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Third-party Insurance: An Overview

Among the many types of two-wheeler insurance plans available, third-party coverage is the most basic. In case of any road accident involving the insurer’s two-wheeler, the policyholder is covered for every third-party liability (injuries on the body, death, and/or property damage). For third-party property damage, the extent of compensation is limited to Rs. 1 lakh, while the compensation amount for third-party bodily injury or death is determined by the court. [B-01] Bike Insurance for Third parties: Advantages A third-party 2-wheeler insurance plan has the following advantages: Easy documentation: Documentation for this plan is simple and can be completed in a few steps. Because the motorbike is not insured under this plan, fewer inspections and checks are required. This plan can also be purchased anytime while sitting in the convenience of your home. A simple online procedure: Nowadays, almost all insurance companies offer their services online, which includes purchasing insurance plans online. A purchase of an insurance policy can be made much more convenient and easier using an online purchase process. A financial commitment is not required: An insurance policy covering third-party liability for a two-wheeler protects the insured against any loss or damage caused to another person or property. The legislation mandates: According to the Indian Motor Tariff Act, you are legally required to insure your bike at least with a third-party liability plan. No Stress: Accidents can occur at any time and can leave you traumatised, especially if a third party suffers a loss and you are expected to cover the costs. The insurance company handles all the financial obligations against the third party for you, so you are relieved from mental stress. How to purchase Third-party two-wheeler Insurance online? Third-party two-wheeler insurance is easily available offline and online. With the advent of the internet, it has become more feasible to buy third-party insurance online without any hassle. Step 1: Visit the web address of any insurer and tap on the ‘Bike’ tab. Step 2: Enter the bike’s registration number. It is also possible to enter other details such as brand, model, bike variant, registration year, RTO location, etc., if you do not know your bike’s number. Step 3: Get quotes for bike insurance policies by entering your name & mobile number Step 4: Depending on your budget and needs, choose a bike insurance quote. Step 5: You will receive an email with the policy document after you make payment for the selected bike insurance policy. How can you renew the Third-party two-wheeler Insurance Policy online? The following steps will guide you through renewing your third-party bike insurance policy: Step 1: Visit the website of InsuranceDekho and click on the bike button. Step 2: Click the next after entering your bike’s registration number. Alternatively, you can fill in additional details such as the brand name, variant, model number, registration year, and registration city, if you don’t know your bike’s number. Step 3: Describe your existing two-wheeler policy expiry date and the name of your insurer. Also, you would want to let your insurer know if you have claimed on your previous policy. Step 4: You will also need to provide some other information, such as your name, phone number, and the desired insurance plan tenure. Step 5: Comparing policy quotes from different insurers will allow you to select the one that best suits your needs. Adding add-ons is also an option. A third-party insurance claim for a bike is quite straightforward. An insured individual as well as a victim can make a claim. The following are the claim processes for both parties: How to claim Third-party Insurance for a bike? Third-party bike insurance claim procedure if the damage is caused by you, to a third party’s bike: 1. After the accident, click the pictures of the damages. 2. The damaged vehicle details should be noted down. 3. Keep a record of the witness’ contact information if you find an eyewitness to the accident. 4. Act according to your insurer’s instructions after an accident. 5. File First Information Reports (FIRs) at the respective jurisdiction’s police station. 6. A lawyer can help you file a claim at the Motor Accident Claims Tribunal Court. 7. Present the incident to the court and provide the necessary documents and other details. 8. Get compensation for the property damage and bodily injury expenses by sharing the court’s order with the insurance provider. How to file a claim for Third-party two-wheeler Insurance if you are a victim? You can file a claim for third-party bike insurance as follows: 1. The third party involved in an accident or mishap should be notified of the incident by their insurer if they are the victim. 2. You have informed of the facts, and the two-wheeler insurer has agreed to transfer the case to the motor insurance claim tribunal based on such information. 3. The FIR copy and incident-related proofs should be submitted at the court hearing. 4. Bringing some eyewitnesses to court can also help you corroborate your claims. 5. A compensation amount will be determined by the tribunal based on all the facts presented. How does Third-party two-wheeler coverage work? An insured two-wheeler is insured for third-party property damage up to Rs.1 lakh under the third-party/liability-only policy. Courts determine compensation amounts in cases of bodily injury or death to third parties. A 100% compensation is provided by the insurer if both limbs or eyes are lost, a permanent disability is caused, or a third party is killed. In contrast, the insurer offers 50% reimbursement in cases of partial disabilities such as physical injuries, the loss of one leg, or the loss of one eye. Personal accident coverage can be purchased separately for the pillion rider. Two-wheeler driver’s PA or personal accident insurance of Rs. 15 lakh is required. What is not covered by a Third-party two-wheeler Insurance Policy? When making a claim, you must know what is and is not covered by your third-party bike insurance plan. The following are some common situations: Third-party bike insurance does not cover a policyholder’s insured bike in the event of loss or damage. A bike insurance policy wouldn’t cover you if you were driving drunk or without a valid license while riding your insured bike. It is not possible to claim for accidents that occur outside of the geographical boundaries of the cover. Contractual liability claims are not covered by third-party bike insurance. In addition, any claims arising from damage or loss caused by war or warlike conditions, or radioactive contaminants are not compensated by insurance companies. What is the Third-party bike Insurance Plan compensation process? Generally, third-party bike insurance plans compensate policyholders as follows: Nominees can claim 100% sum assured in the event of the insured’s demise. However, insurance companies may vary in the percentages offered for damage to body parts. A 50% compensation is offered if one eye or one limb is lost. It is possible to receive compensation of up to Rs. 1 lakh for damage to the property. Owner drivers or drivers who have valid RC or driving licenses will be offered compensation if they are driving the insured vehicle. [B-02] Conclusion Having third-party two-wheeler insurance is essential because it will cover any legal and financial repercussions that may follow from third-party injury or damage in addition to safeguarding you from a third person being injured, killed, or having property damaged. Therefore, one should not consider it as an unnecessary expense. If you need more guidance and assistance with availing of third-party insurance, visit Piramal Finance. Check out their blogs for more information on insurance coverage or about products like personal loans, credit cards, EMIs, and more.

08-11-2023

Education

How to Apply for a New Aadhaar Card Online?

Aadhaar is a 12-digit unique identification number that residents of India can obtain based on their biometric and demographic data. The Unique Identification Authority of India (UIDAI) collects the data. It serves as proof of identity and addresses anywhere in India. It is considered a reliable and secure way to establish an individual’s identity to avail of various government and non-government services in India. The online application process for the Aadhaar Card is straightforward. Residents who wish to enroll for an Aadhaar card can do so on the Uidai website. The whole process takes around 10-15 minutes to complete. [B-02] How to apply for a new Aadhaar card online? Applying for a new Aadhaar card online is a simple process. All you need to do is visit the official website of UIDAI and follow the step-by-step instructions mentioned below: Go to https://uidai.gov.in/. Under the 'Aadhaar Online Services' tab, select 'Enrolment' A new page will open, and you will be required to enter details such as your name, address, email ID, mobile number, etc. Once you have entered all the necessary details, click 'Submit.' You will now be required to enter biometrics details such as fingerprints and an iris scan. You will be given an acknowledgment slip once you have provided the biometrics details. This acknowledgment slip will contain the enrolment number, which you can use to track the status of the Aadhaar card application. The Aadhaar card will be delivered to your registered address within 60-90 days from the date of application. Which documents are required for a new Aadhaar Card? To apply for an Aadhar card online, you must provide certain documents, such as proof of identity and address. The list of documents required for an Aadhaar card is as follows: Proof of identity (POI) – This could be your passport, PAN card, voter ID card, driving license, etc. Proof of address (POA) – This could be your ration card, bank statement, utility bills, etc. Date of birth proof (DOB) – This could be your birth certificate, 10th standard mark sheet, passport, etc. Suppose you still need to get the documents mentioned above. In that case, you can provide an identity declaration signed by a Gazetted Officer or a Group A Gazetted Officer on a letterhead with your photograph duly attested by them. How do you check the Aadhar Card status online? Once you have applied for the Aadhar card, you can track the application status online. To check the status of the new Aadhaar card online, you will need to follow the steps mentioned below: Visit https://uidai.gov.in/ Under the 'Aadhaar Online Services' tab, select 'Enrolment' Select 'Check Aadhaar Status' on the next page under the 'Check Enrolment Status' section. You will be required to enter the enrolment ID and date/time stamp mentioned on the acknowledgment slip. Once you have entered all the required details, click on 'Check Status.' The status of the Aadhaar card application will be displayed on the screen. It usually takes 60-90 days for an Aadhaar card online application to be processed and delivered to the registered address. If you have not received your Aadhaar card within this period, you can visit the nearest enrolment centre with the acknowledgment slip to get a reprint of the Aadhaar card. How to download a new E-Aadhaar Card online? If you want to download a copy of the e-Aadhaar card, you can do so by following the steps mentioned below: Visit https://uidai.gov.in/ Under the 'Aadhaar Online Services' tab, select 'Enrolment' On the next page, select 'Download Aadhaar' under the 'Get Aadhaar' section You will be required to enter the enrolment ID and date/time stamp, which is mentioned on the acknowledgment slip Once all the required details have been entered, click on 'Check Status.' The status of the new Aadhaar card online application will be displayed on the screen You can now download and print a copy of the e-Aadhaar card It is important to note that to download a copy of the e-Aadhaar card, you will need a working mobile number. An OTP (one-time password) will be sent to this number to authenticate the download. Why is it important to have an Aadhaar Card? There are many benefits of having an Aadhaar card, some of which are mentioned below: It helps quickly identify individuals: An Aadhaar card contains all the necessary information about an individual, like name, date of birth, address, etc. Anyone can easily access this information, making it easier to identify an individual. It helps avail government benefits: Many government schemes, like LPG subsidy, MNREGA, etc., are linked with an Aadhaar card. This means an individual can avail of these benefits only if they have an Aadhaar card. It helps in banking transactions: An Aadhaar card can be used as a KYC (Know Your Customer) document while opening a bank account or carrying out any other banking transaction. It helps get a mobile phone connection: As per the new guidelines of TRAI (Telecom Regulatory Authority of India), linking one's mobile number with one Aadhaar is mandatory. This can be done by providing the 12-digit Aadhaar number while purchasing a new SIM card or verifying an existing number. It helps get a passport: According to the Ministry of External Affairs's new guidelines, linking one's Aadhaar number with one's passport is mandatory. This can be done by providing the 12-digit Aadhaar number while applying for a new passport or renewing an existing one. Thus, having an Aadhaar card has many benefits. It is helpful for individuals and the government as it helps in the better implementation of various schemes and programs. Conclusion Aadhaar is a 12-digit unique identification number that residents of India can obtain. It serves as proof of identity and address and can be used for various purposes, such as availing government services or opening a bank account. Anyone can apply for an Aadhaar card by visiting an enrolment centre near them or using the website. If you need more help understanding this process, visit Piramal Finance. This online platform is where you can learn everything about relevant developments and procedures in finance. For more information on financial matters or about personal loans, credit cards, and financial management, check out the blogs on their website!

08-11-2023

Education

Here is How to Check EPFO Pension Status

If you are a member of the Employees’ Provident Fund and your retirement is near or you have already retired, you must be wondering about your pension amount under the Employees’ Pension Scheme,1995 (EPS). You will be provided with a 12-digit number under this scheme through which you can check the status of your pension on the official portal of the Employee Provident Fund Organisation. Keep reading to learn how you can check your pension status in detail. Steps to Find Pension Payment Order (PPO) Number To check your pension status the first and foremost thing that you need is the PPO number. Follow the simple steps mentioned below to find your PPO number to check pension status online: Step 1: Visit the official EPFO Portal (https://www.epfindia.gov.in/)Step 2: You need to click on the Pensioner’s portal under the services tab Step 3: Now, a new page will appear on your screen with a message i.e. ‘Welcome to Pensioners Portal. ‘Click ‘Know your PPO number’ which you can easily find on the right side of the pageStep 4: You need to know either your bank account number or PF number.Step 5: After this, a PPO number, Member ID, and pension type will be allotted to help you check your pension status online What is a PPO Number and Why do you need it? According to the Central Pension Accounting Office (CPAO), the first 5 digits of the 12-digit PPO number consists of the PPO issuing authority’s code number, the next 2 digits refer to the year in which the PPO number was issued, the next 4 digits refers to PPO’s sequential number, and the last digit refers to the check digit which is mainly for computer’s purpose. A PPO number acts as a reference number that is required for any sort of communication to be made to CPAO. Checking Pension Status Online through EPFO Portal Once, you have found out your pension number. All you need to do is follow the six simple steps mentioned below to check Pension Status online via the EPFO portal: Step 1:Visit the official website of EPFO and log in with your credentialsStep 2: You need to click on the Pensioner’s portal under the online service sectionStep 3: Now, you will see a new page appearing on your screen with the ‘Welcome to Pensioners Portal‘ messageStep 4: Now, you have to click on ‘Know Your Pension Status’ is mentioned on the right side of the pageStep 5: As the last step, you have to select your office, your office ID, and your PPO number.Step 6: Once done, you have to click on the ‘Get Status’ option to know the status of your pension. Eligibility for Employee Pension Scheme Below are a few conditions that must be met to be eligible for the Employee Pension Scheme: You must be a member of the Employees Provident Fund Organization. It is imperative that you must be above 50 years of age and must have completed 10 years of service to be eligible for an early pension under the Employee Pension Scheme. The eligibility criteria for a normal pension is that you must be at least 58 years of age. In case of the unfortunate event of the death of the pension holder, the family members of the deceased become eligible for the pension amount [B-02] What are the Various Types of Pensions under the Employee Pension Scheme? Take a look at the below-mentioned various types of Pensions under the Employees’ Pension Scheme (EPS): Widow PensionUnder this pension scheme, the widow of the pension holder becomes eligible for availing of the pension amount. The widow will be receiving the pension until she dies or decides to remarry. Child PensionIn case of the pension holder’s death, the surviving children of the family become eligible for availing the pension amount along with the monthly widow pension. The child will be receiving a pension until the age of 25 years. Orphan PensionEPFO members’ children will be entitled to receive the pension amount in case the member dies and there’s no surviving widow/ They will be receiving the monthly orphan pension of 75% value of the monthly widow pension amount. This benefit will only apply to the two surviving children. Reduced PensionThere’s a possibility of withdrawing an early pension in case the member has completed 10 years of service and is 50 years old but not more than 58 years. In such a case, the pension amount slows down at the rate of 4% each year until the member reaches the age of 58 years. Pension Forms Below are the types of pension forms that you need to submit to withdraw the pension amount: If you are an EPFO member and want to withdraw your pension before 10 years of service, you need to submit Form 10C. For monthly pension withdrawal after 50 years of age and monthly widow pension, child pension, etc., you need to submit Form 10D. If you are a pensioner or a guardian, you will have to sign a Life Certificate form claiming that you are alive. This form is required to be submitted where your pension account is active every year in the month of November to the bank manager. If you are a widow, you will have to submit a declaration i.e. Non-Remarriage Certificate that you are not remarried every year in November to the bank manager. Conclusion It can be seen that the Employee Pension Scheme is a great way to save money for a better financial future. Not only this, but EPS also helps you to save taxes when you earn interest. For more information on anything related to Banking & Financial Services, visit the Piramal Finance website today! Make sure your financial knowledge is up to date on essential services and products, such as personal loans and financial calculators, by reading the informative blogs on their website.

08-11-2023

Cards

Best Credit Card Bill Payment Apps in India

One of the most significant improvements in people’s lives is the fintech revolution, which changed how we buy things daily. We prefer cashless payments via credit cards because they’re faster, easier to carry, and more secure. Across the globe, credit card bill payments have become more prevalent in recent years, and in this article, we will let you know what are the best credit card bill payment apps in India that you can use. [B-01] Benefits of Credit Cards A credit card is a financial tool to pay for your shopping. It is also a way to gain rewards and save money. Due to this reason, most middle-class individuals have credit cards. Besides being easy to carry in your wallet, credit cards offer interest-free credit for around 45 days. Family members can also get free add-on cards. 1. Access to credit Credit cards work like a deferred payment plan, so you can use them now and pay later. Every time you swipe, money doesn’t go out of your account, so your bank balance doesn’t drain. 2. Incentives Some credit cards offer reward points on purchases. It is possible to accumulate these points and redeem them later. In recent years, co-branded cards have gained popularity. Companies compete with reputable brands to sell products and services at a discount. To suit your buying habits, you can select a wide range of options, such as petro cards, shopping, entertainment, and others. Many credit card bill payment apps give a percentage of money back to you for whatever you have spent with your credit cards. 3. Setting up a credit line The advantage of having a credit card is that it allows you to build up a credit line. As a result, banks can now view a consumer’s active credit history. The information you provide about your card repayments and card usage is required. It is well known that banks and financial institutions often use credit card usage to evaluate potential loan applicants’ creditworthiness. Hence, a credit card is essential for a future loan application. 4. EMI facility It is possible to defer payment on a large purchase using your credit card if you do not want to sink your savings into it. Furthermore, you can also pay off your purchase in equal monthly installments, preventing your bank balance from getting drained by a lump-sum payment. It is cheaper to pay through EMI than take out a personal loan to purchase a television or refrigerator. 5. Flexible credit You get an interest-free period with credit cards, meaning you need not pay any interest for a certain amount of time. In exchange for paying off your credit card bill on time, you can avail yourself of free, short-term credit for 45–60 days. Credit Card Bill Payment Apps: Benefits The internet is full of apps that you may use to make payments on your credit card bill, but which is the one that may be the best for you? And which one can give you more benefits? As a way of figuring this out, you can think about the following factors: Make sure you find an app that allows you to use UPI wallets/apps or your net banking account. If you pay your bills with the one that gives you cashback or a bonus, that would be a great choice. That can be a handy feature if the app gives you regular payment alerts to remind you when to pay your credit card bill. The program can provide an intelligent statement so that you have all the information you need about your payments and dues. This way, you can manage your finances better and ensure they are in order. Several apps allow you to check your credit score for free on their platforms. Users can find offers related to credit card bill payment in many apps, depending on the app they’re using. Indian Credit Card Bill Payment Apps 1. CRED With this platform, you can pay all your credit card bills in a single place, and you will also earn reward points on every rupee you spend towards the payment of your credit card bills. “CRED coins” are the reward points used in the CRED app, which you can exchange for a wide variety of products, services, and discounts. Upon redeeming your CRED coins on the app, you can receive offers within various categories and updates on these offers. Checking all the registered cards on the CRED is easy because, with a single click, you can see all the payment histories. You can even hang on to some of the amazing features like ‘kill the bill’ that will help you earn cashback on your upcoming payments. As soon as your credit card bill is made, you’ll get a reminder to pay it on time. This will help you avoid missing or delaying payments in the future. 2. Paytm Paytm is the most trustworthy credit card payment app in India, where you can get rewards after making credit card payments. There’s no permanent cashback structure, but the company is now running a limited campaign that allows users to get money back on their bills when they recharge their accounts. 3. Mobikwik The Mobikwik app provides the best credit card bill payment offers to pay bills in advance. The moment you pay your credit card bill with Mobikwik’s app, you receive Supercash rewards. You can use it to pay for other purchases on the app (up to 5%). 4. PhonePe It is possible to pay your credit card bill with the PhonePe app. In the process of paying your credit card bill, PhonePe offers scratch cards as part of its credit card bill payment offer. Once you’ve paid off your credit card bill, you will receive the reward. 5. Amazon Pay Amazon Pay provides premium services like credit card bill payment. It uses your personal information while optimizing the checkout process. With Amazon’s security and fraud protection, consumers can be confident while shopping at Amazon. Simple integration, in-built support, and ongoing optimization make starting easy. It also offers prizes frequently. [B-02] Bottom Line You can select the best credit card bill payment app after examining all the available options and comparing the benefits offered by each of these apps. Log onto Piramal Finance to read more such informative pieces.

08-11-2023

Education

Banking KYC (Know Your Customer): What is it and How Does It Work

There has been a noticeable increase in financial crimes. People pose to be someone else by using fake documents. Forging identities have fueled money laundering and terrorism industries. Several countries have lost their economic glories owing to these crimes. As a result, it has become essential for those operating in the banking and financial industries to complete customer identification processes. They should know their customers, have the right documents, and ensure measures are in place to avoid these issues. This guide will take you through what KYC means in banking and how it works to understand this process better. [B-01] What is KYC Meaning and KYC full form in Banking? KYC full form in Banking is ‘Know your Customer’ which translates to identifying your customer. It helps manage customer identity, know the factual details and check their financial profile. For the banking and financial industry, having all the relevant documents is the key to knowing their customer better. It helps in several ways: Prevents the occurrence of fraud. Ensures all bank accounts are updated as soon as the key document is updated. Manages and maintains their financial profile. Builds better relationships with the client. Regulations and protocols surround collecting KYC records for any organization. It is mandatory to follow these instructions to ensure banks have all the data necessary to recognize the client. Apart from getting the documents and processing the client’s identity, the organization should also know what work they do. It is equally important to know them in every possible way. Required KYC Documents Knowing your customer includes getting their identity and source of income. It will help banks to know where they work and what they do. Identity documents such as a driver’s license, Aadhar card and Passport could be proof of identity. There should be an address proof in this list of documents Apart from this banks might need proof of where you work. How Does KYC Work in Banking? Here we will discuss the steps involved in ensuring customer identity. KYC is acquiring customer information that includes name, address and other basic details. It includes checking all the documents that can provide the information to help identify the customer immediately. Banks will use both documents to identify the customer and non-document identification methods. For example, banks and institutions can use fingerprints to mark a customer’s identity. They can use other biometrics to complete the process. The KYC is the minimum requirement for anyone who needs an account with banks and financial institutions. The KYC processes, in the beginning, were cumbersome and prolonged. There were several nuances to this method that included forms and document collection. Traditionally, for KYC, the customers needed to visit the banks. However, with changing times, eKYC is the norm. Once the banks have approved the documents and other forms, you can access the account. However, in some cases, they can reject your claim to the bank account. For instance: If your signature on the identification document doesn’t match your signature on the form, your application can get rejected. Similarly, your chances of getting rejected are higher if your documents seem suspicious or if you haven’t submitted the proper documents. KYC works to understand if the documents submitted and the person submitting them are the same. This comparison will help banks and financial institutions approve the accounts for the right person. It will help them save a lot of issues in the future. What is the KYC Process? There are a total of three steps involved in the collection and verification of KYC details for KYC in banking. Step #1: Collecting the Information Banks want customers to fill out their information in forms. They can ask them to share the required data to open a bank account, access files or use the financial product. The forms will have several methods to collect data. This step is known as the customer identification program, where banks get to know the customer’s identity. Step #2: Upload Supporting Documents To prove that the information in the form is true, you will need to upload the necessary documents. For instance, you need to verify your name with a supporting document. You will need to upload the address document to verify that you have added the right address. Step #3: Verification Once you have filled out the form and added the documents, the bank will verify them. They will check if the information provided matches with the documents. They will also verify the validity of the documents. Banks and institutions need to ensure that the documents are not fake. They use several data validation techniques to ensure they have properly collected and verified the information. This is also known as customer due diligence, where the customer’s data is verified against government data. Continual Screening It is not enough for financial institutions to compare and verify the data once. They will perform this function continuously to ensure no data remains unverified. This continual measurement and monitoring of the records can help financial institutions avoid fraud and maintain healthy transactions. The Era of eKYC Traditionally, the bank representatives used to visit the customer’s place or make the customer visit the banks to complete the verification. However, with eKYC, things have changed. Banks can complete the verification process online via video calls. This has led to increased convenience for the banks and their customers. [B-02] Conclusion Knowing your customer effectively identifies your clients and ensures you have complete information about them. The banks and financial institutions can gain more support from this protocol as it will help them evade fraud before it occurs. It is essential to follow the protocols to ensure complete data collection for thorough identification of the customers. If you need more help with understanding KYC, visit Piramal Finance. This online platform is what you need to learn everything about relevant developments and procedures in the world of finance. For more information on financial matters or about personal loans, credit cards, and financial management, check out more blogs on their website!

08-11-2023

Best

Best Online Car Insurance Plans to Choose From

Cars are among the most popular forms of personal transportation today. However, vehicular accidents are not entirely uncommon. If you are a car owner, you must consider any accidents that could happen and damage your vehicle. Both new car insurance policies and car insurance renewals have increased significantly. Are you concerned about picking the best car insurance policy? This blog gives you the details of the insurance plans for your car and explains the types of coverage they offer. Why is Car Insurance Important? The car insurance policy not only safeguards your vehicle but also protects you and your family in case of an accident. For this reason, the Motor Vehicle Act of 1988 demands that all car owners buy car insurance. The following are some of the prime reasons for purchasing car insurance online and making sure to renew it on time: Reduces the liability Covers all kinds of damage Covers hospitalisation costs In the case of death, the family is given compensation You can get coverage at all times by paying to buy a premium. Buying car insurance online is cheaper. What does a Car Insurance Policy Cover? The various types of security are referred to as insurance coverage. It’s critical to understand what types of events are covered by any car insurance policy before purchasing. You can pick from various add-ons to boost the plans’ basic coverage to improve their level of protection. Here are some major types of car insurance coverage available in India. Third-party liability – Every owner of a vehicle needs to get this coverage. This policy covers any harm you may cause to another driver. This coverage covers liabilities resulting from someone’s death and the expense of hospitalisation and treatment for third parties. It also covers the cost of repairs or replacements for their damaged vehicles. Personal Accident Coverage – You can opt for personal accident coverage to protect yourself. In case of injury, this insurance coverage will cover your medical expenses and any damage to you. Theft – If your car is stolen, this car insurance coverage will compensate as per the Insured Declared Value (IDV) of the car. Collision Damage – When you get collision damage car insurance, the expense of fixing your damaged car is covered. The vehicle's age and Insured Declared Value are considered when calculating the cost of collision coverage. Zero Depreciation Cover – Usually, car insurance policies come with this coverage as an add-on. A Zero Depreciation Cover will enable you to receive the full claim amount without considering any cost depreciation. Top 5 Car Insurance Policies For You: You will always want to check and compare various available plans before buying your car insurance online. Here is a list of some of the best car insurance plans currently available for you to choose from. Car Insurance Policy Motor Claim Settlement Ratio Network Garages HDFC ERGO Car Insurance 91.23% 8300+ SBI General Car Insurance 91.75% 16000+ TATA AIG Car Insurance 90.49% 7500+ Reliance General Car Insurance 85.82% 8200+ Bajaj Allianz Car Insurance 88.83% 4000+ HDFC ERGO Car InsuranceThe features of HDFC ERGO Car Insurance are: It has over 8300 cashless garages, so you don’t have to worry no matter where you are in India. The premium plan for HDFC ERGO Car Insurance starts at just ₹2094. You will get 24×7 roadside assistance, ensuring you are not stranded alone. This plan offers 6 add-on covers, including zero depreciation cover. SBI General Car InsuranceThe features of SBI General Car Insurance are: It offers both comprehensive and third-party car insurance. You can get multiple premium add-on covers, like NCB, key replacement, bi-fuel kit, and loss of belongings. It offers compulsory third-party liability with personal accident coverage. It provides quick and efficient cashless claim settlements. TATA AIG Car InsuranceThe features of TATA AIG Car Insurance are: After five years without a claim, you might receive up to 50% discount on your car insurance premiums. By purchasing your car insurance online, you can save up to 75% on the insurance price. Up to 13 add-ons can be included in a comprehensive car insurance policy to safeguard your four-wheeler. You can get a car insurance renewal quickly and easily in 3 simple steps. Reliance General Car InsuranceThe features of Reliance General Car Insurance are: It offers up to 7 add-ons, including nil depreciation, consumables cover, key protection cover, and engine protector cover. Reliance General Car Insurance offers comprehensive and third-party car insurance. Free roadside assistance is available. No claim bonus of up to 50% is available on premium purchases. Bajaj Allianz Car InsuranceThe features of Bajaj Allianz Car Insurance are: Its Drive Smart feature lets you track your driving in real time and receive premium discounts. It provides owner-drivers with personal accident coverage of Rs. 2 lakh. Additionally, the plan provides towing services in the case of a breakdown. Owners, drivers, and passengers may also purchase personal accident coverage. [B-02] The Final Takeaway Making a choice will be much simpler for you now that you know the benefits of different car insurance policies. It is usually a good idea to research and compare several options before selecting the best plan. You can visit the Piramal Finance website to know more about finance and easy financial solutions like insurance, personal loans, credit cards, and more.

08-11-2023

Best

Find the Best Car Insurance Policy Online by Calculating and Comparing Premiums

A car insurance policy offers coverage to the vehicle owner. A car insurance premium is the money you pay the insurance company. This is for a set period of time. After this, your insurance company will take care of the coverage mentioned in the insurance policy. This is done till the end of the policy period. What are the ways to determine your premium plan? Do you need to call the agent and ask them to do it for you? Or, can you calculate the insurance policy of your car online? This article will teach you simple things to keep in mind before buying car insurance online. It will tell you how simple calculation and comparison are. It is way easier than reaching out to a bank or an agent. [B-01] Types of Insurance Premiums Third-party Liability Insurance This insurance includes the coverage of a third party. Assume a vehicle collides with yours. The other vehicle suffers damage. The insurance company has to pay for damage to the other vehicle. This insurance is mandatory in India, according to the Motor Vehicles Act of 1988. Comprehensive Motor Insurance Policy This policy gives coverage to the insured and third parties. Sometimes, unfortunate events like accidents take place. In that case, the insurance company is liable for the insured and the third party. Both types of insurance are helpful. Consider them if you are planning to buy a new car. If you have not taken a policy for your already existing car, do so now. Essential Factors that determine your Car Insurance Premium Insured Declared Value of the Vehicle (IDV) The IDV is the maximum claim you can ask for damages to the car. The insurance provider will give you the amount after reducing deductibles. The provider will pay you when repair costs exceed 75% of IDV. IDV of the vehicle affects the premium. You pay more premium for a new vehicle. The formula for calculating IDV is: IDV= (Manufacturer’s listed selling price – depreciation) + (Accessories not included in listed selling price – depreciation) excluding registration and insurance costs. Age of the Car Due to wear and tear, the value of a car reduces over time. Insurance providers use the vehicle’s age to decide the car’s market value. New car launches can lower your car’s market value too. Cubic Capacity of an Engine The capacity of an engine is determined by its cubic capacity. The car insurance premium is slightly higher for a new car than for an old one. The premium in third-party insurance is the same for old and new vehicles. Location Geographical zones in India are divided into Zone A and Zone B. These zones are used to calculate the premium for car insurance. Zone A comprises New Delhi, Chennai, Bengaluru, Pune, Ahmedabad, and Hyderabad. Zone B includes the rest of India. There are more accident-prone areas in Zone A. So, the residents of Zone A pay higher premiums than Zone B. The Insurance Regulatory and Development Authority(IRDAI) has changed insurance policies. A policyholder can pay the premium according to usage. Let’s understand this in detail: Pay as you Drive A customer pays a premium according to usage. A vehicle that spends more time on the road is more prone to accidents. Thus, you pay more premium for more use of the car. You pay less premium for less usage of the vehicle on the road. Pay how you drive A customer with a good safety record can pay a lower premium. A driver with rash driving, challans and traffic tickets has to pay a higher premium. Floater Policy You can have a single policy for all your vehicles. The premium will be slightly higher than that of other policies. How to Calculate and Compare Car Insurance Premium Online Nowadays, it is easy to calculate the estimated amount of an insurance policy online. How? Through a car insurance calculator. Key in essential information like your car registration number. You will get the information at once. Enter the IDV and get the best quotes. You can compare the coverage provided by using the online insurance calculator. Visit the website of any insurance provider and get a quote quickly. This will give you a fair idea of your best premium plan. Information required for new cars for premium calculation online Car’s registration details Car model Manufacturing year Owner’s details – name, gender, marital status, contact details Policy commencement date Information required for used cars for premium calculation online Ownership details of the previous car Particulars of the claim of previous policy Current car insurance details Benefits of using Car Insurance Calculator Ease of Comparision Insurance providers offer different types of policies. An insurance calculator allows you to compare insurance policies. This makes it easier and more efficient to find information. By comparing, you can choose the best policy for you. Make a wise choice The insurance calculator gives you the factors that affect your car insurance premium. You can add on or discard additional insurance cover. You can monitor your premium payment with ease. You can make better choices. Know the right IDV of your Car It is essential to know the IDV of your car. This is important to calculate the details of the premium. The calculator helps you arrive at the right amount of IDV. [B-02] Final Thoughts After reading through this article, you must have learnt more about necessary insurance policies. The car insurance policy protects you and the vehicle. The online calculator helps you get a hassle-free car insurance policy quote. You can calculate and compare car insurance policies online using simple steps. If you need more guidance and assistance with selecting the right insurance policy, visit Piramal Finance. This online platform is what you need to learn everything about relevant financial products such as vehicle insurance, personal loans, credit cards, and more.

08-11-2023

General Insurance

Which Bank Provides The Best Term Insurance Policy

Term insurance is one of the most important parts of your personal finance. Life is uncertain. While you focus on living your life to the fullest, you need to be prepared for uncertainties. If you are the sole earning member in your family, then it is a must that you financially protect your family. This is to ensure that they can live their life even in your absence. This is what a term insurance plan ensures. What is term insurance? How can you get one for yourself? Find out here! [B-01] What is Term Insurance? Term insurance is a type of life insurance policy. In it, the insured person pays a premium for a certain period. The term insurance plan provides a life cover to the insured for a period as per the terms of the policy. In case of unfortunate demise, the family of the insured is paid the assured sum amount. How Is Term Insurance Different from Other Life Insurance? Term insurance is a pure form of a life insurance policy. Most life insurance policies provide insurance and investment. In simple words, the premium paid by you not only provides insurance benefits but is also invested by the insurance company. When the policy matures, or the insured event happens, the family of the insured person is paid the sum assured amount as well as investment value. They act as twin instruments of investment and insurance. But in the case of a term insurance plan, you are only provided insurance benefits. There is no investment element in term life insurance. Some policies may allow a refund of the premium after maturity. This is also the reason why its premium is much lower. Lower premiums allow a large section of society to benefit from life insurance. How to Get Term Insurance? Getting term life insurance is very simple. You can buy a term life insurance policy from any insurance company or bank. Many people prefer buying term insurance from a bank. Banks have an insurance arm that provides insurance facilities. Which Banks Provide the Best Term Insurance Plans? If you are looking to buy term plans from a bank, then below is a table of some of the best banks for the same: Name of the BankClaim Settlement RatioICICI Prudential97.84%HDFC Life98.01%TATA AIA98.02%PNB MetLife96.2%SBI Life96.76%Canara HSBC98.12%Kotak Life98.50% Why Term Insurance? When you create your portfolio, insurance is the first thing you start with. Before flying, it is important that you prepare a safety net. Following are some of the most important reasons for having term insurance: Lower premium As stated earlier, term plans have a lower premium than other life insurance policies. This is because it is a pure form of an insurance policy. You just need to pay a small portion of your income to get term insurance. Security for the family Term insurance provides much-needed security to your family. In case of your untimely death, your family will have adequate financial resources to make it through life. This is one of the best gifts you can provide to your family. It is a symbol of how much you care for your family. Flexible Term insurance plans are flexible. You can customise the plans as per your needs. There are multiple options available with respect to tenure, mode of paying a premium, and frequency of paying the premium. You can either pay premiums monthly, quarterly, half-yearly or even annually. Refund of premium There are multiple term plans that offer a refund of the premium. After the policy matures, you will receive a refund of the premium paid over the tenure of the policy. This creates a win-win situation for you. If the insured event occurs, you receive the sum assured. If the insured event does not happen, then you receive a refund of the premium paid by you. Low claim rejection The chances of a claim getting rejected are low in the case of term life insurance. Term life insurance mostly covers all the scenarios in which you receive your sum assured. You can observe the same in the claim settlement ratio table above. Most of the banks have a claim settlement ratio between 96% – 98%. This shows that they approve 96% to 98% of the claims received by them. Riders This is one of the significant benefits of term life insurance. If you feel that the base cover is not enough, you can go for riders. Adding riders allows you to extend your coverage. You can cover exceptional cases through riders as well. You will just have to pay a little extra premium. But it is always beneficial to include riders if you need to. [B-02] Conclusion Banks present some of the best term plans for your portfolio. As per your needs, you can select any one of the plans. You can also secure other members of your family through term life insurance. Further, you can easily get term life insurance from any bank without visiting the same. You just need to visit the bank’s website and go through their plans. Buying your term insurance plan online has its own benefits. It allows you to compare different insurers and insurance policies. This helps in the selection of the best plan for your needs. Further, it is a convenient way of buying insurance. You can select the plan, make the payment, and activate your insurance plan anytime, anywhere. Buying your term insurance online also helps you save a lot on commission costs. Insurance companies pay commissions to the agents if we purchase an insurance plan from them. This commission forms part of the premium that we pay on the plan. For more such useful information, visit Piramal Finance now. This is a one-stop platform for accurate information on financial and banking services. Make sure your financial knowledge is up to date on essential services and products, such as personal loans and insurance coverage, by reading the informative blogs on their website.

08-11-2023

Personal Loan

Home

Best Centre Table Ideas for Drawing Room In 2025

The living room is the heart and soul of any home. It is the place where we read the morning newspaper, sip hot cups of tea, or simply lounge around to unwind after a hectic day. The special bond that we share with our drawing rooms makes it imperative to model the space in a way that speaks to us. What better way to revamp your drawing room than to opt for a modern centre table? A lot of us do not pay much heed to the drawing room’s centre table, but trust us when we say that it can transform the space and make it much cosier. Do you want to know how a centre table will revitalise the mood, feel, and appeal of your living room? If so, read ahead. [B-01] Things to keep in mind before buying a centre table In today’s day and age, buying any piece of furniture is an investment. Therefore, as a smart consumer, you should put some thought and care into your purchase. As the centre table resides at the heart of your drawing room, it should subtly grab attention. In addition, the best centre table for your drawing room is the one that meets both form and function. In other words, the centre table you choose should fulfil the following requirements: It should be utilitarian. It has to be practical enough to serve as a coffee spot as well as a spot to stack magazines. It should be trendy. It should fit the aesthetics of your home. The optimal centre table will upgrade the look of your living room. Apart from the criteria mentioned above, some of the expert advice you can follow in choosing the right centre table for your living room area is as follows: Tip 1: Size Matters: The ideal centre table anchors the furniture in your living room by filling in the gap while providing enough space for movement around the furniture. The centre table should have a distance of 18 inches from other furniture. The table should be smaller than two-thirds of the largest piece of seating in the room. It should have enough space for the placement of showpieces and other objects like magazines, laptops, etc. For easy access, the table’s height should be the same as or a few inches lower than the sofa. Tip 2: Shape is Important: Your sofa’s shape will determine the shape of your centre table. If you have a rectangular sofa or an L-shaped lounge, go for a rectangular table. For smaller sofas with square seating space, a square or round centre table is optimal. Tip 3: Consider the Aesthetics: The centre table of your drawing room is bound to draw the attention of visitors; therefore, it should have a pleasing aesthetic that matches your room’s vibe. For instance, you can match the centre table with the colours, textures, and patterns in your living room: It is the safest way to get the “aesthetic” right. Now that we know how to choose the right centre table for the drawing room, let us look at a few of the best designs of the season. The best living room centre tables that you can invest in 2022 1. Mirrored Glass Block-Style Centre Table: If your style is minimalistic and simple, then the block-style centre table made of translucent glass will blow your mind. This unique furniture item from All Home Living can substitute for a “piece of art.” Pros Unique design Sleek look Will look good in different living room setups Spacious platform Cons Expensive High maintenance Can be too plain for some 2. Fireplace Design Centre Table: How about combining your drawing room’s centre table with a fireplace? Sounds intriguing, right? Nowadays, centre tables with fireplace features are gaining popularity. They look stunning and are perfect for getting if you want fuzzy, cosy vibes all year around. Pros Unique Design Showstopper quality Great for the winters Optimal for people living in a cold climate Cons It can be impractical Can be hazardous without discretion Restrictive design 3. Sheesham Wood Centre Table with Shelves: If you are someone who loves the feel of luxury, then the Sheesham centre table from Amazon will be your best bet. If you want to add some gravitas to your living room and make it comfortable at the same time, then do not think twice and book this table immediately. Pros Durable Classy design Spacious Low maintenance Cons Expensive Bulky 4. Floral Engraved Metal Centre Table: The stunning and intricate centre table from Wooden Street is optimal if you want to add some jazz to your living room and still keep things sober. If you love antique furniture, then you will love this table. It is the perfect combination of class and modernity. Cons No storage space It can be difficult to maintain Bulky 5. Duochrome Contemporary Centre Table: If you are looking for a centre table for your drawing room that is elegant, modern, and practical, then you have found your match. This contemporary centre table from BLUEWUD is best for new-age living rooms that demand something sophisticated. In addition, there are brown and white duo-chrome shades. Pros Classy design Spacious and practical Versatile Affordable Cons User has to assemble the centre table themselves [B-02] Wrapping It Up So, there we have it, the five best centre tables for the drawing room in 2022! If you want to invest in top-notch furniture but are worried about finance, then Piramal’s personal loan options can help!

08-11-2023