If the app remains inactive or is switched off for a continuous period of 24 hours, the customer will earn one day as a reward. However, in the event of a claim, reward days and cashback will not be applicable
The motor floater insurance plan provides own damage cover, third party cover and the no-claim benefit.
According to the Motor Vehicles Act of 1988, anyone who owns or operates a motor vehicle in India must have third-party insurance coverage.
Customers can complete the entire process within five minutes using video pre-inspection and get the policy in less than 30 minutes.
Pay-as-you-drive policies allow buyers to set a mileage limit for their car and offer them discounts over the normal premium. The lower the limit, the bigger the discount over the normal premium. The insurance is valid only up to the limit chosen by the buyer. One insurance company offers three slabs of 7,500 km, 5,000 km and 2,500 km.
“As a step towards facilitating technology-enabled covers, Irdai has permitted general insurance companies to introduce tech-enabled concepts for the motor own damage (OD) cover,” the Insurance Regulatory and Development Authority of India (Irdai) said in a statement.
Car Insurance is must this monsoon for you to avoid any financial damage due to unexpected circumstances
By Tasha Williams, Senior Research Writer and Max Dorfman, Research Writer
Women contribute more earnings to their households and feel more confident about personal finance than prior generations. However, they still face hurdles to taking charge of planning for their financial future and legacy.
Findings from a new report, Lack of Knowledge and Confidence Deter Women from Purchasing Life Insurance, produced by insurance nonprofits LIMRA and Life Happens, indicate a substantial disparity in life insurance purchasing between women and men and perceptions surrounding these products.
Society historically shut women out of their financial affairs.
Women did not have the right to open a bank account in their name before the 1960s. Before the Equal Opportunity Credit Act of 1974, banks refused women credit simply for being unmarried. In cases where women were married, banks required the co-signature of the husband. Until the SCOTUS Kirchberg vs. Feenstra decision in 1981, state laws gave men unfettered control over their wives’ assets–even if these were obtained without combined marital resources.
Women remain underserved by the life insurance industry.
Over the past five years, the life insurance ownership rate for U.S. women declined 10 points to 47 percent, despite women voicing a greater concern regarding the “financial, physical and mental impact of COVID-19 on them and their families,” according to the report. Indeed, 31 percent of women said they would obtain life insurance coverage in 2021, with 42 percent of men saying they would do the same.
Some women in the survey said they had anxiety about being dealt with differently by insurance companies and financial professionals and were uneasy about sharing personal information with an agent or company.
Women still face hurdles to financial planning on equal terms.
The LIMRA study posits that only 22 percent of women “feel very knowledgeable about life insurance,” compared to 39 percent of men, with 80 percent of women misjudging the cost of life insurance. Researchers found this “undermines women’s confidence in shopping for and purchasing coverage and leads to fear of being taken advantage of, creating a barrier to entry.”
Data can play a crucial role in understanding how people make decisions, but it needs context. Other research, for example, indicates that societal norms and biases can affect women’s confidence and their propensity to engage in subjects from which they have been historically excluded. Vestiges of the past continue to sustain inequalities:
When combined with the status of being an equal or primary earner for their household, these hurdles can be amplified as women may consequently have less time to devote to increasing their knowledge and use of financial planning tools, such as insurance.
Barriers are falling, but there’s opportunity in doing more.
Throughout history, women have played a significant role in the economy at large and within their families, regardless of whether their contributions were compensated or recognized. Today, lifestyle choices, a divorce, or the death of a partner may position nine out ten women as the sole financial decision-maker in their households. The 2021 Insurance Barometer Study, also conducted by Life Happens and LIMRA, found that 43 percent of women say they need or will need more coverage – a total of 56 million individuals.
Market opportunity lies in engaging women where they are. Increasing consumer education and accommodating gender-diverse life cycle needs and the associated risks can make this happen. Women represent nearly 60 percent of insurance professionals, but only one in 10 hold leadership positions, roles that drive industry transformation. Pushing ahead with diversity and inclusion goals can lay the groundwork for more innovation and equality.
To save on fuel costs, many people are switching from petrol/diesel cars to LPG or CNG by incurring a one-time cost and installing a kit. However, car owners must note that this leads to significant changes in the car insurance policy as well.
In the last two fiscal years, the IRDAI has not changed its tariffs. As a result, Irdai’s FY 2019-20 rates have stayed unaltered until date. The following are the suggested Motor Third Party Premium rates for FY 2022-23 for various vehicle categories.
