Author: kashmira

Post Office Life Insurance vs LIC (Understand the key differences)

Post author By kashmira
Post date July 16, 2021

Post Office Life Insurance vs LIC (Understand the key differences)

When you think about a government-backed life insurance scheme for yourself, LIC and Post Office Life Insurance schemes stand out immediately.

Both LIC and PLI offer a wide range of insurance products to choose from. You may be wondering if you should opt for a LIC policy or a PLI policy. This article will give you clarity by highlighting the benefits, features, and distinctions between LIC and PLI policies. So, let us begin.

Lets us check out a few investigative differences between Post office Life insurance vs LIC schemes

Differences between Post Office Life Insurance vs LIC schemes

	Postal Life Insurance (PLI)	Life Insurance Corporation of India (LIC)
Plan Types	PLI offers conventional life insurance schemes that provide assured sum + accrued bonus.	LIC offers all kinds of insurance products and schemes, including market linked investment plans as well as retirement oriented plans and schemes.
Eligibility	All Indians are eligible for their plans.	Provides policies to each and every citizen of India.
	Maximum age limit for people opting for PLI’s policies is 55 years.	Maximum age limit for people opting for LIC policies is 75 years.
Age limit
Health plans	PLI does not provide health insurance plans.	LIC offers various health insurance plans to its customers.
		Plans such as LIC’s Cancer cover and Jeevan Arogya are just 2 of LIC’s many health plans.
Sum assured	PLI offers a maximum sum assured up to Rs 50 Lakhs	There is no Limitation to the assured sum. The policyholder can decide on the coverage according to his needs.
Coverage customization	PLI do not have additional ridders that can customize a person’s insurance plan.	LIC offers a vast range of optional add-on riders that can help you expand your coverage accordingly
		Lic’s New Critical Illness Rider.
		LIC’s Accidental Benefit Rider.
		LIC’s Accidental Death and Disability
		LIC’s New Term Assurance Rider
Bonus	Available	Available
Premium	The premium cost of PLI’s policies are lower when compared to LIC.	The premium cost of LIC is slightly higher compared to PLI.
	You also get a discount of 2% if you pay advance premium of 12 months
How to avail policy?	You can only purchase the policies by visiting the post office branch directly.	LIC policies can be bought by visiting their branches, online as well as through agents.
Premium payment mode	Premium payment can be done by visiting the Postal Office branch only.	Premium payment can be done through visiting s LIC branch, LIC collection centers, and even online on their website.

Now, let us quickly dive into the plans and schemes offered by Postal Life Insurance (PLI) And Life Corporation of India (LIC).

Plans offered by PLI

Type of plan	Name of the plan
Whole life insurance plan	PLI Suvidha (convertible whole Life plan) PLI Suraksha
Money back insurance plan	PLI Sumangal
Endowment insurance plan	PLI Santosh
Joint life insurance plan	PLI Yugal Suraksha
Child insurance plan	PLI Bal Jeevan Bima

Plans offered by LIC

Type of plan	Name of the plan
Whole insurance plan	LIC Jeevan Umang
Term life insurance plan	LIC Anmol Jeevan LIC Jeevan Amar
Endowment insurance plan	LIC Single Premium Endowment Plan LIC Jeevan Rakshak LIC Limited Premium Endowment Plan LIC Jeevan Lakshya LIC Jeevan Pragati LIC Jeevan Labh LIC Aadhar Shila LIC Aadhar Stambh
Unit linked plan	LIC New Endowment Plan
Pension plans	LIC New Jeevan Nidhi Pradhan Mantri Vaya Vandana Yojana
Money back insurance plan	LIC New Money Back Plan – 20 years LIC New Money Back Plan – 25 years LIC New Children’s Money Back Plan LIC Jeevan Tarun LIC Bima Shree LIC Jeevan Shiromani

What should you opt for?

The plan that would be best suitable for you would ultimately depend on your requirements and needs. However, we could give you some suggestions.

If you are eligible for Postal Life Insurance Plan and wish to opt for good coverage at nominal rates, you can opt for a PLI policy.
If you are interested in investing in a unit-linked plan, retirement, or a term insurance plan then LIC may be a prudent choice.
Further, If you want a policy that provides the highest coverage, you may consider a LIC policy, as the maximum coverage via PLI is Rs.50 Lakhs.
If you want a health plan, LIC also has you covered.

Max Bupa Health Insurance Plans

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Insurance

Oldest insurance companies in India

Post author By kashmira
Post date July 15, 2021

Oldest insurance companies in India (From 1818-1938)

The history of insurance can be traced back to ancient times. The first forms of insurance were of Indian and Babylonian origin. Insurance has come a long way from the Babylonian bottomry contracts to the sophisticated insurance companies of the modern age.

That being said, have you ever wondered about the oldest insurance companies in India? Well, in this article we will take you back in time and talk about the oldest insurance companies in India.

The Oriental Life Insurance Company (1818)

Formal insurance in India was birthed during the British ruled era. The Oriental Life Insurance Company was the first insurance company formed in India. It was started by Europeans in Calcutta.

The company was established to cater to the needs of the Europeans only, and the Indian natives were insured by the company.

Initially, all the insurance companies established in that period were only formulated with the intention of covering only European natives. However, after the distinguished efforts of Shri. Babu Muttylal Seal and many others, insurance companies started insuring Indian lives.

However, heavy premium charges were levied if the policyholder was an Indian, making it unfair.

Bombay Mutual Life Assurance Society (1871)

Bombay Mutual Life Assurance Society was the first Indian life insurance company formed in India with the objective of covering Indian lives at normal standard rates.

Postal Life Insurance (PLI)

Postal Life Insurance was introduced by the government on 1st February 1884. Its objective was to provide welfare schemes to benefit the postal employees and later the plan also extended to the employees of the telegraph department. In 1894, Post life insurance also provided life insurance coverage to the female employees of the P&T department.

National Insurance Company (1906)

National Insurance Company is the oldest existing general insurance company in India. It was incorporated in Kolkata on 5th December 1906 by Gordhandas Dutia and Jeevan Das Dutia. After its nationalization in 1972, NICL operates as a subsidiary under The General Insurance Corporation of India (GIC)

Indian Mercantile insurance Company (1919)

The Indian Mercantile insurance company was formed on 21 August 1919. It is currently in business for the last 102 years and many of its operations are active.
It is registered In Mumbai and its registered office is at Indian Mercantile Chambers, Nicol Road, Ballard Estate, Mumbai- 400001.

United India Insurance company (1938)

United India is a leading general insurance company formed In 1938 and was nationalized in 1972. It is wholly owned by the government of India and its headquarters is in Chennai.

Hindustan Co-operatives (1907)

Hindustan co-operatives was incorporated in the house of world-renowned poet Shri Rabindranath Tagore in 1907, in Calcutta.

Other Old Insurance Companies

Other Insurance companies incorporated in the pre-independence era are as follows

Bharat Insurance Company (1896)
Co-operative Assurance (1906)
Swadeshi Life (later Bombay Life)
Sahyadri Insurance (Merged into LIC, 1986)

List of Insurance Companies in India

List of Life Insurance Companies in India (IRDA Approved)

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Insurance

Insurance Policy cancellation letter (With a sample letter)

Post author By kashmira
Post date July 15, 2021

Insurance Policy Cancellation Letter (Sample Letter)

Sometimes we may end up choosing an insurance policy that may not cover all our requirements. In that event, we may want to cancel that policy and upgrade to a better one. Let us talk about this process in detail.

In this article, we will tell you about an insurance cancellation letter and how you can write one simply and easily. Further, we will also show you a sample insurance cancellation letter for your reference.

Things You Should Know

1.) Free Look Period

While issuing insurance policies, insurance companies generally provide a free look period. If the policyholder is not satisfied with the policy he may choose to terminate his policy within the free look period. This free look period is usually anywhere between 15-30 days.

If you choose to cancel your policy within this free look period you will receive up to 100% of your premium. However, you shall have to pay any cost that the insurance company may have spent on any stamp duty or medical tests.

2.) Policy Cancellation After Your Free Look Period

You can also cancel your insurance policy after the free look period, but you will not receive your entire premium.
If you cancel your insurance policy within a month of the free look period you will be entitled to receive up to 75% of your premium paid.
If you cancel your insurance policy within 3 months after the completion of the free look period, you will be entitled to receive 50% of your premium.
If you cancel your insurance policy within 6 months of the free look period, you shall be entitled to 25% of your premium paid.
If you cancel your policy after 6 months of the free look period, you will not receive any refund of your premium paid.

Cancellation Process

Step 1: Fill the cancellation form

Insurance companies will provide you a standard health insurance cancellation form. Kindly make sure to fill the form correctly with valid information, mentioning policy details such as date of the policy, policy number, name of the policyholder, etc. You will also have to mention the reason for termination.

Step 2: Insurance company receives your request

Once the insurance company has received your cancellation request, they will get in touch with you shortly. The insurance company will inquire about the reason for the cancellation and try to provide you a resolution. However, if you have made up your mind about canceling the policy, the cancellation process will be initiated by the company and you will get your refund.

Insurance Policy Cancellation Letter

Steps to writing a cancellation letter

Step 1: Call your insurance company and get the correct contact details and email address of the cancellation department.
Step 2: Write a letter as following (example)

Sample Letter

Ram Kapur,
B04 Ganpat Apartments,
Shivaji Park,
Mumbai-400016,
Date 12-03-21

To,
The Claim Settlement Department,
HDFC ERGO General Insurance Company,

[Their full address]

Sub: Cancellation of insurance policy (Policy No xxxxxxxxxx)

Respected Sir/ Madam,

I, Ram Kapur, am writing you this letter to formally submit my request for the cancellation of my health insurance policy (Policy no xxxxxxx) with HDFC ERGO. The effective date for canceling the policy is 13-03-21. Please stop debiting any charges for the same. Further, kindly return any unused premium to the following bank account (mention your bank details).

Request you to send me the written confirmation of cancellation of the policy ASAP. Please do not hesitate to contact me regarding this matter. I look forward to your prompt attention on the same.

Yours sincerely,

Ram Kapur
Contact No (——-)

Life Insurance vs Health Insurance

Advantages of Life Insurance (Top 5 Benefits)

List of Insurance Companies in India

Life Insurance

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Insurance

Insurance for job loss (Meaning, Benefits and Workings)

Post author By kashmira
Post date July 15, 2021

Insurance for job loss (Meaning, Benefits and Workings)

Life is uncertain, one can never predict the future. Even specialized world-class analysts could not predict the black swan event of the global pandemic that is now known as the COVID-19 pandemic.
Millions of people during these times faced tremendous difficulties and millions of people all around the world lost their jobs.

In fact, according to a report of the National Statistical Office (NSO), India’s GDP was adversely affected due to the pandemic resulting in a sharp decline of 23.9% in the 1st quarter of 2020.

One must be cognizant of the harsh fact that anyone can lose their job and consider looking into insurance for job loss. A job loss insurance policy can provide the cushion that you require during difficult times.

Let us discuss the following:

What is job insurance?
Job insurance in India?
How does job insurance cover work?
Benefits of job insurance

What is job insurance?

Job insurance provides financial safety or security to the policyholder and his family for a specified period in case the policyholder loses their job.
The insurance company will pay the insured a sum assured if the policyholder loses his/her job due to reasons that are mentioned in the policy wordings.

Example

The policyholder may lose his job due to a certain critical illness or suffers from any kind of disability. The insurance company will compensate the policyholder for the same.

Job insurance in India

Insurance cover in India is not available as an independent policy yet. That being said, it can be taken as an additional rider on certain base policies.

Many insurance companies in India offer you job insurance cover along with a critical illness cover, personal accident cover, or even a home loan protection plan.

A job insurance cover is apt for you if you are the only earning member in your family, and want to mitigate any financial risks that you may have to face due to the loss of your job.

What risks are covered in a Job insurance cover?

Job insurance cover covers the following:

1) Removal from job

This cover provides financial cover in case the policyholder has lost his/her job.

2) Temporary suspension from employment

The cover will offer financial help to the policyholder in case the policyholder is suspended from his job due to specified reasons mentioned in the policy document.

3) Critical Illness

The insurance company will provide financial relief to the policyholder in case they have been diagnosed with a critical illness costing them their job (illness covered under the policy bond).

4) Loan EMI

The insurance company will pay the policyholder’s loan EMI up to a specified period providing the policyholder a breather while he looks for another job.

How does job insurance cover work?

In case the policyholder loses his/her due to a valid reason, he must inform the insurance company about the incident immediately.
The insurance company will appoint a claim assessor to inspect the case.
Upon proper inspection, the insurance company will release the compensation sum to the policyholder.

Benefits of a job insurance Cover?

Provides financial assistance to the policyholder in case of a job loss due to accident, chronic illness, any physical disability, etc.
Protects the policyholder in case of a job loss due to termination or temporary suspension.
Provides protection if the insured has a loan.
Pre-medical tests are not mandatory while opting for this cover.

Eligibility for job loss insurance

Following is the eligibility criteria for job loss insurance:

Individuals must have a fixed salaried income.
Candidate should be employed in a registered company.
This policy will not be provided to self-employed individuals.

What are the exclusions under job insurance cover?

The insurance company will not provide coverage under the following conditions:

Non-compulsory or voluntary retirement from a job.
Loss of job during the waiting period of the policy which is usually ranging from 30-90 days.
Loss of job or termination due to poor performance.
Termination due to any act of fraud or scam.
Loss of job during the probation period.
If the job is of contractual, casual, or temporary nature.

What are the steps to follow to claim Job insurance cover?

Step 1– In case of a job loss/ termination. The policyholder must immediately inform the insurance company about the same. The policyholder must write a formal letter providing the details about the incident attached along with proof of unemployment.

Step 2– The policyholder will be required to submit supporting documents to the insurance company to validate his claim.

Step 3– The insurance company will compensate the policyholder after a satisfactory inspection.

What are the documents that will be required in the claim process?

Singed and duly filled claim form needs to be submitted by the claimant.
Supporting documents as proof of unemployment.
Termination letter from the company.
Identification documents of the claimant.
Salary slips of previous months.
Form 16
Details about the claimant’s company in which he/she was employed.
Copy of policy documents.
Any other document requested by the insurance company.

List of job insurance plans

As mentioned earlier, job insurance is not available as an independent policy, it is available as an add-on cover along with certain policies.

Let us have a look at some of the plans that come with the benefit of a job insurance cover:

Secure Mind by ICICI Lombard
Home Suraksha Plan by HDFC ERGO
Safe Loan Shield by Royal Sundaram

Unemployment insurance in India

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Motor Insurance

How to update insurance details in mParivahan?

Post author By kashmira
Post date July 15, 2021
No Comments on How to update insurance details in mParivahan?

How to update insurance details in mParivahan?

It is important that you have your car insurance details updated in mParivahan as out-of-date information may lead to fines. Let us address how you can get your car insurance policy updated on the mParivahan App. But first, let us know what is mParivahan.

What is the mParivahan App?

mParivahan is an application made by The Road Transport and Highways Ministry of India. The app provides access to various important motor-related details such as vehicle owner name, car make, model, registration date, registering authority, fuel type, vehicle age, vehicle type, insurance validity, etc. It is also a reliable government app for All India RTO vehicle Registration Number Search.

First, let us discuss how an insurance policy gets automatically updated in the mParivahan app.

Whenever you buy an insurance policy from an agent or online. Its data gets stored in the insurer’s server. Supposing you have bought a car policy, the details of the car policy will get stored in the insurer’s server.
Now that your car policy details get stored in the insurer’s server, the insurance company will send your policy details to the RTO.
Post this, the vehicle details and the details of the policy will be matched verified, and updated in the mParivahan app within 72 hours.

What if your insurance details don’t get updated In the mParivahan App?

Usually, it takes up to 72 hours for your latest insurance policy details to get updated in the Mpravahan app, in case your policy detail is still not updated, You can write a mail to:- helpdeskmparivahan@gov.in
Addressing your query with valid car and policy details. You should receive a reply from the mParivahan support group within 24 hours and your policy will get updated shortly.

How to Get VIN, Chassis Number, and Engine Number Online?

Types of motor insurance

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Motor Insurance

How to get a duplicate car insurance copy online?

Post author By kashmira
Post date July 15, 2021

How to get a duplicate car insurance copy online?

Your car insurance policy document is a legal document that mentions the inherent terms and conditions between the policyholder and the insurance company. It also acts as proof of insurance for the insured. Hence, it is crucial for the policyholder to safeguard their policy documents so that they may come in handy when required.

There can be instances where you may misplace, lose, or damage your policy documents. What should you do then? don’t worry! This article will talk about just that.

Let us show you how you can get your duplicate car insurance policy copy online

In this article, we will learn:

How to get your duplicate car insurance policy copy online?
How to get your duplicate car insurance policy copy offline?

How to get your duplicate car insurance policy copy online?

This is a faster and easier method to procure a copy of your car insurance policy.

Steps to get your duplicate car insurance policy copy online

Step 1– Kindly visit your insurance provider’s website.

Step 2– successfully log into your profile by entering valid details like your policy number, full name, registered mobile number, etc.

Step 3– Download your policy document via the insurance company’s online dashboard.

Step 4– View and examine your policy document and take a printout for safekeeping.

How to get your duplicate car insurance policy copy offline?

Now, let us guide you on how you can get your motor insurance papers offline:

Step 1– Intimate your insurance company
You must immediately inform your insurance company that you have lost your car insurance policy papers. Doing so immediately will enable the insurance company to initiate the process of issuing a duplicate copy of your insurance policy.

You can inform the insurance company at the earliest on their toll-free number or even via email. Further, you can also inform your insurance agent about the same.

You can find the relevant toll-free number and email address on the official website of your insurance company.

Step 2– File an FIR (First Information Report)
You will have to file an FIR with the nearest police station. This will act as proof that you have lost your car insurance papers. You will then have to submit the FIR copy to the insurance company to get a duplicate policy copy from them.

Step 3– Give advertisement in a local newspaper
After filing the FIR, you will also be required to submit an advertisement in a state newspaper, stating the loss of your car insurance policy. You will have to bear the expense for the ad from your own pocket and the insurance company will not be liable for the same.

Step 4– Submit an application to the insurance company
Apart from informing your insurer, you will also have to submit a formal written application to them requesting duplicate policy documents. Kindly provide them the application with all the valid details regarding your policy such as your policy number, full name, date of issuance, type of coverage, etc. Submit the written application along with the Police FIR.

Step 5- Acquire an indemnity Bond
The final step would be to get an indemnity bond made to acquire your policy documents and then submit them to the insurance company. The bond must include your full name and you will also require two witnesses to sign on it. You are required to sign an indemnity bond on non-judicial stamp paper and get it notarized. Once you submit the indemnity bond to your insurance company, they will issue you your duplicate car insurance policy copy.

Conclusion

it is mandatory to carry your car insurance documents while you travel. If you have misplaced/lost them follow the steps mentioned above to procure the insurance copy to avoid any penalties or fines.

Types of motor insurance

What is RTI in car insurance

How to claim car insurance?

Learn about the Best Car Insurance Policies in India

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Insurance

What is a grace period in insurance? (With Examples)

Post author By kashmira
Post date July 15, 2021

What is a grace period in insurance? (With Examples)

Due to our hectic lives, we may sometimes forget to pay our insurance premiums on time. To safeguard the interests of the insurer, the insurance company provides a grace period to pay the premium before the existing policy becomes invalid. This grace period varies from company to company, it usually varies between 15 -30 days.

Health insurance grace period

A health insurance grace period is the specified number of days that the insurance company provides to the insurer to pay the premium after its due date. The grace period could be between 15- 30 days. Post that, if the insurer fails to pay the premium the insurance company may choose not to accept the policy renewal application.

Most insurance companies will refuse the claims made by the insurer during the grace period.

Let us understand this with a simple example:

Mr. Raj’s health insurance policy has expired on 6th December 2019. His insurance company provides him with 30 days grace period, which means Mr. Raj has to pay his premium latest by 6th January 2020 or his policy will turn invalid. If Mr. Raj makes a claim during this period, the insurance company will reject the claim and Mr. Raj will not get any coverage.

Points to keep in mind

If the insured fails to pay his premium even in the grace period, any acquired No claim Bonus (NCB) and waiting period for preexisting conditions/exclusions will become invalid. That is, they will lose the benefit of extra coverage gained through NCB, and also the waiting period for specified illnesses will completely start again.
That is why one must pay their health premium on time and if somehow they miss they can pay during the grace period and get covered by the health insurance provider once again.

Motor insurance grace period

Similar to the above scenario, if you have failed to pay your car insurance premium on time, the car insurance company provides you with a few extra days to pay the premium after the policy’s due date so that your car policy does not lapse.

The grace period for car insurance varies between 3 days to 1 month.

For example

Mr. Rakesh’s car insurance policy has expired on the 10th of May 2021, according to the terms and conditions of Mr. Rakesh’s car insurance policy he has a grace period of 15 days before his car policy lapses, which means Mr. Rakesh will have to pay his premium latest by 25th of May 2021 to enjoy the continued benefit of his policy.

Life insurance grace period

Insurance companies recognize that sometimes due to various reasons the insurer may fail to pay his life insurance policy premium on time. Hence, it provides extra days to pay the premium after the due date of the policy.
According to Insurance Regulatory and Development Authority (IRDA), the grace period for a term life insurance policy is 30 days.

In term life insurance, the grace period may differ according to the premium payment method. Usually, the grace period is 30 days if the premium is paid annually and 15 days if it is paid monthly.

If the insurer still does not pay his premium within the grace period, his policy will lapse. This will result in the lapse of all of his life insurance benefits. Hence the policyholder must pay his premium on time to avoid any distress.

Further, It is to be noted that the life insurance policy remains active during the grace period and if anything happens to the insured, the nominee will still be entitled to the benefits.

What is Insurance Solvency Ratio?

What is no claim bonus in health insurance?

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Insurance

Edelweiss General Insurance Company Limited (Plans, Benefits and more)

Post author By kashmira
Post date July 15, 2021

Edelweiss General Insurance Company Limited (Plans, Benefits & more)

Edelweiss General Insurance is part of the Edelweiss Financial Group. The company is one of the leading players of general insurance in India and has been awarded a host of awards like the ‘Insuretech Company of the year 2020’, ‘Indian Express BFSI Digital Innovation Award 2019’, ‘Best Innovation Award 2021 by Finnoviti’, and more.

In this article, we will talk about the most important topics concerning Edelweiss General Insurance, such as:

Company overview
Products and services
Contact details

Company overview

Edelweiss General Insurance company Limited was founded in March 2016. It provides insurance services relating to health, motor, fire, marine, home insurance, and more. It is headquartered in Mumbai. The company has a claim settlement ratio of 85.54% and has sold over 10 thousand policies.

Products & Services offered

Edelweiss Motor Insurance

Third-Party motor insurance

This is a mandatory car insurance policy that provides financial coverage against any liabilities suffered in case of any loss/damage caused to the third party persons or their property.

What is covered?

Personal accident cover for persons traveling in the car available up to Rs.2,00,000.
Demise or bodily injury to any person meeting the requirements of the Motor Vehicles Act.
Covers liabilities towards your driver.
Property damage maximum up to Rs.7,50,000, other than the property of the insured or held in control of the insured.

Comprehensive motor insurance

The insurance company shall indemnify the policyholder against loss or damage to the insured vehicle, its accessories, personal liabilities, and owner damage. Protection also includes damage caused by fire, burglary, accidental means, riots/strikes, earthquakes, etc.

What is covered?

Demise or bodily injury to any person meeting the requirements under the Motor Vehicles Act.
Personal accident cover for persons traveling in the car available up to Rs.2,00,000.
Covers liabilities towards your driver.

Liability to the third-party covered

Covers death or bodily injury of any third-party persons.
Covers legal liabilities toward third-party
Property damage covered up to a maximum of Rs.7,50,000 other than the property of the insured.
Personal accident cover for persons traveling in the car available up to Rs.2,00,000.

Edelweiss General Insurance Company Limited Health Policies

Edelweiss offers the three comprehensive health insurance plans, they come in 3 variants:

Silver Plan– The sum assured for the silver plan is up to Rs.5 Lakhs.

Gold Plan– The sum assured for the Gold plan is up to Rs.20 Lakhs.

Platinum Plan– The sum assured for the Platinum plan is up to Rs.1 Crore.

What is covered?

	Silver Plan	Gold Plan	Platinum Plan
Day care Treatment(up to sum insured)	Covered	Covered	Covered
Hospitalization charges	Covered	Covered	Covered
Ambulance charges	Covers up to Rs.1500	Covers up to Rs.3000	Covers up to Rs.10,000
Room rent	Rs.3 lakh and above	No capping	No capping
Organ donor cost	Not covered	Up to Rs.1,00,000	Up to Rs.2,00,000
Ayush Treatment	Covered	Covered	Covered
Maternity benefit	N/A	Rs.50,000( 4Yrs waiting period)	Up to Rs.2,00,000(4 years waiting period)
Free health checkup(Every claim free year)	Available	Available	Available
Critical illness cover(Begins from the 1^st time you are diagnosed with critical illness)	Not covered	Sum assured amount increases by 50%	Sum assured amount increases by 100%

Plan features

	Silver Plan	Gold Plan	Platinum Plan
Sum assured	1 lakh-5 lakhs	5 lakhs – 20 lakhs	1 lakh – 1 crore
Minimum Entry	3 months
Maximum Entry	65 years	65years	Any age
Policy Renewal	Life time renewability option available
Premium payment	Single
Policy tenure	1year/2year/ 3year
No claim Bonus	Sum assured increases 10% of every claim free year maximum up to 50%	Sum assured increases 50% every claim free year maximum up to 100%	Sum assured increases 50% every claim free year maximum up to 100%

Edelweiss Home Insurance Plans

Edelweiss General Insurance company provides financial protection to the policyholder in case of any damage caused to the insured property incurred due to:

Fire damage
Lightening
Explosion/implosion
Aircraft damage
Riots, strike
Any kind of visible destruction
Overflowing bursting or leakage of water pipes, apparatus
Collapsing landslide
Cyclone,tempest,storm,hurricane,flood,tornado.
Missle testing operations
Additional optional covers are also available for loss of rent, earthquake, the expense for debris removal, etc.

Eligibility

This policy can be purchased by homeowners, individuals living in flats, or independent houses
A multi-year policy can be purchased by homeowners only wherein the coverage for the building will be for 3-30 years.

Edelweiss Loan Protection Cover

Edelweiss’s loan care policy offers protection against liabilities /loans in case of any unfortunate or unpreventable event such as an unforeseen medical emergency, sudden death, death due to accident, permanent total or partial disability. This policy will take care of loan repayment for 3 months in case of job loss of the policyholder. This policy also comes with child education benefits, it covers the educational costs of the insured’s children.

Lets us discuss various types of loan protection cover available for specified causes

Personal accident– This cover takes care of the policyholder’s loan in case of accidental death, permanent total/partial disabilities.

Critical illness– There are 5 major variants available that cater to the policyholder’s loan in case he/she is diagnosed with a critical illness.

Standard Plan– Covers 9 critical illnesses
Enhance Plan – Covers 12 critical illnesses
Premium Plan – Covers 15 critical illnesses
Elite Plan– Covers 18 critical illnesses
Ultima Plan– Covers 25 critical illnesses

Job loss Plan

This policy takes care of the policyholder’s loan repayment for 3 months in case of a job loss, resignation, or absence of a job in search of a better one.

Children’s education

In this policy, the insurance company will be liable to pay for the education expenses of the insured’s children in case of accidental death of the insured parent. The insurer will have to pay educational fees to the institute or the sum assured whichever is less. It also includes child education benefits for two children up to Rs.2.5 Lakhs per child.

Contact information

Official website– www.edelweissinsurance.com
Email ID -support@edelweissinsurance.com
Contact No – Toll-free 1800 12000
Paid landline- 02242312000
Social media– facebook.com/EdelweissGeneralInsurance, twitter.com/EdelweissGI
Registered address– 5th Floor Tower 3 Wing B Kohinoor City Mall Kohinoor City, Kirol Rd, Premier Residencies, Kurla, Mumbai, Maharashtra 400070.

importance of Life Insurance

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Insurance

What is a cover note in insurance?

Post author By kashmira
Post date July 15, 2021

What is a cover note in insurance (With simple examples)

In certain rare situations, getting delivery of your policy documents may take some time, but that does not mean your coverage has not started. What can you do if you haven’t received your policy document in time? This is where a cover note comes into play.

let us find out what is a cover note in insurance.

What is a cover note?

A cover note is a document that is provided by the insurance company to the policyholder as proof that the insured has bought the specified policy from them. It acts as evidence of the insurance until the final policy document is made and sent to the policyholder.

In today’s day and age where insurance policies are generated online instantly, The concept of a cover note may be redundant. However, if you choose to buy a policy offline and you feel that the delivery of the policy document may be delayed, you may always request your insurance company to provide you with a cover note.

Example

Mr. Roy has bought an offline health insurance policy from HDFC ERGO. It may take some time for the insurance company to produce his final policy documents, so the company provides a cover note to Mr. Roy. In case a claim is made, Mr. Roy can use the cover note as proof to avail his coverage.

Cover note in motor insurance

There are many instances that a person has bought motor insurance and has not received the final policy copy on time. During this situation, the policyholder may be stopped by a traffic police officer and be demanded to hand over his insurance policy, as the policyholder does not have the final copy, he may choose to hand over the cover note thereby saving him any trouble.

Details mentioned in a cover note

Details such as the full name and address of the policyholder
Sum insured and premium amount
Coverage period
The risks covered in the policy
Stamp and signature of the insurance company

Deposit insurance Coverage

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Motor Insurance

Comprehensive insurance vs third party insurance

Post author By kashmira
Post date July 15, 2021
No Comments on Comprehensive insurance vs third party insurance

Comprehensive Insurance vs Third Party Insurance

Understand the difference between comprehensive insurance and third-party motor insurance in a nutshell. The difference can be distinguished by the coverage provided.

The prime difference is that third-party vehicle insurance provides you financial coverage against any damage or loss caused to a third-party. whereas, comprehensive insurance not only covers third-party liabilities but also offers coverage for the owner’s loss or damages.

Let us understand both policy types in detail to give you a better understanding

What is a Comprehensive Motor Insurance policy?

A comprehensive motor insurance policy provides complete coverage of the owner, his vehicle, and even the third-party involved.

Benefits of a Comprehensive Motor Insurance Policy

1.) Protects your vehicle: It protects against damages caused to your vehicle due to:

Accident
Fire
Earthquake
Floods
Theft/burglary
Windshield wreckage
Damage caused by an animal
Damage caused by fallen objects
Damage against storms, cyclones or , windstorm

2.) Covers Third-Party Vehicles: This policy also covers third-party liabilities. Bodily harm or injuries caused to the third party are covered.

3.) Value for Money: It is a value for money policy for its extensive coverage.

4.) Customization: in a comprehensive policy you can customize your car insurance policy according to your needs and requirements by opting for various add-on covers.

5.) Personal Accident Cover: It comes with an inbuilt personal accident cover.

Exclusions

Here are few points that are excluded in a comprehensive car insurance policy

1.) Driving without a license: The policyholder will get their claim rejected if they were driving without a license during the event of a mishap.

2.) Drink and Drive: Any loss or damages claimed by the policyholder under the influence of alcohol or intoxicants will be dismissed.

3.) Deliberate Negligence: Any claims found to be made by deliberately damaging the car will be rejected.

4.) Valid License: Any claims made while carrying a learner’s license will not be accepted.

5.) Nuclear War: Any damages or loss caused due to a nuclear warhead or mutiny will not be covered.

6.) Mechanical & Electrical Damage: Any damage to the mechanical and electrical system of the vehicle will not be covered.

Third-Party Car Insurance Policy

What is Third-party Liability Vehicle Insurance?

A third-party liability vehicle insurance is the most basic and mandatory form of car insurance. It is mandated to have at least a third-party vehicle insurance policy as per the Motor Vehicles Act 1988.
As the name suggests, this policy provides financial coverage against third-party liabilities only.

Benefits of a Third-party Liability Vehicle Insurance Policy

1.) Covers third-party liabilities: As mentioned earlier, it protects the interests of the third-party that is involved in the accident. Any court-ordered compensation will be paid to the third-party by the insurance company.

2.) Covers death or injury: Provides financial compensation to the third-party in case of death or disability.

3.) It is mandatory: As per The Motor Vehicles Act 1988, it is mandatory to have a third liability car insurance policy. It is illegal to drive on Indian roads without it.

Exclusions under Third-party Liability Vehicle Motor Insurance

1.) Own damages: Damages caused to your own vehicle will not be covered under third-party motor insurance.

2.) Drinking and driving: Any claims made under the influence of alcohol or intoxicants will be rejected

3.) Driving without a license: Any claims made while driving without a driving license will not be accepted.

Which policy should you opt for?

It is always advisable to opt for a comprehensive motor insurance policy as it provides complete 360- degree protection. Although not necessary, opting for a comprehensive motor insurance can save you a lot of hassle in the future.

Comprehensive Insurance vs Third Party Insurance

	Comprehensive Insurance	Third -party insurance
About	This policy offers financial coverage in case of any damages or loss caused to the car, owner or the third-party.	Offers financial coverage against any damage caused to third -party only.
What is covered?	Covers accidental damages caused to own vehicle as well as third party vehicle. Covers damages caused due natural calamities like earthquake, floods, riots, etc. Covers against man made calamities like fire, strikes, etc.	Covers against accidental damages caused to the third party or their vehicle.
Premium	Premium cost shall depend on various elements such as car make, car type, etc. Premium cost will be higher compared to a third-party insurance policy.	Premium cost will be cheaper compared to a third-party insurance policy. This is due to the limited protection that this policy provides.
Optional add on cover	You could opt for various add-on covers/riders based on your needs. Some notable add-on covers: Zero depreciation cover Engine replacement cover Roadside assistance cover.	Not available
Is it mandatory?	It is upon the discretion of the policyholder’s needs and requirements whether to go for a comprehensive insurance policy.	This policy is mandatory under The Motors Vehicles Act, 1988.

AUTHOR BIO

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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