Union Budget 2017-2018, India | Expection

With the union budget 2017-18 just around the corner, here are a few things we are expecting. Arun Jaitley budget speech & budget 2017 highlights on 1st Feb 2017.

This time the union budget 2017-2018 in India would something different. There has been Demonetization in the Country so would be more excited to know about the Union Budget 2017-2018.

What is Motor Insurance | Car Insurance | 6 Terms used in Motor Insurance

What is Motor Insurance?

Motor insurance is an insurance includes natural disasters like earthquakes and tornadoes, as well as man-made calamities like fires and explosions.

So many terms and conditions to peruse, so many policy papers to pry apart! If only there was some sort of insurance dictionary you could refer to every time you came across a word or term you didn’t know…

Tip: We can get  Motor Insurance Online 

Well, now there is.

We’ve simplified the meanings of a list of common terms you will definitely come across when buying or renewing motor insurance.

1. Insured Declared Value (IDV)

IDV refers to the highest sum payable by the insurer for a vehicle insurance policy. It is thus the maximum amount you can claim in case of total loss of your vehicle, for instance, if it gets stolen or damaged beyond repair.

2. Own Damage Premium

This is the premium you pay to avail insurance cover equal to the IDV and forms a major part of your total motor insurance premium.

ODP insures your vehicles against losses caused by events outside of your control. This includes natural disasters like earthquakes and tornadoes, as well as man-made calamities like fires and explosions.

3. Zero Depreciation Cover

When you make a claim, standard insurance policies deduct depreciation on replaced parts. However, if you opt for a Zero Depreciation cover, insurance companies waive off depreciation on such replaced parts, which means that you get a higher claim amount.

4. No Claim Bonus (NCB)

This is essentially the discount you become eligible for when you have not made a claim in the previous year- kind of like a reward for the prudent use of your vehicle. This discount considerably lowers the insurance premium you need to pay when you’re renewing the policy.

5. Third Party Cover

Third Party cover protects the vehicle owner against any financial liability as a result of death, physical injury or damage to the property of a third party. The term’ third party’ is used because the beneficiary of the policy is someone other than the two parties involved in the contract i.e. the vehicle owner and the insurance company.

6. Personal Accident Cover

Beyond just your vehicle, Personal Accident Cover financially safeguards you against unforeseen events causing bodily harm, such as Accidental Death or Permanent Total Disability arising due to a road accident.

Over 1,37,000 people** were killed in road accidents in 2013 alone. India does hold the dubious distinction of the most number of road accidents annually.

Health Insurance vs Medical Insurance

Which Insurance are you planning to buy in 2017 Health Insurance or Medical Insurance?

Many people think that Health Insurance and Medical Insurance are the 2 various Insurance, but the truth is that they both are same.

A prolonged illness and a sudden accident alike can greatly impact your financial stability. So don’t miss a moment; choose the right plan and get your family health insurance.

With the soaring cost of healthcare in India, investing in health insurance has never been a better decision. According to a study of Indian industries by India Mirror, 30 billion USD was spent on healthcare in India in 2014. Out of this, only 10% was covered by insurance, which undoubtedly is because health insurance penetration in India is less than 5%.

Since there are numerous health insurance plans in India, choosing the right one for you and your family can be quite problematic.

In order to simplify this decision for you, we have described the 3 main types of Health Insurance Plans and their benefits. Read, evaluate and choose!

Group Health Insurance

Is Group Health Insurance better or Individual Health Insurance?

You'd think that the differences between group insurance policies and individual insurance policies would be simple enough to understand. In truth, however, many people are uncertain of the nuances of group insurance and individual insurance. Comparing these two kinds of health insurance policies will provide you with useful information, thereby allowing you to pick what's best for you.

Yes, it's true that both types of insurance policies provide similar coverage, but they do differ in the details, sometimes quite prominently. Small businesses in particular need to assess the need for a group insurance plan, both for tax and employee benefit purposes.

In order to better understand the differences between group insurance and individual insurance, and consequently make important decisions concerning it, it is necessary to know what they entail.

Having said that, let's have a look at the differences between group and individual insurance.

Definitions

Group Insurance is simply an insurance package an organisation buys for the benefit of its employees. The organisation may design a self-insured plan itself or select a pre-planned insurance policy from an insurance company.

Individual insurance is self-explanatory too - it is the insurance package an individual buys for themselves, or for a group of people, such as for his or her family. Though the name suggests otherwise, it isn't true that an individual insurance package covers only a single person.

To know the difference between Group Health Insurance and Individual Health Insurance.