- Car Insurance
- Home Insurance
- Travel Insurance
- Term Insurance
- Fire Insurance
- Personal Accidental Insurance
- Burglary Insurance
Why is it necessary to compare car insurance policies?
It is necessary to compare the car insurance policies as it can save a substantial amount of money and give you better coverage options. However, comparing the policies manually can be a daunting task. Universal Solutionss makes it fairly easy for you. When you compare quotes here you can save upto 55% on car insurance premiums along with getting add-ons like riders and benefits on your plan. Make an informed purchase. Compare online and know your car insurance plan properly before buying.
Key Benefits of Car Insurance
Car insurance plan offers following benefits:
• Coverage against loss or damage to the insured vehicle.
• Coverage against loss or damage to your vehicle caused by accident, theft, fire, explosion, self ignition, lightning, riots, strikes or act of terrorism, natural calamities.
• Coverage against financial liability caused by injury/death of a third party or damage to the property.
• Personal accident cover.
Why Car Insurance is Required ?
Car insurance is mandatory so choose a plan wisely. You can now save money, get discounts and find the best deal through Universal Solutionss. Compare various plans and buy hassle-free.
• Get best plans from top Insurance providers
• Lowest premium guaranteed
• Compare and just fill the details
Car Insurance or motor insurance covers for losses that you might incur if your car gets damaged or stolen. The premium amount of your car insurance is decided on the basis of Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces. It is important for any policyholder to compare various auto insurance options before going for a car insurance renewal or buying a new policy.
Coverage under Car Insurance
There are primarily 3 types of car insurance -
Third Party Liability Coverage
Third Party car insurance provides cover against any legal liability to a third party caused when you are at-fault driver. It covers damage/injury caused by you to another person/property. A Third Party Liability cover is legally mandatory in India under the Motor Vehicles Act.
Collision coverage protects the insured financially against damage of their own car. It pays the insured for damage caused by collision which is usually an accident. Damage or loss due to theft or vandalism is not included in collision coverage.
A comprehensive coverage is extensive and includes damage of car, theft of vehicle, third party legal liability and personal accident cover. The policy coverage can be further extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc. This type of coverage is the most popular as it offers end-to-end coverage and thus less stress for the policyholder.
Flat Rs1000/- Cash Back
What are the perils covered under home insurance policy?
Home insurance offers protection against both natural and man-made calamities. Mainly, it safeguards your house from-
Bursting/overflowing of water pipes,tanksLeakage from automatic sprinkler installationDamage caused by vehicle of a third party
What contents are covered under home insurance policy?
Home insurance covers the following contents
FurnitureFurnishing itemsExpensive belongingsPrecious items like jewelry, gemstones, etc.Electronic items like laptops, televisions, etc.Home appliances like refrigerator, washing machines, etc.
Why should I buy home insurance?
Your home is precious and probably the most expensive investment of your life. It is not immune from perils like fire, theft, flood, etc. Disasters are unwelcome guests who do not knock your door before intruding your home. So it is always good to be prepared beforehand to minimize any loss or damage to your home. Home insurance protects you from losing your hard earned money by insuring your house against man- made and natural calamities.
What is home insurance?
Home insurance provides coverage to house and its contents against loss or damage caused by natural (flood, storm, landslide, etc.) and man-made calamities (theft, burglary, strike, riot, terrorism, etc.)
Mainly there are three insurable components- structure (building), content (material assets) and people (family members and third party). You can go for the specific coverage either for the structure or content. Also you can go for a comprehensive cover that includes both structure and content.
Why should I buy travel insurance?
Travel insurance provides protection to you and your loved ones in case you get sick or suffer an injury while travelling. It covers hospital expenses, emergency evacuation bills, lost baggage, flight cancellations and a long list of other costs which can add up to the tens of thousands. Travel insurance provides coverage to deal with unforeseen situations while in transit.
What is single and multi-trip insurance?
Single and multi - trip insurance depends on the frequency of your trips.
Single trip insurance - It stands valid for a single trip and only for a pre-defined number of days.
Multi-trip insurance - People who go on frequent personal or business trips should go for multi-trip insurance policy. With this insurance cover, you are secured for a maximum number of trips in a year and you don’t need to inform the insurance company about every trip.
For how many days can I extend my overseas travel insurance?
The policy can be extended for a maximum of 180 days. In any case, extension should not be more than 360 days. You can renew your plan online by filling a claim form before 7-10 days of the expiry of the current plan.
Can I buy travel medical insurance for my parents who are over 70 years?
Yes, travel insurance can be purchased for senior citizens also. There are various insurance companies that offer travel insurance for people who are aged between 71-85 years.
What is insurance?
It is an arrangement under which an insurance company agrees to provide compensation to policyholder or nominee for a specified loss, damage, illness or death in return for the payment, known as premium.
Why should I buy insurance?
Insurance serves many benefits. The policy provides protection against unforeseen losses/damages and thus, assures complete peace of mind. Moreover, there are some insurance policies which offer the complete financial protection to the family after your death. Some policies can be bought for wealth creation. To sum up, buying insurance is always in your favor as it is a perfect blend of insurance and investment.
What are the factors I should keep in mind while buying insurance?
At the time of buying the insurance, keep the following points in mind-Decide your need= You need to define your needs, like child’s education or retirement and accordingly buy the insurance that will help you meet your future requirement.Background check= Do the complete check on the company’s background to know its reputation and claim settlement record.Understand the policy= Once you have zeroed in on the policy based on your need, you should clearly understand features of the policy, mainly related to maturity date, policy term, etc
Can I buy more than one insurance plan?
Yes, you can buy more than one insurance plan. In fact, it is always advised to buy multiple insurance. If the claim is rejected by one insurer and accepted by the other, you may still entitle to get compensation. Also buying multiple insurance plans helps you to diversify your investment portfolio.
What is premium?
Premium is the amount paid by insured to the insurance company under the contract of insurance. In simple words, it is the total cost of the insurance.
Can I cancel my insurance policy?
Yes, you can cancel the policy anytime by contacting the customer support at the insurance company. Every insurance company offers 15 days free look period at the time of buying the policy. If you revoke your policy within this duration, the insurer returns the entire premium amount, subject to deductions like medical test, etc. However, if you want to cancel it after the lapse of free look period, you may require bearing surrender charges.
What is term insurance?
Known as a pure life cover, term insurance is the cheapest and simplest form of insurance. It is a pure risk cover and is determined by the sum assured. On the demise of policyholder, this pre determined amount is paid to the nominee.
Why should you buy term insurance?
The need to buy term insurance varies from one individual to other, but the most common benefits which influence a person decision to buy a term insurance are as follows-Secure your family- If you are the sole earner of your life, buying term insurance is indispensable for you. Term insurance offers monetary assistance to your family after your death. It means there would be no monetary burden on your family and they could carry on their normal lifestyle even if you are not around.Safeguard against liabilities- In today’s time, we take a lot of liabilities to buy our home, new car and for meeting other expenses. Many of these liabilities are usually paid over a period of time (loans repayments). However, if something happens to you, responsibility of repaying liabilities falls directly on your family. A term insurance helps your dependents to manage your financial obligations.Cost-effective- Term insurance plan is cheap. For instance, a risk cover of Rs 30 lakh for a male age 30 years can be as low as Rs 3000/year.Tax benefits- Term insurance is a great tax saving instrument. By investing in plan, you will get deduction under Section 80C & 10(10D) of the Income Tax Act, 1956.Additional protection options: Many term insurance plans comes with additional cover options in the form of riders such as Critical Illness, Accidental death or disability, Hospital cash etc. It’s easy to appreciate the need of these benefits with our current lifestyle habits.
How much risk cover should I bought?
How much risk cover you should buy primarily depends on your annual income. The general thumb rule says that risk cover should be 10 - 15 times of your annual income. It means if you are earning Rs 4 lakh/annum then you should buy a term cover of at least Rs 40 lakh. The idea is to arrange for self sustainability of dependents so that life style can be maintained and future needs could be settled after the demise of a policyholder.This also depends on the age. Younger age people should and can buy higher cover – up to 25 times. This is because their dependents will take a longer time to be on their toes.
Should I buy a life insurance policy even if my employer has already covered me under group policy?
Yes, it is always advised to buy individual life insurance policy even if you are covered under a group policy because:The amount of insurance you are covered for in the group policy may not be enough.If you leave your job, you may no longer be covered under the group policy.If you employer decides on cost-cutting then you run the risk of losing on the benefits of the insurance coverage.As you age, the premiums are much higher & so is risk. If you decide to buy it later, you will end up paying higher amount. Insurance companies take extra precautions as well.
Fire & special perils
Fire & special perils insurance covers loss/damage to buildings, plant and machinery, tools, instruments and accessories from lightning, accidental fire, explosion/implosion, riots, cyclone, storm, flood, etc. At the time of claim, insured pays for the losses and damages caused to the property for the specified duration of time, subject to sum insured. The insurer does asset valuation according to the market value after factoring in both the depreciation as well as appreciation of assets due to inflation.
Properties Covered Under Fire & Special Peril Insurance are
Dwellings, hotels, offices, shops, etc.
Tank farm/gas holders
What Does the Fire & Special Peril Insurance Cover?
The policy covers such assets as buildings, plant and machinery, furniture and fixtures against
Riot, Strike, Malicious Damages & Terrorism
Subsidence, Landslide and Rock slide
Leakage from Automatic Sprinkler Installations
Typhoon, Hurricane, Tornado, Flood and inundation
Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
Missile Testing operations
What Additional Covers does Fire & Special Peril insurance offer?
By paying additional premium, the insured is entitled to the following additional coverage
Architect, surveyors & consulting engineer fees
Loss of rent
Leakage & contamination cover
Deterioration of stocks
How to Claim?
Immediately inform the insurance company and furnish the following information to process the claim
Your contact details
Name of insured persons
Date and time of accident
The surveyor will visit the site and may ask for the following documents
Duly filled and signed claim form
Copy of F.I.R, if filed
Forensic Department report, if required
Original repair/replacement bills along with receipts
Meteorological report, in case of natural disaster
What is Not Covered Under the Policy?
The policy doesn’t offer coverage in the following circumstances
War and war-like perils
Pollution or contamination even caused by insured perils
High value items such as gold; and cash unless clearly specified
Any damage to equipment caused due to electrical short circuit
Expenses incurred towards removal of debris in excess of 1% of claim amount
Loss of earnings, loss by delay, any other consequential losses
Spoilage of material
Loss by theft
Property is not kept in the premises, or removal of property to any other site except machinery which is sent for repairing / cleaning for a period of 60 days
How Can We Help You?
Most businesses face innumerable risks but not every business manages those risks carefully. PolicyBazaar can help you find the right fire & special perils insurance cover to make sure your business stays protected from all perils. Submit basic details pertaining to your business, coverage required, etc. to compare and find the most suitable plan.
Personal Accidental Insurance
Personal Accident Insurance
Accident is an unfortunate incident that can change course of your life. In such a case, it is utmost important to ensure that your family is safe and protected.
That’s where personal accident insurance policy comes into picture. It is an added protection that provides you assurance that you and your family will be protected in the event of death or disability due to accident.
The key benefit of this policy is it covers almost all risks associated with accidents. Here’s a quick snapshot on the commonly used terms
Solely and Directly
It states that body injury should not be self inflicted; rather it should be solely and directly from an accident.
An accident should be an uninitiated and unintended act. Suicide is one such example
Burglary insurance offers financial compensation against loss or damage caused to property due to burglary or breaking and entering. At the time of claim, insurer pays actual loss/damage to the insured subject to the limit of sum insured. The policy can be further extended to cover valuables, cash, securities and stocks kept in a locked safe.
Inclusions of Burglary Insurance
The policy covers
Furniture, stock and other property owned by the insured in the business premises
Damage caused to premises resulting from burglary or attempted burglary, and breaking and entering
Cash, valuable, jewellery and securities kept in a locked cupboard, if specified
Exclusions of Burglary Insurance
The policy doesn’t offer coverage in case of the following
War, civil war and nuclear perils
Theft by employees or members of the household
Depreciation, wear & tear of goods or equipment
Confiscation of items by customs or other authorities
Burglary due to fire and related perils
Riot, strike and malicious damage, unless specifically mentioned
Premises remain unoccupied for more than seven days, unless specifically agreed upon
Shop lifting, where insured or family members or employees are involved
How to File for a Claim?
At the time of loss, insured should immediately inform the police and insurer. The insured should also provide all the necessary information and proofs to expedite the claim settlement process.
Compare and Find the Best Insurance Cover at Universal Solutionss
Incidences like burglary hinder the growth of a business by putting a financial burden. Universal Solutionss can help you in comparing and choosing the best burglary insurance to safeguard assets you value the most. Now you can enroll anytime, anywhere and get a customized plan as per your requirements.
We strongly recommend you to compare insurance plans of different companies. Every time you visit our website and make use of the free quotes and comparison services, you will get a better understanding of available products, thereby helping you to choose the best plan.