All insurance products other than life insurance come under general insurance or non-life insurance. It includes motor insurance, homeowners policy, and health insurance. Before you buy a non-life insurance product, you should check legitimacy of the company. This can be done easily by visiting IRDA registered general insurance companies in India list.Continue Reading
Health Insurance protects you against unforeseen hospitalization expenses. Today, almost all health insurers offer cashless treatment facilities and reimbursement of hospital expenses facilities. For smooth settlement of a health claim, one should carefully follow all the steps described by his/her insurance company for instance; It is advised by some health insurance companies to inform about insured person within 24-48 hours after he/she is hospitalized; if no one informs within this time period, then an insurance company may refuse to settle claim (See- Medical conditions that your health insurance policy doesn’t cover); and in such scenarios, there are very rare chances of getting a claim settlement.
Government of India has introduced a new crop insurance scheme called Pradhan Mantri Fasal Bima Yojana; which would replace both National Agriculture Insurance Scheme and Modified National Agriculture Insurance Scheme. The Union Cabinet has approved PMFBY for formers’ welfare; this scheme will provide financial support to the farmers in the event of failure of the crop due to natural calamities, pests, and diseases. In the event of failure of the crop, farmers face financial crisis and as a result farmers become unable to continue farming. Previous schemes (NAIS & MNAIS) had high premium rates due to which few farmers adopted these schemes; but new PMFBY offers maximum sum insured at very lucrative premium rates.Continue Reading
You probably know that in order to drive a vehicle on road in India, you should have a liability only motor insurance or comprehensive insurance; it is imposed by Law. There are basically two types of motor insurance or vehicle insurance exist in India; Liability only Policy and Package or Comprehensive Policy. Liability insurance policy covers your legal liability towards third parties for injury, death or property damage; and also provides accidental coverage to driver against death or injury. On the other hand, a package policy or comprehensive policy provides a high level of protection for example; it also pays for the damages to insured vehicle due to an accident.Continue Reading
Motor Insurance or Vehicle Insurance covers an individual and his vehicle against theft, damage, injury, third party liabilities etc. Traveling is a part of our life; we use certain types of vehicles to travel here and there; and probabilities of collisions are high, because thousands of vehicles run on road at a same time. If your vehicle hits an individual or his/her property; then that person may seek compensation, in such scenario, you have to pay for the loss caused by your vehicle. Here motor insurance comes into play; a motor insurance policy pays for the damages you cause to another person/property in an accident. Some motor insurance policies (Comprehensive or Package motor insurance policies) also pay for the damages to insured vehicle due an accident.Continue Reading
Insurance is a fastest growing marketplace around the world; it offers coverage against insured event for example; life insurance covers an insured person against death, health insurance provides reimbursement for medical expenses incurred in a hospital. In the same way, auto insurance or motor insurance covers vehicle and third parties against accidental damages. Motor insurance is a part of general insurance. In our daily life, we use certain types of vehicle to travel here and there. Though, no one wants to be hospitalized; but in reality, everyone is exposed to danger while traveling on road. Motor insurance or auto insurance helps us to bear the financial loss in case of an accident. As per law, it’s mandatory to have liability insurance if you own a vehicle for example; car, motor cycle, commercial vehicle and the like. If your vehicle hits a person or an object then you’re liable to pay for the loss (as per law).Continue Reading