Interested in financial products
CreditMantri
Processing

No, you can’t. Ideally, insurers want you to buy travel insurance at least a day before your journey starts. 

Foreign vacations and domestic travels have become quite a popular hobby for many Indians. There is an increased awareness about travel insurance due to this. Here are some popular credit cards that give free travel insurance benefits

Yes, you should inform your insurer about the CNG Kit as it may affect your insurance premium rates. 

Under the previous taxation scheme, motor insurance premiums were subject to a 15% Service Tax; however, under the GST, the rate is now 18%.

No Claim Bonus is a discount percentage applied to your renewal policy if you have not applied for any claim during the last policy year. 

Insurance Premium payment has seen so many upgrades in recent years. In this digital era, online payments are very common and convenient. 

SBI’s Critical Illness Insurance Policy covers 13 critical illnesses. It pays a lump sum amount when the insured is diagnosed with any one of the critical illnesses listed in the plan. 

Most insurers would cover it, but it’s always a good idea to check the prospectus of your plan to see if this coverage is included. This coverage is available in the Corona Kavach and Corona Rakshak laws, which were introduced in 2020. 

There are many different kinds of policy that one will avail of during their lifetime; health insurance, life insurance, car or bike insurance, property insurance and many more. 

One of the most important questions when it comes to life insurance is who needs to buy one. Below are some of the people who may need insurance as a safeguard for many life events

Insurance premiums are paid as per the terms of the policy agreement between a company and the insurer. Normally, companies pay insurance premiums in advance as the one-year insurance tenure rarely matching with the company’s financial year. As such, there are instances of insurance premium getting paid after the end of the financial year for a company, involving more than one financial year and getting recorded in both financial years under different account headings. 

An insurance premium refers to the amount paid by the insured when purchasing an insurance plan. An insurance plan is a valid contract between the insurer and the policyholder which entails a consideration to be paid. The consideration component in an insurance plan is also called insurance premium which could be paid monthly, quarterly, half-yearly, or yearly, or even lump-sum payment depending on the specific policy terms.

Insurance is undertaken to tide over uncertainties in life or business activities. Life insurance plans which have a cash value component are considered an asset. Insurance is an expense to a business and is carried as prepaid expense (paid in advance) under the head of current assets in the balance sheet of a company till it is paid. 

An asset refers to money invested in funds for the purpose of earning returns on such investment.  Assets could be tangible assets like home, valuables or intangible assets like savings, retirement plans which give value over time.

Return of premium (ROP) refers to an life insurance policy wherein premium paid for coverage is returned if the policy holder survives the tenure of the policy or includes a share of the premiums paid to the beneficiaries on death of the policy holder. 

An insurance policy is integral to ensuring financial security for individuals and their family members from uncertain life events. There are various insurance jargons like sum assured, maturity amount which need to be understood by the policy holder while taking out an insurance plan. 

Getting your mobile number registered or updated in a LIC policy has never been this easy.  It is possible to change the mobile number for your LIC policy online. Here are the steps. 

Insurance policies can be broadly classified into two main categories i.e Life and General insurance. Let’s take a closer look at the types of insurance under these two main categories.

It acts as a financial cushion to your family, even when you are no more. On the demise of the policyholder, his/her family receives a lump sum + bonus from the insurer.

Credit insurance policies cover the credit risks faced by businesses and people who have availed loans from financial institutes. The death or bankruptcy of businessmen will take a toll on the finances of the business.

Both life and property is surrounded by the risk of death or destruction respectively. These risks might lead to financial losses. The insurance company and the individual come to a legal agreement, where the insurance company is obligated to pay the insured individual according to the insurance policy drafted. Here are the advantages of having an insurance:

×Thank you! Your question will be reviewed and posted shortly.

Post A Question

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.