GENERAL INSURANCE BLOG

We’re always talking about how densely populated India is but have you ever stopped to think what it means for us? Well, the metros are over-crowded for one, but there is more. 

It also means more people have to share the same amount of resources. Something as basic as healthcare becomes more expensive for most.

Our country’s total expenditure on health as per WHO statistics was 4.7% of our GDP (2014). This cost is only rising due to our sedentary lifestyle and the external factors like climate that we expose ourselves to on a daily basis. As much as we love our junk food and comfortable chairs, they really aren’t helping our health.

So, at a time like this, what can one do?

This is where health insurance comes in handy, even if we faced the same health problems as the generations before us, the prices we would have to pay would be a lot more due to inflation. But a good health insurance can work as a safety net that protects you from these expenses. There are things such as family medical history, environment and even our lifestyles that aren’t completely in our control, but how prepared are we for unforeseen events are.

But besides countering the effects of our changing lifestyles and rising medical costs, health insurance also gives you some additional benefits such as tax deductions. We know, a lot of people don’t invest in health insurance because they think it’s expensive but if anything, it’s helping you save money on two fronts – medical bills and taxes. All payments made as premium for your insurance are eligible for tax deduction under section 80D of the Indian Income Tax Act. In simpler terms, the amount you pay as premium is deducted from your total taxable income.

Now you might be thinking that you are healthy, and you wouldn’t really need hospitalisation and thus, health insurance. But here’s where you are mistaken. Health insurance doesn’t just help you during hospitalisation but throughout – from getting free health check-ups to day-care treatments and even dental procedures. Now, who doesn’t need a dentist every now and then, right? Moreover, you might be healthy now, but what about 10 or 20 years down the line? You can never be sure of your health then, but you can be sure that health insurance will be there to protect your finances.

Planning for the future is a must in this day and age. The ease of technology leaves you with no excuse but to click a few buttons to secure yourself. Health insurance is cited as one of the best investments that one can make. Not only does it lead to better financial planning, but it also removes a lot of questions you may have when an unfortunate situation does arise.

Choose a plan tailored to your needs and stay assured that if you ever need healthcare, you have something to fall back on.

Though there are many Online Health Insurance Companies in India, Magma HDI is a one stop shop for all your needs from a Health Insurance Policy Renewal or getting a new policy.

Does your business rely heavily on machines and equipment? If yes, then you surely must’ve heard about machinery breakdown insurance. Even if you haven’t, worry not, we’re here to explain

Businesses that have machines running day-in-day-out are susceptible to loss if there is any physical damage to the machines or if they break down. Even if the daily wear and tear are monitored, it is impossible to predict a breakdown. But what you can do is be prepared for such situations by having a machinery breakdown insurance.

What is covered by this type of insurance?

Loss or damage due to:

• A mechanical breakdown
• An electrical breakdown 
• Accidental external factors

The cover is applicable:

• When the machinery is operating
• When it is at rest 
• When it is in the process of getting dismantled
• When it is being overhauled or subsequently being re-erected at the same premises.

The machinery breakdown insurance that we provide also has the following additional covers:

• Air Freight
• Express Freight
• Insured’s own surrounding property
• Third party liability
• Escalation
• Additional custom duty

What is not covered by this type of insurance?

Loss or damage due to:

• Natural calamities like lightning, flood, earthquake, landslides, etc.
• Burglary or theft
• Damage caused due to impact by land-borne/water-borne craft.
• Wear and tear, faults or defects that existed when the insurance period started and was either known to you or ought to have been known to you. 
• Faults or defects for which the supplier is responsible either by law or under contract
• War or war-like operations
• Wilful acts or gross negligence on your or your representative’s part
• Accidental loss or damage due to overload experiments or tests requiring the imposition of abnormal conditions
• Loss of or damage to the different types of belts, ropes, chains, and other exchangeable tools
• Loss of or damage to objects made of glass, porcelain, ceramics, all operating media, etc
• Flaws, defects, cracks or partial fractures that develop gradually in any part not necessitating immediate stoppage

Machines and equipment form an integral part of some businesses. If your business is one of them, then you definitely must own insurance that protects your machinery against unforeseen circumstances. Specific insurance policies such as this one are made to ensure that if something does go wrong, business owners have a reliable option to fall back on.

Though the home is a synonym of safety, home burglaries are common and have gone up rapidly in recent times. Festival theft is another concern, and a study shows that the highest home burglary rate in India is during festive seasons. Read on to know about five preventive steps to ensure your home is a safer haven during the festival season and after.

Hiring a security guard or a watchman

Most of the housing societies execute due diligence on the security features, including hiring trained security guards. If you are not living in one of the high-rise buildings rather a private land-based home, then a security guard is a must for you. A trustworthy watchman is a resource who works as a deterrent to burglars and ensures the complete safety of your home. Opt for a guard from professionally licensed security companies and always take a security guard that has previous security experience and is adequately verified.

Under surveillance — installing CCTVs

Technology is more of a boon than a bane for all. According to a Delhi Police report, crime reports have decreased to half after installing CCTVs in Old Delhi's Chandni Chowk Market. The same statement holds true for most of the residential colonies. Installing CCTVs at your home allows you to keep an eye on suspicious elements and prevents any potential theft. During the festive season, it is more imperative to have a security scanner that alerts you about any suspicious activity around your premises.

Lock it all when you leave

During the festival season, there is a spurt in burglary, even in locked houses. When you need to leave your home, make sure that all your windows and doors are closed and properly secured. One of the biggest mistakes people make is hiding the keys in the most obvious places, under the rug or behind the nameplate. Also, don't let burglars assume that no one is in the house. Ask neighbours or depute someone to pick the newspaper from the doorways and switch on the door lights in the night.

Bank lockers are better than home safes

There is no argument that a bank locker is always a safer place for your valuables. Banks have a robust security system to safeguard your valuables. The presence of a security guard and a high level of surveillance to monitor entry and exit in the bank's locker room add another layer of security protection to your valuables. However, if you are still keeping jewelry and valuables for the festive season at home, use electronic safes ranging from mechanical safe to the wall-mounted high-end safes.

And, consider taking a home insurance cover.

Security tools and technology will help make your home secure to a certain extent, but considering the increase in home burglaries nowadays, nothing can be said with surety. A good head start would be opting for the best home insurance policy in india that safeguards your home from any loss and damage.

For regular people, bikes are only a form of commute. But for passionate bikers, riding is a rejuvenating, refreshing, and therapeutic experience.

Chances are, you may have never heard of the benefits of bike riding and only the dangers, especially from your parents. However, various studies show how bike rides can reduce stress and enhance cerebral functions. Riding has numerous other health benefits that you may have overlooked till now.

Let us now look at the physical and mental health benefits of riding.

1. Interacting with the environment:
When you go for a drive in your car, you are confined inside it. Although there is a window, people usually do not pull it down because of the AC or dust coming from outside. But, on a bike, you are out in the open with the wind blowing in your face. You can directly connect with your surroundings. You are closer to the trees and the essence of fresh air. An experience like this is undoubtedly bound to reduce stress and anxiety.

2. Core strength and stability:
When you are riding a bike, even just to the grocery store, you have to keep yourself upright. Maintaining correct posture while riding can enhance core strength, improve muscle tone and help keep the body in shape.

3. Calorie burn:
Did you know you could burn calories while bike riding? A one-hour motorcycle ride is estimated to burn about 200-300 calories if travelling on rugged terrain. So, to put things into perspective, if you ride a bike for one hour 5 days a week, you could lose 65,000 calories in a year.

4. Reflex enhancing:
Bikes are considered more dangerous than cars, and it’s because you need to be extra aware of your surroundings while riding a motorcycle than in a car. You need to be alert at all times, resulting in the riders developing good reflexes and improved brain alertness.

5. Neck strength:
If you are a neck and back pain victim, you will be thrilled with this benefit. Riding can improve your neck strength and is almost like therapy for your neck and back. However, for this, you need to make sure that your bike is fit for your body.

Bike riding is undoubtedly fun. Even if you are not a regular biker, riding in the open air once in a while can truly revitalize you from within. It can be a refreshing experience after a hectic day at work. Bike trips are an excellent way of connecting yourselves to new people and surroundings. The more you ride, the more you get to explore new dimensions of yourselves.

But, it is essential to be a responsible biker and ensure that you ride with the proper gear and required documents. Safety is paramount, and the same applies to your bike. As life insurance covers you for damages, your motorcycle needs ideal bike insurance coverage for its comprehensive security. So, before hopping on your bike, make sure that you have protected your asset with the shield of insurance.

Click HERE to get details about different bike insurance plans.

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.