Why Renew Your Policy of National Insurance Company Online?

Why Renew Your Policy of National Insurance Company Online?

Gone are the days, when policyholders visit the insurers’ offices to buy or renew their existing policies. With the internet industry booming, insurers have allowed the customers to avail its services online as well, which sound more convenient. Not only in the insurance sector, has the internet had a large impact on every facet of our life.
Contributing to the race, National Insurance Company has introduced an online renewal of its policies, which means you can renew your existing policies with the company by relaxing on your favorite couch at home. National Insurance Company online renewal has made the process hassle-free. However, you need to be careful about few simple steps while renewing your policy online with National Insurance Company.

Why Should You Renew Your Policy Online?

• By renewing your policy with National Insurance online, you can save both the time and money. The online renewing process of the company is getting popular among the customers. Within a blink of your eyes, you can renew your policy and this is all safe. 
• You can renew the policy at any time as there is no time boundary, provided you maintain the minimum grace period of 90 days. You’ll definitely find the online renewal process of National Insurance Company more convenient and r relevant if you compare it with others online. 
• Also, most of the customers prefer to visit the website online as it clearly defines each plan, benefits, claim settlement process, renew terms, premium rate and assists you throughout the process. 
• You no need to stand in long queues or visit the insurer office to renew your policy. All you require s some basic documents handy and a working wifi connection. Within a few clicks, you can renew your lapsed policy and avail the benefits. 
• Again, by visiting the official website of the company, you can also get some additional discounts on the product or can negotiate on your premium. Hereby, National Insurance online renewal process is a great deal as it saves you by ease the whole process.

Various Plans of National Insurance Company:

National Insurance Policies:

• Overseas Mediclaim Business and Holiday Plan 
• National Parivaar Mediclaim Plan 
• National Parivaar Mediclaim plus Plan 
• Overseas Mediclaim Employment and Studies Plan 
• National Mediclaim Plus Plan 
• National Mediclaim Plan 
• Parivaar Mediclaim Plan 
• Gramin Swasthya Microinsurance Plan 
• Gramin Suraksha Bima Yojana
• Two-wheeler Insurance Policy

Apart from these, the company has also entered into industrial risk insurance, rural insurance and commercial risk insurance at the same time. It offers a variety of products keeping the needs of its customers in mind. However, before buying any plan it is advisable to understand your requirement and select the plan. When it comes to NIC, its claim settlement process or renewal policy is famous in the market and the company is most approachable due to its robust services. It is also considered as a second largest general insurance company in India and has been in the same line from the ages. You can avail the various plans of the company at affordable rates.

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Two-wheeler Insurance Renewal: Conventional Vs Online Process

Two-wheeler Insurance Renewal: Conventional Vs Online Process

Renewing your two-wheeler insurance is no more a nightmare now. All thanks to online renewal process that allows you to renew your lapsed policy without an inspection or documentation. This way the two-wheeler insurance online renewal process becomes easier and hassle-free these days.
With many online aggregator introduced, now vehicle owners can take a stress-free nap and all their insurance related issues are being taken care off!

Why One Should Choose Online over Conventional Renewal Process

Conventional Two-wheeler Renewal	Online Two-wheeler Renewal
Time consuming process	Speedy process
Tedious paper work	Less or no paper work
The insured is required to visit the insurance office to get the renewal done	You can renew the policy at your utmost comfort; even you are on your bed or travelling to somewhere.
Broker guides you throughout the process	No broker required

In the conventional process, vehicle owners experienced rigid inspection, which costs were borne by them.  It is a cost other than the premium and also a burden on him. However, the tedious documentation process makes the process more tiring.

However, gone are the days now, when two-wheeler owners experienced such events. By simplifying the entire process, online two-wheeler renewal process has started gaining attention among the customers.

Steps to Renew Your Lapsed Policy Online

Shop for Insurer

You have to finalize an insurer that offers you a competitive premium rate to cover your vehicle. You can use online aggregators to compare the policies, the benefits or features and get the best deal.

Get your Two-wheeler Inspected

At the time of renewing the policy, you must get your two-wheeler inspected by a surveyor to ensure pre-existing damages. If there is any, your vehicle will be deprived of an insurance policy. Again if it is a minor one, then that could be excluded from two-wheeler insurance cover. You’ll also have to bear a minimum charge for the inspection, irrespective of if there is any damage or not.

Buy the Policy

After the inspection is done, you are all set to purchase a two-wheeler insurance plan. Some insurers also offer policies within 24 hours after the inspection done. The best way to buy your insurance in online purchasing.

No Claim Bonus

If you’ve missed the policy renewal date and it lapses for more than 90 days, you’ll lose the earned No Claim Bonus during your policy tenure. NCB is offered for every claim free year as a discount on your annual premium. It could be a huge loss if you’ve not claimed your policy for 3 -4 years when you lost the NCB.

Renew Your Policy with the Same Insurer

If you are unwilling to leave your insurer and renew the lapsed policy with the previous insurer only, call the insurer asking for the more information on how to renew your policy. After an inspection, the insurer will guide you through the process.

It is an offence to drive your two-wheeler without a valid insurance policy. It is hereby mandatory to keep your insurance updated on time. You should set an insurance renewal reminder to wake you up whenever your insurance renewal is due. However, by opting multi-year insurance plans, one can get rid of the renewal periods odds. In multi-year plans, you will get the enough time to renew your policy and need not to do it annually. We guess it is not that tough to maintain a date once in three years t to renew the insurance.

Also Visit:- 7 Ways You Can Save on Your Bike Insurance

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7 Ways You Can Save on Your Bike Insurance

7 Ways You Can Save on Your Bike Insurance

Every now and then we try to adjust with the hooping rates of everything. Thankfully, the financial experts have designed some insurance products that we can customize according to our comfort. Like bike insurance premium it is the amount you pay annual to avail the insurance benefits from the plan or the coverage to protect your two-wheeler in unforeseen event.
You can probably decide the cheapest amount you pay as premium by simply adhering certain tricks. Here we go:

1. Go for Less-expensive One
   
   The exotic bikes with huge engines will be more expensive than a regular bike with a small engine. Your premium will be low if you select a cruiser than buying a sports bike. Premium is also low with used bikes than the new one.
   
   
2. Opt for More Deductibles
   
   Deductibles are the amount the insured willingly pay for the damages and the insurer pays for the rest. More you cover the risk, the lower the premium. When you agree to pay for higher deductible, it means a larger share will be paid by you that lower the premium.
3. Cut Down the Unnecessary Cover
   
   The riders are free to choose the cover they actually need. However, third party legal liability cover is mandatory in India, the comprehensive and collision plan is completely optional. You should analyse your need before buying a cover. Because buying a comprehensive or collision cover to your old vehicle doesn’t make any sense. A single third party cover is enough and this way you can lower the premium also. Also by dropping specialized coverage like accessories, you can save on premium. Again if your health insurance cover for medical expenses or other hospitalization related costs, there is no need to take add-on medical cover with your bike insurance.
4. Prefer Taking Your Bike Insurance from the Same Insurer
   
   Grouping your bike insurance with other insurance policies from a single insurer is a good idea to get discount. If your health insurance, car insurance, travel insurance is with the same insurer, you may insist for better discount on the premium.
5. No Claim Bonus
   
   By claiming less you can reduce your premium rate. No Claim Bonus is offered for every claim free year which ranges from 20% to maximum of 50%. So you can avail some discount by obtaining NCB every year.
6. Compare Premium
   
   When your renewal day has arrived, don’t settle done by paying the amount and remain with the same insurer. Compare other sites, the policies offered by various insurers and look for discount. Also try convincing your insurer to settle with a better deal. You can compare the plans by using bike insurance calculator and don’t hesitate to switch to another if get the better deal.
7. Driving RecordIf you have a good driving record, there are chances of minimal accidents. Thus, you can create an image of less risky in front of the insurer and may not charge you much for your bike insurance.

We hope this help you keep a check on your premium and deal with it smartly!

Also Read: 5 Common Myths about Two Wheeler Insurance

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Iffco Tokio Motor Insurance: At a Glance

Iffco Tokio Motor Insurance: At a Glance

Life is unpredicted. None can predict accidents and mishaps. It comes all sudden and may wipe off your long-term savings. There is a saying “Prevention is better than cure”. It is applicable to your vehicle as well.
By not insuring your car, you are welcoming the risk, as insurance is the only safety measure that one can opt for to remain protected financially. Motor insurance helps you stay safe in the wake of consequences.

Many insurance companies have joined the race of making their product appealing and hence introduced a huge range of insurance products. Among them, IFFCO Tokio motor insurance policies are worth mentioning. The auto insurance policies designed by Iffco Tokio General Insurance Company have been deliberated to cater to the requirement of those who want to prepare for any calamity related to their two or four wheelers. Let’s have a glance at various coverage offered in Iffco Tokio auto insurance policy here:

Iffco Tokio Motor Plans	Coverage
Third Party Cover	Up to 7,50,000
Personal Accidental Cover	Up to 2,00,000
Own Damage Cover	It covers the damages to your car due to any natural or man-made calamities

Iffco Tokio Auto Insurance Benefits

• Experience a hassle-free and fast process. Electronically signed documents can be issued at the insurer offices, POS centres or can avail online 
• The door to door services on a request basis for fresh or renewal of the policy, free inspection in order to break non-continuation insurance ratio. 
• Fast cashless claim settlement at more than 2,000 network garages. 
• Experienced surveyors for attending your claims on an urgent basis 
• 24x7 prompt customer service 
• Online e-survey claim module to lower the TAT in claim settlement 
• Emergency service including ‘On Road Protector Coverage’ at a nominal extra premium, add-on benefit like ‘Value Auto Coverage ‘by paying a small amount of premium extra.

Also Read: Auto Coverage Policy By Iffco Tokio Car Insurance

Iffco Tokio Auto Insurance Exclusions

• Incidents that occurred out of the geographical zone
• Any loss due to natural wear & tear
• In case the driver didn’t carry a valid license when the accident occurred
• Any loss or damage caused due to driving under the influence of alcohol or drugs.
• If the car is used for the purpose other than the mentioned in the policy

What the policy covers:

Any loss or damage to your vehicle due to the following

• Fire, explosion, and self-ignition 
• Flood, earthquake, storm, landslide, rockslide, inundation, typhoon, tempest, cyclone, hailstorm, hurricane, frost, lightning 
• Theft, burglary, terrorist attack, riot, strike, damage in transit by road, rail, air, waterway, lift, elevator, accidental external damage. 
• Legal liabilities to third-party for accidental death or property damage up to 7,50,000 caused by the insured vehicle. The coverage is given in a form of compensation amount may include claimant’s cost and defense expense which is incurred with insurer’s consent. 
• Personal accidental cover up to Rs. 2,00,000 lakh for owner-driver while traveling in, mounting or dismounting from the vehicle. The insurer will compensate for accidental death or permanent disability. 
• Roadside assistance cover including towering the car to the garage for repairing/ removal or redelivery cost up to 1500

Iffco Tokio Auto Insurance Add-on Coverage

On payment of an additional premium one can get the below additional benefits with this policy:

• Get a cover for loss or damages to electrical/non-electrical items, CNG or LPG fuel kit. 
• Also get personal accidental coverage for unlisted persons. 
• Extended liability coverage for driver/conductor. 
• Coverage if the insured vehicle participates in rallies.

Buying an insurance plan for your vehicle you not only securing yourself financially but also can increase the life span of your vehicle!

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Are You Aware With Jargons Related to Your Insurance Policy?

Are You Aware With Jargons Related to Your Insurance Policy?

Mr. Sharma was interested in buying a two wheeler Insurance for his prized passion, he bought recently. He is a smart buyer so decided to buy a plan online. But while visiting the website of the insurance provider, he got confused by the insurance jargon and different clauses.
Seeking for help, he approached his neighbour. Being employed with an insurance company himself, the neighbour offered a lowdown on various types of auto insurance and deductibles associated with each. Here is what they discussed.

Two-wheeler Insurance Types:

There are types of two-wheeler insurance policies:

Third-party Liability Cover: It is a mandatory cover by State Law to be taken for any two-wheeler running on the roads. It protects you against any legal liabilities arises out of the damages to the third-party in an accident, when the insured is at fault. The premium is very minimal.

Comprehensive Cover: As the name suggests, this cover means all round protection. By including own damage cover, this plan provides protection at the time of any damages occurred due to man-made disasters like theft, fire, vandalism, strike, riot, terror attack etc. It is an optional plan which doesn’t cover third-party liability and premium is slightly higher than the other one.

What is Deductibles?

Deductibles are the part of your claim that you have decided to pay yourself and claim the rest of the amount. In other words, it is the threshold after which your insurer pays up to a maximum limit of your insurance cover.

Variants of Deductibles

Deductibles are mainly of two types- Compulsory Deductible and Voluntary Deductible.

Compulsory Deductible is decided by the insurer and you as an insured will have to pay compulsorily. The amount of deductibles varies insurer to insurer, as per IRDA it starts from Rs. 50 for two-wheeler to Rs. 500 in case of four-wheelers. There is no way out for lowering the premium for compulsory deductible and the insurer may pose higher deductible if your vehicle is older or at high risk of claim.

For instance:  Amit takes a two-wheeler policy which offers a maximum limit of Rs. 2 lakhs for hospitalization with a deductible of Rs. 15,000. When Amit required filing a claim due to reimburse the hospitalisation expenses, which came to 80,000. The insurer will pay Amit Rs. 80000 minus deductible amount of Rs. 15,000= 65,000. The remaining 15000, Amit will have to pay by himself as compulsory deductible.

Voluntary Deductible, on the contrary, is an optional deductible for the buyer. It is applicable when your policy renewal date arrives and you pay a certain amount of your claim voluntarily. You can earn a discount on premium by paying the voluntary deductible. Below is a rough estimate of how you can earn on Voluntary Deductible.

Deductible Amount	Discount on Premium (%)
Rs 2500	20
Rs. 5000	25
Rs. 7500	30
Rs. 1200	35

That means, higher the voluntary deductible you decide to pay, lower the insurance premium you will pay!

If Amit feels that he is a good driver and has no claim history, he can opt for this deductibles. Simply opting for the highest deductibles of Rs 1200 and get a bulky 35% off on his bike insurance premium. According to this, if Amit files a claim, he will pay for the amount up to 1200 and the rest claim will be paid by his insurer.

Compulsory Vs Voluntary Deductibles

Compulsory Deductibles	Voluntary Deductibles
The amount is fixed by the insurer and the insured is bound to pay this.	The amount is decided by the policy holder and it is optional
It has no effect on your insurance premium rate.	It impacts on your premium as higher you decide to pay as deductibles, lower the premium you will pay.
At the time of claim, only compulsory deductible is required to be paid.	It requires the insured to pay both the compulsory and voluntary deductibles when a claim is made and thereby the total amount is high.

We hope after this discussion Mr. Sharma takes a wise decision about his two-wheeler insurance and will consider all the important terms and clause of insurance policies while buying one!

There are some bike insurance provider where you can visit like Bajaj Allianz, Iffco Tokio and Bharti Axa Two Wheeler Insurance.

Overview of Critical Illness Health Insurance by SBI

Overview of Critical Illness Health Insurance by SBI

SBI Critical Illness insurance plan provides coverage against thirteen most dangerous critical illnesses. The plan provides a fixed sum assured, regardless of the actual medical charges. It helps to bear the expenses of the treatment regarding the critical illness and staying financially stable at the same time.
This article will be your guide to critical illness health insurance plan by SBI

Key Features Critical Illness Health Insurance Plan by SBI

The critical illness insurance plan SBI health insurance is available in 2 variants.

• 1 year Plan
• 3 year Plan

The selection of the policy period is your personal decision.

Coverage of Critical Illness Health Insurance Plan by SBI

The plan offers insurance coverage for 13 critical illnesses. The benefit of insurance is payable if the insured individual is alive for a specific period of more than/equal to 28 days when the illness was diagnosed. 

Here are the 13 critical illnesses covered by this insurance plan.

Specifically, 1 critical illness claim is allowed by the insurance provider during the insured’s lifetime. The critical illness plan ceases to exist instantly after the first payment of the first benefit of critical illness as per the plan. The maximum sum insured amount as per the critical illness coverage for any person is Rupees 5 Lakh which includes all the plans which are issued by the insurance provider. 

The minimum entry age for SBI General’s critical illness insurance plan is 18 years, and the maximum entry age is 65 years.

Exclusions of Critical Illness Health Insurance Plan by SBI

The exclusions mentioned below apply to the admissible benefits as per this plan and no coverage would be provided for the circumstances and for the conditions/ treatments/ tests mentioned below. 

• Pre-existing illness, or conditions and complications related to it. 
• There is a waiting period of 3 months from the date when the policy is issued. 
• Any congenital conditions or illness. 
• Any sane or insane attempted suicide or self-inflicted illness or injury on purpose. 
• Any Sexually transmitted diseases or conditions, mental and nervous disorders, Acquired Immune Deficiency Syndrome, and Human Immune deficiency Virus infection. 
• Consumption of alcohol, drugs, hallucinogens or any intoxicants unless it is prescribed by a doctor and it is taken as per the prescription.

You May Also Visit:- Hospital Daily Cash Insurance By SBI