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.
Insurance marketplace is growing significantly in India. Today, you can find variety of Life insurance and Non-life insurance products in India; therefore, this segment (Insurance marketplace) strongly needs robust rules and regulations to protect the interests of policyholders. To provide insurance services in a transparent manner IRDA (Insurance Regulatory and Development Authority of India) monitors all insurance companies with an eagle eye. IRDA is an independent authority to operate, regulate, and develop insurance market in India. It ensures that insurance services are being delivered transparently and claims are being settled.
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
Insurance: By definition, insurance is a legal agreement between policy holder and insurance company; in which, one pays premiums (policy holder), and other pays (insurer) on the event of loss.
Importance of Insurance: Insurance plays a significant role in an individual’s life. It covers an individual against unforeseen events like; Life Insurance covers insured person against death, Health insurance provides coverage for medical expenses incurred in a hospital, Mortgage insurance provides cover for mortgages and loans taken by insured person etc; and insurance also protects individual’s family against financial crisis by giving financial support to them. Many people face a common phobia that what will happen to their family if they die? It is indeed that death is certain but the time of death is uncertain; insurance cannot stop the occurrence of death, but insurance can certainly protect your family against financial crisis upon your death.Continue Reading
Annuity or Pension plans provide financial support to an individual when he/she reaches at a stage of life; in which he/she cannot do work to cover his/her basic living expenses. After retirement, everyone wants a regular income source; that’s why, many employers set up occupational pension schemes for their employees to provide a regular income source to them. It is immensely important for individuals (whose employers do not provide occupational pension schemes) to plan for post-retirement expenses to live a hassle free life after retirement.Continue Reading
In this day and age, you can find numerous insurance products in insurance marketplace. For an individual it would not be important to know, “what are the different types of insurance?” But for professionals like; financial advisors and insurance agents, it’s very important to know all the basics related to an insurance industry. It helps to build their self confidence level as well as it helps them to give professional advice to their customers. In this post, we will be discussing on fundamental types of insurance. Though, insurance market has grown up over the years but it’s still working under the same principles.
In today’s hassle and bustle, health insurance and life insurance are becoming necessities. These tools protect us from unexpected expenses of hospitalization due to an injury or illness. Health insurance reimburses you and your loved ones if something undesirable happens. Therefore, Health insurance is a best option when you’re looking to protect your loved ones against unforeseen health expenses. Usually, health insurance covers medical expenses incurred in a hospital for the treatment of an injury or illness; health insurance also provides financial support to insured’s loved ones, in case of insured person death. Undoubtedly, insured person’s family suffers from unbearable pain when they loose their loved one; but it also makes family members’ life harder. Therefore, a health insurance or life insurance gives you peace of mind that your family will not face financial crisis upon your death. All of us should buy a health insurance policy but with full awareness of what does your policy cover and doesn’t cover? Many people feel cheated when they can’t settle claims with their insurance companies. There are many medical conditions under which your insurance company will not pay you any claim; some of are permanent exclusions and some of are waiting period basis (Read: Health Insurance Exclusions: Medical Conditions Your Health Insurance Policy Doesn’t Cover).Continue Reading
The term exclusion is used in health insurance when an event of medical emergency/need is excluded from an existing health insurance policy. There are many types of medical conditions that are not covered by your health insurance policy; therefore, it would be good for you to read carefully what does your policy cover and doesn’t cover? Usually, after buying a health insurance policy, insured receives a copy of terms and conditions along with a list of doctors in his network through email or post. It is immensely important to read all terms and conditions related to a health insurance policy to minimize the chances of claim rejection. It is remarkable that insurance companies strictly follow their terms and conditions stated in specific policy; which means customer’s claim will be rejected if claimed medical emergency is not stated in their terms and conditions page. Therefore, it is advisable that after buying a health insurance policy promptly read all terms and conditions of your policy to understand what does your policy cover and doesn’t cover? You may request your insurer to send a copy of terms and conditions before buying a health insurance.Continue Reading
In today’s uncertain world, Life insurance is becoming a necessity. By definition, Insurance is a legal agreement between two parties (Insured and Insurer); in which one party (insured or policy holder) agrees to pay premiums, and in return, another party (insurer) agrees pay certain amount of money on the event of loss. Now in this day and age, everyone should have an insurance policy because the probabilities of mishappenings have been increased due to today’s hustle and bustle.Continue Reading
Insurance is a risk management technique; that helps to reduce the risks of financial burden, in case of any mishappening. Insurance is also known as a risk transfer technique, in which you shift your economical losses to your insurance company by paying a fee called a premium. Insurance protects an individual against financial hardships due to unexpected events like; theft, illness, physical injury, damage to property etc. Actually, life insurance is a legal agreement between you and your insurance company; in which you have to pay premiums and in returns, your insurance company pays you a certain amount of money in the event of loss you insured. The amount of money that your insurer pays you or your nominee (on maturity or event of loss) depends upon the amount of protection you have purchased. Your family may face financial problems upon your death; but if you have purchased a life insurance policy then it might help your family to bear the immense loss. If you have dependents then you must have a life insurance policy.Continue Reading
Having an expensive gadget keeps someone in an unnecessary phobia of losing his/her precious electronic gadget. Usually, with new electronic gadgets, customers get one-year free warranty for manufacturing defects and software related issues. But, such warranties do not cover liquid/accidental damages so to insure an electronic gadget against theft, burglary, liquid/accidental damage people prefer to buy a separate gadget insurance policy. A majority of people buy gadget insurance without knowing the actual terms and conditions. In such scenarios, people waste their money on buying worthless insurance policies, which would have very sophisticated claiming procedures and would have very huge depreciations. It is indeed a smart decision to insure a gadget(usually for expensive gadgets) but if you buy an insurance policy without knowing the various types of deductions such as; claim fees, depreciation for repair or full claims, service charges etc then it could alter your decision.Continue Reading