OneInsure Blog

The insurance sector witnesses a new advancement as the Bajaj Allianz General Insurance resorts to blockchain technology to fasten its claim settlements for travel and motor divisions through 'Travel Ezee' & 'Motor On The Spot'.

The long standing case of Sahara Life Insurance verses SEBI has a new update.

You think buying or renewing your car insurance is not your priority because you believe you’re a safe driver. But can you trust all others driving on the road? Or can you trust the weather that has its own mood swings and has the potential to thrust and crash even the giant trucks? Recent reports will make you think again. 2016 witnessed 20% rise in road accidents in India. Drunk and reckless driving, rains, fog and of course the potholes on roads should have an honorable mention when listing down the major reasons of road accidents in India. Without a valid car insurance policy, do you think you can tackle a sudden financial loss caused by these events? These things are beyond an individual’s control. We cannot predict the damage caused by them; however, we have the option of gearing up for the worst by simply buying ourselves a car insurance policy.

Traveling to the US, Paris, Australia, New Zealand or any other foreign country for studies is a whole new experience and fills one with thrills, hopes, and all the positive energy. The atmosphere at home before going is filled with both – the excitement of the beginning of a new life and, the fear of the unexpected in a foreign land. Unfortunate events like falling sick, meeting with an accident, breaking teeth, losing baggage or one’s worst nightmare – losing passport, can make your stay difficult both on the mind and on the wallet. Medical expenses in countries like the US et al. are towering at a much faster rate than in India. What should the students then focus on - studies or expenses? These unfortunate instances can shift students’ focus from their studies. In such a situation, experts advise to cut down the worries with a student travel plan.

The much-awaited Goods and Services Tax (GST) regime came into force from 1^st of July last week, with a grand launch at the Central Hall of the Parliament in the presence of various dignitaries including President Pranab Mukherjee and Vice President Hamid Ansari. Prime Minister Narendra Modi, being the key speaker of the event, highlighted several benefits of the new tax rule in his speech.

Endowment plans offer both risk and maturity benefits. In endowment plans, the rate of tax is different in the first year and it changes from the second year onwards. Before the implementation of the Goods and Services Tax (GST), while buying an insurance plan, the policyholder paid a service tax of 3.75% on the first year premium amount. From the second year onwards, the policyholder paid a service tax of 1.88% on renewal premium amount. However, post-GST, the policyholder will pay a service tax of 4.5% on the first year premium amount while buying a new policy, and 2.25% on renewal premium amount from the second year onwards.

Recent reports state, Indian families meet 70% of their health expenses out of their own pockets which gradually thrusts them towards poverty line. Today, there’s a dire need for the citizens of India to buy health insurance policies, which is abruptly becoming one of the key elements of the economic well-being of the country.

“GST is just another piece of reform or transform, however significant.”  - Anil Ambani