Motor/Vehicle Insurance is an insurance policy that financially safeguards your vehicle against physical damage and you against bodily injury/death and third-party liability. There are mainly two types of Motor Insurance, Third Party Liability Only and Comprehensive Vehicle Insurance. By virtue of their kind Motor Insurance has multiple segments as listed. The coverage’s would differ for each segment. In India Car insurance or Motor Insurance is mandatory by law. It is a legal requirement to have a minimal level of insurance before driving a car in India.
A.Third-Party / Liability Only - Motor Insurance (TP Policy):
Third-party insurance is compulsory for all vehicle-owners as per the Motor Vehicles Act. It covers only your legal liability for the damage you may cause to a third party – bodily injury, death and damage to third party property – while using your vehicle. Since the third-party insurance cover is mandatory, all non-life insurance companies have an obligation to provide this cover. Standard Covers under TP policy
1. Third Party Liability
- Unlimited for Human Life
- Restricted for Property Damage
2. Compulsory Personal Accident to Owner Driver (Not Applicable if vehicle owned by company)
- Legal Liability to Driver or Employee
- Personal Accident cover for Passenger
B. Comprehensive Motor Package Insurance (Private Vehicles):
A comprehensive package policy covers
- Third Party Liability
- Own Damage to Vehicle, this covers the insured vehicle for losses caused due to Accident, Theft, Fire, Explosion, Self Ignition, Lightning, Natural Calamities, Strikes, Riots or Terrorism
- Add On Covers: As motor insurance is subject to depreciation, one can additionally buy add on covers like Zero Depreciation, Accessories Cover, Engine Protection from Hydrostatic Lock, Tyre Cover, Break Down Assistance, Consumables Cover, Loss of personal belongings etc
- These coverage’s are available for Cars and Two Wheelers
C. Commercial Vehicle Insurance:
Similar to private vehicle insurance, commercial car insurance consists of two types of main insurance coverage’s Third Party Insurance, Own Damage Cover. However most importantly unlike Private Motor Insurance, Commercial Insurance covers loss if the vehicle is used for business. This insurance also has it’s different kinds of defined add on covers for the vehicle, it also covers labour, employees passengers accompanying or travelling in the vehicle.
A good health insurance policy should do three things:
- Ensure that you and your family get the best medical care possible when you need it.
- Cover you financially against the costs of treatment and hospitalization.
- Give you complete peace of mind during claim settlements.
About Health Insurance (Mediclaim):
In these times of rising medical costs, a good medical insurance is the perfect Health Protection for you and your family. It takes care of the expensive medical treatment incurred during hospitalization resulting from serious accident or illness. The policy covers pre and post hospitalization expenses and also ambulance charges in case of an emergency (subject to a limit). Health insurance policies can be your saviour from the mounting costs of treatment, should you ever want to avail medical services. From heavy medical fees in case of illnesses to the accidental emergency case charges, health insurance can shoulder the financial burdens when you need it the most. It provides protection to the insured as well as the dependents in case of a medical crisis.
A. What Coverage Do I Get?
- The policy covers hospitalization expenses for you.
- You will have access to cashless facility at over 6000 empanelled hospitals across India. (Subject to exclusions and conditions)
- Pre and post hospitalization expenses covers relevant medical expenses incurred prior to and after hospitalization as per policy terms.
- Covers ambulance charges in an emergency subject to a limit.
- Over 140 day care procedures where 24 hour hospitalization is not mandatory are covered subject to terms and conditions.
B. Save Tax with Health Insurance - It's common knowledge that buying health insurance helps you to save tax. Under Section 80D of the Income Tax Act 1961.
The exemption limits are as follows:
- An individual can avail an annual deduction of Rs.25000 from taxable income for health insurance premium paid for self and dependants. 'Dependents,' in this case, refers to spouse and children.
- In the case of senior citizens (aged 60 years and above), the annual deduction from taxable income goes up to Rs.25000.
Our Services in Medical Insurance include:
- Individual Medical Insurance for self and family
- Family Floater Medical Insurance
- Top Up Plans to cover additional costs
- Critical Illness Cover
- Personal Accident Cover
Travelling is an important part of today’s life, be it for business or pleasure. But it also brings with it the risk of things going wrong despite careful planning. You may not be able to control external factors that might cause disruptions in your travel plans. Here is where we help choose the ideal travel insurance.
Services in Travel Insurance include:
- Individual Travel
- Family Travel
- Senior Citizen Travel
- Student Travel
- Corporate Travel
Your Home is your nest, it is necessary to protect it from risk of losses or damages caused by unforeseen events, Natural or Accidental. Home Insurance Insurance Policy is a service that helps you guard your home and/or its contents to stay protected from such risks including breakdown of appliances ensuring complete protection to you, your family and your Home.
A. Key Benefits for Home Insurance
- Provides protection to your property
- Protection to your Domestic and electronic appliances
- Interests of the insured and their family members in a single policy
B. Coverage’s under this policy
- Fire and Allied Perils
- Burglary and Theft
- Jewellery and Precious Items
- Breakdown of Domestic Appliances
- Electronic Equipment
- Plate Glass
- Personal Accident Insurance
- Baggage
- Pedal Cycles
- Personal Liability/Workmen’s Compensation
With an increase in internet penetration, social media and digital banking transactions, we are unknowingly exposed to various cyber-attacks. These can range from misuse of your financial information to data theft, cyber stalking etc.
The individual cyber safe insurance policy ensures that you get optimum protection against potential cyber threats and risks.
Coverage under the Individual Cyber Safe policy
1.Identity Theft:
Any fraudulent and unauthorized access to usage, deletion or alteration of your personal data stored in your computer system including your digital devices.
Coverage Offered
- Defence costs as a result of any claim by affected party
- Prosecution costs against a Third party for identity theft
- Costs of transportation to court and photocopying of documents
2. Social Media:
Defence and prosecution costs against identity theft occurring on your legitimate Social Media account as a result of a cyber-attack.
Coverage Offered
- Defence costs as a result of any claim by affected party
- Prosecution costs against a Third party for identity theft from Social Media
- Costs of transportation to court and photocopying of documents
3. Cyber Stalking:
Repeated use of digital communications to harass or frighten you.
Coverage Offered
- Costs incurred by the Insured for prosecution of a criminal case against a third party for Cyber Stalking
4. Malware:
Computer program received through SMS, File transfer, downloaded programs from internet or any other digital means by your computer system including your digital devices maliciously designed to infiltrate and damage it without your consent.
Coverage Offered
- Restoration costs of the Insured's computer system due to damage caused by Malware
- Defence costs as a result of any claim by affected party for legal liability caused due to the malware in Insured's Computer system
- Costs of transportation to court and photocopying of documents
5. IT Theft Loss:
Funds wrongfully or erroneously paid by you as a direct result of Third Party's unauthorized targeted cyber intrusion into your computer system.
Coverage Offered
- Financial Loss due to IT Theft
- Costs including legal fees for a claim lodged by insured against a financial institution or payment system operators
- Prosecution Cost against a Third party for causing IT Theft Loss
6. Phishing:
Any attempt to obtain your sensitive information such as usernames, passwords, and credit card details (and sometimes, indirectly, money), often for malicious reasons, by masquerading as a trustworthy entity through an electronic communication.
Coverage Offered
- Pure Financial loss sustained by Insured by being an innocent victim of an act of Phishing by a third party
- Prosecution costs against a Third party for phishing attack
7. Email Spoofing:
A forgery or a wrongful manipulation of an E-mail header so that the message appears to have originated from the actual source.
Coverage Offered
- Pure Financial loss sustained by Insured by being an innocent victim of an act of Phishing by a third party
- Prosecution costs against a Third party for phishing attack
8. Media Liability Claims:
Any liability arising out of unintended publication or broadcasting of any digital content resulting out of a Cyber Attack on your Computer System including your digital devices.
Coverage Offered
- Defence costs for arising out of a claim by a third party for Insured Media wrongful act
- Prosecution costs against a Third party for media wrongful act
- Costs of transportation to court and photocopying of documents
9. Cyber Extortion:
A threat to cause a Privacy Breach, Data Breach or Cyber Attack.
Coverage Offered
- Cyber extortion loss that the insured incurs due to a result of Cyber Extortion Threat
- Prosecution costs against a Third party for Cyber Extortion
10. Privacy & Data Breach by Third Party:
Any unauthorized disclosure of your personal data by a third party or any unauthorized access or use of your personal data stored in Third Party's computer system.
Coverage Offered
- Legal fees incurred by Insured for claiming damages against a Third party for Privacy Breach and or Data Breach
Additional Benefits of Buying Cyber Insurance Policy
- Counselling Services: All reasonable fees, costs and expenses of an accredited psychiatrist, psychologist or counsellor chosen by you, to take treatment for stress, anxiety or such similar medical conditions resulting from any of the above.
- IT Consultant Services Cover: IT Consultant costs incurred by you in order to prove the amount and the extent of a covered loss.
Most people especially the young believe life insurance outdated and is something you need to think about when you get old. This is a big myth... Buying Life Insurance is one of the most important financial decisions in one’s life.
Why is Life Insurance so important? Regardless of how much you earn, and whatever your life style is, one is not sure what the future holds. Today, people die prematurely every year from illness or are permanently disabled or die due to accident. If you happen to be the sole breadwinner or a contributor in the family, it could have devastating consequences for your loved ones. Challenges can crop up in their ability to pay household expenses, debts and maintain their standard of living.
To secure your family's financial future a life insurance policy goes a long way in helping stabilise. This only addresses one part of the story; the next question you need to address is, What if you Live Long after retirement. Life insurance is a good debt instrument which allows you to accumulate small amounts of money over a period of time which will come back with bonuses on end of tenure, thus giving the dual advantage of Risk Cover and compulsory Saving. Some of the key benefits are
- Looking after your loved one’s even after you are gone
- Helps the family deal with debts of your lifestyle requirements like Home Loan, Vehicle Loan, Personal Loans, Credit Card outstanding etc
- Taking care of your business requirements in case you are not there to take it forward through Key Man insurance
- Helps achieving your Long Term Goals through endowment plans
- Helps have a sustained income post retirement through Pension Plans
It is important to know that buying the right Life Insurance is Cheaper when you buy them young; premiums are lower and the same premium continues for the tenure of the plan even though your age is increasing. It also gives better returns on endowment plans when bought at younger ages
We help in the process of doing the due diligence and help plan on how much insurance is required considering the assets you may own.