4 General Insurance Plans that You Must Buy

What many people think is that general insurance plans are some investment options that they can consider. This is not true. Insurance plans are more of financial products that are designed to secure the buyers monetarily from certain risks.

Living out in the big wide world, we are exposed to a variety of risks, some that we cannot do much about. These risks include unexpected events, such as accidents or natural calamities, which have the potential to do significant harm to people. But, with an insurance cover, you stay prepared for such events, at least financially.

Some general insurance plans that you need to purchase are –

Health insurance

Diseases and other health problems might not give signs before affecting you. These can hit you even at the most unexpected times. Hence, it makes sense to prepare for them beforehand. Health insurance has a number of coverage options for buyers, right from hospital expenses, ambulance charges, and day-care expenses to pre-hospitalization and post-hospitalization expenses.

Motor insurance

Motor insurances cover both car insurance & two-wheeler insurance online. As is suggested, these insurance plans are meant to cover your vehicle against financial expenses resulting from accidents, man-made and natural disasters. But that’s not all. Buying car insurance & two wheeler insurance online also protects the policyholder in such scenarios.

Travel insurance

People happen to be more at risk of untoward happenings when travelling to distant places. You could fall sick, be robbed, lose your belongings, or meet with an accident. Travel insurance makes sure that you receive care and are protected, if things such as those mentioned were to happen.

Home insurance

A house is one of the biggest investments of an individual’s lifetime. But, even your house and its contents are prone to numerous risks. Buying a home insurance plan protects your property and its contents against loss or damage due to natural and manmade causes.

Things to Know About Critical Illness Insurance Policy before Buying One

To get financial aid in times of healthcare emergencies, the thought of buying health insurance often comes to the mind. But, a common misconception a lot of people believe in is that there is no difference between a health insurance plan and the one that covers critical illnesses. However, fact is that differences do exist, in terms of benefits and coverage of these two types of insurance plans.

Not everyone thinks about serious health issues and their scary consequences. But this does not nullify the associated risk to health. In fact, it leaves people unprotected for possible situations of critical illness. This is where a critical illness health insurance plan can be highly advantageous.

Definition of Critical Illness in Terms of Insurance

Unlike common cold, headaches, or commonly-occurring health problems, critical illnesses can severely affect the life of an individual. It can make a person bed-ridden, or cause similar other difficulties in leading a normal life. 

In terms of insurance, major critical illnesses include:

1.       Cancer

2.       Heart-Attack

3.       Blindness

4.       Kidney or Heart Transplants

5.       Paralysis and similar others

Importance of Buying a Critical Illness Health Insurance

When any of the members in a family gets diagnosed with a critical illness, it may become hard for other members to pay for the medical expenses. They may even need to compromise on other expenses, just to be able to pay for healthcare facilities. To stay prepared for such possible situations, buying a critical illness health insurance policy can give them financial aid, while getting the best healthcare facilities at renowned hospitals.

How to Choose the Right Critical Illness Policy

There are a number of insurance companies that provide critical illness policies. So, while buying such a policy, consider the following aspects:

-          Buy a critical illness policy from a renowned insurance company

-          Compare benefits of polices being offered

-          Check if the critical illness you are diagnosed with is covered in the policy

Having a critical illness policy bought in time is important to maintain good health all your life. So, buy one wisely.

3 Situations That Confirm the Need to Buy Travel Insurance

Most of the people who plan to visit foreign lands expect a new, different experience in life, and tremendous enjoyment. If you are also planning to visit a foreign land from India, you expect to bring back memories of time best lived there. But with new experiences in a distant land comes the risk of facing unexpected troubles. This is where the role of a travel insurance policy comes in, to safeguard you against possible problems such as critical illness or loss of luggage. Also, it makes you prepared for any unexpected situation, while you are busy enjoying your time to the most in a foreign land.

Given below are three unexpected situations that confirm the need to buy travel insurance while planning a foreign trip:

1.      You May Fall Ill When in a Foreign Land

Even if you have planned everything related to your foreign trip, you may fall ill or suffer from an injury. The cost of healthcare treatments or hospitalization can exceed the expected expense of your trip beyond bounds. But with a travel insurance policy bought in place, you can get the medical expense covered in it.

2.      Your Airplane May Get Hijacked

It cannot be predicted if the plane you will be traveling in, would get hijacked. But if you were to get into such a situation, overseas travel insurance bought will give you an allowance for the distress you face. This helps a lot in getting over the stressful experience.

3.      Loss of Luggage

One of the most common situations people traveling to foreign land face is of losing their checked in luggage. But having a travel insurance policy that covers such losses will make you feel relaxed while on a foreign trip.

A good number of contingencies can occur when you are traveling to a distant land, away from your home country. By buying travel insurance, you can avoid worries of all sorts during your foreign trip. So, be insured while you travel so as to ensure an enjoyable and comfortable foreign trip.

4 Important Aspects of a Travel Insurance Policy

It is vital for you to buy a travel insurance policy if you are a frequent traveler. Regardless of whether your trip is national or international, personal or professional, having a travel insurance policy is a must. Not only does it offer several benefits, but its key purpose is to safeguard you against any misfortune that you may face during your travel. It ensures that you are financially stable to handle the situation and aren’t stranded away from home. Although each insurance company offers different benefits with their travel insurance, there are some aspects which an ideal travel insurance policy should have. Let:

1. Medical Emergencies

The cost of medical treatment is different in each city. The cost changes drastically when you are in another country. In developed countries like USA, Canada, and Australia, you may have to spend an exorbitant amount for a medical treatment if you fall ill or endure an injury. Your travel insurance policy will safeguard you against this to ensure you get proper treatment.

2. Trip Cancellation

It is always better to get a refundable travel insurance policy for several reasons. The prime reason is that there may arise an unforeseen circumstance because of which you are unable to make that trip. In that case, you can file a refund to the insurance company. There are also options available for non-refundable travel insurance policies, but it is more useful and wise to get a refundable one.

3. Personal Belongings

One of the key reasons that people buy a travel insurance policy is to protect themselves if their personal belongings are stolen. You will have to mention to your insurance provider the list of items that you want to get insured. This includes high value items, sports equipment, and any other item which you need to cover under the insurance.

4. Personal Liability

This is in case you are driving a car and are involved in an accident. The insurance policy will cover your liability and the legal expenses that you may have to otherwise bear.

An important thing to understand here is that not all insurance policies are the same. Therefore, you have to read and understand all terms and conditions before buying the travel insurance policy.

3 Things to Consider Before Buying a Motor Insurance Policy

Since it is mandatory in India to buy a motor vehicle insurance policy that covers third party liability, most of the people buy just any motor insurance policy that their friend suggests or the one they see on a TV advertisement. However, it is important for a person to choose a motor vehicle insurance policy only after considering a few important points since it provides protection to the vehicle and to the vehicle owner. 

Let’s first take a look at why buying a motor insurance policy is important:

·         The policy pays for damages occurred by the motor vehicle.

• ·         It reduces the motor vehicle owner’s liability.
• ·         It pays for the hospitalization charges of the motor vehicle owner.
• ·         It compensates the motor vehicle owner’s family after their demise.
•      Now, that you know the need of buying a motor vehicle insurance police, let’s take a look at 3 things that you must consider before buying the policy.

Know your requirements

You must know your requirements before you start looking for an insurance policy. Broadly, there are three types of motor vehicle insurance policies available, namely, car insurance, two-wheeler insurance, and commercial vehicle insurance policy. When assessing your requirement, you can consider the type of motor vehicle insurance policy you want and the list of coverage you require.

Compare the insurance quotes online

You must compare insurance quotes online when buying a motor vehicle insurance policy. You can get the policy quotes online by entering all your requirements in the request form. The comparison of insurance quotes and its coverage will help you in buying the best insurance policy at the best price as well with the best protection, as per your need.

Check the claim settlement ratio

The incurred claim ratio and the claim settlement ratio tell about the efficiency about the claim process and the reliability of the policy provider. Therefore, before buying the insurance policy, you must know about the efficiency of claims process to help your arrive at a better decision.

Well, choosing an appropriate motor insurance isn’t that difficult, it just requires a few considerations on the part of the buyer before purchasing the policy.

4 Reasons Why a Travel Insurance Policy is Beneficial

Be it for personal or professional reasons, travelling is an inevitable part of everyone’s lives. And with the increasing trends of travelling, there has been a significant rise in people buying a travel insurance policy. And why not, it provides coverage to the policyholder from various aspects.

Have a look at the following 4 reasons as to why buying a travel insurance policy is beneficial for you.

Accidents

A travel insurance policy covers the treatment costs if you injure yourself in an accident on foreign land. However, some policies also provide the third party coverage, in case you hurt another person or property in the accident. So, a travel insurance policy is beneficial as it provides coverage for treatment cost, in case of an accident.

Medical expenses

It is common thing for people to fall ill during travelling owing to the change in weather and environment and in some countries, medical cost is very expensive. Well, a travel insurance policy also provides coverage to the medical bills that you might incur when on foreign land in case of a medical emergency. However, it is important for you to disclose to the insurer if you have any pre-existing medical condition.

Loss of luggage or belongings

Sometimes, the luggage either get lost or stolen, and it might contain expensive items such as mobile phones, laptops, or tablets. In this case, you might suffer a huge loss. However, a travel insurance policy also covers the cost of the lost luggage.

Delayed flights

A travel insurance policy also provides coverage in case of a delayed or cancelled flight. Some travel insurance policies also cover the costs of the reason as to why you missed your flight such as public transport delays or vehicle breakdown.

Now that you know 4 reasons why a travel insurance policy is beneficial and important for you when travelling, you can buy the same to ensure you are covered against travel risks. There are many online travel insurance policy providers from whom you can buy the travel insurance policy with much ease and avoid any unnecessary hassles.

3 Compelling Reasons Why Vehicle Insurance is Important

Most of the people these days own one or more than one car. This decreases the dependency on the public transportation, giving the owner of the vehicle, the luxury of reaching places with ease.

Nevertheless, luxury of driving is always surrounded by a number of perils. Be it the fault of the other driver on the road or may be yours, there is always a possibility of some unfortunate accidents which might take place on the road. In order to overcome the relevant expenses at such times, the legal authorities of India has mandated vehicle insurance.

Below is a mention of some other compelling reason why getting vehicle insurance is important:

1. The insurance policy pays for the damages 

Be it the negligence of others or of your own, paying for the damages caused to the vehicle can be an expensive affair. But, when you have the vehicle insurance, you are shielded from these hefty expenses and you need not pay for the damage caused to the vehicle. 

2. It decreases the liability

The mandatory insurance coverage which you must have is Third Party Liability (TPL) car insurance. It safeguards you against the legal liabilities claimed by other party. You are saved against medical bills as well as other legal repercussions of the accident caused.

3. The insurance company pays for your hospitalization bills as well

There are certain vehicle insurance policies which pay the hefty bills on behalf of the injured person. In several unfortunate conditions, the car driver gets severe injuries and fractures and at times the hospitalization bills are another headache, which are borne by the insurance companies in case you have that specific insurance policy. 

There are many types of policies as well as plans available in the market; however it is advised that you do substantial amount of ground research before settling for any policy. This helps in finally going for a policy with the affordable premiums as well as the maximum coverage.