Types of Life Insurance Policy Terms
Life Insurance is a contract between the insurance company and the insured customer in which the insurance company agrees to pay the agreed amount known as Sum assured in the event of death or disability of the policyholder due to an insured peril for a consideration from the customer known as Premium amount. Life insurance is considered as one of the best financial tools available in the markets as it covers both the investment and insurance part under a single policy.
Zero Depreciation vs Comprehensive Cover
Having valid third party car insurance is mandatory as per the Indian Motor Vehicle’s Act without which the owner/driver can be fined up to Rs.5000 or up to 3 months imprisonment or both. This has led to the demand in third party insurance in the market, but the third party car insurance is limited to cover the damages sustained by third parties and not the insured’s own vehicle. So the customers have started looking for the insurance which can cover both the vehicle as well as the third party damages which ultimately led to the purchase of Comprehensive car insurance. But the comprehensive car insurance had its own limitations in the form of depreciation.
1st Party Premium Calculation In Car Insurance
Car insurance policy has two sections namely First party/ 1st party section and Third party section. With the introduction of long term motor insurance policies it is possible for the customers to take stand alone first party car insurance or own damage insurance.
Life Insurance Policy Benefits And Plans
Life insurance is a contract between the insurance company and the insured customer in which the insurance company agrees to pay a particular amount known as Sum Assured in the event of the death of the Policyholder to the nominee or legal heir in return for a consideration known as Premium Amount.
Anti Theft Device In Car Insurance Premium
In India car theft is one of the major issues faced by most of the insurance companies while settling the claims. Earlier the thieves used to steal cars which have plain keys as it was easy for them to steal a less noticed and less guarded car.
Advantages and Disadvantages of Long term Car Insurance
Long term or Multiyear car insurance and bike insurance has become the new norm in the insurance industry. IRDA has introduced long term motor insurance to reduce the number of uninsured vehicles on the road and increase the insurance penetration in India
Types of Endorsement in Car Insurance
Endorsement is an amendment to the insurance contract which changes the existing terms and conditions of the original policy to imbibe the new terms and conditions in the insurance contract. An endorsement may add or delete the coverage under the car insurance contract.
Documents required for Car Insurance
Car insurance policy can be issued by the insurance company after submitting the necessary documents and payment of premium. Let us understand the list of documents to be submitted for policy issuance.