E-Policy

20/02/2023

02/01/2023

Financial tips for young adult! 💰

22/12/2022

The Government has introduced new long-term bike insurance valid for five years. Due to the rising number of two-wheelers on Indian roads, the Insurance Regulatory and Development Authority of India (IRDAI) has made five-year bike insurance mandatory. This long-term bike insurance will cover your motorcycle for damage from unforeseeable occurrences such as theft, accident, and third-party liabilities.

The 5-year Insurance Policy

In September 2018, the IRDAI changed its policy in response to the Supreme Court’s decision and made bike insurance for five years mandatory. By doing this, the IRDAI hopes to insure as many two-wheelers as possible and reduce the burden of vehicle accident damage with expired or no insurance. It is important to note that 5-year two-wheeler insurance plans also need third-party coverage. Under the Motor Vehicles Act of 1988, you must have third-party insurance to ride your bike on Indian roads. You risk paying hefty penalties and losing your licence if caught riding a bike without third-party insurance. In case you have bike insurance, renew it before expiry to avoid severe consequences.

16/11/2022

Financial tips for millennials! 💰

07/11/2022

In a bid to digitise the insurance marketplace to the benefit of policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) has launched Bima Sugam. Literally translating to easy insurance, Bima Sugam is an online marketplace offering a spot to all sellers of insurance on a single platform. The online platform, encompassing both life and non-life insurance, is set to go live on January 1, 2023.

Multiple insurance-related processes, including buying and selling of policies, keeping details of the current policy handy (portability facilities), settling claims, and changing insurance agents, will be accessible via Bima Sugam. It allows buyers to purchase life, motor, or health insurance policies directly. These facilities will be available to customers via an electronic insurance account (E-IA). Bima Sugam will have a largely democratised ownership pattern. Multiple insurance companies providing general and life insurance are expected to become significant shareholders of the one-stop online insurance platform. Bima Sugam also envisions web aggregators like PolicyX and PolicyBazaar, banks, brokers, and insurance agents serving as facilitators in peddling insurance policies to customers.

Capitalising on the prospect of centralised data that will be available on the platform, once people start using it, Bima Sugam will give buyers a great variety of policy options to pick from. It will also reduce the cost of policies falling on the client’s head by reducing the amount one often needs to pay to the intermediaries. The new initiative is also expected to allow for the faster acceptance of new/sandbox products.

The forum will thrust for end-to-end digitisation of the insurance-selling ecosystem. It will rely on policyholders giving consent via Aadhaar verification. This will be necessary for clients to be able to access policies. Policyholders who have signed up to be a part of the forum will get their E-Bima or E-insurance accounts. Using these, they will be able to view their policies and file a claim. All the information stored in one place would make claim settlement a more comfortable process for nominees/beneficiaries.

18/10/2022

06/10/2022

Tips for Healthy Lifestyle! 👍

29/09/2022

How to avoid mistakes while renewing car insurance online?

Step 1: Renew the policy on time

Step 2: Go for the appropriate IDV (Insured Declared Value)

Step 3: Use the accumulated No-Claim Bonus (NCB)

Step 4: Consider the voluntary deductible

Step 5: Opt for the right add-ons

23/09/2022

Tips Before You Decide To Travel! 🚍

12/09/2022

The finance ministry is contemplating changes in insurance laws, including reduction in minimum capital requirement, with a view to increasing the insurance pe*******on in the country.

Insurance pe*******on in India increased from 3.76 per cent in 2019-20 to 4.20 per cent in 2020-21, registering a growth of 11.70 per cent. Insurance pe*******on measured as the percentage of insurance premium to GDP witnessed handsome growth during the year, mainly due to the outbreak of COVID-19.