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Insurance

5 Hacks To Get An Inexpensive Bike Insurance Policy

In India, the roads are filled with numerous vehicles, all with drivers in a rush to reach their destinations. However, with such a huge population, traffic is a consistent issue in the country. Dealing with traffic can be quite nerve-wracking which is why many individuals in the country prefer two-wheelers as their mode of commute.

It is important to safeguard your bike with the purchase of a suitable two wheeler insurance policy. As per the Motor Vehicles Act, it is a legal requirement to have a valid insurance policy for your two-wheeler to legally drive on Indian roads. Bike insurance plans have been designed with the aim to help customers protect their two-wheelers. With a bike insurance plan, you are financially covered if your bike gets damaged or stolen due to an adverse event.

To protect your vehicle from such events, you must carry out bike insurance renewal on a timely basis. Leading insurers such as TATA AIG allow customers to buy two wheeler insurance and conduct the TATA AIG bike insurance renewal online. They also offer insurance premium calculators on their websites to help customers understand and lower their bike insurance costs. 

The cost of your bike insurance policy

There are several factors that play a role in the bike insurance cost levied upon you. Therefore, to determine the cost of a bike insurance plan, you must use an insurance premium calculator and consider the following factors:

  • The bike’s make and model
  • The bike’s age
  • The engine capacity of the bike
  • The accumulated No-Claim Bonus
  • Deductibles

The cost of a bike insurance policy shall vary, depending on the type of policy, coverage, add-ons, ‘Insured Declared Value’, etc. Therefore, it is advisable to use an insurance premium calculator to ascertain the aforementioned cost. While the application of an insurance premium calculator can be helpful, you can follow certain hacks to purchase a low-cost bike insurance policy.

How to Get an Inexpensive Bike Insurance Policy

Select a simple bike:

If you wish to purchase bike insurance at a low price, you must strive to opt for a simple bike. The cost of an insurance policy for two-wheelers drastically depends on the vehicle that has been chosen. Motorcycles and sports bikes have much better engines than average bikes. While these factors do make them attractive options for purchase and use, they increase the chances of an accident.

Therefore, insurance companies levy a higher premium amount on sports bikes and high-end bikes. Therefore, opting for an average bike with a moderate engine cubic capacity can help you get a lower premium amount on the bike insurance policy.

Calculate your insurance requirement:

Your bike insurance premium depends on various factors, including your residential location, age, driving history, occupation, bike model, etc. Therefore, if you’re planning to purchase a bike insurance plan at a low price, you must ascertain your insurance requirements. It is important to understand the extent of the coverage you need so as to pick the right bike insurance plan.

Compare different plans before purchasing one:

The process of choosing two-wheeler insurance can be a bit overwhelming as there are several plans available for your choosing. Therefore, it is important to compare the different plans available online before finalising one. It would be prudent to select the most appropriate coverage for your vehicle at the most feasible price.

With the advent of technology, it has become easy to assess and compare bike insurance plans online and assess their cost using online calculators. You can also determine the impact of different bike insurance add-ons on your insurance premium by using such calculators.

Fix your deductibles:

Deductibles are an amount you pay out of your pocket during a bike insurance claim. Deductibles are of two types: While a compulsory deductible is set by the insurance company you choose, a voluntary deductible is an amount you determine while purchasing the plan. Opting for a high voluntary deductible can help you minimise your bike insurance premium amount.

However, if you are planning to add a higher deductible to your plan, you must ensure that you have adequate funds at all times to meet your premium payment obligations. If you have a decent amount of experience riding a two-wheeler, opting for a higher deductible is an optimal option for you.

Keep your bike in a secure location:

While you may have chosen the most optimal two-wheeler for yourself, someone else may also have their eyes on your prized possession. This is why it is important to ensure your vehicle is protected in a safe and secure garage whilst not in use. This will help you prevent any damages to your vehicle from natural disasters, rain, and rising temperatures.

Furthermore, your vehicle will be protected from burglars who have an eye on your vehicle. Insurance companies also reward bike owners who take extra precautions to protect their vehicles. Therefore, once you add certain anti-theft devices to your bike, the insurer may reduce the bike insurance premium amount.

Low risk of theft is also good for the retention of your No-Claim Bonus which is awarded to bike owners who do not file a bike insurance claim in a policy year. With this bonus, you can receive a discount on your bike insurance renewal.

Conclusion

It is pivotal to protect your bike against a wide variety of uncertain events and you can do so by purchasing a suitable two wheeler insurance policy. In addition to this, you can follow certain hacks to get low-cost bike insurance. The aforementioned hacks can help you secure the optimal insurance coverage for your bike at an affordable price.

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Insurance

5 Things an Agent May Not Tell You About Term Insurance

Advertisements coaxing you into buying term insurance plans are often way too convincing. What they fail to mention is that a standard term plan is a lot more complex to read, analyze, and even implement.

Essentially an insurance policy that covers the members of the kin after your demise, the term plan is hardly laden with investment-specific benefits. Unlike a life insurance policy that appreciates with age, a term plan is beneficial only if it is settled after the insured has departed.

Although the benefits to the family are immense, there are a few things that you would need to understand before opting for a term life insurance plan as agents hardly talk about these, when it comes to recommending plans.

Factors to Take Note of: Underrated yet Undeniably Important

Even if your agent proffers half-baked information regarding a term plan, you must try and factor in these aspects before proceeding:

  • Claim Settlement Ratio

Perhaps the most essential aspect of a term insurance plan, the CSR often signifies the credibility and genuineness of the insurer. As you should know that the insurer doesn’t simply entertain claims once the insured has departed for the heavenly abode. Most insurance service providers run detailed investigations into the death while some have guidelines and norms regarding the nature of bereavements that are covered.

It is the prerogative of your agent to bring you insurers with the higher CSR value, which signifies the number of claims honored against the ones filed. If the agent doesn’t let you know, you can always check for the same at the IRDAI portal.

Therefore, instead of relying extensively on a term plan calculator to ascertain the premium rates and the sum guaranteed to the family, it is equally important to check the CSR before proceeding.

You certainly wouldn’t want your family’s claim and expectations to be rejected citing an unnatural cause of death, accidental death, death outside the country, and any other excluded factor.

  • Role of Riders

Probably an extension to the first point, your term insurance agent must help you full-proof the entire policy spread by recommending valid riders. You should know that a standard term plan only covers the elementary aspects and you must add in permanent disability, accidental death, critical illness, and other riders to ensure that claim settlement is processed swimmingly after your demise.

While the inclusion of riders adds to the premium value, you can always determine the same beforehand by using a term plan calculator.

  • Comparative Benefits

Unlike any other product, even term plans need to be compared. The agent, therefore, should offer insights relevant to the features, death benefits, rider costs, sum assured, overall cost structure, CSR, and other pointers, for some of the more sought-after insurers. The comparative approach would then help you make better and informed decisions.

  • Exclusions

Regardless of how well you choose, every term insurance plan misses out on certain attributes, which then falls in the category of exclusions. Your agent must explicitly let you know about the omissions, which often include coverage for suicidal deaths, accidental disability, or more.

But then, if the CSR still looks lucrative enough, you should work around these exclusions with relevant, supplementary riders.

  • Waiting Time Frame

Like most policies, even term plans have specific waiting periods before a particular claim is honored. Smaller waiting periods attract higher premiums and your agent should let you know about each aspect before proceeding.

For instance, if you, as an army staff, plan to get a term policy, it is advisable that the agent lets you into the timeframe that the insurer puts forth before the claim can get honored. Long waiting periods aren’t going to be useful in this context, even if they attract lower premiums.

Bottom-Line

A term plan is arguably the safest financial net that you can get for the family. But then, finding the right one can be a bit irksome as agents often leave out 5 of the most important aspects of the same, as covered in the aforementioned sections.

Therefore, to avoid discrepancies, the opaqueness of approach, and even unnecessary misunderstandings during claim settlement, it is advisable to get the policy from Finserv MARKETS. This would eventually help you choose better and sleep well knowing that the claims are most likely to get settled, every single time.

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Considerations to Remember When Buying a Commercial Insurance Policy

Multiple factors at once impact the success or failure of any business. For that, entrepreneurs need to consider all these elements that may have an impact. This includes designing a business plan, procuring necessary financial support, implementation of that business strategy and lastly having a backup plan if things go down south. This backup plan is by way of an insurance policy to cover the various business risks. At first, identifying which types of risks your business faces is crucial and accordingly you can select a commercial insurance policy for it. This article mentions a few tips that can help you select a suitable coverage to safeguard your business. Let’s have a look –

#1 Understand your legal obligations

A commercial insurance is not mandatory for all. Albeit, the prevailing government regulations make it essential for an establishment to purchase a commercial insurance policy. For instance, organisations for whom the Workmen Compensation Act is applicable deem it necessary to have the backing of an Employee Benefit Insurance plan. Thus, the business owners need to be aware of the potential risks in their business and accordingly purchase a commercial insurance policy.

#2 Familiarise with the industry risks

No industry is the same as others. Hence, it is crucial to identify the risks associated to the business. The type of risks not only change between different industries, but also for different geographic locations. For instance, a professional providing advisory services can be sued for errors or mistakes whereas a food chain can be liable for any health concerns to its customers. For this reason, it is important to identify the risk based on the industry you operate. This way you can smartly select the right commercial general liability insurance.

#3 Determining the coverage for your insurance policy

Once you identify the risks involved for your business, the next step is to select an appropriate commercial insurance policy. Since budgets are allocated for all business components, selecting a policy within your budget is crucial. A cheaper insurance cover might be tempting considering your finances but might lack adequacy for the business. Whether you are looking for a marine insurance policy for your good, or a liability insurance cover to protect your business interest, make sure to choose enough coverage. Based on the damages, these amounts are determined and thus, a smart selection is essential.

#4 Select a reputed insurance company

Going with a reputed insurer benefits by ensuring timely settlement of claim along with coverage for multiple business risks. Moreover, reputed general insurance companies have a positive feedback among its customers and choosing one becomes a hassle-free experience.

#5 Understanding the policy terms thoroughly

There are myriad insurance policies that are available. These plans have different features and cater to different scale of operations. As a business owner, you must carefully understand what forms part of inclusion or exclusion and whether it can help to mitigate the various risk that surround your business. This will ensure there are no gaps in the policy coverage and if any, can be planned in advance.

These are some considerations to remember when buying a commercial insurance plan. Make sure to check the above steps chronologically to avail the best coverage for your business.  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.

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These Are the Points to Remember When Transferring Your Car Insurance NCB Benefits

People at large are aware of the need to have an insurance policy when buying a car. The legal requirement laid down by the Motor Vehicles Act of 1988 has made it essential to have one. But apart from this legality, there are quite a few benefits of a car insurance policy. Protection of damages to the vehicle, coverage for third-party liabilities, personal accident coverage are some of the them. One can buy car insurance online making it easier for them to compare the right policy features.

An essential feature that often gets overlooked is the no-claim bonus. No-claim bonus or as popularly referred as NCB is a form of reward offered by insurance companies to its customers. The NCB benefit is in the form of concession at the time of car insurance renewal thereby further lowering the premium. It isn’t always a claim is made for repairs or damages to the car. At these times, an entire policy tenure goes by without any claims. Since no claims by the policyholder benefits the insurance companies, they provide a renewal benefit in return which is known as the no-claim bonus.

What are the benefits of no-claim bonus?

#1 Rewards: The most noteworthy benefit of the no-claim bonus is the reward offered by the insurance company for not making any claims during the previous policy year.

#2 Lower premium at time of renewal: Savings are another highlight of the no-claim benefits. The car insurance companies offer a concession at renewal of the insurance policy which result in savings in premium costs.

#3 Linked to the policyholder and not the vehicle: The no-claim benefits are linked to the policyholder and not the vehicle. Thus, these benefits are extended to all cars replaced by the policyholder. There is no limit on the number of cars that can be changed, and the benefits can be transferred seamlessly.

#4 Transferability: Since the no-claim benefits are linked to the policyholder, it is easily transferable. All that needs to be done is obtain a NCB certificate from the former insurance company and submitted to the new insurer.

What are the points to remember when transferring the NCB benefits?

As discussed above, no-claim benefits under an insurance plan are transferable. There are a few formalities that need to be completed to get the NCB benefits in the new insurance policy. It depends on whether the conventional approach of offline transfer or the modern-online way is chosen. For offline transfers, the sale agreement for the car along with RTO Form 29 and 30 are required to be accompanied to the letter requesting transfer of the NCB. An NCB certificate will then be issued by the insurer which needs to be submitted to the new insurer. For online process, it is much simpler wherein details about the previous insurance policy are required. Policy number, the percentage of accrued NCB are the detailed based on which the new insurance company will then take forward the process.  These details can changes as per IRDAI norms.

Here are some of the documents that shall be needed for NCB transfer –

  • Application for transfer of no-claim benefits
  • RTO Forms 29 and 30
  • Copy of the existing insurance policy
  • Details about the new car purchased (Booking form)

Take a note of the above-mentioned benefits of the no-claim bonus and its transfer use it smartly in car insurance transfer process. It can help you avail continued coverage from the insurance company as well as lower the insurance premiums. 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.

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Way to Get Cheapest auto insurance for 16 years old

Auto insurance is the association between you and your vehicle insurance company at the time of accident or theft, the insurance company will protect you from the financial loss at the event. The company accepts to pay your loss at the time.

Auto insurance coverage:

Property: auto insurance company provides coverage to the property it means the vehicle which is damaged or theft. Vehicle insurance provides the grantee for the property after its damage or theft.

Liability: auto insurance gives you a legal responsibility for the person injured and vehicle for its damages. It is the responsibility of the company to take care of the medical of the person and the expenses charges of the vehicle.

Medical: the person who had injured will be treated without any cash in the hospital by the insurance company and gives him proper treatment for his fast recovery.

Collision: the damage of your car with another car that happens due to collision with one vehicle with another vehicle or any other object like tree, wall, guardrail, it covers only the potholes from turning of the vehicle.

Comprehensive: it gives coverage against theft and damage made by fire, flood, vandalism, hail, falling rocks, and other hazards.

Glass coverage: it provides coverage for a broken windshield, side window damage, sunroofs, etc of a vehicle.

Apply and get insured:

Apply online: get your online application to insured your vehicle. The cheapest car insurance for 16 year old female avails insurance for females less than 16 years.

Compare rates: The insurance company provides a way to compare the deposit amount for the customers to know the current values of the cars and pick up a good policy.

Get covered: The insurance company gives you the best part of coverage by binding up with all the facilities that are needed for an injured car.

Cheap insurance for 16 years old:

The cheapest auto insurancefor 16-years old service given to boys and girls gives way to do drive without any fear while driving a car. It is cheaper by giving discounts and other facilities like insurance services for 16-year-old boys and girls. Some of the schemes are as follows:

Good student discount: it provides discounts for the students who have good academic performance. Not only has that by giving discounted to student’s motive them to learn higher.

Drive fewer miles annually: if a 16-year-old boy or girl drives a few distances annually the company provides discounts for coverage.

Safe driver training course: as the teen’s community is very vigorous on road, they provide an additional training course to avoid accidents and to have a safe drive.

Away from a home student: if the teen’s high school or college is about a long distance from home the insurance company will provide auto insurance policy coverage.

Pay premium in a lump sum: there are exciting discounts for the teens who pay the whole amount at the initial state. This is given for the first come first serve and advance payment of the total amount.

Auto insurance is mandatory for the people with vehicles which will help them at the moment of any disaster or injury for the person or damage to the vehicle. Alias insurance provides a variety of discounts for the customers and especially to teenagers.

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How Risk Management & Liability Insurance Merge

When you think about risk management in the workplace, you often think about using proper fall equipment, study clothing, or quality hardhats. However, there’s another part of risk management that doesn’t directly involve changing things on the worksite. That factor is proper insurance.

What is Risk Management?

Getting started, let’s quickly go over what risk management is in the first place. As a contracting business, risk management is how you ensure that you can protect your business and keep your employees safe. If done right, you will avoid advertising injury, bodily injury, and major-loss lawsuits. While keeping the construction site safe is important, insurance can actually be a more important part of your overall risk management process.

What Types of Insurance Exist for Construction?

Knowing how important insurance is to your business, you might ask what insurance companies can provide you that will help. Insurance helps cover many things; however, there are multiple types of business insurance depending on your needs and budget.

General Contractor’s Insurance

What would happen if one of your employees wrecks a truck into a finished brick wall on-site? Without general liability coverage, you have to pay for everything yourself. However, if you have general contractors’ insurance, then your insurance will help you pay for the loss and repair.

However, this isn’t just a way for you to protect yourself. It’s usually a requirement by law. In most states, you are required to carry this if you want to take jobs over a certain amount or as a subcontractor or contractor.

Contractor’s Liability Insurance

Mistakes happen even to the best workers. The more workers you have on a project, the more likely a mistake is going to be made. This is where contractor’s professional liability insurance comes into play. Should one of your workers, or even a third-party that you hire, make a costly mistake, you will be covered.

This can be great for high-risk jobs that have many subcontractors, architects, engineers, and other workers. While not required by law, it can be required by the client as part of the bidding process.

Worker’s Compensation

As one of the most dangerous fields to work in, construction isn’t free from unexpected injury. When something happens on-site, you want to be able to take care of your workers. Power tools and heavy equipment can be a danger not just to limb but to life in general. This specific business insurance will ensure that your worker is covered for things like medical bills, lost wages, and other expenses related to an on-the-job injury.

Much like general liability insurance, this type of insurance is also required by law, depending on the state. As a rule of thumb, if you have more than five employees, then you’ll be required to have it. However, know where you live to know the specifics of what you need and when.

Choose Contractor’s Liability

Our name says it all. If you want an insurance quote for CPL insurance, we’re here for you. We’ll make sure you as the business owner stay protected and allow you to add all the additional insured parties you may need. If you need a certificate of insurance, have no fear, once you sign the contract, you’ll be able to download it to present right away.

Get a quote today!

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Features and Benefits of a Senior Citizen Health Insurance Policy

As medical inflation in India is persisting at high levels, the need for an all-round health insurance policy is tremendous. At around 7.14% in 2018-19, it is a drastic rise from 4.39% in the last financial year.

Hence, health insurance for senior citizens is more necessary, owing to the numerous medical expenses that arise with age. Such insurance plans are tailor-made to suit the medical requirements of individuals aged 60 or above.

Benefits of senior citizens health insurance are –

  1. Coverage against all diseases

A senior citizen can already be diagnosed with specific conditions before availing an insurance plan. Major financial institutions provide coverage against these ailments as well. Nevertheless, any claims against such pre-existing illnesses can be made post completion of a year since the policy has been activated.

  1. All-round medical care

The best health insurance for senior citizens caters to all kinds of medical needs, such as hospitalisation expenses, medication costs, diagnosis charges, doctor’s fees, etc. Emergency ambulance charges and benefits pertaining to 30 days before and 60 days after hospitalisation are also extended.

  1. Financial security

Senior citizens usually don’t have any source of income, making them heavily dependent on their lifetime savings or pension. Such health insurance plans help senior citizens preserve their financial interests, as premium healthcare can be availed at nominal annual premium costs.

Consequently, any adverse complication in an individual’s health does not put a dent in his/her pocket, as an insurance aggregator assumes the payment liability in such cases. Total sum assured and annual premium charges can be decided by an insured individual itself, levying no unnecessary burden on individuals.

  1. Hassle-free process

Major non-banking financial corporations such as Bajaj Finserv provide Senior Citizen Health Insurance online. Requisite forms can be filled and submitted through the official portal of the NBFC, along with KYC documents and past medical records.

Renewal of such online policies can also be done easily through the web portal. An individual renewing his/her existing policy is eligible to receive a loyalty bonus on their premium deductible.

Additionally, a no claims bonus is also given for every claim-free year during the insurance tenure.

Senior citizens can also opt for a top-up health insurance policy along with the existing insurance, to gain additional coverage for specific ailments. Since senior citizens are prone to have a higher hospital bill generated in their name, having extra coverage can be fruitful.

Benefits of a top up health insurance policy can be stated as follows –

  • High-value claims can be made against all diseases present before the activation of the top-up insurance plan, as the sum assured in such policies tend to be substantially high.
  • Such policies cover family members of an insured individual simultaneously under one umbrella, minimising the overall expenditure of one family on medical bills.
  • Top-up insurance policy comes with a free health check-up facility irrespective of claim status.
  • Wide range of coverage can be obtained under such insurance plans, starting from maternity to organ donation charges.
  • The premium payable is eligible for income tax rebate under Section 80D. A total of Rs. 55,000 dedicated towards premium charges is deductible against taxable income tax.
  • A hassle-free application process with a 15-day trial window is associated with all top-up insurance plans. Disbursement of the claim amount is directly made to the concerned party without any involvement of a third person.

Also, health insurance can be availed by individuals having a full health record at the time of application. It plays a vital role in the determination of annual premium payments, and the total sum assured promised during claims as well.

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Why you should buy a 1 crore term plan?

Life and death can always be unpredictable. While you might cherish one’s life, you might mourn the death of your loved ones the next moment. Due to the unpredictability of life, many of you might be constantly worried about securing your family’s future in your absence. During your active working years, you might not only save money but also purchase life insurance for your loved ones.

Term insurance is a protection plan, which offers financial security to your loved ones. However, a term insurance policy offers financial protection only for a specific time. Under a term policy, you can receive substantial coverage at low costs. At times, the selected coverage might not be adequate, depending on your financial requirement of your dependants. Therefore, select a 1 crore term plan that can secure your future even though it is for a stipulated time.

Before purchasing an insurance policy, let’s first understand why you need to buy a one crore term plan:

As you grow older, your financial requirements might increase. Moreover, your financial dependants might increase after you cross a particular stage of your life. If you are the breadwinner of your family, you should purchase a term plan for 30 years along with a sum assured value of Rs. 1 crore to meet everybody’s financial needs. That way, you can secure your family’s financial future in the case of your untimely demise at a young age.

Today, there are numerous options in the market that offers different term insurance benefits. Due to the diverse range of products, you might fail to understand which product is suitable for you. Selecting the right term insurance policy plays a major role in building a secure future. Therefore, let’s understand how to select the best 1 crore term insurance policy:

  1. Consider the premium rate

Although term insurance can be available at low costs, you should check with your insurer about the premium rate in return for the coverage. As a policyholder, you can pay your premium either monthly or annually. Before purchasing a term policy, you should compare the arate of term insurance plans and determine the premium rate on an online term insurance premium calculator.

  1. Look at the claim settlement ratio

The claim settlement ratio of your insurance company determines the number of claims that they have settled every year. When you are purchasing a term policy, you should select an insurance company, which has a high claim settlement ratio. Every credible insurance company can have a high settlement ratio.

  1. Use additional benefits

Many insurers might offer additional benefits in the form of add-on covers or riders. These add-on covers can also be called as riders, which are used to enhance the base term policy. When you purchase riders like personal accident rider or critical illness rider, you can receive an extra coverage apart from the actual insurance cover.

Every term insurance policy can have different features. Therefore, let’s go through these most common features of every 1 crore term plan:

  1. Nominal charge

A term policy provides high coverage at a nominal rate. However, online term insurance is relatively cheaper than an offline term plan.

  1. Payout options

A term policy offers a death payout to your loved ones in your absence. As the nominees, your family can choose from the multiple payout options given below:

  • Monthly income
  • Lump-sum amount
  1. Extra riders

Riders are an essential element under a term insurance policy. Check with your insurer to confirm if they offer riders on top of the term policy. However, select a rider wisely since it might cost extra.

To sum up, the selection of a one crore term plan can be relatively difficult. However, it can be essential for every family as it can offer maximum coverage. When you buy a one crore term plan, read the term and conditions carefully. Consult a professional in case you need help or if you have any queries regarding the term policy.

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Health Insurance Myths

Selecting a perfect health insurance is confusing but forms a crucial part of your financial planning. It is imperative to know it is one of the most ignored area in terms of investment products but medical exigencies will have gruesome impact on your financial goals in the long run. The bubble of these myths that float around health insurance plans need to be busted-

Group Insurance Policy is sufficient

A Group mediclaim offers you benefits which may not be enough to take care of your medical exigencies. Also, the restrictive coverage it offers till you are associated with your employer is a major downside to relying solely on such group insurance plan. There have been instances where the employers call-off their association with the insurance companies and employees are left without any cover.

Loss of benefits if policy not timely renewed

You should maintain the continuity in payment of the insurance policy premium; although you have a buffer period of 15 days after the expiry to honour the payment for the policy to be treated as ‘continuously covered’.

Benefits flow from day one

There is a misconception about the benefits of the health insurance plan accrue from the first day. You need to know that only in case of accidental health insurance you are covered from day one. Whereas in reality, there are ‘waiting periods’ for specific ailments clearly mentioned in the policy document.

The young and healthy don’t need a health insurance

When you are young and healthy, getting a health insurance policy for yourself is probably the last thing on your mind. One often tends to put these things off for the future. However, when it comes to an adequate health insurance cover, it is never too early to do so. A medical emergency can happen to anybody and can arise at any inopportune time; therefore it is crucial for every individual, no matter how young or old, to obtain a health insurance.

Payment only if hospitalized

This is not true at all. Certain surgeries do not require hospitalization and yet are covered in full under your medical insurance. Cataract surgeries are one such treatment that do not require the patient to get hospitalized. They are called day care procedures and offered under your insurance cover.

More Network Hospitals and Day Care Facilities, the better it is.

This is untrue as they policy documents may lure you into buying the one that offers better coverage of day care facilities and a wider network coverage, but in fact they may come attached with a plethora of conditions that need to be fulfilled to get your claim sanctioned.

You may destroy the policy documents after the expiry

One such misconception is that the policy documents are of no use post expiry of the policy. However, it may help the TPA through whom most insurers process their claims and change in such TPAs may lead to missing data regarding the claims made by you. So, it is always better that you keep the policy documents for prior years at hand although they have expired.

Hoping this has brought some insight regarding the myths surrounding insurance policies and you make well informed choices in selecting the best policies for you! Happy Investing!

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Why You Should Buy Travel Health Insurance for an Outbound Trip From Thailand

If you wish to travel outside Thailand, you need to make sure that your medical expenses can be covered. That is why travel insurance should be purchased for any trip overseas. You don’t want to get sick or succumb to a condition such as a heart attack without being covered.

Prepare Yourself for the Unexpected

While you don’t want to think that a health condition or illness could strike while you are on holiday, you still need to be prepared for the unexpected. That is why you need to learn more about a product such as travel insurance for Schengen Visa.

You can buy this insurance if you are between 16 and 75 years old and receive excellent coverage. For example, you can buy accidental death and permanent total disablement protection as well as overseas medical expense reimbursement.

Cover Any Medical Evacuation Costs

This type of travel package also includes emergency medical evacuation and repatriation costs. For example, you receive medical assistance in case of an emergency and repatriation in case of death, which pays for funeral expenses.

You can also receive personal liability protection and a benefit if you are hijacked while en route to a travel destination. In addition, medical costs in Thailand are covered for follow-up medical visits. If you want full-coverage protection that covers things such as loss of baggage or trip curtailment, you need to choose a premium plan.

Scrutinize Medical Travel Insurance Plans

That is why you need to carefully scrutinize the travel policy you buy. Don’t assume that it contains everything you want in an insurance plan. It may not feature coverage for delays or missed connections. It may also bypass cover for baggage and luggage delays. Don’t count on a regular plan either to cover you for loss of personal cash or personal overseas documents.

If you run into a situation where you lose travel documents or cash, you need to cancel debit or credit cards immediately and file a report with the policy issuer. You should also visit the nearby embassy and contact a friend in Thailand to transfer you cash.

Besides insuring your travel medical expenses, you need to be prepared for mishaps that have to do with personal items or cash. In either case, you need to respond quickly whether or not you have insurance.

Don’t Forget to Place Copies of Travel Documents in Your Email

You should always save a copy of any important travel documentation including visas, passports, or credit cards. Copy and scan them to your email so you can access them quickly if they are taken. You also want to keep a copy of your travel medical insurance policy. Always make sure that you have a way to obtain spare cash if you need to pay for replacement documentation or transportation fees.

Once you choose a travel insurance plan, you will feel more peace of mind when scheduling your travel itinerary. Any outbound trip should include keeping a record of all important documentation. Make sure that you cover all your bases in this respect.