Maruti Insurance Plan - All Insurance Plans Explained

Maruti Insurance Plan - All Insurance Plans Explained

Authorized by the Insurance Requirements and Development Authority of India (IRDAI), Maruti Insurance Booking Private Limited are an Insurance company established for checking all the automobile insurance requirements of their clients.
Affiliated with some of India's top notch Insurance companies, reputed for their client-centric methods.

Why buy Maruti Insurance Plan?

Maruti Suzuki services are spread all around India and offer a 100% return sum from insurance for automobile damage. The service centers for Maruti are all fully equipped with advanced amenities with first-rate mechanics and great infrastructure. The Maruti Insurance Plans guarantees superior quality with repairs, replacement of original parts and service from highly skilled technicians.

The customer care in Maruti is what makes 90% of all buyers opt for taking up the Maruti Insurance Plan for their vehicle. The affiliation of Maruti with some of India’s greatest Insurance carriers like Bajaj Allianz, ICICI Lombard, National Insurance, Royal Sundaram, New India Assurance and Iffco Tokio General Insurance allows customers to have more flexibility when choosing their plans. 

Maruti Insurance Plan depreciation calculator:-

Age of vehicle	% of Depreciation
Not exceeding 6 months	Nil
Exceeding 6 months but not exceeding 1 year	5%
Exceeding 1 months but not exceeding 2 year	10%
Exceeding 2 months but not exceeding 3 year	15%
Exceeding 3 months but not exceeding 4 year	25%
Exceeding 4 months but not exceeding 5 year	35%
Exceeding 5 months but not exceeding 10 year	40%
Exceeding 10 years	50%

Features and Benefits of Maruti Insurance plan

• Damages due to accidents are repaired almost for free.
• There is unified service provided all across the country.
• Stress free, transparent and objective settling of claims.
• Superior repair work at approved dealer garages.
• Free towing facility with dealer assistance.
• Instant and easy transfer of no claims bonus.

Inclusions of Maruti Insurance Plan

• Includes protection against damage due to natural calamities like earthquakes, landslides, lightning as well as man-made calamities like break-in, theft and burglary.
• Protection against any damage caused during transit by rail, road, air, inland waterway or lift.

Exclusions of Maruti Insurance Plan

• Damage that is caused due to the routine wear and tear or aging of the vehicle.
• Damage that is caused by a person driving without a license or under the under the influence of intoxicants.
• Electrical or mechanical breakdown of the vehicle, depreciation or any consequential loss

Documents Required

Getting a Maruti Insurance Plan is one of the simplest ways to ensure Car Insurance for yourself and your vehicle. There are several ways of getting car insurance. The process for getting insurance can be done online as well. For this, one needs to fill up a form for car Insurance generated by Maruti Suzuki. The documents that are needed for this are ID proof, address proof, income proof, driver's license, report card of the policyholder and the general papers of the car.

Once the documents are successfully submitted, the customer can choose from among the 11 car insurances that Maruti Insurance Plan has to offer in alliance to other Insurance companies.

Anyone who owns a car has a valid driver’s license and is above the legal age of 18 years can apply for Maruti Insurance Plan.

Claims Process for Maruti Insurance Plan

The claims process begins when the policyholder wants to make repairs to his vehicle due to certain events. The claims form is filled up by the policyholder estimating the cost for repairing the damage and the extent of damage is written down thoroughly. This is submitted to the Maruti Insurance Plan company for the claims process.

A surveyor is sent by the company to cross-check the amount of damage caused to the vehicle. The surveyor sees the damage that is done and gives his own repair quote to the company.

The company sends the vehicle to one of the authorized garages for repair of the damaged vehicle. Another surveyor comes and checks the repairs that have been done on the vehicle. Once satisfied, the garage sends the repaired vehicle back to the policyholder.

If there are no claims that are made from the policyholder during the duration of the policy then the holder gets the no claims bonus feature upon renewal of his/her policy. The no claims bonus gives a discount to the policyholder upon renewal of the Maruti Insurance Plan.

Maruti Insurance Plan no claim discount rate:-

Details	Discount
No claim made during 1 year of insurance	20%
No claim made during 2 year of insurance	25%
No claim made during 3 year of insurance	35%
No claim made during 4 year of insurance	45%
No claim made during 5 year of insurance	50%

Tata AIG Car insurance Benefits And Reviews

Tata AIG Car insurance Benefits And Reviews

Tata AIG General Insurance Co. Ltd. is a joint venture between the Indian-based Tata Group and the American-based American International Group (AIG). Tata Group has 74 % of the shares in the insurance venture, and AIG has the remaining 26% shares.

The expertise and knowledge embedded in AIG’s global operations and Tata’s domestic market and customer base together make Tata AIG Car Insurance one of the leading car insurance companies in India. 

Tata AIG Car Insurance plans have features that have your damages covered in case your vehicle meets with any accident. Their motor insurance policies offer several benefits to policyholders. 

Why Choose Tata AIG Car Insurance

There are several advantages of choosing Tata AIG Car Insurance as your car insurance policy. Some of them are: 

• Continuous Coverage- When your online purchase of the policy is complete, an e-copy of the policy is sent to you. You do not have to wait for the physical copy to arrive at your doorsteps to start your policy.
• 24x7 Support- Tata AIG’s Car Insurance has a reputed customer support center which is there to address all your queries and issues 24x7.

Criteria	Specifications
Third Party Cover	Up to 7.5 L
Cashless Network Garages	2000+
Incurred Claim Ratio	83.74%
Net Earned Premium*	127273
Covers Provided	Basic Cover, Road Side Assistance

Reliable, Easy and Fast-It is much easier to buy a car insurance online, and the process is very rapid.

Documentation Process Simple and Short- When you are applying for Tata AIG Car Insurance online, you do not have to submit any documents or verifications immediately. They can be taken care of at the time of filing a claim.

Tata AIG Car Insurance Plans

Tata AIG Car Insurance offers several different add-on packages to the basic car insurance policy. The following are the inclusions of each and every add-on.

Tata AIG Car Insurance Gold

This plan has the following benefits:

• Covers loss of personal belongings
• Key replacement
• Expenses incurred in case of breakdown or accident, emergency travel, etc.
• Repairs for plastic, fiberglass and rubber parts
• No claim bonus protection

Tata AIG Car Insurance Pearl

This plan has the following benefits:

• Cover for the restoration of glass, rubber, fiber, and plastic portions of the car.
• No Claim Bonus (NCB) protection.
• Coverage for damage to private belongings.
• Transport and hotel expenses in case of emergency.
• Replacement of lost keys.
• Added protection with depreciation reimbursement.

Tata AIG Car Insurance Pearl Plus

This insurance policy’s objective is to increase the protection provided to the customers and decrease the liability they have to face. This plan has the following benefits:

• Cover for the restoration of glass, rubber, fiber, and plastic portions of the car.
• Coverage for machinery that requires replacement after an accident 
• Road-side Assistance Coverage for damage to personal belongings.
• Replacement of lost keys
• Added protection with depreciation reimbursement
• Emergency transport and hotel expenses in case of delay due to vehicle issues.

Tata AIG Car Insurance Titanium

This plan offers the following benefits:

• Cover for the restoration of glass, rubber, fiber, and plastic portions of the car.
• No Claim Bonus (NCB) protection.
• Coverage for damage to personal belongings.
• Transport and hotel expenses in case of emergency.
• Replacement of lost keys.
• Added protection with depreciation reimbursement.

Tata AIG Car Insurance Platinum

This is the most comprehensive and benefits filled car insurance plan as compared to the other options- Gold, Pearl, and Titanium. This plan offers the following benefits:

• Cover for the restoration of glass, rubber, fiber, and plastic portions of the car.
• No Claim Bonus (NCB) protection.
• Coverage for damage to personal belongings.
• Transport and hotel expenses in case of emergency.
• Replacement of lost keys.
• Added protection with depreciation reimbursement.
• Return to Invoice

Tata AIG Car Insurance Exclusions

The following are the exclusions of Tata AIG Car Insurance:

• Consequential loss
• Damages beyond specified usage limits
• Inadmissible claims
• Damage caused by an unauthorized driver
• Nuclear damage
• Damages caused by war or related activities
• Depreciation or wear and tear
• Breakdowns/failures/breakage
• Tires or tube damage
• Drunk Driving

Claim Process of Tata AIG Private Car Insurance

Cashless Claims

• First, you have to report the damage due to an accident to Tata AIG through the 24 hours helpline number- 1800-11-9966.
• The authorities from Tata AIG will scrutinize the damaged vehicle. They will then compose a damage evaluation within 48 hours.
• Tata AIG will then approve the amount in accordance with your Tata AIG Car Insurance policy,

Reimbursement Claims

• First, you have to report the damage due to an accident to Tata AIG through the 24 hours helpline number- 1800-11-9966.
• The authorities from Tata AIG will scrutinize the damaged vehicle. They will then compose a damage evaluation within 48 hours.
• After this, the policyholder has to submit all the required documents to Tata AIG. The documents include,
• The completely filled claim form
• Driving license of the person driving the car at the time of accident
• Vehicle registration document
• FIR copy

Tata AIG evaluates the claim and reimburses the sanctioned amount to the policyholder.

How Health Insurance Tax Benefits 2016 Can Ease Your Pain

How Health Insurance Tax Benefits 2016 Can Ease Your Pain

In this day and age, where health scares crop up so often, having a Health Insurance is extremely crucial. And once you factor in the rising costs of medical care, Health Insurance becomes even more important, not just for you, but for your loved ones as well.
Having a good health insurance will protect your loved ones from landing into a financial crunch during any serious medical problem in the future.

Apart from coverage, health insurances also give many tax benefits. So, not only are you protected against future medical problems, but you also get to save some money on taxes. A win-win situation

This table below is applicable for Financial Year 2016-17/Assessment year 2017-18. It lists the various scenarios possible while applying for health insurance tax benefit 2016. As you can see, the limits for senior citizens have been raised. We will discuss this in detail below.

Here, we will look at the health insurance tax benefit 2016. 

Eligibility

The premium one pays towards health insurance is eligible from tax liability. This is as per section 80D of the Income Tax Act.

Upon paying the premium on any mediclaim policy for the following people, you are entitled to tax deductions:

• You 
• Spouse
• Parents
• Dependent children

Features

The raised limits on health insurance tax benefit 2016 are a big boon for everyone, especially senior citizens.

Insurance amount paid for oneself, life partner, or dependent offsprings is eligible for tax exemption up to ₹25,000 rupees. This limit was revised in the 2015-16 budget, from ₹15,000 to ₹25,000.

If anyone mentioned above falls into the bracket of a senior citizen, and Insurance amount is paid for him, then the tax deduction he can avail is up to ₹30,000.

As for insurance installment paid for parents, it stands eligible for tax deduction exemption for up to ₹25,000. Again, if parents fall under the category of senior citizens, the limit increases to ₹30,000.

Key points

Listed below are a few key points about health insurance tax benefit 2016:

1. The payment for the premium amount cannot be made in cash. The mode of payment should be net banking, credit card, demand draft, etc., but not cash.
2. You can avail medical insurance on your children, but you can claim tax benefits only if they are under Eighteen years of age. If your kids are aged over 18 years and are employed, then tax benefits cannot be claimed. However, for unemployed male children, tax benefits can be claimed till they hit 25 years. As for the female child, she can be covered until she gets married, irrespective of her age.
3. Health insurance tax benefit 2016 can be claimed on both employers provided mediclaim plans and on policies that you have chosen yourself, independent from your employer. A tax deduction is applicable on both insurance policies and mediclaim policies.
4. You cannot claim health insurance tax benefit 2016 on any premium paid for your extended family (In-laws). Your wife can claim deductions if she pays the premiums from her taxable income.
5. In case, you pay premiums on behalf of someone from your family, for example, your sister or your brother, you cannot claim tax benefits.
6. The service charge amount on the paid premiums cannot be claimed as the tax deduction. Tax deductions are applicable on the premium account only.

Health Checkups and Section 80D

There are a lot of doubts regarding the reimbursement of health checkups on Section 80D. Preventive health checkup expenses up to ₹5,000 can be claimed as tax deductions. However, the overall limit of ₹25,000/₹30,000 depending on whether you are a senior citizen or not still applies.

So, consider the following scenario. Mr Kapoor is 65 years old and pays ₹27,000 as a premium. He just spent ₹7,000 on a health check-up.

Total expenses incurred by Mr Kapoor ₹34,000. But he can only get ₹30,000 as tax deductions. This is so because, under section 80D, the tax deduction amount for senior citizens is capped at ₹30,000 only. 

We hope that this article has given you a comprehensive idea about Health Tax Benefits. Check your sources and scope of reality before taking a plunge. Always put your needs in perspective before making any insurance related decision.

7 Important Facts That You Should Know About Section 80d

7 Important Facts That You Should Know About Section 80d

Having a healthy body is key to living a safe and stress-free life. Being healthy has numerous benefits. A healthy person is at a better physical, mental and emotional state.

However, at times in your life, you may face a health crisis, like a disease or other medical issues. And the treatment for such a crisis may put a lot of strain on your finances.
Hence, it is wise to go for a good healthcare plan in the early stages of your life. And the rising cost of medical care makes it even more important to have a good healthcare plan. 

A health insurance has many advantages. It reimburses the money spent on hospital bills. And apart from this coverage, individuals taking health insurances are also granted health insurance tax benefits under section 80D of the Income Tax Act on the premium that you pay.

Eligibility

Any person, whether salaried or self-employed, is eligible for health insurance tax benefits under section 80D if he or she pays any amount health insurance to ensure either their own, their spouse’s, their parents, or their dependent children’s health.

A joint Hindu family is also eligible for tax benefits if any member of the family pays premiums to ensure the health of any other member.

Limits on Section 80D

As per section 80D of the Income Tax Act, any tax payer can claim deductions for any health insurance premiums paid for self/family and/or parents. And these deductions do not include the deductions on expenses like health checkups. The table below gives the full information about health insurance tax benefits under section 80D for every possible scenario-

Seven relevant facts regarding Section 80D

Now that you know in general what section 80D of the Income Tax Act comprises of, listed below are seven important facts that you should know about health insurance tax benefits under section 80D:

1. Regarding deductions for installment paid for your parent’s health insurance. The amount you pay for your parent’s healthcare policies is eligible for tax deductions. And unlike the case of children, where the children needed to be dependent ones for your premiums to be eligible for tax deductions, the premium paid for parents does not depend on whether they are dependent or not. The deductions on premium paid for self, spouse, children or parents is capped at ₹25,000, as long as the age of the individuals involved less than 60 years. If anyone involved is a senior citizen, i.e. aged more than 60 years, the tax deductions are capped at ₹30,000. Hence, any tax payer younger than 60 years can have a total of ₹55,000 as tax benefits, if his parent's age is above 50. However, if he is older than 60 years, he can enjoy tax benefits of as much as ₹60,000.
2. One is not restricted to buy health plans only from health insurance agencies. The health insurance tax benefits under section 80D are on all kinds of installment paid for health policy. For instance, the premium paid for medical insurance riders or any critical illness also is eligible for tax deductions.
3. One gets health insurance tax benefits under section 80D on health checkups as well. Preventive health checkups get benefits up to ₹5000. However, the maximum deduction limit remains capped at ₹25,000 or ₹30,000.
4. To avail health insurance tax benefits under section 80D, premiums must be paid in non-cash modes only. Cash payments are not eligible for tax deductions. One may make use of internet banking, cheque, drafts, or even credit cards to make these payments.
5. A change has been made regarding uninsured very senior citizens of age more than 80 years. They are allowed tax deductions up to ₹30,000 on medical expenses.
6. Premiums paid for children above the age of 18 and employed are not applicable for deductions.
7. All individuals, as wells as HUFs (Hindu Unified Family), are covered under section 80D.

Small Business Owners: Break Up with Your Health Insurance Plan

Small Business Owners: Break Up with Your Health Insurance Plan

If you are a small and medium enterprise operating in India, then you also know that you are not unique. You are just one of the lakhs and lakhs of such enterprises, which employ over eight crores of India’s workforce.

So, what sets you apart from all the other such companies in your industry? What makes prospective employees flock to you instead of the company down the street which is a carbon copy?

If these questions stump you, then read this article to the end. And then take action immediately!

Don’t panic; it’s not too late. We will clearly answer these questions right away and also share some information which will surely be one such solution. Who knows, it will set you moving in the direction to becoming the employer everyone sets their sights on.

OK, time for the answer. The answer lies in how much value you show for your employees. You may now say, “Wait a minute, I pay them their wages on time. What more shows value than that?”

Well, a lot more. Obviously, you have to pay them their salary. That is the whole meaning of employment, isn’t it? But what truly shows value is how willingly you go above and beyond that most basic requirement as an employer.

One such proof is when you offer each employee solid health insurance. And yes, group insurance cover makes sense most of the time. It helps you as an employer save some costs, but such blanket covers don’t allow for customizations per employee. So we will play devil’s advocate here and discuss a good individual plan.  

This is because employees today are way smarter than they were a few years ago. They are knowledgeable and have a wealth of information at their fingertips. And remember our first point– they are not spoilt for choice when choosing an employer. If they feel that you are shortchanging them, you may end up on the losing end.

In other words, when you offer individual health plans, you show you care - for each employee as an individual.

Let’s look at the unique and noteworthy features of one such individual cover. Perhaps this may become the next best offering you surprise your employees with.

The policy we will discuss is the Oriental Health Insurance Policy. 

Oriental Health Reviews

Sum Insured	Rs. 1 lakh to Rs. 10 lakhs
Limit on renewal age	No. Renewals can be for life
Mandatory medical tests	Above 55 years
Flexible renewal payment	Yes, within 30 days of the renewal date
No Claim Bonus	Yes

The table contents, brief as they are, are in themselves quite attractive. Let’s look at some more benefits of this plan:

• Extensive and benevolent family umbrella: The plan covers spouses; male children till 25 years if they are still studying, female children till they are married/widowed/divorced, either parents or in-laws and one are unmarried siblings.
  
  
• Extended entry age: Most plans allow entry till 65 years of age. This plan extends this to 70 years for an additional 10% of the payable premium.
  
  
• Hospitalisation expenses of donor: These are covered for any individual donating an organ to the Insured.
  
  
• Hospitalisation related expenses: The policy covers medical expenses incurred before (30 days) and after (60 days) the hospitalisation. These need to be linked to the reason of the stay.
  
  
• Free policy trial period: This can be enjoyed up to 15 days post receiving the policy. Review the policy and if found unsatisfactory, return it and receive the premium refund minus service costs.
  
  
• Option to co-pay and save on premiums: If one is in perfect health, one can choose to co-pay the risk involved (which may not happen) and in turn receive a proportionate discount on the premium.
  
  
• Personal Accident coverage: Pay the extra premium to avail coverage in the event of death or permanent disability.
  
  
• Easy purchase: All one needs to do is use the Oriental Health insurance premium calculator to determine one’s premiums and continue with a few clicks to purchase the policy.
  
  
• Tension-free renewals: Oriental Insurance mediclaim renewal is simple and takes a few minutes online to complete.

A perusal of the policy’s prospectus confirms that all the usual exclusions apply and can be read in depth before applying for it. But surely, these almost unique benefits mentioned here, make this plan an attractive one for you and your employees.