GENERAL INSURANCE BLOG

If you prefer bikes over cars, either because you are looking to save money or just because you like the feel of whizzing past the many cars, there are many options for you. There are many out there just like you, and to cater to their needs, the motorcycle industry is constantly coming out with new bikes, each with their own special features. However, while it might be fun to ride a bike because of the thrill it offers, it is of utmost importance that you drive within the speed limit, always wear and helmet, don’t get too adventurous (especially amidst traffic) and are have an insurance in place to cover any damages that may occur in the future. If you are looking to buy a bike this year, here are the top 5 bikes to look forward to in 2020: -

• Honda CB500X: Built for the adventure lovers out there, the Honda CB500X comes with a free-spinning two-cylinder engine, long-travel suspension, and a diamond-tube frame which makes it easy to handle and balance. At the height of 830mm, the seat offers excellent visibility and makes the riding position quite comfortable as you’d be able to sit upright. The bike is made in such a way that you can drive it on any kind of terrain. Also, it comes with a clear information panel to give you exact details about mileage, speed, fuel etc.
• Suzuki SV650: Since the introduction of this model in 1999, it has gone through a series of improvements to make it what it is today. With a polished powerplant, the bike has low emissions, great fuel economy, and overall excellent performance. The bike has a trellis-style frame built with high-strength steel tubes, which make it lightweight. The bike is built in such a way that it offers manoeuvrability, plenty of lean angles along with great comfort.
• Yamaha XSR 155: Do not be confused by the slightly retro look of the bike. It has been designed in a way that gives you support, comfort, control and speed. The bike, much like its previous counterparts, has a Delta-box frame which makes it lightweight. The seat, made in leather, is a single-piece seat. The handlebars are slightly raised, which is what adds to its retro look. You can see where the single-cylinder engine is on the bike and the tank is slim.
• Honda CB650R: The bike comes with a four-cylinder engine, which makes riding smoother and provides a lot of power during the rev range. The seat makes it more comfortable to stay upright, especially if you are riding for a long time. Along with this, the neo-sport style of the bike makes it look sleek. Other features of the bike include wide handlebars, LED lighting in the front and back, and waterfall-style headers.
• Aprilia RS 660: This sporty bike comes with a parallel twin-cylinder engine. With a refined frame, this bike is lightweight and easy to manoeuvre. Some notable features of the Aprilia RS 660 include cruise control, dual-channel ABS, easily adjustable brake settings, traction control amongst others.

Again, when looking to buy a bike, you must take every precaution to avoid getting into an accident, especially since it does not offer the kind of protection a car does. A great way to ensure that you have any unforeseen accidents or costs covered is by private car/vehicle insurance in india.

Things change. It is the law of the universe, and we, along with everything that we do, are a part of it. To resist change is to combat the natural phenomenon of things. When you accept change and plan things in accordance with it, then things have a habit of place. Otherwise, things may just fall apart. Indeed, no one can stop the changes in life, and the same applies to the insurance sector as well. There has been a lot going on in the insurance industry in the past ten years. According to the data provided by the Indian Brand Equity Foundation (IBEF), the insurance industry in India is expected to $280 billion by FY2020. The overall penetration of insurance policies in India increased from 2.71 percent in 2001 to 3.69 percent in 2017. The gross insurance premiums that were collected in India during FY19 reached Rs 5.78 trillion (US$ 82.8 billion). In this, 4.08 trillion (US$ 58.5 billion) came from life insurance whereas Rs 1.69 trillion (US$ 24.3 billion) came from non-life insurance.

Ease in the insurance process

One of the highlights of the changing insurance industry has been the ease of access. Now, everything can be done online, and the data is available at disposal, thanks to the growth and penetration of technology. The internet has created a trusted business model that provides value to all stakeholders. You also get free online support if you face any queries while exploring your insurance options.

Paperless process

The general insurance in India has become entirely paperless. From buying the policy to paying the premium — everything can be done online with nos risks at all. Since the whole insurance industry has taken an online shift, it is much easier to compare insurance policies and choose the best option. Now, it has become easier to explore deals across insurance companies and choose the one that fits your interest the most.

Low risk

With things going paperless, there are no risks involved. Even if you lose your insurance documents, you can easily claim them back by filing your issue online. Earlier, it was difficult to keep track of all the documents physically. However, with the onset of smartphones, everything can be accessed online without any hassle and the need of carrying physical files. The facts and numbers of general insurance prove that the insurance industry is booming. As a customer, it becomes crucial that you get access to the best insurance service. If you are looking for general insurance in India that comes with online support, then Magama HDI general insurance could be the answer. Magma HDI insurance provides you with the option to buy insurance online, and it also comes with the option to file claims online — all at your fingertips.

As part of their New Year goals, a lot of individuals decide to purchase a new car. Now, cars aren’t cheap, even if you don’t consider luxury brands such as Audi or Jaguar, and you have probably saved up a bit of money so you can buy a decent car. So, when making a choice, it is important that you put a lot of thought into the car that you wish to buy. Do not go by word of mouth; do your research and compare the different features of the cars before you make the purchase. Another factor to keep in mind while buying a new car is insurance. To avoid having to pay a hefty amount from your own pocket in case of an accident or damage, find good car insurance in India. Here are the top 5 options you could choose from when thinking of buying a new car in 2020: -

• Tata Altroz: Considered to be Tata’s first premium hatchback car, the Altroz comes in a variety of colours including Skyline silver, Midtown grey, Avenue white, and others. Whether it is a petrol or diesel engine, both will have a 5-speed manual gearbox. The car comes with projector headlamps, fog lamps (both in the front and back), along with a rear defogger. Also, the driver seat is 4-way adjustable while the front passenger seat is 2-way adjustable. When it comes to the safety features, the car has dual airbags, a seatbelt reminder, and an auto door lock system.
• Fifth Generation Honda City: The car is believed to be wider and longer than the fourth-generation Honda City but slightly shorter and with less wheelbase. It comes with BS6-compliant petrol and diesel turbo engine. When it comes to the exterior, the car has a gloss black front grille, DRLs, defoggers in the front and back, LED headlights and alloy wheels. Other features include dual airbags, vehicle stability assist, speed sensing auto-lock system, a touchscreen infotainment system, adjustable seats, etc.
• Renault Triber AMT: The car has an Energy engine with a capacity of 999cc and a mileage of 20.5kmpl. In terms of safety features, the car is equipped with front airbags, rear parking sensors, speed alert warning, pedestrian protection, amongst others. The Renault Triber AMT is a 7-seater car and has electric power steering, an engine start or stop button, a touch screen, and adjustable seats.
• Hyundai Sonata: One of the best sedans in the market, the Hyundai Sonata has a 4-cylinder engine. It has a sporty look to it with a seamless hood and a fastback rear design. The car comes in many colours like the Stormy Sea, Calypso Red, Quartz White, etc. Depending on the exact model of the car, it comes with 8-inch touchscreen audio, lane-keeping assistance, heated front seats, remote smart parking assist and an effective airbag safety system.
• BMW 5X: Now, this might be worth more than you are willing to pay, but it is still a great car, nonetheless. It is a midsize SUV that comes with three different types of engines, LED headlamps, lane departure warning, driving assist, adaptive cruise control, an entertainment system, a well-equipped airbag system that makes the car very safe and other features. The car is believed to be the most balanced BMW car and is very easy to ride, handle, and is very comfortable.

Buying a car is a major decision that must not be taken lightly. You will end up spending a lot of money on the car, whether at the time of purchasing it or during repairs. It is advisable to go over all the options and to compare them to find the car best suited for your needs. Again, take the time to find good car insurance in India for protection against losses.

While choosing an insurance policy, the claim settlement ratio of the insurer is a major factor to consider. An insurance claim is filed to get coverage for the losses or damages you sustain due to the occurrence of an event as specified in the policy. Hence, proper claim settlement is an essential pre-requisite in your risk management system. When selecting an insurance company, you must check if it provides timely and easy settlement of valid claims.

Process to file claims

Step 1: Reporting the incident

When an event occurs, the claimant should submit a written intimation to the insurer for initiating the claim process. The faster you set the ball rolling; the sooner will be the settlement. Here, you should also make sure that your policy covers the event for which you’re filing the claim.

Step 2: Complete the documentation

For a smooth claims process, you need to submit the right documents within the stipulated timelines. Most of the insurance companies have online claim filing system where you can send the forms and upload images for ratification.

Step 3: Evaluation process

Before settlement of the claim, the insurance company will evaluate the veracity of your claim through an external investigation. Hence, you should be clear about the facts when filing the claim.

Step 4: Settlement of claim

As per the regulations of IRDA, the insurer has to settle a claim within 30 days after receiving documents and verification or pay interest. If any claim requires further investigation, the process should be completed within 6 months from the date of the written filing of the claim.

Technicalities that may occur when filing a claim

When filing your claim, you should be aware of common problems and technicalities that may impede the process. That includes:

If there’s any pre-existing ailment

Any ailments that a policyholder had before the issuance of the first policy are called pre-existing ailments. These conditions and diseases must be declared when buying the policy. If the company discovers them during claim settlement, it can restrict the entire process.

If nominee details aren’t updated

The legal battle between the nominee and an heir can be prolonged due to incorrect nominee details. You should update the nominee information as it changes over the term of your policy.

If the policy lapses

When you fail to pay premiums on time, the policy will lapse automatically. Some insurance companies give a grace period for payment of premiums beyond the due dates but your vehicle is not covered for that period of time. So, you should adhere to your payment schedule, or else it can lead to repudiation of your claim later on.

The right insurer

An insurance policy is an excellent financial product, and claim settlement is the main component of this product. Hence, you should select the right insurer after checking their claim settlement ratio.

Remember, the claim settlement ratio represents the total number of claims made by the customers against the total claims settled by the company. Compare the top insurers on this factor to make so you can pick the best car insurance in India.

Thus, you can use claims as an effective tool to determine the performance and reliability of an insurer.

Mumbai and its nearby locations have always been regarded as some of the best places to explore in the country. Besides being the financial capital of the nation, there is a lot to explore for travellers in the city of Mumbai. While a private tour package might seem like the easier option, it is way better to explore on your own. This way, you will be able to spend as much time as you like at every destination without having to hurry up and catch up with the rest of the group. Since the city is notorious for its traffic, many travellers, as well as locals, opt for a motorcycle or a scooter to go around. In case you go for this option, make sure that the vehicle has a suitable insurance policy in place. You can easily buy a new or renew the two-wheeler insurance online in India.

Here are the top 5 destinations in and around Mumbai that you can explore: -

• Gateway of India: If you visit Mumbai, it goes without saying that you must see the Gateway of India. Constructed facing the Arabian Sea in Colaba, it was built to welcome King George V and Queen Mary to Mumbai. The best time to visit this attraction is either early morning or late evening when there isn’t a huge crowd. It is located right next to the Taj Mahal Palace, another notable attraction in Mumbai.
• Juhu Beach: If you are looking to get away from the busy city for a little while, Juhu Beach is a great option. Since it is quite renowned, there will most likely be a lot of people there but the gorgeous sunset and the cool breeze in the evening will be worth it. Just put on a pair of flip-flops and take a nice, long walk on the beach as you marvel at the magnificence of the waves hitting the shore. .
• Marine Drive: Officially known as the Netaji Subhash Chandra Bose Road, this destination located in Chowpatty is very well-known. A curved promenade that runs for kilometres, Marine Drive is the perfect place to sit and enjoy a breath-taking view of the beach and enjoy the cool sea breeze.
• Chhatrapati Shivaji Terminus: Built during the British colonial period in 1888, Chhatrapati Shivaji Terminus is a UNESCO World Heritage Site and is said to be the second most photographed location in India after Taj Mahal. It is a terminal train station built in a Victorian-Gothic style of architecture and attracts many who come to marvel at the splendid edifice.
• Elephanta Caves: Located on a small island called Gharapuri, east of the Gateway of India, the Elephanta Caves is a collection of caves, all adorned with intricate carvings. A UNESCO World Heritage Site, these cave temples have been linked to the Kalachuri dynasty and also the Hinayana Buddhists. Take a ferry from the mainland and go explore the Elephanta Caves situated somewhere in the Arabian Sea.

Mumbai as a city is massive and has a lot to offer, both for tourists as well as those looking to move to a new city. Besides the above-mentioned destinations, you can also visit Film City, Sanjay Gandhi National Park, the Taj Mahal Palace, Siddhivinayak Temple, Hanging Gardens, and many others. If you do plan on ditching a car and taking a scooter or bike to go around the city, make sure that you buy a suitable two wheeler insurance online in India for the vehicle.

It is important to have general insurance as it protects you against several unforeseen circumstances and comes as a financial aid in times of distress. However, it is often that people who buy insurance policies are unable to make the best out of their insurance plans are they are quite unaware of what their insurance policy has to offer. It is the job of the general insurance company to settle your claims, and as someone who has purchased the insurance, it is your job you be aware of your rights and duties.

Rights of a policyholder

● If the terms and conditions mentioned in the policy documents do not match with what you were promised at the time of buying th policy, then you can cancel or return the policy within a timeframe of 15 days. After cancellation, your insurance premium will be refunded to you after the deduction of processing costs, such as stamp duty, medical charges, et cetera.

● The nominee of the insurance policy gets the right to file a claim on the insurance in case of the unfortunate death of the policyholder.

● Depending on the insurance you have opted for, you get the option to modify it. You can change the mode of payment, the sum assured, the premium paid and the policy tenure of your insurance policy.

● If you have chosen a United Linked Insurance Plan (ULIP), then you have additional rights on your insurance policies that involve making partial withdrawals, switching funds, and surrendering the policy after completing the lock-in period.

Duties of a policyholder

● You must spend time researching about the insurance, such as looking at the benefits it offers, the premium you have to pay, and the type of cover you will get, among others. It would help if you also compared your policy with other insurance providers to ensure that you are getting the best deal.

● Make sure to fill your details correctly in the policy documents

● After buying the policies from a general insurance company, you must make sure that you are paying the premiums on time. It is better to opt for an automated payment system, so you do not miss any dates.

● If you move places, make sure that you share the information about your address change with your insurance company.

● If you want to change your nominee, you can do so by filling up by ‘change of nominee’ form. If your nominee is a minor, then you can get an appointee to sign an acknowledgment on their behalf.

● In case you lose your insurance policy, you can identify your insurance service provider about it and get a duplicate document.

It is important to cooperate fully with your insurance company, as it makes sure that your experience is smooth and hassle-free, and your queries are resolved on time. If you are looking for a good, reputed and trusted insurance company, then your search could stop at Magma HDI insurance. It offers products for everyone and comes with prompt customer service. Besides, it also has a hassle-free claim processing service which eliminates frequent rounds to the insurance office. With a vision to be the most preferred, vibrant, and responsible insurance company, fulfilling the aspirations of all its stakeholders, Magma HDI general insurance company could be your one-stop for all your insurance needs.

One of the most important questions asked these days is, “Do the health benefits of riding a bike outweigh the bad effects of air pollution on the health of the rider?” If this question was asked a few decades back, the answer would have been yes, but if you ask this question to someone in the present time, the answer would most probably be a big fat NO. The rising pollution levels are a very big concern in most of the important cities of India with the worst case being in Delhi where the pollution levels crossed the level of 1000 in the Air Quality Index of measurement of air pollution during the period after Diwali.

Even if you cycle to work or use a cycle to go to different places thinking of cause less pollution then also you are faced with a lot of pollution that is caused by other vehicles. Heavy smog and low visibility are some of the biggest dangers for someone riding a two-wheeler because they breathe this harmful air directly. People inside closed vehicles have their windows closed and they zoom away from the heavy smog areas while contributing to the pollution that affects the two-wheeler riders. In Delhi alone, nearly 85 lakh private vehicles are registered of which around 55 lakh are private two-wheeler vehicles. All these vehicles contribute to the heavy pollution that affects the whole of the city, making it one of the most polluted cities in the world.

One of the most prominent reasons for air pollution caused by vehicles is the usage of more than a decade old vehicles on the road. Such vehicles have old engines and generally do not undergo proper maintenance which makes them unsuitable for plying on roads. Most of them are running on dirty and old BS4 engines and fuels and some even older, thus contributing a lot to the pollution of the air. Most of these vehicles do not have any insurance and the owners do not even make an effort to buy two wheeler insurance online for their vehicle. The pollution that is caused by such two-wheelers or four-wheelers or any other vehicle is faced by none other than the two-wheeler riders. The two-wheeler riders are constantly exposed to such high levels of pollution which have a detrimental effect on their health. Walking, biking or using public transport to your destination are some of the best alternatives to protect the environment but each of these comes with the risk of high air pollution.

Along with the severe levels of pollution that are shown by the extremely high levels on the AQI, heavy smog and haze also reduce visibility which makes it very difficult for riders to ride two-wheelers. One of the most common problems that are faced by people due to air pollution is respiratory problems such as asthma, emphysema, chronic pulmonary diseases among numerous others. Not only respiratory problems, being exposed to constant high levels of poor quality air affects the internal body of people as well and affects different organs of the body that can lead to cancer, especially of the lung. While riding through this highly polluted air, the riders may face headaches, anxiety and may even feel exhausted while riding through places with high levels of pollution. This not only affects the lungs, which are an internal body part but also irritate the eyes, nose, and throat. These pollutants settle on water bodies and the ground and they may even reach the food chain through one way or the other. If consumed in such a process as liquid water or as food, they harm the body and can lead to many severe diseases.

Air pollution affects the two-wheeler riders at a massive scale but it also affects the other people on the roads as well. No one is safe, and people must start taking care of the environment and one of the best ways to do so is to take proper care and maintain the vehicles that they use daily to commute to and fro.

A home is something every individual requires and aspires for. A place you can come back to after a long and stressful day but purchasing a house is no child's play. It requires a certain degree of commitment and a lot of financial resources. In case you do not have adequate financial arrangements to buy a home, you would rather want to take a house on rent. But if you do have the required resources but are indecisive about buying a new home or renting it, then the following factors determine whether you should buy your own how or rent one: -

●Total income - The basic requirement for buying a house is a steady income. If you wish to buy your own house, you definitely need a high level of income to pay for it. On the other hand, if your income is quite less or irregular, you can opt to rent a house instead of purchasing as rent amount is always less than instalments of the house.

●Loan repayment - The above point brings us to a loan and is quite similar to this one. Let's say you obtain a loan from a reputed bank to buy a house. But would you be able to pay the EMI along with the amount of interest? Do you have enough loan repayment capacity while meeting other necessary expenses? If the answer is yes, then go ahead and buy your house. If no, then renting a house can be the best option.

●Duration of time - A huge factor in the decision of buying a house is the time you plan to live there. If you know that you want to settle in a particular city or region, you can buy a house. However, if the case is not so, you should stay in a rented property to avoid any extra costs.

●Security - If you wish to have a stable base instead of constantly looking for houses or being under the fear of having to empty the property you are currently living in, you should buy a house. You can ensure that your children too would have a strong backup plan if they long for their own house.

●Job certainty - If you have a job that requires you to travel from one place to the other or is not stable, you should avoid buying a house as real estate is not a current form of asset. It might hold you back from changing cities or changing jobs. You cannot predict the growth of downfall of real estate. Thus, buying and selling might not go as per your wish. In such a scenario, renting a house is the best choice as it does not bind you.

●Maintenance expenses - If you own a house, the responsibility of maintaining it falls upon your shoulders. No doubt, you can buy the best home insurance in India, but the damage occurred cannot be undone. Other than that, repairs of leakage inside the house, renovation, repainting and other maintenance expenses would have to be borne by yourself. However, if the house is rented, you need not worry about any such things as the owner will take care of them all.

● Other expenses - If you intend to buy a car, travel extensively, spend on your children's education, make strong retirement plans, or have any sort of other long or short term expenditures, you should take a house on rent. That way you would save some money by not paying instalments of the house and be able to fulfil all other expenses.

Whether you plan to buy a house or rent one is completely your call but do make sure that in either case the property is secured with the policies of best home insurance in India. This way, you can be stress-free and live life peacefully.