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Category Archives: Finance

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 breakdown cover. However it is the customer that is always right. Read customer reviews about the covers that are under consideration. Believe the company’s clients and not the company’s salesmen.

The don’ts of car breakdown cover :

  • If the person seeking cover against breakdown is car-savvy and has good Do-It-Yourself skills, then it is better to spend less. If the car owner is tech-savvy, than it is likely that they will get their car running themselves. Here, one can forego the home assistance option to save some money. If the car fails to start up when the driver is still at home, it will not be as dangerous as getting stuck in the middle of a deserted highway.
  • However, do not put the vehicle in danger by trying to save money! People can be miserly in their selection of the best car breakdown cover. This is a huge risk that can put the driver and the car in jeopardy. Go for a comprehensive, economical and secure package – one that ensures that the driver’s journey will continue.
  • Before taking a trip do not choose a breakdown company from the country being visited. Always get the trip secured against a car breakdown from the native country. The travellers will not be familiar with the customs that breakdown cover firms follow in the country being visited and this can cause undue confusion. It is better to get a trip cover package by a local breakdown cover business that knows the travellers.

 

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, the NCB markdown’s not relevant.

Deductible

Deductibles are sums which are specifically corresponding to the rebate offered on the premium. There are 2 sorts of Deductibles- Compulsory and Voluntary.

For both the sorts of deductibles, the guaranteed need to borne a certain financial misfortune when he/she records a case. Deductibles help in lessening your premium. Notwithstanding, in the event of any harm, the concerned individual will require to dole out gigantic sum from his/her pocket.

Avoid claims for minor harms

At the point when an individual records more claims, he/she will need to pay higher premiums. Along these lines, if your auto experiences or confronts minor harms like marks or scratches, its better to abstain from recording case. This is on account of this would prompt higher premiums in the following strategy year. Likewise you will remained to lose your NCB rebate in the accompanying arrangement years.

Also think normally. There’s no point documenting a case for repair costs for minor harms which is a little sum.

Setting up of wellbeing gadgets

In the event that your auto has specific wellbeing gadgets which are introduced from presumed organizations as considered from your back up plan, the holder can profit from extra rebates on his/her premium.

Wellbeing gadgets, for example, against robbery locks & airbags which give extra assurance to autos can additionally help to lessen auto protection premiums

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.

The types of policies offered are:

  • Tax qualified policies, in this policy the person is expected to require care for at least ninety days and is unable to perform the 2 or more daily activities; require care for 90 days and needs substantial assistance due to severe impairment.
  • Non- tax qualified policy is a medical necessity; here the doctor knows someone from the insurance company and can state that the person requires medical care.

Cost of long term care insurance

  • The cost varies according to the age of the person and when you are buying the policy.
  • The maximum amount the policy will pay per day.
  • Maximum number of years the policy will pay.
  • Optionalbenefits you choose such as benefits that increase inflation.

There are also some risks like the cost can go higher beyond your expectations, insurers cannot raise the rates on individual but can do so on a defined group of policyholders if they get state approval.

The policy is easy to buy; you can go online and fill in the simple form on the website from which you choose to buy a policy and get the quotes immediately and also you can call on the numbers given and get assistance further.

Before you buy a policy make sure you read all the related documents and buy insurance from an authorized insurance company only and also be aware that insurance companies raise the premium on your policy. It is good to request information on the company’s rate premium history.

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 should survive the unhealth for minimum 30 days before filing a claim.
  • The list of ailments covered under critical cover may vary from provider to provider. Do check the ailments covered in order to have a clear picture.
  • Some critical cover plans would consider disability arising from accident and some may not. Hence, be very sure of the inclusions and exclusions.
  • The claim process may vary for different providers. It is always good to check the claim process and disbursal history before selecting an insurance provider.

Critical cover plan basically would prove to be a savior as the cost of treatment is so high. Critical illness not only fractures your health but also your financial condition as it may even result in loss of income. You family liabilities and your cost of treatment can be very well taken care of if your plan prudently and take a critical insurance cover.

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 will be your monthly premium payment.

Concluding tip

It’s always a good idea to keep looking for better from different companies even if you already have a motor insurance. In this way you will be able to spot various companies and their insurance policies. As a result you can select better deals if you find any other insurance company offering better services in the same rate.

Also you stay updated on the current market rates of premium on motor insurance. Comparing motor policies from different companies on a regular basis like say on a yearly basis only increases your knowledge about further lucrative offerings at lower premium rates. In this way you can get a better motor insurance cover when spotted! Hence, keep looking for better deals from credible companies.

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 your own pocket. As the cost of living is increasing day by day, a good medical insurance plan would save you from financial turbulence. So, gift yourself a comprehensive health insurance and be at rest.

 

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.