GENERAL INSURANCE BLOG

Financial products and services are constantly evolving and adapting to changing market conditions and customer needs. The insurance industry is no outlier with the ultimate goal of increasing insurance penetration. It undergoes massive changes each year to use potential opportunities within the scope of the law to increase customer satisfaction and insurance awareness.

As we move into 2023, general insurance companies in India expect significant changes that will redefine the perception of insurance. While some align with predicted global trends, many are likely to contribute to domestic consumer trends and legal amendments.

Here is a quick rundown of some top insurance industry trends predicted for 2023!

1. Portfolio diversification through product innovation:
Increased product development innovation is expected globally to address the unique needs and risks of emerging technologies such as electric vehicles, smart cities, and the Internet of Things. Cybersecurity insurance is likely to continue as a highly demanded product. As the consumer-centric approach of the industry grows, diversification is expected to be based on evolving consumer needs.

2. Additional offerings:
Insurance companies may distribute other financial products as per the Finance Ministry's proposal. While the proposal is yet to be clarified, veterans speculate that the approved products could include allied insurance products, investment, or value-added services.
Insurance companies are set to benefit from their well-established distribution channels, adding to their revenue from a secondary source.

3. M&As:
A proposal to issue composite licences is also under discussion, opening up opportunities for general insurance companies in India to sell insurance policies, favourable mergers, acquisitions, and massive expansions in revenue and product portfolios.

4. Technology:
The use of technology, such as artificial intelligence and data analytics, will steadily increase and provide insight into customer behaviour and preferences. This offers an excellent opportunity to efficiently use human intervention and improve the efficiency and effectiveness of operations by harmoniously using digital and human efforts.

5. Digitalisation:
The pick-up of technological advancements has been slow across the global insurance industry, but this is expected to change in 2023. Insurers will invest in digital platforms and tools to provide personalised and convenient services to customers. Digital channels will likely be used for sales and service and to support underwriting and claim settlements.

6. Value-based brand building:
With the entry of new competitors amid an incoming global recession, insurance companies may have to rethink their approach to changing customer perception and stricter regulations. As consumers tightly clutch their wallets, companies will have to build greater awareness regarding their products and their significance amid uncertainties. This will build a connection based on values that their audience resonates with, including transparency.

7. New distribution channels:
With the rise of insurtech start-ups, the insurance industry is expected to see a boom of new distribution channels, such as online marketplaces, digital brokers, and comparison websites, making it easier for customers to access insurance products and compare prices.

8. Entry of new players:
The growth of the Indian insurance industry has largely been dependent on the Insurance Act of 1938 and the Insurance Regulatory and Development Authority Act of 1999.
The winter session of Parliament discussed proposed amendments, including the scrapping of the statutory requirement of INR 100 crore start-up capital for life, health and general insurance companies in India and INR 200 crore for reinsurance business. This move will likely result in new entrants in the market, increased competition, and possibly making premiums cheaper.

With increasing internet use, rural India is an untapped market that general insurance companies in India can explore through efficient digital channels that make insurance accessible.

Slated for rapid growth, the insurance industry will see several significant changes in 2023 as it adapts to new technologies and evolving customer needs. By focusing on global trends, digitalisation, and customer satisfaction, non-general and general insurance companies in India can curate a path to be at the forefront of the insurance industry's future!

Click HERE to buy a reliable insurance plan that fits your needs.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Car insurance is a shield that protects your vehicle and your finances in case of accidents or any untoward incident involving your car. You pay a fixed sum annually, known as the insurance premium, for availing of the insurance company's services. As your policy approaches its expiry date, you must renew it by paying the premium.

There may be instances when you cannot pay the due insurance premium on time. You may be busy, unavailable, or not have the funds to renew it or simply forget to renew your policy. What happens to your policy, then? Does it expire and lapse? No. You might enjoy a special privilege known as the grace period, which prevents your policy from lapsing.

Let us know more about the grace period in car insurance.

1. Duration:
An insurance company usually provides a 15-30 days grace period from the expiry of your car insurance policy. However, it may differ from one company to another as per the policy's terms and conditions.

2. Charges:
Normally you don't have to pay any extra charges even if you renew your car insurance policy during the grace period. There may be a penalty if you do not renew your policy even within the grace period and do it after it ends.

3. Accrued bonus:
No-claim bonus (NCB) is the bonus amount accrued yearly in your policy if you do not raise a claim in that year. You get a discount on the insurance premium amount at the time of renewal of the policy, depending upon the NCB accrued to date.
Does this accrued NCB expire if you do not renew your policy in time? The answer is "NO". You can enjoy the benefit of your NCB even if you renew your car insurance policy during the grace period. However, the NCB may lapse and become inactive if you fail to renew your policy even within the grace period.

4. Claim settlement:
As we have discussed above, your car insurance policy will still be valid during the grace period. What happens if your car meets with an accident or gets stolen during the grace period? Will the insurance company entertain your claim now?
The answer is "NO" again. Your claim will be rejected simply because you did not renew your car insurance in time. Hence, it is crucial that you always renew your car insurance policy before its expiry date or as soon as possible because accidents come unannounced, even during the grace period. The entire purpose of having car insurance coverage will be defeated in such a situation.

5. Legal aspect:
According to the Motor Vehicles Act, it is mandatory to have a valid and active car insurance policy in India. Your car insurance is technically invalid if your insurance policy expires and you enter the grace period. Hence, legally you will be driving without a car insurance policy. The police will have the right to fine you and issue a challan if you're being stopped.

6. Inspection:
The car insurance company may again send an agent for the inspection of your car if you renew your policy after the grace period expires. In such a case, you will have to bear the inspection charges.

An active car insurance policy is essential as it safeguards you against any mishap involving your car and third-party liabilities arising from it. So why wait for the policy to expire first to renew it?

You should always renew your policy in advance, so your protection remains intact. You can easily opt to buy car insurance policy online and also renew it online later. Buying and renewing a car insurance policy online is fast, simple, secure, and 100% reliable.

Click HERE to buy car insurance policy online.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Millions worldwide suffer from back or neck pain occasionally or regularly. A healthy spine is as essential for our body as oxygen is for living. Poor spine health can result in strained muscles, spinal ligament injury, ruptured discs, or spinal stenosis, generally caused by age-related wear and tear.

It can cause severe pain in the back and make you unfit to do your daily activities properly. In the long run, poor spine health can make you depressed and downhearted and cause immense psychological distress.

Hence, it is vital to maintain optimum spine health. Here are a few tips for doing the same.

1. Exercise:
Proper and regular exercise is essential for optimal spine health. Create and follow a simple exercise schedule every morning or evening as time permits. The exercises should stretch and strengthen your back, hamstrings, and abdomen muscles.
Targeted exercise under proper supervision can also reduce inflammation. It will accelerate your healing process and rehabilitate your injured spine.

2. Sitting and standing posture:
It is essential to maintain the correct sitting posture for optimal spine health. Your sitting posture should support the arches of the natural curves of your spine. Failure to do so can damage your sensitive spinal nerves and cause pain. Get a proper adjustable chair at the office and home to help you maintain the correct posture.
You should take regular breaks and stand several times daily to maintain a neutral spine alignment. Keep your back straight while standing. A slumped posture can hurt your spine in the long run. Also, frequent breaks will keep your spine in motion, keeping it flexible and limber.

3. Correct sleeping posture:
It is vital to maintain correct posture while sleeping as well for optimal spine health. Ensure that you have proper lumbar support with a good mattress and supportive pillow so that your back and neck are not strained while sleeping. You should also avoid sleeping on your tummy as it can strain your spine and cause injury and pain in your back.

4. Lift heavy objects properly:
It is important to lift heavy objects with proper caution and care. When you lift a very heavy object, you put tremendous pressure on your back and spine. It may lock your spinal joints or rupture your spinal discs. You should keep your back straight, bend down on your knees and use the power of your legs and abdomen muscles to lift a heavy load. This will reduce the load on your spine.

5. Do not over-exercise:
Do not over-exercise or engage in any activity or rough sports activities that can put unwanted pressure on your spine and hurt it. Consult a doctor immediately and take expert guidance if such a situation arises.

6. Yoga:
Performing yoga can be an excellent way to maintain optimal spine health. Several yoga asanas help to stretch and strengthen your back muscles, helping to keep your spine in good shape.

7. Massage and heat therapy:
Massage relieves back pain by improving blood circulation, restoring spinal motion, increasing endorphin levels, and boosting happiness. Also, massage helps to cure insomnia. You can also go for heat therapy for your back muscles. It increases blood flow and reduces muscle and joint pain around your spine.

Optimal spine health is a must for your fitness and overall well-being. If not maintained, it can lead to several back and neck-related problems resulting in difficulty while performing routine activities. Follow the above tips to maintain optimal spine health.

Other than the above tips, health insurance is a must to protect you from health hazards. It will give you comprehensive coverage and security if you require medical assistance and hospitalisation due to spine and back-related problems. Go for the best health insurance plans in India to enjoy the best medical treatment with hassle-free insurance coverage and protection.

Click HERE to invest in the best health insurance plans in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Besides its legal obligations, bike insurance can help you avoid paying heavy amounts for any damage, theft, or mishaps. But if you buy two wheeler insurance online, you must look for the various coverages the insurance policy provides. What if your two-wheeler catches fire because of an accident or other disaster? Will your insurance policy cover it?

Fire can cause minor issues, such as wire or seat damage, or even the total loss of your vehicle. Repairing significant damages or even a total loss may cost you a fortune, as you have to pay a considerable amount for repair or replacement. Thus, it would help if you had a bike insurance policy that offered you financial assistance for the damages caused by the fire. This quick guide will help you know whether your bike insurance policy covers fire damage.

Which two wheeler insurance covers fire damage?
There are three main types of bike insurance, but coverage of damages depends on the type of policy you pick. However, here is a list of bike insurance policies and the range of coverage that each policy provides.

Comprehensive bike insurance:
Comprehensive bike insurance is one of the most popular types of insurance due to its wide range of coverage, and it covers both own damage and third-party damages. Besides covering fire damage, this two wheeler insurance policy covers the following damages:

● Third-party injury

● Vehicle theft

● Accidental damages

● Third-party property damage

● Death of the third party

● Natural calamities damages

● Artificial calamities damages

Standalone bike insurance:
A standalone own-damage bike insurance policy only covers the damage to your bike. Here is the list of coverage this policy allows:

● Damage caused due to fire

● Bike theft

● Natural calamities

● Accidental damages

● Artificial calamities

Third-party bike insurance:
Third-party bike insurance offers coverage for the injury or damage of a third-party vehicle. However, this insurance does not cover the damages to your bike, including fire damage. But, having this policy is mandatory by law:

● Third-party injury

● Third-party property damage

● Death of the third party

Inclusions and exclusion of fire damage in two-wheeler insurance:
When you buy two wheeler insurance online, you must know the terms & conditions and the coverage for fire damage. Here is the list of inclusions and exclusions for fire damage.

Inclusions:

● Accidental house fire

● Natural calamities

● Riots

● Motor accident

● Vandalism

Exclusions:

● Fire damage due to mechanical or electrical defect

● Damage due to the addition of extra accessories

● Damage due to deliberate acts or own negligence

● Fire damage caused outside the specific geographical area

How to claim for two-wheeler fire damage?
If your vehicle is damaged due to fire and you have your bike insurance policy which covers fire damage. Then you must follow the below process to claim for such damages:

● Contact your insurance provider and inform them about the damage and its cause within 48 hours

● Collect various evidence, such as taking videos or pictures of the incident or the damaged parts of your two-wheeler due to the fire

● Visit your nearest police station and file an FIR

● Submit multiple documents such as address proof, identity proof, etc.

● Then the insurance provider will send a surveyor for an inspection of your case

● In case of minor repair or replacement, the insurer will offer you compensation

● In case of a total loss, the insurer will give you the amount as per the policy's terms

Documents required:

● Driving licence

● Identity proof

● FIR copy

● Registration certificate for bike

● Report of the fire brigade

Various reasons can cause fire damage, and it can be pretty disturbing for you to pay for the repairs or replacement of the damaged parts. Thus, it would be best if you had bike insurance covering the fire damage and providing you with the financial assistance you need during an emergency. It is best to buy two wheeler insurance online, browse through multiple options and research the one that offers comprehensive coverage, including fire damage. This way, you can efficiently ensure the longevity of your two-wheeler and stay financially sound.

Click HERE to buy two wheeler insurance online.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.