GENERAL INSURANCE BLOG

If you have ever randomly searched for road safety statistics relating to India, you would be concerned. According to data provided by many research firms, the road crash severity, i.e., the number of deaths per 100 road crashes, was 38.6. This implies that over a third of road accidents lead to fatalities. Our numbers are also the highest amongst all countries, making this an issue that requires immediate attention.

While infrastructure and planning of roads are partly to blame, so is driver negligence. Considering that over half the vehicles on roads are 2-wheelers, it becomes necessary to practise safe driving since 2-wheelers do not have the bare minimum safety that cars provide and lead to more significant damages if in an accident. With increased regulations, the demand for 2 wheeler insurance has risen steadily.

Still, riders continue to take unnecessary risks in the form of 3 or more riders, underage driving, and helmet-less pillion riders. While your 2 wheeler insurance covers the driver and vehicle, does it also cover pillion passengers? Read on to find out all about it.

Inclusion of a passenger in 2-wheeler insurance:

2 wheeler insurance is considered a comprehensive cover but is not in reality. By carefully reading the fine print, one can find multiple exclusions which can be added to the cover as an add-on facility. One such cover is to protect your passenger.

If you are considering whether or not to purchase the add-on, we strongly urge you to do so. Since two-wheelers are more vulnerable to accidents, minimal damage to the riders is inevitable. While your comprehensive plan covers you and your vehicle, buying an add-on will insure your pillion rider's life.

Inclusions of the add-on:

The add-on primarily lightens your moral responsibility towards your pillion passenger to keep them protected as long as you're responsible for their safety. In the following events, the insurance company approves the claims filed:

● Compensation for the death of the passenger to their legal heirs

● Payment in case of partial or permanent disability to the passenger

● Reimbursement of hospitalisation expenses incurred to treat the passenger

Who should consider buying the add-on:

While 2 wheeler insurance is mandatory for all, we recommend considering a pillion-passenger add-on as the same. However, suppose any of the following cases apply to you, then consider purchasing it at the earliest to minimise the extent of the financial burden you may have to face.

● If you regularly have a pillion passenger travelling along

● If your regular passenger happens to be a child or a senior citizen, it is best to cover for contingent mishaps

Exclusions to consider before filing claims:

This add-on is undoubtedly helpful in insuring your fellow rider’s life. However, before filing a claim, you must ensure that the following:

● The driver has a valid licence

● The driver was not under the influence of any substance

● The driver must be the owner of the vehicle and must purchase the policy and add-on in his name

● The accident must not be intended to be an act of self-injury by the driver

These are generally excluded conditions that reject a claim. Since making 2 wheeler insurance mandatory, its penetration has significantly increased. Authorities should also consider making policy equipped with comprehensive benefits to cover all related parties and ensure maximum protection of the riders and vehicle.

Click HERE to buy a reliable 2 wheeler insurance.

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.

Ever since the world reopened after the Covid-19 pandemic, people have been making the most of their lives by travelling to different places and quenching their thirst for "wanderlust."

With the advent of the hustling lifestyle, people have become distant from nature, which is why travel has become an essential part of our lives. The popularity of travel vlogging on various social media platforms is helping users to get information about different types and destinations for trips, tickets, luxurious hotels, and much more. Travel has also become a career for many folks who have grown tired of corporate life.

With such an advancement in this sector, different travel experiences serve the various interests of people. Are you looking to explore much more than your regular itinerary? Check out these unique tourism niches in 2023 in this blog. So, without any further delay, let's get started!

1. Agricultural sites have become popular:
Agro-tourism, which involves organised tours and trips to agricultural farms and other farming sites, has recently gained popularity. These trips provide insights into the cultivation world and serve an educational purpose for people of all ages. Organic farming and agro-tourism have proven worthwhile for people who believe in consuming organic produce, are intrigued by the culture, or are building their businesses in the same sector. Apart from the tours to farms, agro-tourism has multiple activities like the detailed study of flora and fauna, horse riding, cooking sessions, wine tasting sessions, and much more.

2. Stars will always amaze you:
The universe will never cease to mesmerise you. The night sky is a world of its own, with stars as its main characters. Stargazing tourism is one such activity that will always be on the bucket list of anyone who can dream of lying under the stars and gazing at the beauty of the universe, which is beyond our imagination. Hardcore travellers and explorers are huge enthusiasts of stargazing tourism. Places like Norway, Iceland, Spiti Valley, Rann of Kutch, and many more provide the perfect stargazing spots.

3. Making to this list are VR and AR:
Virtual Reality (VR) and Augmented Reality (AR) are part of a travel niche called "armchair tourism." Gaining its market during the pandemic, virtual reality provides you with the perks of travel without leaving your sofa. During the Covid-19 pandemic, the downfall of the travel industry called upon a revolution. To accustom themselves to this new reality, VR and AR became popular and provided the much-needed escape from the dreary and dark times as the entire world shut down. Several hotels and brands from the travel industry include a virtual tour to give a glimpse of what they offer their potential customers, along with igniting excitement.

4. Solo trips are a must:
Solo adventures, especially women's solo trips involving treks, adventure sports, ethnic tourism, etc., have become increasingly popular over the past few years. The newfound opportunity due to financial freedom and a much safer environment has encouraged people to travel independently and see the world through their perspectives. Organised solo trips have started exploring lesser-known destinations. They have popularised the culture of exploration as solo women also want to cater to their own choices for their adrenaline needs.

And as we discussed travelling in 2023, it is a wise choice to discuss securing your trip to combat the monetary stress of unprecedented situations that can disrupt your travel plans. Purchasing general insurance is an intelligent decision to ensure that you stay stress-free in the financial aspect while travelling and enjoying it to the core. You can explore the options and extract a general insurance online quote, including all the details and the prices provided by different travel insurance providers. Plan and choose the one which best caters to your needs.

Click HERE to learn more about formulating a general insurance online quote and its benefits.

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.

Do you own a business and are undoubtful if you need to purchase a public liability insurance policy? This post will discuss why you should get public liability insurance, the advantages, and a list of businesses requiring it. It is advised to have a public liability insurance policy if you deal with members of the public or clients to ensure protection against damage to third-party.

Following are the businesses that are at risk of going bankrupt due to a single lawsuit if they don't invest in the public liability insurance policy:

1. Businesses that produce chemicals

2. Restaurants

3. Contractors

4. Hospitals

5. Universities and colleges

Let's first define public liability insurance policy before discussing these five businesses.

What is insurance for general culpability?

Public liability insurance protects businesses and their owners from being sued if someone gets hurt within their property or causes damage to someone else's property. This insurance pays for the damage costs, which otherwise the insured might have to pay.

For instance, if you host an event and a public member is harmed within your property, your public liability insurance will pay for any associated legal fees and compensation claims that the injured party may make.

What all is protected by public liability insurance:

• Property damage and physical harm

• Cost of counsel

• Cost of a claim
 

What is excluded from the policy:

• Reputational damage or another form of slander

• Accidents involving employees

You can purchase general liability insurance (GLI) if you want more protection. GLI protects a broader range of people, like business owners, employees, and vendors, from these risks.

Here are a few examples of firms that unquestionably require public liability insurance policy.

1. Businesses that produce chemicals:
After the Bhopal disaster in 1984, the government required any company working in a dangerous area to have public liability insurance. The Public Liability Insurance Act of 1991 requires you to purchase PLI coverage to protect yourself from lawsuits arising from accidents and harm to the public.

2. Restaurants:
A necessary component of any restaurant business is public liability insurance. PLI safeguards eateries from the expenses associated with damages. Accidental hot food spills, cutlery that falls, and slick floors are possible scenarios. It also protects the business if a customer claims damages because they got sick from the food.

3. Business owners:
If you do construction, plumbing, or electrical work on a client's property as part of your business, you must have public liability insurance. While working there, the insurance will defend you from any claims against you for injuries to individuals or damage to the customer's property or equipment.

4. Hospitals:
Hospitals are another business that could be sued for injuries or damage to property that happens while doing business. Any harm or death caused due to the doctor's negligence in this situation is not covered by PLI. For such a risk, doctors need professional indemnity insurance coverage.

5. Colleges and universities:
If a fire breaks out on the grounds of your school or college and a few students are hurt, PLI will pay for the cost of legal defense and any compensation demanded by the injured students or their families.

We've talked about a few specific businesses that require public liability insurance, but this is a partial list. Public liability insurance is a requirement if your business interacts with customers, staff, or the public.

Finding a good insurance company and the best coverage for your business takes time, consistent efforts, and deep research. Once you've decided, you'll have an insurance agent to offer advice based on his knowledge and experience. Nowadays, things have become digital, and you can easily buy a public liability insurance policy online with just a few clicks and a hassle-free payment process. It is recommended to always seek legal advice to find the best solution based on your situation.

Click HERE to buy a reliable public liability insurance policy in India.

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.

You must have seen people around you discussing the rise in medicines, procedures, consultation fees, and expenses. The skyrocketing prices are justified due to the increasing costs of medicinal equipment and treatments. The costs of living have been escalating every year. And while living by yourself looks economically intimidating, creating a family and raising children drives up the cost, which could be scary for a single source of income in these times.

In this blog, we will discuss all you need to know about the impact of rising medical inflation on health insurance premiums. This information will answer all your questions about how the fluctuation in the price of health insurance affects your finances. So, without any further delay, let’s get started.

1. Let’s look deeper at the term “Medical Inflation”.
Medical inflation indicates the rise in average and per unit prices of healthcare assistance. There can be various factors that can influence the increase in the cost of medical services like technological progress, increase or decrease in the number of professionals in the healthcare industry, rising demand, price of materials, transportation costs for medical equipment, and increase in the cost of usage of healthcare services per person.

2. What do you mean by “medical healthcare demand”?
With the fast-food culture gripping the roots of our lifestyles and the hectic work life, people have become addicted to stagnancy, which has caused more harm to our health than ever. Humans have become vulnerable to severe health risks like diabetes, blood pressure issues, hypertension, anxiety, depression, etc., drastically affecting our lifestyle. Therefore, the demand for medical assistance is causing medical inflation in our country.

3. What is the current medical inflation scenario in India?
The inflation in India has been on a consistent ‘single-digit’ rise. However, medical inflation is inching toward double digits, which is a matter of concern. The affordability of health treatments and services would become heavy on the pockets of people and will potentially cause a significant dent in their savings.
Hospital beds, medical staff, conveyance, etc., reported inflation of 9.4% back in 2018-2019, while the cost of medications saw inflation of 7.2% during the same period. And in 2021, there was an unimaginable increase in the inflation rate by 14%.

4. What is the expected impact of the rising medical inflation?
As discussed in the previous point about the rising medical inflation rate, there is a direct influence on health insurance premiums. In some cases, the health premiums increased up to 30%, as reported in the financial year of 2022. The demand for healthcare assistance saw a rise of almost 25%, which indicates the necessity of these services in our country. Many health insurance policyholders have increased their insurance coverage to accommodate the rising medical inflation.
It is suggested that while you purchase your insurance to cover significant procedures and surgeries, you also include minor treatments and diagnostics. As a policyholder, you must watch out for the medical inflation rates to adjust your policy and avail the provisions to expand your coverage accordingly. It would be best to always account for inflation before finalising your health insurance policy.

We hope that the insights proved helpful. To ensure that any medical emergencies in your family can be handled stress-free in the monetary aspect, you need to purchase the best health insurance policy that would cater to your needs in an optimum way and allow you to focus on the recovery of the patient and have no worries about the expenses.

Click HERE to learn more about health insurance and its benefits.

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.