Saturday, 20 February 2016

Motor Insurance: What does your motor insurance policy cover and doesn't cover?

You probably know that in order to drive a vehicle on road in India, you should have a liability only motor insurance or comprehensive insurance; it is imposed by Law. There are basically two types of motor insurance or vehicle insurance exist in India; Liability only Policy and Package or Comprehensive Policy. Liability insurance policy covers your legal liability towards third parties for injury, death or property damage; and also provides accidental coverage to driver against death or injury. On the other hand, a package policy or comprehensive policy provides a high level of protection for example; it also pays for the damages to insured vehicle due to an accident.

9 Important Things You Might Not Know About Your Motor Insurance in India | Vehicle Insurance in India

Motor Insurance or Vehicle Insurance covers an individual and his vehicle against theft, damage, injury, third party liabilities etc. Traveling is a part of our life; we use certain types of vehicles to travel here and there; and probabilities of collisions are high, because thousands of vehicles run on road at a same time. If your vehicle hits an individual or his/her property; then that person may seek compensation, in such scenario, you have to pay for the loss caused by your vehicle. Here motor insurance comes into play; a motor insurance policy pays for the damages you cause to another person/property in an accident. Some motor insurance policies (Comprehensive or Package motor insurance policies) also pay for the damages to insured vehicle due an accident. 

Thursday, 18 February 2016

Motor Insurance India: Types, Importance, Benefits of Motor Insurance in India

Insurance is a fastest growing marketplace around the world; it offers coverage against insured event for example; Life Insurance covers an insured person against death, Health insurance provides reimbursement for medical expenses incurred in a hospital. In the same way, Auto insurance or Motor Insurance covers vehicle and third parties against accidental damages etc. Motor insurance is a part of General Insurance. In our daily life, we use certain types of vehicle to travel here and there. Though, no one wants to be hospitalized; but in reality, everyone is exposed to danger while traveling on road. Motor Insurance or Auto Insurance helps us to bear the financial loss in case of an accident. As per Law, it is mandatory to have liability insurance if you own a vehicle for example; Car, Motor Cycle, Commercial vehicle etc. If your vehicle hits a person or an object then you’re liable to pay for the loss (As per Law).

Friday, 12 February 2016

9 Key Benefits of Having Life Insurance Policy | Benefits of Life Insurance

Insurance: By definition, insurance is a legal agreement between policy holder and insurance company; in which, one pays premiums (policy holder), and other pays (insurer) on the event of loss.  

Importance of Insurance: Insurance plays a significant role in an individual’s life. It covers an individual against unforeseen events like; Life Insurance covers insured person against death, Health insurance provides coverage for medical expenses incurred in a hospital, Mortgage insurance provides cover for mortgages and loans taken by insured person etc; and insurance also protects individual’s family against financial crisis by giving financial support to them. Many people face a common phobia that what will happen to their family if they die? It is indeed that death is certain but the time of death is uncertain; insurance cannot stop the occurrence of death, but insurance can certainly protect your family against financial crisis upon your death.

Sunday, 7 February 2016

Types of Pension Plans in Insurance Marketplace in India

Annuity or Pension plans provide financial support to an individual when he/she reaches at a stage of life; in which he/she can do work to cover his/her basic living expenses. After retirement, everyone wants a regular income source; that’s why, many employers set up occupational pension schemes for their employees to provide a regular income source to them. It is immensely important for individuals (whose employers do not provide occupational pension schemes) to plan for post-retirement expenses to live a hassle free life after retirement.

Saturday, 6 February 2016

Types of Insurance: Explaining Life, Non-life, and Re-insurance

In this day and age, you can find numerous insurance products in insurance marketplace. For an individual it would not be important to know, “what are the different types of insurance”? But for professionals like; financial advisors and insurance agents, it is very important to know all the basics related to an insurance industry. It helps to build their self confidence level as well as it helps them to give professional advice to their customers. In this post, we will be discussing on fundamental types of insurance. Though, insurance market has grown up over the years; but, it still working under the same principles.