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Guidelines for Health Insurance Renewal in India

Buying online health insurance has become easy in India. However, renewing it on time is equally important because it helps to prolong the benefits of your plan. Moreover, renewing or buying health insurance online is convenient, easy, and affordable. It saves time as well as the efforts of an individual. You can renew it through various modes.

Let us now understand the process of health insurance policy renewal:

  • Health insurance renewal process

Health insurance can be renewed via offline or online mode

  • Online process:

Health insurance can be renewed easily on the portal of the insurance company. You need to fill up all the required details and make an online payment to renew your health insurance instantly. Following are the steps for the renewal of health insurance online:

  1. Go to the insurer’s website: The first step for the insurance renewal process is to log in to the insurer’s website. A renewal link will be available there. This link will redirect you to the renewal page where you can renew your policy. Some websites provide their customers with login ID and password. You can log in on the insurance company’s website and renew the policy.
  2. Provide basic details: You need to provide requisite policy details such as the policy number, date of birth, other documents, etc.
  3. Make the Premium payment: Once you have filled all the details you will be directed to the payment page. You will have to pay a premium for the renewal of health insurance. You can pay the premium by net banking or by debit/credit card.

Instant renewal of policy: After the payment is done you will receive a digitally signed copy of your renewed policy that will contain all details of the policy as well as the coverage amount. Obtain a print of your policy, and store it safely.

  • Offline process:

For an offline procedure, follow the steps mentioned below:

  • Visit the insurer’s office.
  • Pay the premium to the agent at the office
  • Pay cash or issue the cheque in the name of the insurance company and not in the name of any individual


  • Drawbacks of not renewing your policy on time:

Your policy expires if you do not pay the premium on the due date or within the grace period of thirty days. If your policy expires you will lose the benefits of the previous policy such as:

  1. No claim bonus: You get a bonus from the insurers, that can be utilized during renewal, for not claiming in the previous year. However, you will lose your no claim bonus if you do not renew the policy.
  2. Waiting period clauses: The starting period of health insurer membership during which there is not any benefit payable for some procedures or services is known as a waiting period. You can apply waiting periods to any additional benefits while changing or upgrading your health insurance policy. Health insurance policies come with a waiting period of 30 days at the initial stage. If your policy expires you will have to start again with a new policy and a waiting period of 30 days.

A waiting period is an initial period of health insurer membership during which no benefit is payable for certain procedures or services. Waiting periods can also apply to any additional benefits when you change (upgrade) your health insurance policy.

  1. Cover for pre-existing diseases: Some pre-existing diseases are covered after 3-4 years of continuous coverage. You will have to start from scratch if your policy expires.
  2. No coverage: If you do not renew your policy on time, it will expire and you will not be able to avail your health coverage. This means you will have to incur expenses from your pocket in case of any medical emergency. However, if the policy is renewed during the waiting period then all previously provided policy benefits will be continued.
  • Conclusion

Health insurance is essential to cover your medical expenses. The medical expenses can include hospitalization costs, day-care procedures, domiciliary hospitalization, pre and post-hospitalization costs, etc. Although, it all depends on the type of health cover one opts for. For continuous health cover, a timely health insurance renewal is important.



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Follow These Easy Tips To Avail The Best Two Wheeler Insurance

We all know that motor insurance is mandated by the Motor Vehicle Act, 1988. It is important to understand that two-wheeler insurance is also the need of the hour for many reasons. One must have a motor insurance policy to protect themselves from the third party liability cost.

  • Two-wheeler insurance policies

Various kinds of risks are covered by two-wheeler insurance policies. Along with personal liability, comprehensive two-wheeler insurance plans also cover theft and other unpleasant experiences.

There are chances that your vehicle gets stolen when parked near your home or a public place. In such a situation, you must inform the insurance company about the theft. Later, register an FIR with the police station for further investigation. The insurance companies will compensate for your loss as per the value of your vehicle declared during policy issuance, according to the applicable terms and conditions.

When looking for two-wheeler insurance policies, people tend to confuse between a comprehensive insurance policy and a third-party insurance policy.

Third-party Liability Policy

A two wheeler insurance third party takes care of the financial losses that you suffer due to injuries caused to another person, vehicle or property. As per the Motor Vehicle Act, 1988 it is a mandatory policy by law in India.

Comprehensive Policy

The comprehensive plan is basically a combination of third-party liability insurance and own-damage cover. Financial support will be offered against all kinds of damages that are caused to your bike as well as another individual, vehicle or property.

  • How to buy the best two-wheeler insurance policy?

Given below are a few tips that will help you choose the best two-wheeler insurance policy:

  1. Claim Settlement Ratio – Performance of the insurance company is indicated by the claim settlement ratio. When your vehicle is lost or damaged, your insurance plan should assess the damage and on that basis provide financial remuneration for the same. Help should be extended by the insurance company as per the applicable terms and conditions in the policy.
  2. Coverage – To cover various risk factors in a very efficient manner, you should opt for a comprehensive bike insurance plan. A basic insurance plan will cover third-party damages only. However, own damage will not be covered i.e. the loss or theft of the vehicle. Therefore, go through the policy wordings before you buy an insurance policy.
  3. Policy Tenure – Premium will be affected by the tenure of the insurance policy. The insurance premium will be fixed and you might save some money, provided premium rates increases over the year, if the tenure is long. The two wheeler insurance premium will be the same for all three years if you buy a policy of that duration. You will not have to undergo the renewal process at the end of the year if you opt for a long-term policy.
  4. Premium – Insurance premium is based on the model of the vehicle, the age of the vehicle, coverage of your policy and the geographic location.
  5. Customer Support – Customer support and services should be offered by the insurance company as required by the customer. You must have access to reach the company by phone, email or other channels. The assistance in finding the garage, where the repair/ replacement of spare parts will be done quickly and using cashless claims, should be offered by the executives.
  6. Network Garages – Always buy a two-wheeler insurance plan from an insurance company that has multiple network garages all over. It helps you manage cashless service from a network garage. You must inform the insurance company immediately after your vehicle is involved in the accident and fill the necessary forms to avail these benefits.
  7. Add-on Coverage – You can go for additional coverage as per your needs, in addition to the basic features offered by the bike insurance company. There will be great flexibility in terms of your coverage even though the premium increases with the additional cover.
  • Compare various policies

Comparing two wheeler insurance is essential because it helps you save a substantial amount of money. It also offers you better coverage options. A comparison will help you get the best car insurance quotes that can be availed using a two wheeler insurance premium calculator and save considerably on your premiums. An informed decision must be made while buying car insurance online.

Before you dig into comparing different car insurance plans, ascertain the kind of coverage you need and settle for the policy that fulfils your requirements.…

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All You Need To Know About Family Floater Health Insurance Plans

A health insurance is one of the preferred options to secure your family during medical emergencies. Some people buy a separate one for each family member, which is perfectly fine. Now, you can simply buy one single policy for the entire family. Hence, buying a family-floater plan is the best option. Coverage is offered for all members under one single premium.

The family floater health plan is a type of insurance policy that will provide guaranteed coverage to more than one member of a family at the same time. It is very convenient as one policy covers everyone included in the plan. You only need to pay one single premium and both parents as well as children can be covered together. Therefore you must know how to choose the best health insurance plans for family.

Here are the top five things you must consider before buying family floater health insurance:

1. Consider family members

Family floater insurance will include all your loved ones. Certain plans allow only family members to avail policy benefits. Although, some of them can accommodate up to a certain number of family members as stated by the insurance provider. Before making a final selection, consider the number of dependants, their age, and so on. Next, pick a plan that suits your and your family’s needs.

2. Consider the members’ health

After you have finalized on the number of dependants you want to cover in a health plan, consider their health condition. It helps in calculating possible medical expenditures. In addition, it help evaluate the charges for ailments and diseases that are pre-existing.

3. Decide the Sum assured

You must choose the right sum insured, whether you purchase health insurance for yourself or your entire family. It’s about the amount against which your medical bills are paid. Always keep your family’s present and future health situation in mind while selecting a number. See to it that you can afford the premium amount to continue the policy in the long run.

4. Opt for network hospitals

When it is about your family, choose a hospital that is the vicinity and caters to the needs of all family members. You must also examine the health insurance company’s network hospitals. Opting for network hospitals guarantees cashless treatments. You can pick these hospitals and avail cashless treatments with ease.

5. Check for claim-settlement ratios

The number of claims passed by the insurance company in a certain period of time is known as the Claim Settlement Ratio. Before you select an insurance plan, the settlement ratio is also an important factor to consider. Securing your family’s health is very important, for doing so you need a health insurance policy which provides you with the monetary help that you require during emergencies or otherwise.

Always make it a point to peruse the policy documents, as this will help you while filing an insurance claim.

  • What all is covered under the family-floater insurance policy?
  1. Nursing expenses that are incurred during in-patient hospitalization
  2. Pre as well as post-hospitalization medical expenses
  3. Ambulance charges
  4. Room, boarding expenses as provided by the hospital
  5. Anaesthesia, oxygen, blood, and operation theatre charges, X-ray, dialysis, radiotherapy, chemotherapy, diagnostic materials, medicines and drugs, cost of a pacemaker, cost or organs, artificial limbs, donor’s medical expenses towards organ transplant, etc.
  6. Reimbursement of expenses up to a certain maximum limit as predefined by your insurance provider
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Business loan, Start Ups and Angel Tax

India has one of the fastest-growing startup ecosystems in the world. And the recent government initiatives like Make in India, Startup India and schemes of small business loans are giving it a further boost.

Such business loan schemes and promotional campaigns are having a positive impact on angel investors in India and around the world who are increasingly investing in startups in India. An angel investor is a person who provides capital to startups in exchange for convertible debt or ownership for equity in the startup.

Until recently, startups in India had to face a big issue of Angel tax, which was introduced in 2012. Angel tax is the income tax levied on the capital raised by companies which are unlisted, through issuing of shares via off-market transactions.

The uniqueness about this tax is that it is levied if the angel investor is an Indian citizen. Along with that, the tax is applicable if the share price of issued shares is more than the company’s fair market value. The excess value is considered as income and deemed taxable.

Angel tax was introduced under the Finance Act, 2012 to combat money laundering through small companies. However, it was having a negative impact on the startup ecosystem.

To stop this negative impact on the startups in India, the government has given certain concessions like the entity will be deemed startup for 10 years up from 7 years. In addition to that, the upper-limit tax exemption for startups turnover is increased to Rs.100 crore up from Rs. 25 crore.

Exemptions on investments made by domestic investors on startups will only be given if it meets the below-listed criteria’s:

  • After the shares are issued, the paid-up capital complete with a share premium of the startup should not be more than Rs. 10 crore
  • The startups fair market value must be certified by a Merchant Banker
  • An investor net worth should be Rs. 2 crore
  • The average income of the investor in the last 3 financial years should be Rs. 50 Lakh or more

As of now, a startup has to simply put a request for angel tax exemption to the DIPP (Department of Industrial Policy & Promotion), with the required documents.

At present, the angel tax rate is 30.9% on the net investment which is more than fair market value of the business entity. So if a startup with a fair market value of Rs. 15 crore get an investment of Rs. 25 crore, by issuing 1 Lakh shares of Rs. 2,500 each, it will have to pay the Angel Tax amounting to a whopping Rs. 3.09 crore, on the excess Rs. 10 crore.

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Government loan schemes for women entrepreneurs

With the Indian economy growing at a faster pace, a vast number of women have started entering the workforce. Not just that they are increasingly becoming job creator thanks to women’s entry into entrepreneurship.

Even the governments, whether central or state have started encouraging women to become entrepreneurs by providing them with small business loans. These business loan for new business, especially for women, will help them to enter the formal sector of the economy and become financially independent.

In order to facilitate and empower women in setting up their own business, central and state governments have launched various schemes of business loan in the last few years.

Here is a list of some schemes below:

Mudra Yojana

Mudra Yojana provides small business loans from Rs. 50,000 to Rs. 10 lakh to non-cooperate, non-farm small/micro-enterprises. Mudra loans can be given by commercial banks, regional rural banks and non-banking financial institutions.

Mudra loans have a special focus on female entrepreneurs who want to set up small businesses like a beauty parlor, tailoring shop, etc. Under Mudra loans, a women entrepreneur does not need to provide collaterals for security and the loan can be applied online.

Mahila Udyam Nidhi Scheme

If any female entrepreneur wants to avail a business loan for setting up her business, they can avail the Mahila Udyam Nidhi Scheme. It comes under the Small Industries Development Bank of India (SIDBI).

Under this scheme, a female entrepreneur can get loans of up to Rs. 10 lakh for a new or existing business. Interest rates may vary as per the government policies.

Stree Shakti Package

In order to avail this scheme, the women must have more than 50 % share in the business. A women entrepreneur can get up to Rs.20 Lakh under this scheme and if the loan amount taken for the small sectoral unit is below Rs.5 lakh than no security is taken.

TREAD scheme

Under Trade related Entrepreneurship Assistance and Development (TREAD) scheme which come under the Ministry of Micro, Small and Medium Enterprises, the government provides women entrepreneurs with finance and training.

Under this scheme, the government covers 30% of the total cost, while lending institutions will give the rest 70%. Apart from that, the government will also provide training to women entrepreneurs through an NGO and cost will be borne by the government.

Bhartiya Mahila Business Bank Loan

This scheme was launched through Bhartiya Mahila bank, especially for women entrepreneurs. The maximum loan amount that can be applied under this scheme is Rs.20 crore for manufacturing enterprises and loans up to Rs.1 crore will be collateral-free.

This business loan has the maximum repayment tenure of 7 years as of now.

Udyogini scheme

This scheme is applicable for those women who engaged in agriculture and other small business. Under this scheme, small business loans are provided to women who otherwise have to depend on money lenders.

A loan amount of up to is Rs. 1 lakh is provided under this scheme, but the amount can vary depending on the state governments. The scheme is applicable to the household of a female applicant whose annual income is less than Rs. 1 lakh.

Apart from the above list, there are various other government loan schemes for women entrepreneurs that can be taken through banks and financial institutions.

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Armagh Mortgage Brokers and Mortgage Approval Advice

There is no doubt that your mortgage advisor has a lot of value when you consider that most people just jump into the loan when they see some low prices or dropping interest rates. This, later on, becomes a huge problem, when they realize they can’t handle paying for the property. In many cases, you won’t even get it because of your credit score or other factors. Gather information from advisors or Armagh mortgage brokers that can help you out because at some point you will need one.

It can be very stressful when you are in a hurry to get a property because you might get denied a few times or you might have less money than needed. There are a few things you need to do before you even look for a new home including paying off your debt and making a budget. You will need to find ways to improve your credit score to be able to get a loan for any property you like.

Credit Score

The problem starts with a lack of information people have like not knowing that it takes a couple of minutes to get your credit report and find out what your credit score is. Some people that know this won’t even look at their credit history and they will submit a loan application thinking they will qualify. Checking it out is the first step you need to do in order to plan to buy something in the near future.

A number one thing that impacts mortgage approvals is the credit score. Most lenders will request it to be around 680 so if you have a lower score you will be denied for a conventional loan. That isn’t the only thing that can impact approval. If you didn’t make a few payments on the loans you have or you are frequently late, you might not get it. You need to lower your debts and pay bills on time to clean up your credit history before applying. Read more on this website.

Save Money

Requirements change from time to time and you might need to have cash in order to apply for the credit. When the lender sees that you don’t have cash up front, your request can easily get rejected. Depending on the lender and the loan, the down payment minimum will vary. The lender is the one who makes the criteria for it and an average is at least 3.5%.

When the down payment is higher, around 20%, it will be easier for you in the long run because it alleviates private mortgage insurance. It means that your payments will be lower when you get rid of PMI. A down payment isn’t the only expense that you need to think about. You’ll also have application fees, credit report fees, title searches, home appraisals, home inspections and other expenses.

Get more information here:

Don’t Quit Your Job

It also happens that people quit working before they close the deal and in the end, they didn’t get to close it because of it. You can lose many great deals this way thinking that you will find a job in the area you are going to but that isn’t the choice you want to make. While you are in the process of buying the house, stick with your job.

The overall process can be stopped when they find changes in the status of your income. They will determine if you will get the loan based on the information they have in the application. Getting a lower-paying job will also impact the decision. You need to have a job so it will be more convincing that you will pay it off.

Avoid New Debt and Pay Down Debt

It isn’t so complicated to get a loan, but the less you owe the better the chances. Lenders will check your debt-to-income ratio when trying to approve the mortgage. In most situations, your debt payments shouldn’t exceed 35% of your monthly incomes. When you pay everything off before applying for a new one, you will also get a better rate. Lenders will recheck your credit because you might get into another debt a day before closing. Any major purchases should be made after closing the deal.…

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9 Tips to Reduce Your Two Wheeler Insurance Premium

It is mandatory for every vehicle owner to purchase at least a third party liability only insurance policy for their two wheelers. Or they can purchase a more comprehensive insurance plan that will provide enhanced coverage for themselves, their co passengers, and their vehicle. Following are the few tips to help you reduce your insurance premium without compromising on the type of coverage.

Avoid making small claims

Motor insurance companies offer a no claim bonus to policyholders who don’t make any claims during a given policy year. No claim bonus plays a significant role in reducing your premium payable for the following policy year. Make sure to avoid making any small insurance claims during the policy year in order to keep the no claim active.

Choose the right coverage type

While purchasing a two wheeler insurance plan, one can opt for a third party liability only cover, a comprehensive insurance plan, or a long term policy. Always make sure to assess your needs and premium payment capacity before purchasing an insurance plan. If you ride your vehicle often, then you can go with a comprehensive or long term insurance plan. And if you use your two wheeler very minimally, you can opt for a third party liability insurance policy and save on the premium.

Purchase add ons wisely

Motor insurance companies allow you to purchase add ons to increase the protection accorded by the base insurance plan. Certain add ons include a Personal Accident Cover for the pillion rider, Roadside Assistance Cover, No Claim Bonus Retention Cover etc. Make sure to only purchase the add ons that you really require.

Opt for a long policy tenure

Two wheeler insurance plans can be purchased for a longer tenure. You can opt for a policy tenure of 1 year, 2 years, or 3 years. Opting for a long policy tenure helps you to save on the premium amount as it remains locked for the duration of the policy tenure.

Opt for deductibles

The deductible amount is fixed by the insurance company. Higher voluntary deductible reduces your premium payable and vice versa. However, you need to ensure that you have the necessary funds to pay for your part of the claim amount before opting for a high voluntary deductible.

Renew your policy on time

As a policyholder, you need to remember to renew your two wheeler insurance plan before the completion of the policy tenure. Missing out on two wheeler insurance renewal within the completion of the grace period could lead to termination of your insurance cover and loss of your accrued benefits. Thus, make sure to set up an online policy renewal reminder.

Compare insurance plans
Before purchasing an insurance plan, always compare various insurance plans. While comparing policies always read through the policy features, benefits, claims procedure, incurred claim ratio of the company, premium payment channels, etc. You can evaluate premium quotes on the insurer’s website using a two wheeler insurance premium calculator and proceed with a plan that provides you with adequate coverage at a competitive price.