GENERAL INSURANCE BLOG

In the aftermath of a global pandemic and rising economic uncertainties, a job offers what matters most- financial stability and social security. It may also provide perks like allowances for specific purposes like children's education, medical expenses, relocation, etc., and perquisites like a company car, accommodation, etc.

A primary add-on facility is corporate health insurance for employees. While it may cover medical emergencies and allied expenses during employment, does it satisfy the need for additional health insurance? Experts suggest that, employed or not, each individual should buy health insurance to reduce the financial burden of medical expenses.

If you have a corporate insurance policy and need more clarification about needing a separate cover, read on to learn about the risk you face.

What is corporate health insurance?

Also known as group health insurance, the company takes the initiative to buy health insurance for all its employees during their tenure with the company. It covers medical costs arising from accidents, medical conditions, surgeries, etc. While the policy coverage is vast, it also extends to the dependents of the employees- creating an illusion of comprehensive coverage.

Not only does it benefit employees as an additional security against contingencies, but it also doubles as an attractive perk from the employer that makes the job offer appear comprehensive, leading to a satisfied workforce and resulting in greater productivity. The Indian Income Tax laws also allow claiming a deduction for the premium payment, sweetening the deal for both parties involved in case of a co-payment arrangement.

Concerns about corporate health insurance:

While the policy is undoubtedly beneficial for employees, it is not a substitute for individual health insurance.

1. Term period:
Corporate health insurance is purchased in bulk to cover all employees of the organisation. An employee is only protected until his employment tenure continues. Considering the volatile economic conditions and the talks of an incoming recession, more layoffs seem inevitable in the near future, making it essential to buy more health insurance at the earliest.

2. Standard coverage:
While corporate health insurance covers a broad scope of issues that may lead to medical expenses, you cannot customise the policy to fit your and your dependents' needs. The company makes decisions on the technicalities, including insured sum, number of dependents, etc., leaving employees at greater health risk with no option but to buy online health insurance individually to cover specific concerns. Even if you do not need a custom cover, we highly recommend purchasing an individual policy.

3. No direct benefit to the employee:
If you buy online health insurance and don't raise a claim during its active period, you can avail of a no-claim bonus, a reward that offers up to 50% discount while renewing the policy. The same does not apply to corporate health insurance.

4. Cumbersome claim raising:
When looking for online health insurance, comparing alternative insurers and purchasing a comprehensive plan from a company offering a seamless claim-raising experience is essential. Since the technicalities are outside your hands, you may have to deal with long wait periods and inefficient claim-settling mechanisms before reaching a fruitful settlement.

5. Undependable state of personal finances:
Health insurance makes for an integral part of budgets and financial planning. Choosing to rely solely on the insurance provided by your employer is a risky move that can affect your financial stability.

6. Lack of tax deduction:
Unless the premium has been paid under a co-payment agreement between the employer and employee, the employee cannot claim a tax deduction. The employer, however, continues to have the option of claiming the expense as a business expenditure that can be claimed as a deduction while calculating the profits of the business.

While group health insurance offers comprehensive coverage, it does not substitute the need to buy online health insurance. We strongly urge you to purchase separate health insurance, not just for tax-saving purposes but to ensure your financial security and protect your health under comprehensive coverage.

Click HERE to buy online 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.

Travel has become more about exploration than just following the regular itinerary and checking off tourist spots. People have been curating their itineraries, inspired by travel vloggers, who have been popularising the lesser travelled locations and various affordable options across India. And whenever you think about high-altitude destinations like Ladakh, Darjeeling, Gangtok, etc., you picture a biking gang. Upon travelling, you will see several members of different biker groups taking frequent adventure tours.

And while some people are interested in riding their bikes alone and going on solo trips, the joy of motorcycle riding only increases in a group. We will discuss all that in this blog! Let’s get started!

1. The joy doubles:
We all have heard, “the more, the merrier.” The same goes for riding in groups. The happiness multiplies. The jokes, the moments, the pictures, and the memories double up. The joy increases significantly as people with different perspectives and opinions get together. You learn many new things and get opportunities to interact and diversify your knowledge base.
And riding a bike to challenging destinations through uneven routes creates a feeling of oneness. These biking groups become your family, and you and your biking brothers can forge lifetime connections that can prove fruitful in emergencies. And this extended family doesn’t always need to have a transactional relationship. You can share your highs and lows with everyone.

2. Create your brethren:
Along with diversifying your opinions, you also get to interact with like-minded folks who might have a larger perspective regarding your similarities. These people have the same routine as yours, face similar difficulties, and can provide a safe and judgement-free space to vent your frustration, speak your mind, and communicate about your daily personal and professional struggles. And while you might have specific differences since every individual comes with eccentricities, your love for bikes, adventures, and adrenaline unites you under one umbrella.

3. Introducing life-changing qualities:
Discipline, accountability, and responsibility are some of the most integral qualities one must inculcate to become an individual, leader, and member of society. All these qualities are developed when you are a member of a biker group. A team or group can only operate correctly with rules and regulations. You must follow a proper code of conduct and work together as a team to reach your destinations in an orderly fashion. This teamwork requires you to get over your feuds and prejudices, take responsibility, and ensure that the group does not fall apart during any difficulties.

4. Cannot forget about the safety:
Being part of a biker group indicates your shared love for motorcycle riding and adventure. Along with the other benefits of riding in a group, the most significant merit is safety. It ensures a higher level of protection than riding solo. You might receive the kindness of some stranger when you ride alone, but if you are in a group, you will be taken care of as other members also hold responsibility for looking after each other. These are rare opportunities where you can feel the “unity in group riding” and create a family away from home.

Some other reasons why the joy of motorcycle riding only increases in a group include enhancing your machinery and bike knowledge by exchanging information and tips with other professional riders.

You always need to ensure that you do not fall behind on the upkeep of your bike. But certain unprecedented circumstances can cause severe damage to your motorcycle, which might lead to heavy expenditure. To avoid the financial distress of such times, you need to purchase bike insurance. And to enjoy the comfort of your home while you explore all your options and arrive at a decision, you can buy bike insurance online before your next trip.

Click HERE to learn more about buying bike 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.

Ever since Covid brought the world to a halt, we have seen a rise in demand for healthcare assistance and services. We all remember the mass fear of getting trapped into health complications, even if people were not infected by the Covid virus strain. Every other day, you read headlines about the demise of highly fit people who had a proper workout regimen and cared for their health. However, life has its ways. While we might be powerless in front of our destinies, the least we can do is to stay fit. We need to take proper care of ourselves physically, mentally, and economically by making intelligent decisions like purchasing health insurance policies to safeguard ourselves during tough times.

We all have heard and read about health insurance and its benefits. But we are always on the lookout for something more. Something which can grant us more confidence and coverage to face unforeseeable circumstances with zero financial stress. Have you heard about super top-up health insurance? And, what should you consider before purchasing super top-up health insurance? You might have several doubts. This blog will discuss the answers to these vital questions.

1. Understanding super top-up health insurance in detail.
Just like the top-up plans we opt for while recharging our phones, a super top-up health insurance plan is the top-up for your policies. In addition, the term "super" brings many benefits, which take health insurance the extra mile beyond the limitations of a top-up insurance plan.
A super top-up insurance plan expands the coverage beyond your regular health insurance plan. It covers the medical expenditure after the limit of your primary health insurance policy is exhausted. In addition to expanding the coverage provided by your health insurance, a super top-up health insurance plan offers you coverage for more than one claim over your initial policy limit.

2. Who requires super top-up health insurance?
Senior citizens come first in the order of a super top-up health insurance plan requirement. Their frequent need for healthcare services suits this type of insurance plan, which would allow them to avail the benefits with no financial stress. People with severe health risks of hospitalisation can opt for super top-up health insurance to expand their coverage and avail successive medical benefits. To augment the benefits of group health insurance, a super top-up plan proves helpful and allows the policyholders to redeem the benefits beyond their insurance plan.

3. What should you consider before purchasing super top-up health insurance?
While the benefits of super top-up health insurance sound amazing and worth considering, you also need to be on the lookout for certain factors before buying a super top-up plan. Always choose the correct deductible limit, indicating the maximum extent of your primary health insurance policy.
You also need to cross-check the list of network hospitals that come under the super top-up health insurance so that you have complete clarity and verify whether the hospitals are serving your medical concerns, which is the primary reason for you expanding your coverage. A super top-up insurance plan can be customised. Therefore, you need to make sure that you read more about it and ask questions to be clear about its benefits and features before you insure a particular sum of money.

4. Other benefits of a super top-up insurance plan.
Some other benefits of a super top-up insurance plan include paying deductibles just once despite making multiple claims a year, accessibility to cashless payments at the network hospitals, eligibility for reimbursement post payment, coverage of Covid-19 treatment, tax benefits under section 80D of the Income Tax act on the premium paid for the super top-up health insurance policy, etc.

While we discuss expanding the coverage of your base policy through this top-up insurance plan, you need to understand the necessity of purchasing health insurance to combat medical emergencies and distress without worrying about the funds. Explore all available options and choose the best health insurance that caters to your needs optimally.

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.

Safety is undoubtedly at the forefront of your mind when you plan to buy a new car. However, many other crucial factors come into play in this decision-making process. These factors include essential safety features, enticing designs, and performance. Remember also to consider purchasing online car insurance for added peace of mind.

To make your car-buying experience even more enjoyable and impactful, here's a list of these priorities, ranked in order of importance. Get ready to make an informed decision in 2023.

1. Price and budgets:
Every car buyer's #1 concern is cost. There is a set budget for everything, including purchasing a car or allied online car insurance. Everybody will work to maximise their car's potential while paying the least money. And because the transition to the BS6 emission standards resulted in a price increase. Carmakers know the purchasing power of their customers, hence offering the options of different variants and pricing accordingly.

2. Fuel efficiency:
When it comes to cars, mileage is a crucial factor, as any Indian car buyer would tell you. There have been old models that were strong and packed with best-in-class features but failed terribly due to their poor fuel efficiency. For Indian consumers, a low kilometre per litre is an absolute red sign.

3. Service and maintenance cost:
A buyer considers other factors outside of the car's initial cost. Adding to budget planning are the prices of routine services. Therefore, the car should become affordable over time. Because of their hefty service costs, certain brands lose their preferability. However, a reliable car care partner may help reduce those service fees.

4. Qualities and design:
For many Indians, cars remain an enviable luxury. Since cars double as a status symbol in India, regardless of their features or powertrain specifications, an unattractive vehicle will not sell. Despite the wide variety of aesthetic preferences, some people prefer their cars to be more understated and sophisticated, while others like them to be more showy and solid.

5. Transmission and performance:
While performance isn't a top concern for most car buyers, Indians want their cars to be quick enough. Because people love the power of such vehicles, turbocharged engines have recently become increasingly popular.

6. User protection:
Safety is essential when considering cars, especially since India experiences many fatal traffic accidents. Safe driving and general awareness regarding standard driving guidelines can help resolve this problem and minimise the risk of accidents and fatalities.
While the auto industry recognises the need for high-quality cars, it does not respond to such demand immediately since Indians are price sensitive and do not wish to extend their budget to factor in their safety. We must realise that the cost of cars will need to go up because of increased protection. A strict set of safety rules and regulations is utmost required in India.

7. Reduced wait period:
It is challenging to be patient when making a significant investment in a car that is not just a means of conveyance but a measure of comfort and a sign of material wealth. Post the global pandemic, supply chain disruptions led to shortages of highly customised components, stopping assembly operations of various goods, including cars. With more car manufacturing factories opening up across India, car buyers can expect some relief from long waiting periods to get their hands on the keys to take their new cars for a spin at the earliest!

An overview of the top 7 priorities for Indian car buyers shows that price and features continue to take primary importance in the checklist. The addition of safety characteristics indicates a shift towards safer cars. We encourage you to purchase online car insurance after careful consideration and comparison while purchasing your car to ensure that you have safe, stress-free driving experiences!

Click HERE to buy the best online car 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.