GENERAL INSURANCE BLOG

Are you a long-ride motorbike enthusiast? Fun is always the best part of such experiences. But what about the rider's security? Safety gear like gloves is a matter of debate, with some viewing them as a fashion statement rather than a necessity. However, gloves can help you maintain a firmer hold on the handlebars, absorb shock better, and protect your hands in the event of a spill. Every rider should have a helmet and gloves for protection.

Investing in a good pair of biking gloves will make you look like a pro and make your rides safer and more comfortable.

The benefits of wearing your biking gloves on long rides.

Your head requires protection while biking so does the rest of your body. If you're in a collision, your legs, arms, and hands are also at risk. Investing in appropriate protective gear for these body parts is a good idea to ensure your safety on the road.

In the event of an accident, your natural reaction is to grab hold of the handlebars as tightly as possible. Most of the impact on the ground will be absorbed by your hands. If you're not using gloves or other protective gear, your hands are at risk of serious injury. To protect against harm, gloves are essential. A cushioning layer prevents damage from falling to the ground's grit, rocks, or gravel.

1. Concern for the riders' well-being:
Some gloves for bike riders feature a cutting-edge design that boosts user protection. To indicate a turn, urban bikers frequently don LED turn signal gloves. The gloves have a futuristic design and are illuminated to send a clear message at night. Most bikers agree these gloves are ideal for using hand signals while riding. Their longevity and solid build quality are additional selling points.
Comfortable gloves are great for long rides because they keep your hands warm and dry. And this is the main reason why bikers always wear gloves. It's normal to get sweaty palms after a long time spent on a bike. Because gloves can soak up moisture from your hands, they significantly improve your comfort level. A tight grip on the handlebars can cause discomfort from pressure and friction. You can reduce this if you wear gloves or other hand protection.

2. A firmer hold:
The temperature and humidity where you are biking can cause your hands to become damp and sweaty, resulting in a compromised grip. High-quality biking gloves allow air to circulate so your hands stay dry and comfortable.

3. It can reduce the impact of a fall:
If you enjoy riding over rough and rugged terrain, you should get accustomed to constant pressure. Gel pads or padding are commonly found in gloves for just this purpose. The gloves' palm padding helps absorb impact and distribute pressure more evenly, protecting your hands from injury.

4. Riding comfort:
Winter weather is a constant obstacle for bikers in northern latitudes. The cold will be especially noticeable on your hands. Good gloves help you ride comfortably to places in cold weather.

In conclusion, biking gloves are vital yet overlooked safety gear. Numerous situations call for the riders to always opt for protective gloves. The level of comfort and security it provides while you ride a bike is elevated to new heights. In addition, a bike insurance online plan protects the policyholder against losses resulting from theft, natural disasters, man-made calamities, etc., making for the perfect protection provider to accompany you on your long-distance adventures!

Click HERE to buy bike 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.

Applying for a car insurance claim may be a stressful procedure, regardless of how well you may have painted the picture for yourself. However, not all insurance companies are trying to steal your hard-earned money. You can cope with any problems with car insurance claim settlement that may arise by just being informed of the specifics involved in the procedure.

Having a car insurance claim denied is common, though. There's a good chance that someone you know has experienced it. Additionally, it frequently occurs that the policyholder cannot understand why their car insurance claim was denied, which only heightens their frustration.

However, you need to know a few things concerning the rejection of a car insurance claim.

Reasons for denial of car insurance claims:
A typical car insurance coverage will often cover loss or damage brought on by theft, accidents, or other people. However, it would be absurd to assume that your car insurance company will pay for any losses or damages that result from the normal wear and tear the car experiences over time and with use.

What should you keep in mind to avoid your claim from getting denied?

1. Give accurate documentation, even when applying online:
Refrain from giving false or inaccurate documentation for insurance purposes, even if you are applying for a claim online. If you submit a claim and the insurer discovers that the supporting documents are incorrect, misleading, or even phony, your claim may be denied.

2. Read the policy document in its entirety:
Because they are more knowledgeable about the policy's terms and conditions, insurers can better find a point you ignored and use it to support their decision to deny your claim. To avoid this, policyholders are encouraged to carefully read their policy contracts to be informed of what will be covered and what won't. Feel free to seek assistance from someone knowledgeable in insurance jargon to clarify the policy and assist you if you are unsure of what it says.

3. Save every invoice and receipt:
It would be a good idea to have such accessories covered under an add-on cover if your car is equipped with anti-theft gadgets, an expensive radio system, or anything else that is not included in the car's standard equipment. The bills or receipts for purchasing those accessories must be presented, though, if you ever need to claim for the damage or loss of those items. The related invoices and receipts must be available. In every other case, the assertion is likely to be disproven.

4. Remain within the claim intimation time window:
Insurance companies typically stipulate that policyholders have 48 to 72 hours to notify the insurer of any incident or accident after it has happened. Always do so. However, this may only sometimes result in your claim being denied.

5. If a car is stolen, file an FIR right away:
You would be quite stressed if your car got stolen. To register a claim, particularly in the event of a theft, you must first file an FIR at your local police station. Take notice of this step. A claim's submission or approval could be complex without an FIR.

6. For co-passenger protection, take a separate cover:
Co-passenger insurance must be purchased separately for each passenger if you want to provide coverage for them while riding in your car. If you do not have adequate coverage for your fellow passengers, the insurance company may deny your claim for their injuries in the event of an accident.

You can conveniently buy online motor insurance policy, but getting a car insurance claim granted might be challenging. Nothing in this is set in stone, and you may always contact your insurance provider to figure out how to resolve a denied claim or learn the reasons for the denial of your claim. Invite those with knowledge of insurance issues to assist you.

Click HERE to buy online motor insurance.

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.

As we get older, our body becomes subject to more wear and tear. Several adults develop comorbidities and illnesses as they hit the milestone of 50. At this stage, getting medical tests and screenings is crucial to maintaining a healthy lifestyle and habits.

While maintaining overall wellness is important at any age, adults are more prone to discovering their underlying health issues at this age. This is when it becomes imperative to get well-rounded annual health checkups to ascertain any medical worries and improve their quality of life.

Unfortunately, along with a sense of wisdom, getting older also brings a list of health complications. While investing in health insurance in India can secure your parents' medical worries, conducting annual health checkups is paramount.

Benefits of annual health checkups for adults above 50.

1. Discover health issues early on:
Getting health checkups involves various scans and blood tests. There are several things you can learn from these tests. When shown to your physician, they can point out any deficiencies and more extensive problems that your tests may reflect. Knowing about these health problems as soon as possible is key to controlling and managing them effectively. You may not be suffering from any symptoms early on. However, it's better to learn about these issues by running tests before matters get out of hand.

2. Know about a disease you're at risk for:
Your tests can also help your doctors find any problems leading to more severe diseases or illnesses in the future. Knowing your family's health history and comparing it with your own can help draw parallels and understand what condition to prepare for.

3. Manage chronic diseases effectively:
With every annual checkup, you can learn how many changes your body goes through. You can also know when you may develop long-term comorbidities like diabetes, hypertension, thyroid, asthma, arthritis, etc., that need hands-on treatment.

4. Save time, effort, and money:
Precaution is always better than cure. Regular checkups can help you prevent illnesses and save you from dealing with severe symptoms later on. Even though you may have secured the retirement life of your parents by investing in health insurance in India for parents, it is always better to know about the upcoming challenges you need to cope with. This saves the amount of time, effort, and money that needs to be spent controlling the health complications that get worse with time.

5. Make better lifestyle choices:
Health issues do not arise simply due to hereditary or genetic makeup. They can also occur due to unhealthy and toxic lifestyle choices. A regular habit of indulging in unhealthy food, liquor, and other narcotics can adversely affect your health.

Unhealthy habits like smoking can cause respiratory and blood toxicity. Getting annual health checkups can help you understand what physical issues these unhealthy habits are causing and how to fix them.

To sum it up, adults need to understand the importance of getting annual health checkups once they turn 50. Ignoring your health will only lead to more problems in the future. Encourage the elders in the family to get yearly checkups on time to avoid undue stress and health concerns. Remember to consider health insurance in India for parents to cover the medical needs of your parents and loved ones.

Click HERE to buy the best health insurance in India for parents.

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.

Running a business is seen as a highly lucrative earning opportunity. However, the efforts, resources, and time required to envision, set up, and grow a business are not discussed enough. While the process is challenging, the true extent of an entrepreneur's sacrifices and the venture's uncertainties go unnoticed.

Considering the volatile settings in which a business must find foundation and prosper, insurance services are a boon that entrepreneurs must benefit from to protect their vision from risks, third-party lawsuits, and compensation claims. One such perk is commercial general liability insurance that provides an enterprise of any size belonging to any industry with the combined benefits of a product and public liability insurance policy.

If you own a business or plan to run one in the future, here's all you should know about commercial general liability insurance.

Defining commercial general liability insurance.

An insurance offering for companies and businesses, a commercial general liability insurance policy is a comprehensive protection from financial losses due to legal claims of bodily injury or property damage arising from business operations. Applicable for accidents caused by the non-negligence of the proprietor, it helps in risk management and ultimately protects the reputation and finances of a business in the long run.

The unique offering is an inclusive product and public liability insurance policy, making it a dual-benefit financial coverage for manufacturers of physical and intangible products and protecting them against claims that may be raised by third-party stakeholders like suppliers, customers, etc.

Coverage extent.

Often considered a comprehensive business insurance cover despite specific exclusions, commercial general liability insurance covers the following risks –

1. Third-party damages and injuries:
Any unintentional accidents that result in bodily injuries or losses for third parties while on business premises are covered under the policy. Therefore, the business can raise a claim in case of any reimbursement of medical bills of the injured or the cost of replacing or repairing any damaged property of third parties. It also includes accidents that cannot be traced back as wilful mischiefs, like accidental fires.

2. Advertising lawsuits:
Amid the highly-competitive environment with unclear and relatively lax laws relating to advertising protocol, it is common for businesses to battle in court over intangible assets like ideas, campaigns, strategies, and patented copyrights or trademarks.
While such issues may arise without ill intent and a genuine lack of awareness, a lawsuit may result in slander, public discontent, or even loss of business due to a change in public sentiments. While the issue and compensation for the party at fault is a judicial matter, the legal expenses borne by the business owner can be reclaimed, as legal and settlement costs are covered under the policy.

3. Product quality discrepancies:
The effective use of a product is highly dependent on its quality, which makes it a significant factor to maintain on the manufacturer's checklist. In case of any issues with the final quality of the product marketed, the consumer is entitled to sue the business for the product quality issues, which may result in end-user harm. This is a serious allegation that can jeopardise the future earning capacity and perpetual continuity of the firm.
While manufacturers must ensure that such serious issues do not surface, commercial general liability insurance protects the business from lawsuits and reimbursement costs.

4. Privacy invasion:
To set your product apart, endorsements may do wonders for increasing its reach and enticing consumers to purchase. But you must always have the legal provisions to use such material directly. Without such an express agreement, the commercial general liability policy can help settle with the aggrieved party outside the court and reimburse you for the compensation.

The above extent of coverage offers a general guideline of the inclusions of the two-in-one product and public liability insurance policy. We encourage business owners to do due diligence before purchasing business insurance to ensure their organisation enjoys comprehensive protection!

Click HERE to buy the best public liability insurance policy.

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.

Many people are passionate about cars and love to add them to their collections with multiple vehicles of different classes and brands. Are you someone who owns multiple cars? If yes, your primary concern would be maintaining the insurance documentation of individual vehicles

What's the solution? If you own more than one car, you can have a single insurance policy covering all your vehicles. Yes, you read it right. The IRDAI offers a provision of paying a single premium for your multiple cars under a multi-vehicle policy or motor floater policy.

Let's understand in depth about this motor floater policy.

Merits of a multi-vehicle policy:

● It can cover up to 05 personal cars registered under a single owner.

● Helps in reducing the hassle of paying and managing multiple premiums and remembering the renewal dates of different policies for different cars.

● Customisation flexibility is offered to the insured to add or remove the cars covered in the policy.

● When you insure more than one car with the same insurance policy, you can be sure that you will save money and get better deals. The likelihood of long-term benefits is assured.

● A hassle-free process will result in less paperwork, and both the insurance provider and car owners may find the process convenient. The management and renewal of the insurance will be simpler for car owners since there will eventually be a single due date for all cars.

● The premium will be calculated and charged based on the usage of the cars, which is a crucial advantage for the insured.

Limitations you must be aware of.
There are a few restrictions you should be aware of before choosing to purchase multi-car insurance.

● Policy premium burden:
With a single renewal date, payments would typically be in substantial sums. Compared to allocating funds for various programs in an equitable manner, this significant money may put a strain on your finances.

● High-risk driving:
If the owner-driver is considered under the high-risk category, the policy's total cost may go up. Thus, it is important to have disciplined driving behaviour and a good record to avoid paying hefty premiums.

● Failure to renew on time:
Failing to renew your car insurance before expiry could cause all the cars covered by the policy to expire. This will happen because there will be a single renewal date for all the cars. If you forget to renew the policy on time, all the cars could become uninsured. Furthermore, you risk losing the NCB on all the cars if you go past the 90-day grace period following the renewal date.

Even though there are a few significant restrictions, insurance companies are working on solutions that could eliminate them, such as simple payment choices and extended grace periods so that you can have best car insurance in India.

*Imp:
The multi-car or motor floater policy is in its initial stage of formulation in India. It has some clauses and is applicable for selective services. Make sure to check further details with your insurance company for a better understanding and get the best out of your car insurance plan.

Click HERE to buy the best car insurance 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.

A personal accident policy covers the loss or damage to the policyholder due to accidents. Considering that unforeseen accidents may happen at any time, one must always be prudent and purchase the best personal accident policy in India for complete coverage. However, does purchasing multiple personal accident policies result in payouts from various insurers? Read on if you need clarification about whether you can claim insurance from multiple insurers for a single accident.

Types of personal accident policy.

An insurance company provides several personal accident plans with differing inclusions, conditions, etc. Here are some of the best plans you can consider opting for, including –

● Individual personal accident insurance plan:
This personal accident plan covers death, and short and long-term disability for individuals due to an accident.

● Group personal accident insurance plan:
This personal accident plan offers primary coverage for more than one person. Usually, employers provide this policy for their employees as an additional perk.

What does a personal accident policy cover?

Under the personal accident policy, you can get coverage for the following damage or loss, including –

● Permanent disability cover: Under this cover, the insurer will pay a pre-agreed amount to the nominee if an accident leads to permanent disability.

● Accidental death cover: In this cover, the nominee will receive the sum assured of the policy if the policyholder dies.

● Temporary total disability cover: In this cover, the policyholder will get the pre-agreed amount if the accident makes them bedridden for some time.

● Permanent partial disability cover: In this cover, the policyholder will receive 100% of the benefit of the sum assured if the accident inflicts permanent partial damage to them.

Standard exclusions from a personal accident policy.

Let’s take a look at the list of exclusions under the personal accident insurance policy:
● Pre-existing disability or injuries
● Intentional suicide attempt
● Childbirth or pregnancy
● Accidents caused due to intoxication
● Non-allopathic treatments
● Taking part in dangerous sports
● Committing a criminal act
● Suffering from a mental disorder

Can you claim from multiple personal accident policies?

It is perfectly legal to purchase and hold multiple personal accident policies. The policyholder can claim from all the individual accident policies for an accident if the damage falls under the section inclusion.

Having multiple personal accident policies is beneficial as they provide extra layers, and the family of policyholders receives more money from different insurers during an emergency. However, if you claim insurance from multiple personal accident policies in a year, the premium will be increased when you renew the policy.

How to claim personal accident insurance from multiple insurers?

Follow these steps to claim insurance from more than one personal accident policy.
● You can make cashless claims from the hospital that your insurance company is in contact with.
● You can also use reimbursement claims when not treated at in-network hospitals. In this method, you pay the hospital bill first, and the insurer reimburses you. You need a few documents to make a reimbursement claim, such as bill receipts, claim forms, discharge summaries, prescriptions, and claim settlement summaries (if you claim from multiple insurers).

While choosing a personal accident plan, check its features, benefits, inclusions, and exclusions. The best personal accident policy in India covers various damages and losses and provides additional perks. Also, when claiming for a personal accident plan, keep a copy of your documents handy for a fast claim process.

Click HERE to purchase the best personal accident policy 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.

Having two-wheeler insurance helps you during unprecedented financial situations such as accidents, natural disasters, theft etc. A comprehensive plan covers the damages and repairs you might require in the future for your vehicle.

Over time, with new insurers coming to market and new insurance plans taking centre stage, we find ourselves wanting to make a switch. You might be tempted to change your insurance provider or simply want an upgrade.

This article will help you better understand things you need to look out for before changing your two-wheeler insurance.

1. Sometimes, due to a lack of attentiveness from your previous insurance provider, you might want to make a switch. You can look up the renewal process of the 2 wheeler insurance online. Insurance companies provide a hassle-free renewal process.

2. Instead of switching your insurance provider, you can simply upgrade your plans. At the time of renewal, ask your insurance provider to brief you on all the best and updated insurance plans. You can also check online and find the kind of upgrades the company provides.

3. If you need to switch services during your current policy, you can conveniently do that. First, you will have to close your existing policy. Most insurers will refund you with a few deductions. The switching process is generally hassle-free. You are required to submit documents to cancel your old one once the new insurance provider has given you cover.

4. If cost is the primary reason for you to switch, you should first compare the 2 wheeler insurance available online. Sometimes an insurance company may provide you with more cover for a few extra hundred bucks. If that’s the case, you might want to stick with your existing provider.

5. Look into factors like customer service, efficiency, claim settlement ratios etc. This gives you a better understanding of the company and their market ratings. This plays a massive role in choosing the best insurance provider for you.

6. The following documents are to be kept handy in case of a change of insurance provider:

• Identity Proof

• Address Proof

• Registration certificate

• The previous insurance policy document

• Passport size photo

7. While making the switch, don’t forget to look into the add-ons that the new policy provides. Add-ons such as roadside assistance, engine cover, etc., might increase the premium of your insurance, but it also assures prompt and easy service.

This is a comprehensive list of things you should keep in mind while changing your insurance plans. Remember that the insurance providers are there to help. Asking the right questions and understanding all the services your insurance provider is willing to provide can go a long way. With easy access to technology, you can go onto the internet, analyse various options, and choose the 2 wheeler insurance online that suits you the best.

Another thing to keep in mind is that you need to make these decisions before renewing your policy. Since riding a vehicle with no insurance is a punishable offence. Hence researching beforehand should be your priority.

Click HERE to take a look at 2 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.

Since Covid-19 hit the world, nothing has been the same. From individuals to industries, every aspect has undergone a massive transformation—changes that are leading to a disruption beyond the bounds of the economy and the global market. We saw extreme survival, lockdowns, economies tanking, corporates trying to run businesses with work-from-home options, and much more.

During lockdowns, businesses, start-up founders, analysts, and corporate professionals across the industries began to figure out the patterns of changing consumer behaviour and the solutions to address their demands.

We, too, believe that the insurance industry is experiencing profound change. The ecosystem is evolving rapidly, and insurers can no longer lean on old standard practices. With people being worried for themselves and their loved ones, investing in insurance meant investing in a healthy life. This has responded to the change in the insurance sector and marked the start of a revolution!

The following are the few emerging trends I believe will change the insurance industry landscape.

Insurance is not about products anymore.

It is almost weird to think about how the insurance sector is not "product-led" anymore. Safeguarding one's assets, health, life, homes, vehicles, and other aspects highlights the severity of having insurance. For example, you can consider health insurance a consumer product, but it is no longer about the "product" game.

The insurance sector is gaining recognition as a "service-oriented" industry. Constituting the perfect experience, right from being the potential customers' first choice to educating them about how their needs are going to be met, helping them throughout the process and beyond, addressing their grievances and providing solutions, and easing up the entire redemption process in the times of need is how you foster and strengthen your customer relationships. With so much focus on instant gratification, insurance companies need to curate an indispensable "service" – something that is hard to replace. We at Magma HDI endeavour to bring these practices into practicality.

Taking efforts to push digital transformation initiatives forward.

The Indian insurance market is encountering a massive technological shift. Digital-first business models are replacing traditional insurance practices. Gone are the days when insurance agencies relied on the older patterns of customer management, applying outdated systems and business thinking. The rise of state-of-the-art technologies has given new hope to age-old insurance practices, which we are the "modern legacy" powered by digital technologies. Digital-first insurers can offer relentless support, ensure transparency, and entrust their customers with realistic and practical solutions.

With these digital initiatives in place, the insurance sector can defy all stereotypes of being considered "conservative". This shift will push insurance companies to collaborate with different technologies developed by the IT sector and keep improving their services to ensure a seamless customer experience. Digitisation is the new cool. And the insurance sector is happily jumping on the bandwagon.

Personalisation is key.

Insurance companies need to admit that the habits and mindsets of consumers have changed with time. Personalisation is the new way of interaction that insurance companies need to adapt to volunteer the special interest of their customers. Tweaking your benefits and providing opportunities in a way that speaks "your" language, something unique to "you", is how we have been challenging the existing conventional work approach.

Data is the greatest resource in personalisation. This data includes the basic information, location, behavioural data of customers, etc. Making the right use of the collected data, the customers expect a personalised experience that can improve the relationship the company has built with them.

Delivering personalised services helps you strengthen your equations with your customers and prove that you, as an organisation, value their loyalty and contribution to the company's growth. It assures them that the company is standing strong with them. The other benefits of personalisation include an increase in sales, a boost in company’s reputation and the number of converts, customer retention, insights into consumer behaviour, and much more!

The transition of the insurance industry from traditional to digital, is making headlines and grabbing everyone's attention. The innovative-first approach and efficient technological solutions are leading the way to more promising insurance transactions and trusted customer relations. Your products might be one in a million but curating a perfect customer experience takes you to the top.

The industry is at a pivotal moment in developing forward-thinking insurance services, as the market is grappling with change at an exceptional speed. These are exciting times to take a step ahead and build deeper relationships with customers throughout the customer journey.