Online Travel Insurance is the way to go

We all look for a respite when tedious life makes us weary. A well-planned vacation to a dream destination is the best way to rejuvenate. What are the things that strike your mind first when you plan a holiday? Aside from booking hotels, getting flight or train tickets and packing your bags, an online travel insurance policy is what you should include in your planning. Many people consider it as a waste of money but a suitable travel cover offers peace of mind to the travelers by protecting them financially in time of any untoward incident.

Travel Insurance

A travel insurance in India is now lot easier to obtain thanks to the Internet. An online approach to buy travel insurance also saves lot of time and effort which is highly advantageous because when you are rushing with last minute packing you hardly have any time to visit different agents and discuss about travel policies. Here are some steps that you need to take to grab a travel cover that meets your needs to perfection.

Extensive and unbiased research

There is no escape. You need to delve deep into internet and spend some time in researching. Prior to research, you need to select a particular type of travel plan. Once you know which plan you want you have to search for insurance providers that offer such plans. While researching you will come across many popular insurers, however, instead of being influenced by big names you should rather focus on the plans along with their coverages and premium amounts. If you have a specific budget you can resort to various insurance comparison portals. Upon submitting your budgets, these portals will endow you with a plethora of travel covers to choose from.

Selection of the right plan

You should not rush to make the final selection. Once you get hold of a good travel plan you need to go through the policy wordings. You need to ensure that your chosen policy will protect you regardless of country and type of illness. You should also confess if you have any pre-existing illness beforehand so that your insurer don't reject your claim in time of an emergency. Keep an eye on the list of exclusions of the policy as well when you are finalizing a travel plan.

Comparison of quotes

Now that you know which plan would serve your purpose best you would definitely look to secure that cover by paying the least. Insurance comparison portals will help you compare quotes offered by various insurers in India. When you enter your personal details you will be provided with an array of quotes with key benefits and exclusions. The customer care team of an online insurance comparison portal will also guide you to make an informed decision. By comparing different quotes you can trace out the most affordable travel plan that matches your requirements.

Purchasing process

You did all the hard work of researching, selecting and comparing of travel insurance in India. Now, it is time for the final step of buying the plan you have been looking for. Most reputable online insurance comparison portals are armed with safe payment modes. You need to click on the buy button and make the payment through your preferred mode. Within a few minutes, you will be provided with a soft copy of your travel plan.

Go online and buy travel insurance from the comfort of your home. Enjoy every bit of your vacation with a comprehensive travel cover.

Not satisfied with your health insurer? Renew your plan with a different health insurance provider

People of India are more or less familiar with the concept of the portability of mobile number. Similarly, health insurance portability has also come into existence in India. The IRDA has made it possible for policyholder to shift their health policy on renewal from one insurance provider to another, without having to lose any benefits.

This ground-breaking step has been greeted positively by most policy holder in India as they can continue with the least base cover which remains static across all insurance providers. In the past, when a policy holder fell sick during the term of an earlier policy term, the new insurer considered it as pre-existing condition. This is the reason why many insured people, especially senior citizens found it utterly difficult to switch to a new insurer even if they were dissatisfied with the incompetency of their exiting insurers.

However, things have changed now; and have changed for the better. Now, you can rightfully change your insurer at the time of renewing your existing health cover. Even after being shifted to a new insurance provider you can still enjoy all the benefits that you have accumulated during your policy term with your previous insurer. With the advent of health insurance portability in India you don't have to lose benefits such as waiting period to cover pre-existing conditions.

The same rule applies when you switch from one health plan to another with the same insurer as well. 

Privileges of insured people

IRDA have come up with a set of privileges to facilitate policy holders so that they can make the most of the concept of portability of insurance plan. The followings are the advantages that insured people would definitely appreciate;

• All insured persons can shift their policy to and from any specialized health insurance firm or any general insurance provider
• Both individual and family health policies are portable under the new scheme
• New insurers must provide insured people with the credit that they have accumulated with their previous insurers pertaining to the duration of waiting period for pre-existing diseases
• Insured people are entitled to receive up to the sum insured under previous policy as a minimum by the new insurer
• Both new and old insurers have to complete the shifting of policy within the deadline proposed by the IRDA

Conditions that insured people need to fulfill

• Insured people can switch their health covers only at the time of renewal. This means they will start a fresh insurance period with a new insurer. 
• All terms of the new health policy such as the the premium amount will be deiced by the new insurance provider  except for the credit for waiting period
• Policy holders must do the followings 45 days prior to the date of renewal

1. Write a letter to their previous insurance provider making a request for a shift
2. They also have to specify the name of the company to which they want to switch their existing health plans
3. Most importantly, policy holders need to renew their plans without any break. A 30 day grace period is available if shifting is under process. 

IRDA Facilitation

IRDA has lately come up with an online facility to avail and maintain data regarding all health insurance plans provided by insurance firms to individual policy holders. This enables new insurer to which insured people are keen to shift to access tall the required information so that it can be accessed by the new company to which a policyholder wishes to port his policy. Furthermore, new insurers can also gain information on history of health plans of the policyholder.

Some disadvantages of porting health plan to new insurer

In the past, majority of health covers come with one year contract. Policy holders that don't make any claim are usually entitled for various forms of bonuses such as premium reduction or higher sum assured for same premium. Under the present scenario, when an insured person changes his or her insurer he or she would miss out on bonuses and have to continue paying the base rate. The portability will also going to impose problems for senior citizens as most insurance providers are not keen to sell new health plans to elderly people. In essence, the portability diminishes the benefits of customized health plans.

However, these downsides matter little compared to the set of privileges that insured people can enjoy now. Health insurance portability further ensures that online comparison portals will play more significant role to decide on the perfect deal.

This has proved to be gift for a millions of policyholders in India. This move ensures that the insurance firms in India can no longer take their clients for granted. Insured people in India are not forced to stick to any particular insurance company on permanent basis. They can shift their health policies at the time of renewal when their existing insurers would stop covering the risks. Most importantly, these insurance providers will come up with more customer-friendly insurance product in order to to retain their policy holders for years and they cannot turn down any claim frivolously as well.  

Transfer of insurance is a must while buying an used car

The market of used car in India is thriving of late. There is an array of reasons that have triggered such rapid growth. Most importantly, used car market helped middle-class and lower-middle class people achieve their dream of buying a car. Furthermore, this market also helped people purchase expensive luxury cars at an affordable price.

A recent survey revealed that an increasing number of people are on the lookout for used vehicles these days. The demand for used motor is a whopping 1.5 million every year in India. Automobile manufacturers also have realized that the market of used vehicle is booming and have enough potential to generate high revenues.

If you are seeking an used motor in good condition, there is a good chance that you get a good deal if you can shop around. However, you should also be aware of the downsides of buying pre-owned vehicles. These automobiles, more often than not, don't come with OEM parts or necessary documents regarding taxes and insurance and warranties.

Certified used car showroom

In a bid to curb this issue, automobile makers have not only called for certified used car outlets all over the country but they have also made it essential for dealers to come up with used motor showrooms. These showrooms have proved to be highly beneficial for both vehicle sellers and buyers. These outlets provide sellers with many value-added services.

• They get the best price available in the market.
• Experts examine their motors intensively
• They are also entitled to choose any other vehicle from the car-maker range.

Buyers on the other hand, are also provided with a lot of services as well. They receive insurance, warranty on the used vehicles that are minutely checked by experienced and trained technicians.

If you are planning to buy an used car, the present scenario will surely make you feel delighted. With the advent of certified used car outlets you can always fancy buying a previously owned vehicle in good condition and at a much-reduced price. Wait, are you aware of the laws regarding the transfer of policy while buying an used motor?

A valid policy is mandatory for any vehicle in India because, should any accident occurs insurance companies pay the repair charges only if there is an authentic policy on the vehicle. If the concerned vehicle is not insured at the time of a claim the insurance organizations can rightfully deny claims regarding repair costs. And the same goes for used automobiles as well. Transfer of car insurance needs to be done within 14 days after the transfer of ownership. New owners will not receive any claim if the policy remains in the name of the previous owner. New owners need to be mindful of the fact that policy does not automatically transfer at the time of ownership change. And, it is the responsibility of the new owners to check and ensure that the policy is transferred in their names. The policy transfer can take place parallel with ownership change because new owners can provide same set of documents to the Insurer.

An incident in the capital of India has proved the significance of car insurance transfer of used vehicle. The new owner, residing in South Delhi bought an used car but didn't have the policy transferred in his name. When the vehicle met an accident the insurance company denied his claim since the policy was in the name of the ex-owner at the time of mishap. After a long legal battle, the State Commission found the new owner guilty of not transferring policy in his name within 14 days of ownership change and finally the new, suffered owner didn't get any claim whatsoever. By now, you must have realized that any negligence regarding car insurance transfer can proved to be very costly.

You need to gain some information on how used motors are sold and bought in India so that you can avoid any legal issue in time of any mishap. In simple words, an owner sells out his or her used vehicle to the dealer and receives either a new or an used motor in return. However, dealers usually are reluctant to be the owner and they generally waits until the vehicle is sold again so that the policy can be shifted to the current owner. Hence, all buyers and sellers need to streamline the car Insurance formalities. This will help both of them avoid any complication due to the negligence of dealers.

Most motor owners in India tend to overlook the importance of having an authentic insurance. And this kind of negligence and over-dependence on agents can proved to be fatal because agents do take advantage of unsuspecting customers. An increasing number of people are nowadays on the lookout for used vehicles. Hence, they should be aware of the correct information pertaining to car insurance so that they can take necessary action at the time of buying an used vehicle and avoid unwanted legal hazards and financial loss.

What to look for in a personal accident insurance policy

A personal accident insurance policy is as important as life, home, car and credit insurance. It comes in handy if you ever meet with an accident. There are various benefits offered by this kind of plan. We will be discussing in this article, what you need to find out about the policies before choosing any particular one.

What are the benefits?
The different benefits of accidental insurance are reimbursement or coverage against partial or permanent disablement resulting from accident, temporary disablement, and accidental death and so on. You can get coverage for the expenses incurred for getting the right kind of treatment during your stay in the hospital. The amount that you can get in the form of reimbursement depends on the type of plan you are going to buy. It also differs from one company to the other and the amount of premium you pay.

Features you need to look for

The different features you need to look for in case of these plans are:

• The options you have – There are various companies who have on offer numerous kinds of policies for personal accident. So, you need to make sure that you look into the types available and find out the one that would be suitable for you, as per your needs and affordability. 
• The amount of coverage you can get – Prior to buying a policy, you need to find out the coverage amount that the companies offer. The more the coverage, easier it will be for you to manage the expenses. However, you also need to understand that high coverage means high premium as well.
• Who is covered by this policy – Find out the people who will be covered under this policy. If you have any doubts as to who and how a person will be covered, make queries to the insurance company or agent you are dealing with.
• What is the term of the policy – You need to know the term of the policy before you buy one. This feature differs from one company to the other, but the usual coverage is for a year. That is you will have to pay the premium for a year and make claim in that year itself and renew the same if required.

The above are some of the features you need to consider before buying a particular policy since you will be investing your hard earned money in the same. Therefore, before you start investing you should make sure if you are buying the right product for yourself. 

The Importants of Group Mediclaim Policy

The health and health costs of an employee working in an organization is something every employer is concerned about. Mediclaim basically means any kind of claim rising for medical benefits of a person. It is practically not possible for an employer to sit and apply for individual Mediclaim policies for every employee of the organization. That is probably why, most big companies choose Group Mediclaim Policies for their employees.

These Group Mediclaim policies tend to cover the employee as well as his or her family members.  The most important part to note about the policies is they tend to cover non-life insurance. It takes care of an individual’s hospitalization expenses till a certain limit which would be mentioned to the policy documents. In a general, the hospitalization expenses include-

1.      The fees of the doctor and the nursing expenses.

2.      The expenses that are related to medication.

3.      Surgical fees and the expenses related to the operation theatre.

4.      The room and boarding expenses are also taken care of but that is according to limits set by the policy.

Group Mediclaim Policy

      As a primary set of benefits, the Group Mediclaim policies cover pre existing diseases, maternity benefits etc which are usually excluded from the coverage of the individual Mediclaim policies. There are various ways that these group Mediclaim policies are divided into. One of them is the family floater way.

·         The Family floater way allows a company to choose the to-be insured employee along with his or her dependants under a single amount. For example, if an employee has a floater amount upto Rs. X then him and his whole family would be covered under the same amount i.e. Rs. X and not a penny more.

·         In a similar fashion you have Corporate buffer way. This kind of insurance is normally opted for over and above the maximum limit that has been fixed for each employee. For example, if the limit for an employee is Rs. X and the hospitalization charges exceeds it to Rs. Y then the company is liable to pay the remaining amount from the buffer amount that it has fixed with the insurance provider.

The best part of this Group Mediclaim Policy is that they can be customized according to the needs and necessities of every employee and employer. According to a research done on the topic, it is also found that the Group Mediclaim policies that are opted by the companies are 25% cheaper than any individual policy that is available in the market. These Group Mediclaim Policies also have two kinds of facilities, namely Cashless and Reimbursement.

These days, most employers go for group Mediclaim policies instead of individual policies. The employees also tend to go for companies that provide group Mediclaim policies because that helps in the Mediclaim of their dependants. The maximum cover that can be given to an employee by the company is Rs.5 lac. Some companies also have an option of transferring from a group Mediclaim policy to individual policy after a few years which turns to be helpful for the employees too.

Recent trends in the fields of health insurance

Health insurance policy was launched in India in the year 1986.Since then, health insurance sector has witnessed a significant growth. In the fields of general and health insurance India has prospered a lot. According to the statistics, around 3.9% of India’s GDP was spent in medical and health sector till 2011, which is comparatively lower than that when compared to other countries. Till the year 2010, more than one-fourth of India’s population had access to health insurances in some form or other. There are several types of insurance policies available in India that is based on types of benefits provided to the insured.

Cashless facility when hospitalized-

In terms of health insurance India is one of the countries where people are aware of its benefits. Few health insurance plans pay on behalf of the insured while being hospitalized and s/he doesn’t need to shell out a single penny for the treatment. There are two sub-categories in cashless facility plans. The one is where the sum assured for the entire family can be used for the one who needs hospitalization. These types of policies are called family floater policies. Then there are individual health policies where the sum assured can be used individually by the members.

Reimbursement of money while patient gets hospitalized-

In many insurance plans, the insured and his family members (those who are insured) need to pay initially for hospitalization and later on, all the hospitalization expenses get reimbursed.

Daily cash on hospitalization-

Under many health insurance plans, insured and his/her family members get daily cash benefit on getting hospitalized. The payments are provided for a particular span of days of a policy year.

Policies that provides benefits on critical ailment-

There are health insurance plans that provide a lump sum amount to the insured if s/he has been diagnosed with a critical ailment.

In the sector of health insurance India has prospered a lot. There are many other types of plans and policies introduced by some renowned insurance service providers that are based on various amounts of sum assured and according to the age of the insured. It is, therefore, our duty to study the teams and documents carefully and understand them properly before investing. 

Modern citizen thrive for the best health insurance policy in India

Indian policy market has brought a great revolution in the field of health insurance schemes. The citizens of our country are quite aware of availing such beneficial protection schemes for their major illness. Whether you are married or single, your life needs to be secured at every distinct life changing stages. It saves your unwanted expenditures and sudden critical upheavals, which may arise due to critical health issues. With the rise of medical expenses, one can face terrible financial distress in time of emergency. These types of schemes provide wide range of financial coverage for an individual or his family members. The coverage is generally available for a minimum period of 12 months. As soon as the policy reaches to the last date, it needs to be renewed. Failing to the renewal process can also lead to lapse of your insurance.

People always try to choose the best scheme for their medical coverage. They should know the proper ways of choosing the best insurance providers. Now, what are the important points to look for? Choose a company that guarantees to offer complete coverage for different kinds of health treatment necessities. There are some policy makers that provide coverage for the hospitalization expenses. But that is not enough for many cases. The medical scheme should cover various types of hospital and treatment expenses. You also need to look for the cashless hospitalization scheme. Through this beneficial scheme, one can conveniently get admitted to the hospital (mentioned within their list) and enjoy cashless treatment facility. The policy makers bear the complete cost of hospitalization, medication and treatment. Payment for your medical bills will be borne by the respective insurance company and they will directly pay to the hospital.

The next thing, you need to check is the critical illness coverage. If a person suffers from any critical or major health diseases, the policy maker will sanction a lump of money to such individual. The individual can utilize the money for his further treatment and regular health check-ups. Some of the major diseases covered under critical illness scheme includes:--

• Kidney failure
• Stroke
• Cancer
• Coronary heart diseases
• Major organ transplant
• Permanent paralysis of limbs
• Major burns
• Terminal illness
• Brain surgery

All these beneficial aspects, makes people to thrive for the best health insurance policy in India.