GENERAL INSURANCE BLOG

Medical Science has grown by leaps and bounds, so has medical expenses. With the rise in medical costs, a common man can no longer hope to provide his family with quality medical treatment without a health insurance policy. Health insurance is important as it takes away the financial burden in times of such despair. You should always remember to renew health insurance online or offline before it expires, as per your preference. Nowadays having single health insurance is no longer sufficient though. Even though medical costs keep increasing over the years, insurance policies have not kept up with that pace. Many insurers don't provide medical cover over a certain amount, which sometimes is not sufficient.

Thus, individuals are allowed to hold multiple health insurance policies as long as both the insurers are privy of it. All the insurers must know that you have multiple health insurance policies, else they might be deemed void, or your settlement may be reduced. While there are no problems over holding multiple health insurance policies. Many people don't know how the situation will play itself out. There are various things to remember so you may not face any unnecessary obstacles in claiming your entire settlement amount: -

• When a claim does not exceed the sum insured under a single policy, it is up to your discretion to choose which insurer to approach to settle the amount. Various things like NBC benefits must be taken into consideration while making up your mind on which insurer to approach. There are no specific guidelines that you need to follow and you have entire liberty in this matter.
• When claim exceeds the sum insured under a single policy, it is up to you to decide whom to approach first. The insurer you approach first will settle the claim up to the limit stated in your agreement with him. The rest of the claim amount will be settled by the second insurer.
• You cannot gain raise a claim for more money than your expenses. That means you cannot ask both insurers to settle the maximum amount of your policies.
• In case of a cashless settlement, TPA will agree to settle your expenses to the maximum amount that can be settled, rest you have to pay by yourself. Later on, you can submit proper bills to the second insurer and will be reimbursed for your expenses.
• To make the claims, you must submit several important original documents to the insurer. They are general bills and receipts, discharge form, prescriptions, diagnostic tests, and X-rays and other scans. The documents must be attested. To make multiple insurance claims, you must make sure to receive multiple attested copies of all the documents from the hospital.

With all these points, you will face no issue claiming multiple insurance covers. Having multiple insurance policies is generally beneficial as they might have different clauses regarding critical illnesses. You can better secure your future by holding multiple insurance policies instead of one. Also, you must renew your health insurance on time; accidents can happen anytime. You can do so from the convenience of your home and mobile phones as now you can marine cargo insurance policyrenew health insurance online. Still, you must never forget that precaution is better than cure. Just because you have good coverage on health insurance does not mean you stop taking care of your health. Some things when lost can never be regained.

Road trips on a car are enthralling. These drives fill our camera rolls with memorable moments that we recall with much fondness. If you are planning a road trip this season, congratulations — you have made the right decision. You have to take care of certain things before you decide to hit the highways to make sure that you drive is smooth. To start with, you should first get the best car insurance in India so that you do not land into any legal trouble. That done, you will have a big burden taken off your mind. Here, we will look at a few ways through which you can better gear up for your next road trip.

1. Paper and digital maps

Make sure that your phone has an active internet connection so that you do not miss out on those essential twists and turns, and those much-needed shortcuts while travelling. However, you cannot wholly rely on digital maps. Several regions may not have a cellular network, and this is where a physical map might come handy. Carry a detailed map so that you never get lost while you throttle you way down the highway.

2. Extra money

Financial planning is essential before a road trip. You will need cash for food, lodgings (if you are staying overnight at a motel), and other miscellaneous expenses. Do not solely rely on plastic money, as there will be several places that will accept only cash. Also, make it a point to carry a decent bit of extra cash in case something unfortunate happens, such as your car breaking down. Breaking dows, well — this also brings us to our next point.

3. Carry spare parts and a toolkit

Highways are long, and often there are miles between service shops. Make sure that you carry a spare tire in case you meet a puncture. You should also carry a toolkit and a service manual to make sure that you can fix the basic problems that you might run into. It would help if you also made yourself comfortable with the basic repair guide so that the task of repairing the car does not turn out to be overwhelming.

4. Carry enough water

In the worst of scenarios when you get stranded, there is one thing that you will need the most — water! Things might get quite nasty if you get stranded in a place where there are no water sources, Always make it a point to carry a few large bottles of water to keep yourself going while you try to get yourself out of the mess.

5. Carry a first aid kit

You never know when things might go off-road and you meet with a small accident. This can happen off-road as well. To deal with the consequences, make sure to carry a first aid kid which will help you get through before you receive medical attention. With these basic points in mind, you can be assured that your trip will be smooth. If you are worried about the best car insurance in India, then you can opt for Magma HDI car insurance as it offers a host of features, such as additional cover, discount on premiums, access to and access to anti-theft devices, among others.

Long bike rides are relieving to the soul. They teach us many lessons, test our patience, and brings the best version of us on the road. There is much for the sight to behold — the steadiness of the highway, the slopes of the mountains, the glimmer of the rain, and the kiss of the wind. If you are planning a bike ride alone or with your buddies, then congratulations to you — you have made a great decision. However, before you start, there are a few things that you should keep in mind. Start by getting your papers — the bike’s registration and insurance — right. Yes, it is mandatory to have registration and two-wheeler insurance in India. Once you have the documents in place, you can move on to the other steps.

Choose a comfortable bike

You might not want to for a bike trip on any engine. Pick a bike which can burn those miles without stressing its engine. You would want to have a cruiser so that your sitting posture does not give you back pain later. If you are worried about the budget, then pick a fuel-efficient bike. Several mid-range Indian cruiser bikes offer an excellent highway experience in India. It would help if you get a proper bike gear so that you are well-prepared for harsh weather conditions. Carry essential spares and tools for unforeseen circumstances.

Pack and eat light

You would not want to carry much luggage on your back while you are riding. It will add extra weight to your ride. Try to pack light — just the essentials. Try to fit the essentials in a pack and tie it up behind your bike, as you would not want to carry a load on your back while you are riding. Try to start early in the morning on a light stomach. A heavy meal takes a lot of energy to digest, so if you have a hearty meal before setting on the ride, then you might feel drowsy on the way.

Take breaks to stay motivated

Long bike rides may never seem to end. Riding constantly may tire you up. Try to take short breaks every hundred kilometres or so. This will help you feel refreshed. Keep this in mind that the trip will come to an end, and that more than the destination, the journey is what you are looking for — the sound of the wheels humming on the highway. India has mesmerising landscapes so there will be enough to see on the way, and all these sights will keep you motivated throughout your ride. If you are worried about getting good two-wheeler insurance in India, then your search could end with Magma HDI two-wheeler insurance. Magma HDI bike insurance comes at an affordable price and provides features such as personal accident cover. It also has support for anti-theft devices, so you can keep on riding, roaring on the road without worrying about anything at all.

One of the major determinants of how you live your life is your financial condition. It cannot be emphasized enough that you need to carefully plan out your finances not just for the near future but also for your old age. If you find yourself in a financial fix, the chances are that things might just get worse from there and it might take a lot to turn that situation around. One of the best ways to ensure you live a worry-free life is to properly manage your finances. Here are few ways in which you can stay financially healthy: -

• While a large number of people depend on a card to make payments, it is a smart choice to say goodbye to credit cards. Since you need to pay for the expenses you make on your credit card, you can always run the risk of going into debt. As more purchases and interests keep adding up, you might find it difficult to pay your credit card bills. Instead, maybe use a debit card since the money will directly deduct from your bank account every time you make a purchase, and you don’t need to pay any debit card bills.
• Begin thinking about a retirement savings fund. Since you can only work for so long, it is important to plan in advance. Start saving money from today itself and add it to a retirement fund, so you are financially secure when you grow older. Not having any money saved for old age could prove to be a major headache especially if there are medical bills to pay.
• One of the simplest ways to become financially healthier is to cut out any unnecessary spending. This might be very common advice, but it is easier said than done. You need to keep in mind that your financial situation could change any second and that you should always be prepared. All expenses ultimately reduce your savings, so spend your money wisely, only on what you really need, with a few occasional indulgences.
• Think about insurance. Now, insurance is a broad category. There is vehicle insurance, health insurance, travel insurance, property insurance, etc. You can never really foresee any adversity, so it is best to be prepared. Make sure to go over the terms of the various insurance policies and keep renewing them regularly to avoid having to pay large amounts of money from your pocket when the situation arises. For example, there are many online health insurance companies that you can check out. You just need to find one that suits you best.
• Another easy way to be financially healthy is to make a budget. At the beginning of every month, plan out a budget based on your account and normal economic activities and try to stick to it. If you can manage to spend just as much money as you had planned for, you will end up saving a ton of money in the long run since you would have avoided any unnecessary expenses throughout the month.

Whether it is finding a good online health insurance company, switching to debit cards, looking for further sources of income, investing your money, you must contemplate your financial decisions thoroughly. Money is extremely important to determine the quality of your life and must be used very, very carefully to avoid any complications in the future.

Bike rides are thrilling — the wind teasing your hair, the sound of the motor groaning, bringing in a sense of movement, a much-welcome change. If you have a bike then you know how important it is for you — it is your friend, one which doesn’t let you down, ready to go with you on every walk of life. As a bike owner, it is your job to make sure that your riding experience is forever smooth, that there are no troubles attached to it. To begin with, you have to make sure that your paperwork (registration and insurance) is in proper place. Indian law makes it mandatory to have a two-wheeler insurance policy. If your bike insurance has lapsed for even a day, it could land you into some legal trouble! To make sure that your bike-riding experience is smooth and hassle-free, you must opt for a long term two-wheeler insurance policy. Besides, having long term insurance for your bike has its own sets of benefits. Here, we will look at some of the reasons why you should opt for a long term policy for your motorbike.

● Discount on premiums

When you opt for long-term two-wheeler insurance online for your bike, you get the option to avail discount on your premiums. Insurance companies provide you with discounts and incentives since they save on administrative costs if you opt for a long term policy.

● Avoid risks that come with non-renewal and policy lapse

If your insurance policy is not renewed on time, then you are exposed to certain risks. For example, if your bike meets with an accident, or is stolen, and if the policy is not in action, then you would have to bear the entire financial loss yourself. However, if you purchase long-term insurance, such problems can be easily avoided. Besides, if the policy lapses and you intend to renew it later, several insurance companies ask for an inspection of the bike to determine its condition before they decide to renew the policy. If you opt for extended two-wheeler insurance online for your motorcycle which extends for years can easily help you avoid such situations.

● Earn higher No Claim Bonus

No-claim bonus (NCB) is a discount that insurance companies offer on the premium if you have not made a single claim during the insurance term. When it comes to NCB, long-term two-wheeler policies have the upper hand over short-term policies that last for one year. The NCB slab structure for more extended policies is also different from short-term policies. Besides, the NCB discount is additional to any upfront discount which you get on the purchase of a long-term policy.

● Get rid of the paperworke

Choosing a short-term policy makes you liable for much paperwork. You will receive new documents at the end of each policy year. And searching for new and better deals also takes much time — something which not all of us have. If you are someone who doesn’t like the hassle which comes with paperwork, then you should opt for a long-term insurance policy.When it comes to choosing the best bike insurance, Magma HDI two-wheeler insurance policy stands out as they come with a host of benefits. You get additional cover for injury and death, which makes sure that the cover is not just limited to your bike, and extends to you as well. Besides, if you have installed an anti-theft device (approved by the Automotive Research Association of India) in your two-wheeler, you have the option to avail a 2.5 percent discount (or up to Rs 500) on your own-damage (OD) premium. With minimal paperwork and a hassle-free claim process, opting for a Magma HDI two-wheeler insurance online is one of the best options that you have for your long-term bike insurance.

The term “health insurance” is something that you must have heard multiple times. Both the government authorities, as well as the insurance companies, are aggressively creating awareness regarding health insurance. But what exactly is health insurance, and why do you need to get one immediately? Health insurance is essentially insurance that will cover complete or part of the medical expenses if you were to fall seriously ill, had a major accident or require a medical surgery of any kind.

• Since these situations would otherwise require you to spend a substantial amount of money, it is always a good idea to subscribe to a comprehensive health insurance policy. Not only should you have a health insurance policy in place, but it is also essential that you pay attention to timely health insurance policy renewal as well. Before availing a health insurance policy, here are some terms you must understand well: -
• Deductible: In simpler words, it is the part of the medical bills or expenses that you pay on your part while the insurance company pays for the rest. Based on the percentage of the risk you are willing to cover, the company will decide the deductible and the amount it will pay.
• Premium: Premium is the amount that you would pay to the health insurance company for subscribing to the insurance policy as well as for its renewal. Depending on the insurance company, the premium could be paid every month, once a quarter, or once in a year. In case you are part of a group insurance policy at your workplace, your employer will most likely pay the premium. Failure to pay the premium could lead to termination of the policy and forfeiture of any accumulated benefits.
• Grace period: - In case you are unable to pay your health insurance policy renewal premium by the due date, the insurance company will offer you a grace period of up to 30 days. If you pay the premium during this period, your health insurance policy will stay in force, but if you fail to pay the premium during this period as well, the policy will be terminated, leaving you unprotected.
• Floater Plan: - This is a comprehensive health insurance policy that covers multiple persons in the family. Yourself, your spouse, kids, and parents can be included under the cover of this plan. Having a floater health insurance policy removes the need for having separate insurance plans for every family member.
• Free-look period: - Also known as the cooling-off period, this period specifies the number of days you have since the issuance of the policy to cancel it. In case you are not satisfied with the new health insurance policy and cancel it during the cooling-off period, the insurance company will refund the premium amount after deducting some costs. But once this period has lapsed, no premium will be refunded by the company if you decide to cancel the policy.

When applying for a health insurance policy, it is of utmost importance that you fully understand all the terms, which also include co-payment, coinsurance, etc. Since it pertains to a very serious aspect of your life, you must make an informed decision when choosing a health insurance policy and you must keep in mind the terms of the health insurance policy renewal too.

Fire is a serious risk for pretty much all physical structures, whether it's your house or your shop. This is why insurance is essential to mitigate the loss to building, machinery, goods, furniture and fixtures, plumbing, electrical appliances and other assets in the event of a fire. Fire insurance is an indemnity based contract, where the insurer agrees to compensate for any loss or damage during the policy term, not exceeding the maximum amount for which the premium is being paid. Here are some features offered by fire insurance companies in India that you should know.

Coverage

As per section 2(6A) of the Indian Insurance Act 1938, in addition to fire, other hazards are also clubbed with the insurance plan known as the ‘Standard Fire and Allied Perils Policy’. The policy also covers losses on account of lightning, storms, flood, earthquakes, landslides, bush fire, explosions, aircraft damage, riots or malicious damage, impact damage, bursting or overflowing pipes, missile testing, etc.

Policies available

There are different types of policies one can opt for while purchasing fire insurance in India. A comprehensive policy even covers theft or burglary whereas a floating policy is useful for businesses that have assets or stocks in different places. Thus, allowing you to pick a policy based on your individual needs.

Add-ons

Insurance providers such as Magma HDI also offer covers on fire insurance policies such as compensation for architect or surveyors fee, temporary removal of assets, loss of rental income or rent for an alternative accommodation till you rebuild your home or business.

Uberrimae Fidei

Fire insurance is based on the principle of Uberrimae Fidei or utmost good faith, where the insured party makes full and honest disclosure of all facts. Failure to do so can render the policy void and absolve the insurer of any financial responsibility.

Insurable interest

The insured party must have an insurable interest in the asset not only at the time of purchasing the policy but also at the time of the incident. For example, you insured your house but later sold the house to someone. The place catches fire while the policy is active, but you cannot make a claim because you have no insurable interest in the property anymore.

Policy tenure

The tenure of coverage is clearly stated in the policy document. Usually, the insurance does not exceed one year so make sure you renew timely it for continued coverage.

Exclusions

Like any other insurance policy, fire insurance also has its exclusions. Damages caused by normal heating, own fermentation or spontaneous burning; loss or damage of the property due to nuclear perils, electrical or mechanical breakdown and terrorist act, war and warlike operations are some common exclusions of fire insurance companies in India. Fire insurance ultimately provides you with financial security for your home or business to help you get back to your normal life as soon as possible.

As per an official report released by the government, an astounding 469,910 road accidents were reported in 2017. Even though the number of accidents have been steadily declining over the past few years, an estimated 53 people get injured on Indian roads every single hour! Accidents are unfortunate, and there is no way to be prepared for them. However, while a personal accident cover (PAC) can’t alleviate the risk of accidents, it definitely covers the financial risk arising out of death, permanent or partial disability.

What does it cover?

A PAC covers any physical injury from a road, rail, air incident, burn injury, animal bite, injury due to collision or fall, drowning, poisoning, etc. It is available as an add-on option from insurance providers such as Magma HDI.

What are the types of PAC?

There are a few different types of PACs. While you can purchase a stand-alone policy, usually the coverage comes bundled as a rider with a life insurance plan. You could also buy limited period PACs when booking air or railway tickets. However, in the case of auto insurance, availing a PAC is mandatory as per the Motor Vehicles Act, 1988.

What are some advantages of a PAC?

1. It helps your insurance portfolio: Many health insurance plans do not cover accidental medical emergencies. As an add-on cover to your health or motor insurance, a PAC helps you cover all bases. As far as add-ons are concerned, a PAC truly helps make your plan comprehensive.

2. Cost-effective: The premium for a PAC is minimal and affordable for all. For example, a 30-year-old male would have to pay less than Rs 1000 per annum for a Rs 10 lakh coverage. Thus, it gives you essential coverage without the hassle of a hefty additional fee.

3. Ease of availing: A PAC only needs your basic personal information. There is no need for a medical check-up or follow up documentation. It can be availed in a matter of minutes as it is simply added to your new/existing policy.

4. Hassle-free claim settlement: If you ever need to avail the benefits of PAC, all you would need to do is inform the insurance company of the time and date of the accident, your policy number and contact details. The claim settlement process is initiated immediately after that.

5. Children’s education benefit: For families, a major concern is taking care of our children in our absence. Some insurers also cover the education of dependent children, in case of death or permanent disability of the insured person to ensure a secure future for them.

What should you keep in mind before purchasing PAC?

Personal accident covers are also subject to exclusions like your insurance policy. Some of these are losses arising out of acts of war or terror, injuries resulting from participation in adventure sports etc. Make sure you read your plan's policy wordings thoroughly for a smooth experience if you ever do need to make a claim. When looking out for a PAC, choose one that offers worldwide coverage and other add-on benefits like Magma HDI’s individual personal accident cover.