GENERAL INSURANCE BLOG

People are becoming more and more aware of physical fitness and activities that keep them healthy. Fitness has become a priority, and they are resorting to various measures like joining gyms, purchasing health insurance, joining yoga classes and engaging in other fitness routines to maintain their health.

One such outdoor activity that has garnered extreme popularity among the youngsters nowadays is cycling.

But before listing the advantages, you should know the required gear that is essential to enjoy cycling: -

● A good bike - The type of cycle you select to ride has a major effect on your experience. Therefore, do not compromise on the quality of the cycle.

●Cycling gear - A helmet, knee and elbow supports are important while riding a cycle as you never know when something unfortunate might happen. In such case, such gear can save you from major injuries.

●Insurance– A health insurance policy and bike insurance policy, both are necessary when you go out on your journey of fitness.

Cycling has countless benefits, and the following points advocate why taking up exercises like cycling can be helpful to you: -

●Weight loss - In order to lose weight, the number of calories you burn should be greater than the number you consume. This can be done through exercises. And just like any other exercise, cycling burns calories. Depending on the intensity, speed and weight of the rider, cycling can burn calories ranging anywhere from four hundred to one thousand calories.

●Reduced cancer risk - Cancer or other heart-related diseases can pose to be a very serious threat to any person. It doesn't matter if you have health insurance or renew health insurance online; nothing guarantees safety from diseases. But exercising does! And especially, cycling. As a result, the risk of diseases is reduced to a great extent.

● Improved health - Cycling improves the circulation of blood all around your body. You burn calories, thus the chances of being overweight and suffering from diseases due to obesity decrease to a significant level. Studies suggest that due to involvement in any sort of physical activity, a person's mental health also improves. You can free yourself from the psychological burdens as well.

●Saves time - This might sound a bit contradictory, but when you choose to travel to your work or any other place using your cycle, you actually save time. If you drive your car to work, you might get stuck in traffic and would have to wait for a long time before getting a way out of the crowd of vehicles. But if you ride on a cycle, you can easily filter through the traffic and reach your destination before time. There are no major parking hassles involved which only adds to the benefits.

●Better sleep - Cycling is a physical activity after all. If done for a long duration of time, it can tire you out, which eventually leads to a good night's sleep. Indirectly, exercise can also be done as a form of an outlet that relieves you of stress and reduces anxiety levels, thereby improving the quality of sleep.

●Muscle gain - The muscles of and around your thighs, hamstrings, glutes and calves are engaged intensively while cycling. Therefore, not only losing weight but gaining such muscles is also a plus point of taking up cycling. As muscle is leaner than fat, you can burn an even higher number of calories while cycling and develop a strong physique.

You should always have a comprehensive health insurance policy and make sure that you renew health insurance online before it expires so that you can enjoy continued protection

For a lot of us, learning how to ride a two-wheeler involved tripping and falling, messing up the gears, and what not! Initially, it required someone to sit behind us to make sure that we do not accelerate much and that the bike does not go astray. The day you realized that you learned to ride was the day when you kissed freedom. The feeling was new, enthralling. A single, gentle twist at the accelerator could send you roaring. Learning how to ride can be challenging. However, before you begin your learning endeavors, it is essential to make sure that you have got your bike insurance in place. Having two-wheeler insurance online in India can save you much trouble as you maneuver your way with your first bike, trying to master its control. Here, we will look at a few hacks for new two-wheeler learners so that their learning curve is smooth and hassle-free.

Don’t put weight on the handle

It is easy to assume that a tight grip on the handle will make riding more comfortable, but it is not quite so. When you have a tight grip on the handle, it becomes hard to steer the bike. The trick here is to have a loose grip on the bike’s handle. Most of the time, you don’t even have to turn the handle. When you are cruising at a moderate speed, a little bit of weight-leaning through the handle does the job of steering.

Watch out on your brake technique

There is one rule which goes with putting on the brakes: when you brake your bike, do not brake all of a sudden, unless of course there’s a bovine in front of you, which could be highly likely while driving around Indian towns. Make it a point to practice braking on both the front and rear wheel together — this will make the bike slow down more smoothly.Also, remember that you should avoid using the clutch while braking, as the chances are that your bike might skid and fall. Holding on to the clutch while putting on the breaks can have disastrous consequences on slippery roads.

Accelerate gently

Do not accelerate your bike all of a sudden. It will just waste fuel and work up your engine for no good. Besides, a sudden increase in speed could make the bike go out of hand. The ideal way around it is accelerating slowly, gently. Moreover, it will also help you maintain that balance as the bike slowly gains speed.

Before you set out on the road, it is essential to make sure that you have good insurance at hand. Magma HDI two-wheeler insurance online in India comes with long-term insurance plans that can help you stay away from any legal trouble while you master your riding skills. A Magma HDI bike insurance stands out as it has support for anti-theft devices and. Among other features, you also get access to personal accident cover, which ensures your financial safety as well.

While choosing an insurance policy, the claim settlement ratio of the insurer is a major factor to consider. An insurance claim is filed to get coverage for the losses or damages you sustain due to the occurrence of an event as specified in the policy. Hence, proper claim settlement is an essential pre-requisite in your risk management system. When selecting an insurance company, you must check if it provides timely and easy settlement of valid claims.

Process to file claims

Step 1: Reporting the incident

When an event occurs, the claimant should submit a written intimation to the insurer for initiating the claim process. The faster you set the ball rolling; the sooner will be the settlement. Here, you should also make sure that your policy covers the event for which you’re filing the claim.

Step 2: Complete the documentation

For a smooth claims process, you need to submit the right documents within the stipulated timelines. Most of the insurance companies have online claim filing system where you can send the forms and upload images for ratification.

Step 3: Evaluation process

Before settlement of the claim, the insurance company will evaluate the veracity of your claim through an external investigation. Hence, you should be clear about the facts when filing the claim.

Step 4: Settlement of claim

As per the regulations of IRDA, the insurer has to settle a claim within 30 days after receiving documents and verification or pay interest. If any claim requires further investigation, the process should be completed within 6 months from the date of the written filing of the claim.

Technicalities that may occur when filing a claim

When filing your claim, you should be aware of common problems and technicalities that may impede the process. That includes:

If there’s any pre-existing ailment

Any ailments that a policyholder had before the issuance of the first policy are called pre-existing ailments. These conditions and diseases must be declared when buying the policy. If the company discovers them during claim settlement, it can restrict the entire process.

If nominee details aren’t updated

The legal battle between the nominee and an heir can be prolonged due to incorrect nominee details. You should update the nominee information as it changes over the term of your policy.

If the policy lapses

When you fail to pay premiums on time, the policy will lapse automatically. Some insurance companies give a grace period for payment of premiums beyond the due dates but your vehicle is not covered for that period of time. So, you should adhere to your payment schedule, or else it can lead to repudiation of your claim later on.

The right insurer

An insurance policy is an excellent financial product, and claim settlement is the main component of this product. Hence, you should select the right insurer after checking their claim settlement ratio.

Remember, the claim settlement ratio represents the total number of claims made by the customers against the total claims settled by the company. Compare the top insurers on this factor to make so you can pick the best car insurance in India.

Thus, you can use claims as an effective tool to determine the performance and reliability of an insurer.

Packing up and moving out can be a real chore. Uprooting your life from a place you call home and trying to fit into a new environment is also quite emotionally draining. Sometimes we do it for love, sometimes for a better future. Whatever the reason, relocating is always a challenge. Among the million things that have you at your wit's end, managing car insurance in India generally takes a backseat. However, just as you would tend to any other asset, taking care of your car insurance needs will hold you in good stead. Here are some tips to consider before you hit the road!

Notify your insurer about the move

We live in a digitally connected world. All it takes is a couple of minutes for you to shoot an email, drop a text or even call the insurer’s helpline number and give the details of your new address. It also makes it easier for your insurer to communicate with you regarding things such as renewal, processing a claim and most importantly, providing the service you’ve paid for!

Re-register your car

If you are moving across state lines, you must get your vehicle re-registered with the Regional Transport Office (RTO) of your new domiciliary residence. However, prior to your relocation, remember to get a No Objection Certificate (NOC) from the RTO of your previous residence for a smooth transition. Once you get your new registration number, intimate your insurance company immediately so that the records are updated.

Re-evaluate your insurance needs

Depending on where you are moving, you may face a change in your insurance needs. If you’re moving to a metropolis like Delhi, brace yourself for never-ending traffic and possible nicks and bumps. In such a scenario, you may want to enhance your coverage. Similarly, if you are moving to a city like Mumbai, floods during monsoons are almost inevitable, where opting for add-on coverage like engine protection becomes a necessity. Consider all variables such as traffic, average drive time, safety, natural calamities, etc. and see if you need better coverage.

Implications of the move

Your relocation in all probability will affect the terms of endearment with your insurer. For example, ‘zonal risk’ is a variable insurance companies consider for premium calculations, and your move will have a direct impact on your annual premium. At the same time, the service quality may differ too. Do all the previous benefits carry over? Does your insurer have a strong presence at the new location? Do they have a robust network of garages? Get answers to all your questions before the move.

Look at your best interest

Insurance is all about your financial security and peace of mind. So if you have even the slightest doubt, don’t hesitate to look for another option. If you’re worried about losing out on your No Claim Bonus, fret not. You could easily carry over your NCB to an insurer like Magma HDI and continue to avail of all the benefits you previously enjoyed and more. A policy like Magma HDI's car insurance also provides safety against third party liability, damage, theft and natural calamities, making it a reliable choice wherever you go.

Health insurance policies are of financial backbone — a lifesaver. When it comes to choosing a health insurance policy for family and yourself, it is essential that you select the best option that is out there. With health insurance policies going online, it has become much easier to compare policies. If you have already opted for a policy but want to change to a new one, then you get the option to port your health insurance as well. Since Magma HDI health insurance comes with a host of features, it is a good idea to port your existing health insurance to Magma HDI. The option of porting comes when you opt for your new insurance. The process is entirely smooth and hassle-free, and you do not have to break your head over it. Besides, if you come across any hindrances in the process, the support team will always be there to assist you. However, before you decide to port your policy, make sure that you have read the policy documents of Magma HDI health insurance carefully. It is crucial for you to be sure of the additional benefits that you will be receiving.

Conditions for porting policy

If you want to port your health insurance policy for family or yourself, then you have to make sure that you start the process while your existing plan is still in force. If your policy has expired, then you cannot move ahead with the porting process.

Portability form

To port your existing health insurance to Magma HDI you will need a porting farm along with the new policy’s proposal form. You have to submit your new policy at least 45 days before your new policy expires. You must mention the details of your existing health insurer in the porting form.

Documents required for porting

● Copy of your insurance renewal notice of the existing policy

● A declaration which states that you have made no claims so far

● Discharge summary, in case you have made a claim on your policy along with copies of the investigation report

● A record of your past medical history with treatment records

The porting process

After you have acquired all the papers, the next step towards porting the policy is submitting it to Magma HDI. Your documents will be reviewed, and if everything falls in place, your porting request will be accepted. You will get a proposal within fifteen days after submitting the form to Magma HDI. It is a great option to port your health insurance policy for family or yourself to Magma HDI. With Magma HDI health insurance, you get access to several key benefits such as maternity cover, cumulative bonus on your policy, loss of income cover, and worldwide emergency cover, among others. You also get access to features such as optional cover for critical illness, option cover to reduce your premium, cashless hospitalization across more than 4,100 hospitals, and 25x7 claim assistance among others.

Long bike rides are relieving to the soul. They teach us many lessons, test our patience, and brings the best version of us on the road. There is much for the sight to behold — the steadiness of the highway, the slopes of the mountains, the glimmer of the rain, and the kiss of the wind. If you are planning a bike ride alone or with your buddies, then congratulations to you — you have made a great decision. However, before you start, there are a few things that you should keep in mind. Start by getting your papers — the bike’s registration and insurance — right. Yes, it is mandatory to have registration and two-wheeler insurance in India. Once you have the documents in place, you can move on to the other steps.

Choose a comfortable bike

You might not want to for a bike trip on any engine. Pick a bike which can burn those miles without stressing its engine. You would want to have a cruiser so that your sitting posture does not give you back pain later. If you are worried about the budget, then pick a fuel-efficient bike. Several mid-range Indian cruiser bikes offer an excellent highway experience in India. It would help if you get a proper bike gear so that you are well-prepared for harsh weather conditions. Carry essential spares and tools for unforeseen circumstances.

Pack and eat light

You would not want to carry much luggage on your back while you are riding. It will add extra weight to your ride. Try to pack light — just the essentials. Try to fit the essentials in a pack and tie it up behind your bike, as you would not want to carry a load on your back while you are riding. Try to start early in the morning on a light stomach. A heavy meal takes a lot of energy to digest, so if you have a hearty meal before setting on the ride, then you might feel drowsy on the way.

Take breaks to stay motivated

Long bike rides may never seem to end. Riding constantly may tire you up. Try to take short breaks every hundred kilometres or so. This will help you feel refreshed. Keep this in mind that the trip will come to an end, and that more than the destination, the journey is what you are looking for — the sound of the wheels humming on the highway. India has mesmerising landscapes so there will be enough to see on the way, and all these sights will keep you motivated throughout your ride. If you are worried about getting good two-wheeler insurance in India, then your search could end with Magma HDI two-wheeler insurance. Magma HDI bike insurance comes at an affordable price and provides features such as personal accident cover. It also has support for anti-theft devices, so you can keep on riding, roaring on the road without worrying about anything at all.

Bike rides are thrilling — the wind teasing your hair, the sound of the motor groaning, bringing in a sense of movement, a much-welcome change. If you have a bike then you know how important it is for you — it is your friend, one which doesn’t let you down, ready to go with you on every walk of life. As a bike owner, it is your job to make sure that your riding experience is forever smooth, that there are no troubles attached to it. To begin with, you have to make sure that your paperwork (registration and insurance) is in proper place. Indian law makes it mandatory to have a two-wheeler insurance policy. If your bike insurance has lapsed for even a day, it could land you into some legal trouble! To make sure that your bike-riding experience is smooth and hassle-free, you must opt for a long term two-wheeler insurance policy. Besides, having long term insurance for your bike has its own sets of benefits. Here, we will look at some of the reasons why you should opt for a long term policy for your motorbike.

● Discount on premiums

When you opt for long-term two-wheeler insurance online for your bike, you get the option to avail discount on your premiums. Insurance companies provide you with discounts and incentives since they save on administrative costs if you opt for a long term policy.

● Avoid risks that come with non-renewal and policy lapse

If your insurance policy is not renewed on time, then you are exposed to certain risks. For example, if your bike meets with an accident, or is stolen, and if the policy is not in action, then you would have to bear the entire financial loss yourself. However, if you purchase long-term insurance, such problems can be easily avoided. Besides, if the policy lapses and you intend to renew it later, several insurance companies ask for an inspection of the bike to determine its condition before they decide to renew the policy. If you opt for extended two-wheeler insurance online for your motorcycle which extends for years can easily help you avoid such situations.

● Earn higher No Claim Bonus

No-claim bonus (NCB) is a discount that insurance companies offer on the premium if you have not made a single claim during the insurance term. When it comes to NCB, long-term two-wheeler policies have the upper hand over short-term policies that last for one year. The NCB slab structure for more extended policies is also different from short-term policies. Besides, the NCB discount is additional to any upfront discount which you get on the purchase of a long-term policy.

● Get rid of the paperworke

Choosing a short-term policy makes you liable for much paperwork. You will receive new documents at the end of each policy year. And searching for new and better deals also takes much time — something which not all of us have. If you are someone who doesn’t like the hassle which comes with paperwork, then you should opt for a long-term insurance policy.When it comes to choosing the best bike insurance, Magma HDI two-wheeler insurance policy stands out as they come with a host of benefits. You get additional cover for injury and death, which makes sure that the cover is not just limited to your bike, and extends to you as well. Besides, if you have installed an anti-theft device (approved by the Automotive Research Association of India) in your two-wheeler, you have the option to avail a 2.5 percent discount (or up to Rs 500) on your own-damage (OD) premium. With minimal paperwork and a hassle-free claim process, opting for a Magma HDI two-wheeler insurance online is one of the best options that you have for your long-term bike insurance.

Fire is a serious risk for pretty much all physical structures, whether it's your house or your shop. This is why insurance is essential to mitigate the loss to building, machinery, goods, furniture and fixtures, plumbing, electrical appliances and other assets in the event of a fire. Fire insurance is an indemnity based contract, where the insurer agrees to compensate for any loss or damage during the policy term, not exceeding the maximum amount for which the premium is being paid. Here are some features offered by fire insurance companies in India that you should know.

Coverage

As per section 2(6A) of the Indian Insurance Act 1938, in addition to fire, other hazards are also clubbed with the insurance plan known as the ‘Standard Fire and Allied Perils Policy’. The policy also covers losses on account of lightning, storms, flood, earthquakes, landslides, bush fire, explosions, aircraft damage, riots or malicious damage, impact damage, bursting or overflowing pipes, missile testing, etc.

Policies available

There are different types of policies one can opt for while purchasing fire insurance in India. A comprehensive policy even covers theft or burglary whereas a floating policy is useful for businesses that have assets or stocks in different places. Thus, allowing you to pick a policy based on your individual needs.

Add-ons

Insurance providers such as Magma HDI also offer covers on fire insurance policies such as compensation for architect or surveyors fee, temporary removal of assets, loss of rental income or rent for an alternative accommodation till you rebuild your home or business.

Uberrimae Fidei

Fire insurance is based on the principle of Uberrimae Fidei or utmost good faith, where the insured party makes full and honest disclosure of all facts. Failure to do so can render the policy void and absolve the insurer of any financial responsibility.

Insurable interest

The insured party must have an insurable interest in the asset not only at the time of purchasing the policy but also at the time of the incident. For example, you insured your house but later sold the house to someone. The place catches fire while the policy is active, but you cannot make a claim because you have no insurable interest in the property anymore.

Policy tenure

The tenure of coverage is clearly stated in the policy document. Usually, the insurance does not exceed one year so make sure you renew timely it for continued coverage.

Exclusions

Like any other insurance policy, fire insurance also has its exclusions. Damages caused by normal heating, own fermentation or spontaneous burning; loss or damage of the property due to nuclear perils, electrical or mechanical breakdown and terrorist act, war and warlike operations are some common exclusions of fire insurance companies in India. Fire insurance ultimately provides you with financial security for your home or business to help you get back to your normal life as soon as possible.