Covermitra Insurance Broking Private Limited

Types of Car Insurance Coverage
There are two types of car insurance policy:

• Third Party Liability Insurance
• Comprehensive Policy

THIRD PARTY LIABILITY INSURANCE
Third party liability insurance is mandatory in India as per the law. This policy covers only the damages or loss incurred by the insured car. It also provides personal accident cover for the car owner. However, none of the insurers will cover for any loss, damages incurred or theft of the insured car.

COMPREHENSIVE POLICY
A comprehensive policy covers own damages as well as the third-party liability. It also covers your car in case of theft. A comprehensive policy provides a complete protection package against any natural calamities (Like Earthquake, Floods, Lightning, etc.) and man-made calamities (Like Riots, Strikes, Terrorism, etc.).

Coverage

• Injury to someone else in an accident
• Damage to someone's property in a car accident
• Legal costs & expenses following a car accident
• Damage to your car by fire
• If your car is stolen
• Damage to your own car
• Damage by flood or a natural disaster
• Damage to your windscreen or windows

Know more about Car Insurance
Car Insurance
Driving exposes you to various risks. Car Insurance helps neutralize those risks and mitigate damage repair expenses in case of an accident.
For enhanced coverage, you can opt for add-on covers such as zero depreciation, quick road assistance, engine and electronic circuit cover, return to invoice, no-claim bonus protection, personal accident cover, loss of personal belongings, key replacement, daily cash allowance etc. so that your insurance expectations are fulfilled.
As per Motor Vehicle Act, 1988, it is mandatory for every vehicle owner to buy third party insurance for his/her vehicle plying on Indian roads. If an individual fails to do so, legal action will be taken against him/her. It's recommended to buy a comprehensive auto insurance plan. It provides coverage for third-party liability as well as own damage.
Rather than paying the damage repair expenses, you pay an insurance premium to your insurance provider. The insurance premium is computed on the basis of your insured declared value.

Benefits of Car Insurance

• Covers Damage Repair Costs: Paying for damage repair can be expensive. There can be times where your car might get damaged because of somebody else's carelessness. What if the repair expenses burn a big hole in your pockets? If you have adequate vehicle insurance coverage, you don't have to worry about it.
• Takes Care of Legal Liability: Buying third party insurance cover fulfills your legal liability. In case you are involved in a road mishap, it safeguards you from accident-related legal ramifications (if the accident is caused by you).
• Covers Hospitalization Expenses: Some accidents cause fractures and other serious injuries that need immediate medical attention. Having a motor insurance plan safeguards you from spending hospitalization expenses from your own pocket.
• Financial Support: If a vehicle owner is a sole breadwinner, it's unfortunate if he succumbs to the injuries caused by a road accident. The financial crunch can be threatening for his/her family's survival. The financial support received by vehicle insurer is a blessing in disguise post the unfortunate incident.

Key Points to Remember when Comparing Car Insurance

1. Try to strike a perfect balance between the premium and the offered coverage.
2. Check that your preferred insurance provider has authorized a wide range of car service centres and garages as their network listed.
3. Cashless motor insurance ensures a smooth claim process.

What is Two Wheeler Insurance?
A two wheeler policy provides financial aid in case of an unforeseen incidents that may cause damages to your vehicle. Without a valid insurance policy, you have to bear all the financial burden due to any loss or damages that may incur to your two wheeler, and even the loss that may come with the theft.
It provides financial protection against unfortunate accident that may cause damage to the vehicle or bodily injury to the rider, pillion, pedestrians or damages to the third-party property.

Why is it required?
• NO FINANCIAL STRESS!
It offers you a financial shield in case of theft or any damages caused by or to your two wheeler!
• OBLIGATORY BY LAW
A photocopy of valid insurance policy must be in your possession at all times.
• PERSONAL ACCIDENT COVER
Two wheeler policy holder is covered with sum insured up-to Rs. 1 lakh in case of accidental death or total permanent disability.
• PEACE OF MIND
In the worst-case scenario, you are not obligated to spend tremendously on the repairs of your bike.

Features of Comprehensive Two Wheeler Insurance
• Stay Protected: Stay covered, stay protected against any loss or damage happen to the insured bike.
• Covers Third-party: Policyholder is financially covered against the third-party liability.
• Protection against theft: You are covered in case of theft of your beloved two wheeler.
• Personal Accident Cover: Offers sum insured of Rs.1 lakh for the owner-rider in case of accident and optional pillion rider cover.
• Increase the benefits: Various optional add-on covers are available with the comprehensive two wheeler policy to widen up the coverage.

Types of Two Wheeler Insurance Coverage
There are two types of two wheeler insurance policy:
• Third Party Liability Insurance
• Comprehensive Policy

THIRD PARTY LIABILITY INSURANCE
Third party liability insurance is mandatory in India as per the law. This policy covers only the damages or loss incurred by the insured bike. It also provides personal accident cover for the bike owner. However, none of the insurers will cover for any loss, damages incurred or theft of the insured bike.

COMPREHENSIVE POLICY
A comprehensive policy covers own damages as well as the third-party liability. It also covers your bike in case of theft. A comprehensive policy provides a complete protection package against any natural calamities (Like Earthquake, Floods, Lightning, etc.) and man-made calamities (Like Riots, Strikes, Terrorism, etc.).

Inclusions and Exclusions of two wheeler Insurance
WHAT’S INCLUDED
• Damages that might happen to your bike in an accident.
• Personal Accident Cover - if you (the owner-driver) are injured in a bike accident, the insurer compensates you.
• Financial protection to your bike from natural calamities such as floods, earthquakes, etc.
• In case your two wheeler gets stolen, your insurer will pay an amount equal to your bike’s IDV.
• Coverage for damages caused during a man-made disaster. This includes riots, strikes, fire, and terrorism are covered..

Things you need to know
The thing about medical emergencies is that they can hit anyone, anytime regardless of age, gender or lifestyle. Since it can't be predicted, one can always be prepared for it. Health Insurance protects everyone in your family against financial loss from the unexpected.It's an agreement between you and your insurance company, where for an annual premium, the insurer pays for your hospitalization and other medical expenses as mentioned in your policy.

BASIC HEALTH PLAN
This provides for the hospitalization expenses you might face in case of accidents, day-care procedures, surgical treatments or critical illnesses. However, the features, limits and sum assured will vary from insurer to insurer.

SUPER TOP-UP HEALTH PLAN
Similar to top-ups for mobile network services, this adds supplementary coverage to your existing health plan. The aim is to increase overall sum assured with its corresponding coverage by paying a relatively lower premium.

What is Covered
Customize your Health Insurance
• HOSPITALIZATION
If you are admitted for treatment in a network or a non-network hospital for more than 24 hours.

• PRE & POST HOSPITALIZATION
Medical expenses including diagnostic reports, medicines etc. for the treatment you are hospitalized.

• DAY CARE PROCEDURES
OPD treatments are not included, but procedures such as cataract and kidney stone removal are covered (even if they don't need 24-hour hospitalization).

• ACCIDENT COVER
For medical and other out-of-pocket costs in case of an accidental injury. In fact, this cover is active from the very first day of policy issuance.
Compare Health Plans Before you Buy
Selecting a suitable health plan to protect everyone in your family is not an easy task (Unless, you have been buying insurance only to save on tax so far). Thus, always compare plans on the basis of the following crucial factors:

• PREMIUM VS COVERAGE
Assess if the cover and sum assured are suitable against the premium paid. Choose add-ons as per your needs.

• NETWORK HOSPITALS
Be sure of the insurer's network hospitals in your area. You can avail of cashless services only at these hospitals.

• ROOM RENT LIMIT
Since hospital room rents vary, some insurance plans pay only a part of the actual rent. It's always best to go for higher or no room-rent limit plans.

• EXCLUSIONS
Check what is permanently excluded and which treatments are possibly covered after waiting for a certain period.
Should you Opt for Fixed Benefit Health Insurance Plans
With the change in lifestyle and environment and many other hereditary factors, there has been a drastic rise in people falling prey to critical illnesses. Though medical technology and science has improved tremendously, the cost of medical treatments too has reached sky high! So much so, that a middle class sole earner finds it difficult to save his hard-earned money during medical emergencies in absence of a health insurance policy. Unfortunately, opting for personal loans from banks and at times from friends and relatives has created much distress among many families.

What are fixed benefit health insurance plans?
To encounter such financial hardships to treat critical illnesses, it is essential to introduce something called as ‘fixed benefit health insurance plans’. These plans take care of two major expenses such as hospital room charges as well as the entire cost of the surgery.

What is Travel Insurance?
So, you are a travel junkie and you live vacation to vacation! And you would wonder how a travel insurance would be of your help in your vacation? Well, a travel insurance would help you tackle all the travel and medical contingencies while you travel abroad. You might find buying a travel insurance silly, but it's better to be safe than sorry. Buying travel insurance would not only safeguard you from all the possible unforeseen situations but also help you cherish all the lovely memories of your stay abroad. It is utmost important to add best travel insurance to your checklist while you plan your vacation, be it for leisure or business. Travel insurance is gaining back all its lost significance. To avoid unforeseen conditions like flight delay, loss of baggage, loss of passport as well as medical emergencies, buying travel insurance becomes extremely necessary. It is also convenient and easy, as you can buy travel insurance online.

Key Features of the Best Travel Insurance Plans

• Medical expenses - Offers coverage for any surgical or emergency medical treatment when you are away from home
• Curtailment - Offers coverage for any trip that is shortened or cancelled due to a valid reason. This feature helps you to save a lot of money on cancellation of flights or hotel accommodation
• Personal liability cover - Offers coverage if you damage some one's property or are liable for bodily injuries due to an accident
• Loss of passport - Offers coverage towards expenses for replacing the original passport if robbed during your travel
• Terrorism - Offers coverage for your medical and insured losses during an act of terrorism while your visit overseas
• Repatriation of remains - Offers coverage for expenses to take the insured's mortals or human remains back to the home country

Benefits of Travel Insurance
MEDICAL BENEFITS

• Emergency medical expenses & out-patient care
• Personal accidents
• Medical evacuation

TRAVEL BENEFITS

• Trip cancellations
• Trip delays
• Missed connecting flights

BAGGAGE BENEFITS

• Baggage Loss
• Baggage Delay

ADDITIONAL BENEFITS

• Loss of passport
• Personal liability to cover injury to third party
• Emergency cash advances

Inclusions and Exclusions in Travel Insurance
So, once you buy a travel insurance plan, not necessary anything and everything would be covered. Mentioned below are certain things that would be covered and some that wouldn’t be covered under a travel insurance plan. Let’s have a look at them:

International Travel Insurance
INCLUSIONS

• Loss of baggage/personal documents
• Loss or delay of checked documents
• Emergency medical expenses/medical evacuation
• Repatriation of human remains
• Emergency dental expenses
• Hospital cash allowance
• Accidental death/ permanent total disability
• Personal liability
• Hijack distress allowance
• Financial emergency assistance
• Compassionate visit
• Trip delays/missed flight connection
• Return of minor child

Student Travel Insurance
INCLUSIONS

• Emergency dental/medical expenses
• Accidental death/permanent disability
• Loss of passport/checked luggage
• Personal liability
• Sponsor protection
• Study interruption
• Medical examination
• Bail bond

Term Life Insurance
Term Life insurance provides coverage for a fixed period of time at a fixed premium rate.
In case of untimely death of the life insured during the policy term , the nominee of the life insured gets the Total Payout/Benefit. The benefit can be paid out as a lump sum payout or a combination of Lump sum & Monthly payout or only as a Monthly payout.
Therefore Term insurance plans are said to be pure protection plans which ensure financial stability of the dependants in case of untimely death of the life insured.

Benefits of Term Life Insurance

• Death Benefit: In the unfortunate event of death of life insured during policy term, the nominee shall receive the Total Payout as a Lump sum amount or a combination of Lump sum & Monthly amount.
• Lump sum amount to take care of immediate financial liabilities.
• Monthly income to sustain the family lifestyle.
• Tax Benefit: The premiums paid for Term Life Insurance are Tax free under section 80(C) upto an amount of Rs 1,50,000.
• Rider Benefits: Riders are an important addition to the basic plan offering & provide an option to customize the coverage to the life insured.
• Accidental Death Benefit rider offers an additional sum assured over the base plan offering in case death occurs due to an accident.
• Accidental Disability rider offers an immediate lump sum payment on occurrence of any disability due to an accident.
• Critical Illness rider offers an additional sum assured over the base plan offering if the life insured is diagnosed with one of the critical illnesses mentioned in the rider.
• Waiver of Premium rider offers the waiver of all policy premiums in case the life insured is diagnosed permanent disability or critical illness.
• Option to increase Death benefit: Certain plans have offerings where the life insured can increase the life cover at key stages in life like marriage , birth of child.

Key Terms when comparing Term Life insurance plans

• Total Payout of each plan
• Premium amount paid for desired Total Payout
• Policy term offered
• High claim settlement ratio
• Riders offered with the plan

Home insurance policies in India are property insurance that provides coverage against house damage or that of the contents inside. Apart from unauthorized entry, you can also get an extended cover for accidents that may occur at home. This seemingly useless expenditure is in fact highly essential.
Do not wait for a calamity to prove that you do need home insurance; opt for it beforehand!

Benefits of Home Insurance
Home insurance offers numerous benefits to the policyholder. With a good home insurance in place, you can have complete peace of mind regarding your property investment. You can avail emergency repairs, the additional expenses of living outside your home in case of damage to property, or replacement of personal property, minus the hassles and minimum documentations. Besides, the monthly premiums involved are reasonably low in most cases so as not to put extra financial burden on the insurer. The home insurance premium calculator can help you to calculate and decide which home insurance plan to go for.

Key Features of Home Insurance
The key features of home insurance in general include the following:

• Standard coverage is present against explosion or fire, theft, attempted burglary, damage due to natural disasters, and compensation for damage to property or contents within, through vehicular accidents.
• Reasonable covers for your valuables including camera and jewellery.
• Expense cover is available for alternate accommodation for up to one year.
• Presence of burglar or smoke alarm or other security measures help homeowners to get discount on their home insurance.
• The cover is for both self-owned and rented properties.

Home Insurance Coverage
If you want to go for home insurance coverage, it is possible to choose the cover amount based on personal spending capacities and requirements. Select contents that you want to get under the insurance umbrella. Coverage amount may depend upon the reinstatement value or the current value of the product in market. Also included is the personal accident cover concerning permanent disability or death of policyholder. In such cases, the nominee gets predetermined compensation amounts.
Exclusions
While there is a comprehensive coverage for homeowners through home insurance policies, there are certain exclusions present too. For example, this cover does not include radioactive contamination, or damage due to nuclear explosive equipment. Similarly, you do not get compensation for property or content damage that results from war, military activity, or invasions. Do not ask for coverage when an untoward event such as civil war or coup is responsible for damage to property and content or loss of life.