Tag Archives: Life Insurance

Types of Business Insurance

Types of Business Insurance

Business insurance protects your company from

Damage to the property due to fire or natural disasters
Theft loss
Third party liability
Employee injure or death
Loss of profits due to accidents
Business Insurance safeguards you and your employees from varied risks that are associated with the business.

Business insurances are not One Size Fits All, they are customized based on what is most needed for your company.

DIFFERENT TYPES OF BUSINESS INSURANCE AVAILABLE ARE –

1- Product Liability

The Product liability insurance is an essential if you are into the manufacturing business. It covers your company from the expenses of a lawsuit that may arise due to the damages caused by your products. It safeguards you from the risk that your product exposes you to.

2- Vehicle

In India, its compulsory to have a third party insurance both for commercial vehicles. So all the vehicles used for business can be insured with the vehicle insurance that saves you from the liabilities that can occur from unexpected damage or loss due to accidents etc.

3- Home Based business

We have all witnessed a high rise in the homegrown businesses given the pandemic and economic situation. The commercial property does not cover your home business. The home based business insurance will cover for your supplies, products and facilities is adverse situations.

4- Worker’s compensation

This insurance ensures employee’s protection from any health conditions or injury that may occur to them in their working period. This plan secures them with covers for disability, death, therapeutic care, etc. The benefits for your workforce gives them an assurance and security leading to their retainment and better outputs.

5- Property

This insurance covers your company from any loss, damages or theft of property that your business faces. It is mandatory for you to insure your property in case of rented or personal business space. Most of your appliances, furniture, interior etc are safeguarded from the loss that may incur.

6- Professional Liability

It is also known as Errors and Omissions insurance that covers you from the loss due to mistakes, failure in performance or negligence. This insurance helps in protecting the company from liability of small mistakes of one employee which can lead to a big loss for the company.

7- Business Interruption

This insurance covers your company from the loss during a disaster or unexpected event which may occur due to the interruption in the day to day business operations. In these unpredictable moments, it’s difficult for the workforce to continue with functions of selling products, coming to office or production of goods and services. Retail stores of commercial outlets more likely need this insurance

What Are Term Insurance Benefits

What Are Term Insurance Benefits

Term life insurance is a form of life insurance that provides financial security or death benefit to the policy nominee in case of the untimely demise of the policyholder. The insured person pays a specific premium towards the insurance coverage for a particular time limit. A term protection plan doesn’t offer any maturity benefits like conventional, money-back or market-linked life insurance policies. Yet, it gives a lot higher inclusion for a less amount of premium.

Important term plan benefits –

Term Insurance Policies are very easy to comprehend: Simplicity is one reason for the growing popularity of term life insurance. Term life coverage is a pure protection plan that centers around offering your loved ones financial security in the form of sum assured in case of your absence. One thing that you need to ensure is paying the premiums on time.

Term protection plans are remarkably affordable: Term policy premiums are as low as 0.1 percent of the total coverage amount. This implies that in the term insurance policy, you get a higher death benefit amount against a considerably a low premium amount which is not offered in any other life insurance policies.

Term Plans offer a lot higher insurance coverage amount in contrast with conventional plans: The total sum assured amount for traditional endowment policies, or ULIPs are around 7 to 10 percent of the annual premium. So, in the case above plans, if you pay a yearly premium of Rs 30,000, you get insurance coverage of Rs 3 lakh that is probably not enough to cover your family’s expense for a long time.

Whereas a term plan offers a lot higher sum assured amount so you can leave your family and wards enough funds that they don’t experience financial difficulty in your absence. The average coverage amount in case of term insurance is Rs 1 crore for which the premiums will be in the range of Rs 10000 to Rs 17000. This means the insurance coverage amount offered by term insurance is about 60 times higher as compared to other forms of life insurance policies.

Term plans offer tax benefits: While the essential purpose behind purchasing a term life insurance is making sure about your family’s future, but you also get the opportunity to save taxes. So, lets take a look at its three tax benefits.

a) Section 80C: Under this segment, you can avail tax deduction up to Rs 1.5 for the premiums paid for the term life insurance policies.

b) Section 80D: This exclusion is permitted for the premiums paid towards health-related insurance coverage such as critical illness riders. You can claim the tax deductions up to Rs 25,000 for the premiums paid towards it.

The Best Health Insurance Policy

The Best Health Insurance Policy

After the corona pandemic outbreak, medical insurance is a new normal. People in India are also getting conscious of their well-being and their rising costs. Increasing awareness about well-being helps people understand how crucial it is to opt for the best health insurance policy that acts as a savior during medical emergencies. But, do you know selecting the right medical insurance plan is as essential as having the best medical insurance? At times, despite having the medical insurance plan, policyholders did not get the claim, and the reasons may vary. So, to avoid last-minute chaos, it’s always advisable to wisely opt for the medical insurance policy.

Steps to Find the Best Health Insurance Plan in India

Here are some jiffy steps that help you to opt for the best medical insurance plan:

Visit the Official Websites

The easiest thing you can do while sitting safely in your home is to visit as many sites of health insurance companies as you can. These days, most of the leading companies publish their plans and details on their official websites. You need to fill a query form, and within a few seconds, you get the quote and call from the customer support team. You can clear your queries and move ahead accordingly.

Scope of Coverage (Policy Inclusions)

Now, your next step is to check the scope of the policy coverage. Read the inclusions and see what types of diseases/ treatments/ medical procedures/and conditions, cover under medical insurance plans. Leading medical insurance companies like Care Health Insurance, HDFC Ergo, etc. also covers advanced and AYUSH treatment.

Policy Exclusions

After inclusions, you should also read about the exclusions of the medical insurance policy. Exclusions are the conditions, diseases, medical procedures, and treatments that are not covered under the medical insurance policy. You will not get the claim for the same.

Know the Benefits

Ideally, medical insurance should offer in-patient hospitalization, pre, and post-hospitalization, daycare treatments, domiciliary hospitalization, ambulance cover, annual health check-up benefits, etc. Moreover, check if the company offers add-on benefits like cover for chemotherapy, dialysis, international second opinion, reduction in waiting-period, and more. It helps you to enhance the coverage.

Budding Company Edges Out The Competition

Budding Company Edges Out The Competition

Regardless of trade or industry, success for any business often hinges on having a compelling angle – a special proposition – that will show your prospective customers that yours is the right product or solution. Try to think about all the companies from which you make regular purchases, and ask yourself why you choose to go back to them every time. Whether it’s the price, proximity, or even prestige, they possess a competitive edge that makes them the best choice in your eyes.

1. Charge more instead of less
Cutting prices is usually an excellent way of piquing the interest of potential customers, but there’s also some value in choosing to go in the opposite direction. As the age-old adage goes, “no one buys a Rolex to tell the time.” And if you want to do more than generate a little bit of profit in the short term and build both your brand and social image, it’s well worth considering prestige pricing to engage buyers who are interested in premium products or services.

2. Protect Your Financial Future with All Relevant Insurance Policies
An unexpected financial setback can devastate even the most financially stable of companies – even if it doesn’t drive you into the ground, the costs of repairs or unanticipated legal issues can put you back years, and make it much easier for your competitors to take your place as you work to mitigate those issues.
For example, if your company requires the use of vehicles for the business’s daily operations, then working without a good commercial vehicle insurance policy makes you incredibly vulnerable to potential accidents that might occur when you or your employees are on the road. If your vehicle is damaged, or you or an employee requires medical attention, then continuing business as usual – while struggling to make room in your finances to pay these expenses – will be incredibly difficult, if not impossible

3. Stick to a niche
Catering to everyone might land you more jobs and projects, but the truth is that it usually has the opposite effect. And you’ll end up spreading your resources thin and coming out with lesser products and services as a result. So even if it means a limited target audience, it’s usually a better idea to stick to a niche. In this way, you’ll be able to guarantee excellent results and always maintain a consistently high level of efficiency and productivity. Those companies which stick to niche make a better impression than those that try to widen their scope and touch many more thing.

The Insurance Industry

The Insurance Industry

History

Marine insurance, the oldest documented form of insurance, originated in Italy in the 13th century. Some may say it was a natural progression from the daring transatlantic voyages embarked upon by the famous Italian explorer Christopher Columbus, but the industry subsequently stagnated.

Until, of course, the entrance of the enterprising British, the bigwigs of Maritime trade in the 17th century. Maritime insurance took off in a major way against the backdrop of Edward Lloyd’s coffee shop, which was the place to be for receiving news and up-to-date developments from the seafaring world. Lloyd’s of London was born as was insurance as we know it today.

The first life insurance policy was also taken out in London in the 18th century.

Insurance has come a long way since those days of long voyages and nautical adventures with not only automobiles and homes routinely insured, but body parts too! From a surgeon’s skilled hands to a footballer’s dexterous legs and even a musician’s melodious voice, anything that can be assigned an economic value, can be insured!

About

The keyword in modern day Insurance, which falls under the Financial Sector, is Risk Management. There are two parties in this process: the Insurer and the Insured. The former constitutes companies that sell the product, while the latter is the buyer of the product, who secures his future by assigning a numeric value to events that may occur in the future.

Insurance can be categorized into Life, Property and Liability, each of which can be subdivided into various categories. Still further categorizations are manifold and diverse.

For those trading on the stock market, buying equity in Insurance companies is considered a safe option

In the UAE

The UAE has the highest penetration of insurance in the region with insurance companies make up a bulk of contributions to the country’s GDP and are considered drivers of economic growth. The UAE’s Insurance Authority is responsible for the regulation of this industry, the majority of rules relating to which fall under the purview of Federal Laws.

The Best Term Life Insurance Policy For Senior Citizens

The Best Term Life Insurance Policy For Senior Citizens

Talking about term insurance, it is a pure protection plan that is specifically designed to secure a family financially in case of the insured person’s sudden death. However, there is a misconception that the term insurance is ideal for young people only as it has a longer-term. But interestingly, this it is becoming prevalent for the senior citizen as well, and they can buy it for the duration of 25 to 30 years. Nowadays, several insurance providers are offering senior citizen term plan, but you need to carefully look into the features and benefits to buy the best term life insurance policy.

Why is term insurance important for senior citizens?

There are plenty of reasons which suggest that term life insurance is essential for senior citizens. So, let’s have a look on those reasons:

Repaying policyholder’s debts and liabilities might become a burden for the beneficiary in the absence of policyholder. Hence, in such case, the sum assured of the best term life insurance policy can assist the policy nominee in paying off the remaining debts and liabilities of the insured person.
The insurance coverage will also take care of the nominee’s financial needs.
The sum assured of a term policy is usually enough for the insured’s family members to sustain their regular lifestyle comfortably.
Nowadays, working age for many people has gone beyond 60 years. And in the absence of the earning member, his or her family should keep getting the monthly income. The term insurance cover amount helps with that.
In case the insured wants to leave behind a legacy, then term insurance is the ideal option so that the family members can always remember the person in his or her absence. As under a term policy, the beneficiary receives a lump-sum amount in case of the demise of the insured person within the policy term.
Features of the best term life insurance policy for senior citizens

The maximum age limit for purchasing term insurance for senior citizens might vary depending on the insurer. Generally, in most cases, the age limit is 60 years.
Traditional term insurance policies only offer death benefit in case the insured dies within the policy term. However, if you want to get maturity benefit, then you can buy ‘Return of Premium Term Plan’. Under this policy, if you survive the policy term, then you get all the premiums back.
The policy premiums depend on the policyholder’s age. So, in the case of a senior citizen, the premiums will be higher as compared to an insured person who is young.
Riders are one of the crucial features of the best term life insurance policy as the riders enhance the spread of the existing coverage while maximising the benefits.
Term insurance providers usually ask for medical tests before approving the insurance. But certain insurers do not require medical tests; they just need your medical history.

Benefits of Hiring an Insurance Agent

Benefits of Hiring an Insurance Agent

Save Money: Let’s assume you make a good decision and go with the Best Life Insurance advisor you find, you have a lot better chance of saving money. These experts use all their skills, experience, and knowledge as leverage to bring good rates for you. They also help in looking for policies annually for you.

Insurance Made Easy: Avoid making policies more complicated than it already is. To be on top of your insurance policies, there are numerous insurance terms, legal clauses, and coverage restrictions you should know about. Think of your business insurance Advisers NZ like a lawyer. They manage all of these complex, unsatisfying factors of insurance on your behalf, whole offering insight and advice when needed.

In conclusion, if you are a first-timer and have no clue about life, medical, health or business insurance or any other policies for that matter, it’s essential to understand and be aware of all the features and advantages before purchasing one. Look for a trusted Home Loan Advisory firm and find the best rates for you.

Eureka Financial Services are the award-winning insurance adviser in Auckland, New Zealand. Our experts Sam Khatri and Shilpa Dagar will provide all guidance and support for selecting appropriate advisers whether it is mortgage protection, TPD, Kiwisaver, Life Insurance, Mortgage refinancing, business insurance, etc. Some of these useful tips will genuinely help you figure out and choose the best financial insurance advisory firm in Auckland, New Zealand. Because it’s about your money, investment and your family future!

Before making insurance done, every individual needs to first check which company is better. He/she must take advice from an insurance adviser in Auckland where to invest and what are the procedures. In this article, I have shared some important points you must watch on to select the best insurance advisory firm in Auckland, NZ for any kind of insurance like finance, mortgage refinancing, mortgage protection, TPD, Kiwisaver. business, health and medical insurance.

Benefits Of Pet Insurance

Benefits Of Pet Insurance

The little furballs at our homes are no less than a precious member of the family. While medical insurance is a must-have for all the family members, you should consider your pet as well. Statistics say, Australia has probably the highest rate of pet ownership than any other place in the world. It is around 62% or 9.2 million households in the country. But in contradiction, pet insurance rates are very low.

Purpose of pet insurance:

Researchers say that vet care is probably the second-highest cost the pet owners bear annually. The primary purpose of having pet insurance is to minimise the cost you will bear for your pet’s medical treatment. It was designed to serve the same purpose as human medical insurance. It gives assurance to the owners that they won’t catch up in a bad situation amidst a medical emergency just because of money.

Types of pet insurance:

Pet insurances are divided into a number of categories, among which the cover for accidental treatment is at its highest. It is definitely understandable that accidental injuries usually require more critical surgeries and cost more money. But it is also advisable to choose the insurance plan that covers illness. There are different policies that focus on the best interests of animal health. You can opt for the high-level insurance if your pet falls sick very often or it has any chronic illness. These high-end policies generally cover vet’s fees and routine care along with the basic insurance benefits.

Slowly people around Australia are learning the advantages pet insurances offer. If you check and consult vets near me in Melbourne, they will also suggest the most common benefits one can get from pet insurance. We have listed them down below to get a clear idea about pet insurance.

Importance of pet insurance:

Saves money

Insurance generally covers accidental crisis or sometimes includes general illness as well. No matter what the case is, you don’t have to put your hands on your savings. Treatments related to accident cases usually cost more money. You don’t have to look out for funding when you land up in an emergency situation with your pet’s health. Your pet insurance money will be of help as it also includes annual checkups and full body treatment at least once a year.

Benefits of Term Insurance

Benefits of Term Insurance

Term life insurance is the simplest form of life insurance that offers financial security to policyholder’s family in case of the untimely demise of him or her within the tenure of the policy. However, while purchasing a term insurance one has to remember that it is a pure protection plan with no maturity benefits. Although, there are plenty of other benefits of term insurance which makes it an inevitable choice for every individual.

High death benefit at low premiums:

One of the primary benefits of term insurance is high sum assured or death benefit amount against low premiums. However, term insurance is not necessarily the least expensive when it comes to renewing the policy after the entire policy tenure gets over as the premiums of term insurance policy will be costlier during renewal as compared to the premiums charged during the policy issued. This is because the policyholder’s age will not be the same at the time of renewing the term insurance policy.

Flexible pay-out options providing financial security to the loved ones:

Term insurance offers various pay-out options such as annually, monthly or partially. This helps the insured person to opt for a pay-out as per his or her convenience, keeping in mind the liabilities. For instance, if the beneficiary requires monthly income, then a monthly pay-out option is ideal to fulfil their daily needs.

Ease of paying premiums periodically:

In term life insurance, one can pay the premiums at different frequencies like yearly, monthly, quarterly or half-yearly. Under single premium plans, one can pay the entire premium at one go and get rid of the hassle of missed payments and getting policy lapse. However, yearly premiums are less expensive than monthly premiums. And, it depends on the policyholder to choose the premium payment option based on his or her convenience.

Tax benefit:

One of the most important term insurance benefits is that its premiums are eligible for tax benefit up to Rs 1.5 lakhs under Section 80C of the Income Tax Act (ITA), 1961. This benefit help policyholder in saving tax. Moreover, the death benefit amount which the policy nominee receives upon the untimely demise of the insured person is completely exempted from tax under Section 10(10D) of Income Tax Act.

Best Insurance Advisor in Auckland

Best Insurance Advisor in Auckland

Among the decisions to make when you wish to invest in life, insurance is what company to select. With countless life insurance advisors competing for your business, you can be tempted to select an Insurance Advisor in Auckland based on the price alone. However, numerous other aspects are just as vital as price. It is often even a lot more vital when you’re investing in a long-term product like life and medical cover protection.

The perfect life assurance company can even change depending on what kind of life insurance you’re looking for. Here are some of the prominent tips that you should consider when buying life cover protection:

Don’t Pick a Company As Per Initial Price Quotes: Undoubtedly, price is an extremely vital factor when purchasing life insurance. But if you settle with a company because of an initial price quote, you may give yourself a bad surprise. You need to know that after the policy has been fully underwritten, which means all your personal and health details have been assessed, you could attain a final and higher price quote from a Life Insurance Advisor Auckland .

Consider Financially Stable Companies: When purchasing life insurance, you enter into a contract (the policy) for a long period. As a payout on your policy can be decades away, particularly with permanent life insurances, you should find a company that handles the ups and downs of the economy and financial markets.

Health Conditions Determine the Right Options: Life insurance prices for the same applicant can differ primarily among companies. Some companies have found they can offer much better rates to people with specific medical conditions and still be profitable. For instance, a few insurers offer better rates to individuals who smoke or to those who have cardiac conditions.

Keep in mind that a mix of health conditions can change the equation for which medical insurance advisor is best suited for you. Life insurance prices for any certain condition are not written in stone. Underwriters often have a few spaces to wiggle. That’s where a skilled agent can know which companies are most likely to offer desirable options for you.