shantinagar, Bengaluru ( 1st Floor, A Block) – 560027

Phone number: 080-22210994

Email: transcom@nic.in

Fax: 080-22235804

Karnataka RTO Locations & Address	Karnataka RTO Codes
Koramangala, Bangalore, BDA Complex 3rd Block, Pincode - 560034	KA-01
Rajajinagar, Bangalore, BBMP Complex, Pincode - 560010	KA-02
Indiranagar, Bangalore, BDA Complex 2nd Floor, Pincode - 560038	KA-03
Yeshwanthpur, Bangalore, Railway Station Road, Pincode - 560022	KA-04
Jayanagar, Bangalore, BMTC Bus Stand, 30th crossroad, Pincode - 560011	KA-05
Tumkur, Bangalore, Honavar, Road Industrial Estate, Pincode - 572103	KA-06
Kolar, Karnataka, Rahmat, Nagar Main Road,Pincode -563101	KA-07
Kolar Gold Fields, Henry Colony, Pincode - 563120	KA-08
Mysore West RTO, Vani Vilas Road, Pincode - 570019	KA-09
Chamrajnagar, Karnataka,Pincode - 571313	KA-10
Mandya, Karnataka,Subash Nagar, Pincode -571401	KA-11
Madikeri, Karnataka,Sunny side, Abbey Waterfall Road, Pincode - 571201	KA-12
Hassan,Sri Rama Nagra, Pincode - 573202	KA-13
Shimoga, Sowlang Road, Pincode - 577201	KA-14
Sagara, Karnataka, Pathariya Road, Vinobha Nagar, Sagar, Shimoga - 577401	KA-15
Chitradurga, Karnataka, NH Service Road, Pincode - 577501	KA-16
Davangere, Karnataka, Kondajj Road, Pincode - 577006	KA-17
Chickmagalur, Karnataka, KM Road, Pincode - 577101	KA-18
Mangalore, Karnataka,Maidan Road, Nehru Maidan,Pincode - 575001	KA-19
Udupi, Karnataka, Endpoint road, Manipal,Pincode - 576104	KA-20
Puttur, Karnataka, Bannur Haradi Road, Pincode - 574203	KA-21
Belgaum, Karnataka, Ramteerth Nagar, Pincode - 590015	KA-22
Chikkodi, Karnataka, Nippani Road, Belgavi, Pincode - 591201	KA-23
Bailhongal, Karnataka, Pincode - 591102	KA-24
Dharwad, Karnataka, Hubli, Navanagar, Pincode - 580001	KA-25
Gadag, Karnataka, Malasamudra, Pincode - 582103	KA-26
Haveri, Karnataka, OLD PB Road, Netaji Nagar, Pincode - 581110	KA-27
Bijapura, Karnataka, Bagalakot Road, Pincode - 586109	KA-28
Bagalkot, Karnataka, Station Road Extention Area, Navanagar- 577101	KA-29
Karwar, Karnataka, Kodibag, Karwar, Pincode - 581301	KA-30
Sirsi, Karnataka, Choukimutt Road, Sirsi, Uttara Kannada - 581401	KA-31
Kalaburagi, Karnataka, Sedam Road, Badepur Colony, Pincode - 585101	KA-32
Yadgir, Karnataka, Chittapur Road, Pincode - 585201	KA-33
Bellary, Karnataka, Bellary Hospet Road, Pincode - 583103	KA-34
Hospet, Karnataka, Hosapete, Pincode - 583225	KA-35
Raichur, Karnataka, NH167, Ashok Nagar, Pincode - 584103	KA-36
Koppal, Karnataka, NH67, Kidadhal, Pincode - 583231	KA-37
Bidar, Karnataka, Naubad, Bidar, Pincode - 585402	KA-38
Bhalki, Karnataka, Gunj Area, Bhalki, Pincode - 585328	KA-39
Chikkaballapur, Karnataka, Chithravathi Cross, NH44, Pincode - 562101	KA-40
Kengeri, Bengaluru, Railway Layout, Main Road, Pincode - 560110	KA-41
Ramanagar, Bangalore, Mysore Road, Ramanagara, Pincode - 562159	KA-42
Devanahalli, Bangalore, Rani cross NH44, Pincode - 562110	KA-43
Tiptur, Tumkur district, Revenue Dept. Employees Society Building, Pincode - 572201	KA-44
Hunsur, Mysore district, HRBC Building, Pincode - 571105	KA-45
Sakleshpur, Hassan District, BM Road, NH48, Pincode - 573134	KA-46
Honnavar, Uttarakannada District, VG Pai Building near NH7, Pincode -581334	KA-47
Jamkhanfi , Bagalkote District, APMC Yard, Pincode - 587301	KA-48
Gokak, Belguam District, Pincode - 591307	KA-49
Yelhanka, Bangalore, KHB Commercial Complex, Pincode - 560064	KA-50
Banneraghatta, Bangalore, Electronic City, Vijaya Bank Layout, Pincode - 5600076	KA-51
Nelamangala, Bangalore District, 9th Cross, Subash Road, Pincode - 562123	KA-52
K.P. Puram, Bangalore, Bhattarahalli, Old Madras Road, Pincode - 560049	KA-53
Nagamangala, Mandya District, SH 85, Nagamangala, Pincode - 571432	KA-54
Mysore East RTO, Vani Vilas Road, Pincode - 570001	KA-55
Basavakalyan, Karnataka, NH 9, Basavakalyana, Bidar, Pincode - 585327	KA-56
Shantinagar, Bangalore, Pincode - 560027	KA-57
Banashankari, Karnataka, Pincode - 560050	KA-58
Chamrajpet, Bengaluru, Pincode - 560019	KA-59
R.T Nagar, Bengaluru District, Pincode - 560032	KA-60
Marathahalli, Bangalore, Pincode - 560037	KA-61
Surathkal, Mangaluru, Dakshina Kannada, Pincode - 575014	KA-62
Hubballi, Karnataka, Pincode - 580026	KA-63
Madhugiri, Tumakuru, Pincode - 572132	KA-64
Dandeli, Pincode - 581325	KA-65
Trikke, Chikkamagaluru District, Pincode - 577101	KA-66

How to Know Your Karnataka Regional Transport Office?

Follow the mentioned process to know your Karnataka RTO details.

To register your vehicle, you can visit the Regional Transport Office in your area or locate your RTO based on your Pincode or region. The RTO located in your region will only provide permanent vehicle registration. In some cases, the car provider and temporary registration also provide permanent registration on your behalf after providing you with the prescribed documents. Your region is according to your permanent address, and the RTO in your area is to be applied for permanent registration.
In other cases, after registering, you can check the vehicle's number plate to know your Karnataka RTO. The first alphanumeric digits state the RTO of the vehicle. The first two alphabets are the state code- KA for Karnataka, and the next two digits are the RTO code in which it is registered.

Why do You Need to Register Your Vehicle in Karnataka?

The Motor Vehicles Act, 1988 (Central Act 59 of 1988) prohibits anyone from driving a vehicle in a public place or plying on the road without validating the vehicle. Therefore, a vehicle owner needs to freely register one or more vehicles to use their mode of transport in the state. Permanent Registration is required for all vehicles which have Temporary Registration. The Motor Vehicles Act, 1988 prohibits a vehicle without a valid registration to run on the road. Every vehicle must be registered at the Karnataka Regional Transport Office to drive freely in Karnataka.

Types of Vehicle Registration in Karnataka RTO

Karnataka RTO offers the following two types of vehicle registration that allow the vehicle owner to drive their vehicle legally in India.

Temporary Registration: Every car dealer provides a temporary registration number to the car owner in Karnataka.

The temporary registration number is issued at the time of purchase of the car. It is valid only for 7 days/30 days from the date of issuance of the temporary registration number by the car dealer to the vehicle owner.
The owner has to apply within 7/30 days for the permanent registration of the vehicle in the Regional Transport Office of their regional area.

Permanent Registration: Permanent Registration is required for all vehicles with temporary registration. To register a vehicle, including a car, motorcycle, bike, etc., permanently in Karnataka, you must approach the Karnataka Regional Transport Office in the area you belong to. The application should be made in Form 20, Form 21, Form 22 and Form 22A, and prescribed documents. This must be done within 7 days from the date of delivery of the vehicle. Under the Permanent Registration, a vehicle is registered for 15 years and will be re-registered after the period expires. The owner of the vehicle is given the concerned Karnataka RTO registration numbers.

After the expiry of the tenure, it also can be renewed for a further period of years after physical inspection.

Process of Vehicle Registration in Karnataka RTO

Follow the process to register your vehicle temporarily and permanently at the Karnataka regional transport office.

1) Process of Temporary Registration: The applicant must submit the following documents at the time of purchase of the vehicle along with payment of applicable fees and taxes.

Proof of Address- PAN Card/ Electricity Bill/ Aadhaar Card
Vehicle Insurance certificate
Pollution Under Control Certificate (PUF)
Form 21- Vehicle Sales Certificate from the authorities (only in case of Ex-army Vehicles)
In the case of imported vehicles, you are also required to submit a customs clearance certificate
Form 22- Road Worthiness Certificate provided by the Vehicle Manufacturer
In case of Semi-Trailer/ Trailer Vehicles, you must also submit a Design approval copy of the Semi-Trailer/Trailer approval.

2) Process of Permanent Registration: The permanent registration number of the vehicle is allotted by the Karnataka RTO after submitting the below documents and applicable application fees and taxes, including road tax. The vehicle number is assigned electronically and generated based on an ongoing series at the RTO Karnataka.

Once the number is registered with the RTO Karnataka, a vehicle registration certificate is sent through speed post to the vehicle owner's registered address.

Temporary Registration Number of the vehicle.
Invoice of the vehicle
Pollution Under Control Certificate (PUC) of the vehicle.
Form 21- Sales certificate
Form 22- Roadworthiness certificate of the vehicle by the vehicle manufacturer.
Age and Address proof documents include PAN Card, Aadhaar Card, Electricity Bill (for address proof), and passport-sized photographs.
Vehicle Insurance Certificate.
In case of Semi-Trailer/ Trailer Vehicles, you must also submit a Design approval copy of Semi-Trailer/Trailer approval.
In case of imported Vehicles, you must also submit a custom clearance certificate.
In case of Loan hypothecation of the vehicle, form 34 must be filled and submitted.

3) Process of Registration of Vehicles Brought From Outside Karnataka: If you have purchased a second-hand vehicle from outside Karnataka, you must register your vehicle in one of the Karnataka Regional Transport Office. For registration vehicles brought from any other state, you will have to submit the following documents at Karnataka RTO:

Age and Address proof documents, which include PAN Card, Aadhaar Card, and Electricity Bill (for address proof) along with passport-size photographs
Vehicle Insurance Certificate
Print of the Chassis copy
Pollution Under Control Certificate (PUC) of the vehicle
Application in Form FT and Form 27
Form 28- No- Objection Certificate obtained from the Regional Transport Office when the vehicle was registered there
Form 29- Notice of transfer of ownership of the motor vehicle.
Form 30 and Form 33 for change of ownership and address are required to be filled and submitted.

4) Process of Transfer of Ownership of Vehicles at Karnataka RTO: If you wish to transfer your owner vehicle legally to any other person outside the state of Karnataka, then you must visit Karnataka RTO with the below-stated documents:

Form 29 and Form 30-Vehicle Transfer Application filled with required details
Form 31- In case of transfer of Vehicle due to inheritance
Form 32- In the case of transfer of the Vehicle through a public auction
An affidavit in which the sale and purchase of a Vehicle is stated should be submitted
Registration Certificate of the Vehicle
Original Copy of the vehicle chassis number
The insurance Certificate of the Vehicle is to be submitted
No-Objection certificate has to be obtained from the original registration authority, that is RTO Karnataka
In case the owner has purchased the Vehicle on loan, No- Objection certificate is also required to be obtained from the financer
Age and Address proof documents, which include PAN Card, Aadhaar Card, and Electricity Bill (for address proof) along with passport size photographs

Fancy Number Registration in Karnataka Regional Transfer Office

If you want a fancy registration number for your vehicle at Karnataka RTO, you must pay additional charges.

Price for Fancy Registration:
1. For two-wheeler vehicles- The cost is Rs.25,000/- for fancy number registration
2. For four-wheeler vehicles- The cost is Rs.75,000/- for fancy number registration
For other vehicles: The cost is Rs.75,000/- for fancy number registration
Process of Fancy Registration: The process and documents required for fancy registration are the same as those required for Permanent registration of the vehicle, with just a higher amount of registration fees to be paid at the time of application.

Note* Read more articles related to RTO here.

Karnataka RTO FAQ

How can I check RC details in Karnataka?

Ans. Visit the Parivahan official portal. Scroll to the vehicle-related services section and go to the vehicle registration tab. Provide your state name as Karnataka, then your registration number, and select the concerned Karnataka RTO. You can check the RC details and download the updated RC there.

2. Which registration is Ka 67?

Ans. Vehicles registered under Chintamani RTO have the registration number plate with KA-67.

3. Which district is KA 63 in?

Ans. KA 63 reflects the vehicle registered in Hubli RTO in Karnataka.

4. Which district is KA39 in?

Ans. The vehicles registered under Bhalki City RTO are distributed with the RTO code KA 39.

RTO Urges To Check PUC Centres Online

Check PUC Center Nearby Online

The Government urges motorists to check PUC (Pollution Under Control) centres online. Vehicle owners are required to check its website to locate centres authorized to locate PUC certificates.

Recently, the Government cracked down on specific PUC centres that issue PUC certificates. The move came in response to the numerous complaints that it received recently. They accused specific centres of issuing PUC certificates without properly checking the vehicle’s emission levels. The crackdown resulted in the closing of almost all centres that issued PUC manually.

The officials have also made it mandatory that PUC should be issued online. It has created a situation where motorists struggle to locate PUC centres in their locality. If you face this dilemma, you can check RTO’s official portal. It features 50 centres that issue PUC online. parivahan.gov.in also offers information in this regard.

Check PUC Centres Online

Vehicle owners planning to apply for PUC are advised to visit the authority’s official portal. Choose a centre in your locality. Take the vehicle there and follow the instructions you receive at the centre.

What does the PUC contain?

Your bike’s license plate number
The date the vehicle underwent the check
The expiry date of PUC

The process won’t cost you more than INR 62-100. It may vary depending on the type of two-wheeler and the fuel used. If your vehicle passes the test, you get PUC on the same day. If it is higher, the centre will report it to the authorities, and you must follow their advice.

PUC Validity

Your PUC is valid for one year from the first test date. Once expires, the driver will test their two-wheeler twice a year. The validity of a PUC, in general, is six months. If the vehicle is found to violate the general norms, validity depends on the observations of the test centre.

Preparing the Vehicle for the PUC Inspection Process

Do the following to ensure that you get the PUC in the first attempt:

Clean the engine so that no exhaust remains remain in your vehicle. Dirt may cause higher emissions and will affect the test results.
Tune your vehicle
Warm it up

What is the Need for PUC?

The law mandates a PUC certificate. But do you know that your PUC is your contribution toward protecting our dear planet? Get it and serve Mother Nature in the following ways:

Protect the food chain: When carbon dioxide emissions increase, nature’s inherent food chain gets affected. The reason behind this is that any element in excess destroys nature’s inherent balance. Get a PUC, and you will minimize it in your way.
Lower global warming: Gas and oil vehicles are considered the main villains in creating pollution in the environment. Keeping an eye on the pollution level emitted by your vehicle is a must. Be a part of initiatives to minimize pollution and protect the planet.

Get a PUC. Be a responsible citizen. Protect the earth; our next generation needs it.

Also Read,
Motor Insurance
Get a Duplicate RC Book
Apply for a Driving Licence

RTO Rules For Luggage Carrier On Private Car in India

What are the RTO rules For Luggage Carrier On Private Cars in India?

It is a myth that carriers are specially allowed for commercial cars in India. The truth is that even private cars can install luggage carriers whenever they want to, without any legal consequences. How often do we feel the need for extra spaces to accommodate our luggage bags while travelling? Most of the time, whether we are out for camping or a road trip, or travelling to a different city, we end up stuffing the extra baggage inside the car, leaving little or no space for the co-passengers. However, if we install a luggage carrier on the roofs of our cars, it gives enough space room for both the travellers to enjoy their journey in the most relaxing way possible. There are no mandatory rules or guidelines to be followed; the owners might have to take due permission from the RTO. The owners can easily visit the RTO office to get the necessary information about the installation rules in their region or city.

Validation For Installation of Car Luggage Carrier

Every vehicle registered under the RTO has to obey the rules and regulations dictated by the regional office. As per the rules declared by the state, some region might demand the owner to seek permission for installing carriers on private cars. The question about carrier installation being legal under RTO guidelines is only meant for private cars because the commercial cars already have a separate mention of purpose and type of business it is being registered for. However, the Motor Vehicle Act, 1988 states that the installation of baggage carriers on the roof of private cars is not prohibited and that the owner can use it as per their wish and requirement. The rules had been listed explicitly for private four-wheelers On-Road Fine.

Installation of carriers is completely legal irrespective of the type of car you are driving down the road. Hence, no official or police will be able to give a ticket or fine you for a carrier on the rooftop of your private, registered car. This contrasts with the fact that the owners shall have to seek permission from the RTO office for any other modification to the engine or the car's exterior. This is also implemented if the car (private or commercial) has been subjected to any kind of colour change, etc. This is because any attempt to tamper with the authenticity or identification of the car will be considered an offence and liable to strict legal actions.

Is Car Luggage Carrier Installation Varies For Different Types of Cars?

Although the RTO India does not prohibit carriers, some states might want to create a fuzz. Hence, it is advised that the owners should double-check and seek permission to install carriers for any specific reason. However, the Motor Vehicle Act is universally accepted in the entire country, which does not prohibit any private four-wheeler from installing a luggage carrier rack or box on the roof of the car. There is also no exception for cars running on CNG or liquid fuel like diesel or petrol. However, private cars should be registered and proper mention of RTO vehicle details to avoid legal harassment.

Interstate Travelling with Car Luggage Carrier

Road trips are not confined to intra-states or intra-cities. Some people wish to drive their car to different cities for adventure or their ease. Since the RTO does not prohibit carriers in the country, it is practically not an offence to travel by your luggage tied on the roof of your car. However, you can always check the RTO online websites for information regarding the rules and regulations declared in different states for the safe side.

Conclusion

Any car, private or commercial, should be legally registered under the RTO. The RTO is responsible for issuing the license, trade certificate, and renewal of registration or certifications of any kind. However, the cars' primary responsibility is to never believe in myths and only proceed after completing all the necessary documentation stated by the regional RTO office.

Must Read: How to compare and buy the best car insurance in India?

Know The Key Differences Between RTO and DTO

RTO and DTO: An Overview

Buying your first vehicle is an unmatched experience, whether you are buying it for personal or business purposes. But is buying the vehicle make you eligible to drive it on the road? No. After purchasing a vehicle, you need legal permission and a unique identity to ply it on the road within or outside the state. How do you do that? Well, the RTOs are government-owned bodies established to facilitate all the transport-related processes for vehicle owners and ensure the people's security and safe transportation on roads.

The Regional Transport Office or RTO is an organization under the Motor Vehicle Act, 1988 of the Government of India, which holds the operational aspect of the transportation department. The key responsibility of an RTO is keeping track of the number of vehicles and drivers throughout the country. Whether it be issuing a valid driving license, vehicle registration, collecting taxes, or issuing NOC, you are required to visit the nearest RTO in your city. But are RTOs available in a small town or district? The question can trouble anyone. DTOs are formed at a district level to solve your vehicle-related concerns. The terms RTO and DTO can be confusing at times. In this article, we will discuss the difference between DTO and RTO. Before that, let’s understand the basic functions of both RTOs and DTOs. Let’s begin!

What is RTO?

The full form of RTO is Regional Transport Office, also known as the Regional Transport Authority (RTA). After the formation of the Motor Vehicle Department under the Motor Vehicles Act of 1988, it was necessary to form regulatory bodies to control and oversee the transport-related activities in each state of India. As per the Motor Vehicles Act, the Motor Vehicles Department is headed by a Transport Commissioner. The RTO officials have the authority to identify any untaxed vehicles entering any of the states of India to curb vehicle crimes. The RTO office introduced high-security registration plates to help improve road security. These plates also help prevent thieves and criminals from using written-off or scrapped vehicles.

Functions of RTO

The Regional Transport Office or RTO is bestowed with authority to enforce the different Motor Vehicles provisions and central and state motor vehicle rules that the Government of India has prescribed. The RTO office also performs other major functions for developing road transportation systems. Here’s an overview of the major functions of the RTO offices in India

Issuance of Driving License

The RTO involves performing valid tests and issuing different driving licenses after critically evaluating the applicant’s driving ability and understanding of traffic rules. The authority issues licenses for learners, permanent licenses for 18 years and above, commercial drivers, and international driving applicants. Apart from the issuance, the RTO deals with license renewal, issuance of duplicate licenses, suspension of the license in violation of rules, etc.

Vehicle Registration

Maintaining the vehicle database is one of the primary duties of the RTO. All new vehicles are registered with the concerned RTO office and receive a license plate. RTO also takes concerns like issuing a No Objection Certificate during the sale of the vehicle and issues of duplicate or renewed registration certificates after conducting an inspection.

Collection of Tax & Charges

The government levies certain taxes and duty charges when a vehicle owner drives the vehicle or get benefitted from certain transportation services. The RTO also collects the road tax and other taxes as applicable, which are used for the further development of the transport department. Note that the transport department is one of the major sources of revenue generation in the state.

Vehicle Inspection

The vehicle plying on roads should follow the traffic rules and regulations mentioned in the Motor Vehicle Act. The RTOs conduct inspections before granting any certificate like a renewal of registration, NOC, or transfer of ownership. Also, the officials inspect the mechanical fit of the vehicle before registering the fitness certificate.

Ensuring Road Safety

Road accidents are one of the major causes of death all over the globe. The RTO implements the required measures and safety regulations to minimise road accidents. The officials ensure that the vehicle owner has all the updated documents. Also, RTO is responsible to update the general public about road safety measures and actions.

Grant Permit

Every commercial vehicle needs a permit to ply on the road within the state and outside. The RTO offices grant permission to different types of commercial vehicles, including cabs, good/ carriage vehicles, tourist vehicles, permits for auto-rikshaws, and national permits. The permits are only granted after the physical inspection and document verification of the vehicle.

What is DTO?

The DTO stands for District Transport Office. A DTO is a government-owned body responsible for maintaining the database of vehicles at the district level. The basic functions of the Regional Transport Office and District Transport Office are the same; for example, a DTO conducts the license tests, inspects vehicles, and issues or renews registration certificates.

Functions of DTO

Since the responsibility of the DTO covers the district-level jurisdiction and hence includes the following functions

Conducting driving tests and evaluating the driver’s efficiency in driving on roads
Issuance of vehicle registration certificates to the vehicle purchased within the district.
Issue renewed, duplicated, and updated RC
Collection of motor vehicle tax
Issue permits for vehicles
Enforcement of traffic rules and regulations under the Motor Vehicle Act
Inspection of motor vehicle mechanical fitness
Conducting the pollution test on the vehicles and issuing PUC certificates
Checking the motor vehicle insurance

Difference Between RTO and DTO

Although RTO and DTO perform functions of a similar nature, there are certain key differences between the two of them. Let’s understand the difference in simple words.

The primary difference is the RTO maintains records and databases of all drivers and vehicles in the different states of India. Whereas, the DTO maintains records and databases of all drivers and vehicles of the different districts. The RTO is a state-level transport organization, whereas the DTO is a district-level transport organization.

Another notable difference between RTO and DTO is that a state can have only one RTO office but several DTO or District Transport Offices. The RTO performs prescribed functions to ensure the safety and security of both the driver and the vehicles when they are on the roads. It also performs several other functions, including registering new vehicles and issuing certificates and licenses for public transport vehicles to ply on the roads of India. Besides these, it also has the power to issue international driving licenses. DTO performs similar duties but on the district level.

Hence, the major difference between RTO and DTO is that RTO is a state-level transport organization, whereas DTO is a district-level transport organization. The major difference lies in the jurisdiction area. A state has multiple districts and can have multiple DTOs. At the same time, RTO is only one per state. For large states, there might be different RTO offices throughout the state for managing the work and responsibilities efficiently.

Final Words

Reading this article till here, you must have a clear understanding of the difference between the DTO and RTO. We have thoroughly explained the functions of Regional Transport Offices and District Transport Offices. If you need clarification regarding the roles and responsibilities of RTO and DTO and wondering where you should reach to solve your vehicle-related concerns, please reach out to the nearest transport department office.

Looking to buy or renew vehicle insurance? We, RenewBuy, are here to back you up with buying vehicle insurance and safeguarding your vehicle. Connect with a RenewBuy POSP advisor to compare motor vehicle policies, select affordable premiums, or renew the insurance in minutes.

Vehicles in India Getting High-Security Registration Plate

Every motor vehicle in India is tagged with a registration plate at the front and back of the vehicle. The registration plate is also termed as the number plate, which contains the license number (or registration number) of the vehicle. The license number contains 10 characters comprising of unique alphabets and numbers. The number plate is issued by the RTO office of the respective states where the vehicle has been purchased. The Ministry of Road Transport and Highways recently notified the amendment made in the Central Motor Vehicle Rules 1989 making the affixation of high-security number plates mandatory for all vehicles that are manufactured after April 1st, 2019.

What is a High-Security Number Plate and How Will it be Affixed?

A high-security registration plate is a highly secured version of the normal registration plate introduced to replace the old number plates. It is made with aluminium with a chromium-based hologram of size 20mm x 20mm which will be hot stamped on the top-left corner of the plate. The hologram will also feature an Ashok Chakra in a blue color. At the bottom left corner, the 7 digits permanent identification number of font size 5mm will be etched with lasers. The letters and numbers will be applied with a hot stamping film. The word “INDIA” will be inscribed on the film. Additional Stickers and adhesive labels will not be permitted to be pasted on the plate. The plates have to be affixed on the vehicle with at least two non-removable snap lock fitting system to prevent re-use or theft or tampering.

Besides sticking the registration plate at the front and bottom of the vehicle, a third registration plate also called as the registration mark in the form of a chromium-based hologram sticker has to be affixed on the left-hand top side of the windshield of the vehicle. The registration mark will contain details like registration number, name of the registering authority, PIN, and engine and chassis numbers.

Who Will Issue the High-Security Registration Plates?

Both the registration plates and the third registration mark will be issued and re-issued by the concerned registration authority or approved dealers of the manufacturer. The government could also appoint third-party authorized vendors to issue high-security registration plates. High-security number plates online registration is also being provided by the transport departments of many states in India. For any queries for applying for a high-security registration number in a state, the respective high-security number plate helpline team of the concerned transport department can be contacted.

The high-security registration plates will be first affixed on the vehicle and then the registration number will be carved on it. After the registration number is being carved, they will go through thorough scrutiny by the concerned RTO inspectors. After the scrutiny, the RTO inspector will affix the approval stamp and then dispatch the RC book to the owner.

Why This Step Has Been Taken by The Ministry of Road Transport and Highways?

In India, the number of thefts of motor vehicles has been on a rise in recent times. Earlier RTO number plates were easy to be removed and tampered with. As a result, it becomes very difficult to locate lost and stolen vehicles. The high-security registration plates cannot be tampered with by any mean and will help a great deal in curbing vehicle thefts. Moreover, high-security registration plates will ensure and maintain uniformity in the pattern and style of registration plates of vehicles throughout the country.

Can Vehicles Manufactured Before 1^st April can Opt for High-Security Registration Plates?

Owners of vehicles purchased prior to 1^st April 2019 can also opt for obtaining a High-Security Registration Plate. But before that, the old registration plates have to be surrendered and destroyed. They can get it issued by state-appointed authorized vendors. It has also been reported that since the old registration plates will be completely dismantled, the old vehicles have to apply for registration again to receive the new registration plates. But the finalization of the procedure of issuing new registration plates to old vehicles has been kept on hold due to the Lok Sabha elections 2019. Now that the elections are over, a decision on the same could be expected from the Ministry anytime soon.

Note: More articles and information on vehicle insurance at RenewBuy & RTO at RTO articles.

Get Shorter Waiting Period in Pune RTO Office for Driving Test

Driving Test in Pune RTO: An Overview

Availing a driving license in India requires the applicant to undergo a driving test. To begin the process, the applicant must first apply for a learner’s license, which demands a computerized MCQ test. After holding a learner’s license for at least 30 days, they can apply for a permanent driving license at Pune RTO, which requires the applicant to undergo a practical driving test.

But, the waiting period for getting a slot for appearing in the driving test sometimes extends beyond months, which can get very painstaking. Driving license tests are conducted at the test tracks and premises of the state’s RTO office. Due to India’s huge population, the number of applicants awaiting their driving test daily is relatively high. And that is why the waiting period in India is generally very long.

Reason Behind Long Waiting Period in RTO Pune

The residents of Pune have faced the issue of a long waiting period for a driving test for quite some time now. In September 2018, following a Supreme court order, the Maharashtra government suspended thirty-seven Pune RTO officials from their office because they issued fitness certificates to vehicles without proper checking. Out of these 37 officials, 13 were from RTO Pune.

As a result, there has been a considerable decrease in human resources at the RTO Pune office, forcing the Pune RTO authorities to reduce the number of tests for learner’s and permanent driving licenses. The driving test for a four-wheeler permanent license is conducted at the Institute of Driving Training and Track in Bhosari. While the two-wheelers permanent license, tests are being conducted at the Phulenagar RTO Pune. The learning license test is conducted at the Pune RTO office near Sangamwadi.

Prior to the suspension, the total appointments given per day to learner’s license seekers were 450 and to permanent license seekers were 585. The numbers have been reduced to 350 and 442, respectively, post-suspension. Due to the suspension, the Pune RTO office ran short of inspectors and assistant inspectors handling such appointments. Due to this, even if the applicants received an appointment date while filling out the application, they had to wait a few additional days to appear for the test as the staff was getting overburdened with work.

Earlier, the facility for filling out an online application was not available at the Institute of Driving Training and Research (IDTR) track in Bhosari, where tests for four-wheeler licenses were held. However, since the commencement of the online appointment system, the number of applications for both learning and permanent licenses increased tremendously at Pune RTO, pushing the waiting period beyond four to five months.

Hardships Faced by Applicants Due to a Long Waiting Period

When the appointment date for a driving license gets scheduled for an extended period, the learner’s license expires. This requires the applicants to re-appear for the learner’s license to be eligible for a permanent license. This results in the applicant going back and forth on the same procedure again and again at Pune RTO. This was a major cause of concern for the applicants. Pune RTO started receiving various complaints from the citizens, under which the number of appointments per day was increased by 30. But it didn’t succeed in making much of a change

Government Measures To Reduce the Waiting Period in Pune RTO

In Feb 2019, considering the hardships the citizens face, the Maharashtra government ordered the reinstatement of all 37 suspended Pune RTO officials immediately. After the suspended officers resumed duty, for the convenience of the applicants for availing a DL promptly, Pune RTO took an important step to increase the number of driving tests to be conducted per day at IDTR by 50 from 1st May 2019. Prior to May 1st, the number of driving tests conducted in a day in IDTR was 175, which has been raised to 225.

Pune RTO has also decided to conduct driving license tests on weekends and public holidays. Earlier tests were conducted only on weekdays. The Pune RTO has appointed its officials on a rotational basis to conduct the tests on weekends. These steps resulted in significant relief to the residents of Pune, freeing them from the lengthy timeline of availing a driver’s license.

Note: More articles and information on vehicle insurance at RenewBuy & RTO at RTO articles.

Uttar Pradesh RTO List, Code And Taxes Details

Uttar Pradesh RTO: History and Establishment

The history of Uttar Pradesh RTO (UP RTO) is drawn from 1947 and was initially named UP Government Roadways. Under the provision of the Road Transport Act of 1950, it was renamed Uttar Pradesh State Road Transport Corporation (UPSRTC) on the 1st of June, 1972. The act of the RTO UP department is to provide services to passengers and necessary documents to vehicle owners. Activities such as checking pollution, tax collection, road transport rule enforcement, etc., are primary duties of the Uttar Pradesh RTO.

Basic Information About RTO Uttar Pradesh

The Uttar Pradesh State Road Transport Corporation is spread across the state consisting of 20 Regional offices, 6 zonal, 115 Bus Depots and 301 Bus Stations. The transport department in Uttar Pradesh is headed by the transport commissioner Shri Chandra Bhushan Singh (IAS), who grants certificates and permits to commercial and non-commercial vehicles. The head of RTO UP is responsible for carrying out an organised public transport system in all areas under its jurisdiction. The RTO department in UP (RTO UP) looks after smooth transportation and convenient road travel for passengers. The government continuously plans multiple expressways to ease business and improve socio-economic development in Uttar Pradesh.

Functions Performed By Regional Transport Offices in Uttar Pradesh (RTO UP)

Just like the Regional transport offices of other states, RTOs in Uttar Pradesh also have the same primary functions. The department looks after all the major aspects related to transportation. Issuing licenses, granting certificates and permits, collecting taxes, conducting taxes, and maintaining road and passenger safety is the primary function of Uttar Pradesh RTO.

To enhance user convenience, the Uttar Pradesh RTO department also provides online services through which they can fill up the required details along with the form. After updating the supporting documents and photographs, RTO UP verifies the details and issues the desired document. Listed below are the functions performed by RTO in UP.

Conducting an online test for learner’s license and issuance of Learner’s license
Conducting driving tests and issuance of driving license
Granting registration certificates of vehicles and facilitating renewal
Issuance of duplicate registration certification in case of loss/theft/damage of the original RC
Granting all India permit to commercial vehicles
Implementation and collection of taxes
Issuance of vehicle fitness certificate
Issuance of Pollution Under Check (PUC) certificate
Facilitates transfer of vehicle ownership in case of selling/buying/death
Issuance of NOC
Address update
Issuance of the conductor’s license
Granting international driving permit
E-challan services

UP RTO Offices List

UPSRTC (UP RTO) has its headquarters in Lucknow and it has 77 RTOs in the state. Listed below is the list of total RTO offices in different districts of Uttar Pradesh, along with their state codes.

Sr. No.	RTO CODES	RTO NAMES
1.	UP 11	SAHARANPUR
2.	UP 12	MUZAFFARNAGAR
3.	UP 13	BULANDSHAHAR
4.	UP 14	GHAZIABAD
5.	UP 15	MEERUT
6.	UP 16	GAUTAM BUDH NAGAR
7.	UP 17	BAGHPAT
8.	UP 19	SHAMLI
9.	UP 20	BIJNOR
10.	UP 21	MORADABAD
11.	UP 22	RAMPUR
12.	UP 23	JYOTIBAPHULE NAGAR
13.	UP 24	BADAUN
14.	UP 25	BAREILLY
15.	UP 26	PILIBHIT
16.	UP 27	SHAHJAHANPUR
17.	UP 30	HARDOI
18.	UP 31	LAKHIMPUR KHIRI
19.	UP 32	LUCKNOW
20.	UP 32A	TRANS GOMTI OFFICE LUCKNOW
21.	UP 33	RAEBARELI
22.	UP 34	SITAPUR
23.	UP 35	UNNAO
24.	UP 36	AMETHI
25.	UP 37	HAPUR
26.	UP 38	SAMBHAL
27.	UP 40	BAHRAICH
28.	UP 41	BARABANKI
29.	UP 42	FAIZABAD
30.	UP 43	GONDA
31.	UP 44	SULTANPUR
32.	UP 45	AMBEDKAR NAGAR
33.	UP 46	SHRAVASTI
34.	UP 47	BALRAMPUR
35.	UP 50	AZAMGARH
36.	UP 51	BASTI
37.	UP 52	DEORIA
38.	UP 53	GORAKHPUR
39.	UP 54	MAU
40.	UP 55	SIDDHARTHNAGAR
41.	UP 56	MAHRAJGANJ
42.	UP 57	PADRAUNA (KRUSHI NAGAR)
43.	UP 58	SANT KABIR NAGAR
44.	UP 60	BALLIA
45.	UP 61	GHAZIPUR
46.	UP 62	JAUNPUR
47.	UP 63	MIRZAPUR
48.	UP 64	SONBHADRA
49.	UP 65	VARANASI
50.	UP 65A	VARANASI
51.	UP 66	BHADOHI
52.	UP 67	CHANDAULI
53.	UP 70	ALLAHABAD
54.	UP 71	FATEHPUR
55.	UP 72	PRATAPGARH
56.	UP 73	KAUSHAMBI
57.	UP 74	KANNAUJ
58.	UP 75	ETAWAH
59.	UP 76	FARRUKHABAD
60.	UP 77	KANPUR DEHAT
61.	UP 78	KANPUR NAGAR
62.	UP 79	AURAIYA
63.	UP 80	AGRA
64.	UP 81	ALIGARH
65.	UP 82	ETAH
66.	UP 83	FIROZABAD
67.	UP 84	MAINPURI
68.	UP 85	MATHURA
69.	UP 86	HATHRASH (MAHAMAYA NAGAR)
70.	UP 87	KANSHIRAM NAGAR
71.	UP 90	BANDA
72.	UP 91	HAMIRPUR
73.	UP 92	JALAUN
74.	UP 93	JHANSI
75.	UP 94	LALITPUR
76.	UP 95	MAHOBA
77.	UP 96	CHITRAKOOT DHAM

Various Charges of Uttar Pradesh Regional Transport Office (RTO UP)

Uttar Pradesh State Road Transport Corporation (UPSRTC) levies certain fees for all its services. The vehicle owners residing in Uttar Pradesh are abide to pay the charges to use the services available under RTO UP.

Charges for Issuance of the License by Uttar Pradesh RTO

The following charges are applicable by RTO UP for license issuance.

Issuance of learners license costs Rs. 200
Conducting online tests or repeat tests for a learner’s license costs Rs. 100
Driving license costs Rs. 300
To issue an international driving permit costs Rs. 1000
To add another vehicle class to your driving license, you must pay Rs. 500
Renewal of authorization for vehicles carrying goods costs Rs. 100
Renewing a driving license before the expiry date costs Rs. 200
Renewing a driving license after the grace period costs Rs. 300
Issuance and renewal of a license to a driving school costs Rs. 10000
Issuance of duplicate license to a driving school costs Rs. 5000
Change in the address in the license costs Rs. 500

Charges to issue or renew trade certificate by Uttar Pradesh RTO (RTO UP)

The Uttar Pradesh RTO levies the following charges to issue or renew the trade certificate.

Motorcycle - Rs. 500
Invalid Carriage - Rs. 500
Others - Rs. 1000

Charges to issue duplicate trade certificates by RTO UP

The UP RTO levies the following charges to issue duplicate trade certificates.

Motorcycle - Rs. 300
Invalid Carriage - Rs. 300
Others - Rs. 500

Charges to issue or renew the registration certificate by UP RTO

The following charges are levied to issue or renew the registration certificate UP RTO and assignment of a new registration mark.

Invalid carriage - Rs. 50
Motorcycle - Rs. 300
Three-wheeler/Quadricycle/Light Motor Vehicles (Non-Transport) - Rs. 600
Three-wheeler/Quadricycle/Light Motor Vehicles (Transport) - Rs. 1000
Medium goods vehicle - Rs. 1000
Medium passenger motor vehicle - Rs. 1000
Heavy passenger motor vehicle - Rs.1500
Imported motor vehicle - Rs. 5000
Imported motorcycle - Rs. 2500
Any other vehicle not mentioned above- Rs. 3000

Other service charges under RTO UP

The other services not mentioned above are chargeable by RTO UP as under

Grant or renewal of a certificate of fitness for motor vehicle- Rs. 200
Grant or renewal of letter of authority- Rs. 15,000
Issue of duplicate letter of authority- Rs. 7,500

Why do you need to register your vehicle with Uttar Pradesh RTO?

The registration certificate is the most important document if you own a vehicle. Vehicle registration by RTO UP helps you get a unique identity for your vehicle and differentiate it from others. The authorized RTO UP offices inspect, verify, and allot a registration number to your vehicle. The registration process includes submitting the supporting documents and the prescribed fees. The process also includes a physical inspection. After verifying all the documents, the RTO UP issues the registration certificate for your vehicle, which remains valid for 15 years.

Documents Required for Vehicle Registration in Uttar Pradesh RTO

The following documents are required to submit at UP RTO and start the process of issuance of a registration certificate for your vehicle.

Duly filled Form-20,21,22
Roadworthiness certificate
Pollution Under Control (PUC)
Form-60/61 from the Income Tax Department/PAN card
Vehicle Insurance Certificate
Attested address proof (Ration Card/Voter ID Card/Aadhar card)
Temporary registration certificate (if any)

Renewal of Registration Certificate in Uttar Pradesh RTO

The validity of a registration certificate issued by UP RTO is 15 years from the date of issue. If you wish to use your vehicle continuously, renewal of the registration certificate is required. You need to renew the registration certificate within 60 days after the expiry. You need to submit the renewal fees at RTO UP with the necessary documents. After the inspection by the respective authority, the RC will be renewed for the next 5 years. The following documents are required to be submitted for successful renewal.

Form 25
Registration certificate
Motor insurance certificate
Renewal fee payment receipt
Pollution under control certificate
Address proof
Payment receipt for road tax
Physical production of vehicle

Process to Get a Duplicate Registration Certificate from Uttar Pradesh RTO

The registration certificate may get lost, damaged or stolen due to any reason. Uttar Pradesh RTOs provide duplicate registration certificates in such cases. All you need to do is to submit the required documents along with the fees. Supporting documents for issuance of duplicate RC are

Attested copy of FIR
An affidavit stating the loss of the original RC
Form-26
Assessment token
Vehicle Insurance Certificate
No Objection Certificate (NOC) from the lender
Pollution Under Control (PUC) Certificate

Change of Address in Vehicle Registration Certificate (RC)

In case of an address change, one must update the license change and RC as early as possible. You can apply for the address update online by filling up Form 33 and uploading the supporting documents at RTO UP. The following documents are needed for the same

Attested copy of the proof of address change in Form No. 33
Vehicle Registration Certificate (RC)
Assessment token
Attested copy of address proof
No Objection Certificate (NOC)
Pollution Under Control (PUC) Certificate

Process to the Transfer of Vehicle Ownership in RTO UP

Have you decided to sell off your vehicle or buy a second-hand one? In both cases, transferring vehicle ownership and completing the required paperwork is important. With online services available at UPSRTC, you can easily upload all the supporting documents and request for the transfer of ownership at RTO UP. Once the document verification is completed, you need to visit your Uttar Pradesh RTO office and complete the physical inspection. The following are the required documents:

Form 29: Intimation of vehicle transfer
Duly filled Form-30
Vehicle Registration Certificate (RC)
Chassis number printout
Vehicle Insurance Document
Attested copy of address proof
An affidavit attested by a government official/notary
No Objection Certificate (NOC) from the Financier if the vehicle has been obtained on back
Road tax copy
Inspection and approval of the condition of the vehicle by RTO UP officers

In the case of any mishappening leading to the death of the owner, one needs to submit some additional documents at RTO UP for verification. The documents are: A death certificate and Proof of succession along with the documents listed above.

Uttar Pradesh RTO Customer Care

To submit your concerns related to your vehicle and get additional information, you can directly contact your RTO UP head office in Lucknow at the following contact details.

Address: Office of Transport Commissioner, Tehri Kothi, MG Road, Lucknow, 226001

Contact No.: +91-522- 2622363, 1800-180-2877

Phone No.: +91-522-2623578

Day: Monday to Friday

Availability: 10 am to 5 pm

Driving License Tracking Helpline.: 1800 572 3363

Email address: info@upsrtc.com, helpline@upsrtc.com

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