GENERAL INSURANCE BLOG

All of us are extremely lucky to stay in a nation as diverse as India, which has a plethora of climatic changes to offer and support its citizens. However, the past few years have been quite a difficult journey for all, as a series of natural disasters that occurred in and around the nation. From the cyclone in Andhra Pradesh to the floods in Jammu and Kashmir, Uttarakhand and Chennai, to the more shaky issues like the earthquakes in Nepal and North East India, all have caused considerable losses to lives and properties. Instances like these are a colossal knock for people who haven't yet browsed through the Best Home Insurance In India since they can provide adequate cover for various physical properties and homes.

A considerable mark of an effective home insurance plan is that it has all the required components to reduce the financial stress that you may face at points of distress in your life. It ensures that, no matter what the mishap is, you can protect your home against the most brutal natural disasters like typhoons, floods, earthquakes, and landslides, to name a few. Home insurance also plays a vital role in covering against explosions and dire consequences.

Not just natural, but there are some manmade issues like theft, robbery, and terrorism against which home insurances are useful in protection and here is what the best home insurance in India will protect you from, and aid you in: -

• Personal assets Articles such as furniture and clothes, household equipment, among other things are all covered even if natural forces like floods and earthquakes have destroyed them. Any home insurance policy will cover these items. More valuable products like jewellery and art, along with some silverware and collectables, are only covered within a specific set limit. The best home insurance in India is usually a complete package that takes care of your home against fires, natural disasters, and human damages like thefts, a burglary that may have caused a loss of household goods. It also covers personal accidents that may have occurred due to their negligence.
• Infrastructural needs Home insurance policies cover all expenses that are associated with repairing or rebuilding the home if it gets damaged or destroyed due to an excruciating circumstance. This helps you ensure that the damage caused to your infrastructure can be repaired without exerting any additional pressure on your finances.
• Premium Any premium of home insurance depends upon the selected sum, which has been insured of the structure and content. Usually, the structuring of the house depends upon multiplying the area of the structure in question with the total cost of creation. The values of the contents are calculated following the market value. All the benefits that you expect, along with various features, are all provided according to the home insurance policy taken by you.

These are some of the most important benefits which can be enjoyed by all those who take a home insurance policy. There are varieties of options available out in the market which provide the customer with adequate freedom to choose the open of their choice, from the diverse options provided with a plethora of features.

The global pandemic has hit everyone hard, in terms of health and economy. But, more importantly, it harmed our mental health severely. Completely locked and confined to home for several months has led to some kind of depression to a large number of people. In these ongoing months, there are many reported cases of anxiety among various age groups. To overcome, we must focus on and prioritize our mental health first. This is also advised by the best health insurance company in India.

Below are some of the useful tips that will help you to avoid mental health issues:

• Focus on your diet

A balanced and nutritious diet is the need of the hour. To fight the deadly COVID-19, it is advised that you boost your immune system. One can boost their immune system by consuming essential vitamins and other macronutrients.

From various studies, it is concluded that complex carbohydrate-rich food like pulses and nuts can make you relieve from unnecessary stress. The inclusion of fruits daily in your diet is advised by the best health insurance company in India.

• Be Creative

You have now got all the time you always craved for. So, why waste it? Focus on your hobby now. It is important to engage yourself on something as it will help you divert your mind from reality. The whole day long, being confined to your home is not easy. But if you make a habit of doing what you like, then it will make you feel relaxed.

• Stay Fit

Fitness is essential, not only to control obesity but also to boost your immunity as prescribed by the Best Health Insurance Company In India . Since you cannot go out for a walk or gym, then you need to work out at your home. Go for some practical freehand exercises. But, do perform them if you feel suitable and do not overstrain yourself. 40 minutes of exercise once a day can be a stress buster and help you concentrate on the functional aspects, ignoring the negativity

• Maintain your Sleeping Cycle

It is hard to maintain the sleeping cycle when we don’t have the rush to wake up in the morning. Either we watch movies all night long or overthink, which is stressful and can also lead to severe anxiety issues. To overcome this problem, it is better to sleep at a proper and fixed time.

It is always advised to sleep before midnight and wake before 8 am. It will help you to have a better metabolism and grow your immunity. The significant impact of it will be to reduce overthinking and soothe your mental health. Proper sleep, at least 8 hours, will make you much more productive.

• Socialize Online, Not Offline

It is advised that you socialize with your friends and other acquaintances often. Socializing is an essential factor that will make you open your heart and relax. Stay connected and always help them out. Also, ask for help in any matter, whether you want to talk out or need something.

Also, do cut off toxicity around you. Avoid them merely by cutting them off from your contact. To keep your mental peace, you must avoid some people.

Conclusion

So here are the critical five tips that will keep you satisfied and happy in the long term. Buying insurance for your health needs from the best insurance companies in India is important as they pay very much attention to mental health. This year is getting worse, but do remember every cloud has a silver lining. It will pass soon, so hold yourself up.

The Insurance Regulatory and Development Authority of India (IRDAI) has extended the privilege of porting health insurance to all policyholders since 2011. What this means for you is that at the time of renewing your policy, you have the option to change your insurance provider.

Wondering how that works? Keep reading to find answers to the most common concerns about porting insurance in India.

Can you port your policy without losing benefits?

Some of the advantages of porting your health insurance policy is finding affordable premiums or better policy features without compromising on the continuity benefits of your policy. In other words, it helps you in your journey to find the best health insurance policy in india .

For instance, say a medical condition wasn’t included in your health insurance policy for the first two years due to a waiting period of 3 years. In this case, the two years from the earlier policy will be reduced, and you’ll get the waiting period of one year on the new policy.

How much time do you need for porting?

Typically, you can port a health insurance policy within 45-60 days of the date of expiry. However, it may change from insurer to insurer. The rules of porting not only apply to the policyholder but the insurer as well. Hence, the new insurer should respond within 15 days of receiving your portability request.

What documents do you need for porting your health insurance?

If you do decide to switch your insurance provider, you will need the following documents:

1. The policy documents issued by your existing insurer

2. Information specific to the renewal of the policy

3. A self-declaration if no claims were made in the previous policy

4. For claim settlements, send discharge summary, investigation report, and other related documents as a proof

Why should you port your health insurance to Magma HDI?

The OneHealth insurance plan from Magma HDI is a comprehensive policy that offers you protection from the financial liabilities of healthcare, offers discount options for your premium and gives you the options of add-ons such as a critical illness cover to leave you completely worry-free!

Here are some other features offered by the policy:

1. 24x7 claim assistance

2. Cashless hospitalization across 4100+ hospitals

3. It also offers as many as 16 key benefits such as loss of income cover, maternity cover etc.

Process for porting your health insurance policy to Magma HDI

If you want to port your existing health insurance plan to Magma HDI, you should do it within 45 days before your policy's date of renewal. Given below is the process behind successfully porting your insurance-

1. Ask for a portability form from Magma HDI or fill the form online. Provide accurate details in this form. The company’s team of underwriters will cross check your details with your current insurer within 7 days from submission.

2. This information goes to IRDAI where your existing insurer will also give the details about your coverage and claims in a prescribed format.

3. With these details, the underwriting team at Magma HDI will have access to the history of your plan. They will make a proposal according to the company’s underwriting norms.

4. The team at Magma HDI will then send across the proposal to your existing insurer within 15 days. The last step is the acceptance of the proposal by your existing insurer.

So, this is how you can easily port your health insurance policy to Magma HDI. Check out their website for more information on their OneHealth policy.

The end of 2019 had brought forward a deadly virus that is still haunting the world, the COVID-19. Since we are still lagging in getting a proper vaccine for this virus, the situation is causing more and more adverse effects, even fatality.

In the case of treatment of COVID-19, best health insurance in India covers pre and post hospitalization expenses, including in-patient and out-patient expenses. Yet it is best if we could prevent it from the first occurrence just keeping ourselves well protected.

COVID-19 might have paused our regular daily routine for a few days, but we are getting back on track with our professional commitments. In such cases, getting proper protection has become inevitable to keep ourselves safe.

So here are 6 ways to reduce the risk of contracting COVID-19 while commuting to work:

1. Using Personal Protective Equipment (PPE)

Whenever you step out of our house, you must gear up with proper personal protective equipment, like masks and a pair of gloves. This protects us from getting in direct contact with the virus by shielding our most prone parts of our body, like hands and mouth.

You should also carry an extra pair of disposable gloves and mask for an emergency. Try not to open PPE at all while you are outside. It would be best if you washed the mask properly in case it is reusable. This ensures our safety.

2. Using Sanitizer

The use of sanitizer is one of the essential precautionary measures. It would be best if you always carried a sanitizer while going out and use it whenever you contact any other substance or any other person. Sanitizers kill the virus before it starts harming our body. It is better to use sanitizer just before and after a meal is a must.

3. Eating Safe

Eating unpacked, and street food increases the chance of coming in contact with the virus. So, it is safe to either carry your food or any packed items. Food prepared in the house must be washed well before cooking.

You should only purchase foods from outlets that follow the proper protocols of WHO. Some of the best insurances of India encourage its policyholder to eat safe and eat healthily.

4. Maintaining Social Distance

Whenever you travel, you must maintain social distance. Keeping a safe distance from other persons reduces the chance of getting in direct contact with the virus. It would be best if you avoided public transports that are too crowded. Instead, travelling in private vehicles minimizes the chance of infection.

It would be best if you also kept a decent distance from people who are continually sneezing or coughing. Crowded places are always the den for spreading the virus. The Best Health Insurance In India insists its policyholders on maintaining social distancing.

5. Avoiding Any Physical Contact

Public places are prone to contamination by the virus. Please do not touch any unmanned items, walls or railings as that can increase the chance of coming in contact with the virus. So, before you get in contact with such places, it is a must first to disinfect the surface properly.

6. Spread Awareness

While travelling, if you find a person without wearing a mask, make him/her aware of the same. We must stand in a safe distance and insist others to maintain distance too. Being a responsible citizen, you must always spread awareness about the current situation. Not wearing a mask outdoors might result in legal charges and consequences.

Summing up

While travelling to your workplaces, you must always maintain the above steps. These will keep you away from coming in direct contact with the virus. Social distancing, using personal protective equipment and sanitizers are some of the crucial things you should practice regularly.The best health insurances in India always promotes all of the above steps for the betterment of their customers.

The monsoon is a welcome change for many from the scorching summer heat. It brings promises of new life with itself. Thus humans often greet this season with open arms.

But sadly the bacteria and viruses enjoy this season as well. So we need to keep an eye on our health and take the necessary precautions to stay safe. But with the growing number of diseases due to various viruses in this period, one should also consider health insurance plans in India to keep their family protected.

Here are a few simple health tips for the monsoon that every person must take up to stay fit and healthy.

1. Increased intake of Vitamin C as it fights against any deadly virus:

• Monsoon is the time where viruses and bacteria thrive the most.
• A rich vitamin C diet, including oranges and green vegetables, can help increase the immunity against such diseases.

2. Avoiding junk food:

• The streets are filled with puddles and potholes. These are home to a vast number of microorganisms.
• Street foods, which are sold openly on the streets, are often exposed to these harmful microorganisms.

3. Not storing stagnant water:

• Mosquitoes are born in stagnant water. They are carriers of a vast number of diseases.
• One must also ensure that drains are not clogged, and rainwater is not stored in any part of the house.

4. Adding disinfectants in bathwater:

• Most people like to walk in the rain. But bathing at least twice a day can do away with any health problems.
• Use of disinfectants in the water can protect from the various microorganisms and keep one fit.

5. Using ironed clothes:

• Clothes stored in wardrobes often get cool with the damp from rain and lack of sunlight. Wet moisture causes molds
• Ironing the clothes before wearing makes them free from these fungi besides giving a stylish look.

6. Having well-cooked vegetables and fruits:

• Fruits and vegetables skins are home to several germs.
• They need to be adequately washed in running water before cooking them to stay safe from water-borne diseases.

7. Enough sleep and exercise:

• 7-8 hours of sleep is mandatory for an individual to create immunity and prevent various diseases.
• Regular exercise can keep the body in perfect shape and build immunity against various diseases.

8. Avoiding touching the eye:

• Eye infections like conjunctivitis, dry eyes and corneal ulcers are common during these times.
• In case of any irritations, doctors should be consulted. There are some health insurance plans in India which can cover the cost if required.

9. Maintaining hand hygiene:

• Washing or sanitizing hands properly before having food is a must. It kills all the germs.

10. Precautions against mosquitoes:

• In-home, mosquito coils or tents should be used to stay safe from mosquitoes.
• Several health insurance plans in India now deal with diseases caused due to mosquitoes. Hence these should be considered.

11. Clipping nails:

• Bacteria and germs often accumulate underneath nails. So they should be clipped at regular intervals.

12. Protection against allergens:

• Allergies can become severe during this season.
• Wearing masks while going out and carrying anti-allergy medicines are a must.

13. Not using wet shoes:

• One should not be wearing wet socks and shoes as pathogens may grow.
• Keeping an extra pair of shoes might be beneficial.

14. Staying clear of damp indoors:

• Damp walls are home to the growth of fungi.
• People having asthma or breathing problems should stay away.

15. Keeping distance from sick people:

• Many people catch the flu or cold during this time. So it's better to keep a distance from them.

The monsoon usually lifts the spirits of many but often makes the health vulnerable. With some essential precautions, one can stay fit. One can even take the help of Health Insurance Plans In India so that even when you fall ill, you can deal with the situation effectively.

Establishing life goals entail insurance plans, but that’s not a holistic confirmation to your investments. The next question would be - whether to settle for an individual or a family floater plan.

Insurers provide these variant coverages for their health insurance services. But what are the key differences? What should you choose? What are the benefits? All of which will be answered in the following paragraphs.

Know the difference

The literal meaning automates a difference which understandably leads you to think of the package claims.

• Individual health insurance is issued against a single person. So, if you were to propose insurance coverage for your entire family, you’d have to buy insurance respectively for each member. That’d provide an allotted sum dedicated to each individual under the insurance policy.
• But if you are looking into family insurance, all the members will be covered under one single insurance package. Unlike the former variant, family insurance has an allotment dedicated to the entire family, which is to be shared. So, if your family has two other members with an insured sum of 4 lacs INR, the cluster would be sharing the same amount. Thus, a health insurance policy for the family will only dispatch the stipulated amount irrespective of the individual requiring healthcare assistance.

How does it work?

A family insurance plan relies on the hypothesis or rather, the possibility of all members requiring medical assistance at the same time. So, if a family of three buys an individual plan of 3 lakhs for each member, a family floater plan of 8 lakhs can equally justify the needs.

How are the premiums determined?

The premium for family health insurance is determined based on the age of the oldest member. However, for individual plans, the only determining factor is the age of the member insured. The family plans tilt towards your affordability, especially for younger families. But if the oldest member suffers from a terminal or any immediate ailments, individual plans are recommended.

Comparative Analysis of Family vs Individual Health Insurance

• Individual health insurance is issued against a single person. So, if you were to propose insurance coverage for your entire family, you’d have to buy insurance respectively for each member. That’d provide an allotted sum dedicated to each individual under the insurance policy.
• But if you are looking into family insurance, all the members will be covered under one single insurance package. Unlike the former variant, family insurance has an allotment dedicated to the entire family, which is to be shared. So, if your family has two other members with an insured sum of 4 lacs INR, the cluster would be sharing the same amount. Thus, a health insurance policy for the family will only dispatch the stipulated amount irrespective of the individual requiring healthcare assistance.
• But if you are looking into family insurance, all the members will be covered under one single insurance package. Unlike the former variant, family insurance has an allotment dedicated to the entire family, which is to be shared. So, if your family has two other members with an insured sum of 4 lacs INR, the cluster would be sharing the same amount. Thus, a health insurance policy for the family will only dispatch the stipulated amount irrespective of the individual requiring healthcare assistance.
• Family insurance plans offer age-restricted renewals. So, if the oldest member were to breach the maximum threshold, the presiding members won’t be able to forward any amount prescribed by the policy.
• If a child migrates to an individual plan, eventually, the credit for their waiting period is lost.
• For a family plan, any member issuing a claim can nullify the No Claim Bonus or NCB for that fiscal year.
• Generally, kids and immediate dependents are covered in a family plan. But for cases where you’d want to include your in-laws or grandparents, individual plans remain their only plausible option.

Verdict

This is more of a strategy than a choice since you can opt a heterogenous plan, here’s what you can do:

• If your family consists of younger members,Family Health Insurance Policy will fare better for apparent reasons until the members cross their age threshold for the policy.
• For families without any history of chronic illnesses, the family plan suits them best. Moreover, they remain under a certain price bracket that provides financial convenience.
• But if you are someone at a higher risk of any significant illness, subscribe to individual insurance covers so that the entire family can rely on the sum insured in the family plan.
• If you have parents in the older age bracket, purchase individual insurance covers. This step will ensure you protect the NCB from being nullified in case your parents require serious medical expenses.

So, to sum it all up, younger families are recommended to buy a family cover while buying individual covers for members who are at a higher risk of requiring serious medical attention.

All of us are preparing for the rainy season with our umbrellas and raincoats in place. While we are getting ready for the heavy rains, let us not forget to prepare our cars for the same.

Wondering why your car needs a bit extra care? It’s because the heavy rains have a terrible effect on your vehicle’s body. The dirt, mud, waterlogging, and massive jams are all bad for your car’s health. The water during the rain sticks to your vehicle resulting in rusting and electrical issues and has a corrosive effect on the car in the long run.

Many car owners miss out on essential tips necessary to take care of their vehicles during the monsoon weather.

Here are some useful tips for maintaining the good health of your car during the monsoon.

Tip 1:

• Make sure that you have perfectly running tyres on the road to have a safe ride.
• The right amount of tread is crucial for your care during monsoon.
• Shallow tread in tyres during monsoon can be risky and can lead to road accidents. Get your car insured from the best car insurance company in India for your safety.
• Also, keep a check on the tyres’ inflation regularly as low pressure will make it difficult for you to drive your car.

Tip 2:

• Get the brakes of your vehicle checked.
• Their proper functioning during monsoon is much more essential due to slippery roads and waterlogged streets.
• To maintain the excellent condition of brakes, make sure you regularly clean and, if required, replace the brake pads.
• Make sure they have required friction material, especially during the rainy season.

Tip 3:

• Maintenance of wipers and washers during monsoon season is of prime importance.
• Check and make sure that the wiper blades of your car do not leave behind any lines or smudges.
• Wiper blades tend to wear out fast. Get them checked before the monsoon season sets in.
• The rubber blades tend to crack during the summer season, making them ineffective during the monsoon season.
• Check the washer’s reservoir level and top it when the level is low or as and when required.

Tip 4:

• Water and electricity don’t go together, and we all are well aware of this fact.
• Patch up any exposed wiring beforehand to ensure that your car’s electrical is in good working condition.
• The life of your car’s battery too tends to decline if you are living in an area that receives heavy or regular rains. Get the battery replaced if required so that all the electrical components like headlights, wipers, etc., function properly.

Tip 5:

• Working headlights, tail-lamps, and indicators or turn signals are vital regardless of the weather.
• During monsoon, visibility is hampered, which requires your car’s lights to function well, making it easier for you to notice other road users.
• Test your vehicle’s lights by running them together. If you notice that they are getting dimmer or are inconsistent, get them replaced with new bulbs.
• Make sure they have required friction material, especially during the rainy season.
• Note that flickering lights are also an indication of a weak battery.

Tip 6:

• Do not allow water to sit on the body of your car, as this can harm its paint.
• You can use a thin layer of wax polish to prevent the body of your car. Alternatively, you can also use anti-corrosion sprays.

Make sure to keep these tips in mind to have a safe ride. Chances of accidents during monsoon are high due to slippery roads and reduced visibility. Get car insurance from the Best Car Insurance Company In India at the best possible price and enjoy your ride with your loved ones.

Car insurance is all about cutting your losses in case of an accident or theft. You will pay the premium annually or more frequently as per the guidelines of your policy. You need to pay the premium regularly to keep the policy active. Car accidents do not happen that frequently, but they do occur quite a lot. This makes having a proper car insurance policy extremely important. Though at the time of purchasing a car insurance policy, it is important to look up new car insurance rates, so you do not end up shelling an unnecessary amount of money. You will also be rewarded for driving safely and responsibly by No Claim Bonus.

No Claim Bonus is essentially a discount over the own damage premium component. It means that you would have to pay less in the forthcoming premium if you do not raise any claim in the entire year. You generally start with zero NCB (except in the case of NCB transfer) and accumulate discounts over the years. It is often misinterpreted, so here are few features you need to be mindful of: -

• NCB is available only on policy renewal. It is a reward for not making any claims during the entire year. It is earned by keeping a claim-free record. It starts at 20 percent after one claim-free year and accumulates steadily with each subsequent claim-free year and can reach up to a maximum of 50 percent.
• NCB belongs to you and not the car. It is essentially a reward to the driver. If you decide to change the car and get an insurance policy for it, you will retain your NCB discount from the first premium on your new insurance policy. So, in essence, NCB is transferrable between cars. However, NCB is not transferrable between two people.
• Transferring NCB is a simple procedure. After the purchase of a new vehicle, you have to submit Form 29 and Form 30 along with a letter requesting your insurer for NCB transfer. Your insurer will issue an NCB certificate which will be valid for three years after the date of the issue. You have to submit this certificate to your new insurer to retain your NCB benefits.
• NCB is only valid over the own damage component of the premium. This means NCB is not valid over the third-party liability component of the premium.
• NCB must be kept in mind before making small claims. NCB is reset to zero, no matter the magnitude of the claim. It is therefore important to make calculations before making any small claims. You can end up losing more than you gain. In addition to NCB be set to zero you will also lose any accumulated discount and will have to start over to reach a 50% discount earmark.
• You can purchase an NCB add-on cover that will allow you to make a limited number of claims without affecting your NCB. This can help you if you are stuck in the decision to make a small or moderate claim.
• Maximum NCB discount is 50% though some insurers allow higher discounts in their policies for driver's clean records.

Insurance is nothing but risk management. You buy insurance just so you do not fall into a financial burden in emergencies. Insurance is all about saving money. At the time of purchasing a new policy, you must always check up new car insurance rates, so you don't end up paying more. NCB too is a step towards saving money, you must always drive safely, and NCB ensures you will be rewarded for it.