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Things to Remember when Purchasing Child Insurance Plan

Education cost and Inflation

While deciding the sum assured, you should take into account the estimated future education cost and inflation. For example, an MBA today costs Rs.12-15 lacs in a premier institute. So, you need to take the cost 10 or 15 years down the line. Ideally, the sum assured should be over 10 times the current income of the policy holder.

Tenure of the plan

Deciding the tenure of the policy is very crucial as it makes you plan things accordingly. Suppose, your child is of 8 years now, and you believe once he is 18 years, he will be sure of the field he wants to pursue his education. That will be the time you will need money to help him pursue his dreams. So, you can select a plan with 10 years maturity period.

If you ignore the link between age of the child and tenure of the plan, you might face a cash crunch as you will need funds before policy matures. The period of a policy should be decided as to when the child will attain 18 or 21

How to Claim Car Insurance Premium?

Car insurance premiums might be high. Therefore, its imperative to guarantee how to make a fruitful claim on your car insurance.

Advise your back up plan

Advise your back up plan at the earliest opportunity about the mischance. This empowers your guarantor to gather all the subtle elements of the mischance and afterward you profit a case on your car insurance. Certain guarantors will send you a cases structure or permit you to seek a case on the web.

Don’t freeze

On the off chance that you confront a mishap, don’t frenzy and attempt to head out in scurry. The principal thing you ought to guarantee is to collect your vehicle in a protected and secured place particularly in case you’re amidst a street.

Things to recall while requisitioning a case

In the event that the episode is a consequence of your deficiency then you may require to pay an extra charge when you request a case.

How does the case function?

The procedure of case shifts crosswise over diverse guarantors. Therefore you’re

Critical Illness Insurance

Critical policies are known as fixed benefit policies. The sum assured is disbursed in full whether you are availing treatment at hospital or recuperating at home. As critical may result in your loss of income, hence this policy is designed in such a way that you can take care of your day to day expenses by using the fund disbursed.

In indemnity policies you get reimbursements against the total expenditure incurred up to the extent of your sum assured. It basically takes care of your medical expenditure only and does not provide your fund to manage other expenses.

Types of ailments covered under critical illness

The list of ailments may vary for different insurance providers. However, the general ailments covered are:

  • Heart Attack
  • Bypass Surgery
  • Kidney Failure
  • Cancer
  • Stroke
  • Organ Transplantation
  • Paralysis
  • Multiple Sclerosis
  • Total blindness
  • Coma

Benefits of Critical illness cover

  • Disbursal of fixed amount on diagnosis of critical illness
  • Takes care of income loss
  • Helps in paying off other financial liabilities
  • Funds lifestyle changes post ailment

Facts to know before selecting critical illness cover

  • Most of the policies come with a survival period clause. As per this clause the insured

All You Need to Know about Credit Cards

Credit Card Charges

A credit card usually comes with a whole list of Credit card charges, beginning with the joining fee. Additional charges include the annual fee, statement fees, service tax, surcharge, late payment fee, card replacement fee, etc. Exceeding your credit limit on your card will attract a charge as well. Delayed payment of your dues will also result in a penalty, which will be levied on your subsequent bill.

Not paying off the total amount due on your credit card will attract interest charges, which could be anywhere from 3%-4% a month. Doesn’t seem like much, you might scoff, but when annualised, the rate amounts to a whopping 48% on the higher end of the interest spectrum. This amount is also levied on each successive bill that has a balance carried over, which will inflate your overall amount due by a significant amount.

Picking a Credit Card that Suits Your Needs

Picking a credit card that suits your needs is important, as this could be the deal breaker between you enjoying the perks of a card and drowning in a sea of debt. If you’re looking for a card merely to help

Ways to Teach Child about Investments

Give them pocket money

Pocket money can be a good way to teach a child about saving. You can start giving you child a small about of money and let them spend it as per their needs. Having their own money can help them understand its value.

Board games can be educational

Board games, at least some board games can be handy in teaching children about money. Business oriented games or games dealing with money like Monopoly, Business, Life etc can teach kids a lot about investments and returns.

Involve them in your planning

It’s not easy and sometimes not necessary for parents to involve their children while discussing money. But when it comes to investments, endowment insurance and savings plans having your children as a part of the discussion can be a good thing. Involving them in your banking processes or having them go to the bank with you can teach them a lot too.

Accounts can be empowering

Banks today, have a lot of schemes and child investment plans. Children get special accounts and even debit cards for their accounts. Having a bank accounts, a child and having a

Weird Insurance Claims

The lady who kept getting injured

The 72-year old gambling addict, Isabel Parker, from the USA managed to get herself injured no less than 49 times during her long career of self-inflicted mishaps. She would make herself slip and fall at liquor stores, supermarkets and department stores, then claim from her insurance company. These rituals of falling and filing claims kept her so busy that it was almost like a fulltime job. Between 1993 and 2000, she managed to collect over $500.000 from her insurance company but eventually pleaded guilty to no less than 29 counts of insurance fraud.

The outcome

The retiree was convicted to four years of house arrest.

Waiter, there is something floating in my soup!

Carla Patterson tried to get a $500.000 insurance settlement from a restaurant in Virginia after finding a mouse in her soup. This may sound like an easy enough trick to pull off, but investigators are very clever these days. They discovered that the mouse had no soup in its lungs, indicating that it hadn’t been cooked with the soup and could only have landed in her bowl if she had put it there herself.

Why Personal Accident Insurance Policy?

Accidents are not restricted to the roads alone, it can happen even when you are indoors. You can slip from the stairs or fall in the floor or suffer from burns while cooking. In any such situations, immediate medical treatment is required which means unexpected medical costs. To deal with such situations what you need is a personal accident insurance policy. It protects you and your family against losses which arise from a personal accident. The accident can be a minor or a major one, but the policy will provide compensation for medical expenses. In the event of a severe loss, the policy will pay a lump sum. The policy pays out for situations such as :

  • Permanent total disablement
  • Permanent partial disablement
  • Temporary total disablement
  • Permanent disablement or loss of life while travelling in a public transport
  • Daily cash for hospital

The policy also pays out if personal injury has been caused by acts of terrorism. Coverage offered by this policy is applicable inside the country. The period of coverage is for a period of twelve months, after which the policy has to be renewed.

There is no need to undergo any medical tests to avail this policy. Furthermore,

Fire Insurance Policy

Fire policy is useful for all and sundry who own property. Fire can happen due to an accident, arson, violence, sabotage as also by an act of nature, like lightning in the rainy season. It can happen suddenly and the losses may be at times quite heavy. So it is better to insure one’s house against fire by paying a small amount of premium yearly and securing you financially against huge losses when the event happens. A kind of property insurance covering losses due to fire often comprise coverage against smoke or water damage also. You must at least go in to buy a fire insurance policy to secure your property and contents of your house from destruction because of explosion, fire, lightning.

Fire Insurance Policy

Fire insurance policy is particularly useful for ones who own property in trust or in commission or have properties as individuals or in financial institutions, having interest in the financial property. Movable and immovable properties at a specific location, e.g. plants, machinery, buildings, fittings and fixtures, stocks and stocks in process, furniture, contents, stocks in suppliers’ and customers’ locations, devices temporarily shifted for repairs, etc. can all be insured. Cover

The Variables which Influence Your Motor Insurance Premiums

Spot of living arrangement

Spot of living arrangement assumes a real part in deciding your car insurance premium. In the event that you dwell in an enormous city then there are likelihood of mishaps & robbery. This can request more prominent premiums. Likewise, if an individual dwells in sloping ranges which are inclined to seismic tremors or avalanches then there is danger of characteristic cataclysm. This again requests more prominent rate of premium. In any case, if an individual dwells in okay ranges then premium charged will be less.

The occupation

In the event that the individual’s occupation obliges him to drive a great deal & on the off chance that he utilizes his auto then his car is going to be more often than not out and about. Subsequently, the dangers of mischances are high.Essentially, in case you’re driving a considerable measure then premium will be higher.

Your auto sort and auto model

Your auto’s model and your auto’s make focus certain danger components interfaced with it.For example, the Suvs will any day execute better amid crashes giving more prominent security. Consequently, damage if jumped out at the inhabitants in addition to

Learn More about Home Insurance

A good home insurance plan provides coverage for the following :

  • Damage to the structure of the house due to natural calamities or fire break-out
  • Loss to content and valuables of the house

General features of home insurance

  • Coverage for fire, theft, explosion, burglary, natural disasters and contents of the house
  • Coverage towards jewels and gems, if required
  • Coverage towards electronic devices, if required
  • Covers damage to the house periphery
  • Flexible option of premium payment on monthly or annual basis
  • Online purchase option to save time and effort
  • Installation of safety devices like theft alarm, smoke alarm and any other such devices help in availing discounts on premium
  • Insurance is extended on rented and owned properties

Getting home insurance quote

Home insurance quote depends upon various factors :

  • Rented or owned accommodation
  • Type of property: flat or individual house
  • Property age
  • Coverage type: structure or content or both

You can easily get the premium quotes online also by providing the above details.

Determining coverage amount

Coverage amount is the maximum limit that would be paid if some damage occurs to the house. The major factor that determines the coverage amount is reconstruction cost of the house. Reconstruction cost is ascertained

Dynamic and Static Risks

Speculative and Dynamic Risk

Dynamic risk is a condition where the profit or loss both are possible. Do not be confused, for example the conditions like investing in real estate, stocks, betting, etc. The result of speculative hazard can be profitable or loss, but most of the important thing that these types of hazards are uninsurable. Dynamic danger also includes the danger to invest in a new market, expand areas of operations, purchase new equipment and others.

Pure or Static Risk

Static risk is a condition, there are only possibilities of loss or no loss. The result of pure danger is only the loss or may be no loss, but it will never be beneficial. You can better understand the pure threat with the examples like occupational disability, premature death or medical expenses, property damage due to fire, flood and others. Three major types of hazards are included in pure risk which are liability, personal and property risk.

Personal risks are the type of risks that affect directly to an individual. The great example of the personal threat is poor health, unemployment, premature death or old age. This case of threat involves the possibility

About Car Breakdown Cover

The dos of car breakdown cover :

  • The policy that one chooses should suit the car being insured, not the owner. If the vehicle that is going to be insured against a possible breakdown is over a decade old, then getting simple roadside assistance will not be enough. A more comprehensive cover must include recovery to the local garage, onward travel and home assistance. On the contrary, a simple roadside assistance plan may be sufficient for a brand new car.
  • During the winter season, spend more on car breakdown cover insurance. Statistics show that more cars breakdown during the colder months of the year. This is because the car’s engine does not remain ‘warm’ overnight and problems can be encountered in the smooth running of the vehicle. Other factors like skidding and swerving on snowy passages might also cause problems. As the chances of a collapse are higher, it is smarter to invest more to get insured.
  • While conducting research, give preference to the companies that customers have voted on top. Every breakdown cover firm will have listed its credentials on their websites. They will have a lot to say about why they are the very best in car

Tips to Keep You from Paying Additional Premium for Car Insurance

Exact data

You can spare great cash on the off chance that you give exact data as asked by your supplier. You ought to give the right data to your protection supplier to get all the profits.

The sort of your auto affects your premium

Your auto’s model sort assumes a huge part in deciding your protection’s premium. On the off chance that the safety net provider finds your auto inclined to certain street mischances then it will affect your restoration premium. The chances are that the recharging premium may get higher.

No case reward or NCB

The premium holds 2 sections. One blankets own harm and second blankets third gathering harm. NCB is offered focused around the first part which is the “own harm” some piece of premium.

NCB alludes to the offered rebate. This is offered in % on the restoration premium. It’s offered when one does not guarantee any protection amid an arrangement year.

NCB offers 20% markdown when the approach achieves its second year. It goes up to half when the strategy achieves its sixth year. Notwithstanding, if an individual makes a case inside one strategy year,

About Long Term Care Insurance

Long term care insurance (LTC or LTCI) is an insurance cover provided to people who are disable and chronically ill and constantly require someone to help them in their day to day work such as bathing, dressing, eating and walking. It is asset of social, medical or nursing and community services who help to meet the medical and non-medical needs of the above individuals. It can be provided to anybody and can be performed anywhere from nursing home to individuals home.

How does this insurance work?

There are three more elements which have big impact on the premium apart from the person’s age and health; those are daily benefit amount, length of coverage and the level of inflation protection. When you decide how much coverage you need see how much family support you will get. The coverage period ranges from two to six years.

Benefits provided by long term care insurance:

  • It generally covers home care, adult daycare.
  • Provides tax-free monthly benefits in case individuals’ losses liberty to mental or physical illness.
  • Benefits which are non-taxable can be utilized whenever desired.
  • You can decide the benefit amount, payment and elimination period.
  • It enhances cost of living.

Ways to Reduce Premium on Motor Insurance

Keep your company informed

companies consider the type of vehicle one owns while determining the rate of premium. Expensive & luxury vehicles are prone to get broken or get stolen more than ordinary cars. However, if your vehicle is equipped with high end security features then you can get a discount on the premium of your motor insurance. You just need to tell this to your company and benefit from lower premium.

 Your driving record matters

One’s driving record also plays a major role for companies in determining the rate of premium for the particular individual. If one has a clean driving record then he/she will be able to receive various benefits in the form of discounts on premium of motor insurance. On the contrary, if one has a driving record of several accidents & speeding tickets then he/she will have to pay greater premium. Hence, try your best & maintain a clean and safe driving record.

Paying deductibles on your own can reduce your monthly premium

Deductible is the cash amount which one pays before his/her company pays for any given claim. The greater your deductible amount, the lower

Tips to Choose Medical Insurance Plan

It is basically a contract between the insured and the insurance company whereby you promise to pay certain premium and in return the insurance company promises to pay for your medical expenses in case of hospitalization if you need to undergo treatment.

How to choose a medical insurance plan?

There are various types of medical plans available for everyone as per their pocket and affordability. It is advisable to go for a comprehensive health insurance as majorly it would take care of the following:

  • Cashless facility in network hospital
  • Ambulance charges
  • Pre and post hospitalization expenses up to specified time
  • Lab and investigating report charges
  • Easy claim process

This policy is meant to ease out the financial strain thus giving ample time to focus primarily on the health.

What is the benefit of taking health insurance policy at a lower age?

The younger you are the less is the premium as the probability of you encountering major illness is low. As you age, the premium of new policy would be more as you will be in risk bracket being more prone to illness.

Once your health is settled, you can manage other expenses out of

Guide to Save Car Insurance Renewal Premium

Accurate information

If you provide accurate information of the details demanded by the insurance provider you can save a good amount.

Make and model of your vehicle

The model type of your car is quite important in the calculation of the premium. If as per the insurer, the model type of your car is prone to road-accidents, then the renewal premium of the car would be higher.

No claim bonus (NCB)

The premium consists of two parts; own damage and third party damage. NCB is offered on the “own damage” part of the premium. It refers to the discount being offered (in percentage) on the renewal premium for not claiming any insurance over a policy year. The NCB amounts to 20% discount in the second policy year and can mount up to 50% discount in the sixth policy year. However, if a claim is made within a policy year then the NCB discount is not applicable.

Deductibles

Deductibles are directly proportional to premium discount. Deductibles are of two types: Voluntary and Compulsory. In both types of deductibles, certain amount of monetary loss has to be borne by the insured while filing

Benefits of Health Insurance

Health insurance is securing a financial cover policy for the long run against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business or non-profit entity.

Many banks and agencies have come with a wide range of insurance policy related to the health sector. This helps to safeguard an individual in the hour of need from expensive medical expenditure. A comprehensive insurance cover is provided by companies and banks for medical reasons that guarantees the well being of an individual and the family too.

Here are some key benefits one can enjoy in a health insurance policy chosen :

  • Optimized health insurance plans at affordable rates
  • Option to choose Individual or Family Floater Health Insurance
  • Choose a health insurance plan from either an annual policy or a two year policy
  • Get a Cumulative Bonus on

Different forms of Body Part Insurance

Legs

Legs are one of the most popularly insured body parts, especially with celebrities, sportsmen and supermodels. Many supermodels are booked based on the appearance of their legs, and thus insure their precious pins for millions, should anything happen to them. More popularly insured legs belong to football players, as they would be out of pocket in a big way should they lose use of one or both of their legs. In addition to this, football players work hard to have strong legs, and during games their legs can be under attack and get kicked, causing grievous damage.

Hands

Many people use their hands to make a living, more specifically so, surgeons, doctors and musicians. Various sports players who use their hands in their career may also find value in insuring these appendages should anything go wrong and they are unable to earn a living. Losing use of a hand or both hands can mean the end of their career, and thus it is imperative that the person’s hands are insured. Dependent upon how much money the person makes by utilizing their hands, they may have to pay an expensive premium to ensure that they

Various of Insurance

Auto Insurance

You are very much dependent on your car.It has become a very essential part of your life. When you travel to work or planning for a road trip with your family or going for a shopping with your family you depend on your car to get you there safely. In the course of time if your vehicle gets damaged in an accident you can rely on the insurance agencies to get your vehicle back in form as you want. You do not have to give away money from your pocket if you have a insurance against your vehicle.

Business Insurance

If you are an owner of a business, you work really hard day in and day out to grow and maintain your business. As a owner you would definitely want to keep your business, employees and other important investment options safe but the kind of risk you face everyday makes you feel little insecure about your business. To reduce your stress about the risk, an insurance agency plays a very important role.

Life Insurance

Life insurance plays a very important role in anyone’s life. It is very difficult for your dependents