Insurance

An endowment plan is a type of life insurance policy that offers the dual benefit of life insurance and savings under a single plan. The insurance coverage offered under the plan allows the policyholder to protect their families from unforeseen circumstances. However, it has more to it than typical life insurance. When your endowment plan matures, you receive a sum assured. This allows you to build a sufficient corpus that enables you to take care of your milestones like children’s education, buying a house, or creating a retirement corpus. The dual benefits of life insurance and savings in a single plan allow the policyholder to have a financial backup for their loved ones in their absence and have funds to access their goals. It is important that before you buy an endowment plan; you know how to buy it and how to track it.

Documents needed for buying an endowment plan

You only require basic documents for purchasing an endowment plan. They are:

• Official identification document depicting the age of an individual
• Photograph
• Fully filled application form/proposal form
• Address proof/ proof of residence

Steps for buying an endowment plan online

You can buy an endowment plan via online mode or offline. Most individuals prefer to buy online since online endowment insurance plans are more affordable and easier to access. You can use tools like a life insurance calculator to get an estimate of the premium you have to pay for getting your desired sum. Here is how you go about buying one online:

• Visit the website of the insurance provider and check out the endowment plans offered.
• Select the policy that you wish to purchase.
• Provide your details like name, gender, date of birth, phone number, and pin code. Insurance providers use this information to generate a quote.
• Once you get the quote, you simply have to make the payment online. 
• After you have paid for your endowment plan, you are required to fill out the proposal form. At this stage, you are required to submit documents concerning your age proof, residential proof, and photographs.
• You can simply submit the documents online and wait for the insurance company to verify them. Once your documents are verified, the insurance company will issue your policy. 

Tracking your endowment plan

Most insurance companies provide several ways in which their customers, i.e. the policyholders, can track their endowment plans. They also allow policyholders to make payments online and even update any information regarding their policy. Since an endowment plan is a savings instrument and life insurance product, it is necessary that you check your policy periodically and update it whenever required. There are several ways you can go about checking the information of your policy. 

Here are some of the common ones that most insurance providers offer:

Online portal

If you have registered online on the website of your insurance provider, it is a matter of minutes to track your endowment insurance plan and check the details on it. You simply have to register or log in if you have already registered and you will find all the information you need regarding your policy. Most portals also allow policyholders to pay premiums through the website directly. 

Contact the customer care

Every insurance provider has a customer care service hired to cater to the needs of their policyholders. If you want the details of your policy, you can simply make a call to your insurance company. Once you give them the policy number and the required credentials, the customer care provider will offer you the details that you need. 

Visit the nearest branch

If you find it difficult to navigate through the online portals or via phone, you can simply visit the nearest branch. You can provide your policy number to the employee of the branch and ask them for the details you require. You can also change any details of your policy at the branch with the help of the employee there. 

Ensure that you check on your installment dates and pay your premiums on time to yield the benefits that an endowment insurance plan offers. You can check your policy in any of the above ways that you find comfortable and track it easily. 

The Motor Vehicles Act, 1988, mandates third-party insurance for all car owners. It means you are not allowed to drive a car on Indian roads without car insurance. The mandatory third-party insurance covers third-party liabilities in case of an accident with the insured car. However, it does not cover own damage or personal injury or loss.

Therefore, to make car insurance more beneficial for you, choose comprehensive plans that go a step further and provide coverage for own damages and losses. You may get car insurance online as it’s the most convenient option. You can also renew your motor vehicle coverage online, which is easier than the offline mode. Below is a detailed guide on how to renew your car insurance policy online.

Steps to complete car insurance policy renewal online with an existing insurer

You only need to complete a few simple steps to renew car insurance policy online:

Step 1: Visit the official website of your existing insurance provider and go to the renewal section. 

Step 2: Enter your policy no. and registered contact details to check the renewal plan and the premium for it. 

Step 3: You can edit the plan coverage benefits according to your needs – add the essential benefits and remove the non-essential or redundant ones. 

Step 4: Complete the renewal of your car insurance plan by making the premium payment.

You can either choose the same tenure for coverage benefits as the existing policy or opt for an extended tenure for long-lasting coverage and eliminate the need for frequent renewal. Also, car policies with extended tenures turn out less costly than those with shorter tenures.

Also, you must note that renewing your motor vehicle insurance plan well before the expiry of your existing plan is the easiest way to proceed. It makes the process hassle-free by eliminating any additional steps needed in new policy purchase and ensures perpetual benefits for the vehicle, ensuring financial coverage at all times. Not to mention, timely renewal also comes with additional benefits such as a No Claim Bonus, or NCB that is awarded to customers for a claim-free year. NCB is lost if renewal isn’t completed within the grace period.

Steps to switch insurer at renewal

Step 1: Visit the website of the insurer you’d like to switch to. 

Step 2: Share a few details about your car, like registration no. and year of purchase, to get a quote personalised for you. 

Step 3: If you like the quote, make online payment and get your policy delivered to your email instantly.

Things to remember before renewing a car insurance policy

Online renewal of car insurance policies, if done on time, is a hassle-free task. However, you must not miss out on considering a few factors that might affect the benefits of the policy. Some of these factors are:

1. Coverage type: Even when renewing your car insurance coverage, you can choose between third-party and comprehensive plans to suit your needs. Consider the benefits associated and match them with your needs before making a decision.
2. Your car’s IDV: IDV or Insured Declared Value of a car can change from one year to another or one policy period to another as reflects the vehicle’s current market value. However, you must check the renewal IDV for your vehicle to ensure optimum coverage and premium.
3. Additional facilities provided by the insurer: During policy renewal, you must also consider other facilities provided by the insurer and compare them with market competitors to decide on the right provider. Some examples are network garages for repair and replacements, support for on-road assistance, and cashless claims.
4. Necessary add-ons: You may also want to choose essential add-ons for your car insurance policy to help enhance its coverage. Compare available options and match them with your needs before deciding.
5. Applicable discounts: Some insurance providers also extend remarkable discounts when you renew car insurance online. All you need is to check and hunt the market for such offers. But check the coverage carefully before choosing the cheapest option.
6. Claim settlement ratio of insurance provider: Make sure to check the claim settlement ratio of your insurance provider with every renewal as it provides crucial insights into the performance metrics of the concerned company. It also helps understand the ease of claim settlement you would encounter with them when needed.

With all these details in place, you can renew your car insurance policy online in a few simple steps. Make sure to compare insurance providers to find the best fit for your car’s coverage needs and ensure financial freedom in the face of car emergencies.

If you are planning to buy a new car, then you must invest some time to find the perfect insurance to go with it. Buying car insurance is not only mandatory by the law but also recommended if you don’t want to shell out tons of money in case your car gets damaged. 

Whether you are purchasing a new insurance policy or renewing an existing one, the premium calculation is an essential requirement. In this article, we will elaborate on the details related to such calculations. We will also delve into various crucial questions regarding a policy purchase, premium calculation, and finding suitable policies as per your need. Note that there are calculators available online which can help you know your car insurance premium costs.

Why is it beneficial to use car insurance premium calculators? 

It is a good idea to check your car insurance price on a premium calculator before making any purchases. The reasons being: 

1. A car insurance premium calculator assists you evaluate different insurance premiums directly and helps you make a cost-effective decision for you and your car. 
2. When you are using a four-wheeler insurance premium calculator, you might notice how a particular change in factors can increase or decrease the premium cost. You can appropriately try assorted options and see what works best for you. 
3. After all, it is your car, and the minimum you can do for it is making an assured decision for its protection. A vehicle insurance calculator assists you to see by yourself how your insurance premium is decided.

How to use an online calculator for motor vehicle insurance premium calculation?

Most of the popular insurers have motor insurance premium calculators on their websites. Calculating the insurance premium of cars is quite simple. Just visit the premium calculator enter the information on the insurance calculator as mentioned below, and you will get the results in a few seconds.

Step 1: Enter your car’s registration number and your contact details.

Step 2: Provide your car’s year & city of registration, make, and model.

Step 3: Decide between a third-party liability cover and an all-inclusive plan. 

Step 4: You will then see your insurance premium computed on the calculator.

Which one to choose between third-party and comprehensive car coverage?

The third-party policy is generally the most opted insurance policy in India as it is mandatory under the Motor Vehicles Act. However, it only covers damages and losses suffered by a third party, automobile or general property.

If you want all-around protection for your car, then opt for a comprehensive motor vehicle insurance policy. It addresses damages to your own vehicle as well as third-party liabilities. Clearly, comprehensive coverage is a better option as compared to third-party coverage due to its widespread benefits.

Bonus tips to reduce the cost of car insurance premiums in 2021

• Maintain a safe driving record: It is a significant aspect if you want to save more on your policy premiums. This practice will not only keep you safe while driving by preventing unfortunate accidents but will also help you become eligible for a No Claim Bonus for every claim-free year.
• Renew policy on time: Try to renew your car insurance policy before its due date. It will eliminate the inspection procedure for your car.
• Add-ons: Add-ons are a wonderful way to add an extra level of coverage to your car, but it raises the premium value too. So, pick the relevant add-ons for your car.

Though your insurer determines the premium of your policy depending on the age of your car and other risk factors involved, these tips will help you avoid unnecessary expenses. The insurance cost for a recently bought car is usually higher compared to that for old cars. But then, even the IDV and sum assured are higher for new cars, allowing you to get the maximum benefit against what you pay. 

Please note that a car older than five years may not be eligible for certain add-ons such as zero depreciation cover and return to invoice cover. When purchasing car insurance online in India, you can further compare insurance providers based on related benefits before finalizing a policy.

Insurance is a very handy tool in life. If you want to protect your vehicle, you have car insurance. If you want to protect your health, there is health insurance. Similarly, you can get coverage for your life as well. However, life coverage like term insurance is different. It is focused on securing your family in your absence. An online term plan offers coverage to your family in case of your sudden death. In your absence, the death benefit of the policy is the only thing that can secure your family. Hence, it is important that you buy the right policy in the right way. 

Despite knowing how important term insurance is, many people end up making mistakes while buying the plan. Since term plans are long-term products, many choose to buy them. So, if you are thinking about buying a term plan, there is a high chance that it is your first time doing so. Knowing that you need to pay special attention to what you are buying and how you are buying it. Here are a few mistakes you should avoid: 

• Selecting a short term

Longevity is the basic idea of buying term insurance plans, meaning that you want to make sure that you have life coverage for as long as possible. It is recommended to buy a term insurance policy at a young age. There is no saying when something unfortunate can happen. In this case, you have to make sure your dependents are secured. You have to make sure that your family enjoys this security for as long as possible. Hence, it is advised to get a term plan with the highest possible tenure. 

• Getting inadequate coverage amount 

The primary purpose of buying term insurance is to make sure that your family’s financial requirements are fulfilled in your absence for years to come. Hence, you need to make sure that the amount of money they get in such a case is more than enough. You need to consider their current lifestyle and future requirements. If you pick a low amount, it is likely that your family will run out of money before all their needs are met. 

• Buying late 

Term insurance is one of the first purchases you should make in life. Having term insurance at an early age has many advantages. For example, if you buy term insurance at an earlier age, you may have to pay less premium. Moreover, the process of buying the policy is simpler. Most of all, you end having a sense of security with life coverage early on in your life.

• Buying the first option 

The thumb rule of buying insurance is to compare policies. Hence, you have to make sure that you shortlist multiple policies that fit your preferences. Among these plans, compare on the basis of minute details. Look at the coverage they offer at what premium. If you need it, take ample time to decide on a plan after comparing. You should never just buy the first policy that you come across. 

• Picking low price over coverage 

Everybody wants to buy useful things at the lowest price available. However, that may not always be the smart thing. A term insurance policy offers you plenty of benefits and options. You should not keep yourself from having these options just so you can pay a lower price. For example, term insurance benefits include a whole lot of addons that can improve your coverage.

• Giving false information

Insurance providers always ask you for your information before giving you a quote for a term plan. This information decides what premium you would be charged for the amount of coverage you seek. It is important that you give accurate information to the insurer. If you don’t, this could cause problems in the future. If the insurance provider learns that you have given false information, you could get your claims denied or be at risk of legal action. 

Making a wrong decision could mean that you end up being stuck with the wrong plan with a bad premium. Or, if you make mistakes like sharing wrong information, the trouble could be even bigger. Hence, it is important that you buy smart and buy right. Use an online term plan calculator to get started and secure your loved ones today!

Term insurance plans are basic life insurance plans that were initially designed with a single objective of providing a sum assured as financial security to the dependents/nominees in case of an insured’s death. The term insurance normally provided coverage until the age of 65 years, at affordable annual premiums. However, with the growing needs of the customers, insurers began to introduce a variety of term insurance plans online through trusted financial platforms such as Finserv MARKETS. 

How to Choose the Right Term Life Insurance Policy

Insurance companies today offer multiple combinations of term insurance covers like the increasing term cover, return of premium term plans, payout plans, and so on, that the customers may choose from. Although this vast choice to the customers is welcoming, it could often leave them confused about the right term life insurance policy to buy. Here are 5 broad considerations that could help you understand how to choose the right term insurance policy:

Compute the Term Insurance Coverage for your Needs

Your term insurance coverage must be able to fulfil all the financial needs of your family in the event of your untimely demise. The amount of term insurance coverage can be computed by considering the factors listed below:

• Future Monthly Expenses (M): Estimate the current monthly expenses of the dependents in your family and multiply it with 150 to factor in inflation and arrive at their future monthly expenses.
• Short- and Medium-Term Goals (G): These could be the financial goals that you may have set for a period of the next 15 years such as children’s education, marriage, etc.
• Liabilities (L): These include debts in the form of loans, and credit card bills.
• Liquid Assets (LA): They comprise stocks, FDs, mutual funds, etc.
• Retirement Corpus (RC): This is the amount that you would want to bequeath to your spouse on his or her retirement.

The term insurance coverage (TC) required for your needs can now be computed as 

TC = M+G-L+LA+RC

Decide the Tenure of the Term Insurance Plan

Once you have calculated the term insurance coverage amount, you must now decide on the term plan’s tenure. The tenure of the term plan cannot be too short that your policy lapses even before you could fulfill your financial obligations, nor too long that you end up paying higher premiums. 

The optimal tenure for a term insurance plan would be until your age at which your assets outgrow your term insurance coverage amount. Post that age, your assets shall be capable of taking care of your family’s financial needs.

Choose your Riders Smartly

Riders are add-on covers offered at a nominal cost, along with your term insurance cover, and choosing them would be a smart idea even if they don’t fit your requirement. Add-on covers such as accidental death benefit, critical illness cover, waiver of premium on disability or critical illness can be quite beneficial in the event of the insured’s unfortunate demise. Make sure that you read the fine print of these riders carefully, as they differ between insurers.

Check the Insurer’s Claim Settlement Ratio

Purchasing term insurance with a proven record of a high claim settlement ratio would be a wise move, as the claim settlement ratio indicates the efficiency of the insurer in settling the policy claims. A claim settlement ratio of at least 90 percent shall make it easier for you to decide your insurer for a term policy.

Pick a hassle-free Insurer

While choosing a term insurance plan, also verify the insurer’s stability and reputation as your association with them would need to last long, say for at least 30 years. In addition to the premium that you pay, the market reputation of the insurer also matters. Term insurance plans offered online by reputed insurers are cheaper and you can also pre-calculate the premium using their online term insurance calculators. 

To end, if you are looking to purchase a term insurance policy online, Finserv MARKETS is surely the portal that you need to visit. On Finserv MARKETS, you can determine the term insurance premium beforehand with their online term insurance calculator and proceed to purchase a term policy. Their application process involves zero paperwork, and the claims initiation process is really quick.

Overview – 

By owning a car, individuals find themselves availing of multiple conveniences ranging from the ease of transportation to enjoying elements of comfort and luxury. While buying and maintaining a car can be costly, car insurance helps provide a layer of financial coverage. This form of insurance can be purchased either as third-party insurance or as a comprehensive car insurance plan.  The former is made available by the motor issuer themselves and covers legal liabilities owed to accidents or damaged property. The latter is more expensive in the coverage it offers. 

Understanding the Motor Floater Policy – 

The Insurance Regulatory and Development Authority of India stipulates that pay-as-you-drive motor floater policies will now be permissible within the country. This means that owners of vehicles will now be allowed to pay a premium to motor car insurance companies keeping in mind the usage of their vehicles. This payment for a single policy will provide them with car insurance for multiple cars they might own. 

By paying a single premium for multiple cars one owns, the sum insured by the same policy will be better optimized. 

The motor floater insurance policy is in effect and owed in part to the fact that only one car can be driven at a single time. 

Coverage Under Motor Floater Policies – 

Ordinarily, most motor floater policies permit their policyholders to the following.

• Coverage pertaining to any damage caused to the vehicle keeping in mind its usage
• Premiums applicable depend upon the usage of the vehicle in question
• Policyholders are entitled to add or remove vehicles as per their requirements and those mentioned in the application
• Policyholders may choose to optimize the premium paid and sum insured provided
• A paperless process, claims may even be settled via a video call and images can be uploaded via the garage itself or the user.

What Motor Insurance Should You Select?

Motor Insurance can be availed in the form of a third-party insurance policy or as a comprehensive car insurance plan. Owning a third-party liability insurance policy is legally mandatory in India. These policies are made available via motor issuers themselves. Moving on, as the name might suggest, comprehensive car insurance plans are more expensive in the coverage they provide policyholders with. Additional coverage is provided which is extremely beneficial as it enhances existing policies and provides an added layer of financial security. 

By making use of a car insurance calculator those eager to purchase motor vehicle insurance plans can discern what policy would suit them best and ascertain what the premiums they might have to pay would amount to.

Conclusion – 

Availing a car insurance plan for your motor vehicle(s) is not only fiscally wise but is a legal requirement as well. Head on over to the internet to look up a car insurance calculator such that you can discern what plan would work best for you. Motor floater policies are a boon in reducing the cost of premiums incurred in the case of ownership of multiple vehicles and can be bought on Finserv MARKETS today.

You’ll probably find that just like with shopping for a Lawyer, doctor. even a plumber most Florida health insurance agents simply do not know what they are doing. With health insurance agents’ compensation being cut by 50% by healthcare reform you must make sure you do your due diligence and find an agent who simply knows what he’s doing. One of the most important facts about Florida health insurance agencies and insurance rates is that medical insurance

premiums in the state of Florida are filed with the state insurance commissioner. So it doesn’t matter if you speak to 20 agents,  the same plan with the same benefits you will get the same rate. Many people still think they can save money by purchasing insurance directly from the carrier, however you would need to call every carrier, all for the major Florida health insurance companies, and know which questions to ask. As a broker with Aetna –Blue Cross –CIGNA –

Humana and UnitedHealthOne really don’t matter to me which carrier a client signs up with as long as it is the plan  that makes sense for that client.  Something to look out for Blue Cross and Blue Shield of Florida has a deal where   they want their agent to only offer them first. So if you go to another website and fill out a quote report request form and then an agent calls you or emails you Blue Cross Blue Shield plans know that they are contractually obligated to recommend Blue Cross first and foremost, and then if you don’t take the Blue Cross policy or are declined then they could offer you another plan from some other carriers such as Humana CIGNA Aetna and United healthcare.

This arrangement certainly is not in the client’s best interest. This is great if you know beyond the shadow of a doubt that you want a Blue Cross plan, but if you’re like 90% of the folks online looking for Florida health insurance quotes you looking for guidance and unbiased recommendations. Here at Floridahealthinsurancenow.com, we take a look at every Florida health insurance carrier and make the best recommendation possible. If Blue Cross ends up being the  best solution for a client we have a relationship with a sister agency who can write that business.

Term life insurance is the least expensive and simplest kind of life policy. It is usually referred to as pure life policy protection as it has no cash value. The core purpose of term life insurance is to offer the insured’s beneficiaries with financial security in a reasonable manner. This means that this kind of policy has only one main feature and this is to pay a particular lump sum to a beneficiary upon a specific event, such as your death.

The premiums for term life insurance plans are economical when compared to other kinds of insurance policies. With this type of insurance, the cover exists for a predetermined term and will then result in a huge sum being paid when the insured dies. If, however, the insured is still living when the term terminates, then no payment will be made to the beneficiaries. It is important to keep in mind that term life has no cash value and you need to make sure that this sort of insurance is the correct life policy for you while planning for your family’s financial independence.

The main types of insurance plans are:

• Term insurance – this type of insurance plan is the most basic and simplest plans. These plans offer a cover for risks only for a short time period. After the terms come to an end, you can renew the plan, but your premium might rise high. These plans are economical.
• Whole life insurance – expensive, but these policies continue for as long as the insured lives. Also treated as investment options as one does not receive any money till the death of the insured.
• Retirement plan – these plans are also available for senior citizens. These insurance policies are extremely essential for such people as these plans provide freedom and security for the surviving spouse. Child plans are another choice on these plans. These policies offer financial aid to your child’s education, marriage ets.  
• Money Back Plan- This plan offers returns periodically along with an insurance cover, thus, giving dual benefits.
• ULIP- This is a perfect blend of investment and insurance, giving the best of both.
• Child Plan-These policies are perfect for securing the future of a child so that there is no financial stress in case something happens to the primary care giver.
• Endowment Plan- These plans combine insurance with savings.

These plans protect the requirements and needs of your loved ones in case of unfortunate events. It helps in keeping your family safe and secure even when you are not around.

Endowment and Term Plans

An endowment policy is a life assurance agreement proposed to offer a lump sum after a specific term or an earlier death. Endowments can be cashed in early – called as surrendered and will then be paid to the value which is decided by the company depending on how long the policy has been running and the amount has been paid into it.

• An endowment policy is a mix of insurance and investment – the life of the individual opting the policy is insured for a definite sum. This over is called to as the sum assured. A definite part of the premium gets billed towards this SA. A quantity of a portion of the premium is issued towards the administrative operating cost of the company selling the policy.
• Announces a bonus every year – the money that is invested produce a definite return every year. This return might be stated as a bonus. The bonus is usually generated as a definite proportion of SA or life cover as it is commonly recognized.
• The bonus declared is not to be paid right away – like is the case with a mutual fund dividend or a stock dividend which is to be cleared without delay after it is declared, the bonus stated build up and is to be paid only when the policy matures or if the holder dies.

ULIP In Life Insurance

ULIP – Unit-linked life insurance plan offers great investment options along with financial security. Usually, there will be two premiums to be paid – one for the life insurance and one for the investment. These plans are advantageous as the offer financial solutions during your lifetime as well as after your lifetime to your family members.

There are various types of life insurance plans available which can be chosen from Coverfox.com. Each has a different benefit and thus, one should analsye and figure out their requirement and then choose a policy accordingly. If there is any doubt, one can always take help from someone who can give the right advise.