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.

Mumbai and its nearby locations have always been regarded as some of the best places to explore in the country. Besides being the financial capital of the nation, there is a lot to explore for travellers in the city of Mumbai. While a private tour package might seem like the easier option, it is way better to explore on your own. This way, you will be able to spend as much time as you like at every destination without having to hurry up and catch up with the rest of the group. Since the city is notorious for its traffic, many travellers, as well as locals, opt for a motorcycle or a scooter to go around. In case you go for this option, make sure that the vehicle has a suitable insurance policy in place. You can easily buy a new or renew the two-wheeler insurance online in India.

Here are the top 5 destinations in and around Mumbai that you can explore: -

• Gateway of India: If you visit Mumbai, it goes without saying that you must see the Gateway of India. Constructed facing the Arabian Sea in Colaba, it was built to welcome King George V and Queen Mary to Mumbai. The best time to visit this attraction is either early morning or late evening when there isn’t a huge crowd. It is located right next to the Taj Mahal Palace, another notable attraction in Mumbai.
• Juhu Beach: If you are looking to get away from the busy city for a little while, Juhu Beach is a great option. Since it is quite renowned, there will most likely be a lot of people there but the gorgeous sunset and the cool breeze in the evening will be worth it. Just put on a pair of flip-flops and take a nice, long walk on the beach as you marvel at the magnificence of the waves hitting the shore. .
• Marine Drive: Officially known as the Netaji Subhash Chandra Bose Road, this destination located in Chowpatty is very well-known. A curved promenade that runs for kilometres, Marine Drive is the perfect place to sit and enjoy a breath-taking view of the beach and enjoy the cool sea breeze.
• Chhatrapati Shivaji Terminus: Built during the British colonial period in 1888, Chhatrapati Shivaji Terminus is a UNESCO World Heritage Site and is said to be the second most photographed location in India after Taj Mahal. It is a terminal train station built in a Victorian-Gothic style of architecture and attracts many who come to marvel at the splendid edifice.
• Elephanta Caves: Located on a small island called Gharapuri, east of the Gateway of India, the Elephanta Caves is a collection of caves, all adorned with intricate carvings. A UNESCO World Heritage Site, these cave temples have been linked to the Kalachuri dynasty and also the Hinayana Buddhists. Take a ferry from the mainland and go explore the Elephanta Caves situated somewhere in the Arabian Sea.

Mumbai as a city is massive and has a lot to offer, both for tourists as well as those looking to move to a new city. Besides the above-mentioned destinations, you can also visit Film City, Sanjay Gandhi National Park, the Taj Mahal Palace, Siddhivinayak Temple, Hanging Gardens, and many others. If you do plan on ditching a car and taking a scooter or bike to go around the city, make sure that you buy a suitable two wheeler insurance online in India for the vehicle.

It's an old adage "New or Old - Home is where the heart is". Whether you have moved into a new house or have just had your entire house renovated, you want to make sure that it is safe from calamities. You need to make sure that you can reduce the damage to your house in case there is a natural disaster and that you won’t need to pay a hefty amount trying to fix that damage. One of the best ways is to always have home insurance. With there being so many in the market, it isn’t that difficult to find the best home insurance in India. Here are some ways to secure your home against calamities: -

Get Home Insurance: Always having home insurance in place is one of the best ways to protect your house from any calamities. Home insurance will cover a certain proportion of the costs of repairing or will protect against any damage due to fire, a flood, an earthquake or other such disasters. So, if there were to be a calamity, you wouldn’t need to pay for all the costs of repairing from your own pocket; the insurance company will pay for most of it. Do a little research and choose only the best home insurance in india.

• Have a strong foundation: If you live in a house and not an apartment in a building, make sure to bolt the house to the foundation. When constructing or renovating the house, make it a point to secure the house to its foundations so it won’t be uprooted when there is an earthquake, especially if you live in an earthquake-prone region.
• Know how to turn off the utilities or electricity: When there is a natural disaster, the chances are that you won’t really have a lot of time to turn off all the electrical switches, water taps or the gas. So, you must always be prepared. Know where the main electrical board is or where the main source of the gas is, so you can just turn them off during an emergency instead of scampering around trying to turn off individual taps or switches.
• Do not put off any repairs: Whether there is a tap leaking, a hole in the wall or the roof, or the door isn’t properly hinged to the wall, do not procrastinate when it comes to fixes these problems. You cannot predict a disaster, and when it does hit, the slightest gap or the smallest hole will allow water to enter into the house and eventually flood it. In case of a storm or tornado, a loose door could ultimately break, and you wouldn’t have much protection from the strong winds or the damage they may cause.
• Try to use fire-proof materials: Trying to construct the house entirely with fire-proof material is not possible. However, the wires used must be all fire-proof. During a natural disaster, wires can possibly cause a fire, and using water to put it out would only be more dangerous. So, you must make sure that the wires you have running all over your house will not catch fire.

Being a homeowner, you need to keep a lot of things in mind to ensure that your property is safe from any damages and a natural disaster is something no one can predict so the only option is to be fully prepared.

There really isn’t the right time to go on a trip. Sure, you might need to take fewer leaves from work or school if it’s sometime in June or December when everyone is on vacation. But a vacation is a vacation. And it’s an exciting time; you are busy making plans about all that you’d do once you get there, all that you need to buy before leaving, packing up your suitcase and other such things. But that isn’t all. You shouldn’t get so absorbed in making all the plans that you forget to be thoroughly prepared for the trip. For instance, to safeguard your car when you are on your vacay, you should get it insured from the best car insurance company in India. There are some tips you should always keep in mind when travelling, no matter where. Some of them are as follows:

• Keep your belongings in a secure place: When you are travelling, there are chances of being pick-pocketed. Try keeping your wallet and identity proof in an inside pocket if possible or keep your bag towards the front side if they are kept in there. When staying in a hotel or hostel, do not keep your belongings scattered around and keep your luggage locked at all times. If you are travelling abroad, keep your passport and other documents in a locker if available.
• Be aware of your surroundings: Make sure to research well about where you’d be staying. Do not forget to find out details about the area where you’d be lodging. If you don’t, you might end up staying in an unsafe or dangerous neighbourhood. In case you do end up in such an area, try not to go out after dark, especially alone.
• Keep people informed: Whether you are travelling alone or with friends or family, it is always a really good idea to let people know where you are and what you generally intend to do that day. This way, in case something were to happen, or you aren’t able to contact anyone during an emergency, they would know where you are and can perhaps get to you or could inform the authorities if need be.
• Be careful when using public Wi-Fi: It is great to have Wi-Fi around you, so you don’t need to use up your mobile data but be careful when connecting to it. If you end up connecting to a network that isn’t secure, you could fall prey to hackers who might steal important information from your phone such as bank details or might even obtain your house address etc. It is key that you practise caution when using an unknown network since you could become a victim of cyber-crime.
• Beware of strangers: There is absolutely nothing wrong with making friends when out on vacation. In fact, it is great to make friends in different places. However, you mustn’t trust just anybody you meet. You can never really know - someone’s intentions so you must avoid giving out personal information or going just about anywhere with people you have just met.

Trips are a great way to destress and just have a good time, but it is necessary to be careful when travelling. You must take good care of your things, including your vehicles. For instance, if you plan a road trip with your friends, do not forget to choose the best car insurance company in India, so you are protected in case of a problem.

Car insurance is all about cutting your losses in case of an accident or theft. You will pay the premium annually or more frequently as per the guidelines of your policy. You need to pay the premium regularly to keep the policy active. Car accidents do not happen that frequently, but they do occur quite a lot. This makes having a proper car insurance policy extremely important. Though at the time of purchasing a car insurance policy, it is important to look up new car insurance rates, so you do not end up shelling an unnecessary amount of money. You will also be rewarded for driving safely and responsibly by No Claim Bonus.

No Claim Bonus is essentially a discount over the own damage premium component. It means that you would have to pay less in the forthcoming premium if you do not raise any claim in the entire year. You generally start with zero NCB (except in the case of NCB transfer) and accumulate discounts over the years. It is often misinterpreted, so here are few features you need to be mindful of: -

• NCB is available only on policy renewal. It is a reward for not making any claims during the entire year. It is earned by keeping a claim-free record. It starts at 20 percent after one claim-free year and accumulates steadily with each subsequent claim-free year and can reach up to a maximum of 50 percent.
• NCB belongs to you and not the car. It is essentially a reward to the driver. If you decide to change the car and get an insurance policy for it, you will retain your NCB discount from the first premium on your new insurance policy. So, in essence, NCB is transferrable between cars. However, NCB is not transferrable between two people.
• Transferring NCB is a simple procedure. After the purchase of a new vehicle, you have to submit Form 29 and Form 30 along with a letter requesting your insurer for NCB transfer. Your insurer will issue an NCB certificate which will be valid for three years after the date of the issue. You have to submit this certificate to your new insurer to retain your NCB benefits.
• NCB is only valid over the own damage component of the premium. This means NCB is not valid over the third-party liability component of the premium.
• NCB must be kept in mind before making small claims. NCB is reset to zero, no matter the magnitude of the claim. It is therefore important to make calculations before making any small claims. You can end up losing more than you gain. In addition to NCB be set to zero you will also lose any accumulated discount and will have to start over to reach a 50% discount earmark.
• You can purchase an NCB add-on cover that will allow you to make a limited number of claims without affecting your NCB. This can help you if you are stuck in the decision to make a small or moderate claim.
• Maximum NCB discount is 50% though some insurers allow higher discounts in their policies for driver's clean records.

Insurance is nothing but risk management. You buy insurance just so you do not fall into a financial burden in emergencies. Insurance is all about saving money. At the time of purchasing a new policy, you must always check up new car insurance rates, so you don't end up paying more. NCB too is a step towards saving money, you must always drive safely, and NCB ensures you will be rewarded for it.