|In: Finance|Last Updated: | 0 Comments

IDV means Insured Declared Value, it is the maximum sum insured amount which a vehicle insurance provider will offer you when you file a claim. Also, it has a direct impact on the cost of your bike insurance premium. This amount is fixed by the insurance company and is similar to the market value of the vehicle. However, it changes during policy renewal. In simple words, it is the current market value of your vehicle.

Image Source

No Claim Bonus [NCB] is the sum accumulated every year. Your concession depends on the number of claim-free years you’ve earned. If you have a good driving record, you can earn a certain percentage of no-claim concession, considering your demographics as well as a profession and some other factors.

Let us now go in detail about both IDV & NCB

NCB Transfer

The insured bike gets the No Claim Bonus and not the driver. You can switch it during the renewal of your two wheeler insurance policy. ‘No Claim Bonus’ will be provided to you by your previous company without any additional cost.

Importance of NCB

NCB is essential as it plays a crucial role in cutting down the insurance premium amount of your two-wheeler. NCB percentage will increase for the subsequent claim-free years. The upper limit to NCB is 50%.

Is higher IDV better for two-wheelers?

Your bike insurance premium will depend on the Insured Declared Value, especially when you’ve purchased a comprehensive two-wheeler insurance policy. Your IDV depends on the age of your two-wheeler. If the age of your bike is less, higher will be the IDV and vice versa.

Does IDV matter?

IDV is considered to be one of the most important factors when it comes to deciding the insurance premium of your bike. You need to pay this premium during the insurance renewal or while purchasing your two-wheeler policy. The Insured Declared Value of your motorcycle is indicative of the present market value of your bike. It is basically the maximum amount that the insurer will pay to you if there is constructive total loss or theft.

How can you know the IDV of your bike?

It is calculated based on the selling price of your two-wheeler and after the depreciation value has been deducted. The IDV of your bike will keep reducing as its age increases. Here’s the formula by which you can calculate the IDV of a two-wheeler:

Insured Declared Value = (Listed selling price of a company – Depreciation value) + (the cost of bike’s accessories that are excluded from the listed selling price – their depreciation value)

What should be your bike’s IDV?

If you wish to know the accurate IDV of your two-wheeler, it is possible to do it online as well by using a two wheeler insurance premium calculator. You can find this on the official websites of the vehicle insurance companies. By using this online tool, it becomes easy to calculate the policy premium. For calculating your premium online, all you need to do is, visit the official website of the insurer and provide the required details. You will then know your two-wheeler’s exact IDV.

In a nutshell, both NCB and IDV are very important for deciding the insurance premium of your bike. Always remember to give away the correct value and save yourself from paying any extra money. If you need any advice regarding the same, you can also seek help from your insurance provider.

|In: Technology|Last Updated: | 0 Comments

Many companies and other organizations regularly find themselves needing to manage and transfer sensitive information. Should such documents or files fall into the wrong hands, untold amounts of harm can easily follow.

Image Source

Fortunately, there are some well-established ways to keep sensitive documents secure when transferring them, even in particularly hostile environments. Accounting for each of five fundamentally important considerations should always minimize the likelihood of a problem arising.

Five Cornerstones of Secure Document Transfer

Documents and data kept locked up on ostensibly secure servers or in filing cabinets can still end up becoming accessible to unauthorized parties. Put such a file in motion by trying to transfer it to others, though, and the number of threats that need to be acknowledged and addressed skyrockets in just about every case.

As such, it will always be important to keep sensitive files safe while they are en route, no matter how secure the origin and destination might be. In practice, that most often means doing everything possible to maximize security in five distinct respects.

 The channel

Whether they are physical or virtual, documents of all kinds can be transferred in a number of ways. The choice of a particular means of movement will always impact the overall security of a transfer. Using a secure fax service will always be preferable to hope for the best with an alternative that makes no such claims. Should a physical document need to be transferred, a courier service that conducts extensive vetting of workers will be preferable to one that does not. Since the channel or medium chosen to enable the transfer of a sensitive document will always set the stage for everything else, it should normally receive the most scrutiny and attention.

Protection

It might occasionally make sense to transfer a sensitive document without trying to protect it while in transit, but that is fairly rare. It will far more often be wise and productive to utilize whichever appropriate, effective forms of protection are available. For digital documents, that will normally mean employing a carefully designed, rigorously tested algorithm as the Advanced Encryption Standard endorsed by the National Institute of Standards and Technology.

Even where another option seems to be newer and more innovative, it will normally be best to stick to forms of protection that have established track records.

Auditing

Whenever a sensitive document changes hands or makes its way onto a new device, opportunities for illegitimate access arise. Establishing strict auditing controls will help prevent sensitive information from becoming exposed without the breach being recognized. Even where auditing fails to prevent a particular problem from arising, it will highlight the need for an appropriate response. Failing to keep up with auditing can cause long-lasting access problems that persist despite ongoing damage piling up.

Exposure

Trusting too much in the success of one transfer of sensitive information can be profoundly costly. Should a transfer not go as planned, the amount of harm done will normally be proportional to both the scale and value of the contents. It will often be best to limit the size of each individual transfer in order to do the same to the magnitude of potential problems.

Accountability

Making responsible parties accountable for the handling and transfer of sensitive data will always improve security. A lack of accountability can easily encourage sloppiness that undermines the effectiveness of all the security-related precautions that were employed.

Every Sensitive Document Deserves Proper Treatment

These five issues combine to form the foundation on which effective document transfer security processes can be built. Failing to account for any of these five important matters can cause a sensitive document to fall into the wrong hands in the course of a transfer.

|In: Technology|Last Updated: | 0 Comments

Continuing its journey to provide the best possible service to its travelers, IntrCity by RailYatri has announced its association with ICICI Lombard and Marsh to provide travel insurance cover worth Rs. 5,00,000 to all SmartBus Passengers. This group travel insurance has been activated for RailYatri travelers starting November 2019;comprising cover on hospitalization expenses for injury and personal accident.

Commenting on the addition of the new service, Manish Rathi, CEO and Co-Founder, RailYatrisaid

IntrCity SmartBus is built on three core promises – On-time performance, Safety and Personalized Assistance. While we have also taken enough steps to ensure safe journey by installing IoT devices, 24×7 Command Centre but we nevertheless felt that it is important to provide insurance cover for every traveler.

The group insurance covers, for IntrCity SmartBus travelers, are our way to go a step further in taking ownership of the responsibility that our passengers give us whenever they travel with us. This is a step towards providing a holistic service to our passengers and guarantee their safety and to that effect we will be announcing some more exciting features to our buses in the near future.

Ensuring safety and standardized services to passengers, all IntrCity SmartBus are equipped with train like comfortable berths, free Wi-Fi, on-board entertainment, onboard washroom, real-time online streaming of live location, CCTV cameras, clean linen, mineral water just to name a few.

Talking about the future plans, according to Mr. Rathi

We have recently added an innovative AI enabled Driver Alert system and in the near future, we will also be adding mandatory alcohol tests on all our buses.

On the association Sanjeev Mantri, Executive Director, ICICI Lombard, said

We are delighted to be associated with RailYatri’s unique initiative. At ICICI Lombard, we have developed comprehensive travel insurance solutions that address the specific needs of travelers, be it while traveling via air, rail or road. We look forward to offering our innovative travel solutions to RailYatri’s customers and thereby enabling them to experience hassle-free travel, well secured with our travel insurance solutions.

Suresh M, CEO, Marsh Consumer Business said

Developing solutions that resonate with RailYatri’s comfortable & safe philosophy was an interesting journey. We were able to arrange products which are scalable and support RailYatri’s growth plans. We are delighted to be part of this association.

IntrCity by RailYatri has successfully launched the IntrCity SmartBus service on some popular routes starting from Delhi to Lucknow, Kanpur, Shimla, Chandigarh, Amritsar, Ludhiana, Jalandhar, and Manali and have expanded further in to Bangalore, Chennai, Hyderabad, Mumbai, Vijayawada, Madurai and Coimbatore. RailYatri as a platform is focused at making intercity travel hassle free through their multi-modal offering.

|In: Funding|Last Updated: | 0 Comments

Onelife Nutriscience Pvt. Ltd. which owns the consumer healthcare brand ‘Onelife – Live it right‘ has raised Pre-Series a funding of INR 50 million from a group of HNIs from Pharma/Healthcare & Chemicals Industry.  Onelife has over 100 products in the nutrition, wellness and beauty space with presence in more than 15 cities across West and North India.

Image Source

Onelife is geared up for its next level of growth post this round of capital. It will leverage the infused funds for geographical expansion, online & offline expansion, marketing and team building.

The Company is founded in 2017  by Gaurav Aggarwal  who has over 20 years of experience in the Nutrition Industry. Hailing from a family who has been one of the leading producers of Vitamin B3 in the world, this is a natural progression for Gaurav to leverage his extensive experience and network to develop a promising B2C Healthcare Brand.

Commenting on the capital raised, Gaurav Aggarwal, Founder, Onelife said

We are very happy to have experienced an early acceptance of our products from the customers at a time when the Nutraceuticals Industry is looking at an exponential growth. The funds raised will help us strengthen our product range, expand geographies, increase online & offline presence, invest in marketing & brand building and add further talent. We are targeting to achieve 3x growth over next 18 months from our current levels.

|In: Technology|Last Updated: | 0 Comments

In presence of the Deputy Mayor of The Hague, the Netherlands, Ms. Saskia Bruines, the Karnataka The Hague Innovation Corridor MoU was signed with the Department of IT, BT and S&T, Government of Karnataka for collaboration in fields of Health, Cybersecurity, Agri-tech and Peace & Justice.

The MoU, which is a renewal of an earlier MoU signed in 2016, will focus on identifying partnerships for tech innovation facilitation, startup exchanges and nurturing talent on both sides.

Speaking on the occasion, Ms. Saskia Bruines, Deputy Mayor of The Hague said

The Hague believes in close international cooperation between government, science and industry. In our region, we are fortunate to have such close cooperation – top universities, tech hubs, economic top sectors, including Indian companies like HCL and Tech Mahindra, and a government that promotes regional cooperation. And now we are proud to underpin this by signing the MoU with the State of Karnataka.

Prashant Kumar Mishra, Director, Department of IT & BT said that

We are indeed delighted to see our relationship with The Hague, which started in IT BIZ during 2016, deepen further at Bengaluru Tech Summit 2019. Parties of today’s cooperation shall further grow our mutually beneficial relationship in the fields of Health, Cybersecurity, Agri-tech and Peace & Justice we as we move forward.

Also, at the Bengaluru Tech Summit 2019, JK Technosoft formally announced the opening of its European headquarters in The Hague. JK Technosoft [JKT], is part of JK Group, globally recognized for its technology innovation, quality solutions and services.

eMudhra is a leading digital transformation company headquartered in Bengaluru focused on offering identity and trust services to 35mn people and providing solutions for paperless transformation and digital authentication to Fortune 100 customers and a number of top enterprises in eGovernance, Banking, Financial Services and Insurance.

eMudhra has recently set up a company in The Hague in Netherlands to offer trust services, cyber security and artificial intelligence solutions to customers in the European Union. eMudhra was attracted to The Hague because of its reputation in promoting companies focused on cyber security. eMudhra thanks The Hague business agency for the continued support it received in helping set up its first presence in the European Union.

One of the key deciding factors for the companies to choose The Hague is it’s central strategic location, proximity to potential customers, multilingual workforce alongside its knowledge base and ease of doing business. The Netherlands is one of the world’s most technologically progressive countries. In addition, the fact that there are already several leading Indian IT & Technology companies based in The Hague, was a strong argument in favour of choosing this city.

|In: Finance|Last Updated: | 0 Comments

Millennials are increasingly aspiring to have a good lifestyle, and they want to enjoy their life to the fullest. One way which millennials try to have a good time is by going on a travel holiday along with their friends. But traveling for a vacation requires a lot of funds, and this is where Millennials face a problem. Most millennials in India have either started their careers and might not have enough savings for planning a travel vacation.

Image Source

That’s where a personal loan can come to their rescue, and it has become increasingly popular among millennials for financing their lifestyle. The reason why it is popular is that it is an unsecured loan which does not require collaterals. Basis of providing personal loans depends on the criteria of income, credit score, repayment capacity, etc. But the interest rates are higher when compared to other loans because of the greater risk involved.

A personal loan can be used for travel purposes and it provides multiple benefits to millennials like

Helping in reducing the budget gap

No matter how much they save, Millennials do not have enough funds to finance their travel trips. Lack of money is one of the major reasons why millennials are not able to plan for their travel trips.

In such a case, taking a personal loan can solve the problem of a lack of funds by bridging the gap.

Flexible use of loan amount

Once the loan amount is given by the bank or Non-banking financial institution (NBFC), the millennials can use it as per their preferences. They can use it for their travel expenses but if there is a certain portion of the amount still remaining it be used for other personal purposes by the loan taker.

No need for collaterals

One of the main reasons why millennials prefer a travel loan is that it does not require collaterals. Unlike gold loan or land against loan which requires securities in the form of gold or land, a travel loan is given after taking into consideration the loan takers income, credit score and repayment capacity.

Speedy approval and dispersal

Being an unsecured loan, the time taken for approval and dispersal of the loan amount is considerably less due to minimum paperwork. If the loan applicant fulfills the criteria and has a good credit score, the process can become even faster.

Fixed interest rate

A personal loan is generally available on a fixed rate of interest. So the equated monthly installments [EMI] will remain fixed for the entire loan tenure. Hence millennials have no need to worry about the interest rate changes.

|In: Finance|Last Updated: | 0 Comments

When you purchase a health insurance policy, you must also keep in mind to review it, so that you make the most out of it. If you take some time out and review your policy every year, then you can also get a custom made policy. So many people are falling sick and suffering from diseases such as thyroid, migraine, and hypertension. Just like cold and cough, these diseases have become very common; blame it on your lifestyle.

Image Source

In case you fall sick and get hospitalized, you might have to shell out your hard-earned money. Therefore, in situations like these, purchasing a health insurance policy is a great idea; here’s why:

Significance of health insurance

Most importantly, a health insurance policy will cover your hospital bills. Not just that, it is also possible for you to choose better medicare facilities for yourself or your loved ones. Last but not least, you can enjoy tax benefits.

What do you miss out on by skipping a review?

When you do not review your policy every year, here are the things you lose:

  1. Pre-existing diseases [PED]

There could be an impact on your PED if you do not review your policy. For example, if we go to see the waiting period for cataract is two years. There is a possibility that you might save on your premiums by switching your insurance provider.

  1. No Claim Bonus

Some insurance companies offer a good percentage of NCB for claim-free years. You do not want to miss out on the NCB or even receive a lower reduction in your premium during insurance renewal.

  1. Coverage and premium

The coverage is being revised for more and more diseases by the insurers, because of the competitive market today. For instance, earlier cataract was not covered under this policy, but it is covered now under the daycare treatment.

Benefits of reviewing your policy

You might receive many benefits, but only when you review your policy. Listed below are a few:

  1. Health condition

There are chances that your insurer does not issue a policy for the disease you require coverage for. Whereas, some other insurer might. In such cases, reviewing your policy before you renew it, helps. Like this, you can buy a plan that covers all the diseases you need coverage for.

  1. More coverage less premium

There is a possibility that your current insurer is charging you a lot for very less coverage with no additional benefits. This will not happen if you review it. Also, you will be able to choose from various options.

Reviewing your health policy can change your mind and entire perception of buying policies. With the help of this, you get additional knowledge on health plans as well as benefit out of it when it comes to price, coverage, etc. There is a wide range of health insurance policies like family health insurance, health insurance for senior citizens and many more. You can select an appropriate plan as per your requirements.

|In: Finance|Last Updated: | 0 Comments

Investment vehicle like Systematic Investment Plan [SIP] allows an investor to invest a fixed sum amount regularly in a mutual fund scheme like equity mutual funds.

Image Source

Through SIP, you can achieve a financial disciple to your life, and it is quite flexible with regards to regular payments which can be on a daily, monthly or yearly basis.

This investment tool has made it possible for even a salaried person to invest in mutual funds in smaller amounts rather lump sum amount, which has a higher risk element. If regular investments are made irrespective of the market conditions, it will give you greater returns in the longer run.

Here is how you can open start a SIP investment online

Arrange for the necessary documents

Documents required for starting a SIP are rather basic. You would need arrange the following documents:

  • Address proof [e.g. Aadhaar, passport, voter ID, utility bill, driving licence, etc.]
  • Passport-size photograph
  • Cheque book details
  • PAN card

KYC process

After arranging the documents, visit the website of a bank or NBFC [Non-banking financial institution] that offers the eKYC [electronic KYC] facility and provide your basic information like your name, date of birth and contact details. Upload soft copies of your documents to support the details provided by you.

It is important to mention that using your Aadhaar card can simplify the process. You have to follow the list below:

  • Enter your Aadhaar number.
  • Enter the one-time password sent on your linked mobile number.
  • Details will be filled in automatically.

After completing the KYC [Know Your Customer] process, you can invest in any mutual fund scheme from any bank or NBFC you like. There is no need to do the KYC process again if you approach a different bank.

Register for a SIP

Now concentrate on registering for a SIP in a mutual fund scheme of your choice. How should you go about this?

  • Go to the website of the Bank or NBFC that offers the scheme.
  • Look for a link to register a new account.
  • Click on the link, and you will be taken to a simple application form. You must fill in your basic personal details and contact information in it.
  • Give the details of the bank account from which the SIP payments will be debited.

Once the registration is complete at your end, and the bank or NBFC has sent a confirmation, you are ready to start investing.