Insurance

When Buying Life Insurance, Always Buy a Term Plan First

When Buying Life Insurance, Always Buy a Term Plan First

Insurance
You can choose from various insurance plans in India. However, it is of utmost importance that you understand your requirements budget before you choose a plan. You need to go for an option that best fits your needs. If you have excess funds, you can divide them into multiple insurance plans. Always start with a term plan A term insurance plan is the first insurance cover you need to buy for yourself. If you have not invested in any plans until now, you need to start with a term plan. It provides a cover for a specific period and in case of death of the policyholder during this period, the nominee will get the entire sum assured. This plan is designed for those who are looking to secure the future of their loved ones. It offers a comprehensive cover at a low premium. One of the top ben...

What Is Third-Party Car Insurance And Why Is It Important?

Insurance
The purpose of car insurance is to provide financial coverage to its owner in case of any damage to the car arising due to natural or man-made disasters. Primarily there are two types of car insurance policies in India - comprehensive and third party. While a comprehensive car insurance policy provides 360-degree financial protection, a third-party car insurance plan offers coverage against expenses that you need to bear in case your vehicle cause damages to a third-party. Let’s learn more about this type of insurance policy. What is third-party car insurance? As the name suggests, a third party car insurance does not provide coverage for any damage caused to you or your vehicle. Rather it takes care of your liability, which may arise if your car causes any damage to a third person/part
Greater Cover for Health Through Health Insurance Rule Changes in 2019, India

Greater Cover for Health Through Health Insurance Rule Changes in 2019, India

Insurance
The Indian healthcare is taking marvellous leaps in 2019. The regulator is encouraging insurance companies and firms to cover treatment for mental illnesses and for HIV treatment.  Apart from such unconventional moves, the government has also come up with its flagship scheme covering 10 crore homes. Government Sponsored Scheme The government officially launched a medical insurance termed as Ayushman Bharat- Pradhan Mantri Jan Arogya Yojana in September 2018. As per this scheme, 10 crore homes below poverty line get an annual health cover of 5 lakhs. All the states of India are yet to approve and sign the memorandum for this scheme to be implemented. Cover for HIV and Mental Illnesses While the regulator has mandated covering mental illnesses, insurers believe it to be complicated proce
5 Things To Consider Before Buying A Cancer Insurance Policy

5 Things To Consider Before Buying A Cancer Insurance Policy

Insurance
The Indian Council of Medical Research (ICMR) predicts more than 17 lakh new cancer cases in India by 2020. The astronomical costs associated with cancer treatment has the potential to derail a family’s finances and wipe out a lifetime of savings. To prevent this, it’s important to opt for a dedicated cancer insurance policy. However, before availing it, there are certain things to consider: Sum insured Before buying a cancer insurance plan, it’s essential to consider the sum insured, which is essentially the coverage amount offered by your policy. Depending on the type and stage of cancer, treatment costs can vary and run into several lakhs of rupees. Also, cancer treatment entails pre- and post- hospitalisation care including diagnostic tests and visit to doctors among others.
5 Recent Developments in the Life Insurance Industry

5 Recent Developments in the Life Insurance Industry

Insurance
India is currently set on an upward growth trajectory and the recent developments in the insurance sector have contributed to that heavily. Apart from the favorable economic conditions, the biggest reason behind the boom of the insurance industry is the various initiatives the government has taken to improve the economy and the performance of the insurance sector. Here are five developments in the life insurance industry that are significant: Growth in premium  INR 4.58 lakh crore was collected as premiums in the financial year 2017-18. This has been one of the most noteworthy developments in the industry. This is a considerable rise as compared to the premium collection of INR 4.18 lakh in the financial year 2016-17. This is an indication that the people of India are now

Buying Trucking Insurance? Here’s What To Look For

Insurance
Whether you are already an owner-operator or you are thinking of buying your own truck to travel with, you need to look over the necessary documents before you hit the road. Hard as it may be, it’s vital that you become a sponge with the information relating to trucking insurance. If you are looking to buy trucking insurance, you should consider different criteria. It’s your responsibility to make sure that the company you go with will be able to provide you with everything that you might need down the line. Let’s take a look at the most important things to take note of. What do they specialize in? Any vehicle insurance provider can present you with a quote for trucking insurance. However, you might not get the same benefits as you would from a company that specializes in that particu
Guide to tax deductions on medical insurance

Guide to tax deductions on medical insurance

Insurance
A hectic, stress-filled lifestyle can cause a variety of health issues, be it something as common as diabetes or something big like cancer. But, no matter how big or small the medical issue is, it still needs treatment. This means you need to change your lifestyle and maintain a healthy diet along with the regular intake of your medications. Also, medical costs and hospitalization is not cheap either. Here's where health insurance comes in. If you or your loved one is suffering from an illness or disease the last thing you need is more stress, which is exactly what expensive medication can give you. Having a health insurance has lots of other benefits and the primary one is that you can get a tax deduction when you have a medical insurance plan. Section 80D Every individual or HUF can ...
HOW TO GET CASH OUT YOUR LIFE INSURANCE POLICY?

HOW TO GET CASH OUT YOUR LIFE INSURANCE POLICY?

Insurance
Many people ask one common question related to life cash value life insurance policies- what is the cash value of a life insurance policy? Cash value life insurance policies are the kind of policies that provide a death benefit to the beneficiary as well as accumulate cash value in another account. So, for a cash value life insurance policy, every time the policyholder pays for the premium, the cost is divided into the death benefit, company fees for coverage, and finally some cash value in an account within the policy. This makes the cash value life insurance premiums quite expensive. Since the cash value goes into a different account that is separate from the death benefit, the beneficiary does not receive the cash value once the policyholder passes away. This cash value is technically ...
Advantages of Buying Two Wheeler Insurance from ICICI Lombard

Advantages of Buying Two Wheeler Insurance from ICICI Lombard

Insurance
In case you have purchased a new bike and are still reluctant to buy a two wheeler insurance, then you should immediately buy one. Because as a motorcycle rider you should take care and show caution every time you are on the road. It is imperative to think about your life, your bike, and the lives of others. Also, a two wheeler insurance is a great way to protect you against loss, if you are in an accident. It will help financially save you and your vehicle from the adverse effects of damages incurred due to an eventuality. But, there are tons of two wheeler insurance companies who offer affordable plans. However, the two wheeler insurance plans from ICICI Lombard is unbeatable. This read will help you understand that how buying insurance from ICICI Lombard can be rewarding. The Advanta...
6 Unusual Insurance Policies

6 Unusual Insurance Policies

Insurance
Insurance policies aren’t something we usually think of as interesting.  What’s interesting about deductibles, monthly premiums, and pages of miniscule fine print?  Well for most of us, not all that much.  But that doesn’t mean that all insurance policies are boring.  Here are 6 unusual insurance policies that you have to see to believe. Holly Madison’s Breasts For $1,000,000 Holly Madison, the reality star of the Girls Next Door and one of Hugh Heffner’s former girlfriends, had her breasts insured for a cool one million dollars.  According to Madison, she took out the bosomy insurance policy to protect her income in case something happened to her “assets”.  And she means it literally – on her Las Vegas production, Peepshow, Madison often appears topless and indeed, would suffer a si