GENERAL INSURANCE BLOG

An increasing number of vehicles on the road, along with the insufficient infrastructure to support them, is leading to a rise in the number of accidents and fatalities. There were over 4.61 lakh road accidents just in 2018 and these are only the ones that were reported. Car insurance becomes very important at times like these.  It saves you from paying massive amounts to repair the damages to your car.

Still not convinced? Here are some of the benefits of buying a car insurance policy.

Protects your finances in case of an accident

If an accident happens, your Car Insurance can protect your finances by covering the repair expenses. If there's a third party involved and you are liable to pay them for any property damage or medical help, you can rest assured as your insurance can take care of that as well. In fact, it doesn't even have to be a road accident, as it also covers claims resulting from man-made and natural calamities like storms, floods, theft, vandalism, or riots.

Offers coverage for theft

You spend so much time, effort and money on buying a new car. The last thing you'd want is for someone to steal it. As sad as that is, it's not impossible. Which is why a good motor insurance policy also covers you against it. If your car is stolen, your policy will reimburse you the cost of your car. It can also cover the cost of repairs resulting from the break-in attempt.

Avail cashless services

When you buy motor insurance, you are entitled to getting cashless services at your insurance provider's network garages. This essentially means that you can get covered services without having to pay a single rupee. Say you damage your vehicle, all you need to do is go to your nearest network garage, show proof of your insurance and get the repairs done.

Covers personal accident liabilities

Motor insurance policies also cover disability or death leading from a car accident. So your motor insurance covers both you and your vehicle. For a person other than the owner/driver, you can separately buy a personal accident cover. The cost of your cover will depend on the extent of coverage you choose

Provides customization with riders

Riders or add-ons offer additional coverage on your basic motor insurance plan after payment of a nominal fee. The standard rider options are:

• Zero depreciation add-on where your insurer bears the cost of repairs without considering the depreciated value of your car. This feature helps you maintain the value of your car despite wear and tear.
• Road-side assistance add-on helps you out on the spot whenever you encounter any issues such as a flat tire, dead battery etc. You may even get additional road-side assistance with Magma HDI.
• Engine protection add-on covers damages to the engine due to malfunction, water damage or leakage of lubricants.
• Loss of personal belongings add-on is protection against accidents or burglaries where you end up losing valuables such as your phone or laptop. Your insurance provider helps you out with this cover by reimbursing you for your loss.

So, having the right car insurance is like always having someone watching your back when you’re driving your vehicle. It ensures the safety of your car, passengers, and pedestrians.

Health insurance is a necessity in today's age, but the easy accessibility and wide range we enjoy today weren't always there in the past. It's safe to say that health insurance policies in India have forged their path over the years. But do you know how? Here's where we can help you with facts about the insurance you can't do without these days.

How did it begin?

Since the independence of India in 1947, our healthcare system revolved around government schemes and plans. The life insurance system that dates back to 1818 was the first of its kind for Indians. The popularity of life insurance in India was attributed to the low life expectancy and closely-knit family systems.

However, with liberalization in the early 1990s, healthcare delivery improved with an increase in disposable income. As a result, life expectancy increased to 65 years by the year 2011. The nineties also saw an influx of other things such as lifestyle diseases and consistently rising medical costs which made health insurance the invaluable commodity that it is today.

Crucial developments and current scenario

The IRDAI or Insurance Regulatory and Development Authority of India's legislation of the year 2001 is a vital milestone for Health Insurance In India. It opened new avenues for investment by private players in the industry. Over the years, the advancement of treatments and cashless claims enhanced the popularity of health insurance policies among buyers.

Despite all these developments, the sector is largely dominated by government-owned enterprises and its subsidiaries that account for nearly 60% of the total market share. Private health insurers are increasing their base and outreach mainly in the tier-1 and tier-2 cities with features like cashless payments and in-patient reimbursements. A major goal of health insurance is reaching all parts of the country.

Challenges for health insurance

Over the past two decades, the health insurance providers in India are consistently struggling to provide accessible and affordable care to the masses. It has many challenges that need critical analysis and solutions. The main challenges in this sector are:

• Lack of awareness about the importance of health insurance. For instance, people don't realise how much difference a comprehensive health insurance can make at the time of an emergency.
• Gap between affordability and accessibility because the rural population relies on government-based facilities as the private sector does not cater to their basic needs. 
• Differences in service quality due to multiple levels of care delivery system. This increases the overall costs and causes quality concerns.
• Ignorance on the part of consumers which makes them avoid getting insurance until the last minute.
• No strong regulatory framework to standardize the healthcare delivery system.   

These are only some of the glaring issues we face in our country. Both consumers and insurance providers need to do their part so as to bridge the gap which will allow everyone to get healthcare in an easy and fair manner.

Future trends in health insurance

With the internet and other media platforms, more and more customers are beginning to understand the importance of health insurance. As a result, the number of policies sold has doubled in the last ten years.

The millennials have become a key focus for the major players due to their increasing awareness and their numbers in the workforce. Incentives such as tax benefits also encourage the working class to invest in health insurance plans.

In a nutshell, a focused approach of evolving cost, quality, and access show a promising future for healthcare insurance in India. 

Standardization of adequate health care provisions is still an aspiration which must be realized over the years.

To get the best of Health Insurance Policies In India, Check out Magma HDI.

With gated communities and technologically superior security systems, theft has significantly reduced in our country; however, as with any other type of risk – it can only be minimised, not eliminated. Its consequences also are not limited to your financial losses but also includes trips to the police station, affidavits, reams of paperwork, fear and trauma, leaving you depleted in all senses of the word.

This is where theft insurance comes in. Getting financial protection for your loss sure does take a load off your mind if an unfortunate incident does take place. Read on to find out more about theft insurance and how it works.

Theft insurance is essentially a plan that will cover you for any losses arising from burglary, robbery, etc. Not only does the policy cover you for the loss of valuables but also for any damage to premises, furniture, fixtures and physical assault during the attempt. Insurance providers such as Magma HDI also cover temporary security expenses so that you and your loved ones can feel safe again. Thus, you can rest assured that your insurance plan will take care of all your needs.

Important points to remember

• It is imperative to carefully go through your policy documents to understand the coverage, terms and conditions, exclusions etc. provided to you. For example, when looking to travel extensively, some insurance companies will ask you to intimate them if the premises will remain unattended for an extended period of time.
• The claims process for any insurance policy holds immense significance for all of us. Under a theft insurance policy though, theft and burglary are two separate events while filing your claim. While theft is a non-violent and unforceful entry into your premises, a burglary involves a forceful or violent attempt by breaking in/ tampering in order to rob you. Usually, you would need a separate cover for either peril, but nowadays insurance companies in India provide coverage for both through a single policy. 

Ideal coverage 

A common dilemma while opting for a Theft Insurance Policy is determining how much coverage you need. An important point to remember while making this decision is that your coverage will be limited to the sum assured by you. So, if you have assets worth 20 lakh in your home and have a coverage of 5 lakh, the insurance will only cover the loss till the extent of the sum assured. To avoid getting inadequate coverage, it is important to assess the worth of all your insurable assets and look for an insurance plan that gives you coverage based on your needs.

Exclusions

There will inevitably be a few exclusions to your cover. For example, some theft insurance policies do not cover cash or cash equivalents, stocks and share certificates, agreements and title deeds. Similarly, you may need to purchase a rider to cover for precious metals such as gold, silver, etc., precious stones such as diamonds, and other art and antiquities. Thefts committed by family members, house help or employees, loss arising due to riots, terrorism and war are excluded as well.

A final tip for you is staying on top of your policy. Reassessing your coverage needs periodically, especially when adding new inventory, expensive machinery or valuables will ensure that your financial risk is minimised in case of any unforeseen incidents.

In spite of the advancement in road, air and rail transportation, the sea route remains the most preferred mode of freight for international trade purposes. The sheer magnitude of cargo at stake is enough to make anyone think twice about what measures you can take to secure your shipments.

This is where marine insurance comes in. It gives you the peace of mind you need with its extensive coverage.

What is marine insurance?

Marine insurance protects you in case of damage/ loss of cargo, ships and vessels; when a property is acquired, transferred or held in possession between the starting point up until the destination.

Why buying marine insurance is a good idea?

Consider an example. Suppose you are a seller and you put your goods on a ship. Due to bad weather or a storm at sea, there is damage to valuable goods to an extent whereby the customer at the destination refuses to accept the final goods. For no fault of yours and due to unavoidable circumstances, you would suffer a monetary loss that could even go in crores!

Thus, it is essential to buy marine insurance to get coverage for the following:

• 1. Export or import shipments.
• 2. Goods being transported using sea, rail, road, post or air.
• 3. Goods being carried via coastal vessels plying between ports located within the country.
• 4. Goods that are transported via the vessels plying along rivers.

Other Advantages

Here are some other advantages that you are entitled to with your marine insurance-

• 1. The insured obtains additional advantage of global claim survey and settlement.
• 2. The cover accommodates diverse situations including property damaged either/or onshore or offshore, casualty at sea, marine liability, hull damages and other needs of the insured.
• 3. There is an option to extend the plan to include protection against extraordinary circumstances like perils at sea, strikes, pirate hijack etc.with the help of add-on covers.
• 4. Marine insurers would be willing to provide tailor-made policies as per specific requirements and budget of the insured such as Magma HDI's Marine Insurance Policy.

Exclusions

Marine insurance covers many situations, but the following are the exclusions:

• 1. Normal wear and tear or leakage.
• 2. Goods getting damaged during transportation owing to improper packaging.
• 3. Any damages due to delays.
• 4. Any damages caused intentionally to incur a loss and make a subsequent claim.
• 5. Any damages due to a civil disturbance, war, strikes, riot etc.
• 6. Any damages due to a financial difficulty such as bankruptcy or financial default of the owner of the transport vessel.

It is always a great idea to assess your unique needs before going out to purchase any insurance. However, getting a plan that is comprehensive in nature can never lead you wrong.

One of the best ways to safeguarding your finances while availing medical treatments is getting health insurance. Good health insurance protects you and your family against the various health risks that life toss at us over time — it lets us have that peace of mind.

However, not all the claims that are raised are settled. There are various reasons for a claim application getting rejected. A claim rejection could lead to much unwanted financial stress. By making sure of certain things, you can put away the anxiety of your claim rejection.

Here will look at the reasons why health insurance policies get rejected.

Claim process

Health insurance is a contract between the insurance provider and you. To make sure that all the terms in the agreement are retained while filing a claim, you need to input correct details in the application. If you decide to hide any bit of information about your health in your insurance documents, then you may get into some trouble while filing a claim. Misinformation can lead to your claim being rejected.

Health conditions

Some health insurance companies do not provide cover for specific illnesses. So if you happen to fall ill with these diseases, then your insurance might come of no use. It is advisable to get an insurance which has support for critical illnesses, as it will save you much hassle later on. To begin with, you should get a thorough health checkup (most of the insurance companies provide this option). This will help you know what the potential illnesses that you might face in the future are.

Policy period

Health insurance policies expire after a certain period, depending on the terms that you have agreed with. Expired health insurance is no good. If you make a claim after your health insurance has expired, then your claim is bound to be rejected. Make sure that you keep on paying your insurance premiums before your policy expires, or get insurance which lasts you throughout your life.

Exclusion policies

There are certain conditions — depending on the insurance provider — under which you are not liable to file a claim. These conditions are also called insurance exclusions. So if you happen to raise an insurance claim against these exclusions, then your policy might get rejected. To deal with this situation, it is best to read the policy terms and conditions carefully. You can even consult your insurance provider if you do not understand a particular clause.

If you are looking for a good health insurance policy for family or yourself, then Magma HDI health insurance can, indeed, be an ideal option. It provides you cashless hospitalization of an extensive network of hospitals across India and offers you features such as optional cover for critical illnesses so that the health of you and your family is secured at minimal costs.

Monsoons might not be the ideal time to drive around. The roads are slippery, and there are higher chances of meeting with an accident. However, the rainy season does not mean that you should stop driving altogether.

Instead, you should make sure that you follow some safety points to make sure that your driving experience is smooth and safe.

Here, we will look at some of the safety checkpoints that you should follow during monsoon. However, before we dwell on that, it is crucial to make sure that you get Car Insurance Online In India so that your car is covered in case of any unforeseen circumstances.

Fix those exhaust holes

Exhaust holes are made of iron, which means that they are vulnerable to rust. If there is a hole in your exhaust, then there are more chances for the rainwater to get in, besides the fact that a faulty exhaust is no food. Make sure that you have checked your exhaust for holes and other damages to ensure the smooth running of your car.

Cover your headlights

With time, your car headlights tend to develop spaces with them due to constant wear and tear. If they are damaged, then it is highly likely that the rainwater will get inside them, further leading to the damage. Make sure that you patch up these spaces so that your headlights are safe. Faulty headlights can lead to driving problems at night — something which no driver wants!

Check the door of your car

The doors in your car have a rubber attached to it. With constant usage, they may loosen up and make room for the raindrops to seep and ruin your interiors. To make sure that your interiors are as good as new, make sure to check on these doors now and then. If needed, replace them, as a repair might not be the easiest or the most convenient of ways.

Check your brakes

If you are driving around in rains, through clogged puddles, some water might just get deposited in your brake pads which can hinder the braking process and might lead to the deterioration of your brake pads. To get rid of the moisture, find a dry stretch of road and gently apply the brakes. The heat which comes out of friction will take the moisture away. If you find mud deposited on your pads, then go to a mechanic and get it clean. Remember that brakes are one of the most critical components of your car and you should always have them in good shape.

The way you treat your car is the way the car treats you. One cannot stress enough on the importance of taking care of vehicles. Magma HDI car insurance comes with affordable premium rates and features such as support for anti-theft devices, which can ensure that your car has a long and safe life.

Health insurance happens to be one of the most serious decisions of your life as far as your health is concerned. Good health insurance policies ensure you the much-needed peace of mind, as it protects you and your family against the various health hazards that may find you unprepared.

Here, we will look at seven things to keep in mind before buying health insurance in India.

1. Getting early protection

Your health is at your prime when you are young. If you are opting for health insurance when you are young, then your premiums will also be cheaper. Besides, you can get other benefits such as a no-claim bonus, which means that you will get a discount on your premium amounts every year.

2. Fill the application form correctly

One of the most essential factors that you should take care of while buying health insurance is filling the application form correctly. Never lie about your health condition in your application form, as it may land you into trouble while filing claims.

3. Choosing lifetime renewability

Opt for health insurance which provides you maximum cover up until your old age, since you will be vulnerable to more ailments as you grow older. A good health insurance sticks with you throughout your life and can be renewed whenever you need it.

4. Opt for paperless policies

With the prevalence of the internet, it is much easier to do things offline than actually having to go through the rigorous process of filling up forms manually. Health insurance policies that have online support and are hassle-free. They also offer seedier reimbursement as you have the option to file claims online.

5. Get a thorough coverage

When opting for health insurance, choose an insurer that provides you with both pre and post hospitalization expenses, and everything that comes in between. This will ensure that you do not have to spend anything from your pocket. Everything should be covered, from doctor’s fees and medicine to bed charges.

6. Network of hospitals

Accidents and ailments can hit you anytime and anywhere. Once you are ill, it’s not the best thing to travel from one place to another to get admitted to a hospital. TO make sure that you get treatment where you are, opt for a policy that has an extensive network of hospitals.

7. Claim settlement rate

Good insurers are known for their excellent administrative process, which makes sure that the claims you file are attended in due time. To reap the benefits of your insurance, opt for a provider that has a high claim settlement rate so that you claims do not go unsettled and you actually reap the benefits.

If you are looking for the Best Health Insurance Policy In India, then Magma HDI health insurance policies could be the answer. It offers cashless hospitalization its vast network of more than 4,100 hospitals and comes with features such as optional cover for critical illnesses and accidents and a 24x7 claim assistance.

The thing about youth is that it is not everlasting. It comes and goes before you might even realize. As you dawn towards your old age, you may be left to wonder if you made the best out of your youthful days or not — such is the tragedy of time.

When you are young, you will also want to experience the thrill and excitement which comes with certain activities, such as riding a motorbike. Riding is one of the popular occupations of youth — one that they rejoice in whole-heartedly.

Here, we will look at some of the best bikes that you can ride in your youth days.

Bajaj Pulsar

The Baja Pulsar is often called the first sports bike of India. It is cost-effective and comes with a unique design and a powerful engine which makes riding it a thrilling experience. It comes in several variants, with engines clocked at 150 cc, 180 cc, 200cc, 220 cc; the Bajaj Dominor even has a 373.3 cc engine which makes it fast and aggressive. If you are looking for a ride which promises good acceleration, fast speed, and decent mileage, then the Bajaj Pulsar could be your go-to option.

Yamaha FZ

Yamaha bikes are known for their engines as they perform exceedingly well on race tracks as well as Indian roads. The Yamaha FZ series is also known for its muscular look. It is finely cut out and crafted to stand out among other bikes. It has excellent acceleration, thick tires for better grip, and handling which will make you fall in love with it. Besides, its attractive digital meter puts all the riding stats into perspective, promising you a thrilling and engaging ride experience.

Royal Enfield

The Royal Enfield series particularly stands out for its stout engine and durability. You can ride it for miles straight, and the engine won’t even squeal. If you are someone who goes for long rides, then it should be an ideal fit for you as its powerful engine and huge tank capacity makes sure that you do not have to stop as often as you do with other bikes. The Royal Enfield engine is designed in a way where it can cruise for long hours without overheating.

TVS Apache

The TVS Apache series is known for its finely crafted design and a seating position which provides an excellent grip on the handle. It is also known for its acceleration and smoothness. It is a good mix of mileage and power, which makes sure that you do not consume much fuel as you cruise your way down the highway. There are several variants of the Apache to choose from, so pick one which suits your speed-need the most.

While bike rides can be thrilling and may excite you to a point where it becomes an addiction, it is essential that you get good bike insurance which protects you and your bike from unforeseen circumstances. Magma HDI bike insurance offers one of the best Two-Wheeler Insurance Rate so that you can save money on your insurance premiums and not burn a hole in your pocket.