Thursday, November 10, 2016

Have you lost Two Wheeler Insurance Documents? What you need to do

Have you lost Two Wheeler Insurance Documents? What you need to do

A Bike Insurance is one of the  most important documents to claim at any kind of critical accident. You will not be able to claim if you don't have Insurance Policy. Suppose you have lost the policy due to one or the other reason then you can get it by applying for a duplicate document of your two wheel insurance policies. In the article below, I have mentioned some of the simplest ways to apply for duplicate insurance documents.

Bike Insurance

Here's what have you to do?

I am fully satisfied with you that policyholder faces trouble when the papers are lost. Firstly, you should visit  the nearest police station and inform about the documents as soon as possible and register a FIR. After this, take a copy of the FIR to your Insurance Company and share all the details related to missing documents of Insurance Policy.

How to apply for Duplicate Bike Insurance Policy?

Submit an application

First thing is to write an application to your Insurer. Mention all important details such as Policyholder's name, date of insurance, date of insurance and what it covers. All these fields are compulsory as you are applying for duplicate documents. If your Insurance policy is jointly then application will be made jointly by all insurers.

Apart from this, when you apply for a duplicate document, the policyholders will ask for a nominal amount of money for appying for duplicate documents.

Publish an Advertisement

This  is also one method by which on can get his/her policy papers back. Some of the policyholders also advice their  customers to publish a advertise in the local newspaper, describing the lost of  Insurance Papers. After being news published in the newspaper, you give submit a copy  of the advertisement with your Insurer.

Indemnity Bond

It is compulsory to sign  the Indemnity Bond. Basically, this bond is executed on a non-judicial stamp paper having a suitable value, in which there is a request for the duplicate policy. The two main things that are mentioned in Indemnity Bond are Policy Holder name and the Policy Holder Number. Other important thing is it to be signed by two members outside of the  family to add surety. Also, there are some of the company that asks for financial status to have surety bond for the policy.


Now I will explain this article by comparing with the real scenario, before a few days Mr. Sameer lost his Insurance Papers of the bike in few days after purchasing the Bike. Then he called the Insurance Company about the Issue. The Company had suggested him to Submit a FIR in Police about the Issue and bring a copy of the FIR to the company. After the investigation of the whole issue, Sameer got Duplicate Bike Insurance Papers.

I Hope you got all the Fruitful Information from the article. Now whenever you come across any Issue like this follow the steps as soon as possible to get the Insurance Documents.

Tuesday, November 8, 2016

5 Essential Tips to buy Best Critical Illness Policy

5 Essential Tips to buy Best Critical Illness Policy

There are lots of uncertainties that have been related to our life and health, it's better to have a sufficient amount to insurance to cover emergency medical conditions. At times, investing in a basic health policy is not sufficient. If you come across some disease like cancer, strokes, Diabetes, etc. These expenses can't be covered by the policy and you have to spend extra money from pocket.In such cases, You can buy Critical Illness Insurance for yourself and your family.

What is Critical Illness Insurance?

Critical Insurance Policy covers the whole sum of the cost that occurred during the treatment of the Disease which can't be covered by the basic policy. Hence, it's not any substitute for basic insurance as it adds more cost to your Regular Insurance Policy. It is a definite cost that is paid for treatment of the disease.

Things to Keep in Mind Before buying Critical illness policy

Keep your current situation in mind

Firstly, before buying Critical illness policy consider your family structure, the present age of you and your partner , age of the parents. If there are senior citizens, then you will require more money for the policy. Your family depends on you, this policy will add an extra layer of safety for your partner against any unpredictable situation which may cost your financials. Choose your policy wisely as it doesn't affect other needs of the family.

Keep your Health Condition in mind

Your Current Health will decide whether you want this policy or not. If you are addicted to smoking or any other bad things, you are stressed at work, you become ill very soon, you will face serious health problems in future. It's better to start from now. Being addicted to bad things will cost you more. So, decide policy based on your health.

Your financial standing

This is an essential point before selecting insurance. If your current financial condition is not good, but you face critical issues, then you can opt for this policy with a smaller coverage. If doesn't matter whether you earn more, day by day rate of an insurance policy are increasing and it will affect inflation, choose your policy wisely.

Choose a plan which provides comprehensive coverage.

Don't choose your policy in a hurry. Even if you don't require Critical Insurance Policy, but it may be required in future. So before selecting any policy, view all list of diseases that are covered in policy by the insurer. Apart from this, if you don't understand any terms, ask the insurer regarding terms and conditions, make clear conversation with the agent before signing papers.

Choose a plan which complement your health insurance policy

At the time of selection of Critical Illness Insurance, also consider your health insurance policy, so you can get the best policy at an affordable price. By doing this, your health insurance portfolio will be secure.

Final Conclusion

Critical Illness Insurance adds an extra layer to your current Health Insurance, so choose your Insurance Wisely by keeping in mind unpredictable situations that life comes across.

Things to know about Travel Insurance

Things to know about Travel Insurance

Travelling is an essential part of our lives. Travelling can be for business, studies or for pleasure purpose and it's increasing day by day. Also, there every year there is an increase in the number of travelers across the world, due to which risks are also involved. Riks evolved in traveling include luggage lost at airlines, falling sick in a different country, costs provoked due to any transit delays. In order to avoid such circumstances, you should take suitable actions to make your travel experience smooth and convenient.

What does a travel  insurance cover?

Travel Insurance cover some of the following scenario's

Luggage Protection Coverage

This issue is faced by lots of travelers. It is horrible to lose one' luggage while traveling on domestic location, think off if the same incident occurs in the different country. Due to this reason, Luggage protection coverage is essential for travelers.

There are also some insurers which provide  insurance in case of theft or loss. While some insurers also provide emergency case transfers or legal advice.

Medical Cost Coverage

Does anyone like to get sick on the trip, but it's better to have an insurance in case of any of medicinal emergencies. If the person is a student and he/she wants to get vaccinated to any emergency room or hospital due to one or the other reason. There are some insurers which provide protection against some high-cost conditions, like a person, wants to be transferred from one location to other.

Trip  Coverage

Sometimes it happens that trip gets canceled on last minute, at such situations traveler has to pay bills of the hotel, flight cancellation and so on. Some Trip Insurance provide costs in case of transit delays.

Common types of Travel Insurance

Domestic Travel Insurance

This Insurance is for the people who  are traveling in the home country and having age between 18 to 65. It offers insurance in the case of loss of tickets, travel documents, flight delays, etc. Also, it provides cost of medical emergencies.

Corporate Travel  Insurance

This insurance is for the company who send their employee for national or international trips for business. It offers same insurance as domestic travel insurance and helps the employee in case of risks.

International Travel Insurance

This insurance is for the people who travel outside the country, it covers baggage loss, flight delays, loss of travel documents, the cost of repatriation and other risky medical emergencies. Also, it covers other basic medical costs.

Student Travel Insurance

Every year there is an increase in the number of students to go aboard for studies. During this time, they may face a lot of issues or medical emergencies, it's better to have Student Travel Insurance.

When is Home Loan Refinancing a Good idea?

When is Home Loan Refinancing a Good idea?

What is Home Loan Refinancing?

It Simply means applying for new Home Loan from New lender to pay off the current Home Loan.

Basic Reasons for Refinancing Home Loan

The most Important reasons for Refinancing Loan are:

To get benefit from the lower interest rate.
To get a top up from existing loan.

However, there are three other reasons for Home Loan Refining as Follows:

Save on Interest Component

The most basic reason is if a borrower pays higher interest for Loan and if the another lender is proving a lower interest rate, then he would prefer to shift to that lender, as it would decrease in his monthly EMI payments.

Shifting From a Floating rate to a Fixed rate of Interest

You can shift from Floating to fixed rate or vice versa, based on the benefits from the Home Loan. Here, if you feel stuck in floating and your lender is providing fixed rate and it's  lower, you should go for it. In Fixed Interest rate loan, EMI would be steady for a period of time.

They may also apply charges on shifting, but that are minimal, you can neglect it. But after shifting you will save more money.

Top-up loans

Beside Home Loan Refinancing, a Borrower can also select for a Top-up Loan for extra funding. It is a very nice idea to apply for a top-up from a new lender if you get lower interest rate. But if the interest rate is similar you should apply for the top-up from the current lender. By doing this, you don't need to pay any loan refinancing charges.

You get a great chance of getting a top-up loan from existing lender if your repayment history is good and value of the property is appreciated over time.

Joint or Individual Life Insurance Policy - which one is better?

Joint or Individual  Life Insurance Policy - which one is better?

Life is so valuable that we can't put a price on it. Life Insurance is very much important for each and every person. In Insurance, an approximation of the value of life is insured on various factors. In a policy, the life of the individual or any of individual's near one's life gets benefited in a case of any of  death or health issue.

Generally, Life Insurance Policies are designed for an individual based on various criteria's like age, income, health, pre-existing illness and lifestyle. Moreover, there are joint policies too, which covers the whole family or a couple together. In these joint policies, both members get the equal benefit, by which if anything happens to one individual the other remains Financially stable. In some joint policies, one can cover child instead of the spouse.

Type of Joint Life Insurance Policies

Mainly there are two types of joint life  insurance policies.

'First Death': In this policy, the policy will cover the sum of the death of the first individual, the rest will cease to continue.

'Death of Each Life': In this policy, plans pay on the death of the first individual, later on, the cover will continue with reduced premium.

Currently, Bajaj Allianz iSecure Plan, HDFC term Assurance Plan , LIC Jeevan Sathi Plus and various other term insurance plans are available in the market.

Before picking up any of the plans you should keep in mind the following features.

  • Cost Pricing
  • Terms and Conditions
  • Tax Benefits
  • Ease of Use
  • Flexibility
  • Pay-out
  • Benefits and Maturity
  • Divorce and Separation
  • Riders
  • Premium Waiver Benefit 

Cost Pricing

The opening plans or premium plans for a joint life insurance are cheaper than plans for a particular individual. There is no much different in cost of policies. Also, Premium Policies for a joint Insurance are expensive than separate individual policy plans.

Terms and Conditions

In Individual Life Insurance Policies, User can select plans by selecting proper terms and conditions and it may differ for the other spouse. While in Joint Policies, Terms and Conditions are same for both.

Tax Benefits

Here both Individuals and Joint Policies will get advantage under the section 80c of Income Tax Act. However, in few policies, the payout that a child or  Spouse received after death is tax-free under section 10 of Income Tax Act.

Ease of Use

Individual Plans, in this Individual, has to pay for the plan based on the selection of policy and it's Provider. While in Joint Insurance Policy, one time Premium amount is to be paid.


Flexibility differs in both the plans. In Individual Policy, there is no Limit on the amount, while there are some rules in Joint Policies. In Joint Policies, it allows to cover 50 % only and it is reduced to 25% if the spouse is a homemaker.


In Individual Policies, they pay-out after the death of the insured. Also, plans differ for both the Policies. In 'First Death' Policy, which allows claiming Insurance on the death of any individual. While in 'Death of Each Plan' Insurer will make the payout on each of the Individual.

Premium Wavier Benefit

This is only available for Joint Insurance Policies. In this, after the death of any individual, other spouse doesn't need to pay Premium amount. Also, the Spouse get income every month or year based on the chosen policy.

Divorce or Separation

Divorce doesn't affect any individual Policy. While, if the Policy is Joint, then it is troublesome. By this, Policy can't be divided or stopped among individuals. If both the individuals don't pay then it will be ceased, but if any spouse decline to pay, then another person has the burden to pay money off both. Also, they are some Policies which don't allow to continue after Divorce, it is based on Insurer.


This Plan is for riders which cover disability, accident or critical illness. In this Plan , the rider has to pay a certain amount based on the treatment. This Plan differs for Individual and Joint Life insurance Plans. One should review each plan and select appropriately.

Benefits of Plan Maturity

Life Insurance Plans Differ for both Individual and Joint Life Insurance Policies. Some Provide Payout after the death of one individual, while sum provides benefits after reaching a certain age in the life. The Benefits of the Policies are based on the selection of Policy.

One should also consider terms like additional benefits, sum insured, policy term gross payout, surrender values, the premium amount of plan and claim settlement values before selecting Policy.

Both Joint and Individual Policies have their Prons and Cons, one should deeply look at them before selecting.

Why you need to Buy Motor Insurance, Even if your car is Off-Road?

Why you need to Buy Motor Insurance, Even if your car is Off-Road?

Under the Motor Vehicles Act of 1988, all the vehicle are used for social, domestic or pleasure purposes and are covered by insurance. Under procurement of Chapter 11 oof this act, all the vehicles driving in public places without insurance is an offense and is punishable by law. Therefore, third party motor insurance is pre-requisite.

Insurance is a policy in which the insurer undertakes to pay the insured person a specified amount of money in the cause of any event. This insurance the policy protects owner if the vehicle gets damaged and also takes responsibility and pays for vehicle owner as per the law.

What does a Motor Insurance Cover?

Mainly there are two types of Motor Insurance. One covers only the liability while the other covers some amount of harm to a vehicle including the liability. This is known ad Own Damage which covers all the following types of Damages.

  • Fire, self-Ignition, Explosion, Lightning
  • Riots,strikes
  • Burglary, Housekeeping, Theft
  • Accidental external means
  • Malicious Acts
  • Earthquakes, Floods, Storms, Temptest, Inundation, Hailstorm, Frost, Cyclones, Hurricanes, Landslides, Rock Slides
  • Terrorism Act

However, if you are not using the car for a long time and it lies in the garage, paying insurance will bother you. Instead, it's better to pay for a third party motor insurance for your car for protection.


It  is generally believed that new cars are targetted by thieves, but there is no such rule. It is always difficult to find parts of old cars . Thieves are getting more money by stealing the old parts. But currently, there is an increase in the number of cars being stolen every year. So to protect your car, you should surely make insurance of it.

Physical Damage

Physical Damage can occur due to various reasons such as Flood, Earthquake, Fire or any other natural calamities. Suppose cars engine gets damaged due to flood water, then that can be covered under the insurance policy. Cars can also be damaged due to strikes, riots, terrorism, burglary, theft and malicious acts including man-made calamities. These all factors are covered in the insurance policy.

Use by Others

For example, if you have rented your car to a third party person, if any of the loss occur to the car then it can be covered under the insurance policy. Insurance Policy is offered various beneficial relief to the owner in many situations.

Wrapping it up

After reading this, you know already how much important is to have a car insurance. Evan if your car is off-road have insurance that fits well into your budget. Last Point, you don't have insurance of your car? Keep in Mind, you spend most of the time with car when you are free so it's better to have an insurance to protect your vehicle.