4 Ways in Which You Can Save on Expat Travel Insurance

If you are traveling abroad expat travel insurance is must for you. Most countries make it mandatory for expats to carry health insurance irrespective of the length of their stay. It is a vital security cover that would save from exorbitant medical expenditure in case of an emergency. But with so many plans that often charge high premiums, buyers are often at a fix. Here we shed light on four simple ways in which you can save while buying this insurance cover.

  1. Choose Your Plan Wisely: Ideally, you must choose a plan that would offer you adequate coverage in the country where you are relocating for work or traveling for a vacation. Medical and emergency costs vary from country to country. Choosing a plan that offers you global coverage can cost more. If you don’t need it, ask for a tailored plan that offers coverage in the countries you plan to set foot on as this will help you save substantially on the premium cost.
  2. Opt for The Right Deductible: If you are young and healthy, you can go for a higher deductible as this can bring down the premium significantly. Deductible means the portion of the cost that you would bear from your own pocket before you seek benefits out of your plan. However, make sure you are comfortable with the deductible in case you need to undergo medical treatment abroad.
  3. Pay Upfront: Insurance companies offer you the choice between upfront payments for these plans or payment through installments. If you choose the latter option you would have to pay higher premiums. If it doesn’t hurt your pocket it is wise to pay the premium upfront. Some insurers also provide you additional discounts if you buy their plans online. So explore all possibilities while buying the plan.
  4. Insist on Discounts: Don’t be shocked if you come to know that different people have paid different premiums for the same expat travel insurance plan. As companies aggressively sell these plans they are willing to offer extra discounts to people who insist on them. In short, there is nothing called a ‘fixed premium’ on these plans and if you can bargain hard you can get additional discounts.

Get Best Health Coverage For Our Family From Religare Health Insurance

Religare Health Insurance Company is an entity that comes under the group of Religare Enterprise Limited, Corporation Bank and Union Bank of India. Though the company offers almost all types of insurance ranging from two-wheeler to Term Life Insurance, its health insurance and term life insurance have gained popularity over the years due to their excellent features and benefits. The company has been in existence for several years now and many people from different parts of the country have availed numerous benefits from its insurance plans. The health insurance cover provided by Religare are best suited for individuals as well as their family members.

The lifestyle and thought process of the current generation has changed significantly as compared to their predecessors. Nowadays due to hectic life schedule and busy work routine, most of the individuals are looking to lead a life that is stress free and devoid of any uncertainties. One such uncertainty is the emergency medical situation that can appear out of nowhere. To tackle this unforeseen situation, Religare has devised a health cover that can take care of all such medical situations. Customers who avail their benefits do not need to worry about medical emergencies any more. These policies provide a safeguard against expensive medical treatments which otherwise would have been very difficult for the customers to bear on their own.

Key Plans offered by Religare Health Insurance Policy

Religare health care policies are very competitive in the market and provide some of the best health care plans. There are numerous plans which insured can avail, some of which are listed below:

Comprehensive Health Coverage: The Comprehensive Health Coverage plan at Religare is known as CARE. This plan has been designed to take care of all your medical needs. Through this plan, Religare aims to provide all the medical benefits and features to all the members of the family under a single umbrella. Some of the special features of this plan are No limit on ICU charges, cover for ambulance charges, availability of no-claim bonus and domiciliary cover. The plan comes at a very reasonable amount of premium which does not put any burden to the pockets of the insured.

Additional Plans

Religare also presents to its customers, some of the customized plans that they can choose from based on the medical needs of themselves and their family. Although majority of the features remain the same, these plans have been tweaked a little keeping in mind the financial status of all the customers. Some of these customized plans are listed below:

Super Saver Plan: This plan is designed for those individuals who want a medical cover of up to 4 lakhs. This plan provides most of the basic benefits to the insured and works best for the common people who fall in the average salary bracket.

Elite: As per the name, this plan is devised for elite set of customers who are looking for additional benefits and top up and are willing to pay a higher premium. This plan includes the sum assured of 5, 7 and 10 lakhs.

Elite Plus: The next level of health cover offered by Religare is called the Elite Plus. This provides five possible coverage amounts viz 15,20,25,30 and 40 lakh. This is suitable for corporates who are looking for some of the finest medical insurance services.

Global and Global Plus: The next level of plan that is generally suitable for very rich and extremely prosperous individuals are the global and global plus plans. Both these plans provide extreme benefits to individuals and their family. Accordingly, the insured has to pay a very high amount of premium to take this cover.

Health Insurance has now become the need of the hour. Arguably this is one of the most important and must to have insurance cover for individuals and their family members. The biggest truth of life is that it is very uncertain and unpredictable. You cannot control your life but you can certainly take precautionary cover that can empower you to tackle unforeseen situations in life. This precautionary cover is nothing but insurance. So, in case you have still not thought about it till now, it’s the right time to give it your attention so that you can secure your future in your present.

A Beginner’s Guide to Mutual Fund Investment

The cost of living, real estate, medical and education cost are on all-time high. You might be worried that with the current investments of FDs, PPF and other risk-averse investments, will you be able to build a corpus big enough to fund your family’s financial needs. Investing directly in stock market might not seem a good idea due to the market’s volatile nature. So, if you don’t want to take very high risk and want to earn good returns on your investment, mutual funds are definitely a perfect buy for you.

Mutual funds are investments wherein large number of people pool in their money and this money is invested by experts called as the fund manager. Basically, the responsibility of the fund manager is to manage the portfolio and its trading activities. The money can be invested in equities, bonds, debentures, government securities etc.

Banks and financial institutions offer investments in mutual funds. SEBI monitors the mutual funds on a regular basis. To prevent investors from fraud/embezzlement, the SEBI forms policies and procedures which should be followed by mutual fund houses.

Mutual funds are broadly categorized into 3 types:

1. Equity based mutual funds

Mutual funds which invest entire funds of the investors in the stock market are equity based mutual funds. The return on investment of these funds depends on the performance of the market. Though the equity funds are high in risk but they have the ability to generate high returns.

2. Debt based mutual funds

As the name says, these mutual funds invest the investor’s funds in government bonds/securities and fixed income securities. Debt based funds are low in risk as well as return. This fund is more suited to people who want to enjoy a fixed income without any risk to their investments.

3. Balanced mutual funds

Balanced funds provide a balance to the investment by investing both in debt markets as well as equity markets. Generally, 65% of the money is invested in equity markets and the rest is investment in debt market. Balanced mutual funds help the investor enjoy the benefits of opportunity from investing in equities as well as bring stability of the investment by investing a part of the total investment in debt market.

Mode of Payment

Payment can be made in two ways i.e Lump-sum payment or SIPs

Lump-sum payment is one-time payment for buying a mutual fund. SIP is an acronym for systematic investment plan in which the investor pays a fixed amount of money at frequent intervals generally monthly. If you want to invest in debt securities which are low in risk and low in return, go for lump-sum payment mode and if you wish to invest in equities fund, go for SIPs.

NAV

NAV is the price per unit of the fund which helps you know the performance of the fund. At the time of investing in mutual fund, the investor is allotted units as per the NAV of the fund. Suppose, you invest Rs.10,000/- in fund XYZ, wherein the NAV was Rs.20/- per unit. So, as per the NAV, you will be allotted 500 units of the mutual fund.

Types of investing options:

Ideally, there are two types of funds. The open ended funds and the close ended funds.

1. Open-ended funds

In case of open-ended funds, the investor can put money and withdraw money as and when he wants. This is because there is no limitation on the number of units which can be issued by mutual fund.

2. Close-ended funds

In close-ended funds, the investor cannot withdraw money as and when required. There is a lock-in-period imposed on such funds. Generally, mutual funds companies have a lock-in-period of 3 years while offering a close-ended scheme to the general public.

Tips For Getting The Best Travel Insurance

Finding and getting the best travel insurance is not an easy assignment for the people who are continually traveling. You need to make an intensive research on that. Take proposals from the other people whom you trust. However, majority of the people doesn’t know about what are the advantages that they can get in the event that they have a travel insurance in hand. There are likewise few insurance agencies that are offering this kind of insurance. Step by step quantities of insurance agencies are expanding and you can discover there are such a large number of insurance companies that are generating and operating, this is the reason why the majority of the people are discovering challenges in choosing the insurance. You should exceptionally cautious since some of them are providing service only for making money. On the off chance that you need to locate the best travel protection arranges then you can experience online to get the one of the best service.

On the off chance that you experience online not you can access the details of the major insurance company in India; however you can also compare insurance rates and get receive instant information on your travel destination. Numerous explorers in a few situations falsely trust that their existing health or car policies will cover them while voyaging. In any case, after some travel they find that they require more scope in light of their travel destination and activities.

Keep a few focuses in your mind that a large portion of the insurance agencies are giving similar products and services for those who look for assistance from them. Be that as it may, they are distinctive with regards to the strategy and technique. It is important for them to make new plan to create and enhance the services that they have. Distinguishing and getting the best travel insurance will rely on upon how the insurance agencies are handling and facing different kinds of situation. They are concentrating on the financial need and concerns of the people who are going in various parts of the world.

At whatever point you are searching for best insurance company need to keep a few tips in your psyche. Ensure that you are not going to waste money for anything additional, only pay for the services which you actually require. Try to read the entire contracts before you get benefit, travel insurance policies are not lengthy, and it should not to take more time for reading. Continuously request family package or cost of adding family members into the packages, now and again the protection of two people traveling together has a tendency to be more moderate than the insurance of one. Never pick someone who really says he is the best travel insurance provider. On the off chance that requirement is matched with the insurance companies then considers that the specific service you picked is the best.

4 Must Have Life Insurance Plans to Suit Individual Needs

The need and importance of life insurance for everyone is undeniable. A good life insurance plan is an investment as well as a security. Your life insurance plan needs to be tailored to the needs of your family. While buying a plan one needs to take into consideration the current income, loans if any, the expenses etc. of a family. Your plan will only be useful if it provides sufficient cover to your family in case of an unfortunate incident. There are a lot of life insurance companies in India that provide multiple plans. To choose one that suits your needs the best you need to look into all of the above factors.

Having a health insurance for you is significant for several reasons. An uninsured person is likely to receive lesser medical and timely care compared to those that are insured. A lack of insurance can turn out to be a financial burden on them and their family.

Along with different plans there are also a few different types. Here are the top four types of insurance that you need to know about:

1. Term Insurance: It’s the simplest type of insurance. Here, your family is assured a pre-decided amount in case of a death, if it takes place within the term of the insurance. If it doesn’t the insurer does not have to pay anyone. The lure of this type is the low premium.

2. Endowment Policy: This policy has a dual benefit. One part of the premium goes to the insurance while the other part is invested in equity or debt. At the end of the term or in case of the death of the policyholder, a lump sum is paid to the family.

3. Whole Life Insurance: This policy provides cover for the entire life of the policyholder or for a hundred years whichever is earlier. In addition to that, the policy also calculates a bonus on the amount assured, which it then pays to a nominee after the death of the policyholder.

4. Child Insurance: Child Life Insurance pays a lump sum amount to the child of the policyholder in case of his/her death. This amount is paid to the child at set intervals as planned by the policyholder. This is a good choice to secure your child’s future.

Insurance provides protection against any occurrence of uncertain events like accidental death, natural death, etc. It acts as a financial and medical support to the insured person as well as their family.

5 Easy Steps to Get Car Insurance Renewal Online

For a car owner having an insurance policy is the way to safeguard from being financially off foot at the time of an uncertain event of car theft or an accident.

Thanks to Insurance Regulatory and Development Authority of India (IRDAI), for approving insurance companies, and web aggregators for making the process of – comparing, buying, and renewing insurance policies easier online.

Before proceeding further how to get car insurance renewal online, I am going to share, why you should renew in the first place.

Why you should renew your car insurance policy online

A. It’s cheaper: Buying and renewing car insurance online is cheaper as compared to offline. Online process lowers the operational costs and is transferred directly to the customer, eventually making online cheaper.

B. Paperless work: With less documentation involves less paperwork. Additionally, you receive a soft copy of policy in your inbox, thereby, making it less paperwork.

C. Comparing multiple options: In life, we don’t have many options when it comes to making a decision, but fortunately with a number of companies being online and so the web aggregators, buying and renewing an insurance policy comes with multiple options to choose from. You can simply compare and buy the one which you find most appealing as per your needs.

D. Instant policy: Once you select the company to buy from, with just one click you will receive the policy, instantly and much faster than buying offline.

Steps to get car insurance renewal online

Provided you are buying or renewing Comprehensive or Package policy and not just third-party liability policy, these are the steps to follow while renewing your car insurance online:

1. Compare plans: Compare plans offered by the different insurers online.

a. Check Insured Declared Value (IDV) of your car suggested by different insurers, as it differs from insurer to insurer.

b. Check Premium break ups. How much is the IDV and what is the premium charged.

c. Compare NCB discounts available. If you have not made any claims.

2. Adding Add-on covers: Different add-on covers are provided by the insurer to add more value to your policy. Check how the premium of each insurer changes when you additionally buy add-on covers.

3. Checklist of cashless garage: Check the list of cashless garage, see if any of the insurer has a nearby cashless garage to your location.

4. Before Finalizing: Read carefully about the cashless garage network. Additionally, you must read reviews, if available, of each insurer, and only then make a final decision. If you have made any claims with your current insurer and you are happy with the claim process and support, it would be better to continue with your current insurer.

5. Payment: Fill up the renewal form. If you are already a customer of the site, login into your account and click on the renewal option form, fill up the details. Recheck all the data filled up in the form, and proceed for payment.

5 things you should keep in mind while buying a Child Insurance Plan

You, as parents are concerned about their future education and can sacrifice on their own leisure expenses, if need be, but do not want to compromise on their children’s future.

Buying a children plan ensures that your child’s future aims and ambitions are attained and will not be impacted financially due to any unforeseen circumstances. Below are the top 5 things you should keep in mind while buying a Best Child Insurance Plan.

  • Education cost and Inflation

While deciding the sum assured, you should take into account the estimated future education cost and inflation. For example, an MBA today costs Rs.12-15 lacs in a premier institute. So, you need to take the cost 10 or 15 years down the line. Ideally, the sum assured should be over 10 times the current income of the policy holder.

  • Tenure of the plan

Deciding the tenure of the policy is very crucial as it makes you plan things accordingly. Suppose, your child is of 8 years now, and you believe once he is 18 years, he will be sure of the field he wants to pursue his education. That will be the time you will need money to help him pursue his dreams. So, you can select a plan with 10 years maturity period.

If you ignore the link between age of the child and tenure of the plan, you might face a cash crunch as you will need funds before policy matures. The period of a policy should be decided as to when the child will attain 18 or 21 years of age.

  • Partial withdrawals

Many a times, you would want to get the funds as and when required and not when the policy matures. You should look for partial withdrawals clause. Managing the education cost becomes much easier if you can withdraw money after a fixed interval.

  • Ridersin child insurance plans

A rider is an additional benefit provided to the existing plan. The insurance companies charges extra premium for adding a rider to the plan. Policy holder should know about the riders offered by the insurance companies as these riders enhance the procedure.

Some riders offered by insurance companies are:

Premium rider

These days, insurance companies offer child plan with inbuilt premium rider clause. In case of untimely death of

policy holder, the balance premium payments are waived off and the nominee is entitled to get the benefits after policy matures.

If you are buying a plan, it is advisable that you look in for the premium rider clause.

Death Rider

In case of untimely death of the plan holder, the nominee gets a lump sum amount from the insurance companies. This rider ensures that the procedure does not lapse due to unfortunate events.

Other riders available are income benefit, accidental benefit, critical ailments etc. Riders vary from companies to companies and the person proposing to buy a policy should be aware regarding the riders offered.

  • Compare child plans online

Finding the best children plan as per your need is the easiest way to know about the various plans offered by insurance companies. It is convenient, paper less and hassle-free. You, also, have a customer assistance 24/7 that can help to sort all your queries. While comparing policy online, you will have to fill in personal details like the age of the parent and child, current income etc. Comparing and buying plans online helps you save the time of going to the insurance agent or the insurance company.Also, you can download the brochure of children plans from the insurance company’s website.

By now, you know the things to look in while buying a children plan. For the purpose of securing your child’s future, you should invest in a children plan which works as an insurance cum investment plan thus enabling your child’s dream turn into reality.

Social Media & Online Transactions Boosting Cyber Insurance Market Trends

These cyberattacks are quite dangerous and can cause moderate to severe damages for organizations (large or small). A risk management plan needs to be maintained by the organizations which must decide whether to accept, avoid, control or transfer the risk. Under the process of transferring risk, cyber insurance comes into the limelight.

Cyber Insurance Insight

A cyber insurance policy, also referred to as cyber liability insurance coverage (CLIC) or cyber risk insurance, is formulated to help an organization lessen risk exposure by equalizing costs covered with recovery right after a cyber-related security crack or similar event. In 2005, cyber insurance began to catch pace. According to the current Cyber Insurance Market Analysis, the total value of premiums estimated to reach $7.5 billion by the year 2020. Moreover, the PwC stated that about one-third of the companies in the U.S. currently purchase some or the other type of cyber insurance.

Expenses Covered Under Cyber Insurance

It is known that, cyber insurance primarily covers expenses linked to first parties along with claims linked to third parties. Below mentioned are some of the general reimbursable expenses:

  • Investigation: Forensics investigation is required to determine what occurred, how to avoid the same type of breach in future and how to fix damage. The investigations may also involve the facilities of a third-party security firm, along with coordination with law implementation and the FBI.
  • Business losses: There are chances that a cyber insurance policy might include similar items which are covered by an errors & omissions policy, as well as financial losses experienced by , business interruption, network downtime, data loss recovery as well as costs involved in dealing a crisis, which may also involve mending reputation damage.
  • Privacy and notification: It includes essential data break notifications to customers and other hampered parties, which are directed by law in many jurisdictions. It also includes credit monitoring for varied customers whose information may have been breached.
  • Lawsuits & extortion: It includes legal expenses linked with the release of private information as well as legal settlements, intellectual property and regulatory fines. This might also include the costs related to cyber extortion, such as from ransomware.

What All Factors to Focus as a Cyber Insurance Buyer?

A number of well-known insurance companies provide cyber insurance policies. Some of them include Allianz, Travelers, and Chubb Philadelphia. According to insurance industry watchers, clients are soon going to expect cyber insurance to become a portion of every business insurer’s product catalogue. However, similar to business insurance, the coverage of cyber insurance varies by policy and insurer.

While comparing policies among insurers, focus on the following special limits and circumstances:

  • Does the insurance firm provide one or more forms of cyber insurance policies or is the specified coverage only an extension to an already existing policy? In usual cases, a stand-alone policy is tagged as the best and more widespread type.
  • Always make sure to equate deductibles thoroughly among insurers, similarly to what you do with vehicle, health and facility policies.
  • Does the policy covers an attack to which the firm or organization falls victim or focuses only on targeted attacks contrary to that organization in specific?
  • Does the policy insure non-malicious actions proceeded by an employee? It is important that this is part of the E&O coverage which relates to cyber insurance as well.

Need for Cyber Insurance by Businesses

Any organization which stores and maintains information related to customers or collects online payment details, should work to add cyber insurance in its budget. Currently, the cyber insurance market trends are on a rise, since attacks against all business are increasing.

Small businesses usually think they are safely placed away from exposure, however, Symantec spotted that over 30 percent phishing attacks in 2015 were tossed against organizations which possessed less than 250 employees. Moreover, Symantec’s Internet Security Threat Report in 2016 reveals that 43 percent of the attacks in 2015 were focused on small businesses. Each organization need to decide if they can stake the amount of money, or install cyber insurance to cover the costs for what might occur.

Significance of Commercial Insurance For Your Business

Small and medium sized business needs help when it comes about managing risk and this can be very well be done with commercial insurance. The policies associated with can help you to protect the business and ensure long-term growth of your business. They are unfortunately many businesses which have collapsed due to the lawsuit, where they actually lacked the right kind of insurance. It is of supreme importance that modern businesses are fully covered, especially in the age of litigation.

This is one of the most important investments were you or anyone can make when starting a new company. Good commercial insurance will protect your company from severe financial loss and can be the difference between going under and staying afloat in case of damage or a lawsuit. It is of great importance to be knowledgeable of different types of commercial insurance and work with a reputable agent to create the most appropriate policies for your business.

Significance of the Commercial Insurance:

Commercial insurance is not only crucial for the small business but it is equally important for big business also. It protects you from commonly experienced losses including property damage, theft, and liability and employee injury. With the presence of adequate insurance, companies can more easily recover from these types of losses. Without it, you can be at risk of going out of business. Types of insurance:

The main three type of Commercial Insurance are

  • Liability insurance
  • Property insurance
  • Workers’ Compensation Insurance

Liabilities insurance protects you from damage that your company inflicts on any third parties. It covers the cost of personal injury or property damage lawsuit and injuries customer incur at your place of business. Property insurance covers the damage to property within your place of business, such as fire or flood damage. Workers compensation insurance protects you in case employee is injured on the job. It also prevents an employee from filing negligence lawsuit against you for any injury they sustain during work.

There are various policies which are required by the law. The requirements are based on the industry. For example, it is required for lender and landlords. A right type of insurance and in right amount helps to come up from every sort of potential problems. It is very important to know the extent of and the limit of each liabilities cover, as t may need to expand based on the growth of the business. This can be done by with action such as buying an umbrella which increases the liability cover.

Considerations to be Taken Before Taking:

It is best to work with an insurance agent who has extensive experience in commercial coverage. It is therefore very important that you build up a good relationship with your agent; it is the most critical decision-making process. The agent will discuss specific losses that are common within your industry and present a proposal for coverage option based on your business requirement. Make sure that when you are discussing the details with the agent you ask about anything that is unclear about including terms, conditions or specialized information. Always remember and make an informed choice on the insurance that is best for your business, so an open communication with the agent is very important.

Warning Before Getting:

If any claim arises, contact your insurance agent immediately so that it can be investigated as soon as possible. Commercial insurance claims are more complex that individual claims, so fast assessment are crucial, especially if a high-cost liability claim is involved in the process. Avoid handling the claim all by yourself, rather which reporting them to your agent as this will violate your insurance contract.

Expert Insights:

It is very important that you know that your insurance needs may change as your business grows with time. Make sure you are knowledgeable about the type of commercial insurance available to you. You should always know and have the basic knowledge about the type of insurance coverage available; as your business change and expands you may want to purchase additional insurance coverage as new exposure arises.

Steps in The Underwriting Process

Part of getting insurance is undergoing a process called underwriting. This process is basically where risk is assessed so the insurance company can determine what rate to charge you. During this process, you have no control over what information may come up or what the underwriters may discover. However, you still have a right to understand how the basic process works. This will help you as you look for insurance using a service like underwriting.com.

Gathering Identifying Information

The first part of the process will be where you are directly involved. You will be required to provide the insurance company or the company giving you a quote, like Ace Underwriting Group, personal information that will then be used to do an unwriting investigation. The information you will have to provide depends on what type of insurance you are getting. For auto insurance, for example, you would provide your name, driver’s license number, vehicle information and social security number. If you were getting home insurance, you would provide information about your home instead of your vehicle. It is important to make sure that you give them accurate information because any inaccurate information can slow down the underwriting process.

Gathering of Additional Information

The underwriting company will then take the information provided by your insurance company or a company like underwriting.com and use it to gather some additional information. Depending on what type of insurance you are getting, the company will likely look into your credit history, driving record, vehicle history, property information, health records and past insurance records. This process may take some time because underwriters want to gather the most accurate and complete information they possibly can.

Analyzing Information

After all the information has been gathered, the underwriter will then analyze the information. They will be looking for indications that you could be risky to insure. If you are getting auto insurance, for example, the underwriter will be concerned with any past violations or accidents. If he or she finds that you have had a history of violations or accidents, then they will mark you as an increased risk because you will be likely to continue with this same behavior in the future and such behavior may cost the insurance company money.

During the analysis of information, the underwriter may also compare you to others in your similar demographic group. Again, this may vary due to the type of insurance you are getting. For example, if you are getting auto insurance, they may compare you to others who drive the same vehicle or who are in the same age group. For home insurance, they may compare you to others living in the same area or with homes the same value as yours. This comparison can help them to further assign the amount of risk based on the insurance of others who are similar to you.