Tag Archive | "General Insurance"

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Why Should You Get Your Insurance In Place Before Diwali?

  • Easypolicy
  • 19 Oct 2016

There is always a good time to buy insurance. In fact, the sooner you buy insurance products, the better it is for you and your family.

However, the festival of Diwali makes it all the more special and important to invest your hard earned money in the right assets that not only provide you with some security, but also go a long way in ensuring that you never face financial difficulties.

We bring to you some important facts to help you understand how buying different types of insurance during this festival season will make your life easier and stress-free:

Life/Term Insurance

Term plans are the simplest of the insurance products. They provide you insurance Coverage for a pre-decided period so that if anything happens to you during the Term of the plan, your family will be taken care of financially. During Diwali season, term plan becomes all the more important with the benefits it offers. It can also become a sensible Diwali gift for your loved ones, as it costs considerably less if bought at a young age. It makes a lot of sense to buy a term plan that provides death benefits to the nominee at lowest possible Premium easily and that too online without stepping out of your house! Getting financial coverage for your Dependants in your absence can be the best source of happiness knowing fully well that your family will be able to live a comfortable life without compromising on their dreams and ambitions.

Health Insurance

During Diwali, the chances of health hazards rise exponentially, given the traditions of burning fire crackers and consuming heavy eatables. This gives all the more reasons to get your health insured, prior to the celebrations. So that, the medical costs can be taken care of in case of any mishaps during the festivities. Also, lifestyle changes can lead to higher risks when it comes to various diseases and ailments. If you’re healthy, it would be better to buy a health plan since premiums are low and you get better coverage in terms of diseases. Features such as cashless hospitalisation and financial help during pre and post hospitalisation period also makes it mandatory to get your family covered by a health plan to be prepared for contingencies. It is best to buy a health plan when you don’t need it because when you’ll actually need it, it might come at a hefty price or may even be denied!

Car Insurance

No matter how carefully you drive, accidents can still happen, especially in the festive season around Diwali, when roads are bustling.  The heavy traffic on roads can not only result in your car getting badly damaged, it can also sometimes result in massive injuries to the driver, passengers and any other person involved. To avoid such unfortunate circumstances, get car insurance that not only provides you financial help to get your car repaired, but also help with money required to pay for medical treatments and other legal litigations. Car insurance is mandatory under the law and the car companies provide it when you buy a new one. However, it is valid for one year and after that it has to be renewed. Why not buy a plan right now, around Diwali so as to safeguard your asset that you must have bought with a lot of love and preparation? Car insurance plans not only cover accidents, but also provide coverage against thefts and other natural calamities.

Just like we plan in detail about buying various gifts for our near and dear ones to celebrate Diwali, it is our duty to spend equal amount of time in safeguarding our lives against unforeseen emergencies.

Buying insurance can help in reducing risks so that we can focus on living a fulfilling and love-filled life. With technology, it has become even more easy to buy a plan. All you need to do is do your diligent research online, shortlist the best products that meet your requirements, compare various plans and buy the one that suits your budget!

Just like you plan to buy various gifts on e-commerce sites, this year do the same for you and your family by gifting some insurance products. They make the best gifts for life.

Let us light up Diwali like never before!


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How Term Life Insurance Plans act as Your Best Tax Saving Tool?

  • Easypolicy
  • 24 Feb 2015

We know the saying “time and tide waits for no man”. These days taxes and bills also do not wait for a man’s approval before being dished out to him. Such is the compulsion to face taxes and bills that we cannot do much when it comes to cutting down bills; however, there are ways to save ourselves from the tax trap through wise decisions to save tax.

The rate of tax on our income may vary depending on our age, level of income and the kind of work we do. Since a big chunk of our annual income is paid as income tax, there are ways in which this taxable income can be reduced. One of the most straightforward ways is in the form of the simple tax saving tool, buy insurance plans.

The General Rules of Tax Saving Tool:

There some simple rules we need to keep in mind before we make an investment. These are:
  • Maximum return minimum investment
  • Matching financial goals to means of investment
  • Save maximum on tax
  • Keep Risk to minimum
  • Procure complete information about investment before making an informed decision

Let us now have a look how insurance plans can save tax as well as serve as a safe and affordable investment option:

Term Life Insurance

In order to secure the family’s future, the breadwinner of the family must purchase a life insurance Policy the earliest that he can. This will help in supporting the family financially in case of death of the breadwinner.

There are various plans that are broadly classified as life insurance products. These include:

  1. Whole Term Life Plan
  2. Endowment Plans
  3. Term Insurance Plans
  4. Money Back Plans
  5. Unit Linked Plans (Ulips)

Regardless of the type of product that you choose, tax benefit is Assured with the purchase of any of these products, since they are all equally eligible for tax benefits under the laws laid down by the Government of India.

The tax deductions are based on the payment of premiums when you buy the insurance policies. The maximum tax deduction offered is Rs 1.5 lakh under section 80C of Income Tax Act (ITA). Also, the death benefit claimed by nominee of the insurance policy holder is exempted from tax under section 10(10D) of ITA.

Consider this piece of trivia: Up to 70% of life insurance policies and products are bought between January and March each year! This is because most people consider that investing in a life insurance policy is the safest, easiest and the most reliable way of securing not just the future, but also income tax benefit.

However, it is advisable that we plan well ahead of the financial year end in order to invest in the right kind of term insurance plans, apart from reaping the obvious tax benefit. Most people postpone tax planning to the very last minute. The flipside is that they could land up playing into the hands of wrong investment options in the last minute just to save tax. If planned ahead, we can invest in Term Insurance plans that help save on tax as well as help us reach our financial goals.

Easypolicy simply makes term insurance comparison easy for you. It's like a search engine that fetches quotes from all insurance companies from desired categories to help you, make price and feature-wise comparisons according to your needs.

Compare Your Best Term Plan Now!


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Points to know before buying a term plan

  • Easypolicy
  • 11 Sep 2014

If you are seeking Risk protection at an affordable price, you may want to give Term insurance a good look. Paying a low Premium is an attractive offer for life cover. So, what do you need to know before buying a term plan?

1.Amount of Insurance cover

It is worthwhile buying a cover which will fulfil the insurer’s family needs when he is no more. Term plan should provide for not just the family’s running expenditure but also provide for major expenditures like marriage of children and liabilities like a car loan, home loan and so on. Your insurance cover should match your family’s needs and requirements.

2.Duration of Insurance cover

Before buying a term plan, it is necessary to match the duration of insurance cover with your financial goals, age and retirement needs. If, for instance, you are 30 years old, there is no point choosing a 15 year old term plan, and finding out that your Policy has expired when you are only 45! Risk protection is an important consideration.

3.Rate of inflation

Selection of a suitable term plan must also be based on its ability to cover sufficiently as money gets devalued with time. It will be futile if the term plan does not take into account the rate of inflation. Think and make sure you have covered your risks by indexing your insurance to the rate of inflation.

Any decision on Term Insurance cover would be better off with due consideration given towards these factors.