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Want To File A Home Insurance Claim? Follow These Simple Steps

Taking an insurance policy on your home helps you in protecting your investment. Your home can get damaged due to weather conditions, fire, theft, or even by a third party. In these circumstances, an insurance policy will come to your aid and help you reduce your expenses. You must file a claim with your insurer if you are in any of these situations. Filing a home insurance claim is easy. You need to submit the required documents and evidence of damage. If you cannot stay in your damaged home, you can also claim to pay for your temporary accommodation. [B-01] Steps To Follow For Making Your Home Insurance Claim As you have understood the importance of having home insurance and what it protects you from, here’s the process for filing a claim. File a report to start your insurance claim process – The first step in filing a home insurance claim is to call your insurance company. You should contact them as soon as you notice damage to your home. All major insurance companies have 24/7 customer support. You can call them anytime to ask for proper guidance to file a claim. Inform your insurer clearly about the nature of the damage and follow their guidelines to complete the process. Keep the required documents ready – You will be asked to submit some documents to process your claim. You need to keep all these documents prepared to support your claim request. If you cannot provide any documents as required by the insurance company, then there is a good chance that your claim might be rejected. A duly filled claim form FIR or Fire Brigade report (in some cases) Building plan KYC documents A signed, cancelled cheque (to receive the approved claim amount) Bills or receipts from contractors Collect evidence to back up your insurance claim – You need to back up your claim with proper evidence. Submitting the right evidence is crucial, as it will help you to get your claim approved. You can take photos and videos of the damage sustained by your home and submit them as evidence. CCTV footage is also a good piece of evidence. The evidence can be used in court to file a case against the insurer if your claim is rejected. You can also use the evidence against any third party involved in the damage. Involve proper authorities – If your home gets damaged due to fire or theft, you should notify the appropriate authorities. You will need to submit the official reports with your claim application.<br>In case of theft, an FIR must be filed at the local police station. Always mention the correct value of your belongings in your FIR. Do not provide misinformation, as there will be an official investigation into your case. If your home has been damaged by fire, notify the fire department immediately. You must take a copy of their official report and submit it to your insurer. Damage by the third party – If a third party has damaged your home, you can make them pay for the repairs by filing a claim. All you need to do is inform your insurer, and they will take it up with the third party’s insurer. You must submit proper evidence to support your claim to get compensation from a third party. You can prepare a witness list, show photographs and submit video footage as evidence. If the third party raises a dispute against the claim and there is no amicable solution, you can approach the court for compensation. Send an estimate to your insurer – This is another critical step in your home insurance claim process. As a homeowner, you will need to send an estimate for repairs to the home to your insurer. This estimate needs to be sent while filing the claim. Call a contractor to assess the damage and get an estimate from him. A reliable contractor will help you get an accurate estimate for the cost of repairing your home. Send this estimate to the insurer with your claim form and other documents. It is a good idea to start the repair work after getting the go-ahead from your insurer. Also, keep the contractors’ bills and receipts handy so you can submit them if needed. Visit from the Surveyor – The last step in the home insurance claim process is the appointment of a surveyor for your claim. A surveyor will be appointed to assess the damage and verify the claim. A few things you should remember when the surveyor visits your home for an assessment are Provide factual information to the surveyor, as wrong information can cause your insurance claim to get rejected. Give details of how the damage was caused and back your story with evidence. Do not hide any crucial information regarding the claim from the surveyor. Always give the correct estimate of the property loss or repairs. Do not exaggerate the property price to claim higher compensation. This might lead to claim rejection, and you may even face legal issues. [B-02] Conclusion Every homeowner should take a home insurance policy to protect their investment. Your home insurance policy will protect your home from damage due to burglaries, fire accidents and weather conditions. If your home has suffered any damage, you can report it and submit a claim form for compensation. The process for claiming compensation is simple. You must present proper evidence to support your claim and submit some documents. Just remember to provide accurate information so that your claim gets approved quickly. If you want to learn more about the home insurance claim process or if you want to explore different home insurance plans, visit the Piramal Finance website. You can ask for assistance from finance experts and get your queries answered.
08-11-2023
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Cards

How To Apply for Credit Card Online In India?

Credit cards have unlocked a world full of possibilities. From mobile phones to your favourite designer clothes – any online purchase today is one swipe away. Most importantly, credit cards allow you to shop without worrying about fund availability. Credit cards are also helpful for those who need urgent funds for hospital emergencies etc. This article will help you understand the process of applying for a credit card online. To begin with, let us explain the eligibility criteria for getting a credit card: Credit cards are issued to customers above 18 years of age. To qualify for a credit card, you must have a constant income source. With this understanding, let’s check the steps to follow to apply for a credit card online. The market is flooded with credit cards offering a range of benefits. You need to know which card is perfect for you. But first, you must learn how to apply for a credit card. [B-01] Things to Consider While Buying a Credit Card Before you apply for a credit card online, find out which card fulfils your requirements. Choose between low interest, 0% Annual Percentage Rate (APR), and rewards. A credit card with low interest While choosing a credit card, make sure it has a lower-than-average annual percentage rate (APRis the interest rate that one should pay after borrowing money. For credit cards, the rates are generally mentioned as a yearly rate). It is ideal for one who expects to maintain the balance in their account, as they would have to pay less because the interest rate will be less. A loyalty card: Based on the percentage of expenditure, they generate offers in the form of cashback, points, or miles. The offers provided by the credit card company will differ according to the occasion. Different kinds of Credit Cards There are different kinds of Credit cards that one can choose from: Flexible Reward Points This kind of credit card offers you cashback or points depending on the percentage of recent shopping you did. It may include several categories like Dining out, groceries, filling up gas etc. This may provide you with many offers too. Cashback Cashback credit cards are a good choice for instant rewards and cashback. These kinds of credit cards get instant cashback to your account rather than using any rewards in the future. Travel Credit Card Such credit cards get you many offers related to travelling. So if you are a frequent traveller, this might be the perfect credit card for you. Business Credit Card These credit cards are used to keep private and business expenses separate. These can act like cash back, travel, and general reward credit cards. Secured Credit Card These kinds of credit cards are backed by cash deposits and are therefore called secured cards. Whenever you fail to make payments on your credit card, the deposit will serve as collateral, providing the issuer with security. These are the fastest credit cards to get approved and can also be used to improve credit scores. Student Credit Cards Such credit cards are granted to young people with limited credit history. These kinds of credit cards are also easier to get approved. Co-Branded Co-branded cards are a result of alliances between merchants, networks, and issuers. They offer you good deals and interesting choices. Store Credit Cards Credit cards issued by high street chains or groups are called store cards. One can only use such cards in certain places. How To Apply For A Credit Card Online It is pretty simple to apply for a credit card on a banking website: Step 1: Go to the website’s ‘Credit Card’ page and select a card according to your need. Step 2: Click ‘Apply Now and complete the application form. Step 3: When you click on ‘Submit’, you will receive an instant mail for your application based on the information you supplied. Step 4: If your application is approved, you will be contacted by a bank representative for verification. The card will be issued to you after the appropriate confirmation. The documents required to apply for a credit card are as follows: Documents for identity verification include a voter identity card, a driver’s license, a pension book, a ration card, or a passport as address proof. You may also require a passport-sized photo and a PAN card copy. This will vary depending on the bank and whether you have submitted KYC with your savings account.If the credit card application is rejected in any case then it can be due to multiple reasons, such as: • Incomplete Verification or KYC • Low Credit Score or CIBIL score • Ineligibility in income • Age Eligibility, etc. What is a credit Score The CIBIL is an agency approved by the Reserve Bank of India(RBI). It helps people to calculate their credit scores by checking the CIBIL score. CIBIL stands for Credit Information Bureau(India) Ltd. With the help of the CIBIL score, one can always check their creditworthiness. This score summarizes one’s credit history, the total amount of credit one has taken, how they have repaid, and other factors. [B-02] Conclusion Applying for a credit card online in India is not hard but choosing the right one is. So you should always think about your daily needs and, according to that, apply for a credit card. Maintaining your credit score after obtaining a credit card is also equally important. Head to the Piramal Finance website to find out more. Piramal Finance is a leading name in the field. Experts can help with any queries you may have.
08-11-2023
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Cards

Pros And Cons Of Credit Card

With the rise of consumerism in the modern world, credit cards are often seen as a sign of being financially independent. This is because a credit card offers you the additional funds you may require to meet any requirements – essential or otherwise. Moreover, the flexibility of usage and freedom to swipe the card whenever you desire to buy things you want, pay the food bill at an expensive restaurant, or even embark upon a foreign trip has made credit cards one of the favored payment gateways. All the banks have credit cards in their product line and an online credit card application process by filling up the application form with some essential KYC documents. In addition, various banks offer attractive schemes, which become challenging to overlook. More often than not, you may find yourself in front of an online credit card application platform. However, it would help if you weighed your options before using your credit card. While a credit card may genuinely come in handy in some emergencies, it may also increase the load of your borrowed fund. Therefore you must make yourself fully aware of the pros and cons of credit cards before using them. [B-01] What is a credit card? A credit card is a pre-approved limit given to you by a bank. It comes in the form of an intelligent plastic rectangle flashing the issuing bank’s name on its face. You have the liberty to use the limit granted to you. The limit given on the credit card enables you to make purchases and even avail of certain services. Credit cards are not linked with any bank account; hence the usage of the card does not disturb your bank account balance. The amount spent on the credit card gets deducted from the credit limit. Your credit limit depends on your income and credit score when issuing a credit card. Pros of using a credit card: In the following section, we will look at the pros of having a credit card: 1. Convenience in shopping: Credit cards make your shopping hassle-free. With the help of your credit card, you need not move out; you may choose the items you want to buy and make online payments through your card sitting in your home. You acquire the materials you wish to and save on your cash flow as credit cards don’t hit your bank balance. Also, most credit cards allow you to purchase and repay in equated monthly instalments. So if you are salaried, this may be an ideal way to buy things of your choice. 2. Alternative for cash: If you have a credit card, there is no requirement to carry cash. Instead, you have the choice of making purchases by swiping your card. Credit cards issued by leading banks are accepted everywhere. All you need to do is to enter your PIN after the card is lifted in the POS and walk away with the things you have bought. 3. Win rewards: Every credit card issuer runs reward schemes for its users. Apart from the rewards, there are cashback offers to give you an instant discount on a product or service you buy through a credit card. For people who travel extensively, features like travel insurance and access to the airport lounge come in handy. In addition, co-branded credit cards offer discounts when you buy fuel for your vehicle. 4. Cash withdrawal facilities: You may use a credit card to withdraw cash from an ATM. However, while doing so, please remember that cash withdrawal facilities on your credit card will fetch some charges you must pay along with the dues. 5. Meet emergency expenses: Credit cards come in handy when you are required to spend some money that is not pre-planned. A typical example of such a situation is when your near ones need an emergency fund for some urgent medical treatment. Unfortunately, you may not have the time to withdraw cash or apply for a personal loan and swipe your credit card to meet the fund’s requirements. 6. Proves creditworthiness: Timely repayment of credit card dues and diligent use of the card positively impact credit rating agencies. This may go in your favour if you are looking for additional funds as a loan to meet some financial obligations. Cons of using credit cards: While we have discussed the pros of using a credit card, there is another side. Let us have a look at some of the cons of using credit cards: 1. High cost of borrowing: The interest rates charged on purchases with your credit card are considerably higher. In addition, there are service charges which are levied on your dues. Therefore, even a slight delay may fetch a penalty making your repayment much dearer. 2. Makes you spend more than you need: The credit card in hand often leads to a debt trap. You have the freedom to spend even if you do not have money in the bank, which gives you that false comfort. Unfortunately, people often go overboard, spend much beyond their means, and find it challenging to repay. Once you get into the rut of revolving credit, you pay interest upon interest while your outstanding remains almost the same. 3. Negatively impacts your credit rating: You never know when you may require additional funds to meet some necessities. If you have overspent on your credit card and do not have a clean repayment record, it goes against you. This will have a direct impact on your credit rating. It will become very challenging for you to avail of any loan in the future as any lending institution will refer to your credit score before processing your loan application. Credit cards have become a part of our lives, and there will be situations where they will be used. Therefore, one has to be diligent and use credit cards with discretion. [B-02] Conclusion: One may conclude by saying there will be situations where additional funds may be required at a moment’s notice. Credit cards come in handy in those situations. You may make high-value purchases on your card and repay the same in instalments. At the same time, you need to show responsibility in your spending pattern. Overleveraging on your credit card will hit your financial plan and will impact your creditworthiness negatively. Please apply due diligence before swiping your credit card next time. There are online platforms like Piramal Finance that will help you better understand this.
08-11-2023
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Health Insurance

All about co-payment in health insurance

Do you own health insurance? If not, you must. The high medical costs can be heavy on your savings. The health coverage will take care of the medical expenses. Hence, no money stress. Also, you don’t have to worry about the future of your dependents. In case of an unfortunate event, the sum assured will take care of their finances. But these perks are not for free. The insurance company will charge a premium for these. The premium amount depends on how much coverage you want. It will also depend on your health issues. Now, you may need a higher level of coverage. But, you may not be able to afford its premiums. In that case, you can opt for a co-payment clause. Many insurance companies offer them. This article will help you understand the meaning of co-payment in health insurance. [B-01] What is Co-Payment in Health Insurance? Under this method, the premium payment is paid by two parties. One is the Insurance company. That is common. But, the other is the insured. You may be used to the idea of an insurance company taking care of all medical expenses. But this is not the case with co-payment in health insurance. You need to bear a part of the medical cost. You must pay this cost every time you take a health service. Now, you may wonder how much you need to pay. The amount is set in your policy. Mostly, you only need to pay a small amount. Here is an example: Your medical bill comes to Rs. 20,000. Your co-pay part in the policy is 10%. Then, in this case, you need to pay Rs. 2,000. The Insurer will pay Rs. 18,000. What are the features of Co-payment in Health Insurance? Both the insured and insurer pay the premium. The insurer pays the major cost. The risk is low for the insurer. The co-pay may vary with the risk and premium. It is more common in big metros. Advantages and Disadvantages of Co-payment in Health Insurance Now, let’s know the pros and cons of co-payment in health insurance. Pros Low premium: You may have just started working. It may be you have other payments lined up. Hence, you may not have spare funds to pay for premiums. Under co-pay, you only need to pay a part of the premium. The major cost is taken care of by the company. Hence, you get a good cover at a low fee. Better discounts: Under co-pay, the insured also pays a set fee for the health costs. Hence, the risk of insurers is low. Thus, they may offer some perks like discounts. You may get a better deal on the cover. Less risk: This pro is for insurance companies. The insurance company’s loss depends on how many claims they have to settle. Higher the claims, the higher the loss. With you paying a part of the premium, their claim liability reduces. They don’t need to pay the full cost of claims. Hence, the overall risk is low. Only relevant claims: It is common for the insured to file claims for small health issues also. Like, a cold or cough. Now, claims require heavy paperwork and relevant documents. Hence, it’s not a simple process. With more paperwork needed, it will prompt them to file honest claims only. Reasonable health care: If you go to a high-end place for your health care, it will charge a bomb. But, if you go to another facility, they will charge a nominal fee. When insurance companies pay the bills, insureds may opt for more luxury care. But, under co-pay, they must pay a part of the bill. Hence, they are more likely to go to the local health centre. Cons You are aware of the pros. Now, let’s talk about why co-payment in health insurance may not be the right option. If you have a critical illness: It may be that you suffer from a critical illness. So, you need regular health checkups. If you opt for a co-pay, you must pay a part of the cost. Paying a small cost every time will become high. Hence, it won’t be useful anymore. It will become a debt. You may be paying more than the premium amount. It will be better to opt for a specific critical illness cover. If the co-pay cost is too high: Medical costs are expensive. Hence, you opt for health coverage. The insurance company takes care of the health costs. Co-pay clause makes you pay a share. But, if it’s too high, the cover is not worth it. The point of taking coverage is that you need support for paying basic medical costs. A hefty co-pay will hamper the whole idea. If the insured is aged: This point is similar to the critical illness one. As you grow older, you may require more health care. Hence, this means more medical costs. In other words, high risk. It won’t make sense to opt for a co-pay in such a case. [B-02] Final thoughts The above blog helps you understand all about co-payment in health insurance. It has its pros and cons. But, it should not be the only basis for picking a policy. There are many things to consider. Know the claim process, inclusions and exclusions of the policy. Also, you must look at your lifestyle. Are you healthy with no past medical history? Then, the co-pay policy is a good pick. If not, pick a policy without it. Now, you may need finances for its premium payment. Apply for a personal loan. Consult a financial expert like Piramal Finance. They can help you pick the right loan. If you are working, you can opt for a professional loan.
08-11-2023
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Health Insurance

Overview of Parent Health Insurance

A crucial part of managing your finances includes planning for insurance. Health insurance provides the best medical care in times of need. It has become a necessity, especially after COVID-19. Let us understand why planning for your parent’s health insurance – apart from your family floater and employer’s cover- is essential and how to go about it. [B-01] Why should parents’ health insurance be different from family’s? The risk of more incidences of ill-health and age-related conditions makes proper health insurance vital for your parents. Health insurance premiums are derived from the age of the oldest family member. The probability of your parents getting hospitalised is higher than you getting hospitalised. If they are on the same plan as the rest of the family, you would be paying a higher premium for that coverage. For example, your father is 60 years old, and you are 30. Your father’s age will decide the premium. Since he is more likely to get hospitalised, you will pay a lot more. To avoid this, you must have an individual health insurance plan for your parents. Things to look out for in parent’s health insurance 1. Sum assured- Check the amount of the sum assured in your parent’s health insurance policy. It should be adequate, especially considering the increasing cost of healthcare. 2. Hospitalisation expenses- The insurance company can cover expenses in an unfortunate event like an illness or surgery. This includes doctor visits, tests, and other ancillary services. Many insurance companies have a cap on room charges, which is undesirable. If you live in a large city, the room charges, especially in private hospitals, are high. Thus, you need to ensure adequate coverage based on room charges. 3. Pre and post-hospitalisation expenses- When hospitalisation or surgery is pre-declared, the insurance cover provides all your expenses from preparation until recovery. Some insurance providers may exclude the expenses incurred once you are discharged from the hospital. This is not a good sign. An insurance policy that covers post-hospitalisation costs for one or two months is desirable. 4. Pre-existing diseases- Your parents may have medical conditions like blood pressure, diabetes etc. These conditions may be present at the time of buying health insurance. How the insurance policy takes care of it is an important point. Typically, there is a waiting period for pre-existing diseases (PED), which ranges from 1 year to 4 years. Your parents’ insurance plan will not cover any of their PED. Some insurance providers might offer coverage but charge a sizeable premium. So, you need to choose the one with the shortest waiting period whenever you select a plan. 5. No-claim bonus- If you do not claim anything in one year, meaning there was no hospitalisation or you did not utilise the insurance cover, then you are eligible for a no-claim bonus in the increased form of your cover. Usually, this is 5%. In other words, if you have taken an insurance cover of 5 lakh rupees and you have not claimed anything for one year, at the end of the first year or the beginning of the second year, the company will give you a no-claim bonus of say, 5% which is Rs. 25,000. So next year, for the same premium, you will get a cover of Rs. 5,25,000 instead of Rs. 500000. 6. Claim settlement ratio- Compare the claim settlement ratio of various insurers before choosing a plan. The claim settlement ratio is the number of claims settled by the insurer divided by the total number of claims in a year. A claim settlement ratio above 90 is ideal. It usually indicates that you would not face problems while claiming your expenses. Health insurance for parents above 60 (Senior citizen’s health insurance) A senior citizen health insurance plan is specially crafted to provide medical aid to individuals aged over 60 years. The chances of medical emergencies arising at age 60 or above are high. Buying senior citizens’ health insurance ensures benefits like preventive health checkups and appropriate medical guidance. Difference between corporate and individual insurance plans Salaried employees are likely to have a corporate health insurance plan. These plans tend to cover the employee, their partner, kids, parents, dependents and in-laws. It provides excellent insurance coverage and should be taken advantage of. When you switch jobs, your insurance gets terminated. Moreover, if that health insurance included a PED waiting period, that too gets reset, and many people are unaware of this. The employer and the insurance provider decide the terms and benefits of the corporate insurance plan. This can be altered as and when the employer decides. Individual health insurance allows you to choose the best plan according to your requirements and needs. [B-02] Summing up There is no denying the fact that health insurance acts as a safety net in terms of medical emergencies. Another benefit is the tax deduction under 80D. Parents below the age of 60 can avail of the deduction up to Rs. 25000; for parents aged 60 or older, the cap is Rs. 30000. Along with these points, it is vital to consider the policy’s various terms and conditions while buying it to take maximum advantage. Want to gain an all round financial understanding of health insurance? Piramal Finance offers you accurate information on banking and financial services. Our financial experts help make sure your financial knowledge is up to date on essential services and products, such as personal loans and financial calculators. For more information, visit us!
08-11-2023
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Health Insurance

What is Cashless Health Insurance in India?

Anyone can have a medical emergency anytime, and it can happen to anyone. Not only can these things be hard on your emotions, but they can also hurt your savings in a big way. With health care costs going up, some diseases can cost lakhs to treat, which can wipe out your savings. You can’t know when an emergency will happen in the future. But you can be ready for that by getting the best cashless health insurance for yourself and your family. Most people in India buy life insurance but don’t know how important it is to have health insurance. The health plan protects you from all kinds of illnesses and diseases. It ends up paying for hospital stays and other costs. Most insurance firms in India offer two kinds of health insurance plans: Plans that reimburse you Plans that don’t need you to pay anything [B-01] What is a Cashless Health Insurance Policy? As the name suggests, a cashless health insurance policy is a kind of insurance in which you don’t have to pay cash for treatment. The insurance company directly pays the bill to the hospital. But the thing to understand about such a plan is that one can only use the cashless option at a network hospital. When you buy the best cashless health insurance plan, you must ask the insurance agent for a list of hospitals that are part of the plan. These details are also easy to find on the insurance company’s website and policy document. If you know the list of network hospitals in your area, you won’t have to worry about last-minute problems. You can get cashless services for Health Insurance for Seniors Family Health Insurance Individual Health Insurance Why having Cashless Health Insurance Policy is essential? People don’t always have enough money for their medical bills because of rising medical costs and crises like the current pandemic. In this case, a cashless health insurance policy is a big help because you can get treatment without having to find cash instantly. Make sure you get the treatment at a hospital part of your health insurance provider’s network. What are the Benefits of having Cashless Health Insurance? Financial relief: Everyone does not carry cash with them at all times. A cashless health insurance policy is a big help in emergencies because the insurance company pays the bills instantly. Medical emergencies: It saves you time and lets you get medical care based on your health insurance card. The cashless feature helps you keep your savings. Less documentation: When you have cashless health insurance, you don’t have to send in any paperwork, reports, or discharge sheets to get the amount you were insured for. Quick settlement: In this settlement, the insurance company transfers the amount to the hospital. So, there’s no waiting for the claim to be paid. Help in an emergency: There may be times when you have to leave the city by yourself for work, and you could get very sick. You may need to go to the hospital to get proper care in these situations. In this case, a cashless health insurance policy will help you by paying for emergency care at hospitals that are part of the plan. What kinds of claims can be made with a cashless policy? Planned claim: This is for when you know you’re going to the hospital at least two to three days ahead of time. In this case, you must complete all the pre-authorization forms before going to the hospital. These are sent to the insurance company, deciding whether the claim is valid. Emergency Claim: You can still use your insurance if you need urgent medical care because of an accident or a severe illness. In an emergency, the insurance company must be told about the treatment as soon as possible. Protocol says that the insurer should handle the claim within 6 hours. Things to consider while taking a Cashless Health Insurance Policy In emergency hospitalisation, instruct your family members to call or notify the insurer as soon as possible. Bring your original proof of ID with you to the hospital. Send the required medical and investigation reports to the insurance company. Give all the details regarding your insurance provider within the asked format. Rejection of Insurance Claims made without Cash Even if you send in the proper paperwork and choose a network hospital, your claim could still be turned down. Here are a few reasons why a claim might be turned down: Insurance doesn’t cover a specific illness. You have used up the amount of insurance for that period. The details on the form are not good enough. It took too long to tell the insurance company about a hospital stay. How do I avail my Cashless Health Insurance Policy? One of the best things about health insurance is paying for hospital stays without cash. This is useful for both planned and unexpected hospital stays. If you plan to go to the hospital, you must tell your insurance company at least 3 days in advance. The same must be done within 24 hours of being hospitalised in an emergency. This step is crucial so that the pre-authorisation approval can be made in time so that you can take advantage of the cashless procedure. To start the cashless claim process, you must give the hospital all the necessary details about the patient and the policy. The hospital will then share with the insurance company the treatment details. Then, they’ll check all the hospital’s details and send the hospital a pre-authorisation approval if the claim is valid. [B-02] Conclusion In today’s world, buying the best cashless health insurance plan is a great investment. It can pay your hospital bills due to an accident or illness. You can rest assured that the cashless option is available for medical and health insurance. It’s an extra benefit with your health insurance or mediclaim policy. It can help you save money and give you peace of mind when things go wrong.
08-11-2023
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Health Insurance

Benefits Of Health Insurance For Senior Citizens

When the next phase of your life starts at 60, it is time for you to relax and enjoy life. One of the key aspects of a good, retired life is good health. You must take care of your body to be safe from any illness. Though, in the later years of your life, there are chances that you may need to visit a doctor or hospital many times. This can lead to money problems as you need to use your savings. Hence, you must get the best health insurance for senior citizens. It is better to have a health plan early as it will offer better benefits in older age. If you do not have a mediclaim plan, you need to get one soon, or the premium will be higher. With a good senior citizen health insurance policy, you do not need to pay for medical care from your savings. The insurance company (insurer) will pay for the expenses before, during, and after the treatment. Read on to learn more about the benefits of health insurance. [B-01] What is Health Insurance for Senior Citizens? Health insurance is also called Mediclaim policy by many. It is a policy that takes care of expenses for health care services at hospitals and clinics. As senior citizens, persons over 60, need medical care more often, insurers now offer unique health plans for senior citizens. A senior citizen’s health insurance policy is a health plan for people over 60. The main reason to opt for this policy is to cover the cost of hospital and health-related expenses. The rules for this plan are based on the unique needs of older people and cover many existing ailments. As medical care costs rise yearly, seniors can not afford to pay all the costs from their pocket. With the help of a good health policy, they can lead a happy life in old age. Benefits of a Senior Citizens Health Insurance Policy Having a health insurance plan is crucial for senior citizens. If you do not have the best health insurance for senior citizens, you must get one as soon as possible. Many benefits are on offer and can impact the quality of life in the later years. Here are some of the benefits of health insurance for seniors: Good Facilities The cost of medical care is rising every year. As a result, inflation can impact the savings of senior citizens. This will make it harder to afford good treatment facilities. Your worries are taken care of by the best health insurance for senior citizens. You can access good medical facilities to take care of your health. Insurers will pay for the cost of treatment at a hospital or clinic. Many plans do not need hospital admission for certain kinds of therapy. So, you can get the opinion of the experts and need not need to worry about the cost. You can lead a better quality of life with access to good facilities. Tax Savings Many think you need tax savings only when working and not after retirement. This is not true, as you need to save tax even after you retire to save more money for your needs. When you pay the premium for a health policy, you can also save on your income tax. Under Section 80D of the Income Tax Act 1961, you can claim a tax rebate for the health plan premium. The tax deduction limit for 2022 on health policy is Rs. 25,000. So, you get the dual benefit of better health and tax savings when you pay for health insurance. Beat Inflation The cost of medical care is rising by the year. You have to pay more every time you visit a doctor or hospital. So, having health insurance is crucial for you. The insurer will pay back all the costs you will have to pay at the hospital. So, you can opt for higher limits every year, which will take your health plan limit to a given amount. Hence, you will not need to worry about inflation in medical care as the insurer will pay the costs. This will help you make the most of your money and use it for needs other than medical care. Indeed, you can lead a stress-free life this way. Medical Tests When you have the best health insurance for senior citizens, the insurer covers the cost of medical tests. This includes pre-policy and annual tests that check for any issues in the body. When you undergo regular medical tests, it is easier to keep a check on any serious ailments. It will help the doctor to monitor your health closely and suggest a treatment on time. This will save you from many problems later on. Cashless Facility The best health insurance for senior citizens will always offer this benefit. You need not worry about paying money to the hospital every time. If your insurer offers a cashless facility, you need not pay any money from your pocket. The insurer will pay directly to the hospital until the policy’s limit is available. This is a great facility, as arranging for money is the last thing you should worry about when going to a hospital to get treated. [B-02] Conclusion A senior citizen’s health insurance policy is vital to ensure that paying for medical care does not wipe out your savings. Health insurance plans are affordable and offer peace of mind when you need them the most. As plans might vary across insurers, you must perform in-depth research to get the best plan that meets all your needs. If you need help with finances, you can always take the help of experts such as Piramal Finance to guide you through your personal finance woes.
08-11-2023
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Motor Insurance Renewal &#8211; Features &amp; Benefits

How does a motor vehicle owner ensure the safety of the vehicle without much financial impact? Whether someone has a two-wheeler or a four-wheeler, a motor insurance policy is important. According to the Motor Vehicles Act of 1988, all cars must be insured with at least a third-party liability cover, a type of motor insurance policy, to drive on Indian roads. Motor insurance is a contract between a registered car owner and the insurance provider. It safeguards the owner against unforeseen dangers related to the car’s use. The insurance policy primarily provides coverage against accidental damage to the car, third-party liabilities, and theft. A vehicle insurance policy usually has a one-year tenure. You need to renew your motor insurance plan before the expiry of the existing plan, so your vehicle remains covered. Let’s find out about the features and benefits of vehicle insurance renewal for a better understanding. [B-01] Features of Motor Insurance Renewal The top features that make motor insurance renewal a necessity include the following: Seamless renewal of policy Motor vehicle insurance providers have simplified the entire renewal process. You can renew coverage for your vehicle in a few simple clicks online. Protection of no-claim bonus (NCB) Most motor insurance policies come with an NCB clause. This allows policy owners to bring down the premium of their motor insurance renewal if they have not made any claims for a year. The bonus increases with every passing year and can go up to 80% of the total premium value with some insurance providers. However, if you do not renew your vehicle insurance policy in time, you will lose the benefits of the clause. Social and lawful obligation Under the Motor Vehicles Act of 1988, your vehicle must be covered under a third-party policy. If you fail to get the motor insurance policy for your vehicle, you could be charged with a severe penalty. Socially, timely renewing your motor insurance policy ensures financial stability for you as well as the third party in case of road mishaps. Mandatory as per bank clauses If you pledge your vehicle to avail of a loan, your bank would need you to meet a few requirements. Being covered with a motor insurance policy is mandatory to be eligible for the loan. Direct settlement of claims Coverage of your vehicle improves the chances of easy claim settlement. Most insurance companies have direct tie-ups with leading motor workshops that can assure quick repair in case a repair claim is made. Coverage Granted Under Motor Insurance Policies Cover against accidental damage Accidental damage to the vehicle can mean huge financial losses for the car owner if the vehicle is not covered. A motor insurance policy eliminates the risk of such a loss. The coverage includes repairs, replacements, and tending that the vehicle may need. Other benefits that the policy may provide are coverage against malicious damage in the form of riots and strikes and other perils. Cover against theft of the vehicle The financial losses a vehicle owner may suffer due to theft can be a lot. Vehicle coverage can insure you against such losses. Liability against the third party Sometimes, a vehicle may get involved in a third-party liability due to damage done to such party through an accident, collision, or brush-through. Such claims the said party makes can result in great financial liability creation. An insurance policy for the vehicle with a third-party liability cover takes care of such issues. Coverage for personal accident The motor insurance policy covers liability arising from permanent disability in case it occurred in an accident that your vehicle met. It also encompasses the death by accident of the passengers in the car. The policy covers compensation for the paid driver. Such benefits are provided under the Workmen’s Compensation Act. Add-on covers You must always consider checking add-on covers to the policy. These add-ons are benefits available over and above the cost of insurance premiums. You need to pay an increased premium value to get these add-ons. How to Renew Motor Insurance Policy? With the introduction of motor insurance renewal online, you don’t need to wait for an agent to help you with the process. Online renewal saves you time and effort. Below are the steps you need to follow. Visit the official website of your insurance company. Access the ‘motor insurance renewal’ page on the website. Click on the coverage that you want. Choose the add-on covers (not compulsory). Pay the premium using one of the online payment gateways. Download the policy copy once the same gets generated. You can pay your insurance policy premium through net banking, UPI, credit/debit cards, etc. For offline renewals, you can choose either cash or cheque. You should be careful while choosing an insurance company. Always ensure that the company has a credible claim settlement track record and a high settlement ratio. The post-claim services of an insurer outweigh the premium cost-effectiveness. [B-02] Conclusion It is crucial to keep track of when your existing motor insurance policy ends for the timely renewal of coverage benefits. Make sure your vehicle is covered with a policy to avoid unpleasant financial consequences that may arise out of unforeseen events. You will find more articles on motor insurance renewal on Piramal Finance. It is an online platform allowing you to learn everything you need to know about insurance and policy renewals. For other facts about personal loans, credit cards and financial management, check out the blogs on our website!
08-11-2023
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Know Motor Insurance Claim Process in India

Traffic on Indian roads is at an all-time high. Nobody is 100% safe on the road. Highly educated and aware people also have road accidents. Hence, getting motor insurance is a must when buying a vehicle. As the name suggests, it is the insurance of your vehicle. It is a legal contract between you and an insurance company. You will pay a yearly premium to get the insurance. It can cover cars, two-wheelers, and commercial vehicles. [B-01] What is a motor insurance claim? The Indian Motor Vehicle Act of 1988 makes motor insurance mandatory. A claim can cover your costs against accidents, theft, etc. It also saves you from legal troubles in these incidents. Some road accidents are fatal. In such cases, there is no compensation if there is no motor insurance. How the insurer will settle claims depends on your policy. They can settle motor insurance claims in a cashless way. This way, they will pay for the repairs. They can also refund you after you pay for repairs. The motor insurance claim process in detail The motor insurance claim process is complex. You must first contact customer service. You’ll fill out the claim form and submit it along with relevant documents. Then a surveyor will assess the damages. Only then can you take the car to the garage for repairs. So let us have a look at this process in detail, step-by-step: Inform your policy provider: Inform your insurer of the situation within 24-48 hours. Otherwise, the insurance company might not consider your claim request. Give them the exact details about the incident. Do not try to hide anything or twist the facts. File a First Information Report (FIR): You must go to the nearest police station and file a First Information Report (FIR). You may not require an FIR for minor dents. But you will require it for theft, crashes with objects, fire, etc. You will also require it when a third party is involved. Collect evidence by taking pictures: Take photos of the damage. This can help you in the event of a legal follow-up. Ensure the photos are clear and the damages are visible. Make sure to click the photo of the number plates of third-party vehicles. They make it easy to examine the extent of on-site physical damage. The claim value is decided on the extent of the damage. Fill out the documents: The insurer will provide a motor insurance claim form. Fill out this form with the correct details. Submit supporting documents as required by the insurer. The documents that they ask for are as follows: Proof of insurance that mentions your policy number Proof of engine number and chassis number The odometer reading of the car Valid PUC certificate Details about the incident: date, time, location, etc. Copy of the FIR Tax payment receipt Registration certificate of the vehicle involved in the incident Copy of your driving licence Medical receipts in case of physical injuries You must submit these documents and the duly completed motor insurance claim form. In case of theft, you need to submit certain other documents, which are: The police issued a non-traceable certificate. It states that they couldn’t find your vehicle within a certain time frame. Relevant RTO forms viz. Forms 28, 29, 30, and 35. Other vehicle accessories like duplicate keys, warranty cards, etc. Ask for a surveyor to verify the extent of damages: The insurance company processes your claim submission after their surveyor verifies the damage. Some insurers provide the ease of conducting this survey online. Proceed for vehicle repair: This step depends on the type of your claim policy. For cashless claims, you must take the vehicle to the garages specified by the insurer. In other cases, take your car to your garage for repairs. You must keep the expense receipt with you. You can ask for a reimbursement for the amount you paid. In cases of car theft, you need to submit a non-traceable certificate. Then the insurance company will pay the current market value of the car. What are the types of motor insurance? The type of motor insurance depends on the following two factors: The type of the vehicle Separate insurance categories are made for: Private cars Two-wheelers Passenger-carrying vehicles (PCV) like buses, cabs, etc. Goods-carrying vehicles (GCV) like trucks, lorries, etc. Miscellaneous vehicles like tractors, excavators, etc. The type of policy you want for your vehicle Under this category, claims made can be of two types: Third-party insurance claims: These only cover losses that occur to a third party involved in the accident. It does not cover damages to own self and vehicle. Comprehensive insurance claims with add-ons: It is a superior version of the above type. It covers the third party as well as you, the first party. It provides coverage for damage or theft involving your vehicle. It also covers any injury/death of self or third party. With add-ons, it can cover parts of both parties’ vehicles, like zero declines in your vehicle’s value over time, engine damage protection, tyre protection, etc. [B-02] Conclusion Major insurance firms follow the above procedure for settling claims. Just make sure to keep the following few things in mind. Be wise while choosing your insurance policy. Whenever you have an accident, do not run away. Do not try to settle the conflict by exchanging money on the spot. Deal with a calm mind without any arguments with a third party. File a motor insurance claim using the mentioned steps.
08-11-2023
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