You may be having a medical insurance plan that protects you in case a medical emergency strike. Considering the rising risk of falling prey to lifestyle diseases, having a health insurance plan is a prudent decision. But do you think it is enough to meet the current medical expenses with sky-high inflation rate? If your answer is ‘No’ then it is the time to consider making another financial buffer via critical illness health plan.
It is tough to find the best critical insurance policy, with a plethora of insurance plans have been introduced in the Indian market. It is essential to choose the best critical ailment plan to ensure you and the family are protected from financial hindrance during a medical emergency or being diagnosed with a critical disease. But before buying a critical illness plan, you should be acquainted with the policy and its benefits. Previously, this policy covered six critical illnesses including cancer, heart attack, kidney failure, organ transplant, coronary artery bypass graft surgery. But, now insurers have started introducing plans that cover a maximum of critical illness. In this article, we discuss 5 reasons why you need a critical illness cover. Avail Lump Sum Amount for Critical Illness With a critical illness plan, you can avail lump sum amount on the diagnosis of a critical ailment. This way you are covered to pay the hefty medical expenses incurred during the treatment. You may not be offered with this facility in cashless mediclaim policy Read more about insurance stuff Influences Fixed Financial Liabilities Every individual has some fixed financial liabilities including a utility bill, home EMI’s, school/college fee etc which can’t be ignored as it may disrupt your daily schedule or affect your credit history. While an emergency arises, your financial planning tends to affect intensely. Getting a lump sum amount in this regard from critical illness plan may restrain you from being bankrupt. Out-of-pocket Medical Costs Some medical treatments apart from being expensive cause some out-of-pocket expenses incurred by you. For example, treatment for heart transplant done in a place that requires you to travel or relocate for a couple of days. This by any means poses extra expenses and these expenditures are not covered by the stand-alone mediclaim policy. Here comes the critical illness plan in the picture! Sustain Normal Lifestyle You generally used to of a defined lifestyle that our pocket can afford. You embrace that lifestyle depending on the earning. A sudden medical emergency, which incurs outstanding medical expenses, may obstruct the lifestyle you subsist, due to a dent in your pocket. Buying a critical illness plan you can eliminate these stress, as you will be reimbursed for the expenses you make during the treatment. Resume Pre-health Condition Quickly It is necessary to have a financial back-up if the main earning member is diagnosed with a medical emergency which is life threatening. With a critical illness plan, which covers your medical expenses, you can resume good health status shortly. When you remain stress-free financially, another family member can concentrate on your fast recovery. Otherwise, considering your physical condition, family members may have to seek for an occupation to support the family financially. If your financial worries are taken care externally, you can focus on your speedy recovery. Analysing these points, we can sum up the critical illness plan as an asset, which ensures complete peace of mind if any medical crises arise. However, the number of critical illness covered in a plan may differ plan to plan. Hereby, you have to be careful while purchasing a plan keeping the requirement of yours in mind!
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The importance of motor insurance has been increasing after it becomes mandatory by law for every car owner. While there is no escape from auto insurance, applying some efforts to lower the premium can be helpful to some extent. You might have heard that your premium rate is depending on certain parameters. However, breaking the tradition of four parameters prevalent earlier, now a verity of factors influence on your auto insurance premium rate. Here is sneak peek on 8 ways you should consider if want to lower the premium-
Get Multiple Quotes Before Buying Always shop around. Don’t just stick to one and pay. There are a host of websites which provide comparison tool. You can compare the plans accordingly and select the one with the cheapest premium. Pay High Deductible If you are willing to go a step ahead with deductibles, you can wind up saving a big amount on your rates. If the customer willingly bears a stipulated amount of claim, the insurer will pay only for the damages, which excess the deductible limits. Add Safety Devices Premium depends on risk. Bigger the risk, higher the premium you pay. By installing safety devices, you can lower the risk to your vehicle and thus reduce the risk perception of the insurer towards the vehicle. At the time of purchasing auto insurance, you should provide the complete information about the vehicle including the safety devices if installed any such as anti-theft alarm, air bag etc. Moreover, by providing this much information you can avail 2-5% of discount in premium. Increase Your NCB Is your premium due for renewal? Well, you can earn discount on ‘own damage premium’ by not claiming you policy. Because for every claim free year, you are entitled to avail a discount called No Claim Bonus. The slab of NCB increases every year and may goes up to maximum of 50%. The best part is the discount earned stays with you even if you sold out the vehicle. Or if you want to change the insurer, you can carry your earned NCB along with. Provided you need to file the claim within 90 days from the expiry of your old policy. Register in Automobile Association If your name is registered with renowned Automobile Association, you can avail discount on basis of this. You can avail discount up to 5% on own damaged premium. Go Online While Renewing Renewing your policy online, you can avail some discount in premium. Some insurers encourage renewing your car insurance online. On online process, the insurer saves a considerable amount on processing and distribution costs, which is offered to the customers. Maintain Good Credit Score Your credit score plays an important role when it comes to insurance premium. Insurance companies have started considering credit score as a determiner to set premium rate. Maintaining a good credit score, you can ensure getting a best deal. Group All Your Insurance with One Insurer By choosing one insurer for all your insurance related deals like auto, health, home etc.you can earn a handsome discount upto 10% of your total premium. So, reducing your car insurance premium is not a rocket science. Well, this is not the comprehensive one. There are many other factors and these are just some of them. As there is no dearth of car insurance plans available in the market, you should be very meticulous while purchasing one. Always, consider the best deal with lower premium, which fulfils your requirement. Again, it is advisable to pick a company that can assure financial stability and come up with your expectations! Every alternate day we get to know about road accidents or a car hitting the other causing death or disability. Although, Indian govt. has made mandatory amendments for having third-party insurance to cover third-party related cases, very few register for the same consciously or a majority of people are unaware of best third party insurance plans available in the market. Some have very less clarity about how to go through the process of claiming insurance in the event of being hit by others car. Hereby, in this article, we are briefing the term and certain related facts about the third-party insurance in India.
Usually, a car insurance policy comprises of two varied covers. One takes care of the damages to the vehicle or car owner/paid driver if any, and is popularly known as ‘Own Damage Cover’ or ‘Comprehensive Car Insurance’. While the other covers others legal liability insured owing to accidental death or injury or property damage caused by the policyholder or car owner. As Motor Vehicle Act 1988 indicates, a person can file a third-party insurance claim in the event of an accident. There are certain facts revolve around the liability insurance, here you can check: 5 Related Facts: Check If You Unaware
How much does it cost? One of the exciting things about third party motor insurance is that it is affordable. For instance, if you purchase an own damage car insurance which covers damages to your car with the third party, you’ll end up paying between INR 10,000-12,000. In the other hand, if you only buy third-party insurance, it will cost around 1,000 maximum. Again, since the act only policy is obligatory by the law, you won’t find the price varying from one insurer to other. More or less it is same and less as compared to the comprehensive plan. Third-party Insurance Claim Process Firstly, the victim needs to file a claim for third-party liability against the car/bike owner, the property owner or the legal herald of the deceased. Secondly, a FIR is required with the details mentioning about
Next step is to register the case with the Motor Accident Claims Tribunal. The case will be preceded under the jurisdiction of the area where the incident happened or the petitioner resides. You should be very careful about the documents required at the time of filing a claim. All that you require is:
The limit for third-party cover has not been defined In case of an accident leading to an injury or death, the limit of the cover in third-party has not been indicated. The insurer will compensate the full amount to be paid as decided by the court The automobile industry is a technology driven industry. When technology is involved, issues hover around it. The emerging economies along with the wide spreading urbanization affects sales across the globe, the degree of competition in the industry and it helps a great deal in shaping up its digitization.
No matter how basic or how luxury your automobile is, various auto insurance plans are available in the market and the automobile owners must choose a good insurance plan that provides an extra layer of security to their vehicles. In future, the regulations would continue to trigger innovation in the automobile industry. The self-driving technology is one of the greatest disturbances in the past hundred years of the automobile industry. It will shape up differently in various regions and markets across the globe. Global markets’ regulatory, customer, and competitive eco-system will interrelate the uncertainties that revolve around these forces would create some thought-provoking questions for the key industry players that are mentioned below. Emerging Markets- What is the strategy for dealing with China as its annual sales will enhance to 30 million automobiles by the year 2020. What will be the aftermarket impact? How will they respond in case the challenges in China turns out to be too much? Which are the other emerging domains that we need to shift our focus on? Demand Constraints- To which extent the future growth policies will incorporate the changing attitudes of the younger target audience as far as the automobile ownership, the effect of urbanization, the efforts to combat the congestion on the road and the other regulatory shifts constraining the demand are concerned? Ownership Models- In what way the development in car sharing would change the buying of their automobile? How would they use it, and when will the people and the companies purchase them? Distinctions and Competencies- What is the plan for getting the digital inputs that they need? How could they make sure that the blood and the soul of their vehicles be reflected in their brand in case their outputs become more autonomous and digital? Connectivity- What would be the value of their contribution? How can they capture an environment that is rapidly increasing in the terms of networked mobility? Which type of the applications can they deliver in order to meet the ever-growing demand for the integrated transportation, seamless communication, and active safety? Mandated Standards- What are the tech portfolios that will address growing emissions along with the fuel-economy across the world in the best possible way? What are the measures that they need to take in order to keep the various type of customers belonging to various segments and geographical locations happy? Public Engagement- With the expanding scope of the regulation and the debates revolving around pollution, congestion, safety intensity and carbon emissions how can they contribute to the dialogue? How could the makes sure that a fair hearing of the economic and social benefits of the mobility and an equal distribution of the regulations are followed? |