Insurance

Many insurance firms advertise “no medical test required,” which seems ideal. Is it right? Many insurers now offer life insurance plans without requiring all examinations. These plans could be more customer friendly. Before buying any such types of health insurance plans, consider these points.

The key is declaration:

Medical exams are not a licence to ignore health issues. The application form may still need a health declaration, and your disclosure can determine premium rates. You must show your health in the declaration. Hiding a health problem can ruin your insurance. A firm must undertake medical testing before purchasing a health insurance plan to accept a claim quickly.

When the company suspects critical facts were hidden at policy purchase, it rejects the claim. When lakhs of rupees are at stake, fooling insurance providers is difficult. Insurance firms meticulously investigate early demise (within two years of acquiring the coverage). Insurers’ claims departments have medical experts who could assess if a sickness existed before the health insurance plans for family.

Some agencies can dig out information by chatting with neighbours, coworkers, friends, family members, and others. The claim is rejected if the company discovers fraud or concealment.

Claims that are not allowed to be made are only occasionally scheming. Patients on the verge of developing diabetes might not know unless they have a medical test. An insurance provider is entitled to refuse to pay out on a claim by arguing that the concealed minor illness worsened and resulted in demise. As a result, even a careless slip-up can result in redundant life insurance.

Medical tests reduce costs:

Medical tests lower buyer premiums. The risk assessment determines insurance premiums. The typical person may pay less for the same coverage if a medical exam shows that one has normal sugar levels and the other is borderline. Experts argue that an insurance business can give a competitive premium if it knows the buyer’s health.

If they apply for a policy without medical tests, each can pay the same price.

The insurance firm shall consider both risks and raise premiums. If you’re healthy, don’t pay for others’ medical issues. A thorough medical check is the most effective approach to prove to your insurer that you are low risk.

Few buyers realise that health insurance plans without medical tests cost more than those that do. A no-test policy is more convenient than one that requires hospitalisation*. If a healthy individual pays Rs 8,000, a sick person pays Rs 12,000. If no medical exams are done, the corporation may charge everyone Rs 10,000.

Insufficient coverage:

Non-medical-test policies are usually low-value. No company can cover more than Rs 5 lakh without a medical checkup, even if you’re under 30 and healthy. Buyers aged 30-40 pay Rs 2 lakh. Low-value plans rarely meet life insurance needs.

Thus, one must get a health insurance medical test before they buy the right policy. Opting for a medical test may seem like a task at first but it may be important over the longer course of time.

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply

(* Standard T&C Apply )

By purchasing car insurance policy, you receive financial assistance if your car is damaged due to natural disasters, such as fires, earthquakes, storms, cyclones, and so on. It also includes coverage against mishaps, fires, and thefts. Purchase a comprehensive policy for your car and receive compensation for damages caused by natural disasters.

In the event of a natural disaster, your car is vulnerable to two types of damage:

1. Exterior or interior damages:

Easily compensate for the costs by utilising the own-damage insurance component of your comprehensive coverage.

2. Engine damage:

Repairing extensive damage like this is difficult and costly.

We list down the steps to get help in case of such damages.

Natural disasters: how to file a car insurance claim –

Have natural or man-made disasters damaged your car? If you already have comprehensive car insurance, here are some common steps for filing a claim.

Step 1: Leave the scene alone and collect photographic evidence of the damage. It includes photographs from every angle.

Step 2: Write down the date, location, and general timeline of events since the disaster. During this time, the car must remain stationary.

Step 3: With the evidence and timeline, notify your car insurance provider. Inform them of the damage to your car.

Step 4: Your insurer can send a surveyor to investigate the problem. The investigator would inspect the damage and confirm your details about what happened. Your claim can be approved shortly after you submit the survey report.

Step 5: The insurer may tow your car to the nearest garage for repairs. However, ensure all documents are submitted per the car insurance policy company’s requirements. You can pick up your car from the garage once the repairs are completed.

Step 6: The expenses are billed to the insurer for Cashless Claims. In case of a car insurance claim settlement ratio or situation, you must submit all bills and payment receipts to the insurer. The reimbursement can be deposited into your account following verification.

Take precautions to prevent further damage –

In a crisis, you and your loved ones’ safety should take precedence. However, if you have enough warning of a coming storm, the following tips can help reduce the risk of car damage:

• If you have a flood warning, move your car to higher ground, such as the top of a hill or a high level in a parking garage.
• To avoid hail and wind damage, park your car in a garage or other shelter.
• To keep water out of your garage, use sandbags or flood barriers.
• Avoid parking near trees or power lines.
• If you have multiple vehicles and need to evacuate, try to get all of them out of the disaster area.
• Stay away from driving through standing water.

Examine the damage to your car after the storm has passed. If it’s flooded, don’t start it. Instead, disconnect the battery, roll down the windows if possible, and have the car towed to a safe location.

If you have Comprehensive coverage, it will protect you from the financial impact of natural disasters. You can verify this information by looking at the policy paper. You can obtain additional information by consulting the Policy details, which are located on the insurance company’s website. Another way is by calling your insurer and asking them about it.

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply

The online marketplace is replacing the traditional markets in most industries and insurance is no exception. It has become easier than ever to buy insurance online with a few steps. If you are planning to buy term insurance and are wondering which way would be better, online or offline, here is a compelling case of why you should go for the online way.

Here are five reasons to purchase your term policy online-

• It is easy to do all the research
  When you are buying insurance or any financial instrument that affects your life in the long haul, thorough research is a must. On the internet, it is easy to find all the required information related to term insurance. From which are the best term insurances in the market to understanding the basic terminologies of term insurance, you can find it all online. It is difficult to conduct the same amount of content and research offline. You can also find reviews of each type of insurance plan that you are contemplating buying, along with each term insurance plan’s benefits, features, and overall reliability.
• Compare and choose
  The insurance sector is an ever-growing one with cut-throat competition between several insurance companies. To stay ahead of the competition, insurance companies offer lucrative term insurance benefits. You may come across several companies while carrying out your research. If you make a random choice, without comparing the different companies and their plans, you might regret your decision later. While buying a term plan, you can easily compare the different term plans online and shortlist the best one.Comparing will ensure that you do not miss out on a better plan and will instill in you more confidence about the plan you choose. Use a term insurance plan calculator to ensure that you get an estimate of the premiums payable for your desired sum assured.
• Easy and quick process
  Once you have researched and compared, you can buy term insurance online in a few minutes. All you need to do is access the website or mobile application of the insurance company from whom you are purchasing and complete their entire process step-by-step. If you face any difficulty, most insurance companies provide an online and on-call customer care service that could guide you further. Also, for all the documents that you have to submit, you can simply upload them online. Unlike the traditional method, where one would have to take hours out of their day to visit an insurance company and buy their term plan, the online process can be completed within a few minutes.
• Comparatively lower premiums
  If you observe the premium of a term plan of the same insurance company offering the same cover, you find that, in most cases, the premium of the online insurance plan is lower than that of an offline plan. When you buy an online term plan, it saves your money along with your time and energy as it entirely omits the involvement of an insurance agent. Also, since the entire transaction is paperless, several administrative costs are excluded too. These factors make purchasing a policy online cheaper than offline.
• Make your own plan
  In today’s times, the customer is the king. With so many insurance companies having cut-throat competition, each company is trying their best to stand out as much as possible. Most insurance companies these days allow you to customize your term insurance plan. When you buy an online term plan, you can choose to add or remove some features and benefits. This allows you to add any rider benefits to your term plan for additional security. The customization feature allows you to have a term plan that meets your needs while also fitting in to your budget.

A term insurance policy acts as the financial cover for your loved ones in your absence. Whether you buy it online or offline, ensure that you read the fine print. Also, get an estimate of your premiums using a term insurance plan calculator. Ensure that the premium you choose is something that you can easily afford throughout the tenure of your term policy.

A car accident can change the victim’s entire life in unimaginable ways. The trauma stays forever if the victim loses limbs or is left paralyzed for life, no more in the condition to earn a living. 

If you fit into any of the categories we’ve mentioned above, you require the help of a personal injury attorney in Las Vegas. 

You can learn more about your rights and possible course of action in the sections to follow. Dive in!

What causes major chunks of auto accidents in LA?

There are many reasons. But the major causes include:

• Drunk driving
• Distracted driving
• Not giving heed to traffic rules
• Driving under the influence of drugs 
• Cutting lanes and overspeeding

As unlikely as it might seem, the streets are full of fools behind wheels who do not care for their safety and that of others on the road. 

If you’ve unfortunately been harmed, in any way, due to negligent driving by another person, you require the legal counsel of the best personal injury lawyers. 

You have insurance, then why legal assistance?

Insurance companies aren’t dying to put you out of your financial misery. They approach you soon after your accident not because they care, but because they want to rub their hands off you in the beginning. 

Why you ask us? 

Well, if insurers can coax you into signing papers early on, they’ll have their way out by paying you very little compensation. What about the wages you’ll lose until recovery? What about the future cost of treatment? You might require counseling sessions or surgeries later on – who pays for that?

Only an experienced personal injury lawyer is on your side – not your insurers nor the party who has put you in the hospital bed!

When you hire a personal injury lawyer, you get the following benefits:

1. Experienced attorneys deal with insurers day in and day out. Hence, they will make sure nobody steals a single penny from your rightful settlement amount.
2. They offer free consultation services. What’s more? They will never charge anything before they help you get the claim released. 
3. They will make sure you’re paid for non-economic damages as well. 

How do you pick an attorney?

Now you know that insurance companies aren’t your companions, lawyers are. But, since Vegas is so full of auto accident attorneys, it can be overwhelming for an accident victim to pick the right lawyer. 

If that’s been troubling you too, here is a list of a few checkpoints that’ll help you in picking a lawyer that’ll certainly see you home.

• Look at the winning track record and the money they’ve recovered for their clients. It will be mentioned on the website.
• Take testimonials and Google reviews seriously. 
• Anybody who asks for an upfront fee is not the right representative for you.

With this, we conclude our guide on the note that you might never meet with an accident and even if you do, you find the best legal aid possible!

In the beginning of the 21^st century, cars were a sign of wealth and luxury. But as decade have passed, it is no longer a status symbol and indulgence, instead, it has become a necessity for safe and comfortable commute. With towns and cities having good road connectivity, workplaces have moved far away from home and people commute over such distances each day.

Since cars are essential for an easy travel, it is best to protect it using an insurance plan. While you can buy car insurance online as the bare minimum to ensure legal compliance, such policy offers a limited coverage. Hence, it is known as a limited liability cover. Contrary to such limited liability plans, you can purchase comprehensive policies that offer a broader coverage protecting your car against damages alongside the mandatory third-party coverage. Comprehensive policies, however, have one lesser-known benefit that helps keeps the premium in check—No-Claim Bonus or NCB.

What is the no-claim bonus?

No-claim bonus or NCB is a reduction in premium offered by the insurer at the time of car insurance renewal. Such NCB benefits are available only when no claims are made during the previous policy period. To simply state, it is a benefit that the insurance company passes because you do not make any claims during the previous policy tenure. Such NCB benefits can be accumulated over the years to further lower the car insurance prices.

When can you transfer the no-claim bonus?

Your car insurance policy’s no-claim bonus can be transferred in two scenarios—one, when your policy is expired and due for renewal and you want to switch your insurance company and second, when you sell your car to transfer it to a new car’s insurance cover. In both these scenarios, you need to obtain an NCB transfer certificate which remains valid for a period of three years from its date of issue. You can visit the official website of IRDAI for further details.

What is the process of transferring the NCB?

Your car insurance policy’s accumulated NCB can either be transferred during the policy period or at the end of its tenure. With an NCB retention letter shared with the new insurance company, your accrued and accumulated NCB can be transferred.

Here are the documents that are required to issue an NCB retention letter:

• Request letter for policy cancellation in case of transfer during the tenure.
• Original copy of the existing car insurance policy
• Form 29 of the RTO that mentions the notice of transfer of vehicle’s ownership
• Form 30 of the RTO which is an application for transfer of the ownership.
• Amended registration certificate with name of new owners.
• Copy of delivery note.

Apart from the above pointers for transferring the NCB, here are some addition considerations to keep in mind:

• The no-claim bonus is linked to the policyholder and not the vehicle. Hence, even if you sell your car, the NCB still belongs to you.
• Make sure to submit the NCB retention letter within its validity of three years to the new insurance company otherwise all accrued benefits will be lost.
• Such NCB transfer is possible only among the same category of vehicle, i.e., your car’s NCB can be transferred to another car and not a bike and vice versa.

You can visit the official website of IRDAI for further details.

With these pointers discussed on how you can transfer no-claim bonus in your car insurance plan after its expiry, make sure to use a car insurance calculator to know its impact on the premium. 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.

The medical inflation rates in the country have been seeing an uptick pushing up the cost of availing healthcare facilities. While healthcare cannot be ignored, health insurance is a way to ensure financial coverage is available to combat the soaring treatment costs. This becomes all the more crucial when you have elderly parents whose reliance on medical treatment is higher.

As age increases, the reliance on external medication increases and that’s when a health insurance policy comes to the rescue to cover the rising treatment costs. Even if your parents are covered in a group health plan or family health insurance, it may not be sufficient as these plans cater to different needs which may not be specifically focused on ailments for the elderly. Hence, a senior citizen health insurance plan is the right choice.

What is health insurance for senior citizens?

Health insurance for senior citizens is specifically designed to cover age-related ailments. The entry age for such plans is high thereby allowing elderly individuals to opt for a health cover. Other features of senior citizen policy include coverage for ailments that are mainly age-related, inclusion of pre and post hospitalisation coverage, day-care treatments, etc.

What factors to look for when buying health insurance for senior citizens?

There are myriad health insurance plans when it comes to choosing a policy for your parents. But, these are few pointers that you must keep in mind:

• Cover for in-patient hospitalisation

It is termed as in-patient hospitalisation when the patient is admitted to the medical facility for a period of more than 24 hours. When buying a senior citizen health cover, it is essential to consider such facility as a part of the insurance plan as the treatment at such old age is often for a prolonged duration. Also, the treatment that are required at such age are often for a longer duration and hence must be included in the insurance coverage. In-patient hospitalisation covers all hospital expenses which include the surgeon fees, specialist fees, cost of medicines, nurses and the like. *

• Fewer restrictions for post-treatment costs

While most senior citizen plans cover in-patient treatment, it is not enough. You must also keep consider the post-treatment cost of any ailment. It is not only essential to seek the right medication when admitted to the hospital but also later when discharged. Hence, a health insurance policy that offers post-treatment coverage comes handy. Generally, plans that offer post-hospitalisation coverage are valid for a duration of 60-90 days. *

• Lower restriction on day-care treatments

Day-care procedures are those treatment that do not require a hospitalisation for more than 24 hours. Although most insurance companies offer coverage for day-care treatment in their senior citizen plans, it is important to know the ailments that are covered to not be restrictive in nature. *

Apart from the above factors, waiting period for coverage of ailments, co-payment terms for compensation, sub-limits on coverage of different ailments and exclusions in the policy must be kept in mind when selecting a policy.

* Standard T&C Apply

Bottom line

These are some of the crucial considerations to remember when buying a health insurance plan for senior citizens. While the different components of the plan impact the insurance prices, a health insurance premium calculator can be useful in estimating its impact on the premium. 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.

When somebody is young and healthy, it is not surprise that they think that they won’t need health insurance until much later in life. However, anyone that believes this should know that there is no fixed time or age that an illness or an injury can occur. Hence, the practical approach towards these incidents is to make sure you are prepared for them. The best way to do that is by purchasing a health insurance policy.

Despite this, people often ignore or delay health insurance plans due to a multitude of reasons. Often the biggest one of them is that they feel they are healthy enough in their 30s to not spend on health insurance. However, since the past few years, the occurrences of health disorders in younger individuals has seen a major spike. Hence, the chances of you contracting a dangerous illness in your 3s is much higher.

How health insurance can help

To know how health insurance can help you, you need to understand your need for it. The basic idea is that you would need financial coverage in the case that you fall ill and have to be hospitalized. Unfortunately, the shift in our way of living has lifestyle has made even the heathiest and youngest people extremely susceptible to illnesses. Factors like long-distance travels, hectic work schedules, sedentary lifestyle, poor eating habits, and rising levels of pollution contribute to the risk of developing major disorders.

Adding to that, the cost of treating illnesses is rising by the day. Even the most basic of procedure can require you to burn through your budget or borrow money. This financially leaves you in a bind. It ends up being a choice of either compromising on your health or your financial stability. In this situation, health insurance can be the solution to your problems. It offers much more than just medical coverage.

Advantages of buying health insurance in your 30s

• Lower premium

Simply put, if you purchase a medical coverage plan at an early age, you will have to pay a lower premium. Premiums are based on your medical condition at the time of buying the policy. At a young age, you are likely to be in good health. While there is always the danger of contracting diseases early, the majority of individuals in their 30s tend to have a fit body and mind. However, as you age, the risk of developing illnesses increases. To balance the higher risk, insurance companies charge a higher premium. However, any individual that buys health insurance at a young age, will pay a lower price.

• Financial security

When you purchase health insurance, it gives you access to medical facilities at the time and place you need it. Most importantly, it does so without charging you any more money than the premium of the policy.

When you buy health insurance, you save a huge amount that would’ve been spent on medical treatment. These savings can be utilized in tons of different ways. You can invest them into various avenues that can make you financially stronger. Moreover, health plans also offer you tax benefits on the basis of the premium you pay. This helps you save even more money. Savings at a young age can set a good direction for you finances.

• Quick treatment for early disorders

Due to changing lifestyles, people are now starting to fall under a great risk of developing major illnesses at early age. If you do and you do not have health insurance, you might have wait, collect enough money, and then get your treatment started. However, doing so could aggravate your disease and lead to other complications in the future. However, with health insurance, you can immediately get the necessary treatment and prevent the illness from growing any further. For this reason, health insurance policies allow you to get annual check-ups. This way, you can detect diseases that do not have prominent symptoms as well.

No one can ever predict what the future holds for us and what our condition will be at a certain point in time. Thus, it becomes necessary to prepare for the financial safety of your family. Once you do this, you can live in the moment without worrying incessantly about securing your family’s future.

There are various insurance products available today to prepare for unpredictable circumstances. These products offer several deliverables customised to fit your various requirements.

Among these exhaustive varieties of insurance products, term insurance plans are among the top contenders. In such plans, the policyholder does not receive maturity benefits if the insured amount is not used within the pre-defined term. However, in the event of an unfortunate circumstance, term insurance provides the policyholder’s family with life cover and financial stability, as regards the policyholder’s nomination and realisation in the fixed tenure.

Read further to know more about what term insurance is and how to choose the right fit for you:

1. Go for Insurers with High Claim-to-Settlement Ratio

It is critical to know the monetary reimbursement plan first-hand before opting for term insurance. Check whether the plan has a good claim settlement process in place, using its claim settlement ratio. If the claim settlement ratio is high, it means that the policyholder’s family has a greater scope of getting the entirety of the total sum assured.

2. Check the Ratio of Solvency

The ratio of solvency helps you know the organisation’s capability to pay their long-term loans along with interests. The ideal solvency ratio prescribed by the IRDAI is 150%. Your insurer must have a solvency ratio that is close to 150% and not too high either.

3. Choose Riders for Comprehensive Coverage

A term insurance plan provides benefits after the death of the policyholder. When choosing the plan, you can also opt for some other features that fit your unique requirements.

Some policies have the option to get riders to grow your coverage and minimise your risks. The following are the benefits of a rider that you should look for:

• Critical illness: This rider covers certain major diseases, viz. paralysis, cancer, artery bypass, heart attack, renal failure, stroke, transplant of any major organ and coma.
• Premium waiver: This rider helps during situations that result in defaults by writing down premium payments for the future.
• Disability cover: This rider cover helps you to have a safety net for your future. This insures you from any accidents that could result in disability, due to an unforeseen accident.

4. Premium Cost

After determining which term insurance plan suits you the best and if you require any rider benefits, knowing the premium costs is now the final factor.

Do not settle for a below-average policy simply to shell out less from your pockets. The best way to know your premium costs is to use a term insurance plan calculator. This lets you know approximately what you might be paying monthly, depending on the premium tenure of your plan.

5. Number of Members in your Family and your Income Bracket

You must consider your total income, along with the total number of family members depended on you when opting for a term insurance plan. If you are single and living with your parents, your financial condition would differ from the financial conditions in a marital situation. Keep this in mind to choose coverage wisely. More so, this can help you plan your financial goals for the future.

6. Consider Liabilities

You might have a few liabilities like your vehicle, personal, home or business loans. Thus, you might want to undo the possible pressure of loan payoff that can fall on your family members when starting your future financial planning. It is of utmost importance to mention the total loan amount repayable by you.

Conclusion

While it is a great idea to hear what experts and peers have to say, selecting a term insurance plan must always be based on your own independent needs. Do not think that it is one-size-fits-all when it comes to choosing a term insurance plan for you and your family. Do consider the above-mentioned points before opting for a plan. Get an estimate of your periodic premiums using a term insurance plan calculator. Always remember to read the fine print of your term insurance plan before finalising your tenure.

Natural calamities such as cyclones, earthquakes, floods and hailstorms do not come with prior notice. Such situations are unpredictable and there is nothing you can do to control or avoid them. In the past few years, different parts of India witnessed major floods that caused serious damage to life and property. Talking specifically about car damage due to floods, having a comprehensive insurance policy for your car can help you manage the situation without any stress and save you a lot of time and money in getting the vehicle repaired. Comprehensive car insurance also covers theft and other natural calamities.

Claiming insurance for your flooded vehicle:

If your car was partially or fully submerged in water, it will mean major damages and a high cost for repairs. To claim insurance, you must:

Avoid starting the car right away

While knowing about the importance of car insurance is a must, you also need to be aware of the first thing to do if your vehicle gets damaged by a flood. You may be tempted to start your submerged car but do not make the mistake of doing so. It will cause more damage to the engine which may not be covered in the policy. So, it is best to let the car be and click photos of it. If you notice any other damage, take photos of that too.

Inform the insurer at the earliest

Floods can cause huge damages which mean the insurance company could be juggling many claims from all quarters. Hence, inform the company as soon as you can and send your car to the service centre immediately. You can contact the insurer by email or call them on the customer care numbers. You need to fill the claim form for car insurance online and you can attach photos if you want. You can also use their mobile app and do the needful. Do not delay the process because the longer you take, the likelihood of water damaging the car will increase and it could lead to long-term damage. Plus, anticipate the extra time the insurer might take to process the claim.

Steps to register an insurance claim:

1. Call on the landline or toll-free number of the car insurance company.
2. Share details to the insurer about your policy and where the car was parked at the time of floods.
3. Now the company will provide a Claim Registration Number and you can use it as a reference number.
4. You will be provided with a scheduled time to pick up the car.
5. The insurance company will assign a surveyor who will assess the damages to the car. Once it is done, the service team at the garage will be consulted and you will be informed about the claim amount payable for the repair of the car. Additionally, you will also be informed about the money you will have to pay for the repairs if any.
6. Once all the issues are cleared, sign on the claim approval form and keep a copy for the future.
7. You will get to know when the car will be repaired and delivered to you.
8. In a cashless claim, the insurance company will directly pay the garage service team. In case of reimbursement, you will have to make the payment and the insurance company will compensate you for the same.

Insurance companies have made it easier to file and settle claims. If you avail Reliance car insurance especially, you can expect a completely hassle-free process. Being aware of these steps can come in handy and will allow you to file the claim at the earliest. And, remember, never start the car if it is submerged in the water and renew your four-wheeler insurance on time to continue enjoying the extensive coverage.