Benefits of Insurance

We are all living in the digital age and how! You can find everything online, whether it’s your groceries, your outfit of the day, or even your life partner. In the financial industry as well, everything from banking to investments have gone digital. So has insurance. Every leading insurance provider in the country today is serving its new and prospective customers online. Not just that, there are many online insurance aggregators operating in the market offering all the available information on different policies and plans of different insurers on a single platform.

No wonder, there has been a paradigm shift from the traditional method of depending on insurance agents to taking the digital route to buy insurance. The fact that there are many benefits of buying insurance online has also added momentum to this shift. Let's look at some of the benefits of online insurance over traditional insurance.

What are the benefits of buying insurance online?

Convenience:

Buying insurance online is a lot more convenient as it can be done any time any day from any corner of the world with just a click of the button. You don't need to visit any office or arrange any meeting. When buying insurance online, you are saving time, energy and money that you would have otherwise spent on travelling from one place to another meeting different insurers.

Instant policy:

One of the biggest benefits of buying insurance online is that you can be issued a policy instantly if all the paperwork is in place. Compared with the offline insurance purchase, which may involve multiple meetings with insurers/agents for sharing forms, discussing various plans and submission of final documents, etc., the entire process of online insurance involving the same steps can be completed within a span of a few minutes.

Lower Premiums:

When buying insurance online, the customer buys directly from the insurer, thereby leaving no space for distributor's margin or commissions. Also, the overhead costs of maintaining an online platform are much lower than that involved in offline infrastructure. These cost-savings translate into lower premiums for online customers.

Easy comparison of different products:

Online insurance portals make it extremely easy for customers to compare different types of plans and policies. For instance, if you are planning to buy a health plan, you can simply visit the official website of your chosen insurer and check all the different policies it offers along with their specific benefits and premium quotes in order to make a well-informed decision. You can also compare health policies of different insurers through online insurance aggregators to choose the best health plan for yourself. This kind of comparison, if had to be done offline, could have taken days if not weeks.

Choosing add-ons:

Buying insurance online makes it easy to choose relevant add-ons with your policy. Add-ons offer additional protection and benefits to policyholders by paying a little extra premium. When purchasing any kind of policy online, customers can always check the option to add any of the add-on covers offered by the insurer along with the price at which they are offered. After making a quick assessment of whether an add-on can prove to be useful and worth the money or not, it can be chosen to be added to the main policy.

Avoids mis-selling:

The offline method of buying insurance lacked transparency as prospective customers were dependent on a handful of people for all the relevant information. Rather than making a choice themselves, they were relying on a third person to decide on what's the policy best suited for them. This often led to mis-selling of insurance products. But that's not a concern in the case of online insurance. When purchasing a policy online, customers can check all the features, benefits and premium prices of different plans before finalising the product they want to buy, leaving no scope of mis-selling.

Reviews:

One of the benefits of online insurance is that customers can read reviews of different products and insurers before making their final decision. This kind of first-hand feedback is not available when you are buying insurance through the traditional route. Reading reviews and comments can give the kind of information you will not get on any other platform and help you make the right choice.

It is due to these advantages that the online insurance sector is growing in India at an enormous scale and is becoming the preferred route for customers to buy life, health, motor and other kinds of insurance policies.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.

With newer variants emerging constantly, the COVID–19 virus seems to be spreading more quickly than before. While looking out for symptoms and self–isolating can help you recover and prevent further spreading of the virus, getting a COVID test helps you confirm your diagnosis. It is especially useful as an official document, whether for treatment or to receive benefits. This article will help you figure out the cost of taking a COVID test in India.

What is the COVID test cost in India?

The cost of getting a COVID test done across various Indian states is as follows:

1. Delhi: The Delhi Government has reduced the cost of RT–PCR tests in private labs to Rs 800. Plus, the cost of home collection samples has been reduced to Rs 1200 from Rs 2400.

2. Maharashtra: The Maharashtra Government has also slashed the prices of RT–PCT tests. The new prices are Rs 500 to submit a swab at the collection centre, Rs 600 at quarantine centres, and Rs 800 at the testing centres.

3. Uttar Pradesh: According to a notification issued by the Health and Family Welfare Additional Chief Secretary of Uttar Pradesh, the cost of RT–PCR has been decided at Rs 700 in private hospitals. However, the price of RT–PCR tests at private labs with home sample collection can go up to Rs 900.

4. Rajasthan: An RT–PCR test in Rajasthan costs Rs 500 to Rs 1000. Seeing the wide range, the prices will soon have to be rectified to a more stable alternative.

5. Haryana: Costs of RT–PCR in Haryana have been reduced to Rs 1200.

6. Kerala: The Kerala Government has also reduced RT–PCR prices from Rs 1700 to Rs 500. Additionally, approved labs accredited by the state and Indian Council of Medical Research (ICMR) have to conduct the test at the new prices. In contrast, government hospitals are doing so for free.

7. Andhra Pradesh: Due to the increased availability of testing kits, the government has slashed the prices of RT–PCR tests by 40%–50%. Tests in government labs will be charged at Rs 475, whereas the National Accreditation Board for Testing and Calibration Laboratories (NABL) will charge Rs 499.

8. Karnataka: The government has fixed the price of testing for COVID–19 at Rs 800 at government labs and Rs 1200 at private labs. Further, home collection prices can go up to Rs 1600.

9. Gujarat: In Gujarat, the cost of RT–PCR was reduced from Rs 1100 to Rs 900 if you opt for home collection and have the sample tested at a private lab. If you directly give your sample at the lab, you will be charged Rs 700.

10. West Bengal: The West Bengal government has also cut down the price of COVID–19 tests in private centres from Rs 2250 to Rs 1500.

Note: Keep in mind that these prices are for reference and are subject to change as per the directives issued by the respective State Governments.

Now that you know more about the COVID–19 test cost in India, get yourself tested if required. Remember to buy health insurance for yourself and your loved ones to stay prepared for times of illness.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.

In India, a lot of people tend to depend on a middleman, like an agent, to help them buy their insurance policies. Not to overwhelm you, but this probably could be because of the insurance documentation having a lot of jargon, isn't it? If you are somebody who is learning the basic terminology of insurance and wondering what assurance and insurance difference is, you have come to the right page. This page explores the common terms 'insurance and assurance' meanings, assurance versus insurance, and more. So, keep reading!

What is the Meaning of Insurance?

An insurance is a financial contract between the insurance company (insurer) that is authorised to provide insurance and the policyholder that ensures the policyholder will be compensated by the insurer in the event of a stated loss or damages caused by unforeseen events in return for a premium. The amount of compensation will roughly match the loss's monetary value.

The insurance policy document contains all the information about the kinds of damages that your insurance will cover and the related terms and conditions. It also shows the highest coverage amount that the insurer will provide you in the event of an unfortunate incident.

Insurance policies typically have a set duration of validity during which the insurer is responsible for paying benefits in accordance with the policy's terms and conditions. This is the period of the policy. Having insurance provides you with peace and a sense of being secure at challenging times such as theft, accidents, and natural disasters. All you need to do is pay a premium, which will provide safety coverage for yourself as well as your loved ones.

What is the Meaning of Assurance

Unlike general insurance, assurance is mostly related to term and life insurance. Although assurance and insurance are frequently used in tandem, assurance is more explicitly concerned with offering long-term security against unforeseen events like death or disability. In assurance, you and the insurer have a contract that focuses on providing long-term security against some future event-such as death-that will inevitably occur.

In this, the policyholder is certain to receive payment/compensation in the event that a particular event occurs. For example, a disability or death. In comparison to general insurance policies, these plans often have a longer validity period.

Given that it typically ensures a specific amount or benefits, this can be quite beneficial if you are the family's primary provider. In the event of your untimely death, while your policy is in effect, the insurance provider will pay your family members a predetermined amount. This amount can help them in meeting their daily necessities as well as the educational and medical costs of their parents.

What is the Difference Between Insurance and Assurance

Parameter	Insurance	Assurance
Definition	An insurance is a financial contract between the insurance company and the policyholder that ensures the policyholder will be compensated by the insurer in the event of a stated loss or damages caused by unforeseen events in return for a premium.	Assurance is a contract between you and the insurer that focuses on providing long-term security against some future event, such as death.
Goal	To make up for the loss. For instance, losses caused by event such as theft, flooding, fire, and accidents.	To provide financial assistance in a certain circumstance. For instance, death or disability.
Policy types	Car insurance, two-wheeler insurance, travel insurance, house insurance	Term insurance, life insurance, unit linked insurance plan
Total number of claims permitted	Multiple	One
Types of risks included	Unknown risks such as theft, fire, burglary, and accidents	Usually covers disability or death
Claim payment	Roughly equal to the sum of the loss. For instance, the expense of hospital stays, car maintenance or replacement costs, and so forth.	Predetermined sum to cover a specific event. For instance, the policyholder's death
Renewal frequency	Typically, once a year or whenever the policy ends	Not relevant

 

Why is Insurance So Important?

Policies for both general and life insurance can be useful for specific situations. Insurance offers much-needed financial support to cover the costs in the event of an unfortunate incident.

Consider health insurance. The severity of a medical condition determines how much it will cost to treat it. If the individual does not have insurance or another form of financial security, this could be a financial burden. In addition, if a patient does not receive prompt, high-quality therapy, their condition may get worse. An insurance plan in such a situation shields against unforeseen liabilities and allows for prompt medical attention. Therefore, having insurance is crucial.

Conclusion

In a nutshell, terms like assurance and insurance come in handy while understanding the insurance jargon, especially when choosing general insurance or even other types of insurance. They help protect your financial resources, and they serve different functions. By understanding the different concepts of insurance, you can make informed choices while picking insurance as per your needs.

FAQS

What distinguishes life assurance from life insurance?

Both assurance and life insurance offer coverage following the insured person's passing. While life assurance offers coverage for the entirety of your life, life insurance is valid for a predetermined amount of time.

Which is preferable, assurance or insurance?

Assurance and insurance have distinct functions. Depending on the type of policy-life or general insurance, for example-your plan benefit will take the shape of an assurance or insurance.

What makes having a life insurance policy essential?

A larger payout is offered by life insurance policies in the event of disability or death. These serve as the family's last line of defence financially if the main earner passes away or becomes disabled. With the support of this money, children can finish their education and become financially independent. Even in the event that the primary breadwinner is confined to bed and unable to work, the household can manage financially. Therefore, having life insurance is essential.

Can a claim be rejected for life insurance?

The insurance provider has the right to reject a claim. This typically occurs when a claim is made in violation of a policy exception or when fraudulent claims are made. For instance, if suicide was specifically included as an exclusion in the insurance contract and the insured passed away committing suicide, the insurer may deny a claim. To prevent claim rejection, it is crucial to review all of the conditions of the policy of insurance.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.