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Insurance

Top 3 Cycle Insurance Policies in India

cycle

Top 3 Cycle Insurance Policies in India

It may have seemed unlikely to some that insurance companies provide protection and coverage to cycle owners, but that is quite true. Reputable insurance companies have specially curated insurance plans that cater to cycle owners.

With cycle prices rising, getting an insurance policy for your cycle has never been more important. In fact, some of the prices of high-end cycles would quite frankly shock you. The Propel Advanced Pro 1 Cycle currently retails in India for a whopping ₹459999. The Colnago C64 Cycle takes it even further, by currently retailing for a jaw-dropping ₹796000.

If you’re planning to buy a cycle with a price tag that’s even remotely close to them then you definitely need to insure it. Let’s read about the top 3 cycle insurance policies in India.

Top 3 Cycle Insurance Policies in India

Bajaj Finserv Cycle Insurance

Bajaj Finserv provides a reasonable coverage that starts from 20,000 all the way up to 2,00,000. This quantum of coverage is generally enough for most cyclists. The plan provides protection against theft, natural calamities, and injury to self.

Inclusions

Exclusions

Theft and robbery

Tire wear and tear

Floods, earthquakes,

Wilful negligence

Damage to the rider

General wear and tear of the cycle

Damages caused to third-parties

 

Note: Inclusions mean that the insurance company will provide coverage for that particular event. Exclusions mean that the insurance company will not provide coverage for the event.

HDFC ERGO Cycle Insurance

HDFC ERGO is one of the premier insurance companies in the country, and that is for a reason. They provide an extensive range of insurance products from home insurance to cycle insurance. Let us look at some of the inclusions and exclusions of HDFC ERGO Cycle Insurance.

Inclusions

Exclusions

Burglary and robberies

Tire wear and tear

Fire

Willful negligence

Accidental damage

General wear and tear of the cycle

Damages caused to third-parties

Damages caused while intoxicated

 

Electrical damage

 

Mechanical damage

Cycle Insurance by Toffee (Insured by Chola)

Chola MS provides cycle insurance through the micro insurance platform Toffee. Mentioned within are the inclusions and exclusions of Chola Cycle Insurance. One important benefit that Chola provides is that they provide cashless coverage at authorized service centers.

Inclusions

Exclusions

Theft

Tire wear and tear

Natural calamities like fire and floods

Willful negligence

Accidental damage

General wear and tear of the cycle

Damages caused to third-parties

Damages caused while intoxicated

Lastly, you must ask the insurance company about depreciation. Insurance companies will usually depreciate your cycle thereby decreasing the cover amount. Be cognizant of this. You can also ask for a zero-depreciation rider to avoid this.

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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Insurance

5 celebrities that have insured their Body Parts for Millions

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5 Celebrities that have insured their Body Parts for Millions (Infographic)

Celebrities earn their living through the body of their work, and their body is rightly their temple. Keeping this spirit intact, there are many celebrities that have insured their body parts, and at times their entire body for millions of dollars.

Let us go through the list of 5 Top Celebrities that have insured parts of their body for millions of dollars.

From Bruce Springsteen’s vocal chords to Cristiano Ronaldo’s legendry goal scoring feet (insured for a whopping US$ 144 Million), find out the entire list through our funky little Infographic!

Celebs who have insured their body for millions
5 Celebs who have insured their body for millions

Feel free to download this infographic and share it across your social media and websites.

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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Insurance

Can you insure your home appliances?

home

Can you insure your home appliances?

Yes, you can insure your home’s appliances under a home insurance policy. Widely used appliances like air conditioners, refrigerator, televisions, dish washer, OTG, geyser, and more can be insured.

Even lesser used home appliances like chimneys, printers, fax machine, etc can be covered under a home insurance policy.

An appliance insurance coverage is usually bought along with a comprehensive home insurance policy. There are also some insurance providers that provide stand-alone appliance insurance policies as well. We will talk about both such companies below.

Why should you opt to insure your home appliances?

Your home is your sanctum, and any expense incurred in the safety and security of your home could be considered as money well spent. Here are the most important benefits of appliance insurance:

  • Peace of mind: Being insured gives you a tremendous peace of mind. The policyholder knows that he is covered in case an unfortunate situation arises like a theft or vandalism.
  • Continuity of lifestyle: Being insured will provided continuity of lifestyle to the policyholder. The policyholder can simply use the sum assured to re-buy the damaged or stolen appliances.
  • Expensive items: Some home appliances are very expensive, and having a coverage plan in place will save the home owner a healthy sum.

Inclusions and exclusions

Mentioned within are some of the general inclusions and exclusions of appliance insurance. The specific exclusions and inclusions will be different from company to company.

Further, an insurance company provides different levels of coverage based on the kind of appliance insurance plan you opt for. The higher the premium you pay, the higher is the coverage.

General inclusions and exclusions include:

Inclusions

Exclusions

Fire damage

Intentional damage

Theft

War

Vandalism

Radiation damage

Electrical & mechanical break down

 

Top 7 appliance insurance companies and plans

Insurance Company

Plan offered

Royal Sundaram

Royal Sundaram Home Insurance (Bronze, Silver & Gold Plans)

Tata Capital

Tata Capital Home Appliance Insurance

OneAssist

HomeAssist plan

Bajaj Finserv

Kitchen appliances insurance plan

ICICI

GadgetServ Plan (OneAssist)

HDFC ERGO

HDFC ERGO Refrigerator Insurance

Reliance General Insurance

Reliance Home Insurance

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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Frequently asked questions

  • Are stand-alone appliance insurance plans available?

    Yes. Mentioned below are some of the stand-alone appliance insurance plans in India:

    • OneAssist HomeAssist Plan
    • Bajaj Finserv Kitchen Appliances Plan
    • HDFC ERGO Refrigator insurance plan
  • How is the premium rate decided on appliance insurance?

    The premium rate is primarily decided on the location of the property, the valuation of the appliances, and the income of the policyholder.

  • Is it a good idea to get appliance insurance?

    It could be a good idea to get appliance insurance if the valuation of your appliances is rather large. It could also be a good idea to buy appliance insurance if you live in a place with questionable security.

  • Categories
    Insurance

    What is burglary insurance? (Top 3 points to remember)

    What is burglary insurance?

    What is burglary insurance? (Top 3 points to remember)

    Burglary insurance provides coverage to the policyholder in the event that the insured home gets burgled (entered into & stolen.) Burglary insurance can be availed by a person having a flat, bungalow, or even a mansion. Burglary insurance can also be availed by business people owning shops, offices, warehouses, and more.

    Let us now look at some of the most important aspects of burglary insurance below.

    Top 3 points to remember

    Importance of burglary insurance

    • A burglary insurance policy provides coverage against thefts within the insured property. At times the homes of people are filled with valuables like art, jewelry and expensive furniture, burglary insurance provides protection in the event of a theft.
    • Having a theft insurance plan in place will give the policyholder peace of mind, knowing that he and his assets are protected if the unfortunate strikes.
    • Burglary insurance provides continuation to business-owners. Business-owners can avail the sum assured in the event of a theft and put that amount back into the business, ensuring continuity of their business.

    Inclusions and exclusions of burglary insurance

    The inclusions and exclusions of burglary insurance can vary from plan to plan and from insurer to insurer. That being said, mentioned within are some of the general inclusions and exclusions:

    Inclusions

    Exclusions

    Theft/burglary

    Intentional damage leading to moral hazard

    Dames to property due to forced entry

    War

    Cash that is stolen

    Radiation damage

    Valuables like jewellery, art, and furniture

    Damages caused due to the premise left unattended (unlocked or without proper security measures in place)

    Death caused due to burglary

    Damages caused due to government confiscation of the insured property

    Disability caused due to burglary

    Rioting and strikes

    Companies providing burglary insurance in India

    Here is a list of insurance companies in India that provide burglary insurance services. Some of the companies provide a stand-alone burglary insurance plan, where as some insurance companies only provide burglary insurance as an additional rider that can be bought with a property insurance policy.

    Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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    Frequently asked questions

  • Are stand-alone burglary insurance plans available?

    Yes, there are stand-alone burglary insurance plans available in India. However, Some insurance companies prefer to only offer burglary insurance coverage as part of an additional rider that the policyholder can avail after buying a property insurance policy.

  • Is burglary insurance mandatory?

    No, burglary insurance is not mandatory. It is advisable to opt for a burglary insurance plan but it is not mandatory.

  • What are the different types of burglary insurance available?
    1. Standard burglary insurance policy
    2. Burglary insurance rider
    3. Declaration policy
    4. Full-value policy
    5. First-loss policy
  • Categories
    Insurance

    Is travel insurance mandatory? (Top 2 points to consider)

    So, you want to know if buying travel insurance in mandatory?...

    travel

    Is travel insurance mandatory? (Top 2 points to consider)

    So, You’re ready to pack your bags and jet-set your way away to a fun vacation! In all the excitement, you shouldn’t forget about getting a travel insurance policy for yourself and your loved ones. It would be prudent choice!

    A travel insurance policy will provide you protection against a host of potentially dangerous situations that may occur on your trip abroad. It is worthwhile to invest in a travel insurance plan before you board your flight.

    But is travel insurance mandatory? The answer is “Yes and No.” Purchasing a travel insurance policy is mandatory if you are traveling to certain countries, and it is not mandatory if you are traveling to certain other countries.

    So the question you should be asking is “Is travel insurance mandatory in the country I am traveling to?” Let us find out some of the countries where travel insurance in mandatory.

    Popular countries where travel insurance in mandated (As of 2022)

    Travel insurance is mandatory if you are traveling to any of the following countries:

    • United States of America
    • Argentina
    • Ecuador
    • Chile
    • Cuba
    • Egypt
    • Indonesia
    • Israel
    • Iran
    • Nepal
    • Philippines
    • Russia
    • Qatar
    • Saudi Arabia
    • Singapore
    • Schengen Nations
    • Thailand
    • Sri Lanka
    • UAE
    Schengen nations where travel insurance in mandatory
    Schengen Nations where travel insurance in mandatory

    Travel insurance inclusions and exclusions

    It is vital that you are aware of the inclusions and exclusions of your travel insurance policy. Mentioned below are some of the general inclusions and exclusions of travel insurance.

    Inclusions

    Exclusions

    Baggage loss

    Pre-existing conditions

    Loss of passport

    Self-harm

    Hospitalization

    Claim resulting due to consumption of illicit substances like drugs or alcohol.

    Evacuation

    HIV/AIDS

    Repartitions

    Non- conventional medical treatments

    Personal liability

    Radiation related sickness

    Flight delay

    War

    Different insurance companies offer slightly different scope of coverage, be mindful of the fine-print. You can also increase the scope of your travel insurance policy by buying additional riders.

    Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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    Frequently asked questions about travel insurance

  • Which are some of the major Schengen Nations that mandate travel insurance?

    All Schengen Nations mandate travel insurance. The major ones include:

    • Germany
    • France
    • Italy
    • Spain
    • Switzerland
  • What are some major exclusions of travel insurance?

    Major exclusions of travel insurance include damages caused due to:

    • War
    • Radiation
    • Self-harm
    • HIV/AIDS
    • Drug/Alcohol use

     

  • Can I cancel my travel insurance policy?

    Yes. Insurance companies usually allow your travel insurance policy to be cancelled within a time frame of 14 days of policy purchase. (You should have not travelled or made a claim within this time frame)

  • Categories
    Insurance

    Top 5 insurance trends across the world (An Infographic)

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    Top 5 insurance trends across the world (An Infographic)

    Insurance is an ever evolving product. From it’s origin around 4000 BC to modern times, the insurance product has greatly evolved, and which each improvement, the value proposition of the insurance product as increased.

    This era is no different! The insurance industry is again at the precipice of change with the advent of bleeding-edge technologies such as Blockchain, Crypto, Machine Learning, and Artificial Intelligence.

    Let us look at some of the most interesting trends in technology that has the potential to transform the insurance industry in 2022 and the years ahead. 

    Top 5 insurance trends across the world (2022) - Infographic
    Top 5 insurance trends across the world (2022) – Infographic

    Hey! Feel free to download this infographic and share it across your social media and websites.

    Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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    Frequently asked questions about trends in insurance

  • What are the top 5 trends in the insurance industry?

    The top 5 trends in the insurance industry include:

    1. Integration of AI & Machine Learning with insurance
    2. AI Chatbots
    3. Predictive analysis
    4. Blockchain technology
    5. InsureTech solutions
  • What are some of top AI and machine learning companies in the insurance sector?
    1. Solaria Labs
    2. CCC Intelligent Solutions
    3. Bold Penguin
    4. CAPE Analytics
    5. ZestFinance
  • What are some of potential disruptions caused by AI and Machine Learning in insurance?

    There could be major disruptions caused by AI & ML in the following sub sections of insurance:

    1. Claims handling
    2. Customer support
    3. Insurance underwriting
    4. Fraud detection
    5. Customer segmentation and classification
  • Categories
    IRDA

    Top 3 ways you can raise a complaint with the IRDA

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    Top 3 ways you can raise a complaint with the IRDA

    It is the duty of an insurance company to assist their policyholders to the maximum extent possible. If a policyholder is not satisfied with the assistance and support their insurance company provides, the policyholder has the ability to approach the insurance regulator and lodge a complaint towards the insurance company.

    Let us investigate the top 3 ways a policyholder can lodge a complaint with The IRDA of India.

    • IRDA IGMS
    • Personally visit the IRDA office
    • Call or Email IRDA

    IRDA IGMS

    The IRDA has put into place an online grievance management system called as The IRDA Integrated Grievance Management System (IGMS). The IGMS system can be accessed through the IRDA website, and can be used to do the following:

    • To lodge a complaint against an insurance company
    • To keep track of all lodged complaints
    • To assign a turn-around time for each complaint
    • It sends notifications to insurance companies asking them to tend to the complainant
    • Provides resolution to the complainant
    irda igms portal
    IRDA IGMS portal

    Personally visit the IRDA office

    If the policyholder so wishes, he or she can even personally visit The nearest IRDA office and lodge a written complaint against the insurer. Once at the office, kindly ask for the complaints department of the IRDA and furnish your complaint letter to the officer. Do remember to take an acknowledgment of the same.

    IRDA has 3 main offices across India.

    Mumbai

    Royal Insurance Building,

    Ground Floor,

    12, Jamsetji Tata Road,

    Mumbai – 400 020.

    Hyderabad

    United India Towers, 9th Floor,

    3-5-817/818, Hyderguda, Basheerbagh,

    Hyderabad – 500029

    Delhi

    Gate No 3, Jeevan Tara Building,

    1st Floor, Sansad Marg,

    New Delhi – 110001

    IRDA HQ in Hyderabad
    IRDA HQ in Hyderabad

    Call or Email IRDA

    Phone number

    Location

    Mumbai

    +91 22 22898600

    Hyderabad

    +91 40 66514888

    Delhi

    +91 11 2344 4404

    Toll-free

     1800 4254 732 / 155255

    Email ID: Complaints@irdai.gov.in

    As mentioned above, there are various ways you can contact The IRDA and initiate a complaint against your insurance company.

    The policyholder should also be aware that apart from The IRDA, the policyholder can also lodged a complaint with The Insurance Ombudsman.

    Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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    Categories
    Insurance

    Top 4 facts about home insurance in India (Infographic)

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    Top 4 facts about home insurance in India (An Infographic)

    Did you know that only 3% of Indian homes are insured and protected, compared to over 90% in certain European countries, and the USA?

    Did you know that home insurance penetration is just a meagre 1% in India? Learn about more such interesting facts about home insurance in India through our infographic.

    We hope you get inspired enough to invest in your home’s security, thereby investing in your own. An insured home is a happy home! Let’s go! 

     

    Top 4 Facts about Home Insurance in India infographic
    Top 4 Facts about Home Insurance in India (Infographic)

    Feel free to download this infographic and share it across your social media and websites.

    Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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    Frequently asked questions about home insurance in India

  • What are some of the most important factors that decide home insurance premium rates?

    The most important factors that decide the premium rates of home insurance are:

    • Location of the home
    • Size of the home
    • Risk profile
    • Credit history of the policyholder
  • Are personal belongings also covered under home insurance?

    Yes, personal belongings are generally covered under home insurance. That being said, some policies do not provided coverage to personal belongings. Generally, the policyholder will have to opt for an additional rider that provides coverage to personal belongings of the policyholder.

  • What if I sell my home to another person? What happens to the home insurance?

    The home insurance contract will get terminated the moment you sell your premises to another person.

  • What are some of the notable exclusions of home insurance?

    Notable exclusions include:

    • Intentional damage to the house
    • Damages caused due to reckless behavior
    • Nuclear blast / fallout
    • War
    • Rioting

     

  • Categories
    Insurance

    Top 5 Applications of Blockchain in Insurance (An Infographic)

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    Top 5 Applications of Blockchain in Insurance (An Infographic)

    Blockchain technology is taking the world by storm. Due to it’s nature, blockchain has tremendous applications even in the insurance industry. 

    From automation to fraud detection, blockchain tech has the potential to transform the insurance industry and unleashing massive value proposition across companies and policyholders alike.

    Learn about the top 5 applications of blockchain in insurance through our fact-packed infographic below.

    Let’s begin! 

     

    Top 5 Blockchain Applications infographic
    Top 5 Blockchain Applications Infographic

    Feel free to download this infographic and share it across your social media and websites.

    Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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    Frequently asked questions about blockchain in insurance

  • What are some of the applications of blockchain in insurance?

    Some of the notable applications of blockchain in the insurance industry include:

    • Fraud detection
    • More effective auditing
    • Automation
    • Increasing trust between insured and insurer
  • Which are some of the insurance companies leveraging blockchain tech?

    The following insurance companies leverage blockchain technology in their business:

    • Nationwide Insurance
    • AXA Insurance

     

  • Which are some of the up coming blockchain companies that provide blockchain solutions to insurance companies?
    • IBM
    • ConsenSys Software
    • ChainThat
    • Teambrella
    • B3i

     

  • Categories
    Insurance

    Top 5 wacky facts about insurance (Infographic)

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    Top 5 wacky facts about insurance (Infographic)

    So, you think insurance is all boring and serious? It doesn’t have to be. InsuranceLiya.com has comprised a list of the most mind bending wacky facts about insurance in this vibrant infographic. Enjoy!

     

    Top 5 Wacky facts about insurance

    Feel free to download this infographic and share it across your social media and websites.

    Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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    Frequently asked questions

  • Why can't Jackie Chan get health insurance?

    Chan is blacklisted by insurance companies due to the high risk he presents to insurance companies due to his extreme movie stunts. 

  • What was the name of the insurance company founded by Ben Franklin?
  • Who created the first insurance company in The USA?

    Benjamin Franklin in 1752

  • Who provides alien abduction insurance?

    The Saint Lawrence Agency of Florida, USA