insurance

Why should you buy LIC Term Plan?

As compared to other types of life insurance, term insurance plans are the simplest and the most beneficial form of insurance product. Be it consumer or financial experts, term insurance plans are preferred by any over other life insurance plans. One of the major reasons why LIC term plan is better insurance option is that it offers higher sum assured amount at very low premium rates.

Term insurance plans are particularly designed in a way to provide financial protection to the family against unforeseen circumstances. The life insurance plans are generally known as a protection plan. While life insurance plans offer a wide variety of options to the buyers, a term insurance plan offers life coverage with no saving or profit component. Term insurance plans are best for those insurance buyers who just want to have a life cover without any savings. Moreover, these plans are one of the most affordable plans and can be availed easily in a hassle freeway. Besides this, to validate the point that why one should have term insurance plans, here we have discussed briefly some of the benefits of term insurance plans.

The major reasons why you should buy LIC term plan are as follows:-

1. Simplicity- As compared to ULIP or endowment plan, term insurance plans are much simple and easy to understand. Under LIC term plan, one has to pay the whole premium once and get covered for the term chosen. It can really get complicated to plan financial goal around cash value insurance plan. Generally, it gets difficult for an individual to divide the premium into risk cover cost and savings. But a term insurance plan simply provides the life coverage so, there is no risk involved in it.

2. Competitive Pricing- As term insurance plans are simpler and have the same structure it can be compared easily on the basis of price. With the growing demand of term insurance plan, it is rapidly emerging as a commodity. In order to choose the best insurance policy, you can compare the quotes online and choose the most suitable plan for yourself. As compared to cash value policies, term insurance policies are more price competitive as buyers suffer fewer information problems.

3. Flexibility- LIC term plan provides more flexibility than the cash value policies. Under term plans, if a person stops paying the premium, the risk coverage stops as the policy ends. Cash value policies provide the survival benefit only after the completion of the whole tenure of the policy. If you stop paying the premium midway, you can go through financial loss as you will not able to recover the saving portion without any deduction.
Moreover, there are numerous term insurance policies which can be renewed as well as can be converted. One can also change the term insurance plan into endowment plan. The insured person will just have to pay the extra premium and the sum assured amount will remain the same.

4. Tax Benefit- The premium paid for the term insurance policies provides tax exemption under section 80C of Income Tax Act. However, in endowment plans, as the premium rates are high one get more benefit under section 80C of Income Tax Act. Moreover, endowment plans also provide tax benefits on the maturity claim under section 10(10D) of Income Tax Act.

5. Lowest Premiums- As compared to the other life insurance policies, the premiums for term insurance is much less. For example- if a 30-year-old person buys a term insurance policy of 20 years tenure for the sum assured amount of Rs.10,00,000, then he/she will have to pay an annual premium of Rs3000. Similarly, if a person takes an endowment policy, then he/she will have to pay an annual premium of Rs.30,000 and if it is an endowment with profit policy, then the yearly premium will be about Rs50,000.

In case you have taken a large loan like a home loan or car loan. Then buying a term insurance plan is beneficial, as you can cover the risk by repaying all the loans with the help of a term insurance plan, which is cheaper as compared to the other types of insurance plans. In the case of uncertain demise of the insured person, the plan not only provides a death benefit to the nominee of the policy. Additionally, it can also be used to cover the risk of business loss due to the untimely death of the policy holder.

However, while purchasing term insurance policy, there are certain aspects that should be kept in mind like determining the coverage you need for your family members and life-stage, assess your needs and budget, claim settlement ratio, the income factor, rider, choosing the right insurer and online purchase.
With all these Benefits Offered by LIC Term Plan, it is certainly one of the most beneficial plans as compared to other insurance plans. Having a term insurance plan from LIC is the best way to provide financial security to your loved ones in the most affordable way.


Ensuring Insurance: 4 Ways To Make Sure Insurance Companies Pay Up

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We all pay a lot of money into insurance schemes so that when the worst happens, we don’t have to pay for the damage. But what if after all that money you’ve poured in, the insurance companies still refuse to pay up? A single clause or error on our part can cause a claim to be denied – something which can be extremely frustrating. It’s like investing in safety net, only for that net to have a hole in when you fall.

It’s for this reason that you’ve got to be sharp and resourceful when filing a claim. Those crafty insurance companies can only do so much to avoid paying – in the end, the client always has the upper hand. Here is how to take on the insurance companies and win.

Act quickly

When disaster strikes – whether you’ve just been involved in a car accident or had your house burgled – you must notify your insurance provider straight away, even if you don’t make a claim immediately. Insurance companies may want all the details before paying up. If you wait a couple weeks, certain details may not be as fresh in your mind. Many companies have a deadline of a month – if you try and file a claim after that it will be automatically rejected. Similarly, for theft, make sure that you notify the police within 24 hours. Failure to notify the police within this period will result again in the insurance companies rejecting your claim.

Gather photographic evidence

The best way to support a claim is to gather photographic evidence. If a flood has wrecked your home or a vandal has smashed your car windows, make sure to take individual snaps of every single piece of damage that will have to be paid for. Do this before any repairs are made (you shouldn’t make any repairs until your claim has been accepted).

Hire legal help

Sometimes for assurance, it pays to hire legal help. Different lawyers and representatives will specialise in different areas, for example with damaged property you need to hire a public adjuster, whereas for a car crash you may need a car accident lawyer or a personal injury attorney. Having a legal representative can help you to unpick the complicated clauses and loopholes that sometimes accompany insurance policies.

Follow up

Once you’ve made a claim, keep up to date with its progress to avoid the insurance company putting it on the backburner and effectively ignoring your claim. By hounding them, you will show that you are serious about getting your money. Ask for a timescale in order to know how long the process is likely to take. You can then make plans in the meantime, such as arranging alternative transport to work if your car has been damaged, or putting in plastic sheets to replace windows. As already mentioned, avoid making repairs until you’ve got your money – if you make a repairs and complication occurs that requires you to collect more evidence like another photo or extra details, you may not be able to comply if the damage has been fixed.


Cashing in your life insurance benefits to pay for retirement – Is that a feasible option?

For majority of the Americans, retirement planning and life insurance are entirely different things. They nurture the notion which says retirement planning is for your future and life insurance is for the future of your beneficiaries. However, there are some expert financial advisors who recommend life insurance as a perfect way of planning for retirement. Due to the hefty costs involved, the strategy is controversial but if you’re good at it, there are many benefits that you can reap.

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Whole life insurance plans – Best way to support retirement savings

Among the different types of life insurance available, whole life policies are promoted as the best way to support your retirement savings. When you purchase permanent life insurance plan, irrespective of whether they’re universal, variable or whole life insurance, a portion of your premiums go to a separate account which builds cash value along with/in addition to the death benefit of the policy.

One of the core benefits of permanent life insurance is the ability to borrow or withdraw money against the cash value of the policy. You may use the proceeds to pay off your mortgage payments for a few months or to support your family when you lose your job or to continue funding your retirement. A point to be noted is that withdrawals and loans will decrease your death benefit unless it’s repaid. On the other hand, there are tax perks on getting cash from your life insurance. As per the IRS, distributions through borrowing are 100% tax-free!

Tax benefits – But with a twist!

There are tax benefits to using a portion of your cash value to finance your retirement. If someone has $40,000 coming from his IRA or 401(k) every year and another $30,000 in Social Security payments, the total $70,000 is deemed as taxable income. However if that $40,000 is coming from life insurance, then the taxable income would only result to $30,000. Not only would that $40,000 be not considered as taxable income, there are even high chances that the person would fall in a lower income tax bracket and the tax on Social Security income could also be lower.

Despite all this good news, most advisors recommend against utilising life insurance to fund retirement and the key reason is that this is a costly way to invest money. The costs of insurance, commission and marketing costs, subaccount costs, premium taxes will soon add up and will eat away your returns. This high cost related to life insurance plans lead to a drag-on performance.

Consider maxing out other assets first

Though this doesn’t mean that none should consider financing their retirement through life insurance, yet if you have other retirement savings like IRAs and 401(k)s, maxing out those first will be a better option. Wise advisors aren’t a big fan of using life insurance to fund retirement. According to them, life insurance should initially be seen as a primary way of protecting your business or family (if something were to happen).

In case you’re older and you have a huge net worth on your life insurance policy, you are eligible to reaping the highest tax savings from life insurance withdrawals. Tax savings are innate tax savings. On the other hand, if you don’t require life insurance yet and you don’t think you’ve reached peak earnings, a Roth IRA would be a better deal. If you still don’t contribute the maximum to your IRA and 401(k), make sure you include these into your budget before raiding your life insurance payments.

Hence, if you have been wondering about whether to cash in your life insurance savings for funding your retirement, you should take into account the above mentioned factors.


How to select the best travel insurance policy for you

We expect everything to go our way while planning a trip to another country or city. However, chances are there that we might be caught up in the midst of unforeseen losses caused by theft, health hazards or loss of baggage. All of us will need to determine the best travel insurance deal, but we have to analyze certain factors before we choose one.

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Travel Insurance cover must be considered, not its price

The policy pricing often proves to be the deal breaking factor in your attempt to pick the right travel insurance policy. The deal is certainly not right for you if it doesn’t cover the key scenarios that might arise during your trip.

Your travel insurance policy must cover the following scenarios:

Medical emergencies

A small dental emergency might cost you up to 80,000 INR. This seems critical as there’s a real possibility that you might undergo a medical emergency.

Loss of baggage

You may acquire protect against loss of baggage under your travel insurance in the event you’re carrying electronics, jewelry and other valuables. The loss of passport is also covered under some policies. Such insurers will provide you with the expenses that you incur with your duplicate passport.

Interruption and cancellation of trips

Certain emergencies might compel us to opt for last minute trip cancellations. Airline tickets might not be refunded or might levy a cancellation charge. Travel insurance plays a crucial role over here. Claiming a reimbursement is possible as per the policy clauses.

Check for What is Not Covered in Travel Insurance

Insurance Claims are meant to be covered under a few listed events. Being a policyholder you’ll need to go through the exclusions and inclusions mentioned in the policy papers very carefully. You’ll also need to consider all situations under which the policy remains active. There are instances wherein you might decide on travelling against the advice of your physician. For such instances, your policy may not cover medical expenses that you incur (directly or indirectly) while travelling.

Get acquainted with the claim settlement process

You must prepare yourself for filing a claim in the event of an emergency. It’s in your best interest to acquire more knowledge on the claims settlement process. While applying for reimbursements, you’ll need to make sure that you adhere to all necessary documentation and meet the deadlines.

Check the refund policy of Travel Insurance

You might need to cut your trip short if your travel plans change. Under such circumstances, you might obtain a refund that’s calculated on the basis of pro rata or any partial refund. All you need to be sure of is that your policy is still valid and that you hadn’t filed for any claim earlier. Also make sure that the contact information of the insurer is still there with you.

You must pick the best travel insurance plan for your needs. Be it your international or domestic trip, you’ll have a plethora of options available to you. A yearly overseas coverage might just seem more economical for those that travel more frequently. Prior to signing the dotted area of your policy paper, you must check the duration of your policy. Enjoy a safe and pleasant trip by investing in the right travel insurance.


Unexpected Costs to Consider for Businesses in the Energy Industry

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The energy industry is incredibly competitive. There is little room for start-ups and fledgling enterprises, and this means that those venturing into the arena with the market giants must be prepared for every eventuality.

Supplying energy to consumers generally involves three key facets: producing energy, transporting gas and electricity, and marketing it to consumers. This is an immensely expensive process for even the most small-scale venture, and hidden costs lay around every corner.

If you’re planning on taking your place amongst the leviathans, then here are a few costs that you need to take into account…

Equipment

Energy producing equipment tends to be extraordinarily costly, and many fledgling entrepreneurs underestimate just how much outlay will be required before any profit can be made. Generators, grids, and so on must all be put in place before you can start looking for customers, meaning that you’ll require a fully functional enterprise before you can begin touting for business. Any issues with these must be ironed out prior to trading commencing, as consumers tend not to be very forgiving of mistakes once winter hits and their homes need warming.

Power Stations

Power stations will constitute a fundamental part of your fledgling operation, and must be carefully designed and constructed according to your individual needs and current government policy. It will take some very skilled workers to build them for you, and their expertise will come at a premium. Be careful to calculate the total of all the costs associated with construction, and then add a further 20 per cent in case of complications.

Employees

Thirdly, consider the costs of hiring staff. No energy company can function in isolation, so you’ll need trained employees to deliver the service you provide, as well as to maintain and manage your power stations and equipment. Many of these will be able to charge a premium for their experience, and due to the constant developments in the industry, and the dangerous nature of working with energy supplies, they will require frequent training and retraining in order to deliver a premier service and create a safe working environment.

Insurance

Finally, don’t forget to factor in the cost of insurance. Energy production is a niche industry, and businesses tend to have a high value attached to them. Ordinary commercial insurance providers will rarely offer the level of cover that you require, so you must consider specialist outfits such as Catlin instead. Responsible for underwriting many of the world’s most expensive and successful ventures, these experts will be able to provide the level of protection that you need, meaning that the business you’ve given your all to is fully protected should disaster strike.

Safeguard the future of your energy enterprise and be prepared for whatever life may throw at you.

 


Financial Benefits of Security Investments for Business

business angelRunning a successful business requires a great deal of work. It’s not enough just to do the work, you have to take various other aspects into consideration, from advertising in order to develop a strong customer base to making sure that your business is properly protected from any potential legal recourse.

It doesn’t just benefit your business overall to invest in security measures; in the long-term, it’s also a wise move from a financial perspective. By investing in security for your business, you can save money whilst protecting your most important assets. This is especially true for small to medium sized businesses who stand to lose more than a big corporation or brand name.

There are various security measures that businesses can take in order to keep their enterprises safe, providing your business with cost-effective and efficient protection.

Physical Measures

Some companies take extra precautions to keep their business secure. A common practice is to hire security staff to monitor the premises overnight, though this isn’t always practical smaller businesses that don’t necessarily have the budget to outsource in this way.

Alternatively, you can invest in physical security measures such as electrified and motorised fences from a company like Paramount Steel.

Insurance

Though it seems cynical, businesses should expect the worst in order to cover all the bases. A good insurance policy will keep your business protected and covered for a variety of possibilities and potential incidents, from attempted burglaries and vandalism to on site accidents that couldn’t be avoided.

Incidents like this can set your business back in a big way financially, but a good insurance policy will prevent you from making any significant losses and get you back on track as soon as possible.

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It’s not just about physically protecting your assets in business, it’s also important that you consider the non-physical aspects as well. Most businesses do the majority of their work with computers and online, so keeping your files safe is extremely important, especially if you deal with sensitive third party information, financial data and so on.

There are plenty of data security options to help companies keep their most important files safe from hacking and any major error that could have a serious impact.

Mistakes cost money, and mistakes do happen, but by investing in proper security measures businesses can protect themselves and benefit financially in the long term. After all, less incidents means that more money goes back into the business rather than being paid out to clear up the mess.


How to Reduce Your Insurance on Your Van

As your insurance is likely to be one of the biggest expenses incurred when you own a van? it makes sense to try and cut the cost down however you can. This is particularly important when it is used in conjunction with your business as the costs can easily mount and eat into your profits. Here are some tips on how you can cut down on your insurance costs: –

Improve your driving

Improving your driving will not only reduce the risk of you being involved in accidents but will also reduce the chances of you having to make claims which are sure to bump up your insurance premiums. Another option is to take an advanced driving course. This will help to show insurances companies that you are a ‘safe’ driver and should help to lower your premiums.

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Although having named drivers may be necessary for your work? it could be costly when it comes to your insurance. You can try to keep this to a minimum by ensuring that you keep you add as few a named drivers to a minimum and by thoroughly vetting those that you do add.

Security

Another simple way of reducing the cost of your insurance, and which you might like to do anyway, is to secure your vehicle. This can be done by adding an alarm, extra locks or even an immobilizer. This will not only help to keep your vehicle and any tools that you are likely to keep in it safe but will also reduce the risk your insurance companies perceive your van to be in.

Type of Cover

The type of cover that you choose could also reduce the amount of your insurance premiums. Although it is important that you have sufficient insurance coverage to protect yourself and others it is also worth considering, realistically, how much cover you actually need. After all if you have a really old van that is worth very little you may not feel that you need the same coverage as if you have a brand new van. In either circumstance you will need at least third party or third party with fire and theft coverage but you may not feel that you need fully comprehensive cover.

Voluntary excess

You may also be able to reduce your voluntary excess by agreeing to a higher voluntary excess than they initially offer you.

Ask the Experts

One final way you could save money on your car insurance is to get a company such as A­Plan to do the leg work for you. Insurance brokers will look at all of the different policies for you and come up with cover that is tailored to you.


Seeking A Car Insurance Cover? Its Better To Work With A Local Agent

Insurance can be one of the most confusing subjects for car owners and drivers to deal with. There’s so many options and types of insurance policies because there’s so many unique situations for each type of coverage.

That’s why a local agent can help you best. Finding one will make it easier for someone to help you choose the right policy that covers some of the more common dangers that people in your area face when it comes to your car.

3333533137_b94b6f10d7Doing so can net you a large amount of savings while ensuring that your car is protected from any accidents that might occur. This makes working with a local agent in Dallas a win-win situation for both your car and your wallet.

To better understand why you should work with a local agent, let’s examine some of the benefits of going this route.

The chief advantage is that a local insurance agent better understands the risk associated with your car than a corporate agent might. For example, there may be a higher risk for having accidents with an uninsured driver in your area. This means an agent can recommend you uninsured motorist protection, which in turn helps to save you money in the event of an accident.

The second benefit of using a local agent is that they’ll know when you can save money by opting for certain types of insurance or by opting out for certain options. Your agent may be able to save you money, for example, by recommending a policy that insures you based on how many miles you travel in your car each year or how you use it.

The last major advantage that a local insurance agent has is that they can offer face-to-face meetings with you. Speaking with someone over the phone who works at a call center can be frustrating due to heightened wait times and the fact that reconnecting with the same agent can be nearly impossible at times.

With a local agent, you can schedule an appointment to meet in person. This allows you to pick a time that’s convenient for you without having to be put on hold or worrying about random disconnects forcing you to restart the entire process anew.

Are you interested in taking advantage of these benefits? Find your local insurance agent today.


Travel Insurance: Does it Cover Stroke?

Bad travel stories are not always only about stolen cameras, shattered expectations, bad reception from locals or tedious flights. Things can get more serious. You might have one of your co-travelers (e.g. mother, father, friend or for that matter any family member) or you yourself falling prey to a serious illness. Imagine how it painful it might be to be to see your travel partner suffering thus, when all you’re supposed to do is to soak in the spirit of a well-earned vacation. Besides the emotional impact, you also need to consider the monetary aspects under such circumstances. One can only reduce the chances of such happenings by taking proper medicines or other timely precautions. But you cannot really expect to guarantee full-proof resistance to such incidents. Additionally, it won’t always be possible for you to fund the necessary medical care while you’re on the move. So it’s prudent to be financially prepared for such circumstances by securing travel insurance.

travel-insurance_2002428bToday, in this post, we’ll put one of the most common but serious diseases suffered by travelers—- stroke— under the scanner. People often fail to realize the importance of securing travel insurance unless they are struck by some sort of disease.

There are some insurance carriers that do not cover people who have suffered from stroke in the past. But stroke is as serious a medical condition as other diseases and it should be imperative for insurance providers to offer similar benefits to stroke patients.

Some facts about travel insurance covering stroke

Some of the insurance providers probably shy away from covering stroke owing to the fact that it’s critical and may lead to other related diseases such as heart attack, diabetes, depression as well as pneumonia. But with the help of better research you might as well be able to find a carrier which meets all your needs.

Getting a travel insurance policy after stroke might be difficult, but not impossible, altogether. If you have had an attack within the last three months (while applying for the insurance) or for that matter, many years ago, you might qualify for the policy, tailored suitably for meeting your needs. However, there are chances of you being rejected for the same if you’re awaiting a surgery or further investigations.

Your physician has to approve of your journey in order for you to qualify for the travel insurance policy.

While disclosing your medical condition to your insurer you need to furnish proper medical certificates to back your claim (that you really had stroke in the past). The company might as well confirm the same from your hospital. You will only qualify once the insurance company is amply sure that you’re speaking the truth.

The insurance will cover all the medical expenses in the event of the policy holder suffering a stroke while on the trip. They will also compensate the money in case you have to cancel the trip owing to the stroke related issues and also offer coverage of your traveling companion’s expenses. This covers the flight and accommodation expenses of the person who’s accompanying you while you’re undergoing treatment in your trip.

Conclusion,

In short, the terms of travel insurance for stroke might differ from company to company. You should seek the ones that suit your needs the most.

 


What You Should Know About Driving Under The Influence Before You Get Behind The Wheel.

Driving under the influence of alcohol or drugs is never a good idea. One major mistake that many people make is relying on self-evaluation or subjective evaluation by a person who may also be under the influence at the time. Importantly, both of these types of evaluation carry an increased risk of being completely erroneous. As a result, the person may be getting behind the steering wheel of a vehicle while not under full control, with reduced attention and reaction capabilities, which, in turn, means a significantly increased risk of life-threatening accidents. Remember: you can never know how intoxicated a beer actually makes you, while law enforcement officers, given the special training that they now receive, would quickly be able to notice warning signs of DUI.

When would I be considered to be driving under the influence?

Police officers and other law enforcement agencies are on the lookout for symptoms of your being intoxicated. These would include incoherent speech, redness of face, irrational or inappropriate behavior or remarks, references to alcohol or drugs, the presence of suspicious odors or related paraphernalia in the vehicle, extreme nervousness and so on. While none of these, taken alone, would constitute adequate basis for DUI arrest, they easily serve as strong grounds to request that you go through roadside tests and blood or breath tests. If you are not driving under influence, these tests would be an inconvenience, but if you are in violation of the law, then they would be increasingly damaging to your case.

What should I do if pulled over on suspicion of driving under the influence?

The very first thing to remember in case the police pull you over for any reasons is to keep calm. It doesn’t matter if you have done something wrong or you haven’t, the way you behave in the interaction with the officers could be crucial to your driving history and your very liberty. There are many misconceptions and myths about a roadside check, but you should follow common sense and know your rights at all times. Remember that everything you say and do may be used against you by the prosecutors in court, so if you are unsure whether you can resist saying something that may be misconstrued by the police officers, it is best to use your constitutional right to keep silent. Exercising this right does not mean just ignoring the police officer when they come up to you, of course, but you may politely refuse to answer any questions that they put to you.

Should I refuse the different tests as well?

The answer to this question will vary depending on the test. Roadside tests, such as those where the driver is requested to walk in a straight line, touch their nose with their fingertips, balancing on one foot and so on, are completely voluntary. A police officer cannot order you or make you go through these tests, even if they have strong suspicion that you may be driving under the influence. All you need to do is politely refuse, if it is your choice not to participate in these tests. The situation with blood and breath tests can seem similar on the surface, but are, in fact, very different. By law, you can refuse to take these tests, but at a cost – an automatic suspension of your license for one year.

What else to keep in mind

Driving under the influence of alcohol or drugs, including marijuana, is definitely not something that law enforcement or the court system take lightly. Therefore, if you have consumed any amount of alcohol, you should always consider whether your judgment or physical abilities are impaired before you get behind the wheel. Additionally, you should always be aware of your rights and responsibilities in order to know exactly what you should do if you are pulled over for a DUI. It is always a good idea to consult an experienced and knowledgeable DUI attorney before facing charges in court.

 

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This article was written by John Fetcher, a legal writer, according to whom, it is always a good idea to consult an experienced and knowledgeable DUI attorney before facing charges in court.


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