WHY IS IT IMPORTANT TO HAVE A PERSONAL ACCIDENT INSURANCE?

Most people have a lot of knowledge about General Life Insurance and health insurance plans but their information about personal accident insurance is a bit limited. 

WHY IS IT IMPORTANT TO HAVE A PERSONAL ACCIDENT INSURANCE?

In a normal life insurance policy, the loss from death and the health insurance scheme are covered by the burden of expenses incurred on hospitalization. But do you know what the purpose of personal accident insurance is?

Also Read This :- 

• People are taking Corona Kavach insurance policy
• Read every scheme related to SBI Life Saving Plan here

Suppose a person is physically handicapped in an accident. In this situation, the benefit of life insurance is given only on the death of the dependent (dependent on the victim) and in the health insurance policy only the cost of hospital expenses is covered. Some life insurance policies also provide personal accident as an additional benefit, but these additional benefits are not comprehensive. 

Apart from this, the effects due to accident, such as death, the effects on income can also be serious which can be effective from a few weeks to a few months or even a few years. In this type of situation, what treatment can be done in a personal accident policy?

In general, a personal accident policy is an insurance plan that covers any physical damage, such as partial or complete disability or mutilation, in the event of any type of accident, and the loss of direct income side effects caused by it. Fulfill This policy also compensates the nominee in the event of death of the insured. 

In addition, it also provides a financial stability to the individual and his family in the event of the insurance holder being temporarily disabled due to an accident and this feature attracts it towards the purpose of any person taking insurance. 

Despite the many similarities, there are considerable differences between personal accident insurance, general life insurance, and health insurance. Like life insurance, the premium for personal accident insurance may vary depending on the business of the insurance holder and not on the basis of his age.

Personal accident insurance is important for every person but it is considered more important for salaried employees living in the city. A salaried employee usually has to move between home and office everyday, for months and years. This type of lifestyle is more likely to result in an accident than to fall ill or die. Despite all kinds of precautions, the accident does happen. 

This may result in partial mutilation or even death. In this situation, an accident insurance policy is considered as important as a normal life insurance and health insurance.

The best side of personal accident insurance is that its cost is affordable for any person, so it can be easily carried by anyone without putting extra weight on the pocket. A premium of about Rs 3,000 per year can be incurred for the cost of a personal accident insurance (HDFC) of Rs 15 lakh. 

Now because the premium for personal accident insurance is not determined according to the income of the person, it will be the same for a 50-year-old person as it may be for a 25-year-old at that time. The premium for personal accident insurance depends on the occupation and nature of the person. In addition, personal accident insurance can also be broadly taken as a policy for the whole family.

It is true that personal accident insurance has a very low premium rate, but despite this, people in India still take this insurance plan less. In fact, the features of personal accident insurance have been integrated within life insurance and health insurance. Now because most people have one or both of these policies, they try to avoid it by considering it as an option for personal accident insurance and considering this insurance as an additional expense. 

The reason for people taking less of this insurance plan is also that there is still very little awareness about this insurance scheme in India. Most people identify non-life insurance as health insurance or motor insurance only. Many people need this type of insurance, but they are probably not even aware of this type of insurance plan. People who are aware of this insurance scheme think that they do not need it. Actually, people are very confident about themselves who believe that no accident can ever happen to them. 

Whereas the truth is that the accident can happen to anyone and anywhere, even if it does not happen to everyone. Therefore, it is necessary to have a suitable personal accident insurance to protect yourself and your family from the consequences of the accident.

Top 10 Insurance Companies in India

Top 10 Insurance Companies in India

By the way, nowadays there are many insurance companies about which people are also aware. But here we will tell you about the top 10 companies in India, which have achieved a lot of progress and progress in the field of insurance. These insurance companies are earning a good name not only in India but also abroad outside India. Also these companies have been providing their service to the people for many years.

Also Read : Read every scheme related to SBI Life Saving Plan here

LIC (Life Insurance Corporation of India)

Life Insurance Corporation of India is a very large insurance company operating under the Union Government. It serves life insurance, pension plans, individual and group insurance schemes. It has many different branches such as:

• Life Insurance Corporation of India International
• LIC Housing Finance
• LIC Nepal
• LIC Lanka
• LICHFL Care Homes

The insurance company has 12 million policy holders and 9 lakh agents. So far this company has given 120 million policies. The biggest secret of its success is its favorable capacity. This company has been in operation since 1964.

Also Read : Postal Life Insurance (PLI) Plan Information In English

Tata AIG Journal Insurance

The secret of the success of this company is its trusted employees. It is the 5th largest company in India, working in the field of banking sector and finance. Employees of Tata AIG Journal say that the main reason for working here is that the employment here gives career growth and ample opportunity. It is a very large insurance company working in the field of journal insurance. Also read: How to save money on your insurance costs?

Bajaj Allianz General Insurance

Bajaj Allianz Journal Insurance Company is run by Bajaj Company, which is a big name in the motorcycle field. The name of this company is always ahead even for property insurance. Its re-vue is mainly coming from automotive insurance. This company has been in operation since 2001. It has 200 offices across India. Here you will tell in which areas this company works in insurance:

• Auto
• Health
• Homeowners
• Travel
• Commercial

New india insurance

The name of this company will come to the forefront in the field of satellite insurance. It has 1068 offices in India, while outside India it is also functioning smoothly in Japan, Fiji, UK, Australia and Middle East.

ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company has achieved the National Financial Strength Rating AAA Life Insurance by Fitch. This company has won the title of Trusted Private Life Insurance Company for three consecutive years. It has 1900 branches and there are more than 2 lakh advisors.

IFFCO Tokyo General Insurance

The company has 110 offices across the country and 51 strategic business units. It is the only insurer in India that offers a fully owned distribution channel called IFFCO-Tokyo Insurance Services Limited catering to retail customers. It currently has 1400 employees and is one of the major insurance companies in the automobile and fertilizer sector.

ICICI Lombard General Insurance

This insurance company operates in different domains such as general insurance, insurance claims, management, re-insurance and investment management. Also, the company is a large general insurance company among private companies. It is also the first Indian organization to receive ISO 9001: 2000 official recognition. It is also rated AAA by ICRO.

Oriental Insurance

The Oriental Insurance Insurance Company is also a top-ranked insurance company. AM Best, an international rating agency, has given it a B ++ rating, which is a good ranking. There are 26 regional offices in India and at least 900 operating offices. In addition, it operates in places such as Nepal, Dubai, and Kuwait.

Birla Sun Life Insurance

Birla Sun Life Insurance has always been a major contributor to growth in India's life insurance sector and is currently one of the top 5 private life insurance companies in the country. It is also the first financial services provider in India to come up with Business Continuity Plan, Unit Linked Life Insurance Plan and Free Look facility.

HDFC Standard Life Insurance

This company is now known as HDFC Life. It is a prominent name among private insurance companies. It deals with both individual and group insurance products. They also have adequate financial capacity to take care of investment in a long-term in a secure manner. HDFC Life operates in more than 700 cities and 568 branches. He also has 2 lakh financial advisors.

READ EVERY SCHEME RELATED TO SBI LIFE SAVING PLAN HERE

SBI Life's savings plan helps a person to get ahead in life as it also has a life insurance cover. The risks are also less in this as well as this you can go to your child's education, marriage for yourself and go somewhere else. That is why today we are going to tell you about some such SBI Life Saving Plans.

SBI Life - Smart Women's Advantage 

State Bank of India (SBI) introduced the 'SBI Life - Smart Women's Advantage' scheme. Women are the main focus in SBI Life. Under this scheme, women will be given life insurance cover, savings and help in serious diseases caused by women. SBI Life said that it is a traditional endowment plan based on personal benefit which also incorporates the health concept. It also has an optional benefit for other problems occurring during pregnancy. According to the release, tax benefits will also be given under Income Tax Section 80D and 80C for both health benefits and life insurance cover in this policy.

SBI-Smart Swadhan Plus 

There are two benefits of this plan, one is that it will provide you a lifetime of security and secondly, in case of survival at the time of maturity, you will get 100% of the total basic amount paid during the entire period for a lump sum. Will return as Not only this, a person will also get tax benefits under Section 80C on his premium payment. Also, according to Section 10 (10D), the money of the maturity will also be available.

SBI Life Smart Humsafar 

Smart Humsafar Joint is a non-linked participating endowment plan. It has the benefits of savings and insurance cover for both husband and wife. This is the first such plan in which both husband and wife are put together in a plan. The minimum bonus for the first 3 years in this plan is 2.50%. If either of the two husband and wife dies, then at the end of maturity of this policy, they will get full money.

SBI Smart Money Planner 

Now you can avail both regular income and security benefits for your family under a single plan through Smart Money Planner. This Endowment Assurance Plan with benefits provides full life cover, regular income throughout the entire period of benefit payment. It also gives you life cover without paying any premium.

SBI Life-Flexi Smart Plus 

Flexi Smart Plus helps a person fulfill his / her dreams. Not only this, it will also give you this benefit to suit the ever-changing needs. A minimum bonus interest rate of 1.00% p.a is guaranteed for the entire term. Also, every interim bonus interest rate will be announced in the financial year. That too will apply to this policy. You can also withdraw money from this policy if you need money.

SBI Life-Smart Guarantee Saving Plan 

The Smart Guarantee Saving Plan promotes your savings or savings. Along with this, it also has insurance cover for the whole family. There are many benefits to this saving policy such as the hijab of premium amount at the end of every year will increase this policy. The policy holder only has to pay the premium for a limited period of 7 years.

Friends, I tried to tell you in full detail about People are taking Read every scheme related to SBI Life Saving Plan here, if you liked it, you can also share it with your friends, and if you have any questions, you can ask in the comment is.

People are taking Corona Kavach insurance policy in hand, know what is the reason

People are taking Corona Kavach insurance policy in hand, know what is the reason

Corona Kavach Health Insurance Policy has become extremely popular with the arrival in the market. In view of the spread of Covid-19 epidemic, almost all general and health insurance companies have started offering this product for treatment of Corona virus infection from July 10. The aim is that people can get a health insurance cover at a reasonable rate to treat this epidemic.

What are the features?

In this, the policy is being sold for three and a half months to nine and a half months. In this, the maximum amount of medical expenses of the insured person has been kept at five lakh rupees. Insurance regulator IRDA has approved companies for this.

What are the experts saying?

Amut Chhabra, head of the health insurance business of the policy market, said, "There has been a very good response to this as people are willing to buy this plan." The policy is selling. Most of the young people are taking this policy.

What is the reason of interest?

He said that this policy is at a very reasonable rate. It can be taken at a minimum premium of up to Rs 208 monthly, which is very cheap. People from Maharashtra, Tamil Nadu, Karnataka and Delhi NCR have shown more interest in it.

Subramaniam Brahmajosiyula, head of SBI General Insurance Company's underwriting and reinsurance business, said it also offers options like family floater and hospital daily cash of Rs 2500 per day on insurance of Rs 5 lakh, making it more attractive.

IFFCO Tokyo General Insurance Executive Vice President (Underwriting) Subrata Mandal also said that the product released on Covid-19 has been released only a week and people have been attracted. The person can buy the corona armor for themselves and their spouse, parents, in-laws and dependent children under 25 years of age.

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IF YOU WANT TO SURRENDER A Life Insurance POLICY, THEN KNOW THESE THINGS, YOU WILL REMAIN IN PROFIT

If you want to surrender a Life Insurance policy, then know these things, you will remain in profit

You will get more benefits by surrendering the traditional plan and investing the premium in equity funds. It is another matter that the premium paid in it will definitely be lost. Let's say that a 30-year-old man buys four 20-year endowment plans. Each of these gets a cover of 3 lakh rupees. For these, he will pay 60,000 rupees as premium in a year.

If you want to surrender a Life Insurance policy, then know these things, you will remain in profit

First case: Let's say that you surrender the policy before three years. In this, the premium is paid for two years.

Loss of premium: Rs. 1.2 lakhs,

at the rate of 6 percent, the amount to be paid after the policy matures: Rs. 20.29 lakhs

Amount to be paid for applying 60,000 rupees in equity for 12 years at the rate of 12%: Rs.35.25 lakhs, despite the loss of premium, the amount earned in 18 years: Rs. 34.04 lakhs

Second case: Policy is surrendered on payment of 5 years premium

Loss of premium: Total amount of premium paid (Rs 3.6 lakh) - Surrender Value * = Rs 3.08 Lakh The

policy is run for the entire duration at 6% Amount to be paid on maturity of Rs. 20.29 Lakh: Rs 60,000 in equity at the rate of 12% for 15 years. Rs. 23.57 Lakh Amount earned in 15 years despite loss of premium: Rs. 20.49 Lakh.

* There may be a slight change in the actual surrender value.

If you do not know what will happen when you surrender the policy, then see the answers to these questions:

What is surrender value? 

In the case of Life Insurance, you get back some part of the amount paid as a premium when you surrender the policy before running it for the entire duration. Charges are deducted in it. This amount is called surrender value.

If you want to surrender a Life Insurance policy, then know these things, you will remain in profit

Will I get surrender value on all Life Insurance policies? 

No. Surrender value is refunded only in those policies in which insurance also has a share of the investment. Therefore, there will be no surrender value in the pure term plan. At the same time, traditional plans like endowment, moneyback and ULIP have surrender value.

What is the surrender value when you stop paying premium?

No. You will get a part of your money only if you have paid the premium continuously for two years. (If the period of premium payment is less than 10 years). This has been done for three years if the premium payment period is more than 10 years. If you surrender the policy earlier, then you do not get any money back.

Can insurance be stopped by paying premiums? 

Yes You can change the policy to a paid-up policy. However, this option opens only after paying the premium for 2/3 years. In this way, the cover continues till maturity even if the premium is stopped. In this case the size of the cover will be reduced and will be in proportion to the premium paid. This sum insured is called paid up value. 

It is calculated based on the formula stated below :-

Paidup value = Basic Sum Assured x (Number of premiums paid / Number of premiums payable)

How much money do you get back in ULIPs?

Before lock-in period: If you stop paying the premium before five years, the policy will expire. After deducting some charges, the remaining fund value is sent to the discontinuation fund. Here you get 3.5 percent interest on it. After five years, the amount is returned.

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What is progressive commercial insurance and why we need it? 

What is Commercial Vehicle Insurance?

This motor insurance policy is for vehicles used in business and can be customized to suit your needs. Commercial Vehicle Insurance compensates for any loss and damage to or caused by commercial vehicles. This includes damage to vehicles due to accident, sabotage, natural causes and fire. All businesses are required to purchase Commercial Vehicle Insurance for all types of commercial vehicles such as auto rickshaws, cabs, school buses and trucks.

Why do you need Commercial Vehicle Insurance?

• If you are buying and using commercial vehicles in your business, then it is necessary for you to buy a Commercial Vehicle Insurance that will compensate for the economic losses and losses that your business may incur due to the vehicle and the people driving the vehicle. can do.
• If your main business is connected to vehicles, such as you offer taxi service or drive a private school bus, then the Commercial Vehicle Insurance plan will cover your financial loss in case of any untoward incident as well as the people sitting in it and the business Covers loss to moneylenders.
• As per the legal rules, all commercial vehicle owners must have at least one third-party liability-only policy for each commercial vehicle, to compensate for any third party losses they may incur.

What is progressive commercial insurance and why we need it? 

Types of Commercial Vehicle Insurance

Insurance for passenger carrying vehicles

• This insurance is especially suitable for vehicles that bring or carry one or more passengers such as taxis, auto rickshaws, school buses and private buses etc.
• Passenger carrying vehicles, especially school buses and regular cabs that carry many passengers daily.
• The life and income of a significant part of India's population depends on these vehicles. In such a situation, in case of any untoward incident with Commercial Vehicle Insurance, it works to compensate for the losses and losses.

Freight insurance

• This insurance is for vehicles that carry goods from one place to another. It mainly consists of trucks, tampos and lorries.
• Luggage vehicles are often much larger in size and more likely to crash. A Commercial Vehicle Insurance not only compensates for the loss of another person due to these vehicles, but also works to protect the owner-driver and the vehicle at the time of accident or damage due to natural reasons is. 
• If your business is to transport goods from one place to another through trucks, then Commercial Vehicle Insurance also gives financial benefits in exchange for damage to the goods in your vehicle from any accident, fire or natural disaster etc.

Insurance for other and special vehicles

• Apart from cabs, taxis, trucks and buses, there are many vehicles which are used by trade or in business. This includes certain vehicles such as vehicles used in various agricultural operations, vehicles used in excavation and construction.
• A Commercial Vehicle Insurance works to provide financial compensation to the driver and owner of the vehicle in return for any damage or damage to these vehicles.
• Considering the cost and size of these vehicles, Commercial Vehicle Insurance is the best way to recover your losses. With this help, you can not only reduce the risk to yourself, but can also avoid the financial loss of yourself due to any untoward incident.

What is covered in Commercial Vehicle Insurance?

1. Accident :- This insurance covers the loss of commercial vehicles due to accident.
2. Theft :- Loss or loss of vehicle due to theft of commercial vehicle is covered under this insurance.
3. The fire :- This vehicle insurance covers the loss of commercial vehicle due to fire.
4. Natural Calamity :- Damage due to commercial vehicle due to a natural disaster is covered in this insurance.
5. Personal Accident :- Covers are provided for driver's injuries or death when a commercial vehicle crashes.
6. Third party loss :- This insurance covers any third party loss due to commercial vehicle.
7. While pulling a damaged vehicle :- Damage to a commercial vehicle while pulling a damaged vehicle is also covered by this vehicle insurance.

What is not covered?

It is also very important to know what is not covered in your Commercial Vehicle Insurance policy, so that you do not have any kind of surprise or problem when you claim. Here are some such situations :-

Self-harm for third party policy holders

If you have taken your third-party liability-only policy, then in this case the damage to your vehicle is not covered.

Driving while intoxicated or unlicensed

If the owner or driver of the claimed vehicle is drunk or driving without proper license, the cover will not be available.

Willful carelessness

Damage to the vehicle due to inadvertence by the driver (eg, damage caused by the driver driving the vehicle in the event of a flood) will not be covered by this insurance.

Damage due to any other reason

Any damage that is not caused by an accident or due to natural causes such as loss of business or loss in the market, etc. cannot be covered in Commercial Vehicle Insurance.

	Liability-only	Standard Package / First Party
Damage to any third-party person or property caused by your commercial vehicle.	✔	✔
When any other vehicle is carried by your insured vehicle, any third-party damage due to the vehicle being transported in the meantime.	✔	✔
Due to natural causes, due to fire, theft or accident due to damage or theft of own vehicle.	×	✔
In case of owner-driver injury or death.	✔	✔

More information about Commercial Vehicle Insurance

• Why should I buy Commercial Vehicle Insurance for my business?
• Is it necessary to have Commercial Vehicle Insurance?
• How to choose the right Commercial Vehicle Insurance for yourself online?
• How to compare Commercial Vehicle Insurance plans through online medium?
• Calculation of insurance premium for commercial vehicle
• Know these things before taking Commercial Vehicle Insurance policy.
• How is Commercial Vehicle Insurance different from regular car insurance?
• Why is it necessary to purchase or renew Commercial Vehicle Insurance?

Friends, I tried to tell you in full detail about What is progressive commercial insurance and why we need it?, if you liked it, you can also share it with your friends, and if you have any questions, you can ask in the comment is.