Top 10 reasons why you need to get ‘Active’ with your Health Plan before you turn 40

No one really “plans” to fall ill, no one really “planned” the pandemic, but it happened! This was when we witnessed multiple families falling ill requiring hospitalisation together. Times like this make us introspect the actual amount of health insurance coverage one needs. With high medical inflation rising the cost of treatment along with the rise of lifestyle ailments in India, insurance is not even an option anymore. Before upgrading your phone or any other electronic accessories, you need to rethink your health insurance coverage and opt for a high coverage before you may need it!

According to the GOQii Fit India Report 2020, 62% of Indians fall in the high-risk or borderline high-risk category as far as fitness is concerned. Lifestyle diseases contribute a large part of this with hypertension, diabetes and thyroid where women happen to be unhealthier than men in general. Also, young adults fall prey to lifestyle ailments due to fast food and an unhealthier lifestyle than their parents!

Thus, instead of thinking about your health insurance plan, it is time to opt for it at your earliest, preferably before you turn 40 or have any lifelong medical conditions so that when you need it the most, your policy has surpassed the waiting periods and ready to process a claim!

Remember: Health expenses can neither be avoided nor postponed!

Thus, here are the top 10 reasons why you need an ‘active’ health insurance plan:

  1. Illnesses are unpredictable 

    Ok, so you are in the prime of your health. But can you predict illnesses? In today’s stressful living, illnesses don’t see age. Individuals develop illnesses even in their 30s. Such illnesses might require medical attention and if they do, a health plan helps in covering the costs.

    According to GOQii India Fit Report (Source: BioSpectrum India, March 2021), more than 50% of teens and young adults are unfit in India and thus susceptible to illnesses. So delaying your insurance may not be a wise idea!

  2. Accidents don’t announce themselves

    Even if you are illness-free in your 20s and 30s, you don’t have any control over accidental injuries. Road traffic accidents, a fall or even a pandemic can land you in the hospital with considerable medical bills.

  3. Medical expenses are on the rise

    This one is no mystery. A simple doctor’s visit can cost you thousands. Imagine hospitalisation!

    Last year, in May and June 2021, health inflation was recorded at 8.4% and 7.7% (Source: Hindu, July 2021) respectively compared to 3.8% in December 2019. If the inflation can double up within 6 months, imagine how much it can grow over the years.

    In the face of such rising costs, a health plan becomes a must to afford quality healthcare.

  4. Your family needs you

    You might be healthy and free from illnesses but what about your family members? If anyone falls ill and requires medical assistance, you would incur medical costs.

    If your family includes dependent parents, the chances of medical emergencies increase. A family floater health plan, thus, also proves relevant for covering the medical costs of your family members.

  5. For maximum coverage

    You benefit when you invest in a health plan at a younger age. Since at younger age you might be healthy, you can avail of maximum coverage under the plan that you choose. The insurer would not impose coverage restrictions when you buy young.

  6. The waiting periods

    Every health plan has a waiting period after which pre-existing illnesses are covered. During this waiting period, claims pertaining to such illnesses become your out-of-pocket expenses, which is almost 70% (Source: Economic Times, Jan 2022) of the total expenditure on healthcare in India. 

    When you buy health insurance young, you are relatively healthy. As such, you can wait out the waiting period easily. Once the waiting period is over, you can enjoy comprehensive coverage.

  7. You have other goals too!

    In the absence of a health plan, a medical emergency poses a threat to your savings, savings that you might have created for other financial goals. As the savings are drained out in paying the hospital bills, the other goals suffer.

    If you want to create a secured corpus for the other financial goals that you have, invest in a health plan, early on, so that your savings are protected and you do not need to dip into your savings for your medical expenses.

  8. Wider plan options

    When you are young, every insurer is ready to offer you a comprehensive scope of protection. As such, you have wider plan options at your disposal. As you age, the plan options start narrowing down, a scenario that is better avoided.

  9. The benefit of no claim bonus

    If you do not make a claim in your health insurance policy, you are allowed a no claim bonus. Most plans offer a cumulative bonus which increases the sum insured on a cumulative basis after each claim-free year.

    Buying young can help you accumulate the no claim bonus and increase your coverage, that too free of cost!

  10. The tax advantage

    Lastly, let’s not forget the tax angle. Investing in health insurance earns you a deduction under Section 80D.

    You can claim a deduction of up to INR 25,000 through health insurance premiums. Moreover, if you also pay for your parents’ cover, you earn an additional deduction of INR 25,000 (INR 50,000 if they are senior citizens).

    These deductions help in lowering your taxable income which, in turn, lowers your tax liability. A reduced tax liability = increased savings. Wouldn’t you want that?

It’s time to take a decision and opt for adequate health insurance coverage. There is no point in delaying. Invest in a health plan before turning 40 so that you can enjoy the aforementioned benefits. Moreover, with health insurance comes financial security which gives you peace of mind and who doesn’t want that!

5 Easy Ways to Increase the Cost-Effectiveness of your Car Insurance

A car has become an indispensable part of the modern-day lifestyle. It facilitates easy commute, is cost-effective and convenient. In fact, in 2021, even despite the shortage of semi-conductors car sales grew by 27% (Source: TOI) and crossed the 30 lakh units milestone, a feat repeated only three times in history so far!

While the popularity of cars is undeniable, the importance of a car insurance policy should also be noted. Besides the legal mandate, a car insurance policy proves to be a financial saviour in an emergency involving your car. However, when it comes to premiums, car owners look for the lowest possible rates to cut down on their expenses. This, sometimes, leads to skimping on the coverage. What if, instead, you can save premiums without compromising on the coverage?

Yes, there are ways in which you can increase the cost-effectiveness of your car insurance policy. Here are 5 of them –

  1. Pick the right coverage

    There are two types of plans – third party liability policy and comprehensive package policy. The former is mandatory as per the Motor Vehicles Act, 1988 while the latter is optional. Third-party plans have a limited scope of coverage and so, their premiums are very low. Comprehensive plans, on the other hand, provide wider coverage and, thus, have higher premiums. 

    If you have a car up to 5 years of age or if you drive your car frequently, a comprehensive policy would be suitable. On the other hand, if your car is very old or if you use it sparingly, you can opt for third party coverage only and reduce the premium amount.

  2. Use the no claim bonus wisely

    For each year that you don’t make a claim in your policy, the insurer rewards you with a no claim bonus. The bonus starts at 20% after the first claim-free year and then goes up to 50% for 5 successive claim-free years. So, if you have earned a no claim bonus, use it to claim a discount on renewal. Moreover, try and avoid making small claims in your policy. This is because a single instance of claim wipes out the entire accumulated no claim bonus making you lose out on the renewal discount. Pay small claims from your pocket to preserve the no claim bonus so that you can make the policy cost-effective.

  3. Look for discounts

    Every comprehensive car insurance plan has a host of discounts that help you reduce the premium. For example, you can claim a discount if you have installed ARAI approved safety devices in your car if you buy the policy online if you are an existing customer, etc. So, lookout for these discounts and claim them to reduce your premium. Moreover, if you are a careful driver and do not experience too many claims, you can opt for a voluntary deductible. Choosing this deductible would give you a considerable discount on your own-damage premium. However, remember that the deductible would mean an added out-of-pocket expense at the time of a claim. So, weigh in the expense and the premium saving when choosing this deductible.

  4. Compare and buy

    More than a dozen insurance companies are offering a car insurance policy for your car. While the policies offer similar coverage features, their premiums vary because of the different pricing policies of different insurers. That is why you should always compare the available car insurance plans before buying. Shop around and pick a policy that offers the best coverage benefits at the most competitive premium rates. Comparing would help you find the best deal for your car insurance plan and when you would buy online, you can claim the online discount and get a reduced premium. A double bonanza, isn’t it?

  5. Renew on time

    Lastly, renewing your car insurance policy on time also helps in premium savings. Since car insurance plans are legally mandatory, you need the coverage to drive the car legally. As such, renewing the policy on time is recommended to enjoy uninterrupted coverage. Moreover, timely renewals would also help in making your policy cost-effective in two ways. One, if the policy would be active, you would be able to get a lower renewal premium rate. Insurers tend to inflate the premium if a lapsed policy is renewed. Two, you would be able to preserve the no claim bonus which lapses if you don’t renew the policy within 90 days of expiry. So, renew the policy on time to save on the premium costs and also to enjoy non-stop coverage. 

The next time you are in the market to buy a new car insurance policy or renew one, keep these tips in mind. Use them to reduce the premium cost and make your policy cost-effective. While the coverage would provide financial security, the reduced premiums would make your pockets happy. A win-win combination!

Health Insurance options for Differently-abled Persons in 2022

Chris Burke said, ‘It’s not our disabilities, it’s our abilities that count’. A wonderful line that shows that being differently-abled is not a disability. 

According to WHO’s estimates, there are about 600 million individuals across the world who suffer from one or the other form of disability. In India, as per the last Census conducted in 2011(Updated in 2016), about 26.8 million people or 2.21% of the Indian population suffered one or the other form of disability. (Source:NHFDC).

 Specially abled individuals might face different challenges in life. Health insurance is not one of them. With the latest developments in the health insurance segment and insurers offering more inclusive plans, there are different coverage options for the differently-abled. Before we explore the available options, let’s, first, understand the different types of disabilities that individuals might suffer from.

Types of disabilities 

  1. Congenital disabilities

    Congenital disabilities are those that persist in an individual from birth. Down’s syndrome, spina bifida, and Fragile X syndrome are some examples.

  2. Mental disabilities

    Disabilities that pertain to the brain and psychological development of an individual are called mental disabilities. Some such disabilities might be present from birth while some might develop at a later stage in life. Mental impairments, bipolar disorder, etc. are some examples of mental disabilities.

  3. Accidental disabilities 

    Accidental disabilities are those which occur due to an accidental injury. Loss of limbs, loss of eyesight, loss of hearing, etc. are some common examples. Accidental disabilities can be partial (loss of sight in one eye, loss of one hand or one foot, etc.) or total (loss of both eyes, both legs, both hands, etc.)

Health insurance options for the differently-abled

When it comes to health insurance schemes, there are two options that you can explore. These are as follows –

  1. Health insurance schemes offered by the Government

    The Government offers two distinct types of health insurance schemes for individuals suffering from disabilities. These schemes are as follows –

    • Nirmaya Health Insurance Scheme

      This scheme covers individuals suffering from autism, cerebral palsy, and other disabilities covered under the National Trust Act, 1999. It is administered by the National Trust. The coverage is allowed up to Rs.1 lakh and does not require any pre-entrance health check-ups. The coverage benefits include the following –

      • Hospitalisation expenses
      • OPD treatments
      • Complications of an ongoing therapy
      • Alternative medicine cover
      • Transportation costs

      The premiums are extremely affordable at Rs.250 for BPL (Below Poverty Line) families, Rs.500 for non-BPL families and free coverage for individuals enrolling with a legal guardian. 

    • Swavlamban Health Insurance Scheme

      The Swavlamban scheme was launched by the Ministry of Social Justice and the Department of Empowerment of Persons with Disabilities in association with the New India Assurance Company Limited. The scheme covers individuals suffering from loco-motor disabilities, blindness, low vision, mental retardation, etc. Some salient features of the scheme are as follows –

      • A flat premium of Rs.375 for coverage of Rs.2 lakhs on a family floater basis
      • The family floater plan covers one adult and up to 3 children any of whom can be differently-abled
      • The age limit is 0 to 65 years
      • Pre and post-hospitalisation expenses, OPD treatments, inpatient treatments, etc. are covered 
      • No pre-entrance health check-ups are needed to buy the policy
  2. Health insurance schemes offered by health insurance companies 

    Besides the Government-backed health insurance plans, differently-abled individuals can also buy a policy from independent health insurers operating in the market. Many insurance companies allow coverage for the differently-abled. However, when availing of coverage from health insurers, the following points should be kept in mind – 

    • Not all insurance companies allow coverage for the differently-abled. You would have to find an insurer that specifically allows such coverage
    • Mental and congenital disabilities are usually excluded by most insurers allowing coverage for the disabled. However, many new-age insurers are extending coverage for such individuals, albeit with coverage restrictions on the disability
    • Even though you can get the policy, there might be permanent or temporary exclusions for the disability. Permanent exclusions mean that coverage would not be granted throughout the policy tenure. Temporary exclusions, however, might restrict coverage for a short term after which the coverage might be allowed
    • You would have to disclose the disability and its severity when buying the policy. Complete transparency is needed to avoid claim rejection
    • The premiums might be higher and the sum insured might be restricted
    • The issuance of the policy would depend on the severity of the disablement, the capacity to pay the premium and the insured’s age
    • A disability certificate is an important document that is needed to avail of coverage 

The bottom line

Given the increasing medical expenses, a health insurance policy becomes a must in today’s age. So, even if you are differently-abled, ensure that you are covered under a suitable health insurance scheme, whether offered by the Government or by health insurers. Check out the companies that allow health insurance coverage for the differently-abled and then buy comprehensive coverage so that medical emergencies do not blow a hole in your pockets.

Why Delay, When the Time to Buy Health Insurance is Now!

The right time to buy a health insurance plan is NOW. The earlier you buy it, the healthier you are and the maximum benefit you will get when you actually need it. But if you haven’t bought it earlier, then there is no need to keep pondering on the same. Simply wake up and smell the coffee. Health insurance is not a luxury anymore. It has become a necessity. So, it’s time to finally activate your health insurance plan!

The demand for health insurance demands had gone up in the post-covid world with higher awareness and rise in hospital bills. In fact, demand for comprehensive health insurance plans has also gone up from the pre-pandemic stage and one of the key contributors to this is the high healthcare costs.

Despite the apparent awareness, according to government statistics, more than 70% (Source: Economic Times, Jan 2022) of the overall healthcare costs is paid out of pocket. So, while COVID has increased the awareness about health insurance and motivated many to buy a plan, many are still hung in the middle. This raises a question – What is the delay all about?

Benjamin Franklin said, ‘Don’t put off until tomorrow what you can do today’. While many of you might have heard this quote, how many of you actually emulate it?

A health insurance plan has become a necessity, especially in today’s age when the multiple waves of the pandemic are wreaking havoc on life and health. The relevance of having a health insurance policy has increased manifold in the post-COVID world.

Even if you take the pandemic out of the equation, you cannot ignore the burgeoning healthcare costs and the rapid increase in the incidence of illnesses. Diabetes, hypertension, asthma, or even dreaded cancer has become a common occurrence. While you can’t prevent these illnesses, you can definitely make provisions for covering their expenses. How? Through a health insurance policy, how else!

A health insurance policy covers your medical costs when you are hospitalised. You get coverage for –

  • Inpatient treatments
  • Room rent
  • Pre and post hospitalisation costs
  • Ambulance costs
  • Cost of surgery
  • Daycare treatments
  • Domiciliary expenses
  • Organ donor treatments, etc.

The list goes on….

So, with a health insurance policy, you can rest assured that your medical emergencies would not damage your financial health. The policy would cover your bills and help you avail of quality healthcare treatments.

Add to the coverage is the tax advantage. The premiums that you pay for a health insurance plan qualify as a tax deduction under Section 80D of the Income Tax Act, 1961. You can claim a deduction of up to INR 25,000 if you are insuring yourself and/or your family members. Add another INR 25,000 to the deduction limit if you are a senior citizen. Furthermore, if you also insure your senior citizen parents, you get an additional deduction limit of INR 50,000 for claiming a deduction on the premium paid for their policy. So, do the maths. The maximum deduction that you can claim is INR 1 lakh which converts to a tax saving of INR 30,000 if you fall in the highest tax bracket of 30%.

Coverage, financial security and tax advantage, what more can you ask for?

Still, wondering about buying health insurance?

Stop wondering and become active. Buy a health insurance policy today. You never know what tomorrow holds – another wave of the pandemic or any other illness that might need medical attention!

Why leave your finances to chance when you can secure them with health insurance?

Turtlemint wins “InsurTech Company of the year” at the NBFC & Fintech Excellence Awards 2022 by Quantic India

We have done it again! From being recognised for our tech enablement in multiple forums, Turtlemint has now bagged the award for the “InsurTech Company of the year” at the NBFC & Fintech Excellence Awards 2022 organised by Quantic India. The eminent panel of jury at the award function recognises the efforts and the outcome associated with the same.

Quantic India is an internationally recognized business media organization for over a decade and they bring together global leaders to foster human interaction in industries such as BFSI, Pharma, Supply chain, Engineering, FMCG, etc.

Turtlemint has been the pioneer in creating the Point of Sale Persons (PoSPs) network in India. In fact, Turtlemint has stepped ahead of the curve by creating a successful model of enabling the insurance advisor community with digital tools via the mobile app TurtlemintPro. This has got us huge appreciation within the industry as well.

Turtlemint has been the pioneer in creating the Point of Sale Persons (PoSPs) network in India. Turtlemeint has empowered the insurance advisor community with digital tools via the mobile app TurtlemintPro. 

Turtlemint has more than 1.4 lakh insurance advisors with footprints in more than 14,000+ pincodes Pan India. Turtlemint’s endeavor has always been to ensure right advisory is being given to the consumers to enable the consumers to choose the right insurance product.

The recent campaign #ActiveHoJao with Dhoni as the brand ambassador has been Turtelmint’s initiative to nudge consumers from “Passive financial thinkers” to “Active financial doers”.

Turtlemint wins the “Best Fintech Startup” by Entrepreneur India at the Start up Awards 2022

The latest feather in the cap for Turtlemint is the “Best Fintech Startup” award by Entrepreneur India at the Start up Awards 2022 event. It indeed is a very prestigious award for Turtlemint for being recognised for its special achievement in the Fintech startup ecosystem.

Turtlemint had been launched with the intent of empowering the insurance advisors with a tech platform to enable them with digitalisation and create multiple micro-entrepreneurs within the country. This led to the digital empowerment of the Point of Sale Persons (PoSPs) by creating the largest network of over 1.4 lakh advisors having footprints in 14,000+ Pincodes Pan India. Tutlemint’s digital tools have enabled the insurance advisor to advise the right insurance product to their customer and hence contributing to an increase in insurance penetration in the country.

Being pioneers in this industry, Turtlemint has been able to create a name for itself with its pivotal role in creating tech-enablement in the insurtech space. Being recognised for digital empowerment as the “Best Fintech Startup” by Entrepreneur India is indeed quite humbling as the journey was far from smooth. The recent campaign #ActiveHoJao with Dhoni as the brand ambassador has been Turtelmint’s initiative to nudge consumers from passive financial thinkers to active financial doers.

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.

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.

The latest Claim Settlement Ratio of Life Insurers in India 2020-21

There are 24 life insurance companies in India with 23 being private players and 1, LIC, is owned by the Government of India. Every insurer offers a range of life insurance policies so that you can choose a plan depending on your coverage needs. 

Life insurance policies provide financial security in the case of a premature demise such that it helps in replacing your income and your family is not financially impacted. Moreover, with the different types of life insurance plans, you can fulfil other goals too– 

  • Planning for your child’s secured future
  • Planning for a retirement fund
  • Creating investments for your goals
  • Meeting medical emergencies, 

However, a life insurance policy proves it’s worth only when it settles the claim, easily, when needed. This is the true test of the policy as well as of the life insurance company. Every policyholder wants a hassle-free claim settlement and that is why the Claim Settlement Ratio is considered important when choosing an insurer.

Claim Settlement Ratio – the concept

Claim Settlement Ratio (CSR) is a numerical figure that measures the claims that a life insurance company has settled successfully against the total claims that were made on it. The ratio is measured in a percentage and the higher the percentage the more favourable the insurer is when it comes to claim settlement. 

Claim Settlement Ratio – (number of claims settled / total number of claims raised) * 100

For example, if an insurer settles 99 claims out of 100, its CSR would be 99%.

Latest Claim Settlement Ratio of life insurers

The Insurance Regulatory and Development Authority of India (IRDAI) calculates and publishes the CSR of life insurance companies in its annual report. This report captures the CSR of each financial year. For the financial year 2020-21, the IRDAI published its reports in December 2021. The report stated the following figures –

  • In the financial year 2020-21, an aggregate claim of 11.01 lakhs was raised on life insurance companies for individual life insurance policies. Against this, 10.84 lakh claims were settled valuing INR 26,422 crores. 
  • 9527 claims were repudiated valuing INR 865 crores
  • 3032 claims were rejected valuing INR 60 crores
  • 3055 claims were pending to be cleared by the end of the financial year valuing INR 623 crores

The financial year 2020-21 was good for policyholders as the claim rejections and repudiations were reduced. Here are some numbers – 

  • The overall CSR of the life insurance industry was recorded at 98.39% in FY 2020-21. This is an increase compared to 96.76% CSR which was recorded in FY 2019-20
  • The claim repudiation or rejection ratio reduced to 1.14% in FY 2020-21 compared to 1.28% in FY 2019-20

Now let’s look at the CSR of life insurance companies for the financial year 2020-21 –

Name of the insurance company 

Claim Settlement Ratio

Claims Repudiated 

Aditya Birla Sun Life Insurance Company Limited 



Aegon Life Insurance Company Limited



Ageas Federal Life Insurance Company Limited



Aviva Life Insurance Company Limited



Bajaj Allianz Life Insurance Company Limited



Bharti AXA Life Insurance Company Limited



Canara HSBC OBC Life Insurance Company Limited



Edelweiss Tokio Life Insurance Company Limited



Exide Life Insurance Company Limited



Future Generali Life Insurance Company Limited



HDFC Life Insurance Company Limited



ICICI Prudential Life Insurance Company Limited



IndiaFirst Life Insurance Company Limited



Kotak Mahindra Life Insurance Company Limited



Max Life Insurance Company Limited



PNB MetLife Life Insurance Company Limited



Pramerica Life Insurance Company Limited



Reliance Nippon Life Insurance Company Limited



Sahara India Life Insurance Company Limited



SBI Life Insurance Company Limited



Shriram Life Insurance Company Limited



Star Union Dai-ichi Life Insurance Company Limited



TATA AIA Life Insurance Company Limited



Life Insurance Corporation of India 



Max Life and Aegon Life led the race with the highest claim settlement. LIC also posted a good figure of 98.62%. 

Things to know about CSR

The CSR helps you pick the right insurer who would provide you with a smooth claim settlement experience. However, here are a few things to know about CSR –

  • CSR does not measure the claim amount settled by the insurer. It only measures the number of claims settled.
  • If a claim is raised towards the end of the financial year, it might remain outstanding when the CSR is calculated. This affects the CSR
  • If you make a fraudulent claim, it would be rejected, even if the insurance company has a high CSR.

The bottom line

Whilecomparing insurance companies to buy a life insurance policy, do check out the CSR. The ratio is updated every year and an insurer with a consistently high CSR is recommended as it means that the insurance company has consistently settled most of the claims raised on it.