GENERAL INSURANCE BLOG

Tobacco has been killing people for centuries, but people still don't consider it one of the biggest public health dangers the world has ever faced. Smokers are susceptible to various chronic and fatal diseases such as lung cancer, respiratory diseases, asthma, heart diseases and stroke, chronic obstructive pulmonary disease (COPD), and osteoporosis. Moreover, female smokers may also face complications in pregnancy.

Hence, it is imperative that smokers should opt for the best online health insurance to ensure the right coverage during an emergency. Here's all you need to know about health insurance for smokers.

1. Need and importance:
India has a large population of around 120 million people that smokes. Moreover, smoking kills over 8 million people every year. They are also prone to various fatal diseases that need expensive long-term treatment.
Therefore, smokers should opt for a good health insurance policy. It will help them protect their hard-earned money and prepare them financially for the enormous hospital expenses they may incur because of illnesses caused due to their smoking habit.

2. Premium:
Health insurance policies for smokers usually command around 30%-40% higher premiums than other regular health insurance policies. This is because a smoker is more susceptible to diseases and gets hospitalised than a non-smoker. Many risks are involved in providing a health insurance policy to a smoker. Insurance companies offset this risk by charging a higher premium for covering a smoker's health.
The premium also varies according to the number of cigarettes a person smokes in a day or a week. A smoker who smokes more will have to pay a higher premium than a smoker who smokes fewer cigarettes in a day. Also, insurance companies increase the premium on a smoker's policy if he suffers health problems later on due to smoking.

3. Disclosure requirements:
A smoker must disclose his smoking habits and the number of cigarettes he smokes in a day when he buys the health insurance policy. Even if a person smokes just one cigarette daily, he should disclose it to the insurance company. An insurance company can reject the claim on the grounds that vital information relating to health was wilfully non-disclosed at the time of buying the online health insurance policy. They can also declare the policy null and void.
If a person turns a smoker after buying a health insurance policy, he should inform the insurance company about the same. This will make his claim settlement process hassle-free. The insurance company may modify and increase the premium and ask for a medical test too.

4. Benefits:
A health insurance policy for a smoker has numerous advantages. Smokers can need expensive treatments as they can catch diseases fatal to life, such as cancer. The policy will keep them financially protected and cover their hospital bills in such a situation. Moreover, they can enjoy cashless treatment benefits with their policy. Such policies also come with tax benefits on a smoker's premium under Section 80D of the Income Tax Act, 1961.

A health insurance policy should be purchased as a shield by any smoker as there are high chances of them being diagnosed with life-threatening diseases of the lungs, chest, and even cancer at some stage of their life. Smoking kills people, and the policy can provide financial support to smokers in times of medical emergencies.

It is always good for smokers to become aware of the dangers of tobacco and quit smoking. In addition, they should do adequate research and opt for the best online health insurance policy. They should go through minute clauses and details of their policy that may be affected due to their smoking habit. This will ensure financial protection, stability, and hassle-free claim settlement at a later date.

Click HERE to buy an online health insurance policy.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

It is difficult for us to pick out the best insurance providers in the market without having in-depth knowledge about the company. You should not choose your insurance company by merely watching their advertisements in the media or by what your agent suggests. Always get in-depth knowledge about the credibility of the insurance company, its financial strength and stability, and the capability to support you financially in times of need.

Here are a few key ratios that will help you better understand an insurance company and which you should consider before buying insurance.

1. Claim Settlement Ratio:
This is the first and foremost ratio you should consider when choosing your insurance company. It denotes the number of claims settled by the insurance company per 100 claims it receives.
Even if an insurance company with a low CSR offers you a policy at a lower premium than others, you should avoid buying it. After all, such savings can be futile if your company rejects your claim during a medical emergency. The whole purpose of buying an insurance policy is forfeited in such a case. Hence, the company with the highest CSR should be given preference.

2. Liquidity ratios: Liquidity ratios tell you how capable the company is of meeting its financial obligations and claims raised by the policyholders. An insurance company should have good liquidity and be able to fulfill its payment obligations in case a huge number of unexpected claims come up suddenly at any point in time. This can happen in catastrophes such as floods and earthquakes when many people may raise insurance claims in a short period.
It also provides information on an insurance company's capability to meet its current liabilities from its liquid assets. A ratio of less than one will mean that the company may have to sell its long-term investments or borrow money to meet its current liabilities. This can be a worrying situation for the company and the people buying its insurance policies.

3. Solvency ratios:
Put theoretically, a company's solvency ratio measures its capacity to meet its debt obligations and other financial commitments. The current solvency ratio prescribed by the IRDAI for insurance companies is 1.5 in India. A ratio lower than 1.5 is a cause for concern for insurance buyers. It may result in bankruptcy risk if the company faces many sudden claims.

4. Earnings ratios:
The following two important earnings ratios ascertain the profitability of the insurance company and its competitive strengths.
Combined ratio:
There are several operating expenditures, commissions, and claims that an insurance company has to meet. Their cumulative total should be less than the total premium earnings for that period. A lower value of the combined ratio is advisable.
Return on net worth:
This ratio tells us the profit-earning capacity of an insurance company concerning its net worth. It considers the profit earned by the company after tax and indicates the overall return on equity of the insurance company. A higher ratio is better and preferable.

It is an arduous task to choose the best insurance company in the market, especially when so many big companies operate in the field of general insurance. A buyer should carefully review the above ratios and rate the available options accordingly. Before buying its policy, a good understanding of the insurance company is of utmost importance.

A policy buyer should be confident that his decision to choose one insurance company over another is sound and backed by statistics and numbers. After all, the insurance company should stand by his side and provide him hassle-free financial assistance in times of real need and emergency.

Click HERE to buy the best general insurance that keeps you financially safe.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Standalone own-damage car insurance is optional, unlike third-party car insurance. However, you must buy your standalone damage car insurance since it will help you get coverage for damages to your car during an accident or a natural or man-made disaster like a fire outbreak, theft, flood, etc.

What is covered under standalone damage insurance?
By looking at what this policy covers, let's better understand how standalone car insurance functions. A typical own-damage policy will protect from the following:

● Accident-related damages or total loss

● Vehicle theft

● Damage that is beyond repair as a result of fire, lightning, explosion, or self-ignition

● Natural calamities such as landslides, earthquakes, or floods can cause damage

You can file a standalone damage car insurance claim with your car insurance provider if your vehicle is damaged as a result of one of these events. Nowadays, raising a standalone damage car insurance claim is simpler than ever before. You can visit the insurer's website, log in, complete a form, evaluate the damage to your automobile, and then make repairs after the claim is approved.

Factors that affect standalone car insurance premiums.

Your standalone car insurance premium can easily be impacted by a change in any of these variables.

1. Insured Declared Value:
Your car's IDV, or insured declared value, is its current market value and a key component in calculating its own-damage premium. If you decide to give your car a greater IDV, your standalone car insurance will be expensive.

2. Age of the vehicle:
Your vehicle depreciates with time and loses value. As a result, if your car is older, your car insurance premium will decrease.

3. Your location:
If you drive in an urban, congested area, such as a big city, your own-damage auto insurance rate will go up. This is because there is always a chance that the car will be stolen or damaged. The danger is also lower, and the premiums are lower in smaller towns and villages.

4. Car safety:
Installing safety features on your car reduces the possibility of damage. For instance, airbags reduce the likelihood of your vehicle sustaining damage, minimising car insurance premiums.

5. Model of the vehicle:
Any damage caused by an accident to a pricey or luxurious vehicle could be very costly. Due to the high risk associated with such a vehicle, the standalone insurance policy premium for own damage will also be expensive.

6. Engine cubic capacity:
Your car's engine cubic capacity significantly impacts your premiums. Compared to vehicles with engines under 1500cc, the damage premium for vehicles with an engine capacity beyond 1500cc will be higher.

7. No Claim Bonus:
When you renew the policy, your rates will be reduced if you haven't made any claims for auto-related damages during the policy year. As a result, avoiding these claims allows you to pay lesser premiums for your standalone own damage insurance.

Who should buy standalone damage insurance?
If you just have third-party auto insurance at the moment, it is advised that you purchase your standalone damage coverage. It increases the range of protection for your vehicle during emergencies like a car accident, a man-made disaster, or a natural disaster.

Here is the formula to calculate standalone damage car insurance premium:

You must know your car's Insured Declared Value (IDV). Using the formula below, you can easily determine your four-wheeler's IDV:
IDV= (showroom price - depreciation cost) + (cost of any car accessories - depreciation cost)

Once you know your car's IDV, you may use the following method to determine the cost of standalone own damage insurance:
Standalone Damage premium = IDV X (Premium Rate) + Add-on Covers - Policy Discounts and Benefits

Check for new car insurance rates before investing in standalone damage insurance. Contact your insurance provider to get the desired answers if you have any queries.

Click HERE to buy a car insurance policy.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

The onset of the pandemic initiated an active interest in maintaining health and ensuring health insurance policy renewal. However, the quarantine brought with it several other challenges. Schools, colleges, workspaces, and other leisurely spaces such as parks, gardens, and malls were closed. The average person was stuck in a difficult predicament.

Even post normalisation, the main barrier to fitness is the lack of time in an individual's busy schedule. Be it a student or a working professional, going to the gym may only sometimes be possible. Finding the time and an easy-to-access nearby gym within your budget is strenuous. The one-stop solution to all these problems is working out at home. It seems like an arduous task, but once you can take out some time for your workout during the day, these hacks will significantly help.

In this article, we will explain how an effective equipment-free workout routine is perfectly attainable!

Before we start, here's a pro tip: You can use household items for greater resistance training. Getting stronger, fitter, and leaner is achievable without regular gym equipment like dumbbells. Use standard cans instead of hand weights and your laundry basket as dumbbells. A pile of your books works too! Creatively use weighted household items to enhance the effectiveness of your workout.

Exercises to start with when working out at home

1. Body weight squats
Bodyweight squats are a staple across all home workouts, irrespective of fitness ability. Depending on the variation you engage in, you can strengthen your back, glutes, calves, core, and thighs and maintain great posture. Start with a basic squat and gradually take on advanced forms of the humble squat.

2. Push-ups
Push-ups are one of the most common yet tricky exercises. They are an all-in-one solution if you are short on time and need to get your blood pumping quickly. With variations suitable for different age groups and fitness strengths, push-ups are a universal favourite for fitness freaks. It engages the chest, arms, shoulders, and core and improves overall balance. Being one of the most effective yet challenging exercises for your upper body, it is a must-try.

3. Walking lunges
This works best with an open space, like a long corridor. It targets the midsection of your body effectively and helps maintain posture. Always keep your back straight to avoid injuries.

4. Plank
Simply the starting position for push-ups, this exercise will engage your core and abs extensively if done in 45-second intervals. Make sure to keep your back straight. A simple online search will help visualise the exercise. However, do not be fooled by its simplicity. It is challenging to maintain this position, irrespective of your current fitness abilities. Start slowly in 5-10 seconds and gradually increase your plank duration.

Once you're comfortable with the exercise, look up variations that can help engage multiple muscle groups, making for a comprehensive workout. Before participating in such intensive training, consider health insurance policy renewal to protect yourself against the medical costs of any health emergency or accident.

Lastly, but most importantly, don't forget to warm up before each workout by doing a couple of jacks, marching on the spot, and knee bends. This will prevent you from injuring yourself by pulling a muscle. However, injuries are unpredictable while doing a high-intensity workout. Therefore, health insurance policy renewal should be a top priority to avoid losing on to the financial benefits.

Click HERE to know more about health insurance policy renewal.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.