A car insurance policy covers the financial liability which arises in case the insured car injures any third party life or damages any third party property. Moreover, if the coverage of the policy is comprehensive, coverage is also given for the damages suffered by the car due to accidents or any other calamities. A car insurance policy is mandatory as per the rules of the Motor Vehicles Act, 1988. Only if the car has a valid insurance cover, it is allowed to run on Indian roads. The car owner is the policyholder who is required to pay the premium on an annual basis.

A car insurance policy is mandatory as per the rules of the Motor Vehicles Act, 1988. Thus, to legally drive your car in India, you need to have at least a third party car insurance policy. Moreover, the policy will provide financial assistance in case of third party propertydamages caused by your car in case of accidents. In case an individual suffers an injury or dies due to the car, you can face a considerable financial liability for the loss caused. The policy also covers this liability and gives you financial relief. Moreover, opting for a comprehensive car insurance policywill also help cover the damages suffered by your car in case of accidents or theft. Such policies pay for the repair of the car or compensate your financially in case of thefts.

Following are some of the advantages of having an insurance policy for your car:

• In case of any accident involving your car, if you injure or kill any individual or damage someone’s property, you would be financially liable for the injury or damage caused. In case of accidental death, the liability is quite high. This however gets covered by a car insurance policy.
• If your car faces damages in an accident, the repair costs are quite high. The more expensive the car is, the higher would be its expenses. This might burn a hole in your pocket. If you buy a comprehensive car insurance plan such repair costs are also covered.
• A car insurance plan is a mandatory requirement. If you don’t buy a plan, you face legal consequences which include heavy fines and might also lead to imprisonment. So, buying a car insurance plan is necessary in this context too.
  

Car insurance policies come in the following two types –

• Third party liability only policy – this policy has a restricted scope of coverage. It covers only two instances of third party liability which might be faced by a car owner. Firstly, if the car causes injury or death of any individual other than the car owner, it gives rise to a third-party liability. The car owner is liable to compensate the injured individual or his family (in case of accidental death). The car insurance policy covers this financial liability. Second coverage is given against liability faced if there is any damage to the property belonging to a third party. Third party liability only policies, therefore, do not cover damages suffered by the car and its owner/driver. Third Party Insurance is mandatory as per Motor Vehicle Act 1988 and without this, it is illegal to drive a vehicle. Premiums for third party liability insurance are fixed by the IRDAI and they are very low, so buying a third party insurance is not a problem
• Comprehensive package policy– It is an all-inclusive policy which is also known as a comprehensive coverage policy. The policy covers third party liability faced if you injure or kill any individual or damage any individual’s property. Along with the mandatory third party cover, the damages suffered by the car are also covered. If your car is damaged due to covered perils, then the repair costs incurred would get covered under the insurance policy. Furthermore, there is also a personal accident cover inbuilt in the plan. This cover provides compensation in case of death or disability suffered by the owner or driver of the insured car because of the accident. Premiums for this policy are higher because of a wider scope of coverage available under these policies.
• Standalone Own damage plan –It provides protection against damages to your car in case of accidents, theft, fire or natural calamities similar to OD component in comprehensive policy. However this plan can be bought only if you already have an existing third party insurance cover valid for at-least a year.
  

It is always recommended to compare car insurance policy before making a purchase. Following are some of the reasons to do so:

• Find the best plan - There are a lot of car insurance plans available in the Indian insurance market. Each plan promises something better than the other. To know the difference between the different plans, you need to compare. In order to find the plan which is the best for your car based on such differences, comparing becomes essential.
• Choose a higher IDV - the IDV stands for your car’s Insured Declared Value. This value reflects the market price of your car after being adjusted for depreciation. Different policies fix the IDV in a different manner. That is why you see different IDVs offered for the same car. Ideally, you should opt for the highest possible IDV to maintain the value of your car. This would help you get the maximum claim settlement from the company in case of theft or total loss of your car. The option of choosing a high IDV is possible only through comparing
• Get the best premium rates– just like the IDV is different across different car insurance plans, the premiums too vary. Needless to say you would want the lowest possible premium for your car insurance policy. You can choose the best premium rate when you get to compare between the different plans before you buy one.
• Get extensive coverages – the coverage features across different car insurance plans also vary. Some companies might have all the covers required for you while others might not offer so. If you want your plan to have an all-inclusive coverage you should compare different plans and choose a plan which has the required coverage features at the best rates of premiums.
• Avail higher discounts – car insurance policies offer attractive rates of discounts which help in reducing your premium outgo. To search for the highest rate of discounts you have to compare because different plans allow different discount rates.
• Get cashless garage service– Every car insurance company has a tie up with a number of garages across the country. However it is always recommended to go for the company that has an exhaustive network of such garages. You can hence compare which insurers have higher network garages available at your location.

Coverage under a comprehensive car insurance policy is given for the following contingencies –

• Any third party injury or death which is a result of an accident involving your car
• Third party property damage which occurs because of your car
• Damages suffered due to accidents
• Damages suffered due to natural calamities like floods, earthquakes, lightning, etc.
• Damages suffered due to man-made disasters like fire, theft, explosion, terrorism, etc.
• Damages suffered when the car is in transit by rail, road, water or air
• Personal accident cover for the owner or driver of the car which compensates for hospitalisation expense for injuries or accidental deaths up to a specified limit.

In a comprehensive car insurance policy, there are various add-on covers which help increase the scope of protection offered by the policy. Add-on covers are additional coverage options which come at an additional premium. The following are the various add-ons available for you:

• Roadside assistance – provides 24x7 assistance in case of breakdowns
• Zero depreciation cover – depreciation is not applied on damage parts during compensation by the insurer
• NCB Protect – helps you protect your no claim bonus even after a claim in made
• Return to invoice – invoice value of the car will be paid without any depreciation applied on the IDV
• Consumables cover – covers the cost of consumables like engine oil, coolant, etc.
• Engine gearbox protection – covers damages caused to engine and gearbox especially due to floods
• Key replacement cover – compensates when you misplace car keys
• Tyre replacement cover – damages to tyre and tubes get covered
• Loss of personal belongings – reimburses in case of belongings lost from your car
• Personal accident cover for passengers –named passengers get a personal accident cover

To choose the best car insurance policy, you should compare the different plans available in the market. The online mode has eased the entire comparison process. While comparing, you should look at the following parameters to choose the best policy -

• IDV – the IDV of your car is its market value after deducting the age-based depreciation. IDV reduces every policy year as your car ages. You should choose the highest IDV to enjoy maximum coverage.
• Coverage features– once you are done with the IDV of the policy, look at the coverage features promised under the plan. Try and opt for a plan which has all the coverage features inbuilt in it for maximum scope of coverage.
• Premium rate– since you would be paying the premiums out of your pockets, try and choose a plan which has the most reasonable premium rate. When comparing premiums, however, keep an eye out on the coverage features. Don’t skimp on the coverage to get a lower premium. The coverage vis-à-vis the premium should be balanced.
• Add-ons available – there are add-on covers in car insurance policies which provide great benefits. Look for the available add-ons to enhance the coverage of your policy.
• Discounts available– car insurance plans allow premium discounts for various factors. Look for the maximum discounts to minimise premiums
• List of networked garages– you can get cashless claim settlement if you get your car repaired at a networked garage. The best policy would be the one with the largest network of preferred garages.

The process of comparing car insurance policies on Shift Risk is quick and easy. You need to follow the below-mentioned steps:

• Choose the option of ‘Car Insurance’
• Then select the RTO where your car is registered, manufacturer name, model, variant and purchase/registration date
• If you are renewing your car insurance, then you’ll need to provide details of your previous policy e.g. policy expiry date, existing NCB and number of claims made etc.
• Based on the details shared, you will get instant quotes from all leading insurers for your car
• You can compare the plans based on their IDV, coverage, premium and add-ons available
• You can choose a policy that best suits your needs and proceed to proposal form
• On completing the proposal form, you can review all details shared till now in the summary page and choose to make payment
• After premium is paid, the policy gets generated. You would get the soft copy of the policy immediately on your email. The hard copy would be sent within 7 days

A Health Insurance policy is not a financial priority anymore, it has become a necessity in today’s age due to the continuous rise in healthcare risks and prices inflation. Any unplanned hospitalisation would lead to numerous expenses such as medicinal treatment or surgery costs, diagnostics test charges, pharmacy, doctor’s visits, room rents, ambulance transportation charges etc. These costs can easily cripple a family’s financial health in a flash. But with the right health insurance cover, you can protect yourself and your family from these medical expenses without causing much dent in your savings. Do not let the massive costs of treatment become a hindrance in seeking the right care for a loved one. Get a health insurance for your family now.

Following are some of the key coverages and benefits you get when you buy a health insurance policy:

• Cost of hospitalization:All the hospitalization expenses incurred due to illness oraccident injuries
• Pre and posthospitalization expenses: Expenses incurred during a certain number of days before and after hospitalization as long as they are related to the illness/injury
• Day care procedures: Surgeries and treatments that do not require 24- hour hospitalisation,due to technological advancements, are also covered
• Ambulance cover: Transportation of the patient to hospital
• Income Tax benefit: Save upto Rs 75,000 on tax (25,000 for self and family & additional 50,000 if senior citizen parents included) under section 80(D) of Income Tax Act
• Organ donor expense: Medical expenses of organ donor during an organ transplant.
• No Claim Bonus: Bonus given to the insured during renewal in case of no claims are filed in the previous policy year. The bonus can be in the form of an increase in the sum insured.
• Cashless treatment: Can be availed when hospitalised in one of the network hospitals of insurance company
• Sum insured recharge: Sum insured gets replenished on exhaustion of entire health cover
• Alternative treatments (AYUSH Benefit): Alternate therapies like Ayurveda, Unaani, Siddha and Homeopathyget covered
• Free health check-ups: Free health check-up facility given to the insured members upto pre -defined limit in policy.
• Domiciliary hospitalization (Health homecare): Treatments availed at home on doctor’s recommendation
• Convalescence Benefit: Lumpsum amount given to the insured person as a recovery benefit in case of a long duration of hospitalisation

It is important to realize that inclusions will vary from one provider to the next and from plan to plan.

Some of the exclusions under a health insurance policy are as follows:

• Expenses due to pre-existing disease incurred during waiting period
• Expenses occurred during the waiting period for the disease/ailments having mandatory waiting period
• Cosmetic and Dental surgery expenses
• Sexually transmitted diseases
• Self-inflicted injuriesor adventure sports
• Injuries caused due to war
  

There are two types of health insurance plans available today. They are as follows:

1. Individual health insurance plan: This type of plan suits for individuals who chose to buy a policy for covering one individual.
2. Family health insurance plan: This type of plan provides coverage for the entire family which can include spouse, parents and children. The sum insured can be shared among all the family members or each family member can have an individual sum insured.

Choosing the right health insurance plan is the most important step while purchasing a policy. Following are some of the factors that should be kept in mind while looking for a health insurance:

1. Sum insured: Determining the right coverage is the first step when opting to buy a health insurance. Individuals residing in metro cities may go for higher sum insured. If looking for family health insurance plans, sum insured above 10 lacs can be considered so as to cover multiple claims in a year from different members without exhaustion
2. Sub-limits: Policies that do not have sub-limits on room rents i.e. no higher limit on the rent charges are always recommended.
3. Co-payment: Policies that have co-payment option have lesser annual premiums because the insured individual pays a fraction of the hospital expenses and the rest is borne by the insurance company. Though the premiums are discounted but the co-payment amount could be a significant amount in case of high value claims.
4. Waiting period: Some insurers have shorter waiting periods for pre-existing ailments. Specific covers like maternity benefits are covered after 3 years under policies of few insurance companies. The shorter the waiting period, the better for the insured person.
5. Cashless hospital network: Insurance companies have tie-ups with hospitals across the country. One should always look for the insurer who has more number of hospitals under their cashless service.

There are numerous health insurance plans available in the market. Each plan has its own inclusions and exclusions list, benefits and features, cashless hospital network, sub limits, waiting periods for certain illnesses etc. Hence it becomes imperative to compare these plans first and then choose the one which suits your requirements the most. Fynix helps you choose the right plan by showing a detailed comparison of all the health insurance policies available based on the data provided and hence assists you in making an informed choice.

You can compare and buy health insurance online in a few easy steps. Visit Fynix website and select health insurance. Then you will be asked to enter few basic details like age, sum insured amount, area of residence, number of members to be insured etc. Based on the details submitted, quotes from various health insurance companies will be displayed. You can select multiple plans and compare the benefits and coverages provided along with the premium. After you have decided on a particular policy that fulfils your requirements, you can select the plan and proceed to the proposal form stage. You have to provide accurate and correct information in the proposal form. After the form is filled, you can review all thedetails shared till now in the summary page. After reviewing, you can proceed to make the payment online through various modes like credit/debit cards, internet banking, wallets etc. Post successful payment, health insurance policy will be generated and emailed to you instantly.

If you want higher sum assured in lower premiums and create sufficient financial corpus for your family in your absence, then Term Insurance plan is the best type of life insurance policy for you. The term insurance plan is the most economical way to insure the most important years of your life. Some insurance companies also provide accidental death benefit rider under which, additional amount is paid by the insurer in case of death due to accident. Moreover, you can avail tax exemptions on the premium paid under the Income Tax Act.

Premium of a term insurance plan depends on the age at which the policy is bought by the insured person. If you buy a term plan at an early age, the premium would be lower. Moreover, you would be able to avail coverage from an early age and create financial security for your family without any delay. Since you are buying the plan young, you would be free from medical complications and thus the policy would be issued instantly and at affordable premiums. Lastly, you would also be able to lower your tax liability as the premiums that you pay would be allowed as a tax-free deduction from your income.

There are numerous life insurance companies and each have a variety of term insurance plans available with them. Hence it becomes necessary to first compare all the products available in the market and select the one that best suits your requirements. This is where Shift Risk comes into picture. You just have to enter few details about yourself and the amount of coverage you need and Shift Risk will show you a list of quotes from the leading insurers. You can browse through all the plans, compare benefits and features, add riders available from the insurer and then shortlist the one which you think fulfils your needs the most. You can then fill up the proposal form, submit relevant documents and make payment. Your policy will be generated post medical tests if necessary and the policy copy will be sent to your registered email.

Buying a term insurance policy online is a very simple and easy process as shown below:

1. Visit Shift Risk website and click on Term Insurance under Life insurance option
2. Fill in the form with your details, select the sum assured amount and then calculate the amount of premium to be payable on the insurance policy.
3. A list of quotes would be available to you from various insurers based on the details submitted
4. You can browse through the various plans on offer, compare their benefits and riders, and select the one that you think is best for you
5. You can then proceed to the proposal forms, fill up all the details as accurate as possible and keep all the supporting documents ready for upload
6. After completing the proposal form, you can proceed to the payment page. The premium can be paid through various online modes available like credit or debit card, internet banking, UPI or wallets if available. You can also choose the frequency of premium payment i.e. annual, half yearly, quarterly or monthly.
7. Post successful payment, the details are submitted to the insurance company for approval.
8. The insurance company scrutinises the proposal form that you have submitted and if the company is willing to take your risks, the policy would be issued. Once the policy is issued, you would be notified. The soft copy of the policy will be sent to your registered email address and the hard copy will be mailed to your residential address which you mentioned on the application form.

Following are some of the required documents for buying a term insurance policy online. For complete list, you can refer the insurer’s website.

1. Address Proof- Driving License/Bank statement or passbook with latest entries/Passport/Voter ID/ Aadhaar Card/Ration Card
2. Id Proof-Aadhaar Card/Voter ID/ Passport/ PAN Card
3. Standard Age Proof-PAN Card/ Aadhaar card / Passport/Voter Id card/Marriage certificate/Ration card/Birth certificate/Driving License
4. Passport-size photographs of the individual
5. In some cases when the premiums are too high then Income documents of the individual are also required to calculate the amount of insurance cover that is to be provided. In such cases, the income proof would have to be submitted which can be - Salary slips of last 3 month/ Income Tax Returns/ Employer Certificate/ Latest bank statement/ Latest Form 16

The inclusions are generally mentioned in the copy of the term insurance policy. You should go through the fine print of the policy copy before buying the policy to check the major Inclusions in the policy. Major Inclusions in Term Insurance Plan are stated below.

• Death of the Policyholder- all types of death are covered in term insurance policy which may be due to natural causes, accidental death or death due to illness.
• Maturity of the Insurance policy is covered in all plans (except pure term plans) wherein the policyholder will receive premiums payment throughout the tenure in case of survival.
• If accidental rider is taken, accidental death would be covered and result in the payment of an enhanced death benefit
• If critical illness rider is taken, specified critical illnesses would be covered under the plan
• If the disability rider is taken, permanent total and partial disabilities would be covered under the policy

There are certain exclusions in term insurance plan as not all situations are covered in an insurance policy. The insurance provider would investigate in case the policyholder’s unnatural death. The sum assured in the term insurance policy is not paid if the death of the policyholder occurs due to any of the following reasons:

• If the insured commits suicide within 12 months of buying a policy or 12 months of renewing a lapsed policy, such a death would be excluded.
• In case a critical illness rider is chosen, there is a survival period depending on the insurer’s policy terms. If the insured dies during this survival period, after the diagnosis of the critical illness, no rider benefit would be paid in such a case.
• If you hide an important fact from the insurance company at the time of buying the policy and death occurs due to such hidden fact, the company can reject your claims. In that case, the policy would become null and void and no claim would be paid. Important fact is considered to a fact which impacts your risk. For instance, if you are a chain smoker and you do not mention your smoking habit at the time of buying the policy, you are said to be hiding an important fact. Later on, in case of death due to lung cancer, the company would find out that you hide your smoking habit. In such cases, the policy would be void and no claim would be paid.

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Following are some of the benefits of buying a travel insurance for your overseas trip.

• Compensation for accidental bodily injuries, permanent disablements or even death during trip
• Reimbursement of expenses incurred during transportation to hospitals and medical treatments
• Emergency dental care expenses are covered
• Daily allowance in case of hospitalisation
• Compensation for non-refundable trip cancellations
• Cost of emergency accommodation during calamities like fire, flood, earthquakes etc.
• Covers loss of passport and other personal documents
• Distress allowance in case of hijack of flights
• Legal expenses arising in case of claims towards third party damages or death

Buyingtravel Insurance online is a simple and easy process. Just fill in details about your trip to generate a quick quote, select your plan according to your needs and the premium that suits you, proceed to buy and pay online through net banking, credit and debit card.Your overseas travel insurance policy would be generated instantly and a confirmation mail would be sentto your registered email address. Details such as your name, policy number, coverage and deductible information and toll-free number to address your claims would be included in the policy schedule.

• The company should offer a range of travel insurance plans which should cover the destination you are travelling to
• The travel insurance plans of the company should allow a comprehensive scope of coverage
• The premium rates should be affordable and competitive
• The claim settlement procedure of the company should be simple and quick. Moreover, the company should allow the intimation of travel insurance claim online
• The company should have a wide network of service providers throughout the world for easy claim settlements.
  

In case you have cancelled your trip, you have to submit proof in form of passport copy to show that you did not undertake the journey. A request for cancellation of policy is generally considered within 14 days after commencement of policy or as give in the policy schedule. A nominal fee would be charged for cancellation of the policy.

A travel insurance premium is calculated based on the following factors:

• Age – One of the major factors affecting the premium of a policy is age of the members travelling. Senior citizens have to pay higher premiums for the same trip.
• Duration of the stay. The longer the duration, higher is the premium outgo
• Sum insured – It is the maximum amount of coverage allowed under the insurance plan for various benefits. Higher sum insured leads to higher premium
• Deductibles – It is the share of the expense that is borne by the insured person. Having high deductibles in the policy can bring down the premium
• Destination – Your travel insurance premium depends on how high are the medical costs in the country you are travelling to. For example, in Asia region, Japan will have higher treatment costs compared to other countries and hence may command a higher premium

Travel insurance plans come in different variants depending on the trip taken, the destination, the type of trip, etc. Here are the different types of travel insurance policies available in the market –

• International travel insurance plans These policies cover international trips taken for business or holiday. The policies can be offered as destination specific plans also like Schengen plans, worldwide including USA and Canada, worldwide excluding USA and Canada, Asia plans, etc.
• Domestic travel insurance plans These policies cover trips taken within India for business or holiday.
• Senior citizen travel insurance plans These travel insurance plans cover individuals who are aged 60 years and above, i.e. senior citizens, going on a trip.
• Student travel insurance plans These policies are designed for students who travel abroad for higher education. The policy covers students for the risks they face when studying in a foreign country.
• Single trip policies These travel insurance policies are offered for a single trip taken by an individual.
• Annual multi-trip policies These policies are designed for individuals who travel frequently for business purposes. These policies are offered for one year and cover unlimited number of trips taken within the year.