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  • Health Insurance
  • Car Insurance
  • Cancer Insurance
  • Term Plan
  • Pension Plan
  • Investment Plan
  • Child Plan

Health Insurance

Health Insurance is a health assurance policy which helps you in times of emergency hospitalization, cashless payments of all sorts of hospital expenses like procedures, consultation, pharmacy, hospitalization advances etc. For this, the only concern is the hospital/medical institution should be empaneled with the health insurance provider.

BUY BEST HEALTH INSURANCE POLICY ONLINE

Digitalism has changed the way people thought about buying insurance policies. Now, anybody can search among so many health insurance options providers based on the research done online. We know that shortage of time and finding expert solution, we at Insuranceontips have come up to ease your pain by shortlisting the best health insurance policy based on your requirements.

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Car Insurance

Owning a car has become a necessity for everyone today. According to the affordability, every individual wants to buy one to suit their family size and needs. Earlier, the one who had a four wheeler was treated special in terms of societal quo. But in today’s era, car has become a necessity for urban people specially.

TYPES OF CAR INSURANCE POLICIES IN INDIA

When you are buying a car, chances are that the bank agents from whom you are taking loan or the agency executives from whom you are buying your car will force you to take car insurance from them (any which from both) and you end in deciding in haste as they keep on following up with you frequently. But, you should act smartly and decide wisely. So, based on that, following are the types of car insurances available in India:

  • Scrutinize the best health policy as per your affordability and need
  • Update you with latest developments in the sector and help you in quality research
  • Evaluate among an array of health insurance policies

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Cancer Insurance

Cancer insurance is a type of health insurance with maximum possible security to the risks associated with dangerous disease called caner. In this, the cost brought upon the individual/patient for cancer treatment is reduced by providing them an insurance cover. Thus, cancer insurance assures them of financial assistance when they need it the most.

BENEFITS OF CANCER INSURANCE
  • Cancer of multi-stage is covered
  • A lump sum amount is paid back in case the life assured is diagnosed with cancer during the term of the policy
  • If life assured is identified early, the individual/beneficiary can get a waiver on premium based on the terms and conditions in the policy
  • In case of no-claim by the policyholder, the assured amount is increased based on the pre decided percentage
  • Policies of higher amount (as given in the policy detail) result into premium discounts
  • Cancer insurance will carry on after the first diagnosis as well.
  • This insurance is subject to tax benefits under Section 80D of the Income Tax Act

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Term Plan

Term insurance is a kind of life insurance policy that is bought for a permanent period of time. These policies do not have any cash value, so are comparatively inexpensive as compared with other kinds of life insurance policies.

BENEFITS OF TERM INSURANCE PLAN
  • Family gets lump sum corpus in case of the sudden demise of the policy holder
  • Cater to the needs of all your loans and liabilities
  • Acts as secondary and secured income source in case of accidental disability
  • Additional sum insured in case of death caused by accident

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Pension Plan

Also known as retirement plan, pension plans are a kind of future investment in which you endow a share from your savings that provides secure and stable income in your post retirement life. In case one has good savings, then too, one must go for a pension plan safe handedly as a wise decision. We never know what ugly unpredictability comes across and we need to use our savings in it. Therefore for the benefit for ourselves and our family, we must choose a good pension plan.

If you are investing in a pension plan continuously, that amount matures into a lump sum one due to the compound interest calculated on it. It serves a big deal on the total amount you get. The only matter of concern is that you must choose a right pension plan for your future’s security.

This government scheme is a special retirement plan majorly meant to benefit the rural public under pension cover for the financial security of their future.

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Investment Plan

Investment Plans are those financial products which offer a chance to augment wealth for the happiness and prosperity of future. As an example, life insurance is widely used instrument under investment plans in India. Now days, all the investment plans such as life insurance give life coverage along with other attractive benefits. Any good investment plan provides the policyholder benefits like safer returns and life coverage but these are varied in nature as per the selected investment plan.

INVESTMENT PLANS THAT PREVAIL IN INDIA

The following are most common investment plans in India now days:

  • Life Insurance: The characteristics of best investment are that it provides life coverage and savings corpus to the policyholder. These plans are both long term and short term depending on the future specific need of the customer. They can be utilized to buy a house, child’s marriage or education etc.

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Child Plan

You can say that a child plan is a two sided policy, insurance and investment as it serves two ideas. First, it safeguards the future of your children/child and aids the financial requirements like education, marriage etc. Just like the sides of a coin, it plays dual benefit role in your life and the lives of your children.

TYPES OF CHILD PLANS IN INDIA

Following are the common types of Child Plans in India:

  • Child ULIP: In this plan, a fixed share of the premium gushes into parallel debt instruments and the rest move to equity instruments where the policyholder/beneficiary has the control to shuffle between the funds. Returns come handy as it is a market linked plan which is subject to the net asset of the company at the maturity time.
  • Child Endowment Plan: In these, premium is supposed to be invested in debt instruments and the sole discretion of it vests within the insurance company.

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Recent Blogs

An insurance is basically a financial risk management tool. Insurance refers to the mutual contract or agreement which is represented by a policy than any insurer purchases by paying regular premiums. The premium is generally paid on monthly, quarterly, half-yearly or yearly basis. The policy holder in lieu receives a financial protection or reimbursement against any losses (as per policy rules) that might occur in future. Insurance can be purchased by either an individual, public organizations, private organizations. The insurance providing entity is known as an insurer, insurance company or insurance carrier. The buyer is however known as insured or policyholder.

PRINCIPLES OF INSURANCE

The funds of various insured entities are pooled to pay for losses which might incur in future. For this purpose the ensured entities are liable to pay a fee depending upon frequency and severity of event). The risk must, therefore, meet certain criteria to be insurable:

INSURABILITY

The common characteristics of risks which can be insured by private companies involve:

  • Large number of homogenous exposure units: The insurance operated through pooling, thus to benefit the insurers from the law of large numbers (predicted losses hold similarity with actual losses), major insurance policies are available for individual members of a large class.
  • Definite Loss: The event that gives rise to the loss, must take place at a known time, in a known place and from a known cause. E.g. death of person insured on life insurance policy.
  • Accidental Loss: The stimulator of the claim must be unanticipated or outside the control of insurance beneficiary. Speculative element based events (like ordinary business risk or lottery tickets) are not inclusive in insurance claim.
  • Large Loss: Insurance premiums cover the following- expected cost of loss, cost of issuing and administering the policy, losses adjustment and supplying the capital needed to reasonably assure that the insurance company is able to pay the claims. In case the losses are small then the cost incurred will be possibly higher than the expected loss.
  • Affordable Premium: If the cost of the event is such large that the premium is larger relative to amount of protection offered then the likelihood of insurance purchased will be close to nil.
  • Calculable Loss: The following must be estimable- the probability of loss and attendant cost.
  • Limited risk of catastrophically large losses: The losses that can be insured must be independent and non-catastrophic.

LEGAL

The basic legal requirements and regulations when an insurer insures an individual entity are:

  • Indemnity: The insurance company compensates only up to the insured’s interest
  • Benefit Insurance: the insurance company has no right to recover from the party of the reason of injury and has to compensate to the policyholder even if the claiming party has sued the party responsible for damages.
  • Insurable Interest: the policy holder must have directly suffered from the loss.
  • Utmost Good Faith: The insurance company and policyholder must share a good faith of honesty and fairness.
  • Contribution: insurance companies which have homogenous obligations to the insured contribute in the indemnification.
  • Subrogation: The insurance companies acquire legal rights to chase recoveries on behalf of ensured.
  • Proximate Cause: the case of loss must be included in the agreement.
  • Mitigation: In case of loss, the policy holder must try to keep a minimum loss.

The major types of insurance available in India are:

  • Life Insurance
  • Health Insurance
  • Car Insurance
  • Two Wheeler Insurance
  • Travel Insurance
  • Home Insurance
Life is unpredictable and full of uncertainties. Thus it becomes important for a person to purchase insurance to protect themselves and their families against all odds. Also, the insurance policies can help you plan for your investment goals as many policies also offer a loan against them.
  • Time saving as it spares from regular visits to insurance company
  • All transactions, application process, status update and checks can be processed online.
  • The buyer can easily research, compare all the insurance schemes available in the market and select the best suitable for them.
  • It is more flexible as buyer can analyze all the aspect of insurance application, transactions etc
  • Buyer can learn from the experience, suggestions, and reviews of existing policy holders
  • One can study each and every detail of policy features and clauses online just in a few clicks and then complete their application with due care.