GENERAL INSURANCE BLOG

There has been an exponential increase in the number of people opting for health insurances across India in recent years. The top reason is definitely not aggressive advertising by the Insurance Firms, but the health and medical costs that have dramatically risen lately. With much needed financial backup during the critical medical emergencies, health insurances do play an important role in helping you and your family not getting burdened by medical expenses.

Illnesses bring bad times, and an additional financial burden along with it. The rising medical treatment cost, every year, is one of the top reasons why health insurances become somewhat like a necessity for every average earning person.  

Kusum, a single earning mother of two sons, was leading a happy life and was awarded twice as the employee of the year. However, medical emergencies come unannounced. Life took a big turn when her father was admitted to the hospital for chest pain. Her father needed to undergo heart surgery, which not only for him but for the whole family were some of the stressful days of their lives. The surgery went well but left behind a huge dent on her father’s retirement savings and a lot of her savings too. Luckily her family had these savings and did not compromise on the medical treatment plan, but the incident did make Kusum learn a valuable lesson. It was time for her now, to understand Health insurances better and ensure that her whole family is fully insured in order to prevent herself from stressful financial aftermath. 

 As per the WHO statistics, about 70% of the hospitalization in urban India put the consumers in crippling medical distress as they blow up their entire income on healthcare.

Health insurances serve a better way to tackle such health emergencies with a range of insurance plans covering illnesses, accidents and surgical ailments, safeguarding the life of insured a bit easy after the medial process.

How are we helpful?

MAGMA HDI’s OneHealth insurance policies help you to access a whole range of insurance plans which you choose as per your personal needs or family size. With the benefits of cashless hospitalization over 4,100 hospitals, it helps in providing insured covers over accidents and critical ailments. Providing 24x7 claim assistance, hospitalization costs, cashless options, and keeps the insured and the family into financial ease. 

Though Kusum is dealing with a financial crunch and has to give away the dream of a world tour, but she is happy to have adequate family health insurance,putting financial distress at bay.

She might have learned in a harder way, but you can learn from her life incident and choose the best health insurance in india for the parents and yourself.

Health insurance is not a luxury but a necessity. Be a prudent individual by planning the best-fit health insurance and lead a much secure and happy life. 

Medical facilities in India have now achieved the status of being “world-class,” allowing the people of country with access to best treatment within the country. This improvement in facilities has come along with a substantial increase in medical expenses. As a result, purchasing health insurance in India has become a necessity because covering medical expenses from your own pocket has become virtually impossible. In fact, if your parents are in their older years, you must opt for health insurance in india for parents  to allow them access to best-in-class treatment for their ailments, without jeopardising their financial future. Due to the efforts of the Government and leading insurance companies, awareness regarding health insurance has improved significantly in India.

With multiple insurance companies operating in India and offering various health insurance plans, it is certainly possible that you are confused regarding the best option. If you are unsure regarding the best policy for you, then read on to know about the easy ways to choose affordable health insurance:

• Understand your requirement: Firstly, understand the extent of coverage you require. This will depend on numerous factors like your age, family size, premium affordability, and future health requirements. Moreover, if your parents do not have a health cover, then you must get health insurance in India for parents. Also, there are various additional covers available, which can come handy in case of certain conditions.
• Coverage for ailments: Nowadays, there are several health insurance policies that offer coverage for specific critical illnesses. You need to ascertain the type of diseases you wish to cover under your health insurance policy before opting for an option.
• Coverage for pre-existing ailments: Different health insurance policies offer different waiting period for pre-existing illnesses. You need to identify a plan that has a minimum waiting period. This will save you from unexpected hospitalisation expenses in case you need treatment for the ailment before the completion of the waiting period.
• Claim-settlement ratio: This ratio signifies the percentage of claims that the insurer settles out of every 100 claims received. You need to opt for an insurer with the highest claim settlement ratio so that your claim would not be rejected for any frivolous reason.
• Cashless hospitalisation: Different insurance companies have agreements with different TPAs (Third Party Administrators). These different TPAs have different hospitals on their panel. You should opt for an insurer who offers maximum hospitals for cashless treatment. Moreover, the hospitals near your home should be covered under the panel of the TPA, as it would convenient for you in the need of emergency.
• Compare the premiums: Last but not the least, make it a point to compare the premiums of different insurance companies. For the same extent of coverage, different insurance companies charge different premiums. Nevertheless, there are various plans that offer cheaper premium but also have reduced coverage. There are various online platforms where you can easily compare various health insurance plans, their coverage, and other essential parameters.

The importance of choosing the right health insurance plan cannot be neglected as it is directly associated with your health. So, never rush but always make an informed decision after carefully comparing various crucial factors affecting your health plan.

Getting motor insurance regardless of the fact that whether it is new or old, is always confusing. Technical jargons, guarantee amount, clauses, picking motor insurance company, etc. are some things which everybody does not understand, and it leads them to make wrong decisions. They all look lucrative from afar, but which is the right one.

Hence, here we have compiled a list of frequently asked questions that will help you in getting the right motor insurance for you.

Question: What does a motor insurance cover?

Motor insurance covers you against any financial burden due to damage of your insured vehicle.

Question: Does the motor insurance offer different coverage types?

Yes, different types of insurance coverage types are available such as bodily liability, comprehensive, property damage liability and uninsured and underinsured and collision. You can choose the insurance coverage type as per your needs and requirements.

Question: Is buying motor insurance mandatory?

Yes, it is mandatory to buy motor insurance though the laws of carrying insurance vary from state to state. It is recommended you visit the online website of the government transportation of your state to make sure that you got the right motor insurance.

Question: Is a motor insurance expensive?

Yes, motor insurance is relatively expensive. Though you should also consider the credit report and driving the history of your vehicle while buying insurance.

Question: What happens if I forget to pay the premium fee for my insurance policy?

You will get a warning notice from the motor insurance company. But if you forget paying a premium fee over and over again, they can either issue late charges or will cancel your policy. So, it is recommended to pay your premium fee on time.

Question: Can I change the motor insurance coverage if I want to change it?

Yes, if you want to change the motor insurance coverage then you can, but you might need to pay a cancellation fee. But if you wait till the policy maturity then you can change the coverage without extra fee.

Question: How can I get a discount on motor insurance?

Discounts are quite common when it comes to motor insurance. Different motor insurance companies offer different deals and discounts on motor insurance so you can choose the right one as per your needs and requirements.

Question: Can my gender affect the amount of the premium fee?

Yes, gender affects the premium rates of motor insurance. According to the statistics, male drivers are generally involved in more accidents. Therefore, companies offer motor insurance at a higher premium fee to males as compared to females.

Question: Can I get motor insurance even if my vehicle is more than 20 years old?

It depends upon the shape and condition of the vehicle you have. If your vehicle is not in a condition to get coverage, then it is not recommended you to get higher coverage and it does not make sense to spend a higher amount onto it.

Question: What is No Claim Bonus?

It is a discount after a claim-free year or an incentive for driving safe and avoiding accidents.

Question: What are the documents that are required to be submitted for a Motor Insurance claim?

Required documents differ from company to company but some of the most important document that would be required are: Claim form, registration copy of the vehicle, an estimate of the loss, original repair invoice and payment receipt.

Buying a car is no more a family dream as people are investing in a car in their early careers. With the increase in pollution and traffic in most of the metro cities, ditching your two-wheeler for a car would seem a better idea for a comfortable ride to the office.

We get all excited while planning to buy a new car and would end up visiting various car showrooms to extract the best bid in our budget. However, when it comes to purchasing insurance for the Car, we would hardly care to see what it actually covers and prefer policies with minimum premium.

Purchasing the correct vehicle insurance is although little tricky, we present a primary point-agenda to buy the best vehicle protection with the best car insurance price in india to make your life simpler.

What should a comprehensive car insurance plan cover? 

1. Any damage to the Car due to Natural disasters: 

Since natural calamities are not in our control, anything such as earthquake, storm, cyclone, landslide, Tsunami, etc. must be covered in your plan.

2. Any damage Due to Man-Made disasters:

Any damage caused due to a terrorist attack, a riot, strike and during the transportation of your Car should also be compensated by your insurance plan.

3. Personal Accident Cover: 

It's imperative that your Car insurance also provides for you and your family in case of an unfortunate accident resulting in partial or full disability and even death. Under a comprehensive policy you 

4. Third-Party Legal Liability:

If a third party suffers any damages during the accidents or a surrounding property gets damaged, this cover protects you against the legal liability.

What is not covered under a Motor Insurance NOT cover?

• Driving the car under the influence of alcohol or drugs.
• Intentional loss and damage to the vehicle.
• If someone else is driving your car and it is damaged while being driven by that person.
• Driving without a license.
• Damage caused due to war, mutiny, invasion by the enemy, nuclear risk.
• Any mechanical or electrical breakdown of the Car due to Driver's mistake or because of the condition of the vehicle.

Always pick a top-rated agency 

If it's cheap, it's compromised, hence don't get attracted by any plan that assures a full coverage under a low premium fee. In case of an emergency, the priority is getting your claim as early as possible. Go for a reputed company in the market that provides fast claim settlements along with great customer service.

Key factors to consider before purchasing Car insurance:

• Allowance for the commute - If your Car is under repair, make sure your plan includes an allowance for the daily commute by your insurer.
• Cover for lost car keys - If you lost your car keys or someone has broken into the lock system, you will get cover for replacing the lock.
• Cover for hotel stay - Suppose your Car has become immobile after involving in an accident and you need to stay nearby while it is being repaired, your plan must bear the expenses of your stay in a hotel.
• No Claim Bonus - If you haven't filed a claim during the period of your policy, you can apply for a no-claim bonus. Also, if you make only one claim, you still get to keep your NCB.
• Repair of glass, rubber, plastic and fibre parts - If such parts of the car are damaged, you can get them repaired, and this does not affect your No Claim Bonus.
• Lost Personal Belongings and Baggage Cover - If your Car doesn't have an anti-theft device that is approved by the Automobile Research Association of India, the insurance company gives you cover for the lost personal belongings. 

Bottom line!

While you spend so much time researching the latest model, the jazziest colours, the snazziest of safety features, also choose the best car insurance policy in India that offers you higher protection against.