Business Insurance

Management of a small or big business, it means an important investment. Insurance is a required component for any type of organization because it insures your business from different types of risks. If you are a small business owner or home based business professional or an established company, you should be well aware of importance of an insurance policy for the company. There are various insurance companies which provide you several types of assurance plans, these plans reduces your risks and covers financial losses too. These plans also help you in unexpected and unfortunate incidents such as injured employee, death of business partner, court case, natural disaster and others. As we know that assurance is not compulsory by law but it is a necessary part for a company. The main objective of a cover for an organization is to offer full safety of the industry without paying more than required.

Insurance is basically a type of unpredicted risk management in the assurance plan insured sign a bond or agreement in which insured transfers some charge of possible loss to a different entity in replace for financial return which is known as premium. Assurance is a good method to care for family, and their properties from different type of risks. If you have a great assurance bond it helps you at the time of risk. There are various types of assurance plans provided by the business insurance companies such as small business insurance, or general business insurance. These companies also provide the online portals so you can also take benefits of online business insurance and can easily compare the plans.

Cover a company with a great insurance policy is a best idea and thing for a company owner. Because it is the reality that no one can not identify about the future incident and that difficult time these type of policies offer you protection from the unhelpful impact. Generally business insurance provides you safety according to industry standard and performance. This is also important because it provide you cover against income loss which can be cause of the close off your organization. With the insurance plans you can also take other benefits such as it supports or encourage your savings, provide welfare and security to your staff, also help in the financial growth of the company and increase the business efficiency as well by decreasing the cost of loss by the unexpected events.

Planning Better for Your Child’s Future!

Children are the greatest gift from God and we welcome them with great joy and enthusiasm. Every parent wants to give best to their child in all the aspects, be it education, sports, marriage etc. Hence raising a child is in today’s world is one of the biggest financial commitment for the parents. Planning for child future is one of the most important milestones in financial planning and it is prudent for parents to start investing as soon as the child is born. There are various investment vehicles which can help parents to plan for child future goals. In this article we will highlight a popular tool “Child Insurance Plan” which can help parents to secure the financial future of their children.

Child Insurance plan as the name suggest are insurance cum investment plan offered by various insurance companies. Child Plan are designed in such a way that the money is invested regularly and it grows over a period of time and the same can be withdrawn as and when child achieve certain milestone or goal. The plans are for specified time period and parents get corpus for various milestones like Graduation, Post-Graduation, and Marriage etc. Most of these plans are structured with inbuilt insurance component for the earning parent so that in case of an unfortunate event (death or disability of the parent), the future goals of child are not affected as either insurer pays the sum assured to the nominee/s immediately after the demise of the parents or waives the future premium (i.e. the insurance company starts putting in the premium amount into the same plan on behalf of the policy holder) and the plan continues.

Child Insurance plans are normally either a traditional endowment plan or Unit Linked Insurance Plan. Traditional endowment plans relatively carry lower risk as the money in these plans is mostly invested in fixed income instruments. In these plans, a fixed percentage of sum assured is paid at regular installments and on maturity the remaining sum assured plus bonus is paid out. These plans are suitable for parents who do not want to take any risk and want to have defined cash flows at regular intervals to meet his/her child future plans.

For e.g. – Bajaj Super Cash gain Child Insurance Plan, if it is taken for 24 years and Sum Assured 50,00,000, The plan would provide: 20% of the sum assured i.e. 10,00,000 each on 6th Year (School),12th year (School) and 18th year (Graduation) and 40% + bonus i.e. 20,00,000 + Bonus on 24th year (Post Graduation).

Child Unit Linked Insurance Plan is an insurance policy which provides dual advantage of insurance as well as investment. In these plans, investor has the option to invest the invested surplus amount of the plan in various funds as per his risk appetite. As it is rightly said that equity as an asset class is an ideal investment which will generate best risk adjusted return if investor want to invest for long term say 10 years plus, the ULIP plans allow investor to invest in equity, debt or combination of both. Hence ULIP usually carry higher risk and allows investor to do his asset allocation based on his risk appetite.

In both types of plan, in case of early death of parent i.e. before maturity of the plan, the life cover is paid to nominee and future premium are waived off. And on maturity, the maturity amount + bonus in case of traditional plan and fund value in case of ULIPs would be given to child/family member.

Things you should remember while selecting child insurance plan:

  1. Life Cover: The policy should cover the life of earning parent and not the child.
  2. Inflation: One must keep in mind that the amount invested should be able to beat inflation when individual is planning for long term goal.
  3. Time Period: One must select the policy that matches with the tenure of his goal and the cash flow requirement.
  4. Charges: In case of ULIPs one must look at charges before selecting the policy as high charges will lead to lower return.
  5. Withdrawal: One must stay invested for long term in ULIP and withdraw money only on reaching is goal
  6. Asset Allocation: When the goal is far away, Equity fund can be selected and as you reach near to your goal, start switching money from equity to debt and by the last year of your goal, the money should be switched to debt option completely.

Conclusion: There is always lot of debate over if child insurance plan are good or bad. There is no fixed answer to it, individual who do not have time and financial knowledge and want to save for his child future goals, can invest in Child insurance plan as it gives individual protection against any unfortunate event in life and also pays lump sum amount when the child achieve the milestone age. And any individual who is well versed with finance and have requisite time can select a pure term cover on himself and invest the remaining amount in pure investment products like equity/balance mutual fund or fixed income instruments.

Tips for Selecting the Right Building Insurance Policy

Selecting the right building insurance policy is a lot like selecting the appropriate policy of any other type. If you were trying to find the right car insurance policy, for example, you would need to step back and examine your own situation. If you totaled your car and needed to pay for expensive repairs, you would decide how much coverage you needed based on how much money those repairs are likely to cost. If you use your car for work purposes, you might include optional coverage to cover the expensive equipment that you’re likely to be transporting. Selecting the right building insurance policy is largely the same process, only instead of looking at your own personal situation you need to examine the needs of your business and the way it operates.

Before you choose an insurance policy, think about your business and the way it operates and find out how much insurance you really need. If you were calculating how much coverage was required for a homeowner’s insurance policy, for example, you would go through your home and add up the valuable items inside. In the event that you suffer a total loss, you would need to make sure that any payouts you received from your insurance provider would cover the cost to replace everything that was damaged or destroyed. The same line of thinking holds true for a building insurance policy. Not only do you have to factor the cost to replace the physical structure (or make any repairs that may be necessary for the building to be deemed structurally safe again), but you would also have to add up the value of all the items in and around it. Find out how much it would cost to replace all of the equipment you use on a daily basis, for example, or your inventory if you operate a retail business. Also add additional coverage to protect the possessions of your employees from damage that may occur.

After adding up the value of all your business possessions, consider what types of coverage you need given your location. If you live in an area with a statistically high crime rate, for example, you would want to add additional protection to cover vandalism and burglaries that may occur beyond the default limits set by the policy. Note that you can also make modifications to your building to help keep some of these extra costs as low as possible. If you were to install a high tech security system on your property, for example, you could lower your premiums despite the fact that you’re adding additional levels of coverage.

It may also be wise to add flood insurance depending on where you live. Flood insurance is not a standard part of building insurance policies regardless of location. If you live in an area with a high flood rate, flood coverage or policy provisions will always be beneficial. However, you may want to add such protection regardless even if the disaster itself seems unlikely. The term “flood” is used to describe more than just damage sustained by a nearby swelling body of water. If the sewer lines outside your business break and water or sewage floods into the building, the disaster would be classified as a flood even though it doesn’t technically meet the traditional definition. If you didn’t have flood insurance as an additional part of your policy, the insurance company would use it as a ground to deny your claim. You would be forced to pay for all of the damages and repairs that were the result of the water yourself. The overall safety of your building will directly affect how much you will pay for building insurance premiums and how successful any claims may be if you have to file them.

Smart Tips to Purchase Affordable Car Insurance

Car insurance is a must have for your car. Your insurance policy has to be purchased or updated annually without fail. However, while purchasing car insurance, you need to consider various factors and make a smart move.

Importance of car insurance

Being safe is in your hands as a driver. However, you cannot predict the future. Accidents are unforeseen and your car might get severely damaged for no mistake of yours. During such situations, your expensive car might require a great amount of repair, which you would have to pay out of pocket. Also it would involve attorney charges in case it gets more complicated and brings damage to any third party or third party property. Instead if you had taken, you can claim the damages from the company. Car insurance should not be considered a waste of money as it would save you from great distress.

Factors to consider while buying car insurance

Different policies are available such as liability, collision, comprehensive, medical coverage, PIP etc. Some policies may be a combination of one of more types of insurance. You have to first research and identify which is the best combination.

To start with, understand your vehicle’s details such as car model, year, total cost. Based on the total value of the car, calculate the insurance coverage amount needed. This can be done through self calculation. Also certain states or countries have certain specific rules regarding vehicles. Keep in mind those rules and criteria before buying car insurance.

Now-a-days people have gotten much awareness about and also with the technological advancement, you can also buy online. Through web medium, you get a lot of benefits. You can compare the other before deciding and arrive at a decision as to which one would suit best. In the internet you would find various reviews of other people who have bought from the insurance companies. There may be good as well as bad reviews about the company and the plan. Pay attention and spend some time exploring such reviews.

Fix the maximum amount you can afford to for the insurance based on the value. Search or customize the plan based on your affordability. Do not go for additional coverage or extra coverage unless and until it is very much needed. Also talk to experts or seniors who own cars and ask them about the company they have chosen for their cars. This would give you an idea about the credibility of the company and the plan.

You can buy insurance through agents or buy auto insurance online which would save time and reduce your difficulty of traveling, middlemen, and their commission and also help you with a stress free life.

Car Buying? What You Must Know First

Have you ever gone to a dealership to buy a car and felt like you were just totally not being treated fairly? Pretty much everyone has been in that situation, and there is no need to settle for this. Keep reading to find out more about how you can better take control in finding the deal for you.

Insurance

Watch out for the up sells in the financing office. When you reach the financing office, you will always be offered an extended warranty, interior protection, gap insurance and other such add ons. Make sure that you understand these well before making a decision to purchase them. Most are not worth the money you will spend, and you’re better off saving each month in the event that you need a repair or your interior gets a stain.

Before going car shopping, clean all personal items out of your car. Doing this one thing will save you considerable time at the dealership. This will also ensure that you do not leave behind important documents such as insurance papers. Nothing is worse than getting home and realizing the you left something in the car you just traded in.

If you are car shopping and want to test drive some different cars, make sure you bring your license and insurance card with you. Many dealers will want a photo copy of them before you drive. This is just to protect them in case someone steals or damages a car. If you do not have them with you, they might not let you test drive.

Find out how much it will cost to insure a specific vehicle before you purchase it. Insurers charge a lot more to insure sports cars than other vehicles. Even the color of the car can influence the insurance cost. To guarantee that you are not surprised once you have already paid for the car you must do your research.

Do not forget to calculate the cost of owning a car when you are working out a budget. For example, a vehicle that costs more but gets better mileage may be cheaper over the long run than a less-expensive car with poor fuel economy. You should also include resale value and insurance premiums in your calculations.

Before you make your final selection of a car, talk to your insurance agent. Some types of vehicles can cause your insurance to go up significantly. This increase in monthly insurance premiums might leave less in your budget to afford the car of your dreams. By having a clear understanding of the total cost to own the car, you can make an educated decision.

Make sure you inform yourself not only on the car industry, but also the specifics of the car dealer industry. They have some tricks they use to take advantage of unsuspecting customers. Be sure to keep an eye out for things like unneeded warranties, or insurance straight from the dealership.

You should now not ever feel like you’re walking into a bad deal when at a dealership. You know plenty more information now that will cause red flags if you hear something that isn’t right. Utilize the advice you’ve read, and get started finding the right automobile and the right terms for you.

Need of Car Insurance

Almost everyone has a car these days and hence owning cheap car insurance is a must. The number as well as the frequency of accidents has increased highly these days. In most of the countries only because of this reason it is mandatory to own a car insurance if you own a car. In other words insuring your car is the basic requirement as well as the basic law. The car insurance protects the driver and cover him all the injuries he would get if in case the car meets with an accident. It would also help you in paying the compensation to the one you have hit while driving.

Many people feel that they drive safe and never meet with accidents. So they have no requirement of cheapcar insurance.But you should remember that accidents don’t happen after informing you. They are not foreseen and can be fatal as well. So paying a small amount just in order to keep yourself and your vehicle insured should not be that big a deal.

Cheap Car Insurance Quote is also needed in cases when you wish to buy a new car or apply for a car loan. You are not considered qualified until and unless you provide the copy of a valid insurance policy. Hence in these cases it becomes an absolute necessity. Along with this, there are a few rules and regulations of the financial institutions which they follow strictly before giving any loan. They provide loan only after understanding the needs of your insurance cover.

In fact it might be considered illegal if you drive without an insurance policy in a lot of countries. So if in case you drive a car that does not have car insurance, then you can be heavily penalized for this. There are a lot of people who do not understand the seriousness of this and drive without getting insured thinking that a driver’s license is all they need in order to drive a car. However this is not at all true and an insurance policy is equally important. The government has become pretty strict about this rule and keeps on doing various check drills on a regular basis.

If in case you meet with an accident while driving a car and get severely injured, it would be difficult for you to even determine the amount of money you would need to spend on your treatments. Medical procedures have become very expensive these days and it is practically not possible to incur this additional burden on your pocket. In order to save yourself from all this you can buy car insurance. The annual premium that you would need to pay would be much less in comparison to the expenses of medical and accidental treatments.

Impact of Union Budget 2016 on Retirement Schemes

Whatever may be the reactions of different sections of the society to its proposals and provisions, one thing is definite that it impacts lives in a big way, sometimes in a good manner, and then sometimes in a not-so-good way. Once announced and implemented, this is what decides how much people are going to spend, and on what, also, what portions of their income they save for their future.

The same happened this time around as well when the unionbudget was declared for the financial year 2016-17. It brought cheer to some sections of the society and disappointed some other, as always.

While the health and education sectors have better prospects, it’s the provident-fund-holding salaried class that has been hit this year.

The govt., in a bid to effect some uniformity between the taxation policies pertaining to the ‘New Pension Scheme’ and ‘Employees Provident Fund’ as well as ‘Public Provident Fund’, has proposed some major changes in the latter two retirement schemes among others. The implementation of these changes can prove to be quite badly-hitting for those who earn from jobs and save for their retirement, in hope that by the time they retire, they will have enough financial support for their future.

In the Union Budget of this year, it has been proposed that at the time of withdrawal, there will be a 60% tax deduction on EPF and other retirement schemes, on savings that are made after 1st.April.2016. This has sent massive shockers among the salaried section, as it makes the future of their retirement plans quite bleak.

Till now, all these schemes have been under EPFO, and have been largely exempted from tax imposition, giving the beneficiaries the freedom to utilise their life savings wherever they need or may want. However, the new changes proposed in the taxation policy affecting the retirement schemes, has the potential of changing this in a drastic way.

This proposal by the Finance Minister hasn’t gone down well with most people as the employed section finds it quite disheartening and even discouraging for them to put their hard-earned money into retirement schemes from now on. If a whopping 60% of their savings is going to go away in tax, who’s going to even want to think about saving?

It’s natural for those in jobs to not welcome the move, as people have different plans of using their provident fund savings as per their own needs; some use the money for their children’s education or marriage, and some, to fulfil their biggest dream of buying their own house with the accumulated savings.

It’s definitely, extremely discomforting for them to realise that more than half of the savings they have been making for years, will be taxed when they actually need it.

Claim Can be Rejected if You Don’t Disclose Health Condition

In comparison, the three-year category returns for large-cap equity funds is -1.7% and small- and mid-cap equity funds is -2.1% per annum. I would recommend that you stop paying premiums and invest your money elsewhere. Your Ulip fund will move into a discontinuance fund where you will earn about 3% per annum and can withdraw after five years have been completed.

Non-disclosure of material health conditions is a valid ground for claim repudiation. In your case the situation is mitigated a bit as death occurred for a reason not related to the insured’s health. There is a slim chance that the claim will get paid if you approach the ombudsman and have a case that the level of hypertension was not significant or that the insurer would have underwritten the case even if the hypertension was known. The likelihood of a favorable decision improves if the insurer had conducted a health check-up prior to issuing the insurance.

Independent distribution refers to sales where the distributor can work with multiple insurers. The distributor’s loyalty is to customers. Historically, brokers have been the only independent distributors. Instinctively, the regulator and government are expanding independent distribution. Web aggregators have been formalized; banks are being encouraged to turn brokers instead of being agents; and, more importantly, a new distribution entity called the insurance marketing firm has been proposed.

I want to take insurance for my 10-year-old son. I have been told that I should take a child care plan. Which is more beneficial, a Ulip in my name or a child care plan?

Child care plans refer to the purpose of the insurance. Ulip Insurance India traditional policies refer to the product platform used to deliver insurance benefits. A good child plan meets the following three criteria. First, the life insured is the parent who earns. Second, it has a waiver of premium benefit so that if the life insured dies the policy continues unchanged. Third, since child plans tend to be long-term in nature, the insurance should have some exposure to equity. For these reasons I believe that equity- oriented Ulips with the parent’s life insured and a waiver of premium benefit are best.

Significance of Having Third Party Motor Insurance

Indian terrains are not cut out for the modern and high powered cars that come with great features. The vehicle that is best suited for the rough Indian terrain and budget is a two wheeler. They are even easier to maintain and drive on the streets. If you happen to own a two-wheeler vehicle, you need to also be prepared for any type of unforeseen event that may put your two-wheeler and you in risk. In case of an accident involving you and a third party vehicle, you will need to pay for the damage of the property and hospitalization of any pedestrian.

And if you are a rash driver who gets thrills from speed, then you need to consider buying a third party motor insurance. Gone are the days when you had to go to the vehicle companies to get your motor insurance, now you can buy the correct plan after you buy motor plans .
Also, it is mandatory for anyone to purchase a Palns as per the Motor Vehicles Act of 1988. While it is necessary to buy the Policy, some people don’t renew their insurance after a couple of claim free years. And while some people may think that the insurance on the two-wheeler may cause them a bomb and that being an excellent driver is enough to steer clear from accidents, it is not. Accidents have a tendency to happen unannounced and this should be reason enough to buy that insurance.
Moreover, you get a host of benefits from your two-wheeler motor insurance. You are covered from any damage in case of man-made or even a natural calamity. However, to go the extra length for the safety of their two wheelers and themselves, one needs to buy the third party motor insurance as well. It comes with its own benefits which include protection from any damage done by third party vehicle. This insurance protects the two wheeler owners from any unexpected hike in third party liability.
Recent statistics show that despite the motor vehicle insurance being mandatory, almost 70% – 75% people don’t bother to get one after the claim-free days are over. The third party motor insurance also has become mandatory for two-wheelers for a period of three years. This long term third party insurance is helping people be safe on the road. Therefore, you must get a cover soon, but remember to Motor Insurance Premium Calculator.

Every Laptop Needs Protection

With the growing trend of the connected world, It has become vital to take good care of your laptop, so that it keeps working well. There are many tips, tricks, and steps that can help you maintain the efficient working speed of your laptop.

As laptops are being used, by almost everyone, for daily tasks, people may suffer many different issues, while using their system, which largely affect the performance of the laptop. So it’s quite useful to do a regular checkup of the laptop.

We can do certain things to protect the laptop, as keeping liquids away, install the best antivirus to avoid software issues and be fearless of losing your data to a security attack, using cloud data backup services, and much more.

There are numerous companies which are providing these type of services for the same concern. Certain companies offer remote support, with expert agents always ready to provide the desired tech support for resolving any problem faced by the user. Remote support is a hassle-free service that allows users to be relaxed, while the laptop is being fixed for bugs and problems remotely, and this also helps you save both money and time.

As already mentioned, there are many companies which provide such complete protection services. One of them a company offers a complete protection plan for your laptop i.e Nirvana termed as the one stop solution for all laptop problems.

Nirvana is an exciting service offering, known as the complete protection and support plan for your precious devices. A service, which gives you a complete solution for your laptop/Mac problems. Nirvana gives you a complete peace of mind in case of any misfortune with the device, and is a hassle free service which includes the following:

Remote Tech Support: Get your Laptop problems fixed remotely by an expert, via online technical support, in case you encounter any kind of problem. Remote tech support is a great solution that allows support agents to view and control a laptop over the internet, to install and/or update necessary software, add peripherals, install the latest security and performance updates, set up and manage backups to protect from data loss, and remove conflicts and compatibility issues.

Insurance Cover: This part covers various types of damage to your device, including Accidental Physical Damage, Accidental Liquid Damage,

Antivirus (For windows): A software designed to prevent and protect your system against viruses, spyware, worms, trojans, and other kinds of threats, is also provided with the service.

Total security (for MAC): This tool safeguards your privacy and automatically blocking phishing attacks, block banner adverts, and let you filter out annoying spam messages. It adds an extra layer of security for your online banking & shopping transactions as well.

Cloud Data Backup: Save Your Precious Data on Cloud. This feature allows you to take a backup of your data, anytime, and you can access it using any device, from anywhere. So, be assured that your data is completely safe in a virtual cloud storage, always.

Call & Chat Support: Nirvana experts are always available to solve the laptop issues on chat or on call, with 24*7 call/chat support is available.

Nirvana, from GizmoHelp, is a service that offers laptop insurance coverage for accidental damage, accidental liquid damage . Apart from this, Nirvana also provides other services too, which include, among others, a free antivirus to help you prevent your laptop against unwanted threats during installation of any software, like a virus, spyware, malware, worms, Trojans and many others. Nirvana also provides remote technical support to users, as per their need, allowing them to make the most of their, tablets, laptops, and other smart devices.

Nirvana Laptop protection services help users setup their new device, and get it ready for use by installing other basic software, either at the store or remotely, allowing users save on hassle, along with their time and money. For more information, visit the product page GizmoHelp Nirvana – Complete Protection Plan For Laptops.