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March 2021

Insurance

How to renew bike insurance using bike insurance app?

Riding a bike is a truly underrated experience. The feeling of the wind on your face is a freeing experience. Moreover, it is also a practical vehicle. Using a bike to travel, means that you can weave through traffic while others have to be stuck until it clears.

However, for all its great qualities, riding a bike is very dangerous. Even after wearing protective gear, there is a chance that a bike accident can lead to grave injuries. Moreover, unlike a car, a bike is an open vehicle. This means that a single error in judgement while riding a bike can lead to major consequences for you and your two-wheeler. Hence, it is ideally recommended to drive safely. However, there is no harm in being as secure as you can at every step. Hence, to avoid the financial and emotional burden of having your bike damaged, you can get a bike insurance policy.

However, any good thing in life requires effort and care. This applies to bike insurance as well. Once you have bought a policy, you will have to make sure that it performs to the best of your needs.  This includes renewing it on time. However, being the lengthy process that it is, there is a chance that you may miss the due date of your bike insurance renewal.

Missing the renewal due date

A bike insurance is like a subscription. It needs to be renewed each year before a specific date. This renewal is done by paying the right amount of premium before the due date. However, if for some reason you fail to renew your policy before this date, the coverage mentioned in your policy is considered expired.

Once, this coverage is declared expired, you will be given a grace period by the insurance provider. While every insurance provider has a different operational policy, most insurers offer a break-in period of 90 days. During this period of time you can restore your coverage as it was by paying the premium and renewing your policy. Until you do so, you will not have any benefits of the policy to redeem. As a worst-case scenario, if you miss this opportunity as well, your coverage becomes null and void.

At this point, you lose coverage for own damages as well as third party liabilities. This firstly means that in the case of an accident you will be completely unprotected against the financial burden of repairs.  Secondly, you will have to cover for the legal and the financial liabilities for any harm you cause to a third-party or his/her property. The worst part about losing your bike insurance policy is that you cannot legally ride your bike on the roads. If you are caught riding without a valid motor insurance policy, you will have to pay a fine.

Renewal of policy

The purpose of insurance is to make things better and simpler. In that spirit, many insurance providers have launched apps that can offer you a whole host of benefits. However, the best these apps do is give your better control over your policy and everything related to it. This includes policy renewal.

Firstly, you can keep track of the due date of your policy in the app. Knowing what the due date is you can plan your renewal well in advance. This includes taking a look into how much coverage you need, how much you have, and what changes are necessary to bridge the gap. This time can also be used to look into ways that you can lower your premium.

Once the preparation is over, the first thing you have to do is log into the app. After logging in, you have to select the policy renewal option. At this point, the app will require your policy details. Adding the policy details will take you to the step where you can change the coverage of your policy to your liking. With the change of coverage, you will also see a change in the premium. The last step is to make the premium payment. Select a payment mode and complete the payment. Once done, your policy will be instantly renewed and you will receive the new policy documents through email or other digital means.

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Finance

5 things to know before you get a DTH connection

DTH only entered the Indian market a little over a decade ago, but it has managed to shift the norms of television viewing in the country in that period.

In today’s world, India has around 5 DTH operators, but with so many different deals on the market, even that is too much for a new DTH customer.

Things can get a little overwhelming with all the different payment partner choices that offer you a link at a discounted rate.

It’s best to do your homework before being enticed by tempting deals to get the most out of a DTH connection.

Below are five things you must know about a DTH connection in India.

  • Set-Top Box

The quality of channels you will be able to view is largely determined by your set-top box.

However, the type of set-top box you should choose is determined by the type of television you have.

Choose a Standard Definition box if you have a tube TV.

If your television supports 4k resolution, get a 4k DTH connection.

Choose a High Definition box if you have an LCD or LED TV.

Also, keep an eye on the warranty. Most operators give a warranty of one year on the set-top box itself.

  • To Buy or Rent?

If you need a connection for a short time or don’t want to deal with the hassle of buying and maintaining a set-top box, you can rent one from your operator. A few dth operators, such as Sun Direct DTH, have actively recognized this issue and offer more affordable options for renting out a box on both a long and short term basis. (1)

  • Packages, and their Pricing

The majority of people compare the initial cost of STB when deciding whether or not to purchase a DTH connection.

What you should think about are the two points listed below.

  • The package that includes all of the channels you want to watch.
  • The monthly cost of that package.

DTH operators offer basic packages starting at INR 99 and going up to INR 800.

Some operators, such as Sun Direct DTH, even provide basic plans for 49/month for 148 channels, and even free basic packages, that include all Sun channels. So, you can get the Sun Direct recharge done accordingly.

  • Services

 As a DTH subscriber, you will need customer service assistance regularly for issues ranging from account issues to set-top box realignment.

Nobody loves being on hold for hours, do they?

The best way to assess how good a service is to keep track of how quickly they respond to your inquiry.

  • Lastly, Payment

You can still pay each installment in cash the old-fashioned way. You can also your DTH recharge through reputable online platforms such as Airtel Payments Bank.

We’ve double-checked everything. Online payment is safe and convenient because you can get cash back’s and special deals for each transaction.

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Finance

All You Need To Know About Tax Accountants

If you are a student of commerce and are planning to move ahead with pursuing a course in accounting, you should learn about the duties of a tax accountant. There are several titles for the people working at the various posts of the finance departments. However, you need to choose yours according to your place of interest and by considering your skills and strengths.

So Let Us Find Out A Bit About The Tax Accountant And What Role They Play

Tax Accountants

They offer advice to their clients which can typically be an individual, government agency, private companies, or even a non-profit organization that are going through certain financial and tax-related issues. Birmingham tax accountants are extremely skilled persons who can prepare tax documents by following the most appropriate strategies for their clients.

What Are The Responsibilities Of A Tax Accountant?

·        Examine The Financial Statements

Before starting with the complete process of handling taxes, the tax accountants try getting a complete idea about the financial condition of the client. And further, they prepare the tax return documents accordingly. The tax accountants make it a point to give a read to all the statements which are related to the financial position of his client to confirm that those are made by following the tax laws and regulations. And also to make sure that it offers a complete view of his customer’s financial condition in the right way.

·        Create Budget Plans

One of the main roles which these tax accountants play is to suggest to their clients with ideas to cut down their daily expenditure and also to try to increase the income. They also do make their clients stick with a certain budget plan which reduces the rates of confusion related to the financial situation.

·        Organize Financial Records

The Birmingham accountants do not only take care of and prepare the tax return documents of their clients, but they also do help their clients to organize their economical records and statements. And that allows these individuals to store the clients’ info in separate files and use it at a time of emergency when you need to show any such document within short notice.

Conclusion

There are several sectors where these professionals opt to work. From the accounting department to the booking and payroll services industry, the tax accountants can easily change their job as the demand for their services is very high.

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Forex

How Price is Decided in Options Trading

Option is a legal contract between buyer of the option and its seller. Option is transacted in the form of buying and selling securities at an agreed price in a certain period of time. This flexibility is unique feature for options trading. Another unique aspect about options is you do not need demat account opening for options trading. Although for convenience, most traders prefer demat account to keep track in their portfolio.

Options is quite similar to insurance that you pay an amount of money in order that your property is protected by the insurance company. The difference between both of them is minor, based on their mode of operation; option can be traded whereas, insurance policy cannot be transferred or traded. There are two types of option contracts; call options and put options. We can buy call option when we expect the stock price to go up and buy put option when we predict the stock price to drop. We also can anytime sell call option if we predict the security price will drop sharply and vice versa if we want to sell put option. Usually, option is counted by units of contracts – one contract is equal to 100 unit options. 1 unit option protects 1 unit share. So, one contract protects 100 unit shares.

Before starting online trading in options, you must know most important factor that valuates the options. The trading is done based on the strike price.

What is Strike price in Options Trading

Strike price is the value that is agreed by both traders; buyer and seller of the option to deal with. That means if the determined strike price of the call option is 35, seller of this option abides to sell stock at this price to the buyer of this option even if the market price of the stock is higher than prevailing 35 if the buyer exercises the option. Buyer of this option is free to buy stocks with a price that is lower than the market value.

If the current market price is ₹39, the buyer will earn ₹4. If the stock value is lower than the strike price, buyer will try to hold the option and leave the existing option to expire worthless.

For strike price in put option, buyer of the option has the obligation to sell the stock at the strike price to the seller of the option. For example, if the put option strike price is ₹40, seller of this option abides to buy the security at this price from the buyer if he or she executes the option even if the market price is lower than this price. If the market is ₹35, the option buyer will earn ₹5. At first glance, it seems that a lot of transactions are involved; but actually, seller of the option will not purchase a security and sell it to the buyer.

The broker firm will perform all the transactions but the extra money incurred to buy the security has to be reimbursed by the seller. This means, if the seller loss ₹5, the buyer will earn ₹5.

Remember, in some cases, when the stock value equals the strike price, the option has apparently zero value.

This is how price is decided in options trading.

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Finance

Learn about the different types of deductibles in a car insurance policy

Before you take your car out for a spin, you need to have a car insurance policy ready. The Motor Vehicles Act, 1988 in India makes it mandatory for every vehicle owner to have an insurance cover (third-party liability) for them to be legally driving on Indian roads. With road accidents taking place on a daily basis, a car insurance policy will help provide the financial coverage you need.

Now when you are buying a four-wheeler insurance policy, you will come across a term known as “Deductible”. This is nothing but the amount that you would be paying as a policyholder while making a claim. Confused? Let us explain. Let us say you have incurred expenses amounting to a sum of Rs.5000 and the deductible in your car insurance policy is set at Rs.2000. This means that you would have to pay Rs.2000 from your own pocket and the insurance company will pay the remaining amount, which is Rs.3000.

There are two types of deductibles in a motor insurance policy:

  1. Compulsory deductible

This type of deductible is a fixed amount that is set by your insurance company in conformity with the Insurance Regulatory Development Authority of India (IRDAI) guidelines. A compulsory deductible is set after taking into account the engine capacity of your car. As per the Indian Motor Tariff, the standard compulsory deductible rate for private cars are as follows:

If the cubic capacity of the car’s engine is up to 1500CC – Rs.1000

If the cubic capacity of the car’s engine is above 1500CC – Rs.2000

If your car is older, it is quite possible for the insurance company to increase the deductible since it is more likely that you will make a claim. However, the compulsory deductible will not be affecting the premium in any way, be it a car or bike insurance policy.

  1. Voluntary deductible

As the name suggests, you can voluntarily opt for this type of deductible. The limit for the deductible would be chosen by you. A voluntary deductible would have an inversely proportional relationship to the premium of your car insurance policy. If you choose to set a high voluntary deductible as part of your insurance policy, the insurance company will offer you lower premiums.

Let us take a look at the differences between the two types of deductibles:

Compulsory deductible Voluntary deductible
Chosen by the insurer Chosen by the policyholder
Does not affect the premium Does affect the premium
Does not affect savings Helps in long-term savings
When a claim is made, only the compulsory deductible is payable When a claim is made, the compulsory as well as the voluntary deductible are payable

The option of a voluntary deductible is not a commonly preferred one. This is because at the time of making a claim the policyholder would have to pay both the compulsory deductible as well as the voluntary deductible, ultimately reducing the claim amount given by the insurance company. However, this again depends on the preference of each policyholder.

We hope that this article has helped you understand the 2 different types of deductibles in a car insurance policy. All the best!

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