Motor Insurance

Car Insurance

Car insurance (also known as motor insurance, or auto insurance) is insurance for cars, usually private and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region.

Comprehensive Insurance
Covers damages to the third party, as well as your own bike. Best for cover losses from incident like theft and natural disasters

Third Party Insurance
Covers only the damages to a third party and their property. Best if insuring only because it’s mandatory (but we wouldn’t recommend that)

2-Wheeler Insurance

Two-wheeler insurance is an insurance policy that covers you against damages to your two-wheeler due to accidents, natural/man-made disasters, fire, and theft. The policy also provides coverage against bike-related third-party liabilities such as damage to another person’s vehicle/property or injuries/death of a third party. You can buy insurance for 2 wheelers to cover motorcycles, scooters, mopeds, etc.

Comprehensive Insurance

Covers damages to the third party, as well as your own bike. Best for cover losses from incident like theft and natural disasters

Third Party Insurance

Covers only the damages to a third party and their property. Best if insuring only because it’s mandatory (but we wouldn’t recommend that)

Motor Insurance (Commercial)

Term Insurance

Term Life insurance provides coverage for a fixed period of time at a fixed premium rate. In case of untimely death of the life insured during the policy term, the nominee of the life insured gets the Total Pay-out/Benefit. The benefit can be paid out as a lump sum pay-out or a combination of Lump sum & Monthly pay-out or only as a Monthly pay-out.
Therefore, Term insurance plans are said to be pure protection plans which ensure financial stability of the dependants in case of untimely death of the life insured.

Benefits of Term Life Insurance

Death Benefit:

In the unfortunate event of death of life insured during policy term, the nominee shall receive the Total pay-out as a Lump sum amount or a combination of Lump sum & Monthly amount.
Lump sum amount to take care of immediate financial liabilities.
Monthly income to sustain the family lifestyle.

Tax Benefit:

The premiums paid for Term Life Insurance are Tax free under section 80(C) upto an amount of Rs 1,50,000.

Rider Benefits:

Riders are an important addition to the basic plan offering & provide an option to customize the coverage to the life insured.
Accidental Death Benefit rider offers an additional sum assured over the base plan offering in case death occurs due to an accident.
Accidental Disability rider offers an immediate lump sum payment on occurrence of any disability due to an accident.
Critical Illness rider offers an additional sum assured over the base plan offering if the life insured is diagnosed with one of the critical illnesses mentioned in the rider.
Waiver of Premium rider offers the waiver of all policy premiums in case the life insured is diagnosed permanent disability or critical illness.
Option to increase Death benefit: Certain plans have offerings where the life insured can increase the life cover at key stages in life like marriage, birth of child.
Key Terms when comparing Term Life insurance plans.