GENERAL INSURANCE BLOG

Imagine the frustration of driving on a deserted road and encountering a breakdown. To avoid such a situation, you should always be on the safer side and ensure proper maintenance and routine servicing.

The best way to deal with such a situation is to buy car insurance in advance and benefit from add-ons like roadside assistance. Through this, your insurer will always have your back during a crisis. However, car insurance is not a replacement for effective car servicing. Often, car owners grow careless and get negligent about repairs and maintenance activities. It can lead to significant problems with several car parts, including issues with your air conditioning.

The air conditioning can get faulty over time and be ineffective. With the rising temperatures all around, this can be an extremely uncomfortable situation. With time, it will only get worse. You need to get it fixed or opt for a solution yourself.

Read on for a quick guide through the various steps of fixing your air conditioning at home. However, if you have car insurance, it will be covered under it. Steps to getting your car AC back on track are:

● Start the car and turn on the air conditioning. Turn it to the highest value and assess its functioning. See how warm or cool it is. If it does not get as cool as it should, there may be an issue with the airflow.

● Now, check if the AC compressor is working well. You can determine the next course of action only when you know its functionality.

● Invest in a leak detection kit to help you locate the leaks in your air conditioning system. Through this, you will be able to identify leaks quickly. You can then repair it or replace it accordingly.

● The next and most crucial step would be adding the correct refrigerant. You must have a suitable refrigerant for your vehicle and add it carefully. Contact a professional to learn about the ideal car refrigerant for your vehicle.

● To maintain the best temperature in your car, you need to read the gauge. You can do that by using a thermometer.

● It is time to locate the low-side service port for further action. The low service port is where you charge your car's AC.

● It is essential to avoid clogging the area around the service port. You can wipe with a clean cloth or rag.

● You will find a charging hose with your refrigerant. Connect it to the low-service port.

● It is time to open your refrigerant now. Go on turning the valve till the seal on the can is punctured completely.

● Hold the can upright if you want the refrigerant to go into the car engine. Shake it well for a good flow.

● Once done, you need to remove the hose and store the can in a safe and cool place.

● If the problem persists, you need to contact a professional mechanic to complete the repairs.

*Tip
Periodically clean your car's AC vents to avoid clogging in the air outlet. Clean vents ensure proper passage of air throughout the vehicle.

Regular maintenance ensures the longevity of your vehicle's air conditioning system and overall upkeep. Along with periodic checks and servicing by a professional mechanic, we encourage you to invest in car insurance to protect your vehicle and your finances from the effects of an accident. Remember that your car is your responsibility, and you need to undertake its maintenance.

Click HERE to invest in the best car insurance.

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.

The Ministry of Finance and Corporate Affairs of the Government of India presented the Economic Survey 2022-23 along with the budget on the 1st of February, 2023, in the parliament. It projects optimistic growth in the Indian economy in the current year because of the high private consumption, increased investment and production activity, higher capital expenditure, and strong revival of the service sector post the dull phase of Covid-19.

The insurance sector in India has also grown at a rapid pace, especially after the pandemic. The 2022-23 economic survey indicates greater insurance penetration. Let us know more about it.

Insurance penetration and its pace:

Insurance penetration is the total insurance premium ratio to a country's gross domestic product in a particular year. It is a globally accepted indicator of the growth of the insurance sector of a country.

Insurance penetration in India was a meagre 2.7% in the year 2000. The 2022-23 economic survey reveals that it rose to 4.2% in 2020 and 3.2% in 2021. It is also slightly higher than the global average, pointing to the efficient functioning of the sector in India.

While greater awareness is one of the factors that has led to such positive figures, tech advancement in insurance sectors and the facilities to buy insurance policy online are also to be credited.

Insurance density:

Insurance density is the ratio of the total premium collected to the country's total population. In other words, it is the per capita premium of a country. The insurance density in India was $11.5 in the year 2001. According to the 2022-23 economic survey, it has risen sharply to $91 by 2021.

The density for life insurance was US$69, while that for non-life insurance was US$22 in 2021. The survey also indicates that savings-linked life insurance products are the highest selling in India.

Reasons for increased penetration.

1. Digitisation of the insurance market:
Many surveys state that the digitisation of the insurance sector in recent years has fuelled its growth in India. Artificial Intelligence (AI), machine learning, and the implementation of advanced technology in the insurance sector have increased efficiency and enhanced synergy.
App-based policy sales and renewal, online premium payment, and speedy claim settlement processes have helped the sector to grow and penetrate rapidly. The permit to conduct video-based know-your-customer (KYC) documentation and rewarding low-risk behaviour has also helped boost demand and penetration.

2. Increase in FDI limits:
The survey also states that the increase in FDI limits to 74% in companies that provide insurance cover has helped bring foreign capital into the Indian insurance sector. 100% FDI has been allowed for insurance intermediaries like brokerages. This has helped the industry to snowball.

3. Post-Covid awareness:
According to the surveys, the non-life insurance sector will likely witness increased penetration due to post-covid awareness of health insurance. People have realised the importance of health insurance, due to which its demand is witnessing a steady rise.
The government also provides strong insurance support by promoting the mass health program "Ayushman Bharat." It annually provides a health cover of Rs. 5 lakhs per beneficiary family. Pradhan Mantri Suraksha Bima Yojana is another innovative non-life insurance product operational in India. It provides risk coverage up to Rs. 2 lakhs and has contributed to greater insurance penetration.

The 2022-23 economic survey has correctly stated that insurance penetration is at a record high in India. While people are becoming increasingly aware of the importance of insurance post the Covid-19 pandemic in India, the increase in digitisation and efficiency in the issue and claim settlement process has further led to greater insurance penetration.
Online insurance has been a blessing for the insurance industry and immensely contributes to increasing the demand for insurance products and boosting growth. Choose to buy insurance policy online to make the process easier and hassle-free.

Click HERE to buy insurance policy online.

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.

Most people love to clean their houses and redecorate them to give them a brand-new look. Often, professional deep cleaning is required to address those areas and corners throughout the house you overlook daily. However, it is recommended that they do so before the beginning of spring. While experts have documented the pros and cons of summer and winter cleaning, spring cleaning has no negative implications.

Not only does a round of decluttering make your house look spik and span, but it also does wonders for your physical and mental health and overall well-being! Especially when you are living with the elderly, ensuring a clean and safe indoor environment becomes more important.

Before diving into the benefits of the activity and getting started on deep cleaning your home, consider purchasing health insurance in India for parents and other family members. Health insurance in India for parents protects them from the risk of mishaps or developing any allergies by creating a safety net that shares the financial burden of hospitalisation.

With that out of the way, here are some of the benefits spring-cleaning offers.

1. Keep your mind and body physically active:
Only a few people enjoy going to the gym or a strenuous workout. However, carrying boxes of old goods and scrubbing the walls and the floor can be a real workout. Keeping your body and mind active results in a healthy heart and a happy mind. Moreover, cleaning is one of the best ways to burn some of the calories you gain during the holiday season. Plug your headphones in and play your jam and get cleaning!

2. Reduces the chance of injury:
A messy home increases the risk of injury for everyone, irrespective of age or gender. Spring cleaning gives you the time to throw out extra junk and replace old and weak items with new and stronger ones. It also allows you to notice any loose wire or floorboards that can cause severe injuries.

3. Protects the immune system:
While seasonal allergies can cause daily discomfort, mould, dust, and pet dander cause many medical problems. Therefore, deep spring cleaning helps eliminate pests and prevent respiratory problems. Dusting the furniture, windows, and other hard-to-reach places and covering them with a rug or cloth minimises the chances of dust accumulation. Deep vacuuming of carpets, curtains, and floors also prevents infections and pest problems.
Besides these, cleaning the kitchen and bathroom allows you to redecorate the place and understand the need for some particular cleaning products. Remember to avoid the overuse of sponges and dishcloths, as they get filled with bacteria over time.

4. Improves mood and focus:
A clean and fresh house improves your mood and clears your mental space. Cleaning your home is also a great way to relieve stress and anxiety, thus allowing you to focus on other aspects of your life. Clear and calm mental health leads to positivity and better productivity.

5. Prevents bugs and rodents:
Bugs and rodents love a dirty and messy home. Therefore, proper spring cleaning helps you avoid the growth and spread of bacteria and diseases caused by unwanted pests. Regularly sanitise the garbage bags below the kitchen sinks and cabinets and the area around the fridge to prevent bugs and rodents.

Cleaning your house may seem tiring and stressful, but once you start, you'll realise how much you need a clean and proper space and the therapeutic joy it offers. It also allows you to bond with your family over the seasonal cleaning. Before you start, ensure you buy health insurance in India for parents and all your dependents to protect yourself from medical emergencies.

Click HERE to buy health insurance in India for parents.

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.

With age, one has to adapt to the evolving environment and take on complex roles as a contributor to the growth of society, the workplace, and the family. This additional responsibility within the settings of your home usually translates into the natural reversal of roles where you begin to take charge of duties that your parents once undertook. This includes financial responsibilities such as future-proofing wealth, preparing for contingencies, and planning for your future needs.

When considering ageing parents, one of the priorities to manage is their health and well-being. Despite carefully purchasing the best health insurance in India for parents, you may find yourself in a dilemma after a short while. As their immunity weakens, they may need coverage that may require additional premium payment or porting of the policy to reap better value from a different insurer provides. However, you do not wish to lose out on the NCB and the accumulated benefits of retaining the policy.

If you are in a situation where you wish to port your policy to avail the perks of the best health insurance in India for parents, here is a simplified guide.

1. Evaluate alternatives:
It is recommended to compare and evaluate the offerings of various insurance providers before purchasing any insurance product. The same applies to finding the best health insurance in India for parents. The digital presence of most major insurers makes it easy to compare different health insurance policies online. Ensure that you check their coverage, premiums, inclusions, and exclusions to find the most compatible policy that protects against contingencies and risks.

2. Written request submission:
Once you decide to port your policy, the immediate step is to inform your present insurer of your decision. Usually, it requires 45 days for the request to get approved. Therefore, you must send in the request for porting at least 45 days in advance from the date of policy renewal.

3. Intimate the new insurer:
Once you identify and contact a new insurer that offers the best health insurance in India for parents, you will receive a portability form that requires all the details of the policy you wish to port and a proposal form.

4. Sharing of policyholder information:
This step takes place between the old and new insurers. The new insurance company requests the medical details of the insured to assess the risk of insuring your parents. Any related documentation, like claim records and personal details, may also be shared. At the same time, this information is also shared with IRDAI.

5. Risk assessment:
Upon receiving the documents, the new insurer analyses your parents’ risk profile to determine the risk involved. An underwriter or actuary usually undertakes this task.

6. Policy underwriting:
If the risk assessment results in a favourable outcome, the insurer undertakes to cover your parents. This is usually informed to the policyholder within 15 days of submitting the portability form. In case of a delay in correspondence, you are assumed to be covered by the new insurer.

7. Policy comparison:
Once framed, the proposed policy is shared with the present insurer for comparison and evaluation. The current and new insurers are responsible for ensuring that the IRDAI-issued guidelines for porting are strictly followed. Upon successful assessment from both insurers, a portability certificate is issued. You must ensure that the proposed policy includes at least the same sum as the previous policy with all the accumulated benefits and coverages.

While porting does not allow a complete change in the policy, it enables minor modifications to alter the existing policy and make it the best health insurance in India for parents. The convenient procedure makes it easy to switch between insurance companies to derive better value, better customer service, and coverage, among other factors.

Click HERE to buy the best health insurance in India for parents.

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.