Dos And Don’ts To Remember While Buying Health Insurance In Covid Times

The pandemic hasn’t invaded us single-handedly! It has come with a big bunch of health-related anxiety, worries related to uncertainties, and a whole lot of medical expenses. In such a time, the top-notch priority of any individual is his and his loved one’s health. If the thought of your family’s health always hovers around your mind, then don’t worry! Health insurance is here for your rescue! However, before buying health insurance in covid time, it is vital to consider some dos and don’ts and if you wish to know them, then explore the article till the end to reach a successful decision.

Importance of Health Insurance in Covid times

In the pandemic, the domain of health and awareness has reached great heights. Concern about one’s health and the health of one’s loved ones have become a significant matter with the spiking up covid cases and new variants of the corona. Several points add to the vitality of insurance at covid times. Some of them are listed below:

  1. Helps manage the increasing risk to lifestyle

    The spiking pollution, increase in contagious diseases, unhealthy food and lifestyle habits that eventually decrease the immunity power of an individual is a significant concern in this day and age. In such conditions, an individual is highly vulnerable to health problems. Thus, health insurance becomes a must-have aspect of your life.

  2. Helps you protect your family

    Understandably, a single earning member has an unimaginable financial burden on him. In such cases, health insurance comes in quite handy to take care of your family members’ health and medical-related needs.

  3. Helps you get quality treatment 

    The pandemic has made it all the more evident that the treatment-related expenses can quickly eat up your savings. In such a scenario, the right health insurance policy can help you ensure that you would be able to afford quality treatment for yourself and your loved ones in a medical emergency.

Do’s And Don’ts To Remember While Buying Health Insurance In Covid Times

Since you have already explored why health insurance is so vital for us and why do we need them, it is time to know the dos and don’ts that you must follow before choosing health insurance. There are specific points that everyone should consider to reach the right place at the correct cost while searching for health insurance. 


  1. Opt for a high coverage comprehensive health insurance policy

    When it comes to protecting your health more is less, therefore make sure you get adequate coverage. There are many add-ons that can further enhance the coverage of your policy.

    Remember to optimise your coverage as per your need. If you need higher coverage, you can opt for a super top-up plan to enhance the overall coverage.

  2. Look out for network hospital facility
    Look out for those health insurance policies that provide you with a wide network of hospitals near your residence. At the time of medical urgency such as covid, cashless claims can be a great relief.
  3. Look out for daycare procedures
    There are certain medical treatments such as dialysis, cataract surgery etc. that take no more than a day. This is especially handy in covid times wherein you might not get hospital beds or would not want to get hospitalised unless it is completely necessary.

    Therefore, it is indispensable for you to check whether you can avail of these services in your insurance plan or not.

  4. Look out for discounts
    Many health insurance plans offer special deals and discounts when the policy is purchased online. Female policyholders can also get discounts on premiums. You can also look out for family discounts when more members are insured. 


  1. Don’t delay the Renewal
    Make sure to prevent any gap in your policy renewal without any hindrance. Don’t afford a break of even a single day, rather get the policy renewed before it expires. This way you not only ensure break-free coverage but can also avail of benefits and claim free bonuses.
  2. Don’t go for a policy only because it’s cheap
    Make sure that the coverage that is offered is comprehensive enough to cover your medical expenses. Saving a few thousand today can cost a few lakhs tomorrow.
  3. Don’t ignore the policy document
    Read the policy documents carefully and never skip the fine print. Understand the inclusions and exclusions of your policy. This will help you manage your expectations as well as your claims.
  4. Don’t hide any vital information about your health
    Don’t hide any vital information about your health status as it can give rise to disputes during claim settlement. Report all the severe health concerns like high blood pressure and diabetes etc if any. You should also disclose the status of all the pre-existing health conditions adequately.


Due to the pandemic, health insurance has settled itself as a permanent member of life essentials. During this pandemic, many health-related uncertainties can take place. Therefore, it is essential to buy health insurance and secure yourself and your loved ones. Make sure you follow the dos and avoid the don’ts while making such an important decision.

Everything You Need To Know About Electric Car Insurance

Flaunting an electric vehicle has become a new trend all over the globe. Speaking of India, they are gaining a lot of momentum in the entire market. This is because of the number of benefits it covers. Generally, electric cars are low maintenance, easy to drive, noiseless, and help you save tons considering the increasing prices of fuel. In addition, electric cars are excellent for the environment. However, after purchasing one, what about its insurance? Well, here’s a comprehensive guide that lists an overview of everything you need to know about electric car insurance. 

Electrical Car Insurance 

The demand for EVs is growing at an unprecedented rate. Besides being a green alternative to diesel and petrol vehicles, electric cars can get much cheaper in the long run. However, finding suitable Electric car insurance can be a bit difficult. But once you find it, you enjoy a plethora of benefits. Before diving into the benefits, let’s begin with the basics. 

What is Electric Car Insurance?

To level up with the increasing demand, automobile manufacturers are introducing distinct types of EVs. This is to cater to the difference between different requirements of the buyers. With different models come different insurances. Just like the motor insurance policy for diesel and petrol vehicles, the electric car insurance policy provides outstanding financial protection to your car against all liabilities. By selecting the appropriate cover for your Electric car, you can prevent unwanted expenses. This is exactly what is meant by electric car insurance. 

Types Of Electric Car Insurance Plan 

In India, there are usually two types of insurance policies. These include, 

  1. Third-Party Car Insurance Policy:

    The 1988 Motor Vehicles Act makes it necessary to hold electric car insurance under this policy. Under the third-party policy, you get insurance against all liabilities incurred due to third-party damage or injury or damage to their property due to your EV. Bear in mind that accidental injuries and damages do not come under this policy. 

  2. Comprehensive Car Insurance Policy:

    This is an excellent insurance policy that any individual can opt for. The policy offers both OD (own damage cover) and third-party (TP) cover. In case your vehicle suffers damage due to collisions, floods, accidents, riots, storms, or vandalism, your car will be covered. 

What Are The Advantages Of Electric Car Insurance? 

Here are 5 advantages to ensure your electric car with a Comprehensive Insurance Policy. 

  1. Safeguard against Third-Party Liabilities:

    Your insurance policy covers liabilities in cases where you meet an unfortunate situation. Suppose you are the reason for an injury to the third-party property, your policy covers the costs incurred in repairing.

  2. Prevent Law-Mandated Penalties:

    Because the Comprehensive policy involves the law-mandated liability cover, individuals get protection against non-compliance penalties regarding car insurance. 

  3. Prevent Hefty Repairing Bills:

    As the Comprehensive Cover provides an OD facility, it covers the maximum part of the repair bills. This indicates that individuals don’t require to pay any hefty repairing bills for the cases covered in the plan. 

  4. Obtain Personal Accident cover:

    With the PA (personal accident) cover, you can obtain financial compensation against several uncertainties like bodily injuries, accidental death, total/partial disabilities, etc. due to an accident. Note that this is an add-on and must be purchased separately from the plan you choose. 

What Does The Electric Vehicle Comprehensive Policy Cover?

The comprehensive car insurance policy tags a number of benefits with it. The plan covers losses and damages in the following circumstances. 

  • Damages to your vehicle in an accident 
  • Third-Party injury 
  • Damage to third-party property 
  • Damage to the car in case of explosion and fire 
  • Natural calamities include storms, floods, earthquakes, etc. 
  • Injury of the owner and accidental death 
  • Losses incurred due to theft 
  • Man-made disasters like vandalism, riots, etc

Cost Of Electric Vehicle Insurance 

Generally, the cost of electric vehicle insurance is a bit higher as compared to conventional petrol and diesel vehicles. Because the insurance price is entirely based on the price value of the vehicle, electric vehicles have a higher premium as well. This is because of the price with respect to the internal combustion of engine-powered cars. 


Upon conclusion, it is important to know the insurance policy’s other factors, terms, and conditions before opting for it. Bear in mind that different companies offer different insurance benefits, costs, and features. Depending on this, make sure you don’t go for the cheapest premium available. This is because the cheapest premium might not offer the level of policy cover you are seeking for. Cheaper premiums do not cover personal accident cover, breakdown cover, legal cover, level of voluntary excess, etc. Hence, make sure you make well-informed and wise decisions before finalising with an insurance company.

Factors to be Considered by NRIs Before Buying a Life Insurance Policy in India:

Most Indians still consider traditional ways of investment to be the best and the one that tops most lists is life insurance. This is true even for people who are now NRIs. For them too, buying a life insurance policy is a smart move. So, if you are an NRI who is looking forward to purchasing life insurance plans in India, this might be the right time to do so. Here is a guide that tells you the various factors that NRIs must consider when buying a life insurance policy in India.

Explain the diff between NRI and PIO. Talk about an Indian citizen working abroad or a crew member on an Indian ship

NRI and Insurance:
Before we dig into insurance for NRIs let us quickly brush up on the meaning of NRI or Non-Resident Indians. An NRI can be defined as a citizen who:

  • Has resided in India for less than 182 days during the previous financial year
  • Stays out of India for employment purposes
  • Staying out of India for vacation or business purposes
  • Stays outside India for an uncertain period

It is important here to understand the difference between an NRI and a POI. POI or Persons of Indian Origin are those people who were born in India or have an Indian family. In addition to this, the people who live in other countries but are still Indian citizens and people who have Indian parents or grandparents also fall in the category of PIO. 

An insurance policy is a requirement of every individual which is why the laws of India allow an NRI as well to purchase a life insurance policy in India. The Foreign Exchange Management Act of India (FEMA), 1999 has made it possible for NRIs to get insurance policies in India. The insurance policies for NRIs are customizable, which helps them in addressing a number of financial needs. NRIs can take these policies and protect themselves and their families in times of financial crisis. 

If the NRIs are not present in India during the purchasing process, they will have to do all the medical examinations themselves and send reports to the company. In this case, the cost of medical examinations has to be borne by the NRI. On the other hand, if the NRI is in India during the purchasing process then the additional cost of a medical checkup has to be borne by the insurer. 

Life Insurance Policy for NRIs: Factors of Consideration

As some of the rules are different for NRIs when it comes to purchasing a life insurance policy, it is essential to check if you are eligible for the plan before you proceed further. The eligibility criteria include:

  1. The NRI must have possessed an Indian passport at some point of time in his life.
  2. The Indian Citizenship Act 1965, states that the NRIs parents or grandparents must have been a citizen of India.
  3. You must be married to an Indian citizen.

If you qualify these criteria, the next step is to look at some key factors that, as an NRI, you must not skip considering. These include:

  1. Cost of the Policy

    The cost of policy plays an important role and you must check and compare the cost of policy offered by various companies not only in India but in your residential country as well. It helps you in deciding the affordable cost and the one that suits you the most.

  2. Medical Test Cost

    Medical test is mandatory for every health insurance company. It helps them in deciding if or not an individual is capable of term insurance. For NRIs, it is not mandatory to be present in India to complete the medical test. They can either do it in their country and send the reports or visit India for the same. In India, the difference is that the expenses of tests will be carried by the insurance company.

  3. Payment of Premium

    NRIs are offered convenient modes of payment. The premium can be paid via:

    1. Non-Resident Ordinary (NRO) Account
    2. Non-Resident External (NRE) Account, or
    3. Foreign Currency Non-Repatriable (FCNR) Account

    It must be noted that if the payment of the policy is done through foreign currency, the premium payment needs to be done via NRE or FCNR account.

  4. Benefits

    Different life insurance policies offer different benefits. Some offer death and maturity benefits both and some offer only death benefits. The life insurance policy taken by the NRIs from the Indian insurance companies covers death, irrespective of your geographic location when you die.

    The benefit that is received depends on the kind of policy that has been opted for. The maturity/ death benefit amount of insurance is paid in rupees or in the currency of the country in which the NRI was currently residing. The insured individual/ the nominee needs to submit relevant documents when a claim has to be raised. It is suggested that you and your nominee are well aware of the expected benefits and the claim procedure. 

  • Tax Benefits
    NRI’s can avail of a tax benefit on the premium paid u/s 80C for the premium paid upto INR 1.5 lakhs a year provided he files a return in India. If there is any income in India, from interest, rental, etc. then he can avail of tax deduction u/s 80C against that. The death benefit and maturity benefit is tax-free u/s 10(10D) as per the Income Tax Act. an amount over the sum assured, for instance, bonuses, will be taxable. 
    • As an NRI, you also need to be mindful of FATCA, Foreign Account Tax Compliance Act, which helps the governments in combating money laundering and tax evasions.
    • If you are an NRIs, you can provide the valid Form 10F and Tax Residency Certificate (TRC), then there will be no deduction of Tax at Source (TDS).
    • It is recommended that NRIs take into consideration the tax rules and laws that are prevalent in their resident country before they buy an insurance policy in India.
  • Company’s Review
    Before you finalize a health insurance company, it is essential that you check the company’s reviews and its market reputation. Public reviews and CSR of the past few years will help you analyze if or not you would like to purchase a term policy from a particular company.


Based on your budget you can explore insurance policies that can cover the best for your and your family’s needs. Pen down your requirements and finalize accordingly. You must explore all the available options so you can get the best one for yourself. 

Important Things You Should Know About E-Bike Driving License & Insurance (Budget FY 2022-23)

With the world moving towards sustainability with every moment, the transportation industry is also thinking of ways to improve the quality of its service. Electronic bike or e-bike is one such initiative that has been designed in relation to the rising fuel prices, air pollution, heavy traffic and various other environmental problems. 

An e-bike is basically a two-wheeled vehicle that runs on previously-stored energy rather than fuels. This bike is run on a sync of electrical technology and computerisation. E-bikes require low maintenance, are easy to operate, save you from fuel costing, are noise-free and environment friendly. These are the reasons why this concept is getting a good response in India despite being in the teething stage. 

The Union Budget 2022-23 announcement on EVs:

In the Union Budget 2022-23, it was decided that electric vehicles be promoted all over the nation especially for public transport. Moreover, the government also made one big announcement regarding the battery swapping policy wherein private players would now come together with the state governments to help transform the condition of public transportation. Electric vehicles are the need of the hour and the government’s initiative towards it will definitely make relevant changes towards the same. 

E-bike Driving Licence:

The first thing that clicks our minds when it comes to driving is the important documents that one would need and the top one on the list is the driving licence. We know that this document is an absolutely necessary thing to have while driving to stay aloof from legal issues. Not only this, having a valid driver’s license showcases that the driver is well versed with the traffic rules, signals, signs and is reliable. 

As per the Motor Vehicle laws, an electric vehicle that has a top speed of 25km/h and a power capacity of 250 watts is not considered a motor vehicle and therefore the driver won’t require a driver’s license. But electric bikes have many designs and anything more than this power and speed would be considered a motor vehicle and therefore require a valid driver’s license to be driven on the roads. 

E-bike Insurance:

Though electrical bikes are the newest trend in the market they may have a higher tendency for a breakdown. This may be due to the high-end computer technology that is being used as a base in them. Moreover, electric vehicles are often more or as expensive as fuel-based ones and therefore it is important to have Insurance of the same. An e-bike insurance plan would provide protection to your bike in case of thefts, fire, natural or man-made disasters. Moreover, it will support you in situations when you accidentally injure or damage a third party. No matter what, insurance is a necessity for every vehicle and it is important to have one to avoid legal allegations.

Features and benefits of e-bike insurance plans:

  1. Though an e-bike is expensive but offers low speed and power, the insurance plan for the two-wheelers is cheaper
  2. It is a costly vehicle and therefore having insurance would cover you financially at the time of mishaps
  3. An insurance plan would help you repair and replace the parts of your bike in case you meet with an accident
  4. A handful of add-ons are available that can increase your coverage at a little extra amount

Inclusions and exclusions of E-bike insurance plans:

Let us take a look at what is covered and not covered in e-bike insurance:

  • Inclusions
    • Financial support and damage repair in case of a road accident 
    • Third-party liability cover 
    • Coverage against man-made disasters
    • Coverage against natural calamities
    • Coverage against theft
    • Personal accident cover
    • Financial support towards replacement and repair of damaged parts.
  • Exclusions
    • Accidents caused when under the influence of intoxicants or alcohol.
    • In case the driver has an invalid or no driving licence.
    • Damages caused either intentionally or due to negligence
    • In case the e-bike insurance policy has lapsed and has not been renewed.

Things to consider while buying an e-bike insurance plan:

Buying insurance is essential, however, you need to keep the following points in mind: 

  1. E-bikes have a tendency to break down easily therefore buying a comprehensive plan would be better for full coverage.
  2. Try opting for add-ons that can help you with the charges of repair and replacement of the damaged parts of the bike, as EV bike parts are pretty expensive.
  3. Compare e-bike insurance plans online to check which one is better.
  4. Read all the policy documents carefully and know about the inclusions and exclusions of your plan.


Electric vehicles are the future of the world and they have a lot to offer. Despite the fact that this initiative is still in the nascent stage, it will soon reach heights. With the addition of new policies and schemes in the Union Budget 2022, the electric vehicle industry will boom rapidly. Moreover, it’s spread towards public transport would reduce a lot of social and environmental issues.

Top 7 Things You Need to Know about the Union Budget FY 2022-23

On 1st February 2022, India’s Finance Minister, Srimati Nirmala Sitharaman, unveiled the Union Budget 2022-23. The second digital budget of its kind, the Finance Bill 2022, focus on four major themes:

  • PM Gatishakti
  • Inclusive Development, Productivity Investment & Enhancement, Sunrise Opportunities
  • Energy Transmission and Climate Action
  • Financing of Fintech Investment

People have mixed opinion about the budget, but this has been presented more from a futuristic point of view for the next 25 years.

One key aspect is that there is no change in the direct tax slabs, exemptions and deductions available.

Broadly, the Budget can be analysed into 6 key areas, namely: 

  1. Payment of Life Insurance Benefit for the disabled:

    If the beneficiary of a life insurance policy is partially or fully disabled, the insurer will need to pay the beneficiary the life insurance amount once the parent or the guardian completes the age of 60.

    This exception is only applicable to specially-abled beneficiaries of both new as well as existing life insurance policies.

    Prior to this, insurance companies used to pay the beneficiary only upon the death of the parent or the guardian, which in the case of a disabled beneficiary adds to their challenge.

    Takeaway: Among the many highlights of the budget, this gained the maximum praise from industry observers. 

  2. Long term capital gain (LTCG)

    The surcharge on LTCG has been capped at 15% in this Union Budget FY2022 and is applicable across all asset classes. This is previously applicable only to listed equity stocks as well as equity mutual funds. Essentially this change makes unlisted stocks at par with listed stocks.

  3. Digital Rupee and Crypto-tax

    The finance minister announced plans of the RBI launching the Digital Rupee in 2022-23, which will be developed on the architectures of blockchain technology. Along with this, any profit derived from the sale or transfer of digital and virtual assets such as cryptocurrency, NFT (Non-Fungible Token) etc., will be taxed at 30%, with an additional 1% TDS being deducted at the source of the transaction. Lastly, the loss of any digital or virtual asset cannot be offset against any other income. 

  4. Inclusion of Post Offices

    In an effort to accelerate financial inclusion across the country, in the upcoming months, all 1.5 lakh post offices across the country will be brought under the core banking network.

    Aimed at improving and extending the coverage of the national banking network to last-mile customers, this transition will essentially bridge the gap between post office account holders and account holders at other financial institutions.

    Along with this, to earmark the celebration of Azadi Ka Amrit Mahotsav, 75 digital banking units will be set up across 75 districts by Scheduled Commercial Banks. Combined with the inclusion of post offices in the core banking network, experts predict that it will radically expand the horizon of India’s organized banking network. 

  5. Capital Expenditure and Electric Vehicles

    Another highlight of the Union Budget 2022-23 was the finance minister’s push to increase the government’s capital expenditure by 35.4% from the previous year’s ₹5.54 lakh crore to this year’s ₹7.50 lakh crore.

    The ministry predicts that the effective capital expenditure for this financial year will stand at ₹10.7 lakh crores. The finance minister also invited investments from the private sector such that India can not only leap into its pre-pandemic growth trajectory but also pave the way for the next 25 years, leading to India at 100.

    On a separate note, the finance minister highlighted the government’s willingness to accelerate the growth of the homegrown electronic vehicle industry.

    The government has proposed manufacturers across the country to join hands and implement a standardized battery swapping policy such that more charging stations for EV (Electric Vehicles) can be developed.

    Along with this, the minister has also encouraged the private sector to innovate its business model such that battery as a service and energy as a service can be implemented in the future to significantly increase the efficiency of the entire EV ecosystem. 

  6. NPS (National Pension Scheme) & MAT (Minimum alternate tax)

    To extend equal social security benefits to employees of both state as well as central government employees, the finance minister has proposed that moving ahead, the compulsory contribution of both central, as well as state government employees towards their NPS (National Pension Scheme) accounts will be 14%. This amount will be directly debited from their earned wages to arrive at their net pay.

    Along with this, to offer a level playing field to both co-operatives and companies, the applicable MAT (minimum alternate tax) has been reduced to 15%.

    Additionally, the applicable surcharge will be reduced from the existing 12% to 7%, and this benefit will be applicable to all co-operatives having an income in the range of ₹1 crore to ₹10 crores. The ministry shared that this move will be particularly beneficial to the rural population, where most farmers are members of the aforementioned co-operatives. 

  7. Income Tax

    Lastly, the finance minister has not proposed a new tax slab for taxpayers; however, an additional provision has been added to the tax filing system.

    Moving ahead, taxpayers can file an updated return to voluntarily pay any missed amount in the earlier assessment year. This updated return can be submitted within 2 years of the assessment year in question.

    Along with this, in an effort to reduce multiple litigations, moving ahead, taxpayers will only be able to file one case with the income tax department regarding any discrepancy. Once the said case has been resolved, only then can a second one be filed. 

In Conclusion

There has been a lot of impetus provided to startups with extension of tax exemptions till March 2023. Although there are little alterations in this budget, it has futuristic approach and hence would prove to be growth oriented for the economy as a whole.

The Reference Shelf

  • MAT to be reduced for co-operative societies to 15%: FM Sitharaman [Link]
  • Budget 2022 Explained Highlights: Rs 5.25 lakh crore allocated for defence budget [Link]
  • Budget 2022 LIVE updates: ‘Pegasus spin budget’, says opposition; PM hails it as ‘people-friendly [Link]