Why is car insurance mandatory but not health insurance
Car insurance has been introduced in India with the Motor Vehicles Act, 1938 which states that it is compulsory to have a valid third party insurance to drive a vehicle on public roads. As the law suggests, it is mandatory for a vehicle owner to have at least third party bodily injury and property damage insurance to drive in a public place. The motor insurance was made compulsory in India in 1938, but the first car was introduced to India in the year 1897.
Life Insurance Claim Process
Step by Step understanding of Life Insurance Claim Process. Life insurance is a contract between the policyholder and the insurance company in which the insurance company agrees to pay a definite amount of money to the nominee of the policyholder in exchange for a premium paid by the policyholder.
Disability Insurance Coverage, Benefits, Exclusions
Disability insurance is also known as the personal accident insurance provides disability income to the policyholder in the event of disability specified under the policy terms and conditions. Disability due to accidents can occur any time and the income earning capacity of an individual might take a hit due to the accidents. To compensate the policyholder in the event of disability, disability insurance is introduced.
Car insurance premium for New car vs Used Car
The premium for a new car would be greater than that of the used car. This is due to the depreciation being taken into account. The depreciation is the result of wear and tear of the vehicle parts due to the usage of the car.
Does your home insurance cover flood damage?
Floods are caused due to the rise in the water level and damage the property by entering the house. The water level when exceeds the limit, water flows into the adjacent areas thereby drowning the property. The property such as Car, House and Home contents are damaged due to the ingression of water. To protect your property against flood damage, having a home insurance policy is a must.
Is it important to take critical illness cover?
Critical illness can be defined as the life threatening illness or disease or sickness where the chances of recovering are minimal. Some of the most common types of critical illness are Cancer, Coronary Artery Surgery, Heart Attack and Major organ transplant etc. Normally the chance of recovery from critical illnesses is higher if it is discovered and treated in the initial stages. Critical illness is to be treated over a long period of time. For example, cancer treatment involves multiple sittings of chemotherapy and is not a onetime admission in hospital.
Till how many years should NIL DIP be taken?
Nil depreciation or Zero Depreciation or Bumper to Bumper is an add-on available in the Own damage section of comprehensive section of Car insurance. Nil depreciation cover offers protection for your car against factoring the depreciation at the time of claim settlement. Car being a depreciating asset loses its value by each passing day due to the wear and tear as a result of usage.
3 Types Of Insurance Everyone Should Have
3 basic types of Insurance policies you should take. Insurance is one of the best financial planning tools available for every class of people. The amount of return that can be obtained from insurance is far better than any other investment options. The amount paid as premium will provide protection against any uncertainties by settling the claim amount.
Car Insurance Premium Calculation
Rajesh and John are colleagues working in the same MNC in Tier 1 city decided to purchase a car. Rajesh was fond of Mahindra Brand so he chose to purchase 2000cc car with advanced features in the price range of Rs.8 Lacs, while John being a mileage minded person opted for Maruti Brand with the price of Rs.8 Lacs.