GENERAL INSURANCE BLOG

One of the major determinants of how you live your life is your financial condition. It cannot be emphasized enough that you need to carefully plan out your finances not just for the near future but also for your old age. If you find yourself in a financial fix, the chances are that things might just get worse from there and it might take a lot to turn that situation around. One of the best ways to ensure you live a worry-free life is to properly manage your finances. Here are few ways in which you can stay financially healthy: -

• While a large number of people depend on a card to make payments, it is a smart choice to say goodbye to credit cards. Since you need to pay for the expenses you make on your credit card, you can always run the risk of going into debt. As more purchases and interests keep adding up, you might find it difficult to pay your credit card bills. Instead, maybe use a debit card since the money will directly deduct from your bank account every time you make a purchase, and you don’t need to pay any debit card bills.
• Begin thinking about a retirement savings fund. Since you can only work for so long, it is important to plan in advance. Start saving money from today itself and add it to a retirement fund, so you are financially secure when you grow older. Not having any money saved for old age could prove to be a major headache especially if there are medical bills to pay.
• One of the simplest ways to become financially healthier is to cut out any unnecessary spending. This might be very common advice, but it is easier said than done. You need to keep in mind that your financial situation could change any second and that you should always be prepared. All expenses ultimately reduce your savings, so spend your money wisely, only on what you really need, with a few occasional indulgences.
• Think about insurance. Now, insurance is a broad category. There is vehicle insurance, health insurance, travel insurance, property insurance, etc. You can never really foresee any adversity, so it is best to be prepared. Make sure to go over the terms of the various insurance policies and keep renewing them regularly to avoid having to pay large amounts of money from your pocket when the situation arises. For example, there are many online health insurance companies that you can check out. You just need to find one that suits you best.
• Another easy way to be financially healthy is to make a budget. At the beginning of every month, plan out a budget based on your account and normal economic activities and try to stick to it. If you can manage to spend just as much money as you had planned for, you will end up saving a ton of money in the long run since you would have avoided any unnecessary expenses throughout the month.

Whether it is finding a good online health insurance company, switching to debit cards, looking for further sources of income, investing your money, you must contemplate your financial decisions thoroughly. Money is extremely important to determine the quality of your life and must be used very, very carefully to avoid any complications in the future.

The term “health insurance” is something that you must have heard multiple times. Both the government authorities, as well as the insurance companies, are aggressively creating awareness regarding health insurance. But what exactly is health insurance, and why do you need to get one immediately? Health insurance is essentially insurance that will cover complete or part of the medical expenses if you were to fall seriously ill, had a major accident or require a medical surgery of any kind.

• Since these situations would otherwise require you to spend a substantial amount of money, it is always a good idea to subscribe to a comprehensive health insurance policy. Not only should you have a health insurance policy in place, but it is also essential that you pay attention to timely health insurance policy renewal as well. Before availing a health insurance policy, here are some terms you must understand well: -
• Deductible: In simpler words, it is the part of the medical bills or expenses that you pay on your part while the insurance company pays for the rest. Based on the percentage of the risk you are willing to cover, the company will decide the deductible and the amount it will pay.
• Premium: Premium is the amount that you would pay to the health insurance company for subscribing to the insurance policy as well as for its renewal. Depending on the insurance company, the premium could be paid every month, once a quarter, or once in a year. In case you are part of a group insurance policy at your workplace, your employer will most likely pay the premium. Failure to pay the premium could lead to termination of the policy and forfeiture of any accumulated benefits.
• Grace period: - In case you are unable to pay your health insurance policy renewal premium by the due date, the insurance company will offer you a grace period of up to 30 days. If you pay the premium during this period, your health insurance policy will stay in force, but if you fail to pay the premium during this period as well, the policy will be terminated, leaving you unprotected.
• Floater Plan: - This is a comprehensive health insurance policy that covers multiple persons in the family. Yourself, your spouse, kids, and parents can be included under the cover of this plan. Having a floater health insurance policy removes the need for having separate insurance plans for every family member.
• Free-look period: - Also known as the cooling-off period, this period specifies the number of days you have since the issuance of the policy to cancel it. In case you are not satisfied with the new health insurance policy and cancel it during the cooling-off period, the insurance company will refund the premium amount after deducting some costs. But once this period has lapsed, no premium will be refunded by the company if you decide to cancel the policy.

When applying for a health insurance policy, it is of utmost importance that you fully understand all the terms, which also include co-payment, coinsurance, etc. Since it pertains to a very serious aspect of your life, you must make an informed decision when choosing a health insurance policy and you must keep in mind the terms of the health insurance policy renewal too.

If you prefer bikes over cars, either because you are looking to save money or just because you like the feel of whizzing past the many cars, there are many options for you. There are many out there just like you, and to cater to their needs, the motorcycle industry is constantly coming out with new bikes, each with their own special features. However, while it might be fun to ride a bike because of the thrill it offers, it is of utmost importance that you drive within the speed limit, always wear and helmet, don’t get too adventurous (especially amidst traffic) and are have an insurance in place to cover any damages that may occur in the future. If you are looking to buy a bike this year, here are the top 5 bikes to look forward to in 2020: -

• Honda CB500X: Built for the adventure lovers out there, the Honda CB500X comes with a free-spinning two-cylinder engine, long-travel suspension, and a diamond-tube frame which makes it easy to handle and balance. At the height of 830mm, the seat offers excellent visibility and makes the riding position quite comfortable as you’d be able to sit upright. The bike is made in such a way that you can drive it on any kind of terrain. Also, it comes with a clear information panel to give you exact details about mileage, speed, fuel etc.
• Suzuki SV650: Since the introduction of this model in 1999, it has gone through a series of improvements to make it what it is today. With a polished powerplant, the bike has low emissions, great fuel economy, and overall excellent performance. The bike has a trellis-style frame built with high-strength steel tubes, which make it lightweight. The bike is built in such a way that it offers manoeuvrability, plenty of lean angles along with great comfort.
• Yamaha XSR 155: Do not be confused by the slightly retro look of the bike. It has been designed in a way that gives you support, comfort, control and speed. The bike, much like its previous counterparts, has a Delta-box frame which makes it lightweight. The seat, made in leather, is a single-piece seat. The handlebars are slightly raised, which is what adds to its retro look. You can see where the single-cylinder engine is on the bike and the tank is slim.
• Honda CB650R: The bike comes with a four-cylinder engine, which makes riding smoother and provides a lot of power during the rev range. The seat makes it more comfortable to stay upright, especially if you are riding for a long time. Along with this, the neo-sport style of the bike makes it look sleek. Other features of the bike include wide handlebars, LED lighting in the front and back, and waterfall-style headers.
• Aprilia RS 660: This sporty bike comes with a parallel twin-cylinder engine. With a refined frame, this bike is lightweight and easy to manoeuvre. Some notable features of the Aprilia RS 660 include cruise control, dual-channel ABS, easily adjustable brake settings, traction control amongst others.

Again, when looking to buy a bike, you must take every precaution to avoid getting into an accident, especially since it does not offer the kind of protection a car does. A great way to ensure that you have any unforeseen accidents or costs covered is by private car/vehicle insurance in india.

As part of their New Year goals, a lot of individuals decide to purchase a new car. Now, cars aren’t cheap, even if you don’t consider luxury brands such as Audi or Jaguar, and you have probably saved up a bit of money so you can buy a decent car. So, when making a choice, it is important that you put a lot of thought into the car that you wish to buy. Do not go by word of mouth; do your research and compare the different features of the cars before you make the purchase. Another factor to keep in mind while buying a new car is insurance. To avoid having to pay a hefty amount from your own pocket in case of an accident or damage, find good car insurance in India. Here are the top 5 options you could choose from when thinking of buying a new car in 2020: -

• Tata Altroz: Considered to be Tata’s first premium hatchback car, the Altroz comes in a variety of colours including Skyline silver, Midtown grey, Avenue white, and others. Whether it is a petrol or diesel engine, both will have a 5-speed manual gearbox. The car comes with projector headlamps, fog lamps (both in the front and back), along with a rear defogger. Also, the driver seat is 4-way adjustable while the front passenger seat is 2-way adjustable. When it comes to the safety features, the car has dual airbags, a seatbelt reminder, and an auto door lock system.
• Fifth Generation Honda City: The car is believed to be wider and longer than the fourth-generation Honda City but slightly shorter and with less wheelbase. It comes with BS6-compliant petrol and diesel turbo engine. When it comes to the exterior, the car has a gloss black front grille, DRLs, defoggers in the front and back, LED headlights and alloy wheels. Other features include dual airbags, vehicle stability assist, speed sensing auto-lock system, a touchscreen infotainment system, adjustable seats, etc.
• Renault Triber AMT: The car has an Energy engine with a capacity of 999cc and a mileage of 20.5kmpl. In terms of safety features, the car is equipped with front airbags, rear parking sensors, speed alert warning, pedestrian protection, amongst others. The Renault Triber AMT is a 7-seater car and has electric power steering, an engine start or stop button, a touch screen, and adjustable seats.
• Hyundai Sonata: One of the best sedans in the market, the Hyundai Sonata has a 4-cylinder engine. It has a sporty look to it with a seamless hood and a fastback rear design. The car comes in many colours like the Stormy Sea, Calypso Red, Quartz White, etc. Depending on the exact model of the car, it comes with 8-inch touchscreen audio, lane-keeping assistance, heated front seats, remote smart parking assist and an effective airbag safety system.
• BMW 5X: Now, this might be worth more than you are willing to pay, but it is still a great car, nonetheless. It is a midsize SUV that comes with three different types of engines, LED headlamps, lane departure warning, driving assist, adaptive cruise control, an entertainment system, a well-equipped airbag system that makes the car very safe and other features. The car is believed to be the most balanced BMW car and is very easy to ride, handle, and is very comfortable.

Buying a car is a major decision that must not be taken lightly. You will end up spending a lot of money on the car, whether at the time of purchasing it or during repairs. It is advisable to go over all the options and to compare them to find the car best suited for your needs. Again, take the time to find good car insurance in India for protection against losses.