GENERAL INSURANCE BLOG

Accidents are always unfortunate, and you can never foresee when you might face such a circumstance, but it is always better to protect yourself from such unfortunate situations by getting a Personal Accident Insurance. You can easily buy personal accident insurance online by visiting the website of the insurance provider under which you want to get insured. If you have a Personal Accident Insurance, you will be able to protect yourself from huge inpatient hospitalization expenses and corresponding medical bills that can spend all your life savings in case you are met with an accident. You need to keep in mind certain things when you buy a Personal Accident Insurance: -

• Buy personal accident insurance online with a premium amount that covers your needs while not putting heavy stress on your financial stability.
• Compare the different Personal Accident Policies provided by different insurance companies and choose the one that fits your requirements the best.
• Select a policy that can be renewed online easily without having to visit the insurance company’s office.
• Personal Accident Insurance policies can provide you safety from sudden financial mishaps that can occur if you face an accident. Along with this, some of the reasons you should consider buying a Personal Accident Insurance are:
• You have any disability taken care of - If you have a Personal Accident Cover, you will be able to claim compensation for any kind of disability that you may face in the aftermath of an accident. The insurer will get appropriate compensation from the insurance provider if they suffer the loss of income due to their disability. You can avail compensation for Permanent Total Disability as well as Permanent Partial Disability.
• Accidental Death Benefit - This is one of the major advantages and the most important reason why you should get a Personal Accident Insurance. In case of accidental death of the insured, the insurance company is liable to 100% of the insured amount to the nominee which are generally Class I legal heirs such as a spouse, son, daughter, mother or father.
• Medical Expenses are taken care of - If you suffer an accident, medical expenses cost can be very high and can finish up all your life savings in a very short span of time. A Personal Accident Insurance will provide you protection from such expenses as the insurance company will take care of the medical expenses of the insured. In case of demise of the insured, the company will also take care of the funeral expenses of the deceased.
• Family Security - In case the accident leads to the death or permanent disability of the person and that person is the sole earner for the whole family, a Personal Accident Insurance will provide security to the insured’s family. This will not only provide the family with funds to support them but also shield them from any hospital expenses that will be incurred if the person is hospitalized.
• Child Education Benefit - Some insurance companies also cover the educational expenses of children under child education cover in case of death or total disablement of the person insured. Under this cover, the company will be liable to pay some amount per child, to a maximum of two children for their educational expenses.

Buying personal accident insurance online not only protects the insured but also guarantees protection and security to the family of the insured in case the person is faced with permanent disability leading to loss of income. It is always a good idea to get a Personal Accident Cover, whether individually or along with your other insurance policies for your car or bike.

Whether you buy a four-wheeler or a two-wheeler, you can easily buy bike insurance or private car insurance in India. All such insurances come with certain add-ons offered by insurers to supplement the comprehensive insurance policy and make it more valuable for the buyer. Some of the Add-ons provided are the basic add-ons while some other add-ons can be purchased by the insured at a higher premium. Each Additional Cover will cost some extra and that cost will be adjusted in the premium. Some of the basic and most common Add-ons that are available for two-wheelers and must be taken while buying insurance are: -

• Zero Depreciation Cover - Depreciation occurs due to the reduction in the price of the vehicle over time due to natural wear and tear while using the vehicle. The rate of depreciation depends on the age of the respective parts of the bike. Generally, this depreciation is required to be paid by the customer as deductible during the claim process. However, if you buy a Zero Depreciation Cover, the insurer will not deduct this amount from the claim, and you will receive a comparatively higher percentage of the claim. You should opt for this cover if your bike is new and ideally less than 3 years old. If you have this cover, you will be able to make a maximum of two claims in a policy period but if your vehicle is damaged beyond repair, you won’t be eligible for this cover.
• Accessories Cover - If you are someone who likes to have additional accessories attached to your bike and have your bike studded with additional high-end electrical and non-electrical accessories, you should buy an Accessories cover to insure those accessories as well from damages in case of accidents. To get this cover, you need to submit the total cost of these accessories while buying an insurance policy for your bike.
• Return to Invoice - With an increased premium, this cover will protect your bike from theft or irreparable damage, and the insurer will compensate you by providing the Insured Declared Value of the vehicle to you. The Insured Declared Value or IDV is less than the invoice value of the bike because it is calculated by taking into account the depreciation rate of the bike, the road tax, registration charges, etc. The IDV of a two-wheeler can reduce to 80% of its value in a span of only 2 years and if you have this cover, you won’t have to spend too much extra money to get a new bike in case of theft or irreparable damage.
• Medical Cover - This cover will provide you coverage from medical expenses that can be very high in case your two-wheeler meets an accident because there is no protection for the driver driving the two-wheeler. Taking this Add-on will help you cover the costs related to medical treatments in case you meet an accident.
• Pillion Rider Cover - There is no protection for the pillion rider on the bike as well if the vehicle meets an accident. It can be argued that in most cases, the pillion rider is at more risk of getting hurt than the driver of the bike. In most insurance policies, the rider will be covered against death or any resultant disability in case of an accident, but there is no cover for the passenger. This Add-on will provide cover to the pillion rider in case of an accident resulting in the death or disability of the passenger.
• NCB Protect - Most of the insurance companies provide a No-claim Bonus to the insured in case they raise no claims during the policy period. But, if a claim is raised the NCB is reset to zero, and to prevent that from happening you can buy the NCB Protect Cover. This will protect the NCB from resetting to zero and your accumulated bonus won’t lapse in case you raise a claim..

These were some of the Add-ons that you must consider while buying a new insurance policy for your two-wheeler as well as private car insurance in India.

Liability insurance provides the insured party protection against claims resulting from damage or harm to people or property. Intentional damage and contractual liabilities are not covered, but legal costs and payouts are generally attended to and paid. This type of insurance is also called third party insurance.

If an insured party damages someone else's property or harms someone else by mistake, liability insurance comes to place. These policies can be taken by anyone who drives a car, owns a business, practices law or medicine or just anyone who can be sued for damages or injuries. Following is a brief guide on the public liability insurance policy and all that it covers.

Due to various kinds of liability insurance available, almost anybody can get liability insurance for products, employees etc. below are the main types of liability insurance-

• Employer’s liability and workers’ compensation- This is a mandatory coverage in case employees are harmed or injured in the process of work, and this protects business accordingly.
• Product liability insurance- This insurance is for businesses that manufacture products that are sold in the market. In this case, business is protected against any lawsuit arising from an injury or death resulting from their products.
• Indemnity insurance- This insurance protects the company from negligence claims due to financial harm resulting from failure to perform.
• Umbrella Liability Policies - These usually come handy when liability limits of other insurances are reached. These liabilities are designed to protect against catastrophic events.
• Commercial General Liability- Also known as commercial liability insurance, it provides an insurance cover against various kinds of lawsuits including those that may arise from an unforeseen event with an employee, any public property damage or injuries caused by the negligence of an employee.
• Comprehensive General Liability- These kinds of Liability insurances are tailor-made for small and large businesses, typically include bodily injury, property damage, personal and advertising injury, medical payments, and operations liability. In this, compensatory and general damages on losses are paid, but punitive damages are not paid usually. However, it covers the charges of investigation or defending a lawsuit.
• The premium amount for these public liability insurance policies is based on the needs of your company and your company's priorities. For example, a real estate company or a makeup company may have more risks than an organic grain company. This is also because the bigger the size of the company, the greater is the risk. A good public liability insurance policy will take into consideration these factors.

Here are a few rights and duties of the insurer:

• The insurer investigates an event that has resulted in a liability claim.
• The injured can defend the insured in any lawsuit related to a covered type of injury.
• The insurer may settle a lawsuit at his discretion.
• Cost of providing defense is handled by the insurer.

The following are advantages of a public liability insurance policy:

• Protected against unexpected circumstances- Even after taking precautions and managing operations, there are unexpected circumstances that may cause more harm than imagined. Having public liability insurance ensures that you've selected a liability to cover for such unexpected inconveniences.
• You could get more deals - It is easier for large businesses and firms to trust your company and find it reliable if they are aware of the liability insurances in place. This gives you an edge over other competitors and could also be your saving grace.
• You may be covered against a data breach - With which data like important information about employees, products, deals, social security data, etc. data security becomes increasingly important. It is a must for every company to have a liability to cover hacking and other data breaches.

Having considered the above factors, your public liability insurance policy will not be complete if you do not personally understand the needs of your company and find public liability insurance according to that.

Health insurance is a medical insurance policy which ensures that you and your family remain protected in the case of sudden hospitalization due to any illness by providing financial coverage for all the medical expenses under such conditions. Health insurance policies are generally claimed in two different ways, by way of cashless treatment or through reimbursement of the cost of treatment at the hospital. All health insurance policies cover hospitalization costs if the hospitalization is more than a specific period but there are many different policies offered by different insurance providers wherein you may also obtain the benefit of coverage of hospitalization costs, pre-hospitalization costs, post-hospitalization costs, accidental covers as well as daycare procedures.

You can buy health insurance by visiting the respective insurance providers’ office but there is an even simpler method where you can buy health insurance online in India with ease with no extra effort. You just need to choose the type of plan that best suits the requirements of you and your family and then start the premium payment process. But, there are many things you need to consider before you finalize on a particular insurance provider and after that on a particular insurance policy provided by that insurance company. One of the most important things to consider when choosing an insurance provider and any policy is to check if most of the major hospitals of the country are included in its network list. Once you see that the network coverage of hospitals is good enough and will be suitable for you, you also need to decide on what should be your policy amount. The decision of the policy amount will also depend on your financial stability because a higher policy amount is directly correlated to the premium amount.

These health insurance providers many different types of health insurance plans, such as:

• Individual Health Insurance Plan
• Family Health Insurance Plan
• Senior Citizen Health Insurance
• Critical Illness Health Insurance
• Maternity Health Insurance
• Personal Accident Insurance Cover

All these insurance providers have lots of different policies ranging from 1 lac to 2 crores, and you can choose the policy that suits you the best. It is rightly said that prevention is better than cure and health insurance policies are the best prevention against any future health problems you may face. You can buy health insurance online in India very easily by directly visiting the website of the insurance provider whose policy you want to buy. You get the complete list of all the policies that insurance provider has available and you can check the complete benefits of all the policies and compare them to find the one that best suits your family. Once you finalize on one particular plan, enter the details of the family members you want to buy the plan for and you will be shown the calculated premium for the policy. This premium amount depends on the number of people you are insuring, their ages, the type of plan you are choosing as well as the policy amount. You will be asked to pay the first premium immediately and this premium has to be paid yearly to keep the insurance plan running. The process of buying an online health insurance plan was as simple as discussed in the last few lines. Most of the time is spent in deciding the plan, and once the plan is final, you can get set with your health insurance plan within minutes.