GENERAL INSURANCE BLOG

The terms and conditions of insurance policies might get a little confusing for an average person to understand. The technical language of the information presented can take some time to get acquainted with, which is why the insurance companies send their officials or agents to help you navigate the entire process and have digital services and chat assistants available for help 24*7. While the customers have an idea about what the home insurance usually provides coverage for and their intent of purchase, there are certain things they might be unaware of.

Do you have a complete idea of the type of coverage home insurance provides? What are some of the strangest things you might be able to secure under the insurance? If you have these questions, don’t worry. Following are a few weird things that your home insurance covers. Let’s discuss.

1. If a plane crashes:
Difficult to believe, right? The rarest of the rare cases is if a plane crashes into your house. But yes, your home insurance does cover the damages that might be caused due to a plane crashing into your house. Any objects falling from the sky which can potentially cause severe damage to your home are covered under your home insurance. Although, you need to make sure that you cross-check these details with your insurance provider.

2. Destructive riots:
Riots can take a destructive route when they rise to a huge scale. In such cases, sometimes the parties involved in the riots and those trying to control the outrage get into a defensive mode and cause mass destruction of properties. If there are any damages to your house during the riots, your home insurance provides coverage for that.

3. What if your pet bites someone:
Your home insurance might cover the cost of the treatment in case your pet bites someone within the perimeters of your house. Despite this, you might have to stay prepared if the person who got bit sues you, but you can stay assured of the coverage of those hospital bills.

4. Wild animals are also on this list:
This is for residents who usually have wild animals roaming around. Although humans and animals have become accustomed to their way around each other, you never know when the wild beings get agitated and, therefore, can trigger the possibility of a stampede.
In such situations, if there is any damage due to the stampede, your home insurance also provides coverage. But ensure to check the details carefully as some animals might be left out of this benefit (for example, rodents, possums, etc.).

5. Be careful about the parties you throw:
Some home insurances might cover the cost of damages caused during the parties organised in your house. Your insurance might cover these damages, but you might end up in trouble if someone gets injured. Check-in with your home insurance provider to ensure that the damages incurred during parties are covered under your policy.

Some other weird things covered under your home insurance include theft of cover identification, damage due to meteors, etc. And in the interest of protecting your home and your family against damages incurred due to unfortunate circumstances, you must get the best home insurance policy in India. Your home is not just a space where you live; it carries an important place in your life.

It is a place you return to after a long day at work, comforts you during the sad times, houses the best memories, and provides your family a safe zone where they can stay and create their own lives. Therefore, you must get the best home insurance policy that caters to your needs in the best ways possible.

Click HERE to know more about the benefits of buying the best home 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.

Every legitimate and eligible citizen of India is supposed to pay Income Tax regularly within the specified time limit as per the government regulations and norms. The taxable amount is based on an individual’s annual earnings. There are different tax and income slabs defined respectively by the Indian government. One must consider their earnings and calculate their taxes accordingly. These taxes are righteously used for the benefit and progress of the country.

But amidst all these details, were you aware that insurance, apart from protecting you and your assets against various risks, also is a substantial tax-saving benefit? This important question may give you a broader perspective on the insurance and tax-paying correlation. We have all the information you will need to understand the perks of insurance and how it can be a tax-saving choice. Let’s dive deeper into the facts!

Which policies help you fetch tax benefits?

Insurance options that will help you avail of full benefits along with tax-saving options include:
● Retirement plans and policies
● Health insurance policies
● ULIPs-Unit Linked Insurance Policies

All these insurance policies can be categorised under similar yet slightly different sections of the Income Tax Act regulated by the Government of India.

Understanding the tax deductions.

Various types of deductions can influence the tax benefits you can get on your health insurance. Let’s understand what 80C and 80D tax deductions are. Tax deduction can be claimed on your taxable income on premiums valuing around Rs. 1.5 lacs.

These premiums are supposed to be paid for insurance policies in your name, spouse’s name, or your children’s/child’s name/names. If you are someone who has paid their premiums, you can avail of 80C and 80D tax deductions annually.

The 80D deduction.

The 80D deduction dictates that if you have a health insurance policy in your name or the names of your spouse and children, the tax-deductible income can be Rs 25,000 on the insurance premiums.

According to section 80D, there are various other prospects for this deduction, but we will now consider this information to discuss the tax benefits further.

The 80C deduction.

According to section 80C of the Income Tax Act, the tax-deductible you can claim is worth Rs 1.5 lacs of insurance premiums. If you purchase a single premium policy, you can only claim the tax benefits under section 80C of the Income Tax Act.

Under section 80D, if you have a health insurance policy under your name along with a dependent with the minimum age of 60, you can claim a tax deductible on the dependent’s health insurance.

Protecting your financial assets against unprecedented situations and getting compensation for your financial losses is essential. Times can be very unpredictable, and you might never know when you will need a lot of money. Exhausting your savings is not a wise option here. You need to think beyond and try to avoid burning a hole in your pocket.

While being mindful of your expenses and determining a budget is one of the top solutions here, insurance is another way you can stay secure about your assets. It is vital to purchase the right general insurance after exploring the market and determining the one that can cater to your needs in the best way possible.

Click HERE to know more about general 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.

The world is adapting to digitisation, resulting in convenience and efficiency with the power of technology. The insurance industry has adopted various new and technology-driven concepts to ensure better customer support. Most official activities turned digital during the last two years due to the pandemic.

But many people believe that the online service mode is not very bankable, be it shopping, online payments, or online insurance. Even today, people choose the physical method because they believe it is more reliable and effective.

In this article, we will bust some myths and talk about all the benefits of online insurance and why you should buy motor insurance online.

1. No third party or agent is required:
One of the most significant benefits of buying motor insurance online is that you do not need an insurance agent to facilitate the process. When you purchase insurance from an agency offline, the insurance agent helps you identify all the covers in your insurance policy or any additional add-ons you might require.
When you switch to online insurance, you eliminate the need for this third party as all the information you require is readily available online. You can also compare various insurance providers and their costs. The cost you save on paying your insurance agent can be used for buying add-ons on your premium.

2. Ditch the paperwork:
Online insurance companies are making completely paperless purchases with bare minimum paperwork. All your IDs are digitally scanned and uploaded to your insurance portal, and the proposal form is also filled digitally. The digital copy is later forwarded to you for future reference. When you buy motor insurance online, you skip the hectic paperwork and contribute to a greener environment.

3. Instant policy:
The process of buying motor insurance online is faster compared to the physical mode. One can achieve everything instantly, from evaluating the policy holder’s profile to resolving the claim if opting for online motor insurance. All the documents and forms can be filled out from the comfort of your home and get instant policy issuance.

4. Compare online:
Since evaluating every motor insurance policy can be cumbersome when done physically, opt for an online comparison. Various websites with good customer reviews will enable you to make informed decisions on the different kinds of insurance policies, their premium amounts, and the overall customer experience.
Not only will these websites help you in comparison, but there are insurance calculators on various websites that can give you an approximate estimate of the total insurance cost. Read through the company’s website thoroughly to choose a tailor-made insurance policy. When you compare prices online, you know more about different deals available in the online market.

These are a few ways an online insurance policy is a better option than a physical one. Irrespective of the kind of insurance you buy, it is essential to remember that all your needs are met with your current insurance policy. Add value to your bike riding experience by investing in good motor insurance. Motor insurance is an intelligent way to ensure that you are safeguarded against accidents and damages and all the other expenses that your vehicle's maintenance might require. For your next renewal, buy motor insurance online to save money and time.

Click HERE to buy motor insurance online.

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 career prospects for IT professionals in the post-pandemic recovery provide immense opportunities in the fields such as eCommerce, Fintech, Artificial Intelligence, Augmented and Virtual Reality, and many others.

But with such a promising career option, IT professionals have high stress because of their work-related anxiety, strict timelines, night shift, and overwork load. It has become more about surviving as an employee and earning enough. And as a result, there are different impacts of such long work hours on their lifestyle. You begin to compromise on your health which is not a wise option. Being mindful of your health and preparing for the inevitable consequences would be best. Are you an IT professional? Let’s understand why it is essential for you to invest in a comprehensive health insurance plan.

1. Impact on your lifestyle:
We have seen multiple headlines about people getting heart problems, backaches, constant headaches, eye problems, and joint pain at a young age. While some of such cases can be due to underlying genetic conditions and other reasons, a significant chunk of youth is still at risk due to developed lifestyles. The stress levels you operate at, the pollution, the food you eat, work schedules, sleep cycles, undisciplined workout routines, excessive gadgets use, etc., are a few causes of your sedentary lifestyle.
Getting health insurance will allow you to cope with any repercussions you might face due to such a schedule. It helps you stay prepared and cover all costs of routine health check-ups. This way, you can stay informed about the fluctuations in your body and take appropriate and informed measures to solve the issue.

2. Fluctuations in the medical industry:
Inflation comes in all forms, and its effects do not spare any particular industry. The pandemic was an evident example of how the medical industry was on its toes and the primary source of survival. The advancement in technology has brought several developments in the medical world.
But this also ensures that the costs of treatments will rise depending on the level of equipment and machinery, accessibility, and the procedures involved. Even the basic expenses such as tests, consultation charges, ambulance costs, etc., will rise significantly. Getting health insurance will help you cover these costs for a more extended period to avoid the financial burden of being a salaried employee. This way, you can efficiently manage your finances and control your expenses simply by investing in a reliable health insurance plan.

3. Taking a step forward from the employee’s health cover:
Most companies offer insurance coverage for their employees and their immediate dependents, which assures that the employee has something to fall back on in case they find themselves in such medical emergencies.
But often, these insurance coverages are insufficient to cover terms of critical illnesses, the sum insured, add-on coverage options, or the time. In such cases, it is advised for you to purchase health insurance that has been customised according to your needs and provides coverage in every which way possible. This will always help you avail the benefits entirely at the right time.

Health insurance helps you safeguard your savings, and the earlier you get insurance, the more you can stay secure and ahead of such unfortunate situations. Explore all your options and purchase the best health insurance which caters to your needs in the best ways possible. Smart investments made during your 20s will help you reap the benefits at the need of the hour.

Always keep your policy up-to-date and adapt to practices like consuming a healthy diet, having at least seven hours of sleep, regular exercise for 10 mins, and meditating at home. At the workplace, take frequent breaks and stay hydrated to feel active and energetic throughout the day.

Click HERE to know more about the benefits of health 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.