General Insurance

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Insurance other than 'Life Insurance' falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.

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Health Insurance

Medical bills rising faster than inflation:

According to the survey by global consultancy firm, this has also sent the cost of health insurance cover surging. Worse, the situation is not going to get better any time soon.

While the government of India has vowed to bring overall inflation below six per cent soon, Medicare costs are expected to outstrip price inflation well through the medium term as well.

Healthcare costs to rise 8 percent year on year:

The cost of healthcare services is expected to rise around 8 percent year on year, more than three times the projected rates for inflation and economic growth, the growth rate of 8 percent for overall healthcare costs contrasts with expectations for growth of 2.4 % in gross domestic product and a 2.0 % rise in consumer prices.

Upward pressure on healthcare costs comes in part from a rebounding economy and the growth of new medical technologies, including robotic surgery and the nuclear medicine imaging technique known as positron emission tomography.

Right health insurance can be a saving grace

Medical inflation is a cause of concern for each one of us today. India lags behind its global counterparts in offering a state sponsored health insurance system to a large section of the population.

As a result, it has one of the highest out-of-pocket spends at 61 per cent, putting a lot of stress on family budgets in case of a medical treatment.

Before you zero in on a policy, you need to be clear about your requirements as well as your existing medical history and your family’s. Having zeroed in on a policy, it is very critical to thoroughly understand the same including the caveats.

The following factors will help you choose a health insurance policy in line with your needs:

Adequate sum insured:

It is essential to take sufficient cover which protects you and your entire family. It is important to choose the right amount of sum insured depending on the past medical history of the elderly family members as they would require higher health insurance coverage.

Similarly, the location where you reside should be taken into consideration. A person staying in a tier I city would require a higher sum insured compared to a person who lives in a small town since the hospitalization costs are higher in metros.

Cashless med claim:

Most health insurers provide cashless facility to insured individuals. It is necessary to check the list of network hospitals that are offered to the policy holder.

Cashless facility offers convenience to the insured as it avoids the hassle of making payments and then claiming reimbursement. Some of the companies have their own claims processing unit which makes direct payment to the customers.

Age limits:

It is essential to understand the maximum acceptable age limit offered by the health insurance company. The possibility of falling sick is much higher at an older age. Hence, it is important that one is covered by a comprehensive health insurance plan even after retirement.

Also, you should choose a policy that can be renewed after the age of 65 because at an older age it is difficult to purchase a new insurance policy.

Value added services:

Most of the health insurance plans in the market offer features that are competitive. An emerging aspect is the additional value-add perks offered along with the policy.

Health insurance firms now offer various additional value add services like free health check-up, online chat with doctors, dietician and nutrition e-consultation, physiotherapy, speech and audiologist consultation.

Opting for these value-added services can result in a substantial saving for the insured individual. In addition to the haves in a policy, you need to know the have-nots as well to avoid negative surprises later.

Given below are a few factors which are typically not under the covered expenses.

Limited services:

Some plans have a limit on certain services. For e.g. ten doctor’s visits per year, in this case, the policy holder will have to pay full cost of any visits above that limit as they would not be considered as part of covered expenses.

Co-pay and sub limits:

Few Insurance companies have introduced the co-pay and sub-limits wherein the insured individual agrees to share some of the expenses incurred. In this case, the insured benefits from a lower premium amount compared to a regular policy with no sub-limits.

It is essential that you conduct a thorough research and make an informed choice while choosing a comprehensive policy. Preventive care helps and it prolongs the need for insurance but it is wise to keep ones family protected with a good health insurance cover.

Checklist:

Choose a policy that can be renewed after the age of 69 because at an older age it is difficult to purchase a new insurance policy

Some Insurers have introduced co-pay and sub-limits wherein the insured individual agrees to share some of the expenses incurred. In this case, the insured benefits from a lower premium amount, the location where you reside should be taken into consideration. A person staying in a tier I city would require a higher sum insured than someone from a tier II city.

Good Multispecialty hospitals may be few and far between, so it is necessary to check the list of network hospitals that are offered to the policy holder.

Health plan serves as an excellent tool to protect your Health and also for your beloved Family.

The Health Insurance aims to protect and assure your Wealth portfolio under the Growth and Aspiration bucket would aim to provide the “thrust” to the Growth.

As a part of our continuous Endeavour to find products which would address various aspects of a client portfolio, Fincare Capital have been associated with leading Health/ General Insurance companies to offer a wide range of Health / Medical Insurance + guaranteed renewal products for whole life, which would form a part of your Protection Bucket.

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Car Insurance

Car insurance technically provides protection against the losses incurred as a result of unavoidable instances. It helps cover against theft, financial loss caused by accidents and any subsequent liabilities. The cover level of Car insurance can be the insured party, the insured vehicle, third parties (car and people). The premium of the insurance is dependent on certain parameters like gender, age, vehicle classification, etc. Car insurance gives confidence to drive fearlessly but at the same time should follow the traffic rules. In emergencies it acts like a boon to the insurer.

With so many car insurance companies vying for customer base in the market, it is quite difficult to make a decision like choosing the right policy covering the requirement, right insurer, etc. Figuring out the right insurance policy fulfilling the requirement and being cost effective can be time consuming. We assists in this endeavor of finding the right car insurance for the users. Fill in an online form, and mention the details, specific requirements and our experts will take it forward. We bring the most competitive cost quote and benefits of all insurance companies under one roof helping decision making.

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Travel Insurance

Be it business or pleasure travel, having a trouble free trip is what everyone looks forward to. Illness is uncertain, it can spoil the planned trip. But with insurance in hand, medical bills are taken care of. Other difficult situations like loss of passport or baggage while traveling can also add on financial difficulties. These are all covered by travel insurance. Travel insurance usually covers medical expenses, financial or any other looses incurred while traveling. Travel insurance is arranged at the booking of a trip to cover exactly the duration of that trip. Travel insurance offers coverage for Student travel, business travel, leisure travel, adventure travel, cruise travel, and international travel. Irrespective of the nature of uncertainties, a suitable travel insurance fulfilling the requirements can offer the coverage needed while away from home.

It may save spending a fortune in any tragic unforeseen incident. But the challenge is to find the right policy that fits the budget at a short notice. Here the expertise of We can assist you. We offer a great search system which assist you buy best insurance for travel in just a few steps. Our reliable, innovative and advanced search system enables comparison of policies with prices and beneficiaries in just a few clicks. Choosing a suitable travel insurance best fitting the budget and requirement just got easier with us!.

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Home Insurance

Buying a house is probably the single largest investment in one's lifetime, spending as one does a substantial chunk of one's savings on the prized possession. The spending does not stop there.

A considerable sum then goes into kitting out the interiors, which increases the value of the property. Yet, scores of home owners fail to insure this asset, typically due to lack of awareness. Here are the five common situations under which you may require a householder insurance plan, and the circumstances under which the contents may not be insured.

1. You drop and damage your LED TV, microwave or computer.

If you damage a gadget, a home insurance policy may not come to your rescue. Insurers can attribute the damage to carelessness and reject the claim. However, some insurers are more accommodating. "A basic home insurance policy covers only risks like fire, earthquake, burglary, etc. However, if one opts for the all-risk (functional equipment) cover for contents as well, the policy will insure the cost of damage to equipment while shifting within the house."

Bear in mind that the policy will only reimburse the cost of repair or, in case of total damage, the cost of equipment, subject to depreciation. Certain insurers cover accidental damage subject to the age of the equipment. For instance, Bajaj Allianz My Home All Risk policy offers coverage for equipment that is up to 10 years old. For portable equipment, it is five years.

"In this policy, section called breakdown, which covers electronic and electrical items in the house for electrical and mechanical failure. Along with this, audio and audio-video appliances are also covered for accidental damage."

2. Sudden surge in power damages your air conditioner, refrigerator, television.

Most insurers do not cover any damage to electrical equipment caused by power fluctuation. One can stake a claim only if the appliance is destroyed due to a fire, which is the result of a power fluctuation or short circuit.

Insurance companies such as Bajaj Allianz cover electrical and mechanical breakdown on the condition that the equipment is not more than 10 years old.

3. Domestic help or a relative is involved in a theft in your house.

Some policies, such as the HDFC ERGO Home Insurance, cover valuable contents, including gadgets and ornaments, against the incidence of theft—irrespective of who the culprit is—if it happens in your absence. You will have to file a first information report (FIR) before making a claim.

However, insurers can simply deny the claim citing that the loss has been caused by a person who had authorized access to the house.

4. You leave a gadget or an appliance on, and it leads to fire.

If the insured can establish that he or she did not deliberately cause fire, the loss is typically covered. "Damage to household equipment due to fire, as long as it is not due to willful negligence, is covered under Bajaj Allianz householder’s policy, provided the equipment is less than 10 years old."

5. A storm uproots a tree or a pole that damages your house.

A storm is a special peril and home insurers compensate the insured for the loss or damage to property due to a natural calamity—storm, cyclone, typhoon, tempest, hurricane, tornado, flood or inundation.

"In case of a storm, there are high chances of damage to the house due to uprooting of trees or collapse of man-made structures. Such losses are covered under a householder's policy." However, if rainwater enters your house and causes damage, say, to the contents in the basement, the policy may not compensate you.

"Keep in mind that the rainwater entering the house will not be covered under the policy unless there is a flood situation. It means the relevant authority in the particular area has to declare the same."

If the contents in the basement are specifically mentioned in the policy as part of the contents insured, only then will they be covered.

Things to keep in mind

  • Since the terms and conditions of various household policies differ, it's important to go through these carefully. These policies come with a compulsory deduction. It can either be a percentage of the claim amount, usually around 5%, or Rs 2,000-20,000, whichever is higher, for cover.
  • This is the sum that you will have to pay from your pocket before you can avail of the indemnity cover. For electronic and electrical items, the deductible could as low as Rs 250. The insurer also considers the deprecation, depending on the age of the gadget, for compensation.
  • "If the claim is legitimate, each one is cleared, even a minor claim of Rs 1,000 or less." The premiums of household insurance policies are in the range of Rs 3,000-15,000.

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Corporate Insurance

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