Easy Steps to Renew your Car Insurance

Did you know that in 2015-16, out of the 19 crore registered vehicles in India, only 8.26 crore were insured, according to an Economic Times report that mentioned the data released by the General Insurance Council (GIC)?

It is also important to reiterate here that third-party insurance cover in India is mandatory, as per Section 146 of the Motor Vehicles Act, 1988, failing which your vehicle can even be impounded, as has started to happen in places like Puducherry, says an article in The Hindu.

So, why is there such an enormous gap between what the law of the land has prescribed and that of the actual compliant vehicles plying on Indian roads?

Well, this gap is primarily due to the fact that such policies come with a one year contract and have to be renewed every year to continue with the applicable benefits. So, if you are an owner of a car, you must inculcate the good practice of marking the calendar every year or setting digital reminders for your car insurance renewal. Do remember that any unexpected accident that happens after the lapse of your policy will not be covered by your insurance service provider.

Gone are the days when you had to ring up an insurance agents and fix up an appointment or visit the insurance office to get an existing policy renewed. Today, it has become a lot easier to go online and get your car insurance renewed in a matter of minutes.

Steps to Renewing your Car Insurance Online

• Visit the online portal of a reputable general insurance provider and visit the 'Motor Insurance' section.
• You can renew an existing policy even if it was taken from any other insurance provider.
• Keep the existing policy documents and Registration Certificate (RC) ready to fill out the necessary details.
• Make the most of the in-built tools and resources (such as a premium calculator) to arrive at the premium amount that you will have to pay during the renewal process.
• Decide if you want to avail the No Claim Bonus (NCB) or let it accumulate further for a higher claim in the coming years.
• Explore the need for any add-on covers such as 'Road Assistance Covers' and add it with your insurance renewal policy.
• Once you are satisfied by the final insurance premium amount, make an online payment to buy the renewal online and get it delivered right to your inbox. 

You can even avail the services of online insurance service aggregators to make an easy comparison amongst a host of insurance service providers and take a policy that best suits your needs. For instance, if you want a high NCB in the subsequent year(s) or want the Insured Declared Value (IDV) to be a higher figure, it is easier to go online, make these comparisons and then arrive at an informed buying decision. So why wait any longer? Check out car insurance renewal and have a hassle-free driving experience on the Indian roads.

Top Reasons Why You Must Have Term Insurance

Life is beautiful, but no one can predict what future has in store. Every one of us wants to give best things to his/her loved ones, and surely well-being of loved ones is the priority in life. Today, people have started understanding the importance of insurance. If you are looking for ways to safeguard the financial future of your family, then a term plan will help you prepare for any uncertainties. A term insurance is a smart and cost-effective way to mitigate the risk while making sure that your near-dear ones are financially secure. The most important reason behind the popularity of term insurance is its simple to understand nature. For a term plan, you need to pay low premiums while your family gets the entire amount in case of any unexpected event. If you complete the policy tenure, you will not get any maturity or survival benefits. 

Let us have a look at a few reasons why anyone should buy term plans:

Low Premium- Investment is not the part of the assured amount, so the premium sums for term insurance plans are lower as compared to any other plans. A person might have to pay only about 1% of his yearly income to get a life cover. 

Financial Security - In the case of untimely death of an insured person, a term plan would take care of the financial needs of the family members of the insured person. Thus, by paying a low premium, one can get the insurance cover and secure the financial future of his/her loved ones.

Flexibility - Term plans are highly flexible. It is possible to choose any offline or online plans for which health plans are not compulsory. Furthermore, you can change the term plan and customize a term insurance plan as and when needed.

Riders - A term rider is the additional benefit that comes with term plans to suit the needs of the insurance policyholder. Riders should be taken only when needed. A nominal fee has to be paid for adding riders to your policy. Partial or permanent disability, death due to an accident, critical illness, etc. are some of the riders that can be taken along with term plans. Remember, think about your needs and then only go for riders if required. Read the offer document carefully for exclusions before adding a rider.

A term plan has several benefits. It is certainly a sensible decision to make particularly when life is so very uncertain in today’s hustles and bustles. However, here are a few points you need to keep in mind before buying a term plan.

• Think about needs of your family, when you will be around them. The term insurance cover should be enough to provide the everyday expenses and needs of the family in case of an unfortunate event.
• The tenure of the term insurance plan should cover the span that a person intends to work.

So, start your search now for the term insurance that suits your need and budget as well.

Travel Insurance – Is it Worth Consideration?

Travel insurance, also termed as travel medical insurance is an insurance scheme offering cover against all kinds of unexpected incidents while traveling, such as accident, baggage loss, trip cancellation, loss of passport, medical aid expenses and other risks encountered while traveling.

If you are traveling internationally, then travel insurance becomes the need of the time, but even if you are traveling domestic routes, still such insurance can offer you with great benefits. This sort of insurance is easy in the pocket, and you may even have to pay a premium as less as INR 130 per month. If paying such sum can minimize all your risks related to traveling, then there is no reason why you should not go for it.

Some key benefits that you can avail through travel insurance are:

• It covers all medical expenses incurred during your trip. You have protection against any illness, injury or unexpected incidents that may come in the way of your travel without experiencing any financial contingency.
• It offers complete financial protection against accidental death, dismemberment, and disability.
• It enables you to make up for all sorts of financial loss that you might suffer during your travel or if your belongings are stolen or lost.
• It reimburses all your prepaid expenses on bookings and tickets.
• If you experience any emergency situation, such as loss of cash, then the insurance providers can offer you with the adequate rescue.
• Under the feature of emergency medical evacuation, you can obtain a transfer to seek immediate care in case of an emergency situation.
• If there is any cancellation or delay of your trip, then your travel insurance cover would reimburse you for all sorts of prepaid expenses on bookings and tickets.
• The insurance cover offers 24 x 7 support during your entire trip.

Buying Travel Insurance

 

Besides offering the above benefits, the other convenience about travel insurance is that it can be purchased with ease. Numerous companies across regions offer domestic and international travel policy. The domestic travel insurance offers protection against issues experienced during a set geographical region. On the other hand, international insurance is ideal if you are traveling any foreign nation. So, based on your needs you can select a policy. Some insurance companies even offer you the ease to upgrade your policy as per your requirements.

The basic eligibility to buy a travel cover is between 6 months to 65 years, which may vary slightly from region and plan. The coverage offered depends on the cover plan that you select, your medical condition, the length of the trip, and the region you are traveling to. 

Buying travel insurance makes sense if you wish to avail complete security for you and your family members. You can even buy travel insurance online after comparing all plans offered by various insurance companies. No travel plan offers 100% safety, but having a policy in hand can surely reduce the level of risks that you might experience during your travel.