Any kind of business is never an easy job. It is especially crucial when you are starting up or have built a small business to have to resort to ways that make daily business transactions easier and without any hassle. For instance, a current account! Here are some of the tips to help you simplify your day-to-day business transactions.

Go For current account For Business Transactions

Almost all businesses involve higher business transactions and hence the best solution is through current account. A small business current account comes with its facilities besides having the ease of multiple business transactions. It helps you to open the online current account through simple and faster ways. Other facilities include free pay order or demand drafts, easy and faster multiple third party transfer or NEFTs.

Besides multiple transactions in small business, there are facilities of 24 hour phone banking services and doorstep banking services to solve transaction related issues faster. These days with the benefit of online current account, opening a current account has become extremely easy. Besides, if your small business has partners, then having a small business current account proves to be beneficial.

Your current account is a living proof of your credit-worthiness. A current account often comes with overdraft facility which makes business operations smoother. Besides, there is also no restriction imposed on the amount you deposit in your current account. Opening a current account is also reflection of professionalism as it is always wiser to have business account and personal accounts separate and having a small business current account helps in the process.

Have A Strong Accountant or Finance Team

For small business it is difficult to have a finance team. In that case go for an accountant with strong financial skills. The daily transactions involve payments [both paid and receipt], infrastructure and/or operational costs and there should vivid and detailed entry of these transactions through the hands of a skilled accountant.

It is always wiser to get hold of easy software and accounting software to make the work easier and you should be wiser enough to ensure that the accountant when needed should have access to them. These detailing and daily entries are crucial especially when the tax payments are round the corner.

System over Employees

It is very crucial to make a systematized method of working and transactions which is strong enough to withstand any employee related issues. There will always be phases where employees would like to move out for a better opportunity or got sick suddenly.

You as the small business owner need to have a backup plan always ready so that the business structure or system remains unaffected. For small business, unaffected and smooth daily business transactions are the key to success and grow.

Strengthen Your Supply Chain

It is extremely important to have a great rapport with service providers and suppliers so that in moments of crisis they could remain the business operations mobile because of the goodwill and trust developed between you and your supply chain system.

You do the mandatory work of buying a motor insurance policy and renewing it when time comes. However, do you have complete knowledge of all the coverage that is being provided? No. It is equally important to be aware of the coverage provided in the policy. You must read what your insurance provider is offering you else, you may miss out on the benefits which you could have otherwise claimed.

The motor insurance coverage includes many things. However, there are seven very important details, which you should not miss to cover.

List of must have inclusions

1. Coverage of Natural Calamities/Terrorist Attack

It is a myth that the motor insurance policy only covers damages arising out of accidents and thefts. However, the truth is that a motor insurance policy also covers damages arising out of a situation not in the human control.

These circumstances are natural calamities like flood, earthquake, hurricane, terrorist attacks or damage during transit. Your insurance policy must include coverage against these too.

2. Renewal without Documentation

No one likes to go through the hassles of documentation. In most cases, insurance-related documentation is lengthy and time consuming. However, in this digital age, you can renew your policy without having to fill any more documents.

Online policy renewal is quick, hassle-free and involves zero documentation. You must ensure that your insurance provider supports online policy renewals.

3. Third-party Premium

A comprehensive cover also includes third-party premium. This provides compensation against claims arising in case you unintentionally damage any third-party property or injure a person. Your motor insurance company pays for the damages caused to the third-party. The motor insurance claims process will have you make a claim. Nowadays, every car insurance comes with a third-party premium, as well as, an own-damage cover.

If you can assure your insurance provider that you will avoid third-party claims or will bear the expenses in case this rare situation happens, you can avail of a discount on the premium of third-party cover.

4. No Depreciation Cover

For a motor insurance, depreciation is calculated at the rate at which the parts of the vehicle run down according to their age. While settling a claim, the insurance companies calculate depreciation at the rate. The differential between the market value and the depreciated value needs to be shouldered by the insured.

This can be avoided if you take a zero depreciation cover. In this case you can get a comprehensive coverage without any impact of depreciation.

5. Accident Shield

No matter how common roads accidents are, they are very unfortunate and devastating. Your vehicle is important but so are the lives of all the vehicle occupants. By opting for an accident shield, you can avail of compensation for all the occupants in case of a complete disability or an accident-induced death.

6. Engine Protector Coverage

There are many reasons due to which an engine can get stalled such as damage in gear box, leakage of oil or accidental inflow of water. If you opt for an Engine Protector Coverage, your insurance company bears the expenses of repairing your engine in case of these damages.

7. Coverage for car accessories

Usually, during accidents, the coverage is only provided for the damage of car and not its accessories. You can add a car accessory coverage to your policy so that you are monetarily compensated for the damage or loss of the accessories.

This will increase the premium amount. However, it is cost-effective in the long run. This is because if you have to purchase the new accessories again, it will increase your overall cost.

Cancer is a life threatening, unfortunate disease that can hit anybody without even a knock on the door. It not only impacts the physical health of the patient but also has an impact on the financial health of the entire family.

The total number of cancer cases in the country has shown a consistent rise and it is expected to reach 17,30,000 lakh by 2020. The most common type of cancer is breast cancer for women and mouth cancer for men.

A health insurance cover will help you fight cancer financially and it will support you throughout the strenuous and testing journey. There are numerous health insurance plans that are offered by companies for cancer. They offer a lump sum payout if the insured is diagnosed with cancer. The cost of treating cancer can be as high as Rs. 20,00,000. Moreover, cancer also leads to a loss of the regular income for salaried individuals.

Things you need to know before buying a plan

Do not buy the first cancer plan that comes your way. It is important to understand various aspects before making a decision.

1. Sum Insured

You need to consider the cost of cancer treatment and opt for a robust sum insured. The critical illness insurance will help you fight the terminal disease in the best possible manner. If you have a family history of cancer, you are more susceptible towards the same.

You also need to keep inflation in mind when deciding on the sum insured.

2. Coverage

Cancer can be diagnosed in three stages. First is the pre-cancer stage, followed by early stage and the critical stage. You need to opt for a plan that offers the payout based on the stage and will cover for the treatment and additional expenses incurred at these stages.

Most plans offer a percentage of the sum insured which is payable if cancer is diagnosed at an early stage and a 100% sum is paid at the critical stage of cancer.

3. Waiting Period

Waiting period is an important part of the policy. The lesser the waiting period in the policy, the better it is. The waiting period will be of two types. The first type is the initial waiting period from 90 days to 180 days.

During this period, you cannot claim from the insurance policy. The second waiting period is the survival period where the insured has to survive for a specific number of days from the diagnosis of cancer.

4. Waiver of Premium and Income Benefit

When one is diagnosed with cancer, their earning capacity and productivity deteriorate. It could lead to loss of regular flow of income and an inability to manage the household and other expenses. There are plans that offer waiver of premium where the premium amount is waived off for a period of three to five years.

There is also an income benefit where regular monthly income which is about 1% to 2% of the sum insured is payable for five years in most plans.

5. Policy Term

It is important to understand the offering of the plan, your age and the policy term. If you have a wider policy term, you will be able to enjoy a higher coverage and protection at the same premium amount.

Bajaj Allianz General Insurance offers a critical illness insurance plan for women too. Bajaj Allianz also provides comprehensive coverage in case of terminal illness like cancer. It has an age band of 6 years to 60 years and the sum insured ranges from Rs. 100,000 to Rs. 50,00,000.

You need to be wise and choose the right cancer health insurance plan for yourself. Consider the cost and weigh it with the benefits associated with the same.

India is progressing at a very rapid pace and things which were once considered a luxury have now become a necessity. Every person has aspirations of owning a house, car, bike, etc. and most of these aspirations are fueled by the growing urbanization, rising disposable income & good finance options. Four-wheelers i.e. cars were once considered a luxury item but now many Indian consumers can afford to buy a car.

After a lot of research, you have finally purchased your dream car, a moment that you would cherish for your entire lifetime. Choosing the right car insurance provider is extremely important as having car insurance is mandatory in India. Car insurance is not protecting your car in case of some untoward incidents, but it is protecting you from the financial burden that you might face after the incident. Depending on the policies of the car insurance company and the type of car insurance plan that you have opted for, the car insurance policy can protect your car from the following

• Third-party claims/damages
• Hospitalization expenses
• Natural calamities like terrorist attacks, riots, theft, earthquake, etc.
• Accident coverage, etc.

You should have a thorough look at the items that are covered as a part of the car insurance and also seek expert advice from a financial advisor before zeroing on the insurance provider & insurance policy. In a nutshell, the car insurance policy provides coverage for the insured party, the vehicle, and third-parties [if there is any damage]. There are two major categories of car insurance or motor insurance policy

• Third-Party Liability – As per the motor vehicle law, this is the most basic & compulsory cover that any four-wheeler owner needs to take. This plan provides coverage for the damage to property & vehicles involved in the accident, injuries to pedestrians, etc. caused by the insured vehicle.
• Comprehensive Cover – This is an additional cover that you can have along with the third-party liability cover. This plan covers both self as well as third party against damage. It provides protection against wide range of unforeseen events like floods, earthquakes, landslides, storms, riots, theft, etc.

Now that you have a good understanding of the various aspects of motor insurance, the harder step would be to choose the right insurance provider. You should choose a car insurance company that not only provides comprehensive insurance options but also has excellent customer-service & swift car insurance claim settlement process.

There are some basic steps that you need to follow for claim settlement, some of them are mentioned below:

1. Inform the insurance provider – In case of any untoward incident that has caused damage to your car, you should contact the insurance provider at the earliest so that they are updated about the same. Delayed communication could result in delayed claim settlement.
2. Collect relevant evidence – It is recommended that you collect relevant evidence either by clicking photos or recording a video. It could act as proof that no deliberate damage was done to the vehicle.
3. Register an FIR – Before you go for claim settlement, you should file an FIR in the nearby police station as it makes your case more credible. The car insurance company may ask for copies of the FIR so in any case, do not forget this step.
4. Keep required documentation handy – Once you have followed the previous steps, immediately contact the insurance company to inform them about the accident. They will assign one surveyor who will assess the vehicle damage and will collect the necessary proof. Once that is done, you should send across all the necessary documents [along with claim form & accident proof] to the insurance company for claim settlement.

To conclude, Car insurance claim can be a daunting task, so choose your insurance provider very wisely.

It is always a good idea for you to reconsider your cover when you renew car insurance. Many people make the mistake of continuing with the existing cover without any modification whatsoever. This is unprofitable as you can make some handy savings if you reassess and then renew your cover. Read on to know more.

Reasons why you should reconsider your cover when you renew car insurance

Here are the main reasons why you must think twice before you carry on with an existing car insurance cover. Take a look at these points to understand why you must reassess while renewing the plan:

Your insurer isn’t delivering – An insurance plan is only as good as the company issuing it. This means the insurance provider you deal with must be excellent and extend all the cooperation it can to you. You should be able to reach your insurer for any doubts you have. If you feel your current insurance provider is not approachable or their terms and conditions are too rigid, you may consider making a switch at the time of your car insurance renewal. Look for a friendlier insurer who would make the experience smoother.

Your cover isn’t sufficient – The goal of buying an insurance plan is getting sufficient car insurance coverage. If you find your car insurance cover is insufficient and is not offering what it promised, do switch the policy when you go for an online car insurance renewal.

The riders are redundant – Did you buy many riders to protect your brand-new car? Is your car now old and you don’t need that many riders? If yes, then re-evaluate the add-on covers and see what you need before you go in for car insurance renewal. You will have to pay extra money for the riders, so get rid of the ones you don’t require any more and save some money.

The deductible is improper – If you have a lower voluntary deductible, your premium will be high. So, take a look at this figure and see if you want to readjust the deductible amount. If you have faith on your own driving skills, opt for a lower deductible and successfully get your car insurance costs lowered. 

There are too many exclusions – If you have a car insurance plan that has too many exclusions and you hardly get to make a claim, you definitely need to reconsider your cover! Compare the various plans when you renew car insurance and find the plan that has the widest scope of cover. This will help you to stay covered in a truly comprehensive manner and fetch you the higher value for the money you pay. 

The cost is too high – Last but not the least, when you see your insurance provider is charging you a higher-than-average premium, think about changing the plan. Thankfully, you will find a large number of options to choose from. You can easily change your plan and your insurance provider. You can even carry your accumulated NCB over to the new plan. So, don’t hold back from changing the cover if you are being overcharged.

If you feel these reasons are plaguing your present car insurance cover, do consider making a switch when you renew car insurance. You may have to pay a policy cancellation fee to your existing insurance provider. So do the math and see if the move is a profitable one. If it is, then don’t hesitate and switch immediately.

The final word

Keep the points mentioned above in mind at the time of an online car insurance renewal. You will have many options to choose from. Just run a quick online comparison and locate the best cover at the best price. If you feel your existing cover is good enough, you need not change. But if you are even a slight bit dissatisfied with it, change your plan and your insurance provider without any further delay!

If you use a two-wheeler, it is mandatory for you to have a two-wheeler insurance. You will have to buy a long-term third party insurance policy following the Supreme Court order. As per the order of the Supreme Court, it is mandatory for all insurance companies to issue a five-year third party insurance cover for new two-wheelers as a comprehensive product or as a standalone product. This means you will now have to buy a long-term cover for your two-wheeler.

Most insurance plans are designed for one year and they have to be renewed annually but now you will have to buy a long-term policy for your two-wheeler. You will have to renew it only after a period of three or five years and not annually.

Many individuals purchase two wheeler insurance from the dealer at the time of buying the two-wheeler. You need to make a well-informed decision about it after considering the coverage and costs.

Third-party insurance

A third-party cover will provide for any type of financial liability, which arises out of accident. According to the rules of Supreme Court, there should be no vehicle on the road without a two wheeler third party insurance. The insurance amount will be calculated keeping the capacity of the two- wheeler in mind.

The premium will be fixed at the start of the plan and it will have to be paid upfront to the insurance provider. As a new buyer, you will have three options to choose from. One is to buy a long-term package, second is to buy a standalone third-party cover and lastly, a bundled package.

In a long-term package, you will get a third party insurance and an own damage insurance cover for a period of three or five years.

In a standalone third party insurance, you get to purchase one cover for three or for five years and in the bundled package, you get a third party component for three or five years and an additional one year term for own damage. It will provide a comprehensive coverage to you.

Calculator

Before making the purchase from a third-party insurer, it is advisable to use the online two wheeler insurance premium calculator and estimate the amount of premium you will be liable to pay on the sum assured. You will be asked to provide basic details about yourself and the type of insurance cover you seek.

Based on the same, the premium amount will be calculated and you will get an insight into the premium you will have to pay for your two-wheeler at the time of purchase of the policy.

As a consumer, you need to compare different insurers and plans offered before choosing one because the cost you pay upfront now will be much higher than what it was in the past. You need to compare and buy the option that best fits your needs.

You need to remain wary of people who misrepresent that warranty or cashless facility will not be available to those who do not buy insurance from them. Ask for a separate quote for the vehicle you are buying and a separate quote for the insurance.

You can also compare prices online, use the calculator to estimate the premium amount and then make a wise decision. Your upfront outgo will be higher as compared to what you used to pay in the past, which is why you should make a well thought out decision.

Why should you buy a more expensive comprehensive car insurance cover and not just a basic third-party cover? This question may have crossed your mind a number of times. So, what makes a comprehensive insurance policy so useful? Take a look at this article to know more about what such a plan covers and how it is beneficial for you to buy a comprehensive car plan.

How a comprehensive cover helps?

Listed below are the wonderful ways in which a comprehensive car insurance policy helps you

Covers third party liabilities – A third party liability cover is compulsory in India. When you buy a comprehensive plan, the third-party cover is automatically included in it. So, if you happen to hurt a third party or their property in an accident, your insurance provider will compensate the third party on your behalf. The car insurance online provider will also help you by paying your legal expenses if the third party drags you to court over a dispute stemming from the accident.

Own car damage – A regular third-party cover doesn’t offer any protection for your own vehicle. But a comprehensive car insurance online plan has provisions for own damage too. You can make a claim if your car is slightly or majorly damaged in a road accident. You can also get coverage against fatalities such as car theft, fire damage or loss due to calamities [natural or man-made].

Personal accident cover – A huge benefit of a comprehensive insurance plan is that it also includes the Personal Accident cover which is a part of the Third-party cover. As per the rules, if you die in a car accident, your family members get a sum assured. If you are left disabled, then too you receive a pre-decided amount of money that then becomes your income substitute.

Rider availability – You can opt for an Add-on cover when you buy car insurance online. However, riders are only available when you buy a Comprehensive plan. You can buy many useful riders. Some of the common car insurance riders include:

• Zero Depreciation rider – This rider protects your vehicle against fall in value due to depreciation.
• Engine Protection rider – Under a regular comprehensive plan, you don’t get protection for your engine. For this you need to buy the Engine Protection rider and keep the vehicle’s engine in great shape at all times.
• Roadside Assistance rider – The Roadside Assistance rider allows you to get assistance from your insurer if your car breaks down. A towing vehicle will reach you and take your car to the nearest network garage.

These are some of the best car insurance riders that you can get along with your comprehensive cover. So, choose them wisely and customize your car insurance policy in a way that you please.

NCB advantage – The no claim bonus, or NCB as it is popularly known, is a reward you get for driving responsibly and not making any claim. You can get this reward in the form of a discount on the following year’s premium. The NCB is a feature that is limited to a comprehensive cover and is not available in a basic third-party cover.

These are the main reasons why you should opt for a comprehensive plan. A third-party plan doesn’t have such a wide range of covers and may be insufficient for you.

The final word

If you have a new or an expensive car, don’t hesitate to buy a comprehensive plan. Such a cover may be a tad bit expensive, but it is useful and protects your vehicle in every possible manner. Do your research, run a comparison and locate the ideal plan.

Owning a home is what most individuals dream about and a youth has an equal desire to settle in life by tying the nuptial knot. To buy a home without making an outright payment, a home loan helps. Whether you are married or single, let’s analyze each situation individually.

Opting for a home loan before marriage

It’s human tendency to be carefree and liberal with your expenses when you are unmarried. Even when you have a steady income, the “need” to own a home takes the backseat. It is here that maturity and wisdom come into play. When you are unmarried, you are generally devoid of certain compulsory expenses like

• Taking charge of running the home
• Paying children’s fees
• Going on a holiday with your spouse and children etc.

You give an instant nod to certain unwanted personal expenses without showing any serious concern for such expenses to be incurred. At this juncture, with minimum financial liabilities, you are in a better position to opt for a housing loan. Accommodating your home loan EMI by being a little judicious about your expenses, becomes easier.

Opting for a home loan after marriage

When you are married, you tend to be more concerned and responsible about financial stability. When you go for a home loan, post marriage

• You tend to be more disciplined money-wise with the EMI commitment coming your way
• If your spouse is employed you get the advantage of adding his/her name as the co-applicant for a home loan. Advantage? Your home loan eligibility gets empowered as you can show your combined income to avail the loan.

Thus, irrespective of the fact whether you are married or single, the right time to go for a home loan is when you are young and ideally between the age of 25 ~ 38. The earlier you opt for a home loan, the longer is the loan tenure you get to repay your loan. Let not your marital status hinder your aspiration. Even with a modest income Banks provide you with a home loan.