4 useful tips you need to know about bike insurance

When you purchase a bike, the first thing that you need to do is get an insurance coverage for the vehicle. It is the best security instrument for the bike and is also mandated by the law in India. However, if you are purchasing such an insurance for the first time, you need to keep certain things in mind to ensure that you get the best deal.

Here is a look at some of the tips that you should follow when you consider purchasing a bike insurance online.

1.Know the Different Plans
Bike insurance plans are primarily divided into two types, namely, third-party liability policy and comprehensive policy. You should know what the differences are between the two in order to judge which one suits your needs the most.
A comprehensive plan covers damages that your bike may undergo during roadside accidents, along with other coverage for damages caused by natural or man-made disasters. The third-party insurance policies on the other hand will only cover the damages caused to the other party involved in an accident with your bike. Under such a plan, there is no coverage for the damage that your bike suffers during the accident.

2. Premium and coverage are Interlinked
A close link exists between the premium for the insurance and the kind of coverage that it offers. For instance, in case of a comprehensive coverage, the premiums will differ from the premiums of a third-party liability. Before purchasing the insurance, make sure you are clear about the range of coverage that you are looking for along with your budget for such a plan.

A bike insurance calculator will help determine the premium for a particular plan and is immensely handy while purchasing a bike insurance online.

3. Know the Insured declared value
When you purchase a bike insurance policy, the insurer will reveal the maximum value of coverage that the plan will offer. This value is calculated on the basis of the market price of the bike as per the selling price listed by the manufacturer of the bike. This value is later adjusted according to the depreciating value of the different parts of the vehicle. At any rate, you want an insurance policy that offers the highest IDV for your bike, so that you can claim the maximum sum if the need arises.

4. Check the No-claim bonus
Lastly, check the no-claim bonus that a particular policy offers. A no-claim bonus can only be claimed, if you go through an entire term without claiming the insurance even once. Under such a condition, most insurance providers will likely offer a certain discount on the premiums when you renew the policy.

With these tips in mind, it is quite likely that you would be able to find the perfect bike insurance plan for your dream bike.

Secure your personal loan easily by knowing these terms

Unlike all other loans that are provided for a specific reason such as purchasing a motor vehicle or the dream home, a personal loan can be taken for any reason. So, while such a loan is a great option in case of sudden requirement of funds, you should be aware of a few facts before deciding to apply for one.

1.The interest rate
Often, the interest rate charged for a personal loan is different from the rate charged for other loans. Make sure you keep an eye on the rate charged for the personal loan that you want to take. This will ensure that you do not put any unnecessary burden on your own finances when you opt for one.

2. Keeping credit score high
Whether you are eligible for a personal loan or not will depend on your credit score. A credit score is the rating that lenders and banks assign you on the basis of past debt payments. So, when you pay your credit card bills on time, your credit ratings improve automatically, and vice versa. For a personal loan, the lenders pay special attention to your credit score.
If your scores are not on the higher side, the best thing to do would be to take small loans and pay them back on time, prior to when you apply for personal loan.

3. The tenure of personal loans
A personal loan’s tenure can be anywhere between 1 and 5 years. This means that depending on the amount of money which you borrow, the monthly instalments can be difficult for you to bear if the tenure is not long enough. Thus, the best way to reduce the EMI is by taking a smaller loan, which would then result in much smaller monthly payments.

4. Purpose of the loan
If you apply for personal loan so that you can finance your child’s education abroad, then you may be better off with an education loan. So, before you take the personal loan, consider the reason why you need the money and if there are better loan options available.

5. Watch out for extra expenses
Some lenders will discreetly throw in an insurance policy along with a personal loan and have you believe that the two are not mutually exclusive. This will be an additional expense for you and you may not even know about it, till after taking the loan. So, read the terms and conditions of the loan properly before applying for the same.

World Health Day: All you need to know about health insurance

World Health Day 2018 was an incredible day. Focused on educating and spreading the virtues and necessity of health insurance, this year commemorated its 70th year. WHO has been, over the years, dedicated to bringing attention to the importance of health around the world. They have worked extensively in their effort to advocate a healthy lifestyle and provide the tools necessary for it. This World Health Day, the slogan was “Universal health coverage:"everyone, everywhere”. The focus was to ensure that everyone can have access to the essential health services without any kind of financial hardship. Health insurances and their benefits were discussed and advocated.

What is health insurance?

Health insurance is an insurance policy that covers in part or in full the risk of medical expenses of one or more individuals. By accessing the health details of the insuree along with certain other factors such as age and gender, insurance companies devise plans that will give them the optimum coverage and support. In exchange for a premium over a fixed period of time, the insurer offers health care benefits for both injuries and ill-health. The benefits also extended to damages caused by accidents, disabilities, or an accidental death.

Benefits Covered By Health Insurance

1. Outpatient Care-
The medical attention one receives without having to be admitted in a hospital is covered by a health insurance. It is deal for individuals of advanced years and those with disabilities.

2. Emergency Care-
Health insurance plans also cover your trips to the emergency room. In cases when urgent medical attention is required, a health insurance helps cover the expenses.

3. Pre and post partum care-
A health insurance plan also covers the medical expenses that are associated with pregnancy and childbirth. The tests, scans and medicines that are a part of pregnancy and childbirth are covered by this plan.

4. Pediatric Services-
It includes eye care and dental care and also preventive services such as vaccinations, screenings for diseases in children.

5. Physiotherapy-
Devices and services that one might need to recover from an injury or a chronic condition are also covered by health insurance plans.

6. Mental Health and Substance Abuse-
Addictions or different kinds of substance abuse and mental disorders are covered by health insurance plans. This includes psychotherapy, counseling and psychiatric rehabilitation come under this plan.

The health care benefits of different plans may vary slightly with regard to the insurer. You should compare the benefits and choose one that suits your needs the best to make sure that a health woe does not burn a hole in your savings.

Why travel insurance is a must before your summer travel trips?

More often than not, life does not go as we plan. You can make lists and itineraries but things have a tendency of going awry, especially when it comes to travel these days. Everyone looks forward to those summer trips with friends and family. It’s a chance to get away for a couple of weeks from the routine of everyday life. You want to let loose and have fun. You never know who you are going to meet and what kind of experience you are going to have. But with the perennial worry about work, illness during the trip, problems with transport weighing heavily on your mind, you might find it difficult to enjoy yourself. A simple travel insurance can ease your worries.

Here a few of the biggest travel problems, a travel insurance takes care of-

1. Lost Luggage
When travelling by flight, especially on international flights, losing your luggage is a very real possibility. Carrying the luggage on isn’t a feasible option, and every time you check it in you run the risk of losing it. A travel insurance reimburses you for each person that it covers. A good tip is to make a list of every bag’s content, it is helpful with the insurance claim process.

2. Emergency Evacuation
You might never know the reasons that requisite an emergency evacuation. It could be something as simple as an outbreak of flu or bad weather or something more serious like a strike. A basic travel insurance covers almost all such problems.

3. Support
In case of a cancelled flight, if you find yourself stranded, a travel insurance will ensure that you find a place to rest and that you recover your travel documents. Most travel insurance online also provide legal assistance if required.

4. Cancellation
There might be various reasons that force you to cancel your travel plans at the last minute. There could be an emergency in your family, an unexpected death or injury of a friend or loved one. Or something unforeseen might have happened to your travel companion. In such cases, you might either reschedule or ask for a refund. A travel insurance can help you with both, as it covers late minute cancellations and ensures that you are reimbursed your money.

Travel insurance is a safe bet as it protects you from the worst when travelling. Enjoy your trip with your friends and family with the assurance that things would be taken care, if they were to go wrong.

Are you aware of these 5 forex trading secrets?

Are you thinking of starting Forex trading but are unsure about it? It is quite common for a person who is just beginning to trade Forex online to seek out information that will help them advance and assist them develop their trading strategy. A number of websites lure novices into believing that Forex trading is both easy and simple and extremely lucrative from the get go. Another misconception being that one does not need much knowledge and isn’t liable to risks.

It takes a lot of trial and error, practice and experience to become an accomplished trader. Here are a few forex trading secrets you might not have known.

1. Be Realistic
When you begin trading in forex you need to be prepared to trade during high volatility periods. You need to be prepared to make mistakes and learn from them. Curb your enthusiasm when calculating your profits. Obviously, you want to profit from your trading, but you need to be realistic about your goals. Profits amounting to 5% or below is a practical estimation. Being realistic is an essential component of currency trading.

2. Trust judiciously
Be conscious of the fact that not every licence comes with the same kind of security and trust. You need to make sure that if you were to run into trouble with your broker, you could submit a complaint and request your money to be reimbursed.

3. Do not trust dealing desks
In the presence of an intermediary between the trader and the market, there is sure to be a conflict of interests. Traders look for brokers so they might be supplied with the most competitive spreads in order to make trading cheaper. But refrain from doing so, because these brokers who supply dealing desk execution will provide you with inferior pricing. Also they might restrict your orders from opening or closure.

4. Chart Clearance
Once you begin to operate in the Forex market, you might be tempted to add unnecessary indicators and assign some kind of meaning to each. But the most pragmatic approach to currency trading is to keep your chart clear which means that every indicator on your chart should be there for a very clear and important purpose.

5. Justify your trades
A trade that has been based on popular belief rather than on the vision and strategy of the trader will not yield positive results. As a trader, you need to develop a strategy after analyzing the market. The opening and closing of orders should be a clinical process devoid of emotions.

Focus on calculating and analyzing what you are doing and have a clear understanding of your chart. The removal of the activities that are redundant is a key element of being a successful trader.

What are the advantages of applying for a fixed deposit in 2018?

Fixed deposits have been consistently popular through ages and economic demographics.  There have been updates recently in Section 80C of the Income Tax Act. They have cemented the significant financial advantages that one receives by investing in a fixed deposit. Here is an in-depth look at the different advantages of investing in fixed deposits in 2018.

1. Guaranteed returns
The only investment option that guarantees high returns irrespective of fluctuations in the stock market is a fixed deposit. With high rates of interest that remain fixed throughout the tenure period, fixed deposits are not prone to any risk. Instead of keeping your funds dormant in a savings account where it will incur a very low interest, invest in a fixed deposit to gain a substantial amount of interest.

2. Easy Access
In the case of an unforeseen financial crisis such as a medical emergency or any other urgent obligation that you need to take care of, you can use your FD as collateral for a loan. There are provisions that will allow you to apply for a loan that is up to 60-70% of the amount in the fixed deposit.

3. Flexibility of tenure.
You can choose the duration of your tenure when it comes to investing in a fixed deposit. Tenures for fixed deposits can range from 1-5 years and also extend up to 10 years. It is advisable to opt for a short term fixed deposit to avail the returns that will beat unexpected inflations.

4. Flexibility of Plan
There are primarily two types of fixed deposit plans - Cumulative and non-cumulative fixed deposit plans. They both have their unique advantages and cater to different investors. Cumulative fixed deposits provide returns after the end of tenure, making them ideal for the investors who wish to build a retirement corpus. Whereas non-cumulative fixed deposits provide returns on a monthly or quarterly basis which is in turn ideal for those who want to use those returns to fund their expenses. Choose a plan that is best suited to your needs.

5. Tax Benefits
According to the latest budget, senior citizens can now avail of more deductions on the earnings from the interest incurred from fixed deposits. Prior to the budget of 2018, interests were tax- free for earnings up to Rs. 10,000. This limit has now been raised to Rs. 50,000.

Being risk-free, tax efficient with extremely high interest rates and flexibility, makes fixed deposits smart investment options for people across age groups and financial strata.

NEFT: Is it the best money transfer medium today?

With demonetization, an age of digital transactions has been ushered in. There are a wide number of options available that can be used to transfer funds online. But, the number of these options can sometimes be a little overwhelming.

One of the most popular mediums of money transfer is NEFT payment. Here is a comprehensive guide to NEFT which helps explains why it is so widely used and appreciated.

What is NEFT?

NEFT or National Electronic Fund Transfer is a mode of money transfer in which funds are moved from one bank account to another. It is based on a system of deferred settlement, meaning it is transferred in batches. Presently, it occurs in twelve batches from the hours of 8 AM to 7 PM.

Although there are no restrictions on the amount of money that can be transferred in one transaction, individual banks have set upper limits.

Process
1. Firstly, the bank branch that you have your account in needs to be NEFT enabled. Secondly, your bank account ought to be net-banking enabled. This will equip you with a unique login ID and password and also sync your cellphone number to your bank.

2. When making the transfer, you will be asked for the bank details of the person to whom you wish to transfer the funds to. Details will include the name of the person, his/her bank account number and the 11 digit alpha-numeric IFS code.

3. Choose the “Transfer Funds” option and transfer the money after entering the OTP (one time password) that you will receive on your phone.

4. The transfer of funds will take place when the next batch of settlement is scheduled.

Cost/Charges

Depending on the amount of money that has been transferred, the bank may charge a nominal amount ranging from Rs.2.50 to Rs. 25.

Advantages of NEFT

1. Efficient and Secure
NEFT payments are highly efficient and allow for quick transfer of funds from one bank account to another.  It is an extremely secure method with neglibible chances of error, because the only thing you would be expected to do is to enter the correct information.

2. Cost Efficient
NEFT payments cost next to nothing. It is much more cost efficient than other fund transfer mediums like money orders and demand drafts.

3. Reliable
Payments made through NEFT are monitored and regulated by the Reserve Bank of India. This makes it extremely accurate and completely risk-free.

The ease, accuracy and cost-effective nature of NEFT payments lends itself well to personal transactions as well as transactions between business entities. Thus, NEFT is one of the best ways to conduct a financial transaction in India without having to pay a hefty fee and with assured efficiency and security.