GENERAL INSURANCE BLOG

Nearly 138 crores of the Indian population adhering to stringent traffic rules can seem daunting, but the benefits are surely rewarding. It is imperative to understand that these rules are in place to ensure the safety of citizens and exercise their rights freely without causing inconvenience to others.

Even with so many rules and regulations, many people face harrowing accidents and unfortunate defilement while travelling. It can be costly to deal with the expenses involved after an accident. With accurate knowledge and proper planning, one can counter these challenges with the seamless advantages of an insurance policy.

A motor insurance claim is a compensation provided to the insured by a motor insurance company. The compensation is paid for any damage caused to the insured's vehicle. The policyholder must pay a monthly premium to avail of the insurance benefits and get compensation for damage done to the vehicle and even to third-party.

Motor insurance is an efficient safety net to safeguard your asset and prevent your finances from draining behind the repair and maintenance work. It is important to keep your motor insurance updated and look for its renewal date. Never miss out on your motor insurance renewal. You can conveniently do online motor insurance renewal to save time and avoid your policy from lapsing.

Let's look at various types of motor car insurance claims available along with their requirements.

1. Cashless insurance claim:
This settlement process is the most convenient. You don't have to worry about expenses or vent your pockets for the repair work. The motor insurance company will clear all the bills associated with the respective vehicle, thereby giving you cashless benefits.

2. Reimbursement insurance claim:
You have to foot the bills by yourself, and the responsibility of filing for reimbursement is upon you. It can be daunting to keep track of all paperwork of repair, original bills etc. The documents required for claiming insurance should be thoroughly checked and filed accordingly. The claim can remain deficient if the necessary instructions are not followed.

3. Third-party claim:
This claim is enforced to seek coverage to the third-party liabilities. If any third party suffers damage from the insurer, it should be reported to the nearby police station and the motor insurance company. If the roles are reversed, the individual seeking claim must provide the vehicle and owner details needed to claim the insurance.

4. Own damage claim:
This type of claim is filed after the insured's vehicle is damaged in an unfortunate incident. The motor insurance company should be immediately notified where the verification and assessment of the damage will be done before paying the repair cost. The insurer must submit the required documents if a reimbursement claim is needed.

5. Theft claims:
This is raised when a car gets stolen. The initial step is to notify the police, the RTO, and the motor insurance company. Documents required to claim must be maintained and provided along with the car keys.

The following documentation is necessary as deciphered by the insurer:

1. In the case of accidents:

● The claim form with signature

● Copy of motor insurance policy

● Car registration certificate

● Driving licence

● FIR copy

● The bill estimated for damage repair

● Repair bill and payment receipts

● Vehicle inspection address (if no garage is mentioned)

2. In the case of car theft:

● Copy of insurance policy

● RTO theft declaration

● Police FIR copy

● Subrogation letter

● Car registration certificate and book

● Previous insurance policy details

● Any car-related items such as keys, warranties, booklets, etc.

● Forms 28, 29, 30 and 35

● RTO official intimation for theft

● Claim discharge voucher with revenue stamp and signature

3. In the case of the third-party damage:

● Claim form signed and filed

● Police FIR copy

● Driver’s licence

● Registration certificate and related documents

● A vehicle's original registration copy with the stamp

The police and the insurer must be notified about the mishap within 24 hours. The claiming process can become effortless and less complicated if the necessary documents are prepared beforehand. The owner must evaluate the entire situation before claiming anything for their vehicle. Every legal documentation in motor car insurance must be taken care of. Regularly schedule your online motor insurance renewal before the due date so you can avail maximum benefits and safeguard yourself by being a responsible citizen.

Click HERE to get online motor insurance renewal and protect your vehicle.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Financial education is a topic being discussed like never before. What was previously seen as a taboo is now being openly discussed in live conversations and on various platforms on the internet by an audience of different age groups. As modern-day parenting involves breaking down finances by providing the privilege and freedom money brings, children are not far left behind.

Insurance is a fundamental component of sound financial management, which must be introduced to kids early. You can set an example by discussing different insurances with your child in simple words.

Why should you discuss insurance with kids?
You may wonder why discussing insurance with kids is of significance. Simply put, insurance is a mechanism that provides safety cover and teaches budgeting and saving, which are essential for efficient money management. People who have not been exposed to insurance at an early stage tend to take it for granted and realise its importance after reaching their 30s or 40s, when insurance providers hike up premiums, making insurance expensive.
By teaching your children the benefit of insurance, you are making them aware of contingencies, being prudent, and taking covers to monetarily protect themselves from any damage to their property or health. When taught at such an impressionable stage, concepts tend to stick for a lifetime and help in making conscious decisions relating to money.

How to bring up insurance with kids?
Insurance is a complex yet essential instrument that provides safety against contingencies in the future. While necessary, it wasn't easy to understand and pick one for your needs before digitalisation. However, the internet's plethora of resources makes it accessible to all. For example, you can buy your two wheeler insurance online India and show your children the complete process and its benefits.

1. Make use of your kid's prised possessions to pique their interest
Drawing and retaining a child's attention is challenging. However, you can easily explain different insurance types to children using what they hold dear- toys. Insurance protects what matters most from unintended damage. Use this concept to get your child's attention. Insurance discussions with children do not have to be formal and provide the best results when introduced naturally.
Playtime provides the best opportunity to introduce insurance. Using imaginary scenarios and functional characters, you can use them to explain the unpredictability of the future and the need for a safety net.

2. Use of digital resources:
Recently, resources like online courses have seen a rapid increase in demand. Similarly, online creators on platforms cater to simplifying finance for non-specialists, and a specific niche for kids is also developing. Since kids of this generation occupy the maximum screen time, it becomes easy to introduce financial habits in uncomplicated terms through visuals and digital content.

3. Involve your child in making financial decisions:
Choosing where to spend your money is essential to building an ample savings amount and helps determine the individual's financial acumen. Once you have introduced the topics to your child, give them a weekly or monthly allowance of a minimal sum that is enough to purchase a small value item like a snack, and then ask them where they would prefer to direct the balance amount.
You can guide them to invest their money to safeguard their valuable assets like their two-wheelers by researching themselves and investing in the two wheeler insurance online India. Let them know the wonders insurance can have in one's life due to its seamless benefits. This way, your child will gain practical exposure in a controlled environment.

Financial literacy is not obtained overnight and is a healthy discussion that should be initiated at the earliest stage possible. It allows for a greater sense of responsibility in children. The best way to inculcate this habit is through regular discussions about savings and managing wants and needs.

You might give your child a pretty bike or a scooter once they cross 18 years of age. Still, your next step should be advising and motivating them to self-understand the importance of crucial financial investments like insurance. They can start by using the internet for their analysis and learn to invest in two wheeler insurance online India not just to safeguard their asset but more to learn the power of smart investing!

Click HERE to buy two wheeler insurance online India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Cycling is a fun exercise with many benefits for everyone. The younger generation is fascinated with cycling adventure, and they usually ride their bicycles in their vicinity and even plan passionate cycling tours to thrilling destinations. But did you know that cycling also benefits and excites older adults? It is an excellent way of keeping older adults fit, healthy, and engaged without putting too much pressure on their bodies.

*Pro-tip
If you want your parents to be protected from the possibilities of heart diseases and cancer, make them indulge in cycling as it helps reduce the risk of these adverse medical conditions. Another great way to ensure a healthy lifestyle for your ageing parents is to buy the best health insurance in India and provide vital financial support during medical emergencies.

Now, let's see some interesting health benefits elders can enjoy by cycling regularly.

1. Boost the immune system:
Elders have a weak immune system; as they grow old, they produce fewer T-cells, essential to fight against diseases. Cycling helps maintain the production of T-cells in older people, which boosts their immune system. It also helps older adults to preserve their strength and muscle mass to stay energetic throughout the day and feel less lethargic in doing any activity.

2. Good for the heart and body:
Cycling is excellent for the cardiovascular health of the elderly. It reduces the risk of severe health conditions due to heart disease by 45%. The elders who ride bikes regularly get their cardiovascular health increased by 3 to 7%. Riding a bicycle for 30 minutes also helps reduce the risk of several other medical conditions, like kidney disease, diabetes, and colorectal and lung cancer.

3. Slower ageing:
According to a study, high intensity cycling or other exercises can result in slower ageing. Older adults can enjoy the anti-ageing benefits by setting up a daily cycling routine. It is essential to maintain mitochondrial capacity as its decline can lead to physical deterioration. Cycling is excellent for increasing mitochondrial capacity.

4. Deal with fat:
Excessive accumulation of fat due to lack of physical activity can increase the risk of health problems like stroke, type 2 diabetes, and heart attack in the elderly. As they grow older, exercising to lose weight becomes a little complicated. But cycling doesn't put much pressure on the body. Elders can easily lose fat and weight with regular cycling with less effort and maximum benefits.

5. A good stressbuster:
Stress is a general issue that bothers younger and older adults for several reasons. This stress becomes the underlying cause of several other health complications. Hence, it becomes crucial to control stress to improve an individual's mental and physical well-being. Group activities like cycling are enjoyable as cyclists can meet new people with similar interests. It helps elders find companionship and keep themselves cheerful.

6. Good for joints:
Walking and running become challenging as people get older. Seniors usually suffer from injured joints, and putting too much pressure can worsen their condition. Cycling is ideal for elders as it puts less stress on their joints. According to a study, cycling improves the condition of knee pain and osteoarthritis in older adults.

7. Build strength and stamina:
Cycling helps seniors build knee muscles and improve their stamina. It is a whole-body workout that helps older adults maintain their strength and endurance. It also enhances the mobility of individuals and helps them keep their bodies in the best shape.

Once you understand the significance of cycling, encourage your elderly to get involved in this activity. It helps elders meet new people, essential to improving their mood, and gives them a new direction to live their retirement life with enthusiasm.

Indeed, cycling improves the health condition of elders and provides them with the reward of a fitter lifestyle. Gift the elderly with the additional coverage of the best health insurance in India. Insurance supports financially by covering the diagnosis, hospitalisation, medical, and ambulance fees, releasing massive stress from older adults to deal with their health complications.

Click HERE to buy reliable health insurance in India for elders.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

There's no room for an apple to fall, especially in Indian cities. Cities are buzzing with a huge population of students and working professionals. We often see our family and friends move out of their hometowns to turn over a new leaf. Some flee to pursue their dreams, and some to live independently.

This appears like a window of opportunity for the apartment owners to give their flats as paying guest accommodation. This way, they can earn well and gain the confidence to drive a small business. Being a highly rewarding sector, some individuals have already started to build their brands on PG accommodations. Their presence gives us a clear hint about the opportunities and profitability of this sector.

All in all, it's a booming industry. This fear of missing out in the market makes people convert their apartments to paying guest accommodations. But isn't it essential to know the risks and rewards before deep diving into this sector? Don't worry. We have got you covered.

Risks:

1. Legalities:
Converting your residence into a PG accommodation states that you are renting it for commercial purposes. Commercial properties require compliance with certain formalities and permission from municipal authorities, police, fire department, etc.

2. Security:
To prioritise the tenants' safety, ensure the installation of CCTV cameras and appoint a guard for additional security, and maintain the records of visitors.

3. Background check:
It is crucial to know your paying guests before closing the deal. So, verify their official documents, such as Aadhaar card, PAN card, passport, or authorised identity card, and keep additional photocopies of these with you for records and future reference.

4. Agreement:
The rent agreement serves as an official document of mutual understanding between the occupant and the landlord. You need to mention all the terms in the contract. Once the contract is signed, you can move to the next step of closing the deal.

5. Damage to property:
The tenant should be responsible for maintaining the original condition of the PG except for everyday wear and tear. In case of any damage, it should immediately be brought to the landlord's notice.
As a landlord, you can insure your apartment with home insurance which would safeguard your property in case of any burglary, fire, or natural calamity.

Rewards:

1. Greater monetary benefits:
PG business can be a money-spinner for you. On average, a PG accommodates 5-6 individuals. So, a PG can earn you up to 10x of what you could make by renting out the apartment. Paying guest accommodations in metropolitan cities can earn you between 6,000 to 50,000; for other cities, it can range from 3000 to 20,000 per head per month. This can be an excellent source of side income that can be a significant financial benefit, especially for the middle class.

2. Passive income source:
PG can be a great passive income source for you while you can continue your own job/business. Converting your apartment into paying guest accommodation would be an excellent decision. However, complete all the necessary procedures and legal issues before converting it to a PG.
Don't forget to undertake the safety of your apartment by investing in home insurance, which would protect your belongings and your apartment from damages that mostly occur due to natural disasters and/or manmade misadventures.

If you have a good living space that is not occupied, then PG renting is a good decision you can make to get monetary benefits from your asset. But it is important to be clear on the terms before dealing with tenants. Never trap yourself in a problematic situation by making rash decisions.

Do your best research and background check of the desired tenant and stay updated on your home insurance renewal. Follow these basic yet vital steps, and you are all set to rent your apartment.

Click HERE to buy the best home insurance policy for your PG accommodation.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.