Wednesday 29 May 2013

Needing better motor insurance



Imagine you are driving along a national highway. It is night time and there are no street lights. You are far off in the country and on your way to a major city. The air is crisp and the headlights lead your way.

From the opposite direction, you see a bright pair of headlights come around a corner. The headlights have the high beam on. In the car you are sitting in, the lights come straight into your eyes. You can’t see anything but white light for a while.

Suddenly, you feel a lurching sensation and you feel your stomach drop out from under you. Your head starts to fly forward towards the dashboard and before you know it, you hear the sickening sound of metal being bent and crushed. When you stop moving, you realize what has happened. You have had an accident.  There was nothing you could have done to stop this from happening. It was simply unfortunate but maybe there is a bright side here. You walk away from the damaged car unscathed and can also rest easy knowing that your car is insured.



In the event of any injury incurred, it also helps to have health insurance to cover any accidental damage to yourself. But if you don’t have health and vehicular insurance, you could see bills running very high. These bills could be from the hospital and from your mechanic. But these bills don’t have to run this high and there is the worry of having to pay them all when you might be in a condition that makes it impossible to handle any of these costs.



Insurance is there for such cases. Life is unpredictable and sometimes through no fault of yours, you could see heavy bills and problems for your family arise but when you are well insured, that stops being a problem. Insurance is a clever way to make your income work for your well being. Because everybody does not need the same insurance, there are various types of insurance eg. For vehicles only liability or third party insurance is mandatory but if no third party incurs any damage, then it is only you who will pay in such an accident case and it would be better to get a more comprehensive policy


This why we say that you should be smart about insurance. Come talk to us through www.insurancebazar.in for help with all insurance questions you might have.

Wednesday 22 May 2013

Understanding the need and definitions behind Health Insurance

If you have anybody at home who has health risks, you will know that having a health insurance is the responsible thing to do. Take the case of this family: It is a family of 6 living in one house. The family consists of maternal grandparents, a mother, a father and their two children aged 12 and 15. The family only has one car and only the father knows how to drive. Suddenly, the grandfather falls ill and the father is away on business.

It falls to the grandmother, mother and children to pay the cost of the ambulance and admitting him to the hospital. But where is the money to come from if the husband has all the financial control and the grandfather has his finances limited by his access to it i.e his health? In a case like this, it is best to have a health insurance that offers a cashless facility and covers the ambulance cost. In this case, the family had all these facilities in place so the father could continue his business and the grandfather went on to live another 12 years that doctors said would not have been possible.

So how do you know if health insurance is something that you need? Our friends at Bajaj Allianz have given us a wonderful breakdown of everything you need to know about health insurance. The full article is below.

It’s not enough to just get a health insurance policy. It is also important to know what the different terms in the policy mean and what they do for you. Let’s start with some of the basic terms that you must know about:

  • Sum Insured – This is the amount of cover that one can opt for and the maximum amount up to which the insured can get benefits in the event of a claim during a single policy year. 
  • Premium – This is the amount paid to the insurance company when you purchase a health insurance policy. The premium to a great extent depends on the sum insured you have chosen. 
  • Pre and Post Hospitalization Expenses – Health policies compensate you for expenses that you would incur prior to getting hospitalized for a treatment, as well as for the recovery treatment post being discharged. 
  • Deductible – This is a fixed amount which the insured needs to first bear for each claim. The insurance company’s liability starts over and above this amount. 
  • Ambulance Charges – This additional benefit compensates you for the charges that you incur when availing an ambulance service in case of an emergency to take the patient from home to the hospital or from one hospital to another. 
  • Day-Care procedures – Certain surgical procedures do not require 24 hours of hospitalisation (the basic requirement when one needs to avail a health insurance claim for treatment). These are called day-care procedures. 
  • Network Hospitals – Insurance companies tied up with hospitals provide better medical services to their customers during their time of need. These networked hospitals allow you to avail cashless facility. It is necessary that the insurance company is informed of the hospitalisation so that they can authorize the hospital to not charge the customer. 
  • In-House Claims Team v/s TPA – The insurance company’s own claim settlement team is called an in-house claims team, while TPA refers to outsourced claims team. An in-house claims team enables the insurance company to directly deal with health insurance claims and provide the customer better service. 

Bajaj Allianz also provides additional benefits. These are called Value Added Services, and are generally meant to help customers enjoy a healthier lifestyle overall by providing discounts on OPDs, medicines, glasses and lenses, gym memberships, etc.

Visit www.insurancebazar.in for a more personalized insurance education experience.

Friday 17 May 2013

When you think insurance...




Insurance worries the people which is ironic because the goal of insurance is to make sure that people feel safe and secure. 

In a world where how we allocate our time and define our priorities defines us as a person, insurance should be one of those things that will alleviate our worries rather than add to them.

Insurance also creates a few unpleasant images in the minds of many. Like the images of being interrupted in the middle of your day to answer the door for an insurance salesman who gives nothing special to you apart from a special way to waste your time. Or the image of the insurance agent who can’t justify your claim because of incompetence.

That’s why www.insurancebazar.in is different. We represent a number of different insurance companies and we don’t sell insurance but we do help you to pick the insurance policy that suits not to mention the company that offers what you are looking for.

If you own a vehicle or are thinking about owning one, you should know that at the very least, liability insurance is mandatory for all owners to protect those who may incur any accidental damage. Having insurance allows you to drive safer in the knowledge that should anything happen, at least your finances will be safe.

In the same way, we want people to feel secure about anything valuable in their lives be it your children, vehicle or jewellery and so much more.

Visit www.insurancebazar.in for a full overview of our services.