Insurance Articles

Genuineness of Car Insurance Policy

There are many ways to purchase car insurance and the most popular option is to approach an agent. Insurance companies appoint intermediaries to sell their car insurance policies and the list of intermediaries include Individual Agents, Banks, Car dealers, Corporate Brokers & Online. Online way of selling insurance is the new to the insurance industry and is gaining traction recently. Just before few years the insurance premium payments were done mainly through cash mode and a receipt was given to the customers as a token of payment received. This has paved way for many fraudsters to take the insurance premium from the customers dubiously and given them fraud insurance policies.

Should you take Individual health insurance if you have Employer Sponsored health insurance?

Health insurance is an agreement between the insurance company and the policyholder where the insurance company agrees to pay the claim amount up to the sum insured in case of hospitalization in return for a premium to be paid by the policyholder. It can either be an employer sponsored or individual health insurance. Due to the sudden outbreak of Corona Virus pandemic there is a considerable demand for Health insurance in particular to the Corona virus covered health insurance.

Consequences of driving without valid licence

Driving a car or any other vehicle gives thrill to the riders but it is equally important to ensure that the traffic rules are followed while driving a car. Driving a car requires skill as well as presence of mind, so it is of utmost importance to have a valid licence before driving the vehicle in public places. But many people in India learn driving on public roads with their own/ family owned vehicles sometime without a proper instructor.

Top up cover in Health Insurance

A top up plan is like a regular health insurance plan where the hospitalization and other allied expenses are covered but only after a threshold limit, known as deductible. Every top up policy comes with a certain deductible and deductible is the amount of claim that is to be borne by the policyholder. A top up policy is normally taken in addition to the base policy where the requirement of sum insured is high but the severity or occurrence of claims is rare. The premium charged for the top up policies is quite less compared to that of the base health insurance policies. This is due to the high deductible in the top up policies when compared to the normal health insurance policies.

Indemnity Policy vs Benefit Policy

Many of you might have had a doubt, why the full sum insured is not paid in case of health insurance? But the full sum assured is paid in case of life insurance. Health insurance can be defined as the agreement between the insurance company and the policyholder where the insurance company agrees to reimburse a pre determined amount in case of hospitalization of the policyholder on payment of a certain premium. The maximum amount of liability of the insurance company in case of health insurance is called as the sum insured, whereas in case of life insurance it is known as sum assured.

Car insurance as an investment

Owing a car is not longer considered a luxury; it has now become a necessity to own a car. This has increased the sales of the cars drastically in the recent years. India is considered as one of the most favourable markets for car makers due to the huge market potential. With the increase in the sales of the cars and other motor vehicles, there has also been an increase in the insurance policies taken for these vehicles.

Mortgage insurance

Having a home is a dream for many of the Indian people. But due to the rising real estate and construction costs it is becoming highly difficult to purchase a home without a loan. Home loan market is growing every year and stood at Rs.11.5 trillion as of March, 2009. The CAGR growth rate has been around 16% over the past 6 years. Keeping this in mind many banks and NBFCs have cut the interest rate payable on the home loan.

Reinstating a Lapsed Policy

A life insurance policy is an important tool in financial planning for many of us. There are different modes of Life insurance policy payments. One of the most favoured modes by many is “Regular payment” in which the policyholder makes payment to the insurance company at regular intervals of time. These regular intervals are Monthly, Quarterly, Half yearly and Annual, out of which the Annual mode of payment is opted by many of us. The other payment types are “One time payment” or “Limited period payment”.

Knock for Knock Agreement

Understanding Knock for Knock Agreement in Car Insurance. Car insurance is the bread and butter of all the General insurance companies in India. This is due to the reason “Third party insurance” being mandatory to drive your vehicle on a public road. The third party motor insurance is made mandatory as per the Motor Vehicle’s Act, 1938 wherein you are mandated to have at least a third party motor insurance to cover the death and damage to the third parties due to an accident.

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