GENERAL INSURANCE BLOG

Do you travel a lot by road? Are you tired of waiting for your turn at toll plazas on the interstate highways or expressways? Do you wish to get done with it as quickly as possible? If yes, then you must get a FASTag! As the name suggests, a FASTag is a tag which is a mean to ensure faster transit across toll plazas. The tag is placed on the windshield of the car and uses Radio Frequency Identification Technology. The tag is scanned by the tag readers placed at toll booths who then deduct the toll amount from the FASTag account. All toll plazas placed along the national highways are now using FASTag for payment of toll as per the guidelines of the government of India.

As the balance in FASTag reduces, the user needs to reload the balance in the linked wallet account or the linked bank account. By eliminating the need for cash payments at toll plazas, FASTag ensures a quicker and smoother flow of traffic.

The following reasons highlight how using a FASTag can help you save time on your journey: -

● Quick payment- As there is a FASTag affixed to your car, you wouldn't have to search your wallet for cash which ultimately reduces the duration of the transaction and your time is saved.

● Less fuel wastage - As you do not need to stop and restart your vehicle, less petrol or diesel is burned, which saves your fuel tank from draining quickly.

● Hassle-free recharge - You can easily recharge your FASTag using various methods like Internet banking, mobile wallet apps, NEFT, RTGS or even your credit and debit cards.

● Message alerts - Every time your FASTag is used, you get an alert SMS on the mobile number registered with the card which ensures the prevention of its misuse.

● Long validity - A FASTag is valid for five years, which means you need not worry about changing it frequently.

● No requirement of cash - The work of cash is taken over by the FASTag. Therefore, it eliminates the necessity of carrying cash for toll payments.

● Online portals - You can check the transactions made using your FASTag whenever you wish using specific web portals meant for the same.

Now, onto some Frequently Asked Questions: -

How to get a FASTag?

To buy a FASTag, you can ask the toll plaza employee for their sales department, or contact authorized agencies or banks that sell them. Many platforms offer car insurance quotes online and sell FASTag as well.

How much does a FASTag cost?

Generally, a FASTag can cost you around two hundred rupees for the purchase, which excludes recharge expenses.

Where is it placed?

FASTags are affixed on the windshield of the car in a very specific manner that allows the scanners placed at the toll plaza to scan it.

How to know if your card has been used?

As stated in the above benefits, a text message is delivered to the registered mobile phone when the FASTag is used. This is a sort of confirmation to the owner that payment has been made.

Do you need to maintain a certain balance?

You don't need to maintain a balance for sure, but yes there is a minimum value for a top-up of the tag which amounts to a hundred rupees.

Where is a FASTag valid?

Throughout the country, a FASTag can be used to make payments at toll plazas regardless of the city or state.

While getting FASTag will help you zoom seamlessly on the highways, do remember to check car insurance quotes online to get protection against possible accidents and incidents while on the road.

For a lot of us, learning how to ride a two-wheeler involved tripping and falling, messing up the gears, and what not! Initially, it required someone to sit behind us to make sure that we do not accelerate much and that the bike does not go astray. The day you realized that you learned to ride was the day when you kissed freedom. The feeling was new, enthralling. A single, gentle twist at the accelerator could send you roaring. Learning how to ride can be challenging. However, before you begin your learning endeavors, it is essential to make sure that you have got your bike insurance in place. Having two-wheeler insurance online in India can save you much trouble as you maneuver your way with your first bike, trying to master its control. Here, we will look at a few hacks for new two-wheeler learners so that their learning curve is smooth and hassle-free.

Don’t put weight on the handle

It is easy to assume that a tight grip on the handle will make riding more comfortable, but it is not quite so. When you have a tight grip on the handle, it becomes hard to steer the bike. The trick here is to have a loose grip on the bike’s handle. Most of the time, you don’t even have to turn the handle. When you are cruising at a moderate speed, a little bit of weight-leaning through the handle does the job of steering.

Watch out on your brake technique

There is one rule which goes with putting on the brakes: when you brake your bike, do not brake all of a sudden, unless of course there’s a bovine in front of you, which could be highly likely while driving around Indian towns. Make it a point to practice braking on both the front and rear wheel together — this will make the bike slow down more smoothly.Also, remember that you should avoid using the clutch while braking, as the chances are that your bike might skid and fall. Holding on to the clutch while putting on the breaks can have disastrous consequences on slippery roads.

Accelerate gently

Do not accelerate your bike all of a sudden. It will just waste fuel and work up your engine for no good. Besides, a sudden increase in speed could make the bike go out of hand. The ideal way around it is accelerating slowly, gently. Moreover, it will also help you maintain that balance as the bike slowly gains speed.

Before you set out on the road, it is essential to make sure that you have good insurance at hand. Magma HDI two-wheeler insurance online in India comes with long-term insurance plans that can help you stay away from any legal trouble while you master your riding skills. A Magma HDI bike insurance stands out as it has support for anti-theft devices and. Among other features, you also get access to personal accident cover, which ensures your financial safety as well.

While choosing an insurance policy, the claim settlement ratio of the insurer is a major factor to consider. An insurance claim is filed to get coverage for the losses or damages you sustain due to the occurrence of an event as specified in the policy. Hence, proper claim settlement is an essential pre-requisite in your risk management system. When selecting an insurance company, you must check if it provides timely and easy settlement of valid claims.

Process to file claims

Step 1: Reporting the incident

When an event occurs, the claimant should submit a written intimation to the insurer for initiating the claim process. The faster you set the ball rolling; the sooner will be the settlement. Here, you should also make sure that your policy covers the event for which you’re filing the claim.

Step 2: Complete the documentation

For a smooth claims process, you need to submit the right documents within the stipulated timelines. Most of the insurance companies have online claim filing system where you can send the forms and upload images for ratification.

Step 3: Evaluation process

Before settlement of the claim, the insurance company will evaluate the veracity of your claim through an external investigation. Hence, you should be clear about the facts when filing the claim.

Step 4: Settlement of claim

As per the regulations of IRDA, the insurer has to settle a claim within 30 days after receiving documents and verification or pay interest. If any claim requires further investigation, the process should be completed within 6 months from the date of the written filing of the claim.

Technicalities that may occur when filing a claim

When filing your claim, you should be aware of common problems and technicalities that may impede the process. That includes:

If there’s any pre-existing ailment

Any ailments that a policyholder had before the issuance of the first policy are called pre-existing ailments. These conditions and diseases must be declared when buying the policy. If the company discovers them during claim settlement, it can restrict the entire process.

If nominee details aren’t updated

The legal battle between the nominee and an heir can be prolonged due to incorrect nominee details. You should update the nominee information as it changes over the term of your policy.

If the policy lapses

When you fail to pay premiums on time, the policy will lapse automatically. Some insurance companies give a grace period for payment of premiums beyond the due dates but your vehicle is not covered for that period of time. So, you should adhere to your payment schedule, or else it can lead to repudiation of your claim later on.

The right insurer

An insurance policy is an excellent financial product, and claim settlement is the main component of this product. Hence, you should select the right insurer after checking their claim settlement ratio.

Remember, the claim settlement ratio represents the total number of claims made by the customers against the total claims settled by the company. Compare the top insurers on this factor to make so you can pick the best car insurance in India.

Thus, you can use claims as an effective tool to determine the performance and reliability of an insurer.

Long bike rides are relieving to the soul. They teach us many lessons, test our patience, and brings the best version of us on the road. There is much for the sight to behold — the steadiness of the highway, the slopes of the mountains, the glimmer of the rain, and the kiss of the wind. If you are planning a bike ride alone or with your buddies, then congratulations to you — you have made a great decision. However, before you start, there are a few things that you should keep in mind. Start by getting your papers — the bike’s registration and insurance — right. Yes, it is mandatory to have registration and two-wheeler insurance in India. Once you have the documents in place, you can move on to the other steps.

Choose a comfortable bike

You might not want to for a bike trip on any engine. Pick a bike which can burn those miles without stressing its engine. You would want to have a cruiser so that your sitting posture does not give you back pain later. If you are worried about the budget, then pick a fuel-efficient bike. Several mid-range Indian cruiser bikes offer an excellent highway experience in India. It would help if you get a proper bike gear so that you are well-prepared for harsh weather conditions. Carry essential spares and tools for unforeseen circumstances.

Pack and eat light

You would not want to carry much luggage on your back while you are riding. It will add extra weight to your ride. Try to pack light — just the essentials. Try to fit the essentials in a pack and tie it up behind your bike, as you would not want to carry a load on your back while you are riding. Try to start early in the morning on a light stomach. A heavy meal takes a lot of energy to digest, so if you have a hearty meal before setting on the ride, then you might feel drowsy on the way.

Take breaks to stay motivated

Long bike rides may never seem to end. Riding constantly may tire you up. Try to take short breaks every hundred kilometres or so. This will help you feel refreshed. Keep this in mind that the trip will come to an end, and that more than the destination, the journey is what you are looking for — the sound of the wheels humming on the highway. India has mesmerising landscapes so there will be enough to see on the way, and all these sights will keep you motivated throughout your ride. If you are worried about getting good two-wheeler insurance in India, then your search could end with Magma HDI two-wheeler insurance. Magma HDI bike insurance comes at an affordable price and provides features such as personal accident cover. It also has support for anti-theft devices, so you can keep on riding, roaring on the road without worrying about anything at all.

Bike rides are thrilling — the wind teasing your hair, the sound of the motor groaning, bringing in a sense of movement, a much-welcome change. If you have a bike then you know how important it is for you — it is your friend, one which doesn’t let you down, ready to go with you on every walk of life. As a bike owner, it is your job to make sure that your riding experience is forever smooth, that there are no troubles attached to it. To begin with, you have to make sure that your paperwork (registration and insurance) is in proper place. Indian law makes it mandatory to have a two-wheeler insurance policy. If your bike insurance has lapsed for even a day, it could land you into some legal trouble! To make sure that your bike-riding experience is smooth and hassle-free, you must opt for a long term two-wheeler insurance policy. Besides, having long term insurance for your bike has its own sets of benefits. Here, we will look at some of the reasons why you should opt for a long term policy for your motorbike.

● Discount on premiums

When you opt for long-term two-wheeler insurance online for your bike, you get the option to avail discount on your premiums. Insurance companies provide you with discounts and incentives since they save on administrative costs if you opt for a long term policy.

● Avoid risks that come with non-renewal and policy lapse

If your insurance policy is not renewed on time, then you are exposed to certain risks. For example, if your bike meets with an accident, or is stolen, and if the policy is not in action, then you would have to bear the entire financial loss yourself. However, if you purchase long-term insurance, such problems can be easily avoided. Besides, if the policy lapses and you intend to renew it later, several insurance companies ask for an inspection of the bike to determine its condition before they decide to renew the policy. If you opt for extended two-wheeler insurance online for your motorcycle which extends for years can easily help you avoid such situations.

● Earn higher No Claim Bonus

No-claim bonus (NCB) is a discount that insurance companies offer on the premium if you have not made a single claim during the insurance term. When it comes to NCB, long-term two-wheeler policies have the upper hand over short-term policies that last for one year. The NCB slab structure for more extended policies is also different from short-term policies. Besides, the NCB discount is additional to any upfront discount which you get on the purchase of a long-term policy.

● Get rid of the paperworke

Choosing a short-term policy makes you liable for much paperwork. You will receive new documents at the end of each policy year. And searching for new and better deals also takes much time — something which not all of us have. If you are someone who doesn’t like the hassle which comes with paperwork, then you should opt for a long-term insurance policy.When it comes to choosing the best bike insurance, Magma HDI two-wheeler insurance policy stands out as they come with a host of benefits. You get additional cover for injury and death, which makes sure that the cover is not just limited to your bike, and extends to you as well. Besides, if you have installed an anti-theft device (approved by the Automotive Research Association of India) in your two-wheeler, you have the option to avail a 2.5 percent discount (or up to Rs 500) on your own-damage (OD) premium. With minimal paperwork and a hassle-free claim process, opting for a Magma HDI two-wheeler insurance online is one of the best options that you have for your long-term bike insurance.

Fire is a serious risk for pretty much all physical structures, whether it's your house or your shop. This is why insurance is essential to mitigate the loss to building, machinery, goods, furniture and fixtures, plumbing, electrical appliances and other assets in the event of a fire. Fire insurance is an indemnity based contract, where the insurer agrees to compensate for any loss or damage during the policy term, not exceeding the maximum amount for which the premium is being paid. Here are some features offered by fire insurance companies in India that you should know.

Coverage

As per section 2(6A) of the Indian Insurance Act 1938, in addition to fire, other hazards are also clubbed with the insurance plan known as the ‘Standard Fire and Allied Perils Policy’. The policy also covers losses on account of lightning, storms, flood, earthquakes, landslides, bush fire, explosions, aircraft damage, riots or malicious damage, impact damage, bursting or overflowing pipes, missile testing, etc.

Policies available

There are different types of policies one can opt for while purchasing fire insurance in India. A comprehensive policy even covers theft or burglary whereas a floating policy is useful for businesses that have assets or stocks in different places. Thus, allowing you to pick a policy based on your individual needs.

Add-ons

Insurance providers such as Magma HDI also offer covers on fire insurance policies such as compensation for architect or surveyors fee, temporary removal of assets, loss of rental income or rent for an alternative accommodation till you rebuild your home or business.

Uberrimae Fidei

Fire insurance is based on the principle of Uberrimae Fidei or utmost good faith, where the insured party makes full and honest disclosure of all facts. Failure to do so can render the policy void and absolve the insurer of any financial responsibility.

Insurable interest

The insured party must have an insurable interest in the asset not only at the time of purchasing the policy but also at the time of the incident. For example, you insured your house but later sold the house to someone. The place catches fire while the policy is active, but you cannot make a claim because you have no insurable interest in the property anymore.

Policy tenure

The tenure of coverage is clearly stated in the policy document. Usually, the insurance does not exceed one year so make sure you renew timely it for continued coverage.

Exclusions

Like any other insurance policy, fire insurance also has its exclusions. Damages caused by normal heating, own fermentation or spontaneous burning; loss or damage of the property due to nuclear perils, electrical or mechanical breakdown and terrorist act, war and warlike operations are some common exclusions of fire insurance companies in India. Fire insurance ultimately provides you with financial security for your home or business to help you get back to your normal life as soon as possible.

It is important to have general insurance as it protects you against several unforeseen circumstances and comes as a financial aid in times of distress. However, it is often that people who buy insurance policies are unable to make the best out of their insurance plans are they are quite unaware of what their insurance policy has to offer. It is the job of the general insurance company to settle your claims, and as someone who has purchased the insurance, it is your job you be aware of your rights and duties.

Rights of a policyholder

● If the terms and conditions mentioned in the policy documents do not match with what you were promised at the time of buying th policy, then you can cancel or return the policy within a timeframe of 15 days. After cancellation, your insurance premium will be refunded to you after the deduction of processing costs, such as stamp duty, medical charges, et cetera.

● The nominee of the insurance policy gets the right to file a claim on the insurance in case of the unfortunate death of the policyholder.

● Depending on the insurance you have opted for, you get the option to modify it. You can change the mode of payment, the sum assured, the premium paid and the policy tenure of your insurance policy.

● If you have chosen a United Linked Insurance Plan (ULIP), then you have additional rights on your insurance policies that involve making partial withdrawals, switching funds, and surrendering the policy after completing the lock-in period.

Duties of a policyholder

● You must spend time researching about the insurance, such as looking at the benefits it offers, the premium you have to pay, and the type of cover you will get, among others. It would help if you also compared your policy with other insurance providers to ensure that you are getting the best deal.

● Make sure to fill your details correctly in the policy documents

● After buying the policies from a general insurance company, you must make sure that you are paying the premiums on time. It is better to opt for an automated payment system, so you do not miss any dates.

● If you move places, make sure that you share the information about your address change with your insurance company.

● If you want to change your nominee, you can do so by filling up by ‘change of nominee’ form. If your nominee is a minor, then you can get an appointee to sign an acknowledgment on their behalf.

● In case you lose your insurance policy, you can identify your insurance service provider about it and get a duplicate document.

It is important to cooperate fully with your insurance company, as it makes sure that your experience is smooth and hassle-free, and your queries are resolved on time. If you are looking for a good, reputed and trusted insurance company, then your search could stop at Magma HDI insurance. It offers products for everyone and comes with prompt customer service. Besides, it also has a hassle-free claim processing service which eliminates frequent rounds to the insurance office. With a vision to be the most preferred, vibrant, and responsible insurance company, fulfilling the aspirations of all its stakeholders, Magma HDI general insurance company could be your one-stop for all your insurance needs.

Packing up and moving out can be a real chore. Uprooting your life from a place you call home and trying to fit into a new environment is also quite emotionally draining. Sometimes we do it for love, sometimes for a better future. Whatever the reason, relocating is always a challenge. Among the million things that have you at your wit's end, managing car insurance in India generally takes a backseat. However, just as you would tend to any other asset, taking care of your car insurance needs will hold you in good stead. Here are some tips to consider before you hit the road!

Notify your insurer about the move

We live in a digitally connected world. All it takes is a couple of minutes for you to shoot an email, drop a text or even call the insurer’s helpline number and give the details of your new address. It also makes it easier for your insurer to communicate with you regarding things such as renewal, processing a claim and most importantly, providing the service you’ve paid for!

Re-register your car

If you are moving across state lines, you must get your vehicle re-registered with the Regional Transport Office (RTO) of your new domiciliary residence. However, prior to your relocation, remember to get a No Objection Certificate (NOC) from the RTO of your previous residence for a smooth transition. Once you get your new registration number, intimate your insurance company immediately so that the records are updated.

Re-evaluate your insurance needs

Depending on where you are moving, you may face a change in your insurance needs. If you’re moving to a metropolis like Delhi, brace yourself for never-ending traffic and possible nicks and bumps. In such a scenario, you may want to enhance your coverage. Similarly, if you are moving to a city like Mumbai, floods during monsoons are almost inevitable, where opting for add-on coverage like engine protection becomes a necessity. Consider all variables such as traffic, average drive time, safety, natural calamities, etc. and see if you need better coverage.

Implications of the move

Your relocation in all probability will affect the terms of endearment with your insurer. For example, ‘zonal risk’ is a variable insurance companies consider for premium calculations, and your move will have a direct impact on your annual premium. At the same time, the service quality may differ too. Do all the previous benefits carry over? Does your insurer have a strong presence at the new location? Do they have a robust network of garages? Get answers to all your questions before the move.

Look at your best interest

Insurance is all about your financial security and peace of mind. So if you have even the slightest doubt, don’t hesitate to look for another option. If you’re worried about losing out on your No Claim Bonus, fret not. You could easily carry over your NCB to an insurer like Magma HDI and continue to avail of all the benefits you previously enjoyed and more. A policy like Magma HDI's car insurance also provides safety against third party liability, damage, theft and natural calamities, making it a reliable choice wherever you go.

Health insurance policies are of financial backbone — a lifesaver. When it comes to choosing a health insurance policy for family and yourself, it is essential that you select the best option that is out there. With health insurance policies going online, it has become much easier to compare policies. If you have already opted for a policy but want to change to a new one, then you get the option to port your health insurance as well. Since Magma HDI health insurance comes with a host of features, it is a good idea to port your existing health insurance to Magma HDI. The option of porting comes when you opt for your new insurance. The process is entirely smooth and hassle-free, and you do not have to break your head over it. Besides, if you come across any hindrances in the process, the support team will always be there to assist you. However, before you decide to port your policy, make sure that you have read the policy documents of Magma HDI health insurance carefully. It is crucial for you to be sure of the additional benefits that you will be receiving.

Conditions for porting policy

If you want to port your health insurance policy for family or yourself, then you have to make sure that you start the process while your existing plan is still in force. If your policy has expired, then you cannot move ahead with the porting process.

Portability form

To port your existing health insurance to Magma HDI you will need a porting farm along with the new policy’s proposal form. You have to submit your new policy at least 45 days before your new policy expires. You must mention the details of your existing health insurer in the porting form.

Documents required for porting

● Copy of your insurance renewal notice of the existing policy

● A declaration which states that you have made no claims so far

● Discharge summary, in case you have made a claim on your policy along with copies of the investigation report

● A record of your past medical history with treatment records

The porting process

After you have acquired all the papers, the next step towards porting the policy is submitting it to Magma HDI. Your documents will be reviewed, and if everything falls in place, your porting request will be accepted. You will get a proposal within fifteen days after submitting the form to Magma HDI. It is a great option to port your health insurance policy for family or yourself to Magma HDI. With Magma HDI health insurance, you get access to several key benefits such as maternity cover, cumulative bonus on your policy, loss of income cover, and worldwide emergency cover, among others. You also get access to features such as optional cover for critical illness, option cover to reduce your premium, cashless hospitalization across more than 4,100 hospitals, and 25x7 claim assistance among others.

With the rain slowly subsiding and the roads getting clearer, Mumbaikars can finally get on their bike for a nice, pleasant ride. Now, you can finally say goodbye to the cloud-laden sky, dust off your bike, and hit the road for some hot cutting chai as you delve into the sceneries that your trip is going to offer. So without further ado, let’s look at the five best riding destinations in Mumbai. However, before you set out on your ride, make sure that you have access to the best two-wheeler insurance in India so that you can stay out of legal trouble.

1. Durshet

Durshet is located 64 kilometers from Mumbai and is known for its jungle safari and water sports. It’s hidden well in the laps of the Sahyadri mountain range and is covered in lush greenery. While you are here, you can take a dip into the shimmering cold water of the Amba river to refresh your senses. If you are someone who finds pleasure in visiting holy sites, then there are several temples around for a good morning walk that will fill you with a sense of devotion — the astounding nature only adds up to the serenity of this place.

2. Mulshi Dam

This dam is located 127 kilometers from Mumbai and is known for its several forts. It is a perfect place to get your camera out and click some amazing pictures that will decorate your gallery. The dam, which is constructed on the Mila river, works as a hydroelectric plant. The monsoon is particularly a good time to visit this place as you can see the river at its full flow while the mist fills the atmosphere, mesmerizing you with its beauty.

3. Malshej Ghat

Located serenely in the Sahyadri range, the Malshej Ghat is located at a distance of 154 kilometers from Mumbai. A bike ride here will offer you the naturally decorated view of lakes and valleys. It has some unique flowers that will make you take your camera, and perhaps never put it back. During the rainy season, you can even spot a few flamingoes perching, feeding themselves. It is a must-visit if you are into trekking, bird-watching, and hiking.

4. Vihigaon Waterfalls

The Vihigaon waterfall is located at a distance of 115 kilometers from Mumbai city. It is known for having the highest peak in Maharashtra — the Kalsubai. It is hidden in the greenery and can offer you some great treks that have some mesmerizing views. You can dive deep into the calmness which this place offers, which makes for an ideal spot for having a picnic with your friends and family. On top of everything, the waterfall offers a great view. It is a perfect escape from the hustle and bustle of city life.

5. Thoseghar Falls

Thoseghar Falls is located at a distance of 230 kilometers from Mumbai, which makes it a great place for bike rides, as you will be spending enough time on the road. The place receives abundant rainfall, and during monsoon, the waterfalls gush at high speed which makes it a pleasant sight. You can either sit around the lake or take a dip in it or merely gaze — there’s always enough to do at this place. With so many places to go around all you have to do is top up you fuel tank and hit the road. However, make sure that you get the best two-wheeler insurance in India so that safety becomes a top priority.

Driving is an adventure! You hold the steering wheel, buckle your seatbelt, get on the road, and roar your way through. The experience is even better on the highway where you have the chance to speed up. However, when on the road, one must watch out while speeding — as the popular saying goes: speed thrills, but kills! Driving safely is essential for many reasons. First and foremost, it is for your safety — you have to get back home to safety, a home where your family waits for you. Besides, driving is just not about trying not to overspeed to avoid accidents; it is also about having your car papers (insurance and registration) right so that you do not land into any legal trouble. You can start with getting your documents in proper place as it is mandatory to have registration and car insurance in India) Here, we will look at a few reasons why you should consider driving more safely than ever. .

Driving safe is eco-friendly

Driving an engine which lets out smoke, in the first place, is not suitable for the environment. However, more often than not, it is unavoidable. So if you do not want to leave large carbon footprints behind you, the best you can do is drive safely, economically — making sure that you use less fuel which also cuts down on carbon emissions. When you are driving carefully in economy mode, you will use less fuel, which indeed is good for the environment in the long run.

Financial gain and safety

Besides the fact that safe driving cuts down on fuel usage, it also helps you save money on your car insurance. If you have not made a single claim during your term of your car insurance in India, then you end up paying less money on your insurance premiums. You will also be earning more with the No Claim Bonus (NCB) on your car insurance if you do not meet with an accident within your insurance term.Another significant part of driving safe is that you will avoid any road accidents. According to a report, more than 1,50,000 people are killed annually in road accidents every year. The best you can do to avoid such circumstances is drive safely.

Sets a good example

If you drive safely, you also set an excellent example for others. For example, if you have a teenage child, then you will want them to drive safe too. If you explain to them the importance of driving safely and practice it on the road yourself, then it is highly likely that your child will learn from you and follow your footsteps. By looking at you, young drivers can be ‘peer pressured’ into driving safely, and this will be good for everyone. With so many reasons to drive safely, it is crucial that you make a safety note for your car as well. It becomes important that you get good car insurance in India. Magma HDI car insurance comes with numerous features that make it a popular choice for car owners. With a Magma HDI insurance, you get a personal accident cover and access to additional legal liabilities. Besides, you get access to other features such as access to anti-theft devices, no claim bonus, and a discount on your insurance premiums, among others.

Road trips on a car are enthralling. These drives fill our camera rolls with memorable moments that we recall with much fondness. If you are planning a road trip this season, congratulations — you have made the right decision. You have to take care of certain things before you decide to hit the highways to make sure that you drive is smooth. To start with, you should first get the best car insurance in India so that you do not land into any legal trouble. That done, you will have a big burden taken off your mind. Here, we will look at a few ways through which you can better gear up for your next road trip.

1. Paper and digital maps

Make sure that your phone has an active internet connection so that you do not miss out on those essential twists and turns, and those much-needed shortcuts while travelling. However, you cannot wholly rely on digital maps. Several regions may not have a cellular network, and this is where a physical map might come handy. Carry a detailed map so that you never get lost while you throttle you way down the highway.

2. Extra money

Financial planning is essential before a road trip. You will need cash for food, lodgings (if you are staying overnight at a motel), and other miscellaneous expenses. Do not solely rely on plastic money, as there will be several places that will accept only cash. Also, make it a point to carry a decent bit of extra cash in case something unfortunate happens, such as your car breaking down. Breaking dows, well — this also brings us to our next point.

3. Carry spare parts and a toolkit

Highways are long, and often there are miles between service shops. Make sure that you carry a spare tire in case you meet a puncture. You should also carry a toolkit and a service manual to make sure that you can fix the basic problems that you might run into. It would help if you also made yourself comfortable with the basic repair guide so that the task of repairing the car does not turn out to be overwhelming.

4. Carry enough water

In the worst of scenarios when you get stranded, there is one thing that you will need the most — water! Things might get quite nasty if you get stranded in a place where there are no water sources, Always make it a point to carry a few large bottles of water to keep yourself going while you try to get yourself out of the mess.

5. Carry a first aid kit

You never know when things might go off-road and you meet with a small accident. This can happen off-road as well. To deal with the consequences, make sure to carry a first aid kid which will help you get through before you receive medical attention. With these basic points in mind, you can be assured that your trip will be smooth. If you are worried about the best car insurance in India, then you can opt for Magma HDI car insurance as it offers a host of features, such as additional cover, discount on premiums, access to and access to anti-theft devices, among others.

As per an official report released by the government, an astounding 469,910 road accidents were reported in 2017. Even though the number of accidents have been steadily declining over the past few years, an estimated 53 people get injured on Indian roads every single hour! Accidents are unfortunate, and there is no way to be prepared for them. However, while a personal accident cover (PAC) can’t alleviate the risk of accidents, it definitely covers the financial risk arising out of death, permanent or partial disability.

What does it cover?

A PAC covers any physical injury from a road, rail, air incident, burn injury, animal bite, injury due to collision or fall, drowning, poisoning, etc. It is available as an add-on option from insurance providers such as Magma HDI.

What are the types of PAC?

There are a few different types of PACs. While you can purchase a stand-alone policy, usually the coverage comes bundled as a rider with a life insurance plan. You could also buy limited period PACs when booking air or railway tickets. However, in the case of auto insurance, availing a PAC is mandatory as per the Motor Vehicles Act, 1988.

What are some advantages of a PAC?

1. It helps your insurance portfolio: Many health insurance plans do not cover accidental medical emergencies. As an add-on cover to your health or motor insurance, a PAC helps you cover all bases. As far as add-ons are concerned, a PAC truly helps make your plan comprehensive.

2. Cost-effective: The premium for a PAC is minimal and affordable for all. For example, a 30-year-old male would have to pay less than Rs 1000 per annum for a Rs 10 lakh coverage. Thus, it gives you essential coverage without the hassle of a hefty additional fee.

3. Ease of availing: A PAC only needs your basic personal information. There is no need for a medical check-up or follow up documentation. It can be availed in a matter of minutes as it is simply added to your new/existing policy.

4. Hassle-free claim settlement: If you ever need to avail the benefits of PAC, all you would need to do is inform the insurance company of the time and date of the accident, your policy number and contact details. The claim settlement process is initiated immediately after that.

5. Children’s education benefit: For families, a major concern is taking care of our children in our absence. Some insurers also cover the education of dependent children, in case of death or permanent disability of the insured person to ensure a secure future for them.

What should you keep in mind before purchasing PAC?

Personal accident covers are also subject to exclusions like your insurance policy. Some of these are losses arising out of acts of war or terror, injuries resulting from participation in adventure sports etc. Make sure you read your plan's policy wordings thoroughly for a smooth experience if you ever do need to make a claim. When looking out for a PAC, choose one that offers worldwide coverage and other add-on benefits like Magma HDI’s individual personal accident cover.

Things change. It is the law of the universe, and we, along with everything that we do, are a part of it. To resist change is to combat the natural phenomenon of things. When you accept change and plan things in accordance with it, then things have a habit of place. Otherwise, things may just fall apart. Indeed, no one can stop the changes in life, and the same applies to the insurance sector as well. There has been a lot going on in the insurance industry in the past ten years. According to the data provided by the Indian Brand Equity Foundation (IBEF), the insurance industry in India is expected to $280 billion by FY2020. The overall penetration of insurance policies in India increased from 2.71 percent in 2001 to 3.69 percent in 2017. The gross insurance premiums that were collected in India during FY19 reached Rs 5.78 trillion (US$ 82.8 billion). In this, 4.08 trillion (US$ 58.5 billion) came from life insurance whereas Rs 1.69 trillion (US$ 24.3 billion) came from non-life insurance.

Ease in the insurance process

One of the highlights of the changing insurance industry has been the ease of access. Now, everything can be done online, and the data is available at disposal, thanks to the growth and penetration of technology. The internet has created a trusted business model that provides value to all stakeholders. You also get free online support if you face any queries while exploring your insurance options.

Paperless process

The general insurance in India has become entirely paperless. From buying the policy to paying the premium — everything can be done online with nos risks at all. Since the whole insurance industry has taken an online shift, it is much easier to compare insurance policies and choose the best option. Now, it has become easier to explore deals across insurance companies and choose the one that fits your interest the most.

Low risk

With things going paperless, there are no risks involved. Even if you lose your insurance documents, you can easily claim them back by filing your issue online. Earlier, it was difficult to keep track of all the documents physically. However, with the onset of smartphones, everything can be accessed online without any hassle and the need of carrying physical files. The facts and numbers of general insurance prove that the insurance industry is booming. As a customer, it becomes crucial that you get access to the best insurance service. If you are looking for general insurance in India that comes with online support, then Magama HDI general insurance could be the answer. Magma HDI insurance provides you with the option to buy insurance online, and it also comes with the option to file claims online — all at your fingertips.

Having a basic third-party insurance is a must as per the law, however, it only covers the risk of harm or damage to a third party, leaving you high and dry in the event of an accident. So, if you love your ride and your peace of mind, you need to go beyond the basics with a comprehensive motor insurance. Not only does it cover you and your car, but also offers an array of add-ons to truly protect your car.

What are add-ons?

Just as you get to choose from a range of toppings for your pizza to make it better, you can pick and choose from a multitude of add-on benefits made available to you by motor insurance companies in india . It offers additional coverage in return for a little extra premium. Here are some great choices to help you build your ideal plan.

1. Engine protection: If you live in an area prone to flooding, consider getting an engine protection add-on cover that allows you to get your engine repaired or replaced in case of water ingress. This benefit also applies to instances of leakage that could eventually harm your engine. Your insurance provider will cover the costs of repairs or replacements as long as they fall under coverage mentioned in the policy wordings.

2. NCB retention:  You take extra care of your car and even bear small costs yourself to save your NCB. Imagine after 4-5 years of carefully increasing the discount percentage, a small accident compels you to make a claim. You'll lose all the time and effort you had put into increasing your NCB because of a small mistake. This is where the NCB retention add on comes in which helps you protect your NCB even after you make a claim.

3. Zero depreciation: The depreciated value of your car refers to the regular wear and tear that decreases the value of your vehicle. In fact, even if you ensure not a single scratch comes to your car, it'll still lose value with time. So when you make a claim, it'll be settled keeping the reduced value of the parts in mind. Well, unless you have zero depreciation add on that helps you retain the value of your car even with time. This means you get the complete coverage for your claim with no out-of-pocket expenses.

4. Road-side assistance: If you fear anything going wrong on the roads such as a flat tire, dead battery etc., this add-on guarantees you assistance on the spot and is covered by your insurance provider. You can even get coverage against additional circumstances such as overnight expense coverage in case your car breaks down with Magma HDI's additional road-side assistance cover.

5. Invoice value: In the event of total loss, constructive total loss or theft of the insured vehicle, your insurance provider will pay the invoice value or even replace your vehicle with a new one if you opt for this cover. It will also apply to additional charges that may come with your vehicle such as customs duty, registration charges etc.

6. Key replacements: Losing your car key is probably one of the most common car mishaps. With this add-on, get reimbursed for getting a duplicate key or replacing your car lockset in case of a burglary.

7. Loss of personal belongings: In the event of an accident or burglary, you undergo tremendous amounts of stress as you can never fully recover the belongings. However, with this cover, you can put your mind at ease as it can reimburse the cost of your valuable belongings such as your laptop, phone etc.

8. Inconvenience allowance Motor insurance provides you with financial coverage in case of accidents or any other damages. Inconvenience allowance is a daily cash benefit that you are entitled to if you file a valid own damage claim. It can go for as long as ten days to cover all the repairs that your insured vehicle needs. Thus, leaving you prepared for any unforeseen damages no matter how big they are.

The key is to identify your needs and choose the add-on benefits accordingly while buying/renewing your insurance. Most of these add-on covers come at a nominal charge but are well worth the extra buck. For these add-on covers and much more, have a look here at what Magma HDI has to offer.

A health insurance policy is meant to save you from the financial impact of a sudden illness, accidental injuries, and critical diseases. It also works as a legal contract between you and the health insurance provider to bear the costs of hospitalization, doctor’s fee, and other medical expenses.

But, there are many unique provisions of general insurance in india that can be difficult for a layperson to grasp. But thanks to the internet, it's simpler now to understand many confusing concepts.

You can explore and browse through YouTube videos that lucidly explain every important term at your own convenience.

If you're left wondering which videos to watch, here are our top five picks:

1. HTTPS://WWW.YOUTUBE.COM/WATCH?V=W4ZWXBQRO-I

This is a video from Indianmoney.com, where they explain the best methods to find a suitable health insurance plan. The video tells you how to look for the maximum coverage on your insurance policy and how add-ons can help you in the future.

They also inform you about other important things like clarifying with your insurer about coverage for certain pre-existing diseases when taking a policy with a lesser waiting period to ensure you go in completely informed while buying your first policy.

2. HTTPS://WWW.YOUTUBE.COM/WATCH?V=X86NLVV6ERE

This link from My Insurance Club talks about the different types of health insurance policies available to us. It broadly divides all health insurance policies into two and then further talks about plans specific to your needs such as critical illness plans.

The video explains the type of policies with the help of examples that relate to real-life scenarios.

3. HTTPS://WWW.YOUTUBE.COM/WATCH?V=DBTMNM8D-84

This video from Consumer Reports explains the costs related to health insurance. Here, they explain deductibles, premiums and out-of-pocket maximums which are applicable to various health insurance plans.

You must have read or heard about these terms with regard to medical insurance policies. In this video, you can understand them better with in-depth explanations and visuals. It helps you to make better sense of health insurance in India and how your plan helps you.

4. HTTPS://WWW.YOUTUBE.COM/WATCH?V=9H-VSFU_B_Q

This is a YouTube video from Consumer Reports which is a quick guide to picking the right health insurance for you. The video tells you factors to look for while looking for health insurance. These may include services such as OPD or even ambulance fees. 

5. HTTPS://WWW.YOUTUBE.COM/WATCH?V=ZZAYPKW6W-G

This video from My Insurance Club talks about the major benefits of buying health insurance. These include cashless services, hospitalisation coverage etc. Check out this video to make sure that you are making the best of your plan.

These are some of the best YouTube videos related to various concepts of health insurance. Go through them to know your options better when choosing a plan for you and your family. 

Given the problems we still face as adults today, educating your kids about being responsible consumers is always a great idea. If you prepare your child with good planning skills now, they’ll be better prepared to face financial challenges in their adulthood.

So, here are some facts about health insurance policies for families that you can use to help your child understand what health insurance truly stands for.

1. Health insurance is essential for everyone

Who could need health insurance? The answer is every individual on this planet. Hence, it is extremely important for your child to know that the benefit of health insurance is invaluable at any stage of your life. No matter what your age is, the future remains unpredictable. This is an important lesson in itself which must be impressed upon your child.

2. The types of health insurance

Getting health insurance should always be an informed decision. In order for that to happen, one must be aware of the options available to them. These options could range from individual and family floater plans to special covers available such as critical illness and maternity care. The idea is to familiarise your child with these for when they do have to make the choice for themselves.

3. The plan can be updated with needs

When it comes to health insurance, many people tend to set it and forget it. And some think that the plan is set in stone - once you've bought it, you're stuck with it. But that's not true. It's important to teach your child that they can and should customise the policy according to their evolving needs. These may include risks that come with age or including your new family in the plan.

4. The importance of reading the policy wordings

Before signing up for any kind of insurance, you must be familiar with what all you are getting with it. No one likes to go through heavy and technical information but it helps you make informed decisions later. So it's important that you encourage your child not to ignore the policy wordings as it'd tell them about their policy's coverage as well as terms and conditions.

5. Health insurance is a necessary expense

In a world with rising expenses, how is one to determine what is worth investing in? Teach your child that health insurance might seem expensive while purchasing but helps you save more than that in the long run. With the rising cost of medical care, having health insurance would be even more important in the future.

Before your child grows up, it is crucial to prepare them with the best knowledge and resources.

Health insurance is one of the most significant things you can teach your child about to ensure a safer future for them.

Health insurance in India is a necessity in contemporary times as it takes care of your finances in case of any health emergency with the help of a single policy. That being said, even the most comprehensive plans come with some exclusions. These are mentioned in your policy document and are often standard for all insurance providers.

You can make the best of your policy only if you know its coverage as well as exclusions. So, here are some you should definitely know of before you sign up for a new plan:

Waiting period

The only risks your health insurance covers from day one are injury/ hospitalisation claims due to an accident. Other than that, all other medical conditions have a waiting period after which you can make a claim. For common ailments, the waiting period is between one to three months from the inception of the policy, whereas the more serious diseases are excluded from coverage for as long as the first year.

Pre-existing conditions

You must have been told repeatedly that making a full disclosure of your health status is essential to get the right coverage. The reason behind this is a standard exclusion which says that all pre-existing diseases have an exclusion period stated in the policy wordings. Falsifying or hiding critical information can render your policy void and will inevitably leave you hanging in the future.

Lifestyle diseases

While these have not always been a concern, the drastic change in our environment and daily routines have made this a necessary part of healthcare. Unless specified at the time of availing the policy, all lifestyle-related diseases arising from smoking, alcohol consumption or drug abuse are excluded from a health plan. You would either have to pay a higher premium or be denied coverage in cases involving such ailments.

Alternative remedies

Most insurance companies are only slowly warming up to the idea of alternative treatment options. Treatment systems such as Ayurveda, Naturopathy and Unani have conventionally been excluded from health covers due to a lack of support from the medical community, which makes it difficult for insurance companies to accommodate.

However, some insurance providers are beginning to recognise these treatments now and are providing optional benefits which you can opt for to get coverage for them.

Maternity and childbirth

Maternity benefits are an integral part of any family health plan. This includes the medical expenses incurred for childbirth, infertility treatment or even abortion. In most cases, you would have to opt for a specialised maternity plan which is subject to a waiting period. Hence, it is a great idea to keep your family's future in mind while picking your policy.

Cosmetic treatments

While your health insurance policy may mention coverage for all hospitalisation, treatments such as plastic surgery, laser treatments, weight loss programmes, liposuction, eye and dental procedures are excluded from this cover. The exception to this rule is cosmetic procedures after an accident as they are critical to the functioning and well-being of a person.

To conclude, when looking for the best health insurance policy in india , remember to get details of all exclusions and waiting periods from your insurance agent or the policy wordings available to you. After all, the unpleasantness of reading that massive policy document sure beats being caught in a lurch while making a claim.

The Insurance Regulatory and Development Authority of India (IRDAI) has extended the privilege of porting health insurance to all policyholders since 2011. What this means for you is that at the time of renewing your policy, you have the option to change your insurance provider.

Wondering how that works? Keep reading to find answers to the most common concerns about porting insurance in India.

Can you port your policy without losing benefits?

Some of the advantages of porting your health insurance policy is finding affordable premiums or better policy features without compromising on the continuity benefits of your policy. In other words, it helps you in your journey to find the best health insurance policy in india .

For instance, say a medical condition wasn’t included in your health insurance policy for the first two years due to a waiting period of 3 years. In this case, the two years from the earlier policy will be reduced, and you’ll get the waiting period of one year on the new policy.

How much time do you need for porting?

Typically, you can port a health insurance policy within 45-60 days of the date of expiry. However, it may change from insurer to insurer. The rules of porting not only apply to the policyholder but the insurer as well. Hence, the new insurer should respond within 15 days of receiving your portability request.

What documents do you need for porting your health insurance?

If you do decide to switch your insurance provider, you will need the following documents:

1. The policy documents issued by your existing insurer

2. Information specific to the renewal of the policy

3. A self-declaration if no claims were made in the previous policy

4. For claim settlements, send discharge summary, investigation report, and other related documents as a proof

Why should you port your health insurance to Magma HDI?

The OneHealth insurance plan from Magma HDI is a comprehensive policy that offers you protection from the financial liabilities of healthcare, offers discount options for your premium and gives you the options of add-ons such as a critical illness cover to leave you completely worry-free!

Here are some other features offered by the policy:

1. 24x7 claim assistance

2. Cashless hospitalization across 4100+ hospitals

3. It also offers as many as 16 key benefits such as loss of income cover, maternity cover etc.

Process for porting your health insurance policy to Magma HDI

If you want to port your existing health insurance plan to Magma HDI, you should do it within 45 days before your policy's date of renewal. Given below is the process behind successfully porting your insurance-

1. Ask for a portability form from Magma HDI or fill the form online. Provide accurate details in this form. The company’s team of underwriters will cross check your details with your current insurer within 7 days from submission.

2. This information goes to IRDAI where your existing insurer will also give the details about your coverage and claims in a prescribed format.

3. With these details, the underwriting team at Magma HDI will have access to the history of your plan. They will make a proposal according to the company’s underwriting norms.

4. The team at Magma HDI will then send across the proposal to your existing insurer within 15 days. The last step is the acceptance of the proposal by your existing insurer.

So, this is how you can easily port your health insurance policy to Magma HDI. Check out their website for more information on their OneHealth policy.

Optimism is good but it doesn’t mean that we don’t prepare ourselves for the unforeseen circumstances thinking “it will not happen to us”. Accidents are as unpredictable as anything, we can take measures to face the minimum damage but we cannot avoid a sudden fall for eg. wearing a helmet while riding a bike is a precautionary measure but if you fall and get yourself hurt, you might save your head but what about the knee?

A personal accident insurance cover ensures that you will be financially protected against any such mishaps but the most suitable or the best personal accident policy for you would be the one that takes care of your head as well as your knee which means it gives you full coverage.

Apart from this, keep an eye on the percentage of the promised pay-out. For example: In case, if someone gets highly injured during an accident which leads to amputation of a body part then claim towards the insurance policy might be restricted to 50% of the total sum assured. So, don’t forget to read every clause of the policy before signing it.The same is true here while choosing the best personal accident policy in india, don’t forget to read the policy lingo, jargons and the clauses word by word carefully

Key factors to consider while choosing the best personal accident policy in India includes!!!

Plan type: First of all, you need to decide the insurance policy type that you want to purchase. You can choose any plan from an individual plan to a family accident plan as per your needs and requirements. If your family is financially dependent on you then safeguarding your family against accident is always a good option. 

Premium: Premium is another factor that you need to consider while choosing the right accidental insurance for you. Of course, everyone wants to get higher coverage while paying a lower amount of premium fees. Choose the one which has an appropriate balance between the premium charged and the coverage. You should never choose minimal coverage insurance just because of the low-cost premium charges. Consider your needs, read out the policy and then make the right choice.

Policy coverage: The higher the coverage, the safer you will feel. So, you should choose a wide accident coverage. Because such policies provide coverage against any kind of accident and disability while basic insurance coverage covers death caused by an accident.

Add Ons: Several add-ons are present there offering enhanced protection on your chosen policy. Think about what add- on might come as useful and then choose the right rider plan for you. Though the add-on services change from one policy to another policy, offering you the choice to choose from the right option.

The claim settlement process: You should always choose a policy with an easy and hassle-free claim settlement process. What’s the benefit of paying premiums if you are not able to claim when you are in need. While choosing a policy, read the claiming method carefully. Generally, in all the policies, you will get a 30 day of the claim period. During this period, it is necessary to intimate the insurer regarding any loss caused by accident. 

Bottom line!!!

Choose the best personal accident policy in India that offers you higher protection against any loss caused by an accident with minimal hassle.