If you are someone who thinks renewing two-wheeler insurance policy every year is a real distress and you keep forgetting it every time then this post will be of great help to you.
Some of the major insurance providers such as ICICI Lombard and New India assurance have recently launched long term two wheeler insurance that provides motor cycle insurance for at least three years against the usual cover of one year. The step of allowing insurance providers to provide long term wheeler insurance was taken to encourage vehicle owners to buy the protection cover.
Statists show that as there is constant increase in the number of two wheelers on the road, as well as simultaneous decrease in number of people buying two wheeler insurance. Introduction of long term two wheeler insurance is expected to reduce the difference between the two factors.
Let us read a few of advantages of long term two wheeler insurance
Convenient: long term insurance policy will save you from the trouble of renewing the policy every year. It often gets difficult keep a track of dates to renew the insurance policy. Also if you remember the date, it is quite possible that you are unable to renew it for other reason. To eliminate the hassle, it is advised to opt for a long term policy as it is easier for vehicle owners to stay protected without worrying about the renewals every year.
Stability of premium rates: Insurance Company usually hikes the premium rate every year, which is not in the case of long term policy. Once you avail a long term policy, premium rates will be frozen for whole tenure of the policy i.e three years.
Avoids non –renewal risks: If you forget to renew your policy annually, you will have to face several consequences such as penalties by law, financial damages in case of accidents etc. all this can easily be avoided if you are secured with a long term policy for two-three years.
Nowadays, it is easier to buy a long term two wheeler insurance online. The procedure online is much simpler and convenient.
Life insurance has become an integral part of our day-to-day lives because it helps one focus on the essential elements such as financial planning. These risk covers help you save and allow you to ensure the safety of your beloved family. These plans benefit you in multiple ways and some of them are as follows:
Term plans are cost-effective
These plans are comparatively economical and are available at lowered rates; hence, are one of the most preferred forms of insurance. You can avail a higher amount of loan at an economical rate which turns it into one of the most cost-effective plans.
Serves as a risk cover
This is a pure risk cover plan which means that the payment would only take place after the demise of the policy holder. The only important point that you need to note is that if the tenure ends early, then you will not be entitled to the amount.
The most important form of risk cover
Term insurance plans are designed for all those who wish for a budget plan but with a greater number of benefits than a usual plan. You can begin with a smaller investment at a lower rate while the cover amount is greater. This means that this plan is quite beneficial especially during times when something unforeseen happens.
Term plans are mostly suited for all those who have a greater financial liability than most. This also means that it is advisable to start saving young and opt for a term plan since the premiums then would be generally low. This is an ideal plan for all those who have dependents and a lot of liability. This plan will help you from issues arising for home loans and education, especially after untimely demise.
So opt for a term insurance plan if you wish for some protection and fulfill your financial dreams without any cares or worries.
Unit Linked Insurance Plans are convenient plans that allow one to earn profitable returns. These plans are meant for all those who wish for lucrative returns along with their usual body of work. ULIP insurance plans are generally a combination of investment as well as insurance which makes it one of the most sought-after plans to avail.
If you make an investment, you need to be absolutely sure of the fact that you are prone to appreciation as well as depreciation; it works both ways due to the volatility of the market. A ULIP policy assures you success in terms of returns along with providing you a financial cover. This is possible with the premium paid by the insurer which is invested in debt as well as equity securities, making it one of the most profitable forms of investment.
- Advantages of investing in ULIP Insurance Plans
If you avail his plan, then you have an option of selecting from a range of high, low or medium risk investment options which assure you a certain risk cover. As an investor, you also possess an option of switching between the above mentioned ranges in accordance to your capabilities. You are also enabled to make additional contributions besides the regular premium that you need to pay.
ULIPs also hold an amount of liquidity that allows it to gain a certain edge over other policies. The policy holder is generally assured a good return at the end of the term of the policy while also possessing tax benefits.
There are various other benefits of investing ULIPs that help you plan your life as well as secure you beloved family members and dependents. This life insurance plan is one of the many ways you can ensure that your family retains their lifestyle without any changes, especially during times when you are not around. This plan is also helpful for all those who wish to make investments without involving themselves in the stock market. This particular benefit of ULIPs is what sets it apart from other investment options.