How to Get a Home Loan with Minimal Documentation?

on June 25, 2021 by Hazel Calvin

The enormous price hike in the real estate market has prompted many homebuyers to avail a home loan for purchasing a property. With reputed lenders, it’s possible to avail a housing loan through a hassle-free online application process. Simple eligibility criteria, minimal and paperless documentation have further encouraged a great number of homebuyers to apply for a housing loan.

If you too are looking for a housing loan, you must keep all the necessary documents handy. This will reduce the processing time, and help you avail the loan amount within a short span.

Some of the important documents required for a home loan are mentioned below:

Documents Required for Home Loan

Passport size photograph
Identity proofs- PAN Card/ Aadhaar Card/ Voter ID
Residence proof – Passport/ Voter ID/ Driving Licence/ Aadhar Card/ Electricity Bill

In addition to the above-mentioned documents, you will also have to furnish the income proof as follows:

For salaried applicants

Salary slips for the last three months
Form 16 and Income tax returns for the last two years
Original six months bank statements
Original six months bank statement of any other bank account
Details of any existing loan availed along with its track record.
Property documents
Sanction letter

For self-employed applicants

Bank statement/passbook for at least past 1 year
Bank statement of last 1 year of any other bank account. The bank details must contain the account holder’s name, account number, bank name, and branch.
Last 3 years profit and loss account and balance sheet certified by a Chartered Accountant.
Degree certificate
Last 3 years Income Tax Returns, including your Business’s IT returns.
In case you have a partnership firm, you will have to provide registered partnership deed.

Make sure to keep these documents handy before starting your loan application process. Apart from verifying these documents, the lender may also evaluate various aspects such as your credit score, monthly income, job profile, employment history, etc. while determining your home loan eligibility. You can boost the approval chances of your loan application by minimizing your debt-to-income ratio and improving your credit score before beginning the process.

Once your home loan is approved and the loan amount is disbursed, it should be your prime responsibility to make timely loan repayment. Make sure that you do not delay or default on your EMI payments. You can make use of an online home loan EMI calculator to get an estimate of your monthly instalments. It’s advisable to settle for an affordable EMI, as it will help you repay the loan without straining your finances. If you have a high repayment capacity, you must consider opting for a higher EMI outgo. This will allow you to close your loan sooner and save on the total interest pay-out. In case of any query while applying for a home loan, you can seek the help of a financial advisor for making a well-informed decision.

Finance

Calculate your interest from Post Office FD

on June 25, 2021 by Hazel Calvin

Fixed deposits have traditionally been among the safest investment options for investors looking for guaranteed returns. Conservative investors have a range of FD options to choose from. If you’re interested in opening an FD account too, you can choose from alternatives such as bank FDs, FDs offered by non-banking finance companies, or even post office FDs.

What are post office FDs?

Post office fixed deposits, also known as post office term deposits, are simply FDs offered by the Indian Postal Services department. Being government backed investments, they are generally considered to be among the safest investment instruments available. This is because they come with the sovereign guarantee, that is, the guarantee of the government of India.

Other than this, post office FDs work much like regular FDs. They also offer you interest on your deposit. And you can make use of a post office fixed deposit calculator to calculate your interest and see how much your investment will grow over time.

What is the interest rate offered for post office FDs?

The interest rate on post office FDs is decided by the government of India. And it is generally revised every quarter. This is done as per the government’s Small Savings Scheme, and the rates vary based on the tenure of the deposit. Check out the latest interest rates in the table below.

Period of deposit	Interest rate
1 year	5.5%
2 years	5.5%
3 years	5.5%
5 years	6.7%

Here are some other key things to note about the post office fixed deposit scheme.

The interest is payable annually but calculated quarterly.
You need to deposit a minimum of Rs. 1,000.
Thereafter, you can increase your deposit in multiples of Rs. 100.
There is no maximum limit on investment.

How to calculate interest from post office FDs?

If you’re wondering how you can calculate the interest on your post office FD, a post office time deposit calculator can help you. This online tool calculates the interest that you will earn and the total maturity amount of your mind mapping tool investment. It’s simple and easy to use, and it saves you a lot of time. Using a post office FD calculator is fairly straightforward too.

You simply need to enter a few key details, and the post office fixed deposit calculator will compute the interest and/or the maturity amount for you. Here are the details you need to submit when you are using a post office time deposit calculator.

The amount of investment
The tenure of investment
The rate of interest

When you submit these details, the online tool shows you how much interest you will earn over that tenure, and how your investment will grow over the years. It takes just a few minutes to use, and the best part is that you can make use of a post office FD calculator absolutely free of charge.

Conclusion

So, if you’re looking for a safe investment option, a post office FD is something you can consider. You can also use the FD calculator on Finserv MARKETS to check the interest you will earn from your investment.

Finance

YOUNG PROFESSIONALS ARE SEEKING FINANCIAL ADVISORS TO HELP THEM INVEST AND DEVELOP FINANCIAL GOALS

on June 25, 2021 by Hazel Calvin

You might have been earning for a few years now. But are you really financially independent? Being financially independent means that you are not dependent on anyone for any of your current or future financial needs. Beginning your journey towards financial independence can be intimidating and overwhelming. You can start by creating a financial plan. This article aims to offer advice to young professionals who are seeking financial advisors to help them with their investment decisions.

Start saving to create a retirement corpus

While retirement might seem like a far-fetched plan to you right now, it’s never too early to prepare and invest for your future. Saving for retirement is an important financial goal and one must not delay it. Remember, the earlier you start investing for your retirement, the less pressure you’d feel when nearing your retirement. Your retirement corpus must be enough to not only maintain your current standard of living, but it should be enough to cater to your medical bills, unforeseen emergencies, hobbies that you may wish to take upon, inheritance, etc. There are different types of investment options that cater to retirement planning objectives such as National Certificate Savings Scheme (NCSS), Post Office Monthly Income Scheme (POMIS), mutual funds, etc.Your retirement is as important as any other financial goal such as saving for your child’s higher education or marriage.

Banking apart from investing

In addition to investing in mutual funds, you must also have a separate fund that solely caters to emergencies. This fund is known as an emergency fund. It is very important to have an emergency fund in place. An emergency fund can help you deal with unexpected and unforeseen contingencies such as home repair, the demise of a loved one, loss of job, accident, etc. As a thumb rule of investing, you must allocate at least three to six months of your living expenses towards the emergency corpus. You can invest this amount in a high-interest savings account or money market instruments that provide exceptional security and liquidity. Examples include savings schemes, liquid funds, etc.

Investing can result in long-term wealth creation

Now that you have saved and invested for any unforeseen circumstance and your retirement, you can focus on other financial goals that can help you to accumulate wealth. Different types of investments offervarying levels of risk. Remember, the higher the level of risk, the greater is the potential for exceptional returns. Understand your risk appetite, investment horizon, and financial goals and choose the right investment vehicle to achieve these goals. Equities are a great option to generate wealth in the long run. If you are a risk-averse investor and are unsure about the volatility associated with investments in stocks, you might consider investing in relatively safer investment options such as equity mutual funds. If you wish to simply preserve your wealth, then you might opt for more safer options such as debt funds, money market instruments, savings schemes, etc.

The earlier you start saving and investing for your future, the greater would be the power of compounding, and thus higher returns. So, what are you waiting for? Do not waste another moment and invest to secure your future. Happy investing!

Finance

7 Valid Reasons to Avail Instant Personal Loans on a Mobile Banking App

on June 23, 2021 by Hazel Calvin

Mobile applications play a major role in the banking sector because most banks have started providing their customers mobile banking facilities. A mobile net banking app allows the users to have better control over their accounts, making it much easier to access their accounts, check balance and even apply for personal loans. Rather than going to the bank and waiting for hours, without knowing whether your papers are approved, can be tedious. This page therefore speaks about various advantages of using an online loan application feature.

Advantages of Applying Personal Loans Online

As time is everything in the world, one may not find time to go to the bank often. This once made applying for a loan difficult as it involved going to the bank multiple times. Hence, most banks today allow their users to apply for instant loans through a banking app. Given below are a few advantages of using this feature:

Apply for Personal Loans from Anyplace: A mobile banking application allows you to access its features anytime and apply for an instant personal loan is easy by following a few steps.
Quick Cash for Emergencies: Life is full of uncertainties, and you will never know when you need some extra cash. During such emergencies, you rely on the online banking app to avail instant personal loans with just three steps. When it offers convenience, it also relieves you from stress.
Instant Cash in Your App: It is not just the loan application process that is fast. As soon as you apply for a loan, the approval process commences, and the cash is transferred to your account immediately, and is accessible from your mobile banking app.
Keep Track of All the Loans and their Due Dates: Applying for a loan and getting it is one thing, but keeping track of it is another thing. The banking app has the feature to track all the loans and interest you have to pay, along with their due dates. With this feature, you need not worry about missing out on payments.
Security: One of the major concerns that users have is the security of their account and with good reason. As long as you keep your personal fleet maintenance software details safe, you do not have to worry about stealing money from your account because there are enough security checks in place to avoid that from happening.
Easy to Use: The major highlight of the app is that it is easy to use. The user interface is very intuitive and makes navigating within the app much easy. Everything you need to know are provided in the ‘Help’ section.
24/7 Customer Service: Customer service is something which improves customer satisfaction. There is customer support section in the app, which has all the queries listed. If the problem you are facing is not available on the list, you can contact the customer support and file a query.

These are some of the few benefits that come along with using a mobile net banking app to apply for a personal loan.

Investment

Do ETF schemes offer better returns than other mutual funds?

on June 23, 2021 by Hazel Calvin

As hard working individuals we like to believe that all this hard work will help us fetch some monetary gains in the future. However, the money we earn overtime, if we do not invest it appropriately then we might be able to improve our existing financial status. There are plenty of investment products out there available for investors, but the main problem lies in making an informed investment decision. People invest without having any clear perspective. This leaves them in a position where they do not know how and where to adequately invest.

If you carry some risk appetite and do not mind investing in market linked schemes to earn capital appreciation, you can consider investing in mutual funds. However, the problem that new investors face is they are confused about the several mutual fund categories and subcategories out there. Every mutual fund scheme carries a unique investment objective and asset allocation strategy yet finding the right scheme that suits your income needs can be exhausting.

Mutual funds and exchange traded funds are both favored by investors who have different investment needs. To understand the difference between these two we need to first understand them.

What is a mutual fund?

A mutual fund is a pool of professionally managed funds where the Asset Management Company pools financial resources from investors having a common investment objective and invests the capital raised across multiple asset classes and money market instruments. Mutual funds have an underlying portfolio of securities and the performance of a mutual fund scheme depends on the performance of these underlying assets and all the sectors / industries / commodities in which it invests.

What is an exchange traded fund?

Mutual funds are broadly categorized as actively managed funds and passively managed funds. Actively managed funds offer active risk management where the fund manager is constantly engaged in buy and selling securities to earn and profit from it. On the other hand, passive funds like exchange traded funds have fund managers but their role in running the fund is limited. Exchange traded funds (ETFs) are designed in such a way that they try to replicate the performance of their underlying benchmark with minimal tracking error.

Mutual funds v/s ETFs

Parameter	Mutual funds	Exchange Traded Funds
Flexibility	Mutual fund units can be brought and sold by investors by placing a request to the AMC	Exchange traded funds can be bought and sold at their live NAV at the stock exchange pretty much like any other stock
Expense ratio	Since mutual funds are actively managed funds, they have a high expense ratio	Since there is very little participation of the fund manager who is involved in evaluating and reshuffling the portfolio, ETFs carry a low expense ratio
Commission	There are no commission involved when buying and selling mutual fund units	Since ETF units are traded live at the exchange behind each transaction there is a commission fee involved
Demat account	One doesn’t need a demat account to buy or sell their mutual fund units	One cannot trade with ETF units unless they set up a demat account
Lock-in period	Except ELSS that has a 3 year lock-in period, mutual funds do not have any lock-in period	ETFs do not have any lock-in period

It is really hard to determine whether which out of the two offer better returns. However, mutual funds like equity funds have known to offer risk adjusted returns over the long term. Investors who are good with trading may be able to buy and sell ETF units during live trading hours and generate capital appreciation. However, there is a high risk involved with both mutual funds and ETFs and retail investors must seek professional help if necessary.

Investment

Who offers better returns? Direct stock investment or mutual funds?

on June 23, 2021 by Hazel Calvin

The way Indian investors save is changing day after day. The trend now is slowly shifting with more and more opting out of traditional fixed income schemes like Bank fixed deposits, Public Provident Fund, Post Office Savings Scheme, etc. Although this is good in a way considering the low interest rates on offer (5% to 7%), retail investors are having a tough time determining whether they should switch to direct stock investment or mutual funds.

The primary reason why it makes sense to invest in mutual funds and stocks is because they have the potential to offer inflation-beating returns. But investors are often confused in deciding which investment avenue to choose between the two. Both mutual funds and direct stocks carry a high investment risk and investors are expected to determine their appetite for risk before making an investment decision.

What is a mutual fund?

A mutual fund is an investment product that pool financial resources from investors and invests the capital raised to achieve a common investment objective. A mutual fund invests in a diversified portfolio of securities across asset classes and money market instruments. The performance of a mutual fund scheme is highly related to the performance of all its underlying securities.

What is direct stock investment?

A direct stock investment takes place when an investor buys shares of a publicly listed company during live trading hours at the stock exchange. When an investor purchase shares of a company, he becomes the shareholder of the company.

Understanding the major differences between stocks and mutual funds

If you are new to investing, it is important to understand that direct stock investment is much riskier than mutual fund investment. Mutual funds invest across asset classes and fixed income securities and have a diversified underlying portfolio. This is not the case with direct stock investment because when you buy shares of a particular company you are only investing in that particular stock. Investing in stocks require extensive research whereas even a novice can invest in mutual funds and give themselves a chance to earn capital appreciation. Mutual funds offer active risk management as they have designated fund managers who are responsible for trading securities daily to help the scheme achieve its investment objective. With direct stock investment, investors are solely responsible for maintaining the hygiene of their portfolio and have to trade their shares to earn profit. However, mutual fund houses do not offer active risk management at free of cost. Investors have to pay annual management fee in the form of expense ratio which is levied on every mutual fund scheme.

Who offers better returns? Mutual funds or direct stock investment?

Mutual funds have the potential to offer far better risk adjusted returns as compared to stocks. That is because one single unit of a mutual fund scheme is a combination of multiple stocks. So, even if one asset class or underlying stock of a mutual fund fumbles, investments made in the other asset classes even out the losses. When it comes to direct stock investment, if the company whose stock you bought fumbles, the value of your shares will go down as well. Stocks are highly sensitive to market vagaries which is why a slight change in the market has a direct impact on its performance.

To earn long term capital appreciation, it is essential to diversify your investment portfolio. Stocks do not diversification whereas mutual funds do. Mutual funds offer active risk management, stock investment does not. With stocks, investors have control over their investment but with mutual funds investors can only buy units as the fund managers decide which stocks to buy or sell.

Before investing your hard earned money in either of the investment avenues, please understand your investment objective and invest according to your goals.

Insurance

Compare Third-Party vs Comprehensive vs Usage Based Plans

on June 21, 2021 by Hazel Calvin

When it comes to buying a car insurance policy, an Indian buyer has more than one alternative. There is a mandatory policy prescribed by the regulatory body, but apart from that, there are a couple of more alternatives too. Also, selecting a car insurance policy must be based on your requirements. This makes it even more necessary to know what the features of each type of policy are and how they benefit you.

Whether you are buying a car insurance policy for the first time or due for your renewal, the selection of the right policy is essential and should be considered. This article helps you to compare how each available option differs from each other based on some common criteria –

Third-Party Car Insurance

Starting with third-party policies, it is the most basic car insurance coverage that you can buy. The regulator, Insurance Regulatory and Development Authority of India (IRDAI), has made it mandatory for all types of cars, whether used for private or commercial purposes to have a third party car insurance policy. A third-party plan protects your car against liabilities that can result due to an accident or injury to a third person. Since it is mandatory for all cars to have a third-party insurance plan, it is most affordable of all available options. The premiums for a third-party policy are decided based on the cubic capacity of your engine.

Comprehensive Car Insurance

If you find the coverage from a third-party policy limited in its scope, you can choose to opt for a comprehensive car insurance policy. This change or upgrade is even possible at the time of car insurance renewal. A comprehensive plan covers the damages to your car along with third-party liabilities. Further, this plan can be customised using add-on covers. Different add-ons have different purposes thereby being available for every kind of coverage sought. When it comes to pricing, a comprehensive policy is the most expensive of the lot due to the extensive coverage it offers and increases based on selected add-ons.

Usage Based Car Insurance

Usage based plans are a new type car insurance where the insurance coverage is for a specified duration. Alternatively, this type of insurance is also known as telematics insurance. Here, a specific device is installed in your car to monitor the driving based on kilometres and accordingly coverage is provided. A usage-based insurance is ideal for those who drive their cars not often yet want a complete peace of mind with an appropriate insurance cover. The cost of installing the telematics device is also included in the insurance cover. Unlike other types of insurance plans, the duration of a usage-based policy isn’t defined at the beginning. It depends on how much your drive your vehicle and is valid for a specified number of kilometres.

Now that you know what the differences between the various insurance plans are, make sure to compare the benefits available under each alternative and accordingly select the one that fits you the best. Afterall, having a car insurance policy is that help you have a financial backup as well as mental security. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

Finance

Must know this about Bexar property tax

on June 21, 2021 by Hazel Calvin

Property taxes in Bexar County, Texas are comparable to those in other Texas counties. Calculating property taxes, on the other hand, can be difficult. It’s also crucial to be aware of the dates for filing for exemptions or challenging property value increases.

Bexar County Property Taxes: Things Investors and Homeowners Should Know

How is Property Tax Determined?
Tax Rates in Bexar County
When Do Property Taxes Have to Be Paid?
Paying Property Taxes
Techniques for Reducing Tax Liability

How is Property Tax Determined?

Property taxes in Texas are calculated in a similar manner throughout counties. There is no property tax in the state of Texas. Local agencies are in charge of determining the value of property in their jurisdictions. To varying degrees, this might cover both real estate and personal possessions.

Tax Rates in Bexar County

Each taxing authority in Bexar County sets its own annual budget. The tax rates of a particular taxing unit may be affected as the county grows and new demands emerge. As a result, demand for public services, community upkeep, schools, and tax rates will surely rise. Texas has had fast expansion in several areas, necessitating higher government investment.

When Do Property Taxes Have to Be Paid?

The fiscal year for property taxes begins on January 1st. The Bexar County Appraisal District appraises property throughout the county and applies any applicable exemptions or credits. To take advantage of exemptions or credits for their home or other property, taxpayers must submit the necessary documentation to the County Appraisal District.

Paying Property Taxes

Bexar property taxcan be paid in a variety of ways. You could pay at a local tax office, but paying online with a credit card or using eCheck to pay directly from a bank account is significantly easier.

Techniques for Reducing Tax Liability

In Bexar County, there are numerous options for you or your spouse to reduce your property tax liability. The first step is to apply for any exclusions or credits to which you may be entitled. Depending on the type of property and how it is used, you may be eligible for additional tax breaks in your district.

Can I save money on my taxes if I pay in advance?

Tax payment discounts for Bexar County, Flood Control Fund, and all 55 taxing jurisdictions that we are contractually committed to collect have been suspended by the official order of the Bexar County Commissioners Court dated September 9, 2003.

Other payment choices, such as the 10-Month Payment Plan for individuals 65 and over, Disabled Citizens and Disabled Veterans, or the quarterly payment option, should be considered.

What Are the Differences Between Bexar County and Other Cities in Texas and the United States?

Bexar County, with a market value of $156 billion in taxable property, is nearly half the size of Dallas County, which has a market value of $292 billion. With a market value of $574 billion, Harris County is nearly double the size of Dallas County.

Conclusion

Those who have already been assessed property tax but are experiencing difficulty making payments should be aware that payment arrangements are available. You can also seek the advice of a qualified tax attorney who may be able to assist you in reducing your overall tax bills.

Insurance

What Are the Different Types of Sub-Limits Under Your Health Insurance Policy?

on June 18, 2021 by Hazel Calvin

Health insurance policies are of prime importance in today’s day and age. With the soaring cost of medical treatment, it is necessary to have a financial safeguard. But not all health insurance plans are the same. Different health insurance plans have varying terms and conditions. That is why it is essential to thoroughly understand the implication of such terms and then purchase a health insurance policy.

What are sub-limits to a health insurance policy?

Among the many terms and conditions, sub-limit is one of which that needs special attention. As the name suggests, it limits the amount of expenses that you can claim. Thus, a policyholder may not be allowed to raise a claim the entire amount of that medical expenditure. It results in a higher amount that needs to be borne by you, the policyholder, when making a claim thereby increasing your out-of-pocket expenses. You must note that sub-limits do not exclude a particular category of expenditure entirely, but instead impose a capping on the compensation paid for such category of expenditure. Further, these sub-limits are not applicable on the entire bill amount but instead only a specific category of expenditure like room rent or on the treatment of certain diseases.

What are the different types of sub-limits?

There are three types of sub-limits that may be imposed in your health insurance policy.

Sub-limit on specific medical condition: With increasing instances of lifestyle diseases, there are many ailments that are commonly suffered by majority of the population in a specific age-group. To quantify it, almost three out of five individuals face them. High blood pressure, kidney stone, cataract, piles, gallstone, hernia, tonsils, knee ligament reconstruction, sinus are some to name a few. The insurance companies place a sub-limit on these procedures wherein only a specified amount of expenditure is covered by the insurance policy. For instance, the insurance company may specify a pre-defined amount of expenses or specified percentage of the sum insured for these treatments. The sub-limit on specific ailments is not only applicable to a claim settled via reimbursement mode, but also a cashless health insurance too. Any amount above such specified limits is required to be paid by you.

Sub-limit on room rent and other charges: Apart from specified expenditure, the terms of the policy may also specify a capping on the amount of expenditure admissible under the insurance policy. The most common case is capping on the room rent charges in case of hospitalisation. Here the insurance company limits the expenditure that can be claimed to a specified amount. Apart from room rent, there are other examples of similar sub-limit for expenditure which are doctor’s consultation charges, ICU charges, ambulance charges and even diagnostic tests.

Sub-limit on post-hospitalisation expenses: Not all treatments can be provided in the hospital itself. Some treatments require medication and other ancillary treatment to be followed up post main procedure. Thus, some insurance policies place a sub-limit on the amount of post-hospitalisation expenses. Any amount exceeding these post-hospitalisation costs shall be required to be borne by you.

Make sure to read the terms of your insurance policy specifying the sub-limits for various expenses. You should select a policy with higher amount sub-limit so that more expenses are covered by your insurance provider. Whether you are buying a individual plan or a critical illness policy, remember to account for these sub-limits to have maximum coverage. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

Finance

Stay protected on the road with comprehensive bike insurance

on June 15, 2021 by Hazel Calvin

There are mainly two types of bike insurance policies available in the market today, third-party bike insurance and comprehensive bike insurance. While a third-party insurance policy is the most basic and budget-friendly way to legally drive your bike, a comprehensive bike insurance policy provides wider insurance coverage in case of an accident.

The comprehensive insurance policy is highly recommended for people who use their bikes regularly or own a high-end two-wheeler. If you are also a regular rider and are wondering what exactly can comprehensive bike insurance cover, here’s the list –

Vehicle damage due to natural disasters – Disastrous natural calamities like tsunamis, tornadoes or earthquakes are unpredictable and can prove to be financially and mentally disturbing events. While third-party insurance would not cover the vehicle damages in such events, a comprehensive cover would provide you with complete financial relief when it comes to fixing the vehicular damages that were caused by the natural calamity.
Own bike damages in an accident – Paying to fix your own vehicle damages after an accident can turn out to be quite an expensive affair. Nonetheless, with a comprehensive bike insurance policy, you can conveniently hand over such a financial burden to the insurer and get your bike fixed without taking a hit on your pocket. It is important to keep in mind that this benefit cannot be availed in third-party insurance and can only be claimed by comprehensive insurance policyholders.
Man-made disasters – If you happen to be a victim of a theft or robbery, a two-wheeler insurance company would cover your losses if you have bought a comprehensive insurance policy from them. You are also covered for other such man-caused disasters like a mishap in vehicle transportation, collisions and even against any malicious acts like riots that cause damage to your vehicle.

Injuries to the rider – There is a high possibility of serious injuries when you get into an accident on a two-wheeler. Some insurance companies provide comprehensive insurance policies that have an in-built cover for the rider’s medical expenses and also provide compensation in the unfortunate event of permanent disabilities or death. Many insurance companies even provide separate insurance cover for the pillion rider. Nonetheless, even if personal accident coverage is not included in your insurance plan, you can conveniently get it added to your coverage by contacting the insurer or by going to their provided website.
Third-party damages – With comprehensive insurance, you not only get covered for the damages of your own vehicle but even save yourself from the financial burden of having to pay for any damages that are incurred to the third party. Comprehensive insurance is the combination of third-party cover and an own damage cover.

You can conveniently get a comprehensive insurance cover when you opt to do your bike insurance renewal online or offline and avail of various add-ons that an insurance company provides. This would slightly increase your premium but it would also help you extend the policy’s coverage.

We hope this article clears all the doubts and questions that you might have with regards to a comprehensive bike insurance policy and that you are now fully equipped with the right information to make the correct decision. All the best!

June 2021

What are post office FDs?

What is the interest rate offered for post office FDs?

How to calculate interest from post office FDs?

Conclusion