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Monthly Archives: November 2016

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 a claim. Though deductibles reduce your premium but in case of damage you may have to shell out a hefty amount from your own pocket.

Avoid claims for Minor Damage

The more claims you file, the more would be your next premium. Hence, if you car encounters minor dents or scratches avoid filing a claim as this would result in higher premium in next policy year and you would also lose NCB discount in the subsequent policy year. Think rationally, as there is no point in filing a claim if the repair cost of minor damage is negligible.

Installation of safety devices

If you car has safety devices installed by a reputed company considered by your insurer, you can further avail some percentage of discount on your premium. The safety devices like anti-theft locks or airbags provide protection to your car and also help you reduce your car insurance premium.

Keeping the above factors in mind would be beneficial for you as there is no escapism from buying insurance as third-party insurance is mandatory in our country but these factors would help you lower your premium to a great extent.

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 completion of every claim less year
  • Get Health Check-up expenses reimbursed on completion of 4 claim less years
  • A network of more than 4800+ hospitals to choose from to avail cashless services
  • Health check-up not mandatory for individuals below 45 years of age
  • Get benefits on Income Tax under Section 80D of the Income Tax Act
  • Enjoy hassle free claim procedures with least documentation and settlement times
  • No Sub-limits on hospital room rents, hospital expenses, specific diseases and doctor fees

To help you choose the right health insurance for self and your family, agencies and banks have customer care people who can guide you through the every policy and state its benefits you can get when required.

Here is a close look at the benefits one enjoys while having health insurance :

  • Outpatient care-the kind you get without being admitted to a hospital
  • Trips to the emergency room
  • Treatment in the hospital for inpatient care
  • Care before and after your baby is born
  • Mental health and substance use disorder services: This includes behavioral health treatment, counseling, and psychotherapy
  • Your prescription drugs
  • Services and devices to help you recover if you are injured, or have a disability or chronic condition. This includes physical and occupational therapy, speech-language pathology, psychiatric rehabilitation, and more
  • Your lab tests
  • Preventive services including counseling, screenings, and vaccines to keep you healthy and care for managing a chronic disease.
  • Pediatric services: This includes dental care and vision care for kids

For common people, health insurance policy is a major relief during the time of emergency. Meeting such hefty medical expenditure can get one into insurmountable debts taking loan from lenders charging high rate of interests. Medical insurance plans helps an individual feel secured about their future medical treatment. So chose wisely your health insurance policy.

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 receive an adequate payout if they lose use of their hands.

Various

There are various other body parts that can be insured. For example, famous singers will insure their vocal chords, and wine tasters can insure their taste buds! Teeth models for famous toothpaste and dental care brands can insure their teeth or their smile and dancers can insure their entire anatomy.

As you can tell, there is body part insurance for just about any part of the body! Not to be confused with disability insurance, which can be taken out by anyone to ensure they do not lose income should they become unable to work, body parts insurance is usually taken out over and above disability insurance, especially if the body part insured makes a lot of money for the insured.² If you require body part insurance for an appendage, you need to do some thorough research into the insurance market and see if it is available in your country. There are usually many clauses and different requirements before you can insure a body part.

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 to live a life without a monetary support all by themselves after you. This is where the life insurance plays a vital role to provide all the support required to support your dependents after you die. Life insurance makes sure that your family doesn’t live in a burden of debt.

Health insurance

Now a day the medical treatment has become very expensive. It is very difficult to pay entirely all by yourself for the medical treatments.Health insurance is a precautionary measure which will avoid you to pay the high medical expenses. To help you in this case, there is health insurance in the market which consists of package of various kinds of insurance related to health. It helps you to cover yourself as well as your family members against medical expenses due to sickness, operations, accidents etc.

Property insurance

The world is unpredictable and the loss to your property can happen by fire, theft or any natural calamities like earthquake, tsunami, flood etc. Property insurance helps you to prevent the losses caused by all these factors.

There are many other types of secuirty present in the market.When the insurance is given at the individual level, it gives the opportunity to people to live independently and increases their self reliance. The ability to cope up with the unexpected situations which might occur when least expected is strengthened.This way it creates a very positive impact on the future development of the country because it enables an individual to be more active as they really do not have to worry about the adverse effect arises due to unexpected situation.