GENERAL INSURANCE BLOG

If you are someone that derives pleasure out of helping others, then there are a multitude of jobs out there for you in almost every field. You can choose to become a lawyer, a doctor, a psychologist, an animal rights activist, a teacher or professor, an insurance agent etc. The last profession has become increasingly popular in recent years, with many people becoming health or life insurance agents, to be specific. As a health/life insurance agent, the main aspect of your job is to help people figure out the best policy such as best health insurance in india for parents , one that suits their needs as well as situation the best. By doing this, you would be helping people secure their lives, finances as well as prepare well for the future. However, if you have just decided to become an agent, here are some ways you can actually begin your career in the health/life insurance industry: -

• Do Not Give Up: Perhaps the most important point of all is to not give up easily. The insurance industry is highly competitive and is constantly growing. There are numerous companies and agents out there that are trying to attract clients. When you begin working as a health/life insurance agent, it will not be the easiest to convince people to buy the policies you offer, but you must not quit just because of a few failures. It will take time to finally start getting multiple clients.
• Obtain Your License: A non-negotiable requirement when becoming an insurance agent is to obtain the license to begin working. The license is generally granted by the state where you reside, and to get it, you need to pay a certain amount of money, complete a training course and clear an examination. Without having earned the license, you will not be legally permitted to work as a health/life insurance agent.
• Educational Requirements: While becoming a health/life insurance does not require you to have a certain degree, it is necessary for you to have cleared high school and preferably done an undergraduate course (earned a Bachelor’s degree). It is not mandatory to have information regarding illnesses or medicine in general, but it is a bonus if you can explain certain medical conditions or terms to potential buyers. Once you have obtained your license, you will most probably have to go through training where you apply for a job.
• You Must Develop Your Marketing Skills: This does not necessarily mean that you need to undertake a marketing course, but you should be able to sell the policy to clients. A major part of your job as an insurance agent is to get people to buy the health/life insurance policy. You must be well aware of the details pertaining to the policy so you can explain everything properly to customers and convince them.

Health or life insurance is a necessity in life since it helps cover the costs for any unforeseen illnesses, injuries, or accidents, and so you must have one, not only for yourself but for your entire family. If you already have your own insurance, also make sure to choose the best health insurance in India for parents, so that you can be assured of the fact that everything will be covered when the need arises.

There are many people who decide against buying a car, especially since it can be quite expensive to purchase as well as maintain, and instead opt for a motorbike. Bikes are much easier to fit in smaller spaces and offer the possibility of going a bit faster, something which excites many. However, just like any other vehicle, you need to make sure to take good care of it, which includes buying bike insurance online in india . Here are some tips to help you maintain your bike better: -

• Keep the Tyres Inflated at All Times: Bikes do not offer the same kind of protection as cars, and thus it is much more important for you to take all the necessary safety measures, one of which is keeping your bike tyres inflated. In case they aren’t or start to lose air while you are driving it, it could lead to a serious accident and thus, you must check your tyres regularly and have them filled up if needed.
• Do Not Forget to Lubricate: Regularly, try and change the oil since that helps to prevent the engine as well as gears from getting extremely worn out, which could lead to them not working properly. Besides causing trouble in starting up, not oiling the said parts could lead to further damage and could make it nearly impossible to drive the bike. Therefore, buy the lubricant which is specific to your bike and oil any metal parts.
• Check to See if the Wheels are Fine: Quite often, an older bike can start having problems with its wheels, wherein they become slightly loose, and thus it becomes difficult to maintain proper direction and you also run the risk of the bike sliding. In case you see that your wheels are a bit loose, or not as sturdy and solid, immediately take the bike to the workshop to get fixed so you avoid accidents.
• Regular Servicing: Just like every other vehicle, your bike too needs to be taken regularly to the workshop to get serviced. Whether you are experiencing problems with it or not, taking it to get checked up is always a good option since it can help detect any possible issues as well, such as with the engine, tyres or the brakes. It is always better to have the problem taken care of at an earlier stage than to go and get it fixed once it becomes serious.
• Adjust the Clutch: You need to make sure that you adjust the clutch just right; tighten or loosen it such that it suits you the best. In case you tighten it too much, it might slip out of your hands and will also lead to an increase in fuel consumption.
• Owning a bike is comparatively easier than a car, especially in terms of finances, but that does not mean it does not need to be taken care of. It is still an investment and so, you need to follow a certain set of practices to ensure that your bike remains in the best condition possible. A great way to avoid having to spend a huge amount on repairing any damages is to insure the bike. Buying marine cargo insurance policy bike insurance online in India has become quite a simple process.

With the onset of old age, a lot of people start facing a variety of health-related problems and diseases. Such health issues can lead to the draining of the bank account as most of the people retire by the age of sixty. That's why senior citizens need to get an insurance policy that takes care of them during such health emergencies.

Almost all health insurance policies in India include the following features: -

• Covering hospital charges like medicines and operation bills.
• Ambulance charges are paid by the Mediclaim.
• Hospital Bed expenses are handled by the insurance company
• No medical test is required before availing the policy.
• Easy health insurance policy renewal.
• Preexisting diseases are also covered depending on the company and type of policy.

The benefits of getting health insurance in old age are explained as under: -

• Uncertainty of age - Old age brings its share of happiness and sorrows. A variety of diseases can also strike to some unfortunate people. However, with the support of a health insurance policy , both terminal and lifestyle diseases can be easily dealt with.
• Medical help - If you meet any accident or have any form of illness or disease, you might need medical help which can cost you a lot of money. But reimbursement for all these expenses can be availed under the insurance policy at any required time depending on the type of policy.
• Sudden illness - Imagine this, you are having fun with your family on a fine day, but all of a sudden you feel a sharp stinging pain in your chest leading to a heart attack. You have no health insurance cover. Your family is not in a good place to provide for hospital bills and medical expenses. What would you do? Such imagination does not appeal to you, right? That is why you should purchase a comprehensive health insurance policy.
• Serves investment purposes - If you are wondering what to do with the large sum of money your retirement brought along, investing in insurance policies can be a great option. It is extremely safe and can be useful in the future if any misfortune takes place. You can even select autohealth Insurance Policy Renewal services and gain the advantage of long term insurance.
• Beating medical inflation - With the constant rise in general inflation, the cost of medical services and treatment is also increasing. With a sufficient amount in medical insurance, you can make sure that any unfortunate disease or ailment at old age does not drill a hole in your pocket.
• Saving tax - Under Section 80D of the Income Tax Act 1961, you can claim a deduction for up to Rs. 30,000 against the premium paid against medical insurance cover. This payment can be made for yourself or any of your family members like your spouse or children.
• Loan on insurance - If by any means you need a large sum of money to fulfil a few urgent requirements, you can even use the insurance amount to obtain a loan from banks or NBFC (Non-Banking Financial Institutions). You even earn interest and bonus on the insured amount with the company depending on their regulations.
• Long story short, buying insurance for yourself and your family can always be helpful in some or the other way. You can gain financial advantages for a long duration of time, even if you do not require it for medical purposes. Also, make sure that you keep a close tab on your health insurance policy renewal, to continue enjoying long-term protection.

Marine insurance companies offer a wide range of policies that cover any damage or loss to ships, cargo, terminals or transport by which products are transferred, held or acquired between the beginning and concluding points.

Marine insurance companiesin India cover offshore and onshore exposed property, (ports, container terminals, pipelines, oil platforms), marine casualty, and marine liability etc. It's an alternative to the general insurance specifically for those in the Marine industry or even in the trade industry.

All ship and yacht owners must have appropriate marine insurance keeping in mind the variety of risks at sea.

Importance of Marine Insurance

With India being known for its peculiar geography surrounded by water bodies on three sides and its fame for the earliest trade routes, we've only got better ever since. Marine Insurance is a must for getting easy grants and easy access ahead. It also makes a company more reliable as it has proper protection against different hazards and is legally ready to set off.

The marine industry today is a great source of imports, communication, influx and a means for people to travel to different parts of the world. We all know the stories of the uncertainty of the sea. Hence, it is important to be prepared for such unforeseen circumstances.

Benefits of Marine Insurance

Here are the following benefits insurance companies provide when you opt for Marine Insurance:

• Personalized Insurance - It's very important to find insurance that suits your needs and your business. Are you only trading goods or do you also have travellers and are in the cruise business? Don't worry! Marine insurance companies are now personalizing these important details as they're basic to the kind of hazards you'd want to prepare yourself for and these build the base for your insurance cover.
• All Risks Coverage - It's only foolish to choose risks and get protected by those when you're at sea and stranded, or your goods are not insured just because you didn't tick that option on your insurance form. While choosing Marine insurance, do look out for exclusions before you make a choice.
• Worldwide Claims - You need to stop worrying if you feel your marine insurance won't help in international waters. Marine insurances come with worldwide claims as well.

Now that you know all that comes with the insurance, here's all that your insurance should cover. There are different types of Marine Insurances.

• Liability Insurance - This insurance cover comes handy in case of any injury or damage due to unanticipated ship collisions and crashing even if it's due to persuaded attacks.
• Marine Cargo Insurance – It pertains to the personal belongings in ship voyages. The cargo owner is protected from the loss due to a ship accident and in case of delays in unloading. This also comes with third-party liability coverage and includes damage to the port and docks.
• Hull Insurance - This is chosen by the owner and caters to the hull and the body of the vessel along with other articles and furniture of the ship.
• Machinery Insurance - This insurance covers the machinery breakdown and damage and is duly compensated for.

With this extensive range of marine insurance, a businessman or a ship or yacht owners can be safe and protected against damages like theft or hijack collisions and accidents. Hence it is vital to have appropriate marine insurance if your business requires trade via the sea.

Home insurance is one of the most common insurance that people buy, but most of the buyers do not know about the complete limitations and benefits of such insurance policies. There are certain myths related to home insurance policies that are still prevailing in people’s minds. You can find a person buying the best home insurance in India, but he/she will be under the myth that the insurance policy does not cover this or that. People need to properly read the offer and scheme related documents before they are deciding on buying any particular policy. Some of the myths that have been there in people’s minds for long periods have been debunked here: -

1 If the damage to the home is severe enough that it is beyond repair and you cannot live in it while it is being repaired or renovated, the insurance company will put you up in a hotel or a serviced apartment temporarily while the work is being done. This is true for some insurance plans but not all insurance plans and if loss-of-use is there, it will be clearly stated in the policy. People should not be under the myth that Loss-of-use is present in all policies else they will have to bear a huge financial burden of paying the hotel fees as well.

2.Many people believe that their belongings lost in the fire will be replaced with new ones if they have a policy. However, most of the policies do not have this clause. Instead, the losses are calculated by what the items were worth before they were lost in the fire. A four-year-old computer that you bought for Rs. 50,000 may be worth only Rs. 13,000 before the calamity and the insurance company will calculate the loss by counting the price of the computer as Rs. 13,000 and not the original price of Rs. 50,000.

3.Even the plan which may be the best home insurance in India may omit coverage against flood. Floods can occur due to several reasons, such as a storm, hurricane, ruptured pipes or drainage stoppages, or ruptured sewer backup but most of the times flood is not included in the policy. If you live in a flood-prone area, there are special flood policy packages offered by selected firms but in general, it is not included in a home insurance policy.

4.People generally believe that low premium means low insurance coverage, but this is not true. You can lower your premium in many ways without reducing your coverage if you take safety precautions of your own to protect your house. If you have security devices such as fire alarms or burglar alarms installed at your house, you can tell that to the insurance provider, and your premium can be lowered.

After the fire tragedy, some items are destroyed or damaged to such an extent that for the insurer, it could be challenging to identify for assigning the claim. So, as a responsible party, you ought to click as many pictures and shoot videos as possible of the damaged, smoked rooms to show the physical evidence of the actual damage before it gets wiped by a restoration company.

5.This is a myth that you need to be a homeowner to buy home insurance. You can very well buy home insurance for your belongings and contents of the house without being a homeowner. A tenant can purchase home insurance for his belongings and in case the tenant shifts; the policy can be approved for a change of address as well. Not only this, but the homeowner can also get home insurance for the structure of the rented accommodation or the house in which there are tenants living.

While buying even the best home insurance in India, you need to be careful and read all the documents for the policy carefully to understand what all things are included in the insurance and what all things are not included in the insurance. Different policies are accommodating different perils and you must choose the one that fits your requirements the best.

A fire can start anywhere and you will be surprised to know that you may have as little as two minutes to escape from such fires to safety. Early warning signs and proper steps taken once the fire has been detected can save your life as well as others. Most of the home fires that occur are preventable and you should follow certain fire safety tips to protect yourself as well as your family from fire hazards.

Buying home fire insurance is the first step towards protecting your house from an unforeseen fire hazard that may destroy your complete property. But along with this, you need to know some safety tips to protect yourself if and when there is a fire outbreak in your home or office or any other such building.

• Smoke alarms are the basic detectors that must be installed within the building so that you are immediately aware of if there is some fire in your house. Such fire alarms can be installed in your living room and all of the bedrooms. Installing fire alarms does not finish your job and you need to take care if they are working properly by regular checks. You may even need to replace their batteries periodically.
• Have a fire escape plan ready and your whole family should be aware of what to do to escape from the house in case of a fire outbreak.
• In case there is a fire in your home, try to escape as quickly as possible and do not go back to your house to gather any belongings. If your house is insured under home fire insurance, you will get everything back.
• If you live in an apartment, get to know all the escape routes and as soon as there is a fire outbreak, pull the fire alarm so that everyone else is aware of a fire in the apartment.
• In case there is a fire in your home, lie down close to the floor because smoke tends to rise higher. You can save your breath this way and can be safe inside the room for a longer period until help arrives.
• If you are locked inside in case of a fire, try to block all paths of the smoke entrance to your area. You can get any clothing material and place it at the entry point of smoke which is generally the bottom of doors. The wet cloth will prevent smoke from reaching your area and you will be able to survive for a longer period until help comes.
• All the inflammable materials in your home should be handled carefully and must be put in a safe place. In case there is a fire outbreak, try to keep flammable materials out of the reach of the fire, otherwise, they may cause an explosion risking everyone’s lives.
• In case you use fireplaces inside your home to warm the house in winters, install a fire safety gate around the fireplace.
• Fire extinguishers are a must at office places, but there must be fire extinguishers at your home also. Everyone in your family should be trained enough to use the fire extinguisher in case the need arrives.
• In case your clothes catch fire, do not run because running won’t douse the flames, instead, it will only help the flame. Lie down and roll on the ground and the flames must be smothered by a heavy blanket or rug.

All these tips can come in handy whenever there is a fire outbreak in your home or your office. You must follow these tips, but you must never forget to call the fire department to let the professionals handle the fire hazard.

Owning a home is generally seen as a sign of adulthood and financial responsibility. Buying a home is a huge step and a very big commitment and requires a lot of work on your part. You need to be aware of all the different things and steps involved with everything to fully comprehend what all things need to be taken care of before you buy a home such as EMI payments, property tax payments,best home insurance policies in India and several others. Many people rush into buying homes which is never a good idea because if you are not careful while buying a home, there is a probability that you may be making a bad investment.

When buying a home, you need to be sure that you can sustain the financial burden and it won’t mess up your financial stability and for that, you need to understand the various aspects of homeownership. You can consider this as a guide which will help you in making a correct decision that will be beneficial for you in the long run as a good investment. Going step-by-step, you need to ponder over carefully on all these things: -

• The need to buy the property - Many people decide to buy a home just because they want to prove to the world that they have attained adulthood and they can own a home. The decision to buy a home should not be made so precariously and proper thought must be given to whether you need to buy a property and how will it affect your financial stability in terms of mortgages.
• Shortlisting the Property - Once you have properly assessed your requirements for a property, you need to now ponder upon what kind of home would you like to live in. Shortlisting can also be done based on whether you want to move in immediately or you want to construct the house according to your preferences. Ready to move in property generally require enough finances for paying cash up-front to buy them but for a house under construction, you can take bank loans while paying less cash up-front. The property should also be shortlisted based on what kind of location you want to live in.
• Understand the tax implications - Everyone wants to reduce their taxes, and for this, you need to understand what kinds of taxes you have to pay and how can that tax be reduced smartly. You can save capital gain tax on residential properties but not on commercial properties.
• The Legal Perspective - Once you have decided on buying a property, take care of all the legal things that need to be done so that the property is registered under your name or someone in your family. All the documents should be clear, and you should be comprehensive with regards to all the paperwork for the property to avoid any issues in the future.
• Manage Finances - You need to have a stable financial system so that you do not face any difficulty in your daily life after deciding to buy a new property. You can also avail home loans from banks to finance the new property by paying less cash upfront to the developer of the property. Your home loan eligibility and the amount for which your home loan is sanctioned depends on your ability to repay the loan, i.e. indirectly your salary..

Home buying is generally categorized into three different stages which are the Pre-purchase stage, financial handling stage and the Post-purchase stage. You need to be properly involved in all of these stages and understand each and everything so that you do not face any legal problems in future.

Make sure that all documents are complete and if you rent out your property, have proper rent agreement papers made. Buying a home also means you need to have home insurance, and you can buy some of the best home insurance policies in India from different insurance providers at attractive premium rates. Compare the policies properly and buy the one that suits your requirements the best.

While driving on the Indian roads, the possibility of an accident can never be ruled out. Whether due to a momentary lapse on your part or due to oversight on the part of someone else, accidents can take place anytime and anywhere. But the damages/losses incurred due to it can be mitigated with the help of personal accident insurance in India.

What is Personal Accident Insurance

Personal accident insurance is offered in combination with Third-party policy. Insurance companies charge a nominal fee for offering this coverage. Under this policy, you will be reimbursed by the insurance company for injuries suffered while driving your vehicle.

Is it mandatory to get personal accident insurance in India?

As per the latest insurance regulations introduced by the government, it is mandatory to get personal accident insurance in India for a vehicle owner. The current regulations by IRDAI state that the car owners, as well as bike owners, will now get a mandatory personal accident cover of Rs. 15 Lacs as per their motor insurance policies. Previously, this cover was capped at Rs. 2 Lacs for car owners and Rs. 1 Lac for two-wheeler owners against a premium of Rs. 100 and Rs. 50 respectively.

Now the premium has been increased to Rs. 750 for a cover of Rs 15 Lacs. This premium is payable over and above the mandatory third party insurance cover. If the insured person wants a higher cover, then the same can be availed by paying a higher premium, which is to be decided by the insurance company. The coverage of the policy extends to the owners of the vehicle as well as the drivers of the vehicle, provided the availability of a valid driving license.

This improvement in the personal accident insurance in India was introduced after a judgement by the Madras High Court in the year 2017. While passing the judgement, the court noted that enhancing the personal accident cover will act as some kind of solace to the victim as well as survivors of the accident.

Though there are some exceptions applicable wherein the owner can opt-out of this mandatory personal accident cover i.e.

• If the vehicle owner already has a valid personal accident cover policy with a sum insured of more than Rs. 15 Lacs.
• If the owner already has a motor insurance policy with a compulsory personal accident cover with a sum insured of more than Rs. 15 Lacs for another vehicle owned by him/her.
• If the vehicle owner already has a separate compulsory personal accident policy.

Benefits of Personal Accident Insurance

Some of the standout benefits of subscribing to personal accident insurance in India have been listed here: -

• The policy covers in the case of the unfortunate death of the insured. The nominee is entitled to the entire sum.
• The cover is even provided for total permanent disability, permanent total disability, permanent partial disability and temporary total disablement.
• Some policies even cover hospitalization due to an accident and the cost of transportation for mortal remains in case of death.
• The dismemberment of any kind is also covered in some policies. Certain companies have also given said ratio and benefits for certain kinds of injuries that will then be paid to the policyholders
• Very few companies also provide optional coverage in case of burns. This can also be considered before personal accident insurance is taken into action.
• The treatment for the burns is also covered by some insurance companies.

With such extensive benefits on offer, availing personal accident insurance in India is a necessity for the vehicle owners.